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TWO SECTIONS—SECTION
>v,.
.:-y
ONE
INCLUDING
Bank &
Quotation Section
Railway & Industrial
Section
Bankers' Convention Section
Railway Earnings Section
COPTRIQHTEO
IN
IS
o
"
"
VOL 111.
»
Issued
Q«N«
COMPANY. NEW roRK-
Weekly
Electric
City Sectic®
ENTERED AS BECONO-CLASS
MATTER JUNK Mt
1I7>, AT THE RQ8T OFFIQg AT
NEW YORK, NEW
YORK, UNDER THE ACT Of MAXMi
>, 1
NEW YORK, OCTOBER
16, 1920.
110.00 Per Year
Railway Sects®®
State and
Jftuanctal
William B.Dana Co..
138 Front
Publishers,
kin
St, N. Y. City.
Jf manual
9QQC
IIU. LOOU.
^financial
CHARTERED 1822
HARVEY FISK
THE FARMERS'LOAN & TRUST
32
COMPANY
& SONS
The LibertyNational Bank
Nassau St.
of New York
NEW YORK
CAPITAL.
16, 18, 20 and 22 William Street
475 Fifth Avenue, at 41st
Street
NEW YORK
OF
OF
PROFITS.|S»500,000.00
UNITED STATES BONDS
Correspondents
AND OTHER CHOICE
CARE
$5,000,000.00
UNDIVIDED
NEW YORK CITY BONDS
MANAGEMENT
$6,000,000.00
surplus
ESTATES
in all countries
Special facilities in Scandinavia
INVESTMENT SECURITIES
SECURITIES
DOMESTIC AND FOREIGN BANKING
Harris Forbes & Co.
Pine
FOREIGN
The New York Trust
EXCHANGE
LETTERS OF CREDIT
Company
COMMERCIAL LETTERS
ACCEPTANCES
Street, Corner William
NEW YORK
10
Drapers Gardens, London, E. C.
HARRIS,
FORBES A
CO.,
Inc.
BOSTON
26 Broad Street
HARRIS
TRUST
&,
'
SAVINGS
BANK
CHIC
r
Act
5th Avenue and 57th Street
LONDON
as
palities
deal
PARIS
fiscal agents for munici¬
and corporations and
in
Government,.munici¬
pal, railroad and public utility
BONDS FOR
Capital, Surplus and Undivided
Member Federal Reserve
System
and
New
York
Clearing House
List
Profits,
Established
INVESTMENT
Application
Cable Address SABA, new york
$14,000,000
.
on
Established
1892
1874.
John L. Williams & Son?]*
BANKERS
Edward B.Smith&Co
Corner 6th and Main Streets
k
RICHMOND, VA.
Members New York and
*
Baltimore Correspondents:
R. LANCASTER WILLIAMS &
Established ISIO
Stock
CO., Inc.
Philadelphia
Exchanges
h*
f
*
The
GARFIELD
and Metals
National Bank
National Bank
23rd
STREET,
FIFTH
Crosses
Cap!'*!,
A
-
$1,000,000
Bank
for
.
Mechanics
where
OF THE CITY OF
NEW
AVENU:
YOfiKj
Broadway
*
Surplus,
-
Capital, Surplus, Profits
the Builders of Business
-
Deposits, Sept 8, 1920
established 1784
'
$196,000,000
Foreign Exchange
Bond
New Yor&
The Chase National Bank
of the Gty of New York
$25,000,000
57 BROADWAY
CAPITAL
*>
The Bank of New York
Philadelphia
SURPLUS AND PROFITS
DEPOSITS (Sept. 8, 1920)
Trust
Service
A.
BARTON HEPBURN,
Chairman of the
Advisory Board
ALBERT H.
136
SURPLUS, $9,000,000
years'
service
EUGENE V. R. THAYER
of
experience
our
is
at
EDWARD
the
CARL J.
depositors
REEVE
Francis Ralston Welsh,
BONDS
PHILADELPHIA, PA.
NO*.
1
RAILROAD, GAS AND ELECTRIC
LAW,
http://fraser.stlouisfed.org/
\.
Federal Reserve Bank of St. Louis
President
.
109-111
SOUTH FOURTH STREET
PHILADELPHIA
M.
.Vice-President
Vice-President
DAHL
.Vice-President
SCHLEY
ALFRED
C.
Vice-President
ANDREWS
Cashier
DIRECTORS
Henry W. Cannon
Barton Hepburn
Wiggin
John J. Mitchell
Guy E. Tripp
James N. Hill
New comb Carlton
Frederick H. Kcker
Eugene V. R. Thayer
Carl J.
Schmidlapp
Gerhard 64. Dahl
Andrew Fletcher
William B. Thompson
Daniel C. Jackling
Charles M. Schwab
v
.Vice-President
TINKER..
A,
LIGHT AND POWER COMPANIES
A.
R.
Albert H.
OF
CHARTER
President
MILLER..
SCIIMIDLAPP—
GERHARD
FIRST NATIONAL BANK
Wm.
WIGGIN.
Chairman of the Board of Directors
SAMUEL H.
Our
$15,000,0
24,189,0 00
323,680,00
OFFICERS
Department
National Banking Association
CAPITAL &
-
Reeve
Samuel H. Miller
Edward R. Tinker
Edward T. Nichols
Schley
Kenneth F. Y»
Wendell'
William **
_
*•*+***+
H.
/
\
\ '
'
I
■;
/
'U/:
Sratoertf o!
Svtotxtmtnt l&tmxtx anb
MORGAN & CO.
J. P.
Wall Street, Corner
&
MORGAN, GRENFELL&CO., LONDON
Act
as
BlUe
of
Letters
PARIS
The
Securities bought and sold on
Forelga Exchange. Commercial
Letters
for
Mexico.
Principal Places in
Credits.
Travelers, available in all
world.
on
Australasia.
Agents for the Bank of
parts of the
Commercial and Travellers
Letters of Credit
Cie, Paris,
Messrs. Mallet Freres &
and
Cable Transfers.
Circular
of
Provincial & Union Bank
England, Ltd., London,
Commission.
it
NEW YORK
BOSTON
Transfers,
National
14 Place Vendome
IBBnad
115 Devonshire St
of C'r
on
CO.,
&
hie
Tele
Exchange,
No. 22 Old Broad Street
HARJES
KIDDER, PEADODY & DO.
Investment Securities.
agents of Corporations and negotiate and
Orders executed for all
issue Loans.
Streets
Corner of Sth and Chestnut
MORGAN,
STREET
52 WILLIAM
NEW YORK
PHILADELPHIA
CO.,
Jfctttjn tfxcftange
Maitland, Coppell & Co.
of Broad
NEW YORK
DREXEL
[Voi,. 111.
CHRONICLE
THE
TRAVELERS' LETTERS OF
CREDIT
& CO, LTD.
BARING BROTHERS
LONDON
August Belmont & Co.
BROWN BROTHERS.& CO.
"
-v
PLACE, NEW YORK
43 EXCHANGE
Bostof.
NEW YORK.
Phiujdelphu
Members New York Stock
Exchange.
'i
ALEX. BROWN &
of the
Agents and Correspondents
SONS, Baltimore
ROTHSCHILD,
Messrs.
London, Paris and Vienna
CREDIT
ISSUE LETTERS OF
Securities
Investment
for Travelers
of the world.
Available in all parts
Foreign Exchange
make Telegraphic
Draw bills of Exchange and
Deposit
Accounts
r
r
of
the purchase and sale
Execute orders for
Credits
Commercial
J. & W. Seligman & Co.
Transfers.
Bonds and Stocks.
Wan Street
N2 54
Travelers' Credits
NSW YORK
8B0VN, SHIPLEY $
CO.
Investment
LONDON
*«1
-
Securities
**
._J
T. Suffern Taller
MORTON & CO.
James G. Wallace
Grenville Kane
INCORPORATED
TAILER&©
10 Pine Street,
New York
25 Broad St.,
Retoand&fo
New York
33 Pine St,
Lawrence Turnure & Co.
Investment Securities
Travelers'
mission.
out the
«
~
>
Deposits
Subject
Received
Bought
and
Sold
Bankers:
Bank,
Midland
Draft.
to
Deposits,
on
available
through¬
and
MewJaectt
New York und
Interest
Securities
Pittsburgh
Stock f&Mchanges
London
Paris
BANKERS.
Allowed
credits,
Spain. Make collections
and issue drafts and cable transfers on above
America
countries.
NEW YORK
v
bought and sold on com¬
United States, Cuba, Puerto Rico, Mexico,
Central
in
STREET
Pittsburgh
Union Arcade BQAg.
Investment Securities
New York
69 CEDAR
Hew York
-
-
64-66 Wall Street,
Investment securities
Winslow, Lanier & Co.
-
London Joint City
&
Limited.
Bankers: Heine & Co.
HEIDELBACH, ICKELHEIMER & CO.
37
on
William Street.
Commission.
MEMBERS
Foreign Exchange, Letters of Credit
N.
Y.
Execute orders for
STOCK
EXCHANGE.
HUTH & CO.
purchase and sale ol
New York
30 Pine Street
Stocks and Bonds.
*
Foreign Exchange Bought and Sold.
Bonds far
Travelers' Credits
~available in all Darts of the world. {
Issue Commercial and
Foreign Bonds & Investment
Investment
Cabie Transfers on
Schulz & Ruckgaber
27
Keau, Taylor &>Co.
NexvTforlC
New York
Street
Pine
on
the Continent of Europe
Foreign Exchange
Pittsburgh.
Credits issued in
Dollars/Pounds
Sterling, Francs, Guilders, Pesetas, etc.
London Agents. Messrs. Goschens &
BOISSEVAIN
John Munroe & Co.
BOSTON
*
of
FRED? HUTH <fc CO., London
and
Investment Securities
Commercial
NEW YORK
Securities,
Commercial Credits, Foreign. Exchange,
Credit for
Travelers
Foreign Exchange
<lo Transfers.
'
& CO:
NEW YORK
Members of the New York Stock Exchange
62
INVESTMENT SECURITIES
DEPARTMENT
FOREIGN EXCHANGE
MESSRS. PIERSON
& CO.
©
CO..
Paris
ALDRED & CO.
BROADWAY,
COMMERCIAL
Nts.
^
Cunliffe
Amsterdam,
Ifolland.
Wall Street
40
New
York
*
PkMul Agents
Public Utility and
for
Hydxo-Bketrif
Companies
■
.
,
Oct. 16 1920.]
THE
CHRONICLE
in
3nbej(tme«t anfc financial T&anttn
Goldman, Sachs & Co.
60 Wall Street
Lee, Higginson & Co.
Investment Bankers
Congress Street
CHICAGO
BOSTON
Montgomery Street
SAN FRANCISCO *
421 Chestnut Street
14
INVESTMENT SECURITIES
PHILADELPHIA
24 Marietta Street
ST. LOUIS
New York
ATLANTA, GA.
Title Insurance Building
LOS ANGELES, CAL.
Chicago
MEMBERS
Members of New York and Chicago
Higginson & Co.
80, Lombard
60
411 Olive Street
Boston
Millett, Roe & Hagen
NEW YORK
187 So. La Salle Street
NEW
Stock Exchanges
St.
YORK STOCK
EXCHANGE
Commercial Paper
London, E. C.
Securities
bought and sold
^
commission
on
Foreign Exchange
Commercial
&
available
52 WILLIAM ST.
Travelers' Letters
all parts of the
NEW YORK
of Credit
world
in
Hornblower & Weeks
NEW YORK
42 BROADWAY,
RAILWAY
EQUIPMENT
Investment Securities
BONDS
Bonds
Preferred
MEMBERS
NEW YORK, BOSTON
AND
EXCHANGES
CHICAGO STOCK
EVANS, STILLMAN & CO.
Mam
Member® New York Stock
Direct "wires to all principal markets
60
Established
YORK
Avenue and 43rd St.
*
Correspondent Offices in 50 Cities•
Industrial
Bonds
&
Preferred
Stocks
U. S. Government Bonds
Public Utility Securities
Equipment Trust. Certificates
GOVERNMENT
BONDS
Investment Securities
Counselman & Co.
value due to the
an
unprecedented fall in Foreign
Present
Investment Bankers
Exchange Place
New Yorls
112
W.
ADAMS ST.,
Members New York Stock Exchange
CHICAGO
however,
advancing tendency and a return
to normal would
Write for our
indications,
26
'
selling considerably below their norma
Exchanges.
Robinson & Co.
Underwriters & Distributors
1888
FOREIGN
yield unusual profits.
suggestions and Circular F. B.
Investment Securities
Underwritten
&
Distributed
Bond & Goodwin
65
Officmt National City Bank Building
Uptown Offict s Fifth
Portland
^Providence
Detroit
point to
NEW
5
Chicago
Boston
are
Exchange
BROADWAY
Stocks
Acceptances
BROADWAY,
NEW
Conservative
Investment Securities
YORK
Telephone 4600 Bowling Green
Yielding 6%
Federal Securities
Frazier &■ Gx
Corporation
38 South Dearborn Street
to
8%
Peabody, flonghteling & U,
CHICAGO
Broad
& Sansom Streets
ESJT. 1865
New York
Baltimore
INC. 1918
10 So. La Salle St.
PHILADELPHIA
Chicago
Distributors
Underwriters
Pittsburgh
Washington
Wilkes Barre
Lebanon
Howe, Snow,
Corrigan & Bertfes
Investment
Glore, Ward & Co.
INVESTMENT SECURITIES
SECURITIES SALES CO.
Bankers
MICH.
GRAND RAPIDS,
B.
H.
Collins, President
Southern
Securities
H. F. BACHMAN & CO.
64 PEAOHTREE, ATLANTA
M
Established 1866
137 SO.
NEW YORK
LA SALLE ST.
JACKSONVILLE
NEW ORLEANS
CHICAGO
INVESTMENT
BANKERS/
CHARLOTTE
BIRMINGHAM
MEMPHIS
Members N. Y. and Phila. Stock Exchanges
1425 Walnut
61
St.,
H.
T.
HOLTZ &
9
Broadway
NEW
PHILADELPHIA
YORK
CO.*
INVESTMENT
BONDS
RAILROAD AND FOREIGN
GOVERNMENT BONDS
HARPER
& TURNER
INVESTMENT
FOR INVESTMENT
BANKERS
STOCK EXCHANGE BUILDING
WALNUT STREETABOVE BRQAD
39 SOUTH LA SALLE STREET
CHICAGO
PHILADELPHIA
Members Philadelphia Stock
Exchange
Colgate, Parker & Co.9
49 Wall
Street,
New York
^financial
jfinamtal
Members New York and
Stock Exchanges
Electric
15 State Street,
-
Light Enter¬
established
CHASE
COMPANY
&
earnings.
BOSTON
NEW YORK
Bankers
and
BONDS
OFFER
WE
Dealers
Investment
Proven Power and
Light Securities
BOSTON
19 CONGRESS ST.
Correspondence Solicited
SPRINCFIELD
BALTIMORE
and
Power
prises with records of
Boston
SECURITIES
24 Broad Street,
Jftnantial
FINANCE
WE
ESTABROOK & CO.
INVESTMENT
[Vol. 111.
CHRONICLE
THE
iv
PROVIDENCE
ELECTRIC BOND & SHARE CO.
Richardson, Hill & Co.
(Paid-Up Capital and Surplus $24,000,000)
71
NEW YORK
BROADWAY.
Established 1870
MUNICIPAL
Arthur Upper & Company
New Street and Exchange Place
RAILROAD
AND
YORK
NEW
BONDS
Investment Securities
For Conservative Investment
60
SECURITIES BOUGHT AND
Congress St.
ON COMMISSION
SOLD
BOSTON
R. L. Day
New York Stock Exchange
I Boston Stock Exchange
Chicago Stock Exchange
35
& Co.
Congress St., Boston
Branch
Members
Offices
Correspondents
REMICK, HODGES & CO.
Waldorf-Astoria Hotel,N.Y
N. Y. Cotton Exchange
New York
N. Y. Stock Exchange
11 East 44th St.. N.Y.
N.Y Coffee & Sugar Exch. Saratoga Springs, N. Y.
Philadelphia Stock Exch.
Atlantic City, N. J.
Chicago Board of Trade
West End,
N. J.
Long Beach, N. Y.
Roosevelt k Mtk
Founded 1797
PARKINSON & BURR
We
Seasoned
Members of the New
Specialize in
York and
Boston Stock Exchanges
Investments
Government and
53 State Street
7 Wall Street
NEW
30 Pine Street
Municipal Bonds
BOSTON
YORK
New York
William R.fimpton (o.
INVESTMENT BONDS
BONDS
14 Wall
Street, New York
Cincinnati
St. Louis
New Orleans
Chicago
W. F. Ladd & Co.
Baker, Ay ling & Young
BOSTON
E. HOWARD GEORGE & CO., Inc.
PHILADELPHIA
Investment
Investment
Securities
81
Bankers
BOSTON, MASS.
State Street
Cochrane,Harper&Co.
Investment
Securities
New York
60 State
111
St.,
Broadway
FOUNDED
NEW YORK
BOSTON
Letters of
ESTABLISHED 1865
1852
Investment Securities
Foreign
Exchange
Credit
Travelers' Checks
Correspondents Throughout the World.
5 Nassau
Thomas C. Perkins
St., N. Y.
MEMBERS NEW YORK STOCK EXCHANGE
Constructive
Banking
Knauff) -NarfioB &Kuljnc
<fembers
New
York
Stock
Exchange
Equitable Building
New York
Deal in
15 State Street
Underlying Railroad Bonds
and
Boston, Mass.
36 Pearl Street
Hartford, Conn.
Tax-exempt Guaranteed & Preferred
Railroad & Telegraph Co. Stocks
Specialist for eighteen
in the Financing
Watkins & Co.
years
New
of established and pros¬
England
perous
Industrials.
7 Wall Street
Industrial Securities
NEW YORK
Yielding 6^% to 8%
^
Entire stock issues
1
£ underwritten and distributed
J. MURRAY WALKER
Ml Devonshire Street
Boston
11
Investment Securities
Ocrr. 10 1920.}
THE
CHRONICLE
v
Canabtan
Canada's Resources
BANK OF MONTREAL THE CANADIAN BANK
Established
A New Booklet
■
An
outline
of
gether with
to
her
Field
ust
and
in
for
booklet
a
Many
Canadian
100 Years
"Canada
$22,000,000
-
REST
22,000,000
other
as
UNDIVIDED PROFITS
a
TOTAL ASSETS
have
we
-
OF COMMERCE
HEAD
CAPITAL PAID UP
to¬
Victory Loan bonds is
Investment," which
issued.
nterest to those
n
resources
complete statistics relating
War
contained
Qanada's
over
-
1,090,440
General Manager, Sir John Alrd.
Assistant General Manager, H. V. F. Jones.
statistics, of
SIR VINCENT
considering investments
Government
bonds
New York Office, 16
MEREDITH, Bart., President.
SIR CHARLEI
are
Head
Writ* for Booklet C-20
[Agents
Office—MONTREAL
STREET,
NEW
and Agencies:
Throughout Canada and Newfoundland.
London, England, and at Mexico City.
YORK
London, Eng.
Buy and Sell Sterling and Continental
Exchange and Cable Trasfers.
Collections
made
Branches
Incorporated
WALL
Williams-Taylor
General Manager.
At
Montreal
In
P'aris,
Bank
of
Montreal,
In the United States—Mew
(France).
York, Chicago,
Spokane,
San Francisco—British American
Bank (owned and controlled by the Bank of
Exchange Place
F. B. FRANCIS,
}
C. L. FOSTER,
C. J. STEPHENSON,]
GORDON, G.B.E., Vice-Prea.
Sir Frederick
Wood, Gundy 8i Co.
14
$16,000,006
„
President, Sir Edmund Walker, O.V.O., LL.D., D.O.L
Included.
Toronto
$16,060,006
RESERVE
571,150,138
-
OFFICE. TORONTO
PAID UP CAPITAL
all points.
at
Travelers' Cheques and Letters of Credit Issued
available in all parts of the world.
Banking and Exchange business
description transacted with Canada.
LONDON OFFICE—2
Lombard
of
every
Street, B. O.
BANKERS IN GREAT BRITAIN:
Montreal).
The Bank of
,
England,
The Bank of
West Indies, British Guiana and West
Africa—The Colonial Bank
(in which an
interest is owned by the Bank of Montreal).
Scotland,
■
Lloyd's Bank, Limited.
<2b
&
Gftsbteted OS9
JfaebersTcsmfe Stock. &*ch*n$a
,
THE BANK OF NOVA SCOTIA
<3<anadia.n
w
(Incorporated 1883)
United Financial Corporation
voverimarnt.Mumcipdl & Corporation.
Securities
PAID-UP
TOTAL
Limited
CAPITAL
RESERVE
$9,700,066
18,000,000
FUND
ASSETS
OVER
230,000,000
Head Office, Halifax. N. S.
General Manager's Office, Toronto, Ont,
.Toronto
Montreal
Victoria "ML
INVESTMENT BANKERS
Chicago
Montreal
London
Toronto
330 branches throughout Canada,
Newfoundland]
Cuba, Jamaica, Porto Rico, Dominican Republic
and In Boston, Chicago and New York.
Commer¬
cial and Travelers' Credits issued, available in all
parts of the world. Bills on Canada or West Indian
Soints favorably United States. collected by our
negotiated or Correspondence
ranches In the
J
invited.
Affiliated with
New York
Guaranty Trust Co. of New York.
Canadian
London, England, Branch,
66 Old Broad St., E. C. 2.
Bonds
Correspondents/Lo^,°/1 j01?1 Cit* &
Bought—Sold—Quoted
in Great Britain
GREEN SHIELDS & CO.
Members
Dealers
IT
R. A. Daly &
Stock
Exchange
Canadian
Bond
Issues.
GOVERNMENT,
CANADIAN
INVESTMENT SECURITIES
MUNICIPAL
Established
Head Office
SIR
The Dominion Bank
Building
HEAD
OFFICE, TORONTO
CANADA
S. HOLT, President
PEASE, Vice-Pres. A Maa. Direct*
O. E. NEILL, General Manager
700 Brandies throughout CANADA and NEW¬
FOUNDLAND, In
CUBA,
PORTO
RJOO
REPUBLIC,
HAITI, 008TA
RICA, COLOMBIA and VENEZUELA, BRIT¬
ISH and FRENCH WEST INDIES. BRITISH
DOMINICAN
Paid Up Capital
$6,000,000
Reserve Fund & Undivided Profits
Total
RNEJT.
assets
....
Sir Edmund Osier,
trails
7,739,000
143,000,000
Clarence A. Bogert,
President
General Manager.
New*York Agency, 61 Broadway
C. S. Howard. Agent
U,
Street
Montreal
HERBERT
E. L.
McDonagh, Somers & Co.
John
$19,000,066
19,000,000
060,000,060
Total Assets
Building
TORONTO, ONT.
Offering on Rettust
17 St.
1869
Capital Paid Up
Reserve Funds
Bank of Toronto
Correspondence Incited
€r Cb
0f Scotland.
ROYAL BANK OF CANADA
AND CORPORATION BONDS
TORONTO,
&ank
THE
CANADIAN
St. John Street, Montreal
Dominion Bank
[pojraj
Co.
Montreal
in
Agency, 52 Wall Street.
H. F. Patterson, Agent.
Government,
Provin¬
cial, Municipal and Corporation
London Branch, 73
Montreal
Cornhilt
S. L. Jones, Manager
AND
FOREIGN
GUIANA.
ARGENTINE—Buenos Aires.
BRAZIL—Rk> de Janeiro. Santos, Sao Paulo.
URUGUAY—Montevideo.
SPAIN—Barcelona, Plaza do Oataluna.
LONDON OFFICE—Princee Street, E. O.
NEW YORK AGENCY—68 William St.
P. T. Walker. J. A. Beatson, E. B. Mclnessner
and J. D. Leavitt. Agents.
FRENCH AUXILIARY:
The Royal Bank of
Canada
(France),
PARIS, 28 Rue de
Quatre-Septembre.
STOCK AND BOND BROKERS
CANADIAN
HONDURAS and BRITISH
EXCHANGE
BOUGHT AND SOLD
CANADIAN
Principal
and
BONDS
TRAVELERS' AND
Interest
LETTERS
OF
COMMERCIAL
CREDIT
St.
63
Sparks St.
Quebec
Ottawa
BROTHERS
160 Pearl
Dominion Express
&
CANADIAN BONDS
CO.
CANADIAN
C. P. R. Bid,.
TORONTO
BONDS
Travellers'
Letters of Credit
Specialists in
Grand Trunk, Grand
Trunk'Pacific,
Canadian
on
and
and
Canadian
Pacific Securities
All Canadian Issues Dealt
in.
^Emilius
Jarvis & Co.
INVESTMENT
truax, higgins co.
NEDERLANDSCHE HANDEL-MAATSCHAPPY
New
ROTTERDAM
Northern
Northern
KONIG BROTHERS, LONDON
MONTREAL
R. C. Matthews & Co.
Street, NEW YORK
Commercial and
Building
Montreal
Peter St.
KONIG
Montreal Steak Exchange
Bankers & Brokers
Thornton Davidson & Co., Ltd.
Transportation Bldg.
81
HERDMAN & COMPANY
Members
Payable in New Yerk
Lewis Building, Montreal
YorkjflbmiteDirect Wires
Toronto
Established
JARVIS BLDG.
BANKERS
1391
TORONTO, CAN.
[VOL. 111.
CHRONICLE
THE
VI
^foreign
New Zealand
and
Australia
JOINT CITY & MIDLAND
LONDON
BANK OF
BANK LIMITED
NEW SOUTH WALES
—$?5'§2§,$29
ftewrre Fund
Joint
23,828,600
S. B. Murray,
16,376,000
—
FTHyde.
RUSSELL
and
Paid-up Capital
AUTHORIZED CAPITAL
867,667,822
....
CAPITAL
HEAD OFFICE:
EVERY DESCRIPTION
1.460
IN ENGLAND
OFFICES
Incorporated 1880
AND
WALES
Address: The
OVERSEAS BRANCH:
.£7,500,000
Paid-up Capital £2,500,0001
ToReserve
Fund
£2,630,600 j gether £5,130,000
Reserve Liability of Proprietors.— £5,000,000
Total Issued Capital 8c Reserves. £10,130,000
London, E. C.« England
London, E* C. 2
65 8c 66, Old Broad Street,
ATLANTIC OFFICES
"Imperator," "Mauretania"
'Aquitania,"
1$ In SOUTH AUSTRALIA, 21 in WESTERN
AUSTRALIA. 3 to TASMANIA and 44 to NEW
SEALAND.
Foreign Manager,
168, Fenchurch Street,
The Bank has 42 Branches In VICTORIA, 89 in
UK Wf SOUTH WALES. 19 in QUEENSLAND,
Banca Italiana Di Sconto
Affiliated Banks:
BELFAST
Head Office: 71 CORNHILL, LONDON, E.C.
BANKING
Over
COMPANY,
THE
CLYDESDALE BANK,
Over
Societa Bancaria Italiana
and the
60 WALL STREET, NEW YORK CITY.
LIMITED
Capital and Surplus
$10,000,000
Undivided Profits
$3,200,000
...
Incorporated in New South Wales.
Reserve Liability of Proprietors
-
Branches In:
£2,000,000
2,040,000
India
Office,
Sydney,
'«
18;
New
South
Lane,
Lombard
Santo Domingo
London
San Francisco
Lyons
& Reserves
m
Street.
Fenchurch St.,
E.
O.
78
Branches
busi¬
Office: 26, Bishopsgate, London, E. C.
Branches
in
India,
Burma, Ceylon, Kenya
Colony
and at
Aden
and
Zanzibar.
5,000,000
RATES
OF
deposit
on
IS
STERLING.
HEREBY
INTEREST
are
as
5,000,000
...
$5=£l
GIVEN
allowed
that
for
the
money
3
to
Notice, 5^
Per
BANKERS
Cent.
CHRISTOPHER
R.
Central
NUGENT, Manager.
America
Cable Address: "Clement"
HAVANA
PANAMA
PORT AV PRINCE
The
RIO DE JANEIRO
National
SANTO DOMINGO
OALI
centers
Discount
of
the
world.
35 CORNHILL
LONDON, E. C.
Cable Address—Natdis Loudon.
Subscribed
__
Paid-up Capital.
$21,166.625
4,233,325
!
2,500,000
($5=£1 STERLING.)
'AMERICAN
FOREIGN RANKING
CORPORfVnON
Broadway* New York
NOTICE is hereby given that the RATES OF
INTEREST allowed for money on Deposit
as
.
Capital
£3,000,000
©
Reserve Fund
585,000
0
Subscribed Capital
1,078,875
0
Paid-up Capital
539,437 10
Further Liability of Proprietors.
539,437 10
Bills
0
0
0
0
0
Telegraphic Transfer.
Negotiated or forwarded for Collection.
Banking and Exchange business of every de¬
scription transacted with Australia.
E. M. JANION, Manager.
Hong Kong & Shanghai
Paid up Capital (Hong Kong Currency)
Reserve Fund/In Gold—$15,000,0001
Approved Bank As Mercantile Bills discounted
Money received on deposit at rates advertised
time
5 Gracechurch St., E. C.
Head Office: London, E. C. 3.
BANKING CORPORATION
per annum at call.
5H % at 7 and 14 days notice.
from
Capital and Surplus t $6,500,000
are
follows:
5%
Address:
Remittances made by
Capital
Reserve Fund
EBglish Scottish and Australian Bank, ltd.
Authorized
Company, Limited
Agents and correspondents
in all the other important
GUATEMALA,
posit at rates advertised from time to time, and
grants loans on approved negotiable securities.
BRUSSELS
BUENOS AIRES
53
Clermont & Co.
follows:
Days'
7
The Company discounts approved bank and
mercantile acceptances, receives money on de¬
Principal Branches
commercial
Subscribed Capital —£3.000,600
Paid-up Capital
£1,600,000
Reserve Fund
£2,000,000
The Bank conducts every description of banking
and exchange busine&s.
At Call, 5 Per Cent.
At
•
Settle¬
Head
Capital Authorized & Subscribed $10,000,000
NOTICE
HARBIN
MANILA
£785,794
Straits
Ceylon.
Bankers to the Government in British East
Africa and Uganda.
Telegraphic Address, Udisco: London.
Capital Paid Up
iSEStn
Burma,
NATIONAL BANK OF INDIA Limited
CORNHILL,
Reserve Fund—
IIRSBB,
India,
in
The Union Discount Co.
international
banking
£1,500,004
£750,000
£750,000
ments, Federated Malay States, China, and Mauritius.
New York Agency, R. A. Edlundh, 64 Wall Street
39
transacted.
London
Reserve Fund and Undivided Profits
Cable Address: Rennurb.
*
ness
Office
Gracechurch Street,
Capital Authorized and Subscribed
Capital Paid Up
Reserve Liability of Shareholders
de la Lol
rue
of London, Limited
commercial
BUSINESS
BANKING
Head
15
legal 148,215,7B5=£12,939,472
general
OF
The Mercantile Bank of India Ltd.
Broker
BRUSSELS, Belgium
E. C. 3
A
classes of Argentine, Spanish and
European banking business conducted.
A
KIND
Established 1879
ROBERT BRUNNER
Espanoi del Rio de La Plata
London Office, 7
ROME
Special Letters of Credit Branch in Rome
(formerly Sebasti & Reall), 20 Piazza di Spagna.
Foreign Branches: FRANCE: Paris, 2 Rue le
Peletier angle Bould. des. Italiens: BRAZIL: Sao
Paulo and Santos; NEW YORK: Italian Discount
& Trust Co., 399 Broadway.
Offices at
Genoa,
Milan, Naples, Palermo,
Turin,
Trieste,
Venice,
Florence,
Bologna,
Catania, Leghorn, and over 100 Branches to the
Kingdom.
London Clearing Agents: Barclay's Bank, Ltd.;
168 Fenchurch Street, E. C.
Wales
HEAD OFFICE, BUENOS AIRES
Ci
Up
Central Management and Head Office:
EVERY
Banker land
Banco
Fund
TRANSACTED.
London Office:
Birchto
Panama
Settlements
Philippine Islands
P? Drafts payable on demand, and*Letters of
Credit are Issued by the London Branch on the
Head Office, Branches and Agencies of the Bank
to Australia and elsewhere.
Bills on Australasia
negotiated or collected. Remittances cabled.
Head
Java
Japan
£6,040,000
.
Straits
China
2,000,000
Provincials
Lire 215,000,000
"
41,000,000
Deposit and Current Accounts
(May 31, 1919)
"2,696,000,000
Fully Paid
Reserve
Commercial Banking Company International Banking Corporation
Established 1834.
Credito
di
Capital
THE
Sydney
Italiana
Societa
LIMITED
Offices in Scotland
150
the
with which are incorporated
LIMITED
Ireland
Offices in
110
Manager—W. J. Essame.
Assistant Manager—W, A. Lalng
Reserve Fund...
OF BANKING
BUSINESS TRANSACTED
OVER
Capital-
...
£7,000,000
£296,059,182
DEPOSITS
THE UNION BANK OF AUSTRALIA Limited
Paid-up Capital
£14,210,858
—
RESERVE FUND.
6, Threadneedle St., London, E. C. 2.
/
£20,600,068
10,840,112
....
ISSUED
Deposits
STREET, E.C. 2
of
throughout
towns
world.
the
10,840,112
.....
Reserve Fund..
S9, THREADNEEDLE
Authorised and Issued
banking
Capital...£38,096,863
Subscribed
London Office
Eatablished 1837
nil
In
and Wales
In England
1,400 branches
JUNE 30TH, 1920
861 BLANCHES and AGENCIES in the
Australian States, New Zealand, Fiji,
Papua
(New Guinea), and Lendon. The Bank transacts
•wrr description of Australian Banking Business,
Wool and other Produce Credits arranged.
Head Office
GEORGE STREET
SYDNEY
over
Agents
K.B.E.,
FRENCH,
General Manager*
Ltd.
Bank,
54, Lombard St., London, E. C., Eng.
Esq.
Aggregate Assets 81st March, 1920 $877,721,211
JOHN
Western
South
HEAD OFFICE:
E. W. Woolley, Esq.,
Esq^,
the Landau
been amalgamated
8c
Janaging Directors:
364,032,000
Sir
which has
Provincial
R. McKENNA
The Right Hon.
Snsm Liability of Proprietors..
LIMITED
with
Chairman:
(ESTABLISHED 1817.)
Pald-ap Capital.—...
BARCLAYS BANK
to
time: and
fo
i
fixed
specially agreed terms.
Loan
proved negotiable securitiei
periods upon
granted on ap¬
ttPHILIPSEHAROLDjiWADEHEManager
$15,000,000
$36,000,000
Hn Silver..$21,000,000/
Reserve Liabilities of Proprietors
..15,000,000
GRANT DRAFTS, ISSUE LETTERS OF CREDIT.
NEGOTIATE OR COLLECT BILLS PAYABLE IN
CHINA, JAPAN,
PHILIPPINES,
STRAITS
SET¬
TLEMENTS. INDIA.
WADEKGARDmB*
Acemt,KS4
Wafl
Street!
Oct. 16 1920.]
vn
CHRONICLE
THE
Jforefjjit
Jforefgn
Jfordjjn
Head
Banque Nationale de Credit
FISCAL AGENTS FOR
Capital
Public Utility
frs.
300,000,000
..frs.
Surplus.."
and
'
62,000,000
Head
Established
Reserve
AND
6
270 Branches In France
4
BROADWAY.
in
Branches
Fund
Egyptian
AGENCY
KING
7
£3,000,000
WILLIAM
"-"'"v.' :
THE
GENERAL BANKING BUSINESS
NATIONAL PROVINCIAL AND
UNION BANK OF EN6LAND
BANCA COMMERCIAL ITALIAN A
Head
Limited
Office MILAN
.531.200.000
($5=£1.)
$11,640,000
P&ld-up Capital
SUBSCRIBED CAPITAL
Reserve Funds
AGENCY
165
PAID-UP
NEW YORK,
IN
BROADWAY
Lendon Office, 1 OLD BROAD STREET, E.C.
Manager: E. Console.
SwissBankCorporation
La Chain-de-Fonds, Neuehatel
54 Branches in
Italy, at all the
London Offleo,
$36,196,208
Office:
Offices
numerous
and
Correspondents to the Italian Treasury*
$39,034,326
-
-
15, Bishopsgate, London, England,
with
W.
$199,671,606
-
*
-
Head
Baste, Zurich, St Gall, Geneva, Lausanne,
Italian State Railways, 12 Waterloo Place
CAPITAL
RESERVE FUND
West End Agency and London Office of the
Resent St., S.
ST.,
LONDON, E. C., 4, ENGLAND.
Rhenish Provinces
the
Law
.....£1,663,270
LONDON
PARIS
120
under
Capital, fully paid
Office:
YORK AGENTS
SPERLING & CO., INC.,
Office—Cairo.
June, 1898, with the exclusive right to
issue Notes payable at sight to bearer.
frs.2,600,000,000
Deposits
Hydro-Electric Companies
NEW
EGYPT
of
Basildon House, Moorgate St.
London, E. C.
BANK
NATIONAL
SPERLING & CO.
in
England
Wales
43 Lothbury, E. C. 2
ROTTERDAMSCHE
West End Branch....llcRegent Street
Waterloo Place S. W. 1
principal points in the Kingdom
BANKVEREENIGING
"Representatives in New York and Asents
la Italy" of the Banque Francalse et Italienne
POUT
l'Amerique du Sud.
Buenos
Rio
Ayres,
Santos,
San Paulo,
Commerciale
Janeiro,
de
Socleta
Tripoli.
&c.
Capital paid
up,
.
$24,000,000
•
Deposits,
$190,000,000
o.oo
d'Orlente,
Amsterdam
Rotterdam
$6,600,000
Surplus,
The Hague
CAPITAL AND
RESERVE
OFFICE. LONDON.
HEAD
De Banques
E. C.
$50,000,000
$31,260,000
Paid-up Capital & Reserve Fund- $18,812,500
Total Resources
$306,125,415
Capital
Authorized
Subscribed Capital
and Agencies
throughout
MACINTYRE, Agent
H.
68
Wall
CREDIT
LETTERS
Suisses
OF
FOREIGN
EXCHANGE
PURCHASE AND
St.,
New
STOCKS
ZURICH
St.
Gall, Winterthur, Basle, Geneva,
Lausanne, &c,.
SHARES
AND
Arnold Gilissen & Co
York
representing The Bank of New South
Wales with branches throughout Australasia.
Damrak
80-81
Also
Every Description of Banking Business
AMSTERDAM
Cable Address
Foreign Exchange, Documentary Credits.
Achilles-Amsterdam
:
^THE
ROTTERDAM
LEU
CO.'S BANK,
and
LIMITED
ZURICH
:
CAPITAL
PAID
UP
"
RESERVES
Established
16,000,000
BANKERS AND STOCKRBOKERS
(Switzerland)
up
FOREIGN
/
EVERY DESCRIPTION of BANKING BUSI¬
NESS
■lllf of Exchange
TRANSACTED.
of SOUTH AFRICA, Ltd. BANK OF BRITISH WEST AFRICA, LTD
$5=£1
Over 500 Branches in Africa
Negotiated and Collected
Drafts and Letters of Credit Issued.
Telegraphic
Transfers Effected.
Exceed
Reserves
-
-
$450,000,000 00
Authorized Capital
$10,000,000
Subscribed Capital--7,250,000
Capital (Paid Up)-—--—?,900'222
Surplus and Undivided Profits—
1,295,569
Branches throughout Egypt, Morocco,
West
Booking and Travel Department.
Africa
facilities for the extension of trade and com¬
merce
Manchester
Established
New York
R.
1850
frs.
Agency
E.
-
-
10 Wall St.
SAUNDERS, Agent.
Zurich, Switzerland
Royal Bank of Scotland
years,
at
Also
.....
Lucerne, Neuehatel, St. Gall.
...£35,548,823
Deposits
•
St. Andrew Square,
London Office
Head
Office:
BANKING
BUSINESS.
E. C.2
Manager: Wm. Wallace.
Glasgow Office
-
-
-
•
throughout
the
Cairo, &c.. In Egypt
Basildon House,
Moorgate Street,
LONDON, E. C. 2.
Established 1810
Head
Office—EDINBURGH
Capital (Subscribed)
£5,509,00#
Paid up—
•
250,000 "A" shares of £20 each £5 paid—£1,250,000
500,000 "B' shares of £1 each fully pald_.£
Exchange Square
Agent: Thomas Lillie.
Throughout Scotland.
Foreign Exchange
Every Description o
British, Colonial and
Foreign Banking Business Transacted.
poenmentary Business, Letters of Credit
Corrnpondenc* Invited.
Branches
THE COMMERCIAL BANK OF SCOTLAND, Ltt
Edinburgh
3 Bishopsgate.
...
172 Branches
GENERAL
has
Alexandria,
£1,082,276
Cashier and General Manager: A. K. Wright.
Geneva, Glaris, Kreuzlingen, Lugano,
and
£2.000,000
Rest and Undivided Profits
Head Office
Branches at Basle, Berne, Frauenfeld,
Bank, Limited
Country.
Paid-up Capital
OFFICE
Street
25 Water Street
Agent, 6 Wall Street, New York
Incorporated by Royal Charter.
every
banking facility for trans actio*
Greece, where it has been established foe
Incorporated by Royal Charter, 1727.
HEAD
Islands.
London, B. C.
Portland
Offers
with
30,000,000
Office,
Liverpool
R. RvAPPLEBY,
80
Funds
Canary
106-108
between this country and Africa.
Capital paid up._fr«. 100,000,000
Reserve
the
Office,
Ionian
SUISSE
and
Head Office, 17 & 18 Leadenhall St.,
Offers to American banks and bankers Its superior
CREDIT
EXCHANGE
Frs. 52,600,000
andl
Fund
1871
V
The NATIONAL BANK
Reserve
HAGUE
Frs.70,000,000
Founded 1755
Capital Paid
OF
SALE
-
Over 350 Branches
South Africa.
W.
COLLECTIONS
UNION
STANDARD BANK OF SOOTH AFRICA, Ltd
FUND....F.105,000,008
Reserve
£1,000,000
Deposits
500,00#
$1,750,00#
£36,071,162
ALEX. ROBB, Gen. Mgr.
MAGNUS IRVINE, See.
London Office—62 Lombard Street, E. C.
Glasgow Office—113 Buchanan Street,
i
Drafts, Circular Notes and Letters of Credit issue#
description of British, Colonial and Foreign
Banking and Exchange business transacted.
New York Agents—American Exchange Net. Bank
and every
THE
VIII
©orfe
JJanfcera an& JSrofeenf (Sutstbe
ST.
[Vol. 111.
CHRONICLE
CHICAGO
CHICAGO
LOUIS
»-WVWVVVV%iVVVVW^
Greenebatim Sons
A. G. Edwards & Sons
lilden6Jilden
Banlr andTrust Company
Southeast Corner La Salle
Members
GENERAL
/ncohpohatco
BANKING
St.
Louis Stock Exchange
CHICAGO
lo'V
$2,000,000
and Surplus,
Capital
La Salle Street
808 So.
New York Stock Exchange
!
Bonds
Investment
and Madison Sts.
6% CHICAGO FIRST MORTGAGE BONDS
410 Olive
St., ST. LOUIS
Write for
Individuals
Trustees and
Suitable for Estates,
Bond Circular C 25.
Oldest Banking House in
& STITT
SCOTT
Chicago. A State Bank
INVESTMENT BONDS
MUNICIPAL
A. O.
Slaughter & Co.
INDUSTRIAL
St.
W. Monroe
111
CORPORATIONS BONDS
CHICAGO
Members
New York Stock
PREFERRED STOCKS
Exchange
Chicago Stock Exchange
Chicago Board of Trade
110 WEST
MONROE STREET
CHICAGO, ILL.
Lorenzo L Anderson & Company
N.
310
8th
St., St. Louis
Municipal and Corporation Bonds
New York Stock Exchange
New York Ootton Exchange
Members Chicago Board of Trade
St. Louia Merchant* Exchange
St. Louis Ootton Exchange
INVESTMENT SECURITIES
Charles W. Moore
verification
expert
of underlyingassete
South La Salle Street
39
St. Louis Stock Exchange
Herndoa Smith
TIMBER BONDS
based always upon
Powell, Garard & Co.
Chicago
St. Louis
Philadelphia
New York
332
so. Michigan Av„
Chicago
William H. Burg
SMITH, MOORE & CO.
INVESTMENT BONDS
Municipal and
CINCINNATI
bUIMUO
Corporation
$250,000.00
ST. LOUIS, MISSOURI
*M OLIVE ST..
ST.
LOUIS SERVICE
& CO
SHAPKER, WALLER
?
AKRON, OHIO
5
184 SOUTH LA SALLE STREET
H%
SCHOOL
BONDS
Due 1922 to 1936, to
MARK C. STEINBERG & CO.
York
Members New
Members
300
St.
Stock Exchange
Louis Stock Exchange
ST. LOUIS
N. Broadway
Members St. Louis Stock Exchange
CO.
8279.300,708
5.896.008
-
Population 208,000.
TAYLOR, EWART & CO.
INVESTMENT BANKERS
105 South
The Provident Savings
& Trust Co.
Bank
La Salle Street
Bond
Department
CINCINNATI, OHIO
CHICAGO
STIX &
yield 8y,%.
FINANCIAL STATEMENT.
Assessed valuation
Net debt
Municipal, Railroad and Public
Utility Bonds
Investment Securities
CHANNER & SAWYER
INVESTMENT SECURITIES
589 OLIVE
ST. LOUIS
ST.
Union Trust Bids..
John Burnham & Co.
SPRINGFIELD,
ILL.
Ohio Securities—Municipal Boads
New York Stocks and Bonds
High Grade Investment Se¬
Matheny, Dixon, Cole & Co.
Rldgely-Farmers Bank
BIdg.,
SPRINGFIELD. ILLINOIS.
WE
curities,
Convertible
Note
Issues, Bonds, Bank Shares,
Unlisted Securities.
41
INVESTMENT SECURITIES
CHICAGO
WILL BUY
& Park District 4s
IRWIN, BALLMANN&CO.
Slocum, Eckardt & Company
INVESTMENTS
Ellicott
328-330-332
Public -Utilities
in
OHIO
FRIEDLANDER
EDGAR
financed.
DEALER
Cincinnati
q Their securities
IN
Securities
OHIIO
CINCINNATI
offered to investors.
Square
BUFFALO, N. Y.
Utilities
BUFFALO, N. Y.
TOLEDO
Middle West
JOHN T. STEELE
Suite No.
72
West
Co.
TUCKER, ROB I SON&CO.
1500
Adam9
Successors
St.
David
CHIC AGO, ILLINOIS
Municipa
and Corporation Bonds
Government,
New York Securities
to
Robison Jr.
8c Sons
Bankers—Established
1876.
Municipal, Railroad and Corporation Bonds
Toledo and
SPECIALISTS IN
Buffalo and Western
Walnut St.
CINCINNATI.
growing communi¬
ties operated and
BUFFALO
420
IN
DEALERS
South La Salle St.
Springfield (Illinois) Pleasure Drive¬
way
OHIO
CINCINNATI.
F. WM. KRAFT, Lawyer
Gardner
Building,
Ohio Securities
TOLEDO, OHIO
Specializing in Examination & Preparation of
County, Municipal and Corporation
IRVING
T.
LESSER
STOCKS AND BONDS
Bonds, Warrants and Securities and
Proceedings Authorizing Same.
BUFFALO, N. Y.
MUNICIPAL BONDS
Rooms 517-520, 111 W. Monroe St.,
Harris Trust
475 EllicottSSquare
Graves, Blanchet & Thornburgh
Building
CHICAGO, ILLINOIS
GARDNER BUILDING
TOLEDO, OHIO
Oo*. 16 1920.]
THE
CHRONICLE
IX
JSanfecM anb ^Brokers! ©utsibe J|eto Dork
PITTSBURGH
GORDON
&
MICHIGAN
COMAPNY
8®oobs, gtoan & €btoarb« Co.
Charles a. Parcel Is & Coj
Members Pittsburgh Stock Exchange
Inquiries
Solicited
Carried
All
in
Markets.
Conservative
on
•
Stocks
Margins
PITTSBURGH,'PA.
Phone Court 3264-5
Members of Detroit Stock Exchange
Members Detroit Stock Exchange
INVESTMENT BANKERS
Union Bank Building,
MICHIGAN
INVESTMENT SECURITIES
y
310
Congress Bldg.,
DETROIT. MICH.
PENOBSCOT BUILDING, DETROIT, MICH.
LYON, SINGER & CO.
INVESTMENT BANKERS
A.J.Hood
&
Company
Bldg.,
MICHIGAN
SECURITIES
BOUGHT—SOLD—QUOTED
Pennsylvania Municipal Bonds
Specialize in Michigan Stocks and Bonds
PENOBSCOT
Geo. W.
OLIVER
BUILDING
Specializing
PITTSBURGH
Securities
DETROIT
1721-3 Dime Bank
Bldg., Detroit
GORDON, FORTIER & CO.
Investment
and Provisions
Members New
York
Stock
Exchange
Suite
Members Pittsburgh Stock Exchange
Members
Chicago Board of Trade
Dime Bank Building
1613,
MASTEN
,•
Pittsburgh, Pa.
Branch Office:
National Bank of West Virginia Building
Wheeling, W. Va.
W. Carson Dick &
Company
Municipal Bonds Corporation Bonds
Preferred Stocks
Telephone Cadillac 5050
MICHIGAN
Active Members of Detroit Stock
Exchange
2054-56-68
& CO.
Members New York Stock Exchange
Boston Stock Exchange
Pittsburgh Stock Exchange
Chicago Stock Exchange
Chicago Board of Trade
New York Cotton Exchange
Ave.,
WHITTLESEY, McLEAH & CQ.
Securities
DETROIT
323 Fourth
Company
Detroit
Eberhardt & Co.
BUILDING,
E.
Exchange
We invite your inquiries
Stocks, Bonds, Grain
A.
Stock
Richard Brand
PITTSBURGH
Securities' of Pittsburgh District
;;
Members Detroit
(Established 20 Years)
Commonwealth
Hamlin
w. a.
Penobscot
Bldg.,
DETROIT
& co.
Members Detroit Stock Exchange
FENTON, CORRIGAN & BOYLE
Motor Stocks, Public Utilities & Oils
Investment
1010
Penobscot
Bankers
DETROIT, MICH.
Bldg.,
Chicago
Detroit
Grand
Rapids
DANSARD-HULL-BUMPUS COMPANY
INVESTMENT SECURITIES
KEANE,
HIGBIE
&
CO.
INVESTMENT BONDS
47
Congress St.,
MUNICIPAL BONDS
West
899-898 UNION ARCADE BUILDING
DETROIT
PITTSBURGH, PA.
Members Detroit Stock Exchange
KANSAS
67
GRISWOLD ST.
DETROIT
KAY & CO.
CITY
Inc.,
Joel Stockard & Co., Inc.,
STREET & COMPANY
INVESTMENT BANKERS
Municipal & Corporate Bonds
Municipal, Government &
Corporation Bonds
Local
Securities
Kansas City
V
Missouri
INVESTMENT BANKERS
Penobscot
Bid,.
Members Detroit Stock Exchange
Penobscot Bldg.
-
DETROIT
-
Cherry 2600
PROVIDENCE
GEORGE M. WEST & COMPANY
INBIANAPOLIS
Established
'
BODELL & CO.
Fletcher American Company
INDIANAPOLIS
Capital
-
10
WEYBOSSET
us
forbids
Indianapolis
or
or
offerings
Indiana
BANKERS
UNION TRUST BLDG.
PROVIDENCE
$1,500,000
INVESTMENT
1893
STREET
New York
Write
DETROIT, MICH.
Members Detroit Stock Exchange
DETROIT, MICH
Members Detroit Stock Exchange
Boston
on any
Security.
COLUMBUS
A. W. Wallace &
g|j
Statistical Injormation Furnished.
Investment Securities
BREED, ELLIOTT & HARRISON
Specialist in Cities Service Issues
INVESTMENT
Penobscot Bldg.
INDIANAPOLIS
Cincinnati
Detroit
Chicago
Milwaukee
Company
CLAUDE MEEKER
East
8
71
Broad St..
BANKERS
DETROIT, MICH.
Tel. Cherry 2800
COLUMBUS, O.
*
NEW YORK CITY
Broadway,
Investment Securities
Municipal Bonds
N EWARK,
N. J.
CONSERVATIVE
Indiana Corporation Securities
The Union Trust Company
BOND
DEPARTMENT
INDIANAPOLIS
ANGER & CO.
F. C.
INVESTMENT SECURITIES
Investments
List upon request
F. M. CHADBOURNE & CO.
FIREMEN'S
INSURANCE
NEWARK,
Indianapolis Bank Stocks
1252-54
Penobscot
Building
DETROIT, MICH.
BUILDING
N. J.
Local Public Utility Bonds
LOUISVILLE
Indiana Municipal Bonds
Bought and Sold
johnston & company Harris, Small & lawson
NEWTON TODD
Local
Indiana Corporation Bonds
415
INVESTMENT SECURITIES
INVESTMENT SECURITIES
Securitie. and
Lemcke Bldg.
44
and Stocks
INDIANAPOLIS
Panl
Jan..
Bid,.
LOUISVILLE, KY.
CONGRESS ST.,
DETROIT
W.
e&istu©i
ifreto gork
jankers aitii ^Broker
PACIFIC
PACIFIC
COAST
Howard Throckmorton
DENVER
COAST
Pacific Coast Securities
CALIFORNIA SECURITIES
Boettcher, Porter
BONDS
Government
[Vol. Ill,
CHRONICLE
iTHE
X
&
of MUNICIPALITIES AND
Company
Bonds Municipal
CORPORATIONS
.Corporation
INVESTMENT BANKERS
having substantial assets
San
Francisco
and
earning power.
Alaska Commercial Building
COLORADO
DENVER
Quotations and Information Furnished
on
WILLIAM R. STAATS CO.
Pacific Coast Securities
Established
SUTRO
LOS ANGELES
1853
PASADENA
SAN FRANCISCO
WESTERN SECURITIES
&
CO.I
Sugar Stocks a Specialty
INVESTMENT BROKERS
Members
San Francisco
410 Montgomery St.
GREGG, WHITEHEAD & CO.
San!Francisco Stock
and. Bond Exchange
Blankenhorn-Hanter-Dulin
F. M. BROWN & CO
Investment
Company
DEALERS IN
PORTLAND,
Municipal and Corporation
CORPORATION
AND DISTRICT
SAN
DOLLARS
CAPITAL ONE MILLION
Municipal
and
Government
Established over a Quarter
California Securities
SAN DIEGO
PASADENA
Morris Building
We specialize in California
Municipal & Corporation
California
Century
PORTLAND, OREGON
•
No. 3, Central Building
Company
Bonds
FRANCISCO
SAN
LOS ANGELES
Inc.
BOND HOUSE
THE PREMIER MUNICIPAL
FRANCISCO, CALIFORNIA
Lbs Angeles,
ORE.
DnMHC MORRIS BROTHERS,
UVJlHUD
First National Bank Building
Aronson and
.
MUNICIPAL
BONDS
818-818
Bankers
DENVER
-
SEATTLE, WASH.
HALL & COMPANY
BONDS
INVESTMENT BONDS
CLEVELAND
DRAKE, RILEY & THOMAS
Van Nuys Building
The Gandiing-Jones Company
Local and Pacific Coast
Securities
PORTLAND, OREGON
BUILDING
LEWIS
LOS ANGELES
HIMNCAPOI.lt
STOCKS-BONDS-NOTES
Private WirespCoast to Coast
CorrespondentslLogan and Bryan
CLEVELAND
BANGOR BUILDING,
A. H. Woollacott & Co.
Stocks, Bonds, Grain, Cotton
OTIS & COMPANY
Investment Bankers
LOS
•
Cincinnati
Detroit
Toledo
Denver
WE WILL BUY
Akron
Youngstown
Colorado Springs
Acceptances
Minnesota & Ontario Pow. 1st
California Securities
CALIFORNIA
LOS ANGELES
WELLS-DICKEY COMPANY, Minneapolis
CO.
A. E. LEWIS
BUFFALO
Niagara Life BIdg.
BONDS of the PACIFIC COAST
Los Angeles, Cal.
Security Bldg*
THE
CALIFORNIA
INVESTMENT SECURITIES
City Bldg.
American Nat'l
Bank
CLEVELAND, O.
Warren
LOS ANQELES
Unlisted
Established 1886.
San Francisco
Bldg.,
Bucyrus
MAX I. KOSHLAND
-
Southern Securities
MUNICIPALS
Title Insurance Building,
Listed
JOHN W. DICKEY
Augusta, Ga,
KLIPPEL - WASHBURN - BERKLEY CO. R. H. NIOULTON & COMPANY
Dayton
AUGUSTA
Municipal, Public Utility, Railroad and
Corporation
Unincorporated
And Floor National
6s
River Company
1st is
Red River Lumber Co,
1st 6s
Minneapolis St. Ry. Extended 7fl
Powell
NOTES
RITTER COMMERCIAL TRUST
CLEVELAND
••0 Euclid Ave,
**
ST. PAUL
MINNEAPOLIS
Columbus
SHORT TERM
commercial paper/ ^
TORRANCE, MARSHALL & CO.
CLEVELAND
Bonds
.
'corporation bonds
Chicago Board of Trade.
Stocks
l"p"
'municipal. railroad
ANGELES
New York Cotton Exchange,
1
1 t)
Building
Members of New York, Cleveland, Chicago.
Detroit and Columbus Stock Exchanges,
Boston
>3
ESTABLISHED
228-262 I. W. Hellman
-
WM. E. BUSH & CO.
Augusta, Ga.
Inactive
Pacific Coast Securities
Stocks & Bonds
SOUTHERN SECURITIES
Member
San
Francisco
Mills
ALBERT FOYER
Leader New. Bldg.
CLEVELAND,
and
CHAPMAN DE WOLFE CO.
Stocks
Montgomery
FRANCISCO,
Stocks and
Information
and
DUNN & CARR
Street,
CALIF.
Bonds
Quotations
on
all
Investment Securities
Pacific
Coast Securities
CLEVELAND
COTTON MILL STOCKS
Building
TEXAS
SAN
Bonds
Bond Exchange
0-
861-353
Short Term Notes
and
SAN FRANCISCO
Hunter Glover & Company
Investment
Stock
Members San Francisco Stock & Bond Exchange
Union
HOUSTON.
Nat.
.
Bank Bldg.
-
-
TEXAS
OCT. 16 1920.]
THE
CHRONICLE
jSan&ett an& SSrofcertf
be Jleto
XI
Dotfe
PHILADELPHIA
MARX & COMPANY
bonds
bankers
BIRMINGHAM,
Southern
.
stocks
short-term notes
.
Graham. Parsons & Co.
411 CHESTNUT ST.
ALA.
.
Ill BROADWAY
PHILADELPHIA
YOII
NEW
Parsly Bros. & Co.
Municipal and
Investment Securities
BANKERS
Corporation Bonds
CHESTNUT STREET
1421
PHILADELPHIA
Deal
CHATTANOOGA
MEMBERS
Purchase 1
BONDS, NOTES AND PREFERRED STOCKS
Established
local and southern
1865.
RAILROADS, UTILITIES AND
securities
Building
and
Issues of
MUNICIPAL BONDS,
LEWIS BURKE & CO.
JftBMt
in
:/.V v.,-:.;
PHILADELPHIA5TOCK EXCHANBI
;
'
INDUSTRIAL
obior
CHATTANOOGA
410 Chestnut
ESTABLISHED VALUE
St.
Philadelphia
Cable Address "Grace,** Philadelphia
Government,
MACON
CORPORATIONS
of
BANKERS
Municipal, Railroad and
Public
W. M. DAVIS & COMPANY
Utility Securities
dembers New York and Philadelphia
Stock Exchanges,
Southern Municipal Bonds
AND
MILWAUKEE
Guaranteed Stocks
BANKERS
MACON
georgia
EDGAR,
East
RICHER
Water
and
&
Mason
CO.
321
Streets
Chestnut St.,
Philadelphia-
MILWAUKEE, WIS.
SPARTANBURG, S. C.
Established 1837
Specializing
A. M. LAW &
'5;^
CO., Inc.
Stocks
and
a
^lew York and Philadelphia
Stock Exchanges
Specialty
Financing of Milwaukee
SPARTANBURG, S. C.
Investment Securities
Strassburger
INVESTMENT
M£CowntC^
and Wisconsin Industries.
MONTGOMERY
B. W.
Members
Bonds
Southern Textiles
SOUTHERN
WISCONSIN CORPORATlbN ISSUES
DEALERS IN
Members Philadelphia Stock Exchange
investment bankers
SECURITIES
Bought and Sold.
Land
M»nt0»merih Aim
Title
Building
PHILADELPHIA
New York
First Wisconsin Company
Investment Securities
MILWAUKEE
WISCONSIN
Telephone Canal 4845
$550,000 COUNTY OF BUTLER, PA., Road
Imp. 5^s, maturing Sept. 1, 1927 to 1944 incl.,
optional after Sept. 1,1935.
T« return»6.20%
to 5.15%, after opt. period to return 5.50%.
$82,000 CITY OF NEW CASTLE, PA., School
5Hs, maturing 1935 to 1938. To return 6.15%
M. M. FREEMAN & CO.
American
421 Chestnut Street
Philadelphia
Telephone, Lombard 710
Investors
I
Many Americans
are placing a goodly
portion of their in¬
funds
vestment
|!
Second Ward Securities Co.
Second Ward Savings Bank
Bldg.
MILWAUKEE
108
So.
La
Salle St.
VonPolenz&Co.,Inc.
CHICAGO
in
Canada.
Export
making
and
trade
great
Broadway, New York ]
sound.
are
Labour disturbances
rare.
60
Specialists in
Conditions
Wisconsin
are
is
strides;
Philadelphia
Municipals
<
top of all you can
(owing to premium on
American
funds) buy
gilt-edged securities to
yield 8% and upwards,
payable
in American
on
Pittsburgh
Chicago
Berlin
High Grade Investments
,,
Denverj J
Securities and Exchange
•/
,
.
Coupon
Redeeming Station
for the City of Berlin, Greater Berlin,
MORRISEIox&CO.
Imvestm
Milwaukee
GERMAN, AUSTRIAN U
Czechoslovak, Hungarian
Official
funds.
Cincinnati
Boston
and
and various other German Cities tmd
Communities.
CURITIES
f l.ftT WlbCON&IN
Write, and
you a list
will send
we
of investments
to choose from.
S
Underwriters and
Address:
Wisconsin
Write
AGENCY
MlLWAUKELWa
.MM KDO
our
Specialists in
OF
NORFOLK,
VA
Royal Securities
CORPORATION
(canada)
limited
165 Broadway
Tel. Cortlandt
I
Issues
Trading Department.
Over
MOTTU & CO.
Established
Of
0
80%
NATIONAL
1892
the
Banks
New York
City
SAFETY
FOR THEIR
in
use
PAPER
CHECKS
New York
3234-5-6
NORFOLK, VA.
NEW
so
INVESTMENTS
YORK
Bred..,
,
George La Monte & Son
61
Broadway
New York
CHRONICLE
THE
XII
3fnquizit&
Current JBonb
UNLISTED
American Thermos Bottle
Central Union Gas 5s, 1927
SECURITIES
Atlas Portland Cement
Hecker-Jones-Jewell 6s, 1922
Automatic Fire Alarm
N. Y. & East River Gas 5s, 1944
Herring-Hall-Marvin
Securities Co. of N. Y. Cons. 4s
(fK)
Kirby Lumber
Noiseless
Typewriter
Union
Singer Manufacturing
TOBEY&KIRK
Ward Baking
Members New York
Heating
Car
&
Atlantic Ave.
Most Attractive
49 Wall St.
Investments
Impt. 5% 1934
Bway. & 7th Av. RR. 5% 1943
in
GUARANTEED STOCKS
Lexing. Ave. & Pavonia Fy. 5% '93
1943
Vickers
T.l. Han. MTO
RR.
United Lead Deb. 5s,
BONDS
Lighting
Federal Sugar
Railways of N. Y. 5s, 1942
NewYork
H. Mountague
By-Products Coke
Light 5s, 1930
Stock Exchange
25 Broad Street
Safety
Standard Gas
to-day's market
are
Public Util¬
ity Bonds and Short Term Notes
strength, mar¬
and af¬
fording liberal yields for one to
—representing
Mortgage Bond Co.
THEODORE L. BRONSON & Cfl.
Bankers Trust Co.
Member* New York Stock Exchange
19 Wall St.,
twenty-one years.
Bank of Commerce
$100, $500 and $1,000
Tal. Rector 7580
N. Y.
FRANK J.
Denominations
DILLON
M.
NEW YORK, N. Y.
71 Broadway
Tel. 6460 Bowling Green
Ask
With to Bug
We
Security 4s, 1952
lembers Philadelphia Stock
Chestnut
H.M.Byllesby & Co.
Incorporated
111 Broadway
Street
St.
Tel.
Broad
Providence
Providence
„
7740
New Jersey Municipal
NEW YORK
Descriptive List
on
Bonds
_
PITTSBURGH, PA.
845 Fourth Ave.,
MEWARK, N. J.
18 CLINTON STREET
Glover & Macgregor
Request
J.S. RIPPEL&, COMPANY
Amer. Wat. Wks. & Elec. 5s, 1934
West Penn Traction 5s, 1960
St. Paul Union
CENTRAL NEW YORK
STOCKS AND BONDS
SECURITIES
conservative
Inactive
MAGRAW
MUNICIPAL AND CORPORATION
Inquiries invited.
BONDS
&TARBELL
Commercial
Members New York Stock Exchange
120
E.
F.
terms.
and unlisted securities.
FINCH
Mohawk Valley Investment Corp.
Depot 7s, 1923.
1924
West Penn Power deb. 6s,
bought and sold for cash, or carried on
Bought—Sold—Quoted
ST. PAUL,
Globe Building
;
Paper
Local Securities ef the Twin Cities
NEW YORK
BROADWAY,
Investment Bankers
UTICA, N. Y.
Boston
30 State Street;
10Weybo5set St
Hartshorne & Battelle
Broad
Chic ado
206 S.LaSaJle St
NewYork
Exchange
PHILADELPHIA
SB
and
cash
Free Bonds
PAUL & CO.
1421
for
-partial payment purchase.
or
Pennsylvania Tax
CC
circular
for
recommendations
Central RR.
Illinois
safety,
ketability and
MINN.
Central Pacific Ref. 4s, 1949
Bought—Sold—Quoted
Atchison Gen. 4s, 1995
Minn. S. Ste. Mar. & At. 1st 4s'26
Canadian
Explosives Pfd.
3991
PROCTER & GAMBLE CO.
Montgomery
15
Telephone
INDIAN
REFINING CO.
Westheimer &
Members of
York
the
Stook
Cincinnati
Company
Stock
New
Exchange
Exchange
Chieago
Board
of
Trade
Baltimore
Stock
Exchange
3994
York
ALFRED F. INGOLD &.CO.
WE WISH TO BUY HIGH-
TAX-FREE
r*
ladelphia
N.
Y.
Rector 8981
Sinclair Cons.
7^8, 1925
Solvay et Cie 8s, 1940
Interborough R. T. 7s, 1921
and
all
new
issues
of bonds and notes
Stock Exchange
Exchange Building
PHILADELPHIA
Direct Private
Broadway,
SECURITIES.
Boenning, Garrison & Co.
embers
74
PENNSYLVANIA
GRADE
Stock
3993
William St..
New
Broad S063
CINCINNATI, OHIO
BALTIMORE, MD.
Telephone 3992 Rector
Bros.
Telephone to Bardell Bros.,N. Y.
Matt. H. Connell & Co.
Ill
Broadway
New York
Telephone: Rector 5467 and 622
l6 1920.]
Oct.
THE
CHRONICLE
XIII
Current Jtotrb Snqutde*
Amer.
Gas & Elec. 6s,
2014
Amer. Light & Trac. 6s, 1925
Amer. Water Wks. & Elec. 5s, '34
Chalmers Motor Co. 6s, 1922
Cons. Traction of N. J. 5s, 1933
Det. Ypsil. Ann A. & Jack.
5s, 1926
Dominion Coal 5s, 1940
American Light & Traction
Chicago & E. 111. Ref. 4s, ctfs.
Hocking Valley Products 5s, 1961
Michigan United Ry. 5s, 1936
Detroit Edison Co. Stock
Mo. Kans. & Tex. of Tex.
Retsof
Mining 5s,
Duquesne Light 6s, 1949
Seaboard
General Baking 6s, 1936
United
Hudson County Gas
Laclede Gas
Line
Woodward
1st
Iron 5s,
Light 7s, 1929
Mich. United
1942
Firestone
Tire
Com.
4s,
1950
1952
120
Ry. 5s, 1936
Packard Common & Preferred
Sherwin
Williams Pfd.
Steel & Tube of America,
to
Pfd.
.
Broadway, New York
Telephone 6070 Rector
Private wires
Traders Telephone
Chicago, Detroit, Cleveland,
Citjes Gas 7s, 1922-25
\
National Bank of Cuba
Merrill, Lynch & Co.
8s, 1923
Pfd.
&
Goodyear.T. & R. Co.rn. & Pfd.
Paige Detroit Com. & Pref.
Light & Rys. 5s, 1932
*5s, 1949
Louisville Gas & Elec.
Ohio
Air
5s,
1925
Burroughs Add. Mach. Stock
7683
Rector
Youngstoum, Grand Rapids and Lansing.
Public Service of N. J. perp. 6s
Republic Motor Truck 7s
Bush Terminal Cons.
Union Elec. Light & Pow. 7s, *29
Central Pacific 3^s, 1929
Ches. & Ohio Imp. 5s, 1929
Goodyear Tire
Wickwire Spencer Steel 7s, 1935
&
Common
IlinftiiL
DETROIT PHILADELPHIA
&
5s, 1927
111. Cent., Louisville, 33^s, 1953
New Orleans Terminal 4s, 1953
Preferred
N. Y. & Erie 4th Ext.
Bought, Sold & Quoted
42 BxV7ad Sfcrfeetv IfewltbirKj
mCAGO
Cleve. Akron & Col.
Rubber
5s, 1955
5s, 1930
New York Central 33^s, 1997
PITTSBURGH;
4>^s,
Pennsylvania Gen.
1965
Peoria & Eastern Income 4s, 1990
Instantaneous communication between
offices is made
our
possible
C. C. Kerr & Co.
through
their intsreen nection be private wires.
2 Rector
St., N. Y.
R.
Phone 6780 Rector
Foreign Securities
Mark A. Noble
Theodore C. Corwin
NOBLE&CORWIN
Foreign Cheques
25
Bought and Sold
Broad
St.
New
York,
DUNHAM &
CO.
Chase
Securities
National
John
807
River & Gulf
Div. 4s,
Bank
"Opportunities In
Consumers
Kodak
Liberty Bonds"
New
Power
cons.
cons.
Co.
7s,
Bank
4s, 1932
4^s, 1934
1930
Prince & Whitely
Surety
Eastman
1933
St. Louis & San Francisco 6s, 1928
Members N.
Niles-Bement Common
on
W.
St. Louis Iron Mt. & Sou. 4s, 1929
Equitable Trust
National
Circular
Telephone
A/S
Milwaukee & North,
Citizen National
'Phone 8800 Hanover
Exchange Place
O
St. Louis Southwest,
Bankers Trust
48
PRESSPRICH
Kansas City Southern 5s, 1950
Foreign Currency
Investment
W.
40 Wall Street,
New York
52
Common
Y. Stock
Broadway
Private
Exchange
Tel. Broad
wires
6323
Philadelphia, Boston,
Baltimore, Richmond, New Haven
Jersey Zinc
to
Telephone 1111 Broad
requeot.
SUTRO BROS. &CO.
12#
BROADWAY, NEW YORK
Telephone: Rector 7350
of New York Stock Exchange
iembers
Railroad
<
Bond
Publie
Dept.
N. Y. Penna. & Ohio
E. Tenn. Va. & Ga.
5s, 1956
I
Seaboard Air Line 6s, 1945
St. Louis & Cairo 4s, 1931
N. & W. Pocah. Coal & C. 4s, '41
Louisiana & Arkansas 5s, 1927
Louisv. & Jefferson
British Empire
Steel
Bdge. 4s, '45
Florida Cent. & Penin. 5s,
Utility Dept.
Alabama Power 5s,
4^8,1935
Duquesne Light 6s, 1949
Federal Light & Trac. 5s, 1942
Laurentide Power 5s, 1946
Utah
Sec.
6s,
1922
Coal River 4s, 1944
Shares
Canadian, Cuban
and other
Tennessee Power 5s, 1962
Great Western Power 5s, 1946
Amer. Power & Light 6s, 2016
Kanawha & Mich. 1st 4s, 1991
W. Va. & Pittsburgh 4s, 1991
Standard Gas & Elec. 6s, 1935
Consumers Power 5s, 1936
Securities
1943
Big Sandy 4s, 1945
Cinn.
Wab.
& Mich.
Industrial Bond
International
4s, 1990
Dept.
United
Light & Ry. 5s, 1932
Industrial
Stock
Massachusetts Baking Com. &Pf.
Paul Delaney
Jones & Laughlin Steel 5s, 1939
A. O.
Spicer Manufacturing 6s, 1924
Peet Bros. Preferred & Common
Union Carbide 6s, 1952
Jacob
Consolidated Textile 7s, 1923
D.
Coal
5s,
1936
Smith Preferred
Dold
Nerw York
Telephone Rector 6834
Preferred
L. & Western Coal
Chic. Ind. & West. Com. & Pf
Sloss Sheffield 6s, 1929
Kuczynski & Co.
Dept
Consolidation Coal 43^8, 5s, 6s
Norwalk Steel 43^s, 1929
Monon
120 Broadway
1946
Brooklyn Edison 6s, 1930
Cedar Rapids Mfg. & Pow. 5s, '53
New
Carpenter O'Brian 6s, 1925
Champion Lumber 6s, any
United Lead deb. 5s, 1943
American
Bank Stock
Home
Dept.
Insurance
Bankers Trust Co
Jersey Zinc Rights
Mfg. Com. & Pfd.
North
&
Judd
Landers, Frary & Clark
Standard
S.
O.
of
Oil
Dept.
California
Vacuum Oil
Mechanics & Metals Nat'l Bank
CORRESPONDENTS
All
Important Foreign Capitals
PRIVATE
Montreal
WIRES
Toronto
National City Bank
S.
Liberty National Bank
S. O. of New York
O.
of
Indiana
CARRUTHERS, PELL &
CO.
Bonds, Bank Stocks; Miscellaneous Securities, Standard Oil Stocks
15 Broad Street, New York
Phones 5161 to 5169 Hanooer
Philadelphia Phone, Locust 572; Bait. Phone, St. Paul 9389
Current JISon&
inquiries
New York Interurban Water 5a
F.
J. LISMAN & CO.
New York Stock
Members
61
[VOL. 111.
CHRONICLE
THE
XIV
West Va. Water & Elec. 6s
Exchange
Acquackanonk Water Co. 5s
St. Joseph Water Co. 5s
Joplin Water Co. 5s
BROADWAY, NEW YORK
Atlantic
4s Clinton Water Co. 5s
1st
Railway
Danville
&
Terminal
Bush
all issues
Carolina Clinchfield & Ohio 5s & stock
Company
—
.
Duluth South Shore & Atlantic 1st 5s
Grand Trunk Western gtd. 4s, due 1950
Mobile
&
Kansas
Missouri
Pittsb.
Northern
& Yough.
McKeesport
Grande Junction Ry.
Rio
Cedar
Falls
&
Central
Waterloo
Wisconsin
issues
Birmingham RR. 5s and 4s
&
Orleans—Great
New
Texas—all
Ry.
1st
H. C. SPILLER & CO.
6s
INCORPORATED
17 Water
1st 5s, 1939
Northern
1st
-
5s
1st
St.,
WOOD, STRUTHERS & CO.
Nassau
5
Hackensack Water
Street
St. L. S. W. Ter. & Unif. 5s,
Trk. Pac.
YORK
NEW
Members N. Y. Stock Exchange
5
1949
C. C. C. & St. Louis Gen. 4s, 1993
N. Y.
New York
Nassau St.
Ref. 4s,
1st
Cent., M. C. Coll. 3Ks, 1998
Penna. RR. Gen.
1952
1962
Electric Dev. of Ontario 5s, 1933
Bell Tel. of Canada 5s,
Ontario 6s,
Prov.
Teleph. 1st & Gen. 4j^s, 1939
Central Pac.
3s & 4s,
1925
Canadian Car & Fdy. 6s, 1939
Preferred
& Co.
City Southern 3s, 1950
Kansas
SECURITIES
Grand
Da vies, Thomas
Devonshire St., BOSTON
Street, NEW YORK
5s
AND ALL RAILROAD AND STEAMSHIP
N. Y.
corner
Wall
63
& ref. 4s
WANTED
5s
City Wtr. Co. of Chattanooga 5a
Bijou Irrigation District 6s
Emmett Irrigation District 6a
Ft. Wayne & Wabash Valley 5a
Queens County Water Co. 5s
Chicago & Western Indiana 7% Notes
WE DEAL IN
Racine Water Co.
Wichita Water Co. 5s
October 1923
Prov. Saskatchewan 4s,
& COMPANY
MILLER
Members
120
N.
and
Y.
July '23
Phila.
Stock
Exchanges
'Phone 7500 Rector, N. Y.
Broadway.
4^s, 1965
Telephone Rector 0526
Southern Pacific Ref. 4s, 1955
Canadian Pacific 6s, 1924
Central Pacific 3^8, 1929
49 Wall
Cent. 4s, 1921
Minn. St. P. & S. S. M. 4s, 1938
St.L.,I. M.& So. Riv. & G. 4s, '33
Utah & Northern 5s, 1926
Empire Gas & Fuel 6s, 1926
New York Tel. 4J^s, 1939
National Tube Co* 5s, 1952
Tenn. Coal & Iron 5s, 1951
Lackawanna Steel 5s, 1923-50
Indiana Steel 5s,
BOND
McKinley & Morris
ONE WALL ST., N. Y. T.I.
R.ctor 7931 to 7933
BROKERS
IN RAILROAD
ORDERS EXECUTED
ACTIVE
BOND
DEALERS
ISSUES
AND
So.
Empire
&
Gas
Cincinnati
Fuel
Co.
Gas Transport.
SAMUEL K.PHILLIPS&CO.
Detroit
Edison
5s,
Big
1940
7 Wall
Street,
t
NEW YORK
„
Telephone Rector 9697
BAUER, STARR & CO.
115
Member* New York State Bankers' Association
LAND TITLE BLDG.,
PHILADELPHIA
BROADWAY
N.
Y.
CITY.
We
Buy
Will
Duquesne Light 6s, 1949
Cincinnati Gas
Lehigh Power Secur. Corp. 6s, 1927
Cleveland
Northern States Power Co. 6s,
1941
Consol. Power,
1935
5s,
Telephone Co. (Canada) 5s, 1925
Transports 5s, 1933
Electric Ilium.
Puget Sound Elec. 5s, 1932
Shawinigan Wat. & Pr. 5^8 & 5s
Terminal
United
Bonds
& Investing 5s, 1926
Ry.
ABRAHAM & CO.
17 William St., N. Y.
©ublicllttlitp j^ccuritic#
Ill jaroacf
5s, 1939
West Penn Power Co. 7s, 1946
Northern States Power Co. 5s,
Utah Securities Corp.
Southern California Edison 5s, 1939
We
Specialize in
Great Western Power Co. 6s, 1925
EARLE A.
SPECIALISTS
Mahoning & Shenango
Ry. & Lt. Co.
1st
5s
Due
Nov.
1,
1920
IN PUBLIC UTILITY SECURITIES
RECTOR 8060-1-2-3
1941
MILLER & CO.
DIRECT ?RIVATE WIRE CONNECTION
TELEPHONE
Tel. Rector 1 & X
Bait., 6s, 1922
Southern California Edison 6s, 1944
6s, 1922
1939
Loan 4s, '46
Chic. M. & St. P. Eur. Loan 4s, '25
Cent. Ver. 4s, 1920, ctfs. of dep.
Chi. Milw. & Puget Sound 4s, 1949
Det. Gr. H. & M. Con. & Eq. 6s, '20
Mobile & Birmingham 4s, 1945
N. Y., N. H. & H. Eu. Loan 4s, '22
Pac. European
Empire District Electric 5s, 1949
Electric
Pfd.
4s,
-brother#
Bell
General
Div.
Sell
Alabama Power Co. 5s, 1946
Portland
Thread
Private wire connection
Rector 7416
We Will
Tel. Hanover 427-8-5
PI., N. Y.
Cairo
4
Cent.
Consumers Power 5s, 1936
*6 BROADWAY
Members American Bankers' Association
5s, 1927
Taylor & White
43 Exchange
American
Cleveland Electric Deb. 5s & 7s
Duquesne Ltg. 6s, 1949
Empire Refining Co. 6s, 1927
Empire Gas & Fuel 6s, 1924-1926
Mississippi Val. Gas & El 5s, 1922
Lehigh Power Sec. 6s, 1927
FARLEE & CO.
& So. Mich.
PHILADELPHIA
Chestnut St.
4s, 1963
J. S.
Bend
6s, 1926
5s, 1933
Gilbert J. Postley
SUSQUEHANNA
1923
Util. 5s, 1946
Penna.
Hanover 8317
Southern California Edison 6s, 1944
&
Lake Shore Elec. 5s,
Sand., Fremont & South 5s, 1936
Marion Light & Htg. Co. 5s, 1932 St. Paul Gas Lt. 5s, 1944
Penn
Mary Coal Co. -1st 5s, 1939 Terminal Warehouse 5s, 1942
WANTED
BUFFALO
'39
Central Ark Ry. & Lt. 5s, 1927
Ft. Smith Lt. & Tr. 5s,
1936
Springfield Ry. & Lt. 5s, 1926
FOR
COMMISSION
ON
Telephone
507
1952
New York
Street
Houston & Tex.
Ashland Lt. & Pr. & St. Ry 5s
& HICKEY
VILAS
WITH CHICAGO
111
BROADWAY, NEW YORK
Private
Phones
to
PhiledslpkOe 4k
Boston
OCT. 16 1920.]
THE
CHRONICLE
xv
Current Jionb 3nqu(rte*
Michoacan Power 6s
Atch.
Guanajuato Pow. & Elec. 6s & stocks
Cent. Mex.
Lt.
& Pow. 6s &
stocks
Chic.
Mexican Light & Power 5s
Trans.
Atch., Top.
&
Short
Line
Erie
RR.
Co.
1st
CI., Akron & Col. Ry.
Cape Breton Electric 5s
Dallas & Waco Ry.
Southern Public Utilities 5s
Guanajuato Reduction & Mines 6s
Indianapolis Water Co. 4^s & 5s
1958
4s,
& Santa Fe Ry Gen 4s'95
Kansas
Cy.& Pacific RR. 1st 4s, 1990
Louis. & Nash.-St. Louis Div 3s, 1980
5s,
1982
New York, Penna. & Ohio
1st 5s,
1927
Norf.
Co. 1st 5s, 1940
4^s, 1935
& Western
Ry. Con. 4s, 1996
Rio Grande West
Ry. Coll. Tr. 4s, '49
Denv. & R. Gr. RR.Con 4s, 43^8,1936
St. Louis & Cairo RR. Co. 1st 4s, 1931
Des Moines & Ft.
So. Pacific RR. 1st Ref. 4s, 1955
Dodge RR 1st 4s '35
Elgin Joliet & East. Ry. Co. 1st 5s, '41
American Finance & Securities
Winston-Salem So. Bound Ry. 4s,
111.
Empire Lumber 6s
West.
Gr. Trunk West. Ry. Co. 1st 4s, 1950
Wichita (Kan.) Water 5s
Utah & North.
Cent.-Cairo
Bridge Co. 4s, 1950
N.
Y.
Penna.
RR.
1937
5s,
'60
Ry. Con. 1st 5s, 1926
Portland Terminal 4s
Toledo
Fremont
&
Norwalk
Ry.
Wm. Carnegie Ewen
5s
Rochester & Syracuse RR. 5s
Tel. Rector 3273-4 and 3294
2 Wall Street, New
York
Birmingham (Ala.) Water 5s
HOTCHKIN
CO.
&
Republic of France 8s, 1945
Kingdom of Norway 8s, 1940
53 State St.,
Telephone
Main 460
Boston 9, Mass. Argentine Govt. 4s (Sterl.J'ns)
Japanese Govt. 4^8, 1925
Amer. Lt. & Trac.
Central
Pacific
BULL & ELDREDGE
Petroleum.
Qas & Electric
Members of "the New York Stock
20 BROAD
Western Power
ST., N. Y.
Exchange
Tel. Rector 8460
in
Foreign
Cons.
6s, 1921
5s, 1942
Refg. 5s, 1941
Genl.
Sullivan Co.
Government
Bonds
Coal 5s,
1930
Mt. Vernon Branch 6s, 1923
Chicago & East. Illinois
Cons.
Cons.
Federal Farm Loan Bonds
Specialists
Evansville & Terre Haute
5s,
6s,
Refg.
4s,
1937
1934
1955
Receivers Ctfs.
MacQuoid
Coady
O'Gara
lembers New York Stock Exchange
14 Wall St., N. Y.
Coal
Company
5s,
Tel. Rector 9970.
Atlanta
1955
&
Birmingham
1933 ^ "
4s,
Standard
American Water Works & Electric
West Penn Tract. & Water Power
Missouri, Kansas & Texas
Gen. S. F.
Tank
Car
Preferred
4^s, 1936
Extended Notes
Dallas & Waco 1st
5s, 1940
Mo. K. & East. 1st 5s, 1942
Mo.K. & T. of T. 1st 5s, 1942
St. Louis Div. 1st 4s, 2001
West Penn Traction
National Securities Corp.
Power Securities Corporation
Wich. F.&N.W. 1st Ref. 5s'40
_
Wich. Falls & N.W. 1st 5s '39
Superior, California, Farm Lands
Twin Falls North Side Land & Water
Twin Falls Salmon River Land & Water
Rollins, Kalbfleisch & Co.
Members N. Y. Stock
Exchange
Inquiries Invited
TOephone Rector 2687-8-9
OTTO
87 Wall St., N. Y.
"
66 BROADWAY
BILLO
Phone Hanover 6297
CONSTABLE & FLEMING
»CONSTABLE. v
71 Btbddwny N>T
K. L.FLEMINGrJK,
Chic.Terre Haute & S. East.
First & Ref. 5s, 1960
Income 5s, 1960
South. Ind. Ry. 1st 4s,
BowHhCGreett646b j w
(SMALL BONDS)
Long Island Cons. 4s, 1931
BRUNSWICK & WESTERN RY.
1st
4s, 1938
sicvA-
CHES. & POTOMAC TEL. CO.
of
Chic.
&
North
1951
Capital Stock
West
Deb.
5s, 1933
N. Y. Chic. & St. L. 1st 4s, 1937
South Pac. (Cent. Pac. Col. 4s) 1949
Virginia 5s, 1943
P. C. C. & St. Louis 5s, 1970
St. L. & San F. P. L. 4s, 1950
St. L. & San F. Adj. 6s, 1955
St. L. & San Fran Inc. 6s, '60
N. Orl. T. & Mex. Inc. 5s, '35
JOSEPH
GILMAN
PROCTER & GAMBLE
INVESTMENT SECURITIES
84 PINE STREET
N.
Stock & Scrip
Y. CITY
Western Pacific 1st 5s,
1946
Wm. C. ORTON & CO.
5691-4 John
Specialists Reorganization Securities
J. S. Bache & Co\
Liberty Registered Bonds
NEWBORG & CO.
Exchange
Buffalo
Telephone 4390 Bowling Green
WIRE
TO
ST.
Baltimore
Boston
BROADWAY, N. Y.
PRIVATE
BRANCHES and CORRESPONDENTS
Albany
Members New York Stock
60
Members New York Stock Exchange
New York " TeL, 6400 Broad
Chicago
Cincinnati
Pittsburgh
Cleveland
Rochester
Kansas City
St. Louis
Syracuse
Troy
4
New Orleans
Philadelphia
LOUIS
Consolidation Coal Co. Securities
Consolidated Gas, Electric Light &
Power of Baltimore Securities
Elk Horn
Atl. & Birm.
1st 5s, 1934
Steph. Nor. & Sou. Texas 5s, '40
Fla. Cent. & Penin. 1st 5s, '30, '43
Current River 1st 5s, 1927
Georgia & Midland 1st 3s, 1946
Cleve. Term. & Valley 4s, 1995
Chic.
Coal
Corp. Securities
Wash. Bait. & Annapolis
Securities
I. HARMANUS FISHER & SONS
(Established 1874)
BALTIMORE, MD.
SOUTH ST*
Members
K.C. Mem. & Bir. assented 5s *34
Tel. 7160-1-2 Broad
28 Broad St., New York
Atch.-Cal. Ariz. 4}£s
Chicago & Erie 5s
Denver & Rio Grande 4s & 4>£s
"Nickel Plate" 2nd 6s
Fla. Cent. & Pen. 5s, 1930,1943
Western New York & Penna. 5s
New York Penna. & Ohio 43is
Georgia Midland 3s
Baltimore Stock Exchange.
Paterson Rwy. 6s,
1931
Portland Rwy. 5s, 1930 & 1952
Rocky Mountain Coal & Iron 5s
Twin City Rapid Transit 5s
Ind. Col. & Eastern 5s
West Kentucky Coal 5s
Philadelphia Co. 5s
United Railway Investment 5s
East
Illinois
5s
&
6s
Mo. Kans.
& Texas bonds
Mo. Kans. & Okla. 5s, 1942
I
WOLFF & STANLEY
California Gas & Electric 5s
Seaboard Air Line 6s & 7s
American Cities Pfd.
New Haven 4s, 1922
Harlem River & Portchester 4s
National Bank of Cuba Stock
Central Vermont 4s, 1920
&
Evans & Terre Haute 5s and 6s
Missouri Kansas & Texas Issues
Mexican
(undep.)
Hocking Valley 4 Ms
Pyrene Mfg.,
Common
Government
5s
Dominican Republic 5s
Telephone Rector 2920
72
Trinity Place, N. Y.
SAM'L
Phone 5380-1-2-3 Broad
GOLDSCHMIDT
25 Broad Street
[VOL. 111.
CHRONICLE
THE
xn
Sngufde#
Current J5ottb
Dependable Quotations
Information
and
STOCKS
BONDS
for
Bush Term.
Carolina Pow. & Lt. 1st 5s, 1939
Bldg. 7% Pfd.
Crocker-Wheeler Common
Banks, Brokers
Detroit Edison 5s, 1933
Electro-Bleaching Gas
and Institutions
Detroit Edison 5s, 1940
I
on
International Elevating
Coal
Central
New
Inactive
Cap. Stock
through
is
in
close
Piggly Wiggly Corp. Com.
with
Rockwood & Co. Common
Analytical reports
all
touch
Oswegatchie Hydrau. Pr. 6s, '34
markets.
Queens Boro. Gas & El. 1st 5s,'52
request
on
Ramapo Iron Works 5s, 1923
Royal Typewriter Com.
HANSON & HANSON
Pfd.
Securities
Investment
72 Trinity Plaoe
N. Y.
Aetna Petrolenm Corporation
8% Convertible Gold Notes
Request
on
Northern N. Y. Utilities 5s, 1941
depart¬
service
our
which
ment
obligation
without
furnished
Niles-Bement-Pond Com.
Circular
N. Y. Gas, E. L., H. & P. 5s, 1948
STOCKS—BONDS—NOTES
Niagara Alkali Co. Pfd.
United Light & Rys.
General Gas & Elec. 1st 5s, 1925
Miscellaneous and
& Westch.
.
Yadkjln River Power 1st 5s, 1941
New York
-
Ltg. Gen. 4s, 2004
1948
New Amsterdam Gas Cons. 5s,
Third Ave. Ry. 1st 5s,
1937
B'way & 7th Ave. Cons. 5s, 1943
Sixth Ave. Ry. Stock
Nassau Elec. Ry. Cons. 4s, 1951
Equitable Gas Lt. (N.Y.) 1st 5s, 1932
Westchester Lighting 1st 5s, 1950
OFFERINGS WANTED
Singer
Manufacturing
Finlay & Davenport
Jones & Thurmond
-i
85 Broad
New York, N.Y.
St.
72
Bristol ^ Bauer
SECURITIES
PITTSBURGH
We
Steamboat Co.
1st 5s,
specialize
not traded
on
\7o B'tiooZsOcsr 'dZVhone- Rector 4594
Pittsburgh Securities
in all
the local exchange.
W. W. ALLER & CO.
due 1921
As Dealers in
Peoples Bank Building
BOUGHT AND SOLD
PITTSBURGH
i
Guaranteed Stocks
1855
Since
BOUGHT
EDWIN BANCKER & CO.
Rector
SOLD
we
tive
cific
G. F. Redmond A Co., Inc.
comprehensive
ser¬
interested
those
in
selling.
Informa¬
literature, analyses of spe¬
or
issues
colored maps
and
illustrating properties, will be
10 STATE ST.,
BOSTON. MASS.
Direct Private Wire to New York.
CHICAGO SECURITIES
a
to
buying
Unlisted Oil, Mining, &
Industrial Securities
944-5-6
offer
vice
El Favor Mines
New York City
Broadway
AND
Bay State Film
INVESTMENT SECURITIES
115
:
■■.
Tel. Rector 6881
Trinity PI.
Phone: Broad 7412
New Jersey
■
Specialists in all Tobacco Securities
Specialists in Railroad Terminal Bonds
furnished
application.
upon
Tel. Main 3138—Fort Hill 920
Write
Bought, Sold & Quoted
W. H. Goadby
BABCOCK, RUSHTON & CO.
Members
New
York, Chicago
Stock Exchanges
HOME INS. BLDG.,
CHICAGO
and
Boston
7 WALL STREET
NEW YORK
& Co.
Members New York Stock
for
Sheets.
Quotation
Koscrrlt "©Stalker & Jfotis
Members New York Stock Exchange
Exchange
51
New York
Broadway
NEW YORK
NO. 74 BROADWAY
We Deal in—
Unlisted Stocks
Empire Gas & Fuel 6s,
Argentine Govt. 4s and 5s
and Bonds
Alabama Traction 5s
1924-26
French Govt. 4s and 5s
Gas & Elec.
American Gas & Elec. 6s, 1921
General
Foreign Government
American Waterworks & Elec. 5s
Georgia Lt., Pr. & Ry. 5s
Bonds
Aurora, Elgin & Chicago 5s '41-'46
Inter.
Adirondack Elec. Pr. 5s
Japanese Govt. 4s and 4l^s
British Govt. 4s and 5s
Michigan United Ry. 53, 1936
Birm.
Mississippi River Pr. 5s, 1951
Inquiries from Out-ofTown
Investment
Houses and Banks
are
especially solicited.
Ry., Lt. & Pwr. 4^s and 6s
Gt.
Cities
SMITH
& CO.
20
BROAD STREET
.NEW
YORK
Telephone Rector 6157
Ohio
Chicago & East 111.
ERNEST
Birmingham Tidewater 5s
Salmon
Issues
Northern
Gas
River
Seaboard Air
Consol. Cities Lt., Pr. & Tr. 5s
Southern Calif.
Cleveland
Tennessee
Elec.
Ilium.
Power
Duquesne Ltg.
7s,
7s,
1935
1935
6s
Evansville & Terre Haute Issues
United
5s
and 7s
1921-25
5s
Line 6s and
Cincinnati Gas & Trans. 5s 1933
Consumers
7s,
Pr.,
6s, 1929
7s
Edison 5s and 6s
Power 5s
Light & Ry. 5s and 6s
Waterloo Cedar Falls & No. 5s
West
Penn Power 5s and 7s
Oct. 16 1920.]
THE
CHRONICLE
financial
XVTI
jftnanrtal
Governments Rarely Default
"An honest tale speeds best,
.
being plainly toldn
■
"
In the
A
■
thirty
-SHAKESPEARE
from 1882 to 1911, inclusive,
years
the average amount of
government
each year per
MERIT
Thirty-nine years'
staff trained
a
partment
broad
with
yet
corresponding figures
pre¬
$1.84.
The American
Express Securities Department of¬
a
fers banks
and
investment houses the facilities
knowledge of all
of
its world-wide service in Government Securities.
business,
organization carefully
built
give the greatest
to
service to
all
tant
in
of
ut¬
special de¬
the Company's
an
—
the
to
in each
with
compares
*
pared for American railway investment securities
rience, ample resources,
most
tVL
expe¬
bonds in default
$100 of such bonds outstanding was
$0.39.
This
', "V«j
-
American Express Company
correspondents
these
are
factors
to
choosing
impor¬
Securities
TELEPHONE'
department
consider
Bowling green iqooo
New York
a
banking connection.
METROPOLITAN
TRUST
OF
COMPANT
THE CITY OF
NEWYORKL
60 WALL STREET
Chalmers (old), com.
Rolls-Royce, pfd
716 FIFTH AVENUE
STANDARD
& pfd.
Cleveland Autos
—
0
New
Motor Slocks
Free
Eighteenth
Tire and Rubber Stocks
1
Edition
R. B.
20 Nassau
Hathaway & Co.
St., N. Y.
L
Booklet
h.
BROKERS AND SALESMEN
to sell securities of
able
With Records of
industrial
Request
pforzheimer
Dealers in
Companies
Upon
Tel. John 5020-1
carl
Three Dividend-Paying
Mailed
Specialists
Phones
WANTED
Standard
4860-1-2-3-4 Broad J
Details
L. N. Rosenbaum &
135
we
of
25 Broad^t.. N
>
FOREIGN EXCHANGE
on
BROADWAY,
Company, Inc.,
Order
Checks
Currency
NEW YORK
on
Bonds
conditions
prevailing
in
the
money market during recent months have
increased the attractiveness of high-grade
securities, with the result that many of
them are especially worthy of the atten¬
current
co.
established profit¬
an
corporation.
Bought and Sold
tion
&
Securities
application.
Substantia! Achievement
Unusual
Oil
conservative
number
of
investors.
our
Market
have discussed the salient
three stocks
In
the
Review
Shuman
,
R. Lancaster Williams &
Co., Inc.
INVESTMENT
,
30 Broad St., N. Y.
Tel. Broad 7270
BERTRON, GRISCOM & CO. INC.
SECURITIES
American Car
Equitable
&
Seligmann
features of
possessing seasoned require¬
ments:
&
fembers New York Stock Exchange
Foundry
investment
Building,
BALTIMORE
MARYLAND
'
Union Pacific
securities
40 Wall Street
Land Title
NEW YORK
Building
PHILADELPHIA
Railroad
CANADIAN SECURITIES
National Biscuit
We buy and sell for
Company
HENRY
Sent
on
request for C-571
our own
account
NIGHTINGALE
Canadian, Mexican and Foreign Governmen
Securities*
HUGHES & DIER
Railroad and Public Utility Bonds.
Phone Broad 7118
42 BROADWA *
Stocks—Bonds—Grain
Pittsburgh Stock Exchange
Chicago Board of Trade
N. Y. Produce Exchange
(Philadelphia Stock Exchange
42 New
Philadelphia,
St., New York
1435
Walnut
Street
Vermont Hydro-El. Corp. 6s,1929
Southwest. Pow. & Lt. 8s, 1925
Denver Gas & Electric 5s,
1951
American Power & Lt. Preferred
Pittsburgh, Arrott Building
h. l.
Cleveland, 423 Euclid Avenue
85
nason & co.
Devonshire
BOSTON
St.
Village of
Scott & Stump
Peekskill, N. Y.
B. J. Van Ingen
46 Cedar St.
TEL
& Co.
New York
6364 JOHN.
9
INVESTMENT
Corporation Bonds
20
Broad Street
-
New
York\
nam rectos 814#—CABLE address "ownrrMorr*
Liat
givea current offering*.
Stock
SECURITIES
Exchange Building
PHILADELPHIA
Phones: Locust 6480
.
6481, 6482, 6483
Keystone: Race 2797
[Vol. Ill
CHRONICLE
THE
xvni
Jffnanctal
jFimuuial
National Bank of
in
Six Per Cent
Southern
New York
Municipals
Short Time Notes
Commercial
Paper
Preferred Stocks
^
Acceptances
Capital, Surplus And Undivided Profits
Over
Fifty-five Million Dollars
Hibernia
Securities Company
(Incorporated)
IllinoisTrust&Savings Bank
La Salle at Jackson
Capital and Surplus
Pays Interest
on
Time
Accounts,
change.
on
a
$15,000,000
-
hand at all times
1
cellent securities.
eDeals in Foreign ExTransacts
New Orleans
Chicago
•
•
Has
Deposits, Current and Reserve
-
Hibefrnia Bank Budding
a
variety of
New York Office
44 Pine St.
-
ex-
Buys and sells
Government, Municipal and
General Trust Business.
Corporation Bonds.
30 Years
CINCINNATI
in
GAS
ELECTRIC CO.
&
444
*%
Due Dec.
and
vM
^/Ucapo, jfll.
Branch
Office, 9156 Exchange Ave.,
So. Chicago, 111.
German, Austrian, Hungarian, Cxechoslovakian, Rumanian, and Jugoslav Gov't
Bonds and Currency.
Secured Gold Notes
Principal
Export Banking
INCORPORATED
1, 1922
semi-annual
interest
payable in Nerr York.
New Jersey
Complete description on request.
^
Price to Yield 7 J* %
BOND
INTIMATE
Securities
acquired
and
DEPARTMENT
OUTWATER & WELLS
15 Exchange Place
Fifth-Third
KNOWLEDGE
the needs and habits of the
Tel. 29 Montgomery
by
tries themselves, is
experience
of
years
actual residence
of
people,
in the
coun¬
essential when
transacting business abroad.
Jersey City, N. J.
23
National Bank
Branches
BOYLE, BROCKWAY & GRAHAM, INC.
South America
Offices in Europe
8
Direct
CINCINNATI, o:
in
Branch in Mexico
1
Connections
with India
MATTERS FINANCIAL
Union Arcade
Pittsburgh, Pa.
Anglo-South American
■"Bank, limited
New York Agency,
"The Oil
Industry"
AMERICAN
MFG.
49 Broadway
CO.
a
Devoted
to
the
interest
of investors in all securities.
Published
CORDAGE
Argentine Recission 4s
monthly.
Cent.Pac.Coll.Tr^s^GlFranc and
NILA, SISAL, JUTE
N.Y.N.H.& H. 4s 1922
Free
on
/ £ Bonds
request.
Italian 5s,
Nobel & West Streets, Brooklyn, N. Y.
City
Russian
1918-1920
Ruble Bonds
Large and Small Pieces
R.C.Megargel&Co*
GEO,
B,
New York
Russian
4% Rentes, 1894
INVESTMENTS
72 Trinity Place
27 Pint Street,
EDWARDS
NEW YORK. N. Y.
FOR SALE—Timber, Coal, Iron,
other properties.
Confidential
Negotiations
Ranch and
Investigations
Settlements and Purchases of Property,
united States
West Indies
Canada
R.A.SOICH&CO.
10 Win St,
N. T.
Tel. Rector 5289-92-4038-4730
Oct. 16 1920.]
THE
CHRONICLE
XXX
®ruSt Companies
WioxU pfjc Insxtratirjc & ^rxxst €0,
tvo
52
Receives
or
on
Check
Daily Balances.
otherwise.
Grants Annuities
Company of Moderate Size Which Makes
STATEMENT—At the Close of Business
on
Sept. 30, 1920
Capital Stock..
$2,027,434 94
Mortgages
3,495,212 29 Z
Loans on Collaterals...
Receivable & U.
Certificates
2,377,973 53
._
Deposits
4,076,123 91
Cash in Company's Vaults
1,829,577 07
Cash
1,821,361 13
on
$1,000,000 00
.
Surplus Fund & Undivided Profits
3,320,398 54
S.
as
Favorable Terms.
LIABILITIES
Real Estate
Bills
on
Specialty of Personal Trusts*
a
ASSETS
Bonds and
for Fixed Periods and
or
Accepts Trusts created by
Manages Property and Collects Income
Agent for Owners.
A Trust
STREET, NEW YORK
Deposits Subject to
Allows Interest
Will
WALL
Deposit
Accrued Int., Rents, Suspense Account, &c
23,479,451 56
Annuity Fund..
........
2,230,247 71
Interest due Depositors, Taxes, &c—....
303,034 23
357,573 51
Bonds and Stocks
12.473,025 64
$29,390,707 03
$29,390,707 03
TRUSTEES
W. Emlen Roosevelt
Frederic W. Stevens
Howard
Henry A. C. Taylor
Columbus O'D. Iselin
Lincoln
Denny
Cromwell
Paul Tuckerman
Edward J. Hancy
Stephen P. Nash
Henry Parish
Lewis
Nicholas Biddle
Joseph
Edward M. Townsend
Cleveland H. Dodge
Thomas
Alfred E. Marling
Moses Taylor
Stuyvesant Fish
Edmund L. Baylies
William
Edwin
Townsend
M.
Oruikshank
Spencer Morris
H.
G.
Choate,
Jr.
Merrill
EDWIN G. MERRILL, President
HENRY PARISH,
ls< Vice-Pres.
ZEGER W. van ZELM,
2d Vice-Pres.
J. LOUIS van ZELM,
Zd Vice-Pres.
ALGERNON J. PURDY, Asst. Secy.
IRVING L. ROE, Secretary
JOHN
O.
WILLIAM B. AUSTIN, Asst. Secy.
CHARLES ELDREDGE, Asst. Secy.
VEDDER, Asst. Secy.
INCORPORATED 1870
CONTINENTAL BANK
BROAD
STREET
&
EXCHANGE
PLACE
NEW YORK
Condensed Statement Sept. 30, 1920.
Loans and Discounts
$6,202,162.83
2,305,917.18
5,508,974.82
421,698.13
Bonds and other Securities
Exchanges for Clearing House
Due from Banks
Cash
and
reserve
Federal
with
Reserve Bank....
I
948,180.36
...
$15,386,933.32
,
Capital.
Surplus and Undivided Profits
Reserved for Taxes, Expenses, &c_
Rediscounts with Federal
$1,000,000.00
754,807.57
44,357.01
Reserve
Bank, Bills Payable and Accep¬
1,768,337.13
tances
Deposits
...
11,819,431.61
.......
$15,386,933.32
OFFICERS
ALBERT TAG
Chairman
J. F. FREDERICKS
President
D. SCHNAKENBERG
HENRY BLOCK
Government,
Vice-President
Municipal,
Railroad
Vice-President
Public
Cashier
P. H. HORNBY
>
5th Avenue & 32nd Street
Industrial
Utility
Bank of United States
Investment Bonds
77-79 Delancy St.
Madison Ave. & 116th St.
CONDENSED
STATEMENT
SEPT.
30,
A. B. Leach &
1920.
Government Bonds
and Other Investments..
$759,839.84
Loans ana Discounts
25,114,300.03
Cash in Vault and Banks
5,228,683.62
Customers' Liability on Acceptances
650,687 05
United
Co., Inc.
States
Investment Securities
....
.
...
Accrued Interest Receivable......
62 Cedar
Philadelphia
$31,690,758.58
Capital..
Surplus and Undivided Profits
Unearned
....
Discount
Reserved for Taxes,
105 So. La Salle St., Chicago
St., New York
32,248.04
Baltimore
Boston
Scranton
Buffalo
Cleveland
Pittsburgh
MinneapoH
Detroit
Milwaukee
$1,500,000.00
681,861.69
250,718.74
Interest, Ex¬
225,526.61
28,464,239.14
568,412.40
and Dividends
Deposits..
Acceptances Outstanding
penses
...
Rediscounts-Federal Reserve Bank
None
$31,690,758.58
OFFICERS
JOSEPH S. MARCUS,
President
BERNARD K. MARCUS,
CHARLES A. HORNE.
HENRY MEOKAUER,
Vice-President
.
LOUIS K. HYDE,
Vice-President
Vice-President
Cashier
EDWARD ROSS McELRATH,
Asst. Cashier
HERMAN J. RASENER.
Asst. Cashier
P. F. W. AHRENS.
Manager Foreign Depart.
Acts
as
Executor,
Trustee,
Administrator,
Guardian,
Receiver,
Registrar and
Transfer Agent
Girard Trust Company
PHILADELPHIA
Chartered
'
1836
CAPITAL and SURPLUS, $10,000,000
Member of
Federal
Reserve
System
Interest allowed
on
deposits.
E.
B.
Morris, President
*
[Vol. 111.
CHRONICLE
THE
xx
$atik statements
A
Bank Statement that any Man or
Woman
understand
can
THE CORN EXCHANGE BANK
NEW YORK
Statement of October 1st
The Bank Owes to Depositors
A conservative banker always has this
'<£$>■.'y
$194,787,051 44
.
.
.
1920
Indebtedness In mind, and he arranges
his assets so as to be able to meet any request for payment.
For this
Purpose We Have
I. Cash
*
:
*
•
•
•
•
(Gold, Bank Notes and Specie) and with legal
•
•
32,903,018 74
•
depositories returnable on
demand.
II. Checks
Payable in
III.
Payable when
y;:''
;-y
loans.
V.
day.
45,260,937 79
U. S. Government Securities
IV. Loans to
;
21,450,289 61
Other Banks
on
one
Bonds
Of
ask for it, secured by collateral of greater
;Vv:
VI. Loans
and
other
corporations
.
.
.
.
.
.
.
.
Railroads
;
"
of
first
^
.
quality
.
.
value than the
.
VII. Bonds and Mortgages
VIII. Twenty-two
Total
IX.
This
to
a
55,058,948 94
•
collateral.
980,998 16
3,582,622 70
.
.
City.
Meet Indebtedness
Leaves
16,631,656 42
•
and Real Estate
Banking Houses
All located In New York
.
and easily salable
Payable in less than three months on the average, largely secured by
:.y
34,230,682 20
Individuals and Corporations
we
Surplus
.
.
$210,099,154 56
.
$15,312,103 12
of
Which becomes the property of the Stockholders after the debts to the de¬
positors are paid, and is a guarantee fund upon which we solicit new deposits
and retain those which have been lodged with us for many years.
The
Corn
Exchange Bank Supplies Banking Facilities to Greater
New
York through Its Forty-three Branches
Main
Office
William and Beaver Streets
Jfot &>ale
FOR SALE
The
100,000 ACRES
First National Bank
Montana Stock Ranch
of Boston
10,000 HEAD
SHEEP-CATTLE-HORSES-MULES
Illustrated Circular
Transacts commercial
business
of
ADDRESS
banking
BENJAMIN
every
nature.
P. O. Box 497,
RUGGLES
Chicago, Ills.
Make it your New England correspondent
SHanted
Capital, Surplus and Profits, $37,500,000
Energetic man with executive ability with
banking and broad legal and real
Chicago, wants opening
in
bank, law or real estate office, manu¬
facturing plant or large mercantile business.
Illinois or Middle West preferred.
Address
H. F. H., care of The Chronicle, 19 S. La Salle
St., Chicago.
country
estate experience in
Oct. 16
1920.]
THE
CHRONICLE
Pattfc Statements
REPORT
OF THE
XXI
Cruet Companies
CONDITION OF
THE BANK OF AMERICA
at the Close of business on the 30th day of
Sept., 1920.
RESOURCES.
Stockmand bond Investments, viz.:
Public
V
securities
Private
Real
$4,333,657.63
4,411,403.33
securities.
estate
owned
Guaranty Trust
2,521,861.47
Mortgages owned
600,025.00
of New York
Loans and discounts secured by bond and
mortgage,
deed
collateral....
Loans
collateral
Loans,
or
real
other
_....
secured
by
...
and
bills
...
from
_
25,877,111.07
_
_
_
_______
FIFTH
23,990.04
Broadway
OFFICE
'
MADISON
AVENUE
OFFICE
Madison Avenue and 60th Street
3,591,725.05
-
-
of the United States...
GRAND
143.330.98
268
Exchanges
LONDON
and
for next day's
PARIS
checks
...
OFFICE
Street
BRUSSELS
HAVRE
clearings$39,560,317.68
Cash items
STREET
Grand
2,110,162.00
.
Cash items, viz.:
Other
AVENUE
Fifth Avenue and 44th Street
trustj companies, banks and
^i. w- -i...
Other'currency authorized by the Laws
.
140
18.110,184.58
purchased
bankers.
Specie
196,706.45
other
.....
discounts,
notjsecured by collateral
Overdrafts
Due
estate
^
...... „
"discounts
and
LIVERPOOL
CONSTANTINOPLE
2,319,997.74
41,880,315.42
Due from the Federal Reserve Bank of
New YorkMess'foffsets
Condensed Statement,
9,065,397.45
Customers' liability on acceptances (see
liabilities
pericontra)
Customers'!* liability account acceptances
bought&nd sold
_,
....
_
9,096,244.47
RESOURCES
400,000.00
Cash—On Hand and in
Other assets, viz.:
Accrued
interest
books
on
business
close
of
$244,996.90
Suspense account.......
.$122,685,182.58
.....
New
York
York
and
Accrued Interest and Accounts Receivable
12,281,276.95
$920,805,256.22
,
$5,432,280.32
Loan
Associations,
LIABILITIES
Credit
and
Land
Bank
Other
8,529,075.37
__
State
Savings
Unions
63,684,741.70
_
State
Banks.....
New
Acceptances
on
follows:
as
Savings
Due
Granted
Real Estate
Deposits:
Due
and
Credits
544,348.77
6.044,348.77
Preferred
.........
Mortgages..
Foreign Exchange
$5,500,000.00
$5,500,000.00
Undivided profits.....
30,405,706.50
45,154,659.21
2,335,950.00
21,446,069.24
I.
Securities
Bonds
...
Other
LIABILITIES
Capital stock
33,262,404.09
Public Securities
323,067.64
__
70,921,949.74
521,477,002.28
_
U. S. Government Bonds and Certificates
78,070.74
V- Total.
Surplus:
■■■■
Surplus fund.....
$111,306,421.14
_
Loans and Bills Purchased
above?date
on
Banks.
Exchanges for Clearing House
entered
at
September 30, 1920
Capital
Surplus Fund
39,931.53
deposits
due
as
executor, administra¬
Undivided
.
.
$25,000,000.00
...
Profits
25,000,000.00
10,754,227.55
<
tor, guardian, receiv¬
trustee,
er,
commit¬
tee or depositary
Deposits
of
by
New
the
990,184.84
,754,227.55
State
York
300,000.00
Notes and Bills Rediscounted with Federal
Other
deposits secured
by a pledge of assets
Deposits otherwise
ferred, if any
Reserve Bank
1,182,268.00
pre¬
Notes
807,319.14
...
Deposits
subject
to
check
59,144,979.85
deposits,
cates
and
posits,
ly be required within
thirty days.
certificates
520,888.22
of
deposit
Other
180,161.48
certificates
of
r •
deposit
Taxes, Expenses, etc.
Deposits
withdrawable
presentation
on
of pass-books
...
83,765.81
checks of other officers
checks
.
...
......
trust
Jr3|
8,982,767.52
692,560,285.60
$920,805,256.22
1,217,189.10
22,097,441.86
Unpaidfdividends
Due
5,000,000.00
1,043,540.50
30,617,242.94
14,195,250.19
49,974,979.70
13,709,762.00
*
Cashier's checks outstand¬
ing,
including similar
Certified
24,917,200.22
Accrued Interest Payable and Reserves for
37,420.23
Deposits
only
«£»
'•
Redis¬
Obligations
Outstanding Dividend Checks
Outstanding Treasurer's Checks
Sundry Foreign Accounts
Acceptances—New York Office
Foreign Offices
de¬
payment
of which cannot legal¬
Demand
19,050,000.00
.
Liberty Bonds
Government
certifi¬
other
the
by
counted with Federal Reserve Bank..
Due Federal Reserve Bank Against U. S.
Not preferred, as follows:
Time
Secured
166,803.00
companies,
banks and bankers
5,737,163.09
Extend total deposits
97,937,796.47
...
Bills payable, including Indebtedness for
money
borrowed, represented by notes
securedTby United*States Govt, obli¬
gations
....
2,575,162.08
Acceptances of drafts payable at a future
date
or
authorized
by
commercial
letters of credit
9,427,566.49
Contingent liability account acceptances
boughfand'sold
400,000.00
OtherTliabilities viz.:
Res. for taxes, exp.,etc.
AccruedFlnterest
on'
books
at
$165,168.40
entered
close
.......
82,777.88
Si
1
1
468,363.77
I
of Hpui
BANCO de DESCUENTO
Guayaquil, Ecuador
Established
1920.
Capital fully'paid, Sue. 1,500,000
^
CAPITAL
TOTAL
g
1
1
i
fnrk
i
1
FOUNDED 1824
SURPLUS
$122,685,182.58
i
National lank
I
220,417.49
Total
&
I
I
of
buslness'*on above date
Estimated unearned dis¬
counts
mim
331,945.00
Rediscounts
$4,500,000
&
PROFITS
RESOURCES
15,000,000
200,000,000
OVER
;
AWMHI
P5
3?
I
OFFICERS
Herbert K. Twitchell, Chairman of Board
Percy H. Johnston, President
Edwin S. Schenck, First Vice-President
Frank K. Houston
Francis Halpin,
Isaac B. Hopper,
Vice-President
Clifford P. Hunt,
Jesse M. Smith,
John G.
Vice-President
John B.
Vice-President
Samuel T.
Vice-President
Clifford
Schmelzel,
Assistant Cashier
Dodd,
Assistant Cashier
Jones,
R.
§
Assistant Cashier
Dunham,
S
Assistant Cashier
I
Vice-President
Edward H. Smith,
Vice-President
Albion K. Chapman,
Cashier
Samuel Shaw, Jr.,
Robert D. Scott,
I
i
Edwin Gibbs,
James L. Parson, Assistant Cashier
James McAllister, Assistant Cashier
N. Baxter Jackson,
Assistant Cashier
Robert B. Raymond,
Mgr. Foreign Dept.
Ernest J. Waterman, Assistant Trust
Officer
Trust Officer
Wilbur F.
Assistant Cashier
Assistant Cashier
Crook,
Assistant Cashier
_
'Si
Henry M. Rogers, Assistant Mgr. Foreign Dept.
DIRECTORS
Frederic W. Stevens
William Fellowes Morgan
Charles A. Corliss
W. Emlen Roosevelt
Any bank interested
should
write
terms.
I
Arthur Iselin
John A. Garver
Robert Walton Goelet
Wantsfcorrespondent in New York.
Garrard Comly
Herbert K. Twitchell
Darwin P. Klngsley
Charles Cheney
Henry A. Caesar
Percy H. Johnston
Frederic A. Jullllard
Edwin S. Schenck a
Ridley Watts
88
s£
\k
e
I
I
y VII
[VOL. 111.
CHRONICLE
THE
©fofoenb*
jflwmcUI
Exchange
WE OWN AND OFFER, SUBJECT TO SALE, THE FOLLOWING
Buffet
Federal Income Tax-Exempt Municipal Bonds
and
Legal Investment for New York and Massa¬
Corporation
chusetts Savings Banks and Trustees.
YIELDING
31st
$125,000 Waterbury, Conn., 5%
♦DUE JULY 1,
1933-49-
-
The
4.75%
-
4.80%
-
i
1, 1924
5.00%
-
holders
of
70,000 New Britain, Conn., 3y2%
DUE JUNE 30, 1932
a
of
1920.
15,
will
books
close
the
at
October
be
not
closed.
5.10%
-
record
business
Transfer
-
-
has
quarterly dividend
of $2.00 per share on the capital
stock of the Corporation, pay¬
able October 30, 1920, to stock¬
390,000 Rochester, N.Y.,3y2% Reg.
♦DUE MAY
Directors
of
Board
declared
♦DUE JULY 1, 1935
DIVIDEND
QUARTERLY
5.125%
G. W. MILLETT, Treasurer
207,000 Columbus, Ohio, 6%
DUE
MARCH
1, 1949-53
EDISON ELECTRIC ILLUMINATING COMPANY
50,000 Portland, Ore., 5%
DUE JULY 1,
1937-41
OF BROCKTON
>
-
5.15%
-
Brockton, Massachusetts.
NO.
DIVIDEND
220,000 Putnam, Conn., 4y4%
DUE AUGUST 1,
*
1921-34
Tax Exempt within
77.
quarterly dividend of $2 00 per share lhas
been declared on the capital stock of Edison
Electric
Illuminating Company of Brockton,
payable November 1, 1920, to Stockholders of
record at the close of business October 16, 1920.
A
'
6% to 5.20%
.-
State of issue.
STONE & WEBSTER,
INC.,
Transfer Agent.
Full information wpon request
CAPE BRETON ELECTRIC COMPANY. LIMITED
Sydney, Nova Scotia.
CO.
R. M. GRANT &
PREFERRED
DIVIDEND NO.29.
semi-annual dividend of $3 00 per share has
been declared on the preferred capital stock of
Cape Breton Electric Company, Limited, pay¬
able November 1, 1920, to Stockholders of record
A
31
Nassau St., New
York
St. Louis
Boston
at the close of business
Chicago
October 18, 1920.
STONE & WEBSTER,
INC.,
Transfer
Agent.
THE LOWELL ELECTRIC LIGHT CORPORATION
Lowell,
A
quarterly dividend of $2.50 per share has
been declared
THE
PITTSBURGH
&
WEST
VIRGINIA
RAILWAY COMPANY.
PREFERRED
DIVIDEND NUMBER
KAUFMANN DEPARTMENT
14.
1920.
MOORE,
Pittsburgh, September 25, 1920.
H.
C.
Secretary.
Stock Dividend No.
STONE & WEBSTER, INC.
Pittsburgh, Pa., October 13, 1920.
November
1,
1920,
all
to
holders
General Office, Reading Terminal
will be
September
MOTOR CAR CORPORATION
Detroit,
Mich.,
October
The Directors have declared
11,
1920.
quarterly divi¬
a
potation, payable November 1,
holders
of
record
October
1920, to stock¬
1920.
15,
Check8
A. VON SCHLEGELL, Treasurer.
22, 1920
The Board of Directors has this day voted to
Increase the rate of dividend on the Common stock
from six per cent, per annum to ten
per cent, per
annum and has declared a
quarterly dividend of
and one-half {2H%) per cent, on the out¬
standing Common stock,jpayable Nov. 1 1920, to
stockholders of record Oct. 20, 1920, and has
also declared Common Stock Dividend of five
(5%) per cent, payable in Common stock on
November 1, 1920, to all stockholders of record
Oct. 20, 1920.
The Board of Directors has also
declared the regular quarterly dividend of two and
two
one-half (2%) per cent, on the Preferred Stock,
payable Nov. 1 1920, to stockholders of recorc.
Oct. 20, 1920.
Cash dividends will be paid by
checks of the corporation on its account with the
Irving National Bank of New York City.
EDGAR
G.
BANTA,
Secretary.
WESTINGH0USE
Inc.,
Agent.
TOBACCO PRODUCTS CORPORATION
Octobe. 13 1920
At
a
meeting of the Board of Directors held this
dividend of $1.50 per share was declared on
outstanding Common capital stock of the
Corporation, payable on November 15, 1920,
to stockholders of record at the close of business
on Oct. 29,
1920, which dividend is payable in
scrip maturing on November 15,
1922, and
bearing interest at the rate of 8% per annum
Scrip certificates will be mailed.
WILLIAM A. FERGUSbN, Sec'y.
day
a
the
ELECTRIC
BOND
AND SHARE CO.
STOCK DIVIDEND NO. 62
New York, October 13, 1920.
The regular quarterly dividend of one and onehalf (1H %) per cent, on the Preferred stock of
Electric Bond and Share Company has been
declared, payable November 1, 1920, to stock¬
holders of record at the close of business October
ELECTRIC
PREFERRED
& MANUFACTURING COMPANY
A Dividend of two per cent. ($1.00 per share)
on the Common Stock of this company for the
Quarter ending September 30, 1920, record paid
>ctober 30 1920, to stockholders of will be
of
as
September 30, 1920.
H. F. BAETZ, Treasuerr.
New York, September 18,1920.
H. M.
FRANCIS, Secretary.
NEW
YORK
&
HONDURAS
ROSARIO
MINING COMPANY.
17 Battery Place, New York City.
Oct. 13. 1920.
DIVIDENDS NOS. 224 AND 225.
The Board of Directors of this Company have
this day declared a dividend of three per cent
and an extra dividend of two
~"
per cent
on its Capital stock, payable on Oct. 29
1920, to stockholders of record on Oct. 19, 1920
W. C. LANGLEY, Treasurer.
.2%)
LIMA LOCOMOTIVE WORKS, Incorporated.
30 Church Street,
paid November 1, 1920, to Stockholders
October 15,1920.
Transfer
Fort Worth, Texas
_
104.
of record at the close of business
HUPP
will be mailed.
CORPORATION
NO.
STONE & WEBSTER,
1
dend of 234% on the Common stock of the cor
UNITED STATES OIL
Massachusetts.
quarterly dividend of $3 00 per share on the
capital stock of Fall River Gas Works Company
ISAAC KAUFMANN, Treasurer.
net
who have filed dividend orders with the Treasurer.
JAY V. HARE, Secretary.
River,
DIVIDEND
A
Cheques will be mailed,
Philadelphia, October 11, 1920.
The Board of Directors has declared from the
earnings a quarterly dividend of two per cent.
(2%) on the Common Stock of the Company,
to be paid on November 11, 1920, to the stock¬
holders of record at the close of business, October
19, 1920.
Checks will be mailed to stockholders
Fall
of
record October 20, 1920.
READING COMPANY
Agent.
FALL RIVER GAS WORKS COMPANY
Divi¬
dend of $1.00 per share on the Common Stock,
payable
Lowel
close of
4.
Directors have this day declared a
The
October 25,
the capital stock of The
to stockholders of record at the
business Oct. 15,1920.
1920,
Transfer
Common
ended September 30,1920, payable November 30,
1920, to Stockholders of record at the close of
on
on
Electric light Corporation, payable November 1,
STORES, Inc.
The Board of Directors has declared a dividend
of one and one-half (1H) per cent on the Pre¬
ferred Stock of the Company for the quarter
business
Mass.
DIVIDEND NO. 98
SBtofoente
ELECTRIC
BOND
AND SHARE CO.
STOCK
DIVIDEND
NO.
46.
New York, October 13, 1920.
The regular quarterly dividend of two (2%)
per cent, on the Common stock of Electric Bond
and Share Company has been declared payable
October 15, 1920, to stockholders of record at
the dose of business October 14, 1920.
H. M. FRANCIS, Secretary.
COMMON
New York.
The Board
October 1st, 1920.
of Directors has declared a
guar'
terly dividend of one and three-quarters (1H%)
per cent upon the Preferred Stock of this Com¬
pany for the three months ended September 30
1920, payable November 1, 1920, to stockholders
of
record
at
15th, 1920.
the
close
of
business
on
October
Transfer books do not close,
L. A. LARSON,
Secretary & Treasurer.
......
.
ILLUMINATING
&
POWER SECURITIES
CORPORATION
Regular quarterly dividend No. 33 of one and
three-quarters per cent. {!%%) for the quarter
ending Oct. 31, 1920, has been declared on the
Preferred! stock
of
this
corporation, payable
Nov. 15, 1920, to stockholders of record at the
close of business Oct. 30, 1920.
W. F.
Oct. 13 1920.
POPE, Sec'y.
Office
THE
CONSOLIDATION
of
COAL
COMPANY
Baltimore, Md.,
October 11,
1920.
The Board of Directors has declared a quarterly
dividend of one and a half dollars ($1.50) per
share on its Capital stock, payable Oct. 30, 1920,
to the stockholders of record at the close of
business Oct. 21, 1920.
The transfer books will
remain open.
Dividend checks will be mailed.
T. K. STUART, Assistant Treasurer
•
OCT. 16 1920.]
THE
CHRONICLE
'
\
XXIII
Foreign Credit Corporation
30 PINE STREET
Acceptors
NEW YORK
International Bankers
and
under supervision of federal reserve board
Condensed Statement
3
and
Cash
on
Loans
Capital........
Surplus
$5,805,131.60
Hand and in Banks
3,053,500.00
Debits
and Loans
Customers
Credit
Exports
Acceptances..
...
Anticipations a|c Acceptances
Obligations to War Finance
11,582,026.01
Liability a|e Letters of
&
poration
"
The
Central Union
Trust Company
banking centers, of financing their transactions,
the various stages of progress, arising out of
the exportation or importation of merchandise.
Commercial Letters of Credit; foreign collections;
all other lines of international banking consistent
with the scope of the Corporation's business.
COMMON
regular
ties
ton;
dividend
of
twoJ and
ROBINSON,
The
Trust
Company
of
Pittsburgh.
Offices
FOUNDED 1884
of
GREENE
&
CO.,
Boston, Mass.
quarterly
Philadelphia
NEW YORK CITY
Sec'y.
Detroit, Mich., Oct. 12, 1920.
Office
New York; Liberty Securi¬
225 FOURTH AVENUE
be closed
LOCKWOOD,
Union
General
{214%) on the common capital
R.
of
Corporation,1 New York;
National Bank; Shawmut Corporation of Bos¬
stock of the Company, has been declared by the
Board of Directors, payable Oct. 30, 1920, to the
holders of the common stock of record at the close
of business Oct. 15, 1920.
The books will not
FREDERICK
Company,| New York;
Bank, New York; Guaranty
James Talcott, Inc.
STOCK
quarterly
one-half per cent
$28,967,487.85
NOTICE
PACKARD MOTOR CAR COMPANY
The
Trust
Chase National
in foreign
in
DIVIDEND
!
Stockholding Banks
Corporation offers merchants in the United
or
*..13,995,598.24
7,887,201.41
1919.
States and abroad, either direct or through their
local bankers, a simple method, by means of Accep¬
tance Credits domiciled in New Ybrk
Cor¬
...
$28,967,487.85
74,437.28
88,693.91
...
Letters of Credit & Acceptances
7,887,201.41
*Opened for business September,
558,640.81
351,656.17
11,260.03
Sundry Credits
Deposits as Security for Acceptances
192,590.54
Notes Receivable
arising from
...$5,000,000.00
1,000,000.00
Undivided Profits.....
Reserves for Taxes, Interest, etc
447,038.29
Securities, Belgian Government
Sundry
LIABILITIES
Acceptances
Collateral
of September 18, 1920
V'^
RESOURCES
Bankers'
as
Agents,
Managers
upon the
Preferred stock of Lancaster Mills has been de¬
clared payable Nov. 1, 1920, at the office of the
Transfer Agents, the New England Trust Com¬
pany, Boston, Mass., to ali stockholders of record
at the close of business Oct. 20,1920.
dividend
of
Factors and
Correspondents for
Manufacturers and Merchants in
\%%
the United States and Abroad.
LANCASTER MILLS
J. DEVEREUX WINSLOW, Treas.
Entire Production of Textile Mills Sold and Financed.
Accounts Guaranteed and Discounted.
CABLE ADDRESS QUOMAfCEL
A. G. Becker & Co,
n.'
COMMERCIAL PAPER
INVESTMENT SECURITIES
137 South
—a
La Salle Street
CHICAGO
NEW
YORK
ST. LOUIS
SAN FRANCISCO
SEATTLE
INCORPORATED
LOS ANGELES
INVESTMENT SECURITIES
Maintaining 71 Branch Offices in 60
JACOB
BACKER
Exchange Bank BIdg*
Principal Cities of the United States
EXECUTIVE OFFICES:
Est. 1916
FINANCIAL
I'D
BROKER
St. Paul, Minn
111 W. Monroe Street
'
CHICAGO
THE
XXIV
[VOL. 111.
CHRONICLE
I
'
"
%
jf (tuneful
ybu
Maker
Tire than
The
a
STAND on a street cor¬
ner some
the
Every
now
then
and
see a
three
the
tires
back
tire of
a
of his
dis¬
good
degree has
every
Seek
stripped of their
completely
treads
100 miles of running
in
square
is
may
of
a
take he will
tire
more
than
the maker put into it.
If a tire is built
why an allowance should
be made
to
the
number of miles there is
limited
no reason
why it should be expected
any
buyers
looking for is better tires
limited-mileage tires
tory
or
—not
concilia¬
which they
to
are
down
the limit, there is
for Quality
kind of tire
who believes in
no
as
governs
is
on as
other retail
any
town.
and facility of
the United
Company—the
zation in the world.
U.S. Tires
the principles
on
built and sold.
basis
will
as
fast
are
as
the principle
which
the production and sale
built
permit—and
defects
on a
quality
quality conditions
And they are
Here
dealing, who
oldest and largest rubber organi¬
to go
before
basis
States Rubber
from
\
it has gone
source
beginning to look
farther.
When it breaks
no
faster.
guaranteed free
in
materials and
workmanship for the life of the
tire—with
no
limitation ofmileage.
United States Tires
United States
Fifty-three
Factories
as
Back of him stands every re¬
are
allowances.
behind tires
a
business in his
buyer.
intelligent
And they are
to go a
tire
build it,
putting the tire business
sound
No matter how many precau¬
get out
new
quality and
What
man
the
man
*
a
a
tinder such conditions.
not
never
out
dealer—the
on
afraid of his tires.
tions
can.
exceed every other consideratio n.
different make.
man
Build
human skill
and let responsibility
was
mile.
each
car,
as
New tires have been known to
reason
A
one
dragged 92% feet in
two
strapped
of U. S. Tires:
a
th-' same effect on a tire as if it
you
motorist with
put in
the foreground has
placement of only
by.
go
be
will
or
cars
in
car
wheel out of line.
Fe'f motorists realize that
day and watch
motor
out
more
never
Rubber
The oldest and largest
Rubber Organization in the World
Company
1
n. o
hundred end
rh'rh-five 13 ranches
THE
CHRONICLE
^Financial
ASHTABULA
ELYR.ia
youngstown
AKRON
TK&
BARBERTpN
.Jco
There is
no
better
market for securities
This is
than Northern Ohio.
servative
justify
a
statement;
no
con¬
the facts would
stronger one.
Cleveland
money
a
fourth
ranks
center,
in
size
as
ja
but in quality it is like
astonishing proportion of
right securities.
ties in Northern Ohio.
proposition
belongs
in
columns.
CLEVELAND
Eastern
Representative:
WOODWARD
Times Building
New
York
Western Representative:
JOHN GLASS
Peoples Gas Building
Chicago
authori¬
/
The PlatnDealer
JOHN B.
looking
are
columns of the Plain Dealer,
Your
an
invest—who
They look for them in the financial
other.
There is
people who
for the
those
CHRONICLE
THE
xxvi
*
'
.
,
.
_
'
[Vol.111
•
-
•
•
.
•
.
.tffnanrtal
The
Advancing Bond Market
In the latter part
well
of May of the present year, many railroad and utility bonds, as
Liberty bonds reached the lowest prices in their history. At about the same
became quite apparent that consumers were
beginning to curtail their pur¬
as
time it
chases and the consumption of commodities.
fallen rapidly, attended
Since that time prices of goods of
by substantial advances in prices of se¬
most all kinds have
curities
bearing
a
fixed rate of interest.
A decline in
commodity prices releases funds formerly employed in trade and
business, thus supplying surplus funds for the purchase of investments. At the
same time the decline in
commodity prices increases the purchasing power of each
dollar of income derived from investments. Further declines in
will no doubt be
accompanied by declining interest rates and
sound bonds.
commodity prices
higher prices for
We have prepared a booklet which discusses the recent decline in
commodity
prices with the accompanying advance in bond prices, copies of which we shall be
glad to send to investors upon request.
In
asking for this booklet, please refer
"The
to
Advancing
Bond
Market"
Harris, Forbes & Company
Pine Street, Corner William, New York
*
"
v\,
'
.
'
'
■/.'
''
^
Harris, Forbes & Company
Incorporated
•
/;
Harris Trust and
Bond
Boston
'
-X
Savings Bank
Department
Chicago
SIMON
WE FINANCE
BORG &
CO.,
estabHshedjneritoriou^ industrial enterprises under longtime
contracts
as sole fiscal
agents with permanent financial interest, representation
on board of directors and
executive committee, control of finances,
and right of audit and inspection without notice.
Members of New
York Stock Exchange
No. 46 Cedar Street
-
New York
-
WE OFFER
bankers and investment dealers a constant
supply of proven industrial
securities and profitable underwriting opportunities,
together with
financial assistance on their own local
underwritings and the
assistance of all our affiliated sales organizations in distribution of
security issues too large to handle locally.
We also
and finance small investment houses
everywhere.
buy half interest in
HIGH-GRADE
INVpTMENT SECURITIES
Correspondence Solicited
•
Central National Industrial Finance Corporation
MOORE,
LEONARD A LYNCH
Capital $1,000,000
National Association
28
WEST 44TH
Members Neve York, Pittsburgh 6t
Building
Philadelphia
Stock Exchanges
STREET, NEW YORK
Frick BIdg.
We
and
own
Ill B'way
Ritz Carlton
Pittsburgh
—
New York
Philadelphia
offer
$30,000
Hollister,White & Co.
CITY OF YUMA, ARIZONA, 6% CITY HALL BONDS
$
£$
IS
Dated July 2, 1920.
Due July 2, 1940, without prior option.
Actual valuation, estimated
$8,000,000
Assessed valuation, 1919
3,469,747
Total bonded debt, including this issue
99,500
Bonds
payable by direct ad
property situated in the city.
are
valorem taxes upon
all
the
Investment Securities
17th and California Street*,
-
CEDAR
Securities
STREET, NEW YORK
50 Congress St.
Boston, 9, Mass.
North American Bldg.
Philadelphia, Pa.
taxable
Bosworth, Chanute & Company
■
Investment
92
<
Price, 95.79 and interest, to yield 6.37%
.
twcooPORArto
-
Denver, Colorado
STATISTICS AND RECORDS
The Investor's Pocket Manual
272-Page
Booklet.
Issued Monthly.
furnished FREE by any investment
banker or broker to any investor on applica¬
Will be
tion; OR for 30c. current copy will be sent by
Financial Press, 116 Broad St., N. Y. City
0«e. 16 1920.]
'V
CHRONICLE
THE
Jfitmtltial
—;
XXVII
-
$5,000,000
Wisconsin Electric Power
First
Dated
Company
Mortgage Vh% Sinking Fund Gold Bonds, Series A
October
IS, 1920
Due October
-
15, 194S
Principal and Interest Guaranteed by Endorsement by
The
Milwaukee
Principal and interest payable in New York.
provision for registration of principal.
date.
fund
The
Company
agrees to pay
application the
on
present
Electric
Railway
and
Light
Company
Interest Payable April 15 and October 15.
Redeemable
Total issued $5,000,000.
the United States Normal Income Tax
as a
up to
Coupon bonds of $1,000 with
whole at 110 and interest
on
any
interest
2% if exemption is not claimed,and tore-
Pennsylvania four-mill tax to holders resident in Pennsylvania who have paid such
tax.
CENTRAL UNION TRUST COMPANY OF NEW YORK, TRUSTEE
A semi-annual
sinking fund will redeem 3% of Series A Bonds each
by the purchase in the market
at
or
below 107
and interest,
or,
year,
if not
beginning 1921, either
obtainable, by call
so
by lot at 107|^ and interest.
The
following information is summarized from
a
letter from Mr. Chas. S. Ruffner, President
of the Wisconsin Electric Power Company:
Security—These bonds
hereafter
power
are
secured by direct first mortgage lien
on
the entire property,
acquired, of the Wisconsin Electric Power Company, which is completing
a
now
owned
or
modern steam-electric
house with 40,000 K.W. present capacity, operation of which will begin during the latter part of 1920,
and which is leased to The Milwaukee Electric
cost of present
Railway and Light Company, guarantor of the bonds.
property, against which these Series A Bonds
Lease—By the
are
The
issued, is estimated at $6,250,000.
terms of the lease, The Milwaukee Electric Railway and Light Company operates and
maintains the property, paying a rental sufficient to provide interest and sinking fund on the First Mortgage
Bonds.
The lease is pledged as
Rentals and
additional security for the Bonds.
Operating Expense—In accordance with the
by the Wisconsin
Railroad
Commission,
Milwaukee Electric Railway and Light
the
rentals
accounting
constitute
an
procedure prescribed
operating
expense
of
The
Company, payable before determination of net earnings
applicable to payment of that Company's fixed charges.
The Milwaukee Electric Railway and Light Co. —•The Milwaukee Electric Railway and Light Com¬
pany,
organized in 1896,
and street
company
and has
owns
and operates substantially the entire central station electric light and
railway business, and
a
has paid full dividends, since issue in 1896,
paid dividends in
excess
dt 6%
per annum
on
its 6% preferred stock, $4,500,000
since 1903
on
its
common
The Milwaukee Electric Railway and Light Company's revenue and
periods ended August 31, 1918, 1919 and 1920 were as follows:
1920
Earnings---.--..$17,758,740
Earnings after Taxes, available for Interest,
Depreciation, Reserves and Dividends-—
: 4,608,697
Interest
on
stock, $9,850,000
expenses
Gross
Net
We
by
outstanding
now
outstanding
for the three twelve months
f if'
1919
1918
$13;962,281
$11,405,798
4,172,799
1,478,987
3,077,668
1,268,989
$2,999,340
$2,693,812
$1,808,679
Approximately 64% of the net earnings for the twelve months ended August 31,1920,
power
The
now
1,609,357
Funded Debt_
Balance....,.--.---------.-...---
electric light and
power
steam heating business in the city of Milwaukee and suburbs.
was
derived from the
and heating business.
offer these bonds when, as and if issued, and subject to approval of legality
counsel and of the issue of bonds by the Wisconsin Railroad Commission
our
^
Price 99 and interest
Wm. A. Read & Co.
The
we
Spencer Trask & Co.
information Contained in I this advertisement has been obtained from sources which
consider
reliable.
While
not guaranteed,
it is
accepted by us, as
accurate.
[VOL. 111.
CHRONICLE
THE
XXVIII
#<IM!Ufal
WE OFFER, SUBJECT
TO PRIOR SALE,
$600,000 8% CUMULATIVE PREFERRED STOCK OF
Strauss
Toy Shops
(INCORPORATED.)
REGISTRAR
TRANSFER AGENT
HARRIMAN NATIONAL BANK
CENTRAL NATIONAL INDUSTRIAL FINANCE CORP.
NEW
NEW
YORK
YORK
CAPITALIZATION
TO BE OUTSTANDING.
AUTHORIZED.
Cumulative 8% Preferred Stock, Par Value $10 Per Share.
$1,000,000
I
100,000
$1,000,000
Shares Common Stock, No Par Value, Full Paid and Non-Assessable.
100,000 Shares
PRICE
i
$100 Per Unit of 10 Shares Preferred with
Strauss
ical toys
E.
Incorporated,
Toy Shops,
a
Bonus of 3 Shares of Common
the largest manufacturers of*mechan¬
are
They operate their
and toy distributors in the world.
own
factory at
Rutherford, N. J., and control the output of two other factories devoted
They likewise operate
clusively to the manufacture of toys.
of
located
establishments
retail
seven
the
in
Hudson
a
ex¬
chain store system
Terminal,
Pennsylvania
Terminal, Fifth Avenue, N. Y., and the Boardwalk at Atlantic City.
Their
/
ment
business consists of
and
Export and
Manufacturing Department,
a
Import Departments.
This financing is for
the
a
Retail
Depart¬
,
of increasing their manufacturing facilities,
purpose
adding to their chain stores, and for the development, of their rapidly expanding
their profits.
export business, with a corresponding increase in
SALES
EARNINGS
CAPITALIZATION
YEAR
1918
RECORD
RETAIL DEPT.
YEAR
MFC. DEPT.
$20,661.72
1917
$208,655
$58,118
$50,000
INCREASE
$266,773
NET PROFITS
TOTAL
1919
95,000
63,626.75
1918
281,785
106,348
1,000,00.0
150,000.00
1919
523,143
298,295
821,439
1920
1,000,000
500,000
45^%
388,134
1920
1,500,000
Figures for 1920
estimated
are
MENT.
The business
1914, has shown
assets and
regularly
INVEST¬
the
divident
Common
YIELD.
the
both
paid
3. THE
as
guarantee
In
any
with
considering
at
and
the
Preferred
rate
of
have
8%
per
since July 1, 1917.
CHARACTER
NESS.
EXPANSION.
FIELD
7. THE FACT THAT the retail department
FOR
has done
It is the intention of the
management to ultimately have stores in
every
large terminal in the country.
business to date at
8. THE
FACT
and consistent,
Stock
assets
OF
is estimated to show profits for 1921 in ex¬
THE
BUSI¬
and the leading
commer¬
of
cess
$300,000,
which,
an
the Common Stock of
earning power
20%.
its
factory
own
at E.
of the
a
secures an
and
an
that
manufacture
income from
a
for
been subject to panics or
unfavorable conditions of any
kind.
after
Company,
on
Pre¬
all the
there being no
of any character.
it,
July 1,
1921, at $11.00 per share
plus accrued dividends.
and
10. THE
wholesale, retail
Shops,
export department.
FACT
THAT
Incorporated,
the
are
Strauss
the
Toy
largest
manufacturers and dealers in mechanical
toys in the world.
6. THE FACT THAT the Company has on
its books in
excess
sale orders.
Detailed
prior lien
is callable at the option of the Company
Rutherford,
agencies testify to the fact that the toy
industry is the only industry which since
never
THAT this issue of
is
9. THE FACT THAT the Preferred Stock
ope¬
J., controls the output of two other
factories
rate in
on
—
5.' THE FACT THAT the Company
rates
a
year.
bonds, mortgages or prior lien indebted¬
after Preferred
ness
dividends, will show
the
The
additional funds provided by this financ¬
N.
The demand for toys is insistent
1884 has
a
of $500,000 for
excess
ing will make possible an expansion that
As much
can
investor.
Common
dividends
annum
EXCEPTIONAL
4. THE
Following Reasons:
ferred
concern
to
a
its Preferred and
in
yield, attention is called to the fact
that
cial
consistent growth
incorporation.
THE HIGH
legitimate
safety
established in
profits, and has paid
on
Stock since
2*.
a
was
%
82K%
■
business done to date.
on
We Recommend the Purchase of This Security for the
1. THE SOUNDNESS OF THE
112
on
.
Data, Financial Statements, etc.,
The information contained above constitutes the data
11. Application will be made to list this issue
of $1,000,000 in whole¬
on
which
we
have based
our
on
the New York Stock Exchange.
Request.
underwriting of the securities offered.
Ferguson-Goodell & Co., inc.
NATIONAL ASSOCIATION BUILDING
28
WEST 44TH STREET
NEW YORK
Telephone
Murray Hill 8620
Oct. 16 1920.]
THE
CHRONICLE
^I:yff
*x,x
^Financial
$2,500,000
Middle West Utilities
Company
Fifteen-Year 8% Secured Gold Notes, Series "A"
Dated
September 1, 1920
Due
September 1, 1935
Interest payable
semi-annually, March and September 1st, in Chicago and New York.
Coupon Notes in
interchangeable denominations of $1,000, $500 and $100, registerable as to
principal only.
Kedeemable or
as a whole or in
part at any time after September 1, 1925, upon 30 days'
notice, at 105 and ac¬
crued interest during the twelve months
ending September 1, 1926, and decreasing at the rate of
H of 1 per
cent
purchasable
in each year thereafter to
maturity.
Tax, not in
excess of
The Middle
Interest payable without deduction for Normal Federal
Income
2%.
West Utilities
Company through its subsidiary companies operates in the
Illinois, Indiana, Kentucky, Maine, Michigan, Missouri, Nebraska,
New Hampshire, New
York, Oklahoma, Tennessee, Texas, Vermont, Virginia and Wisconsin.
The Company's subsidiaries serve 492
communities, having a combined estimated population
following fifteen States:
of
1,315,400.
24,148,
a
These
At July 31,
Notes
mortgage
will
bonds
be
on
secured
least equal to
No
Notes
unless
the
mortgage
under,
so
of
at any
Series
net
"A"
earnings
are
equal
annual interest
to
at
charge
may
of
bonds of which
be
54,699, water
gas
The
earnings
and
surplus earnings
business,
latest
of the properties
The earnings
1920, show
a net
year
Year
complete information
we
are
$861,110
avail¬
6% Collateral Gold Bonds
and
on
$1,700,000
73% of the Com¬
pany's utility earnings is derived from the sale
Com¬
of
direct attention to
from which the above statements
ending April 30,
$2,500,000 Fifteen-Year 8% Notes, $9,318,500 Ten-
such bonds and all
The equity behind these Notes,
represented
more
the
pledged
balance of $2,197,617.71
Three-Year 6% Gold Notes.
For
which
of the Middle West Utilities
able for the annual interest of
the
underlying mortgage indebtedness.
pany,
on
over
statement
secured by mortgage liens
are
Company for the fiscal
pledged here¬
by investment in junior securities of the
aggregates
available
equal to 1.85.
certified
times
reserves
the
shows that the ratio of net
earnings to
and underlying bond interest is
1
company,
\}/<l
in
pledged bonds
amount of
each
are
least
on
of
pledged being at
time outstanding.
and the
$25,000,000.
Company, the aggregate
150% of the principal
Series "A" Notes
pany
retained
v
controlled by the
or
of bonds
amount
by pledge of
properties of subsidiary
companies owned entirely
Middle West Utilities
principal
1920, electric customers numbered 215,717,
total of 294,564 customers for these services alone.
a
electricity for light and
power.
letter of Samuel Insull, Esq., President
of the Com¬
summarized and copies of which will be
supplied upon request.
WE RECOMMEND THESE NOTES FOR
INVESTMENT
Price 96 and interest,
yielding about about 8V2%
Halsey, Stuart & Co.,Inc-
A. B. Leach &
Chicago—New York
All statements herein
we
are
official
New
or are
based
on
information which
we
regard
as
Co.,lnc-
York—Chicago
reliable, and
while
do not guarantee them, they are the data
upon which we have acted in the purchase of this
security.
[VOL. 111.
CHRONICLE
THE
XYX
jritumrtal
t
Issuel
New
llllllll
"lllllll
$50,000,000
Sears, Roebuck and Co.
7% Serial Gold
Notes
f$16,500,000 October 15, 1921
October 15,
Dated
Due] $16,500,000 October 15, 1922
1920
♦
Total
'
Interest
a
$500 and $100 Registerable as to
redeemable in whole or in part on 60 days notice on October 15, 1921, or
the two year notes whenever redeemed and for the three year notes
of 1
if redeemed on April 15, 1922, and of 1% if redeemed
Two and three year notes
at
New York and Chicago
payable April 15 and October 15 in
Interchangeable Denominations of $1,000,
Coupon Notes in
($17,000,000 October 15, 1923
authorized issue, $50,000,000
premium of 1% for
October 16, 1921,
Interest
THE
Further
pany,
•t
payable without deduction
CHASE NATIONAL
J-
Sears, Roebuck and Co. and
creasing present indebtedness.
Company's
^V■
earnings after deducting all interest
charges
providing for Federal taxes for the
four years
ended December 31, 1919, average
We
offer
these
or
about six times the maximum
notes
when,
as
and if issued
the
Gross
$17,000,000, due October 15, 1923, at
and received by us, subject to
98.41
ready for delivery on or
.
Rushmore, Bisbee & Stern
of Chicago.
' .
^ ^ ^er & ^o.
York
l0C
and Moses & Singer,
Lehman Brothers
•
n
about October 25, 1920.
of New York, and Arthur B. Schaffner,
Goldman, Sachs & Co.
lT
prior sale and to
yield about 7.85%
and interest, to yield about 7.70%
and interest, to yield about 7.60%
legal matters in connection with this issue will be approved by
New
maintaining
and one_
99.20 and interest, to
expected that temporary notes or interim receipts will be
,
agreement requires the
qui(jk assetg equal to at least one
half times all liabilities including these notes,
and provides that no mortgage or other lien,
except purchase money mortgages, may; be
placed upon any of the assets of the Company,
$16,500,000, due October 15, 1922, at 98.72
All
$51,011,536
approval of counsel
$16,500,000, due October 15, 1921, at
It is
sales have increased from
The ^
of
but before
$20,926,692,
>
*n *909 to $257,930,025 in 1919.
outstanding capital stock at
quotations represents an equity of about
$130,000,000 ranking junior to the notes.
Net
,
,ehal^ tat before providing for Federal taxes
amount to ,815,447,285.
proceeds of this issue will be applied to the
thereby not in-
The
Rosenwald, President of the Com¬
annual interest charges of $3,500,000 on the
notes. The net earnings for the six months
ended June 30, 1920, after deducting all interest
of
constitute the
reduction of current liabilities
; current
Tax not in excess of 2%
is given in a letter of Mr, Julius
only funded debt of the Company.
The
date thereafter
of 2% if redeemed on
thereafter
which we summarize as follows;
i^pHESE notes are the direct ogligations
I
any interest
NEW YORK, TRUSTEE
BANK OF THE CITY OF
information in regard to this issue of notes
dated October 8, 1920, from
for normal Federal Income
Principal only
,
first Trust&Savmgs Bank
lontmental & Commercial
Trust & Savings
Bank
NeW Y°'k
1
m.
.
T
lt>c
D
Illinois Trust&Sa vs. Bank
Chicago
We do not guarantee the
.
statements and figures presented herein, but they are taken from sources
which we believe to be accurate
0«r. 16
1920.]
THE
CHRONICLE
XXXI
Jfitumdal
$25,000,000
Anaconda Copper Mining
Company
Secured Gold Bonds,
V'.'.;
Due January 1,
Authorized
Series B, 7%
1929
$50,000,000.
Outstanding, $25,000,000 Series A 6%; $25,000,000 Series
B
7%
(this issue).
Dated January 1, 1919.
Interest payable January 1 and July 1 without
deduction for any Federal Income Taxes
deductible at the source not Id excess of 2<~
~
~
*
*
*
'
"
"""
—
'
Registerabie as to principal only.
York or at Guaranty Trust
-
-
-
-
hereafter
Comp
-
Sinking Fund)
now or
interest date upon thirty days' notice at par and interest
plus a premium of M % for each year
part thereof by which the maturity is anticipated. I Series A Bonds
are not redeemable.
on any
or
Sinking Fund of $1,500,000
per
to
be tendered
may
the
extent
that
per
annum,
the
bonds
cannot
unexpended
payable semi-annually on January 1 and
July 1
be used for the purchase and retirement of such
annum,
each year, beginning
July 1, 1921,
Series A and Series B Bonds as
be
moneys
on
the
most
advantageous terms; to
6% or more
purchased
at
prices
to
yield
shall revert to the Company.
GUARANTY TRUST COMPANY OF NEW
YORK, Trustee
A
letter from Mr.
These Bonds
Anaconda
are
direct
are
Copper
secured
of
Bonds
obligations of the
Mining Company
4
The Secured Gold
est known mineral
in Montana.
group
has
now
owned by the
and
more
now
years
silver than
any
without
the
renewal of
the Trust
more
existing obligations)
The earned surplus of the
other dis¬
December 31,
the
annual
average
$24,500,000—approximately
of
more
50%
of
never
amount less than the amount of
outstanding Bonds.
outstanding
Copper Mining Company has
$116,562,500
capital stock,
which, at recent market quotations, indi¬
cates an equity of over
$120,000,000 behind
than
the
entire issue of these Bonds.
All
an
any
been employed in the
future stock dividend) shall
any
The Anaconda
paying
interest and all taxes, but before deprecia¬
pledged under
Company (including
which may have
payment of
1919, the Company and its
are
Agreement.
be reduced to
an
of its fixed
prior security for the
pledge their fixed assets unless the obliga¬
thereby (other than those issued in
During the period from January 1, 1913, to
charges,
any
follows:
tions secured
amount
tion
pledge
providing
as
and will not permit constituent
companies to mort¬
gage or
trict in the world.
constituent companies earned, after
terms of the
Agreement, substantially
or
other
among
priority to all other
obligations secured by such mortgage or pledge,
Company
producing
the
Bonds and for their payment in
of the great¬
During the Jkst 37
of mines
assets
belts, the Butte District
produced and is
copper
one
covenants,
It will not mortgage
Copper Mining Company is
the largest producer of
copper in the world
located in
Company
Trust
The Anaconda
years
than $125,000,000.
more
things, in accordance with the
(Series A and B) constitute the only
are
:
^ The
funded debt of the Company.
and its mines
follows:
Company has paid dividends aggregating
^
companies valued in
$100,000,000.
as
During the last ten and one-half
and
by pledge with the Trustee of
stocks of constituent
excess
John D. Ryan, Chairman of the Board, is summarized
•
these Bonds.
legal details 'pertaining to this issue mil be passed upon by Messrs. Shearman &
Sterling and Messrs. Stetson,
Jennings & Russell, New York.
1
•
96*4 and interest, to yield about
7$&%
When,
as and if issued and received by us and
subject to approval of counsel.
Announcements as to form and time of
delivery will be made about Oct. 20,1920.
Guaranty Company of New York
»
The National City Company
The above information is based
upon official statements and statistics on which
we have
relied in the purchase of these bonds.
We do not guarantee but believe it to be
correct.
r
[VOL. 111.
CHRONICLE
THE
XXXII
jfimntia\
Midi Railroad
Company
(Compagnie des Chemins de Fer du
Midi)
6% Bonds
Redeemable at par,
later~than 1960
by drawings, not
Payable without deduction for
French taxes, if held by
non-residents of France.
confirmed by law the payment of
principal and interest of its bonds and 10% annually
on its entire outstanding capital stock is secured to the
Company by the guarantee of The French Government.
Under agreements
of the largest railroad com¬
The system includes 4098 kilometers of lines (about 2547 miles)
extending in the south of France from the Atlantic Ocean to the Mediterranean
Sea. The lines of the Company cover the entire border between France and Spain
and form the only railroad connection between Spain and Continental Europe.
The Compagnie
des Chemins de Fer du Midi is one
panies in France.
We offer the above bonds,
when
as
and if issued and received by us at:
$65. per Frs. 1,000 Bond
with December 1920 coupon
t
Price
Based
on a
*
subject to change without notice
purchase at prevailing prices, the following
varying rates of exchange,
table indicates, under
the increase in the dollar value of the principal and of
the income.
Dollar Value
Rate of Excnange
Income
on an
Dollar Equivalent
of Frs. 60
Cents per Frs. 1
Original
of Frs. 1,000 Bond
Anuual Interest
Expressed in
Investment of $65
at Par
$66
6.6
3.96
9
5.40
6.09%
8.30%
12
7.20
11.10%
120
150
90
15
9.00
13.80%
18
10.80
16.60%
180
19.3
11.58
17.80%
193
Interim
(Par)
receipts exchangeable for bonds, if, as and when
issued and received, will be delivered*
Descriptive circular on request
A. Iselin C& Co.
36 Wall Street,
Hemphill, Noyes C&, Co.
37 Wall Street, New
While
we
York
do not guarantee
New York
Gude,Winmill
20 Broad Street, New York
the above information
we
believe it to be correct.
Co.
.OCT. 16 1920.]
CHRONICLE
THE
XXXIII
©rust Companies
Equitable
Trust company
OF NEW YORK
W.
Alvin
Krech, President
Condition at the Close of Business, September 30, 1920
ASSETS
Cash
on
hand and in Banks,
Public
$40,039,186
31,133,672
10,421,701
1,737,600
15,631,334
8,313,139
21,308,711
35,243,712
40,593,447
69,126,464
20,121,406
3,420,014
35,936,455
*1,900,172
_
Exchanges for Clearing House__
Due from Foreign Banks
Bonds and Mortgages
:___
Securities
Short Term Investments
___
Other Stocks and Bonds
Demand
Loans
Time Loans
Bills Purchased
Customers'
___.
Liability
on
Acceptances, Less Anticipated,
Real Estate
_•
Foreign Offices
Accrued Interest Receivable and Other Assets.
12
24
97
42
36
40
37
91
03
88
27
38
55
95
$334,927,019 85
LIABILITIES
Capital
$12,000,000 00
Surplus and Undivided Profits
17,620,156 60
Deposits [Including Foreign Offices],
i__
245,308,138 90
Acceptances of drafts payable at a future date or authorized by com¬
mercial letters of credit less our acceptances bought in
22,321,634 80
Bills Payable and Rediscounts
33,625,000 00
Accrued Interest Payable, Reserve for Taxes and Other Liabilities
4,052,089 55
$334,927,019 85
TRUSTEES
Charles B. Alexander,
A Regent of the University of the
Albert B. Boardman,
Edward T. Jeffery,
State of New York
O'Brien, Boardman, Parker & Fox, Lawyers
Clowry,
Director, Western Union Telegraph Company
Howard E. Cole,
Secretary, Standard Oil Co. of New York
Henry E. Cooper,
Robert C.
Vice-President
v
Director, The Denver & Rio Grande Railroad Co.
Otto H. Kahn,
Messrs.
of Messrs. Kuhn, Loeb & Company
Alvin W. Krech,
President
1
James W. Lane,
President, E. W. Bliss Company
Arthur W. Loasby,
Vice-President
*
Frederic R. Coudert,
Hunter S. Marston,
/
'
of Messrs. Coudert Brothers, Lawyers
Paul D. Cravath,
of Messrs. Cravath & Henderson, Lawyers
Franklin W. M. Cutcheon,
Lawyer
Bertram Cutler,
John D.
of Blair & Company, Inc.
Chas. G. Meyer,
The Cord Meyer Company
George Wei wood Murray,
'
v
of Messrs. Murray, Prentice & Howland, Lawyers
Henry H. Pierce,
^
of Messrs. Sullivan & Cromwell, Lawyers
Winslow S. Pierce,
of Messrs. Pierce & Greer, Lawyers
Rockefeller
Thomas De Witt
Cuyler,
Director, Pennsylvania Railroad Co.
Frederick W. Fulle,
Lyman Rhoades,
Montclair, N. J.
Vice-President
Walter C. Teagle,
Robert Goelet,
Director, Southern Pacific Company
Charles Hayden,
of Messrs. Hayden, Stone & Company
Henry E. Huntington,
Capitalist
President, Standard Oil Co. of New Jersey
Henry Rogers Winthrop,
of Messrs. Harris, Winthrop & Co.
Bertram G. Work,|
President, B. F. Goodrich Rubber Co.
,
V
1
TSSSSS
37 Wall Street
Madison Ave. at 45th St.
London—3 King
William St., E. C. 4
222
Broadway
Paris—23 Rue de la Paix
jj
xxxiv
THE
[Vol. 111.
CHRONICLE
financial
Responsibility
/'liuThe protection afforded
services of
measured
an
the investor
investment banking
may
be
Do they interpret
merely in terms of buyer and seller,
conceive it
as
an
to be
or
do they
intimate relationship between
client and banker—a trust based
never
the
by the bankers' conception of their
responsibility to the investor.
it
house
by
shaken ?
on
confidence
Every recommendation of
Ames, Emerich & Co. is made with this
sense
of
deep obligation and responsibility to the investor.
Ames,
Emerich
& Co
Investment Securities
Ill
Broadway, New York 105 So. La Salle St., Chicago
First Wisconsin National Bank Building, Milwaukee
V
oiiimfitia
INCLUDING
mw-,:
Bank &
Quotation Section
Railway & Industrial Section
Electric
Railway Earnings Section
Bankers' Convention Section
State and
VOL.
111.
PUBLISHED
of
For One Year
Inc.
WEEKLY
1920.
'
New
6 00
13 50
for„ European
subscriptions
7 75
11 50
of
and advertisements
exchange, remit¬
must
be
made
in
York funds.
Chlcago
Terms
of
Chicago Opfice—19 South La Salle Street, Telephone State 5594.
London Office—Edwards & Smith, 1 Drapers' Gardens, E. O.
DANA
B.
and
Pine
Depeyster
Streets,
New
110,197,8211
+29.3
99,105,166
30,188,887,
+ 28.1
71,926,799
+ 17.4
18,182,000
Columbus
15,529,000
15,780,000
14,998,900
+ 15.2
+ 3.5
34,913,384
11,934,000
28,910,118
Indianapolis —
11,000,000'
13,676,936
+26.8
10,176,500
10,435,984
4,716,711
6,375.149
+ 1.2
—2.4
4,355,973
+ 16.2
5,022,889
2,662,718
—13.4
Milwaukee.
—
Peoria
Grand
Rapids..
Dayton
Evansvllle
CLEARING
Lexington
by telegraph, &c., indicates that the total bank
clearings of all the clearing houses of the United States for the week ending to day
been$8,239,947,960, against $8,652,429,968 last
week
and
$8,857,100,205
1920.
1919.
Cent.
$3,924,536,113
—13.3
526,111,023
—2.3
Philadelphia...
368,354,376
256,727.754
186,159,032
538,489,501
373,770.188
325,873,205
—21.2
210 123,505
—11.4
156,847 254
—9.1
.
.
.
.....
St. Louis.. +
142,505,932
...._
—1.4
San Francisco
130,000,000
137,071,562
—5.2
Pittsburgh
135,809.469
129,504,285
+4.9
Detroit
....
Eleven
Total
82,000,000
75.955,453
80,512,060
all
All cities,
five days
+ 6.0
67,147,020
—10.6
$5,388,703,924
1,315,947,624
$0,021,318,086
—10.5
1,265.413,791
+ 4.0
$6,704,651,548
.....
cities, five days.
one
+ 22.0
59,999,252
$7,286,731,877
1,570.368,328
day
1,535,296,412
Total all cities for week.
$8,239,947,960
1,640,559
1,795,068
4,202,393
1,445,748
+ 13.1
Springfield, O.—
1,805,715
1,453,216
+24.2
Mansfield.
1,775,801
1,427,267
+24.4
588,761
501,607
+4.8
—6,7
Partly estimated.
The full details of the week covered
—7.0
+•+'.
by the above will be given next Saturday.
clearings being 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 Oct. 9 shew:
.......
Inc. or
1919.
Dec.
%
New
York_„_*. 4,589,875,739 5,022,806,247
478,033,023
459,326,663
Pittsburgh
183,727,607
138,505,350
Baltimore101,078,348
89,792,503
Buffalo-.48,270,650
38,506,554^
Albany
5,037,820
5,221,207
Washington
18,898,404
16,904,701
Philadelphia
Reading
-
...
3,244,265
Wilmington--...
3,600,000
Wilkes-Barre
—8.3
+4.1
+ 31.9
+ 12.6
+ 25.4
—3.5
+ 11.8
10,087,659
+23.7
5,000,000
+ 36.3
4,452,446
2,751,699
4,078,401
+ 18.3
+ 17.9
—11.7
Wheeling
3,360,957
5,000,000
3,154,686
5,264,598
York..,
1,647,252
1,623,308
3,510,979
+28.9
2,406,083
1,450,000
Trenton
Erie
4,525.742
3,096,057
Greensburg
2,011,053
Chester,.
1,830,837
Bingham ton-..-.
1,400,000
Altoona
Montclair
...
1917.
«
320,155,585
105,210,652
73,295,784
23,338,814
3,865,718
15,160,317
6,095,959
4,014,837
3,800,000
285,338,233
63,531,967
458,750
Los Angeles.....
Spokane
........
Oakland
Pasadena
2,804,967
2,542,280
2,358,416
2,785,796
4,143,786
11,000,000
6,574,751
3,490,870
3,743,974
+ 6.5
2,124,326
+ 28.7
3,695,376
1,302,061
2,098,767
2,220,228
+38.7
900,000
1,123,406
1,986,687
1,911,207
1,000.000
1,239,963
2,188,585
3,363,014
1,361,919
1,365,269
1,119,000
1,024,586
869,600
+ 33.3
650,964
615,112
2,926,999
+4.8
2,338,160
23,57,920
+ 14.5
234,692
889,500
St.
Duluth
Des
Sioux
City..
^
384,158,859
Springs
....
Fremont........
Waterloo
St.
...
Orleans
Houston———
Galveston-
+0.7
+ 53.2
831,543
979,561
2,091,055
—5.5
+21.5
601,252
1,639,185
2,125,707
2,571,379
940,230
1.654,074
2,332,785
+ 3.0
—11.6
+ 8.9
+ 7.9
+ 12.6
2,245,127
2,170,612
716,104
1,232,800
555,075,045
508,369375
+ 17.2
449,498,105
367,260,847
154,427,979
61,755,354
28,108,983
170,688,958
38,905,990
10,087,860
55,041,160
60,519,654
Augusta
—9.
161,110, 980
143,378,581
—7.
43,941 600
17,469,203
+60.
34,264,156
+ 13,
17,268, 589
18,000 000
42,445,312
16,719,427
16,000,000
6,032 579
55,777, 527
7,000,000
32,692,241
72,774 089
22,878 ,602
48,664,274
14,810,240
10,895 ,088
17,032 ,523
20,858 084
14,849,147
17,034,245
13,153,693
6,135,055
5,731,499
3,308,544
4,800,000
3,000,000
10,192,100
—1
76,270,518
—27.
87,082,827
29,417,348
14,283,258
—30.
20,072,371
19,291,017
—21
—27.
+ 6.
+23
3,830,915
7,451,142
—8
6,037 ,615
9,708,007
10,692,138
—9
18,002,789
11,065,781
19,924,419
13,838,378
—9
—20
8,424 ,092
10,247 ,489
5,282 ,312
4,500,000
5,330,921
—15
3,952,371
3,936,909
+0
3,000 ,000
Jacksonville.—.
9,862,849
8,446,956
+ 16
5,914 ,640
7,426,717
2,639,459
6,502,126
1,991,228
+ 14
4,945 ,420
+ 32
33,002,501
17,959,452
7,500,000
+ 83
1,722 ,326
12,257 ,371
Norfolk...
...
Birmingham
Little
Rock
,
Mobile
+4.3
2,792,306
2,617,780
3,541,977
2,500,000
VIcksburg
Muskogee
Austin
Jackson
+ 10.4
2,715,800
3,163,256
—19.9
2,320,794
2,017,202
1,918,542
1,059,130
650,000
1,659,291
1,221,178
677,789
860,196
Shreveport
Total
Southern
Total all
239,155.385
5,096 ,874
—9
2,661 ,264
2,094,616
—6
2,132 ,323
540,930
—15
592 ,854
2,695,450
4,177,095
4,939,238
1,362,729
10,845,168
2,000,000
2,900,000
...
750.000
—6
600 ,000
441,523
625,000
4,953,731
10,707,368
+8
+ 16
42,731,330
4,800,000
...
Dallas
+ 15.2
...
Tulsa
—10.1
6,800,000
1,959,012
459,039
900,000
5,376,464
12,517,469
485,514
1,922,230
67,054,189
23,739,831
Worth
Nashville
7,239,859
3,287,831
4,207,672
2,729,224
2,839,942
871,151
+ 11.4
23,000,000
_
+ 9.5
280,305,058
1,076,284
787,148
21,372,744
Memphis
Fort
+ 3.8
1—11.7
10,372,228
Richmond
Atlanta
Savannah
—14.5
—22.6
14,661,998
8,323,664
9,002,452
8,664,092
926,691
1.469,178
'
Louisville
+2.8
+ 66.1
2,382,727
—
Louis
New
—14.7
11,859,281
11,887,146
15,051,515
4,422,934
6,242,869
2,751,874
4,597,242
2,540,478
Tot. oth. West.
17,329,850
8,805,725
925,832
—
Helena
+ 83.0
60,300,000
+0.5
57,546,114
20,831,401 + 137.5
+ 8.0
22,742,836
1,083,979
1,206,059
Rapids..
Fargo
+ 16.7
—7.1
3+42,576
5,510,491
2,836,312
4,065,056
....
4,902,563
3,000,000
413,334.508
1.5,619,231
....
1
Total New Eng.
14,624,059
12,193,593
9,500,000
Moines
Charleston
677,821
575,000
638,692
24,558,910
14,787,566
...
6,510,628
791,727
3,942.216 Not included In total
894,492
In total
49,479,292
...
Macon
Bangor
663,224
+86.6
Not included
57,823,149
...
Joseph
...
Stamford
—5.3
1,958,196
965,807
Denver...——.
Oklahoma
+26.7
+ 16.8
1,523,598
999,650
1,035,860
633,212
764,987
2,383,199
2,586,575
1,712,336
St, Paul
6,215,974
4,762,155
750,000
—6;4
2,121,318
1,056,229
171,503,208
42,809,853
39,999,699
17,042,554
23,588,595
7,500,000
4,200,420
1,777,579
1,482,631
950,000
925,000
1,843,512
.
110,138,338
8,383,000
:...
2,239,691
2,897,000
1,797,758
1,064,508
863,642
874,547
3,654,271
....
+ 37.5
Holyoke
4,285,303
1,856,421
3,001,022
Minneapolis.....
Omaha
+ 12.4
Lowell
4,805,742
5,499,124
211,524,771
9,460,275
New Bedford
6,000,000
+24.0
7,000,000
16,087,800
3,484,503
203,673,032
67,965,293
48,439,352
19,171,130
17,521,298
17,068,512
24,669,630
10,029,982
10,174,923
8,495,274
2,944,206
3,348,700
2,224,353
3,509,762
826,035
12,617,500
4*,254,626
2,780,002
1,976,771
1,286,570
+ 21.6
+44.4
2,223,289
+ 17.2
6,167,171
2,674,402 + 140.5
—4.8
3,123,305
+ 66.3
1,718,818
23,797,165
247,622,981
13,009,575
7,127,005
5,114,944
2,227,008
+0.3
+ 0.5
+ 13.4
14,177,300
4,697,647
+ 1.2
—13.7
Hartford.
Worcester
+ 15.3
365,221,965
Providence—
Fall River
13,000,000
251,956,159
203,234,076
8,580,000
3,500,000
24,229,000
25,708,114
17,656,975
4,750,000
9,409,834
6,798,528
37,652,201
30,369,083
8,500,000
15,690,843
4,689,276
217,448,734
—9.8
—1
25,118,000
—6.5
414,217,137
365,003,846
Portland.—.
+ 92.5
.....
Pacific..
329,170,170
Springfield
47,706,000
43,427,526
43,284,711
2,858,823
1,985,405
1,000,000
Long Beach-....
Santa Barbara.._
Knoxville
New Haven
90,379,081
81,853,000
Chattanooga
432,988
—5.8 3,373,614,951 3,418,716,047
246,191,936
103,088,840
2,973,278
——..
——
Hastings
Billings
+ 33.6
481,205
753,227,907
3,211,810
7,230.064
6,430,400
......
Yakima
Total
107,956
+2.1
11,445,882
8,429,771
Sacramento
Stockton
San Jose..
000,000
353,634
+ 13.8
14,994,201
17,864,410
4,703,467
Salt Lake City...
San Diego
Fresno
536,944
1,072,273
-
158,145,663
40,618,460
43,503,895
Aberdeen
—5.0
+ 1.5
.
Seattle
Tacoma
379,017
161,400,000
Francisco.._
18,797,221
+25.1
Total Middle- 5,484,184,207 5,821,765,776
Boston
+ 12.4
687,445,819
233.777
Owensboro——
41,853,662
4,370,189 Not Included in total
1,877.586 Not included In total
Bethlehem.
Huntington
+26.2
1,014,429
978,822
1,125,065
2,600,000
737,731
1,122,304
843,511
1,250,000
1,800,000
1,208,313
450,000
Adrian
750,000
550,000
Pueblo
2,795,522,945 2,957,988,989
1,370,902
551,623
—2.2
667,801
....
Ann Arbor......
Cedar
1918.
3,066,191
...
Lancaster..
+40.9
—26.6
700,000
11,000,000
2,703,125
——
Colorado
Syracuse
—6.7
624,922
Danville——
Lincoln
Scranton
1,800,000
1,213,807
5,430,000
942,625
1,920,198
4,033,710
1,286,995 —14.5
+ 59.0
1,700,000
+ 15.5
476,432
110,000 + 112.6
Jacksonville, Ill-
Topeka........
Clearings at-
12,482,901
6,814,701
5,266,148
4,827,613
3,380,037
3,006,133
1,192,587
1,237,036
428,033
575,000
834,428
1,050,000
322,201
85,000
...
Wichita
Week ending October 9.
Rochester
5,000,000
—2.2
furnish them to da*,
1920.
...
Reno-.-
$8,857,100,205
*
cannot
11,045,519
4,000,000
1,755,984
5,302,457
1,624,987
Kansas City
We
57,527,635
50,015,574
851,483
—8.0
------
cities, five days...
Other cities,
35,006,100
1,964,753
5,504,484
1,200,000
1,178,736
...
*100.000,000
....
Baltimore
NewOrleans
+ 2.8
+ 10.1
3,000,000
6,050,285
2,042,025
1,855,829
—
Portland
$3,402,525,026
Chicago
Kansas Cit y
+ 10.4
+ 14
+ 30.7
San
Per
New Ycrk
'i;'.
1,968,091
10,375,000
440,852,580
11,243,186
5,017,780'
5,341,579
4,575,695
4,017,261
2,107,583
1,346,886
612,052
2,725,731
6,487,101
1,449,332
year.
dealings—Returns by Telegraph.
Week ending October 16.
_
2,250,903
10,668,000
800,000
.....
Rockford
Lansing
HOUSE RETURNS.
The following table, made up
_
3,100,000
Fort Wayne.
Akron..
Lima...
BOStOn.
17,335,545
4,766,470
6,219,852
5,061,019
4,349,165
—
428,540,604
44,274,715
91,636,570
Tot .Mid. West, 1,148,128,234 1,009,153,446
dent, Jacob Seibert Jr.; Vice-President, Arnold G. Dana; Business Manager, William
D. Rlggs; Secretary, Herbert D. Seibert.
Addresses of all, Office of the Company.
corresponding week last
$
127,000,000
35,444,835
—
Detroit
Decatur
the
1917.
$
142,449,510
Cleveland
South Bend
Published every Saturday morning by WILLIAM B. DANA COMPANY, Presi¬
have
1918.
+ 12.4
Bloomlngton
Qulncy
Canton.,.
York.
%
+ 9.2
601,777,347
59,203,435
Youngstown *—L
COMPANY, Publishers,
$
or
Dec:
66,572,793
—
Springfield, 111...
Advertising—Per Inch Space
Transient matter per inch space (14 agate lines) for each insertion... $6 30
Business Cards, twelve months (52 times) per inch
175 00
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six months (26 times) per inch
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656,851,646
Cincinnati
Toledo
Subscription includes following Supplements—
Bank and Quotation (monthly)
Railway & Industrial
(semi-annually)
Railway Earnings (monthly)
Electric Railway (semi-annually)
State and City (semi-annually) Bankers' Convention
(yearly)
Front,
1919.
■
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at-
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NO. 2886
Week
Clearings
European Subscription (including postage)
European Subscription six months (including postage)
Canadian Subscription (including postage)
tances
City Sectioap
SATURDAY, OCTOBER 16, 1920
Jlxe Chronicle
Terms
Railway Section
43,175,262
4,650,656
—1
3,233 ,481
8,454 ,725
28,500 ,000
2,458,556
6,794,602
21,938,599
666,666.486
716,532,177
8,652+29,968 8,834,377,747
Outside N. Y— 4.062,554,229 3,811,571.500
+3
-7.0
4,124 974
559,817,421'
2,500,000
453,420,218
—2.1 5,664,086,423 5 ,377,523,087
+ 6.6 2,868,563,478 2
,419,534.0^8
[Vol. 111.
CHRONICLE
THE
1500
fit and whether the
Vacations whenever they saw
THE FINANCIAL
The
less of
mill
SITUATION.
security markets, after displaying more or
a
reactionary tendency in the early days of
growing
week, have latterly again manifested
the
the
existing situation regarding industrial and finan¬
In this they are accurately reflecting
strength.
While there
cial affairs.
tures in
much to
disquieting fea¬
are some
action of the
wheat-growers in indicating a deter¬
bushel, and
mination to hold wheat back for $3 a
planters, in insisting that they must have
pound for their cotton, with the imperi¬
demands of
ous
thorities
fyoth upon the Federal Reserve au¬
banking accommodation to enable
for
out their schemes, constitute the un¬
them to carry
favorable side of the
the
ease
On the other hand,
picture.
with which such
huge transaction as the
a
paying off of the Anglo-French Loan of
$500,000,-
effected, furnishes reason at once for grati¬
fication and for faith in the belief that whatever
000
was
the
future
immediate
may
have in store for the
surmounting
be found in the way. The
country, there will be no difficulty in
any
obstacles that may
fact that both Great Britain and France were
occasion for
it shows
able
for the payment of the loan is in itself
to arrange
feeling of the deepest satisfaction, for
a
great inherent strength on the part of both
countries, while the circumstance that our bankers
found it
possible to
carry
out the payment without
in the
causing the slightest perturbation
market is
to which
money
financial machinery has
our
matter of
a
the moment when the
no
little consequence at
country is passing through a
rants the belief that our financial
also prove
mechanism will
effective in carrying the country success¬
fully through any trying situation that may arise at
The Western farmer and
stage of this process.
the Southern
planter
to maintain the
that have
ill-advised when they seek
are
inordinately high levels of values
Banks
would not be
yield
solicitations,
same
unfortunate
that in which the Cuban banks
as
loans
sugar
upon
prudence
to offer
encouragement to belief in any important
recovery
in yield in the world's leading gold-produc¬
On the contrary, the return for Septem¬
ing field.
received by cable this week,
ber, which we have
output not only below that for August, or
covers an
earlier month of 1920 since February, but a
any
yield than for the corresponding period of
smaller
earlier
any
to be
year
result of having
a
it
so
were never so
predica¬
to-day find
freely made
at such high figures?
of bank managers as
that the labor force has
course,
decreasing steadily month by month since the
been
beginning of the year, but this does not fully account
for the
It is quite evident that in
lessening of yield.
addition to that factor there has been
the
grade of
682,173 fine
in 1915.
ounces
ounces
ounces,
Caution
needful upon the part
at the present juncture, and the
they
hoped,
are
pursuing in that particular.
moreover,
It
that they will not allow
themselves to be swerved from their purpose.
in 1918, and 776,750 fine
in
ounces
intimations said to emanate from
are
of the members
its
for
September and for the nine months of
1920 affords further
in
result of the
ness
proof of the stress experienced
commercial
various
and
are
Whether this is
so
of economic
modities at
or
some
quietly being advised to
accept them.
not, it would be only
a repe-|
history for liquidation of
com¬
declining prices to be followed by liqui¬
dation of labor and
a
fall in wages.
Just
now
there
increasing unemployment in the textile industries
of the
country.
At
one
industrial
lines
as
a
readjustment that is going on in busi¬
circles, and is in sharp contrast with the show¬
ing made in the preceding year.
Referring to its
compilation for the nine months, Messrs. R. G. Dun
&
Co.
"The
remark:
economic
toward
present
movement
decisive
atten¬
readjustment has drawn
sharply to the statistics of failures, which
more
ness.
While allowance for the fact that last
mortality
fies the
was
year's
abnormally moderate somewhat quali¬
comparison, yet commercial reverses in the
first nine months of 1920 were
10.9% larger in num¬
ber and
liabilities
of that
87.3% greater in total
increase has been
this is
than those
period of 1919, and during recent months the
especially rapid."
The truth of
apparent when we note that in each of the
of the current year
first four months
if not
smallest
the
were
on
with June the
commercial
in number
for many
record, and the liabilities light. But
number
began to increase largely,
running in all cases much ahead of 1919, with the
of the American Federation of La¬
unions
expect reductions in wages and to
is
in 1919, and 6,440,949
1918, and falls some 720,000 fine
volume of indebtedness very
tition
received by cable is
The commercial failures statement for the United
States
years,
course
that
as
nearly 10%, below that of 1916.
or
the
bor
the deeper levels are
as
6,225,201 fine ounces, compares
6,278,208 fine
ounces
lowering of
Moreover, production for the nine
of 1920 at
months
with
a
against 698,558 fine ounces last
ounces,
708,206 fine
year,
fine
mined,
ore
The month's result
reached.
disasters
There
It is
back to and including 1911.
explained, of
Federal Reserve officials deserve commendation for
is to be
I
production results in the Transvaal still fail
unmistakably reflect the changed conditions in busi¬
their
to
in the
themselves,
and
Gold
unavailing. Can not
long before the banks of the United
States would be
as
Labor has to be laid off.
,
tion
good friends perceive that should the Federal
ment
The thing in its way is turn¬
All history goes to
recently prevailed.
show that the effort must prove
Reserve
tually to make poor markets, for the people are re¬
been brought.
period of deflation and price adjustment, for it war¬
our
High
have helped to make high prices, and even¬
wages
testimony to the high state of efficiency
This last is
any
In others they are run¬
closing indefinitely.
cases
ning on three or four days a week time.
in
crisis in Cuba, with the
promote a feeling of entire confidence
a
closing for a week or two at a time, or else in some
ing out to be a boomerang.
The banking
40 cents
That is to say the mills are
involuntary vacations.
belling at high prices.
the outlook.
Now they are getting
not.
or
the other hand there is
the situation, on
the cotton
liked it
owners
time the mill operatives took
greatly in excess.
exhibit for the nine months is as
ber of failures
regards the
The
num¬
comparatively favorable as, with the
exception of 1919, they were fewer than in any year
back to and
including 1883, but the indebtedness in¬
volved is not
only close to double that of 1919, but
the heaviest since 1915.
bilities for the third
increase
present
over
a
the
volume
Furthermore, the total lia¬
quartet not only show a marked
preceding quarters of 1920, but
of debts
59%
million
dollars
greater than in 1919 and the heaviest since 1914.
Oct. 16
1920.]
THE
CHRONICLE
According to Messrs. Dun & Co.'s compilation, the
number
of
mercantile
defaults
in
September
was
677, covering an indebtedness of $29,554,288, this
comparing with 473 for $8,791,319 last year, 674
for $17,407,130 in
1918, and 963 for $11,903,051 in
i
1917.
In
the
manufacturing
liabilities
division
mounted up
to $14,036,461, against only $3,135,883
$8,522,922 in 1918; trading debts stand
$8,545,168, against $2,373,589 and $5,706,635, and
in 1919 and
at
the indebtedness of
failures
1501
among manufacturers were fewer in
ber than in 1919
or
for
1915.
dollars, and
ties
($3,899,593) but moderately in
slightly
the
more
already intimated, quite un¬
satisfactory, 2,031 insolvencies involving debts of
than
more
double
ing
increase of
an
have been
no
331,346, and brokers, etc., $15,617,944 against $5,-
of Kansas declared
months likewise reflect the less favorable conditions
now
prevailing than in 1919.
this year
show
and
a
numbered 5,383 against 4,856 last year, but
marked contraction from the
8,069 of 1918
greater decline from 1917.
an even
bilities
Defaults for the period
involved
were
less
no
than
But the lia¬
$166,577,471,
which
appreciable bxtent in the increase in indebted¬
shown
compared
as
with
1919, the brokers,
which includes
strikes
time the effect in
chases and
by
an
At the
same
trading lines of decreasing
pur¬
falling prices in combination is indicated
increase of nearly 11%% in the number of in¬
solvents and
swelling of the volume of debts by
a
approximately 73%, $46,959,676 comparing with but
$27,137,119.
Finally the indebtedness
facturers stands at
among manu¬
both.
It
the
has
not
whole
only
lines, he said,
instances, such
panies
seven
were
a
prevented
but has raised
com¬
rise in fares; yet in
rise in fares had been
a
investigation had shown that the
able to
pay more wage
matters, and in
every case
interruption of traffic
reached have satisfied both
and
of its purposes
a
on
In
local
there has been
the
adjustments
companies and
plan needs only, he declared,
re¬
com¬
without it.
he said, his Court has passed
cases,
cor¬
public,
of employees and has also benefited the
wages
traction
$54,076,196 and $20,316,765.
conse¬
advantage of the
and
panies by bringing about
no
tween
obtained, last winter, in
electric
on
agents, etc., group most conspicuously so, with lia¬
nearly 170%, contrast being be¬
Wednesday, Gov. Allen
that the Industrial Court
worked and has been for the
bilities
increased
he
on
anew
porations, the employees,
950,038 respectively.
an
There
of the coal mining trouble in his State, has
quence
some
ness
than 100% over 1919.
Railway Association
fused because
to
most appar¬
Speaking to the Congress of the American Elec¬
against only $88,941,608 and $122,975,024 and $141,-
All the various divisions share
earlier.
year
early part of 1915.
scheme
mortality returns for the nine
a
was
banking suspensions in Canada since
tric
mercantile
of
Quebec, failed liabilities show¬
more
$8,584,209 in 1919, trading $22,690,429 against $6,-
The
those
Stress in the nine months of 1920
the
315,167.
of 1919,
lightest since 1907; brokers, agents, etc. debts
$79,833,595, comparing with 1,393 for $20,230,722 in
1919 and 2,180 for $35,181,468 in 1918.
Manufactur¬
ing defaults represent debts of $41,525,222, against
;
excess
than in 1918, and with those exceptions
ent in the Province of
(July-Sep¬
year
some
On
for|the third quarter of the current
as
gain of
a
the heaviest since
the other
hand, trading insolvencies,
though much greater in number, represented liabili¬
were
inclusive) is,
were
num¬
prior, the result¬
years
ing liabilities at $10,434,476 showed
three million
brokers, agents, etc., at $6,972,659, against $3,281,847 and $3,177,573. The showing
tember
some
the
men;
full understanding
in order to make it
an
recognized success, and converts to it
absolute and
are
being made
of
companies
daily.
This
and
said
was
employers, in
to
an
an
industrial line which has had
association
$65,541,599, against $41,787,724.
opportunity, aided by the doings of the criminal
Notwithstanding the changed mercantile situation
"Amalgamated," to realize the seriousness of strikes
the number of
of 1920
riod of
was
banking failures for the nine months
considerably less than for the like
1919, though the
solvencies this
of
and
"boring in" from the outside.
pe¬
has
sum
represented by the in¬
the
no
less than $32,645,400,
State and the wages
year was
against only $14,375,862
Eliminating,
a year ago.
amounts
not
gained by industrial
strikes
in his
lost thereby; such figures are
needecj, except to emphasize the perfectly ob¬
however, the suspensions in Massachusetts directly
vious
ascribable to the
even
bursting of the Ponzi gkt-rich-quick
Gov. Allen
presented figures showing the contrast between
proposition that strikes cost organized labor,
reckoned the distinct "class" it
falsely and fool¬
bubble, the amount involved is comparatively light
ishly proclaims itself to be, much more than it gains.
—less than
Has
the
$6,000,000—and most of that covered by
closing of three banks in Ohio and Indiana.
figured
anybody
Geographical analysis of the failures record for
Brooklyn?
loss of
sions
effects towards further
except New England, the Central Eastern and
Central, the defaults
ber this year
greater in
were
than last with the
most pro¬
excess
nounced in the Middle Atlantic group.
land, alone, moreover, discloses
liabilities.
As
a
num¬
New Eng¬
smaller volume of
regards the individual States, the
most notable increases in indebtedness
are
in New
York, New Jersey, Illinois and Washington.
months
with
Canadian failures
makes
that for
an
exhibit
the United
mercantile casualties
562 last year
ered
statement
for
the
having much in
States.
The
common
number
of
reported at 681 compares with
and 668 in 1918, while the
sum cov¬
by the defaults is $17,166,345, against $11,985,-
883, and $10,246,164.
It is to be noted that, while
malcontents
wages
there
are
the
raising
or
at least maintain¬
ing the cost of necessaries, all of which finds its
by
way,
an
expenses
irrepealable natural law, to the living
of the authors of the trouble
as
well
as
to
others.
.
"As
soon
as
the
people fully realize what the In¬
dustrial Court hieans, our
Allen.
nine
the
the traction lines in
property, the loss of time to the public, the
He may
Jor it is
The
what
on
Besides the loss of
the nine months indicates that in all the various divi¬
the South
up
gainefl by the recent revolt
probably not yet
he
fight is over," said Gov.
not be wholly right in this belief,
proven
that his scheme is
complete solution; but he is certainly sound in
adding that "if moral principles do not exist in
American institutions to
meet the present
can
institutions
is not
self ;
justify their extension to
industrial emergency, then Ameri¬
are
doomed to
failure, for the issue
capital and labor merely, but Government it¬
the challenge to
us
is from those radical lead-
THE
1502
ers
who would build within the
front
ern
give the population the right of
The
*
Russia
has
occupied
a
in
and the Polish
na
received at
eral
Wrangel, but later in the week this was
to General
and
was
the subject
Political
of much comment after it was delivered.
conditions in Ireland could not be lost sight of, and
conditions in Germany
financial
the
ing word
and France were
On Thursday morn¬
subject of special comment.
received here from London that rep¬
was
resentatives of the Coal Miners' Federation of Great
Britain had decided that the miners
It
strike.
out would
been
at that time that the walk¬
stated
was
The miners had
begin to-day or Monday.
taking
a
should go on
second ballot on the question of a
strike, and, according to the London advices Thurs¬
day, more than 75% of them rejected the offer of
mine
the
from Riga and
Although the cablegrams
Lithuanians,
other
at first reported."
as
ly had signed a peace agreement, which
18.
Oct.
effective
come
the outlook later
advices
rather
were
a
day
In
gloomy.
an
early date,
or
two the
Associated
from Riga it 'was asserted, how¬
Press cablegram
ever,
For
brightened.
an
that the delegates from both countries were
old Czaristic
A special correspondent of
Empire."
the New York "Times" said that
30 articles was read three
of the Soviet peace
delegation, was quoted in a dis¬
achieve
concessions
or
also
was
We made a maximum number of
would have been impossible."
peace
quoted
having made the following
will
be
questions," and as having added that "there is
that "this Polish
apparently
a
being made in the negotiations for
was
agreement, hostilities between the Lithua¬
peace
nians and the Poles
did not
come
to
an
An
end.
A real peace
general European
has
Subsequent dispatches
that General Zellgouski had
provisional government in Vilna.
disagreement
a
a
concluded."
is
Warsaw stated
no
the days advanced, substantial progress
if sinister intrigue to
possible only when
cal
as
The
peace
cripple Russia is allowed to continue.
ing that "the chief difficulty arose through techni-
though,
"However, the mere sign¬
Russia and Poland
between
Paris
Al¬
as
ing of. the agreement does not make peace.
best of intentions on both sides will not insure
established
issues."
We are signing
by understanding.
peace
Secretary of the Polish Mission, was quoted as say¬
important
times, in .the Polish, Rus¬
patch from Riga as saying that "Russia wished to
agreement
the
long and
languages." Adolph Joffe, head
from
on
was a
sian and Ukrainian
mistice and
M. Lados,
"it
the whole treaty of nearly
wearisome ceremony, as
working almost night and day "to complete the ar¬
preliminary peace terms."
the Hall
Great, Catherine, and other rulers of the
ander the
significant observation:
be reached at
signing actually oc¬
The
Knights, "under the painted eyes of Alex¬
of Black
not indicate that peace
the Poles would
final¬
would be¬
o'clock Tuesday night, in
curred at 7:10
He
between the Russian Soviets
Wednesday
stating that the Polish and Russian delegates
points in Europe at the beginning of the week did
and
The further informa¬
cablesgrams were received in New York,
afternoon
through necessity.
the Government.
and
owners
a
Polish-Lithuanians, and not White Russians
were
and
free city."
Vilna
given that "the forces occupying the city
was
Naturally Pre¬
mier Lloyd George's speech on Home Rule at Llan¬
dudno, North Wales, a week ago yesterday, was
well, is decidedly on the wane.
awaited with unusual interest,
time, "occupation
Zellgouski of proposals by the French Governor
particular, and in several other European countries
as
same
Saturday followed rejection by Gen¬
tion
in
expressed the belief that Bolshevism, in Russia
Accord¬
to create
European centres
The advices from many
practically the
of Vilna late on
reported to have offered peace also
in Russia were
occupation of Vil¬
by General Zellgouski and his troops."
ing to an Associated Press dispatch from Warsaw,
The Soviets
becomes effective Oct. 18.
tice which
Foreign Office had had word that "the
the
Polish Government disavows the
Finally an
reached between the Russian Soviet
delegates at Riga to sign an armis¬
agreement was
following day Paris advices received here stated
that
affairs the present week.
European
denied.
position
prominent
Vilna 'to
self-determination.'"
troops that they be allowed to capture
whole, that an organ¬
minority may live above the law."
ized
compelled to resign his command on the north¬
in order to execute the demand of his
was
shell of our present
political form the rule of class, the doctrine that a
part may be greater than the
[Vol. 111.
CHRONICLE
The
correspondent of the New York "Herald" said
general, by his seizure of Vilna,
put himself in a diplomatic
limelight almost
equal to that of the Italian author-poet, Gabriele
d'Annunzio."
He added that "Great Britain has
opened conversation with the
French Government,
probably will result in the sending of a sharp
which
Polish
the
Government
engagement took place between their military forces,
note
about
promptly and officially disavows the act
10% miles south of Vilna, the capital of Lith¬
uania, which resulted, it
was
said, in "heavy losses
The Lithuanians issued
to both sides."
a
statement
in which
they asserted that "the fight will be to
finish."
At
about the
same
made of
A
an
the north."
No mention
Polish
an
that "the
pressure was
give
any
Foreign Minister, has sent a note to Lithu¬
of
troops, has entered
was
details of how great the
that the troops brought upon General
to reopen the negotiations, but
the
Polish troops vacate Vilna im¬
that
demands
mediately and that the Polish Government declare
itself toward the so-called Government of General
Zellgouski."
According to an Associated Press dis¬
patch from Riga yesterday morning,
and Poles
are
agreement at Riga whereby
in
disobey the demands to enter the Lithuanian capi¬
Ukraine
in lieu
was
explained that "General Zellgouski
Russia
had asked for.
"the Bolsheviki
reported to have completed a secret
cessions
It
The advices added that
agrees
"Lithuania
Zellgouski, which caused him to resign rather than
tal."
end of the week
"Prince Sapieha, the
present line and proposing to resume peace
communique concerning Vilna is
brief and does not
Polish
negotiations at Orany."
It
the
toward
their
Zellgouski, with two divisions
Vilna, according to a Polish communique."
added
London
was
Associated Press cablegram that "the
Lithuanian and White Russian
in
Kovno that stated that
of its gen¬
Advices were
agreeing to the Poles ceasing hostilities on
armistice with the Bolsheviki.
General
received
from
promises to punish him."
ania,
day or so later word was received from Riga
through
and
unless
Poland,
by
office in Warsaw announced "a further advance
the Polish forces in
a
time the Polish War
eral
to
of
It
and
the
was
Poland gets timber con¬
iron
ore
concessions
in
gold settlements the Poles
the
question of gold settle-
Oct. 16
*
1920-1
THE
**
.
ments which caused
much
so
CHRONICLE
delay in the preliminary
yesterday morning of
a
Monday between
negotiations/'
peace
1503
executive
the
Irish Trade Union
From
the
time
Lloyd
George
Wales;
on
ally
it
became
would
speak
at
Premier
that
Llandudno,
North
Irish Home Rule, until the address actu¬
delivered, there
was
known
The London
keen interest, both in
was
Europe and in this country,
as
to what he would say.
conference to be held next
The
an
Congress and Labor Party and
as
important development in the relations of Irish
and British labor
the
on
of the
eve
opening of Par¬
liament."
important thing that he did
"I'm going to do something daring.
I'm
going to predict about Ireland. Home Rule will be
various centres in Ireland.
carried
been
that "his
Party.
correspondent said that "this is regarded
correspondent of the New Ybrk "Times"
was,
by
the
of
the "Council of Action" of the British Labor
cabled that the most
say
committee
coalition."
a
speech
disturbances
explosions, which
rifle
a
occurred
A week ago
destroyed by bombs.
strong defense of the Coali¬
In
have
ing part of the City Hall in Cork
closing, the Premier cited
was a
tion Government."
The correspondent added
Political
fire."
No
at
morn¬
said to have
was
Those nearby heard six
followed
were
again
this
casualties
were
by "considerable
reported.
An
en¬
long list of reforms carried by coalition in British
gagement occurred the
history, and made the following plea to the people:
troops and civilians at Newcestown, six miles from
"Do not let
crush into
us
rigid
a
narrow
mould of
Bandon.
One
following
officer
night
"between
reported to have been
was
party the gift of great sacrifices which millions have
killed and another and three soldiers wounded."
made.
correspondent of the New York "Times," in cabling
I
hour of
appeal to you let
peril together, let
gether until
stand
in
things."
ferred
us
stood in the
as we
stand
once
more
to¬
have solved the difficulties which
we
the
us,
of
way
humanity
reaching
higher
The correspondent noted also that he
re¬
"hopefully" to the miners' strike negotiations.
The Premier delivered
Home Rule at
The London
another address
Carnavon, Wales,
a
week
ago
Irish
on
to-night.
correspondent of the New York "Her¬
ald," in his account, said that the Premier "backed
reprisals in Ireland and insisted that order must
up
be maintained at all cost."
According to this
corre¬
account of the
an
of the Essex
along the road leading to the village
fire
was
in
glen
a
Cork
part of. the disturbances.
of Cork
Jail,
tack
on
making
great protest when the policemen 'natur¬
a
ally got sore.'"
was a
of
being killed, and then
He stated, furthermore, that "it
speech uncompromisingly reasserting support
the
Government program,
conciliation."
The
characterized
as
Premier
"fraud"
a
giving little hope of
reported to have
was
and
"sham" Mr.
a
quith's plan to permit Ireland to have
a
of her
navy
an army
As-
and
The London correspondent of
own.
the New York "Times" said that "the Prime Minis¬
ter's
speech at Carnavon has impressed the country
with the difficulties of the Irish situation.
sult of the decision of the last ten
consolidate
public opinion in
Government
In
on
ment for the Ilford
tion
far
Unionist
the
a
the support
of the
questions."
representative in Parlia¬
constituency, Mr. Wise, Coali¬
candidate, received 15,612 votes, by
largest cast for
said that the election created much
Mr.
Wise
interest,
that the
Lloyd George
country
vote of
a
was
land, in
clared
with
the
the
in Belfast
Home Rule
and would
on
in
his
by
was
Wednesday, "de¬
intended
to
continue
He also asserted that "Viscount French,
gan as a
influence
"Times"
Ireland; Sir Frederick Nevill
not
made known."
The
a
charge
correspondent
excite¬
Hitherto Father Flanni¬
published
a
The
London
dispatch from its Dublin
few days
a
restraining
as a
Sinn Fein leaders."
upon
ago,
cor¬
in which he said that
"leaders of the Sinn Fein movement in Ireland
urday, by Premier Lloyd George
tion of
war on
re¬
Ireland."
as
almost
a
declara¬
Dispatches from Cork and*
yesterday morning told of another raid
on
City Hall in the former city and of the death of
four in the latter
There is
during
a
raid
upon a
Announcement
was
dispatch from London
more
or
less difference of
Europe and in the United States,
able
store.
opinion, both
as
to the prob¬
practical results of the International Financial
Conference at Brussels, the final session of which
was
held
tended
a
week
over a
summing
up
meeting
ago
yesterday afternoon.
period of two weeks.
It
ex¬
President Ador,
the deliberations, said that "the Brus¬
was
only
a
probably would
into the future
beginning, and that other
be necessary."
Looking
also, he "bespoke the continuous
ac¬
tivity and vigilance of the League of Nations to
all other
resigning."
Flannigan,
gard the speech made at Carnavon, Wales, on Sat¬
carry
in complete accord and did
Associated Press
see
priest has been immune from military in¬
respondent
Macready, Commander of the military forces in Ire¬
an
never
The London correspondent of the New
terference, and has been regarded
land, and himself
contemplate
no
found, "and the jail authori¬
throughout Ireland.
sessions
complete and final settlement of the Irish
made in
at¬
declared that "the arrest has created great
ment
ing
not
an
military patrol at Ballinasloe, "on
a
which
in
Bill, which it had prepared,
were
of
At the time
prison official."
"Vice-President of the Irish Republic," was arrested
fight
enlarge it in the most generous manner,
Lord Lieutenant for
Irish
an
to his home.
case
York "Tribune" sent word that Father
sels
problem."
way
expressed the fear that they would
especially in the direction of finances, thereby mak¬
a
his
giving Premier
confidence
Government
on
again."
Dublin
Greenwood, Chief Secretary for Ire¬
speech
a
that
kidnapped
was
greater
Thomas Griffin, a warden
ties
the
against nationalization of industries.
Sir Hamar
withdrew."
him
as
argued in his speeches that his election
mean
He added that
said to have been "the first
trace of him could be
It
single candidate.
any
was
would
re¬
days has been to
both the Irish and labor
bye election for
a
The
heavy fusillade and
seemed to be the storm centre of the
thur Griffith and other Sinn Feiners for
were
a
engaged in."
were
intense
concealed
The military returned the
hour
an
an
men
midnight the attacking party
was
policemen
them by parties of
over
bomb-throwing
"about
on
the road.
near
fire, and for
This
silence while
traveling in two lor¬
were
ries
spondent also, Lloyd George "attacked bitterly Ar¬
preserving
affair, said that "as the soldiers
Regiment
opened
A
on
international financial work,
as
well
undertakings which the world must
put through, acting
as
a
whole."
as
now
A special corre¬
spondent of the New York "Evening Post," in giv-
ing an account of the final session, said that "Presi¬
dent Ador admits it is true the conference has
spoken
largely in platitudes and axioms, but calls attention
to the fact that the bulk of
lation
75% of the world
and in eleven
of four countries
out
and show
In three
out of .twelve
future."
He
prospect of doing so in the near
no
that
added
"President
The Ger¬
must at least enable the French Government to
mans
make
truthful presentation."
a
popu¬
European countries represented, budgets do not bal¬
ance,
policy in France retains the upper hand.
The Paris
represented at this conference is now ignor¬
ing the truth of those same platitudes.
[Vol. 111.
CHRONICLE
THE
1504
Ador
calls
in
correspondent of the New York "Times"
discussing the financial position of France, said,
"France is
being bled white, financially speaking,
by the terrific drain of reparations and pensions,
amount to
which
than
more
20,000,000,000 francs
($4,000,000,00 at normal exchange)
annum."
per
special attention to the fact that the conference does
Continuing, he said that "not the least unfortunate
not recommend any
part of the French situation is that the general pub¬
of
attempt to stabilize the value
gold and gravely doubt if any such action would
Roland W.
Boyden, the unofficial American rep¬
resentative at the
which he said in
will
conference, issued
a
statement, in
part that "the Brussels conference
accomplish great good by calling the world's at¬
tention to the fact that two and two still make
that
four,
expenditure has natural relation to income, that
prices must be high when, stocks have been depleted
and
production is low, that waste makes necessities
dear, and that
it will
lic in America and other countries
for
succeed."
paper money
is worthy exactly what
so
critical
but
was
considerable interest in the
proposed
that
of
Curzon, the British Foreign Secretary, sent
request to the French Government for such
ing.
In reply France is said to have agreed in
eral with the British
that "the
a
a
meet¬
a
only the gathering of
this
subject contemplated
commission of experts."
a
Delacroix, the Belgian Premier, called
M.
Premier
on
Minister
as
jgnoring
him
Most
papers,
Fi¬
new
being over-optimistic, and have
rather
As
severely, as the "Times"
an
indication of seemingly
conditions, the Paris correspondent sent word
Wednesday night, "for the first time since the
Germans made their aerial raid in
capital has
1914, the French
full illumination of 2,500 electric arc
a
lights, in addition to its
many gas
lamps."
The Paris
between
"should
of the
the
Germany
the
and
Austria,
union
a
declared
that
proposed Austrian plebiscite, ordered
by the Austrian National Assembly for Oct. 17,
"had
on
representative of the New York "Her¬
ald," commenting upon the probability of
the
preliminary conversation with him
to blame than the
correspondents of American
critised
Lloyd George Monday morning and is said to have
a
more
gen¬
agreement reached at Spa last summer for
on
is
one
Minister, Frederic Francois Mar-
representative did.
note, but to have contended
conference at Geneva
tenth part
during recent weeks, have represented the
that
under the terms of the Treaty of Versailles.
a
he could turn black into white."
ones
Paris
the
tives with respect to
many
are
the French them¬
by underlining the good points and
the bad
better
Earl
upon
sal, who seems to have labored under the illusion
conference between British and French representa¬
reparations to be paid by Ger¬
Even
are.
No
recently.
French Finance
even
There
they
as
selves, the full realization of their danger has burst
nance
buy."
probably does not
moment dream that matters
a
on
question of union with Germany, result in favor
union, the annexation, while it
may
not
occur
question of German indemnity and the difference
immediately, is almost certain to happen within
of
five years at the
view
between
ments."
dor at
It
the
British
and
French
Govern¬
noted that "the British Ambassa¬
was
Brussels, Sir Geqrge Grahame,
at the interview."
present
was
The Paris correspondent of the
New York "Times" said in
a
cablegram Thursday
most."
Sir William Goode, head
of the Austrian section of the
sion, according to
York
a
Reparations Commis¬
Vienna dispatch to the New
"Herald," "has completed
nomic
a
plan for the
rebuilding of Austria and has
eco¬
explaine^ its
morning that "M. Delacroix had announced that he
general features to the Austrian party leaders and
and
prominent officials."
Lloyd George had reached
agreement with
an
regard to the forthcoming reparations conference,
which it would submit
and Italians."
immediately to the French
It became known that in his
to the British Prime Minister he had acted
ciliator between the British and the
that the conference
Brussels, "as
on
soon as
visit
as a con¬
French, and also
reparations would be held in
possible."
editor of the "Vossische
George Bernhard,
Zeitung," which is said to
be the
leading representative in Germany of a proFrench policy in that
country, published an article
the
a
It
was
reported that "one of
important projects will be the establishment of
bank
new
organized with foreign capital, as
stabilizing Austrian currency. This bank
will issue
notes, secured not by gold but by the cur¬
of each country interested in the bank, such
rency
notes to circulate
of Austria the
only outside of Austria.
Inside
present crown notes would continue
to be standard tender."
A
plebescite has been in progress in the Klagen-
furt
region of lower Austria "to decide Tvkether this
in which he declared that "relations between France
region shall remain under Austrian sovereignty
and
become
Germany since the
sinister
as some
improved
war
have
believe, and to-day
as many
been
never
so
are not so much
think." In discussing conditions
in the two countries he asserted that "France is in
a
fearful financial
debt in dollars and
the
predicament because she
owes
pounds, while her assets
are
a
in
deteriorating German mark.
a
for
means
a
"the presence
in each
nesses,
It was noted that
of British, French and Italian officers
voting district to act as arbiters and wit¬
exercised
a
quieting influence."
that "the results will
day."
or
part of Jugo-Slavia."
As
a
It
was
said
probably be known next Mon¬
matter of fact, a news agency dispatch
received
in
Paris
Thursday, saying that the
Unless Germany
itself makes it possible for the French Government
was
to convince the French
staying with Austria and 15,096 in favor of going
ble is
being done,
followed."
but with
a
people that everything possi¬
policy of conciliation cannot be
as
with
already counted showed 21,852
Jugo-Slavia.
in favor of
As indicating how little regard
France,
is felt
by the smaller nationalities set up under the
to which
Peace
Treaty for the provisions of the Treaty, the
He added that "it rests not with
Germany, in the first instance,
votes
Oct. 16
1920.]
THE
CHRONICLE
following dispatch from Vienna, under date of Oct.
14, is worth quoting:
Post"
Jugo-Slavs, dissatisfied with the
plebiscite in lower Austria, have en¬
results of the
tered the southern
zone
and
occupied several towns.
reply to the Allied Commission's protest the bat¬
In
talion commanders declared
they did not recognize
plebiscite commission, and announced they would
the
take
the administration
over
It is rumored in
pending developments.
Klagenfurt that other troops are
authorities
the way to the zone.
The provisional
have ordered the population to remain
on
quiet and
riots, the
beating of Germans and the robbing of shops are re¬
ported at Marburg.
An analysis of the plebiscite
await the
action
of the
Allies.
Serious
shows that 31 out of 51 communities went Austrian.
on
Wednesday the assertion was made that
"according to details received in Paris labor quar¬
ters
Two battalions of
the
to-day, Russian influence in Italy is
vanishing point there
attention
of
cablegram
statements
week ago this morning told
a
published in the "Herald," British
of labor, to the effect that "Great Britain
organ
has threatened to take action
if
steps
are
British
called to
was
a
working
Lenine
the
on
lines and for the
same
is
finished in both countries."
Raymond
Poincare, formerly President of France, was quoted
as
saying that "I have a feeling that the Soviet re¬
gime is due to end."
The Paris correspondent of the
New York "Tribune" said in
Thursday
per
morning,
dispatch to his
a
that
"in
quarters it is believed that
Bolshevik
policy
bordering Russia would result in the early
collapse of the Soviet Government in Moscow."
The
advices
differed
more
looked
as
sion for
apprehension about them.
Mission
conditions
by
heard
part of the bargain
July for the mutual release of all prison¬
week ago
a
to-day that
broken out in Moscow.
was
reported
ceived from
new
London
great rebellion had
a
Violent street
Wednesday.
on
fighting there
A dispatch
Warsaw, in which it
insurrection
ernment has
re¬
was
declared that
was
against the Russian Soviet Gov¬
broken
out in
the district
of Nizhni-
Novgorod, 265 miles northeast of Moscowr."
reported that the insurrection
Social
as¬
Great Britain
and cessation of all hostile action."
ers,
"a
London,
regime will promise to
required
when the latter carries out her
made last
in
It
was
started by the
was
Revolutionary Party, and that it embraced
"great
of peasants."
masses
It
said "to be
was
opinion seemed to be growing all week in
several
large European capitals that Sovietism
declining pretty rapidly.
"a trained
A
diplomatic observer," in
the London
was
characterized
man
an
his
strength
forces,
but
as
interview with
of
General
the
as
though
there
Wrangel
week
and
advanced
not
was
to
as
much
It
was
it
occa¬
reported
in London that "the Russian Soviet Government has
sent
delegation with
a
peace
proposals to the head¬
quarters of General Wrangel."
was
received in the British
other
also
message
claimed
that
This information
capital by wireless. An¬
to hand in which it is
came
Soviet
the
Government
has
just
or¬
dered the mobilization of several additional classes
of
soldiers, with
view to making
a
General Wrangel.
upon
credited, while the
On the other
Oct. 14
Soviet
This
a
was
offer
reported
hand,
a
fresh attack
not generally
of
peace
was.
Berlin telegram, under date of
quoted Foreign Minister Tchitcherin of the
Government
declaring that Red Russia
as
would not seek terms with Gen.
deal with him
spreading rapidly in all directions."
The
actual
less
or
sian
the
active anti-
an
countries
Reply¬
ing to this threat, Leonid Krassin, head of the Rus¬
serted that the "Bolshevist
pa¬
authoritative
the part of all the small
now on
the
fulfill
are
end.
same
against Soviet Bussia
prisoners held by the Bolsheviki."
Trade
Special
He said that "French and Italian labor
ers.
not taken by Oct. 10 for the release of
Bolshevist
near
as
in France."
as
statement made by M. Joulaux, the French labor leader, who won a recent
victory for the anti-Lenine party of the French work¬
French
A London
1505
"as
Wrangel, but would
he deserves."
Thursday
morn¬
ing Constantinople sent word that "the reoccupation
by the Bolsheviki of Mariupol and Berdiansk, on the
Sea of Azov is announced."
It
this meant
Wrangel forces.
setback for the
a
was
explained that
correspondent of the New York "Her-
#
aid,"/was quoted
as
having asserted that "after Bol¬
shevism, anarchy—utter anarchy, and nothing else,"
will
come
in
Russia.
He
said to have
was
that
"then, little by little, Russia will be
ated
on
be
a
a
reconstitution of
for
process
longer."that
This observer
"Bolshevism
in
paper
society.
day, but for
a
is
was
now
added
regener¬
This will not
decade—perhaps
a
reported to have said
its end."
near
Stockholm received
a
A
news¬
dispatch from its
correspondent in Reval, in which he said, "there is
no
doubt that the Soviet army
The
new
perate
were
peace
means
terms
A
as a
Berlin
spread of the demoraliza¬
correspondent of the New York
on
Tuesday that "most German ob¬
of the Russian situation
expect that Russia
will have the most calamitous winter in her
and that Lenine and
Trotsky
bling of their authority."
such
a
cities
In
a
are
harvest
are
in
Paris
dire
has
history,
facing the
He added
friend of the Moscow Soviet
milian Harden accepts as
Russian
des¬
to prevent this dissolution, but they
"Herald" cabled
servers
forced through
were
too late to arrest the
tion."
is facing dissolution.
crum¬
that "even
regime
as
Maxi¬
true the reports that the
been
a
failure
distress from
cold
and
that
and
hunger."
the
cablegram to the New York "Evening
feature
The
of
British
the
attracted the greatest
labor
attention
was
situation
75% of the coal miners, after having taken
ballot, to
of the terms offered by the
181,428 votes
totaled
votes
a
second
out on strike to-day or next MondayJ
go
For acceptance
only
that
the decision of
cast,
were
635,098,
giving
owners
while the opposing
a
majority against
acceptance of 453,670.
The following comment
the situation
a
appeared in
on
London cablegram Thurs¬
day evening: "It seemed certain that unless the Gov¬
ernment
or
the mine
the men, or
than
conceded the demands of
owners
made fresh and attractive offers,
more
800,000 miners would not return to the pits
Monday, thereby throwing hundreds of thousands of
workers in other industries out of work and
the life of the
thk number
) In
country."
was
estimated at 1,000,000.
yesterday morning's
stated
paralyzing
In last evening's dispatches
London advices it
emphatically that the Government had
hausted
its
resources
to
reach
a
settlement.
was
ex¬
The
correspondent of the New York "Times" said that
"at present
chance
of
George, it
rations for
there does not
further
was
a
be
a
remote
proposals being offered.
Lloyd
appear to
reported, had long been making prepa¬
strike.
There
were
intimations that the
*
1506
THE
refusal of the terms of the mine
due
was
partly to
owners
propaganda in Great Britain.
Bolshevist
If the strike actually
occurs
it is feared that
will be
compelled to shut down.
large number of industries
a
Announcement
Government had
made that the
by the miners
well organized
the
was
stopped exports of
coal.
[Vol. 111.
CHRONICLE
•:/.'■; iv;
minimum discount rate has not been
week totaled
£710,683,000,
last week and
£674,860,000
items of the Bank of
BANK OF
.'-vi
Oct. 9 indicated
tures
over
balances
expendi¬
reduced
£531,000, to £3,087,000, in
comparison with £3,618,000 in the preceding state¬
For the nine
ment.
days under consideration
ex¬
outflow,
including
advances
and
other
Receipts from all
total,
items, .totaled
sources were
Foreign
£850,000.
credits
From sundries
£2,191,000
was
Of this
of £81,750,-
received.
New
issues of Treasury bills were £105,969,000, but sales
of
Treasury bonds continue negligible, viz.: £170,000.
As
sales
amount
the
of
Treasury bills
repaid, there
volume
as
last
at the end of
is
advances
with
compares
September.
amount
to
£143,104,000
The total floating debt
slightly higher, being £1,290,003,000,
£1,281,808,000 in the report issued
Last year the
34.257,747
floating debt
was
against
as
of Sept. 30.
as
34,345,213
60,265.045
59.231,870
42.187,840
81,676,000
82,602,331
96,616,804
100,359.198
101,389.822
14.481,000
22,827,277
28.650,090
32.846,046
38,237.291
Coin and bullion—123,154.414
88,082,372
73,196,890
56.035,326
56,455.151
10.18%
18.70%
17.10%
18.80%
23.30%
7%
5%
5%
5%
6%
1
roportion cf reserve
liabilities.—
Bank rate
The Bank of France in its
weekly statement reports
further gain of 1,322,050 francs in the amount of
a
gold in vault, holdings abroad remaining unchanged.
The Bank's aggregate
gold holdings
change has been noted in official discount rates
are
At this time in 1919 the total
held abroad.
abroad
held
cluding
and in
1918
5,439,853,034 francs, in¬
francs
2,037,108,484
items
follows:
as
Silver, 6,739,000 francs;
bills
discounted, 80,694,000 francs; advances, 6,024,-
000
francs;
General
deposits,
Treasury
circulation took
favorable turn,
a
a
40,378,000 francs being registered.-
The total out¬
now
36,799,435,880 francs in 1919 and with
39,526,943,370 francs, which
to the outbreak of
war
previous.
year
In London
market discounts at other centres.
England
in
its
was
weekly
Gold Holdings,.
as
to
£41,040, and contrasting with moderate gains the
two previous weeks.
This was accompanied, how¬
ever, by an increase in total reserve of £640,000, the
result of
decline in note circulation of
a
Oct.
.Inc.
—
Oct.
Francs.
Fiancs.
Abroad—
14 1920.
16 1919.
Oct.
17 1918.
Francs.
Francs.
3,534,062.700
3.596,552,479
3,402,744,549
1,948,367,050
1.322,050
No change
1,978,278,416
2.037,108,484
;
shown by the Bank of
statement, amounting
—Status as of—
Cltantjes
for Week.
1,322.050
5.482.429,750
5,574,831,165
5,439,853,034
Inc.
6,739,000
263,192,495
289,869,569
319,554,365
Bills discounted...Inc.
80,694,000
2,411,147,298
1,007,054,077
841,801,928
2,098,397,000
1,340.040,076
846.220.583
Total—— -Inc.
gold
are
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Silver
A small loss in
figures of last
follows:
Call
reports have been received by
no
only
corresponding dates in 1919 and 1918
In France
learned,
was
Comparisons of the various
6,683,184,785 francs.
private bank rate continues to be quoted at
So far
con¬
Just prior
in 1914 the amount
as
be
Note
contraction of
standing is
7lA% in Sweden and 4^% in Holland.
cable of open
francs.
29,612,000
deposits decreased 28,230,000 francs.
week and
can
abroad.
registered in the
items in this week's return' with the
in London is still quoted at 4%%.
held
then
were
6% in Paris and Rome; 7% in London and Norway;
money
was
5,574,831,165 francs, including 1,978,278,416 francs
leading European ^entres from 5% in Berlin,
Vienna, Spain and Switzerland; 5J^% in Belgium;
63^@6%% for sixty and ninety day bills.
stand at
now
5,482,429,750 francs, of which 1,948,367,050 francs
trasts with
£1,304,046,000.
at
the
55.589.446
Reserve notes & coin
30,630,952,720 francs the
No
36,667,860
42,731,954
132,669,335 108,495.580
Other securities—
various
aggregates
now
against £1,138,794,000, the total
which
22,225.497
18.
£
41,639,280
99.851,919 133,664,581
During the week increases
Temporary
£211,364,000,
62,996,800
which
outstanding,
Oct.
£
83.705.095
substantial reduction in
was a
£1,078,639,000,
reported.
smaller than the
were
£
1916.
17.
bills,
brought in
sum
1917.
Oct.
Governm't securities 63.708,000
£219,662,000.
£219,131,000.
£1,500,000 and advances the large
000.
Treasury
contributed £26,701,000 and savings
revenues
certificates
of
repayments
18,200 000
*
1918.
Oct. 16.
15.
£
deposits.-..123,971.000
Other
to
shown to be £36,459,000, while the total
penses were
Oct.
13.
.,127.122.000
Public deposits.—
COMPARATIVE STATEMENT.
191S.
£
Circulation
with the result that Exchequer
revenues,
were
the nine days ended
further increase in
a
We append
England return:
ENGLAND'S
Oct.
with
against £883,379,000
as
a year ago.
tabular statement of comparisons of the different
a
1920.
British Treasury returns for
changed from
Clearings through the London banks for the
7%.
£681,000.
Advances.
Inc.
circulation-Dec.
Note
6,024,000*
40.378,000
39,526,943,370 36,799,435.880 30,630,952,720
Treasury deposits.Inc.
29,612,000
=75,212,000
70,667.922
59,497,377
General deposits-Dec.
28,230,000
3.128,254,894
2,762,245,330
2,856,535,187
The
Imperial Bank of Germany in its statement,
issued
as
As had been expected, the usual transfer of funds
in
principal items.
brought about large reductions in the deposit items,
increase of 8,062,124,000
which in turn
reserve
against 8.87%
Public
were
declined
securities fell off
there
was a
compares
ago
£10,792,000,
£81,000.
now
with
,
196,890 in 1918.
£127,122,000.
10.18%,
£3,049,000.
while
year.
Other
In loans (other securities)
£88,082,372
The Bank's
£123,154,414, which
last
year
and
Circulation has reached
Last
as
Government
£14,343,000.
aggregate
year
and in 1918 £62,996,800.
as
advance in the
to
and 18.70% last
reduced
contraction of
gold holdings
an
liabilities
to
week
a
deposits
deposits
responsible for
was
proportion of
a
£73,-
total of
it stood at £83,705,095,
Reserves total £14,481,000
against £22,827,277 in 1919 and £28,650,090 the
year
preceding.
Loans
stand
at
£81,676,000, in
comparison with £82,602,331 and £96,616,804
and
two
years
ago,
respectively.
The
one
Bank's
a
its
of
Sept. 30, showed further radical changes
Chief among these was an
marks in bills discounted,
gain of 2,471,823,000 marks in circulation, and
expansion in deposits of
marks.
There
certificates
creases
was
no
also
an
increase
in
Treasury
amounting to 881,158,00,0 marks.
were
Notes of other banks fell off
657,000 marks and advances 5,853,000 marks.
ties
De¬
reported of 78,000 marks in coin and
5,000 marks in gold.
vestments
an
less than 5,836,229,000
were
reduced
42,983,000
marks,
In¬
securi¬
698,176,000 marks and other liabilities 112,522,The Bank's total
000 marks.
stock of gold is re¬
ported at 1,091,579,000 marks.
Last
week's
statement
House banks and trust
was
about
had been
as
of
New
York
Clearing
compaines, issued on Saturday,
expected and showed that the banks
able, mainly through
an
increase in borrow-
Oct. 16 1920.]
THE
ings at the Federal Reserve institution, to
the deficit of the previous week and leave
tial
surplus
item
legal
increased
requirements.
$9,829,000,
to $4,158,975,000.
up
overcome
a
The
bringing
as
large as had been expected.
Not a
railway officials look for business to drag more or
less during the winter.
They are hopeful of material
few
loan
improvement in the spring.
tot^l
the
This is exclusive of Govern¬
apparently will require considerable
deposits of $140,943,000, the latter a decline
of $18,843,000 for the week.
Among the other
changes were an increase of $9,832,000 in cash in
$93,460,000 (not counted
of
$47,344,000 in
Federal
in
temporarily.
be
reserves
a
gain
$569,343,000.
in other
reserve
trust
companies
Aggregate
$340,000
rose
showed
reserves
the
large
735,000. ' In
which
surplus
the
gain
increase
$47,243,830,
was
changed the deficit of $11,043,850 recorded
a
week earlier into
an
of
The figures here given for surplus
$36,199,980.
based
on
for
ments
above
excess
of
reserves
member
legal requirements
13% above legal require¬
banks
of
the
Federal
Reserve
figure.
On
The Federal Reserve statement reflected the
heavy
$1,041,972,369.
of cash
reserve
because of
and
a
There
in
net
The bank statements in
found in
a
decline in cash
increase
an
was
decrease in the ratio
from 41.1 last week to 38.5,
of $19,549,000
reserve
deposits
more
partly
of
$55,388,000.
complete form will be
subsequent section of the "Chronicle."
a
market
were
this
put through in the local money
week.
Yesterday
the
Anglo-French bonds, which matured
paid off.
were
$500,000,000
on
that date,
Of this amount about $200,000,000
paid put in cash by J. P. Morgan & Co.
was
balance
of
Interest
the
on
bonds
Liberty
had been redeemed
bonds
amounting
The
already.
to
about
$40,000,000 for the Second Federal Reserve District
also fell due.
of
The Government
paid out
on
account
maturing United States Treasury certificates of
indebtedness about $65,000,000.
000,000 from local banks.
tions and the
and rather
not
In spite of these transac¬
new
securities,
high
as
as
concerns, the
rates for call money
it had been feared they would be.
Of course, borrowers did not like to pay 9 and
but
10%,
they would not have been surprised to have
still higher quotations.
renewal
also
that
was
was
figure.
caused
up
was
further
Friday's
range
was
was6 @9%,
ruling rate
light supply during the week, but this is
in
regarded
as
only
with very
the
market
is
largely
These
passing
was
for sixty and ninety
quoted at 8%, against 7%% for
are
sixty days last week.
regular mixed
continues at
for the
For fixed
nominal affair,
a
little doing owing to restricted offerings.
Four months is still at 8%,
and five and six months' money at
on
Call funds have
temporary feature and the result
a
Most of the business
days.
still 9%.
was
huge financing operations.
7%%, unchanged,
All-industrial
collateral.
money
8% for sixty and ninety days and 7%%
longer maturities.
has ruled quiet but firm, with
sixty and ninety days' endorsed bills receivable and
six months' names of choice character still quoted
at 8%, and names less well known at 8@8J^%.
Offerings were rather light and transactions in the
aggregate only moderate, with the inquiry again
chiefly from country banks.
Banks' and bankers' acceptances have been fairly
active, though out of town institutions continue to
furnish
most
trading
business.
was a
of
the
A
feature
the
of
inquiry from savings
bills. The undertone
levels previously cur¬
to be quoted at 5Jd2%»
renewal of the
banks for prime New York
was firm with quotations at
rent; demand loans continue
Rates in detail follow:
Spot Delivery
Sixty
Thirty
Ninety
Days.
Days.
Eligible bills of member banks
BSA@QX
6^@6H
8
@7X
Days.
6Ji@6X
Eligible bills of non-member banks.....6%@6X
Ineligible bills
8
..
There have been
@7X
6H@BX
8
®7X
Delivery
within
30 Days.
0& bid
7
bid
8
bid
of rates
now
seen
in effect for the various classes of paper
DISCOUNT
RATES
IN
OF
THE
EFFECT
within
member
'
FEDERAL
OCTOBER
Discounted
bills
90
15,
came
Treasury
certifi¬
of
majority opinion in the financial district is that
maturing
(Including
lb-day col- Bankers'
accep¬
secured by—
notes)
Liberty
Other¬
gradually will work easier.
largely
upon
lines
the expectation of
It
already.
reflected in the gross
This opinion is
a
further
reces¬
has fallen off
This
considerably in
development is being
earnings of the railroads, which
September and for the first week of October,
dlsc'ted
bonds
wise
for
and
secured
member
banks
Indebt¬
Boston
BANKS
days
tances
a
from the Stock Exchange.
RESERVE
1920.
banks'
Federal Reserve
was
surprise when during the last hour
The
at the different Reserve banks:
surprise/ The natural deduction
There
changes this week in Federal
following is the schedule
no
Reserve bank rates.
In view of the 9% renewal
made well in advance.
sion in business.
for
again the high;
was
Victory
and
edness
some
max¬
also the
been
lateral
quotation of 6%
based
was
negotiated at 9%, which
day.
cates
money
to 10%, the
8% and this
was
same
(Columbus Day).
but the
Bank of—
The
This
Monday the high
holiday
a
were
the lowest for the
preparation for the heavy Government
operations
still
differentiation.
Thursday 10%
renewals, however,
rate, yesterday, the drop to 7% early in the after¬
noon
surprisingly strong.
heavy private borrowings by manufactur¬
ing and commercial
were
without
It withdrew $86,-
offerings of large blocks of
There will
Commercial paper
Unusually large transactions for the account of
Governments
is
Wednesday the rate moved
maturities
demands being made upon that institution, the bills
held under discount rising from $970,595,000 to
these
of 6@10%,,for mixed collateral
range
imum, while the low
of
Saturday last.
a
Tuesday
of the recent
on
large.
with 7@8% last week.
system but not including cash in vaults to the amount
$93,460,000 held by these banks
from
9%, with the low 7%% and renewals at the
was
of
to $587,-
up
to adjust
money
funds
rates in detail, call loans this
money
all-industrials
compares
$9,358,000.
to
$48,498,000, which carried the total
are
week covered
and
depositories held by State banks and
companies
for
the stock market
now
Referring to
augmented $814,000 to $9,034,000, while the
were
demand
an
Just
Reserves
State banks and trust
of
situa¬
are many
active demand for stock market purposes if
conditions seem to favor higher prices for securities.
of member banks with the
Reserve Bank to
vaults
own
reserve), and
as
The
is expected to be rather
sources
vaults of members of the Federal Reserve Bank,
own
There
tions in manufacturing and commercial lines which
ment
to
1507
not
were
substan¬
expanded $28,923,000, while net demand
was-
deposits
above
CHRONICLE
notes
Agricul¬
Trade
tural and
accep¬
live-stock
tances
paper
maturing maturing
within
91 to 180
unsecured
90 days
7
days
7
6
7
0
7
0~
7
BX
6
BX
0
0
t6
BX
0
BX
BX
O
t6
6
0
0
0
0
Atlanta...
t6
BX
6
5X
0
0
Chicago
t6
*5X
6
7
6
7
7
BX
0
BX
0
0
BX
6
7
6
ex
7
0
...
New York
BX
BX
Philadelphia........
t6
Cleveland...
Richmond
St. Louis
Minneapolis
7
0
Kansas City
Dallas
t6
t6
6
BX
o
BX
0
BX
0
0
San
t6
6
0
0
o
0
Francisco
*
*
and
BX %
5f%
on paper Secured by
certificates.
BX % certificates, and 5% on paper secured by 4H
%
rates
corresponds with interest rate borne by certificates pledged as
of Philadelphia, Atlanta, Kansas City
Dallas and 5M% in the case of Cleveland, Richmond, Chicago and Ban
f Discount rate
Francisco.
-
.
Note.—Rates shown for Atlanta, St.
;;
;
Louis, Kansas City and Dallas are
discounts not in excess of basic lines
rates, applying to
3
fractionally down, demand to 3 4834®
were
•collateral with minimum of 5% in the case
nnd
[Vol. 111.
CHRONICLE
THE
1508
and sixty
cable transfers 3 49%@3 5034
49%,
Tuesday was a holiday (Col¬
No increase in activity was shown at
days 3 44%@3 44%.
normal
Day).
umbus
fixed for each membra: bank
Federal Reserve Bank. Rates on discounts in excess of the basic line are
subject to a M % progressive increase for each 25% by which the amount of accom¬
modation extended exceeds the basic line.
by the
Wednesday's opening and quotations were practically
with demand bills at 3 48)4@3 49%,
3 49%@3 50 and sixty days at
unchanged,
transfers at
cable
characteristic of 3
44%@3 4534; most operators were averse to tak¬
market during the
ing any active part in the exchange market, pending
In keeping with this, settlement of both the Anglo-French loan payment
proved to be the chief
Dulness
trading in the sterling exchange
part of the week.
greater
within
rates moved
irregularity
were
was
obvious.
unimportant.
For
by observance
limits, and while some
on
one
Increased weak¬
and the British coal miners' vote.
shown, movements in either direc¬
was
tion
narrow
developed
ness
The reason for this lethargy
thing the week was broken
Thursday,
on
a
as
result of freer
would
offerings and rumors that the British miners
reject the coal operators' compromise offer, and quo¬
tations declined to 3 47%@3 49 for demand, 3 4834
Tuesday of the Columbus Day
the date
@3 49% for cable transfers and 3 43%@3 44%
much-talked-of Anglo-French
sixty days.
Friday's market' reacted sharply on
loan maturities, dealers withdrew almost wholly from
unfavorable British labor news, and demand declined
the market as either buyers or sellers.
Another un¬
to 3 46@3 46%, cable transfers 3 46%@3 47%, and
favorable factor which has been overhanging the
sixty days 3 41%@3 42%.
Closing quotations were
market of late was the uncertainty felt concerning
3 42% for sixty
days, 3 4634 for -demand and
the outcome of the re-balloting among British coal
3 47 for cable transfers.
Commercial sight bills fin¬
miners over the question of declaring a nation-wide
ished at 3 45%, sixty days 3 39%, ninety days 3 38,
strike.
As a result business was confined to strictly
documents for payment (sixty days) 3 40% and sevenroutine transactions and there were times when the
Cotton and grain for pay¬
day grain bills 3 44%market was practically at a standstill with quotations
ment closed at 3
holiday, while with the close approach of
of
the
of
payment
smaller than that of the previous
was
Government's
the
that
ment
proposals had been
strike in
overwhelmingly rejected, and that a coal
Great Britain is
of 3 cents,
imminent, caused a sharp
now
break
which carried demand to 3.46, the lowest
for the week.
However,
as
has been the case on so many former
occasions, the loan payment turned out to
have been
ripple
much of the
amply discounted and failed to cause even a
on
As
price levels.
matter of fact so
a
had been pre¬
viously arranged for, that the final settlement proved
to be a relatively simple operation which caused no
loan, especially Great Britain's share,
disturbance whatever and meant nothing more
a
turnover in the money
cluded 376 boxes of bar gold on
week and in¬
the SS. Aquitania,
account of the Federal Reserve
the latter estimated at approxi¬
for
presumably
Bank and 41 boxes,
mately $2,000,000 for Kuhn, Loeb & Co.
also
a
There was
consignment of $2,800,000 which arrived on the
French Line SS. La Lorraine for J. P. Morgan
Thursday the Adriatic docked with $14,000,000
On
in
& Co.,
applied against the Anglo-French loan payment.
to be
gold bars
account of
on
board, of which $3,000,000 is for the
Kuhn, Loeb & Co., and the balance con¬
signed to the New York Federal Reserve
than
Brokers who have
market.
The week's gold movement
45%-
At the close announce¬
little better than nominal.
Bank.
Continental exchange, broadly speaking,
lowed the
has fol¬
of sterling and here also dealers
course
in
appear to have been marking time pending a decision
of the
in the British coal strike situation and the actual
way, are likely to be disappointed, although it is still
paying off of the Anglo-French maturities. A good
too soon to venture upon any opinions as to just what
deal of irregularity was noted at times, but fluctua¬
course the market will take during the next few weeks.
tions were relatively narrow and transactions small in
With the nearing of completion of the crop moving
volume.
In a word, the attitude was that of awaitinsistently predicting marked improvement
been
sterling exchange, once this payment is out
season, some
other
On the
look for decidedly higher levels.
hand, the prospect of continued labor unrest
England, the failure to satisfactorily adjust the
in
Irish
problem, threats of uprisings in India, as well
the breaking out
as
similar to those
militate
in
of banking difficulties in Cuba
recently experienced in Japan, all
against the possibility of
currency
values at present.
banking opinion is optimistic
on
any
In
ing further developments in
tional
were
some
quarters
ling, and the point is made that, according to recently
the important interna¬
pending, and even speculators
part out of the market.
In the
now
for the most
final dealings
quotations ran off in sympathy with
slump in sterling.
the
Lire
material rise
the subject of ster¬
problems
usual took the lead both
as
and in weakness
centimes, to 25.04.
but
after
a
in point of activity
and in the early dealings lost 38
Later there was a brief rally,*
sagged off on heavy
time prices again
bills, the closing figure.
selling was for
greater than,had,been estimated.
Much of the
foreign account.
According to all accounts, the
recent weakness is said to have been due not only to
labor situation in Italy is still threatening, while
the heavy seasonal offerings of grain and cotton bills,
financial conditions in that country are said to
but also to the continued buying of dollars in London
French
by French interests coincidental to France's payment be in some respects distinctly unfavorable.
issued
Treasury
statements,
England's
revenue
is
of her share of the loan.
warranted, of
course,
Just how far this view is
only time
Saturday of last week was a shade easier and de¬
mand declined to 3
3
49%@3 50%, cable transfers to
50%@3 5134 and sixty days to 3 45%@3 46%.
On
Monday trading was largely of a pre-holiday
character
and
the
volume
of
transactions
reported that some of the
was
francs
were
likewise under pressure and
tation ruled well under
can prove.
Referring to the day-to-day rates, sterling exchange
on
selling, to 25.57 for sight
It
far
small;
the
quo¬
the levels prevailing a week
(yesterday) the improvement which
paying off of France's
portion of the Anglo-French loan maturities failed to
materialize and exchange on Paris closed at 15.40, or
On Friday
ago.
was
near
is
expected to follow the
to
due
the lowest for the
in
part
week.
to the heavy
This, of
course,
export movement of
'
:
-V :•-s.
Oct. 16 1920.]
THE
CHRONICLE
commodities from this
country to the French centre.
Reichsmarks were in somewhat
larger supply, and
result
a
as
of
renewed
attempts to sell, the
tation broke to 1.41 for
last week's
checks,
quo¬
18 points below
or
close.
1509
and commercial
week.
sixty days 30.45, against 30% last
Swiss francs closed at 6.30 for bankers'
bills and 6.28 for cable transfers.
close
6.25
was
and
6.23.
ished at 13.70 and cable
cated
transfers 13.65, against 13.95 and 14.05
tendency toward activity.
Greek ex¬
again adversely affected by trade develop¬
in that country and drachma
quotations estab¬
any
change
ments
was
lished another
low level of 9.40 for
checks,
new
loss of 67 points for the week.
Announcement
as
result of
a
regulations
issue consular invoices for
exports from Italy to the
United States on the quotations of the
gold exchange
f; which the Italian Government will establish, had little
or
effect
no
market quotations here.
upon
It is
explained that the intent of the Government is
protect shipments
now
on
States for which currency
a
value of 2
gold lira.
to
now
discontinued; that
lire equal to the value of 1
paper
Advices from
Madrid
declare
that
the
Spanish Minister of Finance has empowered the Bank
of Spain to issue a total of
500,000,000 pesetas addi¬
tional
bank
The
notes.
5,000,000,000 pesetas.
decree
total
authorized
now
is
France has likewise passed
raising the maximum amount of
that may
53.27,
as
against 52.55
sight bills
a
a
Paris finished at
on
In New York
closed
centre
at
15.40,
against 14.97; cable transfers 15.38, .against 14.95;
sight 15.44, against 15.01, and commer¬
commercial
cial
sixty days 15.51, against 15.08 last week.
gian francs finished the week
14.55 for cable
week
at 14.57 for checks and
Closing quotations for reichsmarks
1.41 for checks and 1.43 for cable
were
Bel¬
transfers, against 14.24 and 14.22 the
previous.
which compares
with 1.57 and 1.59
and
00.36%.
25.54
for
a
remittances,
week.
Last week the close
Exchange
on
on
Poland at 40,
against 38, and
was
at
1.23,
Bucharest at 1.82, against 1.91;
week
a
shade firmer in the earlier
last
week.
transfers, in
exchanges have moved within
trading continues
absolutely nothing
new
Chilian
Swiss
x
francs
time.
The
were
In the Far Eastern
has
brought about
com¬
narrow
Hong Kong is
alternately
a
small fraction
recently established.
declining to 6.29 at
36.37%
17.50
for
Peru is
exchanges the break in silver
weaker tone in Hong Kong and
and also in
Indian
exchange.
quoted at 71 %@72,-against 73%@
@47 (unchanged);
Singapore, 43%@43%
(un¬
changed); Bombay, 30@30%, against 30@31%, and
Calcutta, 30%@30%, against 30%@30%.
The
New
lost
York
Clearing House banks, in their
|631,000 net in cash
result of the currency
as a
movements for the week
ending Oct. 15.
Their
re¬
ceipts from the interior have aggregated $10,718,000, while the shipments have reached $11,349,000.
Adding the Sub-Treasury and Federal Reserve op¬
gold imports, which together occa¬
erations and the
sioned
a
loss of
$84,347,000, the combined result of
the flow of money
into and out of New York banks
for the week appears
000,
to have been
loss of $84,978,-
a
follows:
as
,
Week ending Oct. 15.
Into
Out of
Banks.
Banks' Interior movement
Total
The
one
heavy,
were
one¬
Amsterdam finished
at
31 1-16,
30.90
against
against 30%,
Bank Holdings.
$11,349,000 Loss
$631,000
21,539,000
105,886,000 Loss
84,347,000
$32,257,000
$117,235,000 Loss $84,978,000
following table indicates the
in the
Net Change in
Banks.
$10,718,000
Sub-Treasury and Fed. Reserve op¬
erations and gold Imports
amount of bullion
principal European banks:
■1
r
.
October 16 1919.
Gold.
Silver.
Total.
Gold.
Silver.
£
£
£
£
£
England
France
..
a..
Germany
123,154,414
141,362,508
id.52o~.6dd
54,578,750
-
Aus Hun..
98,115,000
Italy.....
32,229,000
53,028,000
348.700
2.369,000
10,944.000
Spain
Sweden...
Denmark
23,665,000
2,998,000
Total week
581,965,672
Prev. week 581,046.130
Gold
1,485,000
1,071,000
3,957,000
"145,656
12,644,000
8,119,000
.
Norway
123,154,414 88,082,372
151,882,508 143,862,110
54,927,450 54,755,600
13,313,000 10,931,000
121,780,000 96,408,000
35,227,000 32,216,000
54,513.000 52,682,000
11,731,000 10,642,000
25,576,000 18,932,000
15,512,000 16,675,000
Total.
£
88,082,372
11,560*,000
155,422,110
972,500 55,728,100
2,359,000 13,290,000
25,620,000 122,028,000
2,980,000 35,196,000
401,000
53,083,000
11,761,000
21,415,000
16,675,000
11,095,000
1,119,000
2,483,000
12,789,000
10,616,000
8,119,000
8,162,000
8,162,000
46,558.700 628,524,372 544,264,082
46,171,500 627,219,630 544,061,715
47,673,500 591,937,582
47,794,300 591,856,015
holdings of the Bank of France this
year
are
179,000
exclusive of
held abroad.
£77,934,682
A DRAGGING CAMPAIGN.
Small wonder there is
apathy in the campaign!
Even the moth-eaten tariff could be made
could
1-16; commercial sight at 30.80,
still
74; Shanghai at 97@98, against 100® 100%; Yoko¬
51%@51%, against 51%@51%; Manila, 46%
a
exchanges
against 30.95; cable transfers at
31
is
rate
36.08% and
and
hama
10,660,000
sided trade balances.
on
now
21,619,000
15,512,000
as ever.
favorable condition of international affairs and
sight
at
36.25
on
though without material change, while pesetas again
lost ground slightly; all without specific
activity or
cause assigned therefor, beyond the continued un¬
Bankers'
a
Shanghai exchange,
Switz'Iand
weak,
against
slumped to 10 27-32, against 16 last week.
to report in this direction.
Scandinavian
a
still at 5.00.
Nat. Bel..
Guilders continue to rule
was
17.62% for cable transfers, unchanged.
exchange was again under pressure and
Netherl'ds
dull
above and below the low levels
36.21,
For Brazil the
.
There is
as
com¬
checks and
Finland at 2.60,
parison with 10.10 and 10.10.17 the week before.
limits and
transfers
October 14 1920.
on
9.50 for checks and 9.60 for cable
The neutral
This
dealings, but again sagged
off, and Argentine checks finished
cable
Greek exchange finished at
ago.
14.38
were
with 14.68 and 14.70 last week.
pares
with 24.66 and 24.64 last
Czecho-Slovakia closed
against 1.31%;
against 2.80
00.35%
was
sight bills and 25.52 for cable
This compares
week earlier.
a
week earlier.
For Italian lire the final rate
bankers'
transfers.
19.85 and 19.95,
Norway finished at 13.55 and cable
on
for checks and 14.40 for cable transfers.
Austrian kronen closed at 00.33 for checks and 00.34
for cable transfers.
Sweden closed at 19.55 and
19.65, against
operations with interior banking institutions, have
week ago.
the French
on
(transfers 13.80, against 13.88
Closing quotations for Spanish pesetas
be issued to 41,000,000,000 francs, which is
The official London check rate
on
paper money
increase of 1,000,000,000 francs.
an
remittances
and checks
their way to the United
certificates of depreciation
had been issued under the rule
is, at
Checks
As to South American rates the undertone
in effect American consuls will be authorized to
now
cable
,
by the Italian Chamber of Com¬
in New York that
merce
a
and 13.95.
the
Copenhagen checks fin¬
Austrian and Belgian exchange
generally weak, while exchange on practically
all of the mid-European Republics showed a distinct
trend downward, although
trading in no case indi¬
ruled
sight
A week ago
be
tion.
And
made
there
were
into
actual
to
when
cloak
many
"Sixteen
to
tangible;
domestic
a
One"
was
the
ques¬
rage
plenty of silver dollars afloat, to be made
object-lessons.
But
a
proposal
for
world-regulation, that is something dim with dis¬
Arousing the average man in such a cause
tance.
is
Clubbing voters with
tremendous undertaking.
a
leaders, is like beating them with a flail of moon¬
shine.
For—"we have troubles of our own."
Again and again we read that "there is no illus-
"League" in Europe.
about the
There is a
"League" in existence, ostensibly the League, lack¬
ing one of its chief original proponents.
Yet the on-
looking peoples must now realize that a "solemn
referendum" to endorse the action of the representative of the United States is
i
not in his assumed
was
/
proof positive that he
role fully and finally
in-
structed.as to the wishes of the people of this coun¬
This significance reacts upon the attitude of
try.
If
the voter here.
did not enter the formation
we
League as a people, our "honor" is not at
of the
meaning of this, or to question the good intent
stake, and we can go in or stay out as our present
been clear just what he stood
ever
Why continue?
And the
question.
to making it a quasi-party
more
the talk and
analysis
goes on,
an¬
thought becomes uppermost—how was it hu¬
other
manly possible that five men, in so short a time,
could construct a Constitution for a United States
of
World, covering in detail so many minute
the
relations of
peoples and States that would be proof
against contradictions, errors of language, entan¬
glements of sacred sovereign powers, mistrials of
cases,
and the inclusion of articles of doubtful pur¬
And yet, so must the aver¬
and consequence?
pose
voter reflect, every citizen is required to unravel
age
tangled skein in order that he may ballot not
the
only rightly but intelligently thereon!
he is
As for
if
No wonder
apathetic—indifferent to undertake the task.
he
sustaining "our President" in his endeavor,
merely assumed to do what he was not in¬
structed to
do, if he was mistaken when he said, in
who
not opposed to
are
ter
that
a
as
mistaken
over
far
as
as
assumptions of those in high office,
these officials
most of the
are
concerned ?
Legislature not elected subsequent to the sub¬
an amendment to the Constitution of the
States shall be
United
a
no
harsher
world-union, born inside of
born at
a
of war,
in
a
by analogy the principle would declare
of
a
President empowered
would be
reparation in the
exacting, to
use
time when the turmoil yet
feelings and settlements
arrangements of recompense
very
treaty which wrapped it
swaddling clothes—small wonder when the voter
hesitates to accept
posing views
as
and
on
sooner are
the op¬
Covenant," threshed out in Con¬
the hustings than Article XI is brought
to negotiate a Treaty
provisions are first submitted to the people.
until its
elebtion, then,
Will this
President
to
go
serve
to instruct the next
into this Treaty
containing this
Will it serve to so instruct
suppose the Senate is Democratic
League or the reverse?
And
the Senate?
and the Executive
as
Republican ?
Is the conscientious
justified in relegating all domestic questions,
voter
espoused.by parties, to the rear, that he may
vote for
an
Executive and
foreign affairs?
a
Senate in harmony on
No such an issue was ever before
presented to our electorate, taken as a whole.
restive
at home.
or
indifferent, knowing what they know
apathy argue a sweeping dismissal
Does
of the whole
thing?
MEAN—HOLDING FAST TO
THE
GOOD.
Optimism is the religion of faith;
pessimism, the
One, believes the good will pre¬
religion of fear.
Optimism is faith in or¬
Out of the dark
of sleep, into the light of conscious activity!
Night
is only an intermittent shadow—for the sun is ever
shining. The infinite purpose was good "in the be¬
ginning"—so shall it end. "Upward and onward"
was the preordained
course of man—civilization
will not perish!
If there be an Infinite, life is not
a "barren peak between two eternities," but a little
journey on the road to happiness!
The waking child is "never still"—strength comes
vail; the other, the evil.
der, in equilibrium, in recurrence.
single life "from its source flows
from effort.
No
seaward but
some
"legalizing," by imposing regulation, traffic
tions appear
and disappear—the heritage of accom¬
3,
as
in
women
at leakt
a
And now, a woman,
speaking in
and children—an overlooked article with
mysterious sound, which reads
as
follows:
plishment
may
land is gladdened."
The genera¬
be obscured, it does not fail or perish.
realization of its
War does shock the world into a
"Members of the League will intrust the League
true
with the
Ages
was
agreements with regard to the traffic in women and
there
was
children, and the traffic in opium and other danger¬
decadence of civilization in the wake of
ous
Small
refuse to confront an overseas future,
men
campagin, arraigns Article XXIII, Paragraph
into the contest.
the
No
to the requirements of Article X,
the "heart of the
gress
it in toto.
But
that the act
powerless to commit a nation to a League
plan
encumbered with the immediate disposition
of territories and the
and
Here is
though the actual warfare had ceased, trou¬
bled if not tainted with the
argued this provision is a nullity.
Court it is
THE GOLDEN
term, treaty of peace with a single de¬
feated enemy,
seethed
an
powerless to ratify such an
From other decisions of our Supreme
amendment.
Apparently,
people do not worry over this.
And then the confusion in it all.
for
Why should a
representative Government worry
In the Constitution of the State of Ten¬
recently unearthed, there is a provision
mission of
grow
a
the spirit of peace and har¬
of peoples and States refuse to accept the let¬
thereof over which there is such difference of
mony
have
do," the mistake is his own.
interpre¬
Small wonder this
"overshadowing" political issue is irksome. And it
will be no wonder if, when the returns are in, men
tations, be they for or against?
effect, repeatedly, "I feel I am doing what you would
me
peoples do this—is the voter
ready to commit so many others to his own
wonder
loyal people in
on?
Men do not sign blank checks and
Is it wisdom that
sure.
nessee,
ural sequence
The
put them into the hands of strangers to fill out.
Men do not hurry into agreements they cannot meas-
opinion.
the effect
great task for the voter.
unchanging strength, and endlessly in time, but has
it
cussion
And, since there are in the dis¬
many claims and counter-claims as to
of the new creation, indifference is a nat¬
a
mythical Atlas in the story-books humped his
shoulders and apparently bore the world up with
old
judgment dictates.
so
of
provision, but is it not an undisputed part that
must be interpreted by the voter?
Really all this
the
and predetermination is
sledge-hammer strokes into following parties
sion"
[Vol. 111.
CHRONICLE
THE
1510
general supervision
drugs."
over
the execution of
We do not undertake to define the
destiny.
The thousand-year sleep of the Dark
followed by a renaissance in which also
restoration.
Those who now see the slow
world-war,
blotting out hope with despair, reckon not with the
Oct. 16
natural
1920.]
order
prevail
never
and
the
divine
light, this constant "turmoil," must
disappear, when the soul of
finds rest in the
man
of
good, treasuring
and
the heritage of law and order,
up
gathering confidence in the golden
tween what
is, and is yet to
ward in
a
of
taking
man,
clearer
perception of the divine destiny
in renewed effort by the
courage
of man's continuing
forces that reappear,
perishes by its
gone
be¬
wars cease
If, in the field of
served well in the service of its
creators, until dis¬
disorganized by the shattering of
even
be afflicted with wholesale
be
lost, that
ing into
to the
of
a
whence
good.
The
prosperity"
are
to
basis in untried
If
all
has gone
that
by
be
ever
can
and
progress
they have their
restored
un¬
relations, in revolt against
If
before?
reaction, how
a
"peace, I
experiments of Government, in
realized ideals of social
lowed
to its old Con¬
go save
again,
come
can
action is fol¬
every
equilibrium in affairs
by ignoring the base that
beginning—by refusing all restoration, by turn¬
ing
away
from the good that is to the good that is
to be?
tendency to discount all
involve
we
tions.
in
ourselves
civilization, here is
progress
curious
Admitting Credit to be
forces of
the "loans
the Allies."
to
illustration.
in
And the time
in
realized
was
peoples
were
in
and
progress.
came
when the
Secretary of
time the statement being reiter¬
international financial conference
an
phrase has
THE
DOWNWARD
waiting
going down.
are even
where,
and
ceased?
save
the
on
None
advances—but it is
generally agreed
tendency downward is established.
somehow,
"invisible
the
Some¬
government"
of
"supply and demand," the reign of "natural law"
It has nqver
abrogated, has
never
suspended—but it has been interfered with, op¬
posed, thwarted.
ately
vision
Its sway becomes visible immedi¬
the obstructions
as
is, however,
perceive this.
are
removed.
Our range of
that1
do not fully
limited,
so
When
in the sweep of the
are
we
we
great forces we cannot estimate their strength, or
determine
Stand
accurately their destination.
aside
for
disordering,
cruel,
plunged
energy,
and
moment
a
devastating,
industry,
and
look
on!
The
destroying
war
chaos.
trade into
was
weak¬
Exchange of goods
was
small
ened,
over
same
There
of full
war-infested
Human effort went into the
seas.
economic non-essentials of munitions and army sup¬
Production of necessaries dwindled.
plies.
a
war
had
If such
lasted five years longer with its increas¬
of
is
no
war
self-determined
moment
demand
these!
serve
Popular loans
resources,
the
carrying
loans
There is yet
Where the extreme of
ignis
The total debts of
here, everywhere,
are
time-honored
not
even
yet
institution of
hour of reaction, has recurred to
methods and continues its beneficent work.
What is art but
a
continuation of the elements of
What is imagination but
At that
prices is
con¬
And it will continue, this natural
nearly as may be,
a process
of
com¬
as
production, through
of competing (co-operating
processes
V
noticeable
is
It
prices
rose
^
that, while the
war
continued,
through scarcity, from diverted endeav¬
or—and not
a
little from selfish effort of
labor to advance wages.
organized
The ordinary demand was
changed from life-giving to life-destroying.
the moment the armistice
was
cal
peace
apathy of the ordinary economic forces.
came,
there
was
And at
signed, and the physi¬
and
bewilderment, disorder
By
an
inversion of natural processes the return and res¬
toration
it is
very
on
demand, thus creating and sustaining the level
ended in turmoil and terrorism.
credit, in the
began.
balancing
the
Yet * the
war's effect
of prices.
Has Gov¬
democracy has followed the
computed.
as
cerned) the resumption of uninterrupted supply and
fatuus of idealistic revolutionary "advance" it has
the great war,
(as far
and eight to ten mil¬
suddenly ceased!
thus) human endeavor, has equalized the supply to
an
"League of Nations" in the
in Europe.
fifty billions
a
perished?
undeveloped
and
lion lives—the world-war
the
of credit to
power
faith
hundred
a
membership, full fruition.
fragmentary
beauty?
raveled.
worn,
Out of this
benign aid to progress—popular
same
scribed.
old
are
law, until
Belgium, France and Norway have been oversub¬
-sense
political election prices
a
unchanged Government, based in
same
the
benign
Has
failed?
ernment
under
PRICES.
by
Has. progress, therefore, come to
Has the old
part
OF
The recession is not uniform—there
some
that the
TREND
on a
"Europe is not
into quasi-use:
come
risk."
end?
per¬
re-enacting the
ing cost the world would have become bankrupt.
They
representative of this Government.
the
Per¬
floated through the agency of Govern¬
were
good
in
And when the cost had reached two hundred to two
cease—at this very
to
contradic¬
Treasury announced that this war-function must
ated
is
not only
exhibitions of faith
the
from
wings of angelic
unrealized resources, but are marvelous
based upon
ment.
in ad¬
of the benign
one
an
haps the zenith of all credit growth
They
abyss,
The interlaced fabric of human endeavor
In this
in
there is
ever
the
There alone is faith—and peace and progress.
Without
in
was
the
vance
Mean
Golden
been
covenants?
above
to be derived the
are
fection?,;
past—and if
and
over
has been at work.
stitutional
a
If so, must not mankind remain
ruled in the
soaring
convulsive war, where else in the release from that
people
"League" is
a
humanity from fall¬
save
and return to the precedent and progress
have
to be
Is memory to
ground of accomplishment, recurrence
evil thraldom would
a
aphasia ?
old, revolt against the death and destruction
war,
that
precipice to
abyss.
an
the firm
on
save
Is the world to
avoid reaction and recurrence?
we may
a
dreams,
are
One has used the illustration that
only be of
and untrammeled Republic has
a new
ordered and
can
the
own power;
What
they become the flowering of deeds ?
only death dies; for, the
on,
they destroy themselves!
cause
Government,
bining into perfectness?
however, the old
progress,
the restoration
good—for, life lives
evil
and pressing for¬
come,
When this reaction is toward the divine pur¬
before.
pose
be¬
mean
To re-act is to act again that which has
way.
the
again in the
using the imperishable instrumentalities
way,
1511
fence about
between the real and the ideal.
mean
What then is "reaction" but to act
old
Peace can
This ever-swinging of thought between
the dark and the
golden
design.
the earth until humanity has at¬
over
tained to poise.
CHRONICLE
THE
was
impeded and clouded by
mentality of
a
fact.
man.
Perhaps
(though concealed
war
one
change in
potent immediate cause
causes run
itself) was—that
a
It cannot be explained—but
men,
farther back than the
seeing Governments all-
powerful in making wars of destruction, consciously
or
unconsciously assumed that they may be equally
powerful
the
as
agencies of production.
At any rate,
paternalism and autocracy of the Governments
exerted for the purpose
followed
by
rule
class
autocratic
and
"Administra¬
and
laws
tions," tending toward "Governmental control and
an
of hll happiness.
democratic, autocratic,
production
this worship and
was
work.
This,
gained
advantages
with
through "organization," seizing on opportunity, with
scarcity and
interchange,
disordered
and
waste
added its power to
And lastly but
keep prices high.
not the least has been the moral
malady of "profit¬
eering."
now
the scenes."
what has been
going
hcJme-returning, in
The millions
some
War yet
best they could, began to work.
way as
"behind
on
continued, but its ragged ends were confined to
smaller and smaller
were
They
will return to
And a first crop
worked.
men
Weary, despair¬
brought strength to the body, if not confidence to
and
the
content to
.
We
heart.
are
not
painting the fine lines and colors, the rough marks
of the brush
are
visible.
But
perhaps
we may see
Following
factories
return of man-power to agriculture,
a
restored, and shipping,
are
sea
on
and
Slowly, imper¬
land, takes its customary place.
of
moment
And it is not normal
pictures for comic
But life is not "normal."
camera
the
runners
fast
moving at
movement of each muscle
the
reverse
of all there is
the reversal
to which
we
But—and
showing the
change in the
express
manners
of the honest labor of all.
VEHICULAR
THE
great crop pending pours its
into
disordered
a
going down."
are
Not
League of Nations functions fully—in which
has
as
I
no ma¬
it, of doing business, and production of
a
Not
one
even a
we
have
of the "promises" of the election
yet materialized.
TUNNEL
THE
UNDER
HUDSON.
On
Tuesday, to the gratification of
a
spectators and before the fire of
a
ber of
"movie" cameras,
small
num¬
battalion of
yet with slight attention from the
people of the metropolis, the Governor of New Jer¬
and the Lieutenant-Governor of this State went
sey
through the physical beginning of the vehicular tun¬
nel which will
remove
the obstacle of the Hudson
as
ordinary and motor traffic between these two
States.
The
at the western end of Canal
scene was
Street, not far from the proposed entrance.
the visible
was
start
of
a
This
project which has been
in contemplation.
Its estimated cost is
millions, and this is expected to be met in twenty
by the tolls from
an
estimated number of 5y2
lines of traffic in each direction
by 1943.
to be
are
Two
accommo¬
dated, and three roadways in each direction are to
join the entrances.
There
at least
was
the initial ceremony
a
sentimental fitness in
setting
for the 12th of October, for it
marked what
might almost be called
covery" of
important part of the continent, the
an
a
fresh "dis¬
discovery (or the hopeful beginning of the discovery)
prin¬
and customs, if we may
cornucopia of sustenance
part.
life,
people—there has been no
our own
world, and "prices
no
It is
brought into play.
confine ourselves and the
goods and grains with
vast
the highways,
pace,
change in Government, there has been
terial
so
racers on
be made
may
increasingly returning.
are
ciple evolved to
vital
slow,
or
being complete, had to be at the other
we now
not, from
or
through the endeavors
million vehicles in 1924 to 22 millions
Somewhere in between is "normal"
extreme.
solace
enough for all and within the reach
years
"Exposures," just after the war,
process.
inde¬
or
or
turned from destruction to pro¬
man
by simply turning the
snail's
a
comfort,
or
Motion, in the moving
now.
purposes,
'or fast, the incredible
slow
or
the
food
duction, the natural law of prices began to operate
many years
of
neither
men
themselves—without
upon
—and it will continue until
29
crank
magic is abandoned, the sooner
is
per¬
can
to live with¬
the central idea of all this
high costs has been reached
this has been
on.
man
Whether at this moment the crest of the
of soul.
wave
fectly, imperceptibly, almost, over the whole world
going
socialistic,
pendence of mind, or happiness of heart,
to
distinctly.
more
sooner
dependence
there
which
Governments of whatever
New territorial States
areas.
Governments without assistance.
mind
And the
supply and demand was nearly nothing.
ing, nevertheless
thy brow shalt thou
miracle that will enable
Governmental
not, several of them, yet able to walk as
are
no
out work.
born, and began to live, but their Governmental
power over
the
form
the
f
But note
That
is the
thy bread"—is the economic law of all deliver¬
ance,
specify
we
"Government" to itself reconstruct, re¬
on
without
eat
"In the sweat of
one.
kind,
Therefore,
build, restore and bring Utopian ease and comfort
'
"normal"
no
return to normal
waiting
transcending lesson of it all?
natural process, the inevitable process,
the
influence tending to interfere with the
operation" of industry.
further,
What is the
of winning the war, were
whirlwind of political doctrines of
a
[Vol. 111.
CHRONICLE
THE
1512
And yet the law of human
of the
great fact that these two States, separated
by the great river, are not really separated at all in
interests and in
prosperity; that this port does not
belong to New York but to all the States; and that
jealousies
real.
are
The
foolish and conflicts of interests
thirteen
colonies, emerging from
struggle with Great Britain,
those
were
un¬
iheir
plagued with
jealousies and those imagined conflicting in¬
terests, recorded to this
clause of the
day in the "commerce"
Constitution, and they
were
brought
together with great difficulty, "to form a more per¬
progress—self-directed endeavor to make the most
fect
at the least cost in labor
ing that if they did not get together Europe would
begins to assert its reign.
Let the two great
mail-order
(types in
commerce
a way
of
houses
in
fact of the downward trend of prices.
very
debts made by the
indeed it may
creasing.
or
Yet prices
not be permanent,
interruptions
or
the field of
are
Work—work—tells!
surely devour them separately. %
"When
we
Jersey* "there
started," said Senator Edge of New
was a
little grumbling
said the tunnel would
they not still in¬
move
from
tending downward.
in the sense there will be
production.
the prevailing argument be¬
some
are
are
so on,
not much reduced—
intercessions.
the evidences of decline
to
Why, the
Wages have not materially fallen, here
anywhere.
It may
no
war are
be questioned
Chicago
and trade) attest the
union," and
And certainly
not equally
visible,
as
But the law resumes.
are
one
merely
came
from
one
both sides;
people to
State to the other and that 'all
doing is helping New York.'"
talk
on
cause
t<p nothing.
State to
we
He is glad this
To move people (and goods)
another, more swiftly and
more
cheaply, is the largest part of the problem of better
living, Senator Edge might have added. '
We must get on somehow a
even
all the
few
years more,
improvements in engineering and
for
espe-
Oct. 16
1920.]
THE
cially in under-water work cannot
of
remove
CHRONICLE
the factor
time; but when the tunnel is finished organized
labor will lose most of its
power to
olis into
semi-siege and embarrass all the country in
respect to transit of food.
dered
put the metrop¬
The ferries may be hin¬
halted; the docks
or
may
be laid under
em¬
to
return, the drift being heavy towards his opposi¬
tion."
On Oct. 5 the U. S. Circuit Court of
Appeals, at
Chicago, unanimously sustained the sentences by
Judge Landis in the U. S. District Court, in 1918,
of
jail terms against W. D. (Big Bill)) Haywood and
bargo, and food which has sustained the taint of
nearly
non-union contact may
I. W. W.
still
may
be kept until spoiled; this
in and after 1924, yet the highway
occur
between these two States will not
shores.
For
and feel
ance
This is
much at least
so
oi
tenant-Governor
contain
a
Walker, which do not meet much
well-grounded
of becoming
assurance
fear
no
to the finan¬
as
money, no matter
how
mam¬
He believes the time not far dis¬
will
follow
this
and
one
from the surface of the
move
river to tubes below its
bed, thus leaving the surface
exclusively for traffic to and from the Seven Seas.
Chairman
Wilgus of the board of consulting engi¬
looked ahead to
neers
public "will enable
kind of
thing."
hope that the support of the
engineers to do
us
connections, by
tion of food
may
help
be saved by better
may
a common
plan of distribu¬
products, by unifying water systems, and
by solving the problems of heat and
such
of this
more
He hoped that engineers
by pointing out how wastes
railroad
problems, he feels
sure,
All
power.
Hill,
a
prophet of national de¬
dispatch, and
reports that he
last
Sunday,
stead of
a
was
off themselves.
He would
Madness, and the destructive strife which is
industrial
problems; that abundance, and not
ity, should be the objective of
and that
every
scarc¬
human being;
increasing production by efficiency and in¬
sive, but he insists that the penitentiary is
for
human
brains
beings and that "if
they should be sent to hospitals, not to jail."
W., he said, is opposed to war; "we were
engaged in
assure
conspiracy against the
no
that if
you
American Federation of Labor this
never
Organized labor,
the railroad
dispatch of the 10th
says
that
as now
dominating the A. F. L.
law, hates the return of the properties,
Senator
Cummins, and is boring under the
It holds the Plumb
plan in
which is not dead, but only scotched. Hav¬
ing decided who are its friends in its determination
to hold that what is
bad for all the
for
him.
Mr.
Gompers
only his
he
for
good
bad for labor is not good
on
on
its faithful
eration
of
Labor the
"spellbinders of that organi¬
zation," headed by Mr. Gompers,
are
to devote much
A.
dupes to vote
Wednesday in Baltimore,
gracious enough to admit that
was
personal vote is in his "control," yet
own
said, "I
or
country, unionism is in the field
Speaking
can
only
align
myself against the
man
reactionary interests
against the interests of the working people"; so
all he
can
reach "not to cast their votes
Harding and that police-baiter Coolidge."
The "drift" is
according to announcement by the National Non¬
partisan Political Committee of the American Fed¬
country would
reserve,
and
press
can
carrying with it the unfortunate Gompers, hates
he will urge
Washington
but I
have gone to war."
THE LABOR ATTITUDE IN
A
war,
had the membership of the
we
who has lined himself with the
CAMPAIGN.
place
no
have twisted
any
The I. W.
tensity is the only method for reducing "hours."
THE
see
country lay down their
being himself "one of the indus¬
for Mr. Cox and calls
the solution of
are
particularly "like to
make his wish sound less impres¬
may
ter times when
organized labor shall learn that
In¬
that the fact of his
or
industry and hearty co-operation
for he
as ever,
I. W. W. lines.
on
trial prisoners"
greater part of the world, yet we may hope for bet¬
even
"reception" here
shops and factories, thus
forcing the release of Eugene V. Debs." He regrets
surface to defeat him.
part of madness, seem to have possessed the
a
tools and march out of the
he
one
East,"
being laid off, he said, workers should lay
hates
nals.
the
of the morning jour¬
guest at
general action
velopment who did not meet in his day all the honor
deserved, pointed out the folly of having large
transportation bottles with small necks as termi¬
one
braggartly defiant
as
ten million workers of this
and
:
news
called for
"can be met by united
public sentiment."
The late David J.
two counts
others; the
Haywood "is believed to be in
said the
on
cross-river traffic will
on
two
on
present until the hand of the law reaches them
simple business
other tunnels
tant when
at
anew.
nals
project."
reversed
Some of the culprits have completed their
terms, but others, including the leader, are at large
able, he said, to
results, and the "public seldom object to the
moth the
was
original sentences included fines totaling more than
2y2 millions and jail terms totaling more than 800
were
judicious expenditure of
The decision
of the indictment but sustained
scheme "so marked with
acumen" that there need be
cial
hundred other members of the pestilent
a
years.
the' great propositions, said Lieu¬
self-sustaining; the proponents
work out
gather assur¬
account of their cost, because they
on
the
stop at the river
may
gratitude.
one
opposition
we
1513
Against
F. L. announcement.
Senator Cummins,
The word is
in
says
a
the
double
warning. For it is not only timely and well
distinctly told in advance what unionism in¬
sense a
to be
of their time to the
tends, but well to be reminded
days.
what has
campaign during its remaining
Successes for labor have already been won in
almost every
State, according to the announcement,
and "notable results" have been obtained in the
maries
"in
such
States
as
nouncement adds
(and
sense
as
to
the
intended,
as
"not without its
The
significance"
fully concur) "that
among
REVISED STATISTICS REGARDING THE
WORLD'S STOCKS OF COTTON.
an¬
significance, although not in the
we
the
With cotton
consequence
the considerable
(amounting to 18c.
per
the
Representative John J. Esch of Wisconsin,
tion of lawless elements
grows
more
sponsor
of the Cummins-Eseh railroad
one
of
law; it
doubtful each day whether the Iowa
of that law, Senator Cummins, will be able
,
decidedly in the limelight of late, in
of
reactionary Congressmen who have been defeated is
the authors
that "drift" is
pri¬
Ohio, Colorado, South
Carolina, Pennsylvania and Arkansas."
anew
brought the country to its present entan¬
glements and dangers.
opening of the
new
decline in
price
pound at New York since
season) and the resultant
at the
ac¬
South to force the
holding of the staple from the market until approxi¬
mately 40c.
data
bearing
per
pound
upon
can
be obtained for it,
any
ppply and consumption become
THE
1514
Thus it happens that the
increasingly interesting.
of the. International
recently issued compilations
Spinners and Manu¬
Federation of Master Cotton
the world during
mills of
the stocks of raw
ments
of the
Association, covering operations
facturers'
the season 1919-20, and
material carried by the establish¬
July 31 1920 possess particular interest
on
especially so as they are largely confirmatory
information that had already been made public.
and
of
Federation, which in one way
The International
manufacturing in¬
another embraces the cotton
or
[Vol. Ill
CHRONICLE
at
European ports and afloat for
Europe was 5,592,bales,
To this should be added 947,572
201 bales.
giving an
mills in Europe, Japan, etc.,
the stock at
aggregate of 6,539,773 bales American cotton, which
would likely be raised to about 7,000,000 bales by
the inclusion of amounts
tations and in the
in private storage, on plan¬
ports of Japan.
regards the stocks of other varieties of cotton
As
July 31 1920, the visible supply stood at
in the world
approximately 2,000,000 bales, and the mill stocks,
according to the Federation's statement, were 2,314,-
714 bales, or a total or 4,314,714 bales.
Consequent¬
world, 'began its ac¬
tivities some years ago
and prior to the war, ly the carry-over of all varieties of cotton July 31
1920 was about 10,854,487 bales of ordinary weights,
through the cordial co-operation of those in interest,
equaling close to 10,000,000 bales of 500 lbs. net
was able to present reliable data in greater detail
than had ever before been possible.
The breaking average, and sufficient, to cover consumptive re¬
quirements for some 30 weeks at the rate maintained
out of the war forced suspension of its functions,
dustry of every country in the
mail this
week brings us the first complete annual statistics
issued by the Federation since 1914.
Not absolutely
complete, as returns from Russia and Austria are
missing, but complete enough for all practical pur¬
poses as operations in those two countries are yet
but
now
they have been resumed and the
for the
of course, a
compilations, and making allowance
missing data, we find reason for
tion in the confirmation
takings by the mills in the United States
the
stimulate buying.
they afford of the results
THE
OF
REPORT
gratifica¬
ROYAL
COMMISSION
Miss Alzada
Comstock, Professor of Economics in
Holyoke College, has published in "The
At that time we made the consump¬
can
Economic Review" for September an
Aug. 28.
tion of cotton in the
world, not including China and
from which reliable statistics were unob¬
Brazil,
bales of 500 lbs. net weight
Federation's returns, as received, and in¬
tainable, 17,555,270
The
each.
cluding China and Brazil, furnish a total of
941
bales,
or
lbs. average
17,236,-
approximately 16,352,000 bales of 500
weight. Adding to this about 12% to
missing returns (those from 16 million spin¬
cover
millions, according to the Federa¬
dles out of 145
statement) and deducting the aggregate con¬
tion's
sumption in China and Brazil, we have a total dif¬
fering from ours by less than 5,000 bales.
matter
of
In the
spindles, too, there is strikingly close
agreement in the totals, when proper adjustment is
made.
In
fact, following that plan we make the
Federation's
against
This
aggregate
a
150 million
over
149,627,885 spindles.
our
brings
us
as we
season
(the "Invisible Sup¬
anticipated there is
a
consider¬
divergence, due in part to the difference in
methods of
able to the
compiling the result, but mainly ascribdifficulty in obtaining reliable informa¬
tion since the
war
in
Europe brought disorganiza¬
tion and chaotic conditions.
It is
our
expectation,
however, that with conditions steadily returning to
normal, it will be possible for
supplies at the close of the
next year to quite
us
accurately outline the situation
as
regards
season.
for
on
missing returns,
situation
we
we
a
cluding linters,
States
plantations,
or
on
much stronger supply
on
Ameri¬
elaborate
the report of the Royal
the British Income Tax.
The
re¬
by seven volumes
of evidence, is so thorough and conclusive as to have
wide public approval and the promise of probable
adoption by the Government It is the first report
port recently presented, supported
We give an epitome of Pro¬
of the kind since 1861.
fessor Comstock's account
of it.
graded income tax was first adopted in 1798.
1803 five schedules for differentiation, substan¬
A
In
tially those now in use were introduced.
the income tax was cast in
rate
was
raised to 6%%, the
In 1855-6 the
made to reduce it
expire.
war
Now the effort was
gradually until in seven years it
In 1874-5 it fell to less than 1%.
In
added.
the rate to apprpximately
supertax on large incomes
the
1910
The
highest rate up to 1914.
invariably raised the rate.
War
In 1842
permanent form, with
3% the rate and £150 the exemption.
again forced up
was
6%%, first by the addition of one-third on both in¬
come
and
supertaxes, then doubling these in 1915-6,
subsequent additions until the end of the war
with
the rate
stands
This
was
30%,
with 22%%
supertax,
which
now.
applies to all incomes arising in the United
Kingdom by whomsoever enjoyed, and also to the
entire income of all persons
residing in the United
Kingdom, regardless of its origin.
Income is divided into five kinds, with these sched¬
ules
:
A.
report
B.
Profits from the
ownership of bonds and build¬
Profits from the
occupation of land.
ings.
conjunction with decreasing
serve as an
price of the staple.
showed that the
United
have
indicated in
was
that in
consumption would
decline in
spinners'
July 31 1920, without making allowance
situation than
—a
reserve
Adopting the
Federation's total of stocks of cotton in
hands
and instructive account of
Commission
would
down to the matter of stock at the
mills at the close of the
ply") where
able
little
ON
THE BRITISH INCOME TAX.
Mt.
sued
show
But prices are get¬
tendency toward increase.
no
presented in our Annual Cotton Crop Report is¬
we
It is,
cottoh should decline in price.
notable fact that even at the lower prices
disclosed by the
Analyzing briefly the results
Federation's
strange that
view of the
for goods, it is not altogether
in prices
deflation
ting down to a figure that should
much restricted.
very
This being the case, and in
in 1919-20.
our
annual
explantaion for the
In
our
annual report
supply of American cotton, in¬
July 31 1920, covering stocks in
(other than in private storage,
on
in transit by rail and water) and
C. Profits from
D.
Profits from
holding public funds.
trades, professions and employ¬
ments.
E.
Profits from emoluments of
public office.
Graduation is effected downward
the
standard rate for
by reduction of
incomes of £2,500 and less;
Oct. 16 1920.J
THE
and
upward by
The
supertax reaches
000;
far
as
supertax
a
incomes above £2,500.
on
maximum of 4s.6d. at £10,-
a
possible the tax is collected
as
Income
tax
in
recent
now
regarded
"sheet anchor" of national finance.
that
it
has
in times of
reached
war
and
to be introduced for
Graduation
It
called
was
Mill.
has
by
a
on
been
The
of
quite
pos¬
have
£2,500, with
In 1918 the limit
was
abroad, whether it
brought into the Kingdom
small
numerous
tax
by the amount of the
thoughts and business of
people for several generations should be judged,
by a theoretical standard of possible excellence,
by the results it has achieved.
We have
.
.
made many recommendations for
sees
no
of the Commission
ments
would occur,
same
financial
statement of the
assess¬
with any,
as
relatively small.
?
lection
at
value.
The
the lower
and £250 for
persons
The cost of col¬
limit went far to
allowance for
destroy its
children stands
at
child, but should be raised from £25
subsequent child, with allowance for de¬
asset falls short
of 35 years.
earned incomes up
unearned
These
incomes
allowance of 10%
an
to £2,000, and then
plied to both classes.
the sake of
against
by
changes
one
are
on
rate ap¬
mainly for
simplicity and to meet the desire of the
taxpayers for equitable and convenient taxation.
It further recommends
as a
scheme for
that the taxable net income should be
the normal rate
where
it
does
Above that the first £225 should
pay
should pay
excess
exceed
is set at 5s.6d.
Taxation at the
"of paramount
importance, lying
as
regarded
It has been in
use
since
schedules, and is commonly regarded
1803, the date of the introduction of
for the
pension for
a
success
as
of the income tax.
the
the chief
After
sus¬
time the income tax, and with it taxa¬
tion at the
source, was
been in continuous
reintroduced in 1842, and has
use ever
*.
since.
was
given by the Commission to
question of double taxation.
Taxes
are
now
residents of the United
income from the
Kingdom deriving
Dominions, without regard to the
by the Dominion.
This is
made full
nor
on
which
tax is
incomplete unless "its general result in
burdens, and
on
con¬
production, in¬
The obvious conclusion of the
report
of
an
alternative measure, a
a
of taxation.
The
changes in
high
excess
profits tax
permanent part of the British system
the basis of the
or
is that, fail¬
extension of the income tax, or the suggestion
an
complete report will inevitably be
study(of
our
proposed modifications
any
system of taxation,
or
indeed in
a
system for any other country.
RAILROAD
GROSS
AND^NET~EARNINGS
FOR
In
presenting
United
it
States
seems
our
compilation of the earnings of
railroads for
the month of
August,
important to point out that this will be the
last
monthly return under the old condition. The
results, as far as the net earnings are concerned, are
exceedingly
another
poor
and it is unlikely
monthly exhibit
in that regard for a very long
The roads were returned to
1st
of last
March, but for
we
shall have
extremely unfavorable
so
time to come—if
private control
a
ever.
on
the
period of six months
thereafter,
or until the end of August, Congress
provided that the carriers should receive the same
amount of net income
rental
as
they had been receiving as
during the period of Government control-
except in
cases
where
instead the carrier's
carrier
a
own
net
preferred to take
earnings.
Only a very
throughout the country chose this latter
alternative, for the very good reason that it was
few roads
everywhere recognized that the
revenue
in
nearly all
cases
amount of
the net
must fall far short of the
that the
Government had been paying as rental.
Expenses had enormously increased while the con¬
templated further increase in rates was still to be
sums
made.
In addition there
were
new
wage
increases
in prospect on
top of the enormous wage increases
previously made.
«
Much attention
tax levied
is
it does at the
five
on
The super¬
The maximum
source
root of the income tax system."
£225.
the half rate,
the full rate.
imposed at £2,000 and above.
graduation
charged half
not
the
dustry and saving is considered."
to
pendent relatives throughout the list, as also for
differentiation
of
AUGUST.
£30 for each
should be diminished
country,
and the evidence
reasons
£40
for the first
wasting assets when the life of the
the
raising and the lowering of particular rates are
based.
The inquiry into the
scope and incidence of
a
;
raising the limit of exemption
single
of
the
the alteration of
married persons without children.
levied
the
as
adequate
.
name."
from £130 to £150 for
the
unwise,
as
recognition of the seriousness
a
situation
nection with other
hope for its improvement, but we
attempt to overturn the whole frame¬
tax, setting up something else bearing
recommends
reason
but the Commission
Taxing wage-earners'
seems
are
involved is
revenue
is to become
very
wise.
are
of that class
work of the
tax is
pay,
change "under present circum¬
a
stances.^ The action of the foreign country in tax¬
ing such income at the source is of course involved.
ing
and the
maxi¬
a
foreign countries complain of
they have to
for
way
the tax, and we
have made no
The
tax, with
Kingdom tax.
Residents of Great Britain
deriving a large part
of their income from
expressed
that has entered into the
It
Kingdom's
The Commission is criticised because it has not
part of
stress, especially in
the last five years, and it is
by its results that it
must be judged.
We recognize, and we think the
public will recognize, that an old established system
the
Dominion
relief of one-half the
mum
and the
"The income tax has proved its worth as a
the fiscal system in all times of
not
given, and the Com-
mission recommends the reduction of the
It says:
but
was
Partial relief has been
revenue
recommends
changes, but leaves the essential forms unchanged.
the
not.
incomes at the
source, for example, lest a loss of
stands.
now
Commission
by the Finance Act of
Time alone will prove whether the
recommendations
re¬
maximum rate of 4s.6d.,
a
acute
to all income derived from
not adopted until 1910
was
rendered
was
the double tax
bitterly fought since Pitt.
£5,000.
1515
1914, which extended it
expansion
other form may
thought possible to effect it
supertax, but this
where it
limit
the
as
reducing the national debt.
was
incomes above
to
It is
all
"graduated robbery" by John Stuart
In 1906 it
duced
its
some
which
or
has superseded
years
other forms of taxation and is
sible
the
at
;
source.
even
CHRONICLE
an
old
practice,
Under the
freight and
Transporation Act the fixing of higher
placed in the hands
passenger rates was
of the Inter-State Commerce
and extent of the increase
and in the
Commission, the nature
being left at the discretion
judgment of the Commission, while the
'
[Vol. 111.
CHRONICLE
THE
1516
but little less than 20%, an extremely satisfactory
relegated to the Rail¬
considering that the higher transportation
road Labor Board provided for under the new Act. gain
On July 20 this Labor Board handed down its de¬ charges for freight and passengers could have played,
cision and authorized wage increases which it was as already stated, no great part in the results, since
estimated by the Board would add $600,000,000 to they did not go into effect until towards the very
But as against this large gain in
the annual pay-roll of' the railroads and by the close of the month.
question of wage increases was
*
the yearly
carriers that it would add $625,000,000 to
At the end of the same month (July 31)
authorized advances in
pay-roll.
the Commerce Commission
freight and
tariffs which it is computed will
passenger
add
$1,500,000,000 to the yearly gross revenues to
take
care
of this latest wage
vast antecedent rise
increase and to cover the
by reason of
in operating costs
higher price of materials, fuel, labor
the
and
every¬
thing else entering into the operating accounts
railroads.
for freight and passengers author¬
by the Commission
until towards
the very
could not be put in effect
close of August—not until
Aug. 26—and therefore did not count to any
extent in the gross revenues
Would in any event
old rates
On the other hand, the
apply.
increases counted in full for the month, making
of fully $50,000,000 to
wage
addition in that way alone
an
the estimate
that of
But besides that the wage
$52,000,000 accordingly as one accepts
of the
the
reasons
$234,830,317.
falling off in net of
no
award carried
a
retroactive feature making the
earnings at all, but fell
$71,853,826 short of meeting bare operating expenses.
In the
month last year
same
expenses were
the net earnings above
$89,418,961, and this, too, was after a
heavy reduction in the net as compared with the year
roads
As in the month preceding, some large
represented in our totals, their August
not
are
having been filed with the InterWe would mention
statements not yet
Commission.
State Commerce
Southern
be
than
heavier
even
Jan.
award
shown by our
513,276,984
def.$71,853,826
Net earnings...
Comparison,
as
278,446,667
roads
was
a
care
already stated, is with very poor
portion of the extra outlay on that account
Another circumstance not
improbably played an
of all the roads the
present year.
Examination of the returns shows that
the maintenance outlays were practically everywhere
heavily increased. Higher wages would necessarily
count here as it does under the other groups of
important part in swelling expenses
expenses
in the
as
and
as a
matter of fact the
transportation
expenses
in the outlays for
would not be strange
augmentation
ha^ been as pronounced
maintenance.
Nevertheless it
during
the period of Government control neither equipment
nor roadway was maintained in full repair so that the
properties were returned to their owners in very
much poorer shape than when taken over by the
than
Government.
would
be
only
natural for the
their
good physical condition before the Govern¬
managers
former
It
of the roads to wish to restore them to
guarantee period had expired.
In view of all the circumstances narrated,
no sur¬
can
be felt
over
wages
advanced
had
was
exception¬
to
and operating costs generally
high levels since attained.
the
$135,759,795 addition to gross in August of
Out of
that year,
$24,312,758
was
carried forward
Prior to 1918 the showing as to net
in net.
indifferent for
poor or
a
as a
gain
had been
In the
back to 1906:
number of years;
following, the comparisons are shown
Net Earnings.
Gross Earnings.
Year.
Year
Year
Given.
$
S
...
1908
...
1909
...
1910
...
1911
...
1913
1914
$
Year
Year
Given.
Preceding.
$
$
Inc.
Dec.
(+) or
(—).
...
...
...
1915
...
1916
...
1917
...
1918
...
...
...
137,589.560 122,898,468 + 14,691,092
144.913,337 128,178.064 + 16,735,273
206.755,864 241,122,442 —34,366.578
236,559,877 206,877,014 + 29,682.863
$
48,074,911
45.629,104
42,719,768
+ 5,355,143
44,849,985
+ 779,119
75,028,707
90,384,539
84,251.096
—9.222,389
89,517,075
...
1907
1912
(+) or
Dec* (—).
Inc.
Preceding.
August.
1906
1920
the extraordinary nature of the
month's exhibit. As already stated, no parallel to it
can be found in American history (barring the show¬
prise
before
came
1919
ment
exhibit
ally good, this having been a month when the 1918
advance in railroads counted to its full extent and
It is generally admitted that
ordinarily.
registered a very considerable de¬
and net—$32,636,656 or 6.49%
and $31,315,528 or 21.81% in the net.
year
in the former
if these maintenance outlays,
irrespective of the higher labor costs, had been heavier
Our compilation for
in both gross
crease
On the other hand for 1918 the
carried into the August accounts.
significance of the
1919, increasing the
of in the June and July August last
unlikely that in the case of some
84.33
$89,418,961 —$161,272,787 180.35
further loss the present year.
taken
0.27
19.98
i+234,830,317
...$441,423,158 $367,865,628'
Operating expenses
%
+539
+$73,557,530
199,418
199,957
-
,
Amount.
193 9.
1C20.
(183 Roads)—
Gross earnings.......
in
compilations.
Inc, (+) or Dec. (—).
that with most roads
It is our understanding
the retroactive feature of the
the net would
1 to Aug. 31—
MUefl of road
& Quincy.
Burlington
and the
Pacific,
With these included the shrinkage in
results
wage increase was
The
less than $161,272,787.
truth is, the roads had no net
operative back to May 1.
returns, but it is not
addition to the;
given, in the prodigious
As a consequence, there is
yearly addition of the Labor Board or
railway executives.
an
was
material particularly the Pennsylvania Railroad system, tljie
for that month,especially
shipments already under way the
on
as
for the
amount of
a
there
revenues
gross
expenses,
preceding.
.\
The higher rates
ized
of the
the
90,176,937
75.319,538 + 15.065 001
—659.863
254,005,972 235,726,000 + 18.279,972
—595,069
86,224,971 86,820,040
243,816,494 245,784,289 —1,967,695
99,143,971 87.718,505 + 11,425,466
276,927,416 251.067,032 + 25.860.384
83.143.024 92,249,194 —9,106,170
259,835,029 255,493,023 + 4,342,006
+ 471,544
87,772,384 87,300,840
269,593.446 280,919,858 —11.326,412
+ 5,272,843 99,713,187 89,673,609 + 10,039,578
279,891,224 274,618,381
278,787,021 + 54,673.436 125,837,849 99,464.634 + 26,373,215
333,460,45?
121,230,736 125,899.564 —4,668,828
373,326,711 333,555,136 + 39,771,575
142.427,118 118,114,360 + 24,312,758
498,269.356 362,509,561 + 135759795
—32,636,656 112,245.680 143,561,208 —31.315,528
469,868,678 502.505,334
df71,853826 89,418,961 —161272789
441.423.158 367,365,628 + 73.557.539
of roads included for the month of August was 91; in
based on 231,220 miles; in 1909 on 247,544 miles;
1911 on 230.536 miles; in 1912 on 239.230 miles; in 1913
on 219,492 miles; in 1914 on 240.831 miles; in 1915 on 247,809 miles; in 1916 on
245,516 miles; in 1917 on 247,009 miles; in 1918 on 230,743 miles; in 1919 on 233,423
miles; in 1920 on 199,957 miles.
Note.—In
1906 the number
1907. 86; in 1908, the returns were
In 1910
cn
238,493 miles; In
As far as the returns of the separate roads are con¬
increase
cerned, it is only needful to say that they are, with
made, retroactive to Jan. 1, and the roads, by
the direction of Director-General McAdoo, had to in¬ very few exceptions, of the same extraordinary nature
clude the whole of the half-year's increase in the as the general totals—being extremely poor as far
as the net earnings are concerned.
As illustrations
accounts for the month of June), and it is not likely
we
may note that the New York Central though
to be duplicated in the future—unless, indeed, there
should be a repetition of the same situation as that having added $4,359,103 to gross earnings shows a
loss in net of $10,895,435, having the present year
from which the railroads have just emerged, and that
fallen $1,792,238 short of meeting its running ex¬
Seems extremely improbable.
Stated in brief, gross
A preponderating pro¬
earnings as compared with the corresponding month penses, not including taxes.
portion of all the roads in the country are distinlast year increased no less than $73,557,530, which is
ing for June 1918, when the first large wage
was
OCT. 16
1920.]
guished in the
THE
same way
and show
CHRONICLE
PRINCIPAL CHANGES IN NET EARNINGS
deficit below the
a
1517
increase
$2,400,613
The Baltimore & Ohio with
in
Duluth Missable & Nor.
Southern Railway.
$3,889,213
Cine New Orl & Tex Pac.
Grand Trunk Western..
gross,
reports
decrease in net; the
Reading with $910,707 addition
falls $6,208,457 behind in net; the Erie with
$1,132,086 gain in gross, has $6,186,196 loss in net;
Boston
&'Maine
$1,459,852 increase in
has $5,294,365 decrease in net, and the New
gross
with
Haven
$21,492,563 increase
in
reports
gross,
$3,212,721 decrease in net.
the
country the showing for
larger systems is much the
only
has
To mention
same.
few instances, the Chicago & North Western
a
$3,595,839 increase in
gross
and $7,447,867 de¬
in net; the Milwaukee & St.
crease
increase in gross and
Great
Northern
Paul $421,108
$9,124,551 decrease in net; the
$1,860,774 increase in
and
gross
gross
and $4,323,786 decrease in
net; the Union Pacific system $2,302,050 increase in
gross
and $4,209,404 decrease in net, and the Atchison
$4,611,826 increase in
in net.
gross
and $8,720,131 decrease
.V/■?.;'A\
In the South
we
find
rule in the Southern
a
conspicuous exception to the
Railway, which is able to report
increases in both gross
and $689,024 in net.
and net—$1,873,784 in
gross
On the other hand, the Louis¬
Chicago Milw & St Paul.
Atch Top & Santa Fe
(3).
Great Northern
Chicago & North Western
Philadelphia & Reading.
Erie (3)
Boston & Maine
Central RR of New
Northern
Pacific.
Louisville & Nashville.__
Norfolk & Western
St Louis-San Fran
(1)...
N Y N H & Hartford
Lehigh Valley
Delaware Lack & West..
Michigan Central
Chicago R I & Pac (2).
Chesapeake & Ohio
.
Texas
.
S M___.
Pacific
•
Line......
Pere Marquette
......
Cleve Cine Chic & St L_
Yazoo & Miss Valley
.
Nashv Chatt & St Louis.
N Y Ontario & Western.
Maryland
Chic Ind & Louisville
El Paso & Southwest.
Mo Kan & Tex of Tex..
Missouri Kansas & Texas /
;__
...
Ohio
and
the
Western,
&
Chesapeake &
together with
other roads in the South, show heavy losses
numerous
In the
in net.
Norfolk
the
following
we
whether increases
excess
of $100,000,
decreases, and in both gross and
are only two roads
which have suffered a decrease in gross for that
amount and only five roads that have an increase in
net for the sum mentioned, all the other roads regis¬
tering decreases in net.
'
or
It will be observed that there
PRINCIPAL
CHANGES
IN
GROSS
EARNINGS
IN
6 $4.611,826 West Maryland
Increases.
§343,452
342,807
4,359,103
Chicago & North West..
Illinois Central
Chicago R I & Pac (2)
N Y N
H
~
Hartford..
&
Baltimore & Ohio—„—
Union Pacific (3)
...
Chesapeake & Ohio
Louisville & Nashville.
Southern
Great
.
.
Railway..
Northern
Atlantic Coast Line
Missouri Pacific...
Boston & Maine
Del
Lack
Western...
Western.
&
Grand Trunk
Erie
_
(3)
St Louis-San Fran
(1)—
Duluth Missabe & Nor..
Lehigh Valley
Delaware &
Hudson
Phila& Reading..
Pittsburgh & Lake Erie.
Clev Cine Chic & St Louis
Minn St Paul & S S M_.
Michigan
Colorado & Southern (2)
3,595,839
2,812,894
2,630,311
Maine,Central.
Kansas City Southern...
2,492,563
2,400,613
2,302,050
Grande._
Iron
Range..
Chic St P Minn & Omaha
Pacific
Indiana Harbor Belt
857,536
—
792,678
687,462
643,615
Missouri Kan & Tex_.__
New Orl Tex & Mex (3).
Chicago Milw & St Paul.
Internat'l & Great North
Toledo & Ohio Central.
_
Yazoo & Miss Valley—
Ind & Louisville.
Central RR of Georgia.
_
_
111,014
106,479
105,834
Arbor
Bridge T
103,719
103,408
100,656
Cincinnati Northern
Mo Kan & Tex of Tex__
Representing 105 roads
in our compilation__$71,090,756
D&CT&QS&8*
Richmond Fred & Potom
Norfolk & Western
$144,522
135,330
Representing 2 roads
in our compilation..
$279,852
Note.—All the figures in the above are on the basis of the returns filed
the Inter-State
Commerce Commission.
Where, however,
these
with
returns do not show the total for any system, we have combined the separate
roads so as to make the results conform as nearly as possible to those given
'in the statements furnished by the companies
b Including
the
various
auxiliary
and
themselves.
controlled roads,
Michigan Central, the "Big Four," &c., the whole going to
New York Central System, the result is a gain of $7,866,327.
152,938
Alabama &
Vicksburg...
152,723
N Y Susq & West.......
151,382
149,228
142,081
124,360
City Mex & Orient.
Susquehanna.
Buffalo &
New Orl & Great Nor...
Charleston & West Caro.
Elgin Joliet & Eastern
Duluth So Shore & Atl
Maryland Del & Va_...
St Joseph & Grand Isl...
Kanawha & Michigan.
Virginian
Kansas City Terminal
Atlantic City
Southern Ry in Miss
Georgia & " Florida
.
115,995
115,151
114,086
113,490
111,335
110,756
Missouri & N Arkansas.
Carolina Clinch &
119,323
117,719
East St Louis Connect..
Northwestern
104,941
103,298
102,962
102,102
Ohio.
Pacific...
Baltimore Ches & Atlan.
Representing 114 roads
in
our
compilation.$162,378,124
figures merely cover the operations of the New York Central
Including the various auxiliary and controlled roads, like the
Michigan Central, the "Big Four," &c., the whole going to form the
New York Central System, the result is a loss of $16,842,106.,
When the
roads
graphical divisions
in gross
and also
exception
is
groups
every group or
division without
Our
BY
any
summary
by
GROUPS.
-Gross
August.
cr
geo¬
increase
an
follows:
SUMMARY
Section
or
groups
division shows
decrease in the net.
a
as
arranged in
are
every
Earnings—
1920,
1919.
S
$
Group—
Group 1 (8 roads), New England
Inc.(+)orDtc,{—).
$ ;
:
%
19,319,505
4-4,693,710 24.29
Group 2 (33 roads), East & Middle.. .107,097,993
92,555,646
+14.542,347 15.71
Group 3 (25 roads), Middle West....
44,193,072
35,817,575
+8,345,497 23.28
70,438,887
58,727.338
+11,711,549 19.94
.
Groups 4 & 5 (35 roads), Southern...
Groups 6 & 7 (29 roads)
.
.
24,013,215
98,411,076
81,433,595
+16,977,481 20.85
Groups 8 & 9 (43 roads), Southweet..
.
83,257,662
68,151,646
+ir,106,016 22.16
Group 10 (10 roads), Pacific Coast...
.
14,011,263
11,830,323
+2,180,930 18.43
441,423,158 367,865,628
+73,557,530 19.98
Northwest..
Total (183 roads).
•
.
-Net Earnings-
Mileage
1919.
1920.
1919.
$
1920.
$
Inc.(+) or Dec.(—).
$
%
7,386
7,298 def5,865,906
3,867,790
-9,733,696
251.66
Group No. 2.... 22,268
22,133df20,906,303
21,303.080
42,209,383
198.13
Group No. 1
561,320
10,985.975
10,424,655
94.89
Groups No?. 4 & 5 39,014
38,542 def7,147,380
119,86,850
19,134,230
159.63
Groups Nos, 6 & 7 56,759
56,942 d/23,703,229
19,709,077
,412,306
220.27
Groups Nos. 8 & t 51,351
51.121 dfl5,329,327
16,933 936.
32,263.263
190.52
4,632.253
-4,095,254
88.40
89,418,961 —161,272,787
180.35
Group No. 3....
13,941
9,238
Group No. 10...
Total
14,125
9,257
536,999
199,957 199,418df71,853,826
NOTE .—Group I includes all of the New England States.
Group II includes all of New York and Pennsylvania except that portion west
Buffalo; also all of New Jersey, Delaware and Maryland, and the
extreme northern portion of West Virginia.
of Pittsburgh and
peninsula, and that portion of New York and Pennsylvania west of Buffalo and
New burgh & So Shore—
597,984 Midland Valley
596,573 Charleston & West Caro.
578,294 Georgia Southern & Fla.
544,468 Monongahela Connecting
455,984
447,993
421,108
403,786
396,444
364,740
357,957
345,911
156,808
Toledo & Ohio Central
of Penn
Pittsburgh.
600,728
475,541
160,153
Toledo Peoria & Western
....
RR
Toledo St Louis & West.
123,496
St Louis Merch
Wheeling & Lake Erie..
Virginian
Atl & St Lawrence
Georgia
Union
125,882
Ann
East Illinois
Lehigh & Hudson River.
Staten Isl Rapid Transit.
185,149
180,630
177,318
168,671
164,172
160,839
Kan City Mex & Or of Tex
121,202
120,905
120,371
118,057
111,672
537,913
535,627
533,951
527,944
Pere Marquette
202,981
Kan
.....
Vicks Shrev & Pacific...
Central Vermont
Louisiana Ry & Nav Co
540,103
—
Ann Arbor
...
N Y Ontario & Western
Galveston Wharf.
Seaboard Air Line
Chic
,
El Paso & Southwest
Buffalo Roch & Pittsb..
Chic &
230,390
215,045
211,668
209,970
205,768
191,757
191,155
178,168
174,833
174,607
162,925
157,521
156,494
151,471
150,173
135,832
135,191
134,119
134,094
133,014
127,647
Minn & St Louis..
810,536
&
Valley
870,605
806.063
Duluth
Hocking
Toledo St Louis & West.
Pittsb & West Virginia..
Nevada Northern
886,980
Elgin Joliet & Eastern..
St Louis Southwest (2).
N Y Chicago & St Louis
Chicago & Alton—.—
Los Angeles & Salt Lake
Northern
290,232
281,514
280,255
253,388
235,853
Alabama & Great South.
1,932,238 Central RR of New Eng.
1,887,383 Mobile & Ohio.
1,873,784 Spokane Port & Seattle.
1,860,774 Western Pacific.
1,721,636 Union RR of Penn
1,691,334 Florida East Coast
1,459,852 Texas & Pacific
1,353,437 New Orleans & N E___.
1,254,401 San Antonio & Aran Pass
1,132,086 Louisiana & Arkansas—
1,084,014 Nash Chatt & St Louis..
1,067,161 Duluth So Shore & Atl..
1,051,875 Northwestern Pacific—
959,437 Chicago Peoria & St L__
910,707 Lake Erie & Western
Cine New Orl & Tex Pac
Rio
312,687
828,585 Atlantic City
823,604 Bessemer & Lake Erie
Central.;
Central RR of N J
Denver &
..
Det Gr Haven & Milw..
252,203
241,081
226,079
225,370
224,851
224,074
214,385
207,118
203,007
Island
Chicago Junction
Monongahela..
itself.
AUGUST.
,
Atch Top & S Fe (3)
New York Central
_
264,775
Gulf & Ship
b These
show all changes for the
separate roads for amounts in
net.
Wheeling & Lake Erie.
267,971
Lake Erie & Western
604,075
588,731
578,018
...
Mobile & Ohio
of Georgia,
St Louis Merch Bge Term
Cincin Ind & West
696,854
688,399
648,161
629,715
Pittsburgh & Lake Erie.
Norfolk Southern
Term RR Assn of St Louis
725,600
722,191
Indiana Harbor Belt
317,197
315,629
295,844
289,723
282,800
Central Vermont
1,154,096
964,479
941,418
906,474
855,939
829,934
751,684
Chicago & East Illinois..
Maine Central
Bessemer & Lake Erie
Lehigh & New EnglandBelt Ry of Chicago.....
1,201,421
1,163,038
Colorado & Southern (2).
Minn & St Louis
337,421
334,647
321,019
Richmond Fred & Potom
1,503,598
1,498,027
1,480,280
1,232,027
Central of Georgia
Atlantic Coast Line
356,371
Valley..
Buffalo Roch & Pitts
3,889,213
3,657,635
3,430,395
3,393,677
3,212,721
3,088,830
2,769,149
2,494,273
2,466,492
2,306,353
2,028,206
1,610,842
,1,610,067
1,604,995
1,538,600
Denver & Rio Grande
Chic St Paul Minn & Om
West
366,099
Gulf Mobile & Northern.
5,294,365
4,857.862
4,323,786
4,209,404
Jersey
Chicago & Alton
Central
Delaware & Hudson
432,660
431,472
431,602
425,836
399,930
Florida East Coast
Detroit Toledo & Ironton
7,504,848
7,447,867
6,208,457
6,186,196
5,531,457
Union Pacific (3)
Baltimore & Ohio..
ville & Nashville with $1,887,383 increase in gross,
the
506,490
495,218
Pacific
Hocking
falls $3,657,635 behind in net; and the Atlantic Coast
Line,
$549,228
City Southern..
Western
9,408,467
9,124,551
8,720,131
Seaboard Air
$544,468 increase in
Kansas
Atl
Spokane Port & Seattle
Minn St P & S
decrease in net; the Northern Pacific
$7,504,848
Decreases.
Alabama Birm &
Central...._&$10,895435
Missouri Pacific
Illinois Central
In other sections'of the
AUGUST.
Elgin Joliet & Eastern...
Representing 5 roads in
our
compilation
$2,593,606
New York
with
$732,533
689,024
520,447
350,205
301,397
Duluth & Iron
Range
to gross
the
IN
L
increase.
amount of the expenses.
like
the
form
Group III includes all of Ohio and Indiana; all of Michigan except the northern
Groups IV and V combined Include the Southern States south of the Ohio and
Mississippi River.
east of the
Groups VI and VII combined include the northern peninsula of Michigan, all of
Wisconsin, Iowa and Illinois; all of South Dakota and North Dakota
Minnesota,
and Missouri north
and
of St. Louis and Kansas City; also all of Montana, Wyoming
Colorado north of a line parallel to the State line
Nebraska, together with
passing through Denver.
Groups VIII and IX combined include all of Kansas, Oklahoma, Arkansas and
Missouri south of St. Louis and Kansas City; Colorado south
Indian Territory.
of Denver, the whole of Texas and the bulk of Louisiana; and that portion of New
Mexico north of a line running from the northwest corner of the State through
Santa Fe and east of a line running from Santa Fe to El Paso.
Group X
includes all of Washington, Oregon, Idaho, California, Nevada, Utah
and Arizona and the western part of New Mexico.,
As far as the movement of the leading staples is
concerned, Western roads suffered a contraction in
their
grain movement and
livestock movement,
a
some
of them also in their
while Southern roads sustained
shrinkage in the cotton movement.
the
ern
At the West¬
primary markets the wheat receipts for the four
ending Aug. 28 aggregated only 37,606,000
weeks
bushels this year as
(fhxmcnt %xmits and
The
1919.
corn
of the five cereals in the four
only 74,028,000 bushels as against
gate of the receipts
106,190,000 in the same four weeks of last year.
the
following
we
movement in
In
give the details of the Western grain
BILLS.
disposed of this week by J. P. Morgan & Co. on a dis¬
basis of 6%, the rate which has been in effect for
count
some
The bills in this week's offering are dated
time past.
11.
October
AT
Flour,
Wheat.
(6 bis.)
(bush.)
vats.
(bush.)
Barley.
Rye.
(bush.) *
(bush.)
(bush.)
432,000
445,000
Corn.
end.Aug.28.
Chicago—
The French
-
6M%.
ninety-day Treasury bills
were
this Week on a discount basis of 6A%—the
8,191,000
19,335,000
3,172,000
2,797,000
9,698,000
11,179,000
1,424,000
640,000
the
53,000
62,000
252,000
605,000
2,882,000
417,000
392,000
some
732,000
672,000
3,496,000
1.332,000
182,000
6,342,000
8,381,000
1,008,000
674,000
2,703,000
2,152,000
1920
711,000
82,000
454,000
1919
1,538,000
37,000
493,000
disposed of
figure to which
dated October 15.
353,000
CONTINUED
BILLS
TREASURY
FRENCH
ON
FLOUR AND GRAIN RECEIPTS.
Four weeks
1119992200
usual offering of ninety-day British Treasury bills
The
was
RATE
usual form:
our
WESTERN
TREASURY
CONTINUED OFFERING OF BRITISH
re¬
somewhat larger than last year, but com¬
bining wheat, corn, oats, barley and rye the aggre¬
ran
weeks this year was
gisrnssious
against 66,757,000 bushels in the
corresponding four weeks of
ceipts
[Vol. 111.
CHRONICLE
THE
1518
1920-
513,000
'
1919
832,000
Milwaukee—
'
■
1920
1919
/
'
'
•
St. ImuIs—
1920
1919
405,000
rate
80,000 '
62,000
PAYMENT
mm mm mm
week has been the payment
149,000
104,000
208,000
309,000
68,000
172,000
1920
109,000
703,000
79,000
77,000
261,000
679,000
1,120,000
611,000
1,503,000
1919
762,000
240,000
10,000
mmmmmm
.mmmmrnm
Duluth—
12,000
273,000
738,000
372,000
28,000
204,000
610,000
651,000
6,853,000
10,948,000
284,000
1,971,000
252,000
2,376,000
958,000
1,958,000
935,000
8,057,000
15,971,000
335,000
752,000
559,000
1,095,000
1920
5,354.000
1,482,000
3,548,000
1919
7,892,000
1,597,000
2,061,000
994,000
■.m
m
m
m
m
m
»
m
m
Minneapolis1920
mm
1919
■
Kansas
mm'm
•
,
—
m m
'
546,000
Cily-
4,000
1920
1919
»
.
«.
—
'
$200,000,000
About
was
involved in yesterday's payment
(which was effected at tne offices of J. P. Morgan & Co.,
without any perceptible evidence of the huge transaction),
being largely the amount of the French Government's share
which was floated here in Oct. 1915.
As to the
in the loan
mmmmmm^
Preparations for this operation have been under way for several months
actual amount to be paid out stating at 10 o'clock,
will be only between $200,000,000 and $225,000,000.
The
mmmm mm
with the result that the
this morning
1,032,000
1,572,000
8,192,000
7,295,000
37,606,000
66,757,000
23,731,000
2,239,000
2,260,000
other bonds have
23,990,000
5,668,000
2,480,000
or
been retired following their purchase
in other ways, a
Aug. 28.
in the open market
considerable number being offered in payment of sub¬
recently floated by an American
scriptions to the $100,000,000 French loan
Jan. 1 to
banking syndicate.
Chicago—
5,769,000
19,742,000
42,525,000
52,185,000
41,240,000
49,743,000
6,632,000
60,110,000 21,924,000
430,000
2,404,000
10,634,000
4,343,000
4,281,000
14,861,000
4,856,000
18,314,000 14,985,000
3,006,000
494,000
19,986,000
25,817,000
20,936,000
21,226,000
380,000
273,000
14,244,000
22,250,000
779,000
281,000
The funds to
4,343,000
6,790,000
1920
of Commerce" yester¬
day said:
Total of All—
1919..'
of the outstanding balance of
Anglo-French loan of $500,000,000 maturing yesterday .
the
payment of the loan, the "Journal
Omaha ae Indianapolls-
1920
the financial movements of the
most important of
The
mmmmmJ
mm mm mim
12,000
1919
LOAN.
ANGLO-FRENCH
OF
'
■
Peoria—
1920
had previously for
62,000
104,000
Detroit—
1919
26; it
The bills in this week's offering are
time been 6%.
Toledo—
1920
advanced March
was
,
6,463,000
Mihoauk.ee—
2,888,000
2,141,000
Most of the money
loan.
call here and has been
St. Louis—
Toledo—
2,207,000
|
1,430,000
4,209,000
833,000
582,000
964,000
956,000
929,000
■
to
which will be paid out to-day has been loaned on
being taken
How effective these
that at no time during the
advanced beyond 10%, which was the
gradually called in, every precaution
of the money market.
prevent serious disturbance
precautions have been is evidenced by the fact
past week has the rate on
2,124,000
3,463,000
raised by Great Britain and
various methods, including operations in the exchange market,
American securities, gold shipments and the placement of the French
France by
sale of
3,534,000
meet the maturity have been
call money
high mark yesterday (Thursday).
Detroit—
1919.
30,00#
1,331,000
1.481,000
29,000
PURCHASE
Cleveland—
BY
34,00#
314,000
563.000
1,508,000
6,000
3,000
1,850,00#
2,271,00#
2,799,000
15,897,000
9,770,000
458,000
790,000
1,811,000
12,224,000
5,310,000
1,120,000
197,000
12,952,000
3,000
15,477,009
28,000
635,000
814,000
57,070,000
5,814,000
50,107,000
5,298,000
1919
Duluth—
1,148,000 10,883,000
5,828,000
9,878,000
Minneapolis—
1919
...
Kansas
&
4,000
96,000
40,870,000
9,197,000
37,667,000
13,086,000
48,000
4,850,000
9,813,000
4,000
Indianapolis
19,095,000
29,664,000
19,757,000
28,758,000
1920
10,941,000 177,707.000 146,724,000
134,524,000
1919
10.856.000 202.983,000 121.484,000 161.813,000
19,988,000 24,158,000
72,928,000 31,133,000
As to the Western livestock movement the
receipts
Stockyards & Transit Co. at Chicago
August 1920 were 20,999 carloads against 19,162
in 1919; but at Kansas City they were 12,960
cars
carloads
against 13,276 and at Omaha 8,497
against 11,530.
In the
case
cars
of the cotton movement in the South
the
shipments overland were 47,502 bales in August
1920 against 78,018 bales in 1919, 91,238 bales in
August 1918 and 153,519 bales in August 1917.
The
receipts at the Southern outports were only 150,190
bales in the month the present year against 230,381
bales in 1919, 208,387 bales in 1918 and 263,776 bales
in 1917, as will be seen by the following:
RECEIPTS OF COTTON AT SOUTHERN PORTS IN AUGUST AND FROM
1 TO AUGUST 31
JANUARY
to be
and to the
and be
applied to the redemption of bonds by lot at 110% in 1925.
During the next five yeras the sinking fund will redeem bonds
semi-annually by lot at 110% and interest, and during the
last fifteen years at 107 lA% and interest.
Christiana, which
is the capital and the principal port of the Kingdom of
Norway, has a population of about 260,000.
Its financial
standing has always ranked very high and it is stated that
there has
Since
at
January 1.
1920.
1919.
bales*.
86,059
963,463
13,951
77,164 104,745
2,254
1,029
235,044
133,958
75,697
£
31,258
38,508
791,96(]
92.40C
930,203
862,197
Texas City, &c
Orleans
Mobile
1,364
2,962
37,635
5,410
«.
219
3,275
140
Savannah
ii
7,972
67,369
46,748
Brunswick
J,
479
20,000
3,397
6,628
4,659
5,276,
8,670
189'
117
Pensacola,
<fcc
Charleston
26
Wilmington
Norfolk
Newport News, &c
"3
1920.
1919.
,124,610
81,366
any
1918.
671,965
44,392
18,443
498,767
11,461
500,602
5,800
67,953
139,230
51.900
2,081
270,014
125.336
49,069
29
98,934
36,821
3,272
47,389
149,844
189,404
112,731
273
3,160
1,446
3,308
on a
FINAL CHINESE CONSORTIUM
The
loan of the city.
The
AGREEMENT SIGNED.
signing in this city yesterday of the final Chinese
consortium agreement was
made known in
a
statement issued
asTollows at the'offices of J. P. Morgan & Co.:
The f nal
Consortium agreement was signed at the morning conference,
were
and the Foreign Offices of the four governments
promptly notified.
The agreement was signed on behalf
Banking Group by the representatives of the Managing
namely:
J. P. Morgan
& Co., New York,
Kuhn, Loeb & Co.,
The National
New York,
City Bank of New York,
Guaranty Trust Company
The Chase National Bank,
23,177
662,675
default
99% and accrued interest.
Committee,
1918.
been
The bonds are being offered for subscription
provements.
of the American
Ports.
Galveston
never
and the State Department
1920, 1919 AND 1918.
August.
used, the sinking fund will accumulate
proceeds of the loan are to be used for productive purposes,
such as electrc works, housing facilities and
harbor im¬
involved
New
thereafter. "During the first five years the bonds
purchased for the sinking fund in the market, if
extent not so
Total or All—
at the Union
are
obtainable, at not more than 110% and interest
20,528,000
20,785,000
1919
in
City of
gold bonds due
Oct. 1, 1945.
The bonds will be repayable during the life
of the bonds by the operation of a sinking fund, amounting
to $220,000 per annum for the first ten years and $215,000
Christiana, Norway, 25 year 8% sinking fund
per annum
City—
1920....
Omaha
6,466,000
4,863,000
9,456,000
17,965,000 28,257,000 10,773,000
(NORWAY)
KUHN, LOEB& CO.
Kuhn,. Loeb & Co. have purchased $5,000,000
Peoria—
1920....
BONDS
CHRISTIANA
QF
1920
of New York,
New York,
i
Lee, Higginson & Co., New York,
Continental and Commercial Trust and
Savings Bank, Chicago,
and for the other groups:
Sir
Charles
Addis,
as
representative of the Hongkong and Shanghai
Banking Corporation, signed for the
British Group.
Captain Rene Thion De La Chaume, of the Banque de Flndo-Chine,
Total
.1150,190 230,381 208,387
3.138,442'3,498,623 3.431.859
for the French
Group.
Oot. 16
Mr.
K.
1920.]
Takeuchi,
THE
of
Yokohama
the
Limited, for the
Specie Bank,
is the final step in the whole plan which
There
addressed
British, French and Japanese Governments, with
encourage in their respective countries the estab¬
the day
The execution of the agreement
begun two years ago this autumn, when the State Department
identical note to the
an
the
suggestion that they
banking groups with the purpose of forming a Con¬
assistance of China, the establishing of her great public
lishment of strong
sortium for the
utilities and the stabilization of her financial and economic
situations.
in May 1919, in Paris, at which delegates were present
of the National Groups for the purpose of forming the Con¬
A meeting was held
from all four
organization
A tentative
sortium.
was
effected and
an
agreement drawn
It will be recalled that the
subject to the approval of the governments.
up
Government directed that certain reservations should
with respect to portions of
should fall without the
of the Consortium.
Mr. Lamont
appearing,
the difficulty that
requested by the American, British and French Groups
was
Before his departure
from Japan last May the final agreement was arrived at by the Japanese
Banking Group and the Japanese Government whereby "the reservations
were withdrawn and the Japanese undertook to enter the Consortium on
last winter to
the
In
proceed to Japan, and thence to China.
basis
same
as
to complete the formal
sortium and to lay further general
for China the present
programme
and for the first time the^oreign
organization of the Con¬
delegates accepted the invitation to
execution of the
the
the
plans,
was
referred to in our issue of a week
A Washington dispatch to the New York
scheduled for
Oct. 9, referring to the meeting
this week, stated that some of
the conditions under which
initial loan may be made, it is
an
of China.
meeting in this city the current week of
1416.
on
The
understood,
improved
Pledging of the surplus of the salt gabelle,
Income to guarantee repayment
of customs duties and other
of the loan.
opened in this city on Monday last in
the conference rooms of the Chamber of Commerce.
meeting
takings
Charles Addis, Chairman of the
and Thomas W. Lamont, of J. P. Morgan
holiday;
on
Wednesday Mr. Lamont made known the fact
welcoming co¬
operation of Chinese capital, his announcement saying:
delegates had gone on record as
the
that
The consortium has gone on
has
record officially in welcoming the cooperation
enterprises, the building of railways, etc.
The
In order
a
people that the cooperation of a Chinese group forming a representative
national unit and prepared to undertake the obligations involved, shall be
encouraged.
Sir Charles
"Tribune," said: -
addressing the conference on Wesdnesday,
In
Addis, according to the New York
I believe I am expressing
should lay it down as
a
the opinion of my colleagues
when I say that we
fundamental principle that China politically can
The
provisional suspension of payment on Oct. 9 by the
(International Bank of Cuba)
Banco Internacional de Cuba
Havana, and the issuance of
at
for
fifty days
the 10th,
on
institutions figured
the assent and good will of China the
consortium is hot only powerless to act but has no desire to act.
If I emphasize this point it is in order to remove the pernicious and the
persistent idea which has been promulgated by those who are not friends to
the cooperative movement of the past and who spread abroad the insidious
and entirely erroneous idea that for some reason best known to themselves
the consortium is anxious to supply China with funds, and under the guise
of a forced loan to secure a stranglehold upon the territories of that country
emphasize this point—that without
its sovereignty.
and I suggest to you that when it is
consortium?" my reply would be that it
consortium will be able to exercise
Nothing is further from our thoughts
me
that in all probability the
by withholding the funds, which may be as salutary in its effects
enduring in its results as any premature supplying of an insecure
pressure
and
as
wasted in expenditure.
If, for
example, by the action of the consortium, by this negative action the Govern¬
ment of China were led to effect a reduction in her military forces, which
are already far in excess of her requirements, and which
account for fully
one-half of the entire revenue of the country, then I think that even
i
nothing else were accomplished by this consortium we should have no
government with funds which might be
reason
to regret
At the
ald"
as
its inception or its conclusion.
same
session Mr. Lamont is reported
in the "Her¬
having said in part:
for arranging for China
one single specific
loan of any amount or a loan of any kind.
The loan
question is about to come up.
It may come up in the near future.
It is
bound to come up in the long future.
What we are trying to do to-day is
to sit down and, as a patrnership, weld our partnership ^together and look
We
over
are
not
meeting together to-day or to-morrow
the whole field mt China and, taking a
rporatorium proclamation
outstanding features in the
Runs
the several Havana
on
suspension of the International, as well as the
the
about
a
in the events of the 9th, which brought
suspension of operations of the Havana Exchange during the
The situation, it was said, was due to heavy loans
when the prices for the latter were at the peak.
sugar,
issued
proclamation, effective until Dec. 1, was
issuance, it is
Oct. 10 by President Menocal, its
on
ment
conference of bankers'and Govern¬
officials relative to financial conditions in Cuba.
A
dispatch from Havana on the 10th in stating this added:
stated, having followed
there
was no cause
long'look forward, make our
a
with President Menocal on the situation
Bankers who conferred
said
They added that the Government was
for serious alarm.
about a solution of the
disposed to assist in any way necessary to bring
crisis, supplying government funds if necessary.
Officials of the International are quoted as
than sufficient to
take
demands.
suddenness of
unprepared to meet the heavy
,
the moratorium,
With regard to
According to
by
saying their assets are more
of all liabilities, but that the
care
yesterday morning caught them
the run
a
Washingtorfadrices state:
cablegram from the American
Minister at Cuba, received
Department of Commerce, dated October 12, the mortatorium
bills of exchange obligations, orders and
the
declared in Cuba, states that notes,
other documents of credit
mortgage credits
the
or
There are also extended to
transferable or deeds of trust which may be due
on checking accounts and 12% on fixed
duties, taxes, fiscal revenues
However, necessary sums to pay
and other taxations of the municipality
province may be drawn against the
11 the New York
Od Oct.
gram
previous
deposits
drawn by depositors.
below $2,000 can be
custom
date.
Only 10%
1.
Dec.
to
Dec. 1,
that date
which are due or may become due up to
will not be collectible until that
creditor's current account.
"Times" in
a
copyright cable¬
from Havana, said in part:
of the moratorium: The
of Nova Scotia, Banco
banks, Upmann
& Co., Gelats and Gomez Mena.
The following paid only 10% on the
current accounts as allowed by the moratorium:
Banco Espanol, Banco
Nacional el Internacional and Banco Mercantil Americano.
The
following banks did not take advantage
National
City,
Royal
Bank of Canada, Bank
del Comercio and the private
Nacional de Comercio, Banco
At the Banco Internacional, which
started the crisis, payments
police kept order.
banks
nor
on
suspended payments on Saturday
for $6,451 34 were made on
and
checks which were
There was a large crowd
it opened, and also at the Banco Espanol, but
of the amounts called for.
the basis of 10%
on
in front of the bank when
said, "Then what is the use of the
are
financial affairs of the week.
the
that external aid can never promote a
union, that the utmost that this consor¬
tium or any consortium can do is to assist the efforts and the initiative
which must come in the first place from China herself.
It seems a platitude
seemed to
RESULTING
DISTURBANCES
FINANCIAL
FROM SUGAR LOANS—MORATORIUM DECLARED.
permanent internal administrative
to impair
the respective
close.
a
only be saved by her own exertions,
to
in view,
prepared to participate on equal terms in such under¬
signing of the final agreement yesterday brought the
CUBA'S
The consortium
resolution to be communicated to its representatives in Peking,
that they shall make clear to the government and to the Chinese
passed
objects
these
be calculated to assist China in the establishment of her
may
as
conference to
capital in the work of the consortium in the development
of local Chinese
of China's public
be served by the co¬
Chinese capital.
&
At the conclusion
of Monday's session Mr.'Lamont announced that applica¬
tion for participation in the consortium had been made in
behalf of Belgium, and that the application had been favor¬
ably considered, subject to the approval of the British,
French, Japanese and United States Governments.
There
was no session on Tuesday because of the Columbus Day
made Chairman of the meeting.
was
test
great public utilities, and to these ends to welcome the co-operation of
was
called to order by Sir
British group,
Co.,
as
press
the loan.
was
inserted
of economic reconstruction and
program
With
communications.
The moratorium
provinces.
Supervision by representatives of the consortium of the expenditure of
It
was
that the interests of the
of the opinion
are
groups
in existing circumstances,
can,
national groups are
flurry.
are:
Assignment of a part of the loan to the southern
of
national
people
the capital necessary for a
ment
standing armies.
Re-union of the North and South.
one
said
Chinese
on
Disbandment of the
The
It
problems.
China:
make
The signing of the agreement to-day,
of the four Governments to discuss
The intended
representatives
page
Thursday,
during the week that in preparing the consortium
agreement for final signature, a new clause was
constructive
meeting of the Consortium was called,
therefore, marks the final step in this plan for the assistance
"Times"
on
follows, relative to the attitude of the consortium toward
plans with reference to a
New York the seat of the Conference.
ago,
delegates
having been set apart for the deliberations of sub¬
committees designated to deal with special
stated
get in shape to
we can,
the other Groups.
therefore,
order,
formal session of the
was no
as
interests of their respective countries in procuring for the Chinese Govern¬
Further exchanges on
of endeavoring to straighten out
for the purpose
was
far
be filed
Mongolia and Manchuria which they claimed
scope
so
services for the loan in the future.
operative action of the various banking groups representing the investment
point followed among the Governments, but no solution
this
It
sub-committees and,
our
that
British, French and American Governments approved promptly, but
the Japanese
plans, appoint
render to China those great
Japanese Group.
was
1519
CHRONICLE
its own
The Banco Nacional accepted no checks from other
branches.
At the main office some depositors at
this bank were told that
partial payments would continue for
only a few
days.
There
was more or
less of a crowd at each bank,
but the panicky atmos¬
phere of Saturday was missing.
The Produce Exchange suspended business in the absence
house
Havana
in
It
banking.
independently and there was no
zation to
i
of a clearing
operating
official statement from any central organi¬
appeared that each bank was
quiet the public.
Press advices from Havana on
the moratorium
the 12th, in stating that
proclamation had seemed to cut short the
flurry, added:
All banks,
.
including the International Bank of Cuba,
which suspended
following a run on that institution, opened
hour today.
A few banking houses did not take
payments on Saturday morning
for business at the
advantage
of the
usual
moratorium
and continued business as under
normal
conditions.
The
opinion is held in well-informed quarters that there will be no
for the moratorium to run for the
by President Menocal.
necessity
full time provided for by the decree issued
/
Several reports to the effect that
•
aid
was
being sought in
conditions in
the United States as a result of the disturbed
Cuba
comes
in
the 11th inst.,
press
dispatches from Washington,
one on
saying:
President Menocal of Cuba in an informal communication to the State
Department has expressed the hope that American financial and sugar
interests will be able to aid the Cuban growers in the handling of the coming
sugar crop
in Cuba.
He suggested that the refiners co-operate and fix
price for the coming crop.
s
No
by the department from President
has been received
suggestion
The
10 cents a pound, it was stated-
estimate submitted to the International Financial Congress
(the 14th) said:
dispatch
appealed to the American Government for aid in its present
The appeal has been taken under consideration by
financial difficulties.
officials to
The
if some plan of assistance can be worked out.
see
Government was referred by the State
from the Cuban
message
departments, and it was
Commerce and Treasury
the
Department to
understood that officials of those Government agencies were
a
view to determining
world'sTproduetion of silver in 1920, according to an
,
Still another Washington
Cuba has
DECLINEJIN WORLD'S SILVER PRODUCTION.
disposition of the remaining sugar crop at a price of
Menocal regarding the
conferring with
duction
suggested to the department that American
silver
special advices from Washington the New York "Even¬
general way as it is now doing by confer¬
DepartmentAny direct help must come from the
except to use its good offices in a
ences
the
at
State
night's
the following from Washington in last
of business men conferred to-day with officials of the State
A group
and
possibility of American financial aid
to Cuba, which has been requested by President Menocal.
In the party
were W. A. Merchant, President of the Banco National; Manuel Riondo,
President of the Cuba Cane Sugar Co.; W. A. Lamborn of Havana, and
Treasury Departments regarding the
Robert Atkins Jr. of Boston.
As to
to the
Measures for
papers
from Havana, Oct. 14, said:
coping with thq financial situation in Cuba are being
by Government officials and business men of the republic, but no
solution
has
national
and
been found.
yet
as
studied
definite
Representatives of the international,
Spanish banks conferred with President Menocal and the
the problems Involved at
Secretary of Agriculture yesterday relative to
the present
They proposed, it is reported, that banks be allowed to
time.
issue sugar certificates which would be exchangeable at
banks after the
Government
guarantee approved checks will be paid by funds held in banking houses.
A secret meeting of sugar growers and commission men, holders of the
unsold portion of the last Cuban sugar crop, was held last night for the pur¬
pose of discussing the financial crisis.
At its close a statement was issued
to newspapers stating a vote of confidence had been given President Menocal
in his efforts to negotiate a sale of held-over sugar and the coming crop.
A committee, It was declared, has been appointed to assist him in this work.
The Secretary of Agriculture yesterday handed President Menocal a
sugar
had been deposited with the Government, and that the
Association recommending appoint¬
communication from the Merchants'
economic commission composed of representatives of the Gov¬
ment of an
interests to study the financial situation.
ernment banks and commercial
It would seek
a means
of overcoming the difficulties arising from
of the moratorium, arrange a medium of circulation in
money
operation
substitution of the
which the moratorium has tied up in the banks and advise as to the
wisdom of calling an extra sesssion of Congress for the
legislative
adoption of necessary
From "Financial America" of the 11th inst.
following:
we
take the
The Bank of Cuba in New York announces that it is in no
way
affected,
by tne suspension of the International Bank of Cuba.
J. T. Monahan
Vice-President of the Bank of Cuba in New York said: "The National Bank
The only bank that failed
of Cuba is the Cuban Government depository.
is the Internacional Bank, which is about tnree years
is due to lack of commensurate
Raw
pecially
sugar
Cuban
Government declared
loans.
sugar
a
capital, and
old.
Its suspension
extension of credit, es¬
over
has dropped from 26 cents to 7 cents.
The
moratorium until Dec. 1 covering bills of
exchange and notes, and allowing the banks in Cuba to pay a proportional
deposits for the time being.
This, it is hoped, will sove the immediate banking crisis.
Bank of Cuba cabled
us
it will be open today to make
The National
all necessary payments.
Tne Bank of Cuba in New York is not affected, as it is a New
York State
Bank.
The authorized capital of the Internacional Bank of Cuba is $10,000,000,
but it is said only a portion of this has been paid in.
REMITTANCES
TO
POLAND
IN POLISH
Allen Griffin,
MAY
BE
FORWARDED
MARKS.
Secretary of the American Polish Chamber
of Commerce of this
city,
the receipt of the fol¬
announces
lowing advices under date of Oct. 9 from Hipolit Gliwic,
Commercial
Counselor of the
The
Legation of Poland at Wash¬
'
ington:
'
Legation of Poland has just received
a
zation of the Commission for the Regulation of
of which has been
public Oct. 13 said:
largely
prepared the memorandum for the conference, holds that uncertainty
regarding the purchase in the United States of silver at $1
which prevailed
under the Pittman Act, and the falling off in China's demand may
even a lower production than
195,000,000 ounces during the
in
present year.
>
countries equalled
statistics Mexico alone of the world's silver producing
in 1919 the
The following are his
pre-war rate
of output.
figures:
Decrease or
194-275806.
1913.
75,000,000
66,801,000
55,285,000 —11,516,000
15,675,000 —15,850,000
.....
United States
In
+4,296,000
70,704,000
31,525,000
Mexico
_
countries....
Other
Increase.
1919.
*
—5,838,000
49,040,000
54,878,000
195,000,000 —28,908,000
223,908,000
explanation of the reduced output Mr. Shirras says:
"The fall in the Canadian
the cobalt field.
1919
the copper
The
these
supply is due to the progressive exhaustion of
The decrease in the
production of United States silver in
working of
obtained."
due to the large copper stocks and consequent short
was
mines from which
world's
large proportion of the silver is
a
demand
future
silver
for
considers
he
problematical for
reasons:
Germany has demonetized silver, but the Reichsbank, according to some
commodity.
reports, still has the white metal in its vaults merely as a
Many countries
nickel
substituting in place of silver money either paper or
are
cupronickel.
or
The prospective
demand for coinage purposes outside of Asia is not great.
On the other hand, India and
and
system
which
,Mr.
years to
China lack education, a developed banking
communications, three essentials of advanced progress,
easy
for many
Shirras contends, will lead to a demand for silver
come.
FINANCING OF WAR AS SHOWN BY BRITISH
TREASURY FIGURES.
A statement to the effect that "from 1914 to 1920 more
than one-third of the cost of the
million
pounds,"
a
raised in
revenue
total of four thousand
made by Robert Donald before the
was
od
Aug*
11, in presenting a table
the financial position of Britain and her Allies.
showing
The
war was
figures, according to the Toronto "Globe," were re¬
ceived from the British Treasury, and we
reprint them
as
follows from the paper referred to:
EXPENDITURE
MET
REVENUE
BY
AND
BY
BORROWING.
Expenditure
(Including
Met by
Loans Made).
Met by
Borrowing.
Revenue.
.
£560,000.000
£334,000.000
1.223,000,000
£226,000,000
1,569,000,000
336,000,000
2,198,000,000
573,000,000
2,696,000,000
707,000,000^
1,625,000,000
1,989,000,000
2,579,000,000
889,000,000
1,690,000.000
1,665,000,000
1,339,000,000
326,000,000
£11,257,000,000
£4.070,000,000
£7,178,000,000
V
.
:
64%
36%
100%
Surplus
'
Estimate for 1920-21—
£1,184,000,000 £1,418,000,000
£234,000,000
(for
debt
re
demption)
LOANS
TO
DOMINIONS AND
Position
,
as
on
larch 31
ALLIES.
1920.
Obligations of Dominions—
'
£51,600,000
Australia.
cablegram from the Polish
Ministry of Finance in Warsaw requesting it to inform all interested insti¬
tutions and organizations in this country that, in view of the recent
a copy
Director of Statistics to the Government of India,
G. Findlay Shirras,
who
Empire Club, Toronto,
,
official memorandum on
an
by Great Britain, amounting to
measures.
amount of
statement made
Canada
under consideration in Cuba, a dispatch
measures
daily
a
According to his
papers:
The
output during the current year possesses unusual Interest and significance.
result
Wc likewise quote
more.
responsible for the present high price of silver, the forecast of a subnormal
per ounce
bankers.
not
of the fact that previous reduced production has been
In view
said that the United States could do nothing
if
byjthe Bankers Trust Company of New York,
which in
was
rate of pro¬
pre-war
ounces,
prepared for the Conference,
In
It
the
of
These figures are from
ounces.
obtained
counted here to-day.
short
29,000,000
estimateJplaces the 1920 probable output at 195,000,000
ounces.
In 1913 the amount produced was 223,900,000
refiners co-operate to fix a price for the coming sugar crop in Cuba.
Dispatches from Cuba that the Government there had appealed to the
American Government for aid in its present financial difficulties were dis¬
fully
by
sugar
ing Post" of last night stated:
fall
will
Brussels,
at
what action, if any, to assist Cuba could be taken.
President Menocal of Cuba has
[Vol. 111.
CHRONICLE
THE
1520
organi¬
Foreign Exchange in Warsaw,
29,600,000
Zealand
New
Canada
19,400,000
South Africa
15,800,000
3,100,000
Other Dominions and Colonies
remittances to Poland may now be forwarded in Polish marks.
*£119,500,000
Obligations of Allies—
£568,000,000
Russia.
France
The
following is taken from the "Journal of Commerce"
514,800,000
Italy
POLAND LIMITS EXCHANGE DEALING.
455,500,000
Belgium (a) War
a new
Polish law, foreign exchange
can
banks which have a special license for this business.
'
be dealt in only by
Portugal, Rumania, Greece and other Allies..
They
Relief loans
may
buy
ex¬
a
foreign places they
are
required to submit
a
66,600,000
1,731,100,000
special report to
£1,850,600.000
"Foreign Exchange Commission" which meets every morning before the
Stock Exchange opens
20,900.000
8,000,000
change on foreign countries in unlimited quantities, but before selling Polish
on
5,300,000
Serbia
According to
exchange
92,000,000
—-
(6) Reconstruction..
of Oct. 13:
its doors and fixes the price for the day.
The former
The
further
advances
of
£36,000.000 provided for in the Estimates.
President of the Ministry of Poland, M. Steeszkowski, is now in Holland
1920-21, will raise this total by March 31 1921 to approximately £1,886,-
endeavoring to interest Dutch capitalists in a plan to stabilize Polish
000,000.
which has suffered
have
forced
^Cotton,"
the
a
serious depreciation lately.
money,
The exchange difficulties
big textile interests in Lodz to form
a
company
called
which will import cotton and wool and re-export it, giving part
of the finished
product
as payment
for the raw material.
*
During 1919-20 Canadian debt amounting to £82,600,000 has been
canceled
as a
set-off to the cancellation of a
due to Canada.
corresponding amount of debt
Oct. 16 1920.]
CHRONICLE
THE
GREAT BRITAIN'S EXTERNAL
Wbile Governor
Harding said that it would be gross discourtesy for him
DEBT.
to
even
The
following from
Consul-General
W.
venture a forecast of what his fellow members of the
Board would
decide, he expressed personal views which
apparently indicated that his
solution of the
present agricultural problem was to meet the average market
price at once*
Hollis
Stanley
at London under date of
Aug. 18 1920 appeared in the
Sept. 23 issue of "Commerce Reports" published by the
Department of Commerce:
"I believe in orderly
marketing," he said, "but my idea of orderly mar¬
not that the producer shall stay off the market
until it goes down
until it goes
up to a certain price."
keting is
or
A recently published White Paper gives the
following particulars of the
of the external debt of Great Britain on March 31 1920 and the
"Would
amount
asked
countries in which the debt is repayable:
United States
Canada
(sundry maturities)
Japan (sundry maturities)
73,419,000
Argentina (maturity Jan. 14 1921)
Netherlands
Sweden
(maturity June 30 1921)
826,000
Straits Settlements
Mauritius
This statement met with protesting murmurs from the
wheat and cotton
434,000
(sundry maturities)
(maturity- Dec.
farmers, who hold that present prices
7,656,000
1922)
Sundry Allies
are far below the production cost and
they face ruin unless financial aid is offered them through the banks.
that
538,000
...
want.
you
comes."
2,500,000
Fiji (maturity July 1920)
Orderly marketing
way.
The average
I cannot believe that orderly marketing means
holding crops while money gets tighter and tighter until
perhaps the crash
price is what
743,000
Spain (maturity Oct. 1928)
?«J
:
meeting it half
5,954,000
(maturity Nov. 7 1920)
reasonable price
a
I
for any
commodity to be tied up on borrowed money.
is finding out what the market is and
19,200,000
Uruguay (maturity Feb. 14 1921)
consider below the cost of production
you
delegate.
strong banking proposition
7,170,000
±
—
a
"In certain circumstances it might be
necessary," was the reply.
"Is it better to hold back all of any
crop and not sell until the price goes
UP?" continued Governor Harding.
"It is not a
£1,046,774,000
•_
-
1531
While Secretary Houston was not mentioned
by name, there were fre¬
113,500,000
quent and obvious references to statements he has made which the farmers
Total
interpreted
.£1,278,714,000
-
At normal exchange this would represent an aggregate of
Harding
$6,222,862,000.
of these
figures \s that during the period March 31 1919
to March 31
that
1920
ton
At
one
"night-rider" outrages in the South
time,
were a
while
Governor
necessary
was
bring
Wannamaker, President of the American Cot¬
poor way to
Association, broke in with:
"I
date arrangements have been made for further reductions amounting ap¬
deeply deplore the burnings, but when the statement of
official is found
proximately to £80,000.000.
prices.
renewal of public confidence
a
this confidence about, J. S.
reduction of £86,136,000 has been effected, while since the latter
neb
a
saying
and that the
From the standpoint of leading London bankers the satisfactory aspect
having depressed
as
was
near
the scene, together with
an
Government
a
anonymous letter that
the
statement produced the effect, then the responsibility must rest somewhere
else."
CREDIT
NEW
FACILITIES
SOUGHT
AND OTHER INTERESTS—RESERVE
Senator E. D. Smith of South Carolina condemned the
Secretary's
COTTON
BY
BOARD'S STAND.
toward the Federal Reserve Board.
Spirited meetings of agricultural interests, in which the
producers were the principal factors were held this
Washington in
endeavor to effect
an
there had been "a great
by Federal Reserve banks.
in these columns last
ing
As
was
and
business
of
men
Georgia,
Mr.
In
With the start of the
meeting, unless in the
on
pound.
and
others.
American Cotton
J.
S.
Wannamaker,
Association,
one
President
stock
of
the
that
declared
the
policies
Secretary would prove disastrous.
advocated
as
was
months
thirteen
an
instances "very grossly
some
it had been wrongly asserted that there was
"campaign of deflation and curtailment."
within
increase of
"The Board has never done a
Citing figures, he said that
more
than
$1,000,000,000 of loans
thing to affect the cost of living one way
another," he told the farmers, but added that certain "expressions" of
the
public sentiment in this direction had been shown by the overall move¬
ment, Henry Ford's reduction, John Wanamaker's cuts in prices, and so on.
"My personal belief," he said, "is that
as
prices went too high last year;
they went too low this year."
He believed
a proper
"Let's keep our
by the
Mr. Wannamaker
as
had been issued.
the agricultural credit problem and
on
deflation
piece
he asserted great friendship for the farmers.
of the Board had been in
misunderstood," inasmuch
.
Secretary Houston
five-cent
a
reply to this and similar declarations Governor Harding denied that
In his personal statement
of the spokesmen at the
meeting, quoted from statements made by Secretary of the
mill.
acceptance from a
higher price," he asserted.
a
such instructions had ever gone out from his office to Federal Reserve
He said the policy
Oct. 12 those in attendance
wheat and tobacco producers, live
cotton,
commodity held for
banks.
or
included
men
meeting
any
a
another bale of cotton until after the
meantime cotton should reach the price of 40 cents a
on a trade
"The bank said it was under instructions not to lend
on any
Brown
appealed to all cotton producers and merchants not to sell
Kilkenny of Arizona
Company of Boston to lend $25,000 on 200 bales of cotton the bank had
refused, but said it would lend him money
week, (page 1420) the call for the meet¬
agricultural associations, State Commissions of Agriculture
'and all other agricultural interests.
In a special appeal to
farmers
T. R.
Yuma Valley cotton producer, said when h<? asked the Industrial Trust
a
indicated
was
the
spirit
(
system had discriminated against cotton loans.
issued by J. J. Brown, Commissioner of Agriculture
Georgia, and was addressed to representatives of organized
of
state¬
hostile
Direct charges were made that the member banks of the Federal Reserve
policy in the matter of the extension of further credits to
these interests
a
misapprehension" of the Board's attitude toward
the farmers with regard to credit extension.
change of
a
evinced
Senator Hoke Smith of Georgia en¬
deavored to pour oil on the troubled waters by stating that he believed
cotton
week in
and, like the majority of those present,
ments,
The
heads," were his closing words.
to
overtures
elicit any
>
balance would gradually be found.
Secretary
Houston likewise failed
promises of financial relief.
Borrowing of
to
money
quoted to the following effect in the New York "Com-
by the Government,
merical" of the 13th:
probably create the very • opposite of the condition you
seek to create."
In my judgment, he continued "we have
If
The
we
are
going on with this policy of deflation it will kill agriculture.
producer will produce only enough for his
We want the Government officials to stop
prices of agricultural products.
family.
own
issuing statements concerning
We want them to stop frowning
on exports.
We want funds to be furnished by the banks of the Federal Reserve system.
We want members of the Federal Reserve Board to stop browbeating the
bankers
that they are afraid of their shadows.
so
what extent Government officials are
going to
We want to ascertain to
carry
this artificial deflation.
Unless the Secretary of the Treasury discontinues trying to force down
prices I want every producer to rise up and swear that he will not produce
the
to
point that will force him to mortgage his home.
If the present
policy of deflation is continued you will see bankruptcies.
This nation
to-day is facing the most serious proposition presented to
it since George ^Washington was laid to rest.
interests have lost
In
one
month agricultural
ov^r a billion dollars through decreased prices.
drop off.
The agricultural
calamitous could happen than to put the Treasury into the
banking business, and on the basis of European securities,
of which the
were
on
the other is being choked in such a way that he is unable to
get raw
products out.
Does
just
a
cents
a
a
commit
a
crime when he tries to sell his cotton
The cotton
pound and the wheat man $3 a bushel.
proposition.
man
recommends 40
That is not
a
profiteering
mercial" of yesterday.
the Secretary of the Treasury to issue statements telling
We are not here for any
A
opened
so
special privilege.
with W. P. G.
a
our
products
conference
Harding, Governor of the Federal Reserve
Wednesday, the 13th, .and
on
one
pay
Thursday the 14th
on
will pardon me if I say that little of what
they conferred with Secretary of the Treasury Houston, and
of the most
distressed of all.
•
have been misrepresentations of my attitude.
Williams.
Skelton
that
no
statement
would be
was
made
known
on
Wednesday
to the attitude of the Reserve Board
forthcoming until to-day (Saturday) in view of the
conference
between
It
as
the Currency John
which
has
the members
Governors
and
been
of
agents.
sentments to the farmers,
in
progress
the Board
As
to
and
Governor
Federal
Reserve
Harding's
the New York "Times" in
dispatch from Washington Oct. 13 said:
during the week
pre¬
expressed the view that as far as I could
I have
special
see the
crest of high
passed. My judgment is that no one would be
producing classes who would hold out any other hope.
prices has probably
of
Much has been said about
contraction of credits.
a
friend
There has not been
a
contraction of credits, but, on the other hand, an expansion of credits.
evidenced by the figures,
I think the banks as
are
♦
endeavoring to do what
they can.
I
think there is a
difference between
can
discover any way
previous¬
I doubt if you
of interfering substantially with the
course of events
Of course you know
of the
war.
the War Finance Corporation was a war body and
deal of resentment against the continuance of war
The provision for export loans
was
inserted
apprhension that exports would
not go
after
the
forward.
forward at such a rate that the question arises as to
will meet the bill.
When exports go forward at the rate
have gone
a
to.
there has been a great
when there was
market until
of knowing what prices will return
resulting from the rec overy
bodies.
an effort to market commodities
hold them back from the
reached.
I have no means
nations
a
I have been
quoted as asserting that certain prices should or should not have been re
ceived.
I have made no statements of this sort.
ly fixed price is
of
I recognize that the marketing of
products.
Reserve
Comptroller
as
solution of rural life is to do what can be done to make farming
gradually and an effort to
and
is new
I recognize and have repeadtely said that
and make rural life comfortable.
again presented their arguments to members of the Federal
Board,
you tell me
I spent my early life in one of the States which has been pictured
commodities is still in a chaotic condition and that is especially true of farm
We are here to ask that the
that we can get into Central Europe with
delegation representing the meeting had
Board
I hope you
to me.
I know there
producers to sell their products at low prices.
proposal to this effect
a
applications for loans." The following account of Secretary
Houston's remarks appeared in the New York "Com¬
It is merely an effort to get the cost of production.
What right has
channels be
resumed, he said in answer to
"you must realize that those in charge would be flooded with
the only
cotton producer
little over the cost of production?
Treasury now holds something like $10,000,-
If the activities of the War Finance Corporation
000,000."
The Government policy has caused exports to
producer is being hit on one side by cheap imported products coming in and
"would
to the banking agencies, and nothing more
to look
got
Secretary Houston argued,
armistice
Ex ports
how othe
of $8,000
and when they include nearly $4,000,000,000 agricultura
products no one can say exports have not gone forward.
000,000
a year,
r
-
1
THE
1522
tike
the specific thing that
the Treasury must lend money to Germany on their bonds, or on security
which Europe says is non-existent.
If activities of the War Finance Corpor¬
ation were resumed you must realize that those in charge would be flooded
with applications for loans.
The War Finance Corporation was discon¬
tinued only after full conference with Senators and with the approval of the
President.
Those who have spoken about the ease with which it could be
communities.
but your proposition comes down to
It is the sense of this convention that the present
That the War
Federal Reserve Board be asked to define that "orderly market¬
That the
Corporation was
Wanna-
That
this
the only way of
was
That we recommend
with
recounted
as
We recommend that no
gathered, but left in the field for cattle feed and manure, as it will
greater expense than such cotton can be sold for, because this
entail a
representations by Secretary Houston on
It is also counted in a
complete.
prices.
used to depress
I made no
and when I made a statement afterward I was accused
I said that I had
nothing to do with prices.
I said I was in favor of orderly marketing.
The
Treasury has no money to lend.
It is borrowing money.
The Treasury
could not be a party to a plan for producers to keep their products off the
market for speculative purposes or to obtain a price previously agreed
upon.
That is no orderly marketing."
Sorely dissatisfied, the delegation of farmers went to the Federal Reserve
room
emphasis and, if
where the same arguments with greater
question put to Senator Smith by Secretary Houston
the 14th as to whether it was proposed that the Treasury
lend money to
forth
Germany to purchase the cotton, brought
following from the Senator, according to the
the
price that would justify the producer as a business proposition to
but by a
to the minimum.
On the 12th inst., when
Senator Smith declared that the
based
"I
God help you if you don't do it,
crime not to stop it.
to her knees?
We face ruin, and it's
If necessary I would bond the country again as we did in
the Victory and Liberty loans.
On the
farmers'
delegation
him
were
notes
In
cotton.
reporting this the Associated Press dispatches
A German commercial agent who called on him he said, had told him that
accept
to buy, but the cotton producers must
were eager
pangr maturing in nine months in payment.
The Governor sug¬
gested to the cotton interests represented that they make
use
market after the delegates had said there was no domestic
Spokesmen for the cotton
ests in cotton
against them, or is it not?
tural
of the German
market.
said also that confidence of banking inter¬
men
conference
a
by
report
a
was
$5 a pound, that's got nothing to do with the
The
same
of Agriculture, was one of a number who advocated the
the Department
He charged that
of wheat.
Secretary of
the Treasury are using the authority placed in their hands for the purpose
of manipulating the market," said Dr. Spillman.
"I want to raise the
question if they have not committed an illegal act.
It looks to me that
there is a chance to get some action, for a public official does not like to be
clear that the Federal Reserve Board and the
"It is quite
brought up for malfeasance in office.
of the law, cannot we
Other
was
Senator Smith
Federal
the
The manufacturer produces
the
wrong
as
matter of policy artificially
a
programme
wrong to
to press
upon
the
The condition of agriculture is now
the farm population is ominous.
desperate.
the test of which
After
a
a
on
This state of mind
the part
can
of those in authority,
be only their acts.
1.
Restricting of credits.
2.
Raising the rate of discount
3.
Discontinuance of the War Finance Corporation.
4.
The
out
farm products.
contemplates giving the Administration the right
credit and who should not.
If it should, the law
made by Senator Smith that the Federal Reserve
er
should get
Board
farmers in interest, in order to pay the taxes of the country.
The Federal Reserve Board, he
Threats
said, had no right to
say
what price the farm¬
That was to be determined by the producer
for his products.
that
farmers
would
strike
March, secretary of the Farmers'
by
the
the hands of the
Secretary
were
deprecated by Benjamin C.
National Council.
basis,
basis of prices must be reached within
financial interests,
that the farmer shall not get
of the Treasury,
the
been construed to the effect that commodity prices, particularly prices of
pre-war
If we don't
The problem before
them, he said, was to get the control of the finances of the country out
on
farm products, were too high and that a pre-war
a
"What are our rights under the law as
extended to us to mobilize our crops?
should make certain of them immediately.
who should have
is robbing the
As to
Governor of the Federal Reserve Board and the Federal Reserve banks have
tion of
it.
alone.
that the present situation is brought about by the following official acts:
given
at
expand the
pound of meat, a pound of cotton, or a bushel
do," he said.
don't believe the law
The charge was
full and free discussion of the situation the conclusion was reached
statements
He demanded that the
should be amended."
Producers of all crops have come to feel
frank and fair attitude
can
'T
The condition of mind of
that the hand of the Government is against them.
only be changed by
of wheat until they
know them now, we
to say
farmers.
this end that some means be found for doing
"We will not loosen up to a
begin with
inevitably forces
producer the heaviest burden of reconstruction and readjustment.
and the
Board
that if there was not sufficient gold reserve to
to credits which can be
a
commodities, and it is particularly
commodities, for such
raw
day
twelve months.
judgment it is
down the prices of
an asset every
production, while the farmer only produces
reported
were
its policy, in order to give the farmers credit necessary
National credit to
different that the effect upon
Tuesday's conference
declared the time had come for a "showdown" between
Reserve
Board change
the manufacturer and the farmer produce are
so
of
the Philadelphia "Ledger":
this time, and
to meet the liabilities incurred in
Board and Secretary of the Treasury are violators
proceed against them as violators of the law?"
features
follows in
by the action of the Federal Reserve Board, but the conditions under which
afiset once every
also said:
paper
Spillman, former Chief of the Board of Farm Management of
prosecution of members of the Federal Reserve Board.
as
It is true that commodities other than farm products have been affected
In our
question
issuing notes against it."
of
special committee which had been
unanimously adopted by the conference, said in part:
an
We think it is, under the law.
is tl\e average
Surely, 2>£ cents is a reasonable profit.
And
fix the price, if not the man who caused it to exist?
If we want
"If the Federal Reserve
submitted to the agricul¬
appointed to study the situation; this report, which
them is entirely different.
Is
and the issue of
producing cotton.
who should
appeared to have been shaken.
On the 13th inst.
"Let us
question for us to put up to the Federal Reserve Board is this:
they were responsible for a drive to force down the price
of the 13th inst. also said:
German manufacturers
appointive officials to get
under the law," said Senator Smith.
"We, the producers of cotton, met and said that 37 lA cents
cost of
German interests had informed
that
in the market for 2,000,000 bales of American
follows,
rights under the law or get officers who ■will administer the law.
Dr. W. J.
they
as
issuance of Federal Reserve notes
tired of running around to the different
our
to hold cotton for
previous day, the 13th, Governor Harding told the
'the
the cotton and wheat we produce eligible for rediscount
Talk of where would we
Where did we get $26,000,000,000 used to whip Germany
get the money.
"The
made
warehouse receipts for cotton.
on
am
brought under
was
were
important thing to do is to demand that
the Federal Reserve Board permit
Yes, I would, because you know that Germany must live, and we must
to liberate us.
the conference
declarations by Senator Smith
according to the "Commercial":
demand
You, Mr. Secretary, are the only one who can speak the words
in
possible terms that the use of commercial fertilizer be reduced
the strongest
them to interpret our rights
monstrous and an official
However, regardless of price prevailing
legal binding contract.
planting time, if the policy of deflation be continued, we then urge
at
New York "Times":
not starve.
continue
These reductions ought to be secured, not by a pledge,
producing cotton.
way,
A
on
be materially reduced the market will be re-established at
ton acreage can
a
any¬
thing, with increased heat were uttered.
materi¬
ally improved he should not jeopardize the agricultural and commercial
interests of the country by planting a large cotton crop next year.
If cot¬
until certain gentlemen saw me and told me cotton was
bringing cotton down, when it was already down.
Board
present conditions confronting the cotton producer are not
If the
down to 20 cents,
of
which we cannot
total yield carried over as surplus and thus
by labor costing only 25 cents to 60 cents per week with
follows by the "Journal of Commerce" of yes¬
statement at all
class
competition with the cotton of India which is produced
of cotton comes in
terday:
prices should be.
in lieu of
view.
low grade cotton, including "snaps" and "bollies"
this, form such pooling associations with the same end in
meeting the situation which of:
I have made no statement regarding what
the speedy organization of an export corporation
capital of at least $100,000,000 for exporting and selling direct to
a
the consumers of the world and where so desired, farmers may,
14th, made in exchanges with Mr. Wannamaker, are
the
affecting prices should be discontinued from all Govern¬
conditions and indicated yield.
should be
further
Some
statements of Government officials have marked influence, that
as
mental sources except the statements required by statutes including crop
relief.
any
cotton certificates where properly stored and insured.
ail such statements
to central European
cotton
Reserve Board be requested to instruct member banks
That the Federal
financing the sale of the large accumu¬
low-grade
the
South and enabling foreign markets to obtain the raw materials so necessary.
nations.
According to the "4 Commercial," Senator Smith, after
Secretary Houston had flatly refused to consider re-establish¬
ing the War Finance Corporation, reiterated his belief
of
of furnishing the means whereby cotton can be furnished
foreign markets, thus furnishing relief to the cotton producers of
ing" does not contemplate the sale of farm products below cost.
urged, it is stated, by Senator E. D. Smith and Mr.
lation
Finance Corporation should again be put into active opera¬
tion for the purpose
to
it
hinder rather than help the cotton situation.
only serves to
to re-discount
of
lawlessness of burning
and other destruction of property in the South be condemned, as
gins
forward.
a means
follows in the
Other features of the report are given as
New York "Commercial":
would probably create the very
The re-establishment of the War Finance
as
opinion as to prices of farm products which have
resulted in disastrous price declines.
In my judgment we have got
to look to the banking agencies and nothing more calamitous could happen
than to put the Treasury into the banking business, and on the basis of
European securities, of which the Treasury now holds something like $10,000,000,000.
I have high hopes that the banks of the country will continue
to aid you in the gradual and orderly marketing of your commodities, and
while We are not yet through with our difficulties, I have great confidence
maker
exceeded their authority when they
have
system
Reserve
Federal
publically announced
opposite of the condition you seek to create.
that the nation will go
feels that the officials of the Treasury Department and
Your committee
-the
resumed have overlooked the underlying factors.
Borrowing of money by the Government
credits to the agricultural interests of their respective
extend the needed
people of the Central Powers will be glad to
I have no doubt the
your cotton,
[Vol. Ill;
CHRONICLE
a
or an
short time.
The
The
credit.
Thursday's meetings of the delegates, the "Journal
of Commerce" of
approxima¬
of *
which, he asserted, are determined
farmers
met
yesterday (Oct. 15), said:
at
Federal Reserve Board's
headquarters
their
rooms
immediately
on
leaving
the
and went into an executive session to discuss
consequent effect of these utterances upon the member banks of the Federal
a
Reserve system and the banking interests of the country generally was to
Agriculture, who is believed to be in sympathy with their appeal, and if
cause
them to withhold such accommodations
as
they might have otherwise
extended, because of the fear that the security taken should necessarily
decline.
5.
cotton,
It
The action of the Federal Reserve Board in counting the bonds held
by member banks
these bonds,
further move to-morrow
as
part of the commercial credit of the banks ohlding
thereby enormously decreasing the power of such banks to
[Friday] which should include the Secretary of
possible to get the attention of the President to the situation in which^the
wheat and other farming interests now find themselves.
was
the general belief of those present at
Reserve Board that the Board,
even
the farmers, would refuse to carry
was
forced by the present state
the hearing before the Federal
if it sympathized with the appeal of
their plan into effect.
of bank reserves.
This, it_was said,
Oct. 16
1920.]
Governor Harding of the Federal Reserve Board paid an
„
early visit to
He was there before the arrival of Secretary
memorandum on the conference yesterday with the
the White House to-day.
Tumulty and left
a
1523
CHRONICLE
THE
when cotton is down the effect is felt in industrial plants,
With
cotton
no
few debts
farmers'representatives.
in mercantile
establishments and In banks.
are
being ginned, and, consequently none being marketed,
being paid in the South.
Ordinarily by the middle of October
millions of dollars of obligations contracted In order to make the cotton crop
are
TO
BANKS
ANGELES
LOS
FINANCE
CALIFORNIA
partly or wholly liquidated.
fertilizer
in Georgia predicted that
concerns
largest
his company would not collect
than 50% of notes this season.
more
COTTON CROPS.
The sales manager of one of the
The farmers blame the Wilson Administration and the Federal Reserve
Press
dispatches from Los Angeles Oct. 12, state that
have joined in
the banks of that city
finance
the
Mexico
to
cotton
nouncement
of $2,500,000,
according to
an
an¬
Day, Vice-President
Dabney
J.
by
of
life.
The statement of Secretary Houston
Reserve Board that the
EUGENE
-*
localities
sums up to 20 cents a pound on Pima or long staple cotton and 8 cents a
pound on short staple stock to cover picking, ginning, baling, warehouse
MEYER,
BELIEVES
JR.,
HELP
IN
That the War Finance
gins in the South,
continued destruction of cotton
riders to burn gins whose owners ignore
and threats of night
bitter feeling
a
FINANCE
COULD
CRISIS.
COTTON
Corporation, if permitted to func¬
tion at this time could help
markets
DESTRUCTION OF COTTON GINS IN SOUTH.
WAR
CORPORATION IF FUNCTIONING
and insurance expense.
The
economic
and Governor Harding of the
banks would not extend credits to enable the
holding of cotton until the price advances has created
against the Administration among the farmers.
banks will advance to banks in cotton growing
The Los Angeles
reserve
the
It is added:
First National Bank.
arrangement to
of California, Arizona and New
crops
the extent
an
Bank for the decline in cotton and the consequent blow to Southern
in the present crisis of cotton
by doing exactly the things it was doing when
nouncement
further advances is the
opinion expressed by Eugene Meyer,
warnings to discontinue operations until the staple reaches a
Jr., former Managing Director of the Corporation.
price of 40 cents a pound resulted this week in the issuance of
Meyer
Governors Brough of Arkansas and
Kilby of Alabama and statements of their position by
Governors Dorsey of Georgia and Cooper of South Carolina.
by
proclamation#
Previously,
the 8th inst.,
on
a
statement was issued by Gov.
Cooper of South Carolina declaring that he would use all
his
bring to trial persons apprehended in the burning
resources
to
of
The shooting to deatn of a negro guard at a cotton
gins.
gin in Arkansas on the lltn inst. caused the issuance
of
a
proclamation by Gov. Brough citing the killing and "lawless¬
ness in some of our counties growing out of the prevailing
low price
adjutant General and sheriffs of counties "where there are
likely to be disturbances" to use all power at their command
Posts of the
urged to cooperate with tne au¬
outrages."
"suppress these night riding
to
American Legion also were
developed it
has
It
thorities.
of being
instead
had robbery as
said that the
is
killing,
outgrowth of night riding activities,
an
As to the action of the Governors
dispatches of the 12tn inst. said:
its motive.
in the other States, the press
In
a
proclamation citing the burning of gins and
offered
Governor Kilby has
of any
a
gin houses in Alabama,
reward of $250 for the arrest and conviction
guilty of the destruction of property.
"This character of
violates one of the fundamental purposes for which
person
lawlessness deliberately
established, and threatens to substitute for orderly govern¬
ment a reign of terror and violence." the Governor declared.
Governor Cooper in a communication to I. W. Harris, solicitor of the
Tenth Judicial Circuit of South Carolina, deplored the acts of "fanatics" and
government is
gave
that
assurance
should any situation develop which would require
of State he would not hesitate to order it.
extract effort on the part
suggestion from a county Sheriff that the offer by the State
for the arrest of night riders in Georgia would have a beneficial
Replying to
of
a
reward
a
effect. Governor Dorsey stated that threats
constituted
misdeameanor only, and that
a
not authorized to post a
destroyed a felony would have been committed
"be glad to offer the highest reward possible under law."
in the event property was
and that he would
Oct.
On
Governor Brough
13
urged farmers
to have
stored in safe warehouses. He
advised the holding of cotton until prices increased and said
the warehouses receipts could be used to raise money to
their
meet
and
ginned
crop
pressing obligations.
An
•':C.;.
investigation into the burning of the Southern Cotton
a view to the prosecution of night riders and
responsible therefor, in the event of disclosures of
violation of the Federal laws, was ordered by the Depart¬
gins with
others
ment of
in
most
under
Justice
on
have constituted crimes only
With regard
laws.
State
It is the belief, it is said, that
Oct. 12.
the burnings
cases
to
the depredations
a
special dispatch to the New York "Times" from Atlanta
Oct. 10,
said.in part:
riding campaign to force the closing
In the Atlanta district, which
South Carolina and
of
includes the States of Georgia, Alabama,
Florida, the night-riders have posted notices on scores
ginneries warning the owners that no cotton must be ginned until the price
No verbal threat is made, but a box of matches is left
reaches 40 cents.
with each notice and the
gin owner well understands that violation of the
warning means fire.
In
some
counties the night-riders have not
have also posted the cotton
only posted the ginneries, but
fields with notices that no Cbtton must be picked.
Large mercantile establishments have also
doors until the
been ordered to close their
price of cotton advances.
The result of the
which
create widespread economic demorali¬
with the orderly process of business and
speedily checked to
cents
the
a
Referred
wont you
pound.
planted with the expectation of being marketed at 40
everything that went into
40-cent expectation. The
Labor, fertilizer and practically
production of the crop were paid for on a
$120 for a bale instead of the $200
farmer feels it is unfair to be asked to take
he expected;
take even less. The
Southern business is buttressed on cotton,
and with prices dropping he may have to
farmer sees ruin facing him,
Mr.
inquiry
to letter
to function at this
Corporation in what
way
director
corporation could if permitted
Also
time heldp in the present crisis of cotton markets.
advise how the necessary money
cotton
"Financial Chronicle" Oct. 9
Secretary Houston in
please advise me in light of your experience as managing
of the War Finance
could be raised.
Situation relative to the
producer and the people who are dependent upon cotton as a
for financing is most
basis
deplorable and certainly merits all legitimate means for
facilities
securing relief.
My judgment is that a lack of adequate banking
at this moment
will sacrifice the cotton producer and his dependents
and
greatly benefit the speculator.
The letter of Secretary
gram
Esoustons to which the above tele¬
refers appeared on page 1419 of our
issue of Saturday
In his answer Mr. Meyer states that at the
the corporation suspended making further advances
last, Oct. 9.
time
the Treasury) the corpora¬
which Mr. Meyer believed "was,
(at the request of the Secretary of
tion had worked out a plan
is
and
adequate
to finance large quantities of
American
products with absolute safety." Mr. Meyer also states
that "money for the War Finance Corporation, in my
raised to the extent of $250,000,000
Finance Cor¬
poration bonds bearing 6% interest, with a small discount
or selling
commission." Among other things Mr. Meyer
likewise says that "at the time of the termination of the
corporation's activities a substantial part of the Board of
Directors, including myself, expressed themselves, respect¬
fully but strongly in opposition to the Secretary's decision."
We give Mr. Meyer's response to Mr. James' telegram#
opinion, could now be
to
$500,000,000 by the issue of one-year War
New York, Oct. 14
1920.
Memphis, Tennessee
Replying to your telegram, the War Finance Corporation, If permitted
to function at this time, In my opinion could help in the present crisis of
cotton markets by doing exactly the things it was doing when the Secretary
of the Treasury issued his announcement on May 10 this year, saying:,
"At my request th# War Finance Corporation has suspended the making of
further advances in aid of exports except pursuant to commitments here¬
George R. James,
tofore
made."
Corporation suspended making further
accordance with the Sectetary's request, the
Corporation, after prolonged negotiations, had worked out a plan which I
believe was and is adequate to finance large quantities «f American products
with absolute safety to the War Finance Corporation.
For example, a loan
of $8,000,000 was made to a group of banks in various States in the United
States for the purpose of financing cotton exports and the banks in turn
had the security of a syndicate of all the Important spinners of Czecho¬
slovakia, guaranteed by the seven largest banks in Czecho-Slovakia, and
the whole indebtedness, in turn, is guaranteed by the Government ©f
At the time
advances in
that the War Finance
aid of exports in
Czecho-Slovakia.
Under more or
less similar arrangements
the War Finance Corporation
$12,000,000 of wheat to Belgium, and $5,000,000 of
condensed milk to various countries in Europe.
At the time that it was
financed the export of
financing exports, it had applications involving the
$17,500,000 of copper; $2,200,000 fabricated steel to Italy;
tobacco from Tennessee and Kentucky; $4,000,000
cotton to Czecho-Slovakia for a large Southern exporter; $25,000,000 cotton
to Czecho-Slovakia for a group of Southern bankers; $3,000 000 for cotton
to Italy by a group of bankers; $9,000,000 by a group of bankers for export
of cotton to Italy; $24,000,000 for the export of cotton by a syndicate of
banks headed by one of the largest national banks in the United States;
$2,400,000 by a group of bankers for coal to Italy; $4,000,000 by a group
of bankers for cotton to Italy; $4,000,000 for ships to be bought or con¬
structed in this country for Italy, in all $100,000,000 in applications, prom¬
ising practical results with adequate security, according to the opinion of
export
of
$5,000,000 Black Patch
the Directors
and
as
of the War Finance Corporation.
In addition to these
under way for
ized in large
definite propositions, various other negotiations were
further extensive loans which would no doubt have
material¬
financing of exports of various kinds of American products.
War Finance Corporation, in my opinion, could now be
the extent of $250,000,000 to $500,000,000 by the issue of one-
Money for the
raised to
zation.
The present crop was
an
George R. James of Memphis, Tenn.:
I
night-riding tactics has been to create a sort of terrorism
which is interfering greatly
threatens unless
to
compelled to suspend
of the cotton ginneries
until the price of the staple advances to 40 cents a pound has assumed sctch
proportions that the economic life of this section is gravely menaced.
The night
in response
against property in Georgia
under the circumstances he was
The Governor declared, however, that
reward.
statement
contained in the following telegram received by him from
The Governor called upon the State
of cotton."
the
makes
an¬
made last May of the suspension by it of
was
year
War Finance Corporation
selling commission.
bonds bearing 6% interest, with a small
discount or
The War
in
Finance Corporation issued $200,000,000 one-year 5% notes
April 1919 to provide funds to take care of eventual emergency require¬
made necessary by the failure of Congress to pass the railroad appro¬
ments
priation.
These notes were paid off on or before maturity.
In my opinion.
—ri~V—
time without calling upon
moving
the Treasury for funds, and with the result of
This
bankers financing exports from various
under
control,
the statute,
over
I hold myself at
GROWERS
WHEAT
I
Im
Secretary,
That if there
their
doubt
was any
made two recommendations to the
This recommendation
rejected.
was
question in
advisory
an
culture and similar organizations were
with the association in its efforts to raise the
As
was
likewise rejected.
law defines
paragraph 2
it is to be found in Sub-section C of
of Section 21 of the War Finance
this section may be made until the
point of view, the termination of the
German Government has not yet been fixed by
dent, and there is
legal
and the
"At
Corporation
extension
that finance Ameri¬
and American bankers
S* far
as
concerned in the law, I take
the general intent of Congress Is
expire
on
May 10 1920,
The amendment to the Act
wheat is now
was
approved
on
the
the
Dr.
clear
under
treaty for some three
a
months at
Viewing it from the intention of Congress at the time, it does not
tain now, as I maintained before the Secretary, that
under
War Finance Corporation Act to have terminated at
"Is there
We also quote
'
Reserve banks for the purpose
on
a
It is
Inter-National trade, and should stimulate
to the greater
courage
our
pointed to
condition of the world's
prices
It is not designed to displace private enterprise or to put
upon
the
Government permanently into general banking business.
The amend¬
ment is limited as to time and as to
purpose.
It is intended, primarily, to
our own
industry,
National well-being.
labor,
our own
Nevertheless,
a
our own
"Im
extending credits
industries and theirs to
be
making
a most
are
finance, and thus our own
time to
normal
sources
what
The
exports business before the
kind of
an
export business
Eighty-three
follows:
at
com
flour;
we may
58
cents
bushel);
a
$40,000,000
of
wheat,
other
$89,000,000;
breadstuffs;
$53,000,000 of
of
a
machinery; $36,000,000 of fruits;
of
vegetable oils;
and $64,000,000
business
is
in
$137,000,000 of mineral oils;
and manufactures
general business.
example, we will all recall that when
be called in time to pass
$24,000,000
GOVERNOR
SAYS
in
the
southern
there
was
territory.
no
single item of our exports in
Taking
a
In
cotton ceased to be
exported
ham
foremost
the price
cotton
as
Pianos, shoes, furniture,
tant
as
our
Mr.
by
The Secretary's letter of Sept. 28 1920, to which you refer in your teleare
further complicated for this Nation by reason
of the fact that it has not yet concluded peace with its enemies."
was
tive
I merely cite that because it is the most
export trade and because the indirect result is as impor¬
that "matters
true
when
the
War
Finance
Corporation
was
This
authorized to extend-
credit for export trade, and it is precisely because of these and
other
com¬
plications that the War Finance Corporation was granted authority
national agricultural congress to be made
It
was
suggested that this meeting
HARDING OF FEDERAL
by
BANKS
tates Congress.
.
a
ARE
RESERVE BOARD
NOT
INTENDED
SPECULATIVE ENTERPRISES.
Board, declared that "the Federal Reserve Bank
was
not established to assist plans for holding com¬
modities off the market,
all products of the
the direct result."
gram, states
This means, said the
meeting with Alabama cotton interests at Birming¬
Oct. 8, W. P. G. Harding, Governor of the Federal
Reserve
North, ceased to be marketable in the South because cotton could not be
notable item in
a
on
system
sale for automobiles in the winter of 1914
sold and because prices declined.
$2.70 a bushel to raise.
recommendations to the United
RESERVE
FOR
therefrom.
fell, all of the industries which had been sellers in the South found their
business cut off;
average
resolutions adopted by the conference.
but the benefit arising from the stimulation of the export
reflected
an
"a loss of approximately a dollar a bushel to the average wheat
$174,000,000 of iron and steel
"I believe that cotton is normally the
largest
dollar value,
on
wheat to the market as
farms now selling for about $1.60
of all the agricultural interests of the United States was made in other
$116,000,000 of wood and manufactures therefrom,
of leather
banks to finance wheat growers to
and as cars can be obtained for transportation.
Provisions for the calling of a
up
$22,000,000 of paper and the manufactures of paper; $49,-
000,000 of tobacco;
wheat recommended that the Federal Reserve
producer."
automobiles
$130,000,000 of other machinery;
$154,000,000 of meat and dairy products;
and the manufactures thereof;
bushel cost
report,
is_
whea'
$27,000,000 of chemicals;
$65,000,000 of coal; $138,000,000 of copper:
$547,000,000 of cotton;
$31,000,000 of cotton cloth;
$27,000,000 of
electric
on
The report declared that wheat on the
$28,800,000 (that
$26,000,000
special committee at the meeting, we
a
following from the Philadelphia "Record" of Oct. 14:
special committee
in the fiscal year 1913 were made up alS
corn,
report by
it is neaded for consumption
reasonably hope to return to some day.
per cent of our exports
Agricultural implements, $40,000,000;
official added, that it resulted in
an
over-supply of wheat for domestic con¬
the extent that it will be possible for them to supply
merely to show you approximately what
war
an
Board be asked to encourage its member
short analysis of the situation of our foreign-
very
is so
take the
The consumption of wheat last year was so
v
a
take the
important contribution toward inter-National peace and
me a
Officials of the Department of Agriculture do not believe
successfully hold out for $3, because the world supply
might almost be termed
As to
depend
the Federal Reserve banks to finance such
sumption.
of social disorder.
foreign countries to enable our
activity promptly, I believe we would
extending the credits and the countries which receive them.
bought with
can
or
much smaller than the production,
prosperity, and that the results arising would benefit alike the country
I
credit, merely in the hope of forcing
The public will turn to corn, rye and other products to
place of wheat, they said.
inter-National
restore its industry and
the surest
this
at
rosume
Cleveland Chamber of
to an artificial level."
undertakings.
large.
will do much more; it will enable
Europe to
employment of labor, and thus to hasten its political and social peace.
JCJnemployment and hunger
address to the
Harding's
in which he said that "farm products should not be
the Federal Treasury,
farmers
prompt restoration of
trade
up
the Federal Reserve Board.
Secretary Houston has also made it plain that farmers must not
the
Federal
of holding their wheat until it goes up to $3
held back from the market by the use of
bankers and our merchants
and the prompter action that is necessary to meet
•
discussing such a plan by the Wheat Growers' Association,
Governor
Commerce recently,
follows:
as
"This bill is designed to meet this
unprecedented
i
bushel according to a statement by officials of
Members in
by the extension of
credit through American exporters, or bankers that finance American ex¬
ports, is of interest in this connection.
law, can't we
Farmers of the Northwest will not be able to borrow money from
the law
Congress.
My testimony before the Senate Committee
Finance, advocating the granting of authority to the War Finance Cor¬
with foreign nations,
If the Secretary of the
the following Washington advices from the
Baltimore "Sun" of the 13th.
Corporation op¬
posed the Secretary's decision,on grounds of policy, as well as on
commerce
their authority to manipulate the
get at them as violators?"
and the intent of
poration to promote
by the
law to bring officers of the Government
no
Treasury and the Federal Reserve Board are violating the
to the
November of 1920, and this would be the earliest conceivable date.
Am important part of the directors of the War Finance
said there was a "drive"
Department of Agriculture,
justice and try them for malfeasance in office?
to
October
date prior to
a
the
market," he said.
circumstances
no
could Congress have expected the authority under this amendment
help
We have got to do something to
Spillman, former Chief of the Bureau of Farm Management
W. J.
"Those in the Government are usiDg
possible that they could have expected to have ratified the treaty
Therefore 1 main¬
emergency.
But remember,
for labor and expense of raising the crop.
selling for $1 50 and $1 65.
Federal Reserve Board to force wheat from $2 55 to $1 60.
inside of three months after the return of the President.
or
"I don't think we should ask for more than $3, for
consumer."
more
The President
March 3 1919.
day or two, and it was quite
a
that he would not be able to return with
seem
of the farmers wished $3 13 a bushel and some
some
hungry.
You know
what's happening now.
The farmers are leaving the farms and going to
the cities.
Every time that happens, there is one less producer and one
fixed by the Secretary of the Treasury.
as
left for the Paris Conference within
least.
determined, according to John Trumbull
get a little profit for the consumer or the world will go
following facts to be conclusive evidence that Congress did not expect
power to
conference
a
that will pay
exporters.
can
wheat
representations in behalf of
production costs $21 56 an acre and for tenants $2 77, so a board
$3 15," he asserted.
with foreign nations through the
of credits to American exporters
the
of Kansas.
Presi¬
proclamation of the
to
of State Secretaries of Agriculture
purely legal reason why the War Finance
no
cannot act to promote commerce
a
Wheat
Clearly, from a strictly
between the United States
war
in
Government
States and the German
fixed by proclamation of the President."
as
termina¬
expiration of one year after the
As
the New York "Times" had the following to say
Washington dispatch of the 12th inst.;
growers
"Notwithstanding the limitation of section 1 the advances provided for
tion of the war between the United
producers,
interests.
follows
by
Corporation Act, which reads as
"Chronicle,"
wheat growers and other agricultural
interests met in Washington this week in an endeavor to
secure the extension of additional credits for their various
Taking up the Secretary's argument, so far as the letter of the
the intention of Congress,
price of wheat.
report elsewhere in to-day's issue of tht
we
cotton
way.
This recommendation
v.,
membership of 70,000
a
Oklahoma, Texas, Nebraska and South Dakota.
Agricultural colleges, farm bureaus, State boards of agri¬
urged to co-operate
\
in view of the
important opposition to the discontinuance of the operations of the War
Finance Corporation, it would be advisable to call a conference of represen¬
tative business men and financiers, including the economic representatives
of the United States Government at the Peace Conference, to consider the
•
Association, it is stated, has
The
in Kansas,
doubt on the question of policy
was any
Association of the United
States.
views.
2. That if there
Oct. 25 until such time as the price
p. m.
Kans., of the Wheat Growers'
to the intention of Congress, it
as
wheat after 8
good wheat is raised to S3 a bushel at growers' terminal
market, was issued on the 9th inst. at the offices in Wichita,
would
be proper to submit the question to the Ways and Means Committee of
the House of Representatives and the Senate Committee on Finance for
1.
FOR
WHEAT
of
follows:
as
HOLD
TO
BUSHEL.
A
proclamation urging members to refrain from selling
A
any
general financial policy.
discussing these arguments I
deplorable
*
American banks
in passing the War Finance Corporation amendment and part of it was
based upon questions of
URGED
S3
his idea of the intent of Congress
Part of his argument was based upon
disposal to confer with you
your
the
29 1920 repeats in part the argu¬
of May 10 1920, upon which he based his de¬
American exporters.
that had financed
consider that
I
because
fully
knowledge or experience I may have gained in connection with
The Secretary's recent letter of Sept.
cision to discontinue financial aid to American exporters or
thus
conditions.
finances of the Corporation.
ments of his announcement
inquiry
other parties who are interested in improving the present
or
sections of the country.
Secretary of the Treasury,
as
your
these vital questions.
prominent
able to enforce his views because of
The Secretary of the Treasury was
his
to
and all other public-spirited citizens, are entitled to the benefit of
whatever
also expressed by prominent exporters and
was
the benefit
people of all sections of the country.
replying
am
you,
knowledge at the time.
matter of common
Opposition
I
including myself, expressed themselves,
tial part of the board of directors,
-respectfully but strongly, in opposition to the Secretary's decision.
was a
of all of the
activities a substan¬
At the time of the termination of the Corporation's
trade.11 These complications, the Secretary
correctly states, still exist; but for that very reason the War Finance Corp¬
oration should continue to function in the public interest for
banks.
and relieving the farmers and the
our crops
Congress to help finance export
large amounts in the investment market at this
it would be possible to raise
[Vol. 111.
CHRONICLE
THE
1524
enterprises
nor
is it at the disposal of specula¬
organized to
Harding, whose
presence
advance
private interests."
in Birmingham
was
occasioned
meeting of the directors of the Birmingham branch of
the Federal Reserve Bank of Atlanta, renewed his sugges¬
tion to the cotton interests for the formation of a cotton ex¬
port company, his remarks being
The idea that has gone broadcast
Reserve Bank
can
as
follows:
through the country, that the Federal
help the farmer of the South hold his cotton for 40 cents
Oct. 16
1920.]
THE
CHRONICLE
by financing the cotton crop, or aid the farc&crs of the West to
get a high
price for wheat by rushing reserves to that section to bolster
up the wheat
crop, is entirely erroneous.
■
Senator Arthur
Capper., speakiurg here to-night [Oct.
Many people seem, to think that all they have to
Is to call on the Fed¬
eral Reserve Bank for aid and the
crop of their particular section can be
boosted up for a high price or lowered Us
they mlghft desire.
do
can
nothing of the sort, and "will
people demanded suspension of the
Louisiana lottery, but to-day, under the cloak of business
respectability,
The Federal
not because it is not its function
we ;&re
to aid any one section of the
country to maintain U
high price for any par¬
It Would be preposterous to think that the Reserve Banking i
System could go into any one section of the country and with Its influence I
that
character of business
one
tained to the detriment of
cient for
or
another,
industry -should be fostered and main- j
or
that
particular business is suffi¬
ore
certain locality, and all -other
enterprises should be discouraged.
The Federal Reserve Bank is tn the
banking business a®d does not dead
with the public.
It deals with Its member
.
a
hanks, rediscounts their
paper,
them to make legitimate loams for the increase of
production
and, through this channel, has placed fan. the Southwest more
money this
year than was discounted in this section of the
country during the panic
of 1907.
I
encourages
The people of the South a*d other sections must
depend first of all upon
themselves if they would Increase the business of tbctfr
particular section,
help the cotton crop or any other particular crop or iodustry of a, particular
section.
Then the Federal Bank
through its member banks
can
help them.
The best plan that I know for the
•encouragement 'of the cotton industry
of the South
was
suggested by me m
last trip South.
my
The Southern
cotton
producer should form an export cotton conupany that would supply
thf& markets of Europe with the ccflfton
they need very badly .
If this was
done, the Southern cotten crop wwuld find
an
1
:,4
the
permitting the biggest gambling hell in the world to be operated on
Chicago Board of
Monte Carlo is
as
Trade.
By
fair price for
a
this
.
from
Since July 15, when
trading in futures was resumed by the Exchange, the
Senator declared grain speculators have sold "or
oversold this year's crop
five or six times."
Only about
1% pf the trading in futures is
a
bona fide
transaction for actual delivery, he asserted.
"Because speculators are
forcing down the price of wheat," Senator Capper asserted, "the farmer who
sold his hogs and cattle at a
heavy loss while meat still sells for war prices,
is again made the goat,
him
and the wheat raiser, whose crop this year cost
for wages and
more
equipment than
other he
any
ever
produced, sees
the fair price of his crop cut
virtually in two, with no real benefit to
anybody
except the brokerage firms who collect the commissions."
These losses, he said,
amounting to nearly $1 a bushel in the farm
"are being augmented and the
price,
speculators aided by the unrestricted influx
'of duty-free Canadian wheat under the Underwood tariff and abetted by
the difference in exchange
value,
amounting to about thirty cents
bushel
a
in favor of the importer."
COMPOSITE SURVEY BY HARRIS,
Harris, Winthrop & Co., of New York and Chicago, have
compiled what is probably the
United States, that
ever
Germany alone is in need of 2,000,000
tton, that th© Germans have the mills with which
to
WINTHROP & CO.
OF POLITICAL AND ECONOMIC CONDITIONS.
Birmingham) that he had been informed by the com¬
mercial ag*3nt eft the German
Government, now in the
ce
Church bazaar.
as a
and will undertake to
put this den of thieves out of business."
Championrng th© export 'cotton association ifct, Governor
Harding declared (it is Earned from the press dispatches
bales of
suicide club at
comparison Europe's
innocent and innocuous
"Several weeks ago I began work on a measure to abolish this
injurious
form of robbery and shall
press this bill on the first day of the next Conrgess
aeaple market that, through
the processes of supply and demsmd, would maintain
jgreat staple.
$*X)9,O0GM)0O loss the Chicago wheat gamblers hav"e
caused American wheat raisers to the last
two months by gambling in futures.
"Years ago," he continued, "the
ticular crop.
say
13], declared that
"one ounce more of bread in the
loaf at the old price is what the consumer
is now offered for the
.
Bank
1525
of
comprehensive survey
mose
political and economic conditions in the United States
attempted.
lication
is
Any partisan political purpose in its pub¬
disavowed.
Picture of Business
It
is
described
"A
as
Composite
spin the cotton, and workmen to operate the mills, but
that their money is so depreciated that
they cannot pay for
the answers to 25 questions submitted to over four thousand
the
men
cotton
further
they
quoted
need
as
in
Governor
money.
Harding
is
Germany under
adequate guaranty by the German banks and
an
the German. Government.
The cotton would be manufactured into cloth
and the manufactured
not
in
product disposed of to nations whose currency has
depreciated, and, in the end, the Germans could pay us for our cotton
good American
of affairs in every State of the Union.
lished.
In
to
be
period of ninq months to allow
the
people
that
common
with
this
would hawe
guaranty
stimulating the entire cotton situation.
instantaneous
an
To my
effect
in
If,
plea for
a
cotton
a more
planters,
Bureau
of
Reserve
L.
liberal extension of credit to Southern
B. Jackson,
Markets,
Director of the
asked that members of
Georgia
the
Federal
System be allowed to discount notes for
few
days and would not materially affect the
the Federal system.
of
planters
were
selves while
a
reserve
of
great majority
not seeking money supply to finance them¬
they
were
holding cotton off the market.
They
onee
with which to meet
obligations incurred this
summer.
that
socialism
The
a
made
was
known
yesterday
of
Kansas
that
had
he
that
President Wilson,
the
Federal
Commission and the Department of Agriculture to
nto the wheat situation.
Oct.
on
Gov.
6
President to
a
view to
asked
Allen
In
an
stated
he
the
President
put
requested the
of the decline in the
or
on
Canadian
com¬
It is stated that the Presi¬
Gov. Allen to point out
it is due to unfair
that he has,
embargo
He had also
coming into this country in
petition with American wheat.
dent requests
an
so
far
as
he
can
the
price of wheat; also if in his opinion
artificial practices; also to send all data
that it
can
happiness and prosperity,
elicited
of 3,673
taxation
indeed
are
we
is
he presented to the Trade Com¬
mission.
considered
.
,
included,
profits tax and
out of
total
a
In
CAPPER
a
DECLARES
AGAINST
WHEAT
FUTURES.
speech at Smith Centre, Kans.
one
business
to
dicate that
one
sales
or
abolition
than
the
small consumption tax
a
and
of
the
2,621
half per cent,
a
every
going
turn¬
or
levied
concern
excess
answers
the
on
would
be
In regard to the tariff, the answers in¬
maintenance of
_
Question No. 6, which reads
There
are
more
some
who favor
than offsets its
difficult, but
prohibition that have
benefits.
permit the sale of
brought many replies,
has
A definite
would like to know whether
we
in order to
the law
come
to believe that it is
a
j
on
Oct. 13, Senator
you
dispatches reporting his remarks,
as
follows:
favor
to the question is
a
liberalization of
light wines and beer
majority of which favor the
Collectively considered, the answers to the questions which
to
with commercial and financial conditions seem
to do
have
indicate
and
an
The
a
qualified optimism.
Federal
the
current
than
Reserve banks for
stocks
seem
stringency and criticism
the
high
interest
rates
might be inferred from much that has been
printed in the newspapers."
ents
retail
maturing crops are being marketed with comparative
freedom and there "is less money
of
Moderate
abatement of extravagant expenditure are reported.
Most of the firm's correspond¬
to think that Liberty Bonds have
now
been per¬
manently distributed among those who will keep them and
opinion
finds confirmation in the
look
to be evenly divided.
for
sharp
advance
since the report
in
was
Opinion as to the immediate future of business
compiled.
a
is reported
somewhat
A majority of less than 10%
further contraction, but from the cotton States
business revival.
delivery. He
bill to abolish such trading,
answer
proposed liberalization.
seems
bona fide transaction for actual
of
duties.
there
the press
Out of
public opinion is about equally divided between
Capper declared that only about 1 % of the trading in wheat
indicated his intention to press a
be
majority of the people,
a
the
desire for higher tariff protection land a
futures is
a
important
more
reduction of the income tax.
generally favored.
a
favor
3,573 indicate that
tax of
over
this
,
cam
that the question of re¬
say
Government bonds that has occurred
SENATOR
that wealth
or
in danger.
unusually interesting.
are
replies, 2,641
proportion report that
same
wage-earners
Harper, Kans.,
had
preventing the lowering of prices.
that
Trade
inquire
investigate the Chicago Board of Trade with
wheat which, he said, was
cause
address at
that
for
League of Nations by the voters in their section and about
breeds
directed
private and public
to expect that the necessary
reason
distress.
practically unenforceable and that the corruption and lawlessness that it
through his Secretary, J. P. Tumulty, had advised Gov.
Allen
makes
answers
total
duced
PRESIDENT WILSON ORDERS INQUIRY INTO WHEAT
It
without
shall be succeeded by
our
still
the present
PRICE DECLINE.
think, every
produced without work, then
the
hard pressed by creditors, he said, and must have cash
were
at
He also declared that
we
effected
war
both
the other hand, there is any substantial portion of our population
disposed to believe that a Utopia can be created by statute,
on
money
which he said is to be used in payment of
wages, fertilizer
and supply hills.
He said th© loans would extend for only
a
be
can
is
opportunity of the Southern people to do this for themselves.
In
^
methods and sensible economy in
sense
deflation
duty and the
seems
wise in choosing the road that they elect to follow; if
the ill-considered taxation and the extravagance
are
perhaps unavoidably incident to the
were
that
It is up to the South to do this thing for itself and with its own
money.
The Nortti cannot <fio it for the South.
The North nas money, but it like¬
wise has use for all the money in its
possession.
It is the
now
important, turning point in its economic
expenditures there is,
mind it is the greatest
opportunity in the South to-day.
under¬
was
vagarious theorizing,
for the shipment of the cotton to
Europe, its manufacture, and the sale
and
investigation
that "America
history," and that,
of the finished product.
In my opinion, the first 10,000 bales of cotton
shipped abroad under this
the
say
time, the firm
at another
If the
a
explaining why
taken at this
doiSars.
This system would nave to extend over
system
It is the fourth
report of this kind that Harris, Winthrop & Co. have pub¬
saying:
Under®, well-4?rganized <cotton export ^rganizaticm, we could
ship our raw
cotton t©
America," and has been compiled from
a
preponderant expectation of
"This," Harris, Winthrop & Co.
an
early
say,
"Is
remarkable when the decline in cotton and
the
outcry it has caused are considered."
In
to
answer
about the prospective demand
inquiry
an
automobiles a majority of the firm's corre¬
for passenger
expecting a serious reduc¬
spondents express themselves as
tion in the sales of passenger cars
The
railway employees are
of the
attitude
the
and
situation
in the near future.
asked in regard to the railway
to the four questions
answers
[Vol. 111.
CHRONICLE
THE
1526
,
procedure is in accordance with a long-standing custom on the part of both
side of the operation, there being no provision in the Constitution of the
New York Stock Exchange covering this matter per se.
The formal re¬
for the borrower or lender of stocks is to
course
the lender.
deliver the same to
differences
of
posting
In
a
obligations
contract
on
require their return or to
few instances it may develop
item may be a factor to be
amounts, so that the interest
Public acquiescence in the advance
The railway congestion is being re¬
is reported.
in rates
lieved and it would appear that upon
employees
re¬
now
Harris, Winthrop & Co. remark that these condi¬
ceiving.
tions
with the pay they are
satisfied
are
the whole the railway
auspicious in so far as the market for railway
are
ket," interest at the renewal
Stock Exchange for each day.
regard to the industrial and social
which,
believe will meet with the affirma¬
tive judgment of conservative Stock Exchange interests.
Enclosed is a memorandum form which we will be glad to have you
add
and
although it is plain that there is
that,
efficiency
and
widespread
far more
a
than they had been willing to
radicalism and communism
In
believe.
to
answer
inquiry
an
organi¬
whether
as
zations known as
Workers
of the World
The
Industrial
The
Communist
The
Communist
Labor Party
The
Non-Partisan
(I.w.w.)
Party of America
League
The Socialist Labor
The
Socialist
The
■;•••;
I*arty
Party of America
active
substantial member¬
ship in most States of the Union and that while an effort
to oppose them is being made in some quarters it is not by
any means as general as those who believe that the begin¬
nings of political evil should be resisted ought to hope.
The report, which comprises 88 pages of an attractively
nearly all of them appear to have a
printed booklet, contains the names and addresses of those
answered
have
who
submitted
questions
the
and
letters
from many of them.
It has been prepared for public dis¬
tribution and Harris,
Winthrop & Co. announce that they
will
glad to forward a copy of it free of charge upon
be
CHARLES A. MORSB,
President.
CHAMBER OF COMMERCE DESCRIBES
STREET EXPLOSION AS ACT OF WAR.
Y.
N.
the Government at Washington
resolution in which
A
to appraise the Wall Street
is called upon
explosion at its
all Government;
value "as a defiance of
true
WALL
as an
Act of
initial step in a program the purpose of which
is to discredit and destroy the Federal Government itself"
was adopted by the Chamber of Commerce of the State of
New York at its meeting on Oct. 7.
The Government is
called on further to accept the challenge, to vindicate its
War;
as an
the perpetrators of this particular
The following is the text of the
relentlessly."
resolution:
aggressive, te replies received indicate that
or
Committee of the Association
Secretary.
outrage
Union of Russian Workers
and the
important matter.
Respectfully submitted by the Executive
Stock' Exchange Firms.
J. A. COULTHARD,
high record and "to pursue
Anarchists
were
of
are
wages
advancing, there is continued
effort to promote
the whole stationary or
upon
that
and
unemployment
little
comparatively
recording your position in this
return
the most
these questions that give them
is the answers to
in regard to this proposal,
though somewhat of an innovation, we
Harris, Winthrop & Co. say that it
questions were asked.
concern
conditions seven
have re¬
the mar¬
New York
rate for call loans posted at the
hear from you
glad to
be
will
We
securities is concerned.
With
It is
therefore
considered.
opinion of your Executive Committee that there should be
by the party to the "when issued" contract who shall
ceived a cash deposit thereon, in connection with placing at "at
the
allowed
generally satisfactory.
that the
important
reach
may
To the
Chamber of Commerce
mid-day, a bomb was exploded in front
office in this city, killing almost instantly over
tnirty people, chiefly employees of business houses in lower New York,
wounding over one hundred other persons, of whom several have since
died, destroying a large amount of property, and locally creating a panic; and
Whereas, All the obtainable evidence shows that the act was deliberate
Whereas, On
of the
the 16th of Sept., at
United States Assay
and
carefully planned;
and
crime yet perpetrated in tnis country by a
steadily grown bolder in recent years, and its
meaning can be properly understood only if it is recognized as the murderous
deed of the organized forces of anarchy, challenging the powers of all law
the boldest
Whereas, It was
class of
criminals which has
and
and order;
Whereas, An act so
ordinary criminality,
limits of
authorities through
diabolical, passing so entirely beyond the
probably cannot be reached by the
it be dealt with quickly; and
guilty understand fully that the first duty of
the security of life and property, and they
understand that no attack on Government can be more deadly than
which in some obscure and terrifying way menaces the security of life
ordinary methods, nor can
application by mail as long as the edition lasts.
Those who are
Whereas,
Government is to guarantee
also
PROPOSED
METHOD
PROTECT
TO
AND
"WHEN AS
IF ISSUED" CONTRACTS ON N. Y. STOCK
EXCHANGE.
one
and
and property;
Whereas, This
In
anticipation of an unusual amount of trading on the
New York Stock Exchange the coming year in
combined companies on "When as and if Issued"
or
new
the Association of Stock Exchange
contracts, members of
Firms have
method
been
proposed
asked for
expression of opinion
an
safeguarding
for
on a
a
Morse, President, and
Coulthard, Secretary, of the Association, it is suggested
that members mutually agree that upon
Issued" contracts there shall be
a
demand
on
"When
constant position "at the
market" maintained between the parties to the contract,
in
challenge, aimed at all government, becomes
defiance not alone of the City and State of
Government itself; now, therefore, belt
necessity
a
the Federal
Resolved, That we, the
State of New York,
as an
the
same
way
communication
now
done in
been
matter of
the
The following is the
borrowed.
has
which
is
as
or
addressed
to
the members
of the Association of Stock Exchange Firms:
members of the Chamber of Commerce of the
Washington to appraise this
initial step in a program
Government
Federal
furtner to
accept the challenge;
lessly;
of tne
which
to vindicate
October
the Members of
To
Gentlemen:
by
8
the Association of Stock Exchange Firms:
Your Executive Committee has had
next
or
year
so,
brought to its attention
in connection with the large number of reorganizations
there may be an unusual amount of trading in securities
tranquillity, provide for the common defence, promote the general welfare,
and secure the blessings of liberty to ourselves and our posterity;"
and,
It is
combined companies
or
new
desirable,
on
"when,
as
and if issued" contracts.
account of the importance of the interest involved that
on
trading in such "when issued" contracts shall be introduced to the floor of
the
Exchange at the earliest practicable moment.
It
was
opinion that the dealings in Allied Chemical and Dye
issued,
in
As
promptly permitted
were
the
on
the floor of
in line with this
Corporation,
when
the Exchange.
past complications have resulted in connection
"when issued"
large
with
previous
operations, we realize the necessity from the stand¬
point of convenience and of mutual security to safeguard such business in
the future in every
issue
the
resulted
that there shall not be coincident with
so large an open position as has
several occasions in the last few years from the sudden termi¬
of the
on
possible
new
is
no
way,
securities
nation of contract trading
There
There
are
on
any
Your
all
its
so
by the issue of the definitive securities.
upon
provisions in the Constitution under which on any contract
one
demand of another on the same day as the original contract
or
angles, has decided that the most effective method of safeguarding
members of the Association to mutually agree that,
dmand,
on
Executive Committee be sent
the members of tne Cabinet, and
Representatives in Congress from the State of New York.
resolution
and other facilities
(also adopted Oct.
7) reiterating
requisite for a permanent garrison of at
points out
the National forces in
a great emergency was demonstrated by what happened on
Wall Street on Sept. 16."
The resolution adds that in the
opinion of the Chamber's Committee on Defense "had the
tragedy been more general and widespread the National
forces available would have been wholly unable to cope with
least
a
full regiment
that "the
"when issued" contracts, there shall be a constant posi¬
maintained between the parties to the contract, in
the market"
is now done in the matter of marking stocks
In respect to borrowed and loaned stocks, the present
the same way as
loaned and borrowed.
of infantry the Chamber
dependence of the City on
it."
COMPLAIN OF MAIL
its
issue of
provision under the Constitution of the New York Stock Ex¬
following day a mutual deposit of margin.
Executive Committee, after carefully considering this matter from
"at
exactly
and
another
-
emphasizing its belief, as stated in a resolution adopted
Dec. 4 1919, that the safety, welfare and dignity of the City
demand that Governor's Island be improved with barracks
In
the situation is for the
tion
to the Senators
.
copies of this Report of the
of the United States, to
involved
change that this body may make any ruling obliging its members to keep
such contracts in "when issued" 6tocks or bonds marked at the market.
member may
_
Resolved, That
to the President
.
and consolidations,
of the
to use its
to pursue the
and
1920.
number «f members of the Association the probability that during the
a
its high record;
perpetrators of this particular outrage relent¬
and oo emphasize by a continuing and adequate program the vitality
purposes and principles set forth in the preamble of the instrument
called it into being, viz.:
"to establish justice, insure domestic
great powers;
In
'
of
call on the Government at
be it further
exactly
marking stocks loaned
directly and
New York, but
value, as a defiance of all Government; as an act of war;
the purpose of which is to discredit and destroy
itself.
We call on the Federal Government
outrage at its true
the
In
such contracts.
communication signed by Charles A.
J. A.
securities of
of
out that some
DELIVERIES HERE.
"Financial America" point
banks and trust companies are
Oct. 7, the
of the large
delay in mail deliveries in
company official, it says,
stated to its representative on that day that dividend checks
to stockholders of that company, which had been mailed
on Thursday, Sept., 30, were not delivered to shareholders
in this city until the following Monday, Oct. 4.
It adds:
complaining bitterly over the
New York City.
One trust
This official said that this
had caused great annoyance to
holders, some
officers of the
number of complaints received from stock¬
of whom charged the banks with withholding the funds for
institution, because of the large
Oct. 16 1920
]
CHRONICLE
THE
period inter"
the purpose of deriving interest on the money for the four-day
vening between the mailing of tne checks and their delivery to the stock"
holder.
This
said
official
same
that
when
superintendent of mails of the New York Post Office, he
100%
was
told that over
been received at that time than the facilities of the
mail had
more
Capital, surplus and profits of all banks were reported at $5,953,983,000
an
increase since June 30 1919 of $618,303,000.
Cash in vaults June 30 1920 amounted to $1,076,378,000 of which $450,-
the
made to
complaint was
351,000
with the National banks and $626,027,000
was
savings banks and private banks.
department could promptly handle, and therefore the delay was unavoid¬
banks June 30
able.
The
.
1627
1920 to the credit of National banks
balances in
Federal
Reserve
with
banks,
State
The amount carried in Federal Reserve
banks, June 30
was
1920,
$1,727,342,000.
the credit of
to
State member banks and trust companies was $726,422,000.
EUGENE
MEYER,
POSTAL
EXTENSION OF
ON
JR.
SYSTEM AND GOVERNMENT REVENUES
SAVINGS
Eugene Meyer, Jr., Assistant to the Senate Special Com¬
mittee
on
Reconstruction and Production, in a further
:
argument in support of this proposal for the extension of the
These
figures
COMPTROLLER
CURRENCY
OF
A
My dear Senator Calder:
months to June 30 1920 is
offering of Treasury certificates, leads to the inference that
nection with
an
of the Government are likely to
revenues
be enough to retire its float¬
period of deflation, most noteworthy contraction and deflation
Government,
is bound to occur in the internal revenues of the United States
itself.
-Jv.-;'
.
investigation leads to the conclusion
Cursory
be reduced at least from 25 to
profits in business.
In
as a
result of the reduced
1
statement
a
50%, and that the tax returns on income
materially reduced,
not fail to be very
can
■
profits tax
that excess
1921, based upon the earnings of the year 1920, will
collection in the year
likewise
the fact
that the Secretary of the Treasury fails to consider
It appears
that in this
Sept.
on
23,
the Secretary of the Treasury said—"It
of the Government should be sufficient to
ordinary disbursements, including the interest on indebtedness, a
is my theory that the revenue
for
care
and enough to provide for the retirement of the floating
fund,
sinking
indebtedness by the end
Inasmuch
that the
of another fiscal year."
I stated to your committee when I
appeared
on
Aug. 27,
with
sufficient
expaasion of the Postal Savings System would, in my opinion,
gain savings deposits
and administration,
organization
proper
to pay
as
off the floating indebtedness of the United States Government, now
approximately $2,500,000,000 as evidenced by Treasury Certificates, or at
least materially
reduce this amount of Treasury Certificates, the statement
of the Secretary of the
of the expansion
Currency in
ing
idered by your committee
in connection with the reduction of the floating
is hardly
industry in the country whose earnings will be as
an
industries which are paying
last year's profits which will pay
large this year as last year, and there are many
heavy excess profits taxes this year on
at all next year on
none
ignoring them and it will be
a very
difficult
avoid a large deficit in the financial
operatons of the Government, allowing for ^very economy that it may be
possible to introduce in Governmental expenditures.
problem for the new Administration to
Very truly yours,
EUGENE
reported by the Comptroller of the
The statement of the Comp¬
June 30 1920 all the National banks
on
all national banks of the United States as of June 30 1920,
analyzed show an
recently
mercantile
enormous
expansion in their holdings of
and of discounts made on the strength of one or more
paper
in loans made upon warehouse receipts,
and
endorsements,
marked reduction in money
loaned
on
etc.,
of loans and discounts outstanding June 30
The total amount
and
a
bonds and stocks.
192Q,, was
$13,611,416,000, being an increase over June 30 1919 of $2,601,210,000.
The total amount, however,
on
1920,
June 30
was
only $12,396,900,000 which
The following figures
individuals, etc.
1920
June 30
June 30 1919 of
increase over
on
the strength of one or more
amounted to $8,312,200,000, an increase since
$2,463,316,000.
bonds and stocks on June 30 1920 totaled $3,117,890,-
Loans made upon
000, of which about one-fourth was on
United States Government securities,
reduction in the amount of loans on all bonds and stocks
this being a
the year
an
give the loans and discounts of banks throughout
Loans made to firms,
on
was
without deducting rediscounts.
the country
names
of loans and discounts, exclusive of rediscounts,
$1,822,062,000.
June 30 1919 of
for
of $320,495,000.
Loans made on other
Securities, chattels, warehouse receipts, etc., were
reported June 30 1920, at
$1,782,399,000, an increase during the year of
$451,040,000.
Loans held,
increase
secured by real estate, amounted to $229,829,000, an
$45,847,000.
since June 30 1919 of
The amount of acceptances held by the
amounted to $169,098,000, a reduction for the year
banks June 30 1920,
of
$38,498,000.
MEYER, JR.
Between June
was
$1,822,062,000.
While the increase
ANYWHERE.
increase
of $2,601,210,000; exclusive of rediscounts the
including rediscounts
UNEQUALLED
30 1920 the Deposits of the national banks
against the increase in loans and discounts,
30 1919 and June
$1,230,556,000
increased
U. S.
IN
classification of the loans during the last fiscal year.
case of loans made on bonds and stocks a shrinkage of
The reports of
as
Assistant to the Committee.
RESOURCES OF ALL BANKS IN
INCREASES
reported that the paper which they had on hand eligible for re¬
discount with the Federal Reserve banks amounted to $4,319,997,000—an increase of $768,811,000 over June 30 1919.
We give herewith the statement issued by the Comptroller.
this year's business.
Problems cannot be solved by
ON
statement issued under date of Oct. 12 furnish¬
troller shows that
debt.
There
a
a
$320,495,000 is indicated.
Treasury bears directly on the question of the value
of the Postal Savings System—a question now being con-
compiled, but the variation
by the National banks of the country in the twelve
In the
ing indebtedness.
of incomplete
made public when
huge increase in commercial, agricultural and industrial
loans
the
account
LOANS BY NATIONAL BANKS.
Commit¬
of the Treasury published to-day in con¬
on
from the figures here submitted will not likely be large.
tee, under date of Oct. 8:
The statement of the Secretary
slight changes
A complete report will be
all the returns shall have been received and
postal savings system, has the following to say in a com¬
munication to William M. Calder, Chairman of the
subject to
are
returns from certain States.
in Loans and Discounts has been obviously
due in very
unprecedentedly high prices which prevailed in the
1919. to January, 1920, which necessarily
expansion of funds and credit in clearing transactions, it
large measure to the
With
total assets of $53,079,108,000 shown
by all the
reporting banks of the United States on June 30 1920 (Na¬
State,
tional,
resources
savings banks, trust companies, &c.), the
of the banks in the United States, break all records
anywhere, according to a statement made public by Comp¬
troller of the Currency John Skelton Williams yesterday
period from July,
involved
great
a
should also be
compilation of the reports of all banks other than national in all of
the 48
of the Union and the Island possessions and Alaska,
States
June 30 1920, has not
as
of
been finally completed, but the following preliminary
figures which are given out subject to revision may be of interest to the
These figures include the reports of the State banks and
public at this time.
companies, savings banks, mutual and stock, and reporting private
trust
banks.
probably from 500
Under
The total resources of all the
Stale Supervision.
The total
372,000
year
banking institutions under State supervision
Government
increase
increase for the year of $2,855,825,000.
County,
The
due
amount
and bankers was reported at $864,282,000, a reduction for the
1920, amounted to $17,-
263,796,000, an increase for the year of $3,202,098,000.
Investments were reported June 30 1920, at $7,201,060,000,
for the year
an
increase
of $23,455,000.
cash in
vault
savings banks,
trust
companies and private banks, June 30 1920, was $626,027,000, an increase
$2,712,040,000,
a
The amount due from other banks June
reduction over June 30 1919, of $75,911,000.
proportion of loans and discounts to total resources June 30 1920,
57.8%, and on June 30 1919, was 53%.
The total of notes and bills
rediscounted, and bills payable June 30 1920, was $1,078,792,000,
were
the year of $263,070,000.
during
crease
an
Other liabilities June 30
in¬
1920
reported at $698,501,000, a decrease since June301919 of $150,058,000.
All Banks
in
United States,
The total resources of all reporting
1920,
National banks,
National and Other•
banks of the United States June 30
State banks, savings banks,
trust companies and
reporting private banks (including $1,214,516,000 rediscounts of National
banks) amounts to $53,079,108,000, not including Federal Reserve banks.
The
total
of all banks,
private
loans
and
discounts,
including overdrafts and rediscounts,
National and State, including savings banks and reporting
banks,
was
$30,891,693,000,
an
increase
over
June
30
1919
of
$5,805,736,000.
The
total deposits,
including bank deposits,
pcrease of $4,045,164,000 over June 30 1919.
of
$15,373,000.
|1
were
$41,714,075,000,Tan
,
reported at $416,430,000 an increase during the year
$4,059,000.
Other public service corporation bonds were reported at
$283,118,000, an increase of $7,269,000; other domestic bonds at $309,of only
755,000, an increase
bonds
reported by the State banks,
during the year of $53,129,000.
30 1920, was
than United
$1,802,196,000, being an
during the year of only $35,158,000.
Their holdings of State,
and other municipal bonds amounted to $338,357,000, an increase
June 30 1920, amounted to
Railroad bonds were
■
discounts and overdrafts June 30
and
securities.
by national banks of bonds and securities other
The holdings
States securities on
of $41,217,000.
Loans
was
1920, made very few investments in public securities,
of new securities floated in this country, since the
estimated at over $4,000,000,000, exclusive of all U. S.
ending June 30
deposits, other than bank deposits, were reported at $23,694,-
an
to banks
The
actually
borrowers
armistice, has been
of $3,287,326,000.
the year
The
Loans and
and which was allowed to remain in banks to increase
the deposit balances of the borrowers.
The total increase in deposits
June 30 1920 over June 30 1929, was $1,230,556,000.
The increase in
Loans and Discounts, including rediscounts, for the period, therefore, ex¬
ceeded the increase in deposits for the same period by $1,370,654,000.
The records also show that the national banks of the country during the
reported June 30 1920, amounted to $29,667,855,000, an increase for
year
million to one billion dollars of the increase in
represented money borrowed in excess of the amount
although the amount
Banks
as
also
considerable extent, by the demands which have been
made by the banks upon their customers in requiring them to carry larger
deposit balances as a condition precedent to the granting of new loans, or the
continuance of existing lines of discount.
It has been estimated that
used by the
The
pointed out that this enormous increase in loans may
be accounted for, to a
Discounts
The Comptroller in his statement says:
15).
(Oct.
six-month
of Russia
of $2,980,000; foreign Government bonds, other
and the Central Powers at $170,527,000, a
than
decrease of
German, and Austrian bonds at $9,444,000, a reduc¬
tion of $4,639,000; collateral trust and other corporation notes at $145,901,000, a reduction of $2,622,000 and claims, warrants, judgments, etc.,
at $67,710,000, an increase of $15,376,000.
The largest holdings of Railroad Bonds were in the national banks of
New York City, being $81,942,000
The only other reserve and central
reserve cities whose national banks held over $5,000,000 of Railroad Bonds
were
Pittsburgh, $20,495,000; Philadelphia, $15,067,000 and St. Louis,
$5,153,000.
The only States whose country national banks held as much
as $10,000,000 of Railroad Bonds in their investments were Pennsylvania,
$87,950,000; New York, $46,991,000 and New Jersey $37,053,000.
The
only other states whose country national banks held as much as $1,000,000
of Railroad Bonds were the New England States, Delaware, Maryland,
Virginia, West Virginia, Kentucky, Ohio, Indiana, Illinois, Michigan,
$9,280,000; Russian,
and California.
and central reserve cities whose national banks held
for investments as much as $2,000,000 or more of Railroad Bonds were
New York, Chicago, St. Louis, Boston, Albany, Philadelphia, Pittsburgh,
Washington, Louisville, Cincinnati, and San Francisco.
The investments
of the national banks in the central west, the far west, and the south were
Wisconsin, Minnesota,
The only reserve
made much more
largely in State and municipal securities.
/
paper
that 130
Held by National Banks.
Eligible Paper
reported that the
On June 30 1920 all the national banks of the country
which they had on hand eligible for rediscount with the Federal
banks amounted to $4,319,997,000 which was an increase over
also, he states, 261 applications for
are
of
eligible paper
hand
on
reported the largest amount
$125,018,000;
York,
New
Texas,
Charters Applied for.—For the months of July,
Boston, St. Louis and Pitts¬
burgh, the ten reserve cities reporting the largest amount of eligible paper
hand
on
capital of $4,965,000,
with
San
were
79 million; Kansas City, Mo., 67
Francisco,
Rich¬
mond, 35 million; Cincinnati, 34 million; Portland and Baltimore, 31 mil¬
the
OF
HOLDINGS
BOND
NATIONAL BANKS.
by the investing public, the Comptroller of the Currency on
issued
11
showing the reduction since
statement
a
December in the amount owned and held
national banks.
bonds
as
In the
case
as
collateral by the
of their holdings of
collateral for loans there
was a
807,000 between Dec. 31 1919 and June 30 1920; the amount
Liberty bonds owned by national banks has been
of
reduced
interval, while the amount of Victory
bonds ownings of the national banks underwent a reduction
of $54,574,000 during the period mentioned.
On June 30
$64,811,000 in the
stock in the
sum
same
the total resources
invested in Liberty bonds and 1 %
applications received
133
of
70
1920,
charters
were
of $23,695,000, against 106 banks increasing
capital by $17,450,000 during the
their
under
months
no
consideration.
same
period in 1919.
reductions of capital in 1920 i* the
During the
period
same
last
rear
bank reduced its capital $25,000.
one
Consolidations of National Banks.—During the months of July, August
September 1920 there
were two consolidations of
the Act of Nov. 7 1918, with a combined
National banks under
AlS a result
capital of $200,000.
of the consolidations the capital of the consolidated banks was reduced in
of $125,000.
amount
net
a
During the corresponding period last year
there were eight consolidations of National banks under this Act, with a
combined
capital of $18,450,000, which
represented
increase in the
an
capital of the banks concerned by $2,625,000.
Liberty
reduction of $162,-
with
months
corresponding period in 1919, with capital of $4,880,000.
and
indicating the extent of the absorption of Liberty bonds
Oct.
three
Capital Reductions.—There were
LIBERTY
IN
compared
as
these
Capital Increases.—In this period of 1920, 130 National banks increased
three
As
Granted.—In
their capital
lion each, and Atlanta, 27 million.
REDUCTION
August and September
granted, capital $6,010,000, as compared with 73 charters granted during
million;
Cleveland, 50 million; Minneapolis, 39 million, Omaha, 36 million;
Comp¬
by the
during the corresponding period in 1919, with capital of $9,180,000.
Charters
York, Chicago, Philadelphia,
announcement made
1920, this office received 74 applications for charters for new national banks,
$56,294,000.
After New
There
charters pending.
new
troller:
the date mentioned, were Pennsylvania,
on
$126,818,000
Illinois,
$91,154,000; Massachusetts, $81,869,000; Iowa, $80,032,000; New Jersey,
$75,074,000; Oklahoma, $60,109,000; California, $58,617,000 and Virginia,
$128,088,000;
following is the
The
June 30 1919 of $768,811,000.
existing banks had increased their capital in Iflie
period, this increase aggregating $29,705,000.
same
Reserve
The ten States whose country national banks
[Vol. 111.
CHRONICLE
THE
1528??
voluntary
liquidation
(exclusive of those consolidating with other National banks)
during the
Liquidations.-—Ten
National
banks
into
went
months of July, August and September 1920, their aggregate
capital being
$2,655,000 as compared with 21 such banks liquidating during the same
period in 1919, with an aggregate capital of $2,500,000.
Charters
Refused.—During the months of July, August and September
1920 the Comptroller of the Currency refused nine applications for charters
for
new
National banks.
refused for five
During the
same
period last year charters were
national banks.
new
last, the Comptroller states, only ZlA% of
of the national banks were
The Federal Reserve Board at
Victory obligations issued since the outbreak of the war are
absorbed
upon
being steadily
of
Federal Reserve system in the week
amount of Liberty bonds held by all the
On June 30 1920 the
national
This
with Dec. 31 1919 of $162,807,000.
Victory notes held by national banks as
June 30 1920 was only $225,568,000, a
of Victory notes
the ex¬
ceedingly small proportion of these bonds upon which these banks are
still lending money should be very gratifying as illustrating the enormous
capital producing capacity of our people and their power to absorb securities
placed originally through the national banks of the country,
The records also show the amount of Liberty bonds
of
June 30 1920 was only $778,361,000, a
$64,811,000.
on
owned by the
The amount of Victory notes owned by the national banks
$249,615,000, a reduction of $54,574,000 since Dec. 31
amounted
to $22,196,000,000, we find that the national banks had on the date named
only 3K% of their total resources invested in Liberty bonds and 1%
As the total resources of the national banks on June
additional in Victory
30 last
notes.
While some of the national banks which have
invested funds in Liberty
oth^r banks
will inevitably increase their holdings of these bonds which are unquestion¬
ably the strongest security on earth, and which, in addition to their intrinsic
bonds will probably part
with them as the price advances to par,
safety,'are available as collateral for temporary loans at the Federal
Reserve
banks, at present without limitation as to the amount,
citiqs of the
The national banks in many of our largest and most important
i
ownership
goes.
The total amount of Liberty bonds owned by all the national banks
in the cities of Chicago, St. Louis and Boston combined on June 30 1920
amounted to only $11,071,000.
The combined holdings of all the national
Jacksonville, Bir¬
banks in the ten Southern cities of Atlanta, Charleston,
mingham, Chattanooga, Louisville, Memphis, New Orleans, Little
the total amount of
only $11,512,000.
to
Mo.,
only
On the same
Rock
date
Liberty bonds owned by all the national banks in the ten
Western cities of Cincinnati, Cleveland, Milwaukee,
City,
Lincoln,
Topeka,
Denver,
Minneapolis, Kansas
Spokane and Tacoma
amounted
$13,372,000.
national banks, that is to say, the
compared with their holdings of other
$1,939,000; Maryland, $6,649,000; Louisiana, $3,360,000; Tennessee,
$3,920,000; Oregon, $4,641,000.
The States whose country
reported the largest ownership of Liberty bonds
were
$14,800
$368,845
Fromberg,
1,000
218,756
2,500
220,789
2,000,000
200,000
2,208.000
25,000
12,500
198,551
/
Midwest Reserve Trust Co., Kansas City,
Missouri..
District No. 11—
Kilgore State Bank, Kilgore, Texas
SALE OF LEMONS.
PROFITEERING IN
In
an
announcement issued
Oct. 8 to the effect that
on
profiteering in the sale of lemons by retailers is to be stopped
by the Department of Justice it
ready under
way
jurisdictions
to
stated that action al¬
was
by Federal District Attorneys in several
the retailers,> who it is alleged
curb
are
making from 100% to 200% profit, is pursuant to instruc¬
tions
fair
dispatched
previously
price committees.
by
the Attorney-General
The statement also
Lemon price profiteering apparently has sprung up suddenly
and
Middle
Western
States.
The
charge is that retailers,
market glutted, have bought up at ridiculously low
in Eastern
finding the
prices and stored lemon
stocks, and released them to the trade gradually, thus defeating the
processes
now
obtain.
Reliable reports to the
their investments than they have
war
all blame for the prices
Department of Justice are con¬
clusive that the producers and larger handlers are
on
natural
of the law of supply and demand.
Producers of lemons are absolved absolutely of
that
to
says:
getting a smaller return
obtained in many years, even in the pre¬
The average wholesale price is quoted at $2 a box less than the
days.
ten-year price
average.
Another phase of the attempt to run
down profiteering in this field, it was
authoritatively declared, will be to ascertain how
that group who are in both
others in the
far retailers, especially
the wholesale and retail trade, connive with
business, with
same
a
view to keeping prices at the highest
national banks
Upon the basis of the charges thus presented, and the cases already initi¬
ated against profiteering
Attorney-General and his aids to extend the heavy hand of the law upon
retailers who may be guilty,
upon
The aggregate holdings of the country banks in no one of the
other States
much
as
ten million dollars.
collateral for loans by
$31,434,000;
as
ten million
New
Jersey,
all
The
aggregate as
only $12,915,000.
only other States whose country national baqks held in the
collateral for loans as much
The
bonds were
dollars of Liberty
$16,974,000;
Massachusetts,
$13,997,000.
OF
Industrial
FEMALE
UNTRAINED
Bureau
of
the
Merchants'
LABOR.
Association
reports that inquiries among more than a dozen factories
New
in
as
was
and to bring about a normal price adjustment
this commodity.
SHORTAGE
$10,755,000.
The aggregate amount of Liberty bonds held
It is the firm purpose of the
public is nothing but the result of extortion.
$24,$17,$13,628,000
Ohio, $16,453,000; Iowa, $16,325,000; Virginia,
Connecticut, $12,433,000; Minnesota, $11,090,000; Oklahoma,
the country national banks in New York State
retailers, the Department of Justice, it was offi¬
cially declared, is convinced the price now being paid for lemons by the
Pennsylvania, $85,-
726,000;
Pennsylvania,
of
25,000
714.000; New York, $41,113,000; New Jersey, $34,253,000; Illinois,
379,000; California, $19,851,000; Texas, $19,404,000; Massachusetts,
as
Bank
25,000
national
exceedingly
bonds and
as compared with their total resources.
The total amount of Liberty bonds
reported as owned on June 30 1920 by this class of national banks in Vermont
small in many States as
amounted to
Resources.
possible level.
The holdings of the country
banks outside of the Reserve and Central Reserve cities, is also
was
Valley
U-,—-——
country are already practically bare of Liberty bonds as far as
and Galveston on June 30 1920 was
Fork
Montana
national
reduction since Dec. 311919
June 30 1920 was
1919.
Surplus.
and commerce.
issued to extend and promote industry
on
Capital.
The First State Bank, Golden Valley, N.D.
Liberty bonds and of the four and one-half billion dollars
banks
ending Oct. 8 1920:
District No. 10—
majority of all the seventeen billion dollars
As the records show that a
the
the
to
District No. 9—
Clarks
collateral
reduction during pre¬
$43,226,000.
ceding six months of
was
announces
admitted
Exchange Bank of Valdosta, Valdosta, Ga_ $100,000
collateral for loans was only $646,043,000.
reduction as compared
The total mount of
of
was
Total
District No. 6—
\
banks of the country as
on
FEDERAL
which money is being loaned by banks, is being con¬
stantly reduced.
for loans
Washington
following list of institutions which
by permanent investors and that the amount
and digested
these bonds,
TO
SYSTEM.
and
this office show that the huge issues of Liberty
The official reports to
a
ADMITTED
RESERVE
ment:
was
INSTITUTIONS
STATE
The following is the Comptroller's state¬
/n Victory notes.
York
City,
typical of those employing primarily'
unskilled labor, indicate
that there is at the present time
shortage of untrained female labor and
common
male labor.
Association, in
a
As
to
the
a
a
slight surplus of
results of its
statement made public Oct. 11,
inquiry the
says
in part:
________
Factories that employ untrained
$29^000,000
INCREASE
IN
BANKS IN
THREE
Comptroller
of
the
CAPITAL
OF
Currency Williams in
issued under date of Oct. 6 announced that 70
banks had been
NATIONAL
MONTHS.
a
statement
National
organized during the past three^months and
time they have been suffering from a severe
arette concern stated that the lack of
in
new
girls report that at least
the
history of the plant.
under-supply of
the
women
help
up to
the present
shortage of workers.
was more acute
than at
A cig¬
any
time
A manufacturer of stationery felt that the
workers in his concern
was worse now
than during
war.
The
reason
for the increased supply of common male workers is dear.
The sudden decline in the war industries and the
gradual slackening in other
Oct, 16
1920.]
THE
trades has slowly decreased the demand for
this type of man.
CHRONICLE
In this and other industries
high wages have been
of unskilled workers
an
rapidly.
In'many
Such high wages have been
or more.
the
employing a large number of unskilled workers
important consideration.
During the war wages
rose
demand for unskilled
an
•
to reduce the demand for female
labor
has
decreased?
Why should the competition
similar type of male
is somewhat complex, but there are
This problem
a
two elements in the situation that stand out
above the rest.
.place, there has been
industry.
In the first
tremendous increase in the demand for
a
in
women
Long before the
war plant
managers began to realize that in
of work girls made splendid factory operatives.
The rapid sim¬
plification of the technique of industry created new opportunities for girls
many types
and
and
women
helped to increase the demand for them.
the introduction of machinery made it
possible for
the place of a man who was a skilled craftsman.
The
hastened this substitution of female for male labor.
during the
that had
forced manufacturers to
war
for
use women
trades
European conflict
The shortage of men
in
men
been looked upon as "women's work."
never
In many
female worker to take
a
occupations
To the
surprise of
factory superintendents these female operatives did exceedingly well.
operations, especially those requiring dexterity and delicacy of
many
In many
touch, girls were actually
Now that the
the
is
war
improvement
the
a
As
duce this result.
attitude
than before the
A
large number of
are
in
a
women
factory
work.
Before
who worked during
1914
has been the change of
certain
a
prejudice
existed
against the participation of women in industry.
With the war this point
of view was entirely changed.
It became a patriotic duty for women to
A girl who entered a machine
shop or a food products plant was
work.
"doing her bit."
She became
short, factory work
Now that the
war
performing
as
she
part of "the second line of defense."
for the winning of the war,
emergency has passed,
toward such work has
and
a
was essential
In
and women
glad to help.
were
naturally
can
wages,
changed.
People
great national service.
a
no
however, the mental attitude
afford to be.
Her father, husband and brother
Moreover,
making higher
are
Many people feel that the present shortage of women workers is due to
during the
To
war.
female labor in
New
York
certain extent this is
a
but it should be kept in mind that there is
an
adeuqate supply of
City at the present time which is not easily
available.
The question is not a mere matter of wages and hours.
strated by the fact that a girl will work in an office at
than she could make in
wage
7.815, 728
9,658, 760
1906..
1907.. 10.279, 315
1908..
7.140, 425
1909.. 13,417, 472
1911..
15,292, 329
14.685 932
1912..
19.641 ,502
1913..
20.344 ,626
119809832754
1914..
155,648
Tend.
Cru¬
Elec¬
cella¬
Gross
cible.
Total.
tric.
neous.
Tons.
8,971, 376
941,375 102 233
963
023,947
321,653 10.980 413
275,830 127 513
380
.398,136
270,421 11,549 ,736
696.304 7,836 ,729
667,549 131 234
075
,362,594
,116,755
132
023,247
,076,464 14.493 ,936
,212.180 16,504 ,509
912,718 15.598 ,650
,330,783 107 ,355
13 762
185
,412,772 122 303
,947,854 97 653
52 141
194
,955,021
,094,919
676,106
,251.303
,300,874
,139.221 20,780 ,723
,255,305 21.599 ,931
903,555 17,174 ,684
16.271 ,129
1915.. 22,308 ,725
1916.. 29,616 ,658
29 105
844
,327,901 121 ,5171 18 309
,545,706 121 ,226 30 180
.220,846 89 ,869 24 009
,287,213 113 ,782 69 412
,370.377 23.679 ,102
,798,769 31.415 .427
1917.. 32.087 ,507
1918.. 32,476 ,571
1919.. 25,719 ,312
63 631
,061,386 34,148 ,893
982.820 34,459 ,391
229,382126 ,948 .694
8.53
831
622
,513,03©
527
,151,036
,059.039 129 ,692 168 918
604
,773,680
.479,960 126 ,716 304 543
,376,236 115 .112 [511 364
,271,562 63 ,572*384 ,452
495
329
.060,607
,462.432
952
,671,232
Statistics regarding production of finished and
rolled iron
and steel are also furnished.
For 1919 the production of all
kinds of iron and steel rolled into finished
forms
198
(including
blooms, billets, and axle blanks
rolled for forging
purposes
and semi-finished
products which were rolled for export in
that year) shows a decrease of
as
6,054,210 tons,
compared wih
or
19.43
1918.
Total Production of All Kinds
of Finished Rolled Iron and Steel,
1887-1919.
All Other
Iron and
Plates and
NaU
Wire
Structural
Steel Rails
Sheets.
Plate.
Rods.
Shapes.
Finished
Toted.
Rolled
Gross Tons.
Products.
1887
2.139,640
1888....
1,403.700
1889
1,522,204
1890....
1.885,307
716,496 259,409
809,981 251,828
1891
603,355 308,432
609,827 289.891
2.184,279
2,034,162
279,769
363,851
2.374,968
2,618,660
2.644,941
457,099
5,235,706
4,617,349
5,236,928
6,022,875
1.307,176
678,927 223,312
536,607
1892....
1.551.844
453.957
2,579.482
1,136,458
6,165,814
537.272
1,021,772
751,460 201,242
674,345 136,113
682,900 108,262
627,829
1893....
387,307
360,305
2,104,190
1,795.570
1,306,135
991.459
4,975,685
4,642,211
95,085
72,137
517,920
495,571
2,487,845
6.189.5T4
2,236,361
5.515.841
94,054
583,790
2,497,970
702,197
3,239,760
7,001,728
8,513,370
850,376
4.146.425 10,294,419
3,575 536 9.487.443
1896....
1,122,010
965.776
1.647,892 1,207,286
1,981,241 1.448,301
2,272,700 1,903,505
1897....
1898....
673,402
791,130
623,986
970,736
70,188 1.071,683
85,015 1.036,398
70,245
846,291
2.385,682 1.794,528
2,874,639 2,254,425
2,947,933 2,665,409
815,161
68,850 1,365,934 1,013,150
72,936 1,574,293 1.300.326
64.102 1,503,455 1,095,813
1905
2,992,477 2,599,665
2,284,711 2,421,398
3.375,929 3,532.230
3,977,887 4,182,156
1909....
3,633,654 4,248,832
1,921,015 2.649.693
3.023.845 4,234,346
1904....
61,601 1,699,028
5,390,963
4,772,329 12,349,327
5,383,219 13,944,116
4,952,185 13,207.697
4.597,497 12,013,381
6.398,107 16,840,015
7,383,828 19,588,468
7.972,374 19,864,»22
4,311.608 11.828,193
*949,146
a
This is demon¬
considerably smaller
factory; also that hundreds of girls living
a
within commuting distance of New York
three hours
City prefer to spend from one to
day riding to and from the city in order to work in an office
a
than to accept
factory-work in their
badly needed there.
communities, although they are
own
In other words, they would rather receive less money
and have fewer leisure hours than work in
occupation which is looked
an
down upon.
3.636.031 4,955,484
64,542 1,808,688 1.660,519
54,211 1.871,614 2,118.772
52,027 2.017.583 1.940,352
45,747 1,816,949 1,083,181
63,746 2,335.685 2,275,562
45,294 2,241,830 2.266,890
1911....
2,822.790 4,488,049
48,522 2.450,453 1,912,367
1912
and it is not necessary for her to work.
the stoppage of immigration
true,
1905.:
Acid.
1906....
longer think of factory workers
The former prejudice has returned,
girl is sensitive to the voice of public opinion.
a
Mis¬
Bessemer.
Basic.
Years.
war.
Many things combined to pro¬
The essential reason, however,
toward
they had superseded.
peace-time industries
women
have permanently quit their jobs.
war
men
the supply of female operatives has been greatly
decreased since the armistice.
the
a result our
far larger number of
second place,
the
over
these managers naturally want to continue using
type of employee.
same
position to absorb
In
an
over
Open-Hearth.
Years.
1910..
;
factors have not operated
same
employees.
workers remain keen while the demand for
women
150%
was
important consideration in reducing
men.
The question naturally arises
why these
for
this increase
cases
Production of Steel Ingots"and Castings
by Processes.
Moreover,
general dulness in many lines of construction has had its effect.
Building
trades and contracting work
normally absorb the largest number of com¬
mon laborers in New York
City.
Under present conditions comparatively
few men are needed in this
industry.
1529
3,327.915 5,875,080
45,331 2,653,553 2.846.487
9,908,475 24,656.841
37,503 2,464,807 3,004,972 10,030,144 24,791,243
38,573 2.431,714 2,031,124
7,204,444
1910
1913....
1914
3,.502,780 5,751,037
1,945,095 4,719,246
1915....
2,204,203 6.077.694
1916
2,854,518 7,453,980
2,944,161 8,267,616
2,540,892 8,799.135
1917....
7.711.506 19,644,69©
8.475,750 21,621,279
7,316,990 19,039.171
18,370,196
31,929 3,095,907 2,437,003 10,546,188 24,392,924
30,088 3,518,746 3,029,964 15,493,093 32,380,389
22,864 3,137,138 3.110.000 15,585.921 33,067,700
18,310 2.562,390 2,849,969 14,385.058
31,155,754
12.832 2,538,476 2.614,036 10,359.543
25.101,544
2,203.843 7,372.814
—Rollecfblooms and billets for forging purposes are included
1905, while semi-finished products rolled for export are
from
included
J.
F.
PARSONS
CONTENDS
ENTITLED
According
MONEY
IS
Production of
TO HIGHER INTEREST RATE.
Frank J.
to
MORTGAGE
Parsons,
Vice-President
for 1912 and subsequent years.
Prior to 1892
structural shapes were included in "all other finished rolled
Ya* to*
ft*wfrMMmWt
Droducts
the
of
Years.
FtnishedjRolled]Products, Showing
'
Iron.
Iron and Steel Products Separately,
Gross Tons, 1908-1919.
Steel.
Total.
Years.
United States Mortgage & Trust Co. of this city, "no ade¬
quate amount of building can be looked for until it is recog¬
nized
that
mortgage money is entitled to
than
interest
borrowers
tinuing, Mr. Parsons
are
says:
now
a
willing
higher rate of
to
pay."
Con¬
1908... 1,238,449 10,589,744 11,828,193
1G09... 1,709,431 17.935,259 19,644,690
1910... 1.740,156 19.881,123 21,621,279
191"... 1,460.615 17,578,556 19,039,171
as
a
higher rate than previously, and in part, it is the slowness of borrowers
is
causing much of the difficulty.
Money is
a
commodity and is bound to seek the highest return consistent with safety.
No artificial means, either legislative or otherwise, can permanently, or to
any
investments
in
mortgages are discouraged by unsatisfactory
yield or restrictive laws, it is quite idle,
are
so
far
as any
large practical results
concerned, to attempt to force into that channel the funds of the people
represented
as
investments,
by life insurance
moneys,
savings bank deposits,
The difficulties
as
to housing
building and loan associations
&c.
have been increased the past year,
by making possible
must
mortgage
improve.
a
the
the short¬
further concentration of population.
situation
as
an
essential
part
of
building construction
The most hopeful sign is that the construction of work¬
men's cottages and homes of the smaller type
portation situation is also improving.
is
on
It is mainly
a
The trans¬
At the present time, speaking gen¬
erally, there is no substantial shortage of labor,
building construction.
the increase.
nor of raw material used
Rhode Island, Connecticut
New York
New
Jersey
Delaware, Virginia
Maryland
„.
1916.
1917.
184,273
__
217,589
218,962
66,455
75,111
1,492,769
question of confidence and
statistical bulletin
an
79.2T9
416,213
731,477.
322,444
239,224
184,675
884,500
6,141.465
755,468
709,697
4,733,612
2,104,072
1.889,964
856,445
5,846,024
6.171,332
2.919.004
2,844,429
4,975,254
2,607,547
21.518
2,470,223
733,038
1.679,107
414,602
169,571 \
73,139
Alabama
556,222
_.
Indiana
1919.
471.802
Missouri. Iowa, Okla., Kan.
81.042
150,603
146,386
115.085
103,803
356,924
518,043
573,660
118,634
140,239
514,170
166,974
355,138
49,860
__
Michigan
Wisconsin, Minnesota
2,686,674
157,575
California
Total...
Production of Finished Rolled Iron and Steel by
Leading Products, Gross Tons,
Products.
Iron.
Steel.
2,203,843
sheets
1919.
Sept. 25
770
3,945,075
12,832
2,538,476
2.614,036
4.391,624
2,295
192,146
416,726
2,363.632
2,555,778
389
or steel..
2.536,520
2.613.266
446.549
Long angle splice bars, tie-plate bars, &c___
sheet
7.372,814
12.094
1,956
shapes
Bands and cotton-ties
Railroad
233,336
351,783
57,568
376.440
piling, not including fabricated
t
blooms, forging billets. &c
Blooms, billets, sheet bars, <fce., for export
All other finished rolled
412
233.336
352,172
434,008
17.811
16.645
16,645
359,582
44
tons.
359,170
92,099
315.956
products
....Gross
419.021
17.811
ties....
Rolled forging
TotaJ
2,203,843
7,332,186
738
Skelp, flue, and pipe Iron
Hoops
Rolled
Total,
40,628
Bars for reinforced concrete work
product being 34,671,232 tons, against 44,462,432 tons.
In
the following we show the make of steel by the different
129,671
24,392,924 32.380.389 33,067,700 31,155,754
25,101,544
Merchant bars
giving the official figures of steel
for each year back to 1904:
241,914
682,017
3.135,689
2.713,428
696,605
Illinois
ade¬
production for tlie calendar year 1919.
The output of steel
in that year was considerably lower than that of 1918, the
processes
203,033
79,523
974.928
368,458
831,594
Kentucky, North Carolina
Tennessee, Georgia, Texas
Structural
IN
1918.
385,708
777,328
332,797
534,134
__
Ralls
PRODUCTION
Tons,
181,017
235,739
238,972
217.480
204.18©
11,982,840 15,428 563 15,018.871 13.836.445
11,477,176
25,647
37,337
62,403
41,584
Wire rods
a
181,113
81,317
1,640.182
81,255
1,322,888
220,725
West Virginia
Plates and
issued
1918.
994,334
Nail and spike plate
STEEL
Gross
in
quate return to capital.
The American Iron & Steel Institute under date of
Slates,
Colorado, Utah, Wash....
as
together with theatres, clubs and other special improvements which not
only give no help in the matter of housing, but actually increase
The
1915.
Ohio..'.
bulk of new construction has consisted of factories, warehouses and garages,
age
States.
Maine, Massachusetts.
Pennsylvania.;
large extent, circumvent this law.
Whenever
Steel, by
1915-1919.
The fact is
that mortgage money, by reason of taxation and other factors, is entitled
a
of all Kinds of Finished Rolled Iron and
whole, the shortage
of money for mortgage purposes is more apparent than real.
appreciate this fact whcich
Toted.
1917... 1.867,757 31,199,943 33,067,709
1918... 1,573,976 29,581,778 31,155,754
1919... 1,059.451 24.042.093 25,101,544
1912... 1,637,582 23,019,259 24,656.841
1913... 1.678,257 23,112,986 24.791,243
Production
to
Steel.
,
Viewing the situation throughout the country
to
Iron.
1914... 1,167,776 17,202,420 18,370,196
1915... 1,294,833 23,098,091 24,392,924
1916... 1,822,571 30,557,818 32,880,389
1,171,467
1,487.423
1,059,451
*24,042,093
25,101,544
92,143
[Vol. Ill
CHRONICLE
THE
1530
In addition to the 17,811 tons of rolled sheet piling above I transport iron and steel, road building and other building material, by a
constituted a coal car, approximately
reported there were produced by rolling mills and steel works JI definition of what subsequently excluded from the effect 80,000 flat bottom
gondola cars were
of that order.
In
in 1919 about 3,773 tons of fabricated sheet piling, as com¬
J addition numerous additional permits have been issued from time to time
J authorizing the use of coal cars for the transportation of other freight of an
pared with 1,742 tons of the same kind of piling in 1918.
J emergency character. The demand for coal cars for other freight has been
NEW PRIORITY COAL
With
coal in various I
view to meeting the demands for
a
I
I
ORDERS.
Commission on Oct. 8
issued two priority orders affecting the movement of cars.
One of the orders requires railroads east of Wyoming,
Montana, Colorado and New Mexico to furnish coal cars
to mines in preference to their use in any other way.
Orders
previously issued had applied only east of the Mississippi
River.
The other order of the Commission issued on the
8th inst. has to do with the supplying of coal for public
the Inter-State Commerce
States,
utilities and institutions; as a
I
mission
House from many sections of the coun¬
Secretary Tumulty after
Baltimore &
the
he had conferred With Daniel Willard,
Elliott, Chairman of
utilities
utilities
Oct. 14
was
a
Although
up to
Many utility plants, it is stated,
year
winter wants of the Northwest, which was put into
a
a
cars,
Commission because of
carriers.
The position of the Commission was contained in a letter
I to Daniel Willard, Chairman of the advisory committee of
the railway executives, from Chairman Edgar E. Clark.
Copies of the letter were sent to W. L. Barnes, of the car
service division of the American Railway Association, and
to
J. B. Morrow, Vice-President of the National Coal
worked out by the operators and railroad executives after
representatives of public utilities commissions, distributors
dealers in the States involved.
The increased movement of
was
which the railroads have already started, will provide sufficient
coal
needs in the States embracing the program,
for their winter storage needs.
being carried
I
out, assurances are given that the immediate needs of the balance of the
The Commission in its statement
I
respecting its
new
Bituminous
coal
production
approximately 30.000,000 tons.
during
1918
exceeded
consumption
During 1919 the situation
was a net
was
draft
on
met
only as bituminous coal could be produced.
this year has been
Moreover,
by
production
considerably retarded by strikes of coal miners,
|
more
Birmingham districts, and also by the switchmen's strike, which commenced
April, and by the dispersion of coal carrying equipment early in the
Soon after the termination of Federal control it became
necessary
year.
for the
Commission to adopt measures by which transportation for coal would be
increased.
This necessitated an increase in the number of
transporting coal.
cars
available for
By an order effective June 21 1920, railroads east of the
Mississippi River were required to furnish coal cars to coal mines in prefer¬
ence
to any
other use.
Because of the abnormal demand for coal
cars to
"Commercial" of Oct.
13
Since the issuance of our
Service Order No. 18,
said Chairman Clark,
It appears that
different carriers are
and that the purpose of uniform
follows:
I
particularly in the Indiana and Illinois fields, in the Thacker field and in the
in
York
interpreting it in
understanding and practice
in regard to assigned cars for railroad fuel will not be effected unless we
express our interpretation of the order and its spirit.
Division 5 of the
commission has therefore given this matter careful consideration, and I am
authorized to communicate to you the interpretation of this order, which
stocks of
approximately 40,000,000 tons for that year.
The year 1920 began with
substantial stocks, and the demand during this calendar year could be
New
important questions as to the proper interpretation thereof have arisen,some
of which have been brought to our attention by Mr. Gutheim, of the car
different ways
otherwise;
no
The
gives the order as follows:
service division.
orders
said in part:
consumption exceeded production, and there
interpretations being placed on it by
Association.
disposal
country at the same time will in no way be overlooked.
INTER-STATE COMMERCE
CAR ORDER.
COAL
by the Interstate Commerce
differecent
the greatest
until the Lake movement Is over, after which ample coal will be at
OF
to the use of
Oct. 12
Inter-State Commerce Commission,
While the Northwestern and Middle Western programs are
States,
interpretation of Service Order No. 18, which relates
coal cars for railroad fuel, was given out on
An
I
Out of this allotment, Ohio will get
approximately 800 cars, Michigan 500 and Indiana 200.
This
retail
BY
COMMISSION
conferences with
and
in some of the New England
embargoes placed by certain New
INTERPRETATION
shortages in immediate supply exist.
for the immediate household
shortage of anthracite coal
substantial part of the time between April and
this week,
will bt|>ut into effect by the operators and railroads, providing
movement of 2,000 cars a day for communities in Ohio, Indiana,
program
of the same period last year, the production this
coal miners' strike in the Pennsylvania
and by the switchmen's strike which commenced in April.
England railroads in effect
Aug. 24. These
embargoes have now been modified, and it is expected that the rail move¬
ment of anthracite coal to New England will proceed unhampered.
during
agreed that the Northwestern schedule,
each day
by the Commission.
Sept. 25 exceeds that
due largely to
day for that movement.
a
priority order, a new
has been retarded by the recent
There is
be made possible, as an emergency measure.
intended to relieve shortages in coal supply until the pro¬
Michigan, Eastern Kentucky and Eastern Tennessee, where
a
the railroads serving anthracite mines have furnished such
supply, and although the anthracite production
anthracite mines
Oct. 15,
and public
program
for
and to avoid the inequalities in the
necessarily result from
No. 20, which indicates that real emergency
railroads only upon approval
everywhere will
Under the brders issued to-day by the
going
distribution of cars
order has
needs of public
and public institutions will be cared for in special cases.
After
a preferential car supply to meet such needs will be afforded by the
of 4,000 cars a
a
been kept
and generally have been able to accumulate some stocks
better condition with respect to coal than they
mines close to a 100% car
which calls for a movement
day, or 1,200,000 tons of soft coal a week, up to the close of
navigation, about Dec. 1, to the Great Lakes for transshipment tt> North¬
west points, must be rigidly carried out.
At that conference the railroad
executives promised that from now on they would provide the 4,000 cars
it
entered July 13, authorizing preference and priority
needs of public utilities
'
in July.
been entered,
21, which supersedes Order
operation last July, is out of the way.
.i
At the conference of operators and railroad executives, early
given
supply for transporting coal for the current
at the mines which
ample supply for present uses.
for supplying the
gram
car
domes¬
Attention is also being
domestic consumers in other States.
For that reason,
of coal for public utilities, including gas,
of these two orders, which go into effect
2,100 cars will be transported daily for
Michigan, eastern Kentucky, eastern Tennessee,
Pennsylvania and West Virginia.
public institutions, those utilities and institutions have
were
in conjunction with the Inter-State Commerce
Only public utility plants in greatest immediate need will
Both orders are
in Indiana, Ohio,
use
from day to day
immediate
soft coal to householders, manufacturers
of the
worked out in conjunction with representatives
of coal and are in a much
throughout the country,
Through the operation
of this character will be issued only upon a
certain essentials, such as sugar beets, to factories.
By Service Order 9,
works.
In the operation of this order a voluntary
will superintend the distribution of soft coal to all public utilities
freer distribution of
canceled,
and of the railroads by which it is expected thel needs of the
consumers of coal will be substantially met.
The program con¬
domestic
and
ice, electric and water
supply.
freight are
Thereafter, until the domestic coal
10.
templates that approximately
in the
haul other commodities. The use of these cars
seriously interfered with the movement of coal for
permits for preferential car
it
outstanding
coal operators
tic
supply has been felt.
a
interest.
to the needs of
of the Commission—No.
object sought, all
situation
showing
Arrangements will be made for the continuance of the
Plans have been
of the Commission—No.
16—affects the movement
relaxed as soon as
practicable to do so.
further means of accomplishing the
a
western
communities where the pinch of shortage in
The other order
As
movement of
have been used to
an
supply for coal.
to such end, the Commission has to-day
means
a
of public
Association in announcing in a state¬
(members of the Association) and railroad
by other shippers has
domestic use in
Commission.
imperative
To accomplish this
It is
entered an order
of Montana,
Wyoming, Colorado and New Mexico to furnish coal cars to coal mines in
preference to any other use.
The orders of this character heretofore issued
have applied only east of the Mississippi River.
The present order runs
As
is well in hand, permits
coal controller had
20, which supersedes Order
15—an coai cars are to be placed exclusively at the disposal of the
bituminous mines, excepting in movement of cars in the return to the
mines.
This order was put into effect so as to bring back to the soft coal
mines thousands of open top cars which, during the coal shortage emer¬
Under one order
have
domestic
Complaints have also been
production of coal be even further increased.
that the
effective midnight, Oct.
public on the 9th that the issuance of the new
came as a result of conferences between bituminous J
operators
receive
industries,
permits for the use of coal cars for transporting other
Ohio, and Howard
Northern Pacific Railroad.
considered,. Mr. Tumulty said.
committee
Michigan.
and other Western States.
it will be necessary to increase the car
appears
.
executives, said:
No.
of coal in Indiana, Ohio and
until the further order of the Commission and will be
Commission.
Commission would deal with the situation was
ment made
gency,
large part by
Vigorous complaints have been received in behalf of the
uses.
users
received from Oklahoma, Texas
from the threatened coal shortage and for an agreement on
serious conditions this winter were referred to the
The National Coal
coal
a
public utilities, by the Northwest and by New Eng¬
There has not been a sufficient production ®f the
domestic purposes to satisfy the present demands for such
sizes of coal for
seek coal for.special
suggestion that it might be necessary to name a
orders
production has been consumed in
exportation.
requiring all railroads east of the eastern boundary of the States
the Board of the
not been
51,000,000 tons.
The increased
Announcement that the
The
has never
coal *
The production of coal during August, 1920,
heretofore been exceeded except during August, 1918, when an
land and by
In referring to the action of the Com¬
the 8th inst. the press dispatches from Wash¬ I
Inter-State Commerce
of
Moreover, the bituminous
to Sept. 25 this year exceeds that of the same period last year
up
by more than
by railroads and other
orders of the
sufficient for present needs, the
has decided that permits will be necessary where
Telegraphic appeals to the White
President
disturbances in different fields, ap¬
intensive campaign as a part of the war program was under way.
methods of preventing
made by
is
The production for the period in question during the current
exceeds the production during the same period for each of the years
year
produced
ington said:
try for relief
heavy produc¬
of each of the years shown: 1917,171,124,000;
1919, 157,272,000; 1920. 171,650.000.
proximates the average for the three years.
I
I
a
production for that period in the years 1917 to 1919
1917 and 1919 and, despite various labor
cases.
on
order entered in June, there has been
coal, as is indicated by the following figures for the
period from June 5 to Sept. 25
174,786,333.
result of there having been
public utilities and institutions
the
of bituminous
The average
Commission, stocks of coal
emergency
As the result of the
tion
1918, 195,963,000;
accumulated by them under former priority
Commission
accentuated by the very large building program which is under way.
I
practices and interpretations which
had been amended by our
order of April 15 1920, we added to this rule by Serivce Order No. 18 a
provision that the railroads may not assign cars for company fuel and fail to
count such cars against the mine's distributive share unless the entire output
of the mine is taken by the carrier for a period of not less than six consecutive
months.
In order to permit perfection of arrangements which would com¬
ply with this order we further provided that any contract or arrangement
for the purchase of coal made on or before Nov. 1 which terminates at the
expiration of the coal year ending March 31 1921, shall be regarded as
in compliance with this rule.
The question is raised as to whether or not
contracts which existed at the time our order was issued and which continue
For
were
the
purpose
of breaking up
being placed upon
Rule 8 of C. S. 31 as it
Oct. 16
until March 31 1921, or later, are to be
considered in compliance with the
draw any distinction between contracts
We did not intend to
which extend
specified that were or may be entered into
the period of time
over
March
issuance of our order and which extend to
We do not think that the order indicates any
1921, or later.
after
and prior to Nov. 1 and similar contracts that were
in effect at the time of the
31
intention
No. 18
railroad fuel cars were considered as assigned cars within the findings of the
commission in the Hocking Valley and Traer cases.
The possibilities under
that order were carried to the extreme in some instances and assigned railroad
fuel cars were given to la mine for its entire output for a day or for certain
days and the mine was on a commercial basis for succeeding or intervening
days.
This was an intermingling of the two ideas of taking a part of the
output of the mine and counting against it the cars assigned to it for railroad
fuel, and the other provisions for taking the entire output of the mine.
The modification of this rule contained in Service Order No. 18 was for the
Under Rule 8 of C. S. 31
purpose
be
prior to the issuance of Service Order
and making it entirely clear that it
of stopping this practice
could
longer followed.
no
Service Order No. 18
prohibits the assignment of cars and failure
to count
the distributive share of the mine for the day, or assigning cars
of the mine's distributive share for the day, except where the
them against
in
excess
mine is taken for a period of not less than six consecu¬
made after the issuance of this
entire output of the
The proviso as to contracts
tive months.
Nov. 1 and extending to or beyond March
order and prior to
as
311921, as well
continuing for the period specified, is to be con¬
connection with this interpretation.
for existing contracts
sidered in
In some instances contracts
for the entire output of a mine for
railroad
made with producing companies that own or operate two
mines in the same district.
The custom which has been followed
fuel purposes are
or more
producing compnay on different days
mines of the
day after day to one particular
Our order is not
and
owned
the highest record that had been reached in
the present
But in the last week for which statistics are available, that
was
983,913, which
been in any week of the present year,
was
ending Sept. 18
the largest it
An interesting
to whether the movement
as
far indicates any recession in general business
activity.
of freight thus
It is well known
decline of activity in some industries, and there
a
The statistics regarding car loadings, however, Bhow
has been occurring.
that in the last four weeks for which we have records the freight
The
year
war;
and in the late
large
and early fall of the year 1919 there was a
summer
This
of freight
whole
inj these weeks of
The differences between the
1918, 1919 and 1920 were relatively
moved in
of the country on the
was as
infini¬
productive and commercial activity
great as in either of the preceding two
reduced pros¬
there undoubtedly was less business and
although
years,
1918.
The figures indicate that the
tesimal.
freight
only 9,244 cars less than in the corre¬
13,455 less than in
only
was
was
The number of cars moved
sponding weeks of 1919.
1920
In the four
1918 and 1919?
with September 18 1920, the total number of cars of
3,788,763.
was
amounts
How does the
it ever had been at that time of year.
during the corresponding weeks of
weeks ending
loaded
freight traffic of the railways
freight which recently has been moved compare with the amounts
amount of
moved
as
to the
of tremendous industrial activity owing
one
was
great revival of business activity and the
as
movement
practically as heavy as it ever was at that time of year.
continued to be
became
is
in production and commerce generally
much talk to the effect that a slump
1918
tendency
freight shipped.
question is
that there has been
had
This
excepting that ended Aug. 28.
certainly does not indicate that the advance in rates has had any
perity in particular industries and particular territories.
BRIGHT
SEES
PARDEE
JOHN II.
and not to confine them
FUTURE FOR
ELECTRIC RAILWAYS.
mine.
intended to interfere with this
good faith, but it must, of course,
in
out
was
good many comments were made implying that the shippers
a
hurrying the forwarding of freight to forestall the advance in rates.
the number of carloads moved
of the
kind has been to assign these cars to some one
in instances of this
This
and
had been
to reduce the amount of
distinguish between these two classes of contracts.
to
986,064.
year,
rule.
the issuance of our order
1531
CHRONICLE
THE
1920.]
practice where-it is
be confined to mines
operated by the producing firm or company
carried
actually
with which the
contract was made.
Brighter and more prosperous days are at
electric railway industry, John H.
Electric
American
Railway
hand in the
Pardee, President of the
declared
Association,
at
the
annual convention at
This improved situation is due, he
opening session of that organization's
ROBT. S. BINKERD ON
IMPROVEMENT IN RAILROAD
SITUATION SINCE RETURN TO
OWNERS.
their
carriers to
owners
March 1 of this year was
on
expressed in an address delivered by Robert S. Binkers,
to the Chairman of the Association of Railway
Assistant
Executives
at
a
railway executives
the
Clubs of Middle
Sept. 27.
said:
Mr. Binkerd
When
conference of Exchange
held at the Hotel Deshler, Ohio, on
Western cities,
they took over the
resumed the operation of their railroads
greatest task of national
reconstruction after the war.
faced with an extraordinarily difficult and complicated situation
which ever since they have been wrestling with great energy and
They were
with
already grown up to its existing railroad facilities.
During the three previous years the railroads had been subjected to tre¬
mendous wear and tear, and were thus less efficient than they had been.
When the railroads were turned over to the Government about 18
of their locomotives and about 5
% of their cars were in need of substantial
ability.
repairs.
The country had
When the railroads were returned to their owners 27}4% of their
of their cars were in bad order.
In addition the
locomotives and 7.3%
of all the large
cars
companies were scattered all over *he country,
and it
impossible to get them promptly home and back in good condition.
Commercially and economically the whole world was living from hand to
was
exhausted both in
this country and abroad, and yet the requirements of the whole world for
food, coal
iron, steel and other essentials continued with practically
unabated vigor.
The demands were overwhelming and immediate fuliil-
mouth.
The supply of
growing public recognition of certain common sense
said to
co-operation of
shippers and business men generally in smoothing out the
tangled railroad conditions which existed with the return of
Recognition by railways executives of the
the
Atlantic City on Oct. 12.
stable commodities was nearly
in the rapid
shock of war
principles of operation, lost sight of many times
development of the industry, which it took the
"The
restore.
to
industry's misfortunes,"
mistaken policy in
the result of
been
operated it and mistaken policy in its
who
lation by
public authorities."
tors must be assured
said,
he
"have
conduct by the men
control and regu¬
Particularly, he said, inves¬
of proper public regulation of
utilities
In part Mr. Pardee said:
The industry has, I am firmly convinced, passed through its period of
greatest travail, and is now upon the road to better days.
Statistics indi¬
cate for practically all companies, both larger earnings and increased riding.
if they are to
Some
companies
ing
are now
earning a satisfactory return, and many are earn¬
amount above their operating expenses and fixed charges,
that desperate financial condition that was present with
an
are
be induced to invest.
in
while few
nearly all
of them two years ago, or even a year ago.
emphasizes the inherent stability of the electric railway
troubles that have come to it are not the result of any
causes involving the nature of the enterprise.
No business in the world is
more certain or assured.
The service performed is a necessary service.
It
will be essential so long as communities exist.
From the disaster that has
overtaken it, it emerges with none of the demand for its service destroyed,
and under conditions that would have caused the disintegration of most
This
showing
The
industry.
private industrial enterprises, it has remained intact.
Its misfortunes have been the result of mistaken policy
in conduct by
and mistaken policy in its control
and regulation
the
who operated it
men
public authorities.
There has been too wide a departure from basic
economic law in both instances, so that when an emergency came, the in¬
by
refused to grant
condition and without the means to guard itself. What
it to a completely sound condition, is
certain few common sense principles
that are by no means new, but which because of the rapid development of
the industry have been lost sight of.
The most encouraging sign
of the present times, insofar as electric
which they
railways are concerned,
ment
of them could not
When
the executives
well* be made.
took back the
faced with demands lor an
amounting to nearly $1,200,000,000, which they
without consultation and consideration by the public, and
therefore referred to the United States Labor Board in which
dissatisfaction in
railroad labor, but they were
additional wage increase
On April 7th outlaw strikes broke out which
substantially had the effect of withdrawing the services over a period of
several weeks of something like 700.000 to 800,000 freight cars.
Notwithstanding all this the railway executives set themselves to remedy
this situation in the only possible way, that is, by increasing the average
the
public was
represented.
Govern¬
and the average mileage per car per day.
\^hen the
returned the railroads the mileage per day
was about 23 H
load per car,
ment
it is about 26.
By this increase
To-day
the
was,
and is needed, to restore
and the adoption of a
recognition
Commission
is most
are
benefcial and far-reaching.
principles are;
First—That
the industry
sight
no
means
is an essential industry and
of local transportation that can
that there is in
adequately perform its
function.
Second—That
before themselves the goal of raising
the average mileage per car per day to 30, and the average load to 30 tons
—records in railroad operation which have never been achieved elsewhere.
The railway executives gratefully recognise the co-operation of shippers
and business men generally, without which such achievement would have
been impossible, and ask in the public interest as well as their own, for the
continued existence of this co operation.
Every user of a freight car
who loads it to full capacity, loads it promptly, unloads it promptly, and
sends it straight to destination, is not only helping the railroads but himself
and all other business men and the public, too.
distinctly stated and alone more than compensate for the
the Commission.
This report carries an authority which
These basic
effect added the
this, they have set
these princi¬
time and effort of
cars.
Not content with
is the growing public recognition of
A perusal of the report of the numerous commissions, national, State
and local, that have investigated and studied electric railway affairs, dis¬
closes a striking unanimity in the conclusions reached.
The three founda¬
tion conclusions met with in the report of the Federal Electric Railways
ples.
in efficiency during the past few months,
equivalent of approximately 200,000
new freight cars to the service of the country, and by increasing the average
load per car to nearly a ton, have added the equivalent of perhaps 60,000
the executives have in
dustry was in no
then
railroads there not only was great
is
under existing conditions
inadvisable in the public
public ownership and operation
interest, and,
provision must be
adequate return upon the capital used and
useful in the public service as will restore general credit, inspire confi¬
dence in investors, and insure a continuing flow of new capital.
These principles are being reflected in all of the other reports which i
have examined and seem to me to indicate a growing public knowledge of
the economics of the situation and to form a basis for a lasting readjust¬
in
Third—That
the
regulation of electric railways,
made
through fares for 6uch an
ment
of the
industry's affairs.
Statistics
Association show that in more than 500 cities in the country
electric railways have increased their fares.
In 81 such communities, hav¬
ing a combined population of more than 6,500,000 people, a ten-cent fare
is charged, in 58 others the base fare is eight or nine cents, while in more
There is a
general recognition of the necessity of higher fares.
gathered by the
ADVANCES IN RATES
HAVE NOT AFFECTED RAIL¬
ROAD
TRAFFIC.
*
■
.
six or seven cents.
And, contrary to prophecies and
connection with the subject, there has been no general
decrease in the number of passengers occasioned by these increases.
Fares
are but responding to the influence of the general higher price level.
They
have not, however, kept pace with the increase in individual income and
the abiltiy of the public to pay them, and that is a sufficient guarantee
that there will be no general falling off in the riding habit for this reason.
than
Under the above
head, the "Railway Age" of Oct. 8
the following to say
The statistics
had
editorially:
of freight in September show that
made in the latter part ofj August have had no
general business activity or upon the amount of
regarding the movement
the advances in freight rates
perceptible effect upon
freight shipped.
rates
Not
would impose a
moved.
In the week
a few persons contended that such large advances in
burden on commerce that would reduce the freight
ended Aug. 28 the number
of carloads shipped was
300
it is either
statements, made in
But neither
to
increased revenue, increased riding, or the public disposition
permit of increased fares,
has as yet restored the credit of these com-
1532
THE
panies and without
the future usefulness of this utility will most
The investor has been badly used in the last few
credit
certainly be destroyed.
He
years.
has
CHRONICLE
been
compelled
shoulder
to
the
entire
burden
of
of the
costs
I
spond to
failure to
a
apply the fair and just principles of upright business dealings,
regulation and control of the electric railway industry.
can
see
plain signs that this assurance will be forthcoming.
I can
I
commissions and
in settlements
that
have taken place in
many communities, not only a desire for equitable ad¬
a growing recognition of the right of investors in the public
utility securities to receive the same treatment that is accorded to other
justment but
enterprises, and of the necessity of providing such safeguards to capital in
utilities as will presrve its integrity and assure to it an
adequate
I again beg of you to let me know whether
you
agreement
this
to
answer
perfectly content to leave it
am
which of
us
was:
to the voters of Missouri to determine
is telling the .truth,,
Among other developments of the 6th
of
was the forwarding
telegram to Senator Spencer by Senator Reed asserting
a
to the
read in recent decisions of courts and
an
The President's
caused
by the failure of the machinery of public utility regulation to re¬
a great economic emergency.
His confidence has been destroyed
to a degree that makes
its restoration impossible until there is some
satisfying assurance that his interests will not again be sacrificed through
Peace.Conference.
made such
111.1
[Vol.
that President Wilson had
pledged military aid to Rumania
addressing the Peace Conference on May 31
and Serbia in
As to Senator Reed's representations the
press dis¬
1919.
patches from Kansas City Oct. 6, said:
Senator Reed's message, which was sent in
response to a query from Sena¬
these
tor
and
Dec. 3 1919, when it was brought to this country, and an
article, embodying
satisfactory return.
Spencer, stated that the text of the address did
the
CONTROVERSY
BETWEEN
PRESIDENT
WILSON
MILITARY
SENATOR
ON
AID
SPENCER
ALLEGED
AND
between
controversy
President
Spencer of Missouri occasioned by
and
publication of
Senator
allegation of the latter
an
promised American military aid to
Serbians
brought
about
President's remarks
the
and
this
in
week
President.
as
by
official
the
American
stenographer.
The
during the past few weeks, and the first authoritative
allegations
P.
Tumulty,
House
disputing the Senator's
on
of the President has been called to
Missouri by Senator
Spencer in which he quoted the President
speech which he delivered to a delegation made
that 'if any nation ever invaded their
the
army across
seas to
as
saying in
a
of Rumanians and Serbs
up
to
Spencer's statement is absolutely and unqualifiedly false.
statement
a
"Newspaper representatives have called
them.
Senate
the
It
was
Foreign
to
to statements given
Relations
why the sessions were held in secret
"I do not for
showing just what
Committee
asked
because the
was
Preisdent
of Secretary
issued
a
Secretary, Mr. Tumulty,
statement, saying:
President Wilson
tells
*
there
me
is
no
stenographic record of the pro¬
Mr.
none
far
so
as
the President
in this country.
Tumulty added that "it
was
to those making the
up
charges" to produce the proof.
On the 10th inst. it
made known that President Wilson
was
transcript of his remarks by Fred
Carlson, of Chicago, the American stenographer who had
A.
a
reported the proceedings of the special session of the Plenary
stenographer, Charles L. Swem by Mr. Carlson,
"I
shall not attempt to
characterize the reflection
himself which is found in
this statement.
science to say
consider this statement worthy of
whether
United States.
a
denial
you
The statement you make
military aid to the Rumanians and
without comment.
pass
I shall leave to your own con¬
writing authorized
It is
me to say
a
Servians is
one
of the President's
authority, his written direction to
either
you
that I canot allow to
fact that the President, in his
Post-Dispatch
where
or
Senator of the
promised American
that the alleged quotation from
in the St. Louis
House,
a
charging that I have falsely Issued
the White House that the President had
at
the President
upon
was
false.
If
Council
on
hand¬
is
me
you
on
file in the White
may
appoint
may
examine it."
President Wilson
on
the Senator that Mr.
Tumulty had been authorized to issue
questioned, the President
Rumanians and Serbs
tion, and that
you
was
that I had promised American military aid to
did not for
you
that the matter
Secretary's denial of the
issued by him without my
a moment
was ever
knowledge and
4
A
same
on
I beg to
deny that
that
was
of the session.
This latter
Spencer and Reed.
use
of American
you
made public in part
as
your
regard
was at your
and
request
"You must not forget that it is force that is the
final guaranty of the pub¬
lic peace.
If the world is again troubled the United States will send to this
side of the ocean their army and their fleet."
make
you
made upon the floor of the Senate
on Feb. 2
and so far as I have learned has never been denied
was
widely circulated
that statement to
Premier
still
further
message
Senator Spencer as follows
There must be
importance
as
1920
until
If you did not
me.
was
as
on
the
to
The two versions of the reference to the
or
the
President
by
publicly stated that such
sea
an
in
case
the world
agreement on your
part is incorporated in the stenographic report of the eighth plenary session
follows:
be troubled
upon
are
again, if the conditions which
here
we
all
challenged, the guaranties which will be given
V
V
,
across
.
surprising, under such conditions, that it should desire to reach
a
The Carlson
How
no
can
a
power
Version.
like the United States, for example—for I
other—after signing
can
speak
this treaty, if it contains elements which they
do not believe will be permanent, go three thousand miles away across the
sea
and report to ltd people that it has made a settlement of the peace of the
It cannot do
so.
part, for example, of Rumania and of Czechoslovakia, and of Serbia, that
if any
covenants of this settlement are not
observed, the United States
will send her armies and her navies to see that they are observed.
Mr.
Tumulty's statement of the 11th inst.
was as
follows:
"With reference to the telegram of Senator Spencer to the President, dated
Oct. 5 1920, in which it is
alleged that at the Eighth Plenary Session of the
Peace Conference the President said to Premier Bratiano of Rumania, 'You
must not forget that it is force which is the final guarantee of peace.
If the
world is again troubled, the United States will send to this side of the ocean
its army and its fleet,'
the White House is in receipt of
Mr. Charles L. Swem,
stenographer to the President, from Mr. F. A. Carl¬
son,
1101
Ashland
Block,
Chicago,
a
letter addressed to
the official shorthand reporter who
reported the secret proceedings of the Eighth Plenary Session and wrote
the statements that
President
Wilson made.
This letter^speaks for
itself:
[Copy
"F. A.
again troubled.
It has for months been
as
Version.
dangerous elements?
fundamental
the 6th inst.:
across
Johnson
of the world, if it believed that the settlement agreed
no
and navy would be sent
alleged official report
ocean.
Is it
up
sent
misunderstanding about a matter of such great national
to whether you stated to Premier Bratiano of Rumania that
the American army
was
the United States.
Bratiano I should be much indebted if
will be good enough to inform
A
over
an
the version quoted by Senator
was
will pledge that the United States will send its army and fleet
you
eighth plenary session of
It has been
syndicated
And yet there underlies all of these transactions the expectation on the
you
the Peace Conference, in which you are
reported to have said to Premier
Bratiano of Rumznia as follows:
by Senator Reed,
a
people of the United States and pretend that it had assisted in insuring
world?
The statement of yours to which I have often referred in
my addresses was
the statement in the stenographic notes of the
now.
reprint of
How could the Government of the United States go before the Congress
and
the peace
for
WILSON."
telegram of Oct. 5, in which
promised American military aid to Rumanians and Serbs
The statement
a
military and naval forces read
The
denial to which you refer.
previous denial which Mr. J. P. Tumulty had made
time
solution of the various problems which seems to it satisfactory ?
the 5th inst.:
acknowledge receipt of
made
speech put in the Congressional Record of Dec.
translation from the French of
was a
the
The statement you made was false.
reply to this by the Senator
same
article by Frank H. Simonds, which Mr. Simonds has stated
believe that I had made any such
WOODROW
follows
At the
Wilson's
was
in parallel columns the Carlson
1919, by Senator Johnson, being
"I wish to state that your statement was called to
my attention by Mr.
I reiterate the denial.
the 11th inst.
on
President
sacn-
called to my attention.
Tumulty, and that I requested him to issue the
to
stenographic version of Mr. Wilson's remarks and the version
of the
If the world should
"I have just been shown your statement that my
The transcript of these notes
addressed
the White House gave out
"Senator Seldern Palmer Spencer, St. Louis:
previous statement by
1919.
letter
a
public by Mr. Tumulty
contained unstable
saying:
or
in
the 5th inst. took occasion to advise
the denial which the Senator had
denial
May 31
contained
contained
doubt the authenticity
you
representative
any
own
you,
the
See Part 6, printed hearings, page 145."
On the 7th inst. the President's
more than the President of the United States and has become accustomed to
issue orders and make statements originating entirely in his own mind, but
having back of them the knowledge and sanction of the
of
Lansing given before the Foreign Relations Committee of the
Senate Aug. 8 1919.
as
as
for
judgment.
own
a moment believe that the President made such
denial, or
attention, as J. P. Tumulty indicated
Anyone who knows the situation at Washington knows that
Mr. Tumulty is himself conducting the administration of Government far
President.
was
expressly
"That the latter statement is absolutely correct is shown by the testimony
in his letter.
falsely announced
Tumulty's
Let the President produce
United States insisted upon it as against Clemenceau's
by you to the St. Louis papers, containing the following quotation:
that the matter was ever called to his
it is
as
In view of these
accept Mr.
stated by Clemenceau's private secretary that the reasons
had been furnished with
myjattention
as
These official reports have been studiously suppressed and kept secret,
although
Oct. 4 sent the following
telegraphic advices to Senator Spencer:
the floor of the Senate
its face evidence of its authenticity,
"There is one way this dispute can be settled.
by the Senator which followed the above
on
upon
discerning public will not be inclined
a
knows there is
expressed his disbelief that the President had made such
denial, whereupon Mr. Tumulty
bears
ceedings of the conference in his possession, and
J. P. TUMULTY."
A
on
denial.
defend their boundary lines.*
speech of Senator Spencer has been called directly
the attention of the President, and he authorizes me to say that Senator
disputed
knowledge until Mr. Tumulty recently denounced it
the stenographic records of the Peace Conference,
territory he would send the American
"This excerpt from the
scores of thousands
this declaration of the
couched in the well-known phraseology of the President.
speech delivered in
a
was never
upon
•;>
said.
issued by the President's Secretary Joseph
Oct. 2 as follows:
was
B"The attention
White
the
from
statement
authenticity
"The speech
controversy is one which has figured prominently in the daily
papers
Its
elsewhere to my
facts
recorded
until
Numerous publicists and speakers
referred to and commented
false.
the
the matter
"My speeches by
circulated through the country.
have repeatedly
or
that the President had
Rumanians
Wilson
censor
"On several occasions I challenged the attention of the Senate to this
speech," Reed's telegram continued.
were
A
the
Reed used in the Senate, he said.
PROMISE OF
RUMANIA.
TO
not pass
Wilson statements and written by Frank H. Simonds, was
published in the newspapers.
It was the Simonds version that Senator
alleged
^
CARLSON,
"Shorthand Reporter,
"1,101 Ashland Block,
"Chicago, Illinois.
"October
6
1920.
"Mr. Charles L.fSwem, Stenographer to the President,
"Washington, D. C.
$(?< •*
"Dear Mr. Swem:—I noticed in the Chicago papers of today,^ Wednesday,
Oct. 6 1920 (The Chicago Tribune and The
Chicago Herald-Examiner)
*
Oct. 16
1920.]
CHRONICLE
THE
Washington and St. Louis dispatches in'regard to Senator Spenecr's state¬
ment that President Wilson had promised American
military aid to Rumania
and Serbia in the event of the invasion of those countries and the President's
letter in regard thereto.
ViaSat
"In
St. Louis
a
dispatch dated Oct. 5, Senator Spencer is quoted as follows:
The statement of yours to which I have often referred in my addresses
the statement in the stenographic notes of the Eighth Plenary Session
was
of the Peace Conference, in which you are reported to have
said to Premier
Bratiano of Rumania as follows: "You must not forget that it is force
that is the final guaranty of the public peace.
If the world is again troubled
the United States will send to this side of the ocean their army and their
fleet."
"The statement
made upon the floor of the Senate on Feb. 2 1920, by
Senator Reed, and so far as I have learned has never been denied until
now.
It has been widely circulated over the United States.
If you did not
make
that statement to Premier
will
you
was
inform
Bratiano, I should be much indebted if
me."
allied and associated powers and their several
delegates, that would mean
that after this whole conference is
adjourned groups of them would deter¬
mine what is to be the basis of the
peace of the world.
that that would be a most dangerous idea to
The Eight
Plenary Session
I
there.
proceedihgs, and
session and
was a secret
be
may
wrong
my
impression is that
However, I reported the
about that.
Wilson made.
wrote up the statement which President
The report of the proceedings was mimeographed, and
I suppose there are
copies in Washington.
we
but of hearty
guarantee.
I
Where the great force lies, there must be the sanction of peace.
sometimes wish,
representative of
secret
a
copy
some
responsible person in Washington, if you find
of the transcription of the English short-hand notes?
It is just barely possible that the quotation by Senators
was
from
a
in hearing
this,
argument like
an
I were the
that
small power so that what I said might be robbed
the heart of the
of the
people of the United States,
were
in
secret one,
I
our
associates, and
I
am sure
it lies in the hearts
partnership
common
a
kind of disservice.
sadly misquoted; but, of
can say
indiscreet one, destroy it.
nothing.
course,
as
the meeting
If it is thought that this letter is an
But, if necessary, I will be glad to swear to the
of the above transcript, and I hope
accuracy
no
position to make public what the President said, for I
a
feel that the President is
was a
as
peoples of the other great powers, to form
of right, and to do service to
of any
United
and1 it lies in
anywhere;
"Yours
complete refutation of the
a
translation into English of M. Mantoux's
of the President's remarks,
and
Reed and Spencer
translation into French
sincerely,
(Signed)
Feb. 2
Will you please
plenary session of May 31 1919.
call it to the attention of
that there is not
a
mistaken significance, but I think
you will agree with me that the
States have never shown any temper of aggression
It
Therefore I will quote in full the President's
by Senator Reed."
statement in the
each other,
not of interference with
and friendly co-operation upon the only possible basis of
quoted, and
which it is therein alleged "was made upon the fioor of the Senate on
1920,
sense,
a
and I can find no
is alleged in the St. Louis dispatch which I
as
with
may part
charge will be made.
I have just gone over my notes (my short-hand notes),
such statement
It seems to me
entertain, and, therefore, I
beg that
"I wish I
you were not
1533
announced
was
ment at
on
FRED
CARLSON."
A
the 11th inst. that the State Depart¬
Washington had cabled to Paris for the official text
of the President's address to the Rumanians and Serbians.
Comments by Senator Spencer on the report of Mr. Carlson
given in another item.
are
;
'
•
know, the translations sometimes
as you
mixed things up a bit.
Following is a transcript of
statement at the
my
short-hand notes of President Wilson's
SENATOR
Eighth Plenary Session (secret) of the Peace Conference,
SPENCER
I should be very
friends have made.
our
sorry
A statement
to have
desire to assume
play any arbitrary role in these great matters, or assume, because of
pride of authority, to exercise an undue influence in these matters,
and therefore I want to call your attention to one aspect of these questions
which have not been dwelt upon."
the impression lodged in your minds that the great powers
ESSENTIAL
NO
DIFFER-
VERSIONS OF PRESI¬
DENT WILSON'S SPEECH.
"Mr. President, I should be very sorry to see this meeting adjourn with
permanent impressions such as it is possible have been created by some of
the remarks that
SEES
ENCES BETWEEN SEVERAL
held at the Quai d'Orsay, Saturday, May 31 1919:
v
contending that the Carlson report of Presi¬
dent Wilson address at the Peace Conference to the Rumani¬
or
any
We
trying to make
are
peaceful settlement, that is to say, to eliminate
a
those elements of distrubance, so far as possible, which may interfere
the peace of the world, and we are
trying to make
of territories according to the race, the
with
equitable distribution
an
ethnographical character of the peo¬
And back of that lies this fundamentally important fact that
them.
It is perfectly evident,
burden of the
war
fell upon
The chief
the greatest powers, and if it had not been for
And, therefore,
we must
not close our eyes to the fact that in
the last analysis the military and naval strength of the great powers
will be
In those circumstances is it unreasonable and unjust that not as dictators
but
friends the great powers should say to their associates:
as
to guarantee
right, and
which
we
we
territorial settlements which
cannot
agree
to leave elements of disturbance unremoved,
believe will disturb the peace of the world?"
Nothing, I venture to say, is more likely
of the world than the treatment which might In certain
to disturb the peace
circumstances be meted out to minorities.
to guarantee
are
And therefore if the great powers
the peace of the world in
be satisfied that the proper and
is it unjust that they
any sense
necessary
guarantees have been
given ?
are
ancient sovereignties the settlements of this
con¬
greatly adding to their territories.
You cannot in one part of
transactions treat Serbia alone and in all of the other parts treat the
are
Kingdom of the Serbs, the Croats and the Slovenes
as
for they are seeking the recognition of this conference
and
if this
conference
is
different entity,
a
as
single entity,
a
going to recognize these various
powers as new
sovereignties within definite territories, the chief guarantors
to be satisfied that the territorial settlements
are
of
a
are
It Is not, therefore, the interventions of
the action of those who would help.
view of
It, because I
How
can a
can
speak for
go
three thousand miles away across the
its people that it has made
It cannot do
so.
a settlement of the
peace of
And yet there underlies all of these trans¬
actions the expectation on the part, for example, of
Rumania, and of Czecho¬
slovakia, and of Serbia, that if any covenants of this settlement are not
observed, the United States will send her armies and her navies to
they are observed.
see
that
In those circumstances, Is it unreasonable that the
United States should
Insist upon being satisfied that the settlements
Bratiano—and I
gested that
we
Observe, Mr.
respect—sug¬
sovereignty of Rumania, an
and make certain prescriptions -with regard to the
But I beg him to observe that he is overlooking the
is asking the
he
correct?
speak of his suggestions with the utmost
rights of minorities.
fact that
are
could not, so to say, invade the
ancient sovereignty,
sanction of the allied
and associated powers
for
great additions of territory which come to Rumania
by the common vic¬
tory of
arms,
and that, therefore,
these conditions of
antees of
I* I,'beg
territory
we are
we have the
entitled to say:
"If we agree to
right to insist upon certain guar¬
peace."
my
my
friend,
Mr. Trumble,
and my
we should feel that it is best to
leave the words which they have wished to omit, in the
treaty, It is not be¬
cause we
want to insist upon unreasonable
treaty to accord to us
we can
P Therefore,
these, that
we
conditions, but that we want the
the right of judgment as to whether those are things
afford to guarantee.
the impressions with which
we are
earnest
all friends—of
association in
agreement as to what the
course
not
meet
the
the
we should
object.
a
disperse ought to be
that goes without saying—but that
common
effort, and there
effort
can
Spencer in his state¬
of Mr.
Carlson, which the President
now
the Peace Conference, fully bears out what was said by Herbert
Gibbons and supported by
that great
Peace
to
as
Adams
Frank H. Simonds and what was written by
author, Dr. E. J. Dillon, in his book, "The Inside Story of the
Conference"
and
what
was
supported
by
Paul
D. Cravath,
the
the
United States in Paris.
I quoted what these
is
no
gentlemen said and shall continue so to do.
difference in substance between the report now
President and the official
There
made public by the
stenographic report from which I quoted.
The
only difference is that this last report surrounds the clear statement whieh
the President made that an American army and navy
when the occasion arose,
would be sent overseas
by^some general remarks which do not in the least
conceal the fact of what the President said:
Nothing can conceal the pledge which the President attempted to
for this country by which American soldiers are to be sent overseas
make
whenever
again troubled.
pledge he attempts to make most clearly in Article X of the
This
of Nations,
League
and what the President said to the Rumanians and Serbs on
May 31 1919, is nothing more than a cqncrete
illustration of the very princi¬
ple which he announces in Article X.
In the statement which the President has just Issued he says:
v
if any covenants of this settlement are not observed the
States will send her army and navies to see that they are observed.
"...
In
official
the
United
stenographic record the President is quoted as saying*
"If the world is again troubled,
if the conditions we all regard as
fundamenta1
upsetvand contested, the guaranty which is given you means that the
and their navy."
are
United States will send to this side of the ocean their army
The French copy
the New York
of what the President said May 31 1919, as
reported by
"Tribune," translated, reads substantially the same:
"If the world finds itself troubled anew, if the conditions which we al
regard as fundamental are again drawn into question, the guaranty which is
given you will mean that the United States will send to this side of the
ocean their army and their navy."
The statement which Dr.
E. J. Dillon makes In his book, referred to
above is:
guarantee your boundaries and your territories; that means
will send over arms, ships and men in case of necessity.'!
"We
we
In the article by Mr.
that[
Frank Simonds the President is quoted as saying
"If the world should be troubled again, if the conditions we all regard as
fundamental are challenged, the guaranties which will be given to you
will pledge
that the United States will send its army and fleet across the
ocean."
There
is
no
It is mer®
substantial difference between any of these.
The great out¬
quibbling to attempt to pick out slight verbal differences.
believe a8
and navy was available
standing fact is that the President led the Rumanians and Serbs to
clearly as language can do it that an American army
to them in case
there was any fresh trouble.,
For it will be noticed
now
that in the last statement which the President
produces he is distinctly addressing the Rumanians and Serbs, for in his
friends from Rumania and Serbia to remember.
statement he says: "I beg our
neither the
has
an
If it is true that
President, nor the State Department, nor any one in authority
exact copy of the official stenographic reports
cable to Paris and secure
of the day, why not
the copy, which certainly the United States is
entitled to have?
Mr. Gibbons
in his article in the May, 1920, number of The "Century
«
^"According-to the stenographic notes of
the^Eighth"Plenary SessiorTof
Conference, which I have in my possession, President Wilson said
Premier Bratiano" and then gives his quotation
»• w
«
r»- fry <*
t he Peace
a
common
to
,
are.
separate agreement among groups of us, that
you should adopt the language suggested
If
fhThe statement of the President to the Serbs and Rumanians, which now
seems to be unaswerably established is, as Senator Reed clearly points out,
quite immaterial as compared with the definite obligation to the same effect
which is in express language set out in Article X of the treaty and which
by the Czecho-Slovakian delegates
makes
Slovak
unfair
a ad the Serbian delegat on—the Jugodelegation—that it should be left to negotiation between the principal
publishes,
Plenary Session of
be no frank
unless there is
rights and settlements
Now, if the agreement is
does
Senator
Magazine", says:
must all be associates in a common
and
preceding article in
refer in detail to the
Why will not the President produce the official record?
friend, Mr. Kramer, and
friend, Mr. Bratiano, to believe that if
which
the President's remarks.
The report
would interfere, but
friends will take that
signing this treaty, if it contains elements which they do
and report to
the world?
our
from that view of it.
see no escape
believe will be permanent,
not
those who
I beg that
like the United States, for example—for I
power
other—after
sea
a
we
in
in which
what the President said on May 31 1919, at the Eighth
entitled
character to be perma¬
nent, and that the guarantees given are of a character to ensure the
peace
of the world.
no
printed
niade by
11th inst.
ment of the 11th said:
I beg our friends from Rumania and from Serbia to remember that while
Rumania and Serbia
our
is
our paper
was
the
on
controversy between the President and the Senator relative
the world is
ference
him
Spencer of. Missouri
version
today's issue of
"We cannot
do not believe to be
we
Take the rights of minorities.
should
P.
eminent lawyer of New York, who was one of the expert advisers for
the final guarantee of the peace of the world.
afford
Carlson
The
moment's reflection, that the chief
upon a
action, their military action, we would not be here to settle these
questions.
Selden
made, the Allied and Associated Powers guarantee to maintain
are
burden of their maintenance will fall upon the greater powers.
their
when the
bears out the statements quoted by
Senator
to
ple inhabiting those territories.
decisions
ans
the obligation
and'obnoxious
sought to be imposed
upon
to the people of this^country.
the United
States
so
relative
11
Oct.
on
to
of Missouri in
a
of President
the Rumanians and Serbians at the Peace
in May 1919 declared that "for the life of me I
Wilson's speech to
Conference
cannot
how the stenographic report in any manner helps
see
the President's case,
the
of
body of
j It is, in fact, a complete verification
the charges heretofore made." Senator
Reed in his statement said: /-■
r;-v-X ' V
;X
contend that "there is nothing in the covenant which in the least
seriously
I have said anything in the controversy is that Senator Spencer
in
interferes
impairs the right of Congress to declare war or not declare war,
with or
according to its own independent judgment," or that it is not
other nations to lead us into war, whether we will by our own
judgment or not."
■
,
"possible for
independent
:
-
be no escape from the conclusion that in case "external ag¬
There can
gression" threatened the "territorial integrity and political independence' of
any of the States that are parties to the League the obligation of the United
States to go to war if necessary to make its guaranty effective would be
If, in such a
automatic.
the American member of the League
case,
refused to vote for war simply to keep his country out
The only-
the political fortunes of Senator Spencer.
I have no interest in
reason
President and Mr. Tumulty and Senator Spencer.
It is difficult to see how upon this record the President can now
statement issued
Carlson version
the
the recent colloquy be¬
The language last above quoted is the basis of
tween the
WILSON
PRESIDENT
AND
SPENCER
SENATOR
Senator James A. Reed
BETWEEN
CONTROVERSY
ON
REED
SENATOR
[Vol. 111.
CHRONICLE
THE
1534
be
a
Council
of trouble he would
welcher, and if for the same reason Congress refused to declare war
it
would be guilty of national dishonor.
speeches quoted one of my speeches as authority for his statement that
the Rumanian and Serbian
his
the President had made certain declarations to
delegations.
A direct denial of the truth of Senator Spencer's statement was, there¬
fore,
not
SENATOR HARDING REJECTS LEAGUE OF NATIONS—
LEAGUE ALREADY "SCRAPPED."
impeachment of my veracity.
Under the circumstances I could
silent.
I will no more permit the President of the United
an
I would in the case
States to accuse me of falsification without reply than
of any
other
Not
man.
The public Is entitled to see the
single denial was ever made.
a
the Republican candidate
Warren G. Harding,
Senator
remain
President, made plain his attitude toward the League
for
speech which he delivered at Des Moines,
of Nations in a
Oct. 7, when he said:
official report as it was
Iowa,
and I
the proposed League, not because I fail to under¬
stand what a former member of the Democratic Administra¬
transcribed to be filed with the peace conference,
shall await its production with interest.
But, for the life of me, I cannot see how
the
charge heretofore made..
It is true
the
is very different
language
Simonds, and yet it contains exactly
(Frank H.)
quoted by
that
from
the stenographic report helps
It is, in fact, a complete verification of the body of
the President's case.
the same idea.
Was the President standing and looking
into the
of the Serbian and
eyes
send our armies
Rumanian delegates and telling them they expected us to
and navies if any covenant
of the settlement was not observed, and at the
time not meaning to imply that the
same
United States was not assuming
V.Vv-'V-:';\-
;
that obligation?
How absurd it is to protest that we have not promised to send our
armies
and navies across the ocean.
PAUL
CRAVATH
D.
BETWEEN
CONTROVERSY
ON
PRESIDENT WILSON AND SENATOR SPENCER.
his
Several statement .upholding Senator Spencer in
«
con¬
President's
alleged promise of military aid to Rumania and Serbia have
been made by Paul D. Cravath, who was a member of Col.
troversy with President Wilson respecting the
House's mission representing the United States Government
Paris in 1917.
at the Inter-Allied Conference in
Mr. Cravath
on
tion has said 'we are being let in
Advisory Counsel to the United States Treas¬
as
Mission abroad the latter part of 1918.
ury
On the 11th
stenographic report of President Wilson's address before the Eighth
The
Plenary Peace Session in Paris May 31 1919, supported Senator Spencer's
side of the controversy with the President and Mr. Tumulty.
It does not
effect from the copy of the speech that had been in my
differ in practical
possession for several weeks, which is doubtelss an English translation of
Professor Mantoux's contemporaenous French translation.
After speaking
of the United States and the Allied powers being the
"chief guarantors" of the boundaries of the new states set up by the Treaty
of Versailles, the President points out that the Allied
must be satisfied
powers
anpl the Associated
with the fairness of these boundaries because
"there underlies all of these transactions the expectation on the part, for
example, of Rumania and Czecho-Slovakia and of Serbia that if any cove¬
nants «f this settlement are not observed the United
armies and her navies to
The
see
that
they are observed.
only possible inference from
understood
Rumania
that
States will send her
and
this language is that the President
Czecho-Slovakia
justly
entertained
this
expectation of military and naval help from the United States in case their
territorial integrity or political independence was threatened
That
aggression.
was
certainly
accurate
interpreter.
by external
Professor Mantoux's understanding,
shown by his translation recorded in the French minutes.
It seems to
me
He
that Senator Spencer's vindication is
suggest
already
'scraped' ? Whether President Wilson is to be blamed or
thanked for the result, the fact remains that the Paris
League has been 'scrapped' by the hands of its chief archi¬
tect."
In part the Senator'^ speech was as follows:
a
legal obligation—and has
a
greater binding force."
the President would be the last person to contend that
free to refrain from
the
"absolutely
declaring
war
if the result would be
compelling moral
obligation"
thus
I am
was
sure
Congress would be
a
clear violation of
assumed.
It
is
in¬
Farm and factory
justified.
and finance when
unfailing interest.
self-reliant, wholly independent America
inter-dependent, and both deserve our
are
Moreover, I believe in a
When the world war
cally.
politi¬
ended and the president negotiated the League
of peace upon it, instead of reversing the
of Nations and builded a treaty
order to expedite
formal peace, I joined your senators,
in the line
of sworn
difficult situation. We could not make the
treaty, but did faithfully endeavor to safeguard America in dealing with
the covenant he laid before us.
But a President may use his own discretion
duty, to make the best of a
I want it known I shall
one.
will be a changed
executive's rights as I
Senate, and my relation
about what he lays before the
be as jealous of the
baptism
of the rights of the Senate, because we need a new
of Constitutionalism in the republic.
The Constitution is the rock on
have been jealous
which
republic will endure.
Our opponents are presistently curious to know whether, if—or, perhaps
I might better say, when—I am elected, I intend to "scrap" the League.
It might be sufficient in reply to suggest the futility of "scrapping" some¬
thing which is already "scrapped."
Whether President Wilson is to be
blamed or thanked for the result, the fact remains that the Paris League has
builded; it is the foundation on which the
we
been
The stubborn insistence
"scrapped" by the hand of its chief architect.
that it must be ratified without dotting an "i" or
crossing a
advise—that is to counsel—with the Senate,
to
Constitution,
the
of
the
is
wholly responsible for
That issue, as made by
to the
question whether they shall favor some form of
Nations for the purpose of
favor
refusal
with the
condition.
that
tjo befog, is singularly
the Democratic President and
candidate does not present
Democratic
they
"t," the
in accordance
which our opponents are endeavoring
simple and direct.
President Wilson admitted to the Senate Committee that Article X would
America, not in narrow-
I would have it self-reliant in our
foods, and self-reliant in our industry.
I would give a favoring market to
our farmers and our manufacturers,
always "America First."
I would
but in abiding security.
The issue,
the following:
impose "an absolutely compelling moral obligation," which he said
"superior to
of the self-sufficient, self-reliant
I like to think
mandate
complete.
On the 6th inst. Mr. Cravath gave out
.
.
League."
It might, he said, be sufficient in reply to
the futility of 'scrapping'
something " which is
as
was a most
I do
I want to turn my
back on them.
It is not interpretation, but rejection that
I am seeking.
My position is that the proposed League
strikes a deadly blow at our Constitutional integrity and
surrenders to a dangerous extent our independence of action."
In the same speech Senator Harding referred to the fact
that the Democrats "are persistently curious to know
whether if
I am elected I intend to 'scrap' the
clarify these obligations.
to
not want
protect when necessary,
inst. Mr. Cravath had the following to say:
for' but because I believe
^understand precisely what we are being let in for.
selfishness,
also served
|
"I oppose
League proposed
particular
the
Democratic platform
people the
American
association among
and candidate have not
association and not some
but for "that" association, and it is that
structive in this connection to consider what the President himself has said
which
regarding the obligation to go to
the
but whether
by President Wilson.
The
declared for "an" association
preserving inter-National peace,
other
candidate be elected.
on
war to
vindicate Article X.
At Versailles
Feb. 16 1919, when first submitting the draft plan to the Pecae Confer¬
President Wilson said:
ence,
/
Upon the
and
same
occasion Leon Bourgeois,
a
distinguished French jurist
member of the committee that drafted the covenant, after
pointing out
in President Wilson's presence and without evoking
any
a
dissent, that the
proposed covenant provided that "all the states
.
.
.
take
...
pledge to guarantee to each other the integrity of their territories
a
definite
as
estab¬
lished by the settlement of the present treaty, and also to guarantee their
political independence against future aggression." said:
"If one state (it may be the smallest and most remote of all the
states) is
attacked without justification, then the whole of the 'League '.of Nations is
being attacked, and will resist."
Later the President defended the treaty whereby the United States and
Great Britian agreed "to come immediately to the assistance of France in
case
of
war, as
an
unprovoked attack by Germany," which clearly contemplated
"merely hastening the action to which
League of Nations."
|
we
should be bound by the
"
On May 31
to
1919, the President, in explaining the treaty and the league
the representatives of Rumania and Serbia, made the following statements
which
are
The platform, to be sure,
recorded in the minutes of that session:
is again perturbed, if the conditions that we consider as
fundamental are again put into question, the guaranty which is given to you
means that the United States will send their armies and their fleet from one
s.de «f the ocean to the other."
approaches its indorsement with
winding words
innocent and entrap the
unwary; but it does, nevertheless, indorse the League as it stands.
It does
not advocate or favor any reservations or amendments or changes or quali¬
fications.
It goes no further than to suggest that reservations will not
be opposed which make clearer or more specific the obligations of the United
States to the League.
But there is no need
are
clear enough
because I fail to
of reservations of this character.
administration has said "we are
obligations
The
and specific enough.
I oppose the proposed
understand what a former member of the
League, not
being let in for," but because
Democratic
I believe I
I do not want to clarify
these obligations; I want to turn my back on them.
It is not interpretation,
but rejection, that I am seeking.
My position is that the proposed League
strikes a deadly blow at our Constitutional integrity and surrenders to a dan¬
understand precisely
extent
gerous
our
what we are being let in for.
independence
of
action.
The
Democratic platform
"as utterly vain, if not
candidate in his speech of acceptance has
rejects this position, to quote the exact words,
ious."
The
Democratic
"A definite plan has been
tion.
.
.
,
presidency,
Senator
proposes
agreed upon.
Harding
as
his
own
as
words just now
in."
vic¬
said
is in opera¬
for the
As the Demo¬
The League of Nations
the
in plain words that we
cratic candidate, JL favor going
stand the position of the
If the world
Democratic
the
sly qualifications calculated to betray the
and
"Armed force is in the background in this program, but it is in the back¬
ground, and if the moral force of the world will not suffice the physical
force of the world shall."
promised will be ratified within sixty days if
we are
Republican candidate
remain out of it.
I under¬
understands mine,
notwithstanding the recent
The issue therefore, is clear.
Democratic candidate and he
quoted plainly show,
pretense that my position has not
is, that he favors going into
thei
been made clear.
In simple words,
Paris League and I favor staying out
I will have no man's vote upon a
to be misled.
I do not want any one
misunderstanding, and I am equally determined, if I can
prevent it, that
misunderstanding. My
position, I think, has been made perfectly plain, but whether it has or not,
his position is beyond cavil, and it is that we shall go into the Paris League
without modification or substantial qualification.
To such a betrayal of
shall have no man's vote upon a
opponent
my
To those who desire to incur
I will never consent.
my countrymen
the
direction of
a
super-government, or, if you prefer, to a council of foreign powers
whether the obligation to follow the council's direction be one of legal or of
moral compulsion, I frankly say:
Vote the Democratic ticket, and pray
the powers of the republic to the
hazard of entrusting any of
against the consequences of your folly.
told that we must ratify the proposed covenant in
God to protect you
We have been
become
member of the League, and that,
a
hand and
to stand with hat in
such
sue
order to
if we do not, we shall be
obliged
He who presents
for admission hereafter.
blind to the facts. We stand almost
disinterested relation to the problems
humiliating picture is singularly
a
the great nations in our
alone among
moral
Because we are not vitally concerned in the conflicting interests
leadership.
world is ready to recognize our
Because of this, the
of the world.
independent, because we are able to approach
the solution of the questions which continually threaten the peace of Europe
as an unprejudiced umpire rather than as an interested party, the world
will be glad to have us formulate the plan and point the way.
Occupying
such a position, we must be careful not to destroy or weaken it by surrend
dering our present freedom of determination and action to the compelling
of Europe, because we are
directing will of others.
or
from the autocratic assumption of a
take counsel ner learn from experience
To formulate a plan of inter-National co-operation, which will contribute
to the security and peace of the world without sacrificing or dangerously
diluting our power to direct our own actions, is a task of no small difficulty
I should not be fit to hold the high office of president if I did not frankly
Surely,
have suffered enough
we
personal wisdom, which will neither
say
that it is
a
intention of undertaking alone. There
the people and among the members
These opinions must be reconciled and
task which I have no
of the Senate upon
harmonized if
the subject.
to have any
we are
inter-National association for peace at all
solution of a problem so momentous
embarrassing the final
I shall not risk
I am in
rehabilitation of the world and in
specific details
by undertaking to lay down in advance
our
doing our full part in the
securing humanity against the horror
I
plans.
should contribute
in this
which we
surrender or leave in doubt the sovereign power of the
determine, without the compulsion of any extra-constitu¬
United States to
tional body, how and when and to
with the
the
National association
I shall do this to the end that we
be formed.
can
which shall
shall
promotion of inter-National peace,
definitely safeguard our sovereignty
so
and recognize
unmortgaged freedom of action that it will have
ultimate and
our
and without whose consent no such
association of Nations for the
an
one
it, not
respect
Constituion,
inter-
with whom, by the terms of the
Senate,
I shall indeed be bound to counsel
have
what extent our duty in that
As soon as possible after my election I shall advise
best minds in the United States and especially I shall consult in
discharged.
advance with
but
back of
the united support of the
Without such united support no plan can be made fully
divided and distracted sentiment, but
a
American people.
or permanently successful.
WITH GERMANY
HARDING—AMERICAN
NO BUSINESS IN GERMANY.
PEACE
SEPARATE
NO
TREATY
NECESSARY SAYS SENATOR
TROOPS HAVE
Answering
on
the 7th inst.
to make
President,
Is not necessary to make a
in the United
his
questions
were
given in the New York "Times" of
as
follows:
Senator Harding said at the end of
"some questions of inquiry are addressed to me from
I do not assume to go about the country in the atti¬
Democratic source.
because I believe in that party
candidate answering questions,
a
as soon
answered hy Senator Harding at the
as
being in part
his prepared address,
a
"that just
speech delivered in Omaha on the 7th,
set
a
"I note that in the morning papers,"
tude of
was
pass a
thereto
answers
the 8th,
said
resolution declaring a formal peace
States, I would sign it."
This and several
Congress would
conclusion of
to whether he
separate peace
separate peace with Germany,
and that what he had previously
other
as
a
Senator Harding declared that it
Germany,
with
treaty
question
a
if elected
intends,
as
honesty and that party policy which makes the
platform the covenant of
give his construction of the platform.
And yet I want to be courteous, though I want to tell my Democratic
friends in Iowa and throughout the Nation that before they can question
party faith, though a candidate may
me
in absolute good faith
they might well consecrate themselves to thinking
about the welfare of the United States
"There
are one or
two
and not the nations across the sea.
questions I am very happy to answer.
One of them
Do I still intend to make a separate treaty with Germany?
is:
"In the first place,
to make
"As
matter of
a
I never proposed such a thing.
separate treaty with Germany,
a
at war have already
would
pass
a
whether
fact, this is what I said:
"I
That just
as soon as
Congress
resolution declaring a state of formal peace in the United
not
or
It is not necessary
although those with whom we were
done so.
States I would sign it.
not say
you
There is formalpeace, isn't there?
are at
Do
you know
war? Well, so long as we are at peace, why
so? "
can
tell you why we have not
said so," Senator Harding went on.
"We have not said so because there are numerous act3 of Congress creat¬
ing extraordinary war powers that are not automatically repealed until we
have
a
formal declaration of peace.
And I want the declaration to restore
normalcy.
"We
are
at peace,
why not say so and enable America to resumd her trade
with the world, as we ought,
are
associated at
war are
in which practice the
Senator Harding did not
to repeat
would bo
"That is why I
am
opposed to Article X of the covenant.
I believe,
and if we will avoid the compact con¬
in safety first,
countrymen,
my
Article X, we can save American honor and American
templated jn
boys
at the same time."
"You didn't have Article X when we got into the
last war," a man shouted
from the floor.
"You
are
Sir," Senator Harding flashed back.
quite right,
pursuing some future ideal.
did not go into the last war
went to war, my
why
we went
countrymen;
"And we
I know why we
and Senator Cummins who sits here, knows
Oh, listen, my countrymen.
into the World War.
We did
The first war for humanity was
unsheathed the sword in 1898 in behalf of suffering
first war for humanity and we did not go into the
solely for humanity's sake.
not go to war
when William McKinley
Cuba.
That
the
was
World War to make the world safe for democracy.
"The ideal is all
for democracy,
the world safe
civilization from the domination of
have gone to war two years
out of war.'
right, but if we had gone to war to make
or
to preserve world
military autocracy in Germany, we ought to
earlier than
we
did.
But 'he kept us
and Senator Cummins will bear me
I made the last speech, save
one, in the Senate before the resolution was adopted.
What an interesting
spectacle it was with the eyes of the Nation on the Congress and members of
the Congress and members of the Senate passing upon the action of the
House that solemn moment which comes but once in a lifetime.
I made
some remarks because I felt I could not vote without expressing myself.
"I
can
tell you why we went to war,
We
out.
were
And following my
the solemnity
We spoke officially.
there.
Smoot) arose and in
he offered a brief prayer that
remarks the Senator from Utah (Mr.
that characterizes his life,
country.
And then we voted. I remembered
We declared a state of war to exist because Ger¬
God might bless our common
what
we
many
said officially.
had trampled upon American National
rights."
MORE
WARS
WORLD
IN
SINCE
LEAGUE THAN EVER BEFORE,
Pointing out that the League of
existence since the Treaty of
Beck
on
wars
as
This
Oct. 9, stated that
have taken place
statement was
FORMATION
OF
SAYS JAMES M. BECK.
Nations has been in
Peace was signed, James M.
the world has never had so many-
since the formation of the League.
made by Mr. Beck in addressing
the
Hotel Plaza, this city, and his remarks
appeared as follows in the New York "Times" of Oct. 10:
Any discussion of the League of Nations must commence with a prelim¬
Marquette Club at the
whether such discussion is a vivisection of a post-mortem.
thoughtful men on both sides of the Atlantic are of opinion that the
is dead so far as It affects to determine the larger issues
inary inquiry as to
Many
famous covenant
of war and peace.
When I ventured to so
state, my assertion was
challenged
distinguished editor of the New York "Times" who claimed that
I was in "hard luck" in making the assertion at the very time when Poland
and Lithuania had composed their little war by an appeal to the League of
Nations, and Sweden and Finland had referred the matter of Aland Islands
dispute to the same great tribunal.
The League has been in existence since the Treaty of Paris was signed.
Its Secretary General has held office for a year and a half and its secretariat
has been in existence for more than a year.
Its managing body, the Council,
has held nine sessions during the last ten months.
During that time it has
had ample opportunity to show what efficiency, if any, it possesses in
bringing about peace in a distracted civilization.
Its moral influence can
not be greater in the future than it is at the present, for it still has the
by the
prestige of having resulted from the greatest military
and it has the moral support of the Supreme Council of
triumph in history,
the Allies.
what practical effect it
has had upon the wars that have been continuously in progress since the
termination of the World War.
No one will question that at no time during
the period mentioned has the world been free from war.
On the contrary,
it has never had so many wars as have taken place since the formation of the
League of Nations, which was supposed to end the possibility of war.
At the present time there are nine active wars in progress between eighteen
different nations.
There are moreover nineteen inter-National fronts
which are on the verge of war, and in which the situation is so close to
armed hostilities as to be hardly distinguishable from the status of war.
More men are actually engaged in war at the present hour than at any
period in the world's history, with the single exception of the World War
Russia is fighting Poland, and the armies now facing each other are almost
great as those that faced each other on the Marne.
Greece and Turkey
are fighting in the neighborhood of Smyrna with armies which are twice as
great as those of Meade and Lee at Gettysburg.
England is now engaged
in greater wars than the South African VVar.
Iler armies are fighting in
Afghanistan and Mesopotamia.
In China there is civil war on a laige
scale.
In the Crimea, old Russia is fighting the Bolsheviki.
Poland and
Lithuania are in hot conflict; France is fighting Asia Minor with the Truks
and Arabs- Ttalv is fighting the Turks in Asia Minor along the south and
east shore of the Mediterranean.
The menace of war exists upon disputed
boundaries in many places, while civil war is in progress in Ireland, Italy,
Mexico, Germany. Egypt, Morocco and Tripoli.
Against these startling and unequivocal facts the urbane editor of the
New York "Times," criticising Senator Harding and doing me the honor
to couple my name in the reproof, suggests, as a counter-statement, the
supposed efficacy of the League in composing the quarrel between Poland
and Lithuania and in being selected as the final tribunal in the Sweden
Finland dispute with refeience to the Aland Islands.
4
The two illustrations are most unfortunate; for, in the first place, Poland
and Lithuania have not ended their war and are proceeding to fight as
though the League of Nations had not existed, while the Premier of Sweden,
after announcing his willingness to submlit its.case in the League of Nations,
rather significantly added: "Sweden will never give up the islands which are
essentially Swedish."
In other words, Sweden is willing to leave the matter
to the League, provided the League decides in its favor. I have no doubt
that every other nation would be similarly accommodating.
Under these
circumstances
it is interesting to note
as
understand the question, and asked the heckler
finally answered, "and
coming
JAMES
declare formal peace we can be sure they will be
M.
BECK
council of foreign powers
Certainly not;
not if we
The
authority.
entered the League and assumed the obligation
LEAGUE OF NATIONS IS
THROUGH SOCIAL
PASSING
REVOLUTION.
whether I really believe that
might call the sons of this Republic into war,
regardless of action by the Congress, which is the constitutional
SAYS
DEAD—ENGLAND
they ought to come.
"Somebody wants me to answer the question
a
under the covenant, then
it.
as soon as we
as
we
yet?" another man asked.
"They haven't any business there," the Senator
just
Nations with which
already engaged ?
"How about the boys over in Germany
home,
League were to decide that we
to carry on warfare
guilty of the grossest National dishonor.
shall in any degree
shall be
our sons
Congress would be obliged to send our sons abroad to fight, or we
and tragedy of future war.
the Senate any compact by
But I shall never present to
respect.
or
her every righteous obligation
in favor of America meeting
am
covenanted at Paris and a Council of the
and conflicting opinions among
are many
favor of
1535
CHRONICLE
THE
Oct. 16 1920.]
to
statement
made
Sept. 5
by
Mortimer L. Schiff,
the effect that the great^bulk of the people abroad have no
1536
THE
CHRONICLE
faith in the
League of Nations was confirmed by James M.
Beck, former Assistant U. S. Attorney General, who, upon
his return to the United States from abroad
Sept. 10 not
on
only declared that "the League of Nations is dead" but
added, according to the New York "Tribune"
of^Sept. 11:
Nobody abroad believes in it.
forgotten.
gotten
as
Nobody talks about it, for it is
When I say that the League of Nations is
thing
a
dead and for¬
as
the Holy Alliance I have said all there is to be said of
[VOL. 111.
The cost of operating the Internal
1920
on the expenditure of $29,The cost of operating the Internal Revenue Service for the fiscal
700,000.
year
Revenue Service for the fiscal year
55 cents on the $100 collected based
was
1919
equivalent to 53
was
cents for each
$100 collected.
There is
included in the expenditures for fiscal year 1920 the expenditures for en¬
forcing the child labor, the narcotic and the prohibition laws, which are
regulatory rather than revenue-producing measures.
Approximately $90,-
000
was
expended for enforcing the provisions of the child labor Act,
$467,000 for enforcing the provisions of the narcotic laws and $2,100,000
thing that
for enforcing the provisions of the prohibition lawfe, an
aggregate of $2,657,000.
Deducting this amount from the total amount expended, $29,700,000
Mr. Beck, speaking of conditions in the various countries
leaves $27,043,000 as the net expenditure for collecting the internal revenue
a
longer exists.
no
abroad, said
to
as
taxes for the fiscal year
England:
each $100 collected.
England is passing through the most serious social revolution since that
of Cromwell.
Among the| many distinguished English publicists I found
spirit of great apprehension.
The authority of the political state
the powerful labor group is at stake.
reached, for the labor leaders
Apparently
not
were
as
a
against
impasse has been
an
in fiscal year 1920 for
does not dare to assert its authority fully, with the hazard of
a
general strike.
There
save
the situation.
If not, the only salvation of parlia¬
mentary government lies in the patriotism of the middle classes.
In France lie found social conditions much
better;
labor
on
the
Rhine
Germany "chiefly to see the
Ehrenbreitstein, the fortification
opposite Coblenz."
As
his
to
impressions
gained in that visit he said:
If I
can
despair.
appended certain statistical statements of internal
are
unemployed,
are
and
those who
only too obviously suffering from malnutrition.
not
revenue
The totals for the fiscal year 1920 are subject
the verification of collectors'
on
accounts.
The annual report of the bureau will furnish detailed information in
regard
to all of the revenue collected and the
expenditures relating thereto.
W.
COLVER
H.
WOULD
TAX%IDLENESS
NON-
AND
PRODUCTION.
are
A
tax
a
was
mission
of
as a means
reducing the living cost in
an
address
which he delivered before the National Association of Manu¬
Maplewood, N. H.,
land of
employed are
idleness, non-production and speculation
on
advocated by William Colver of the Federal Trade Com¬
facturers at
judge all of Germany by the Rhine provinces, it is
Thousands
was
Mr. Beck also
visited the occupied portion of
American flag floating over
of 50 cents for
enforcing the national prohibition Act, which
he said, had'rejected the spirit of Sovietism, and was loyally
co-operating in the work of reconstruction.
a cost
'
•
receipts for 1920 and 1919.
to revision
The best opinion seemed to be that the sober second
thought of the man¬
ual workers would
•
•
law in fiscal year 1919.
a
sufficiently satisfied with the solid¬
arity of their forces to push their extreme demands, while the Government
1920, which is equivalent to
.
The.aggregate cost of collection for fiscal year 1920 is slightly in excess of
the aggregate cost for fiscal year 1919, due principally to the
expenditures
this solution to combat present
In offering
Sept. 24.
on
living costs. Mr. Colver said:
little
Believing as I do that the high cost of living rests very directly on tax¬
children is milk available, and for adults there is only
very bad bread, no
ation, and believing that taxation cannot be materially reduced, it seems to
sugar or
butter, and meat only
once a
Only for the
very
week.
that some method of taxation must be sought
me
which will stimulate pro¬
duction rather than impede it, so that as supply tends to catch up with
demand prices will tend to fall.
INCOME
AND
EXCESS
NEARLY
According to
a
PROFITS
COLLECTION
TAX
FOUR
BILLIONS.
relative to collections of internal
revenue
for the fiscal year
ended June 30 1920, total collections of internal
the fiscal year ended June 30
1919
year
for
revenue
1920, amounted to $5,408,-
compared with $3,850,150,078.56 for the fiscal
as
increase of $1,557,925,389.44.
an
from income and
Collections
$3,957,-
were
701,375.72 and for 1919 include payment of the third and
fourth installments of the
on
account of
field
as
various pay¬
additional assessments and amended
returns of income and
from
well
as
profits taxes for prior
investigations
Williams' statement further
office
and
of life at reasonable
cut in two and almost cut in two
resulting
years
adjustments.
Mr.
iays:
prices, will be more beneficial to
for the investment of capital.
scale of
profit or earning
on
And, with the lower scale of prices, a lower
invested or working capital would be quite as
profitable to its owners.
Therefore I would attack the high cost of living by
idleness, to non-production and to speculation.
lot
as
much
as
applying taxation to
I would tax the vacant
I would tax the lot next door which carried
and I would tax idleness,
as
a
useful building.
much as I would tax the improved farm
'
Colver also described in detail the
Mr.
Commission and urged,
Federal Trade
addresses,
modification
the
of
up
We must
in
as
many
business and yet
decide upon a
taxation policy which wiU distribute the
burden equitably and bear with the least possible weight upon
income and profits taxes.
of
made in November,
1919,
due in part to additional
are
collections made for taxes due
this estimate, which
on
assessments
was
and
incomes prior to the calendar year 1919.
revenue
income
except
and
profits
excess
taxes,
amounted
$1,450,374,093.28 and for 1919 to $1,249,366,175.86,
007,917.42.
Prior to the enactment in August,
providing for an excise tax
revenue
on
an
in
1909, of the
tariff
corporations, the three principal
distilled spirits, fermented liquors and tobacco.
were
1920
to
increase of $201,-
of
Figures in
revenue
of the total collections, or $244,For the fiscal year 1919 they amounted to 8.06% of the total
collections, or $435,718,449.57.
Collections of tax
and
for
1919
to
on
$365,211,252.26,
decrease
a
fermented liquor the collections for 1920 were
$117,839,602.21
a
$267,304,053.80.
On
decrease of $75,873,728.12.
Tobacco taxes show
preceding year..
of
$41,965,874.09 and for 1919,
an
For 1920 they
were
as
compared with the
reduce production and hinder
following table gives
a
recapitulation of receipts by
year
sources
excess
profits tax
was never
Income and profits taxes
Collected
Cent
73.2
103,628,104.69
pound
or
yard/gave an undue profit to the low-cost producer and the excess-
profits tax
was
the
invented
5.7
Beverages of all kinds.
197,353,438 99
3.6
Cigars, tobacco, and manufactures thereof
294,813,072.87
5.5
81,931,780.64
1.5
268,480,355.03
5.0
105,508,052.20
1.9
Admissions and dues
Exoise taxes, manufactures', etc
tax._
Stamp taxes (documentary, and playing cards)___
84,349.027.47
reports from
.0
6,501,289.83
$5,408,075,468.00
The 1920 totals given in the statement
of final
1.6
2,380.20
Child-labor tax
Miscellaneous collections
Total-
equalizer.
as an
Government
|no longer fixed prices the reason and purpose
underlying the tax disappeared and when the last Congress permitted the
theory
to
declared
stand
the
it
legalized
Government
economy, upon
in
profits—which is profiteering—and
excess
accounting officers.
subject to revision
Internal
conservative capitalization and upon quantity production.
The theory of a
graduated income tax is sound enough but it has its limit
more than reached.
Let us see.
It is quite easy and extremely
are
.1
100.0
popular to say "tax the rich," but what we
actually doing now, is to tax the capital of the
O,O0O income
can
rich out of productive
As the law stands, a man with a
enterprises and into non-productive.
invest in state or municipal bonds,
non-taxable, at
4^2% and with practically no risk, while to net the same rate of income any
investment in industry or trade must
the
element
of risk.
The
man
from his productive investment
yield him 5 1-3%—to say nothing of
with $50,000 income must receive 6lA%
in order to be able to pay his tax and yet net
The $100,000 income must
in order to net the
and municipal bonds pay.
Thus we see an outpouring of all sorts of state, county and municipal bonds
and an orgy of public expenditures for "public improvements" which,
however .desirable, are not productive enterprises.
We see hundreds of
the
4H%
earn
sure
that the non-taxable offers him.
10}£% and the $500,000 income must earn 15%
4H % that the non-taxable state
are
revenue
on
millions of dollars taxed out of business and into
receipt
The
Tax
on
receipts by
There is
shown in the statement.
a
tax-free bonds.
The end
Usefulness.
whole lot of buncombe about taxation and
piece of buncome is the perennial promise
Expenses.
elected there will be practically no
j
The exact amount of expenses incurred in fiscal
year 1920 in the operation
of the Internal Revenue Service cannot be stated until all
the accounts for
the fiscal year have been received and adjusted.
The
approximate amount,
however, is $29,700,000, which does not include $195,000
representing the
returned to proponents on account of rejected offers in compromise.
money
It is a penalty upon
present intolerable price structure.
of that road is business disaster.
are
States and Territories and by collections districts
Stub refunds have never been considered
Thus the tax became a
the extortion.
on
The Income Tax.
1.9
307,808,095-38
_
Transportation, etc., and insurance
Special taxes, incl. corporation capital stock
During
certain commodities, a single
price, fixed high enough to insure the production of the last necessary ton or
of
Total
$3,957,699,870.70
Estates
as a revenue measure.
and that limit has been
Amount
I
intended
the war, when the Government fixed prices on
and their
1920:
Per
Sources—
The excess profits tax and to a
distribution.
The Excess Profits Tax.
The
003,091.84.
The
business, which wiU
degree the higher schedules of the income tax are striking examples.
$295,845,377.02 and for 1919 $206,-
corresponding percentages for the fiscal
consumer—which is every single one
>
cornerstone in the
increase of $89,842,285.18
the processes
bear as lightly as such a gigantic load can
so
us.
When
distilled spirits for 1920 amounted to
$97,907,198.46
and
Unwise taxation must inevitably act as a brake upon
of
from these sources amounted to 99.19%
211,623.58.
commerce
act
sources
the preliminary statement show that for the fiscal year 1909 the
industry and
be made to bear, upon the ultimate
Collections of miscellaneous taxes, which include all sources of internal
more
the question of Federal taxation he said in part:
soon
estimated there would be received for the fiscal year 1920 $3,750,000 from
excess of
former
which he
the public interest than do the present laws.
serve
Taking
procedure of the
anti-trust laws,
believed would bear less harshly on
fully
land,
speculation and disuse both in money, in labor
and in land.
The Secretary of the Treasury in annual report for the fiscal year 1919
Collections in
is
again by outrageous prices for necessaries
This would supply also safe and remunerative employment
and for rent.
1918 taxes and of the first and
second installments of the 1919 taxes
ments
In that event there
labor than even extremely high wages, the purchasing power of which
I would tax the idle acre4
profit taxes for 1920
excess
And when all prices fall production costs
and just and generous profit remains.
well,
as
for the necessaries
preliminary statement of Commissioner of
Internal Revenue William M. Williams, given out on Oct. 10,
075,468,
fall
will be plenty of work for all at reasonable wages, which, being exchanged
as an
item of actual expense.
so
by
the most notable
the politician that if he is
further need for taxation and that he will
administer affairs of state that they
will be
rim on
the perpetual motion
theory—all going out and nothing coming in.
Promises and
have
a
facts
platitudes may be pleasant but facts are stubborn.
look at the question of taxation
tion in future
Let
us
and at the probabilities of great reduc¬
governmental expenses, disregarding promises and keeping
in^mind.l&Here
are a
few of the facts'
Oct. 16
1920.]
The present
CHRONICLE
THE
Congress made a total appropriation of $5,686,005,706 for
the fiscal year 1920.
This
sum
will be added to through deficiency appro¬
The
money
to meet these appropriations must be raised by
If the taxes continue to be laid, as at present, upon every
tion,
productive effort of human beings, it will act
and in
demand
productive effort and pro¬
upon
immediately trans¬
ductive employment of labor, of capital and of land, is
lated into higher prices, which means an increased cost of living.
ulti¬
long as taxes are collected as now, as indirectly as possible, the
So
mate tax-payer,
which is to
say the
consuming public,
pays
not only the
we
have a tax bill of nearly six billions of dollars
multiplied to some¬
thing between thirty and sixty billions of dollars, acting directly to
down and stifle
If
we
production and
slow
understand
the tax-bill can be
Government is extravagantly run and that
enormously reduced.
But let
V
hundred and
million,
of
pensions and otherwise.
This is about 68% of the expense for 1920.
It is
to pay debts already incurred.
It cannot be avoided except perhaps by
issuing more bonds, but the present market quotations on Government
eighty-six million dollars, three million, eight hundred and fifty-five
and odd, are payments upon
the world war or for previous wars by way
bonds would indicate the point of saturation has been
reached.
Another billion and a half will go in 1920 to the upkeep of the army
and of
Jhat is 25% of the total bill and if this nation is to play a
will be increased rather than
the navy.
lone hand against, the world that expenditure
decreased in
and thereafter.
1921
^
have a navy
as big as the combined navies of our neighbors to the East
the Pacific as big as any Japan may build.
That would
Among other things we, if we are to play a lone hand, must
on
the Atlantic
and another
on
involve annual
like
expenditures that would make this year's six billions
look
But, to return to the tax-bill of 1920, for all the ordinary expenses
departments as well as public works of all sorts,
irrigation projects,
rivers and harbors,
million
the fulfillment of any glittering pro¬
compared with former years and as compared with pre-war years,
the total
scientific work,
spiritual
the program of the main
and
State
devoted to
research work, educational work—in other words devoted
or intellectual well-being of the people, and amounts in all
of the" total expenditures and this is
to a little more than fifty-seven
million dollars.
dollar, which is
that all these
wonderful economies that the politicians promise us, must be largely
directed.
If Mars, the God of War, won't give up his 93c. and if the Sena¬
tors and Congressmen and the judges and the marshalls and the light-house
keepers and the customs men and all the rest won't give up their 6c., then
it is the penny of the people that will probably be peeled off; but the re¬
Apparently it is to this item, the one penny out of the
being spent really in an effort for civilization and progress,
sultant economy will scarcely come up to
general convention,
'■•V,;
cated, will be:
the
convention, and the Savings Bank
Secretaries Sections;
specifications.
de¬
ductible.
Internal Revenue
on
Vice-President
Kent,
Trust
Bankers
Co.,
Jos.
York;
New
Vice-President Hibernia Bank & Trust Co., New Orleans,
J. S. Bache & Co., New
Bank,
Los Angeles,
H.
La.; Sol Wexler,
York; H. M. Robinson, President First National
Calif.; Oscar Wells,
First National Bank,
President
Birmingham, Ala., and John Kendrick Bangs.
The program of
names
the National Bank Section contains the
speakers
as
Henry Parker Willis, professor of
of
Banking at Columbia University; Pierre Jay, Chairman of
the Board of Directors of the Federal Reserve Bank, New
York; Oliver J. Sands, President of the American National
Bank, Richmond, Va., and President of the Section last
who will lead
year,
a
discussion of "The Operation of Federal
The following is the program for
Banks."
Reserve
y*' :V. yYy'Y
.
.
Tuesday,
ington
Oct.
'1
Room B, Wash¬
10 A. M.—Executive Committee,
19,
:
Washington
Y
Hotel.
this
Y<Y'^:;:r': V V'..
Monday, Oct. 18, 10 A. M.—Standing Committee, Room B,
Hotel.
Wil.'Y':Y V'YyY ;..Y\
Wednesday, Oct. 20, 2:30 P. M.—Section meeting, large.ballroom,
lard Hotel.
Y
?;Y.Y\:
r.Y.
V: Y-v-: Y"
'YY
■■
:..Y
'■
,
Church, Washington, D. C.
V
Report of Chairman of Executive Committee,
advised that in making returns of 1920 income
deduct campaign contributions.
Income tax
regulations on this point are breif but explicit.
They provide that "con¬
tributions for campaign expenses are not deductible from gross income."
.
Waldo Newcomer.
Report of Secretary Edgar E. Mountjoy.
Appointment of committees on (a) Resolutions and (6)
Address—"Essential Credits," Henry Parker Willis.
Nominations.
Reports of Standing Committees.
YV.'i.
V
Roll-call of State Vice-Presidents.
Conference of State Vice-President at
Meeting of Executive Committee at
■
conclusion of Section meeting.
conclusion of Section meeting.
meeting, large ballroom. New
Thursday, Oct. 21, 2:30 P. M.—Section
YYvY'Y. 'YY'v-
wniard.; -YYY \
Call to order by the
■
President.
■.
YY ■■
^
;
J. Sands.
led by Oliver
Report of Committee on
;
Y
banks )by bankers present;
YY Y'-
Y '/Y
;•
..
(
Address—"Banking Evolution," Pierre Jay.
' Y'YY
\Y"';
Resolutions.
Noninations.
Election and installation of
For the
they wi]l not be allowed to
Episcopal
Dr. James S. Montgomery, Calvary Methodist
Invocation,
Report of Committee on
made by the Bureau of
Oct. 8:
Members of all parties are
heretofore indi¬
YY '.v.
Y
Meredith, Secretary of Agriculture; D. F. Houston, Secretary of
I.
Discussion of operation of Federal Reserve
income tax—campaign contribution not
The following announcement was
as
Treasury; George Woodruff, President First National Bank, Joliet, 111.;
Fred
Report of President, Walter W. Head.
expenditures of the Government, is excessive.
There is left about 1 %
to the
it
of money, which is only about 6% of
does not appear that this amount
Bankers*
Call to order by the President.
YYY
mises in reduction of tax burdens.
As
Department which
the total expenditure is three hundred and fifty
Here is the opportunity for
public
roads and highways,
parks > lighthouses and everything except the Postoffice
is self-supporting,
dollars.
The annual meeting next week of the American
Association in Washington will occupy the attention of the
bankers throughout the country.
We have already given
of
which includes the upkeep of the courts and1 of Congress
and of the executive
buildings,
bankers'
american
of
t
section:
pin-money.
the Government,
convention
Defrees, President United States Chamber of Commerce; F. W. Ellsworth,
{YYY
Out of the five billion, six
examine the tax-bill.
us
from
respective states.
association.
E. T.
to increase prices.
so
believe all we hear in a campaign year, we are given to
that the
annual
The speakers at the
tax-bill but pays the tax-bill multiplied from five to ten times.
Thus
collected and used wholly by the
be
drag upon and an
As supply tends to fail to meet
So that a tax
model system of any
a
taxation.
diminished, supply will tend to decrease in proportion to demand
proportion to the public need.
prices tend to go upward.
tax
To the extent that production is slowed up
impediment to production..
cm-
as a
of this conference that under
sense
effort at produc¬
investment of capital in productive enterprise and upon
upon every
every
Resolved, It is the
revised plan of inheritance taxes for the separate states, the revenues
such inheritance
priations.
1537
officers.
Trust Company
v
Section the following program
has been arranged:,
Monday, October 18: 9.30 a. m.—Joint
and State Vice-Presidents
meeting of Executive Committee
of the Section.
Tuesday, October 19: First Session: 2.00 p.
m.—President Lynn H. Dinkins
presiding.
national
condemns
conference
tax
exemptions.
tax
held under the
auspices of the National Tax Association, which includes in
membership the tax experts and administrative officials
of the country,
the
at Salt Lake City, Sept. 6-10, 1920,
adopted
following resolutions:
serious consideration
Resolved, That this conference is of the opinion that
should be given to devising some
substitute for the present Federal excess
profits tax and securing the greatest practicable
simplicity in matters of
administration of Federal taxes.
Resolved,
That the model tax system committee
Association be requested to review the reports
tees
of the National Tax
of the various special commit¬
appointed by the tax association since 1918, the model income tax law
presented to this conference, and the papers and discussions concerning such
law, with the view to providing for the assistance of its members, state
earliest possible date, its
final, concerning the subjects covered by
officials, legislators and others interested, at the
conclusions, whether tentative or
such reports, papers
and discussions..
Resolved, That this conference request the National Tax Association to
committee or committees to investigate and report upon the best
method of apportioning among the several states the property or income of
appoint
a
corporations doing an interstate business, and such other subjects involving
comity as it may be practicable to consider.
exemptions of private
should be confined within the narrowest
possible limits.
State laws,
income taxation under either Federal or
opinion that salaries of all
and that this conference is of the
public officials and the interest on future issues
of Federal, State or municipal
obligations should be subject to income taxation.
Resolved, That this conference endorses the
Government of interchanging
present policy of the Federal
information with the several states concerning
corporation income returns, and requests the
executive committee of the
National Tax Association to take such steps as may be expedient, looking
towards further cooperation and interchange
and Federal officials charged
taxes, under due
presented and led by J. Arthur House, Chairman
mittee, and President of the Guardian Savings
of information between state
with the administration of substantially similar
safeguards against general publicity.
Section,'
of the Executive Com¬
and Trust Company,,
Cleveland, Ohio.
Federal Legislation affecting trust
companies—present and prospective-
presented and led by Henry M. Campbell, Chairman of Committee on
Legislation and Chairman of the Board, Union Trust Company, Detroit,
Mich.
•
,
-
companies—present and prospective—
presented and led by Thoedore G. Smith, Chairman of Committee on
Protective Laws and Vice-President of Central Union Trust Company;
State
New
Legislation affecting trust
York, N. Y.
Developing the Business of Trust
H. Sisson, Chairman
Trust Company,
Companies; presented and led by Frames
Committee on Publicity and
Vice-President Guaranty
New York, N. Y.
Charges for Trust
Service, presented and led by George
D. Edwards;
Standardization of Forms and Charges and
Vice-President Commonwealth Trust Company, Pittsburgh, Pa.
Cooperating with the Legal Profession; presented and led by William 8.
Miller, Chairman Committee on Cooperation with the Bar, and VicePresident, The Northern Trust Company, Chicago, 111.
Wednesday, October 20: Second Session: 2.00 p. m.—President Lynn H,
Chairman
of Committee
on
Dinkins presiding:
J. Parsons,
Their Development; presented and led by Frank
Community Trust, acting Director of
Community Trust; and Vice-President United States Mort¬
Chairman Committee on
the New York
gage
opposed to the exemption
Resolved, That this conference is unalterable
of interest from mortgages from
subjects:
Executive Committee of the Trust Company
The Work of the
Community Funds and
>
Resolved, That this conference is of the opinion that
property or income from taxation
H. Dinkins, President, Inter¬
Banking Co., New Orleans, La.
Presentation and discussion of the following
The Thirteenth National Tax Conference,
its
Annual address of the president, by Lynn
state Trust &
and Trust Company, New York, N. Y.
Vice-President does and can cooperate; presented and led
How the State
by L.
H. Roseberry, Vice-President Security Trust and Savings Bank,
Cal.
Work of the Trust Company Sections or Associations in the various.
Los Angeles,
The
States:
presented and led by John W. Chalfant, Trust Officer,
Pittsburgh, Pa.
Colonial
Trust Company,
The
"Massachusetts Trust" Form of Organization; presented
Sydney R. Wrightington of the Boston Bar, Boston, Mass.
Safe Deposit Operation and Management; presented and led by
Reyburn, Manager
St.
and led by
Amedee V
Safe Deposit Department, Mercantile Trust Company,
Louis, Mo.
Report of the Secretary, Leroy
—
A. Mershon.
Topics of interest to the Section in addition to those scheduled, may be
introduced by members.
Election of President,
First Vice-President and Five New Members of
Meeting of New Executive Committee at the close
Executive Committee.
[Vol. 111.
CHRONICLE
THE
1538
moved into its enlarged quarters which have been refitted
and
adequate for increasing business in this branch
are now
of the Trust Company.
of this Session.
4
Before the
Clearing House Section
addresses by
be
National
Adjutant-General Dickson, of the Illinois
Kraus, Vice-President of the
Guard; Joseph R.
National
First
Monday there will
on
Bank
of
Cleveland;
D.
Stewart
Beckley,
President of the American Institute of Banking; before the
section
same
on
.
cable just received by the Mercantile
the Americas, its affiliate in Buenos Aires, Argen¬
According to
Bank of
a
tina, the Banco Mercantil y Agricola de Buenos AJres, was
formally opened on Oct. 11th.
Thursday the speakers will be R. 0. Kauf¬
The
Comptroller of the Currency has approved the in¬
crease
in the capital of the First National Bank of Hoboken,
Vice-President of the Union Bank & Trust Co. of
man,
Helena; Charles H. Meyer, Chief Examiner Chicago Clearing
C. White, Manager of the St. Louis
House Association; A.
Clearing House Association; C. A. Morgan, Manager of the
New Orleans
Clearing House Association; J. H. Langdon,
mention of which
N. J.,
made in
was
our
issue of Aug. 14.
capital has been raised from $220,000 to $500,000, and
The
with this amount of capital the bank has a surplus
and undivided
of $500,000
profits of $334,000.
Manager of the Detroit Clearing House Association, and
♦
E. J. Litteer, Manager of
the Oklahoma City Clearing House
Association.
Revision of Federal tax laws is expected to be one of the
Richard S.
Association,
subjects considered at the convention.
foremost
President of the American Bankers'
Hawes,
recently named the personnel of the Economic Policy Com¬
mission of the Association,
which is to consider tax revision
and make recommendations to the convention
ted
The committee is
changes.
to sugges¬
as
Lincoln National Bank of Rochester under the title of the
Lincoln-Alliance Bank, to which
in
Sept. 4 issue,
our
both institutions at
meeting held
a
Waldo Newcomer, President National Exchange Bank, Baltimore,
liquidation
on
Dec. 1.
The
Md.,
Under the
Sept. 28.
on
new
institution vVill have a
approximating $40,000,000.
sources
The
merger
will be¬
effective Dec. 1.
come
Rue, President Philadelphia
Peoples State Bank, Detroit, Mich.; L. L.
referred in these columns
plan the Lincoln National Bank will go into volun¬
merger
tary
we
approved by the stockholders of
was
capital of $2,000,000, surplus of $2,000,000, and total re¬
follows:
as
Chairman; Sol Wexler, J. S. Bache & Co., New York; J. W. Staley, President
»
Pa.; Festus J. Wade, President Mercantile
National Bank, Philadelphia,
Trust Co.,
proposed amalgamation of the Alliance Bank and the
The
St. Louis, Mo.; Arthur Reynolds, Vice-President
We
ContinentalPresident
Commercial National Bank, Chicago, 111.; and Chas. A. Hinsch,
ITEMS
National
Bank,
ABOUT
No bank
Exchange
Cincinnati,
informed by the Meyer-Kiser Bank of
are
Indianapolis
stocks
&C.
COMPANIES,
sold at the Stock
were
at auction this week.
or
anticipating the needs of expanding business in the
future
Ohio.
TRUST
BANKS,
trust company
or
that
near
Fifth-Third
that institution has increased its capital from
$60,000 to $200,000 making it the largest State bank in that
city and
of the three largest banks in the State of Indiana.
one
surplus and undivided profits of the institu¬
The combined
tion
now
stand at $210,000 and its deposits at
approximately
•
In addition
$2,487,505.
At
a
regular meeting of the Board of Directors of the Chase
National Bank, of this city,
held Oct. 13 1920, Alfred C.
Andrews and Robert I. Barr
Mr. Andrews
is
was
elected Vice-Presidents.
were
formerly Cashier of the Bank and Mr. Barr
Vice-President of Chase Securities
a
A. Lee, William E.
Cashier,
William
P.
L.
Assistant
formerly
L.
Henry
elected
was
Auditor.
nical
this
Advisory Corp. has been appointed
of the
manager
department of the Chemical National Bank of
city.
The National
Kiser,
1st
are
as
Vice-
Cohn, Vice-Presidents;
B. E.
Fischer, Assistant to President and A. J. Wichmann, Cashier.
Leavell, Vice-President of the First National
R.
James
Bank, St. Louis, Missouri, has been elected Vice-President
of
the Continental and Commercial National Bank of
Mr. Leavell
ental and Commercial
assumes
on
his duties with the Contin¬
Mr. Leavell was formerly
Oct. 15.
Assistant Cashier of the Mechanics American National Bank
Louis which
of St.
the
one
was
National.
First
of the institutions
Robert
J.
City Bank of New York
announces
that its
opened, and is to be known
The bank has also
11 Waterloo
as
the Bank's London "city"
opened
a
London sub-branch at
Place, which will be known
The
openipg of these two
as
new
its "West End"
offices gives
the
Dunham,
merged into
until
Commercial
resigned
recently
as
National
direc¬
Bank.
Croll, Treasurer of Armour and Company was elected
The board voted that
director to succeed Mr. Durham.
as a
$2,500,000 be taken from the profit account and added to
the
This makes the surplus of the Continental and
surplus.
Commercial National Bank $15,000,000
000
National City Bank a total of 58 foreign branches.
and
Continental
the
of
tor
F. W.
office.
S.
Vice-President of Armour & Company has
main London branch, located at 36 Bishopsgate, has been
office.
Sol
.
4
I
Meyer-Kiser Bank
the
Brennan and Melville S.
A.
Chicago.
4
Rumsey W. Scott, formerly Vice-President of the Tech¬
industrial
of
President;
Meyer,
President, G. Jackson, Ford A. Meyer, J. J. Kiser, William
elected Assistant
were
Holly,
elected Cashier.
was
Edwin
Sol
300% stock dividend has been
Purdy, George H, Saylor and M. Hadden
Howell, formerly Assistant Cashiers,
Vice-Presidents.
Corporation.
officers
The
declared.
follows:
a
in
the
and leaves $3,600,-
The capital remains at $25,-
profits account.
000 000.
Daniel P.
London
of
Kingsford, agent, at 56 Wall Street, for the
Brazilian
and
advices by
Bank, Ltd.,
stating that the board of directors have declared
dividend
on
per annum,
the
an
interim
capital stock of this bank at the rate of 14%
on
Oct. 14 elected
a
director of
the Manufacturers' Trust Company of Brooklyn and New
York.
Mr. Skinner recently resumed the practice of law
as a
Benjamin
and
Cashier,
Bills
member of the firm of Jonas &
leaving $1,000,000
the two boards
total
resources
169,457 62
Deposits
852 27
on
are
on
as
Guaranty Trust Com¬
of Sept. 30, issued
on
Oct. 14, shows
of $920,805,256 22, as compared with
June 30 1920, and $833,901,642 70
$692,560,285 60,
tions
as
undivided
as
combined capital surplus and
a
inspection of its
Plaza at
$907,-
a year ago.
compared with $674,525,-
Company this week held
new
a
reception
offices in Long Island City, Bridge
Academy Street.
President Harry A. Kahler and
number of the directors of the company were present at
the
The action
of
undivided profits of
$54,600,000.
increased
$700,000,
dividend
its
$200,000 of
and
Savings Bank of Chicago, 111. has
2, from $400,000 to
issued as a 50% stock
effective Oct.
capital,
which
was
remaining $100,000 was sold to stock¬
The plans to enlarge the capital were ratified
the
holders at par.
by the stockholders
The
a
profits.
on
Sept. 9.
.
June 30, and $684,238,655 12 a year ago.
The American Trust
and
Assistant Secretary.
gives the Continental and Commercial insti-
The West Side Trust &
of New York
an
Neuberger of Manhattan.
The statement of condition of the
pany
as
this institution has been increased from $4,-
000,000 to $5,000,000, making it equal to the capital and
4
1
of
.
George I. Skinner, former Superintendent of Banks of
was
Continental and Commercial Trust
Bank, Chicago, elected J. S. Macfarren, head
the Discount and Collateral Department, as an Assistant
and Savings
The surplus of
less income tax.
the State of New York
The directors of the
the receipt
announces
cablegram from the head office in London,
reception.
The American Trust Company has recently
Mid-City Trust & Savings Bank of Chicago, III. has
increased
its
capital
additional stock
The
new
which it
was
from
$500,000
in the form of
a
to $750,000.
This
50% stock dividend.
capital became operative on Sept. 9, the date
was
authorized by
the stockholders.
4
on
Oct. 16
The
liberty Trust & Savings Bank of Chicago has in¬
creased its capital from
a
The
stock dividend.
enlarged capital became effective Sept. 15; action toward
the capital
Sept. 9.
taken by the stockholders on
was
CASH
CURRENT LIABILITIES.
AND
The cash holdings of the Government as the
Sept. 30
are set
out in the following.
entirely from the
daily
items stood
The figures
are
the United
of
statement
taken
States
Treasury for Sept. 30:
:;.V
.-V'.-
-
TREASURY
$250,000 to $350,000 the additional
$100,000 having been distributed as
increasing
1539
CHRONICLE
THE
1920.]
CURRENT ASSETS AND LIABILITIES.
The Austin National Bank of
ill.
Chicago,
h&s increased
!'■-
V7\:Y
capital from $100,000 to $200,000.
The enlarged capital
became effective Sept. 30.
It was authorized by the stock¬
on
share.
Gold coin.—
Gold
Gold certfs. outstanding
Gold
settlement
fund.
316,518,230 59
bullion
1,852,736,288 98
Board—1,162,218,121 95
Gold reserve
152,979,025 63
Avail, gold in gen'l fund
257,982,442 99
Total
capital of
Trust Company of Newport
Newport News Bank &
596,074,929 00
Fed. Reserve
a
.An increase of $100,000 has been made in the
the
9
$
July 22 and the additional stock (par $100) was
sold at $125 per
:
Liabilities.
its
holders
>\.
v'V.GOLD.
Assets.
Total
2,169,254,519 57
„
—2,169,254,519 57
—
Note.—Reserved against $346,681,016 of U. S. notes and $1,642,138 of Treasury
notes of 1890 outstanding.
Treasury notes are also secured by silver dollars in the
Treasury,-
;-r
'
'/v.;
\ v-
..
■'/
News, Va. thereby raising it from $150,000 to $250,000.
The
capital
stock
was
as
increased became effective Oct. 1.
The new
It
authorized by the shareholders on July 27.
was
sold at $25 per
share,
SILVER DOLLARS.
Liabilities.
Assets.
128,125,065 00
Treas. notes of 1890 out.
133,825,695 00
$20.
par
$
Silver certs, outstanding
$
Silver dollars
1,642,138 00
Available
dollars
silver
in general fund———
Co.
Securities
Hibernia
The
Inc.
of New
Orleans,
an¬
company's New York office at 44 Pine Street.
The new
office is connected by private wire with the company's
building, New Orleans.
home office in the Hibernia Bank
GENERAL
Liabilities.
9,058,492 00
9,292,769 00
20,618,823 50
above)
& Savings Bank of Los
directors of the Los Angeles Trust
Mr. Brophy, who is now President of the
Bisbee, and Vice-President of the Bank of Douglas,
one
time been associated with the Phelps-Dodge
Fed. Res've bank notes.
National bank
notes.
Certif 'd checks on banks
Bank of
Unclassified
had
at
The Bank of Glendale as was stated in our
Corporation.
Aug. 21, has been purchased by the Los Angeles
issue of
Savings Bank and is now operated as a branch of
Trust &
Silver bullion
30,104,617 76
,
(unsorted
currency,
&o.)
Deposits in Federal Land
tl&nks
'mi
'
m
Board of trustees, Pos¬
tal
Savings System
(5% reserve)
of
the
13,765,900 08
Currency, agent for
creditors
eral
positaries
Redemption
82,169,919 26
special
eral
de¬
indebtedness
Los
made by the First
National Bank of
Angeles, Calif, of the election of Lee A. Phillips and
Mr. Chand¬
publisher of the Los Angeles Times.
The First
Harry Chandler
ler is the
National also
as
directors of the institution.
announces
the formation of
Bond Depart¬
a
Deposits in nat. banks:
To credit Treas., U. S.
S..
360,779,828 88
and
(Formerly Issued
The
Feb. 29 1920
Balance end month by dally statement, &c__—„
over
cash
receipts
$395,782,596
belated .
the retirement of outstanding national
paid into the Treasury as miscellaneous receipts, and these
under the Acts mentioned a part
:
Treasury warrants
$746,350 In Federal Reserve notes, $1,833,486 In
and $14,085,695 in
and are charges
60.099,364
$5,594,023
$7,727,344
149,898,831
88,613,008
69,774,798
;
Disbursing officers' checks
Free
——-—
89,335,251
$164,704,072
———
balance
Federal Reserve Bank notes,
national bank notes are in the Treasury in process of
against the deposits for the respective 5%
DEBT STATEMENT OF UNITED
$191,523,174
—
-
obligations are made
The amount of such obligations
to-day was $26,735,341 50.
The
Deduct outstanding obligations:
Total
of the public debt.
redemption
redemption funds.
$251,622,538
33,396,127
.
Matured interest obligations--
1913, deposits «f lawful money for
bank and Federal Reserve Bank notes are
Afar. 311920
$362,386,469
Items
and agencies to-day was
MATURING OBLIGATIONS.
CASH AVAILABLE TO PAY
disbursements
795,740,878 98
-
Book credits for which obligations of foreign Governments are
Under the Acts of July 14 1890 and Dec. 23
holdings of the United States as officially issued for Feb. 29
and March 31 1920, delayed in publication, have now been
received, and as interest attaches to the details of available
cash and the gross and net debt on those dates, we append a
summary thereof.
Deduct—Excess
Total
795,740,878 98
Note.—The amount to the credit of disbursing officers
$1,140,088,464 24.
debt and Treasury
the public
of
statements
538,569 02
held by the United States amount to $35,736,629 05.
"Statement of the Public Debt.")
as
434,961,050 10
Net balance.
other
Total
;;
£3,048,833 81
Philippine
In
Government officers
STATES,
cur¬
&e
Treasury:
ment.
STATEMENTS
OF
UNITED
FEB. 29 AND MARCH 31 1920.
118,950 00
of
rency, coin,
13,114,514 64
To credit of Treasurer,
U
FINANCIAL
Act May 30
Exchanges
other
Government offioers
Deposits
circulating
notes,
1908
12,835,618 21
of
£2,669,683 94
addi¬
of
tional
8,066,667 45
credit
11,377,365 00
na¬
notes
(5% fund gold)——
Retirement
S.
To
bank
tional
positaries:
To credit Treas., U.
249,790,083 46
Fed¬
bank
of
Reserve
Redemption
308,856,000 00
Deposits in foreign de¬
Announcement is
Fed¬
notes
notes(5% fund)
of
of
account
sales of certificates of
that institution.
of
Reserve
£7,817,726 82
(5% fund gold)
banks
serve
979,441 61
Redemption
Deposits in Federal Re¬
Deposits in
insolv¬
of
ent banks
Postmasters, clerks of
courts, &c-__Deposits for:
5,950,000 00
*,«
f.613,503 96
Comptroller
4,105,920 40
634,145 32
Minor coin._—
720,894 14
17,143,446 24
-
218,998 78
Subsidiary silver coin
Angeles, Calif.
out¬
-
Depos. of Govt, officers:
Post Office Dept
2,384,940 18
16,042,540 39
__
checks
standing
257,982,442 99
Avail, gold (see above).
Available silver dollars
Federal Reserve notes-
and Maynard McFie have been elected
FUND.
Treasurer's
United Statea notes
William H. Brophy
133,825,695 00
Assets.
(see
9,058,492 00
Total
133,825,695 00
quarters for the
establishment of permanent
the
nounces
Total
.$197,682,397
—-
$246,239,183
*$54,716,009
of the
of the public debt of the
as made up on the basis
preliminary statement
United States for Sept. 30
STATES SEPT. 301920.
1920,
daily Treasury statements, is as follows:
Total gross debt Aug. 31 1920—
Public-debt receipts Sept. 1 to 30 1920_$1,210,000,878
Public-debt disbursements Sept. 1 to
30 1920-—
$24,324,672,123 79
39
1,447,316,873 53
—-
INTEREST-BEARING DEBT OUTSTANDING
Mar. 31 1920
Decrease
period
for
Interest
—
2s, of 1916-36
2s, Of 1918-38
3s. of 1961
-
599,724,050
118,489,900
599,724,050
118,489,900
48,954,180
25.947,400
48,954,180
25,947,400
Q.-M.
-
Payable.
Q.-J.
Q.-F.
—Q.-F.
Q.-F.
Title of Loan—.
2s, Consols of 1930
4s, Loan of 1925
Panama Canal Loan:
Feb. 29 1920
50,000.000
28,894,500
2,935,944,000
365,939,256
1,410,074,400
138,757,100
408,981,450
.
50,000,000
28,894,500
2,278,420,500
3,492,150
3,492,150
568,419,050
2,836,887,600
540,779,850
2,862,927,450
3,719,967,100
6,532,/68,550
Third Liberty loan—
4,422,781,145
Fourth Liberty loan
Q.-J.
J.-J.
2s, certificates of indebtedness.----.
.-fJ.-J.
3 Ms, First Liberty Loan
..J.-D.
4s, First Liberty Loan, convertible
J.-D.
4s, First Liberty Loan, convertible
J.-D.
4Mb, First Liberty Loan, second convertible.-J.-D.
4s, Second Liberty loan
M.-N.
4Ms, Second Liberty Loan, convertible
M.-N.
4^8, Third Liberty Loan
--M.-S.
43^8, Fourth Liberty Loan
-_._A.-0.
3^-4^8, Victory Liberty Loan
aJ.-D.
4s,
War Savings and Thrift Stamps, Series
3s, Conversion bonds
to 4*AB,
certificates of indebtedness...
-
1918-1919
3,739,076,050
6,534,880,200
4,459,014,266
2Mb, Postal Savings bonds (1st to 16th
series).-J.-J.
288,961,055
1,410,074,400
132,309,150
414,428,750
Total gross debt Sept.
—
237,315,995 14
—
30 1920—
24,087,356,128 65
gross debt before deduction of the balance held by the
obligations, and without any deduction on account
obligations of foreign Governments or other investments, was as follows*
Note.—Total
treasurer free of current
of
*
Consols of
Bonds:
1930
$599,724.050 00
118,489.900 00
48,954,180 00
25.947,400 00
50,000,000 00
28,894,500 00
11.612,160 00
—-
Loan of 1925
-
Panama's of 1916-1936
—
Panama's of 1918-1938
Panama's of 1961
Conversion bonds
Postal Savings bonds
-5883,622,190 00
First Liberty Loan.
1,952.423,550 00
Second Liberty loan
3,324.240,250 00
3,649.962,500 00
6,366,262,113 00
—
— .
—
15,292,888.413 00
/
876,443.230
864,738,460
11,539,360
Mat.
b
%
$
—
11,539,360
Total bonds
$16,176,510,603 00
—
Notes:
25,161,458,142 24,455,197,950
233,261,677
232,851,768
7,041,070
8,403,470
Aggregate of Interest-bearing debt
Bearing
interest
interest ceased
no
Matured,
25,401,760,889 24,696,453,188
Total Gross Debt
Deduct—Treasury balance free of current
Net
debt
obligations.
—-*
197,682,397
*54,716,009
—25,204,078,492 24,751,169,197
•Deficit.
t'Of these totals,
$106,564,256
in
February
and $129,586,055 in March bear
various rstcfi of interest*
a
the receipts by the Treasurer of the United States
principal of notes on the Victory Liberty Loan to the date given.
and repayments by the Treasurer of the United States.
These amounts represent
on account
of
6 On basis of cash receipts
d Including
$69,562,564.06 discount accrued on
War Savings Securities.
4,241,130,520 00
Victory Liberty loan
Treasury Certificates:
1,657,787,500 00
690,003.500 00
259;375.000 00
Tax...
Loan..
Pitt-man Act
32,854,450 00
Special issues
2,640,020.450 00
War savings
securities (net cash receipts).-.'
Total interest-bearing debt
Debt on which interest has ceased
Non-interest-bearing debt
—
Total gross
debt
796,974,393 98
.$23,854,635,966 98
5,387.750 26
227,332.411 41
_$24,0S7.356.128 56
TREASURY CURRENCY HOLDINGS.—Tha following
from the daily Government state¬
ments, shows the currency holdings of the Treasury at the
beginning of business on the first of July, August, September
compilation made
and October 1920:
1920. Sept. 1 1920.
July 1 1920. Aug. 1
Holdings in
$
$
as
16,042,540
The
27,650,850
25,177,030
2,115,736
2,060,483
20,618,823
2,384,940
Silver in N.
6,364,173
19,032,886
0,138,595
15,977,881
14,619,044
526,247,587 *528,821,147
152,979,020
152,979,026
*517,188,615
152,979,026
365,120,974
373,268,561
375,842,121
304,209,589
126,580,000
5,950,000
90,773,536
308,850,000
12,583,688
10,777,913
12,835,618
13,114,515
23,361,601
2,152,773
7,000,830
25,950,133
631,720,861
33,394,639
9,381,223
22.691,896
27,698,893
2,490,609
6,944,072
14,289,675
_
.
.
Net Fed. Res. bank notes.
„
.
_
Total cash in Sub-Treas.
Less gold reserve fund
*
618,100,000
.
Cash balance in Sub-Treas.
4,105,920
Dep. in special depositories;
Account certs, of indebt.
273,335,000
5,950,000
131,444,000
5,950,000
.
44,393,367
35,083,948
.
Dep. la Fed. Land banks
Dep In Fed, Res. banks.
12,644,265
14,104,492
*
Dep. In national banks:
To credit Treas, U. S.
To credit disb. officers
5,950,000
82,169,919
11,008,619
24,211,269
1,893,050
8,604,655
25,113,111
Deduct current liabilities
723,512,315
365,810,033
581,033,521
370,471,606
373,974,233
795,740,878
360,779,828
Available cash balance
357,701.682
205,161,915
257,746,628
434,901.005
_
.
...
.
Cash in Philippine Islands.
Deposits in Foreign Depts.
French Rentes (in Paris), fr,
French WarLoan(lnParls) ,fr_
2,799,099
7,974,802
538,569
8,066,668
GOLD AND
SILVER
Sept. 30 1920:
an
Increase of £9,860 as compared with last week.
came
Into the market and
was
A fair amount of gold
taken for America and India.
''"a
.
'-V :;V
as
compared with 46,208
The
councils by tne India Council is to cease.
have reached
£55,000,000,
so
Since January the sales must
We understand that 400,000 tons of wheat are likely to be released for ship¬
tne articifial support to
as
the payment
This is
some
set off against the removal of
Indian exchange, but not really
material
so
as
it
price for July of £5 13s. lid.
as against £5 6s. 6d, ruling in London.
This
might have arisen partially from the fact that sales happened to be made
upon specially favorable days; but on the whole it indicates the excellence
of the Eastern markets which
The "Times"
deleterious
stated
happen to be close at hand.
that some
Soviet
gold sold in Sweden contained
alloys—bismuth, &c.—which depreciated its value by
V.
silver.
18%.
•
Tne market has been fairly steady during the week, the American ex¬
change having conduced to this result.
If the cessation of reverse India councils, to which we have already
alluded, brings about sufficient fall in the Indian exchange, speculative
sales of silver might be made by the Indian Bazaars, but at the time of
writing the exchange has not been sufficiently defined, though
mental effect is
Uncertainty
some senti¬
already apparent.
as to the outsome of labor troubles here is bound to be
re¬
flected heavily in the American exchange, and this may prove a somewhat
steadying influence upon the market.
rather obscure.
At
fair scale
on a
are
in¬
lower level of prices there would seem to be a
a
prospect of some considerable China support .
refined in Mexico, according to unofficial estimates received by the
Department of Commerce,
Of the 33,000,000 ounces of silver refined in
Mexco it was said 3,000,000 ounces were retained in Mexico for coinage
were
and tne balance of 30,000,000
United States.
■
Under date July 17 the North China Herald reported that no individual
was allowed to carry out of the
Kueiyang district more than £20 or £30 in
Silver.
This enactment was in order to prevent the price of rice to be ex¬
ploited to the detriment of the distressed poorer classes and incidentally
shows how local conditions affect the demand for
currency.
INDIAN CURRENCY RETURNS.
In Lacs of Rupees—
Sept. 7.
Notes in circulation16125
Silver coin and bullion in India
5545
Silver coin and bullion out of India
Gold coin and bullion in India
Sept. 15.
Sept. 22.
15862
5605 "
15634
3766
3642
3843
Gold coin and bullion out of India
Securities (Indian Government)_________
Feb.
Nov.
July
May
April
Mar.
Feb.
Jan.
Deb.
Nov.
30 1917- 9,833,477
31 1917-10,407,049
31 1917—10,844,164
30 1917-11,383,287
31 1917-11,886,591
Sept.
Aug.
July
June
May
LAKE
Government)
No rupees were coined
Shangnai
on
$25,000,000,
_
4809
1928
4714
1777
during the week ending 22nd inst.
the 25th inst. consisted of about 37,900,000
4714
1628
The stock in
ounces
in sycee,
as
Sept. 24
Sept. 25
Sept. 27
Sept. 28_—
Sept. 29—
Sept.30*
Average
Bar Silver per oz.
Cash.
59%d.
59 >4d.
______59Hd.
59l*d.
__________
_____
___59^d.
_______
—59%d.
___.59.354d.
_________
Standard
Gold per oz.
2 Mos.
59^d.
59%d.
______
59Md.
59^d.
58%d.
59Hd.
59.271d.
117s, lid.
117s. lid.
117s.
9d.
118s.
4d.
117s. 11.2d.
Fine.
117s. 9d.
The silver quotations to-day for rash and forward delivery are respectively
and Y%d. below those
fixed
a
week
31 1913
Aug.
July
31
31 1913—
June
30
May
31
30
April
31
29
31
31
Nov.
30
Oct.
31
Sept.
July
30
31
31
June
30
May
April
30
Mar.
31
Feb.
28
Jan.
31
Dec.
31
Nov.
30
Oct.
31
Sept.
30
31
Aug.
31
Aug.
July
June
May
April
Mar.
Feb.
9,522,584 May
9,660,357 April
1916— 9,593,592 Mar.
1916— 9,640,458 Feb.
1916- 9,937,798 Jan.
1916— 9,829,551 Dec.
1916— 9,331,001 Nov,
1916— 8,568,966 Oct.
1916— 7,922,767 Sept.
1915— 7,806,220 Aug.
1915— 7,189.489 July
1915— 6,165,452 June
1915
5,317,618 May
1915— 4,908,455 April
1915— 4,928,540 Mar.
1915.. 4.678,196 Feb,
1915
4,264,598 Jan.
1915— 4,162,244 Dec.
1915— 4,255,749 Nov.
1915- 4,345,371 Oct.
1915— 4,248,571 Sept.
1914— 3,836,643 Aug.
1914— 3,324,592 July
1914— 3,461,097 June
1914— 3,787,667 May
1914- 4,213,331 April
31 1914— 4,158,589
30 1914— 4,032,857
31 1914— 3,998,160
30 1914— 4,277,068
31 1914— 4,653,825
28 1914
5,026,440
3Q 191330 191328 1913—
31 1913—
31 191230 1912—
31 1912
30 1912
31 1912—
31 1912—
30 1912
31 1912—
30 1912._
31 1912—
29 1912
31 191231 1911
30 191131 1911-
30 1911—
31 1911—
31 1911—
30 1911
31 1911—
30 1911—
Mar.
31 1911.
Feb.
28 1911-
Jan.
31 1911-
Dec.
31 1910-
Nov.
30 1910—
Oct.
31 1910-
Jan.
31 1914—
30 1910—
Dec,
31 1913—
31 1910-
4,613,680 Sept,
4,282,108 Aug.
30 1913— 4,396,347 July
Nov.
SUPERIOR
IRON
ORE
31 1910—
SHIPMENTS.—The
1918.
Below we compare the shipments from different ports for
Sept. 1920, 1919 afld 1918 and for the respective seasons to
Oct. 1:
—:
——Season to Oct. 1
1920.
1919.
September
1920.
1919.
1918.
939,099 1.025,741
Escanaba—tons.l,088.806
5,483.644
3,696,996
1918.
5.037,222
493,311
431,995
536,886 - 2,634,602
1.601,564
2.812,978
Ashland
1,253,633 1,190,086 1,096,686
6.187,035
4.410,176
5,679.195
Superior
2,330,812 2,033,804 1,978,984 11,291.936
8,453,318 11,176.917
Duluth__——2,304,720 2.591,750 3,204,829 11,656,866 14,058.674 16,361,722
Marquette.
— — .
Two
5,455,803
7,261,244
Total——_8.923.482 8.178,483 8.995.014 44.273.356 37.776.531
48.329.278
991,749 1,151,888
Harbors.,-1,452,494
©ommcrciul
Breadstuffs
7,019,273
autllVlisceUaucotts^jeiUB
from page 1584.—The
from figures collected by
the New York Produce Exchange.
The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
figures brought
statements below
are
Flour.
Receipts at-
prepared by
us
Wheat.
Corn.
Oats.
Barley.
Rye.
598,000
3.785.000
1,408,000
Minneapolis..
3,825,000
85.000
1,009,000
Duluth
2,371,000
44,000
2,000
229,000
147,000
37,000
24,000
221,000
31.000
948,000
264,000
422,000
27,000
6,000
46,000
293,000
59,000
172.000
85,000
6,000
225,000
322,000
338,000
1,236,000
1.093,000
907,000
1,511,000
826,000
Chicago
155.000
Milwaukee...
ago,
29.000
204,000
Toledo
Detroit
St. Louis.
—.
—
.
Peoria
quoted at 5s. lid. the tael.
^
31 1913
30 1916
31 1916-
Sept.
5650
compared with about 34,650,000 ounces in sycee, $24,000,000 and 890 bars of silver on the 18th inst.
The Shanghai exchange is
„
31 1913
Oct.
ms.ioms. bush. 60 lbs. bush. 50 lbs. bush. 56 lbs. bushA81bs. bttsh.56lbs.
__________
Quotations—
30 1913._
31 1916-11,547,286 Aug.
30 1916-11,058,542 July
31 1916-10,015,260 June
shipments of Lake Superior iron ore during the month of
September 1920 totaled 8,923,482 tons as compared with
8,178,483 tons in Sept. 1919, an increase of 744,999 tons.
The season's shipments to Oct. 1 exceed by no less than
6,496,825 tons the movement for the corresponding period
last year but are 4,055,922 tons behind the shipments for
______
Securities (British
_
Dec.
practically all exported to the
were
■
■
Jan.
4,513,767
5,003,785
5.223,468
5,399,356
5,807,317
6,324,322
6,978,762
7,468,956
7,656,714
7,827 368
7,932,104
7,852,883
7,594,381
6,551,507
6,163,375
5,957,073
5,807,349
5,750,986
5,664,885
5,304,841
5,454,201
5,379,721
5.084,765
4,141,958
3,694,327
3,011,315
3,695,985
3,584,088
3,301,087
3,113,154
3.218,700
3,447,301
3,400,543
3.110,919
2,674,750
2,780,413
2.871,949
3,148.106
3.537,128
3.970,931
—
We hear that Mexico's silver output during the calendar year of 1919
amounted to approximately 75,000,000 ounces of which 33,000,000 ounces
purposes
Mar.
31 1919- 4,282,310
30 1919- 4,800.685
31 1919- 5,430,572
28 1919- 6,010,787
31 1919- 6,684,268
31 1918- 7,379,152
30 1918- 8,124,663
31 1918- 8,353,298
30 1918- 8,297,905
31 1918- 8,759,042
31 1918- 8,883,801
30 1918- 8,918,866
31 1918- 8,337,623
30 1918- 8,741,882
31 1918- 9,056.404
28 1918— 9,288,453
31 1918— 9,477,853
31 1917- 9,381,718
30 1917- 8,897,106
31 1917- 9,009,675
In the circumstances the outlook is
Continental sales which have been
clined to diminish.
Apr.
Oct.
be spread over nine months.
may
The circular of the Gold Producers of Australia reports an average sale
31 1913—
31 1919- 5,578,661 Jan.
30 1919- 4,892,855 Dec,
July
June
that the alteration of policy Is of great moment.
ment, worth say £12,000,000.
looks,
Aug.
Aug.
reverse
31 1917—11,711,644
28 1917—11,576,697 Oct.
31 1917. 11,474,054 Sept.
30 191S— 6,284,638 Mar.
31 1919- 6,109,103 Feb.
Sept.
Sept.
Important announcement appeared yesterday that the sale of
30 1917-12,183,083 Mar.
30 1920-10,359,747
80 1920— 9,892,075
28 1920- 9,502,081
31 1920- 9,285,441
31 1919- 8,265,366
30 1919- 7,128,330
31 1919- 6,472,668
ounces,
1919.
99%
H2%
Tons.
Tons.
•
.
April
for July 1920 and 49,261 ounces for Aug.
ounces
99%
S5%
Feb.
31 1920..10,940,466 Nov.
July
Oct.
.Thp Rhodesian gold output for Aug. 1920 amounted to 48,740
99%
87
day has been:
April
May
Dec.
at
.,
86.25
same
regular monthly statement showing unfilled orders
June
Jan.
It is reported from New York that $24,750,000 in gold has arrived
that city from London.
HOLIDAY
99%
83
53.40
86.22
previous months:
Aug.
May
The Bank of England gold reserve against its note issue is £121,568,615,
the
77%
53.85
TRAFFIC MOVEMENTS.
AND
30 1920— 10,374,804
31 1920—10,805,038
30 1920..11,118,468
30 1920..10,978,817
Sept.
June
'GOLD.
on
77%
86.22
This is a decrease
430,234 tons from the amount on hand Sept. 30 last, but
exceeds by no less than 4,090,166 tons the unfilled tonnage
a year ago at
his time.
In the following we give comparisons
Oct.
Samuel Montagu & Co. of London, written under date of
77%
;
of
Nov.
of
Fri.
the books of the subsidiary corporations as of Sept. 30
Dec.
MARKETS.
Oct. 15.
1920 to the amount of 10,374,804 tons.
Jan.
reprint the following from the weekly circular
Thurs.
53.85
DAY.
54.10
85^
•—
issued its
Feb.
THE ENGLISH
Oct. 14.
Wed.
86.10
(cts.):
99%
per ounce
TRADE
Mar.
We
77%
54
86.20
Tons.
•Includes Oct. 1, $30,104,617 76 sliver bullion and $14,619,044 18 minor coins
Ae., not Included in statement "Stock of Money."
Oct. 13.
Tues.
UNFILLED ORDERS OF STEEL CORPORATION.—
The United States Steel Corporation on Saturday, Oct. 9,
with
_
_
Y.f
Foreign
Net cash in banks, SubTreasuries.
Oct. 12.
Mon.
price of silver in New York
Domestic—
on
|11,567,654
Total... '
Oct. 11.
78
British, 4% per cents-
31,581,365
0,045,338
23,824(306
410,961,469
39,163,110
9,292,709
409,632,934
15—
55%
d. 54%
53%
■
55%
53%
117s.6d. 117s.6d. 118s.
Gold, per fine ounce-—- 117s.
117s.3d.
45%
Consols, 2% per cents,_____ 45%
45%
45%
45%
British, 5 per cents
84%
84%
84 11-16 84 13-16 HOLI- 84%
417,771,523
35,367,057
7,019,239
19,309,339
401,208,993
.
Net subsidiary silver Minor coin, Ac. ...
$
$
V
1920.
Oct. 9.
Sat.
London,
per oz
152,979.026
Net fold coin and bullion
Net silver coin and bullion.
Ne* United States notes.
Net national bank notes.
.
1
CABLE.
daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
Week ending Oct.
Oct.
MARKETS—PER
The
Silver,
Net Fed. Reserve notes
FINANCIAL
ENGLISH
up
Sub-Treasuries.
[Vol. Ill
CHRONICLE
THE
1540
86,000
40,000
Kansas City..
1,614,000
933,000
126,000
Omaha—...
Indianapolis..
Total wk.
'20
310,000
Same wk.
'19
498,000
10,740,000
11.735,000
Same wk.
'18
346,000
12.666,000
Since Aug. 1
1920
1919_
1918
312,000
5.233,000
2.106,000
4,993,000
178,000
462,000
278,000
206,000
105,000
125,000
565,000
100,000
133,000
61,000
185,000
4,500,000
4.397,000
5,641,000
860,000
35,046,000 61,301,000 10,076,000 9.112,000
28,065,000 64,009,000 20,868,000 9,467,000
3,771,000188,650.0001 50,671,000 90.960,00014,278.000 7,633,000
2,654,000 93,885,000
4,765,000 178,259,000
—Through the courtesy of the Secretary of the Treasury, we
the week ended Oct. 9 1920 follow:
Bushels.
Bushels.
Bushels.
Bushels.
Barrels.
Rye.
Bushels.
York-
127,000
2,093,000
84,000
66,000
422,000
4.000
Baltimore
22,000
1,268,000
12,000
99,000
N'port News-
13,000
and
252,000
"""78.666
890,000
42,000
275,000
49,000
"""6l",666
New
2,189,666
108,000
New Orleans.*
Montreal
Total
"""28",000
12l"666
8,056,000
'20
wk.
18,2,339.000
Income and profits tax.
121,000
Since Jan.1*19 29,318,000 182,634.000
9,718.000
foreign ports
lAberty bonds and Victory
'
week
the several seaboard ports for the
shown in the annexed statement:
-"f-T.
Wheat,
Corn.
Flour,
Oats,
Bushels.
Barrels.
Bushels.
Bushels.
Boston
Baltimore
Norfolk
79~,66O
815,169,525
5,836,108.513
17,489,974
'1
Federal Reserve hank
week
Total
— _
_
•
:
1
(Acts of July 14
notes
.—1,210,000,878 3,407,011,222
Total
2,167,842,928 6,672,798,064
2,121,307,950 4,549,566,667
3,707,917,191 8,311,674,043
19,000
The destination of these exports
Disbursements—
243.000
1.000
15,000
75,000
450,000
''-A,.
:V
"/'/
C-s \,:
v
Ordinary—
.
3,926,912
1,180,698
462,828
732,297
Grand total receipts
.
Checks and warrants paid
84,281 1,603,843
7,999.350 189.765 366,023
431,097
2,629.969 35.000 165,957 1.389.015
—
Week 1919—_
10,000
948,000
....
•
•
17",000
1.060
3,052,000
New Orleans
'
;•
3,600
322,000
Newport News...
103,140
72,800
Deposits for retirement of
4,000
13,000
.
Montreal
'
17,490
>
125.000
1,009.000
1,015,000
Philadelphia
•■■■,
164,590,298
Postal Savings bonds-
43,371
814.843
64,281
1,508,350 179,765 120,023
215,000
1,540,074,263 1,638,875,979
Indebtedness—1,207,450,450 3,235,846,151 2,160,166,450
War-savings securities...
1,814,706
6,111,945
6,405,490
1890 and Dec. 231913).
New York-..
1,093,908
Certifs. of
Peas,
Barley,
Bushels. Bushels.
Rye,
Bushels.
214,542.817
«' •
3,425
national bank notes and
Exports from-
364,612,849
189,401,006
1,029,909
399,726,192
"i■■
:
notes
The exports from
840,653,321 1,017,556,093
31,852,289
324,424
911,307,072 1,142,555,445
Total ordinary—„
Public Debt—
through bills of lading.
ending Oct. 9 are
66,276,122
84,058,025
944,897,366
140,757,151
716,183,758
147,344,343
23,734,477
8,285
_
revenue...
Panama Canal tolls, &c..
446,000
245,000
917,000
60,488.000 54,701.000 25,795.000
through New Orleans for
♦Receipts do not include grain passing
Miscellaneous
1,282.000
7,540.000 41,724,000
21,359,000
15,635,000
8.238,000
on
97,000
Miscellaneous
619.000
Week 1919—
6,666
519,000
178,000
Since Jan.1'20 18,734,000
$
S
$
.
24,724,215
"
733,000
384,000
—
$
24,036,209
2 Mos. 1919.
2 Mos. 1920.
Aug. 1919.
Aug. 1920.
,
Customs
Internal revenue:
981,000
Galveston....
and 1919-20.
Receipts—
Ordinary—
4,000
Norfolk..
disbursements for September 1920
1919, and the three months of the fiscal years 1920-21
Government receipts and
91,000
172.000
Philadelphia-.
details of
place before out readers to-day the
enabled to
are
1
Barley.
Oats.
Corn.
Wheat.
Flour.
Receipts at—
EXPENDITURES.
GOVERNMENT REVENUE AND
seaboard ports for
receipts of flour and grain at the
Total
1511
CHRONICLE
THE
1920.]
Oct. 16
3.600
361,371
562,209
5.427
and. since
for the week
2,016,953,866
136,902,789
Checks
Canal:
Panama
488,616,163 1,044,628,889
77,002,068
136,351,254
406,097,598
73,017,397
(less bals. repaid, &c.).
Int. on public debt paid..
(less balances re¬
paid, &c.)__
paid
708,339
a402,601
2,965,341
1,504,344
15,732,166
102,006,000
57,201,634
253,931,946
Purchase of obligations of
July 1 1920 is as below:
foreign Governments..
Purchase of Federal Farm
Corn.
Wheat.
Flour.
Loan bonds:
Week
Oct. 9
July 1 to—
Since
July 1
1
Oct. 9
/
Week
Since
July I
Week
Since
and Since
Oct. 9
1920.
1920.
1920.
1920.
Barrels.
Bushels.
Bushels.
Bushels.
Bushels.
>
516,993
36,004
39,270
179,765
78,530
880,143
200,887
2,618,993
3,291,837
4,649,513
17,000
313,976
10,000
50,164,696
60,049,133
1,386,060
3,000
510,160
"48",000
1.215", 037
""l2",342
Kingdom.
Continent
So. & Cent. Amer.
6,000
271,007
63",606
"668",414
366,023
4,752,533
169,957
7.504,223
West Indies
Other Countries..
Total
10",000
Total ordinary
Total 1919--..-..
189,765
and certificates
Corn.
Wheat.
Exports.
Since
July 1.
Bushels.
Bushels.
9.
Bushels.
Oct.
July 1.
July
Bushels.
2,379,808,266 5,962,307,426
dlsbursem'te-1,944,093,528 4,475,937,701
3,630,657,823 8,371,600,371
*
Receipts and disbursements for June
a
448.000
10,806,000
Australia
India.......
Excess of credits.
3.407,000
46,551,000
monthly changes in national bank notes
1.
Total-—. 10,830.000 190,393,000
300.098,000^
visible
The
granary
on
36.604",000
supply
of
grain,
at principal points of
seaboard ports Oct.
New York.
3,292,000
.......
49.419,000
38,807,000
comprising the stocks in
accumulation at lake and
bush.
519,000
Rye.
Barley.
bush.
bush.
bush.
1,564,000
599,000
Philadelphia
Baltimore
........
Newport News.........
4.000
35,000
61,000
280,000
287,000
391,000
1,351,000
93,000
202,000
164,000
10",000
870,000
408,000
Buffalo
1,738,000
575,000
34.000
1,910,000
356,000
989,000
12,000
31,000
11,000
132,000
46,000
,559,000 10,954,000
132.000
Detroit
824,000
Chicago
"
Minneapolis
2,275,000
361,000
——
St. Louis
1,481,000
City.
Peoria
176,000
13T666
95,666
4,223,000
42,000
1,031.000
211,000
54,000
32,000
513,000
414,000
435,000
28,363,714
29,710,095
31,039,887
31,288,677
701,469,450
699,936,260
699,357,550
32,892,677
33,241,792
32,649,434
33,146,580
Apr. 30
Mar.31
Jan.
192019201920-
31 1920..
Dec. 31
1919-
692,104.195
691,498,920
689,748,678
699,886.398
691,689,258
688,995,580
687,666,753
687,460,223
31 1919-
34,727,572
34,024,987
U. S. bonds), against
bank notes
$251,190,800 In 1919.
The
following shows the amount of each
and certificates
on
32,439,832
32,892,677
722,641.255
33,241,792
733,108,190
724,338,692
722,142,160
722,394,325
721,485,210
32,649,434
33,146,580
34,727,572
34,024,987
class of U. S. bonds
bank
deposit to secure Federal Reserve
national bank notes
on
Sept. 30:
U. S. Bonds
57,000
Held Sept. 30 to Secure—
Deposit to On Deposit to
Secure
Secure Federal
Reserve Bank National Bank
On
Notes.
11,000
13,888,400
2,593,000
1930...
4s, U. S. Loan of 1925
383,500
2s, U. S. Panama of 1936—
285,300
2s, U. S. Panama of 1938
2s, U. S. One-Year Certifs. of
Indebt—.
276,525,200
Totals..
The
9 1920. ...11,413,000
138,000
2 1920. .-11,309,000
11,1919. -.10,061,000
8,836,000
248.000
379,000
432,000
886,000
205,000
18,000
53,000
— .
925,000
394,000
690,000
844,000
2,000
3,004,000
272,000
1,605,000
106,000
6,542,000
1,335,000
379,000
181,000
following shows the amount of
afloat and the amount of
Oct. 1
571,132,500
67,649,500
47,804,740
25,252,260
585,020.900
711,839,000
988,364,200
259,375,000
bushels in 1919.
431,000
Tot*I
Held.
Notes.
238,000
2s, U. S. Consols of
...
726,463,704
719,037,730
717,264,887
723,392,772
723.938,752
outstanding Sept. 30 (all secured by
90,000
138,000
12 1918.
698,196,300
695,822,060
696,288,160
Nov. 29 1919-
Sept. 30 1919-
Sept. 30 1920.
405,000
616,000
130,000
4,840,000
Arthur. 5,840,000
733,000
Other Canadian
Total Oct.
698,099,990
689,327,635
686,225,000
2,000
......
Ft. William & Pt.
Total Oct.
31,039,887
31,288,577
32,439,832
2.000
203,000
346,000
Canadian—
Montreal..
Total Oct.
28,363,714
29,710,095
706,307,750
704,884,000
703,000,000
Bonds on Deposit
4,332,000 3,847,000
4,407,000 *3,415.000
15,987,000 4,214,000
4,041.000 2,690,000
Vote.—Bonded grain not included above: Oats, 19,000 bushels New York; total,
19,000, against nil in 1919; barley, New York, 2,000; Duluth, 1,000; total, 3,000
Total Oct.
709,436,400
707,963,400
$
726,477,082
725,996,052
21,000
872,000
1920..—28,831,000 10,267.000 29,164,000
Total Oct.
2 1920
27,564,000 7,587,000 27,602,000
Total Oct. 11 1919
90.585,000
1.649,000 19,501.000
Total Oct. 12 1918... 104,494,000
5,610,000 23,914.000
husbels, against 49,000
1920..
1920-
May 31 1920-
1,321,000
200,000
291,000
9
Total Oct.
31
June 30
27.403.924
398,000
899,000
....
On Canal and River....
27,015,647
xi2~666
450,000
21,000
On Lakes
355,666
3,186,666
2,179,000
Omaha
lie",000
1.639,000
2901000
238,000
..........
Indianapolis
699,461,435
698,592 128
notes and
215,000
78,000
3,934,000
Duluth
27,015,647
27,403,924
July
Total.
$
234,000
afloat
Milwaukee
$
$232,113,800 Federal Reserve
117,000
Toledo.........
$
711,839,000
711,000,900
Oct.
1,061.000
3,097,000
1,976,000
...
Tenders.
2,000
■Galveston
New Orleans
Bonds.
Sept. 30 1920Aug. 31 1920-
Feb. 28
Oats,
1,565.000
3.471,000
286,000
Boston
Legal
Tenders.
$
Corn.
bush.
.
Bonds.
GRAIN bTOCKS.
United States—
Under—
1919-20.
1,575*666
9 1920 was as follows:
Wheat,
Circulation Afloat
Deposit for—
Legal
"864.656
3.754,000
and in
legal tenders on deposit therefor:
31,775,000
1,286",000
Oth. countr's
TOTALS OF AND IN
give below tables which
DEPOSITED BONDS, &c.—We
show all the
Included.
■
628,000
"
280,000
reaching the Treasury in July are
Bonds and Legal Tenders
Danube
50,905",000
6,081,470
3,923,636
1,819,927
1,113,375
1,447,316,874 3,808,716,071
Total.
635,600
37,418,000
.
14
of July
(Acts
1890 and Dec. 23 1913)
bonds and
1,369,000
347,000
Russia
"155", 000
.
Bushels.
9.
Bushels.
North Amer. 10,227,000 141,889,000 116,132,000
Since
Since
Week
Since
July 1.
Week
Oct.
-
2,375,884,630 5,956,225,956
Fed. Res. bank notes re-
BANK NOTES—CHANGES IN
01920.
1919.
al919.
1920.
.
"
retired.1,446,203,499 3,806,896,144
bank notes and
National
Grand total
9 1920 and
shown in the following:
2,409,292,945
1.088,299
wheat and corn for the week
since July 1 1920 and 1919 are
^V'; ■
';'r'vx
ending Oct.
102,439
BOnds, int.-bearing notes,
1,114,769
35,000
7,999.350 112,817,926
56.082.640
2,929,969
world's shipment of
Argentina...
667,221,630 1,250,849,557
Public Debt—
tired
Brit.No.Am.Cols.
Kansas
496,776,655
interest....
Accrued
1920.
Borrels.
The
9,600,000
July 1
1920.
United
1,200,000
21,155
Principal
Exports for Week
70,242,500
48,188,240
25,537,560
259,375,000
national bank notes
legal-tender deposits Sept. 1 and
during the month oj
and their increase or decrease
September:
Afloat—
1 1920
during September..
National Bank Notes—Total
$725,996,052
481,030
Amount afloat Sept.
Net amount issued
Summary—
4,332,000
379,000
3,847.000
690,000
4,311,000
Total Oct.
9 1920. .-40,244,000 10,405,000 30,499,000
7,835,000 28,527,000
4,801,000
Total 0«t.
3 1920. .—38,873,000
1,651,000 22,505.000 16,259,000
Total Oct. 11 1919. ..100,646,000
4,537,000
American
«...
...11,413,000
•Canadian
Total Ort.
12 1918. ..113.330,000
29,164,000
138,000
1,335,000
...28,831,000 10,267,000
5,716,000 30,456.000
4,041,000
4,259,000
Amount of bank notes
5,819,000
2,871,000
afloat Oct. 1
1920
Legal-Tender Notes—
redeem national bank notes
Net amount of bank notes retired in September
Amount on deposit to
Amount on
deposit to redeem
.
Sept. 1 1920
national bank notes Oct. 1 1920k.
$726,477,082
$27,403,924
$88,277
$27,014,047
1542
THE
FOREIGN
TRADE
OF
NEW
CHRONICLE
YORK—MONTHLY
STATEMENT.
[Vol. 111.
National Banks.—The following information
regarding
national banks is from the office of the
Comptroller of the
Currency, Treasury Department:
Merchandise Movement at New York.
Month.
Imports.
1920.
Exports.
1919.
1920.
1919.
$
January
.
March
April
May
1920.
1919.
$
659 85, 880,208
260,144, 811110, 759,849
292.275, 856;130 844,316
1270,147, 137145, 065,157
224,033, 443 178 233.477
£80,997
..
February
Customs Receipts
at New York.
257,151 ,089 264 ,544,534
301,620 ,954311 376,177
396,929 .064 312 ,904,175
302,495 ,893331 394,915
21,284,852
19,323,958
8,020,387
9,856,349
22,429.000
19,999,693
CHARTERS ISSUED.
Conversioas of State banks and trust companies:
The City National Bank of Battle Creek, Mich
Conversion of the City Bank of Battle Creek.
*•
President, Chas. C. Green; Cashier, E. R. Morton.
To succeed State or private banks:
The First National Bank of El Segundo, Cal
Succeeds El Segundo State Bank.
10,600,101
17,981.069
13,964,223
15,281,139
18,392,047
15,444,278
Total..-.. 2231776396 1145737.502' 2216468784' 2434076715162.313.461
98,371,753
Movement of
25,000
50.000
President, E. E. Mullaney; Cashier, Chas. E. Downie.
Original organizations:
The Roseau County'National Bank of Roseau,
Minn..
President, Israel Sjoberg; Casnier, E. G. Johnson.
The First National Bank of South Plainfield, N. J
President, Peter J. McDonough; Cashier,
The First National Bank of Sipesville, Pa
;
gold and silver for the 8 months:
Gold Movement at New York.
25,000
President, James E. Howell; Cashier, J. D. D.
Gladding.
The Farmers National Bank of Edon, Ohio
Succeeds Farmers Banking Co. of Columbia, Ohio.
President, Orrin H. Nihart; Cashier, S. A. Powers.
The First National Bank of Coll/er, Kans
Succeeds The Collyer State Bank,
Collyer, Kans.
12,881,216
12,318,000
21,434.058
21,468,214
343,323 ,392-280 404,527
615.350, 911 152, 314,929254,300 437429 160,599
823,427, 245 179 457,378j200,319
July
,661(239 532,410
August... 265,399, 334 163 182,188160,316 ,294(264 759,378
June
Capital.
$250,000
Silver—New York.
30,000
30,000
_
_
25,000
....
President, C. B. Korms; Cashier, J. S. Speicher.
Month.
Imports.
192$.
Exports.
1919.
1920.
1919.
American National Bank of Modesto, Calif.
1920.
1920.
150,000
President, G. R. Stoddard; Cashier, J. A. Dunn.
Peninsula National Bank of Cedarhurst, N. Y
Exports.1
Imports.
100,000
C. Adams; Cashier, A. I. Davidson.
President, G.
$
$
$
$
$
183,08$
649,358
17.790.299
2.517.289
February j
1,458,283
529,787
24,814,399
March
1,708,185
668,246
699,827
35,247,500
34.820.300
2,346,310
2.311,250
1,187,332
1,422,830
January
April
55,156,70®
,
$
2,327,316 /
3,132,386
1,770,599
3.315,928
460,250
1,903,704
1,106,666
1,009,870
1,715,881
1,236,840
165,821
May
1,682,127
506,758
2,649,762
5,963,363
10,945,003
414,262
393,587
12,454,509
1,310,313
1,436.853
246,300
4,212,285
23,609,186
3,921,003
1,062,356
709,579
89,151,253
5,172,138 121,217,698
96,191,663
15,667,972
7,128,925
July
*
August
Total...
1,937,525
APPLICATIONS
The First National Bank of
Slocks.
$10
Shares.
each
..$11 lot
The First National
10,162 Permutlt Co., com.....13500 lot
590 Permutlt Co. royalty ctfsj
1,000 Cobalt Silver Queen, Ltd.,
$1
each...
tension,
33 1-3
....$21 lot
230 Blaugas Co. of America...$80 lot
100 Interboro. Rap. Trans .$25
p.
.*.$2 p. sb.
common
Clinch.
&
50 Oriental Bk., in llqul'n.Sl^ p. sh.
$40,000 Union Dye & Chem. 5~yr.
1923; Dec. 1918 coup. on._$110 lot
By Messrs. R. L. Day & Co., Boston.
Shares.
Slocks.
$ per eh.
10 Waltham Nat. Bank, $75 each. 120
26 Citizens Gas, E. & P. of Nant't 100
Shares.
5 N. Bedford Gas & Ed. Lt
152
4 Western Real Est. Trust
$ per sh.
....
Bonds.
$1,000
98
$3
Per cent.
Northampton
5s, 1927
Elec.
,_
Ltg.
.....
85
By Messrs. Wise, Hobbs & Arnold, Boston:
Shares.
Slocks.
$ per sh.
20 Nashua <fc Lowell RE...... 113%-115
12 Robertson Paper, pref., $50 each 20%
2 Edison Elec. 111. of
1 Sullivan
Brockton...117%
Machinery
50
2 Boston R. E. Trust, $1,000
Shares.
Slocks.
% per sh.
25 Boston Ground Rent Trust...__ 75
10 Northway Motors, pref., $10 ea_
4 New Columbia Co., $10 each...
10 Gorton Pew Fisheries, pref
par.600
Slocks.
Shares.
$ per sh.
5 Belmont Park Assoc'n...
j
2,300 Birm. Col. & St. And's RR.
$79,500 St. Louis Webster & V. P.)$130
Ry. 5% bonds...
I lot
Equity In $127,000
Col.
Birra.
Slocks.
$ per sh.
1 John B. Stetson, com
...315
100 Am. Pipe & Construe., $50 ea.
4%
100 Frank. & So'wark Pass. Ry___200
)
65 Carbon Dlox. & Mag., $50 each
52 Locust Gap Impt...
64 Atlan. City Gas, pref.
15 Atlan. City Gas, com
6 Phila. Bourse, com...
&|
St. Andrews RR. 5% bonds.. |
of $30,000 Pequot 1st M,|
Assoc'n
20 Drivers &
Mercb.
J
Nat.
514
0
60
43
440
Trust..
......280
Contlnental-Eqult. T. <fe T.,
$50 each...,...............107%
9 West End Trust
150
15 Fire Assoc. of Pblla., $50 each_320
80 Phila. Life Ins., $10 each.
5 John B. Stetson, pref
Per cent.
($3,000 Midland Vail. RR. adj. Inc.
$50 each
3 Fidelity Trust
10 Commercial
Bonds.
Bank.
25,000
25,000
STOCK INCREASED.
of Inc. Caj .when Inc.
The National City Bank of New York, N. Y_„_.$15,000,000
$ 10,000,000
The National Bank of Tifton, Ga
100,000
50,000
The First National Bank of Hoboken, N. J
500.000
280,000
Ami.
The Merchants and Planters National Bank of
(P. O. North-
ford, W. Va
25,000
The First National Bank of Amityville, N. Y
The Merchants National Bank of Raleigh, N. C_
The First National Bank of Beason, 111
50.000
75,000
25,000
1,000,000
15.000
The First National Bank of Merchantville, N. J.
The First National Bank of Scottsboro, Ala
The Gotham National Bank of New York, N. Y.
The
800,000
200,000
The Clark National Bank, Clark
100,000
50,000
1,500,000
40,000
300,000
40,000
75,000
100,000
15,000
Harpeth National Bank of Franklin, Tenn.
Total
25,000
.$16,810,000
CONSOLIDATION.
The Capital National Bank of Saint Paul, Minn, (capital S500.000), and
National Bank of Commerce of St. Paul, Minn, (capital $400,000
consolidated under provisions of Act of Nov. 7 1918, under the charter and
corporate title of "The Capital National Bank of Saint Paul," with capital
of $1,000,000.
VOLUNTARY LIQUIDATIONS.
5s. 1953, ser. A.......
2.000 Midland Vail. RR. adj. inc.
5s, 1953, ser. B....
50,000
Union
Trac.
(Ind.)
35
18
extd.
6s, 1922..
50%
25,000 United Trac. (Pitts.) gen. 5s,
1997, certf. of dep...
10
750 Cleve. & Erie Ry. 1st 5s,
750 Cleve. & Erie Ry. inc. 5s,
.120
The Fort
30%
'291 $80
'29/
lot
Canadian Bank Clearings.—The
cearngs for the week
ending Oct. 7 at Canadian cities, in comparison with the
same week in
1919, show an increase in the aggregate of
son,
San
Capital.
$200,000
Liquidating Agent, H. H. Robin¬
Assets
purchased by the Sacramento-
Sutter National
To take effect Oct.
.\$490 lot
/
l-0Oth
Casino
500,000
The
By Messrs. Barnes & Lofland, Philadelphia:
Shares.
25,000
..
.$710,000
CAPITAL
6%
1H
45
35,000
..
Sherman, Tex.....
Slocks.
$15 Am. Piano, com. scrip
5 Nashua Mfg., common110%
Bank of Center, Ala
Total
O.
$23 p. sh.
50,000
..
....
lot
Bonds.
sb.
573 Tennessee Ry., Lt. & Pow.,
Caro.
25,000
..
...
Correspondent. J. Oleus Jordan, Center, Ala.
Maybrook, N. Y
Correspondent, John F. Shields, Maybrook, N. Y.
The First National Bank of Roanoke, Ala
Correspondent, W. H. Knight, Roanoke, Ala.
The First National Bank of Center City, Minn..
Correspondent, Leonard Johnson, Center City, Minn
The First National Bank of Mineral City, Ohio
Correspondent, Gwo. J. Markley, Mineral City, Ohio
Inc........$2,000 lot
Ry., pre!
$25,000
The Maybrook National Bank,
Slocks.
150 Benedict Stone Corp.,
com/
50 New Bruns. Home Ex¬
Elsinore, Cal
Conversion of Consolidated Bank of Elsinore.
3,413 Lehigh Pow. Secur., eom.$5 p. sh.
50 Benedict Stone Corp., pref\$4,750
250 N. Y, Bake-Rite Corp....$20 lot
CHARTER.
Correspondent, Consolidated Bank of Elsinore.
Original organizations:
The First National Bank of Monon, Ind
Correspondent, Fred Thomas, Monon, Ind.
The First National Bank of Koppel, Pa
Correspondent, II. P. Hoffstot, Koppel, Pa.
Sales.—Among other securities, the following,
ngt usually dealt in at the Stock Exchange, were recently sold
at auction in New York, Boston and
Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
600 Cuyuna-Superlor Mining,
FOR
Conversion of State banks and trust companies:
Auction
Shares.
.$685,000
232,476
June
68,870,463
Total
709,700
Bank of Sacramento, Calif
4 1920.
Sacramento.
Joaquin, Sacramento,
Calif.
The Seaboard National Bank of San Francisco, Calif
To take effect Oct. 4 1920.
Liquidating Agent, J. M.McCarthy,
San Francisco.
Assets purchased by the Anglo-California
Trust Company, San Francisco, Calif.
500,000
DIVIDENDS—Change in Method of Reporting Same.
We have
changed the method of presenting our dividend
now group the dividends in two separate tables,
rirst we bring together all the dividends announced the
current week.
Then we follow with a second table, in which
we
show the dividends previously announced, but which
lave not yet been paid.
record.
We
The dividends announced this week
24.2%.
are:
Per
When
Books Closed.
Cent.
Name of Company.
Payable.
Days Inclusive.
Week ending October 7.
Clearings
Railroads (Steam).
Inc.
1920.
Canada—
$
Montreal
172,599,412 143,282,538
117,132-,001 91,147,107
102,512,194 64,606,018
17,730,307 14,738,459
16,640,249
9,366,191
Toronto..*........
Winnipeg..
Vancouver
Ottawa
Quebec
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
...
Brandon
Lethbrldge
Saskatoon
Moose Jaw
*
Brantford
Fort William...
New Westminster
Medicine Hat
Peterborough
Sherbrooke
Kitchener
Windsor
Albert
Moncton
Total
%
61,728,371
+ 20.3
710,300
3,579,423
+22.5
5,277,269
5,690,068
+ 13.2
+ 6.4
11,397,564
8,245,371
5,691,272
5,593,144
5,713,635
7,629,833
2,441,470
2,226,470
2,614,038
3,661,615
4,979,250
1,064,510
—3.0
806,003
+69.1
+ 77.7
Canada
4,983,194
7,123,221
9,441,345
3,455,954
2,589,693
—1.9
...
770,982
2,501,418
2,219,224
1,627,319
1,196,944
678,623
701,920
1,031,718
1,039,676
1,185,231
2,431,654
+28.5
+ 20.9
—7.9
+0.4
Properties
3
3
Nov. 15
Montreal Tramways
2%
Nov.
(quar.)
(quar.)
Atlas Powder, preferred (quar.)
Atlas Tifck Corp. (quar.)...
British Columbia Fishing & Pack. (qu.)_
Burns Bros.,
common
Preferred
765,286
Eisenlobr (Otto) & Bros., com.
551,575
605,524
Electric Bond & Share, com. (quar.)
Preferred
(quar.)
590,602
Elk
335,503
+ 24.2 330,009,191 252 345,500
to
rec.
Nov.
2
Nov. 27
1
Holders of
rec.
Oct.
to
Nov. 15
rec.
Oct.
20
♦% Oct. 29 ♦Holders of rec. Oct.
Nov.
1
to
Oct. 21
Oct.
1%
31
2
24
Holders of
Oct.
18a
Dodge Steel Pulley, preferred (quar.)...
du Pont Chemical, com. & pref. (No. 1).
Durbam Hosiery Mills, pref. (quar.)
Edison Elec. 111. of Boston (quar.)
Edison Elec.
Ilium, of Brockton (quar.)
Basin Cons. Petroleum
(quar.)..
(quar.)
Empire Tube & Steel, preferred
Exchange Buffet Corp. (quar.)
Fall River Gas Works
1
♦Holders of
rec.
Oct.
15
21
1% * Nov. 20
Holders of
rec.
Nov. 10
Nov. 15
Holders of
rec.
Nov.
♦1%
Nov.
Holders of
rec.
Oct.
23
Holders of rec. Oct.
30
1
1%
Nov. 15
*%
1
(quar.)
Fisher Body Corp., common (quar.)
Preferred (quar.)
Nov. 20 ♦Holders of rec. Oct.
30
♦2
(quar.)
Columbia Graph. Factories, pref. (quar.)
Consolidation Coal (quar.).:
540,055
856,833
702,730
807,735
1,206,053
23
♦2%
(quar.)
Preferred (quar.)
.......
Canadian Converters (quar.)
Colorado Fuel & Iron, com. (quar.)
+ 13.2
+ 9.1
Nov.
♦75c. Nov.
320,781
+ 24.9
Oct.
Miscellaneous.
American District Teleg. of N. J.
494,081
+ 25.5
1
15 ♦Holders of
Street and Electric Railways.
—1.4
1,624,389
772,861
590,047
Dec.
Cape Breton Electric Co., preierred....
+ 19.0
+ 9.6
1,310,709
2,249,648
$1.50 Nov.
♦$2
Havana Elec. Ry. & Light, com. & pref.
1,114,313
2,177,576
1,995,749
1,037,901
1,012,596
+ 14.4
+ 13.6
+ 58.4
538,222
475,675
+ 13.2
854,783 Not lncl. in total.
502,524,777 388,441,219
Great Northern Iron Ore
$
+ 58.7
+20.6
2,620,986
1,784,861
1,153,933
807,578
794,764
1,494,544
1,304,238
1,293,977
3,854,349
1917.
88,300,520
54,244,116
53,139,177
9,161,054
5,578,456
3,528,768
3,047,178
4,042,289
8,374,956
1,720,622
1,738,873
2,073,053
2,598,635
4,700,187
6,262,845
9,151,017
11,419,901
3,183,356
2,600,000
4,383,086
5,976,663
6,054,319
1,032,928
1,306,518
2,811,662
—...
1918.
+20.5 120,760,183
+ 28.5
74,239,847
4,890,567
.
Cincinnati Sandusky & Cleveland, pref..
or
Dec.
7,549,145
Halifax
Prince
1919.
Nov. 20 ♦Holders of rec. Oct.
30
$2
Nov.
1%
Oct.
1
30
Holders of
rec.
Oct.
20a
Holders of
rec.
Oct.
21a
Oct.
to
Nov.
1
Oct.
31
Nov.
5 ♦Holders of rec. Oct.
25
Nov.
1
♦Holders of
rec.
Oct.
20
3
Nov.
1
Holders of
rec.
Oct.
15
2
Nov.
1
Holders of
rec.
Oct.
16a
1%
♦10
♦1%
22
1%
Nov. 15
Holders of
rec.
Nov.
2
Oct.
15
Holders of
rec.
Oct.
14
1%
Nov.
1
Holders of
rec.
Oct.
16
1
Oct.
15
1
*2%
Nov.
♦Holders of
rec.
$6
Oct.
18
Holders of
rec.
Oct.
8
$2
Oct.
30
Holders of
rec.
Oct.
15a
Nov.
1
Holders of
rec.
Oct.
15a
$2.50 Nov.
1
Holders of
rec.
Oct.
20c
1
Holders of
rec.
Oct.
20a
3
1%
Nov.
When
Days Inclusive.
Name of Company.
(Condvaed1
IX
Nov.
1
Holders of rec. Oct.
23
Nov.
1
♦Holders of rec. Oct.
15
Federal Sugar Refining, com.
.
♦Holders of rec. Oct.
20
Holders of rec. Oct.
15
Nov.
1
♦Holders of rec. Oct.
2
1
Holders of rec. Oct.
20
Nov.
1
♦Holders cf rec. Oct.
20
6% debenture-stock (quar.)
7% debenture stock (quar.)
50c. Nov.
1
Holders of rec. Oct.
16
15a
Goodrich (B. F.)
14
Nov. 10
♦Holders of rec. Oct.
*1X
15c. Oct.
1 ♦Holders of rec. Oct.
1 ♦Holders of rec. Oct.
15
Hougeman
19
(quar.)
Hnlders of rec. Oct.
Holders of rec. Oct.
Nov.
Holders of
26
rec.
Nov.
J
Holders of rec. Oct.
15a
1
Holders of rec. Oct.
15a
Nov.
1
Holders of rec. Oct.
15
23
Nov. 15
Holders of rec. Oct.
Oct.
30
Holders of rec. Oct.
23
Inspiration Consolidated Copper (auar.)
Oct.
26
Holders of rec. Oct.
8a
Internat. Nickel, pref.
i
Holders of rec. Oct.
16a
15a
Holders of rec. Oct.
Oct.
(quar.).
$1
•6HC
Holders of rec. Oct.
16
Kay County Gas (quar.)
♦Holders of rec. Oct.
21
Holders of rec. Oct.
20
Kayser (Julius) & Co., 1st & 2d pi. (qu.)
Kelly-Springfleld Tire, com. (quar.)
*12^r Nov.
1
♦Oct.
2
Common
30a
Preferred
Nov.
to
22
Holders of rec. Oct.
Nov. 15
Nov.
1 ♦Holders of rec. Oct.
♦Holders of rec. Oct.
Nov. 10
30
Kress (S.
H.) Co., com.
1
Holders of rec. Oct.
20a
1
Holders of rec. Oct.
15
Nov.
1
Holders of rec. Oct.
I5a|
Holders of rec. Oct.
J
Nov.
la
Holders of rec. Nov.
Nov.16
21
1
1
Holders of rec. Oct.
Nov.
3
Holders of rec. Oct.
16a
Nov.
1
3
Maple Leaf Milling, com. (quar.)
Preferred
(quar.)
Nov.
IX
Loose-Wiles Biscuit, 2d pref. (quar.)
20a
IX
pref. (quar.)..
Lima Locomotive Works,
Holders of rec. Oct. 29
5
♦Holders of rec. Nov.
*1%
Dec.
1
Dec. 15 ♦Holdesr of rec.
*/5
19
Holders of rec. Oct.
1
25c. Nov.
1
Holders of rec. Nov.
Nov. 30
3
1 ♦Holders of rec. Oct. 22
*25c. Nov.
25 ♦Holders of rec. Sept. 30
Nov,
IX
(quar.)
(quar.)...
9a
Nov.
IX
$1
Kelsey Wheel, Inc., preferred
1
Dec.
Oct.
(payable in common stock) „ / 75c.
2
(quar.)..
—
15
Nov. 15
Nov,
1H
—
1
...
Oct. 24
Oct. 15
2H
1
and pref......
United Retail Stores (in common stock).
Utah-Apex Mining
rec.
75c. Nov,
30
Union Tank Car. com.
to
2
1
*1X
16
Holders of rec. Oct. 15
Indiana Pipe Line (quar.)
1
olX
Oct.
♦Holders of
1
1
IX
—
Nov.
(quar.)
25
Nov.
Nov.
15a
Ingersoll-Rand Co. (quar.)
IX
Corp., common (qu.).
Oct.
62 He
—
,i»
*25c. Nov.
preferred (quar
Holders of rec. Oct.
23
Nov.
2
1
31
23
Nov.
82
Oct.
*2
IX
Preferred
Oct.
to
12
1
Nov.
1X
(quar.).---(quar.)
—
9a
Holders of reo. Oct.
19
Nov.
—2
Idaho Power, pref. (quar.)
Sept.30
Holders of rec. Oct.
Holders of rec. Oct.
*1X
Sloss-Sheffield Steel & Iron, com.
— — .
Houghton Co. Electric Light, com
19
Oct.
6a
Holders of rec. Nov.
Nov. 2k
50c.
*1%
5a
5a
Holders of rec. Nov.
Nov. 15
Holders of rec. Oct.
30
G.) & Co., pref. (quar,).
(quar.)
(quar.)..
Sapulpa Refining (quar.)
Sears, Roebuck & Co., common (quar.).
—
Holders of rec. Oct.
3
Nov.
5a
20
1
Oct.
Pyrene Manufacturing
Vacuum Oil...
Oct.'
25c.
—
Revillon, Inc.,,preferred
.
29
1
(quar.)
Packard Motor Car, com.
Tobacco Products
29
Oct.
IX
preferred (quar.)
Second preferred
Simmons Co.,
1
Oct.
1
(quar.)...
Pacific Coast Co., common
Plant (Thomas
Nov.
4X
(quar.)
Normal Oil
First
IX
Holders of rec. Oct.
IX
Holly Sugar Corp. (quar.)..—
2
Holders of rec. Oct.
4
Hlllman Coal A Coke, pref.
15
15
3
—
5a
Nov.
$1.50
(quar.).
Ncv.
Rubber, pref.
5a
Holders of rec. Oct.
Nov,
Hayes Mauufacturing (quar.)
Holders of rec. Oct.
Holders of rec.
Holders of rec. Oct.
Nov.
—
15
*75e.
Nov.
1
—*
14
Holders of rec.
1
Nov.
25c.
1M
1X
—
Co., com. (quar.j
Greene Cananea Copper (quar.)
9
Holders of rec.
Nov.
(m)
stock).
:—
18 ♦Holders of rec. Oct.
1 ♦Holders of rec. Oct.
*81.75 Ncv.
Extra
(quar.)
Harris Bros. & Co., pref. (quar.)
Second
v
Preferred
Harbison-Walker Refrac., pref.
First
preferred (quar.).....
...
preferred (quar.)
National Breweries, preferred (quar.)..
N. Y. & Honduras Rosarlo Mining (qu.)_
Common (payable In common
15a
Oct. 21
Oct. 21
Oct.
6a
Ot t.
Holders of rec.
Nov.
X
General Motors Corp., com. (quar.)
14
Ncv.
5c.
(quar.)
1
Nov.
2X
♦4
*82.50 Oct.
McKlwaln (W. H.) Co, com.
X
General Tire & Rubber, common
Holders of rec. Oct.
Holders of rec. Oct.
Nov.
1
(quar.) —
Lancaster Mills, preferred (quar.)__
Loew's, Incorporated (quar.)
„
Lowell Electric Light Corp. (quar.).—
Manufactured Rubber, preferred (quar.)
Massachusetts Cotton Mills (quar.)....
Maverick Mills (quar.)
(quar.)
♦Holders of rec. Oct.
1
1
*1X
Stores, com.
Kaufmann Dept.
15
1
Nov.
Nov.
♦1H
—
Hupp Motor Car Corp., common (quar.)
Illincis Northern Utilities, pref. (quar.)_
Days Inclusive.
Nov.
l
l
25c. Nov.
*1X
.
preferred (quar.)
Preferred
2
pref. (qu.)
(quar.)
Famous Players-Lasky Corp.,
*1X
(quar.)—
Grant Motor Car, common (quar.)
Preferred (quar.)
*—» ^ ———L - Hood Rubber,
Payable.
(Concluded)
Miscellaneous
Miscellaneous
When
Cent.
Books Closed.
Payable.
General Cigar, Inc., common
Books Closed.
Per
Per
Cent.
Name of Company.
1543
CHRONICLE
THE
1920.]
Oct. 16
Oct.
Holders of rec. Oct.
16a
Holders of rec. Oct.
18
3
rec.
Oct.
3
rec.
Sept.30
Oct. 15
Holders of
Oct.. 18
IX
♦12Hc Oct. 25 ♦Holders of
Marland Refining (quar.)
Holders of
Nov.
IX
Massachusetts Gas Cos., com. (quar)..
rec.
3(!)
♦Holders of rec. Oct.
Below
announced in previous weeks
not include dividends
give the dividends
we
This list does
yet paid.
announced this week.
and
not
*25c.
Nov. 16
60c.
Nov. 15
Holders of rec. Nov.
$1
Nov.
Holders of rec. Oct.
Midwest Refining (quar.)..
$1
Nov.
—„i-——.
$1
Nov.
i
$1
Merritt OH
♦Holders of rec. Nov. 10
1
Dec.
*2
Miami Copper (quar.)...
Mid vale Steel A Ordnance (quar.)
Willys-Overland, common (quar.)....
Woolworth (F. W.) Co., common (quar.)
:
(quar.).—..
;;
vExtra
Mohawk Mining (quar.)...
(quar.)
Co., Ltd., Inc
MulllnsBody Corp., com. (quar.)
Second preferred
Per
When
Cent.
Name of Company.
Payable.
Days Inclusive.
Preferred
Railroads
(Steam).
Atch. Topeka & Santa Fe, common
Clev. Cln. Cbic. & St.
(qu.)
Louis, pref. (qu.)
IX
Holders of rec. Oct.
1
Dec.
29a
Noiseless
Northern States Power, pref.
IX
Nov.
1
IX
Nov.
1
Holders of rec. Oct.
la
1
Nov. 19
Holders of rec. Oct.
30a
IX
Nov.
1
Holders of rec. Oct.
2a
(quar.).
IX
Nov.
1
Holders of rec. Oct.
16a
IX
Nov. 30
Holders of rec. Oct.
26a
Nov. 11
Holders of rec. Oct.
19a
Great Northern
New
York Central
Norfolk A Western,
prior preferred
Pere Marquette,
pref. (qu.)
Pittsburgh & West Virginia
Reading Company, common
Street &
(quar.) —
n
Electric Railways.
Detroit United Ry (quar )
preferred (quar.)
Milwaukee Elec. Ry. & Lt., pref. (quar.)
Philadelphia Co., common (quar.)
_
Six per cent cumulative preferred
West Penn Power Co., preferred (quar.).
Duquesne Llgbt.
Nov
16 a
1
20a
IX
Nov.
1
Holders of rec. Oct.
IX
Nov.
1
Holders cf rec. Oct.
30
la
81.50 Nov.
1
Holders of rec. Oct.
Holders of rec. Oct.
Nov.
1
Holders of rec. Oct.
21
Holders of rec. Oct.
IX
62 Xc Oct.
30
la
Holders of rec. Oct.
1
Nov.
5
(quar.)
Preferred (quar.).——————
Preferred (quar.)
Preferred (quar.)..——.......
Oriental Navigation, 1st & 2d pref. (qu.)
Parish A Bingham (quar.)
Preferred
American
Eng., com.
(quar.)
.
Amer. Rolling Mill, com.
Nov.
1
Holders of rec. Oct.
20
*2
Nov.
1
♦Holders of rec. Oct.
15
IX
Nov.
1
Holders of rec. Oct.
15
Nov.
1
Holders of rec. Oct.
16a
Holders of rec. Oct.
11a
25
Oct.
2X
Nov. 15
1
Nov.
1
Oct.
16
to
Oct.
27
fix
Nov.
1
Oct.
16
to
Oct.
27
IX
Nov.
1
Oct.
16
to
Oct.
27
(in com. stock) */25
American Shipbuilding, com,
(quar.) —
(extra)
„
Preferred (quar.)
Amer. 8umatra Tobacco, com. (quar.)—
Common
Nov.
1
Holders of rec. Oct.
15a
Nov.
1
Holders of rec. Oct.
15a
Holders of rec. Oct.
15a
Holders of rec. Oct.
15a
IX
Nov.
1
2X
Nov.
1
Mar. lx
IX
2
Foundries, non-cum. pref.
IX
Cartifer, Inc., pref. (quar.)
2
Chicago Pneumatle Tool (quar.)
*X
Cities Service, com. A pref. (monthly)..
Common (payable In common stock).. *nx
*x
Preferred B (monthly)
41.50c
Cities Service, Bankers' shares (monthly)
2
Cluett, Peabody A Co., com. (quar.)...
*2
Commonwealth Edison (quar.)—
/15
Consol. Cigar, com. (In common stock)..
Continental Candy
Corporation (quar.).
(quar.).
(quar.)..
Continental Motors Corp., com.
Corn Products
Refining, com.
(extra)
(quar.)
(quar.)
Cudahy Packing 6% Pref
Seven per cent preferred
.
Dome Mines, l *d. (quar.)
Dominion Coal, pref. quar.)
Dominion Steel, pref. (quar.)
du Pont (E. I.) de Nemours A Co.—
Debenture stock (quar.)
du Pont (E. I.) de Nem. Pow.,oom. (qu.)
Cosden & Co., common
Crucible Steel, com.
Preferred
(quar.)
Elgin National Watch (quar.) —
Emerson-Brantlngham Co., pref. (quar.)
Eureka Pipe
Line (quar.)
Fairbanks Co., 1st pref.
Fajardo Sugar
(quar.)
(quar.)
Nov. 1
♦Holders of rec.
IX
Bottle—
1$ 2
Extra (payable in Class B shares)
$1.50
Amer. Zinc, Lead A 8melt., pref. (quar.)
$1
Anaconda Copper Mining (quar.)
1
Associated Dry Goods Corp., com. (qu.)
IX
First preferred (quar.)......——
IX
Second preferred (quar.)
IX
Associated Oil (quar.)
IX
Atlantic Refining, preferred (quar.)
IX
Austin, Nichols A Co., pref. (quar.)— —
*f100
Avery Co., com. (pay. In common stock)
Be.rnett Bros. & Spindler—
IX
First and second preferred (quar.)
62Xc
Barn8dall Corp., Class A A B (quar.) —
IX
Borden Co. preferred (quar.)
IX
Brown Shoe, pref. (quar.)
3X
Butler Brothers <q»ar.)
Canadian Iron
la
2X
American Thermos
(quar.)
Holders of rec. Nov.
Nov. 15
3X
Preferred
Canada Cement
9a
$1
IX
(quar.).
(qu.)
Amer. Light A Tract., common (quar.).
Common (payable in common stock)
Common
Holders of rec. Oct.
30
8
4
American Glue, common
Preferred
Oct.
—
(quar.).—
Cigar, common (quar.)
Gas & Electric, pref. (quar.)..
Amer. La France Fire
25a
Nov. 15
2
Sugar, pref. (quar.)
American Ice, preferred
15
Holders of rec. Oct.
Holders of rec. Oct.
Oct.
1
American Chicle, common
American
Holders of rec. Oct.
IX
(quar.)
Allis-Chalmers Mfg. com.
Amer. Beet
1
18
10c. Nov.
(quar.)
(quar.)—
Jan.
Holders of rec. Feb,xl5a
Dec.
3x
21
to
Jan,
2x
Nov. 22
Holders of rec. Oct.
15a
16a
Nov.
1
Holders of rec, Oct.
16a
Dec.
1
Holders of
rec.
Nov.
6a
Dec.
1
Holders of rec.
Nov.
6a
Oct.
25
Holders of
1
Nov.
rec.
Oct.
Holders of
rec.
Nov.
1
Holders of
rec.
Sept. 30a
Oct. 15a
Nov.
1
Holders of
rec.
Oct.
15a
Nov.
1
♦Holders of
rec.
Oct.
11
Nov.
1
Oct.
26a
30a
Oct.
30
Holders of rec. Sept.
Deo.
15
Holders of reo. Deo.
Nov.
1
Holders of rec. Oct.
Nov.
1
Oct.
Oct.
16
16
to
Oct.
31
30
Sept. 30
Holders of rec. Sept.
Oct.
21
Holders of rec.
Oct.
30
Oct.
25
Holders of rec. Oct.
Holders of rec. Oct,
Nov.
la
20a
1 ♦Holders of rec. Oct.
♦Holders of rec. Oct.
15
15a
15
Nov.
1
15
Nov.
1 ♦Holders of rec. Oct.
Holders of rec. Oct.
1
15
Nov.
Nov.
Nov.
Nov.
15
Holders of rec. Oct. 2la
1
1 ♦Holders of rec. Oct. 15
Holders of rec. Oct. 15a
1
Holders of rec. Sept. 20a
25C. Oct. 20
7
♦25c. Nov. 16 ♦Holders of rec. Nov.
4
Oct. 20 ♦Holders of rec. Oct.
♦1
♦50c. Oct.
62^c. Nov.
2
Oct.
4
20 ♦Holders of rec. Oct.
Holders of rec. Sept. 30a
1
30 Holders of rec. Oct. 15a
*3
Nov.
1
♦Holders of rec. Oct.
21
*3X
Nov.
1 ♦Holders of rec. Oct.
20 ♦Holders of rec.
Nov.15
Feb .x 16
Mayxie
IX
Nov. 16
IX
Feb .x 16
IX
MayxlS
IX
Aug.xl5
2
Oct.
25
$1
Oct.
20
Nov.15
Nov.
Nov.
Nov.
IX
Oct.
25
IX
Oct.
Holders of rec.
25
30 ♦Holders of rec.
30 ♦Holders of rec.
♦3
Oct.
♦5
Oct.
♦3
Oct.
(auar.)
Corp., com. (quar.)
(quar.)......*
Public Service Corp. of No. 111. com.(qu )
Prairie Pipe Line
Preferred
...
(quar.)
Republic Iron A Steel, common
Rltz-Carlton Hotel,
(quar.).
preferred
(quar.)...'.....
Russell Motor, common
(quar.)...
Preferred
Santa Cecelia Sugar, com.
(quar.)..
Preferred
(quar.)......
;
—
Mills, com. (qu.)
(quar.)
(quar.)
cent preferred (quar.)
Sterling Tire Corp., com.
preferred (quar.)
Extra
Holders of rec. Oct.
1
1 ♦Holders of rec. Oct.
1 ♦Holders of rec. Oct.
Nov.
Nov.
Nov.30 ♦Holders of rec. Nov.
IX
3X
Holders of rec. Oot.
1
Nov.
Mar. x\
Oct.
31
Nov.
1
1
Oct.
14
to
Holders of rec. Oct.
31
25c. Nov.
Nov.
1
Holders of rec. Oct.
21a
IX
IX
IX
Nov.
1
Oct.
14
to
Oct.
21 a
Steel Corporation (quar.).
United Cigar Stores, com. (In com. stk.)
United Drug, first preferred (quar.)
(quar.)
preferred (quar.)...
United Iron Works, com.
Preferred
Oct.
26 ♦Holders of rec. Sept. 30
2
Oct.
20
Holders of rec. Oct.
9
Oct.
20
Holders of rec. Oct.
Holders of rec. Oct.
9
Holders of rec. Oct.
Holders of rec. Oct.
11
1
IH
Nov.
1
3
Oct.
20
Oct.
20
Holders of rec. Sept. 30
Oct.
20
Oct.
20
Holders of rec. Sept.
30
IX
Nov.
Holders of rec. Oct.
15a
2
Nov. 15
1
27
Holders of rec. Nov.
Holders of rec. Oct.
Oct.
(quar.)
to
la
6a
Oct.
7
9
Oct.
21
Oct.
Oct.
23 ♦Holders of rec. Oct.
23 ♦Holders of rec. Oct.
$1
Oct.
20
Holders of rec. Oct.
5a
/10
Nov. 16
Holders of rec. Oct.
Holders of rec. Oct.
26a
15a
Nov.
1
ix
1 ♦Holders of rec. Oct.
♦62 He Nov.
Holders of rec. Jan.
Jan. 17z
1H
Holders of rec. Apr.
Apr.lSx
July 15x
Nov.
1
50c.
...
—
...
—
1
*1
1H
(quar.)....
United Verde Exten.
U. S. Glass (quar.)
5a
Holders of rec. Sept. 30
1H
Mining (quar.)
Food Products (quar.)
4
Nov.
25c.
6c.
United Alloy
United States Oil, common (quar.)
Common (payable in common stock).
(quar.)
$1.50 Oct.
18
*$1
Oct.
25
♦60c.
Oct.
2H
/5
2H
Nov.
1
Nov.
1
2
Oct.
30
First preferred
2
Oct.
30
(quar.)
(quar.)
Ventura Consd. Oil Fields (quar.)
50C.
Nov.
1
1
Nov.
I
Nov.
1
Virginia-Carolina Chem., com. (quar.).
elO
Virginia Iron, Coal A Coke (in stock)...
IX
Vulcan Detlnning, preferred (quar.)
IX
Preferred A (quar.)
...
(Chas.) Co. cf Delaware—
First and second preferred (quar.)
Weber A Heilbronner, com. (quar.)
Holders of reo. Oct.
♦Holders of rec. Oct.
Holders of rec. Oct.
Holders of rec. Oct.
9
1,
3i
lx
lx
5a
2a
15
15
20
20
20
Holders of rec. Oct.
Holders of rec. Oct.
15a
Holders of rec. Oct,
Holders of rec. Oct.
15
15a
15a
Oct.
20
Holders of rec. Sept .1:30a
Holders of rec. Oct. 14a
Oct.
20
Holders of rec. Oct.
Warner
IX
Holders of rec. July
Holders of rec. Oct.
Oct.
25 ♦Holders of rec.
Holders of rec. Oct.
1
Nov.
U. 8. Rubber, com.
Preferred
30
11a
11a
15
15
1
15a
♦2
—
Preferred
30 ♦Holders of rec. Sept.
Holders of rec. Oct.
1
62Hc. Oct.
Auto Supply (quar.)
Tonopah Mining ....
....
Union Oil of California (quar.)....
Extra
20a
Oct. 31
8a
Oct.
8a
Oct.
Sept. 30
Sept. 30
IX
Times Square
U. S.
to
2
*
Superior Steel Corp., com. (quar.)...
First and second preferred (quar.)....
United Paperboard,
1
1
Construction (quar.)...
Steel Co. of Canada, com. A pref. (quar.)
Steel Products, com. (quar.)..
Series B
17
2
Smith (Howard) Paper
Standard Motor
Seven per
24
Holders of rec.
♦1 x
*1X
Shaffer Oil & Ref.( pref, (quar.)...
Preferred
nx
Oct.
*1X
(quar.)...
Quaker Oats, preferred
12Hc. Nov.
17HC. Nov.
17
Holders of rec. Oct.
1
IX
4
(quar.).
9
Oct.
Oct.
Oct.
Sept.
Sept.
30
24
Holders of rec. Oct. 30
Holders of rec. Jan 31 *21
Holders of rec. Apr 30 *21
Holders of rec. Oct. 30
Holders of rec. Jan 31 '21
Holders of rec. A pr. 30' 21
Holders of rec. July 30' 21
Holders of rec. Sept. 30
Holders of rec. Sept. <10a
Holders of rec. Nov.
5
Holders of rec. Oct. 21
20
2
(quar.)
(quar.).
Preferred
Holders of rec. Oct.
16 ♦Holders of rec.
Holders of rec.
Oct.
IX
(quar.)
(quar.).........
....
Phillips-Jones Corp., pref. (quar.)
Pick (Albert) A Co., common
Preferred
Preferred
Acme Coal Mining
Alliance Realty
Oct.
2
Producers A Refiners
Miscellaneous.
to
20
2
Pittsburgh Coal of Penn., com.
31
1
20
Oct.
2
(quar.)
'
{Banks.
to
Oct.
IX
Prairie Oil A Gas
Corn Exchange (quar.)
1
♦62 He Oct.
(quar.)
Penmans, Ltd., common
16a
Holders of rec. Oct.
Oct.
*2
(quar.)...
(quar.)
Preferred
Holders of rec. Oct.
1
Oct.
19
25c
Common (quar
20a
75c. Oct.
Oct.
Extra——................——
preferred.
York Railways,
Holders of rec
17a
15
1 ta
25c
Ontario Steel Products, common
Common
Holders of rec. Oct.
Holders of rec. Nov.
Nov.
hlX
Typewriter (quar.)
Oklahoma Natural Gas
1
Dec
2-
14
Holders of rec.
Nov.
...
...
la
(quar.)
RR. (quar.)
—.
adj. pref, (quar.).—
Northern Pacific (quar.)
....
(quar.)-
1
$2
accum.)——
6a
Holders of rec. Oct.
Oct. 20
IX
$2.50 Oct. 20
Holders of rec. Oct.
Oct.
Sept. 25
to
Delaw. Lackawanna A Western
Holders of rec.
Dec.
Nov.
Nlpissing Mines Co. (quar.)
Extra
1
$1
(quar.)
New River Co., pref. (acct.
Holders of rec.
1
Dec.
10c.
Morris (Philip) &
Books Closed.
Holders of rec.
Nov.
IX
IX
*—
(quar.)....
Moline Plow, first preferred
la
15a
16a
Oct. 15a
Oct.
9
Nov. 17a
Holders of rec. Oct.
1
14a
Holders ot rec. Sept. 30
Holders of rec. Oct. 20a
Oct.
(quar.)
Westlnghouse Elec. A Mfg.. com. (qu.).
Wheeling Steel Cnrp., com. (No. 1)
Will A Baumer Co., common (quar.)...
Westlnghouse Air Brake
50c.
Nov.
*IX
(quar.)
Dec.
$1.75
Oct.
Holders of rec. Sept.
Oct.
HoM n ot rec. Sept. 30a
$1
1
♦Holders of rec.
Nov.
den of rec. Oct.
♦rolder of rec. Oct.
F'
Nov.
♦62 He Nov.
Nov. 15 a
.
l!
HOld r» of
rec
Oct.
30a
15
15
21 a
21
25c.
O t.
20
Holders of rec. Sept. 30a
12
IX
IX
Nov.
1
Holders of rec. Oct.
Nov.
1
Holders of rec. Oct.
IX
Oct.
25
Holders of
rec. Oct.
9
rec. Oct.
20
*1X
Nov.
♦2
Nov.
♦
From
Nov.
1 ♦Holders of
rec.
Oct.
23
IX
Nov.
1
Holders of rec.
Oct|.
15a
3
Nov.
1
Holders of
rec.
Oct.
Nov.
1 ♦Holders of
rec.
Oct.
20
Holders rf rec. Oct.
18
York Stock Exchange has
2X
Nov.
1
ruled that stock
not until further notice, a Transfer
British Income tax. d Correction,
e Payable In stock.
/ Payable In common stock, q Payable In scrip, h On account
of accumulated dividends,
i Payable in Liberty or Victory Loan bonds.
books
not
quoted ex-dlvidend on this date and
closed for this dividend,
b Less
k New
Exchange has ruled that
dividend on Nov. 1.
York Stock
ex-the 10% stock
16
♦2
t The New
unofficial sources,
will not be
20
rec. Oct.
I ♦Holders of
1 •Holders of
*IX
15
IX
Wilson A Co.. com. (quar.)
1 Payable In
m
2
Class B shares.
One-fourth of a share
1921.
of common stock.
Va. Iron, Coal A Coke be
quoted
1544
THE
CHRONICLE
Transactions at the New York Stock Exchange
daily,
weekly and yearly.—Brought forward from page 1257.
Week ending
Stocks.
Rgilroad,
Oct. 15 1920,
Par Value.
Boston
Clearing House Banks.—We give below a sum¬
showing the totals for all the items in the Boston
Clearing House weekly statement for a series of weeks:
mary
State, Mun.
de
dec..
Shares.
[Vol. 111.
Bonds.
Foreign
BOSTON
U. 8.
Bonds.
CLEARING HOUSE MEMBERS.
Bonds.
Oct. 9
274,610
$23,160,000
$2,953,000
$544,000
$3,231,000
478,930
40,933.000
5,295,000
652,500
7,154,000
1,171.000
13,836,000
Tuesday
Sept. 25
1920.
1920.
$
Changes
1920.
rom
HOLI DAY
Wednesday
510,810
537,820
745.034
Thursday......
Friday
.....
Total
43,750,500
42,517,500
63,769,400
1.815,000
3,675,000
2,547.204 $214,130,400
Sales
Circulation
9,710,000
2,370,000
9,607,050
$17,471,000
Individual
1920.
Due to banks
$6,220,500 $43,538,050
Time
15
Jan. l
to
Oct. 15.
1919.
1920.
Par value
Cash In bank & In F. R. Bank
$1,400
$43,538,050
$54,959,000
! 2,039.000
9,672,000
$2,166,639,800
281,100.500
538,442,000
$67,229,550
$66,670,000
$2,986,162,300
$2,592,445,300
AT
THE
BALTIMORE
BOSTON.
Shares.
Shares.
67,931,000
53,697,000
®
<5,993,000 Inc.
2,627,000
4,366,000
415,961,000
4,996
City Clearing House
The figures for therseparate banks are the averages of the daily results.
In the
case of totals, actual figures at end of the week are also
given:
The return of the Equitable Trust Co. has been included in
this statement since Sept. 25.
AND
NEW
Shares.
the week ending
members for
Baltimore.
Bond Sales.
7,332
$22,300
32,150
Wednesday
Thursday
15,370
19,150
17,303
99,550
9,816
90,950
Friday
21,210
33,000
8,244
13,000
........
YORK
WEEKLY
Oct. 9.
CLEARING
Bond Sales.
9,760
$53,300
719
HOUSE
RETURNS.
7,416
160,500
1,827
114,500
2,243
3,654
1,185
44,000
66,201
9,828
$206,150
[.000] omitted.)
$41,000
227,000
45,064
$544,750
Net
CLEARING
HOLI DAY
Total...
6,558,000
shows the condition of the New York
(Stated in thousands of dollars—that is, three ciphers
Saturday
Monday
Tuesday
-
City Clearing House Banks
Companies.—The following detailed statement
and Trust
PHILADELPHIA
Philadelphia.
Bond Sales.
68,949,000
51,717,000
223,322.500
EXCHANGES.
Boston
Week ending
Oct. 15 1920.
906,000
2,636,000
and
Federal Reserve Bank.
$1,953,161,800
6,220,500
17,471,000
TRANSACTIONS
bank
Statement of New York
bonds...
Total bonds
in
excess
2,960,000
$47,200
Ac., bonds
RR. and misc. bonds..
DAILY
1919.
2,547,204
6,592,654
179,808.088
243,293,054
$214,130,400 $584,717,900 $15,385,633,475 $22,191,085,580
Bank shares, par
Bonds.
mun.,
23,115,000 Inc.
9,234,000 Dec
16,671,000 Dec
68,043,000.Dec,
54,353,000 Inc.
Exchanges for Clearing House
2,972,000
2,000
344,000 607,827,000 602,580,000
11,620,000 451,352,000 445,896,000
6,447,000 105,198,000 105,518,000
3,301,000 19,814,000 17,504,000
1,017,000
11,512,000
10,251,000
3,361,000 20,032,000 17,343,000
Dec.
111,645,000 Inc.
deposits
Reserve
shares...
Government
deposits, Incl. U.S. 439,732,000
Due from other banks
Exchange.
Stocks—No.
2,970,000 Dec,
—
Loans, disc'ts & Investments. 608,171,000 Inc.
United States deposits
Week ending Oct.
at
1,483,000
3,733,000
New York Stock
State,
Oct. 2
previous week.
$
Saturday
Monday
Capital. Profits
94,700
Reserve
Nat.
Discount.
Cash
with
Net
Time
Bank
Invest¬
HOUSE
in
Legal
Demand
De¬
Circu¬
ments,
Vault.
Deposit
Deposits.
posits.
lation.
MEMBERS
(.000 omitted.)
Nat'l,
Sept.
Week ending
38,000
State,
June
8
30
dec.
toHes.
Tr.Cos.,June30
Oct. 9 1920.
9,628
Loans,
$332,200
Average.
Members of
Fed. Res. Bank
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:
S
$
$
2,000
7,167
48,926
Co.
5,000
15.974
Mech A Metala.
16,512
Average Average
$
%
822
4,708
137,492
10,000
211,692
Bk of NY, NBA
Manhattan
2,80S
10,407
Average.
Average Atgs.
%
%
33,296
19,530
4.146
97,474
13,049
I
782
13,622
149,425
4,175
1,641
f.OOO
5,500
6.108
58,857
2,301
National City-
25,000
61,263
595.017
13,632
61.833
1583,993
Chemical Nat.
4,500
14,816
151,576
1.5S2
2.147
1,000
1,135
20,164
381
14,221
2,024
106,323
Atlantic Nat'l..
14,927
869
243
Nat Butch A Dr
300
154
4,613
127
594
3,843
34
294
4,873
Bank of America
RETURN OP NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
7,36
56,055
41,8671 1*425
Amer Exch Nat
Net
CLEARING
Dis¬
Reserve
Statebks.Jun.30
Tr. cos.June 30
Members of
Fed'l
Res.
Net
Net
Cash
with
Demand
Time
$
Legal
Deposi¬
De¬
De¬
Circu¬
12,896
95,963
4.698
2.946
33,811
258.098
7,205
23,577
1 638
3,274
23,084
187
7.929
127 904
13,573
posits.
posits.
lation.
Corn Exchange
5 065
14,387
106,600
20,331
126,225
1,194
17.546
119,440
3,988
39,525
2,021
7,134
44,814
y6,000
..
7,000
3,000
2,000
Nat'l.
y7,758
153,210
6,611
22,847
149,491
4,762
100
11,114
Vault.
Imp A Trad Nat
tories.
%
$
%
8,636
3,779
28.804
43
51
22,737
41.060
219,412
659
7,500
1 350
19.864
151,473
3,185
5,156
1,000
810
12,199
371
1,626
11,565
939
50
24.2J8
914
1,000
4,552
2,562
17,401
First National..
10,000
36,128
326,834
970
24,476
186,972
6,197
7,357
Irving National
12,500
10,051
220,675
8,251
25,984
196,762
2,344
2,292
Second National
Average 1 Average
%
$
1,500
National Park.
East River Nat.
ments,
j dec.
%
1,500
1,502
362,559
1,765
Metropolitan
Bank
Average Average Average Average
Bank.
Battery Park Nat.
126,926
32,696
1,000
Hanover
Nat'l
in
counts,
Nat.bks.Sept. 8 Invest¬
Week ending
Oct. 15 1920.
7.438
25,000
Chath A Phenix
Loans
Capital. Profits.
NON-MEMBERS
■
5,000
NatBkofComm
Pacific Bank...
(Stated in thousands of dollars—that is, three ciphers 1000) omitted.)
785
*193
98
1,614
15,797
253
10,471
9,099
270
1,936
1,500
1,065
12,237
10,533
342
6,555
381
Continental Bk.
1,000
J,000
443
195
783
7,500
119
807
5.829
100
23
430
2,122
464
Chase National.
15,000
24,189
316,098
5,817
38,979
276,194
12.119
421
1,294
500
2,253
2,771
19.671
861
7,763
8,508
7,085
858
632
Mutual Bank
200
697
New Netherlands
600
682
W R Grace A Co's
500
1,108
Yorkville Bank...
200
755
3,981
14,186
First N Bk. Jer Cy
400
1,376
10,403
61
N Y CountyNat
922
J4.734
1,711
794
13,043
194
1,096
3,400
6,235
63,937
2,020
7,086
47,718
979
200
980
7,208
432
1,131
400
801
9,026
540
1,235
9,406
Garfield Nat'l..
1,000
1,000
1,000
1,588
15,650
522
2 009
14 978
108
393
717
14,905
341
1,621
12,276
659
249
Seaboard Nat'l
Total
20,510
Commercial Ex
Commonwealth.
4,599
51,872
98,083
1,082
6,640
49,745
815
64
431
9,823
74,489
2.727
1,960
19.061
19,221
864
1,812
13,522
550
404
539
391
Fifth
"*392
8,333
585
State Banks.
Fifth
Not Members of the
Fed'l Reserve Bank.
Avenue..
National.
Liberty Nat Bk
100
Bank of Wash Hts
444
458
3,651
226
600
1,400
15,379
2,101
1,530
700
Colonial Bank
1,845
19,030
2,559
1,756
7.522
Coal A Iron Nat
1,500
1,590
30
20,641
5,000
30
3,797
16,844
Bankers
Trust
Trust.
1,000
1,530
2.307
16,704
418
1,500
2,596
40,392
804
3,743
20.000
Union Exch Nat
Brooklyn Trust
Total
17,407
291,945
915
28,491
26.672
*217,868
14,749
31,128
4,650
2,000|
25,000; 33,260
59,444
723
6,458
2.209
53,382
47,817
*505,230
19,155
533
2,383
17,653
732
7,206
80,936
1.280
10,607
79,302
4,208
1,900
11,292
35,177
85,542
1,245
3,445
33,325
1,851
U S Mtge A Tr.
Guaranty Trust
Fidelity Trust
g 1,500
gl,500
Columbia Trust
5,000
Peoples Trust
1,500
*600
1,005
9,698
626
392
200
462
8,862
426
337
7,846
4,812
5,085
18,560
1,052
729
12,658
5,970
885
.
New York Trust
Total
700
1,458
6.112
538,098
Companies
Not Members of the
Fed'l Reserve Bank,
Hamilton Tr.Bkln.
Mech Tr. Bayonne
7,493
3,000
'
528
8,416
63,138
10,882
1.C00
Comparison prevlo
Gr'd aggr Oct.
4,800
us
9,639 101,527
+ 389
wk_
2
4,800
Gr'd aggr Sept. 25
Gr'd aggr Sept. 18
4,800
9,539 101,138
9.539 100,919
4.800
9.374 101,228
a
U.
S.
5,631
+ 585
9,571
a81,017
14,333
585
+ 120
+ 572
—146
+2
5,046
9,451
a80,445
14,479
583
9,410
a81,129
14,303
a81,687
14,156
579
other liabilities,
17,201,000.
the
Federal
Reserve
system
the
reserve
required is 15% on demand deposits and includes "Reserve
with legal depositaries" and "Cash in vaults."
Week ending Oct.
Two ciphers (00) omitted.
Due from banks
Bank
Individual deposits
Time deposits
Total
Ree've with
12,929,0
35,578,0
lncl.)__
required
Excess'res. A cash in vault
27,972.0
113,832,0
141,663,0
546,299,0
2,645.0
55,012,0
12,767,0
67,779,0
52,747,0
3,602,0
3,223.0
1<? nss.n
37o.n
957,0
1920.
9,381.0
697.343,0
11,882,0
2,645,0
55,012,0
13,724.0
71,381,0
55,970,0
11.411
n
$37,725,0
103,765,0
747,622,0
30,553,0
117,935,0
141,448,0
547,415,0
9,145,0
698,008,0
13,178,0
3,516.0
53,477,0
13,717,0
70,710,0
55,438,0
$37,725,0
103,649,0
755,238,0
26,450,0
115,527,0
136,983,0
548,229,0
9,150,0
694,362,0
14,869,0
2,765,0
54,083,0
14,430.0
71,278,0
55,631,0
15.272.0
15.647.0
OasL in vault not counted as reserve lor Federal
Reserve Bank members.
23,433
582
3,542
25,723
1 367
Nassau N.Bklyn
1,000
1,394
17,892
511
1.434
13,644
993
Farm Loan A Tr
5,000
10,713
137,452
1,698
14.J51
♦118,927
15,379
2,000
1,374
23,204
703
2,786
22,064
114
Equitable Tr Co kl2,000,kl7,900
169,448
1,701
19,140
*168,133
15,165
50
247,900;450.099 5,263,305
Average
Totals, actual co ndltlon iOet.
Totals, actual co ndition iOet.
co
92,111 545,921 c4,038.458 241,534 34,603
2 5,257,274
93.460 569.34? c4.057,175239,226 34,285
83,628 521,999 c4,049,415 242,17134,906
;Sept.25 5,233,827
ndltlon
88,881 557,001 c4,051,467 250,799 34,731
9 5,284,900
State Banks. Not Me mbers o f Federal Reserve Bank
Greenwich Bank
18,423
1,594
2,396
1,000!
1,716
State
Average
3
5 545
680
326
69.899
3,488
2,056
29,972
40*378
4,566
93,867
6,564
3 976
54,106
40,381
6,991
4,284
55,183
6,285
4,072
54,404
40,286
6,553
3,651
53,132
40,226
1,053
ndition Oct.
t
co ndition
Oct.
2
94,316
94,185
co ndition
Sept. 25
92,933
Totals, actual
co
Totals, actual
Totals, actual
Trust
18,695
842
2,007
3,750
Bank
250
2,500j
Bowery Bank..
N ot Mem bers of Fe dcral Re
Compan les.
47,443
1,070
y6,000 yl2,316
981
26,667
6,167
4,000
serve
5,439]
40.434
Ba nk
Title Guar A Tr
3,471
30,178
Lawyers T.& Tr
1,477
15,220
328
4,948
45,398
1,381
18,483
74.110
2,051
9
Totals, actual co ndition Oct.
2
Totals, actual co ndition Oct.
Totals, actual Co ndition Sept.25
74,483
73,317
2,043
1,935
4,946
45,327
1,384
1,377
73,251
1,861
4,919
44,702
1,319
Average
10,000
5,074
46,617
Total.
$37,725,0
104,465,0
742,562.0
18,0
372,0
21.460,0
250,0
22,082.0
Sept. 25
1920.
405,0
"
legal deposit's
Res've with F. R. Bank..
Cash in vault*
•
91,536,0
706.984,0
27,567,0
675,260.0
Total reserve and cash held
Reserve
$4,500,0
9.131,0
deposits
U. S. deposits (not
$33,225.0
113,814,0
141,291,0
524,839,0
deposits
1920.
Trust
F.R.System Companies
Capital
Surplus and profits
Loans, disc'ts & investm'ts
Exchanges lor Clear. House
9
Oct. 2
Members of
3,387
582
Totals, actual
Philadelphia Banks.—The Philadelphia Clearing House
statement for the week ending Oct. 9 with
comparative
figures for the two weeks preceding is as follows.
Reserve
requirements for members of the Federal Reserve system
are 10% on demand
deposits and 3% on time deposits, all
to be kept with
the Federal Reserve Bank.
"Cash in
vaults" is not a part of legal reserve.
For trust companies
of
518
33,542
.
581
9,730
deposits deducted, $798,000.
members
23,949
3 282
Lincoln Trust.
5,181
5,089
Bills payable, rediscounts, acceptances and
Excess reserve, decrease $48,290.
hot
1,060
2,000
Columbia Bank
Grand aggregate..
2,000
Metropolitan Tr
Gr'd aggr, avge 261,650 473,148 5,431.282 100,726 554,845 f4,137,962,283.296 34,603
+ 51
+ 17,564 + 2,645
w eek...
—12,1681—7,507 —180
Comparison, pre vious
Gr'd
aggr,
Gr'd
aggr,
eek
9,5,453,699 102.494 578,701
+28,923 + 10646 +47684
Oct.
2 5,424,776
Oct.
act'l cond'n
Comparison, pre vious
w
act'l cond'n
Gr'd
aggr,
act'l cond'n
Sept.25|5,400,011
Gr'd
aggr,
Gr'd
aggr,
act'l cond'n
act' 1 cond'n
Sept.
Sept. 1815,230,423
g4,158,9751281,044
34,285
+S,829j—2,790
—621
91,848.531,017 g4,149,146 283,834 34,906
97,295:565,571 f4.149,301 292.344 34.731
99.301551,705 4.077,030 281,831134,716
Ills.117,442 101.355'545.198
3.991,963 273.173 34.834
*
Includes deposits in foreign branches not included In total footing as follows
National City Bank, $122,289,000: Banker? Trust Co., $3,102,000; Guaranty Trust
$23,425,000.
deposits
e
carried
Balances
were:
Guaranty
National
Trust
Co.,
City
U. S. deposits deducted
Bills payable
of July 20 If
In
banks In
Bank,
$6,570,000.
c
foreign countries
$45,037,000;
Deposits
$150,581,000.
in
Bankers
foreign
I
y
reserve
Co.,
for
such
$400,000
f U. 8. deposits deducted. $140,943 000.
$1,238,248,000.
g As
rediscounts, acceptances and other liabilities,
20.5gk As ofJSept. 24.
as
Trust
branches not included,
As of July 31 1920.
Oct. 16
1920.]
STATEMENTS OF RESERVE
AND
POSITION OF CLEARING
TRUST
1545
CHRONICLE
THE
HOUSE BANKS
COMBINED
RESULTS
Averages.
'•
in
Total
Reserve
Reserve.
Required.
Reserve.
$
$
Reserve banks
$
$
9
;
13,675,440
545,921,000 545,921,000 532,245,560
State banks*
6,5e4,6o6
Trust companies*
2,051,000
Total Oct.
*Total Cash
Reserve in
in Vault.
Depositaries.
9
Aug.
2
Total Sept. 25
Total Sept. 18
9,739,080
800.920
6,999,000
6,809,700
189,300
8,615,000 554,845.000 563.460,000 548,794,340
8,373,000 554,794,000 563,167,000 550,582,100
9
10,540.000
14,665,660
12,584,900
11,209,240
16.968,980
3,976,000
4,948,000
8,426,000 552,586,000 561,012,000 549,802,760
8,449,000 549.301,000 1557,750.000 540,781.020
Aug.
14
21
Aug.
28
9
%
5,888,285,600
5,883.338,600
5.908.034.900
7...
Aug.
Total Oct.
Demand
Deposits.
Surplus
Depositaries
Members Federal
IN
a
in Vault.
'
COMPANIES
YORK.
Loans and
Reserve
Reserve
''
TRUST
AND
Investments.
Week ended—
Cash
BANKS
OF
GREATER NEW
COMPANIES.
4,857,213,900
125,715,400
126,676,200
650,841,708
647,879,608
122,705,800
644.440.200
113,816,000
635,852,108
642,537,500
639,681,000
4,814,390,800
4,793,133,700
4,750,119,900
5,906,454,700
Sept. 4.
Sept. ll
Sept. 18
Sept. 25
4,752,350,000
5,930,958,600
5,909,242,000
Oct.
2
5,974,889,400
6,180,987,100
6,033,985,500
4,724,943,200
4,859,379,600
4,919,536,700
4,734,688.600
Oct.
9
6,049,015,800
4,722,031,500
9
121,689,700
119,424,400
119,291,700
119,786,400
122,518.100
635,358,400
664,983,300
640,648,100
125,787,400
640,474,300
•
This item includes gold, silver, legal tenders, national bank notes and Federal
Reserve notes.
Actual Figures.
Cash
b
Reserve
Reserve
in
Total
Peserve
Surplus
in Vault.
Depositaries
Reserve.
Required.
Reserve.
9
$
9
9
$
Members Federal
Reserve banks
State banks*
6~99i'ddd
Trust
2,043,000
9
Total Oct.
2
Total Sept.
•Not
124,450
36,199,980
11,043.850
23,501,260
19,295.410
7,117,000
5,074,000
8,414,000 565,571,000 573,985,000 550,483,740
8,408,000 551,705,000 560,113,000 540,817,590
25
Total Sept. 18.
members of
Federal
Reserve
Bank.
This Is the reserve required on net demand deposits In the case of
■
1,342,060
6,992,550
9,034,000 578.701,000 '587,735.000 551,535.020
8,220,000 531,017,000 539,237,000 550,280,850
companies*
Total Oct.
34.733,470
569,343,000 569,343.000 534,609,530
4,284,000
11,275,000
9,932.940
following shows the condition of the Federal Reserve
York at the close of business Oct. 8 1920, Ia
comparison with the previous week and the corresponding
Bank of New
date last year:
1
Oct. 8 1920.
Resources—
$7,246,020; Oct. 2, $7,475,400; Sept. 25. $7,663 050; Sept. 18, $6,957,660.
b This la the reserve required on net demand deposits In the case of State
and trust companies, but In the case of members of the Federal Reserve
banks
Bank
Includes also amount of reserve required on net time deposits, which was as follows
Oct. 9, $7,176,780; Oct. 2, $7,265,130; Sept., 25, $7,523,970; Sept. 18, $6,961,830.
133,401,597
37,807,387
Total gold held by bank..
Gold with Federal Reserve Agent
New York City State Banks and Trust Companies.—
For explanation of discontinuance of these returns see item
266,519,430
285 358 000
37,925,100
35,981,700
24!872,000
477,631,802
556,746,000
127,834,123
497,031,365
127,993,344
605,465,925
Total gold reserves
.
........
Legal tender notes, silver, &c
Secured by Government war oblig'ns:
For members
625,024,709
610,291,000
'raa
476,173,621
r.07 7^2 nnn
r.nq
For other Federal Reserve banks...
q-n
;
643.
Trust Companies Not in Clearing
Banking Department reports weekly
figures showing the condition of State banks and trust
companies in New York City not in the Clearing House, as
State
follows:
39,673,000
53,545,000
'
14,502,575
509,644,033
490,676,196
697,763,000
"jjll'ml
Bills bought In open market
3»M6mI1
"oIm^OOO
,347
U. S. Victory notes
U. 8. certificates of Indebtedness
71 957 500
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
{Figures Furnished by State Banking Department.)
Loans and investments.
...
....
....
Gold
Currency and bank notes..
$617,733,800
8,021 400
17,040,000
...
Deposits with Federal Reserve Bank of New York..
Total deposits.........
50,860,400
634,231,000
Dec. $2,533,700
Inc.
101800
Gold
522,500
576,000
2,235,700
Inc.
Inc.
Dec.
112,690,700
deposits.
Percentage of reserve, 20%.
489,100
Dec.
Inc.
2,399,500
State
Cash in vaults......
$27,331,500
Deposits in banks & trust companies 10,170,200
Total
$37,501,700
Trust Companies—
$50,590,300
24,598,700
17.17%
06.39 %
23.56%
$75,189,000
14.26%
06.94%
21.20%
Includes deposits with the Federal Reserve Bank of
State banks and trust companies combined on
New York, which for the
Oct. 9 were $50,860,400.
k The Equitable Trust Co. Is no longer
included In these totals, It having become
member of the Clearing House and being now included in the statement of the
The change began with the return for Sept. 25.
91fi
4,028,034
1,257,000
50 000
69,513,000 '
1,041,619,785
69
or
custody
4,026,407
3,994,000
.
2,528,300
foreign
In
2,799,000
46,355,000
countries
Uncollectible "items and other
All other
y^'ooo
.
2,480,750
transit
deductions
158>649,462
620,596
175,194,484
767,803
2,073,000
1,886,434,535
1,849,113,940
1»814,735,000
resources
r=.„,
Capital paid In
surplus.......::::::::::::.:.::::.::
Due to members—reserve account.....
Banks
..0
Infsnqa
Government deposits
RESERVE.
Clearing House member banks.
In
Liabilities—
584,069,500
...
notes
Total resources............
positaries, and from other banks and trust com¬
on
,
5% redemption fund against F. R. Bank
Deposits, eliminating amounts due from reserve de-
panies in N. Y. City, exchanges and U. S. deposits
Total earning assets
Bank premises
Differences from
previous week.
k Oct. 9.
a
246,516,000
56,301 000
Banks and
House.—The
*
194,530,234
235 642.130
Gold redemption fund
Allother-
Reserve
$
150,542 000
32,855,586
Bills discounted:
State
Oct. 10 19191
110,896,839
42,727,700
40,905,694
204,064,571
Total reserves..
In Chronicle of August 14, page
Oct. 1 1920.
$
$
Gold and gold certificates..
Gold settlement fund—F. R. Board....
Gold with foreign agencies
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:
Oct. 9,
Condition of the Federal Reserve Bank of New York.
—The
=T-rrrrT
25,294,400
51,307,534
^6,978,577
726,592,126
108,667,183
■
,
16,081,608
685,654,347
Other deposits, incl. foreign govt, credits
15,332,692
110,846,299
16,744,610
867,570,580
Deferred availability items.
22,048,000
32,922,000
25,272,000
51:307,534
*'276,000
738,429,000
145,585,000
43,179,000
_
829,326,865
935,469,000
864,895,380
866,091,020
F. R. Bank notes in circulation—net llab
39,113,000
40,219,000
All other liabilities..
38,253,640
36,897,519
759,830,000
52,813,000
11,653,000
Total gross deposits
F. R. notes In actual circulation
....
..1,886,434,535 1,849,113,940 1,814,735,000
Total liabilities
Ratio
of
total reserves
to
deposit and
F. R. note liabilities combined
-
/
42.0%
41.1%
38.5%
Ratio of gold reserves to F. R. notes
Banks and Trust
Companies in New York City.—The
averages of the New York City Clearing House banks and
trust companies combined with those for the State banks
and trust companies in Greater New York City outside of
the Clearing House, are as follows:
in
circulation after deducting 35 % against
48.4%
deposit liabilities
de¬
against
Ratio of reserves to net deposits after
ducting
40%
gold
reserves
f. R. notes in circulation
Contingent liability
on
bills
!
36.6%
48.4%
6,079,571
...
6,076,361
......
purchased
for foreign correspondents...
Banks.—Following is the weekly statement issued by the Federal Reserve Board on Oct. 9.
addition we present the results for seven preced¬
ing weeks, together with those of corresponding week of last year.
The second table shows the resources and liabilities sepa¬
rately for each of the twelve banks.
The Federal Reserve Agents' Accounts (third table following) gives details regarding
transactions in Federal Reserve notes between the Comptroller and Reserve Agents and between the latter and Federal
Reserve banks.
In commenting upon the return for the latest week the Federal Reserve Board say:
The Federal Reserve
The figures for the system as a whole are given in the following table, and in
Aggregate increases of over 90 millions in the holdings of discounted and
purchased paper, accompanied by increases of 64.3 millions in net deposits
and of 17.4 millions in Federal Reserve note circulation, are indicated in
the Federal Reserve Board's weekly bank statement issued as at close of
business on Oct. 8 1920.
The Banks' combined cash reserves show a
reduction by 6.9 millions, with the consequence that the reserve ratio
declined from 43.7 to 42.9%.
•
Holdings of paper secured by Government war obligations (including
Treasury certificates) increased by 34.1 millions, those of other discounted
bills—by about 52 millions, those of acceptances purchased in open market
—by 4.2 millions, and those of Treasury certificates—by 2.4 millions.
Total earning assets, as a consequence, increased by 92.7 millions aggre¬
gating at present—3,402.2 millions.
Of the total of 1217.1 millions of bills secured by U. S. war obligations,
667.3 millions, or 54.8%, were secured by Liberty bonds; 305.4 millions,
25.1%, by Victory notes, and 244.4 millions, or 20.1%, by Treasury
certificates, as against 53.2, 26.3 and 20.5% of a corresponding total of
1,183 millions shown the week before.
Discounted paper held by the
or
Boston, Philadelphia and Cleveland banks includes 223.5 millions of paper
discounted for 7 other Reserve banks in the South and Middle West, while
Combined Resources
and
Liabilities
Oct. 8 1920.
of the
Oct. I 1920.
Gold and gold certificates
Gold with foreign agencies
holdings of the
Philadelphia,
Cleveland and
San Francisco
purchases
banks are shown inclusive of 25.2 millions of bank acceptances
from the New York and
Chicago banks, as against 19.9 millions snown
the
week before.
deposits show a reduction for the week of 3.1 millions, mem¬
bers' reserve deposits went up 49.6 millions, other deposits, including
foreign Government credits and non-members' clearing accounts, fell
off 7.7 millions, while the "float" carried by the banks and treated as a
deduction from gross deposits shows a reduction of 25.5 millions.
As a
consequence, calculated net deposits were 64.3 millions above the previous
week's total.
Federal Reserve note circulation shows a total expansion
for the week of 17.4 millions, ail Reserve banks, except those of Boston
and New York, reporting increased circulation figures.
Federal Reserve
bank notes in circulation show a slight decline.
The statement indicates
a reduction of 21 millions in the total of gold held by foreign agencies.
This
amount represents shipments to the Federal Reserve banks of part of the
gold held earmarked by the Bank of England since September 1919.
An increase of 8161,000 in paid-up capital is due largely to increases in
the capital and surplus accounts or existing members in the New York,
Cleveland, Kansas City and San Francisco district.
Government
Federal Reserve Banks
at the
Sept. 24 1920. Sept. 17 1920. Sept. 10 1920.
Close of Business Oct. 8
Sept. 3 1920.
1920.
Aug. 27 1920. Aug. 20 1920, Oct. 10 1919.
$
RESOURCES.
Gold settlement fund, f. R. Board.
acceptance
216,763,000
391,974,000
90,409,000
201,046,000
362,468,000
111,455,000
183,826,000
164,529,000
341,303,000
331,308,000
111,455,000
111,455,000
150,990,000
428,768,000
111,455,000
165,070,000
410,507,000
111,455,000
186,139,000
373,272,000
111,455,000
183,125,000
245,485,000
366,892,000
496,904,000
111,455,000
108,123,000
Gold redemption fund
850,512,000
661,472,000
670,866,000
687,032,000
674,969,000
607,292,000
691,213,000
699,146,000
636,584,000
1,142,412,000 1,180,393,000 1,211,619,000 1,237,942,000 1,147,239,000 1,132,219,000 1,154,684,000 1,164,264,000 1,186,697,000
140,615,000
94,119,000
146,275,000
143,059,000
137,774,000
154,766,000
147,710,000
127,893,000
141,632,000
Total gold reserve
1,996,324,000 2,003,072,000 1,989,835,000 1,973,127,000 1,976,226,000 1,962,310,000 1,971,825,000 1,966,351,000 2,131,328,000
Total gold held by banks..
Gold with Federal Reserve agents......
1546
THE
Oct.
1920. Oct.
8
[Vol. Ill
CHRONICLE
1920. Sept. 24 1920. Sept. 17 1920. Sept. 101920. Sept. 3
1
1920. Aug. 27 1920, Aug. 20 1920. Oct. 10 1919.
S
Legal tender notes, stiver, &c.
161,944,000
Total
162,123,000
1.123,
155,021,000
160,018,000
161,759,000
155,647,000
156,002.000
70,772,000
155,486,000
2.158.268,000 2,105,195.000 2,151,594,000 2,133,145.000 2.131.247.000 2,117.957.000 2.127.827,000 2,121,837,000 2,202,100,000
Bills discounted.
1,217,098,000 1.183,007,000 1,220,423,000 1,202,593,000 1.299.123.000 1.332,892.000 1,314,830.000 1,301,609,000 1,672,797,000
401,558,000
1,578.573,000 1,526,594,000 1,484,041.000 1,306,010.000 1.370.076.000 1,412,035,000 1,352,297,000 1,317.820,000
316,982.000
313,501,000
321,605,000
305,690,000
301,510,000
326.852,000
307,624,000
321,965.000
320,597,000
Secured by Govt, war obligations
AH other.
Bills bought in open market
3,10:1,361,000 3 ,011.111,000 3,012.088.000 2,830.808,000 2,992.181,000 3,058, 428,000 2,989.092,000 2.940,026,000 2,400,707,000
20,807,000
20,805,000
20,800,000
26,856,000
20,855,000
27,096,000
26,808.000
26,810.000
26309.000
09,000
09,000
69,000
69,000
69,000
69,000
69,000
133,000
69,000
V. 8. certificates of indebtedness......
332,426,000
393.479,000
279,633,000
273,951,000
271,482,000
273,701.000
277,158,000
270,623,000
267,551,000
Total bills
on
hand
.
U.
9. Government bonds
U.
8. Victory notes....
'
.......
Total
Bank
earning assets................ 3,402,237,000 3,309,517,000 3,309,588,000 3,251,161,000 3,351.483.000 3
1,364,936,000 3,289.072,000 3.244,062,000 2,695,487,000
15.080,000
*14.921,000
premises.......................
15,263,000
14,869,000
15,634,000
14,654,000
13,319,000
Uncollected items and other deductions
from gross deposits.................
5% redemp. f und agst. F. R. bank notes
All
796,723,000
11,666,000
other resources...................
4,833,000
15,370,000
15,455,000
820,280,000
11,856,000
5,414,000
818,958,000 1,097,408,000
12,024,000
11,824.000
837.060.000
11,788.000
4,660,000
6.569.000
4,941,000
*753.707.000
11,695.000
*3.875.000
785340,000
900,013,000
11.956.000
11,600,000
12,636,000
4,558.000
3,827,000
8,494,000
6,389,361,000 6,327,717,000 6,312,275,000 6,513,661,000 6.353.233,000 *6267091000 6,178.771.000 6,181,220,000 5,832,049,000
Total
LIABILITIES.
Capital paid in
Surplus..
97,519,000
164,745,000
43,365,000
46.493,000
97,358.000
104,745,000
46,454,000
1,825,906.000 1,776,243,000
Deferred availability items
608,056,000
609,980,000
Other deposits, incl. for'n gov't credits.27,648,000
35,363,000
1
,799,677,000 1,821,833.000
676,275,000
42,409,000
596,342,000
......
97.191,000
164,745.000
30.975.000
97,366,000
164,745,000
135,178,000
97,401,000
104,745.000
Government deposits
Due to members, reserve account...
34,910,000
97,133,000
97,055.000
96,759,000
164,745,000
164,745,000
43,510,000
54,959,000
828.924,000 *1829832000 1,818,502.000 1,793,675,000
017,785.000 *554,475,000
542,564,000
591,094,000
38.793.000
39,123,000
44.828,000
43,180.000
85,391,000
104,745,000
65,387,000
81:087,000
80 067 000
1,7771859',000
688.734,000
97,203,000
2,506,899.000 2.466,116.000 2,477,422,000 2,675,695.000 2.516,477.000 *2488817000 2,447,756.000 2,484,556.000 2,643,863,000
3,322,123,000 3,304,690,000 3.279,996,000 3,289,681,000 3,295.175,000 3.243,270,000 3,203,637.000,3.174,725,000 2,741,684,000
F. R. bank notes in circulation—-net llab.
209,083.000
212,219,000
205,423,000
200,793,000
198,563,000
247,176,000
214,180,000
213,154,000
213,412,000
All other liabilities.
70,562,000
67,703,000
73,955,0^0
78,531,000
04,785,000
61,872,000
32,848,000
84,921,000
81,396,000
Total gross deposits......
F. R. notes in actual circulation..
Total liabilities...
.....
6,389,361,000 6
1,327,717,000 6,312,275,000 6,613,661,000 6,353.233.000 *6 267091000 6,178,771,000 6,181,220,000 5,832,049,000
.........
Ratio of gold reserves to net deposit and
F. R. note liabilities combined......
41.4%
40.4%
40.3%
40.5%
39.72%
39.4%
40.2%
40.3%
Ratio of total reserves to net deposit and
F. R. note liabilities combined..
42.9%
43.7%
43.6%
43.8%
42.8%
42.5%
43.2%
43.5%
49.1%
46.9%
48.1%
47.9%
48.1%
46.8%
46.6%
47 7%
48.1%
58.1%
Ratio of total
circulation
reserves
to F, R. notes In
after
setting aside
against net deposit liabilities
35%
Distribution by Maturities—
1-15 days bills
------
$
bought In open market.
121,443,000
106,484,000
1-15 days bills discounted
1,618.998,000 1,515,472,000
1-15 days U. 8. certlf. of Indebtedness.
19,547,000
23,748,000
16-30 days bills bought In open market.
16-30 days bills discounted
16-30 days V. 8. certlf, of Indebtedness.
55,922,000
281,399,000
14,000,000
105,890,000
516,868,000
31-60 days bills bought In open market.
81-00 days bills discounted......
31-60 days U. 8. certlf, of indebtedness.
92,432,000
307,789,000
13,500,000
85,555,000
112,627,000
109.503,000
112,734,000
110.768,000
95,041,000
99,481,000
95,228,000
,483.052.000 1,349,550,000 1.608.558 000 1,666,391,000 1,581,792.000 1,515,379,000 1,756,690,000
84.560 000
147,405,000
27,325,000
25,538,000
26,310,000
14,156,000
32.568,000
67,941.000
02.189.000
70.815,000
77,394,000
79,865.000
77,418,000
60,772,000
268,947.000
219,069,000
265,315,000
247,986,000
77.632,000
352,199,000
243,771,000
7,107,000
17,195.000
123.260,000
579.209.000
107,939.000
20,695,000
109,404,000
512 529,000
504,969,000
19,483,000
110.891,000
15.441,000
105.240,000
491.886,000
15,500,000
129,186,000
167,147,000
511,330,000
28,524.000
20,157,000
332,684.000
16,908,000
23,260,000
16,700.000
12,501,000
25,414,000
26,403*666
*2*8",*141*666
"32.164,000
*35,480*000
*4*4*,223*666
*4*0",367*666
192,104,000
188,839,000
187,532,000
188,942.000
185,940,000
185,502,000
180,705,000
22,284,000
18,870,000
6L90 days bills bought In open market.
61-90 days bills discounted.
22,435,000
356,532,000
17,039.000
346,734,000
61-90 days U. 8. certlf. of indebtedness.
22,328,000
Over 90 days bills bought in open market
Over 90 days bills discounted
13,052,000
100.047.000
506,078,000
22,371,000
29,118,000
336,732,000
25,996,000
514,192,000
25,029,000
28.475,000
27,929,000
27,222,000
34,431,000
26,653,000
286,988.000
22,382,000
253 001,000
294,330,000
301,240,000
11,002,000
23,108,000
26.092,000
13,497,000
41,144,000
64,444,000
24,177,000
522,000
7,942,000
......
21,874.000
195,792,000
Over 90 days certlf. of Indebtedness....
I
200,221,000
Federal Reserve Notes-
Held by banks
1,501,897,000 3,471,731,000 3.402,875,000 2,949,244,000
3,625,726,000 3.603,149,000 3,586,497,000 3,581,625,000 3.549,041.000 3
253.765.000
306,501,000
258,627,000
268,094,000
288,150,000
291,944,000
207,569,000
303,603,000
298,459,000
In actual circulation......
3,322,123,000 3,304.690,000 3,280,996,000 3,289,681,000 3,295.175.000 3,243,270,000 3,203,637.000 3,174,725,000 2,741,684,000
Outstanding
....
Fed. Res. Notes {Agents Accounts)—
Received from the Comptroller
7,721,620,000 7,683,640,000 7,040,540,000 7,582,040,000 7,525.140,000 7,468,540,000 7,435,580,000 7,387,780,000 5.461,940,000
3,623,381,000 3,594,968,000 3,576,029,000 3,554,226,000 3.537,490.000 3,511,315,000 3,490,516.000 3,465,042,000 2,122.288,000
Returned to the Comptroller...
Amount chargeable to Fed. Res, agent 4,098,239.000 4,088,672,000 4,064,511,000 4,027,814.000 3,987,650,000 3,957,225,000 3,945,064,000 3,922:738,000 3,339,652,000
fn hands of Federal Reserve Agent
438,609,000
473,333,000
440,189,000
455,328,000
459,863,000
472,513,000
390,408,000
478,014,000
485,523,000
Issued to Federal Reserve banks..... 3,625,726,000 3,603,149,000 3,580,497,000 3,581,625,000 3.549.041,000 3,501,897,000 3,471,731,000 3,462.875.000 2,949,244,000
—
How Secured—
By gold and gold certificates
By eligible paper
274,225,000
279.226,000
274,225,000
260,220,000
260,226,000
279,276,000
279,226.000
244,248,000
279,225,000
2.483.314,000 2,422,756,000 2,374,878,000 2,343,683,000 2.401,802,000 2,369,678,000 2,317,047,000 2,2984611,000 1,762,547,000
117 209 000
115,600,000
112,797,000
115,081.000
113,543,000
114,531,000
88,108,000
118,254,000
107,198,000
843,116,000
755,745.000
745,197,000
779.927,000
818,850,000
785,784,000
854,341,000
748,055,000
793,970,000
......
Gold redemption fund......
With Federal Reserve Board
Total.
Eligible
*
....
3.625,726,000 3,603,149,000 3,586,497,000 3.581,625,000 3,549,041.000 3,501,897,000 3,471,731,000 3,462,875,000 2,949,244,000
...
paper delivered to F. R.
Agent.. 8,027,140,000 2,921,119.000 2,932,892,000 2,732,601.000 2.899,472.000 2,962,403.000 2,890,956.000 2.860,488,000 2.312.574,000
Revised figures.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF BACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF
BUSINESS OCT. 8 1920.
Two ciphers (00) omitted.
Federal Reserve Bank of—
Boston.
New York.
Phil a.
RESOURCES.
8
$
S
Cleveland. Richmond
Atlanta.
Chicago.
%
$
St. Louis. Minneap. Kan.Cily.
Dallas.
S
%
San Fran.
I
Total.
'
^
Gold and gold certificates
Gold Settlement Fund, F. R. B'd
Gold with foreign agencies
$
$
■
10,465,0
2,410,0
75,508,0
7,660,0
28,163,0
4,387,0
19,499,0
204,065,0 56,433.0 93.633,0
235,642,0 123,753,0 140,674,0
37,925,0 10,406,0 13,486,0
34,960,0
42,494,0
8,750,0
210,303,0
Legal tender notes, silver, Ac...
6,745,0
477,632,0 190,592,0 247,793,0
2,225,0
1,018,0
127,834,0
86,204,0
7,698,0
49,149,0
6,535,0
Total gold held by banks.i...
63,380,0
Gold with Federal Reserve agents 133,424,0
Gold redemption fund
Total gold reserves
Total reserves
223,048,0
Bills discounted: Secured by Gov¬
ernment war obligations (a): 104,042,0
All other
78,283,0
....
Bills bought in open market (b)„_
Total bills
on
hand
30,045,0
7,549.0
6,384,0
3,223,0
$
Total earning assets
Bank
....
premises..............
*
7,206,0
686.0
13,373,0
4,208,0
8,637,0
2.417,0
20,692,0
4,297,0
17,156,0 80,679,0
52,554,0 187,099,0
7,540,0 26,315,0
20,703,0
48,328,0
18,260,0
5,670,0
3,447,0
25,675,0
40,979,0
4,703,0
17.434,0
28,911,0
5,396,0
74,701,0
7,479,0
49,019,0
121,0
71,357,0
826,0
77,250,0 294,093,0
1,398,0
9,103,0
1,860,0
51,741,0 159,639,0 1,996,324,0
2,791,0
544,0
161.044,0
605,466,0 191,610,0 250.018,0
87,030,0
78,e48,0 303 196,0
82,180,0
49,140,0
73,217,0
54,532,0 160,183,0 2,158,268,0
509,645,0 121,544,0 69,684,0
434,576,0 54,544,0 153,493,0
97,752,0 18,221,0 48,378,0
30,155.0
72,457,0
65,713,0 146,537,0
56,983,0 325.411,0
2,339,0 41.573,0
38,394,0
9,166,0
78,054.0
38.179,0
22,798,0
71,614,0
54,919,0 121,027,0 1,578,573,0
1,408,0
3,160,0
1,403,0
47,868,0
7,162,0
6,184,0
24,665,0
44,897,0
11,117,0
77,212,0
960,0
27,312,0
4,684,0
10,321.0
2,429,0
310,0
13,475,0
216.763,0
49,175,0
4,118,0
391,974.0
90,409,0
66,768,0
699,146,0
81,242,0 1,142.412,0
11,629,0
154,766,0
55,241,0 1,217,098,0
55,306,0
305,690,0
78,027,0 231,574,0 3,101,361,0
3,966,0
2,632,0
26,856,0
17,363*6
88,628,0 112,953,0
116,0
8,867,0
1,0
8*,4*81*6 12,826,0
234,523,0 1,115,443,0 227,104,0 295,698,0 128.291,0 140,874,0 557,644,0 135,082,0
2,128,0
622,0
1,950,0
1,253,0
866,0
1,177,0
657,0
4,028,0
97,225,0 134,647,0
603,0
885,0
90,293,0 245,413,0 3,402,237,0
1,233,0
232,0
15,634,0
*
0. S. Government bonds
$
3,122,0
133,402,0
37,807,0
32,856,0
212,370,0 1,041,973,0 194,309,0 271,555,0 114,796,0 125,089,0 513,521,0 116,566,0
114,0
555,0
1,233,0
4,490,0
1,153,0
834,0
1,434,0
1,462,0
U. S. Government Victory notes
U. S. certificates of Indebtedness
$
5,0
50,0
21,593,0
71,958,0
10,0
31,361*6
23,299,0
12*262*6
3,0
15,668,0
39,633*6
8**300*6
Uncollected items and other de¬
ductions from gross deposits..
£3,273.0
158,049,0
63,667,0
73,208,0
57,983,0
redemption
fund
against
Federal Reserve bank notes...
All other resources
1,072,0
338,0
2,528,0
1,300,0
601,0
1,139,0
267,0
451,0
30,774,0 108,807,0
69,0
11,2"07",6
273,951,0
52,379,0
27,565,0
73,629,0
54,339,0
43,050,0
796,723,0
623,0
343,0
916,0
586,0
665,0
383,0
74,0
295,0
565,0
302,0
11,666,0
4,833,0
514,204,0 1,886,435,0 484,939,0 621,507,0 275,409,0 251,624,0 973,798,0 271,513,0 174.950,0 283,589,0
'SOI,548,0
8%
Total resources
LIABILITIES.
•Capital paid In................
921,0
401,0
527,0
179,0
1,516,0
507,0
7,644,0
12,351,0
Government deposits.......
1,394,0
Due to members, reserve act
118,387,0
Deferred availability Items......
43.364,0
Oth.deposlta.lncl. for. Govt.ered.
867,0
25,294,0
8,417,0 10,299,0
51,308,0 13,069,0 13,712,0
3,254,0
16,979,0
31,147,0
720.592,0 109,681,0 152,246,0
108,667,0 49,523,0 60,801,0
15,333,0
1,733,0
1,264,0
Total gross deposits..—..... 164,012,0
F. R. notes In actual circulation. 308,936,0
867,571,0 163,615,0 218,034,0 105,802,0 70.917,0 330,414,0 112,112,0
864,895.0 274,065,0 352,480,0 143,056,0 147,883,0 555,872,0 130,084,0
-Surplus.
.
V. R. bank notes
—...........
5,216,0
8,067,0
1,116,0
57,835,0
46,379,0
472,0
3,930,0 13,720,0
7,050,0 23,917,0
1,868,0
2,253j0
49,066,0 256,476,0
25,560,0 68,922,0
423,0
2,763,0
4,306,0
5,884,0
2,246,0
62,053,0
47,132,0
681,0
3,337,0
4,505,0
5,178,0
1,274,0
8,395,0
46,261,0
24,984,0
76,35810
62,298,0
513,0
760,0
73,032,0 141,403,0
82,958,0 110,566,0
92,793.0 161,194,0 2,506,899,0
90,947,0 254,381,0 3,322,123,0
1,987,0
in circulation-
net liability-.
411 other liabilities «'*» #6* m mmVrn * *>«
Total liabilities.............
16,733,0
4,528,0
39,113,0
21,681,0
21,791,0
38,254,0
4,092,0
5,191,0
10,900,0
2,368,0
13,253,0
2,591,0
37,021,0
12,854,0
10,426,0
2,701,0
449,845,0 6,389,361,0
3,970,0
6,881,0
97,519,0
-4,152,0
11,662,0
164,745,0
2,906,0
4.941,0
43,365,0
52,023,0 118,923,0 1,825,906,0
37,502,0 34,848,0
609,980,0
362,0
2,477,0
27,648,0
8,129,0
2,316.0
15,649,0 1
1
3,071,0
7,627,0
2,059,0
10,381
.ID
4.896,0
213,154,0
84,921,0
514,204.0 1,886,435,0 484,939,0 621,507.0 275,409,0 251,624,0 973,798,0 271,S13,0'l74,950,0 283,589,0 201,548,0 449,845,0 0,389,381,0
Oct. 16
1920.]
New York.
Boston
Two ciphers omitted.
$
LIABILITIES {Concluded)—
$
Atlanta.
%
S
%
%
Chicago.
S
Cleveland. Richmond
Phtta.
1547
CHRONICLE
THE
$
i
V1'.
posit and F. R. note liabilities
cent
Total
$
$
%
•
Ratio of total reserves to net de¬
combined, per
$
$
San Fran.
Dallas
St. Louis. Minneap. Kan.City.
53.1
.....
emoranda—Contingent liability
38.5
40.5
45.6
50.3
51.2
39.0
38.3
42.0
43.0^
42.1
41..1
endors er on:
as
'
•
Discounted paper rediscounted
V'-
42.9
;
'
with other F. R. banks
47,496,0
24,234,0
•
39,384,0
19,749,0
432,0
223,467,0
34,688,0
40,166,0
75.2,0
17,750,0
768,0
Bankers' acceptances sold to other
25,225,0
9,441,0
15,784,0
F. R. banks without endora't..
'•
Contingent Hab.
for
'»
:
bills purch.
on
6,080,0
1,168,0
foreign correspondents
1,280,0
576,0
784,0
1,312,0
1,904,0
'
.1
16,208,0
736,0
416,0
■
/;
Includes bills discounted for
(a)
-
*';<\ .* v
•.
30,577,0 140,440.0
52,450,0
other F. R. banks, viz:
1
(b) Includes bankers' acceptances
Without their
endorsement
STATEMENT OF
;-
::
V
v,
{In Thousands of Dollars).
Federal Reserve notes outstanding—
..
Collateral security for Federal Reserve notes
Atlanta
Chicago.
St.L.
Minn.
$
$
8
$
%
%
S
%
..
192,687
Federal Reserve notes received from
Comptroller ,
Net amount of Federal Reserve
Total
Federal Reserve notes in
17,175
973,365 289,361 369,961 148,309 153,538
5,655
5,253
17,481
108,470 15,296
626,5.54 154,582
18,498
70,682
84,203 115A00
4,840
1,245
95,370 288,966 3,625,726
303,603
4,423
308,936
864,895 274,065 352,480 143,056 147,883
555,872 136,084
82,958 110,560
90,947 254,381 3,322,123
326,111
banks
actual circulation.u
Federal Reserve
Member Banks of the
STATEMENT SHOWING PRINCIPAL RESOURCE AND
BANK AND BRANCH CITIES AND ALL OTHER
Member Banks. Definitions of the different items
in the "Chronicle" Dec. 29 1917, page 2523.
of reporting banks at the Federal Reserve banks, as
latter, increased by 14.5 millions from 2,150.9
2,165.4 millions; constituting over 12.6% of the banks' total loans and
investments as against 12.5% on the preceding Friday.
For the New York
City banks an increase under this head from 749 to 751.3 millions is shown,
leaving the ratio of accommodation at the Federal Reserve bank un¬
changed at about 13%.
As against a reduction of 40.4 millions in Government deposits, increases
of 69.6 millions in other demand deposits (net) and of 7.1 millions in time
deposits are shown, the increase in net demand deposits corresponding
approximately to the increase in loans and investments, exclusive of Govern¬
ment securities.
For the New York City banks reductions of 20.8 mil¬
lions in Government deposits, 3.8 millions in other demand deposits (net),
and 4.5 millions in time deposits are noted.
Reserve balances of all re¬
Accommodation
shown on the books of the
to
porting institutions show a decline for the week of 18,2 millions, while
cash in vault shows a further reduction of 7.2 millions.
In New York City
corresponding reductions of 32.9 millions in reserve balances and of 5.6 mil¬
lions in cash on hand are noted.
Dallas,
Chicago. St. Louis, Minneap. Kan. City
Atlanta.
Richm'd.
Cleveland
New York Philadel.
BoUon.
Reserve District.
'
Total.
San Fran.
59
92
82
47
108
35
34
83
51
820
$46,753
$11,347
$42,279
$28,708
$14,335
$16,923
28,624
33,901
28,658
603,147
81,378
9,113
60,018
19,515
63,301
18,206
8,461.
54,665
3,935
1,032
1,789
4,828
17,729
7,402
7,345
4,281
156,961
8,077
$19,573
21,375
3,065
4,616
$209,457
249,885
$7,371
9,632
$15,471
H8.076
5,808
19,336
$21,552
53,064
38,273
$32,638
$12,507
13,264
24,584
325,704
55,727
banks
circulation
...
Other U. 8. bonds, Incl. Liberty bonds..
113
68
48
534,978
66,813
140,018
77,356
55,735
167,554
36,632
19,824
51,879
48,629
133,787
1,388,932
48,319
465,081
79,695
73,652
97,099
32,538
949,055
211,835
326,005
31,827
108,359
33,472
195,660 1,327,009
61,060
Number of reporting
U. 8. bonds to secure
U. S. Victory notes....—
U. 8. certificates of
34,585
LIABILITY ITEMS OF REPORTING MEMBER BANKS IN FEDERAL RESERVE
REPORTING BANKS AS AT CLOSE OF BUSINESS OCTOBER 1 1920
Liquidation of 57.7 millions of Treasury certificates, fully offset, however,
by increases in other loans and investments, is indicated in the Federal
Reserve Board's weekly statement Of condition on Oct. 1 of 820 member
banks in leading cities.
Holdings by reporting banks of United States
bonds and Victory notes show but nominal changes.
During the last
two weeks in September the reporting banks are shown to have liquidated
over 90 millions of certificates, or 25 millions in excess of the increase in
their holdings shown for the week ending Sept. 17, during which the allot¬
ment of the two last issues of tax certificates was made.
For the member
banks in New York City the reduction in certificate holdings during the more
recent two weeks was about 60 millions, as against an increase of 74.5
millions in their holdings reported for the week ending Sept. 17.
Loans
secured by Government war obligations declined by about 1.3 millions,
while loans supported by corporate securities show an increase for the
week of 44.1 millions, almost entirely in New York City.
All other loans
and investments went up 20.2 millions, largely outside of New York City.
Total loans and investments, in consequence of the above changes, show ah
increase of 4.1 millions, the corresponding increase for the New York City
banks being 3.5 millions.
Federal
j
System.—Following is the weekly statement issued by the Federal Reserve
giving the principal items of the resources and liabilities of the
the'statement were given in the statement of Dec. 14 1917, published
Board
In
513,405 116,486
338,616 195,541 276,108 215,968 593,912 8,267,791
739,205 2,369,173 612,889 805,048 330,876 400,877 1,389,578
.
notes outstanding
Federal Reserve notes held by
74,427
38,326
89,243 122,376 109,030 293,846 4,098,239
40,979
28,911 81,242 1,142,412
27,312
78,986 112,753 78,027 218,824 3,027,140
689,074 173,802
187,099 48,328
—
Federal Reserve
38,360
651,380 677,020 374,620 383,020 1,146,200 375,340 176,680 256,720 194,180 515,900 L721.620
gross. 682,300 2,288,260
457,126 201,538 87,437 134,344 85,150 222,054 3,623,381
288,889 1,171,895 333,739 281,659 199,773 159,777
destruction
notes received from
393,411 1,116,365 317,641 395,361 174,847 223,243
Comptroller of the Currency
52,554
235,642 123,753 140,674 42,494
133,424
Collateral received from
/Gold
212,370 1,017,166 171,495 269,013 113,535 125,080
Federal Reserve bank:\Eligible paper.—_—
Lees amounts returned for
279,276
12,331
115,081
17", 946
6,846
748,055
9,734 63,296
66,459 207,724 2,483,314
543,826
11,568
11,100
"¥,619
338,616 195,541 276,108 215,968 593,912 8,267,791
.' 739,205 2,369,173 612,889 805,048 330,876 400,877 1,389,578
.
Liabilities—
13,052
1,060
13,200
56,891
22,095
2,037
42,431
439,455 106,254
10,232
73,950
24,096
7,720
39,726
5,887
279,443
19,683
$
13,660
472,513
4,880
95,370 288,966 3,625,726
3,860
"¥,954
178,145
17~364 18,649 "¥,994
4,054
15,000 106,389 90,000 39,500 46,000
737,723 165,608 229,287 105,815 100,984
21,524
106,000
V
$
S
6,970
5,040
84,203 115,406
19,220
62,520
626,554 154,582
2,500
32,025
209,608
11,034
5,900
....
fund..
Gold settlement fund—Federal Reserve Board
/Amount required
Eligible paper:\Excess amount held..
Gold redemption
Total.
Dallas. San Ft.
K. CUy.
outstanding:
Gold and gold certificates..--,
Total
Richm'd
26,538
69,705
28,280 25,400
143,000
973,365 289,361 369,961 148,309 153,538
67,300
326,111
Federal Reserve notes on hand..
Clevel.
$
$
8 1920.
Phila.
Boston. New York
25,225, °
2,073,0
•
AGENTS' ACCOUNTS AT CLOSE OF BUSINESS OCT.
FEDERAL RESERVE
Federal Reserve Agent at—
Resources—
;
9,441,0
13,711,0
..
223,467,0
Indebtedness
h Total U. 8. securities
including bills re¬
with Federal Reserve Bank
by U. 8. war obligations..
by stocks and bonds
13,110
2,664
23,503
190,624
Loans and investments,
discounted
Loans sec.
Loans sec.
27,912
10,981
445,427
126,580
30,553
411,489
286,608
79,144
522,791
264,283
606,905
38,791
353,260
681,726
18,476
8,668
4.5,626
14,170
11,810
126,308
185,836
64,824
227,306
59,601
1,571
11,561
275,037
18,767
30,698
644,772
973,195
408,009
434,013 1,837,116
Total loans and investments. Including
1,120,491 6,483,888
rediscounts with F. R. banks
624,985
83,072
Reserve balances with F. R. Bank
108,145
2.5,113
952,813 1,512,870
106,554
67,609
'625,551
584,280 2,547,196
825,877 5,028,351
955,790
All other loans and Investments
Net demand deposits.....
—
With F. R. Bank:
Secured by U. 8. war
464.666
38,767
15,182
173,076
17,855
with F. R, Bank:
Secured by U. 8. war obligations
68.314
cipher* (000) omitted.
Oct.
Number of
reporting banks
circulation
S. bonds, incl. Lib bonds.
U. 8. bonds
Other U.
o secure
U. 8. Victory notes.
U. 8. certificates
1
of indebtedness—
Toial U. S. securities
incl. bills re*
discounted with F. R. Bank:
Loans sec. by U. 8. war obilgat'na
Loans sec. by stocks and bonds..
All other loans and investmentsTotal loans & Investments, incl.
rediscounts with F. R. Bank:
Reserve balance with F. R. Bank..
65,686
13,669
15,816
339,514
9,389
307,969
1,680
17,135
6,049
2,430
404,849
97,393
4,572
33,475
87,667
20,069
5,207
26,748
450
33,440
146,432 3,099,309
997,787 11,707,366
365,138 1,310,544 17,144,662
79,910 1,343,551
23,762
351,157
27,022
629,907 11,230,074
513,182 2,793,861
34
260,866 1,373.377
632,789
150,961
108,359
3,178
41,245
4,100
11,729
3,941
11,463
17,680
8,979
1,820
7,234
32,553
35,525
45,950"
74,471
293,371
78,002
60,101
76,188
85
2,524
29,463
4,705
2,963
269,537
84,501
1,246,435
(reporting member banks In Federal Reserve Bank and branch cities and all other reporting banks.
Cilv of Chicago.
New York CUy.
Three
187,342
,
41,048
143,001
367,996'
17,155
All other
Data of
15,105
31,917
35,507
36
Bills rediscounted
2.
378,793
20,748
45,333
303,647
24,616
oblgations
34,287
17,382
eeo,432
158,218
Time deposits
Government deposits
Bills payable
584,470
820,785 4,156,820
16,275
32,204
1.
24
Sept.
1.
Oct.
Sept.
Ail F. R. Batik Cities. F. R. Branch Cities
24
Oct. I.
Sept.2\.
Oct.
1.
Sept.
All Other
24
Oct.
1.
Total.
Reprt.Bks
Sept.
24
Oct. 1.
Sept. 24.
Oct. 3 '19
818
776
269,457
269,061
269,656
603,147
603,949
615,624
71
71
51
49
284
282
208
208
328
328
820
37,056
36,795
1,440
1,438
97,001
96,732
72,256
72,177
100,200
100,152
216,640
217,471
146,982
119,843
119,763
71,738
17,965
10,814
336,858
10,962
101,533
101,925
52,283
52,502
36,808
36,900
190.624
191,327
304,608
71,860
185,705
16,576
17,1.30
207,565
255,437
72,512
77,654
45,627
50,329
325,704
383,420
1,008.046
142,802
468,358
511,709
46,795
46,410
742,421
790,952
344,033
349,661
302,478
307,144
1,388,932
1,447,757
2,197,934
16,880
336,322
147,328
Loans and investments,
64
434,912
435,712
330
,175,0491,131,898
,673,708 3,670,828 1,103
Net demand deposits
708,525
330,914
2,203,757
,131
,093,749
7,522,614
101,785
37,,890
,524,529 4,528,310
944,,993
333,681
289,,990
329,183
Time deposits
65,867
149
,752,827 5,749,347 1,544,,704
132,,718
614,380
581,542
96,206
Cash In vault
629
^50,440 al,318,944
949,055
98,083
98,765
141,455
141,765
710,902
409,917 3,099.309 3,055,216 3,122,614
408,558
487,710
486,994
2,157,589
1,882,703 11,707,366 11,687,184 a8,751,950
7,513,741 2,307,194 2,290,740 1,877,558
17,144,662 17,140,597 15,816,663
,536,940 11,177,317 11,173,184 3,279,986 3,269,566 2,687,359 2,697,847
1,361,800 1,363,437
146,888 1,343,551
156,259
209,171 I 200,023
978,121 1,014,889
134,809
358,387
351,157
353,950
82,343
80,726
71,239
204,801
71,043
199,388
37,715
1,595,856 11 230 074 11 160,537 11.019,486
930,933 7,847,118 7,813,064 1,768,160 1,751,617 1,614,796
597,462 2,793,861 2,786,811 2,002,595
602,503
906,185
901,783
285,883 1,289,575 1,283,164
275,037
315,364
604,485
17.69Q
15,270
36,381
261,293
27,631
232,136
8,330
deposits
168,684
189,452
8,,156
Bills payable with F. R. Bank:
Seemed by U. 8. war obligations
287,530
22,,461
26,379
415,986
442,212
138,914
145,748
89.872
89,975
644,772
677,935
274,352
4,,100
4,965
4,109
5,465
110
165
486
1,243
4,705
6,873
Government
All other
F. R. Bank:
S. war obligations
Bills rediscounted with
Secured by U.
All other
139,136
10,,425
10,260
222,983
225,521
32,549
33,092
14,005
12,717
269,537
271,330
138,849
322,362
212,,824
215,191
897,502
864,220
187,634
175,167
161,299
155,385
1,246,435
1,194,772
338,107
16.8*
12.1
12.6
12.8
11.2
11.3
12.1
71
12.4
and war
loans and Invest¬
Ratio of U. 8. war securities
paper to toted
ments per eent
a
HI
Exclusive of rediscounts with Federal Reserve
banks
7.9
12 .<y
1,168,574
425,221
1548
THE
JSauIuers7
Railroad
CHRONICLE
prices have generally been maintained.
(§a*jeite.
the active list has advanced and
markets have been influenced
chiefly by the continued down¬
commodity prices and by an exception¬
ally firm money market throughout the week.
The latter is
incident to a settlement of the Anglo-French war loan to-day
and to very heavy Government financing.
Call loan rates
have ranged from 8 to 10% day by day—a rate which has
curtailed operations in this department to the lowest possible
point.
I
The drop this week in the prices of domestic productions,
including wheat, corn, sugar, cotton and copper, has caused
a good deal of disturbance, financial and
otherwise, in prac¬
tically all sections of the country directly affected, notably
the West, South and in Cuba.
The persistent downward
tendency of steel has resulted in a reduction of unfilled orders
on the books of the U. S. Steel Corporation
amounting to
about 430,000 tons for the month of September and to nearly
750,000 during the last two months.
ward movement of
The result in the stock market has been
of business and
exceptionally
limited volume
a
fluctuations of prices.
The latter have, however, been remarkably well sustained.
There was a tendency to weakness on Monday, but the mar¬
ket seemed to gain strength over the holiday and Thursday's
prices were generally the best of the week thus far.
Settlement of the Anglo-French loan to-day without the
slightest disturbance of any kind gave a new impetus to stock
Exchange operations.
Call loan rates declined to 6% in
the afternoon, after opening at 9, the transactions in stock
were by far the heaviest of the week and
practically every
issue dealt in moved to a higher level.
As a result of the week's operations the active railway
list, except Canadian Pacific, has advanced from 1 to 2 points
san a long list of industrials is from 2 to 4
points higher.
narrow
DAILY,
For
WEEKLY
AND
represented in
our
STOCKS.
detailed list
Sales
Week vfuilng Oct. 15.
the pages which follow:
Range since Jan. 1.
Lowest.
300
Am Brake Sh & F no par
800
50
100
86
400
26%
100
:f; Oct
J* Oct
Lowest.
Highest.
% per share.
46 % Oct 11
50
Am Malt & Grain no par
9
$ per share.
47
Oct
14
39
15
50
Oct
60
13
86
July
90
13
Oct
44
27
Oct
13
26
13 103
Oct
15
86
4% Oet
S
2
Associated
600
Oct
96
Oct
15
Atlantic Refg pref-..100
500 108
Oct
141 09
Oct
11 103
Austin. N & Co
200
Oct
Brown Shoe,
Preferred
100
..no par
Inc
90
15
9
15% Oct 11
85%
Feb 115%
Aug
6%
Aug 125
May 114
14%
Oct
24
Jan
Jan
Feb
May
100
300
59
Oct
11
60
O^t 11
59
Oct
100
85
Oct
13
85
Oct
13
85
Oct 100
Brunswick Terminal. 100
Calumet & Arizona.
10
400
7
Oct
14
100
55
Oct
14
55
14
52
Case Thresh M pref-.lOO
300
84%
Oct
14
86
Oct
Chicago & Alton
100
100
13
Oct
13
13
Oct
Cleveland & Pitts....50
Cluett ,Peabody&Co. 100
150
58%
Oct
11
58% Oct 11
200
65
Oct
9
65
Oct
9
Crex Carpet
100
100
58
Oct
11
58
Oct
11
45%
Aug
64
Apr
Davison Chemlcal.no par
Detroit United Ry.._ 100
Durham Hosiery
50
200
36
Oct
15
37
Oct
9
32
Aug
40
Sept
200
93
Oct
14
93
Oct
14
83
100
9
9
36
Sept 101
Sept 67%
7% Oct
Oct
4%
Aug
8%
Jan
Mar
69
Mar
Oct 101
Jan
Feb
17
Oct
58%
Oct
65
Jan
65
Oct 106
Jan
84%
13
Aug
118% May
6
Jan
36
Oct
36
Oct
.100
10 530
Oct
13 530
Oct
13 350
Oct 535
Aug
Chemical...100
Preferred.........100
General Cigar pref
100
200 146
Oct
14 150
Oct
15 146
Oct 192
Mar
300
87
Oct
15
86% May 100
Jan
50
Eastman
Kodak
General
92
Oct 15
Habirshaw E C_.no par
Hartman Corpn
100
100
14%
Oct
100
Hydraulic
par
500
Ills Cent leased line.. 100
Int Nickel pref
100
50
200
_
Steel,
.
.no
.
89% Oct 11
92
Oct
15
14
14% Oct 14
74%
Oct 15
27%
Oct
14
74% Oct 15
9
28% Oct
56
Oct
13
56
80
Oct
14
81%
90
Sept 100
14%
74%
Sept
33%
Oct
56
80
June
88
Feb
Sept 103
Sept
Oct
14
100 100
Oct 15 100
Oct
15 100
Oct
14
Oct
4
Oct
14 103
Oct
14 103
Kelly-Springf rights
Kelsey Wheel Inc... 100
Kresge (S S) Co.....100
Mall'n (H R) & Co no par
9,534
Oct
11
I
Oct
13
100 103
%
July
Sept
Oct
56
200
May
%
Oct
13%
Oct
Sept 112
Sept
1%
Aug
Oct
51
Oct
13
51
Oct
13
100 120
Oct
14 120
Oct
14 120
Aug 155
Jan
100
15%
Oct
9
15% Oct
9
15
Aug
45
Mar
100
Martin-Parry....no
100
57
Oct
9
57
Oct
9
52
Aug
Apr
par
3,140
Oct 13
19
Oct
13
17%
80%
30%
4
Oct
Apr
100
Maxwell
Motor
10011,100
Certificates of deposit. 2,500
1st preferred.
100 5.200
17%
2%
Oct
5
2%
Oct
14
6%
50
Aug
Oct
95
Apr
Jan
11
2%
Oct
38
3% Oct 11
2%
Oct
35%
Jan
Oct
14
8%
Oct
9
6%
Oct
63%
Jan
7
Oct
13
9
Oct
9
7
Oct
62%
Jan
700
3 ys
Oct 13
4
100
100
55%
Oct
9
par
500
28%
Oct
11
100
300 107
Oct
11 107%
Preferred
100
Ohio Body&Blow.no par
Otis Elevator pref...100
200 106%
Peoria & Eastern
Certificates of dep..
2d
preferred.^
3,000
100
Oct
13
! 3%
Oct
30%
Jan
55%
Oct
9
50
Feb
60
Jan
29
Oct
11
28
Oct
15 105
M St P & S S M leased
line
stock
Mullins Body
National Biscuit
no
Oct 14 106%
Oct 14 18%
Oct
15
90
Oct 15
90
Oct
15
Oct
15
200
100
Oct
9 103%
18
100
200
16%
Oct
15
16%
Pettlbone-Mulliken-.lOO
400
34% Oct
13
Pitts C C & St Louis.100
Reis (Robt) & Co no par
100
79%
Oct
14
36% Oct 15
79% Oct 14
100
11
Seneca Ccpper
10%
no par
300
10% Oct
14% Oct
14
14% Oct 14
10
1,000
Shattuck-Arizona
91.16
91.56
91.40
91.90
Total sales In $1,000 units
Second Liberty Loan
4s, 10-25-year-conv, 1942
167
88.40
8
Oct 13
Oct
11
8% Oct
80
9
Jan
Sept 51
Jan
July 125
Jan
July 116
Sept 29% June
Oct
Aug 90
June
18%
Sept
34%
Oct
44
Mar
50
Feb
80^
Mar
10
Oct
23
14%
Oct
15%
12%
8
Oct
So Porto Rico Sugar. 100
200 117
Oct
11 119
Oct
13
100
Standard Milling
Stern Bros pref
Aug 310
100
100 121
Oct 15 121
Oct
15
120
100
Oct 13
90
Oct
13
90
Third Avenue Ry___100
Tidewater Oil
100
2,600
Oct 13
19%
Apr
Oct
Jan
Feb 160
100
90
18%
Oct
Oct
14
200 210
Oct
14 215
Oct
14
190
100 102
Oct
15 102
Oct
15
102
Oct
United Drug 1st pref. .50
14
44
Aug
53
Union
55
9%
Apr
Apr
97% June
Un Cigar Stores pref. 100
Aug 19%
May 229
111%
Oct
Mar
Jan
200
45
Oct 14
45
Oct
Dyewood____100
100
55
Oct
55
Oct
9
Apr
57%
Mar
Westingh E&M 1st pf.50
100
65
Oct 13
65
Oct
13
65%
Jan
Wilson & Co pref
62% May
200
87
Oct
87
Oct
13
87
98%
Jan
100
14
Oct
Jan
State and Railroad Bonds.—Sales of State bonds at the
Board are limited to $161,000.
Virginia 6s deferred trust
receipts at 72 K to 73^ and $10,000
Virginia funded debt
1991 at 71X.
The market for railway and industrial bonds has been
,
active in contrast with the market for shares and
previous
Oct 14
Oct 15
92.14
92.50
1
92.00
92.14
92.20
i
92.24
92.30
92.40
540
915
443
1
89.10
89.10
89.10
1
89.00
89.08
89.10
1
733
t
88.90
88.20
f High
{Low.
Oct 13
1
88.80
92.44
I
[Close
88.40
88.98
39
60
f High
89.30
1
{Low.
89.30
1
Total sales In $1,000 units
Second Liberty Loan
,
4s, convertible, 1932 47
89.30
90.38
To" 80
{Low.
90.20
89..50
89.00
89.50
89.30
89.56
1
3
3
90.90
90.70
90.88
90.34
90.56
90.50
90.60
90.58
o
312
981
w
1253
1538
1913
89.98
1
89.96
89.60
89.70
89.50
89.00
Q
89.40
89.20
89.56
86.50
Total sales In $1,000 units
■■
89.50
<
90.24
[High
4%sof 1st L L conv.'32 *47{Low
| Qj()gg
■
2
89.30
89.88
[ Close
Total sales in $1,000 units....
4%s of 2d L L conv,
89.10
41
89.30
a
d
7
Third Liberty Loan
Third Liberty Loan
89.10
27
89.50
><
[Close
[ High
4%so 11928
89.10
I
1
1
1
Total sales In $1,000 units
Third Liberty Loan
89.68
60.64
60.52
89.56
03
89.50
90.80
89.70
29
104
119
122
34
88.76
89.10
S
89.50
89.30
89.46
88.40
88.46
o
88.90
89.00
89.20
88.40
f High
'27-'42{ Low.
I Close
89.04
89.14
2662
w
0
89.16
719
2725
2022
2378
f High
88.72
89.00
£
89.48
89.34
89.50
{Low.
88.40
88.50
89.00
89.18
I Close
88.46
3
W
88.98
89.26
89.18
89.34
O
50.64
27.49
28.06
Total sales In $1,000 units......
Fourth Liberty Loan
4%s of 1933-38
Total sales in $1,000 units
11.35
Fourth Liberty Loan
88.98
/
f High
4%s,lst LL 2d conv,'32-'47{Low.
26.54
89.36
M
H
1
IClose
1
Total sales in $1,000 units
1
"
Victory Liberty Loan
1
96.38
96.70
96,14
96.24
96.28
1263
870
(High
96.26
96.50
96.26
96.14
(Close
96.26
96.24
100
534
1
1
"96" 10
96.22
96.00
£6.04
96.12
f
96.14
96.04
1
96.14
[High
4% conv gold notes, '22-'23{ Low
[Close
Total sales n $1,000 units
96.00
96.06
949
1728
1658
96.24
96.12
P6.18
1
96.10
£6.00
96.04
1
96.10
96.00
96.12
1196
433
390
•
»
1
I
1
Foreign Exchange.—Sterling ruled dull but about steady
until the close, when prices
slumped sharply.
The Conti¬
nental exchanges moved in
sympathy.
Trading was quiet
To-day's
(Friday's)
actual
rates
for
sterling
exchange
were
3 41%@
3 42% for sixty days, 3 46@3 46% for checks and 3
46% @3 47% for cables.
Commercial on banks, sight, 3
ninety
days,
3 37%@3 38%,
45%@3 46%; sixty days, 3 39%@3 40%
and documents for payment (sixty days)
iy i.
15.43
for long
and 15.41 @15.46 for short.
German bankers' marks are
quoted for long and short bills.
Amsterdam bankers' guilders were
30.45 for long and 30.80 for short.
Exchange at Paris on London, 53.27 fr.; week's range, 52.75 fr. high and
not yet
53.27 fr. low.
The range for foreign
exchange for the week follows:
Sterling Actual—
Sixty Days.
3 46%
3 41%
High for the week
Low for the week
Paris Bankers' Francs—
High for the week
Low for the week
Checks.
3 50%
3 46
Cables.
3 51%
3 46%
.15.10
14.99
14.97
15.43
15.42
15.40
German Bankers' Marks—
High for the week
1.56
1.58
1.41
Low for the week
Amsterdam Bankers' Guilders—
High for the week
Low for the week
1.43
30%
30 15-16
30 5-16
30%
Domestic Exchange.—Chicago, par.
St. Louis, 15@25c.
discount.
Boston, par.
San Francisco,
par.
$1,000 premium.
Aug
27%
Central...
100
Kayser & Co 1st pref. 100
11%
Jan
15%
Oct 109%
13
Internat Paper pref..100
11
Jan
Oct
Iowa
Preferred
{Low-
Oct 12
92.00
l Close
3%8,15-30 year, 1932-47
Jan
Apr
100
__
11
91.44
July
15
Oil
Oct
(High
First Liberty Loan
July
Oct
Oct
Oct
Apr
Oct
86
Oct
3%
48%
52%
400 102
100
Feb
13
900
Snuff
Highest
$ per share. $ per share.
Assets Realization.... 10
American
9
Oct
Daily Record of Liberty Loan Prices
throughout.
for
Par. Shares
Preferred
on
Range for Week.
Week.
Amer Bank Note
Liberty Loan issues.
Total sales in $1,000 units
The following sales have occurred this week of shares not
half
States Bonds.—Sales of Government bonds at
Board include $1,000 4s reg. at 105 and the various
ex¬
1544.
see page
than
United
the
Victory Liberty Loan
YEARLY.
transactlojns on New York, Boston, Philadelphia and Baltimore
changes
a
3%s conv gold notes,'22-'23{ Low.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
More
few have made
exception
gains.
Conspicuous among the latter are Readings which
close 5 points higher than last week, 33^ of which were added
during the last hour to-day.
On the other hand all declines
are represented by minor fractions and several active issues
are unchanged.
Wall Street, Friday Night, Od. 15 1920.
Miscellaneous
Stocks.—The security
and
[Vol. 111.
Outside
Cincinnati,
Montreal,
31 1-16
30%
SI,000
$108 75 per
per
par.
Market.—"Curb"
trading proceeded in listless
particular trend to prices until
to-day, when business was more active and a generally higher
range of values prevailed.
Oil stocks were prominent, with
the South American oil shares active features.
Carib Syndi¬
cate from 12 sold up to 17^ and closed
to-day ar 16%.
Internat. Petroleum, new stock, weakened from 16 to
15%,
but recovered to 16^.
Maracaibo Oil dropped from 18^
to 18, advanced to 18% and ends the week at 18
Colom¬
bian Emerald improved from 43^ to 7.
Simms Petroleum
was off at first from 10 to
9%, rose to 11 and finished to-day
at 10%.
White Oil was active and after early loss of about
a point to
21% advanced to 24% and ends the week at 24.
Trading began in Creole Syndicate and the price advanced
from 6% to 7%, with a final reaction to
6%.
Fensland Oil
sold up from 14 to 15% and closed
to-day at 15.
GuffeyGillespie Oil com. gained over a point to 32^ with the final
transaction to-day at 32y2.
The industrial list again in¬
cluded a large number of issues but trading was
light.
Gen¬
eral Asphalt com. sold up from 51
l/i to 57
and at 5634
finally.
Maxwell-Chalmers A shares advanced from 52>1
fashion this week with
to 60.
no
The B
shares fell from 19 to 16 and closed
to-day at
Philadelphia Insulated Wire sold for the first time up
from 52% to 53.
Submarine Boat improved from 10 to 1234
and ends the week
at|12. Tenn. Ry., L. & Pow. stocks were
active, the com. advancing from 1% to 334 and the pref.
from 3^4 to 734The close to-day was at 2}4 and 6, re¬
spectively.
Trading in bonds was again heavy.
The new
Anaconda Copper Mining 7s were traded in for the first time
and rose from 96 to 9634» with the close
to-day at 9634- The
old 6s weakened from 9034 to 89/and sold
finally at 8934Grand Trunk Ry. improved from
10034 to 10134 and closed
to-day at 101.
17.
A
complete record of "curb" market transactions for the
on page 1558.
,
week will be found
1549
Exchange—Stock Record, Daily, Weekly and Yearly
New York Stock
OCCUPYING THREE PAGES
of stocks usually inactive, see preceding page.
For record of sales during the week
NEW YORK
for
Oct.
Oct. 9
78%
9%
9%
9i2
*95%
9934
98
98
46i8
53ig
4634
4534
46%
53iS
53
53
123a
13%
12%
9
88
8734
88%
88%
9
77%
77%
77%
78%
10
10S4
10%
1034
■'
48
49%
53%
52%
53%
53%
54
14%
13%
14%
14
14%
9%
9%
93g
I-
12
1214
12%
12%
2812
29i2
28%
29%
40
41
39%
60l2
6178
42%
6338
8214
8234
•■''J
12
'm
1
.■|
.-..v'. •;.
••••i
\.
' 1
t
■'
•
:
.
"
y
1
,
•■''"•V.'/i
8234
38U
3758
83
82%
69%
:
1
.
44%
■;
83%
82%
82%
110
110
38%
39%
39
40
82%
82%
83
83%
';V,
I
y,--
'
70%
69%
70%
59"
70%
62"
*54
"59"
56%
"32% ~33~
34"
"34"
,2'!-'/
1
r;
"
-
33
32%
t
Febll
100
58
June26
90
Janl4
95
42
Feb
*233
m
m
2%
2*4
2%
234
4
4I4
714
4
4%
*6
I-v
*6
*8
18
18%
27%
28
28%
27%
*201?
21%
86%
3314
88I4
*20%
86%
3312
34
15
15
15
*30
33
*31
34
95
95
88%
28%
21
21%
88%
87%
8934
34%
34
34%
34%
3434
15
15
15
16
16
*31
34
31%
31%
94
1
■
•
94
94%
94%
'
49%
4958
5038
21
21%
20%
*32
38%
19%
34%
I8I4
-v'.'
'
:.V"'
22
23
36
36
54
55
'''\-fs- '■
108
;
t
■
-
1834
18%
v'.-;-...-
1
20%
19%
19%
1834
108
...
88
88
86
§86
•
55%
54%
107
57%
56
'
*
92
§92
-
<
412
478
4%
8%
8%
8%
6*4
6%
59i2
"4%
8%
9
2734
59%
5834
52%
A.v;
28%
52
53
CO
52%
79%
78
52
52
*66
70
*68
34%
_
_
*60
i
'
29%
52%
53
52%
53%
634
6%
59
5934
59%
60
81%
80%
8134
81%
83%
57%
55
5934
60
62%
70
6%
80
*70
73%
73%
70
0
62
68%
67%
68
69
1
62%
34
34%
34
34%
34%
35%
23%
2484
24%
25
24%
25%
■"
O
100% 101%
99% 101
102
101
88%
90
44
43%
44
27%
28%
28%
90
44
43%
27%
28
28
64
92
28%
43%
.
q
90%
43%
9034
43%
S
■
■
90%
64
893j
435s
28
y
89%
E0
88i2
29
28%
*64
5334
363s
*77
80%
98
80%
0
53%
54
37
3734
*77
80%
79
100%
-
^
47
«
47
47%
47%
50
0
51
51
52
31%
32
31%
45
45
i'
34%
35%
42
42
30%
32"
45
45
3412
35
41
413^
984
1734
40%
41%
9%
9%
17
9834
3U8
9934
31%
65%
3034
6434
31%
65i2
23%
17
31%
31
■
17
9 884
19l2
*30
■y
"33%
■
_
35
O
17
O
17
g
3034
'
■■
6434
653s
13%
13
28%
2738
11%
32%
23
*22%
14%
15
14%
23%
22%
24%
35%
7434
!
25l2
14%
26%
24
40
40
67%
1234
13%
13
28
27%
28
28
12%
12
12%
32%
33%
12%
32%
24
22%
15%
1434
15%
15
25%
25%
27
36
36%
36%
36%
36%
37%
1
7434
75
74
74
15 s
7434
14%
75%
14%
15%
15
15%
26%
26%
26%
t
....
i
*60
63
*60
62
40
41
1%
1%
*35%
36%
*35%
*27
29
*27
28%
60
*59%
41
~32% "33 "
"32%
1
41
41
*86l4
•
2%
58%
"33"
r
83%
1
1
*8634
87%
72
72%
7234
41%
1,300
15,600
3,300
9,900
1%
2%
59%
58%
"33%
33%
•
w
~3134
-w
-»*
"75%
1
32%
134%
134
134%
#
1
~24%
1
24%
....
3234
1
""9% "9%
32%
32%
«...
147
146% *141
10%
9%
1034
60
5634
5934
5934
38%
z38%
*145
82
—
1
1
1
w
59~
59~"
z56~8
56%
71U
*934
72
71
72%
10
*9%
10%
66
67
f
«
I
1
f
-
•'
"94%
101% 101% *100
1
t *
Bid and asked
9534
23%
25%
25
25
*64
70
101%
t m*
9%
*141
147
9%
147
10
10%
10%
10%
10%
1034
57%
58
58
58
58%
60%
39
39
40%
41
7134
....
-
72
73
73
73
10
10
*10
10%
*9%
74%
10%
I
67
67
*66
68
66%'
69%
97%
98%
*80
•
s
1
"95"
97%
*100% 101
1*
prices] no sales on this day.
9%
9%
85
'
ill
1 fiSo
96%
97%
100% 1003s
1470
6ig
25g Dec
Oct
Apr30
1234
Feb 13
213s Sept20
30% Oct
18i2 Dec
1334 Dec
9034
75i8 Dec
Oct
31®4
4l78 Marl9
Aug 9
7
17ia
Oct
7
Sept
3534
Oct
30
Dec
80%
Febl3
Aug 4
97%
538
Oct 4
3
8578 Dec
3% Mar
834 July29
1678
Oct
10
Dec
1358 May 5
Mayl9
27%
52i2
Oct
13
Nov
Oct
40
Dec
Febl3
2434
Oct
7
Feb
Febll
40
Oct 6
13
Dec
3984 May24
5578
Oct
40i2 Deo
Jan
40
8i8
16
Oct 5
104% Aug
37% Dec
5
Aug 9
11212
38U July 2
9
Feb 13
57l2
Octl3
21
Oct
Feb13
9034
Oct
70
Dec
94
Febl3
90
Dec
11
Feb21
18
Febl9
94
63
8OI4 June23
3i2 May22
7
May24
21'
Febll
36
Febll
9i8
45s
147,
t Ex-rights.
100% 100%
147,
is
pref
Allis-Chalmers Mfg
Do
Do
Oct
Junel8
60%
Oct
414 Dec
2884 Apr
Febl3
2334 Feb 13
83ls
Octl5
6634 Dec
62%
7314
Octl5
OctlS
60i2 Dec
70
Oct 15
40
Febl3
414
31
64i4
Aprl3
50
41*4 May 4
Febll
23%
23»4 Sept
Oct 4
Feb 6
2738
84% Junel6
6684 Junel2
103%
92U
37%May24
44
Aug 17
32
Febl9
12i8
Aug 5
68
16
22
66
June
39
8
Febll
21%
6678 AuglO
20*8 May24
Dec
Mar
39
Apr
39%
Oct 2
24
Dec
8434 Sept25
75
Dec
7378 Dec
5638
Oct 7
OctlS
65
Octl5
3384 Dec
3378
Oct 4
10%
Jan
48%
Oct 2
8ept27
20
Dec
4578 Sept23
23
40
33
1178
Oct 4
205s
Oct 4
12
Febl3
Jan
Do
9178 Nov
20U Dec
Oct 5
6278 Dec
18
Febl4
50
Feb13
6612
17
Oct 11
47
Mar22
27% June23
39
Oct 8
29'4 Dec
Feb13
12918
Oct 7
1191s Aug
61% May24
16914
Jan
3
7ig Aug 12
Aug 9
14
Oct
5
2934
Jan27
15
7
13
Oct 4
Febll
345«
Oct
5
7U Dec
2014 Dec
June21
23&8
Oct
8
14
155s Sept30
OctlS
40
Sept27
16
Dec
17
Feb
Feb
110
14
May20
20%
14
Feb 13
8%
11
July30
Febl3
54% Feb 5
20%
27
27i2
63
7U
9%
Jan
Dec
Jan
Jan
Dec
Apr
75'2
Oct 14
62is
9
June23
16
15
May20
28
Oct 4
Oct 5
17
Jan
25.
MaylO
48
Oct 2
25
Dec
Apr
295s
Apr
21
Jan
1
465s Mar29
10
10
1
Aug 9
1
Augll
56
Oct 8
57% Augl8
386s Oct 1
72
Janl2
8834
Jan
5
23s Mar24
3
Mar31
8884 Septl3
5378
56i2
Jan
66
Jan
li2 Dec
1«4
Jan
6238 Septl7
91
Septl8
28
734 Mar
Aug 9
Jan 3
3
30
817s
Jan
Jan
70*8 88ugl7
75
Aug 9
92
Jan
95
Jan28
87
Sept
100
845s June 2
9612
Janl6
x92
Dec
7084 AuglO
10334
Aprl6
62
Jan
pref
100
pref
pref
Amorlnan
| Less than 100 shares,
Dec
3
Oct 5
10538
3314
88%
pref
100
Agricultural Chem.. 100
3,500 American Linseed
Do
pref..
20,900 American Locomotive
300
Dec
65g Dec
1
July
Dec
1078 Dec
July 1
6
10
Jan
56
Oct 4
3278 Mar 9
33% Mar 9
15% Febl3
23i2 Janl4
Febll
77
3978 Dec
Feb27
101%
11
Dec
Oct 4
Oct 7
6
57l2
Febll
64«4
95
Oct
4284
*78
SeptlO
685g Sept28
30*8 Aug 9
Oct 6
Feb25
10534 July 7
85%
124%
93
Jan
5
84%
12834
Jan
2
84i2May
6134
Jan
3
427a
Jan
3
..100
a Ex-div. and rights, s
25
11612
Oct 2
15lg
95
Feb 6
175
9%
5584
Octll
Octll
122
86
3038
Jan
3
Mar26
Jan
3
Jan
3
Anrl 5
Jan
Jan
13%
Jan
71%
Jan
Jan
2
12012
1412
Jan
3
523$
95
Apr
68
X15,
Jan
88
37i2 Aug
54«4 Jan
Feb13
96t2June 1
Feb
3958
76i2 Sept
AuglO
Feb13
Dec
Mar31
53
82
84%
113
IOI4 Nov
37
64% Aug 5
z98
Jan
Feb
Jan 14
5312 Marl9
100
Rflfpfv Ras^r..
Apr 9
Feb 4
9
9i2 Aug 7
100
1473s
5484
61% Aug 6
80
Aug 3
—100
101
22% Sept30
61
Aug26
10
100 Am La France F E
synn
Dec
16i2 Nov
Febll
Amer Druggists Synd cate.
.
Nov
25i8
37U Sept23
Aug 6
...100
10
T.900
50 American Express
100
2,500 American Hide & Leather. 100
Do
pref
100
4,000
100
800 American Ice
Do
200
pref
100
9,300 Amer International Corp.. 100
Do
Jan
37i2 Dec
25
....100
100
Feb
8i2
25
Mln'g.
Jan
2218 Nov
Feb28
5512 Oct
3 Us
no par
pref
Jan
Jan 24
25l2 Aug 18
-.100
100
100
50
Express
Apr
12% Dec
2284 Sept20
Feb 9
12i2
6584 Junel2
30
Apr
Feb
538
7
7,100 American Car <fc Foundry.. 100
Do
400
pref
100
100
1,600 American Cotton Oil
110% 110%
«
!
"94i"s ~95%
3i2
Oct
Jan
9%
100
2,200
5,100 American
Do
100
pref
34
w
109% 109%
24%
24%
-
3
Feb24
8
9
163s
Oct
MaylO
17i2 May20
2,100 American Beet Sugar.....100
Do
pref
....
100
79
32%
86%
*141
3
172i2 Mar
260% Septl5
Oct
2
212
Magneto..No par
Can
100
109%
147
9li2 Dec
Amer Bosch
109%
§147
Oct
______
134% 135%
1
1034
"M00
7434
134% 135%
9%
Feb
108
100
100
100
Allied Chem & Dye
200
134% 135%
*9%
45
pref
Alaska Juneau Gold
87%
"76"
78
»
9%
Dec
Janl6
..100
100
AJax Rubber Inc
755 Amer
"
""914
48
43
100
Alaska Gold Mines
84
*
82
86%
~32%
32%
1
laa.
Do
100
87%
74%
87%
75
*
82
34%
-
*82
82%
75
75%
73
*
"I
~32%
"34%
33%
87%
87%
*8634
1
1
82%
82
82
■
:
54
Augll
Ore
Adams
Do
•
1
82
*
82
•
.
100
2
2
57
.1
1
871?
72l2
*
■
Dec
Dec
July 6
100
400 Advance Rumely
6134
1%
2
2
57
t,..-
83
82
§82
"
19
3638
-
1
.
32%
*75
75%
75%
134
1%
1%
1%
*60%
62
*1%
t
Sept
35
...
36%
29%
56%
•
•
40
41
Feb
63
Industrial & Miscellaneous
4034
§
1
2
5634
48
*27%
■
!
57
66%
27%
44
60
t
t
2
~56%
27
45
*35
r
'■
Iron
'
1
28%
27%
*40
1
38%
*27
33%
22%
15%
24%
I
*35
12%
24%
1
38%
29%
*21%
13%
28%
-
Dec
46
—100
1,000
50
7,300 Lehigh Valley
100
400 Louisville & Nashville
100
1,700 Manhattan Ry guar
100
5,600 Mlnneap & St L (new)
100
110 Minn St P & S S Marie
Do
pre!.
.........100
50
Missouri Kansas & Texas. 100
8,700
Do
pref
100
2,000
13,600 Missouri Pacliic trust ctfs.100
Do
pref trust ctfs
100
8,430
4,200 Nat Rys of Mex 2d pref. .100
2,300 New Orl Tex & Mex v t C..100
100
45,200 New York Central
8,000 N Y Chicago & St Louis... 100
First preferred
100
300
Second preferred
100
1,100
100
20,500 N Y N H & Hartford
.100
3,700 N Y Ontario & Western
100
2,500 Norfolk & Western
100
26,700 Northern Pacific
50
13,797 Pennsylvania
100
7,700 Pere Marquette v t c
Do
prior pref v t c
100
200
Do
pref v t c
100
700
100
6,300 Pittsburgh & West Va__
Do
pref
100
100
50
124,500 Reading
Do
1st pref
50
4,500
Do
2d pref
-50
13,800
20,400 St Louis-San Fran tr ctfs.. 100
Preferred A trust ctfs...100
200
100
10,800 St Louis Southwestern
Do
pref
100
5,300
100
1,900 Seaboard Air Line....
Do
pref
.....100
2,500
100
46,900 Southern Pacific Co
100
45,000 Southern Railway..
Do
pref
100
1,800
100
85,800 Texas & Pacific
Twin City Rapid Transit.. 100
...100
18,750 Union Pacific
Do
pref
......100
1,500
1,500 United Railways Invest... 100
Do
pref
100
2,400
100
11,600 Wabash
Do
pref A.........
100
8,400
Do
pref B
100
400
18,800 Western Maryland (new).. 100
Do
2d pref....
.100
28,500
100
3,800 Western Pacific
Do
pref
100
1,000
5,953 Wheeling & Lake Erie Ry.100
Do
pref
..100
2,300
.100
2,200 Wisconsin Central
„
24
:
1
1
"i% "T%
127%
67
32%
39
127% 128%
67% 67%
126
24
23%
1
75
*27
*36
14%
t
•
40
*35
19%
13%
31%
:
24
40
23%
67
*21
1' ••
15%
75
1412
■
.'.t
36%
14%
37
75
65%
21%
31%
6434
11%
1
23
37
65%
101%
32%
31%
65%
65%
100
9934 100%
32%
30%
27%
15%
22%
17%
18
1234
32%
23
10
17%
67
t
12%
31%
12%
32%
43%
9%
*36
27%
12
37%
42%
9%
125% 127%
1
13%
2712
36
42
40
*36
39
*67%
*13i4
35%
2134
40
18%
!
20%
17%
17%
33%
'mm_
^
- •
41%
9%
99% 100%
125% 127
67%
67%
126% 1267s
67%
32%
32%
65
■'
y
"35"
9%
9%
9934
*36
40
57
57%
rl
49
49
50
93s
99% 101
56%
99% 10034
47
+
m ^
m*.
,
'*»
"36%
80%
98
ft
■
98%
9634
3634
*77
■■
64
79
52%
35%
53
353g
36%
97U
,
52%
5234
5434
3612
43%
37
'
*77
6%
6%
59%
52%
: ■;
O
33% 343g
23% 24% 'v..''''.
100% 100%
24%
f; 24
28%
70
P
1—1
62%
34%
2834
79%
70
*60
28%
59%
w
52
7834
11%
10
634
6%
*50
.
5%
5%
5%
10%
.
59%
79%
„
4%
8%
27%
28
27%
5134
634
52
•"> ■'.
4%
Q
434
8
27l2
„
"
32
Oct 5
Oct 8
100
& Rio Grande
pref
Do
39
39
*106% 109
57%
55
!
1834
54%
5234
1
..
38%
,
Do
Do
pref
1,600
12,600 Kansas City Southern
Do
pref
.....
3,216
1,500 Lake Erie & Western
5034
21
*106
•
553s
18%
49
20%
I
l
107
55
50
19%
*35
1 'V,
1;
:
53%
5234
50
19%
.«
:
26%
1534
24%
49%
88
Febll
properties-Ao par
ctfs...l00
100
100
900 Illinois Central
Interboro Cons Corp..No par
7,500
1534
25%
16
49%
t:~'....
1
35
15%
25
15%
25
57
20
800 Gulf Mob & Nor tr
Do
Pref
400
5
5
14%
i
pref
2d pref
enver
2,300
95
4%
434
23%
1434
49%
1st
Do
2d pref.
1,300
13,800 Great Northern pref
32%
31%
94%
4%
4%
.
Oct 4
Mar30
Sept28
68% Oct 5
6
May 19
Do
pref...
100
14,700 Erie ..................--100
Do
1st pref
100
6,800
29%
2034
15
'
'i t
-
•
24%
106
21
34
•
14%
55%
19%
28%
28%
1
'•
•
,
23%
54%
19%
1
434
15
108
12
19%
20%
87%
'
1
95
4%
24%
55
*8 '
19
28
:;y-
1
.1
24
535s
12
18%
7%
88%
»
y;..
1412
*106
8
*8
18%
*20
21%
94%
*6
11
5514 Aug
62
100
100
...100
...100
pref
Duluth S S & Atlantic
87%
: :
34%
15
434
7,500
8
*6
27%
\:A\: V,
i
;
458
4
18
11
18%
'••••;
y|..y.
•
11
18%
*6
2%
4
2%
3%
234
'
33s
Dec
Oct 4
83U June29
165
Feb10
1,900
3,400
252
*8
8
v
*9
.
•
2%
4%
4%
1
:';&•!{*i
••
247
68
8
62
"""800
103% 104%
246
'
241
237% 239
2%
2%
Jan
Oct 5
7212
100
Do
103%
103
'
M
~
241
22%
7158
Do
106i2 106I2
Dec
54
1
'•
Nov
8434
iolorado & Southern
900
33%
33%
33%
4878 Dec
85
Mar
Feb13
Do
33%
Dec
116
120
64
pref
Dec
3418
Jan 6
June28
!lev Cin Chic & St Louis. J
Jan
21
Oct 5
June24
100
100
6%
Dec
7U
91% MarlO
67
98
preferred..
preferred
1
1
65
Dec
3%
Octl5
41
••
•
443s
Febl3
4584
3
Sept27
Febl3
Do
~5634
1978 May24
30U Feb 6
Dec
5U2 Dec
17% Sept27
14i2 Oct 4
333s Oct 4
23ia
7%
100
'•
i
15
'hie St P M & Omaha
"""260
*70
Feb 17
Dec
5
12618 Dec
Jan
6878
4^8 Jan 10
7
Febl3
pref
10
3
Oct 2
134
100
•'
t
•
38i2 Dec
Mar
6
13U Maris
May20
Febl3
pref trust rects
hie Rock Isl & Pac
16,600
1,900
1,200
70
.
Oct 15
Maris
512 Septl4
100
9,800
hicago Milw & St Paul... 100
35,200
Do
pref
100
26,700
13,763 < hicago & Northwestern.. 100
Do
pref
100
800
64%
63%
63%
110
87i2 Deo
2834 Deo
4018 June28
9% Aug31
hicago Great Western.-.100
Do
"
.
....
31%
42%
82%
83
70
1
•y,
29%
42%
38%
82%
70%
'
70
29%
63
80i2 Dec
767g Dec
Jan
4
Do
6,100
*108
3
17
x82% Junel8
27*8 Febl3
110
15
54
Apr 21
47
2,800
12%
82%
111
Oct
share
per
12% Sept27
104% Oct 5
493s Octl5
82
May20
5
;
share
per
90
72
600
13
12%
29%
4134
38
82%
70
12%
12%
63%
82
"•!
:
12%
42%
*108
•
3838
83
..."j
/
12
29%
1
•
375s
70
12
"l2% "12%
12%
'
'
110
68%
13
41%
62%
■■■"'•
1
•
67%
9
Highest
Lowest
Highest
$ per share
76
Feb 11
10,800 C
6734
«
12%
28%
:
r.
■
-•>
m
1134
•
:?•
126% 127%
673s
67%
6634
•••i1
9%
9%
126% 127%
12534 12634
'
.
t.••
12*2
110
97
48
9
I
1112
*108
97%
4634
•
11
82
97
47%
13
I
/
11
603s
100
99
46%
5234
*95
v
11
110
9%
9%
t
9
8%
126% 127%
67%
6634
r
:
Par
12,700 A
Do
pre!..
100
3,200
2,800 A tlanta Blrm & Atlantic.. 100
.100
1,400 I tlantic Coast Line RR
100
31,700 I altimore & Ohio
Do
Pref...
100
1,500
6,800 I rooklyn Rapid Transit... 100
Certificates of deposit..
2,100
30,500 <
90
78%
13%
9
1
•
y t •
Lowest
Railroads.
Shares
$ per share
78
88
78%
88i2
78i4
918
12612 127lZ
66I4 67l4
Week
86%
87
78U
8734
the
Oct. 15
S per share
% per share
$ per share
$ per share
9 per share
EXCHANGE
Friday
Oct. 14
13
Oct.
Oct. 12
11
Thursday
Wednesday
Tuesday
Monday
Saturday
Range for Precious
Year 1919
Range since Jan. 1.
On basis of 100-share lots
STOCK
SHARE
PER
SHARE
PER
STOCKS
Sales
CENT.
HIGH AND LOW SALE PRICE—PER SHARE, NOT PER
99%
109U
107
Feb
Jan22
7
Jan27
441 g Mar
85
Mar
Apr 8
58
Jan
Mar 9
100
Jan
177« Jnnelft
En-dividend. % Full paid
1550
New York Stock Record —Continued—Page 2
For record of tales during the week of stocks usually inactive, see second
page preceding.
PER SHARE
HIOH
AND LOW
BALE
PRICE8— PER
SHARE.
NOT PER
CENT.
Saturday
ionday
Oct. 9
Oil.
9 per than
I per share
i778
17%
♦76
17%
78
S9l4
38
103"
10518
110
88
92%
38%
89
*134
135
*89
"72"
87%
98%
133
90%
I per share
$ per share
76
58%
59%
5S78
92%
92%
37%
92%
38%
857«
104%
STOCK
EXCHANGE
132
134
90
51%
28%
51
*58%
55
*50
130
92%
11%
4978
*26%
*83
"17"
"l7"
68
50%
Jan
69
Oct
Jan
29
July
25
44
59%
Jan
9
40
Jan
65
July
*62
*62
*90
50%
66
146
67g
*13%
678
16
130% 133%
102% 102%
"
130
*%
4%
"70%
7S
4%
%
4%
3,
4%
71%
"71%
72%
67g
678
2,450 Barrett Co (The)
300
100 Batopllas Mining
*94%
*78
90
56%
1,200 Brooklyn Union Gas
*96%
6%
98
98%
6%
99
1,000 Burns Bros
14
15
15
140 Brooklyn Edison, Inc
20%
Jan
567
64%
Jan
86% Sept
40%
39%
500 California
40%
41%
J*
<
P
32
9478
43%
947g
27,450 Central Leather
96
38
38
381
79%
85%
84
87%
3,500 Cerro de Pasco Cop
15,800 Chandler Motor Car
80%
2-79
CO
29%
28%
30%
30
32
3378
34
34
58
58
58
59
60%
20
19%
20%
20
207»
73
IS
*77
81
72
72
72
83
p
*80
83
*80
86
I
w
CO
5
o
9%
934
9%
26%
*72%
26%
o
6
s
40
9%
26%
73%
73%
*98
9%
26%
100
10%
10%
10
10%
10
83
84
84
85
10078 10078 *100
101
101
101
36
37
*130
132
36%
129% 131
927s
927s
36
36%
130% 132
*93
93%
93%
34%
33%
34%
75
75%
75
75
75
75
41
40
11%
11%
11%
23
23
23
24
24
8
84
&
33%
110
65
65
66
65%
67%
94
94
93%
93%
94
94
69%
M
69%
70
70%
84
84%
85
85
*9%
33
*104
12
33%
110
*9%
33
110
900
*104
110
138% 139
140
73
73
73
18%
18%
187g
68
63
85
20%
~6% "¥%
65
63
63
63%
85
*81%
*65
70
63%
85
73
18
66%
*72%
1778
66%
66%
67
66%
*77%
66%
78%
*77%
78%
78
50%
51%
50%
*31%
34
78
*84
86
*85
*33
35
*33
37
32
49%
50
66
66
85
35
27%
"27%
16
1678
17
50
50
"67%
49
6~8"
69
69%
*21%
68%
23
21%
21%
104% 106
103% 105%
13%
14
14
6
19
80
111
111
108"
110
21
79%
112
To""
7078
72%
18%
71%
72%
69%
72
38
38
38
39
40%
18%
"17% Ys%
*72
73
*72
74
*60
63
73
73
*60
62
*60
63
*60
64
177g
72
29%
7278
74%
30%
181}
74
30%
6
5%
197„
18
18%
75%
75%
76
72%
30%
33%
42
151o
*19
18%
72%
30"
6%
678
177g
74%
*17%
55
*90
6%
5%
15%
19%
56%
93
29
57g
5%
14%
17%
55%
*90
30%
6%
6
6%
6%
5%
7
147g
177g
13
18%
13
18%
56%
fl52
53%
93
*90
93
Dec
43
60
Sept28
147
Jan
6
80
92
Aug
6
104
Jan
3
101%
Aug
107%
65%
Feb 11
95
Jan
5
83
Dec
123
91%
Aprl5
100
and asked prices;
no sales on this day
| Lees
100
21%
*99
r20%
105
21
than 100 shares
48
Jan
3
May20
36%
Jan
5
57g_ Aug 9
19%
Jan
5
15
19%
20
49
Oct 4
JunelO
58% Feb27
79% May25
134
May20
72% Aug 9
16% 8ept30
64% Oct 6
Dec
23% July
48% July
173
Oct
55
Oct
64% JuLy
38% July
77% July23
75%
Jan 3
47
Jan
94%
Jan
5
90
Dec
101
Jan
2
144%
Feb
176
Oct
Jan
3
82
Jan
95
June
82%
Feb
56%
Jan
172
89%
42
95% July
Aug
Mar26
85%
Jan
74% Sept27
94
Apr20
Sept27
857g
Jan
5
84
31
Aug 9
Feb25
102%
100
6
94%
Apr
"93% "Oct
109%
Apr
3
47%
Dec
80
Jan
5
46%
Dec
53% Nov
Cananea Copper.. 100
700 Guantanamo Sugar
ru par
*23
Aug
6
38%
Jan
3
32%
Dec
47% July
600 Greene
10
Oct
9
ctfs..100
41
Aug
No par
64
AUg
9
9
78% July 8
Oct
6
July
2
102
Aug
20% Augl7
tr
4,000 Haskel A Barker Car
300 Hendee
Steel
Manufacturing... 100
2,900 Houston Oil of Texas
75
10
13
5
6,000 Inspiration Cons Copper...20
800 internat Agrlcul Corp
100
500
Do
21%
100
3,100 Hupp Motor Car Corp
3,400 Indiahoma Refining...
pref
100
Feb 13
42%
Feb
10%
Jan
68% July
37% July
69
88%
Aprl5
48
Jan
91
142%
Aprl3
Jan24
110%
Jan
149% July
111
Dec
120
Jan
67% July
128% May
Feb11
100
17%
69%
Oct
7
100
51%
Jan
3
21%
Oct 15
1117g
Jan
5
92%' Feb
170
84
Janl9
1
72
Feb
4
100
59%
Oct 2
20%
Dec
337s June
30%
Jan
82
Nov
62
Jan
80
July
34
Dec
65
Nov
15
Dec
48
Mar
JanlO
387g
Dec
91
Mar
Jan
5
24%
Dec
44
July
Jan
5
08
Jan
164
101%
Dec
70
Feb16
79%
28
Oct
8
36% Mar
1
47% Julyl5
51% Jan27
7% July 9
21% Jan 9
200 Iron Products Corp
No par
13,900 Island Oil A Transp v t C..10
2,.500 Jewel Tea, Inc
100
Do
71
Apr 9
26% Jan 7
91% Marl 8
50
23,900 Invincible Oil Corp
900
15% May20
62% May20
100
stamped pref
pref
100
300 Tones Bros Tea, Inc
6,400 Kelly-Sprlngfleld Tire
100
5% AuglO
3% Sept29
7% Sept,29
17% Octl4
45%
30
Jan 3
25
52
Temporary 8% preferred 100
Copper
No par
91
Aug
4
22
Aug
6
33%
Apr 7
27% Nov
Jan
5
38%
Jan
5
02%
Jan
33
Dec
13,100 Kennecott
6,900 Keystone Tire A Rubber... 10
7,300 Lackawanna Steel
100
100
No par
1,200 Liggett A Myers Tobacco100
300
Do
pref..
100
11,500 Loew's Incorporated ...No
t Bx-rlgbta
a
Ex-dlv. and rights.
par
»
8ept28
152%
105
12%
Oct
8
60
Oct
1
48%
91%
35
Aug
7
48
Oct
4
38%
Aug
6
18%
130
99
July
June
Apr 7
Sept
Do
115
Octl5
37
200
Apr 9
Apr 6
700 Internat Motor Truck.No par
500
Do
1st pref
100
100
23%
Aprl4
13,300
2d pref
Oct
27
12,000 Int Mercantile Marine
Do
89%
71% July
13% Feb 13
110
2,300 International Nickel (The).25
7,200 International Paper
100
Feb
Feb
Apr 8
103% Augl3
pref
49%
40
9%
100
Do
8
61%
100
Preferred,
Jan
Octl4
43
new
Harvester
Do
847g
46% Aprl9
116% Sept20
Augll
5%
(new)
1,600 Inter
700 Lee Rubber A Tire
20%
Dec
Dec
38% Jan
39% Nov
3178 Dec
48
600 Laclede Gas (St Louis)
100
9
25
3
20%
20%
16% Mar30
44% May 14
1347g Mar20
Jan
Jan
46%
100
6
Jan 2
Augl4
Dec
Jan
46%
197g
20%
99
Dec
July
Jan
45%
20%
20%
10
26%
May20
150
55%
15%
1978
80
June
Oct
July
49%
65%
*142% 150
Dec
Jan n410
4
14%
*99
877g
69% Mar
nl50
Oct
65
100
Dec
14
14%
100
July
55
25
65%
100
Oct
106
Jan
23%
Jan21
.100
14%
64%
45%
100
261
Jan
2
pref..
15%
144
Feb
20%
7
Jan
300 Granby Cons M S A P
65%
20%
Jan
28
100
62
144
52%
91
Apr 7
Ma.v24
temporary ctfs.No par
62
46%
Apr29
18
309 General Motors Corp pref.100
61%
145"
100
1097g July
16% May
100
227g
46%
7
Oct
Jan
Jan
1,209 General Electric
22%
145"
Oct
31% Aug28
Oct
102
10%
100
23%
145
92
9
June
15%
99
Jan
3
100
22%
13%
"19% "19%
Jan
110
46
Jan
pref
13%
145
107
Oct
Aprl7
(8%)
2378
144
Aprl6
Aprl4
23
37% Nov
103% June
....50
13%
227g
14%
105%
Apr
50
23%
22%
57g
30% Dec
65% Feb
100% Oct
10% Sept
75
Oct 6
8578
36% AuglO n605
13
9% Mayl9
10
25
Debenture
300
*37
144
Bid
43%
20%
79%
73
55
20%
14%
8%
43%
18"
93
20%
107%
7|%
55
"l978
43
8
73
*90
19%
105
Jan22
Oct 14
Feb 13
106% July
100
preferred
300 Gulf States
*14%
102%
10
76%
86% July
Dec
10
100
Sugar
Deb stock (6%)...100
21%
97% June22
June
Aug
78%
Aprl4
Gray A Davis, Inc
21%
Apr 9
75
July
59%
deben stock (7%)..100
108"
54
*61%
14%
8%
43%
20%
80
93
23%
13%
63%
14
22%
106
*18%
54
13
105
84
*90
23%
*21
Apr20
98
278%
Do
17%
46%
Oct.ll
115% May24
100
No par
Do
28%
Feb27
73
43%
pref
Do
25
May24
100 Gen Amer Tank Car.^No par
100
80
Aug27
897g Aug25
937g Mar22
20% Jan 5
30
Federal Mining A Smelting 100
Do
pref.
100
Fisher Body Corp
No par
50
55% Feb 10
*76% Feb 13
737g July28
9
Sept24
Aug 11
600
69%
21
19%
Aug
1,200
"69"
*79
113% 113%
107% 107%
54
*78
5,100 Goodrich Co (B F
*17
*18%
44%
Oct
Oct
66%
78%
17
80
43%
95%
51
*27
80
6%
17%
*17%
66%
27%
20
6%
6%
17
8%
41
17
27%
8%
44%
20%
1778
30%
14
Dec
Do
50
68%
17
91%
100
J,500 General Cigar, Inc.
16
"27%
27U
Jan 14
56,500
85
*30
*14
85%
33
Oct
75%
No par
17%
49%
69
Oct
1,200 Gaston W A W, Inc
73
77%
Feb
6084
7%
18
48%
39%
5
6%
73
86
9
Jan
No par
17%
78%
Jan
1,800 Freeport Texas Co
18
49
67
65%
92%
6,200 Flsk Rubber
17%
49
56
21%
73
*84
Feb
2278
65
138% 138%
43% Nov
34%
21
*81
July
37% Nov
3
22%
21%
507
2
No par
1,700 Endlcott-Johnsen
Do
113% Nov
29% July
Jan
2,300 Famous Players Lasky No par
700
Oct 11
May20
50
May 19
18
Sept30
77% Oct 8
...100
600 Dome Mines, Ltd
600 Elk Horn Coal Corp
12
*31
*104
pref
Do
Feb
Jan
100
200
Do
pref
11,100 Cuba Cane Sugar
500
Dec
32%
44%
Refining..100
1,600
Do
pref
2,900 Cuban-American
40
11%
40%
11%
41
11%
23
16%
3
40%
13,300 Crucible Steel of America.. 100
94
33%
3
Jan
Apr 8
27%
No par
2,200 Cosden A Co
3419
Apr
Jan
41%
11178
28
100
850 Continental Can, Inc
Do
68
21%
Octl4
par
Do
pref..
100
6,200 Consolidated Gas (N Y)._100
2,400 Cons Inter-8tate Call Mg__10
500 Consolidated Textile
No par
300
33%
40%
3,400 Columbia Gas A Elec
Products
Jan
100
Iron
13,200 Columbia Graphophone No par
Do
pref
100
24.300 Corn
64%
&
11%
Fuel &
Do
pref
100
7,300 Continental Candy Corp No par
10
83%
36
w
87%
81%
No
1,100 Consolidated Cigar
83
86%
9%
100
'74
*80
87
74%
81
73%
83
85%
*98
800 Colorado
*77
8678
49,100 Coca Cola
-.-1
74
75
Nov
74% AuglO
12% Aug 9
140
74%
90
23
140
"29"
July
164% Mar29
67% July
141% Nov
1,100 Chicago Pneumatic Tool..100
5,400 Chile Copper
25
139
61
114
Jan
9,500 Chino
85
17%
July
Jan
31
80%
13%
62%
61
116%
104%
3
25%
p
27
73%
"50% "Feb
5
Jan
13%
81
73
*37
5
Jan
61%
24
......5
Oct
19% Junel8
104%
108%
137s
Copper...;
6
38% Oct 13
94% Sept17
253«
No par
Jan
337g Aug 9
74% Sept28
23
"62%
73%
a 00
No par
13%
82
*82%
75
100
pref
1
25%
13%
7
40
Do
Feb 10
Oct
25
*79
7
73%
100
Octlc
79%
80%
13%
22%
73%
Petroleum
pref
373g
*94
96
72%
62%
*82%
No
27%
81
*65
Do
39
*94
37%
791?
41%
2078
*37
37% July
54% May
87% Dec
6
43%
96
978
19
Jan
3
22%
"l9%
39% July
Jan
20%
"l9"
17
Jan
Jan
7
110% 110%
Feb
75%
86 *
80
5%
16
46
19%
*79
6
8
a
*20%
Apr
Oct
9
Jan
05
P
8%
Jan
166
22% Aug 9
1978
44
11%
26
Aug
Dec
July
100
22%
<
10
7
May
100
20
13%
..100
Apr
92
Case (J I) Plow WkS-.No par
58%
44%
21
6% May20
8ept24
2,200 Butte Copper <fe Zinc v t c__5
300
19%
8%
129
102
27%
22
13%
Aug 9
Dec
Dec
26%
22
.44%
84
85%
41
26%
19%
103% 104
100
96%
26%
22
23
62
Sept
25
68%
11%
*22
Oct 4
Sept24
July
116
68%
70""
16
115
83
48
108
Jan
Dec
Feb
65%
16
Apr 1
Mar20
100
Dec
Dec
"66%
27%
11
90
101%
1678
"64%
27%
9
...100
500 Butterick
1678
15%
20
*76%
5
Jan
Oct
49%
48%
69%
*73
Jan
15
107% July
112
Jan 12
66%
"63% 63%
85
*82%
138% 138%
114
Aug
Oct
Oct
45
Jan
Jan
Jan28
19%
7
1
90
103
Sept
55%
55%
28%
85%
*97% 101
7%
3
6% Augl8
67% Oct
100
56
26
32% Apr 9
96% May 6
102% Jan 3
102% Feb24
65
July
May
2% May
Jan
29%
H
7%
4% Sept30
Aug 9
1
1%
5
58%
33
5
Aug
33%
5778
*104
Jan
Aug 9
73
I
119
1%
16
10%
32
Feb
Aug20
%
100
12
85%
104
110
5
60
34
*30
145
6
Jan
par
34
*102
Jan
Jan
3
Mar
300 Butte & Superior Mining. .10
6,900 Caddo Central Oil & Ref._100
"81"
82%
82%
*100
101% *100
101%
36%
36%
36%
36%
129
131
129% 130%
*92
94
*91%
94
32%
34%
"75% 75%
75%
75%
*9%
103
111%
95% Aug30
2,300 California Packing
1378
82
1.54% Junel9
100% Sept 7
114
19
80%
66%
Dec
192% Oct
76% May
156% Oct
1117g June
63
27
"69"
Jan
75
148%
102%
17%
26
38%
Jan
647g
Augl4
Aug 9
60
13%
*11
Feb
64
60
100
6312
2578
27%
41
92
Jan
Aug
"17*
*9%
*39
Jan
Apr 9
176%
82
"l6~
34%
10%
80% May
*62%
26%
317«
*97% 101
Feb
7
777a July
65% Dec
Jan
Mar
16
3978
75
58%
17%
63%
"l4
*72"
Jan
20% Augl2
Sept 3
128% Augl8
No par
90
"18%
16
787S
*80
75%
18
8% pref.100
cum conv
93
6%
61
54% Nov
3
"17"
39%
81
100
Fisheries
541
63
Jan 17
*62%
78%
86
Do
600 Booth
Jan
No par
Corp
pref.;........
Do
350
Steel
Class B common.. 100
Do
Apr 6
20
1,900 Bethlehem Motors
30,700
06%
67%
74%
55
19
79
85%
9%
100
49% Aug 9
Oct 2
May24
50
8ept24
23%
16%
63
39%
*80
...100
pref
100 Bethlehem
53%
26
72%
Do
14
68%
*77
100
......
128"
102% 10212
*84
678
6%
100
no par
115
......
"7
preferred
66
Do
pref
100
116% 110,400 Baldwin Locomotive Wks.100
700
Do
97%
98%
pref
...100
113% 115%
§103% 103%
67«
678
*103
100
3,400 Atl Gulf & W I S3 Line
95
*63.j
27,100 Anaconda Copper Mining. 50
300 Associated Dry Goods
100
800 Atlantic Fruit
19
18%
97%
96%
98
81
pref....
Do
2d
96
*40"
73
Jan
Feb
Do
97%
43%
73
169% Dec
110% June
11
......
*77
106
Jan
94%
27%
144
90
*17
58%
197s
Jan29
Dec
45%
Jan
Feb
93%
3
*50
54
68
19%
108% Mar
314% Oct
191%
Jan
June29
9
142% 144
19%
53
26
58%
Dec
May
Jan
1st preferred
*85
15%
31%
34%
May
120% June
100
Jan
Do
88
62%
28%
105%
119
Dec
61%
100
52
16
%14"
165%
July
Aug
95
Jan
210
47
96% Aug
148% Oct
73
100% Marl 8
97%
Jan
Jan
90%
Aprl2
283
Dec
21%
200
96
63%
39%
78%
91% Aug 2
91
111%
113%
Aug 9
8ept 7
56
70%
95
15%
*94
92% May22
93% Janl9
142% Aprl4
118% Jan20
106% Mar22
105
89% July
109% July
May20
60
69%
62%
43%
Augl8
Dec
33% May
11
*50
66
103% 103%
*6%
7
67g
May20
Feb 13
Jan 13
Mar22
50
47% Oct
94% June
Dec
37
53
52
67g
100%
Dec
Dec
94
Jan
25
60
97
588
100
30
126% 128%
*102% 104
*%
78
4%
4%
67%
67%
¥7"
*96"
80
26
79%
61%
Jan 5
Mar 30
900 Amer Writing Paper pref..100
z4978
*25%
*58%
127% 127%
*101% 103%
%
*%
4%
*4%
4%
7
pref
Do
|
72
Highest
$ per share
900 Amer Zinc Lead & Smelt..
60
111% 113%
90
74%
85% May 20
102
Aug 9
70
8ept29
6,400 Amer Woolen of Mass
400
Oct
104% Aug 9
Common Class B..100
100
Do
June22
100
30
*62
104
*6%
85
99
100
*59
66
*90
52%
1,400 Amer Tobacco
600
Do
pref (new)
Aug 9
102
6,700 Amer Telephone «fe Teleg._100
*26%
146
68
93%
53%
93%
11%
88
30%
83
33% Aug 9
100
59
19%
68%
75%
52%
50
51%
110% 112%
69%
73%
oref
Do
1,200
74
94
16% Febl3
70% Aug23
52% Aug 9
4,800 Amer Sumatra Tobacco...100
30
145
130
68%
131% 132
4,600 American Sugar Refining.. 100
Do
pref
100
53
98
*%
4%
90%
11%
% per share
7,500 Am Steel Fdry tem ctfa..33 1-3
200
Pref temp ctfs
No par
59
143%
*62
135%
90
131%
9 per share
200
45"
Hi"
135
72%
$ per share
Par
200 Am Smelt Secur pref ser A. 100
89
*92
Indus, fit Misceli. (Con.)
1919
Lowest
10,300 Amer Smelting & Refining. 100
800
Do
pref
100
_
Year
Highest
2,500 Am Ship & Comm Corp .No par
133
88%
51«%
60
*102
38
92%
27%
60
*125
*92%
129%
7278
71
51%
27%
59
66
92%
38%
60%
93%
3 83$
11%
59
98
18
77
133
52%
51%
28%
110% 111%
1778
77
59%
92
90
128
72
921
"45"
18
78
59%
*76
of 10O-share lots
Lowest
Shares
1037S 104%
103% 104%
*105
110
*105% 110
89%
89%
90%
288% 90
*85
89% *85
89%
89%
99
99
99
98!%
100%
987g
90%
*129% 131
45
f per share
Range for Previous
On basis
Week
110
89
134
45
*62
17%
the
15
37%
*85
90%
51
Oct.
10334 104%
*105
887g
89%
71
Friday
14
$ per share
76
11%
141% 144
Oct.
18%
11%
*
Thursday
13
18
92%
72%
Oct.
17%
110
*85
98%
98'2
103
*105
8812
♦85
Wednesday
Oct. 12
591;
59
857S
♦105
Tuesday
78
*76
60'4
92%
38%
9212
11
YORK
NEW
for
PER SHARE
Range since Jan. 1
STOCKS
Bales
June21
18% Aug26
Par value % 100.
Jan21
Mar 15
Jan
Dec
110%
43
Nov
Oct
July
126% July
107% Nov
83
Jan
6
21
Jan
207
JanlO
195
Dec
250% Aug
109%
Jan31
107
Jan
115
36
»
40
Aprl2
Old stock,
t
Ex-dividend
Oct
July
1551
New York Stock Record—Concluded—Page 3
For record of sales during the week
of stocks usually inactive, see third page preceding.
PER SHARE
HIGH
AND
SALB PRICES—PER
LOW
NEW
lor
londay
Saturday
Oct. 9
13
Oct.
$ per share
% per share
13
*37*2
Tuesday
11
Oct.
$ per share
12%
12%
40
40
*37%
12
Wednesday
Oct.
*105
110
*105
Lowest
13
40
13
13
13
I,100
40
40
*39
41
200
Loose-Wiles Biscuit tr ctfa.lOO
110
*105
1*10
1234
*37%
110
Week
15
8 per share
$ per share
13
Shares
Do
*103% 110
140
*137
145
*140
145
140% 140% *140
*98
105
*98
105
*99
105
*99
6234
64
*62
68
*53
68
59
59
59
59
87%
90
90
90
*707s
74
70%
70%
Do
pref___
Mackay Companies
89
59%
89
90
*95«4 100
*9534 100
71%
71%
*9534100
185% I8884
185% 190
186% 18934
1,000
59%
90
Do
19%
14%
15%
38%
38%
19%
19%
14%
38%
38%
19
15
13%
15%
13%
14%
68,800
39
39
39%
*38%
38%
64
64
65
66
67%
9,600
1,100
96
*93
96
*93
*63
64
*63
*93
95
*93
96
*93
27%
32%
56
89
89%
33%
55%
55%
27%
56%
89
89%
26%
*32
55%
89%
26%
34
56
89%
*34
35
*34%
35
*34%
35
*79
80
*79
82
*79
82
26%
*32%
55%
151%
Aprl4
1
100
100
pref.
........100
Mexican Petroleum
100
D6
pref
100
Miami Copper...
5
Middle States Oil Corp.....10
33%
5734
8934
34%
*79
35
82
*79
58%
7
7%
7%
7%
*7
5734
5734
*57
591
*57
58
58
*88
94
*88
94
*88
74%
*73
75
*74%
75
75
*88
*74
75
74
110
*101
*11%
"26"
1134
26"
*45
*103
12
46
*95
25%
*45
1134
97%
*40
42
*17%
18%
104
*103% 106
11%
11%
27"
*45
47.
5
125
3%
4
3%
5
4%
5%
42
400
*12
15
*13
*13
4%
*41%
15
41
15
41
16
5
4%
4
3%
135
22
49
*47
49
48
48
48
28
28
27
27%
26
50
52%
52%
521
21%
26%
53
53
Do
3,800
80
82% Sept 13
pref
Apr 7
8%
Dec
Jan
2
45%
Feb
Jan
7
93
Jan
70%
Aug
9
93%
Aprl2
64
Jan
Jan 3
102
Sept
..100
North American Co
Jan
5
Jan
3
91%
19%
Jan
3
44% Mar
75
60%
Oct 5
47
Jan
67
July
40
Jan
97
June
May20
Nova Scotia Steel & Coal.. 100
38
Sept27
77%
Jan
12%
Oct 8
22%
Oklahoma Prod & Ref of Am .5
400
Otis Elevator
22
400
Otis
48
800
Owens
3% Aug 6
4% Octl4
6% Mar 8
1
26% Sept 9
No par
Bottle
25
Janl3
46
41,300
200
35%
88%
36%
36%
37%
II,500
89
89
14
14
13%
14%
'•
Phillips Petroleum
Do
101
81%
81%
81%
82
81%
1,400
66
67
66
66%
67
69
3,700
86
85
85%
85
85
*84%
87
800
15%
*15%
16
600
98
900
Feb 13
116%
Aprl4
67
Jan
Feb 13
111%
Apr 14
92%
Dec
146%
104%
Oct
Deo
36%
Apr 8
27%
Apr
58
27
Aug 9
July
May
15%
97
97
1.01
101
200
69
112% 112%
69
69
39
39
95
11]34 11134
67
68
67
200
104% 104%
14%
14
14%
2,600
53
53
53%
400
78
79%
*78%
7934
80
80
80
80%
81%
74%
76%
74%
76
75
76%
77
79
*78
79
1,100
25,200
96
*90
95%
*95
96
*95
9534
32
32%
81%
*13%
10%
*23
4%
95
33%
34%
77%
76%
80
45,800
15
500
31
32
81%
75%
78
14
14%
14
14
*14
10%
1034
1034
10%
10-3.4
*10
11
2434
2334
434
434
115% 116
48
49%
31
31%
*23
2434
82%
25
5
*63
65
89%
§621
622
105
105
87%
*30%
32
66%
68
5434
5534
87
87
18
18
49
*23
28
5%
*434
115
1161
48
50%
31
3184
63
63
*83
89
§619
625
105
105%
105
*83
86%
87%
630
*30
65%
31%
*31
67%
54%
*82
67
55%
90
17%
"934
"*9%
66%
*83%
§625
59
9%
50
49%
50
49%
33%
32%
33%
32
3334
20%
I 65%
20%
19%
6684
65%
66%
88
85%
85%
86
86%
11%
12
12
12
11%
*44
85%
"85%
85%
85%
27
27%
26%
27%
*37%
38%
*3734
26%
*3734
201
202
72%
73%
*14%
14%
*41
4234
38
201% 202%
71%
*14
74
15
205
71%
*14
49%
3234
1134
45
85%
6,100
32%
25,400
1,700
18
44 ,700
1734
1,900
18
600
52
9%
9%
2,700
49%
50%
45,900
32%
34
9,700
7,000
200
Union Bag <fe Paper
38%
38%
205%
26%
*37%
3,100
27%
38%
3,350
20,600
206% 207%
73%
74%
72%
73%
15
15
15
15
15
200
4284
41%
500
51
86%
51
100
7
6,600
13,900
200
*48%
50
19", 500
80
*77%
79
7834
*105% 1051;
106% 107
53%
52%
53
53%
700
700
100
58%
*105
88%
87%
108% 108%
5934
5934
87%
86%
108% 108%
59
56%
57%
11%
64%
11%
11,
11%
62%
64%
58%
58% 59
10634 *105
10634
64%
57%
*105
*111
12
12
1134
*57
60
*56%
11%
60
103*
108% 108%
6534
63
5834
58%
10634 *105
118
11%
"11%
108% 108%
2,400
56%
57%
19,700
11%
11%
1,200
65%
*65%
66%
15,300
59
*59
60%
2,300
*111
12
*57
85
11%
*57
60
85
"
_
60
"1,100
85%
200
2,900
25%
26
46%
4634
4634
47
46%
47
47
47
44%
46%
.100
44%
45
45
45
46
46%,
47
28
28
27%
27%
27%
27%
28%
29%
2,200
No par
100
United Retail Stores...No par
U S Cast I Pipe & Fdy_._i.100
100
U 8 Express
100
U S Food Products Corp.. 100
U 8 Industrial Alcohol
100
Do
pref..
.*
100
U S Realty & ImprovementlOO
United States Rubber
100
Do
1st pref
100
U 8 Smelting Ref AM.
50
Do
pref..
50
United States Steel Corp.. 100
Do
pref
100
Do
Utah
pref
900
10%
11%
11%
11%
26,400
64
64%
64%
1,900
52%
53
53%
53%
800
Do
pref (new)
WllsonACo.Inc.v t c
800
Wool worth (F W)
*75
*62%
•
81
66
108
59
58
59
57
57
58
•
Do
*105% 107%
60
"""800
pref
Worthington P A M v
*75
81
80
80
*78
82
*78
82
100
Do
*62%
66
*62
65
§63
63
*62
66
10
Do
Aprl9
85
82%
100%Junel7
pref A
pref B
74% Nov
July
29
Aug
230%
81%
Dec
Dec
64% Nov
91% June24
51% Mar26
118%
Apr 8
36%
Jan
109%
Oct
53% Sept30
86
8ept23
120%
Apr 8
Jan31
45%
Jan
151
Oct
92
Jan
104TJ Nov
.Tan
54% .Tune
Dec
17% May
Oct
17% Sept30
40%
18% Sept21
57
AuglO
83% Augl2
9% Aug24
40
Aug 9
10H2
20% 8eptl3
60
8
32
13% Mar31
c57% Jan 2
nl84
Apr
Jan n345
63% July 7
34% Julyl6
95%
106
38%
66%
53
Jan 3
72%
Jan
115
June
Jan
7
97%
Dec
120
June
Jan
5
34%
Dec
Jan
3
37%
Aprl4
Jan
6
Jan
5
170
Feb11
59
Aug 9
96%
Jan
3
12% AuglO
40
Sept 8
25%
Jan
3
55%
Apr 7
Apr 6
0
9%
224
Aprl4
75
34%
37%
157
62% Nov
Jan
July
100
Oct
45%
58% July
Oct
Feb
215
Oct
Aug
Aug
119%
14
Jan
38%
42%
16%
Jan
Feb
74% July
80%
32% May
46
Apr20
Octll
37%
78%
Jan
5
77%
Feb 13
116%
Jan
8
*97%
Dec
167
May
90
Aug 6
103%
Jan
6
96%
Jan
Jan
111
May
40
Feb13
74% Sept27
101
50
Aug 9
Aug 9
41%Junel4
83% Aug 9
104% Junel5
56% Aug 9
69%
Apr 8
66
17%
50% June
143%
Jan
5
73
Jan
139% Nov
116%
Janl3
109
Jan
119% July
76
Jan
3
43%
78% Nov
Jan
50
Jan
Jan
5
88%
Feb
115% July
115%
Jan28
111%
117% July
47% Mar27
65%
8%
Dec
54%
Dec
76
10%
Feb13
Oct 13
Mayl9
80% Ju!yl3
J08
Oct
5
*44%
May20
42% Sept 1
24
Aug24
10
58
80%
Jan
7
120% Sept 17
21
June 7
76
Mar31
89% Marl 8
Jan 8
119
55%
Jan
3
69% Mar29
51
Feb
110
Jan
54
Mar
51% Nov
82
Sepf
97% July
21% June
62
Dec
92% July
1157s Oct
*88
"79 "
Dec
May
92% May
July
126
94%
40%
Jan
Jan
45
Jan -~S6^-Oct
23%
87%
Jan
Jan
Jan
Feb
40%
98%
104%
136%
59% June
32% Sept20
8ept30
32
Jan
3
1
93
Jan
5
82%
Jan 5
Oct
Mar
45
109
2
48
Oct
91%
Apr
3
5
25
100
Oct
74%
Jan
Dec
Jan
Jan
50
Nov
89
97% July
Feb13
Jan
50
July
17
"94% "Oct
113% Mar25
Aprl0
Aprl4
No par
Nov
121
Feb
Mar
Oct
Dec
53%
Mar25
12%
No par
40
Sept30
100
100
t C..100
-—100
100
100
June 3
145
Aprl4
65%
120
103
Jan
sales on this day.
| Leas than 100 shares,
t Ex-rlghta. a Ex-div. and rights.
Ohio Cities Gas to present title July 11920, range lncl. prices from July 1 only range for
Bid and asked prices; no
t Name changed from
46%
94%
AuglO §850
97
Steel
Willys-Overland (The)
62
107% 108
Jan26
June 5
Feb13
Motor
11
*55%
Dec
Aug25
Wlckwlre Spencer
5234
*105
41%
7
Westinghouse Elec A Mfg. .50
61
57
5
42
10
Westlnghouse Air Brake
10%
Feb
100
Wells Fargo Express
100
Western Union Telegraph. 100
60
6% Mar
16812
Jan
80%
5234
"53"% "Jan
48%
87
27% July
105%
Dec
23% Aug 9
59
Aug 9
112%
66
12%
Dec
Oct 2
White
Aug
74
May 3
Vlvaudou
84
Jan28
57
V
JanlS
Aprl4
44t2 Sept
90%
104
52%
110
21%
243
100
$45% Augl2
...100
100
10%
*108
25% Junel8
83% Apr 6
Virginia-Carolina Chem...100
pref.
2
No par
Copper
Vanadium Corp
Jan
3
Dec
Feb
Utah Securities vtc
52
108% 108% *107% 110
108
*105
107
*105
.No par
United Fruit
62
108
1
No par
Oil
11
57
Oct
9%
21% Sept30
4% Sept29
109
Oct 7
38
54
108% 108%
Octll
55%
127
65%
*106
13%
123% May 10
17% Apr 12
73%May22
1034
11
Jan13
Aug 9
25% Aug28
36% Oct 5
65%
*52
106% July
106%
69%
Corp.. 100
Virginia Iron C AC
4,000
12
99% 100%
46%
Union
Do
118
85
Corp..-100
pref.
Transcontinental Oil
106%
84%
60
89,200
89
106% *105
84%
*56%
*88%
Do
United Alloy Steel
"
7234
*49
Tobacco Products
400
94
633s
Supply.Wo par
Transue & Williams 8t.N0 par
94
57%
11%
Times Sq Auto
100
85
11%
Jan
92% Aug 19
26
Sept 1
31
10
400
7
12
145
Texas Pacific Coal «fc Oil
4,000
8434
12
Jan
Feb 13
12
49%
*108% 109
59%
5934
Dec
71%
Feb20
Jan
July29
A tig 6
Oct 8
85
873s
46
106%
124%
9
85
1134
86.
84
8634
93% July 7
34% Feb26
72% Sept,29
41
45
*41
Aug
Superior 8teel Corp'n
100
ctlB.No par
25
Tenn Copp & C tr
Texas Company (The)
45
*6%
87%
±.no pa.
90
4734
S634
Superior OIL..-..;
68'"
381
5334 • 54
...
~67"
7
106%
pre/....
*86%
11%
84%
106%
Do
(The)..-100
.100
90
27%
*48%
4934
77%
79%
10534 10634
pref non-voting
Studebaker Corp
100
x
9%
50
33
Do
5,800
671
205
Mar
68
..100 §600
Standard Oil of N J
66%
*85%
11%
*84%
19
3
59
47%
78
100
preferred
6
Jan
50
82%
50
Sloss-Sheffield Steel & Iron 100
Jan
94
Stromberg-Carburet...No par
*6%
77%
100
Shell
June
Feb
22%
5,000
46%
*49%
Saxon Motor Car Corp .No par
112
104
Aug 9
AuglO
72%
83%
5012
7834
100
Deo
98%
107% Nov
13%
31%
48
77%
pref
49%
86%
26%
41%
100
Do
Republic Motor Truck.No par
Royal Dutch Co (N Y shares).
St Joseph Lead
10
*42% July 7
106% Apr12
Jan
132% July
91%
45
57%
|
27
207%
88% May20
92% May 3
71
82%
*49%
Feb
100
Do
pref
100
Ray Consolidated Copper.. 10
Remington Typewriter v t clOO
Replogle Steel..
No par
Republic Iron & Steel
100
Railway Steel Spring
26% Aug 9
46
684
Apr
68%
Aug 9
*79% 8ept20
83%
634
Nov
51
Oct 1
*36
100
100
49
7
110
Aprl9
108% May24
*65%
Stewart Warn Sp Corp .No par
83
*634
41%
Marl9
120
100
50
25
Steel <fc Tube of Am pref
48
41%
124
Company..
100
41%
*6%
48%
41%
Dec
Transp & Trading..-£2
Sinclair Cons Oil Corp.No par
19%
"65%
*85
*84%
00
300
r52
31
,
Oct
Jan28
Sears, Roebuck & Co
""".306
Oct
31%
68
7,600
640
Jan 5
Sept24
83
83
"
493s
800
27%
Oct
74% July
98
May
54
31%
56%
¥34
.
Aug 2
12%
Oct
28% May
105%
July
San Cecilia Sugar v t c.No par
105% 105%
31
72%
50
Feb
85% Mar
12% Feb
Jan24
101%
106
Do
70%
17%
45
91%
Savage Arms Corp
67%
87%
17%
72% Sept23
Augl8
8
109
871
105%
*82
Febl3
84
700
5
§628
51%
300
115
67
Dec
11
5
48%
31%
Jan
93
241
112
627
105
89
17%
*23
5
4%
115% 115%
49%
4834
31
31%
56%
5434
/" 9%
11
67
*82
1734
14%
87%' *83
31%' 31
105% I
*83
50
9«4
66
64
*83%
*618
*14
4,300
16
7
Feb
100
95
33
32%
*83%
9%
32%
76%
32
75%
13%
115% 116
50% 50%
31
31%
*83
*91
81
8
Jan
Mar
700
110
Jan
98
100
96%
14
Jan
23%
*59
96%
53
108%
Aug 6
AugI2
Aprl2
96
*104
111
July 2
Feb 2
Pure Oil (The).A:
14%
Jan
88
Apr:
113%
Punta Alegre Sugar
53
"99"" "dot
104%
Pullman
110
Jan
Jan 3
Feb13
i",66o
14%
38%
82%
June 3
7,700
53
43
84
4,400
14%
57
Jan
96
39%
56
14%
Dec
30
11
10
681
9534
32
100
39
39%
9
JanlO
44% July 2
pref....
.....100
Public Serv Corp of NJ...100
67%
96
38%
Feb
42%
33% Aug 9
33
Sept30
79
Do
391
113
*52
14%
pref
68%
38%
56
14%
*52
Pittsburgh Coal of Pa
67%
112"
*104
110
39%
......
68
11134 112
*93
39%
95
*104
"
42
30% AuglO
100
100
Pressed Steel Car
1534
96%
Deo
41
25
Pond Creek Coal..
98
1534
9534
16%
101
*61
80%
67%
16
75% July
Jan
AuglO
...100
80%
Do
80
Dec
100
pref
pref
Dec
58ia
22
16
No par
Pierce Oil Corporation
Do
Oct
70%
Juue22
71%
Pierce-Arrow M Car..-iVo par
400
1,900
Class B
66%
81
Nov
39% Nov
74
Oct
67%
39%
35%
Dec
Mar
11% Nov
149
50
39%
Do
78
Nov
50
38% .1-37*4
*84%
5
61%
37
38%
85%
2
Jan
41% May20
100
373t
16%
96%
Jan
100
2,700 Penn-Seaboard St'l v t c No par
3,800 People's G L & C (Cblc)..100
50
7,500 Philadelphia Co (Plttsb)
16%
46
Pacific Development
4,600
90%
34%
2
Pacific Teleph & Teleg
18%
*84
5
Jan
Pacific Gas & Electric
83%
67%
Jan
65
200
91
"67%
41%
Augl9
25% Oct! 4
2,300
Pan-Am Pet & Trans
128
19% Aug 9
2,600
18%
88%
Aprl4
45%
54
39%
70% July
July
"
5% Mar
Apr 6
157
May20
25%
88%
"l4"
107
9%
43
39%
Feb
28% Sept20
..No par
Steel......
5
100
Ontario
132
35%
Feb
Aprl7
par
82
"l4"
.
48
Silver Mining
Orpheum Circuit. Inc..
39
July
21% July
145% Oct
61
100
800
39%
Oct
94%
112
48%
19
14
13% Nov
117%
82
89
5
88% June
May
Aug 9
88%
34%
Jan
24% July
604
Aug 9
18%
13%
17%
Oct
108% May
44% Sept28
81%
89
AuglO
Nov
July
89
87%
33%
110
10%
92
20
82%
18%
1
Aug 4
75
101%
100
89%
3434
6%
43% July
100
preferred
18
"14
Dec.
13
82
3334
103
89%
88
"l4~
Janl3
102%
5
700
391
Jan
102%
100 *100% May21
5
37
Nov
Aug11
18%
35%
87
70
3
Aug 9
83
39
Jan
90
89%
39
45
June28
50
18%
*35
Feb
Jan
Sept
29%
100
Lead
27%
25%
July
106%
Marl 9
Nunnally Co (The)....No
3%
83
Nov
Mar25
40
Septl8
62% July
Nov
100
40
32
Feb
Oot
54
86% July 9
82
33%
71% Nov
32
40%
*
98
"88%
3934
3934
36%
Oct
10'
Feb13
19
39
32% July
Feb13
81%
38%
118% Sept
Nov
54
25*8
54
42
36%
Dec
21
53
89%
3934
99
6
44
19
38
6
Jan
.30% Septl3
81%
3S%
Jan
26
*41
26%
53
41
"88"
National
48
48
21%
105
100
pref-_i
132
22
*47%
Marl3
18% Aug 6
100
5
27
Oct
88
100
t c
pref
22
125
v
27%
4%
27
2634
27%
*129
135
*123
264
100
preferred
Do
41
41
40
*12
Do
New York Dock.........
"""800
Jan
6
100
60
60%
59%
162%
Jan
500
60
5934
5934
3
100%
25%
47
Jan
May 4
25% 8ept30
97%
25%
222
95
Nevada Consol Copper
New York Air Brake
*45
Aug 9
....100
11
2,300
148
7
Do
105
May
6
Nat Conduit & Cable.No par
400
110
6
Nat Enam'g & Stamp'g___100
"""566
131%
Jan
Jan
97%
*25*
46
59
75%
Jan
Jan
National Cloak & Suit
Deo
Aug
60
104
Jan
10%
96
27%
*45
4
125%
111
*20%
*5
125
96
106
47
40
60
11%
6%
25%
*56
*55
106
110
7%
137
July
July
130
71%
400
94
94
60
Janl2
69%
""966
58
94
*88
June
79% May
Aprl9
52%
Do
82
115
107
Aug 5
Nat Anil & Chem vtc-.No par
300
245
Jan
137%
Mayl9
2,100
37
July
Apr
Dec
>,
Augl3
97%
37% Sept30
3,200
'
July
June
*63
59
Pref
81
120
63
100
90%
'
87% Oct
69% Oct
Dec
75%
Feb
Feb
107
Mldvale Steel & Ordnance..50
900
7%
58%
"""966
58% Julyl3
Highest
$ per share
Dec
.
147%
Montana Power
Mont Wd&Co Ills Covp.No par
National Acme
50
26%
33%
33%
57%
89%
*34%
90
...
58%
26
26%
94
9
pref
Do
96
Jan 2
3
110% Jan 8
69% Jan 7
64% Mar22
Do
"2",600
40%
Janl9
183%
May Department Stores.. 100
18%
25%
Jan
AuglO
Manatl Sugar..
18%
Jan 3
70
115%
Aug25
Aug 9
700
19
28
Oct 2
Aug20
102
60
600
3 884
65
34"
18%
11% Sept 1
$ per share
98
73
14%
15
*63
*33"
19%
$ per share
share
125
89
72,500
per
100
.....
19%
1919
Lowest
100
89
*9534100
187% 193
Year
Highest
.100
*71%
71
71%
*9534100
18534 188
8
39%
100
Lorlllard (P)___
105
68
59
preferred
"""306
145
105
*63
58%
2d
"1,625
140
*98
Range for Prstieus
On basis of 100-sAare lots
Indus. & Miscell. (Con.) Par
Loft Incorporated
No par
$ per share
*105
Oct.
14
STOCK
EXCHANGE
the
Friday
Thursday
Oct. 13
YORK
PER SHARE
Range since Jan. 1
STOCKS
Sales
CENT.
SHARE, NOT PER
6
June
May
July
May
Julyl9
116%
112%
Dec
117% July
55
Aug 9
95
Jan27
50
Feb
117
80
July20
93%
Janl3
88
Jan
9812
Oct
76
Jan
6
60
Jan
81
Oct
621s Aug 9
* Ex-dlv. tfR^uc^tobads of 825 par.
Ohio Cities Gas Jan. 1 to July 1, 37 May 20,
»
Oct
Par $10
50H Jan.
1553
New York Stock Exchange—BOND
Jan. 1
11
BONDS
N. y. STOCK EXCHANGE
(I.
S.
Week's
Price
Range or
Last Sale
Jan. 1
Ask Low
Bid
NO. Low
High
High
92.40 Sale
91.16
92.50 2798 89.10 100.40
D
89.30 Sale
89.00
89.50
14
83.00 93.48
N
89.10 Sale
88.20
89.10
169
81.40 92.90
D
Second Liberty Loan
4s
1st L L conv__ .1932-'47 J
1927-*42 M
2nd L L
4a
Third .Liberty Loan
D
89.70 Sale
89-00
89.98
N
89.36 Sale
88-40
M
S
90.80 Sale
90.20
89.50 10506 81.10 92.86
90.88 5994 85.80 95.00
3rd L L
1928
Fourth Liberty Loan
4Mb
1st L L 2nd conv 1932-*47
4Kb
4th L L
1933-'38
Victory Liberty Loan
4Mb
conv g notes—.1922-'23
3Ms
conv g notes...1922-'23
4Mb
J
D
97.00
97.30 Sept'20
A
O
89.34 Sale
88.40
J
D
96.06 Sale
J
D
J
J
100
-...1925 Q
F
105
...1925 Q
F
105
F
*1936 Q
reg._1938 Q N
1961 Q M
1961 Q M
100
coupon..
Pan Canal 10-30-yr 2s
Pan Canal 10-30-yr 2s
Panama Canal 3s g
Registered
86.00 10.110
89.60 14403
82.00 93.00
Philippine Islands 4a._._1914-'34 Q
96.70 6468 94.70 99.40
99
100
July'18
79% Apr'20
87% Mar'20
83
87
79%
867g
89%
87%
Feb'15
100
85
78
F
96.00
96.00
96.50 2653 94.64 99.40
100
100% 100
July'20
101%
102% 100% June'20
100% 101
105
105% 105
105
106%
106
104
105% Sept'20
106%
98
Mar'19
100
48 registered
84.00 94.00
96.12 Sale
<21930 Q
<21930 Q
2s consol registered
2s consol coupon
4s
408
let L L conv—.1932-'47 J
2nd L L conv._1927-'42 M
4Mb
4Mb
Warm Springs V 1st g 5s.. 1941
Chic A
Foreign Government.
A
O
Argentine Internal 6s of 1909
n
s
Belgium 25-yr ext s f 7Ms g.1945 J
1-year 6% notes
Jan 1921
997g
997g 100
Sale
70%
D
Sale
100
99% Sale
5-year 6% notes
92% Sale
Jan 1926
Bordeaux (City of) 15-yr 68.1934 M N
85% 86%
D J 43% Sale
Chinese (Hukuang Ry) 5s of 1911 J
J
76
Sale
Copenhagen 25-yr s f 5Ms._1944 J
8
80
Cuba—External debt 5s of 1904. M
8078
■mm
mm
A..49 F
A
1949 F
Dominican Rep Cons Adm b f 5s 58 F
Dominion of Canada g 5s... 1921 A
O
85%
e9%
Sale
Sale
Sale
Sale
79%
A
A
«81%
98%
do
do
...1926 A
do
do
...1931 A
O
2-yr 6Ms gold notes Aug 1921 F
10-year 5Ms
1929 F
A
O
9378
Italy (Kingdom of),Ser A 6Ms'25 F
Japanese Govt—£ loan 4%s_1925 F
Second series 4Mb
1925 J
do
do
"German stamp".
Sterling loan 4s...
1931
»
907s
90%
S
French Republic 25-yr ext 8s 1945 M
102
A
A I
J
74% Sale
t 74% Sale
C-.I
Lyons (City of) 15-yr 6s
1934 M
Marseilles (City of) 15-yr 6s 1934 M
Mexico—Exter loan £ 5s of 1899 Q
N
t "57%
85%
85%
Gold debt 4s of 1904
1954 J
Paris (City of) 5-year 6s
1921 A
Switzerland (Govt of) s f 8s 1940 J
M
Tokyo City 5s loan of 1912
U K of Gt Brit & Ireland—
J
68
145
101
92
93
27
86^2
87i2
43%
44
76
81
6878
50
74
80%
92%
80
86
68%
80
79
61
98%
91l2
76
87%
95%
867g
84%
.
N
57%
149
8
211
83
92%
81
34%
94%
94%
93%
29%
44%
26
37
95%
175 100% 104%
104%
17
54
88%
50
939
87%
98%
88%
423
88%
90
613
92% 99 Ms
81% 90%
83
95%
95
95
95%
582
89%
957g
88%
89%
817g
89%
89%
89%
84
95%
95%
90
90
85%
93
1957 M
IVI
85
83
Sept'20
79%
91
88
81
Sept'20
82% Oct '20
9478
95
80%
90
94%
94%
82% 89
89% 100%
89% 100%
71%
Aug'20
98%
Aug'19
9478 Sale
95
95%
75%
8178
m
m
m
m-
m
m
m
m
m
m
m
m
m
m
m
m
m
m
m
m
mm
J
m-
S
Highway Improv t 4M8..1965 IVI
Virginia funded debt 2-3S..1991 J
71%
81
-
-
mm
J
mm
m
m
m
~
71%
73% Sale
J
...*1990 Q
Sale
54
O
77% Sale
O
1995 A
*1995 Nov
*1995 Nov
71
75
s
99
May*20
100
July'20
95
95
71%
71%
50
73%
71%
72%
71%
10
73%
136
54
54
99
107%
S Fe Pres <fe Ph 1st
g 5s...1942 M
Atl Coast L 1st gold 4s
*1952 M
S
81%
S
78
10-year secured 7s
..1930
Gen unified 4Ms
1964
Ala Mid 1st gu gold 5s... 1928
Brans & W 1st gu gold 4s. 1938
IVI
N
J
D
M
N
1st gold 5s
Bait & Ohio prior
3Ms
1931 A
Registered
J
*1925 Q
J
*1948 A
O
*1948 Q
_
10-yr conv 4Ms..
1933
Refund & gen 5s Series A. 1995 J
-
Temporary 10-yr 6s
«
J
m
m
m
79
62
9
CI Lor A W
O
1st g 58..1933 A
Ohio River RR 1st g 5s___1936 J
con
m.
92
m
mm
General gold 5s
.1937 A
Pitts Clev A Tol 1st g 6s. .1922 A
Tol A Cln dlv 1st ref 4s A. 1959 J
1937 M
81
*
c
xu
m
J
S
82
89%
1
64%
71
67
76%
68%
81
82
82
697g
80
m.
m
m
m
m
m
81
16
Apr'20
78
91
85
81
57%
74%
1988
Refunding gold 4s
1934
R I Ark A Louis 1st
4MS—1934
Burl C R A N 1st g 5s
1934
C R I F A N W 1st gu 53- .1921
60
57%
172
81%
75%
76%
92
Cairo Dlv 1st gold 4s
1939
Cln W A M Dlv 1st g 4s—1991
St L Dlv 1st coll tr g 4s.—1990
Cln S A CI
D
O
D
A
N
..
Mar'20
90
90% Mar'20
80
79
81%
74
57%
90% Sept'20
Sept'20
73% Jan'20
85
80%
Apr'20
99% 101% 100
May'20
98
99% 101
Sept'20
89
8978
90%
90%
74
75
75% Sept'20
90
9178 90
90
85% 86
86%
86%
90
Sale
90
91%
oDue Jan. dL>ue April.
g
91%
C C C A I gen
90%
Ind B A W 1st
44%
88%
58%
70%
73%
83%
85
85
O Ind A W 1st
73%
99% 100%
977g 100
91
85
95%
88
83
72%
64
87%
63%
61%
58%
73
677S
49
June'19
70
Sept'20
6778 Oct *20
88% Sept'16
113
Feb'15
81
85
49
Sale
49
49
41
3978 Sale
39
40#
29%
40
98
Feb'20
96
98
"72% Sale"
72%
73
64
73
80%
80%
73
84
89%
9078
79%
89%
Oct'19
83%
92
Sale
40% Sale
40%
41
Sale
39%
41
80%
83
89% Sale
*87
80
91%
84%
"67" ~82%
80%
87%
84
84
41
41
90%
68
84
20%
19%
88% Sept'20
95
i
*
52
—
62
75
Sept'20
64%
75
F
-I
A
J
S
97%
*8
....
Feb'13
Mar'17
71
57% Sale
56%
95
95
91
97
80% Mar*20
80%
80%
75
68
Mar'20
68
May'19
70
58
Oct '20
71
63
68
71
62% May'20
75
J
86
71% Sept'20
71%
71%
71% Sale
92%
"59" ~61%
50%
*62%
58%
68
62%
80
27
82
59%
72
Feb* 16
61%
61%
"~2
"53% "61%
79% Sale
79%
6478
65%
74% Sale
75% Sale
74%
73%
75%
75%
106
60
76
244
61
75%
81
Sale
80%
81%
77j
70
67
J
J
J
■*
J
■*
J
J
F
F
M
Q
M
M N
M N
A
79
65% Sale
F
J
A
A
A
A
A
w
M
J
32
50
78
Sale
66%
67
12
53
81%
67%
94% June'20
93% Feb'20
98%
98%
94%
82%
88
98%
99
68
24|
75!
79%
66
94%
97%
93%
98%
58
70
93%
6878
69
Sept'19
98% 102
78
52%
94%
69
91
80
677g
78" ~78 "
Jan'20
81
89
75% Sept'20
75%
96%
98
96
94
96%
81%
92
89%
84% Aug'20
81
July'20
81
81
69%
68
Oct
59%
68%
84%
83%
68%
70%
"75" "77""
77
Sept'20
'12
77%
Apr'19
7678
67*" "80"
77%
75% Sept'20
70
95% Sale
95
8478
96
99
95%
Apr'20
109%
Apr'10
....
75%
98
99
103
"99"
"91% mi
90%
90%
90%
94%
Feb'20
94%
94%
~98% 11"
98%
98%
96
98%
98
N
99
90%
91%
103% Saie
M
76%
A
100%
Mar'19
90%
97
90%
Nov'18
103
97%
90%
87
-
103%
101%
'83*% *9*0%
99% 104
"
Oct'16
105% Nov'19
88
61%
Jan'17
91%
cons
Income 4s.
72
Aug'20
87
mmm
73%
74%
76% May'19
....
70
Sale
69%
68% Sale
8778
97%
70%
68
86%
92
99%
89
*82
72%
75
68% Sale
mm
mm
7,
i3
1911
20
69
Apr'20
...
85
87
'20
79%
70
71
58%
69
85%
90%
75
58
69
104
79%
79%
78
Aug'20
63
87%
81
72
11
Jan'20
79%
87
Sale
103
Mar'17
70
74%
98
63%
May'17
79%
Sale
87
60%
Nov'16
90
79% Sale
J
76%
67% June'19
"70% 11"
J
J
M
M
J
Q
88
65
May'18
88
71
79
98
Sept'20
118
100
63%
70%
M
J
•»
J
96% 100%
70
72%
65
69
95
....
52
99%
9978'
Oct'19
68%
100%
63%
98%
95%
Feb* 19
Oct
100%
100% 102
100%
81%
83% 79% Sept'20
52%
81
64
81
22
60
72
3
69
80
87
10
:
70
79
87
69
66%
Aug'20
68
75
57%
Aug'20
56%
62
Sept'20
60%
67%
69
77%
88
88
47
67
67
74%
6278
84
61%
Jan'19
Nov* 16
77
77%
77
82% 8ept'19
Q
~87% IIII
88
102%
68%
70%
...
Sale
Sale
33%
77%
82
81
83
76% Sale
94
66
98
" ~72*%
'20
Oct'19
"65"%
34
84%
M
J
A
J
Oct
76% Nov'19
66
Apr
1929 F
Refund A Ext 4Ms
1935
Ft W A Den C 1st g 6s...1921
—
87%
73% Sale
70%
J
A
mrnm
100
87% Sale
75
1961 A
Conn A Pas Rivs 1st g 4s
1943
Cuba RR 1st 50-year 5s g._ 1952
Apr'20
Sept'19
96% June'20
9978
97
98%
4s. 1940 A
1990
99% Oct '20
98% 101
J
cons g 6s..1934 J
pref 4s
1940 A
pref 5s...dl938 Q
Cleve Short L 1st gu 4Mb
Colorado A Sou 1st g 4s
Morris A Essex lstgu
N Y Lack A W 1st 6s
94
May.
65
70
57%
Dec'19
69
75%
*66% ~7~7%
66
34
'20!
76%'
78% i
97
Sept'20,
68
16
Oct
36
73
Aug'20
88%
74
Sept'20
85%
66%
79
91%
20
98
63
73
71
71
63
721-
99%'
987g 100%
92% 97%
Del Lack A Western—-
75%
75%
«Due
160
—
1st g 5s.-.1928
Peoria A East 1st
92%
77%
69%
1940
48—*1936
*1936
cons
91
41
1940
Val Dlv 1st g 4s
90%
Aug'19
99% Mar'18
557g
1993
Registered
88
97%
78%
J
90%
*.
5578 Sale
90% 95
65%
A
Mar'20
•
1931
Spr A Col Dlv 1st g 4s
85
85
91
-
78%
63%
61%
72%
86
85
m
82%
99
W W
m
61
J
M
Chic T H A So East 1st 58-1960 J
Chic A West Ind gen g 6s..cl932 Q
Consol 50-year 4s
1952 J
Cln H A D 2d gold 4Ms
1937 J
60
60
105
77
87%
50
Superior Short L 1st 5s g.cl930
57%
'20
76%
63% July'20
82% May'19
M
1930
North Wisconsin 1st 6s... 1930
120
Oct
82%
79
66
Debenture 5s
'306
80
95
69%
86
J
75%
9078
Jan'12
84
78%
78%
Mar'17
87% Sale
•»
6s
74%
90%
7i
77%
86
"76% Safe
1930
cons
73
Feb'20
92%
50
M
A
A
Ch Okla A G cons 5s
1952 M N
Keok A Des Moines 1st 5s 1923 A
O
St Paul A K C Sh L 1st
4Ms '41 F
20-year deb 4Mb
General 5s Series B
60
"79" ~85%
85
92
Apr'20
1988
Registered
C I St L A C 1st
mm
1933
1930
72%
m
99%
98%
61%
69%
mm
1933
g
C Find A Ft W 1st gu 4s g 1923
Day A Mich 1st cons 4Ms 1931
Clev Cln Ch A St L gen 4S-1993
81
iii
74
73
72%
98% 101%
85
84%
m
95% 101%
78%
92%
78
79%
91
"77% Safe"
Cons 6s reduced to 3Ms.. 1930
90%
87%
96%
....
78% June'20
99%
Chic St P M A O
68
Oct *20
Sale
lj
84
100%
May'20
■*
J
M
F
Ashland Dlv 1st g 6s.— 1925 M
Mich Dlv 1st gold 6s... 1924 J
Mil Spar AN W
lstgu 4s. 1947 M
St L Peo AN W 1st
gu 5s 1948 J
80
O
No Price Friday; latest bid and asked.
2
71
86
92
Milw A S L 1st
gu 3Ms...1941
79
O
F
84
71
98%
85
85
Mil L 8 A West 1st
g 6a...1921
Ext A Imp s f gold 5s—.1929
51%
81
M
Central of Ga 1st gold 5s.
91
60%
5s
Des Plalnes Val 1st gu
4Ms '47
Frem Elk A Mo V lht 6s._ 1933
Man G B A N W 1st
3MS.1941
677g
71
J
77%
16
1921
68
O
A
1921
79
N
J
1879-1929
67
D
F
Sinking fund 5s..... 1879-1929
77
82
J
60
21
78
1879-1929
1879-1929
Sale
A
••
17
89
91
" *82 "
68
IVI
Roch A Pitts 1st gold 6S..1921
70
86%
62
1987
Registered
78% Sale
J
S
1987
1987
Chic R IA P—Ry gen 4s
73%
74%
70%
112
N
Buffalo RAP gen g 5s
Sale
74% Sale
74% Sale
90% Sale
N
•
677g
"~2
77%
79
73% Sale
J
g3M81925 M
b
82%
Sept'20
75% Sept'20
82
July'20
I
J
1922
P L E A W Va Sys ref
4s..1941 M
Southw Dlv 1st gold 3
Ms-1925 J
Cent Ohio 1st c g 4Ms—1930 M
u
69
73
84% Sale
im
.
D
T
J
Sale
v
91
_
1929 J
Pitts June 1st gold 6s...
P June AM Dlv 1st
o
58
423
73%
Oct
101% Sale 101
101%
77%
76% 77
77%
92
9278
Sept'20
78%
88% 79%
79%
l297g Aug'15
106% 113
70% 72% 70%
72%
100
100% Sept'20
O
1925 J
1st 50-year gold 4s
Registered
47%
78%
'20
72%
76%
84
77%
O
General 4s
Stamped 4s
General 5s stamped
Sinking fund 6s
Registered
67
84%
J
pl987
Registered
10-year secured 7s
7278
70
J
N
..—1987
Sinking fund deb
71
Sale
89
J
J
1886-1926
Registered
97
72
72%
S
J
Registered
General gold 3Ms
93
77
_
D
J
Wis A Minn Dlv g 5s
1921
Chic A N'west Ex 4s...1886-'26
July'20
Jan'20
Safe"
71
D
Trans Con Short L 1st 4s. 1958 J
Cal-Arlz lst&ref 4Ms"A 1962 IVI
Fargo A Sou assum g 68—1924
Milw A Nor 1st ext 4Ms..1934
Cons extended 4Ms
1934
91
Fe—
..1995 A
Chic A L Sup Dlv g 5s....1921
Chic A Mo Riv Dlv 5s
1926
Chic A P W 1st g 5s
1921
89
95
Jan'18
85
79
90
23
50
J
1934 J
25-year debenture 4s
91
107% 108
97%
98
80%
76%
'20
99%
97%
50
1925
89
Railroad.
Charles & Sav 1st gold 78.1936 J
LAN coll gold 4s
01952 M
Sav F & W 1st gold 6s
1934 A
..1932
Sept'20
102
mmmm
101%
8
68 deferred Brown Bros ctfs
Rocky Mtn Dlv 1st 4s... 1965
Ser B 5s_..a2014
June'20
Mar'20
Oct
97%
98%
100%
97% 102
el989
Registered
Debenture 5s
99
99% Sale
84%
■*
Q
Gen'I gold 3Mb Ser B
e!989 J
General 4Ms Series C...el989 J
GenArefSerA 4Ms
a2014 A
Registered
91
107%
97% June'17
85
Sept'20
84
86
*62
1947
1st 4MS..1969
Ch M A St P gen g 4s ser A.el989
93
91
J
Conv gold 4s
1955 J
Conv 4s Issue of 1910
1960 J
East Okla Dlv 1st g 4s... 1928 IVI
Refunding gold 5s...,
Refunding 4s Series C
89
J
J
100%
897g 100%
88
100%
80
90%
86
84
J
Canal Improvement 4
Ms. 1965 J
Highway Improv 14MS..1963 M
90
85
J
J
94%
Sept'20
85
S
J
-94%
£4%
85
N
J
94%
Sale
N
1961 IVI
91
96
95%
85
N
stock...1957 IVI
95%
95
9478
94%
°
N
Chic Ind A Loulsv—Ref 6s. 1947
conv
70
85
84
High
--
Chicago Great West 1st 4s._ 1959 M
C M A Puget Sd 1st gu 4s. 1949
89%
Registered
Adjustment gold 4s
Stamped
Guar Tr Co ctfs of dep
Purch money 1st coal 5s.. 1942
Chic A Ind C Ry 1st 5s
1936
Gen ref
No. Lou
May'18
—
Stamped
Convertible 4Ms
61
89% Sale
--
N
N
N
J
U 8 Mtg A Tr Co ctfs of dep
Chic L S A East
2
34%
J
High
Since
Jan. 1
74% May'19
90
82
41
A
1937 M
71
140
98% Sale
88% Sale
Sale
J
1930
52%
58%
85%
85%
86% Oct '20
41%
44
89%
Topeka & Santa
1st consol gold 6s
General consol 1st 5s
82
89
Gen g 4s
Chic A E III ref A Imp 4s g._ 1955
U 8 Mtg ATr Co eta of dep...
w
w
M
77
89
Atchison
1958
76
89
Ann Arbor 1st
g 4s
.....1927
.
67%
8
Imrpovement 4s... 1961
Canal Improvement 4s... 1962
Canal Improvement 4s... 1960
Canal Improvement 4Ms.l964
Registered
211
Jan'20
8
Corporate stock
1964 M
O
Corporate stock
1966 A
4Ms Corporate stock July 1967
D
4Ms Corporate stock
1965 J
S
4Mb Corporate stock
1963 M
4% Corporate stock
1959 M N
4% Corporate stock
1958 M N
4% Corporate stock
1957 M N
4% Corporate stock reg._1956 M N
Canal
Nebraska Extension 4s...1927
75
74
4 Ms
4M% Corporate
3M% Corporate stock...1954
1949 J
69
82
Ask Low
82
or
See Great North
247
4 Hs
N Y State—4s
Illinois Dlv 4s
Joint bonds
75%
73%
O
State and City Securities.
N Y City—4Mb Corp stock. 1960 M
4Mb
1949
J
J
J
N
8
O
J
A
J
J
J
1947 J
Ind A Loulsv 1st gu 4s... 1956 ■*
Chic Ind A Sou 50-yr 4s
1956 J
A
5Ms
J
J
M
M
A
J
F
J
Illinois Dlv 3Ms
Permanent 4s
A
pi922 F
f These are prices on the basis of $5to£
New
1950
ChicBAQ—Denver Dlv 4s. 1922
General 4s
8l7g
....
6878
81%
81%
92%
12
83
Sept'20
98
98
82%
55
7812
817g
89%
41
2
34
75
96% 101
98% 100
32
10378 Sale 103%
52% 63% 53%
S
5-year 5M % notes
1921 M
20-year gold bond 5Ms.. 1937 F
10-year conv 5Ms
..1929 F
conv
Sale"
86%
86%
Sale
J J 842
D
33
34%
O
94% Sale
N
8
71%
99i2
76
t
1
93% 100 ^
987g
9
90%
96
37
91
90%
92%
45
98
Sale
98%
937g 99
41
92%
Sale
937S
89%
97%
101
102
1827 101
Sale
102%
90
90%
Sept'20
897g
95%
98%
A
5-year
70i4
98i2
56
100
mm
mm
Exter dt of 5s 1914 ser
External loan 4Mb
Alton RR ref g 3S—1949
Ralluay 1st lien 3Ms
Anglo-French 5-yr 5s Exter loan
1946 J
15
Range
I?
J*
Last Sale
Bid
D
J
Mid Ga A Atl Dlv 5s
1947 J
J
Mobile Dlv 1st g 5s
1946 J
J
Cent RR A B of Ga coll g 5s. 1937 M N
Cent of N J gen gold 5s
1987 J
J
Registered
*1987 Q
J
Am Dock A Imp gu 5s... 1921 J
J
N Y A Long Br gen g 4s..1941 M
S
Chesa A O fund & impt 5S..1929 J
J
1st consol gold 5s
1939 M N
Registered........
.1939 M N
General gold 4Ms
1992 M
S
Registered
...1992 M
S
20-year convertible 4Ms.. 1930 F
A
30-year conv secured 5s. .1946 A
O
Big Sandy 1st 4s
1944 J
D
Coal River Ry 1st gu 48—1945 J
D
Craig Valley 1st g 5s
1940 J
J
R A A Dlv 1st con g 4s... 1989
2d consol gold 4s
1989
Greenbrier Ry 1st gu g 4s. 1940
Range
Oct.
Cent of Ga (Concl.)—
Chatt Dlv pur money g 4s 1951 *
Mac A Nor Dlv 1st g 5a.. 1946 J
Potts Creek Br 1st 4s
Week's
Friday
Week ending Oct. 15
First Liberty Loan
1st 15-30 year..1932-'47 J
Price
N. Y. STOCK EXCHANGE
Since
Oct. 15
Government.
BONDS
Range
Friday
us
Week ending Oct. 15
8Mb
Record, Friday, Weekly and Yearly
1909 the Exchange method of quoting bonds teas changed and pricei are note—"and interest"—except for income and defaulted bonds.
Construction
3Ms2000 J
dDue July.
69%
71
1921 J
J
99% 100
99%
1923 F
5s
Term A Improv 4s
|Due June.
D
A
91%
1923 M
N
91%
92% May'20
91%
91%
*Due Aug.
fDue Oct.
93
pDue Nov.
eDue Deo.
90
s
94
Option sale
1553
New York BOND Record—Continued—Page 2
Price
Friday
Range or
Oct. 15
F
63
A
Week ending Oct
No. 'Low
96%
953s
1922 J
J
1943 M N
1935 A
O
10-year secured 7s
1930 J
D
Alb A Susq conv 3^8
1946 A
Rensa & Saratoga 1st 7s. .1921 M
Den A R Gr—1st cons g 4s. 1936 J
Consol gold 43^s
1936 1
Improvement gold 5s
1928 J
1st A refunding 5s
1955 F
1st lien equip g
4Hs
Oct'20j
1st & ref 4a
86>2 Sale
80%
86
85
Trust Co certlfs of deposit..
103U Sale
103%
68% Oct
67
48
71%
Oct'20
53%
Oct'20
99
38
Ferry gold 4Hs
1922
1932
92%
93%
92
Oct'19
39
56
54
80
99%
Oct'06
70%
75
Unified gold
4s..H.HI""l949
I~1934
"61%
68
61% Sept'20
65% Sept'20
61%
65
67
68
68%
59%
68%
68
68
60
69%
51
70% July'20
40
"""I III*58 " "68%
86
Sale
79
90
95
92
1996
Registered...
1996
Penn coll trust gold 4s.. 1951
50-year
do
4s Ser A.. 1953
conv
Gen conv 4s Series D... 1953
Chic A Erie 1st gold 5s... 1982
Cleve A Mahon Vail g 5s.. 1938
Erie A Jersey 1st s f 6s
1955
Col
June'16
104
1933
75
71
Sept'201
87%
78%
88
88
Oct'20!
.1937
88
Jan'18
91
85
61
Sept'20
97
Nov'19
Sept'20
June'12
86
76
65
83
95%
102%
89%
89% Sale
84
91
10
Oct'20
"
5
83
"7"6"% "83%
Mar'20
90%
92%
91%
91%
70
Sale
12
12%
90%
Apr'20
....
Sale
74%
73%
76%
68%
75
78
97
3
A
«•
m
4;
....
84
52
80
653g
7I
5934
76
76% Sale
"65" *78%
65
65
71% Sale
71%
63
65
Louisv Div A Term g 3^9.1953 J
F
Middle Div reg 5s
1921
Oct'20
73%
July'20
3Ms
1951
58% Sept'20
73%
65
80
"64* ~ ~69%
95%
87
71%
M
79
J
mmmm
1
83%
Oct'20
78
Jan'20|
78
10
55%
mmmm
mmmm
mmmm
149
74%
76%
68
Sale
72%
74
62
82%
84
82%
72
J
6034
69
"52" "e"2"
53
58%
61%
65
80
68
81
65
70%
83%
69%
68%
87%
73
'
80%Sale
and uked tbla
week;
79%
49
40
49%
75
75
68%
46%
4734
35%
81%
70%
75
4834
82
88
91
St L Ir M A S gen con g 5s
73%
80%
« Dm Jab.
....
89
95
Dec* 16
Sale
62
63%
233
45
46%
141
46
45
46%
9
39%
27
58
60
60
56
56
48%
48%
50
50
A
50
25
O
Sale
27
23
Feb'20
53
76%
72
8234
68
"e'o" "7312
69
55
55
Oct'20
55
55
A
55%
51
Oct'20
33%
M
58%
51
58
M
60%
J
32
1931
...
65
58
63
....
37
M
M
79% 81
9034 Sale
85% 87
5K»4 Sale
M
99%
F
F
F
9934
M
60
51
■71" III
J
F
61%
75%
J
84
...
7984
86
80
90
91
58
59%
99%
59%
68
73%
79%
8734
100
83%
178
16
84
91%
74%
89%
51
60
96% 100
Oct'18
Oct'20
59%
"67%
June'19
*7*0" "79%
Oct'20
76%
8734
89
J
74
74%
70%
71%
71
72%
Sept'20
87
80
Aug'20
873.1 Sale
87%
102
"37"
74%
10
Sept'20
94%
July'14
74%
75%
80%
37
*66 " ~76*"
Oct'17
63%
~72%
80
19
87
102%
M
81%
91
87
J
98
G8%
98
Q
88
95
91%
Oct*20
86%
M
62%
63
Oct'20
51%
F
70
76
76%
95%
63
77%
79
J
77%
74%
77% Mar'20
80%
Oct'20
7538
73%
A
9334
96
89
J
97
99
J
26%
27
A
20%
25
20
J
25
Sale
25
20
27
15
77
Sale
77
79
18
66%
66
66
1
93
94
93
93
62
Sale
62
9234
5021
J
65%
92% Sale
102% Sale
75
80%
753g
68
753s
Oct'20
84
97%
110% Mar'17
27
5G%
92%
10134
102%
7134
79%
80
64% Sept'20
7934
80%
1936
1936
.
1936
...1936
3%%.M951 A
1981'J
1942) J
5s..1938) J
61%
15
80
66%
1
90%
121
41%
96
62
86
93%
355; 100% 102%
54
63
72%
7
69%
80
61%
70
61
64%
69
82%
66%
76%
65
65
55
66
52%
60
54
66
"26
Aug'20
65
64
Sale
55
64
52% May'20
62
1998
Beech Creek 1st gu g 4s..
65
e8
28
77
56%
66% June'20
Registered
1934
30-year deb 4s
1942
Lake Shore coll g 3H8.... 1998
23
15
25
66%
3^8—1998
25
25
79% Sale
1934
13
Oct'20
Jan'20
70
Sale
"17% "30"
27
71% Sale
79
91
PS
1997
# Due June,
29%
Oct'20
86
A
(VI
60
20
Oct'20
A
J
48%
Dec'16
37
10
Oct'20
58
M
58
64%
64
63
58
Aug'20
58
58
49
Feb'20j
49
49%
82%
82%
73
73
*
"7934
82%
7934
65
82% Jan'20
9534 Nov'16
104
May'16
.-I
10!
56%
69%
79%
73
June'20
78%
83
I Due Feb,
53
50%
Registered
Debenture gold 4s
Ka A A G R lst gu g
23
28
F
6934 Sale
.
50
23
"29|
45
1997
Beech Cr Ext lst g
24
Sept'20
4s...1933
5s...1926
1927
Cart A Ad lst gu g 4s
56
48%
50j
55
6934
Registered
2d guar gold 5s
Registered
60%
23%
1!
eo
59
62%
27
30%
25
10,
52% Sale
Registered
1998
Battle Cr A Stur lst gu 3s. 1989
"6"3"% "78"
46%
46%
M
Mich Cent coll
49%
23%
27%
50
1)1927
1938
Montgomery Div lst g 5s. 1947
St Louis Div 5s
1927
St L A Cairo guar g 4s. .1931
Nashv Chatt A St L lst 5s._ 1928
Jasper Branch lst g 6s...1923
Nat Rys of Mex pr Hen 4Hs. 1957
Guaranteed general 4s.... 1977
Nat of Mex prior lien 4^s_1926
1st consol 4s
.—..1951
NO & N'East ref A imp 4%sA.'52
New Orleans Term lst 4s... 1953
N O Tex A Mexico 1st 6s... 1925
Non-cum income 5b A
1935
N Y Cent RR conv deb 68.1935
10-year coll tr 7s
1930
Consol 4s Series A
1998
Ref A imp 4Hs "A
2013
New York Cent A Hud Riv—
gold
*52% ~63*%
17
Sept'20
60% Oct '20
48% Sale
Mob A Ohio new gold 6s
Registered
~85~ "92%
GO
33%
1929
Gouv A Oswe lst gu g 5s.
5
82
Nov»19
40
78
"79" " "87%
21
Sale
70
..1929
Riv A G Div lst g
88
45% Sale
78
67
80% Sept'20
Sept* 19
73%
56
48%
63
91%
78
N' "70%
42
90
73%
93
Aug'19
83%
4
Oct'20
62
N
55
Mortgage 3Ha
Oct'09
Sale
82%
Lehigh Val (Pa) cons g 4s..2003 M
General enne 4
2003 M
54
69%
74
J
54
rn
75
1945—
80
Feb'19
Sept'20|
54%
54% Sale
1937
1941.
93%
68
"84" "9"3"
Sept'20
93
1950
83%
73%
"74% 74%"
4s...1960
63
83
77% Aug'19
80
N
Apr 1950
•Tie prloeFrKay latest bid
mmmm
69% Sept'20
65
Nov'17
75
73%
gold 3s. 1950
LehWal N Y 1st gu g 4Hs__1940
Registered..
.1940
14
63
65% July'18
"83" "83%
7534
49%
54%
8984 Oct '20
General gold 4s
Nov'10
J
4a... 1951
J
1951
2d gold 5s
North Ohio 1st guar g 5s
....
mm-
James Frank A Clear 1st 4s. 1959 J
Kansas City Term 1st
87
87
64
Joint 1st ref 5s Series A.1963 J
J
Lake Erie A West 1st g 5s
19
74
80% Nov'16
92
1951 J
Registered.
....
....
65
59%
117% May'10
73
Mar'19
...
49
81%
lst ext gold 6s
62%
79% May, 19
70
J
15
June'16
"90" loo"
1951 F
13
....
65
79
76
Bellev A Car 1st 6s
1923 J
Carb A Shaw 1st gold 4s.. 1932 M
Chic St L A N O gold 5S..1951 J
Ref A Impt 5s
Aug'20
63
65%
F
M
1990
1942
M K A Okla lst guar 5s.. 1942
M K A T of T lst gu g 5s. 1942
Sber Sh A So 1st gu g 5s..1942
Texas A Okla lst gu g 5s..1943
Missouri Pacific (reorg Co)lst A refunding 5s Ser A.. 1965
lst A refunding 5s Ser Ba_1923
lst A refunding 5s Ser C..1926
General 4s.
1975
Missouri Pac 1st cons g 6s.. 1920
40-vear gold loan 4s
1945
3d 7s extended at 4%
1938
Cent Br U P lst g 4s
1948
Pac R of Mo lst ext g 4s..1938
2d extended gold 5s
1938
Verdi V I A W lst g
June'16
54
62
J
1951
65
102
60
J
Western Lines 1st g 4s
Kansas City Sou 1st
65
Sale
97
F
8t Louis Div A Term g 3s. 1951 J
J
Gold 3KS
1951
Int A Great Nor 1st g
91
47
65%
34%
75
.2001
Unified A ref gold 4s
J
Aug'20j
4a..1931
1950
6s
1919
62-%
M
54
St Louis Sou 1st gu g
Ind 111 A Iowa 1st g 4s
62«4
"""7 "62" "74%
57
g
83%
"63% "72" "
74%
J
Memph Div 1st
Registered
1
71%
92%
Sept'20
1951
1951
78
95% Sept'12
76%
76
74
3Hs
Registered
78
79%
mmmm
July'09
76
Gold
72
13
7
74% Sale
"91" Safe
7534
4734 Sale
1936
41^8
Registered
J
97%
74
49%
Gen con stamp gu g 5s.. 1931
1950 IJ
f
55
Nov'15
1934
Registered
91%
58%
Aug'20
15-year secured 5Hs
Registered
"
....]
Mar'20
Cairo Bridge gold 4s
g
94
91%
6234 June'20
1952 A
1951
96% 106%
"""2 "85"
Sept* 17
71%
71%
— mt
91
Sale
Mo K A E lst gu g 5s
92
■»
95
Sept'20
98
7534
58
Kan City A Pac lst g 4s..
99
*67
M
L N O A Texas gold 4S...1953 M
Registered
1953 M
Registered
Springf Div 1st
82
Oct'18
Apr'19
81%
83
m —■
99
95
91
54 %
5% secured notes "exti |16
1
70
78
Sale
81%
85
Mar'20
....
Sale
26
Dall A Waco lst gu g 6s.. 1940
73% June'18
~70% "II
...
July'20
95
99
91%
Trust Co certfs of deposit..
"82* *83"
65% Sept'20
75
Nov'10
99
1921
St Louis Div 1st ref g 4s.
72
Oct'20
66
Collateral trust gold 4s...1952 A
Omaha Div 1st gold 3s...1951
92
70
—
75
Trust Co certfs of dep
Gen sinking fund
1951 (VI
Litchfield Div 1st gold 3s. 1951
83%
99
Sept* 19
67
1952
99
10
Sept'20
82
Sept'20
7634
Feb'20
98%
99% 97
103%
8103% Sale 102%
136% May'06
100
10%
96% 1053s
....
89%
79
"76% _78%
70
85%
96
85
61
Mar'10
....
Mississippi Central lst 5s... 1949
Mo Kan A Tex—lst gold 4s. 1990
2d gold 4s
pl990
Trust Co certfs of deposit...
lst ext gold 5s
1944
lst A refunding 4s.
2004
95%
"II "81% "88"%
103%
80
90%
89
93%
76%
4
I
....
96
M S S M A A lst g 4s Int gu.
102% May'16
83
82
"92"%"%%
70
Sept'20
99
....
*422
1
3
.
"77""
...1938
1941
lst Chic Term s f 4s
Oct'20
84%
68
1927
lst cons 5s
June'16
96
~84~% "84%
"73% "80 "
"51% "se'ig
——
96%
95%
84%
85
-
Dec'19
96
96% Sale
9574 Sale
67
.1955
67
....
76
76
65
"67"
1st refunding 4s
Purchased lines 3Hs
67
----
51% Aug'20
64
85
67
lst A refunding gold
Aug'10
92
....
60%
85
70
1934
4s...1949
Ref A ext 50-yr 5s Ser A.. 1962
Des M A Ft D 1st gu 4s.. 1935
Iowa Central lst gold 5s.. 1938
Refinding gold 4s
1951
MStPASSMcong4stntgu.l938
"81% "92""
Nov'll
76%
Sale
37
—
—
96
68
lst consol gold 5s
87%
95
f g
Pacific Ext lst gold 6s
Jan'17
Sept'20
J
Registered
_48 ~ "60 "
....
s
96
85
1977
58.1925
Minn St Louis lst 7s
67
J
Registered
Stamped guaranteed
Midland Term—lst
87%
72
Extended 1st gold 3^s_..1951 A
1951
"36" "55"
Dec'19'
98%
98%
90% 101
69
~88~% ~89~"
88% Sept'20'
97% May'101
75%
75
88
82%
58
Feb'05|
95
98
72
69
67%
Sale
Mex Internat lst cons g 4s..1977
....
60
62
09
104"
77% Sept'20
....
~87% "95
Manila RR—Sou lines 4s...1936
72
J
1951
"40" "61*
Dec'18
*40"* *58
Houston Belt A Term lsti5a 1937 J
Illinois Central 1st gold 4s__1951 J
Registered
"9l" ~9l"
52
52
84
...
1st gold 3s sterling
84
....
Dec'06
100%
54
108
J
J
AH V 1st ext g4s.^.Il948 A
F
A Tol 1st ext 4s.
1955 ~
79
Jan'18
23%
J
J
Feb
Feb
1951
I
Feb'20
~87 " "91
J
..1.1951
"~~7 ~78% "90 "
84
103
100
55
.
Registered
83
108% Sept'19
72%
11940 J
1948 A
1st gold 3^s
66%
84
89
52
J
1951
34
22
Jan'17
87
87
80
4Hb 1999
...1999
Registered
52
82%
82
106%
41
J
1937
53
52
83%
....
61
J
101%
63%
7934
Aug'20!
69
97%
1965
L A N A M A M lst g 4^3 1945
L A N-South M Joint 4s.. 1952
Registered
1)1952
N Fla A S lst gu g 5s
1937
N A C Bdge gen gug4^s.l945
Pensac A Atl lst gu g 6s.. 1921 |F
SAN Ala cons gu g 5a...1936 F
Gen cons gu 50-year 5s. 1963 A
La A Jeff Bdge Cogu g 4s... 1945
63%
76
76
Lex A East lst 50-yr 5s gu
*67% "79%
46%
5334
83
,
45%
60%
50
75
95% Nov'19
Kentucky Central gold 4s. 1987
82%
J
1937 J
.
"41
Atl Knox A Nor lst g 5s..19
Hender Bdge lst s f g 6s..1931
50
47
75
5s_I&1952 J
Col
76
87%
19
30
84
1922
cons g
51
75
Atl Knox A Cln Div 4s..
100
~9~6% 160""
99
30%
J
Hocking Val 1st
Registered.
4934
6s..1921
1980
2d gold 3s
"III "38" "50"
103
100
Jan'19
79%
15
96%
J
Debenture ctfs "B"....
Gulf A S 11st ref A t
g
"47" ~60 "
CO
1
St Louis Div lst gold
85
100
Feb'201
100
97
32
86
J
1st guar gold 5s
_I~1937
Will A S Fist gold 5s._ 1938
Green Bay A W deb ctfs "A"
100
75%
9834
46%|
82%
75%
Q
1937
50
91
103%
90
99
91
71%
Reduced to gold 4Hs. 1933
Registered..
1930
2d gold 6s
Paducah A Mem Div 4s..1946
1
1
97
88%
47
100
Minn Union 1st g 6s
Mont C 1st gu g 6s
1930
103%
Is); gold 6s
*84" "91"
14
103%
103%
86% Sept'20
Sept'20
100% 100
1930
gold 4Hs...1931
45
102% 103
E Minn Nor Div 1st
g 4s
N O A M
44
83
81% Sept'19
Oct'20
90
71%
73
J
.
96
8234 Sale
82%
45
45
1933
.
93
Oct'20
99%
82%
Sale
721S
J
J
Registered
Mont ext 1st gold 4a
Registered
Pacific ext guar 4s £.
L Cln A Lex
59%
73
.1933
1933
Registered
10-year secured 7s
92
*
75
91% 94
87% 100
72
84%
62%
71
May'20
94
92%
Collateral trust gold 5s...1931
Dec'16
49
5212 Sale
1961
St Paul M A Man 4s...
1st consol g 6s
80
91%
70
87*" "89"
90% June'19
73%
45% Sale
1961
Registered
59
Sale
4934 Sale
A
/,1921
80
.
86
92
71%
4s__....HHi940
Il940
mmmm
June'20
84
59
Registered
99%
94% Nov'15
J
A
1921 J
1st A ref 4^s Series A
Unified gold
92
98% Aug'19
Ft Worth A Rio Gr 1st g 4s. 1928
Galv Hous A Hend 1st 5s... 1933
Registered...
"79"
84
Dec'19
90
80
Louisiana A Ark 1st g 5s
1927
Louisville A Nashv gen 6s..1930
Gold 53
1937
93%
Oct'20
85
5s.ol932
g gu
Jan'll
87
~85 " "87"
5sll935
1927
l8t goId 53
con
lst
68%
May'20
95
..19 49
rnmmm
91% Sept'20
93
M
J
J
Genesee River 1st s f 6s...1957 J
Long Dock consol g 6s
1935 A
Coal A RR 1st cur gu 6s.. 1922 M
Dock A Impt 1st ext 5s...1943 J
N Y A Green L gu g 5s... 1946 M
N Y Susq A W 1st ref 5s.. 1937 J
2d gold 4Ms
.1937 F
General gold 5s
1940 F
Terminal 1st gold 5s... 1943 M
Mid of N J 1st ext 5s
1940 A
Wilk A East 1st gu g 5s.. 1942 J
Ev A Ind 1st cons gu g 6s.. 1926 J
Evansv A T H 1st cons 6s.. 1921 J
1st general gold 5s
1942 A
Mt Vernon 1st gold 6s... 1923 A
Bull Co Branch 1st g 5s..1930 A
Florida E Coast 1st 4Hs.__1959 J
Fort St U D Co 1st g 4Kb..1941 J
Great Nor C B A Q coll 4s.
Jan'20i
80
90
1953 A
Series B
"""4 "77"%
Oct'20
98% Aug'20
1920 M
1996
79
93%
90%
86
Sept'20
Mar'08|
67
deb 5s
Registered
80
92%
Sale
68
S Sh B
Nor
69
74
7O84
1937
p m
N Y B A M B lst con g
10
105%
8712
.........
Guar refunding gold 4s...1949
55%
48
93% June'20
79
1st consol gen Hen g 4s.
5
78
78
Elgin Jollet A East 1st
Registered
14
25% July* 16
78
9212
4a
20-year
Dec'16
82
Du! Sou Shore A Atl g 5s
5th ext gold 4s
1928
N YLE&Wlstgfd 78
1920
Erie 1st cons g 4s prior... 1996
Gold
cons
Debenture gold 5s
Apr'll
61%
1995 J
M
M
A
J
M
J
J
J
J
F
A
73%
79
75
52
55%
N Y A Erie 1st ext g 4s
1947
3rd ext gold 4Mb
...1923
4th ext gold 5s
1920
72
86
71
56*2
Erie 1st consol gold 7s
79
64%
82
1938
5534
1937 J
5S..1941 M
77
»1931
Qeneral gold 4s
55U
g
92
1st consol gold 4s
1995 J
Registered
73
84%
1
7334
Mtge A coll trust 4s A..1949 A
5S..1941 J
1937 A
1937 A
73
89%|
72%
68%
55%
Dul A Iron Range 1st 5s
100%
87%
68
July* 17
Dul Missabe A Nor gen
gold 5s..hl931
88
63
51
75
72
62%
"373s
M
Jan'20
98%
58%
67
4s..
73
92
19
34
Gold
4s_..Il945
1945
£ <ILN Y lst Suar S
Registered
Long laid lst
Oct'13
75%
16
68
DetRivTun TerTun4Hs__1961
4s...H1933
70
70lS
J
72%
65
100% 100%
93
93
.....1933
...
1st int reduced to
95
103
92
73%
40
Det A Mack—1st lien g 4s
Registered
21
98%
Sept'20
105
C0lf6sIInl928
t®S ^af £R,1(>-yr
98
High
89%
Mar'17
98
97%
No, Low
89% June'20
113
Leh Val Coal Co 1st gu g 5s. 1933
99% 103%
*20
6712
Rio Gr West 1st gold 4s__1939
87%
High
Ask Low
91% 100
67
7178
73i2
5278 Sale
1940 J
1940 J
86%
73
"30!
Range
72
Sale
72%
Since
Jan. 1
Week's
66%.
70%
Sale
71
Range or
Last Sale
Bid
96%
86%
100% July'20
67
1939 J
Rio Gr Sou 1st gold 4s
Guaranteed
94%
....
Oct'20
103
75i2
7112
100
—
Rio Gr June 1st gu 5s
8618
Friday
Oct. 15
Le£ V Term Ry 1st gu g 5s.* 1941
Registered
1941
Delaware A Hudson—
20-year conv 5s
15
High
102% Feb'08
95
Price
«S
N. Y. STOCK EXCHANGE
Jan. 1
High
Ask Low
Bid
Warren 1st refgug3Hs_.2000
(3
©
BONDS
Since
Last Sale
Delaware Lack & West—Concl.
33
Range
Week's
BONDS
N. T. STOCK EXCHANGE
Week ending Oct 15
d Due July, a Due Sept. 0 Due Oot.
s Option aale.
1554
New York BOND Record —Continued—Page 3
|
BONDS
H. Y. STOCK
Price
NYCent4HRRR (Con)—
Lake Shore gold 3Hs
1997 J
Week's
Friday
Oct. 15
EXCHANGE
Week ending Oct. 15
Last Sale
High
No.
69i2
69i2
Aug'20
3
65
Sale
85
86I2
Ask Low
Debenture gold 4fl
1928 M
"85
S
25-year gold 4s
1931 M
1931 M
84
N
Registered
Sale
N
Moh & Mai 1st gu g 4b.1991 M
Mahon C'l RR 1st 5s
1934 J
4a
72
j
80
8
Michigan Central 5a.....1931 M
Registered
1931 Q
S
89%
m
"
73
J
6434
S
1952 M
N
1940 J
20-year debenture 48...1929 A
N Y Chle A St L 1st g 4a. .1937 A
Registered
Debenture 4s.
79
O
Phlla Bait A W 1st g 4s_.1943 M
n
76
87%
Sod us Bay A Sou 1st g 5s. 1924 J
74%
84%
May'20
Aug'17
93%
93%
N
80
"74*U
Sale
"64"* ~75~
Feb'16
92*8
71U
71
Sept'20
d
113
May'15
J
9534
9714
7034
J
50
J
50
77
O
100
7334
72
74
....2361 J
"9*3"% "9*3"%
Jan'20
Jan'09
*95% *9*5"%
95U June'20
73
7312
74i8
64%
64
73
Feb* 19
98% "99*14 ^97% June'20
77%
77U Sale
7714
*94% *9*7*%
10
65%
79
N Y N H A Hartford—
1947 M
54
1947 M
4718
1954 A
44
46
45i2
45i2
Non-conv deben 4s
Non-conv deben 4s.
Conv debenture 3 Ma
1955 J
55
55l2
5512
55i2
1
1956 IVI
54
55l2
5512
5512
10
1956 J
45
48
47
47
3
Conv
1948 J
81
82>4
83
35
46
...
—„
m
49
"
Cent New Eng lstgu 4s.. 1961 J
Hartford 8t Ry 1st 4s
1930 M
63
Aug'20
7912
60
60
Oct
48%
56
Caro
56
39%
50
65
87%
N Y Prov A Boston 4s... 1942 A
71%
NYW'chesAB 1stSer 14^8'46 J
Boston Terminal 1st 4s...1939 A
New England cons 5s
1945 J
s48
m'«
1st land grant ext g
**
83
Prov A Springfield 1st 5s. 1922'J
Providence Term 1st 4s...l956;M
W A Con East 1st
4t$8___I943jJ
N Y O A W ref 1st g 4s
•
-
63%
pi 992 M
Registered $5,000 only..pl992 M
Genera! 4s
......1955 J
57
Norfolk Sou 1st A ref A 5s__1961 F
Norfolk A Sou 1st gold 5s.. 1941 M
Norf A West gen gold 6s.... 1931 M
59%
80
3412
101
122
M
•
-
-
102
-
.
•
-
74
•
«
»
-m
*
57
60
Louisiana West, 1st 6s
1921
59%
No of Cal guar g 5s.
82
Ore A Cal 1st guar g 5s.
1927
So Pac of Cal—Gu g 5s
1937
So Pac Coast 1st gu 4s g. _1937
Tex A N Ocon gold 5s...1943
m.
m
I
II
5978
48
71%
1017s
100
104%
Nov'16
100l2 Sept*20
1*00*12
35
78
74
conv 4s
75%
76
conv
9634
74
74
70
78%
70
76
76
Dec'19
1932 M
.1938 M
10-year conv 6s
.1929 M
Pocah C A C Joint 4s... 1941!J
C C A T 1 st guar gold 5s. 1922 J
79U
98i2
98%
73%
.
11
781s
Oct '20
70
60%
105%
Q
J
74
J
75
J
70%
91%
Pennsylv Co gu 1st g
O
S
m
m
mm-*
-
m
-
-
-
m
m
-
mm
-
.
-
n
Sale
Sale
mm —
8278
—'
99
80%
A
81
89
Sale
37i2
104% Sept'20
73U
>76%
75
-ot'i1031®
21 | 62
San Fran Terml 1st 4s
Southern—1st
cons
Develop A
gen
1950
g 5s
Registered...
1994
....1994
4s Ser A... 1956
89% Oct '20
82
82%
90
,
110,
83
73
82
101
11
9gi4
'in
6212
Guar 3Hs trust ctfs D... 1944 J
D
62l2
72U
77
O
807s
81
80
Oct
N
71
70
N
67l2
80
76i2
93%
105
9712
9712
69'8 Mar'20
32
83
9534
95%
98%
69i8
1
72%
83
Feb'20
69%
97%
....
84i2
..
68
Aug'20
66
71%
735g
O
Jan'20
735s
73%
'20
67
83%
Sept'20
66
81
80
80
82%
84%
Nov'19
82'2 Oct '20
96% May'18
104
s
f g 4s
Feb* 12
50-year gold 4s
Dee'12
Feb* 17
Coll trust 4s g Ser A
1917
Trust co ctfs of deposit,
685s'
75
Apr'20
68%
79U May'19
Gr R A I
J
78l2
76i2
S
81
80
Sept'20
93
Mar'10
Ohio Connect lstgu 48
1943 M
Pitts Y A Ash 1st cons
5s.1927,M
Tol W V A O gu 4^S A..1931 J
Series B 44$s
1933 J
Series C 4s
1942 M
F C C A St L gu 4Ma A..1940 A
Series B guar
1942 A
Series C guar
1942 M
Series D 4s guar
1945 M
Series E 3Hs guar gold. 1949 F
Series F guar 4s gold... 1953 J
Series G 4a guar
Series I
>957 M
cons guar
4^3.1963 F
General 5s Series A
*
No prioe
Friday
1970 J
N
J
"8*3*" *88*"
75
80
*80*%
80
8734
S
67i2
84
Sale
84
83
8578
83
J
O
90
79%
90
80
82%
78
78
78
A
72U May'20
72%
84
D
8214
82%
82%
86
82
N
Apr'20
73-38 June'20
73%
73%
7fii8 June'20
A
D
Aug'20
"8*4*12 *Saie
76
88%
84
74%
85
a Due Jan.
85
b Due Fab.
conv
4s
t Doe Jane.
83%
95%
93%
97%
82%
84%
95%
97%
Mar'191
98
*8*9%
83
95%
95%
91%
93%
85%
93%
96
Apr'20;
140
88%
85
87
!j 96
Apr'20
|
'80% Aug '20;
80%
83
68
79%
July'lOj
76%
Sale
77%j
73
73%:
89%!
27,j
62%
41 I
77
90
84% Oct '20!
73
Sale
i
84%
84%
89% Sale
*63
4
Sale
89%
63
197 '
"91 "
63
62%
86% Oct '13
9
70
64%
86%
68
65
6
70%!
1
50
66%
II 71%
61%
76% June'20
81
74% Aug '20
90
88%
65%
69
69
82%
55
81%
4
88%
'20
Oct
..J
1
92
88
Sl%
May'20
87% Oct '20
80%
93%1
92
•52
£9
52%
98
91
98%
98
95%
96%
97
1
53%
*9*6*'
64
88
85
75
69
....
"75"
99
70
83
*84% "90"
....
79
85
i
55
70
1
80%
89%
85
Aug '20
"
i
70
79
83
80%
87%
2
62%
74%
1
87%
74%
74%
81
July'20
!
84% Sale
84
53
55
86
Nov'04
70
65%
*7*9%
70
85
55
90
Ill"
75%
81%
93% Oct *2077%
72
78
65
83%
64%
*83*% *93%
IIII
77%
"92*"
85
35
36
81
80
Oct '20
51%
55%
55%
34%
18
Aug '18
May'20
85
18% Mar* 16
19
73
Feb '19
82%
82
62%
62% June'20
80%
65
July'20
75
"8*
Sept'20
*74*" *81*
6
56
71%
65
81
82
52
81% Sale
80%
77
"8*2*%
Sale
76% Sale
82%
76%
Sale
99%
100
77
79%
98%
88% Sale
98%
77
81%
82
i
"140
85%
52
52
74%
June'20
i
83%
92;
85%
77
77
78%
88%
47
98% Oct '20
81
95
103
14
77
66
47;
77%
101
81
66%
96% 101
....|
88%
89%
13:
81%
83
82%
83%
381
J926 J
88%
90
89%
89%
9
1933 J
74%
86
89
1929 J
« Due Oot.
p
80% June'18
27%
Dae Nov.
t
26
93
82
1
85
1
92%
Feb '18
80% Dec '19
84
25
66
:::: *64*% *68 "
Sept'20
1947 J
1947 <1
42%
July'20
1952 A
61
S
J
85
52%
May'18,
106%
81
75%
~26
84%
Apr'20;
81%
J
f
J
70
70
3
Sept'20
84
25
-
60
*95*" "05"*
85
J
90%
60
Feb *20
80% June'20
74% Sale
J
97%
80%
Aug '19 1:
84% Sept'20
85
79%
87% Sale
86
96
111 J
104%
Sale
84%
60
100
98
1
98
95
88
67%
.
102% June'll;
88%
85
91
"52%
92% Nov'19
60
97%
92%
79%
"~2 *4*6%
52%
Apr'20
80% May'20
65
91
July'19
97%
80
60
69
'1 i"eo"% "65%
65%
88%
87%
80%
88%
55
81% Mar'16
65%
65%
-
70%
78
74%
88
90
76%
78
A
F
73%
126154
64%
75%
1927
82%
93%
93
Sept'20|
85%
Sept'20
95% Sept'20
96
"7*6%
cons g 4s Ser A...1955 f
Consols 4s Series R
1957 M
Vera Qua A P 1st en
4%s..l934 J
i Due Aug.
*81*%
83
Vandalla
A Due July,
84%
95%
87
87
83% Sept'20:
82% Aug '20!
52
Ore RR A Nav con g 4s__1946
Ore Short Line 1st g 6s
1922
1st consol g 5s
1946
Guar refund 4s.
Utah A Nor gold 5s
1st extended 4s
95
83%
63
refunding 4s
#2008 M
10-year perm secured 6s..1928 J
74%
82% Sept'20
82i8 Sept'20
....
4s
Nov' 18
90%
85
1st A
36
N
N
g
5s
Union Pacldc 1st g 4s..
20-year
88'8 Sept'17
85
refunding
cons g
Registered
93%
O
1st
95
73
'18
1928 J
Tor Ham A Buff 1st g 4s..*1946
Ulster A Del 1st
76%
Apr'17
87's Nov'19
latest tua and aaked.
68
Apr'20
1950
' 60%
34
Mar'20
82%
1917-1
88U
"*47 "75% "82*%
77%
87
93% 106
180j 65% 78
73
Oct
93%
91%
3^3.1925 J
90%
77%
71%
85
89
A
J
M&r
La Div B L lst'g 5s
1931 -»*
J
W Mln W A N W 1st
gu 5sl930 F
Tol A Ohio Cent 1st gu 5s._1935 J
Western Div 1st g 5s
1935 A
General gold 5s
1935 J
Kan A M 1st gu g 4s
1990 A
2d 20-year 5s
1927 J
96%
247 i
75
100
88%
St L M Bridge Ter gu g 5s. 1930
6514
Sale
73
*73%
223
87% Sept'16
87
95%
1953
70
72%
*83 "
Texas A Pac 1st
gol/i 5s....2000
2nd gold Income 5s
...<72000
Tol P A W 1st gold 4s
Tol St LA Wprlleng
Dec'15
"7*7% Safe"
87 t 61%
74
79%
102%
74
94
^
J
J
A
J
M
J
J
J
A
J
J
A
e 5s... 1955
Term Assn of St L 1st g
4,4s 1939
1st cons gold 5s
1894-1944
6514
1st, gu g 4^8.1941 J
0
Spokane Internet 1st
Gen refund
79
90
A
M
E Tenn reorg Hen g 5s
1938 w
Ga Midland 1st 3s
1946 A
Ga Pac Ry 1st g 6s
1922 •*
Knoxv A Ohio 1st g 6s... 1925 J
Mob A Blr prior Hen g 5s. 1945 J
Mortgage gold 4s
1945 J
Rich A Dan deb 5s stmpd.1927 A
Series C 3Hs
1948 M -N
Series D 34*s......... 1950 F
A
Erie A Pitts gu g3Hs B..1940 J
J
Series C_.
1940 J
J
ex
M
Va A So'w'n 1st. gu 5s..2003
1st cons 50-year 5s.. 1958
W O A W
lstcy gu 4s
1924
59
D
84%
88%
81
..
71%
Feb
101%
74% Sale
SerfesF 5s...i........1926
General 5s
1936
186
J
O
102% Sale
A
a
D
-O
N
J
NN
N
.1956
8612
9212
84%
79U
Feb'20
91
97 7s
108
Cons 1st gold 5s
9312
83%
10412
68
Int reduced to 3V$s__1942 A
D
Rich A Meek 1st g 5s
1948
Virginia Mid Ser D 4-5S..1921
Series E 5s...
.....1926
77
Guar 15-25-year gold 4s..l931 A
40-year guar 4s ctfs Ser E. 1952 IVI
'
90
78%
J
1948 J
Atl A Yad 1st g guar 4S..1949 A
ET VaAGa Div g 5s
1930 J
75
103
83
84%
78
82%
July'20
70%
Sale
1948
78is
81%
7512
82
A
87
71% Sale
-
1944
Atl A Danv 1st g 4s
2d 4s
89
Apr'20
F
J
J
St Louis div 1st g 4s
1951
Ala Gt Sou 1st cons A 58..1943
Atl A Charl A L 1st A 4^81944
65
June'20
82
9738
6834
N
J
Mob A Ohio coll tr g 4s_._ 1938
Mem Div 1st g 4 V$s-5s___I990
75
1
75
78% Sept'20
98
1942 A
82%
Dec'16
J
72
* *81%
Oct'19
J
....
77
59%
Feb'19
89
104i2 Sale
795s
67%
49%
97% 102%
96
100%
June'20
76's
S
Series B
69
82%
975s Aug'20
M
Cln Leb A Nor gu 4s g
1942 M
CI A Mar lstgu g 4 Hs... 1935 M
CI A P gen gu 4^s Ser A.1942; J
77
69
Aug'20
97
-
94
M*
*59
59
J
Registered
1921
Guar 3Ma coll trust reg A. 1937
Guar 3 Hs coll trust Ser B. 1941
Guar 3Ma trust ctfs C...1942
98%
Nov'19
8114
1968 J
4sg 1936 F
4Ma.. 1921!J
„
8134
8934
82% Sale
90i4 Sale
1930 A
D R RR A B'ge 1st gu
m
sii4
89i2
4s...l942 M
96
79U Oct '20
93
1005 J
gen guar g
86
98
Pennsylvania RR 1st g 4s.. 1923 M
Consol gold 4s
1943 M
Consol gold 4s...
1948 M
Consol
4^s._
i960 F
10-year secured 7s
65
»
98%
1068-1
General 4V^s
General 5s
58
57
-
83
f 4H8..1955 J
s
Sale
—
78%
Registered certificates.. 1923 Q
8t Paul A Duluth 1st 5s..1931 Q
Paducah A Ills 1st
77
58
m
St Paul-Duluth DIv g 4s.. 1996 J
St P A N P gen gold 6s... 1923 F
Wash Cent 1st gold 4s
1948
Nor Pac Term Co 1st g 6S..1933
Oregon-Wash 1st A ref 4s.. .1961
Pacific Coast Co 1st g 5s...1946
81
..1955
1st 30-year 5s Ser B
77% Sale
76% 77%
Registered._....
1997 Q
General lien gold 3s.....u2047 Q
Registered
u2047 Q
Ref A lmp4Ks ser A....2047 J
1st consol gold 4s
72%
69
Sept'20
77i2
*94*% 104*%
98%
Jan'20
75
75
22
104U
79U
rall-|
A land grant g 4s:... 1997 Q
AUeg Val
103
104% Sale
78% 80
Solo V A N E 1st gu g 4s..l989,M
Pacific prlof lien
7638
1938
80 Pac RR 1st ref 4s
77%
Mar'20
10-25-year
"
80
1
77l8
Sept'20
10-20-year
103
67%
28
74
75
m
~8*1%
78
1
96% May'19
1931
1941
76%
4s..... 1932 J
91%
4s.1954 A
A A N W 1 st gu g 5s
72%
way
gu
64%
conv
98
1
J
3^8..*1929 J
Through St L 1st
63
10-25-year
64
98
Dec '15
81
J
51
Dlv'l 1st Hen A gen
g 4s. 1944; J
101
78
.........1949 F
63
76
76% Sale
60%
! 64
...
1
82%
F
5s
*51*
32*" "4*5
Sept'20
101%
55
1
...
98
78
1934
conv
Mort guar gold
*49
67
82
85
..J
May'20
86
8
64i4
5712
98
82%
M
Sept'20
101% Sale
Improvement A ext g 6s.. 1934! F
New River 1st gold 6a.... 1932 A
N A W Ry 1st cons g 4s_.1996'A
Registered
1996 A
Northern
*1949
.<
4s.........g1929
Gen gold 4s Int guar... 1921
Waco A N W div. 1st.g- 6s '30
57
64
J
63»2
«.
Sept'20
76%
98
H A T C 1st g 5s Int gu_..1937
~
57
Sale
83% 103%
63
:•*
Feb'14
m
64%
64%
Dee'19
•»
67%
*12 "54% "64*%
62
52
conv
Registered
45
63
66%
49
62% Sept'20
Dec'13
6^8
60
....
48%
63
64
-
i
61
20-year
Sept'17
997s
*67%
»
781
*14
49
Cent Pac 1st ref gu g 4s..l949
5012
70
67%
38
1943
Registered
44** *60*
Aug'13
45
65
35
883s
•
47
48
74i2
•
,
..J
64%
47% Sale
74*
-
....
59
36
69
Sept'20
64%
92% 100
56%
70
86
86%
60
69%
39% 52
45
J
Gila V G A N 1st gu g 5s..1924 M
Hous E A W T 1st g 58...1933 M
1st guar 5s red
1933 M
-
52
98% Jan
5s..ol945'J
con
2d exten 5s guar
60
68
54
'
49%
Gold 4s (Cent Pac coil)..k\949
63
70%
42%
08%
18
30
G II A S A M A P 1st 58.1931
Consol 4s
...1945 J
Providence Secur deb 4s.. 1957 M
i.JI
53%
6s.l923jJ
5s.. 1930 J
Consol gold 5s.
July'14
48
»
Sale
10 j
69%
Aug '20
Southern Pacific Co—
6278
*20
87
96%
86
58%
92%
May'17
68%
*62% "6*3*
102
85
96%
64% Sale
65% Sale
Fla Cent A Pen 1st ext
IO6I2 May'15
1954 (VI
90
t
May'16
72
20-year
::::
Housatonlc Ry cons g 5s.. 1937 M
78
Sale
82
Oct '20
96
68%
1959:A
Birm 30-yr 1st g 4s.el933 M
Cent 1st con g 4s... 19491J
40%
44%
Dec* 17
87% Oct '20
67
91%
70
60
22
60
im
39.g
45
Ga Car A No 1st gu g 5s..1929
Seaboard A Roan 1st 5s.. 1926
+
56%
567
59
Ga A Ala Ry 1st
65
264 :
55%
56%
Jan'12
m
69%
43%
46%
9H2
'
m
m
68
54%
56% Sale
Oct'17
-
„
66
■'m
64%
62%
81
77%
27 \
43% Sale
60
Non-conv deben 4S....1956 J
Harlem R-Pt Ches 1st 4s. 1954 M
B A N Y Air Line 1st
4s.. 1955 F
52
130
89%
96%
4s....
45
July'18
Oct'19
356'
77%
1950 A
73
4412
.1954 J
.
AtlA
63%
01949 F
50
1930 F
Natigatuck RR 1st 4s
82
4
e2%
75%
89
81%
1932'J
Adjustment 5s
Refunding
89
" Juiy'io -11J! *55 " "eo"
68%
1st terminal A unifying 5s. 1952 J
Gray's Pt Ter 1st gu g 5s. 1947; J
S A A A Paas 1st gu g 4s
1943!J
Seaboard Air Line g 4s
1950 A
46
79%
75%
i 72
....
89%\ 89%
68% Sale
54% Sale
95% 96
62
ctfs.pl989i J
52%
60
2.
79%
Sept'20
93%
7l" *87%
103
63% Sale
76
Sale
66%
St LS W 1st g 4s bond ctfs.. 1989
2d g 4s Income bond
45%
Sept'20
j
1931
K C Ft S A M cons g 6s. 1928
K C Ft S A M Ry ref g 4s_1936
K C A M R A B 1st gu 5s. 1929
45
52i2 Sept* 20
...
Non-conv deben 4s....1955 J
s.
gold 5s.
Gold 4s stamped
Non-conv deben 4s
Non-eonv deben 3 Ma
Non-conv deben 3^s
4M
General
Consol gold 4s
76
73
73
99l2
.
o
Oct
51960
St L A S F RR cons g 4s..1996
Southw Div 1st g 5s...1947
60
53
May'17
130%
9812
NYC Lines eq tr 5s. 1920-22 M
Equip trust 4 J^s. .1920-1925 J
NY Connect 1st gu4J^s A..1953 F
Nov'16
*52* " *60*'
87
43
93%
:
....
86
4
Income Series A 6a..
1928
St Louis A San Fran gen 6s. 1931 J
Nov'16
103
j
j
97%
Oct'19
93i8
94%
78%
j
r
j
Prior Hen Ser C 6s
79%
*60*% -I-I
r
71
95
Feb'20
103
o
79% Sale
88%
r
92%
71
Aug'20
101
1997
Apr'20
97% Dec '17
80%
86
87%
71%
40
5
93%
Safe"
86
1997
St Louis A San Fran (reorg Co)—
Prior Hen Ser A 4s..:
1950
Prior lien Ser B 5s
1950
92%
97
60
Reading Co gen gold 4s
Registered...
Cum adjust Ser A 6S....A1955
Jan'20
60
80
60'
*64*" ~64~"
May'20
97
j
2d guaranteed 6s...... 1934 J
West Shore 1st 4s guar...2361 J
debenture 6s
40%
Atlantic City guar 4s g_..1951
St Jos A Grand Isl 1st g 4s.. 1947
O
Cons Ry non-conv 4s
Non-conv deben 4s
40%
Jersey Central coll g 4s... 1951
N Y A Pu 1st cons gu g 4s. 1993 A
Pine Creek reg guar 6s...l932 J
R W A O con 1st ext 5s__A1922 A
Registered
40%
81%
925s
Pitts A L Erie 2d g 5s...al928 A
Pitts McK A Y 1st gu 6s..l932 J
40%
84%
1943
80%
75%
58
2
f 4s 1937
80%
40
69%
81
64
con g 44$8... 1941 J
OgALCham lstgu 4s g. 1948 J
1st consol gold 5s
86%
72
89i2
...J
80% Sept'20
81
66%
67%
58
Rut-Canada 1st gu g 4s. 1949 J
St Lawr A Adlr 1st g 5s... 1996 J
2d gold 6s
1996 A
Utlca A Blk Riv gu g 4s.. 1922 J
j
Dec' 17
June'17
84%
78%
67
O
N
99
82%
....
92
100
...
69%
Nov'17
A
High
96%
78*
1
'93
Jan
Sale
70%
O
f
67%
63%
74i2
5
84%
66%
74%
Low
No.
96%
May'20
1940
s
Pitts Sh A L E 1st g 5s
,t
Since
Jan. 1
70%
91
Philippine Ry 1st 30-yr
"74% *77*"
78
80
66%
N
Rutland 1st
j
S
Range
I«
High
96%
102
F
Pere Marquette 1st Ser A 5s. 1956 J
1st Series B 4s
1956
Nov'18
2000,IVI
5s.l923;A
N Y A Harlem g 3 Mb
N Y A Northern 1st g
Sunbury A Lewis 1st g 48.1936 J
98
77
Peoria A Pekln Un 1st 6s g.. 1921 Q
2d gold 4Mb
51921 M
*75% *7*5*%
Jan'20
78
77%
78
j
Ask Low
96%
83%
U N J RR A Can gen 4s__1944 ivi
84
Nov'19
85
O
N J June RR guar 1st 4s..1936 F
"34
Range or
Last Sale
15
Bid
C St L A P 1st cons g 5s..1932 a
69
661? Juiy'20
77U
7734
o
1931 M
Pennsylvania Co (Cond.y—
High
70%
65
Is
Week's
Friday
Oct.
15
65
7434 Sept'20
66i8 Mar'20
"68"
o
1937, A
Low
Price
EXCHANGE
Week ending Oct.
Nov'19
82
J
1940 J
1951JM
Registered
JL AS 1st gold 3Ma
1st gold 34*8
8314
84i2
75i2
93U
9912
98i2
N. Y. STOCK
Since
Jan. 1
7D2
71
D
1997 J
BONDS
Range
or
70
Bid
D
Registered
Range
Sept'20
Due Dee.
1
1
t
1
1
1
1
I
1
•
1
1
»
20
Option sale.
~28*"
1555
New York BOND Record—Concluded—Page 4
g-a
BONDS
Week ending
Friday
Range or
Oct. 15
Oct. 15
Ask Low
Bid
Virginian 1st 5s series A... 1962
WabaSh 1st gold 5s
1939
2d gold 5s
1939
Debenture series B_.— 1939
fd g 58
1st lien 50-yr g term
75%
53
A
gold 5s
1930
Refunding 4Mb series A.. 1966
RR 1st consol 4s
1949
Winston-Salem S B 1st 4s..I960
69%
Wis Cent 50-yr
70
71%
88%
85
80
59
36
8478 Sale
84%
Am SS of W Va 1st 5s
Street
Atlantic Fruit
92
94
85
100
76%
71% Sale
Chic C A Conn Rys s
Chile Copper 10-yr conv
Coll tr A
conv
60%
60
50
60
69%
69
69
61
69
60%
71%
61
74%
71%
73%
Stamped
1928 M
...
Great Falls Pow 1st
s
s
1916-1941
29%
45
45%
29%
Sale
67
67
90
90
90
85%
67%
93
41%
39
42%
31%
45
93
95
93
93
03
93
66
Apr '20
66
66
85
84
85
82
88
May'18
Niag Lock A O Pow 1st 5s__ 1954 M
Nor States Power 25-yr 5s A 1941 A
83
80
79
Sale
79
79%
70
85
"60'
J
F
1951
Det United 1st cons g 4Ms„ 1932
Ft Smith Lt A Tr 1st g 5s...1936
Stamped guar 4Ms
40% Dec '19
Sale
66
—.*72809
Sale
64
....
00
J
62
Sale
63
J
Sale
Jan
23
10
21
Am
58
58
57
5S
60
57
58
;
49%
60
Cent Foundry 1st s f 63—„ 1931
19
49%
60%
Cent Leather 20-year
5s..1925
1951
sol Tobacco g 4s
Oct '19
1st 25-year a f 5s.
Cuba Cane Sugar conv
42
Distill Sec Cor conv 1st g 5s. 1927 A
Apr *20
v 74
92
94%
General Baking 1st 25-yr 6s. 1936
Gen Electric deb g
O
29
19%
32
28%
67
20
31
6%
9
5
7%
5%
20'
4%
7%
M
M
Portld Ry LtA P 1st ref 58.1942 F
....
72
4
5s..1937 J
O
Third Ave Ry 1st g 58—
O
Undergr of London 4Ms—1933 J
93
41
60
73
1924 A
1927 A
67
67
50
50
31
29
29% Sale
Union Tr (N Y) ctfs dep..
28
Eqnlt Tr (N Y) inter ctfs
J
20
Electric Light
5s.1947 1
Bkly Edison Inc gen 5s A. 1949 J
Bklyn Un Gas 1st cons g 58.1945 M
Clncin Gas A Elec IstAref 5s 1956 A
1927 J
Columbia G & E 1st 5s
Stamped
—
1927 J
Columbus Gas 1st gold 5s_. 1932
J
Consol Gas 5-yr conv 7s
1925 Q
Cons Gas EL<feP of BaltS yr5s'21 M
Detroit City Gas gold 5s.. —1923 J
Detroit Edison 1st coll tr 5s .1933 J
11940 M
1st A ref 5s ser A...
Eq G L N Y 1st cons g 5s—_ 1932 M
Gas A Elec Berg Co c g 5s.. 1949 -J
Havana Elec consol g 5s
1952 F
M
Kan City (Mo) Gas 1st g 5s. 1922 A
Kings Co El L A P g 58—...1937 A
Purchase money 6s
1997 A
Hudson Co Gas 1st g 58— —J949
1925 M
Convertible deb 6s...
1939 J
Lac Gas L of St L Ref A ext 5s '34 A
Milwaukee Gas L 1st 4s
1927 M
Ed El III Bkn 1st con g 4s.
1948 J
1948 J
1949 F
Newark Con Gas g 5s
NYGELHAPg5s
Purchase money g 4s
5s.. 1995 J
g 5s. 1930 F
D
J
N
O
J
J
J
F
N
J
J
8
S
D
A
N
O
O
O
8
J
O
N
D
D
A
J
A
103
Corp unifying & ref 5s...1937
M N
J
J
92
Stamped
78
76
80
71% Sept'20
86
Apr '20
86%
*82*"
Sale
85
82
July'20
85
87
Sale
97
87%
Sale"
100 1
79
100%
Apr '20
95% Apr '20
86
87%
82% Sale
81
46
21
20
20%
10-year 7 Ms
U S Smelt Ref A M
30
63
70
....
94
'30
76%
77
77
*""3 *66"% *82%
86
....
81
87%
85%
93%
90
86
95
89% Sept'20
87%.
77
73%
70%
~72 "
79
85
81
*81%
84
June'20
Feb *20
101%
79
79
95%
9512
3
82%
95
14
76%
90
....
....
*15
83
83
04
77
" *85"%
"80% ~84%
*89
86% Sale
77% Sale
....
897g
897g
75%
77
5s
International
Pat A Passaic G A EI 5s
1930jF
A
1949 M
Series.._
S
A O
__1947,M S
Ch G-L A Coke 1st gu g 5s 1937. J
J
Con G Co of Ch 1st gu g 5s 1936 J
J
Ind Nat Gas A Oil 30-yr 5s 1936 M N
Mu Fuel Gas 1st gu g 5s_.1947;M N
Philadelphia Co conv g 5s__1922'M N
Stand Gas A EI conv s f 68—1926 J
D
Syracuse Lighting 1st g 58—1951! J
D
Syracuse Light A Power 5s..1954! J
J
Trenton G A El 1st g 5s.. 1949 M
S
Union Elec Lt A P 1 St g 5s.„ 1932 M
S
Refunding A extension 58.1933 M N
United Fuel Gas 1st s f 6S..1936 J
J
Peop Gas A C 1st cons g 6s. 1943
Refunding gold 5s
Utah
Pnwpr * Tt
1«t /»*
77
T044
F | A
83
69%
75%
87%
1
81
89
89
1
....
.
89
75
89%
8S%
Mar'17
May'19
89%
89%
:
85%
80%
68
97% May'17
67% Aug *20
98% Oct '17
75
74
July'20
90%
72%
83
70
79%
82
87
79
Sept'20
7R% Sale
76%
76%
84%
J
78% Sale
77
78%
90
F
98
97%
98%
165
89
Sale
95% Sale
95%
J
92%
92%
A
92% Sale
94
Sale
94
94
J
94% Sale
93%
94%
88% Sale
88%
88%
78
79
M
J
78
N
J
J
<11963
Sale
76% Sale
J
D
M
S
*8*5"" IIII
and asked.
aDoaJan. ftDae April.
7
90
76
98%
97%
93
12
105
90%
6
95%
92l« 101
10,
9
93
97%
85%
97%
22
77%
93% July'19
91% Nov'19
76%
70
89
13
76%
86%
101
Dec'14
78
June'20
Oct'20
78
95%
72%
697,
74
75%
73%
73%
70
76
86
98
Feb*19
90
70%
72
....
80
73%
79
Sale
78
79%
17
72~% "84""
9,
N
91
Sale
89
91
J
D
O
92
Rale
91
92%
M
8
80
Sale
79%
J
J
83%
93%
89%
94%
99%
83%
83%
757,
85%
94
A
16
79%
M
80
83%
Aug'20
77%
70%
Sale"
76%
77%.
75%
86%
83
80%
Aug'20
86%
73
86%
68%
Oct'20
68%
M
M
N
89
92
94%
91
80%
86%
82
70
93
Mar'19
85%
72
80
Nov'19
88%
90
67
Sept'20
N
M
"80" "82"%
10
89
94% Sale
N
23
Oct 20
89
J
M
8
86%
Telegraph & Telephone
Am Telep A Tel coll tr 4s. ..1929 J
Convertible 4s
1936 M
J
77% Sale
64% 68
81% Sale
79% Sale
77
77%
8
64
304
88%
9984
88
99%
80
85%
73
80%
62%
Sept'20
89
70
Cent Dlst Tel 1st 30-year 5s. 1943
71%
80
77%
"88"%
.
80%
89%
91
TO*'
"7"4" "84%
70*4
R1%
S
Oct'20
81%
83
79%
80%
97
A
O
97
Sale
96
99
Sale
98
J
Commercial Cable 1st g 4s..2397 Q
Registered
2397 Q
CumbT AT 1st A gen 5s—.1937 J
Keystone Telephone 1st 58—1935 J
Mich State Teleph 1st 5s
1924 F
N Y Telep 1st A gens f4M8.1939 M
30-year deben s f 6s.Feb 1949.F
t>
J
J
J
J
A
N
A
83%
83
62%
64%
68%
75
69
11
77%
85
101
72%
9334
92
99%
95%
99%
81%
96
60
64%
99
Sept* 25
Aug'20
Jan'18
West Union coll tr cur
"79"* IIII
99%
1124
70
79
79
98
Apr'16
86
85
Sept'20
7934 Sale
8834 Sale
79
80
87%
88%
40
22
....
s
88
"82%
132
1937»J
J
85%
J
85% Sale
Sale
83%
58.1941) J
82%
83
7,
5s...1938'J
J
79
82
82
7
N
N
J
70
Pacific Tel A Tel 1st 5s
Fund A real est g 4Ms._.1950
"7"9"" *94%
*80 " "86"
Mut Un Tel gu ext 5s
M
1941 M
Northwest Tel gu 4Ms g_.1934
J
83
80
Oct'20
78
III I "97"
,101%
1
Sept*
94
«Oim Dm
No price Friday latest bid
96% 103%
2
F
96
J
South Bell Tel AT 1st s f
....
88
74
9
4Ms....
1933 M
30-year temp coll tr 5s
1946 J
7-year convertible 6s—_—1925 F
Bell TelePh of Pa s f 7s A.. 1945 A
July'19
85
87
98%
20-year conv
67%
....
Sept'20
97%
...
81
85"
!
87
87
38
Va Iron Coal A Coke 1st g 5s 1949
j
j
11
Oct'20
88
84
|
87
81%
89
75%
"*34
May'20
80%
66%
1
Sept'20
90
87
81% Sale
97%
57
2
93%
85
J
5s] reg
d 1963
Utah Fuel 1st s f 5s........1931
Victor Fuel 1st s f 5s
.1953
79%
17,
85
Oct'20
J
78%
18
99%
80%
85
80%
86
5s..1951
Corp—(coup
93%
91
81
Repub IAS 10-30-yr 5s s f.1940
stmpd. 1955
U S Steel
83
Oct'20
J
J
9634
90
92
82%
89
July'17
70
68
6912 Sale
71% Apr *20
65
71%
Apr '17
69% 100
82%
58%
27
77%
77%
N
96
84%
90
J
sf 10-60-year
*"*2; "74"% *85*"
78
105
91%
M
93%
Apr'20
90
87%
N
f 5s. 1928
Tenn Coal I A RR gen
1
Pac Pow A Lt 1st A ref 20-yr
N
M
St L Rock Mt A P 5s
82%
5
86%
77%
M
.1950
Pleasant Val Coal 1st s
....
78% May'20
85%
97%
Pocah Con Collier 1st s f 5s. 1957
90
85
Apr '20
82
88
91
1943
Col Indus 1st A coll 5s gu—1934
Cons Coaf of Md 1st A ref 5s 1950
Elk Horn Coal conv 6s
.1925
Illinois Steel deb 4Mb
1940
Indiana Steel 1st 5s....—1952
Jeff A Clear C A I 2d 5s
1926
Lackawanna Steel 1st g 5s
1923
1st cons 58 series A
89%
110
July'20
1st A ref 5s guar A
....
66%
89
77
100
93%
Lehigh C A Nav s f 4M A..1954
78% Oct'20
104% Apr '17
85
86
91
MidvaleSteel A O conv s f 5s 1936
72
66% Sale
106
83
89
Colo F A I Co gen s f 5s
81% Sept'20
92
105
92%
Cababa O M Co 1st gu 6s.. 1922
"*90 *96%
80%
99% 111
81
88
1922
89
99%
78%
91
5s.l923
..«1924
81
84%
99%
Oct'20
84
J
1930
1930
79
....
79
75
Jan'20
78%
....
J
1942
20-yr p m A imp s f 6s. ..1936
Buff A Susq Iron s f 53
1932
Debenture 5s
al920
70
....
Sept'19
92% Dec *19
82
9534100
99%
Nov'18
76
6s. 1926
conv
Conv deb 6s..
91
87
97
43
99%
107
1930
West Electric 1st 5s Dec
Feb '13
—
81
Oct'20
1947
Va-Caro Chem 1st 15-yr
Feb '18
100
70%
20
87
84
Coal, Iron & Steel
J
Beth Steel 1st ext s f 5s.... 1920
82i2
75
91
60
106%
1924
7s...1922
1st A ref 5s series A—
June'19
io"o"%
—
U S Rubber 5-year sec
75%
60
*21% *3*0" "
82
81
95%
88
82
1930
1st 5s
1
78
80
95
88%
Oct'2()
81
U S Realty A I conv deb g 5s
Sept'15
77
Pacific G A E Co—Cal G A E—
Pacific G & E gen A ref 5s.. 1942
Standard Milling
89% 100%
87
100
75
83
129
F
1942
.1938
Union Bag A Paper 1st 5s..
47%
29
Sept'20
A
l6o"%
Sept'20
86
80% 86
10578 Sale
84% Sale
106% 107
A
1951
84
63%
30
29
Sale
102%
97%
89%
92%
65%
*79
N
89%
Oct'20
96
M
80
95
65%
J
J
68
80
99% Sale
F
7s
55
35%
"50" *50"
29
29
65
63
86
97
81%
90-%
91
...
88%
F
5s
June'17
26
91
Sale
74%
83%
74
92%
90%
78%
64%
1947 J
f conv ser A
Oct'20
Aug'20
91
73% Dec'18
89% Sept'20
89%
Oct'20
Sale
94% 100
Union Oil Co of Cal 1st 5s.. 1931
Sept'20
50
70
D
.1952 M
N Y Air Brake 1st conv 6s.
87%
67
66%
—
19%
Sept'20
45%
s
Lorlllard Co (P)
May'19
50
—
75
Oct'20
88%
5s._
National Tube lst5s—
37%
246
Oct'20
30
N
1934 J
_}934 J
35%
92%
D
1942
3Ms
80
80
24
55
77
80
93%
—
Jan '20
32?g
90
40
1948
80
50
80
J
1944
5s.
1951
Nat Enam A Stampg 1st 5s. 1929
Nat Starch 20-year deb 5s.. 1930
64%
90% Feb *17
95
July'17
96%
50% Sale
34% Sale
78%
87
73
79
Ll&gett A Myers Tobac 7s._ 1944
55
59
1st A ref
Dec '19
55
....
1960 J
45
Aug '20
59
66
82
53—1937 M
St Louis Transit gu 5s
United RRs San Fr 8 f 4s
55
54%
94
50
Portland Gen Elec 1st 5s. 1935 J
United Rys Inv 5s Pitts Iss.. 1926 IW
5%
Sept'20
O
Feb 1940
Ingersoll-Rand 1st 5s
1935
Int Agric Corp 1st 20-yr 5s.. 1932
Int Paper conv s f g 5s
1935
July'19
27%
6%
73
92
J
20-year deb 6s
57
5%
54% Sale
Portland Ry 1st A ref 5s....1930
Debenture
75
69
29
5%
NY State Rys 1st cons 4Ms. 1962
77
74
27%
6
73
—.
1936 J
E I du Pont Powder 4 Ms
2S78
Sale
117
89%
F
Dec '19
Certificates of deposit..
United Rys St L 1st g 4s
N
67
40
40
28
1937 J
f 58—1923 A
M
40
21
Mar'20
86%
119
Sept'20
89% 101
N
Sept'20
274
78%
77%
89%
79
Aug'20
79
...
...
M
June'20
87% 100
90
99%
117
71
F
..1931
1934
7s__ 1930
35
28
al960 A
g
27%
....
96%
90%
N
A
.......
8034
78
Writ Paper s f 7-6s
1939 J
Loco Works 1st 5s..1940 M
33
70% July'20
61
Juiy'19
*98*%
78
.
94
J
79
117
46
60
Sale
77
577% Sale
31
J
93
A
N
M
42
....
St Jos Ry L H A P 1st g
1931
20
71%
84%
*,J
1924 F
Com Prod Refg s f g 5s
Sale
96
90
89% Sept'20
92%
93
90%
A
F
10
67%
87
82%
86%
81%
82% Sale
Baldw
75
J
|8t Paul City Cab
78
11
69
al942
25%
41%
F
A
13
73
167
75%
533S
67%
Oct'20
90% July'19
Sale
87
O
Am Sm A R 1st 30-yr 5s ser A '47 A
Am Tobacco 40-year g 6s
1944 A
Gold 4s
...1951 F
390
20%
94
85%
65
&
Conv deben 5s...
270
Montreal Tram 1st A ref 53.1941 J
NYAQ El LAP 1st con
121
94%
85%
J
f 6s. 1941 A
.1928 J
Am Cot Oil debenture 5s
55
«74
cons g
68
63
21%
2C%
J
Ed Elec III 1st
68
53%
25%
.
.
58%
'*91
19%
56%
A
Bway A 7th Av 1st eg58.1943 J
Col A 9th Av 1st gdi g 5H..1993 M
Lex Av A P F 1st gu g 5s_
1993 M
Met W S El (Chlc) 1st g 4s. 1938 F
4MS--1935
N Y Munlcip Ry 1st 8 f 5s A. 1966
N Y Rys 1st R E A ref 4s— 1942
*69
37
Apr *20
67%
93%
A
1925 M
Industrial
Am Agric Chem 1st c 5s
1928
53%
57%
Metropolitan Street Ry—
New Orl Ry A Ltgen
10-year conv s f 6s
Manufacturing
62
'20
69
76%
66%
Sale
54
Manila Elec Ry A Lt 8 f 5S..1953 IVI
1926
Refunding A exten 4Ms—1931
7012
60
Wilson A Co 1st 25-yr s
28
57%
70
67%
Wash Water Power 1st 5s..1939
19% Sale
21% Sale
Interboro-Metrop coll 4 Ms. 1956 A
Certificates of Deposit
Interboro Rap Tran 1st 5s__1966 y
Manhat Ry (NY) cons g 4s. 1990 A
Mllw Elec Ry A Lt cons g 5s
56
23
39
63
24%
78
Tennessee Cop 1st conv 6s..
July'19
62%
74
Pub Serv Corp N J gen 5s. .1959
60
50%
Aug *20
59%
24% Sale
03
50
68%
70%
66% June'20
58
1932 f"
1990
23
55
Oct'20
63
1945 M
Ontario Transmission 5s
66
58%
78% July'20
65
Oct'20
75
F
Ontario Power N F 1st 5s..1943
55
66
77
IVI
1957 F
Adjust Income 5s_1957
Gai and
72%
June'16
94
73
Chicago Rys 1st 5s
1927 F
Conn Ry A L 1st A ref g 4Ms 1951 J
Atlanta G L Co 1st g
76%
86
56
1st A ref 5s—
77
80%
67
60
Va Ry Pow
74
10-20-year 5s series 3——1932 J
83%
10
82%
84%
84%'
72% Sept'20
83
Apr* 14
86
1939 J
2
165
84
81%
1951 F
51
Income 6s
89
95%
80
83%
84
Niagara Falls Power 1st 5s. .1932 J
Ref A gen 6s
__al932 A
IVI
Stamped guar 4s
1949 F
Nassau Elec guar gold 4s. 1951 J
8
95
87%
s82% Sale
39%
Kings County E 1st g4s__1949
Tri-Clty Ry A Lt 1st
94
N Y Dock 50-yr 1st g 4s.
59% Sept'20
51% Aug *20
Adj income 5s
Apr'20
50
60
cons g
Third Ave 1st ref 48..
88
95%
95
47
72%
30-year adj lnc 5s
90
35
51%
Certificates of deposit.
May'20
34%
65
Stamped tax-exempt
80
43
66
NYA Jersey 1st 5s.
86
Oct'20
47
F
Hud A Manhat 5s ser A
108
70
92
2.1966 A
ser
105
92
41%
Stamped guar 4-5S.....1956 F
?.
35
21%
Oct'20
100
9
46
J
S con gu g 5s._1941
Bklyn Q Co A S 1st 5s....1941
Bklyn Un EI 1st g 4-5S...1950
Bk Q Co A
'
Mtge Bonds (N Y) 4s
21
35
30
24
121
105
95%
90
84%
"83*34
70%
42% Sale
of deposit stmp'd
Bk City 1st cons 5s_.
30
43
79%
78%
80
84
82%
Mar'18
82
1943 J
Morris A Co 1st s f 4Mb
Sale
29
82
71
73
....
1941 A
f 63
79%
67
97%
1940 M
f 5s
65
9
72
Granby ConsM S A Pcon6s A192 8 M
73%
2
96%
Computing-Tab-Rec s f 6s„ 1941 J
71%
71%
81%
45%
59
60*2
85
84* *93*"
75
104% 104
94
82%
Oct'20
74%
Sale
2
97% Sale
72
Sale
6s ser A... 1932 A
60%
35
3-yr 7% secured notes..*1921
Certificates of deposit
Certificates
"79"
J
J
7s. 1923 M
*84%
*13
89%
58
Chic Un Sta'n 1st gu 4Ms A.1963
1st Ser C 6Ms (ctfs)
1963
92%
73%
84
71%
74%
71%
guar tax
20
Feb* 18
71% Sale
Feb '17
Oct'20
90
..1955 J
*88 "
86
83%
90%
....
ex..I960 A
f 5s_..1927 A
17
10
"78%
78%
85
84
1926 A
f 6s
s
Consol 5s
*17
Sept'20
74
95
95
102
79% Sale
89%
71%
Building 5s
85%
99
89% Sale
63%
86
1920 M
Braden Cop M coll tr a f 6s..1931 F
Bush Terminal 1st 4s
.1952 A
Int Mercan Marine
4s...2002 J
20
15
20
deb 7s A 1934 J
conv
Booth Fisheries deb
Railway.
1st refund conv gold
58%
11
16
4j^s '39 J
Montana Power 1st 5s A
Brooklyn Rapid Tran g 5s. .1945 A
55
18%
Sept'20
18% Sale
S
N
" *72~~
60
54
88
71%
N
Oct'20
18%
58%
S
1926 M
Armour A Co 1st real est
81
Oct
71% Sale
1st gen 4s.-.1949 J
58%
S
1925 M
90% Mar'17
8up A Dul div A term 1st 4s '36 M
61
1948 M
47*" "59"
84
67%
Oct'19
77%
Alaska Gold M deb 6s A
5l" *55%
Sept'20
23
M
J
88
D
1950 J
Conv deb 6s series B
86
86%
62
63
79%
J
80
....
Miscellaneous
59
57%
*57~% "59%
Nov'19
73
Adams Ex coll tr g 4s._
Aug *18
82
....
Sale
59
F
M
88%
74% Oct *19
69% Oct'20
....
82
Wheeling A L E 1st g 5s
1926
Wheel Div 1st gold 5S....1928
Exten A Impt
58%
69
S
O
Westchester Ltd gold 5s
High
Low
Mar'20
87
77
Utica Gas A Elec ref 5s— .1957 J
84
7034 Nov'19
887s Mar'20
80
Aug '12
53
July'20
85%
1st ser A 5S..1946 M
91
73
No.
High
95
J
J
79
33
90
Since
Jan. 1
Ask Low
Bid
Lt—(Concl.)
UticaElecLAP 1st g 5s-_.1950
97*2 July* 19
__
85
pi943 Nov
Income 5s
Western Pac
86%
15
Aug *18
90
O
1943 A
Gen gold 4s
72%
Oct'20
8378
95%
69
22
Oct.
Range
Week's
Range or
Last Sale
Friday
EXCHANGE
ending Oct. 15
Gas & Electric
High
No. Low
86%
89*2
Week
Jan. 1
High
85
90
8378
82
1937 J
West N Y A Pa 1st g 5s
Sale
895s
J
S
J
J
J
O
S
A
A
O
J
1921 M
4S...1954 J
Det A Ch Ext 1st g 5s
1941 J
Des Moines Div 1st g 4s__1939 J
Om Div 1st g SMs
1941 A
Tol A Ch Div g 48
1941 IVI
Wash Terml 1st gu 3Ms
1945 F
1st 40-yr guar 4s
1945 F
West Maryland 1st g 4s
1952 A
1st lien equip s
85
N
N
A
M
M
F
$
®
N. Y. STOCK
Since
Last Sale
Price
BONDS
Range
Week's
Price
Is
N. y. STOCK EXCHANGE
oDueMay. fDaeJuaa. ADueJoiy. *Due A a* •DoeOct. pDaaNov.
....
"
81%
84
96%
707,
88%
78%
70%
85%
70
81%
17!
Nov'10
1
96
72%
Oodon sal*.
86%
1556
BOSTON STOCK EXCHANGE-Stock Record sJSSSS^
SHARE PRICES— NOT PER CENTUM PRICES
STOCKS
Salts
BOSTON
for
Saturday
Monday
Oct. 9
Oct.
11
Tuesday
Oct.
Wednesday
12
Thursday
Oct. 131
Oct.
Friday
14
Oct.
15
126i2 1261?
66
126% 127
127
67
37
66%
67
85%
♦85
'
85
85
*86
87
37
*36
37
37
♦48
36
*48
....
♦135
140
*.10
3
Lowest.
3>4
♦3%
74"
*74%
36
36
35
...
3%
3%
*74%
76%
76%
*2%
3
140
2
*138"
Last Sale 10c.
"3%
Boston & Albany
Boston
48
*138
135""
*2%
183
66%
87%
36%
3%
1:
70
34
34
♦80i2
83
*68
70
33%
70
70
34%
34
34%
*81
85
*82
85
85
26
26
85"
85
85
*24%
26
25%
*41
41%
51
2
*78
84
Last Sale
41
41%
41
4~f%
*50
50%
50
51
*3
3%
*3
4034
*50
""""86
85
60
77~"
Sept'20
Feb 18
100
30
...100
100
39
Jan
Boston & Maine
Do
pref
pref
no
124
Highest
|
Marl6
116
62
Dec
80%
85
Dec
97
Feb 11
67% Oct 8
88 Sept 16
40
Sept 14
28
Jan
38% July
6
48% Sept 15
40
Oct
50
130
Sept
168
Jan 28
132
143
Mar 15
Elec pre.no par
Bost & Wore
Oct 11
7
11
3% Sept 21
8
Mar
Mar
145
Apr
Jan
Jan
Jan
70c
Dec
Nov
Jan
11
3% Nov
2% Nov
Apr
Feb
30
100
130
Jan 30
132
Jan
132
Oct
135
Jan
100
Maine Central
71
Aug 31
86
Jan
84
Feb
90
June
99% Mar
110
June
68
100
Jan 12
72
Mar
78% July
60
..100
Jan
75
Sept27
37% Sept 24
59% Dec
25% Dec
40% July
86
Jan
86
89
July
94
86
Apr
r71
Dec
105
Jan
27% Oct
15
Dec
23
May
82
Oct
100
Jan
38% Sept
Sept
50
58
Apr
June
23% Feb 11
80
Mar 30
Northern New Hampshire. 100
Norwich <fe Worcester pref. 100
77
July 21
Old Colony
100
73
July
15
Jan 20
70
June 15
87
50
38
May 17
45% Jan
48
July
55% Jan
70
3
50
6
Rutland
41
41%
"""l72
50%
47
2%
2%
2%
415
Am Oil Engineering
185
Amer Pneumatic Service..
West End Street
DO
Dec
10c
3
par
5034
41%
50%
Lowest.
pref
100
Vermont & Massachusetts. 100
Oct'20
25%
*80
*50
•
*84
May 25
80
N Y N H & Hartford
414
81
Last Sale 83
84
Feb 17
60
Georgia Ry & Elec stampd.100
Do
pref
100
85
81
25%
84
*24%
♦80
83
*81
119
100
Chic June Ry 4U8Y
Do
pref
49
"34%
100
_100
_
Elevated
pref
Do
50
70
33%
34%
Do
Boston & Providence
190
31
*2%
3%
*2%
3%
Last Sale 130 Sept'20
*75
76% *75
76%
Last Sale 10334 Oct'19
Last Sale 72
Mar'20
♦68
Highest.
Boston Suburban Elec..no par
Dec'19
*2%
Previous
1919.
Railroads
882
129
66%
87%
*.10
3
127
6634
88
48
135
...
3
66%
*48
...
*136% 140
♦.10
*....
*
"74"
127
*87
67
66%
Range for
Year
Week
Shares
126% 127
Range since Jan. 1.
STOCK
EXCHANGE
the
pref
July
9
8
6
Jan 31
Jan
83
Dec
99% Aug
115
Oct
Oct
47
Miscellaneous
*3
3l2
2%
2
2
11
10
10
98%
98%
98%
*2%
*10
98%
*76
*10
*13~
15
24
24
7
*614
►
23
15
23
23
*1%
*1
*13
6
6%
8%
2
9
9%
13%
*4%
13%
29%
29
29%
20%
*20
21
75
*70i2
*70%
75
*70%
75
150
150
150
150
*23
24
23
23
13%
38%
2812
13%
38%
13%
*38%
39
29%
*28%
29
*21
21%
*21
21%
*43
44
6%
6%
12
12
*lll4
92l2
44
44
*6
11%
6%
*83
11%
11%
93%
93%
83%
83
60%
*60
60
126% *124
*36
36%
36
96
90
17
18
*27
27%
*155
165
*13%
13%
98%
*17%
27%
155
83
36%
96%
97
17%
17%
*63%
65
25%
38%
23%
*25
*31%
106
65
*25
26
32%
106%
17%
17%
18%
18%
19
21%
22
22
18
18
*18
*25
19
21
26
Tf
19
38%
23%
39
27'
*.65
....
56
56
*.25
.40
*23%
25
*9%
10
*
.03
27
*56
*.25
*24
280
*9%
"....
270
22
22%
22
*9%
34%
4%
7%
10%
34%
*9%
10
4%
7%
10%
*2%
4%
2%
.50
53
77%
26
82%
336
60
59
329
42
129% 129%
36% 37U
1,260
97
96%
98
445
*17%
18
*17%
18
125
27%
27%
105
156
155
155
IjOSI Sale 90%
Oct'20
Last Sale 13% Sept'20
*24%
27
*24%
27
Last Sale 20% Sept'20
393
27%
156
11
11%
50
Last Sale 33% Sept'20
106
105% 106%
106%
65
*63%
'""465
6
65
37
38%
"3",244
17%
16%
16%
4,224
19
311
*18
206
23%
27
Sept'20
Aug'20
*27"
28%
.65
.65
*.50
57
29"
"27%
27%
105
*.50
.95
.60
300
10%
9%
9%
34%
*4%
*7%
34%
4%
34
341
10
10
2%
*2%
2%
4
4
*3%
4
33
34
4%
4%
4%
7%
7%
33
41
7%
7%
7%
10
10
10
33%
*4%
10%
10
7
10%
Last Sale 2
*3%
4%
7
9
38
Jan
80
23
Feb 25
32
40c
Aug 10
Oct 5
.50
Apr
100
58
Wickwlre Spencer Steel...
5
Mining
Consolidated.. 25
Adventure
*1%
1%
Last Sale
3%
Last Sale 3
3
Last Sale
2%
Last Sale 1%
5%
77
77
25
*23
2%
2%
*5
5%
2%
5%
*2%
*2%
*1%
*2%
5%
5
3%
*3%
57%
*56
18
18%
*
4
45
93%
14%
.50
3
3%
58
18%
3%
*43
3%
55%
56
56
57
18%
18
18%
*18
50
45
45
931
93%
8%
94
14%
14
14%
*.25
*1%
23%
2%
23
2%
4%
|
93%
8%
14
.50
.25
2
23
*22%
52
Aug
5
9
4% Apr 7
15% Jan 5
10% Apr27
Oct
250
2
Oct 14
40c
Jan
2
Jan
3
7
Franklin
25
50c
3
Aug 18
5% Apr
6%Mar31
1
Aug 17
4
830
""*38
27
120
25
1
25
17% Feb 13
9% Aug 24
z32% Aug 20
5
50
93%
8%
141.
*.25
.50
23
Sept'20
22%
23
Do
3
Aug 11
50c Sept 23
Feb 13
1
pref.
Isle Royale Copper
39
75% Sept 30
25
Copper
Lake Copper Co
25
25
Copper
1,630
Mayflower-Old Colony
Michigan
25
4% Oct 14
25
""270
Mohawk
25
3
Aug 18
55% Oct 14
220
""405
905
New Cornelia Copper
New Idrla Quicksilver
5
5
100
New River Company
Do
pref
846
Nlpisslng Mines
437
North Butte
100
North
100
5
15
"i05
Old Dominion Co
-
25
Jan
2% Jan
4% Apr
3% Jan
3
5
11% Jan
7% Jan
Apr
Jan
41
24
3%
99c
6% May
2% July
7% July
3
4
Feb
2
2
Jan
2
5
7% Jan
8
Oct 11
95
Sept 27
3
21% Apr 20
2% Feb
Feb
14% Mar
6% May
8% Feb
57% Mar
8% Jan
49%
9
Feb
Jan 27
25c
Apr
2% Jan 26
75c
Mar
80c
37% Jan
5
July
Oct
Mar
Jan
45
20
78
55% July
88% July
Apr
Apr
Jan
12% Jan
Apr
2
Mar 27
734 May
July
2
42
3
Feb 16
2
Aug 19
9% July
May
2%
7
3
Jan 21
5% Jan
72
3
Mar 12
% Oct 14
6% July
Feb
Mar 24
Oct
Aug
l%May
4
Mar
79
1% Aug
21
50c
June21
July
July
3% May
14%
Feb
20c
21
25
Mining
62
Feb
8
5
8% July 19
13
Sept 24
Mar
Mar
5
82
July
36% Dec
20
% Jan 14
60
Sept 22
Jan
480
Mar
2
Jan
July
July
101 May
90c May
18
4%
24
25
Lake
OJibway
16
July
1% July
39
4% Mar
14% Jan
May20
July 10
16
Jan
Mar
48% Jan
5
2% Oct 11
Nov
12
38
25
6
20c
350
16% Jan
6
3
9
Feb
12% May
2
2% Aug
l%Sept
5
10%
40% Jan 10
Oct
1% July 10
2% Oct 2
25
Mason Valley Mine
Mass Consol
409
2% Oct
25
5
La Salle
55
Jan
Aug 30
9% Aug 19
1
Kerr Lake
Keweenaw
Last Sale 1%
.25
32% Dec
3
Sept'20
*45
8%
7
10
10
Oct'20
Last Sale 5
Jan
42
20
Oct'20
5
Last Sale 3%
62% Mar
10c
Apr
91
6
Davis-Daly Copper
East Butte Copper Mln...
Sept'20
3
14
2
3%
*2%
4%
93%
8%
83
26
*3%
1%
3
Aug 12
2c
10
July
July
2% July
Jan
% Jan
77
July
Sept20
Copper Range Co
Daly-West
Oct'20
77
25
Jan
1% Feb 27
9
6%Mar 18
10
Copper..
Feb
779
Sept'20
1%
77
25
1%
Bingham Mines
Butte-Balaklava
4
8% Aug
5
98
25
3
30% Mar
5% July
4% Oct
July
10
13% June
10
July
83
July
29% July
12% July
28
Oct
87
Nov
13% May
20% July
1% July
4% July
52% July
35
*35
37
34%
33
35
33
33
185
Osceola
25
33
Oct 14
58
Jan
Mar
73
441
*44
44%
44
44
42
43
43
43
157
Oct 14
65
Jan
52
Mar
83
July
July
*35%
39
*35%
39
35
35%
35%
317
35
Ajug 18
58
Jan
40
Mar
75
July
*14%
15
*14%
15
14%
35%
14%
Quincy
25
St Mary's Mineral Land.. 25
42
36
15
15
40
Seneca
12%May24
19
Jan
13
Jan
1
1%
1%
1
1
400
2
Jan
15
1%
1
2
*
*
2
1%
Last Sale 2
.10
.10
.10
.10
.10
*4%
5
4
'4",000
4%
4
4
*3
4%
420
3%
4%
3%
2%
3
2%
3
3
3
670
.10
Oct'20
*.05
»o par
25
10c MarlO
5
25
10c May 11
10
2% Aug24
l%8ept 7
Superior
Superior 4 Boston Copper.
1%
*1%
1%
1%
1%
*1%
1%
.55
♦Hi's
*.50
.55
.55
.55
.52
.54
.50
.55
1,835
2%
2%
2%
2%
2%
2%
2%
2
2%
7,025
6%
6%
6%
6%
1%
736
Utah
1%
1%
1SX»
800
Utah Metal 4 Tunnel
2
1%
*1%
.35
.40
*.30
6%
*1%
6%
*1%
2
1%
.50
13
.75
6
1%
*1%
*.40
*12
*.50
Bid and naked
.45
13
*12
.75
rioat.
*.25
13
.50
• Ex-«tock dividend,
6%
6%
1% 1%,
*12%
*.25
6%
*1%
*1%
2
*
.50
13
.50
|
2
50
40
Trinity
4
25
Tuolumne Copper
Utah-Apex Mining
5
5
Aug
5
6
June26
1
95c
Aug 11
365
Winona
25
1% Aug 26
25c Sept 1
25
12
15
.40
600
Wolverine
Wyandotte
• Assessment p&ld.
...
A Ex-rights,
25
#
15c
Aug
9
Oct 15
Ex-dividend.
40c
Jan
26% July
4% July
3% June
Jan 10
8c
Jan
50c Aug
Jan
7
4
Mar
6% Jan 29
1
Mar
11%June
5% Nov
6
2% Jan 19
1% Jan 10
7
25
12%
2% Apr 15
25c
3
Aug
Victoria
.15
1% Mar
1
1
Consolidated
45
50c May 19
50
"12%
d Ex-dividend and rights.
Aug 11
South Utah MAS
2%
1%
1
10
South Lake
2H
.10
5
.10
Copper Corp
Shannon
*.50
*12
70
2d pref.i...
53%
77%
*76
*1%
.50
Oct 13
Do
53%
3%
*23
72% May
25
53%
14%
Jan
25
53%
*1%
37
25
53%
*.25
21
Indiana Mining
Island Creek Coal
4
2
Jan
Oct
59
Hancock Consolidated
53%
.50
66
100
HelveJa
3
*3%
23
83
5
pref
880
53%
14%
Feb
May
1st
100
53%
93%
8%
15
.50
.50
45
25
June 18
2%
*.25
8%
Mar
79
.50
9
.50
4
"95
17
2
*1%
2%
*.25
*3
3
Mar
20
25
Oct'20
77
4
Aug
26
51
4
2%
.50
18
28
16% Aug 10
100
100
Manufacturing. 20
Centennial
145
16
21% July
43
Oct
9
2%
*3%
May
3
*.25
*56
23% Apr 7
44% Jan 26
Feb 16
25
1,270
Jan
17
Calumet & Hecla..
Carson Hill Gold
2,080
May
10
2
120
*9%
22%
55
31
2
21%
74% Nov
Jan
20% Nov
25
260
Jan
44
Oct
Arcadian Consolidated
Arizona Commercial
250
52%
Jan
80
*9%
Jan
Jan
Apr 13
7%
300
22%
115
MarlO
25%
8%
21%
Jan
76
28
Feb 11
9
22%
49% Apr
133
59% Oct
35% Deo
27% Nov
59% Oct
150
May
Mar 19
9
250
Dec
19
20
""206
July
26
25
-
35
30
22% Sept 23
12% Feb 11
5
Allouez
9%
Jan
25
200
Oct'20
55
31% Jan
99% Deo
16
May
49
2.5
3%
.02
Jan
Oct 15
*23%
3%
8%
9%
9%
Jan
14
2
37
23%
260
93
Jan
25
23%
3%
9%
Nov
Feb
Jan 12
16
United Shoe Mach Corp
Do
pref
Ventura Consol Oil Fields.
24%
Last Sale
199
145
99
1
24% July
55
25%
3%
Aug 9
Sept 14
25c June
*3%
18%
64
25
77
571
104
25
25
250
July
Mar
15% Dec
32% Jan
Algomah Mining
10
96
25% Apr
Ahmeek
.03
Sept
7
50
265
72
83
7
100
*9%
176% Jan 19
47% Nov
Oct
.75
260
149
19%Sept
55%
*
71
Feb
10% Oct 14
32% Sept 10
55%
10
.03
270
Jan
Jan
June
Dec
26
*.25
3%
86
67% Nov
4
'.25
25%
*56
June 16
.25
9
Jan
Mar
13% Aug
55%
3%
*18
90
.40
3%
11
99
60
Jan 26
Oct
Feb
130
Sept 21
Feb
Jan
8%
90
Jan 20
98
55%
%
9%
35
Oct
Sept
90
138% Jan 21
53
24%
25
58%
36% Jan 3
34% Mar 30
Oct
55%
56
63
June
*.25
.40
12%8ept 15
101% Jan 10
84% Sept 7
8
Do
58
Aug 10
July
Dec
28% Nov
5%
9
100
Warren Bros
60
*26%
.95
19
75
4
38% Nov
38
May
9
Jan
80% Feb
8% Apr
31% Apr
24% Aug 10
July26
25
Walworth
!
39
29% Oct
138
45
9
17
Root & V Dervoort CI A no par
5
Feb 20
82%May
10
Union Twist Drill
Oct'20
Mar
Apr 14
Aug
150
no par
172
May 25
11
100
Swift <fe Co
Oct
60
Aug 10
Torrlngton
79
Oct
Apr
31
5
Apr
23%
Sept21
Sirams Magneto..
Stewart Mfg Corp
39
28
9% Apr 30
92% July 20
68% Feb §
10
Nov
Deo
Deo
Jan
24
3
57
ShawmutSS
"451
11%
Jan
2
4% Mar
New England Telephone.. 100
Ohio Body & Blower...no par
Orpheum Circuit Inc
1
"6% June
34
6
June
16
10
10
Pacific Mills
"
4% Jan
31% Dec
36% Jan
119
Plant (Thos G) pref
Reece Button-Hole
13% May
4% Nov
15% Mar
Dec
6
26
100
Mexican Investment Inc..
26% Deo
157
Linotype...100
Do
pref
Mergenthaler
250
*2%
*4%
*2%
1%
"82%
84
60%
7
Jan
2% Dec
14%Junel9
Loew's Theatres
10
McElwaln (W H) 1st pref.100
Massachusetts Gas Cos... 100
420
*2%
"*."10
67
18
3
1%
*1
303
201
22
*2%
*1%
2%
*
11%
11%
18
1%
3%
15
11%
11
Aug 10
Nov
84% Deo
21% Nov
Dec
17%
42
100
21%
*1%
35
12
11%
94
128% 128%
36%
37
50
Island Oil & Trans Corp..
Llbby, McNeill & Llbby..
152
Jan
12%Sept 8
37% July 27
no par
pref
19
1%
35
420
Do
21%
3
*44
1,710
21
21%
19
*1%
*1%
418
29%
"5% "«
6
Corporation
Feb
Dec
16
May 15
22% Oct 15
Greenfield Tap & Die
25
Internat Cement Corp.no par
Internat Products
no par
65
22
*2
Elder
Gorton-Pew Fisheries
22
*2%
23
20%
22%
10%
2%
*4
*.25
"28%
29%
21%
44
*63%
140
595
21%
*18
9
*14
21
27%
100
Edison Electric Ilium
62
'
39
5%
100
313
14%
Last Sale 60
*.60
'""468
6% Mar 23
36% Jan 3
28%May 7
88
Apr 8
9% Aug
108% May
Apr
14%Sept 17
3% Feb 14
Aug
2
Dec
95
5
12% Apr23
7% Nov
Jan
2%
14
3
Jan
25
Waldorf System Inc
Waltham Watch
3
8%
28%
14%
19
9%
95
38%
15
7
27% Feb 13
17% Aug 13
10
_
105
23
19
3%
*3%
23
19
*3
*3%
150% 150%
19
*9
26
Oct'20
147% 150%
22%
22%
18%
9%
*76
Eastern SS Lines Inc..
Do
pref
17%
3%
*2
245
24%
*9
53
21
17%
*3
*.25
21
*23%
58
275
21
Oct
10
Manufacturing.
38%
23%
17%
60
*25%
1
Eastern
*14%
Feb 11
1% Sept 24
East Boston Land
Last Sale 60
♦IIII
6
10
55c
11
38
Century Steel of Amer Inc.
100
Last Sale 25
25%
38%
10
6
Boston Mex Pet Trusteesno par
315
10%
*31% 33
105% 106%
*63% 65
65
25%
38%
23%
17%
38%
23%
17%
14
"ir
5% Sept 30
Blgbeart Prod & Refg
96%
27% 27%
155
155
12%
21%Sept 30
10
233
84
36
27
20
17
23
Oct
par
Corporatlon.no
13
60
18
*25
Apr
35% Apr
10
Apr
12% Apr
3% Jan
13
Atlas Tack
29%
11%
11%
96%
*11
5
13
93%
84
*13%
78%
Jan
Oct
29
11%
36%
27%
*31%
32%
106% 107
12
60
13%
79
Jan 13
19
July 26
4
4%
6%
127
*13%
Apr 20
83
71
29%
44
60
27%
167
74
no par
120
Last Sale 70%
126
160
...no par
Apr 30
July 29
29%
*20
128%
"12"
*26
*ii"
84
60
100
Connor (John T)
93%
*93
Teleg
Amoskeag Mfg
Do
pref
3,499
9
"T%
Dec
80
1,950
1%
5
Feb 24
Feb 10
Beacon Chocolate..
20
7% Mar 15
2% Oct
Sept 24
100% Sept 16
1
5
4%
43
6%
11%
11%
12
11%
93 %
♦124
43
13
5
149% 150%
22% 23
14% 15
38% 39
28% 29%
20
21%
141
840
24
1*8
2%
13
*4%
*28%
20%
5
23%
*6%
8%
9%
1-%
13%
29i3
3
*1%
20%
*412
29'2
20%
16
....
2% Oct 15
pref
Anglo-Am Comml Corp.no par
Art Metal Construe Ino
10
5
Oct'20
24
*6%
8%
1%
*13
1312
5%
78
Do
Amer Telep &
2,393
10
2%
1%
*1
100
76
16
23
1%
9%
2
99
99%
La st Sa le
*14~
2
9
5
78
76
4
15
*6%
2
*10
98%
23
*13%
3%
2%
*78
*76
7%
9%
1%
*1%
99%
*
4
3
*2
*10
*78
76"
75
4
11
98%
*76
*76
*
3%
2%
2%
Jan
23
1% Dec
71c
2% Sept
3% June
9% Feb 20
3% Jan 5
7%
Jan
1%
Jan
3% Jan
8
1% Mar
Jan
7
2
23
Jan 10
1% Mar 22
w Hall-paid.
5% June
Dec
1% May
50c
12% July
5
July
4% July
Jan
3
July
15
Mar
31
July
40c
Mar
l%May
0«. 16 1920.]
1557
CHRONICLE
THE
Sales
Friday
Range since Jan. 1.
Last
Stocks
Week's Range
for
Sale.
Outside Stock Exchanges
of Prices.
Week.
Price.
{Concluded)—Par
Low.
•
High.
Low.
High.
Shares.
93*
775
83*
20
Boston Bond Record.—Transactions in bonds at Boston
Stock
Pittsb Brewing pref
Exchange Oct. 9 to Oct. 15, both inclusive:
Last
Sale.
Bonds-
Price.
of Prices.
Low.
Range since Jan. 1.
for
Pittsb Oil & Gas.
Pittsb Plate Glass.;
High.
Low.
100
Union Natural Gas
Week.
High.
100
100.00
Jan
89.54 89.54
82% May
93.80
Jan
9,600
81.60 May
92.98
Jan
86.00 May
94.96
Jan
Jan
4th Lib L'n 43*8.1933-38
87.44 89.50
65,400
81.74May
92.98
Victory 4Mb—..1922-23
95.90 96.50
17,100
94.84 May
99.30
90%
72%
Sept
Apr
93
Oct
81
July
99%
38o
500
30c
Aug
53c
.
18
Mar
149
Aug
172
Apr
20
1173* June
130
Jan
1073*
Jan
200
863*
843*
993*
40
101
Aug
Oct
463*
473*
453* May
55
62
80
65
Mar
65
71
72
45
10
423
653*
73*
July
Jan
79
93*
71
Jan
1183*
593*
West Penn Rys pref...100
West Penn Tr & W P..100
Jan
May
62
.
50
Jan
11
15
123*
120
101
101
Sept
40
159
863*
-
72
60
61
215
Jan
.
Mar
Jan
Mar
93
Preferred..
25c
120
West'house Elec & Mfg.50
13,300
July
123*
100
Westinghouse Air Brake .50
90.50 90.94
..1928
89.04 May
400
4c
673*
159
U S Steel Corp com
SI,550
88.44 89.44
1st Lib L'n 43*8.1932-47
2d Lib L'n 4 i^s. 1927-42
500
38c
100
91.04 92.04
U S Lib Loan 3 3*8.1932-47
3d lib Loan
Week's Range
513*
7c
83*
67
67
Pittsb-Jerome Copper
1
Pittsb Mt Shasta Copper. 1
Apr
183*
Oct
Mar
7c
93*
Pittsburgh Coal com...100
Sales
Friday
50
Am Agric Chem 5s__._lS24
93
Am Tel & Tel coll 4s.. 1929
Convertible
6s
Central Leather 5s
96 %
1,000
74%
105 %
74%
1,000
105 X 105 X
5,100
91
1925
Chic June & U S Y 53.1940
21.000
96 %
1995
Carson Hill Gold 7s...1923
2,000
773*
77
1925
Bait & Ohio 5s
93
"79"
French Republic 8s... 1945
Gt Nor-C B & Q 4s...1921
91
5.000
79
79
3,000
96
"85"
Pond Creek Coal 6s... 1923
~90~~
81
743*
96
74t*
Jan
Oct
Feb
150
Jan
91
Oct
91
Oct
74
100
Preferred
100
:
S5
74 3*
96
July
84X
101?*
Oct
102%
Sept
933*
July
99*4
Jan
Last
Week's Range
for
80
July
91%
Mar
Sale.
of Prices.
Week.
11,000
Stocks—
Par.
5,000
09%
Mar
76
Jan
1,000
92
Jan
96
96
Oct
Alabama Co, 2d pref
95
96
15,000
83 3*
833*
83 3*
6,000
82
May
933*
Jan
78 **
78%
5,000
77
June
84
Jan
67
20
American Shipbuilding. 100
Armour & Co,
.100
"91%
15
pref
153*
Armour Leather
..100
Preferred
Booth Fisheries, new___(*)
Briscoe,
925*
......
Cal & C Can & Dock Co—
58
Case
10
(*)
I)
Chicago City Ry
(J
100
Chicago Title & Trust. 100
Commonw'th Edison..100
10
Motors
Cudahy Pack Co, com. 100
Deere & Co, pref
100
Diamond Match
.100
05*
943*
135
92
153*
93
0%
16
58
58
95*
960
2,188
295
"l04j*
73*
66
88
Aug
120
903*
Sept
1193*
173*
953*
15
Aug
903*
Sept
Jan
Jan
Mar
Feb
Preferred
2
Commercial
Credit
25
70
95
823*
201
74
Feb
843*
13%
767
11
Feb
15
Jan
203*
Jan
60
July
80%
12%
50
69
60
74
935*
Chicago Ry 1st 5s
1927
City & Suburb 1st 5s..1922
City&Sub (Wash) lst5s. 1948
Oct
20
Jan
215
Feb
1043*
1003*
Sept
108
Jan
75*
2,480
67
505
Oct
73*
65
Sept
133*
101
Feb
Feb
Feb
Consol Gas gen 4HS..1954
Cons G. E L & P 4V*s.l935
60
Aug
92
Jan
Cosden & Co
233*
Apr
923*
87
1043*
1253*
Mar
93%
f
100
50
70
Sept
89
Mar
Libby, McNeill & Libby.10
Lindsay Light
10
Middle West Util, com. 100
12
115*
12
3,235
Aug
32
Apr
Ga Caro & Nor 1st 5s. 1929
7
100
5
100
Preferred
Reo
------
100
1065*
15
783*
315*
1,050
Aug
40
25
Aug
453*
Jan
143*
30
14
Aug
44
Apr
Pennsyl W & P 5s
Jan
Portland Ry ref 5s
95*
10
1,368
275*
28
95
93*
25
Aug
153*
July
35
80
39
26
28
990
26
Oct
67
70
737
65
Sept
180
45
180
Sept
39
883*
39
883*
75
233*
1,150
1123* 1173*
763*
783*
3,882
875
873*
Aug
Aug
310
983*
Feb
90
100
35
July
31
50
30
Oct
305*
32
423*
50
273*
Aug
1033*
283*
Aug
128
Jan
Aug
55
393*
253*
Aug
49
Aug
523*
Apr
74J*
Jan
25
26
593*
85,400
25
12,900
15*
163*
225
13
Sept
48
483*
250
363*
253*
1,040
103*
Sept
50
703*
Aug
233*
813*
"26"
125*
25
Wrigley Jr, com.
26
12
273*
123*
75
75
1,660
Oct
1%
$5,000
1927 "44"
1927
1927
1927
Jan
Apr
Oct
963*
May
723*
953*
Aug
Feb
12,000
60 3*
30,000
34
Feb
45
Oct
57
May
70
Mar
42
Feb
49
Oct
31
May
40
Oct
~~825*
825*
783*
825*
77
Aug
87
Feb
783*
1,000
76
Sept
1941
""65"
65
66
May
66
'Oct
673*
67
675*
10,000
22,000
60
1945
5s. 1927
60
Oct
70
[Mar
693*
685*
835*
693*
3,000
58
May
693*
Oct
835*
4,000
823*
Aug
923*
Jan
863*
Feb
Pittsburgh Stock Exchange.—Record of transactions at
Pittsburgh Stock Exchange Oct. 9 to Oct. 15,
clusive, compiled from official sales lists:
Stocks—
Par.
Price.
both
in¬
Low.
High
for
Week.
Shares.
6% notes
Rolling Mill com..25
Amer Wind Glass Mach 100
Preferred
Range since Jan. 1.
Carnegie Lead & Zinc
5
Consolidated Ice com...50
50
Preferred
Low.
Sale.
100
Indep Brewing com
04%
1,200
Middle States Oil
10
4
3%
14%
Jan
Jan
120
34
Aug
583*
Apr
29
Sept
35
Feb
Aug
22
Mar
June
71
41
41
293*
413*
29
29
5
1,780
1,124
Keystone Telep, pref...50
11
12
71
53
543*
302
403* May
553*
Oct
383*
393*
225
373*
423*
423*
2
50
50
663*
673*
435*
44
305*
825
523*
313*
625*
21
215*
2,047
26
265*
19%
183*
20
3,750
9,877
53
52
53
264
100
50
50
50
Mlnehill & S H
Pennsylvania
70
(cumulative 6%).50
Pbila Insul Wire
31
no par
25
'21%
50
Pbila Rapid Transit
_
_
U S Lib Loan
50
32
169
100
...50
0%
38%
Jan
31%
110
29%
July
25
27%
27%
28%
60
26
Sept
28%
32
395*
37
493*
50
865*
88%
75
75
"75"
76
Jan
Aug
44
Oct
293* May
503* July
363*
525*
Jan
203*
Sept
253*
Jan
25
Sept
263*
Oct
178
210
,
,
Oct
123*
July
28
Jan
493*
Oct
63
Jan
65
Feb
333*
Feb
1 1-16 Sept
1
Aug
1003*
563*
Oct
Oct
3 1-16 Jan
23*
Feb
1,741
23
July
37
Jan
15
163
July
185
Jan
Oct
57
Jan
50
June
6,436
343*
20
493*
Oct
400
843*
Aug
3
91.60 91.60 $11,000
71
June
1083*
75
Jan
Jan
89.90 89.90
Apr
2d Lib L'n
Oct
91.90
Jan
"54"
86.40May
94.60
16,600
82.30 May
92.88
Jan
96.14 96.40
723*
32,550
7,000
94.70 May
99.34
Jan
3,000
683*
Oct
823*
Jan
Oct
99
Sept
Sept
65
723*
983*
515*
723*
985* 302,000
62,000
54
2,000
1013* 1013*
25
25
97
493*
1013*
1,000
25
..
Oct
47
47
5,000
47
973*
973*
2,000
923* June
58.1933
10-year 7s..1930
933*
933*
1.000
85
1033* 104
82
825*
14,000
1003*
29,000
793*
Corp 5s. 1924
Penn RR
5s...1966
small
1966
gen 4s
..1997
Phila Electric 1st
do
Reading
Jan
89.30 90.80
47
Lehigh Val Coal 1st
Mar
Apr
83.20 May
Lehigh Valley coll 6s.. 1928
Lake Superior
Apr
Apr
Apr
91.78
25,000
100.00
88.50 89.24
Republic 8s__
Inter-State Rys coll 4s.1943
Feb
Mar
10,000
89.80 Sept
85.00 Aug
88.90 89.34
35*8.1932-47
Oct
Feb
293*
1683* 169
383*
50
50
3%
Aug
July
373*
942
French
44
64
17-16 13*
Jan
21
1.093
390
61 %
Jan
244
Jan
1,655
July
Feb
360
50
15* 1 13-16
48%
119
47%
40
975* 1003*
50
563*
Preferred
Jan
Jan
-1
100
Traction
Mar
513*
1
_
Oct
Aug
May
50
50
preferred...
De vel
J*
57
2,715
Philadelphia Co (Pitts)—
Tono-Belmont
Jan
643*
Lehigh Valley
Mid vale Steel & Ord
Lehigh Navigation
Pref
93*
.
Honds-"*
102
25
"u%
.
Feb
.
.50
Lake Superior Corp
Westmoreland Coal
13%
Refining
"i263*
100
J G Brill Co
U S Steel Corporation..
25
Oct
473*
Jan
47%
31%
13%
Feb
Aug
Jan
25
40
273*
5
47%
June
528
3%
Ohio Fuel Supply
.25
Oklahoma Natural Gas.25
35
285*
Jan
Aug
Jan
37
29
Apr
Aug
50
10
2%
July
Apr
Preferred—100
Insurance Co of N A
453*
5%
44
Jan
Oct
Jan
12
92
193
June
11
175
Oct
74
130
5%
100
56
Jan
141
United Gas Impt
240
Jan
Feb
60
Aug
Apr
Apr
14%
643*
37?*
Mar
Aug
Tonopah Mining
9%
19%
34J*
55%
52%
6
Oct
83*
77
United Cos of N J
0%
13%
Paragon
"555*
Jan
Mar
18
V 25
83*
45
100
1%
1%
High.
Apr
99
43*8.-1927-42
3d Lib Loan 43*s..-1928
4th Lib L'n 43*8.1933-38
Victory 4 5*8
1922-23
Amer Gas & Elec 6s—2007
Bell Telep of Pa 7s...1945
Elec & Peop tr ctfs 4s. 1945
25
31
643*
8?*
41
940
300
4
1
July
305
39
30%
200
Union
11%
4%
Low.
Shares.
3,900
Jan
June
High.
89
99
3
Week.
of Prices.
Low.
Range since Jan. 1.
for
52
Jan
1% May
3% June
3% Aug
lists:
Sales
Week's Range
127
90
Marland Petroleum
Jan
Sept
85
90
1,135
69
52
98%
56
Apr
Jan
863*
Aug
114
"99"
30%
85
Oct
100
General Asphalt
Jan
53
783*
39
39
56
5,000
46
25% June
89
Sept
93
July
50
5
785*
45
32%
Mfrs' Light & Heat
Aug
100
31%
185
Oct
88
c.100
"32%
965
60
Sept
83*
1st Lib L'n 4 J*s..l932-47
1%
Oct
86
7
Jan
2
60
1,000
2,151
Jan
1%
5,000
74
Elec Storage Battery...100
Jan
45
1%
60
88
56
Cambria Iron
95
Aug
30
763*
18
t c.
v
45
34
30
30,000
74
29
"l%
81
51
no par
Buff & Susq Corp v t
135
50
25
Ohio Fuel Oil
41
pref... 100
American Stores
Sept
Sept
47
50
1
80
50
Amer Railways,
Sept
Aug
Lone Star Gas
Jan
141
100
9%
36
200
85
25
Reading
High.
Feb
70
Kay County Gas
Nat Flreproofing com...50
Preferred
50
I rice.
10
Feb
Harb-Walk Refrac com 100
Preferred
Par.
Stocks—
July
86
2,990
Sept
785*
04%
48%
Last
15
Crucible Steel pref
100
Gulfey-GillespieOil (no par)
50
105
469
80
Friday
92
3%
10,000
Stock Exchange, Oct. 9 to Oct. 15, both
Philadelphia
25
0%
3%
20%
Oct
813*
inclusive, compiled from official sales
282
6%
623*
Oct
Philadelphia Traction.-.50
40
70
913*
683*
June
88
Full paid receipts
460
325
Oct
60
Oct
20%
3%
683*
60
81
.....
92
1%
5
Preferred
5,000
14,000
Oct
92
Carbo-Hydrogen Co com.5
5,000
62
913*
20
38%
...25
Jan
863*
61
643*
1,020
38%
Class B
823* May
Oct
Mar
105*
403*
38%
1%
3%
6%
3%
40
Jan
56
86
40
843*
853* May
112
Barnsdall Corp class A..25
July
200
10%
1,480
72
2,500
86
"Wi
1,000
91 %
110
110
100
781*
Jan
Mar
641*
60
Arkansas Nat Gas com.. 10
96
91
60
Amer
May
Philadelphia Stock Exchange.—Record of transactions
at
2d
20
91
04%
Phlla Electric of Pa
Sales
of Prices.
4,000
64
Pennsylv Salt Mfg.
(*) No par value.
Week's Range
92 V*
493*
Milling...
71
Last
943*
Mar
American
45
Sale.
May
Mar
Mar
43
Friday
83
56
May
40
Peop G L & C ref g
Swift & Co 1st s f g 58.1944
54.000
55
56
39
Cudahy Pack 1st M g 5s '46
941*
42
40
5,000
26,000
3,000
Northwest Elev 5s
935*
921*
5,000
Mar
69}*
4s, Series "B"
79
26.000
Sept
49
Commonw Edison 5s__1943
July
41,000
Gas.....—100
693*
__
69
641*
American
483*
5s, Series "A".
3,000
Oct
17,000
Chicago Railways 5s
Ogden Gas Co 5s
963*
Jan
76
64
Apr
70
Chicago City Ry 5s... 1927
Chic City & Con Ry 5s
955*
Jan
975*
1936
small
Preferred
963*
Sept
96
485*
42
Bonds—
Armour & Co deb 7s__1930
953*
1003*
64
Funding 5s
Mar
543*
13*
2,590
July
June
64
1949
Mar
30
963*
2,000
483*
.1949
Jan
503*
163*
Knitting Mills. (*)
Apr
1.410
41
93
Jan
Aug
May
Income 4s
Feb
Mar
2,230
29
923* June
Oct
Feb
81
1936
United Ry & Elec 4s.
Apr
1,000
4,000
60
83
Apr
61
935*
931*
Aug
July
723* June
733*
813*
United E L & P 4 3*8..1929
do
45,000
41,000
Jan
Jan
685*
Public Service Bldg 5s_.._
Jan
Mar
163*
Ward, Montg & Co, w i_20
Mar
28
605*
13*
(*)
Wahl Co
Feb
243
1 13-16
Rights A
United Iron Wks v t C...50
July
Oct
37
26
"605*
793*
Jan
May
21
1093*
31
1053* 1063*
503*
43
Mar
1940
1930
50
741*
70
953*
80%
61
Maryl'd Elec Ry 1st 5sl931
41
29
25
Union Garb & Carbon... 10
Western
17
36
"3l"
Temtor Prod C&F "A".(*)
Thompson, J R, com
Macon Dub & Sav 5s. 1947
1,000
75
Oct
101
56 J* May
943*
Oct
60
K C Ft Scott & Mem 4s.__
Jan
30
22
"1123*
Swift International
Jan
22
180
70
100
Shaw W W, com
(*)
Stand Gas & Elec, pref..50
Stewart Mfg Co
(*)
Stew Warn Speed, com. 100
Swift & Co
9%
17
10
Motor
Sears-Roebuck, com
May
11
30
100
Quaker Oats Co
11**
2,000
Jan
78 %
Consol'n Coal ref 5s. .1950
conv s
15%
Jan
Mar
76
7% notes
102
25
75
931*
975*
Sept
Sept
93
107
15%
5% notes
0% notes
70
Pub Serv of N 111, com. 100
75
113* June
70
1
(*)
PigglyWiggly Stores, Inc. (*) "26"
11,000
945*
75*
70
Orpheum Circuit, Inc
Pick (Albert) & Co
70
94%
603*
101
May
143*
Oct
Atlan Coast Line consol 7s.
Davison Sulphur 6s... 1927
Fla Cent & Pen cons 5s 1943
"16"
May
101
Wash Bait & Annap
Bonds—
Oct
Feb
10
13
$1,000
Apr
603*
13
Co
25
101
243*
Apr
200
Motor
801*
12%
Sept
12
Jan
933*
Oct
Aug
June
200
Mar
66
9
130
44
28
54
390
Jan
Apr
443*
Feb
Mar
673* May
14
Mitchell
32
May
43*
15
80
National Leather
323*
20
75
93
100
(*)
27
37
880
214
89
May
88
14
P Preferred
37
200
12
33*
Jan
1033*
743* June
1,142
37
103*
205
Sept
85
50
12
923*
68
United Ry & Elec..
Apr
May
76
Jan
1103*
29
30
Jan
Jan
July
68
133*
Feb
Jan
22
718
46
28
75
49%
Jan
39
1,060
4%
Jan
11
75
Oct
6
7
85
4
Jan
93*
Oct
Aug
July
68
80
Brick
50
Aug
3.40
28
14
Illinois
24%
93%
Jan
2%
25
t r.100
Oct
63*
106
100
16
Apr
100
v
tr.
..10
Hupp Motor
73*
36
Elkhorn Coal Corp. pref .50
Houston Oil pref tr ctfs.100
Jan
Aug
5
84%
25
Great Lakes D & D
190
4%
Jan
43*
1.05 June
120
84 %
v
13*
S
45%
100
Jan
40
Feb
20
5
3,820
5
93
Preferred
10
2
25
24%
92%
Coal
2%
76
Oct
20
7%
45%
25
Mt V-Wood Mills
110
1.101.12 J*
5
10
15
30
80
73*
High.
Oct
67
200
3%
25
1.10
Central Teresa Sugar...10
250
50
66
1
Pennsylv Wat & Pow__100
250
103
Celestlne Oil
Cosden & Co, pref
5
Davison ChemicaL.no par
205
"12"
100
_
Boston Sand & Gravel-100
Consolidation
High.
Low.
81
73*
81
.
Continental
153*
92
60
Chic City & Con Ry, pf.(*)
Chicago Pneum Tool
100
Chicago Rys Part Ctf Ser 1
923*
913*
for
Week.
Shares.
3%
Consol G, E L & Pow__100
Range since Jan. 1.
High.
15
(*)
common
of Prices.
Low.
25
20
Preferred
Sales
Low.
Range since Jan. 1.
Shares.
67
__10
Baltimore Brick
Chicago Stock Exchange.—Record of transactions at
Chicago Stock Exchange Oct. 9 to Oct. 15, both inclusive,
compiled from official sales lists:
Last
High.
50
Atlantic Petroleum
Sale.
Low.
100
Arundel Corporation
78 H
Price.
Price.
Oct
Oct
95
Pau
Sales
Friday
1944
Stocks—
Mar
Jan
1,000
1925
Week's Range
Mar
Stock
Western Tel & Tel 5s.. 1932
Friday
153*
753*
Sept
Exchange.—Record of transactions at
Exchange, Oct. 9 to Oct. 15, both in¬
clusive, compiled from official sales lists:
Baltimore
95
Eeneca Copper 8s;
Swift & Co 1st 5s
58
Baltimore Stock
16.000
101% 101%
Mass Gas 43*s
1929
Miss Riv Power 5s.... 1951
Oct
74%
Jan
82
Oct
July
823*
85
1,800
82
Apr
July
July
81
81
30,000
72
Apr
1013*
Jan
Oct
Jan
Sept
303* May
63
102J*
99
Jan
Jan
Jan
1043* Sept
93
Jan
933*
Feb
823*
Apr
1558
THE
New York "Curb" Market.—Below
CHRONICLE
give
we
a
record of
Former Standard Oil
15, both inclusive.
It
covers
the week ending Friday
afternoon.
On
the
York
New
Stock
Exchange
Exchange,
can
engage
for instance,
only
in business, and they
complied with certain stringent requirements before being
admitted to dealings.
Every precaution, too, is taken to
that
quotations coming
over
in the official list at the end of the
the "tape,"
£1
whatever.
Any security
day,
are
authentic.
are no
be dealt in and
may
reported
or
any
one can
there and make prices and have them included in the
lists of those who make it a business to furnish daily records
of the transaction
The possibility that fictitious transac¬
i.
tions may creep in, or even that dealings in spurious securi¬
ties may be included, should, hence, always be kept in mind,
particularly
as
it is out of the
regards mining shares.
In the circumstances,
question for any one to vouch for the absolute
f this record of "Curb" transactions, and
give it for what it may be worth.
trustworthiness
.
Lost
Week's Range
for
Sale.
oj Prices.
Per.
Price.
I/OU
High.
.
Range since Jan. 1.
2%
2
24
13 H
13
14
..>.*.100
72 H
72
72*4
Preferred..
Shares.
Low.
High.
1%
Ja°
4
K Apr
500
13
Oct
14
Oct
30
72
Oct
72*4
Oct
May
1034
11%
6,200
7
21
4,000
20
Feb
40
Jan
85 H
86
60
80
Aug
97
July
193
35
192
Oct
195
600
6
May
58
July
100
Brass.r
„
Hardware...100
M
M
M m
'M
M
+
M
M
M
—
100
Preferred. r
M.M M
100
Pref erred, r
Brit Empire 8teel.com
preferred
2,900
Feb
18
Feb
90H June
Sept
61
15
45 H
Oct
106
Oct
94
Aug
108
84
80
July
91
July
July
3
Oct
9H
Jan
Oct
28%
Jan
3
12H
100
400
12 H
20
450
18
Aug
3934
150
36
Aug
4
934
3434
3454
33
-
34 H
7
4H
2034
900
11.500
1®4
May
278
Jan
Aug
372
Sept
375*
372
375
90
343
Aug
480
May
112
115
30
101
Feb
128
Jan
350"
3.50
350
10
350
May
448
Mar
Standard Oil of N Y.r.100
Union Tank Car.r
100
Oil.r
Vacuum
100
Jan
Aug
29
Jan
Oct
14
Jan
1A
1,200
3734
350
31
40
220
35
75
K
4
Aug
IK
July
Aug
60
Jan
Oct
Oct
228
75 H
76
15
1534
6.200
7H
July
15K
Sept
Sept
Oct
334
100
3 34
Oct
4%
Sept
107
115
22 *4
5134
.MM---
23
57*4
425
Aug
107
78
170
Mar
200
21 H
Oct
21,300
40 H
130
Jan
29K
July
85
87
500
77
Aug
Aug
165
Mar
145
145
25
145
Aug
180
Mar
4
6
4,600
4
Oct
34
Jan
30
134
5634
'
M
•
M'm
■**
Gillette Safety Razor.r.(t)
(no par)
MM
MM
i35
100
134
Greenf Tap & D, com.r.25
135
3834
Motors, Inc.r-.(t)
Hercules Paper.*..(no par)
'
Jm M
-
6
-
23
1
25
4,300
204
10
Indian Packing Corp.r.(t)
4
r(f)
600
204
24%
Hercules Powder, com.rlOO
125
734
38H
Hare's
434
500
21%
14
2134
200
1%
"
Kay County Gas.r
1
Lima Locom, com.r...100
134
9,000
135
Oct
Oct
40
Oct
Oct
6
9
Oct
Mar
33
Apr
Oct
14 H
204
204
Oct
Sept
4
18*4
20
Aug
23
1H Sept
75
75
300
65
39 H
6
"40
Oct
38H
40
125
6
100
2*4
Jan
Oct
Apr
Aug
92
Mar
37
Aug
53
Jan
6
Sept
35
Jan
245
44
Oct
47
Locomobile Co.r..(no par)
Lueey Mig. class A.r.._60
"45
44
45
Maxwell-Chalmers Awl..
60
54
60
500
47
Sept
60
Oct
17
16
19
1,800
16
Oct
24
SePt
w i
Mercer Motors.r.. (no par)
Morris (Philip) Co Ltd..10
8H
9
200
8
Sept
"~7H
634
7H
7,800
5
May
Nor Am Pulp & Paper..(t)
5%
554
534
1,800
334
Pann Coal & Coke.r
50
Perfection T A R.r
»
100
«
„
10
Phelps Dodge Corp
com r
M
M
40 H
-M
1
VA
179
180
Phila Insulated Wire.r..
Procter & Gamble
MM
„
53
20
Radio Corp of Amer.r..(t)
Pref err ed.r
5
52%
113H
113
2
(
M
MM
Reynolds (R J) Tob B.r.25
-
234
MM"
41
41
Root & Vandev't, com. 100
25
25
Royal Bak Pow,com.r. 100
Preferred.r
100
115
115
81 H
Roy de France Toilet ProdS
Scovlll Mfg.r
390
£1
Submarine Boat
»
t
135
1
12
«
M
-
-
11
6
6034
MM.
30
53
700
114
40
234
254
2,000
2,200
28
52 '%
43
Oct
Sept
200
Apr
Jan
Sept
Oct
53
Oct
Oct
114
Oct
1%
1K
June
3
Jan
May
4*4
36 *4
Sept
113
600
26
600
25
Oct
6534
Jan
40
114
Oct
116*4
Oct
82 H
70
81
Oct
82*4
Oct
534
1.700
4
Aug
25
4
1,200
3
Oct
4
Oct
225
117
June
150
Mar
900
5
Sept
40
Mar
2,600
1
Oct
10H
2
389
Oct
Aug
19
H
Aug
Aug
59
334
7*4
14.500
IK
Oct
3
Oct
60%
1,700
5
1H
20
3,300
600
10
58 *4
5
Aug
Sept
Oct
34
Jan
30
30 H
1.600
27
Jan
Weber & Heilbronner..(t)
Willys Corp com.r. (no par)
First preferred.r
100
Second preferred.r.. 100
334
13
M
MM
M
1,100
Oct
19
Jan
40%
Feb
34
Jan
44
Jan
27*4
Oct
1H
1%
134
14
12,700
27 H
400
334
2,800
234
Aug
5%
Jan
134
264
Sept
26
•
Sept
4
3034
6
5%
Jan
Oct
Aug
Wayne Coal
Oct
Oct
Aug
MM
74
78
2
1
(t)
Oct
20
9
Warren Bros, new.r
3%
Oct
3,200
"l34
Jan
Oct
21,000
10
Jan
%
11
U S 8teamshlo
Mar
834
134
10H
234
Jan
154
4
4
678
Oct
1,400
11
M
18%
28 *4
Un Retail St's Candy.r.(t)
U 8 High Sp Steel A Tool(t)
M
390
200
134
June
135
3.500
2H
May
390
Second preferred.r.. 100
United Profit Sharing..26c
M
7
8,500
1
U S Light & Heat, com.r. 10
45
234
12
Jan
42
116H
"
234
5H
1234
5
M
20
Oct
Feb
85c
176
2934
H
134
3%
59 H
2H
100
5,100
Jan
714 June
2
-
United Gas& Elec comrlOO
preferred.r
300
3-16
180
7H
29
*
234
,
-...100
Union Carbide & Carb.r(t)
Union Shipyards.r
.8
5
2
Tenn Ry, L & P, com.r.100
Preferred.r
3H
131
10H
(t)
c__(t)
Sweets Co of Amer.r...10
Swift Internatlonal.r...l5
389
34
Singer Mfg.r
100
Standard Parts com.r..100
Stanwood Rubber.r
5
5A
100
Singer Mfg Ltd.r
81H
41H
1
Aug
39
July
3H
3.000
1
Sept
14 July
26
Oct
12H
13
1,200
12 H
Oct
15
15
100
18*4
Aug
62
62
100
60
Sept
100
Jan
49
50
200
49
Oct
85
Jan
Jan
Rights.
New Jersey Zinc.r
Union Carbide A Carbon.
10 H
1H
11
IX1
400
94
Oct
5,100
14
Oct
20
1%
Apr
Oct
"
Other OH Stocks
Allen
Oil.r
1
Allied Oil.r
1
14
Arkausas Nat Gas.r
10
Oil.r
3H
21c
77,000
18c
Oct
15-16
18c
20c
18c
Oct
1H
104
10%
104
3,000
700
9
Aug
45
Jan
74
75
Aug
90
70
70
Oct
70
Apr
Oct
*7<j""
6
14
Basin
a.
Engineers Petrol Co.r
1
Federal Oil
July
Aug
1034
5%
Oct
7H
Oct
%
1*4
14.000
4
July
3
Jan
14,200
4
Aug
1H Sept
5%
Aug
Par £1
w
2*4
Aug
10
64
Aug
Mar
24
6,375
1
May
6,.500
2
May
3.400
5
Feb
1534
Oct
1,600
1% May
34
Jan
Apr
Jan
14
8%
2
%
7 16
16%
6,000
16
500
3,500
39 %
Oct
Jan
148
May
1%
Jan
15
Aug
17 H
Sept
3-16
Oct
Oct
1634
5*4
2,100
154
4*4
Aug
11
May
184
2,900
15%
Aug
29
July
Yh
21,000
54
18
7-16
7-16
Oct
4
Oct
14
14%
700
10%
Aug
2234
Jan
42
400
37
Oct
42
149
151
400
128
May
190
"144
50
OH.r
1
8c
7c
1
a
Oil.r
6
Paragon Refining.25
Producers & Ref.r
10
8
"274
254
4.900
5*4
*4
1,200
17
174
18
6
5%
Savoy Oil
5
9*4
Seaboard Oil & Gas.r....5
234
Settled Prod.r
2
1034
Sinclair Con OH, pref r 100
85
Skelly 011 Co.r
24
11
83
10
94
Spencer Petroleum Corp. 10
Tex-Ken OH Corp.r
5
Texon Oil & Land.r
1
124
May
54
Aug
1,000
2%
Oct
5%
Jan
3,400
14
Aug
Aug
2*4
73H
85 H
Oct
94
420
.
Aug
Oct
9,500
9
Feb
Sept
Jan
Aug
Jan
Mar
13H
12
22 H
24
1.900
%
31,900
18*4
17*4
80
Jan
7%
10
500
9%
500
11-16
;
Oct
10H
Jan
1% Mar
40 H May
44
13
2
""%
Tropical Oil Corp.r....25
28 H
600
85
9
124
Oct
17
|Jan
23,000
2%
94
Aug
4 May
Oct
26
2,600
5%
10
14
Slmms Petroleum r(no par)
1.000
Sept
JaD
H
"
June
100
54
Oct
6
Jan
1 5-16 Apr
Aug
4
100
4
Sapulpa Refining.r
2
Oct
Jan
H
July
9-16 June
600
27*4
64
6
4
4c
11.500
8
27H
64
1,700
*4
4
Red Rock Oil & Gas.r
Cons'd.r
34
34
3
Panhandle Pr & Ref com(f)
8,000
10c
11-16
"34
Okmulgee Prod & Refln_.5
14
July
4
Apr
1H
Feb
23 H
Oct
1H
Jan
•2H
Jan
15
Mar
4
..1
"~4
4
4
6,000
10
14
14
14
5,400
4
May
1
%
%
4,500
%
Jan
July
34
Jan
50
2*4
Jan
1
214
%
24 %
Victoria Oil.r
Whelan Oil.r..
Jan
16
Jan
6
25% June
121
Feb
37
10
Refining.r
____
White Oil Corp.r..(no par)
Woodburn 011
25
154
16 *%
3,600
121
16
18%
600
9%
324
31H
121
16
Jan
Jan
2*4
15%
2%
9%
39 H
11%
74
4%
14
324
1,200
1 1-16
1 1-16 1 1-16
l.r.
Corp.r
United Tex Petrol.r
Jan
500
Mex Seaboard.r__.__
Ryan
31
4.600
5%
Explor.r(t)
100
94
J
r new no
North American
35
6%
15,300
34
2
25
Midwest-Texas
July
100
74
Jan
Mar
84
10
Oil.r
Midwest
Jan
1H
34
8*4
15
Noble Oil & Gas
53
94
6
Grenada OH Corp cl A.r. 10
Guffey-GJllesple Oil.r..(t)
Preferred.r.........100
Aug
74
Aug
"'84
(no par)
Glenrock Oil.r
Apr
28,200
1%
1%
9*4
5
Fensland Oil
35,500
173*
33*4
74
4
4
14
10
6
70
1 1-16
12
33*4
.
Petrol.r
71
100
19,800
15-16
5
com r.6
Dominion Oil.r
Elk
200
Jan
Jan
74
l
Central Petroleum com.r.5
Cosden & Co com.r
6
Duouesne Oil.r.
14
24
14
16%
Creole Syndicate.r...
14
64
Oil.r.. 1
Carib Syndicate new.r
Denny Oil.r
Apr
Sept
20c
Atlantic Gulf Oil Corp. 100
Atlantic Lobos Oil, pref.50
Cushlng Petr Corp
1,250
20c
20c
Amalgamated Royalty
Oct
25
37
334
Gen Asphalt, com.r...100
Pref err ed.r
.100
Jan
34*4
Oct
7
107
44*4
Oct
18
Federal Tel & Tel
Gardner Motor Co (no par)
July
Aug
200
75 H
15 4
Firestone T & Rub, com. 10
14%
4h
1,100
223
4
July
Sept
29 X
33
8
221
52*4
July
20
1,500
1
221
39
3,700
734
MM
Aug
3h June
1
100
July
June
104
834
M
94 %
95
20
BmplreTubeASteel(no par)
Lincoln Mot Co cl A.r..60
Oct
Jan
8
J. M
Oct
8*4
12 H
18
7
duPont deNem&Co comlOO
com
138
30
3
34H
Davles(Wm.)Co.Inc.r.(t)
Grasselli ChemlcaLr
Oct
Oct
May
Oct
112
334
-
July
96
9%
MM
69
130 *A
105
4
25
Sept
Feb
Oct
39
Crude Chemical, com.r...
Internat Products
300
55
12H
20
Continental Motors.r...10
r
1534
93
82
M
Chicago Nipple Mfg cl A 10
Cities Serv Bankers «hs r(t)
Cllnchfield Coal Corp.
Colombian Emer Synd, new
Conley Tin Foil
r_(t)
stock
400
3 *4
5
11*4
94
8234
100
100
Car Ltd A Power.r
100
11% July
104
"12*4
£1
1
1534
95 %
British-Amer Chem_r...l0
Brit-Amer Tob, ord
137
700
8
5034
105
100
Borden Co com.r
30
3H
91
M
50%
Babcock & Wllcox.r„.100
130H
8
«* M
Automatlo Fuel S.r
10
334
m M
M
104
130 *4 130H
138
137
138
V
65
63*4
«.
m
16
r..
4* »
»
634
634
130H
Amer Writ Paper .com. 100
_
192
6H
Amer Water Wks <fe EL 100
Armour Leather com
"
193
par)
pref.r
100
com.r.100
Goldwyn Picture
5,250
20
American Cigar,
First
Jan
31
195
Meridian Petroleum
100
_r
Am Candy Co.com(no
Class B
May
260
Maracalbo Oil
100
Aetna Explosive*.r(no par)
Aluminum Mfrs.r
Debenture
High.
19
10
Merrltt OH
1
CoaLr__
Adirondack Elec Pow..lOO
7%
Low.
1,100
10
Livingston Petroleum.r
Industrial & Mlscell.
American
22
269
Inter Petrol
Week.
Oct. 15.
Stocks—
Amer Chicle
Range since Jan. 1.
for
Week.
Shares.
220
Imperial
Sales
Friday
Week ending
American
21
.100
Hudson OH.r....
Preferred
21
High.
220
Boston-Wyoming
restrictions
meet
acme
of Prices.
Low.
269
Boone
On the "Curb," on the other hand, there
we
*ngio-Amer Oil.r
Price.
South Penn Oil.r
is, securities where the companies responsible for them have
t
Week's Range
Sale.
Par.
permitted to deal mly in securities regularly listed—that
insur
Sales
Prairie Pipe Line.r....l00
members of the
are
Last
Subsidiaries
the transactions in the outside security market from Oct. 9
to Oct.
[Vol.111.
Friday
Corp.r._(f)
24
2*4
24,000
•
H
16
400
24
Aug
Jan
Jan
8H
Jan
2H
Apr
July
i
Mining Stocks—
Alaska-Brit Col Metals..1
13-16
%
13-16
Alvarado Mln & MUl.r..20
143*'
14%
1534
America Mines,r
1
Arizona Globe Copper
Arizona Silver.r
1
Atlanta
Mines.r
1
2c
Belcher-Divide.r
10c
Belcher Extension
10c
5
4
4
H
%
%
5,000
1,200
4
13
5-16
5,200
July
Sept
2,800
4
1
Big Ledge Copper Co
Booth.r
1
% June
%
Oct
V
5,500
15 4
1 3-16 Mar
15-16 June
lc
2c
19,400
lc
Oct
May
5c
4C
5c
17,300
2c
June
38o
64c
6c
734c
21,300
24c Aug
49c
Jan
9-16
32,000
3-16
May
%
June
43^c 533c
16,100
3o
July
7c
Jan
Aug
34
%
6H
Jan
Mar
4c
1
5c
Boston & Montana Dev..5
40c
39C
44c
81,000
30c
Mar
92c
Caledonia Mining
17c
16c
17c
14,100
16c
Oct
Jan
420
1
Candalarla Silver. r.__
1
Carson Hill Gold-r......l
34
5-16
2234
2334
7c
8c
%
Cash Boy Consol
..1
Cerbat Silver M & M_r__l
"Yc
Consol Virginia SUver.r._o
Cortes Silver.r
1
"44
Cresson Con Gold M&M.l
14
Darwin Silver
1
Divide Extension
1
El Salvador Silver Mln.-. 1
Emma
Silver.
4
63c
234
24
27c
4
25c
30c
3 4
Feb
4HcJune
4
14
Aug
Mar
62c
%
4,600
24
19o
84
Sept
Sept
July
Sept
Jan
40
Jan
Mar
12o
Oct
3,900
34
Oct
10
Jan
64o
2H
Sept
Jan
3
Sept
1 15-16 Jan
34
Mar
4
Sept
9,000
4*4
27c
1 5-16 134
1
20
7,600
41,200
1
25c
14
Forty-Nine Mining.r
Goldfleld Consol'd r
14
4
1
Eureka Holly _r
16.100
Jan
K May 1 1-16
1,500
730
64c
4
1
t
Eureka Croesus Min.r
5
434
24
29c
15,700
34
61c
9,100
50
3-16
Aug
1 15-16 Jan
13,800
9-16
Feb
1 15-16 Apr
4
July
12,700
900
34
16
Mar
2H
Jan
9c"
8c
934c
16.300
7c
Oct
15o
Jan
10c
5c
4c
5c
15,100
2c
Aug
15c
Feb
Goldfleld Merger.r
1
le
lc
7,600
%o
Aug
4c
Jan
Gold Zone Divide.*
1
35c
34c
38c
27,100
lie
June
44o
Jan
Great Bend.r
1
2c
lc
3c
13.600
10
29c
22c
31c
46,200
He July
12c
Oct
Goldfieid
10
Devel.r
HarmillDivide.r
Hecla Mining
Honduras-Amer
Iron
Jim
x
25c
Synd.r(t)
B1088om_r
34 c
5
...10c
1
16c
Jumbo Extension
1
5
200
144
Oct
%
34
5.000
3-16
Sept
34
lake...........
Kewanus.r
15c
Jan
16,600
4c
July
13c
334
600
3
July
Sept
Jan
He
July
15c
Aug
Oct
15c
134c
2c
9.000
6c
7c
13,800
4c
7c
4c
7c
12,000
4c
1
1
Murray-Mog M, Ltd
7-16
1
Prince Consol
15c
76c
2
76c
34
4.175
4
4
9o
1.500
2,650
200
175
173
13-16
I.500
23,300
1
134
54c 54c
1
54c
New Jersey Zlnc.r_.-_ 100
Ophir Silver Mines.r
7-16
9c
"lie"
1
%
Oct
Oct
434cMar
74c
Jan
Oct
173
34 May
34 Aug
2,300
4
5-16
4
3,200
Ray Verde Copper.
1%
1 3-16
134
20,200
1 1-16
Sept
6c
6c
6c
10,000
5c
Aug
1-16 Mar
1
3-16
4
34
28,800
4
5,800
10.500
4
lc
13,800
2c
1
1
2c
2c
14
234c
Cons'd.
r—1
5c
4c
5c
Simon Silver A Lead
1
...1
Silver King Divide.r_
Silver Pick
So Am Gold & Plat.r... 10
Standard Silver-Lead
4
4
5
6
1
4
1,600
634
2,500
4
4%
June
Oct
Jan
Aug
Sept
Jan
Oct
%
JaD
32
Jan
1%
Sept
6%cMay
78c
Jan
300
Apr
134
Feb
1 3-16 Jan
Oct
1H
12c
Jan
4
14
Jan
Sept
14c
Jan
30c
Mar
1 9-16 June
834
Jan
4
Jan
3-16
3-16
3-16
600
4 He
4c
434c
12,000
2 He Sept
7c
Jan
14c
1
Success Mining
Sutherland Divide.r
lc
HcJune
7c
Jan
3H
4H
Jan
3-16
Jan
134c
23,800
Tonopah Belmont Dev
1 1
15-16
134 1 15-16
2,430
Tonopah Divide.r
Tonopah Extension
1
13-16
1
18.020
1%
11-16 134
1 9-16 134
Tonopah Mining.r
1
14
134 1 7-16
1,550
1
July
3H
2 9-16 3
5.350
2H
Aug
May
4H
United Eastern Mining..
U 8 Continental Mines .r
Unity Gold Mines
Victory Divide_r
Jsd
7c
Jan
Rex Consolidated Mln—1
Roper Group Mining
St Croix Sliver
Feb
634c
5c
27o
6c
Motberlode.r
Feb
Aug
2c
Marsh Mining.r
...1
Montana Silver King.r.-l
Oct
7-16
100
1
Louisiana Consol
Mar
5
20
15,050
.1
Star.r
65c
16c
10c
Knox Divide .r
Lone
15-16 Jan
1434
6.
Kerr
9,980
14%
25c
Butler.r
5
434
14.4
4Hc Mar
11-16
10c
74c
734c
8c
834
74c
9i4
7c
8c
2,990
12,600
2,000
1 3-16
Aug
1
Aug
1 5-16 June
6c
7
Apr
Jan
2 15-16
lie
10
Jan
Jan
Jan
Apr
Sept
13,400
4HcJuly
29o
5
14
134 1 3-16
II,950
1
2 7-16 Jan
White Caps Exten
10c
White Caps Mining.—10c
14c
134c 134c
10.000
lc
West End Consol'd
Wilbert Mining.
4.
1
Yukon-Alaska
^
Trust
—
(t)
74c
43^C
7c
4c
24
8c
5c
24
15,500
•
12.400
50
Aug
6c
May
Aug
3C
Aug
24
Oct
3c
Jan
Jan
20c
Apr
12o
;Mar
24
Oct
OCT. 16
1920.]
1559
CHRONICLE
THE
Friday
Week's
Last
Sale.
Bonds—
Allied Pack
conv deb6s
Sales
Range
Low.
Range since Jan. 1.
New York City Realty and
JOT
oj rTxets»
Price.
Week.
High.
Low
High.
Surety Companies
All prices dollars per share.
Jao
r'39
65%
65
67
Amer Tel A Tel 6s.r__1922
95%
94%
93
92%
Anaconda Cop Mln 6s.r *29
89%
7s, SeriesB-._____.1929
..'25
96%
89%
99%
99%
7% notes r'30
96%
95%
96% 135,000
8,000
96%
94%
Oct
96%
Aug
94%
Sept
101%
Jan
94%
94% 320.000
94
Oct
101%
Jan
42
43
16,000
36
Aug
99%
99%
29.000
99% Sept
89%
89%
26,000
82
Apr
90
Oct
6% notes.r
1924
Angl<-\mer Oil 7%s
Armour A Co
Equipment 7s
98%
95% 105,000
92%
Aug
97%
Jan
Alliance R'lty
75
85
Lawyers Mtge
93
64,000
91%
96%
Jan
Amer
Surety.
70
75
Mtge
90%
25,000
June
87% June
Jan
Bond A M G.
212
218
96
96% 170,000
96
Oct
Oct
City Investing
55
62
40.000
98
Aue
Preferred
75
85
96%
"94%
.1935
Boone Oil 6s
Sept
89
Beth Steel 7% nctes.r.1923
50%
1921
43
Canadian Nat Rys 7s_1933
C C C A St L Ry 6s r 1929
190.000
98%
96%
101
44
100%
Mar
Bid
87
90%
35,000
85%
Oct
90%
84%
84
85
82,000
84
Oct
85
94%
96%
83,000
94
Oct
96%
Oct
47
47
48
24,000
45
62
June
French Govt 5s..r__
Goodrich (BF) Co 7s. 1925
57
57
59
43.000
56
Sept
Sept
77
91
90%
91%
50,000
90
Aug
99
July
Apr
Grand Trunk Ry 7s... 1940
loterhoro R T 7s.r...1921
101
6s.r
..1926
French
Govt 4s.r
Kennecott
Morris A
99%
100% 101% 610,000
71
85,000
56%
93
93%
38,500
90
98%
5,000
N
Title
98
100
100
10,000
95
82
84
60,000
69%
100% 101% 500,000
98%
25,000
97%
100%
N Y N H A Hart 4s.r 1922
82%
*40
r
101%
Ohio Cities Gas 7s.r__1921
98
Aug
100
Sept
84
Aug
Sept •101%
98%
Oct
97 %
Oct
Par
Bid.
7.00
Equipment 5s.
Chicago A Alton 4%s
8.00
7.00
8.50
7.50
Equipment 5s
Chicago A Eastern 111 5%s__
Chic Ind A Louisv 4%s
8.50
7.60
8.60
7.50
Oct
Continental Oil
...100
115
120
Oct
50
Cumberland Pipe Line—100
Eureka Pipe Line Co
100
Galena Signal Oil com—100
*30
32
138
144
114
118
8.00
7.50
43
46
Chic St Louis ANOSs
7.60
6.75
Preferred old
100
90
93
7.67
6.60
Preferred
100
86
90
Chicago A N W 4%s
Chicago R I A Pac 4%s
8.25
7.25
100
50
160
163
8.25
7.25
*90
93
Colorado A Southern 5s
8.25
7.25
16%
Erie
8.37
7.60
31
Equipment 4%s
Hocking Valley 4%s
8.37
7.50
8:25
7.25
Sept
Crescent Pipe Line Co—
30,000
94
Oct
97% June
58,000
93%
Sept
95
30,000
93%
Sept
7s.r
1925
95
95%
16.000
90%
Pan-Amer Petrol & Tr 7s'20
94
94
65,000
93%
Sept
Sept
Oct
96%
Oct
95%
96% June
94%
RussianGo vt 6 % s ctfs
25
28
40,000
23
Aug
28
Oct
Indiana Pipe Line Co
38
Feb
International Petrol,(no Par)
64
Oct
National Transit Co... 12.50
el6
*29%
98
Apr
New York Transit Co—100
170
180
Oct
Northern Pipe Line Co.. 100
99
102
25 *298
Penn Mex Fuel Co
25 *49
Prairie Oil & Gas...
100 550
Prairie Pipe Line
100 220
Solar Refining
100 390
Southern Pipe Line Co_-100 119
South Penn Oil
100 268
Southwest Pa Pipe Lines. 100
63
Standard Oil (California). 100 320
Standard Oil (Indiana).. 100 700
Standard Oil (Kansas) —100 520
Standard Oil (Kentucky) 100 460
Standard Oil (Nebraska). 100 430
Standard Oil of New Jer.100 625
Preferred
100 105
Standard Oil of New Y'k. 100 375
Standard Oil (Ohio)
100 400
303
SlnclalrConOll 7%s r._. '25
Solvay A Cie 8s.r-._-1927
91%
92
135,000
86%
Aug
100
100
Swed Govt 6s June 15 1939
87
84
87%
97%
Swift & Co 7s.
1925
Switzerland Gcvt 5 %s,1929
West
97%
Oct
97
85%
22.000
82%
98%
10.000
97% June
99%
96%
Aug
100%
70
50,000
Jan
Oct
Jan
May
25,000
Oct
79%
80% 1,83.000
75%
Oct
99%
Apr
80%
Oct
2,000
98%
Aug
78%
75%
98%
"80%
93
July
July
96% July
75%
Virginia 3%s.r_1939
97
Aug
07% 156.000
99% 100%
100
78-r.'25
conv
81%
84%
98%
Wayne Coal 6s..
Western Elec
44,000
100%
Oct
100
98%
"85"
Texas Co 7% notes.r. 1923
Union Tank Careq 78.1930
100% 190,000
Oct
"
German Government and
Municipal Bond*
(Dollars per 1.000 Mart*)
■■■•
|; ■'
Marks
Badi8Che Anil Soda 4%8.__
Berlin
'
.
17%
18%
40,000
Oct
17%
27
Aug
13%
15
230.000
Oct
28
June
Greater Berlin 4s
15
15
25.000
15
Oct
26
June
Cologne
4s.r
15%
16%
50,000
15
Sept
29% June
Dresden
4s.r
15
15
10.000
10
Sept
27
June
15%
15%
5,000
14
Sept
27
June
Oct
27
4s.r
13%
4K8.r_.___
15%
Essen 4s.r...._;
.....
Frankfort 4s.r
.....
14
16
13%
July
new
Illinois Pipe Line
Ohio Oil Co
100
Swan A Finch
100
Union Tank Car Co
100
Preferred
100
Vacuum Oil
...—---100
Washington Oil
10
Preferred
...
104
5,000
17
16
15%
16
54,000
15
15
15
9,000
15
Sept
Oct
26
July
Imperial Oil...—-—---25
17%
16%
17%
19.000
16
Oct
28
July
Magnolia
Exchange this week,
r
Unlisted,
w
When
i Listed as
I Listed
x
Ex-dividend,
y
Ex-rights,
z
—Moore, Leonard & Lynch,
dividend.
NOTICES
111 Broadway, announce that they have
Investment Department in their New York office under the
an
was
Stock
oNew stock,
Ex-stock
joint management of Frank I. Tomlins and W. Sebert Scott.
and
the
k Correction.
CURRENT
who
on
where additional transactions will be found.
issued,
% Dollars per 1,000 lire, flat,
opened
prospect.
a
--60 *zl48
Ordnance.Stocks—Per Share.
Explosives pref—100
75
Atlas Powder common...100 135
Preferred
100
75
Babcock A Wilcox
100 105
Bliss (E W) Co common- 50Z270
Preferred
50*
Canada Fdys A Forgings.'lOO
90
Carbon Steel common.-.100
60
1st preferred
100
85
2d pref erred.
-100
Colt's Patent Fire Arms
Mfg
25
46
duPont (E I) de Nemours
A Co common—-..--100 220
Debenture stock
100 -74
Eastern Steel
—100
Empire Steel A Iron com. 100
30
preferred
100
72
Hercules Powder com... 100 200
Preferred
..100
92
Nlles Bernent Pond com. 100
88
Preferred
100
90
Phelps Dodge Corp
100 175
Scovill Manufacturing..-100 385
Thomas Iron..
50 *23
Winchester Co com
100
1st preferred
100
83
2d preferred
--100
Woodward Iron
100
45
Preferred
80
Mr. Tomlins,
formerly Manager of the Bond Department of Hallgarten & Co.,
more
recently General Manager of Hemphill, Noyes & Co., will be in
charge of the Bond
Division, and Mr.
Statistical Department
Scott, formerly Manager of the
of William A. Read & Co., will have charge of the
Moore, Leonard & Lynch now have a highly developed
Statistical Division.
wholesale and retail Bond
Distributing Organization in Pittsburgh where
they have been firmly established for about 30 years.
Their Philadelphia
office, which has been more recently established, is also well organized to
do
a
general investment business.
New York
Ail
America *
Amer
Exr.h..
Banks
Ask
215
Industrial*
260
270
per
share.
Irving Nat of
215
Atlantic
Battery Park.
190
Broadway Cen
105
...
Liberty
Ask
200
215
Bankers Trust
355~
362
Central Union
363
373
220
Columbia
315
32.5
Nat American
145
155
155
35
39
330
-
Commercial..
-
300
160
145
155
Equitable Tr.
292
298
185
195
Farm L A Tr.
370
380
140
150
Fidelity Inter.
200
210
470
480
Fulton
260
270
Guaranty Tr.
340
348
155
165
195
205
New
380
395
Pacific *
160
York...
Park
145
155
Public
550
560
jRepublic*
City
306
312
Seaboard
Coal A Iron..
250
260
Second
.
-
Colonial*
350
State*
170
180
Tradesmen's*
232
237
155
165
Mercantile Tr
325
Metropolitan.
250
260
205
Mutual (West¬
105
125
200
Commerce-1.
145
Trust
mmmm
*
195
Columbia*
130
Lincoln
460
450
-
Law Tit A Tr
650
620
273
Hudson
310
290
Chemical
490
480
Chelsea Exch*
Comm'l
150
Empire
Neth*..
New
Chase
265
chester)
...
m
—
— —
mm
23d Ward*...
210
wealth*
Continental..
130
225
mm
mm
170
180
175
185
N Y Trust...
350
425
Title Gu A Tr
305
3~15~
Yorkville*
375
425
U S Mtg A Tr
395
405
United
Com raon-
220
Wash H'ts*..
mm
Union Exch..
Unlted States*
Ex*.
7.00
480
Equipment 4%s
New York Cent 4%s, 5s, 7s_
N Y Ontario A West 4%s...
8.00 7.00
7.30 6.50
8.15 7.15
7.4o 6.50
440
645
105%
810
830
485
500
N Y Life Ins.
-
A
Trust...
550
590
345
120
Brooklyn
150
185
Coney Island*
140
155
East River...
170
j First
205
215
Brooklyn
Fifth Avenue*
910
Green point—
160
180
Hamilton
260
270
Fifth
150
Hillside*
110
120
Kings County
Manufacturers
630
660
195
205
Standard Gas A El (Del) .50
Preferred
60
People's
275
290
Tennessee Ry L
mmmm
165
First
910
mm
Homestead*..
80
100
Garfield
225
235
Mechanics'*..
85
92
Gotham
190
205
Montauk*
85
95
Greenwich *__
250
210
220
Hanover
815
830
North Side*..
195
205
Harriman
340
355
People's
Rldgewood—
150
Brooklyn
Tr.
160
m
m
m m
mm
"
515
Banks marked with
Nassau
200
____
(*) are State banks,
f Sale at auction or at Stock Exchange
x Ex-dlvidend.
y Ex-rights.
t New stock,
7.15
Northern
Pacific Fruit Express 7s
106
Pennsylvania RR 4%s
6.60
6.90" 6.45
7.25 6.50
7.25 6.50
Pacific 7s
Equipment 4s.
7.40
Reading Co 4%s._
150
Seaboard Air Line 5s
Preferred
-—
100
A P com .100
100
United Lt A Rys com
100
1st preferred
—100
Western Power Corp
100
Preferred
100
Preferred
♦
...
6 Basis,
Per share.
/Flat
price,
o
Nominal,
7.50
7.50
7.25
8.25
_
8.50
8.25
St Louis A 8an Francisco 6s
I
7.25
7.37
6.50
7.87, 7.00
7.87 7.00
Equipment 5s
Toledo A Ohio Central 48-.
80
8.12
Union Pacific 7s
140
—
6.85
Virginian Ry 6s_.
—
7.37
Tobacco
Sh
Stocks—Per
107
Par
310
American Cigar common. 100
Preferred
100
60
110
6.50
8.50
St Louis Iron Mt A Sou 5s
7.00
6.40
6.75
are.
Bid.
Jit.
133
130
75
80
160
Amer Madbine A Fdry__100
145
66
British Amer Tobac ord__£l
*1134
90
Brit Amer Tobao,
bearer.£1
*12
65
Conley Foil (new)
no par
Johnson Tin Foil A Met. 100
*19
100
110
50
MacAndrews A Forbes.. 100
108
116
12%
12%
22
...100
84
89
225
Reynolds (R J) Tobacco.
25
*80
90
78
B common stock......
25
*40
43
100
98
100
100
130
140
83
89
Preferred
65
36
75
207
Preferred
Young (J S) Co
Preferred
..-.-100
Short Term Securities—Pe
94
Am Cot Oil 6s
90
Amer Tel A Tel 6s 1924. FA A
95
1924..MAS2
AAO
6% notes 1922
Cent;
91
92
92%' 93%
94%
95%
200
Amer Tobacco 7s 1920.MAN
99% 100%
395
9934100%
99% 9984
99% 100
t60
MAN
MAN
7% notes 1923
MAN
AnacondaCop Mln 6s'29. JAJ
Anglo Amer Oil 7 %s '25 AAO
55
Arm'rACo7sJulyl5'30JAJ15
96
90
Beth St 78 July
9734: 98%
96V 96s4
94% 9484
92% 94
33
410
87
7% notes 1921
7% notes 1922
15 '22.JAJ 16
7% notes July 15 '23 JAJ16
110
States
Norfolk A Western 4%s_...
378
420
Canadian Pac 6s 1924.MAS2
50*113 117
39
Federal Sug Rfg 6s 1924 MAN
50*z37
Goodrich (B F) Co 7s '25 AAO
Amer Lt & Trac com
100 106 110
83
Hocking Valley 6s 1924MAS
Preferred
—100
80
50
Interboro R T 7s 1921 MAS
Amer Power A Lt com—100
4?
68
K C Term Ry 4%a 1921.JAJ
Preferred
100
65
6s Nov 15 1923..MAN15
Amer Public Utilities com 100
7% 10
25
Laclede Gas 7s Jan 1929 FAA
Preferred
100
20
30
Lehigh Pow Sec 6s 1927-FAA
Carolina Pow A Light com 100 x 27
297
LiggettAMyersTob6s'21 JAD
Cities Service Co com—100 294
66
Penn Co4%s 1921...JAD 15
Preferred
100
65
12
Pub Ser Corp N J 7s '22.MAS
Colorado Power com
100
9
90
Reyn (R J) Tob 6s '22.FAA
Preferred
——100 n80
20
SIoss Sbeff S A I 6s '29.FAA
Com'w'th Pow Ry A Lt—100
17
43
Southern Ry 6s 1922...MAS
Preferred
-—100
40
82
8wilt A Co 6s 1921...FAA15
Elec Bond A Share pref. . 100 x78
9
Texas Co 7s 1923
MAS
Federal Light A Traction 100
6
48
U S Rubber 7%s 1930.-FAA
Preferred
100
43
70
Utah Sec Corp 6s '22.MAS 15
Great West Pow 5s 1946.JAJ
72
12
West Elec conv 7s 1925. AAO
Mississippi Rlv Pow com. 100
lo
Industrial
Preferred
-100
47% 50%
75
and Miscellaneous
First Mtge 5s 1951..-JAJ
74
10
American Brass
100
Northern Ohio Elec Corp. (t)
5
33
American Chicle com.no par
Preferred
100
29
Preferred
100
North'n States Pow com. 100
37
80 " American Hardware
100
Preferred
100
77
78
Amer Typefounders com. 100
North Texas Elec Co com 100
74
70
Preferred
.100
Preferred
.-100
67
80% Borden Company com
Pacific Gas A Elec 1st pref 100
79
100
Preferred
16%
100
Puget 8d Pow A Light—100
15
56
Celluloid Company
Preferred
100
53
100
Havana Tobacco Co
10
100
Republic Ry A Light
100
8
30
Preferred
Preferred
-.100
27
100
85
IstgSsJunel 1922.. JAD
South Calif Edison com. -100
84
337
*
8 00
Gas A Elec com..Preferred
Cuba (Bk of).
lis week,
Mobile A Ohio 5s...
Amer
Cosmop'tan*.
500
7.50
540
Aetna
Corn Excb*__
Imp & Trad..
7.40
8.30
_
_
New York Co
Cent Mercan-
Chat A Phen.
mo*
365
320
145
m
230
490
Park*
'
210
Mech A Met.
Bronx Nat-..
Ask
35.5
Mutual*
Butch & Drov
Bid
New York
American
125
mm
Trust Co's
222
-
Manhattan *.
150
Boro*.
Bid
NY
•
200
450
Bryant
dollars
Bid
Bowery*
Bronx
prices
208
Banks—N Y
8.30
Missouri Pacific 5s
Public Utilities
City Banks and Trust Companies
6.75
Missouri Kansas A Texas 5s
705
Equipment 4%s
Midwest Refining
value,
7.37
Equipment 5s A 7s
6.60
6.75
325
Other Oil Stocks
Petroleum
6.50
7.35
Southern Railway 4%s.—
17
27% June
27% July
par
7.35
Southern Pacific Co 4%s, 7s
17
Sept
Sept
f No
67
6.50
7.37
Equipment 6s
Minn St P A S S M 4%s—
100
15
lots,
Michigan Central 5s
123
340
65,000
Odd
410
272
*97
100 330
17
*
8.25' 7.25
7.37
35
15%
6.50
Kanawha A Michigan 4%s_.
Louisville A Nashville 5s
*30
4%s.r
Leipzig 5s.r._
28% June
7.60
Equipment 4%s
565
353
June
7.50 6.60
225
348
June
28
,
51
—
98
31
Sept
.........
Illinois Central 5s
70
Oct
14%
4%s.r..
8.25! 7.25
—
118
17
30,000
Munich 58.r
Equipment 5s
...
96
5,000
16%
Mannheim 4s.r_.
5s
60
14
17%
16
...
Equipment 5s
114
22,000
17%
Hamburg 4s.r
17%
7.00
105
95%
53
7.00
8.00
100
new
96%
150,000
6.75
8.00
100
Preferred
94
61
7.50
Central of Georgia 4%s
8.00
93%
60
6.50
Chesapeake A Ohio
94
Seaboard Air Line 6s
7.37
225
93%
Sept
Sept
6.50
6.50
Carol Clinchfleld A Ohio 5s_.
91
£4%
22
7.25
8.00
7.37
7.37
Equipment 4s
Equipment 6s
425
95
20,000
BasisJ
410
*88
210
100
Co
Buckeye Pipe Line Co—
1924
27
"f."
Equipments—Per Ct
50
Chesebrough Mfg new—100
Borne Scrymser
1923
24
160
Canadian Pacific 4%s& 6s_i
Anglo American Oil new. £1 *20% 21%
1125
Atlantic Refining
1001050
109
Preferred
-100 x 106
1922
1921
85
150
Assoc
Baltimore A Ohio 4%s___...
Buff Roch A Pittsburgh 4%s
Ask.
7s.r.
5%s.r
160
75
West A Bronx
Realty
except where marked
RR.
Per shar
Standard OH Stacks
7s.r
1919
150
U S Title Guar
125
115
A
"and Interest"
7s.r
r
208
80
203
.
Y
Mortgage..
...........
Jan
Jan
98%
96% Sept
Co7%s.r ..1930
Oct
76
98%
Aug
May
Nat Cloak & Suit 8s.r. 1930
Norway. Kingd of, 8s
101%
Oct
'
68
68
Copper7sr. 1930
110
120
75
Oct
95%
Nat
All bond prices are
Oct
Empire Gas A Fuel 6s-r-'24
Ask
100
Ask
110
Bond..
Surety.
Quotations for Sundry Securities
Oct
90%
Bid
(Brooklyn).
U S Casualty.
Bid-
Title A M G
Oct
Duquesne Light 6s... 1949
.
Ask
90
*15
95
*36
2
6
37
16
3
7
28
25
59
21
62
62
64
23
Intercontinen Rubb
Internationa] Salt
com.
100
100
1st gold 68 1951
AAO
International Silver pref. 100
Lehigh Valley Coal Sales. 50
Royal Baking Pow com.. 100
Preferred
Singer Manufacturing
Singer Mfg Ltd
89
|
90
9934 IOO
|
9034
96%
91
91
93
68
70%
93
96
95
96
92
95
69%
72
97%
98
9734i 98%
86
88
96%
87
97
| 89
96
96%
97%
98% 98»4
98 I 98%
83% 84%
97%'
98%
185
38%
98%
195
39%
60
65
133
140
37
41
82
86
95
84
150
I
96
82
155
1%
IV
4
8
/45
55
10%
11%
65
66
"69 '
*87
*81%
112
"82%
120
100
80
83
.100
135
139
d Purchaser also pays accrued dividend.
x Ex-dlvldend.
gEx-righU.
£\
*
*3%
334.
New stook
1560
[tnxestromt ami gUitoafl |ixtclligim£je,
GROSS EARNINGS
RAILROAD
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
are brought together separately on a subsequent page.
;
'-.vThe
following table shows the
gross
.
Latest Gross Earnings.
Week
ROADS.
or
Month.
Current
Previous
Year.
Year.
Year.
$
%
Prevoius
Current-
243,6081
Alabama & Vicksb. August
2,149,422 1,809,951
Ann Arbor
4th wk Sep
127,974! 3,715,080 3.156,624
153,353
Atch Topeka & S Fe August
19892620 15673078 137445642 108923544
Gulf Colo & S Fe August
2,258,044 2,126,609 16,1301,883 12,723,579
Panhandle & S Fe August
955,547
694,6981 5,749,233 3,749,806
Atlanta Birm & Atl. August
Atlanta & West Pt. August
City
Atlantic Coast
Line
Baltimore & Ohio..
B&OCh Term..
Bangor & Aroostook
Bellefonte Central..
Belt Ry of Chicago.
Bessemer & L Erie..
Bingham & Garfield
Birmingham South.
Boston &
August
August
August
August
August
August
August
August
Augast
August
August
August
403,484
493,243
3,792,603 3,256,676
228,577' 2,009,166 1,779,545
288,878
717,180, 3,387,667 3,213,774
851,274
5,772,347 4,050,711 48,408,882 41,522,311
20222080
17821467
194,223
160,553
341,115
424,733
10,376
11,291
375,874
415,063
1,652,351 1,519,337
181,280
93,718
53,396
42,661
139081224
113901885
1,201,013
1,316,167
4,074,025 3,271,970
63,672
70,562
2,658,060 2,319,103
8,183,636 8,641,402
762.939
1,261,652
390,114
396,665
54,117,656 45,310,568
638,328
712,646
16,859,583 11,550,340
1,475,031
1,840,898
76,765,081 68,773,042
8,206,353 6,746,501
116,979
113,026
Buff Roch & Pittsb. 1st wk Oct
382,565
582,804
Buffalo & Susq
253,019
243,935
August
Canadian Nat Rys.'lst wk Oct 2,657,913 2,140,414
Canadian Pacific.
1st wk Oct 5,356,000 3,965,000 149539000 125141000
Can Pac Lines in Me August
159,136
1,862,526
189,631
1,917,363
Caro Clinch & Ohio. August
540,278 4,639,462 4,018,611
601,017
Central of Georgia.. August
2,193,148 1,847,237 16,721,920 13,882.020
Central RR of N J.. August
5,038,245 4,214,641 30,912,382 28,764,109
Cent New England. August
528,145 4,295,600 4,179,876
758,535
Central Vermont
517,568 4,358,279 3,680,136
August
,643,450
Charleston & W Car August
1,932,817
233,809
345,481
2,342,067
Ches & Ohio Lines.. August
7,615,756 5,683,518 53,761,377 47,126,901
August
2,618,421 1,974,806 18,588,141116,276,672
Chicago & Alton
Chic Burl & Quincy July
14720003 13068386 98,638.678 81.553,470
August
2,778,704 2.244.753 18,582,888 15,909,698
Chicago & East 111
1,979,580 1,857.564 12,950,981 11,669,630
Chicago Great West July
Chic Ind & Louis v.
9,888,557 7,827,006
August
1,528,561 1,170,604
324,546
354,213 2,105,128 2,368,090
Chicago Junction.. August
Chic Milw & St Paul August
13835365 13414257 104920355 95,125,159
153321/7 11736338 102273012 87,608,260
Chic & North West
August
134,441
Chic Peoria & St L
1,039,612
285,912
1,697,065
August
Chic R I & Pacific.. August
12634768 10088973 86,653,600 69,019,104
Chic R I & Gulf.. August
413,474 4,215,819 2,964,580
497,990
Chic St P M & Om. August
2,809,727 2,231,433 20,123,897 17,223,825
397,925 3,417,406 2,584,415
489,976
Chic Terre H & S E. August
321,655 2,837,962
Cine Ind & Western August
1,969,512
409,210
734,513 21,477,960 18,672,159
894,665
Colo & Southern— 4th wkSept
Ft W & Den City August
1,180,374 1,012,623 7,994,391 6,980,027
123,632
Trin & Brazos Val August
174,112
809,655
1,174,147
111,015
Wichita Valley... August
162,961
634,710
1,095,034
Colo & Wyoming... August
91,879
87,041
745,297
627,867
85,594
August
97,453
588,854
657,659
Copper Range
Cuba Railroad
1,238,654 1,000,359 9,065,625 8,270,180
July
131,436 2,077,316
185,835
C am aguey & N ue v July
1,776,118
Delaware & Hudson August
4,314,320 3,3.54,882 26,485,248 22,516,737
Del Lack & West
August
7,610,274 6,256,837 47,812,081 46,761,204
Denv & Rio Grande August
3,703,738 3.105.754 23,975,497 20,045,011
Denver & Salt Lake August
295,296
300,691
1,731,856 1,795,206
Detroit & Mackinac August
153,174
192,500
1,034,379
1,254,782
Detroit Tol & Iront. August
348,831 3,068,361 2,378,809
399,142
Det & Tol Shore L_ July
209,760
208,337
1,330,671
1,241,485
Dul & Iron Range.. August
1,626,113 1,029,540 6,963,790 5,688,112
Dul Missabe & Nor. August
2,925,770 1,858,609 12,200,692 13,501,526
Dul Sou Shore & Ati 1st wk Oct
100,423 4,325,103 3,604,859
122,555
Duluth Winn & Pac August
198,927
145,663
1,258,826
1,569,232
East St Louis Conn. August
121,239
140,228
862,425
797,796
2,129,100 1,323,037 11,350,441 13,276,499
Elgin Joliet & East. August
El Paso & So West.. August
1,128,710 1,001,063 9,262,778 8,136,649
Erie Railroad
9,504,121 8,716,373 64,951,849 58,416,831
August
909,951
1,243,878
August
7.810.403 6,717,796
Chicago & Erie
N J & N Y RR
725,423
122,594
112,183
August
835,340
Florida East Coast
649,401
August
841,158
8,921,852 6,743,664
Fonda Johns & Glov August
126,991
134,161
830,483
938,212
Ft Smith & Western August
166,184
139,188 1.162.404
973,304
Galveston Wharf
72,539
193,444
556,582
August
1,010,404
452,678 4,262,916 3,891,876
August
550,740
Georgia Railroad
81,543
August
132,574
639,074
Georgia & Florida.
930,599
Grd Trk L in Can.. August
209,451
211,963
1,152,650 1,339,559
Grand Trunk Syst. 1st wk Oct 2,737,818 2,115,530
Atl & St Lawrence August
167,341
265.757
1,873,237 2,164,661
ChDetCanGTJct August
209,451
211,963
1,152,650 1,339,559
Det G H & Milw. August
426,491
492,218
2,912,854 2,698,159
Grd Trunk West. August
2,510,355 1,255,954 10,969,275 8,922,865
Great North System August
10519 795 8,659,021 75,541,016 66,157,951
Green Bay & West. July
88,005
684.121
661,479
98,889
Gulf Mobile & Nor. August
256,560 2,394,790
1,751,939
313,355
Gulf & Ship Island. August
223,491
261,085
1,886,402 1,591,584
August
Hocking Valley
1,629,919 1,349,664 9,602,500 7,199,904
Illinois Central
12488633 9,675,739 89,914,786 69,055,673
August
Illinois Terminal— Augast
620,250
71,336
95,975
659,674
Internat & Grt Nor August
1,627,6.54 1,152,182 11,465,330 9,082,135
Kan City Mex & Or August
148,934
832,205
147,800
1,038,834
K C Mex & O of Tex Augast
697,664
112,385
163,281
1,139,603
Kansas City South. August
1,612,033 1,321,801 11,902,048 9,564,997
Texark & Ft Sm_. August
132,487
924,634
182,953
1,301,212
Kansas City Term.
August
881,400
140,416
132,709
993,693
Kan Okla & Gulf... August
880,997
227,672
139,804 1,571,701
Lake Sup & Ishpem July
219,637
811,796
496,305
288,715
Lake Term Ry
August
114.827
846,371
735,801
104,195
Lehigh & Hud River August
278,734
250,949
1,670,262
1,739,844
Lehigh & New Eng. August
390,011
446,808 2,910,952 2,351,046
August
Lehigh Valley
7,088,752 6.036.877 44,665,823 41,093,755
Los Ang & Salt Lake August
1.932.547 1,331,819 13,141,571 11,031,123
Louisiana & Arkan
August
335,243
160,636 2,681,491
1,326,106
Louisiana Ry & Nav August
427.758
304,262 2,715,437 2,284,129
Louisville & Nashv August
11279962 9,392,579 80,097,497 68,746,669
Louisv Hend & St L August
289,463
232,542 2,004,283
1,900,522
Maine Central
August
1,882,962 1,570,275 12,792,851 11,249,298
Midland Valley
August
467,422
349,365 3,020,130 2,538.208
1st wk Oct
Mineral Range
10,892
12,466
592,194
499,678
Minneap & St Louis August
1,303,997 1.169.878 10,313,812 8,320,564
Minn St P & S 8 M
August
4,495,689 3,638,153 28,995,131 26,493,728
Maine
Bklyn E D Terminal
Week
ROADS.
Year.
$
$
305,024
.
Atlantic
Latest Gross Earnings.
Jan. 1 to Latest Date.
.
.
_
_
_
or
Month.
Jan. 1 to Latest
bate
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
S
$
663,589
107,597
85,073
658,077
3,680,533 3,224,549 25,222,968 21,801,549
2,391,624 2,290,968 17,894,757 15,688,183
985,190
Mo & North Arkan. lAugast
1,288,791
184.249
147,033
Missouri Pacific
10300157 8,608,823 73,138.448 58,390,072
August
2,312,678
416,168 2,406,845
438,820
August
Monongahela
1,133,292
272,063
165,584 2,039,892
Monongahela Conn August
839,513
Montour
869,703
167,738
143,607
August
Nashv Chatt & 8t L Augast
1,941,109 1,778,184 15,795,340 12,517,103
221,640
242,671
Nevada- Cal- Oregon 3d wk Sept
14,336
9,438
979,358
Nevada Northern.. August
1,270,851
27,147
162,338
984,618
1,068,222
155,950
35,579
Newburgh & Sou Sh August
1,521,767
New Orl & GreatNor August
248.692
226,548 1,703,355
N O Texas & Mex__ 3d wk Sept
291,352
189,110 8,553,776 6,239,136
846,435
Beaum S L & W__ Augast
1,379,663
128,085
191,940
3,456,271
St L Browns & M August
468,287 4,683,667
710,816
33884287 29525184 225830996 199523825
New York Central__ August
5,253,545 4,182,833
Ind Harbor Belt. August
597,454
833.307
6,149,154
Lake Erie & West August
1,076,965
926,792 7,175,561
8,301*.363 7,472,778 54,558,814 49,210,577
Michigan Central. Augast
ClevCC&St L_. Augast
7,927,822 7,057,217 55,778,105 45,617,372
1,897,338
Cincinnati North. August
346,363
242.955 2,205,184
Pitts & Lake Erie August
3,476,606 2,589,626 18,730.682 18,612,933
Tol & Ohio Cent. August
958,836 7,605,033 5,858,278
1,355,280
Kanawha & Mich August
418.956 3,188,586 2,787,419
454,132
N Y Chic & St Louis Augast
2,692,725 2,005,262 17,453,642 15,640,290
11856669 9,364,106 78,273,497 66,511,822
N Y N H & Hartf.. August
N Y Ont & Western August
1,580,322 1,459,120 8,214,450 7,438,489
2,546,967
N Y Susq & West
375,617 2,816,071
400,277
August
5,143,972 4,097,919
Norfolk Southern.. August
659,338
597,171
Norfolk & Western. August
(6,795,319 6,930,649 50,723,453 48.674,714
Northern Pacific
9,098,021 8,553,553 68.048,442 62,803,514
August
722,342
832,723
Minn & Internat
86,228
90,091
August
North westernPacific August
880,843
724,349 5,056,236 4,160,636
1,177,732
Oahu Ry & Land Co Augast
1,394,713
335,139
260,201
Pacific Coast
482,030
423,545
August
51209820 44534948 285459916 269003472
Pennsylv RR & Co July
1,057,535
Bait Ches & Atl.
1,027,993
227,468
221,861
August
3,003,592 2,616,921 16,671,483 16,771,375
Augast
Long Island
881,022
828,161
184,300
164,360
Mary Del & Va__ August
N Y Phila & Norf July
824,958 4,320,275 4.517.671
810,422
1,320,000 1,065,778
Tol Peor & West. August
238,607
153,759
W Jersey & Seash July
1,690,919 1,372,040 6,878,710 6.319,190
Pitts C C & St L. June
8,204,964 7,135,402 40,961,753 35,889,446
767,517
1,006,953
Peorie & Pekin Un
85,785
146.693
August
Pere Marquette
3,930,442 3,394,815 25,132,796 22,094,391
Augast
112,464
771,029
Perkiomen
99,856
116,642
August
542,584
Phila Beth & N E.
841,603
67,639
108,204
August
Phila & Reading.
7,584,097 6,673,390 55,773,636 46,925,510
August
745,989
115.905
Pittsb & Shawmut.
1,039,380
132,709
August
600,686
798,643
Pitts Shaw & North July
112,569
122.810
877,150
Pittsb & West Va__ Augast
1,400,134
129,578
265,410
Port Reading
1,111,875 1.684,179
227,051
161,696
August
Mississippi Central. Augast
Missouri Kan & Tex August
Mo K & T Ry of TexjAugust
...
•
.
_
.
8uincy Om & K C__
ich Fred & Potom
Rutland
St Jos & Grand Isl'd
St L
Rocky Mt & Pac
St Louis-San Fran..
Ft W& Rio Gr
St L S F of Texas.
St Louis Southwest
St L S W of Texas
Total System
St Louis Transfer..
San Ant & Aran Pass
San Ant Uvalde & G
Seaboard Air Line..
South Buffalo
Southern
Pacific
So PacAtl SS Lines
Arizona
Eastern.
Galv Harris & S A
Hous & Tex Cent.
Hous E & W Tex.
Louisiana Western
Morg La & Texas
Texas & New Orl.
July
August
August
August
August
August
July
July
Augast
August
97.327
87,973
880 854 1,025,376
453.463
543,660
728,812
591,946
7,334,100
8,520,077
3,075,592
1,898,254
2,655,635
49,248,660
792,544
830,135
8,379,989
4,151,858
14,963,116
679,859
3,628,185
255,089 2,088,738
326,100
439,062
368,304 3,275,028
8,100,831 7,016,817 58,028,517
124,458
1,064,293
146,082
922,957
172,785
142,813
1,843,435 1,221,071 13,344,934
5,811,181
635,931
806,245
1st wk Oct
429,414 22,609,703
658,524
875,982
107,553
126,476
Augast
586,666
411,833
3,230,079 2,753,183
August
750,886
992,083
136.308
118,866
August
3,619,594 3,081,681 31,916,921 27,137,718
August
720,738
925,649
136,038
84,271
August
17781186 14734603 107594417 90,736,529
July
5,802,194
2,995,552
253,566
650,610
July
343,914
329,133
2,348,206 2,204,805
July
July
2,075,638 1,929,826 13,563,136 12.041,982
6,247,078 4.858.366
755,187
952,032
July
1.294.672
1,652,667
222,617
193,880
July
2,959,007 2,338,369
368,961
July
442,376
676,708 5,828.450 4.321.367
739,313
July
4,462.343
5,332,094
722,183
870,128
July
Southern Railway.. 1st wk Oct 4,264,136 3,505,214 124490523 103112473
Ala Great South. August
836,565 7,364,260 6,690,106
1,118,079
Cin N O & Tex Pac August
2,007,672 1,197,134 13,231.729 10,669,227
1st wk Oct
318,527 13,862,465 11,448,856
382,893
Mobile & Ohio
Georgia Sou & Fla Augast
New Orl & Nor E. August
NorthernAlabama August
South Ry in Miss. August
Spokane Internat. August
Spok Portl & Seattle Augast
Staten Island R T__ August
_
473,492
727,412
123,938
139,383
128,782
880,106
247,335
362,478
549,244
99,840
150,640
107,428
668,438
231,334
3.488.448
5,019,365
1995,446
1,173,404
1,000,444
5,723,577
1,536,136
145,316
6,088
5,062
1.886.449
224,422
254,822
340,562 2,907,845
411,186
293,538 2,532,239
397,257
Texas & Pacific
3,412,379 3,221,224 25,883,069
August
852,468 7,177,516
Toledo St L & West. August
1,105,856
151,066
919,875
Ulster & Delaware.. August
201,451
12448428 10776694 78,939,786
Union Pacific
August
4,031,598 3,606,336 28,269,462
Oregon Short Line August
2,998,037 2,792,983 21,533,528
Ore-Wash RR & N August
731,858 6,232,915
937,626
Union RR (Penn)
August
Utah
181,430
111,251
1,216,123
August
352,899
293,294
2,796,973
Vicks Shrev & Pac__ August
1,682,737 1.207,196 10.487.353
Virginian Railroad. August
5.006,889 4,214,715 30.170,998
Wabash Railroad.. July
284,075 14,458,832
499,396
Western Maryland- 1st wk Oct
1,687,012 1,477,042 9,803,087
Western Pacific
August
250,236
194,041
1,826,904
Western Ry of Ala.
August
1,718,986 1,191,042 10,440,017
Wheel & Lake Erie- August
261,210
211,341
1,747,094
Wichita Falls & N W August
162,961
111,015
1,095,034
Wichita Valley Ry. August
2.899,304 2,534,564 19,630,599
Yazoo & Miss Valley August
Tenn Ala & Georgia 4th wk Sept
Tennessee Central.. August
Term RRAssn ofStL August
St L Mer Bridge T August
__
_
2,830,425
4.235,301
732,996
1,101,867
685,441
4,730.457
1,522,748
93,779
1,666,088
2,441,886
1,850,627
22,550,769
4,968,713
735.010
69,293,410
23,815,263
17,989,768
5,185,513
725,758
2,111,740
7,348.173
26,945,567
10,223,032
7,932,228
1,690,788
8,280,918
1,340,399
634,710
15,538,631
AGGREGATE OF GROSS EARNINGS—'Weekly and Monthly.
Current
Previous
Year.
t Weekly Summaries.
Year.
Increase
Current
or
Decrease.
%
tMonthly Summaries.
Mileage.
Id
week
ith week
1st
week
week
tth week
}d
week
!d
;d
week
week
tth week
st
week
July
July
Aug
Aug
Aug
Sept
Sept
Sept
Sept
Oct
(16
(15
(14
(17
(10
(16
(16
(15
(13
(13
roads).
roads).
roads).
roads).
roads).
roads)
roads).
roads),
roads).
roads).
f We no longer include
13,230,796
24,822.135
15,536,839
15,142,176
18,469,887
15,958,176
17,369,292
25,901,613
19,550,180
17,548,585
11.302,650
21,285,462
13,276,893
12,859,576
15,434,886
13,441,122
14,253,136
20,470,587
15,925,478
13,253,628
+1.928, 146
+3,536, 674
+2,259, 946
+2,282, 600
+3,035, 001
+2,517, ,054
+3,116, 156
+5,431 ,026
+3,624, 702
+4,019, 303
Mexican roads in any of our totals.
Curr.Yr.
17.60
November __233,032
16.61
December
17.02
January
February
17.70
233,899
232,511
.231,304
213,434
19.60
18.72
March
April
221,725
21.86
May
213,206
20.96
June
213.525
10.25
30.02
July
August
220,459
199,957
Previous
Year.
Year.
Prev.Yr.
232.911 436,436,551 439,029,989
233,814 451,991,330 440.481,121
232,210 494,706,125 392,927,365
231,017 421.180,876 348,749,787
212,770 408,582,467 347,090,277
220,918 387,680,982 372,828,115
211.040 387,330.487 348.701,414
208,598 430,931,483 369,225,761
218,918 467'351.544 401,376,485
199,418 441,423,158 367,865,628
* Comparison with 1917 figures not 1919.
Increase
or
Decrease.
8
—2,593,438
+11,510,209
0.59
2.61
+ 101778760 25.90
+72.431.089 20.77
+61,492,190 17.72
+ 12,852,867
+38,629,073
+61.705,722
+65,925,059
+73,557,530
3.45
11.08
16.99
1643
19.98
Oct. 16
we sum
of October.
up
The table
Weeks.—In the table
13 roads and shows
covers
increase in the aggregate over
First Week of October.
the
same
Buffalo Rochester & Pittsburgh
Duluth South Shore & AtlanticGrand Trunk of Canada
Decrease.
$
$
$
200,239
382,565
517,499
2,140,414
3,965,000 1,391,000
22,132
100,423
$
582,804
2,657,913
5,356,000
Canadian National Rys
Canadian Pacific
Increase.
1919.
1920.
122,555
r.V
Detroit Grand Haven & Mil
Canada Atlantic
Mobile &
St
10,892
382,893
Railway
Western Maryland
Total
13
over
*284,075
September
------
,
1,574
Bklyn Rap Tran Sys-|
aBklyn City RR
'April
aBklyn Hts RR
J April
Coney Isld & Bklyn April
Coney Isld & Grave April
Nassau Electric
April
South Brooklyn
April
New York Consol.. April
Bklyn Qu Co & Sub April
Cape Breton Elec Co August
Cent Miss V El Prop. August
Cleve Painesv & East July
Columbus (Ga) El Co August
Com'w'th P, Ry & Lt August
Connecticut Power Co August
Consum Pow (Mich). August
Dayton Pow & Light. September
August
Duluth-Superior Trac August
D uquesne Lt Co subsid
light & power cos.. August
East St Louis & Sub.. August
d Detroit Edison
final statement cov¬
the aggregate
our
East Sh G & E Subsid July
Eastern Penn Ry Co. July
week last year.
same
Month.
Cumb Co (Me) P & L August
roads and shows 22.77% increase in
the
Current
Company.
Colorado Power Co.. August
^Columbia Gas & Elec August
1919.
Comparison with 1917 figures, not
For the fourth week of
ers
3,505/214
64",366
229,110
758,922
215,321
17,272,931 13,253,628 4,020,877
4.019.303
(13 roads)
(30.32%)
Net increase
*
429,414
4,264,136
499,396
Southwestern..
Southern
1,574
12,466
318,527
658,524
Ohio
Louis
or
Chattanooga Ry & Lt August
Cities Service Co
August
Citizens Traction Co. July
622,288
2,115,530
2,737,818
Grand Trunk Western
Name of Road
30.32%
week last year.
Eastern Texas Elec.. August
Increase.
1919.
1920.
Fourth Week of September.
Decrease.
Edison El of Brockton August
/Elec Light & Pow Co August
e
Roads previously
17,548,585 14,463,879 3,084,706
160,152
734,513
894,665
33,494
152,605
186,099
1,853
16,813
18,666
2,597
9,438
12,035
342,925
542,142
885,067
reported
Colorado & Southern
Duluth South Shore & Atlantic.
Mineral
Range
...
Nevada-California-Oregon
St Louis Southwestern
Tennessee Alabama &
Total
Galv-Hous Elec Co.. August
1,025
1,025
19,550,180 15,925,478 3,625,727
(13 roads)
(22.77%)..
Net increase
3,624,702
_
Net Earnings Monthly to Latest Dates.—The table
following shows the gross and net earnings with charges and
surplus of STEAM railroad and industrial companies re¬
ported this week:
Net Earnings
Current
Previous
Year.
Year.
Gross Earnings
Current
* Previous
Year.
Year.
Roads.
712,646
375,874 def207,895 defl25,888
224,664
2,319,103
107,733
6,283
113,026
—36,781
638,328 def208,012 def209,275
643,450
4,358,279
3,680,136dfl,133,770 def539,392
Belt Ry of Chicago.b...Aug
415,063
Jan 1 to Aug 31
2,658,060
116,979
Bklyn East Dist Term b Aug
Jan 1 to Aug 31
Central Vermont.b
Jan 1 to Aug 31
Aug
517.568 def357,224
def61,380
279,565
1,346,755
Chicago Ind & Louisv.b.Aug 1,528,561
Jan 1 to Aug 31
9,888,557
1,170,604 def576,374
7,827,006
def24,714
Chicago Peoria & St L.b.Aug
285,912
Jan 1 to Aug 31
1,697,065
def53,866
134,441 defl30,603
1,039,612 def246,006 def527,741
126,451
Aug 12,634,768 10,088,973
3,062,707
Jan 1 to Aug 31
86,653,600 69,019,104
1,191,675 def375,269
Colorado & Southern_b_Aug 1,366,731
Jan 1 to Aug 31
8,476,765
876,607
9,357,557
Chic R I & Pacific.b-
Trinity & Brazos Val b Aug
Jan 1 to Aug 31
1,174,147
Det Toledo & Ironton.b.Aug
399,142
Jan 1 to Aug 31
3,068,361
Ft Worth & Denv C.b..Aug
Jan 1 to Aug 31
Copper
Range.b
1
Jan
to
1,180,374
7,994,391
Ironton...Aug
399,142
1 to Aug 31...... 3,068,361
Jan
Duluth So Shore & Atl b Aug
1
Jan
to
Aug 31
585,514
3,584,914
Georgia & Florida Ry.b.Aug
Jan 1 to Aug 31
17,078
def52,794
85,594
657.659
588,854
Det Toledo &
239,381
1,541,897
10,021
348,831 def421,581
2,378,809 def562,087 def364,760
375,986
1,012,623 defl72,402
2,145,796
6,980,027
664,460
97,453
Aug
Aug 31
2,382,146
9,377,139
def49,599
123,632 def228,616
809,655 def530,115 def407,604
174,112
defl2,668
defl0,484
10,021
2,378,809 def564,037 def364,760
348,831
def421,581
427,993
def73,614
3,057,726
110,716
68,467
221,722
def26,690
81,543 defl38,025
639,074 def624,881 def212,330
132,574
930,599
Illinois Central Co.b
Jan 1 to Aug 31
9,675,739 df4,110,732
Augl2,488,633
2,651,518
89,914,786 69,055,673
1,420,725
7,038,890
Mineral Range.b
Jan i to Aug
Aug
62,167
434,044
58,893
def47,229
517,654 defl26,713
def51,489
Minn St P & S S M_b___Aug 4,495,689
Jan 1 to Aug 31
28,995,131
3,638,153 df1,000,365
26,493,728
2,135,407
1,027,841
4,762,410
Mo Kan & Tex of Tex.b.Aug 2,391,624
Jan 1 to AUg 31
17,894,757
2,290,968 def592,424
15,688,183df2,472,817
159,260
735,771
2,616,921 def333,567
Aug 3,003,592
285,042
16,671,483 16,771,375
831,223
3,592,296
31
Long Island RR.b
Jan 1 to Aug 31
204,474
1,177,732
577,142
138,099
501,164
2,616,921 def333,567
16,771.575
285,042
831,223
3,592,296
7,016,817df 1,127,411
Fran.b
Aug 8,100,831
to Aug 31..
5,864,780
58,028,517 49,248,660
2,266,266
10,928,648
142,813
922,957
172,785
def61,115
830,135 defl59,580
57,809
32,344
146.082
1,064,293
124,458 defl28,183
792,544 defl86,954
20,087
def66,058
335,139
1,394,713
Pennsylvania System—
Long Island Ry Co.b.Aug 3,003,592
Jan 1 to Aug 31
..16,671,483
1
St L-San Fr of
Jan
1
to
Tex.b.July
July 31
Ft Worth & R G.b
Jan
1
to
July 31
St Louis Southwest.b
Jan 1 to Aug 31
San Ant Uvalde &
Jan
1
to
July
...
Aug
136,308
992,083
Aug 31
Wichita Falls & N W.b.Aug
Jan
1
to
Aug 31......
Wichita VaOey.b
Jan 1 to Aug
ELECTRIC
^ Q79
635,931 def217,362
4,151,858dfl,615,185 def764J65
806,245
5,811,181
G.b..Aug
Aug
31
118,866
12,447
750,886 defll7,657
10,543
def39,091
261,210
1,747,094
211,342
1,340,399
def9,198
def53,997
15,625
def37,289
162,961
1,095,034
111,015
defl4,689
148,333
50,147
125,316
RAILWAY
AND
634,710
PUBLIC
Latest Gross Earnings.
UTILITY
Jan.
1
COS.
to Latest Date.
Previous
Current
Company.
Month.
Year.
,
$
Adirondack El Pow Co June
Alabama Power Co..
Atlantic Shore Ry
Bangor Ry & Electric
Barcelona Trac L & P
Baton Rouge Elec Co
Beaver
Valley Trac Co
BinghamtonLt, Ht&P
Blacks tone V G & El.
/Brazilian Trac, L & P
August
July
August
July
August
August
August
August
August
Georgia Lt, P & Rys. June
Great Nor Pow Co
June
e Great West Pow Sys August
Harrisburg Railways. June
Havana El Ry, L & P May
Haverhill Gas Lt Co. August
Honolulu R T & Land August
Houghton Co El Co.. August
Houghton Co Trac Co August
Hudson & Manhattan April
Hunting'n Dev & Gas July
d Illinois Traction... August
/ Interboro Rap Tran. April
Kansas Gas & Elec Co July
Keokuk Electric Co.. August
Keystone Teleph Co.
Key West Electric Co
Lake Shore Elec Ry..
Long Island Electric.
Louisville Railway...
Lowell Electric Corp.
Manhattan & Queens
Manhat Bdge 3c Line
September
August
June
April
June
August
April
April
Metropol'n Edison Co August
cMilw El Ry & Lt Co. July
Miss River Power Co. August
Nashville Ry & Light June
Nebraska Power Co.. July
Nevada-Calif El Corp August
177,464
349,417
29,161
110,199
2542202
Current
Previous
Year.
Year.
Year.
$
$
123,891
236,830
21,891
95,843
2012289
36.622
30,545
61,008
64,796
1.051,433
2,643,078
119,582
787,965
12923,755
302,901
469,830
•8
807,945
1,830,107
93.030
684,246
9,761,023
234,333
396,506
39,381
50,603
218.965
272,547
2,118,315 1,742",018
11837000 9734.000 84,622,000 73.767,000
Previous
Current
Year.
Year.
Year.
1023,278 804,071 9,503,915 7,709,114
819,386
126,039
1,041,929
107,315
2627,694 2142,021 20,178,684 16,494,953
802,739
106,042
119,512
949,609
1168,063
905,759 9,102,419 7,204,574
1,775,812
273,357 2,029,573
303,376
2,043,278
219,728
2,649,524
301,355
1689,829 1228,073 13,672,949 10,295.895
1,275.293
159,968
172,060 1,290,807
1125,915
376,321
30,311
151,891
145,136
99,497
37,482
155,410
123,916
90,065
73,780
347,735
242,370
339,861
985,177
828,144
179.549
596,096
146,244
946,301
35,777
67,217
46.619
28,221
309,406
117,289
1683,290
4599,225
233,289
30,344
149,184
22,091
289,351
25,261
347,818
106,076
22,283
23,266
227,115
1550,611
241,995
307,142
221,549
281,620
536,484
41,105
267,132
513,604
N Y & North Shore.
April
April
_
N Y & Queens County April
6 N Y Railways
April
Eighth Avenue-. April
April
b
b Ninth Avenue...
Nor Caro Pub Ser Co August
Northern Ohio Elec.. August
North Texas Electric. August
NorthwOhioRy&PCo
Ocean Electric (L I)..
Pacific Power & Light
Paducah El Co & Sub
Penn Cent Lt&P&Sub
Pennsylv Utilities Syst
Philadelphia Co and
Subsid Nat Gas Cos
Philadelphia Oil Co..
Phila & Western.
Phila Rap
August
April
July
July
July
August
August
August
July
Transit Co August
Portland Gas & Coke July
Port (Ore)
Ry.L&PCo August
Puget Sd Pow & LtCo August
ReadingTrans&LtSys August
Republic Ry & Lt Co. August
Richmond Lt & RR.. April
Rutland Lt & Power. August
Schenectady Ry Co.. July
April
Second Avenue
Southern Cal Edison. August
Southwestern Pow &L July
Tampa Electric Co.. August
Power
August
Tennessee
hTenrx Ry, Lt & P Co
Texas Power & Lt Co
August
July
Third Avenue System. July
Twin City Rap Tran. 4prU
United Rys of Bait.. July
Utah Power & Light. August
Utah Securities Corp. August
Virginia Ry & Power. August
Wash Bait &Annap__ June
Western Gas & Elec.
August
West Pow Co of Can. July
Youngstown & Ohio. July
$
$
Newp N&H Ry,G&E August
New York Dock Co.. August
N Y & Long Island..
,
Date.
Previous
Year.
3.273,762
872.377
27,032 12,937,921
6,876 (790,725
573,293
726,510
157,395
197,301
14,376
18,939
4,681
5,994
1,977,063 1,660,084
526,958 452,196
231,651
274,991
57,890
62,637
6,861,787 5,093.264
1776,021 1364,757
454,899
574,482
126,732
156,328
377,089
397,490
50,927
56,886
268,602
317,768
40,765
34,380
640,252
85,275
863,887
107,817
2014,224 1300,709 16,875,443 13,647,249
91,374
69,290
380",548
449",039
73,896
86,785
1,177,149
1,071,206
91,614
81,652
New England Power. July
New Jersey Pow & Lt August
.
Name of Road
or
General Gas & El Co. August
Sandusky Gas & Elec August
St Louis-San
Jan
def328
260,201
Oahu Ry & Land Co.b._Aug
Jan 1 to Aug 31
El Paso Electric Co. August
Equitable Coke Co.. June
Erie Ltg Co & Subsid. July
Fall River Gas Works August
Federal Light & Trac. June
Fort Worth Pow & Lt July
6,088
5,063
Georgia..
Jan. 1 to Latest
Latest Gross Earnings.
which
separately the earnings for the first week
Latest Gross Earnings by
follows
1561
CHRONICLE
THE
1920.]
43,018
5,767
97,131
718,833)
85,345 \
34,581
87,967
9,534,863 7,797,914
I,998.129
2,683,991
22,438
1,436~848
129,238 1,813",470
889,547
119,769
1,042,918
695,708
868,928
86,380
181,379
232,226
26,112
126,736 1,223,204 1,000,790
460,677
457,893
107,025
58,659
474",478
68,499
560",850
1,912,108
297,350 2,258,288
712,085
104,719
1,254,242
290,432 2,437,959 2,045,334
787,174
1,3"2"9".4H1
1.589,326
691,751
661,195
951,118
131,650
480,215
3,969,322 3,410,246
775.573
861.948
128,634
740,30-1 4,587,376 3,576.815
290,861
237,312
32,172
496,950
547,574
64,178
282,650
335,733
32,042
217,522
198,746
25,508
2,021,637
516,722
1,983,233
977,482
74,664
1,399,811
1416,193 13,288,629 II,012,105
3996,886 18,388,849 12,877,239
1,510,300
181,116
1,904,527
202,692
230,999
26,041
1,208,333
1,298,604
147,311
151,571
19,576
171,758
1,190,196
1,583,424
226,427
63.812
82,819
17,786
2 014,593
346,565 2,039,798
634,503
811,612
76.587
80.601
21.737
75,926
50.447
13,530
85,708
179,401
1161,610 10,453",075 8,232,911
1,758,013
1,500,508
194,965
256,521
1,847,681
1,577.844
174,154
259,357 2",086",360
1,760"333
328,820 3,296,546 2,145,758
27,336
1,824",584 1,845" 512
261,128
3,738,035 3,443,121
411,161
165,410
137,174
47.557
21,120
45.752
12,442
330,687
319.990
86,194
2,511,851 )
268,937
1090,708
837+019
195 599
,
88.905
214,682
67,171
831,277
297,941
41,488
9.578
185,911
39,292
176,636
184,119
[4,052,405
'
1,025,099
7,497,431
2,582,163
837.858
129,029
145,635
935,193
336,19?
55,665
12,798
41,602
5,947.464
2,134,585
31,162
902,134 642,889 10,043,874 8,441,565
128,475
97,804
784,575
1,177,619
78,069
511,981
476,825
69,130
2999,199 2916,816 24,760,738 22,964,499
200,473
1,434,011
166,994
1,214,525
701.595
807,751
6,120,882
5,669,615
764,235
697.932
6,439,594
266,611
246,050
700,018 522,812
5.357",221 4,026,313
51.821
42,662
183,803
158,918
54,287
46,857
62,364
39,491
163,785 146,840
1,048,680
919,536
51,821
42,662
183,803
158,918
1528,108 972,974
9,147,564 6,856.625
749,706 484,952
113,022
99,295
957,546
813,151
203,466
159,461
1,600,521
1,542,302
503,835 425,901
4,221,941 3,635,414
362,763 260,787
2,405,926
1,883,388
1160,623 1020,799
6,857,289
6,373,333
1017814
882.221
4.135,038 3.500,724
10046665 8241,055
531,642
695,212
922,490
460,739
604,779
766,910
156.083
185,818
44,501
54,272
203,115
154,315
40,603
932,270
2,288,712
1,175.052
44,272
335,561
263", 945
1,925,247
Brooklyn City RR. is no longer part of the Brooklyn Rapid Transit
System, the receiver of the Brooklyn Heights RR. Co. having, with the
approval of the Court, declined to continue payment of the rental; therefore,
since Oct. 18 1919, the Brooklyn City RR. has been operated by its owners'
b The Eighth Avenue and Ninth Avenue RR companies
were formerly
leased to the New York Railways Co., but these leases were terminated on
July 11 1919, respectively, since which dates these roads have been operated
separately,
c Includes Milwaukee Light, Heat & Traction Co.
d Includes
all sources,
e Includes constituent or subsidiary companies.
/Earnings
given in njilreis.
g Subsidiary compai las only,
h Includes Tennessee
Railway, Light & Power Co., the Nashville Railway & Light Co
the
Tennessee Power Co. and the Chattanooga Railway & Light Co.
i Includes
both subway and elevated lines.
; Of Abington & Rockland (Mass.).
a
The
,
Electric Railway and Other Public Utility Net Earn¬
ings—The following table gives the returns of ELECTRIC
railway and other public utility gross and net earnings with
charges and surplus reported this week:
1562
THE
Gross Earnings—
Current
Previous
Year.
Year.
Companies.
Net
CHRONICLE
Earnings
Current
Year.
Power & Light
Aug 1,735,273
1,264,497
Septl '19to Aug31 *20-119,506,687 15.280,415
ayton Pow & Light...Sept
301,355
219,728
r
Souther Pow A Light
Aug
Sept 1 *19 to Aug 31 '20-
794,647
8.322.655
500.610
6,119.293
Year.
78,501
Net after
Taxes.
12
12
110,199
95,843
1,198,396
1.005,562
107,817
85,275
1,258,018
'19
*20
*19
Aug *20
mos
Chattanooga Ry &
Light
*19
mos
Cumber'd County
Power & Light
*20
'19
Keystone Teleph
Aug '20
9
Nashville Ry & Lt
12
Northern Ohio
Electric Corp
mos
*19
'20
'19
Aug '20
mos
'19
'20
*19
Aug '20
'19
12
*20
'19
Portland Light &
Aug *20
Power
'19
12 mos '20
'19
Tennessee Pow Co
Aug '20
'19
12 mos '20
'19
Tennessee Light &
Aug '20
Power Co
*19
12 mos '20
mos
303,376
273,357
3,022,361
2,886,172
376.321
1,039,681
846,122
90,260
6,192
195,599
3,899,013
3,187,885
117,708
83,468
1,434,050
989,579
149,184
147,311
1,298,604
1,208,333
278.192
252,880
3,559,486
3,148.253
935.193
831,277
10,847,868
8,489,086
807,751
701,595
9,042,269
8,348,657
203,466
886,559
666,977
53,279
35,325
645,154
442,709
49,925
52,348
438,152
397,340
21,712
52.487
Ohio
Balance,
Ry. $16,058, which was charged to improvements on leased
railway
property.
•
Federal Compensation.-—The
compensation stated in the contract and
accrued as income for the possession, use and control of the
property of this
company and its leased line remained at $1,548,542 for the
year 1919.
Surplus.
%
46,952
42,092
454,308
357,816
32,454
26,698
432,620
352.095
122,171
104,918
1.010.314
Aug '20
'19
12 mos '20
'19
East St Louis &
Aug *20
Suburban
'19
12 mos '20
'19
Huntington Devel
Aug '20
& Gas
'19
12 mos *20
'19
2,144.136
Charges.
Aug '20
Trusts.—The funded debt was decreased by the payment of in¬
Trust of 1917 $220,000.
Additions.—The property investment account was increased
$513,348,
as follows:
Additions and betterments, road,
$349,538, and equipment,
$163,810.
There was also expended for improvements on the Northern
Equip.
stallments of the Equipment
69,407
165,881
Fixed,
Earnings.
.
22,303
24,649
21,197
20,895
261,209
193,099
245,620
112,196
20,967
11,487
21,156
5,540
252,753
179,862
2.54,065
98,037
66,498
55,673
55,742
49,176
667,208
372,473
109.687
736,435
54,696
35,564
.56,454 def.50,262
654,099
232,460
669,865
def.2,888
16,090
37,189
def18,500
16,825
447,911
197,243
194,761
247,948
36.654
13,271
22,133
30,215
323,718
114,434
264,000
133,340
40,224
def.18,512
39,500
12,987
266,124
478,270
474,094
356,518
744,394
830,612
230,541
280,683
3,390,856
2,817,764
236,018
232,325
2,801,251
2,759,802
65,452
192,446
177,429
2,197,052
1,959,752
187,508
191,241
2,257,798
2,266,151
53,540
2,325,107
923",355
642,791
280,564
503,835
425,901
6,174,274
5,589,135
122,846
149,885
2,139,549
2,116,979
130,579
129,303
1,552,378
1,530,104
*7,733
20.582
587,171
586,875
There was, however, accrued additional
compensation in amount $48,503
and betterments (this being mainly on cost
equipment).
There had been accrued in 1918
interest amounting to $11,745 on Government
allocated equipment placed
in service during Federal control.
account completed additions
of Government allocated
Interest, &c.—The increase of $38,603 in unfunded securities and accounts
is mainly due to an accrual of interest on
unpaid compensation due by the
Director-General.
The increase in interest on funded debt of
$51,294 is
mainly due to transferring notes in favor of the New York Central RR. Co.
from the unfunded to the funded debt class.
The increase of $18,227 in
interest on unfunded debt Is accounted for
by interest accrued on deferred
payments for equipment and other amounts due the Government, less the
interest ion notes in favor of the New York
to funded debt.
543,453
493,615
11,912
FINANCIAL REPORTS.
The report of President Fairfax Harrison, together with
quent pages of this issue.
TRAFFIC STATISTICS.
Average miles operated
x
1917.
6,984
6,983
1,770
1,187
49,680
2,000
1,770
1,194
50,112
6,983
1,750
Passenger equipment
1,201
Freight equipment-.
49,588
Road service equipment
1,986
1,880
Marine equipment
22
23
23
Operations—
Passengers carried_
21,639,898
21,151,759
19,886,602
Passengers carried 1 mile
1,361,153,876 1,595,566,755 1,113,473,875
Aver. rev. per pass, per mile—.
2.707 cts.
2.543 cts.
2.183 cts.
—
Number tons car. (rev.
freight).
36,520,244
Tons carried 1 m. (rev. freight).6,303,441,042
Average
Average
rev. per
revenue
ton per mile—
tr. load (tons).
Revenue per pass. tr. mile
Revenue per freight train mile.
x
40,074,691
37,063,095
7,234,628,988 6,516,208,527
1.298 cts.
446.10
$2.37161
1.053 cts.
0.897 cts.
399.08
$2.62272
388.37
$1.73196
$5.78992
$4.20244
$3.48362
Includes narrow-gauge equipment.
CORPORATE INCOME STATEMENT FOR FISCAL YEARS
(SEE TE XT).
1919.
1918.
1917.
1916.
Certified standard return$18,653,893
Oper. income (revised)
—
346,556
1,878,882
Miscellaneous income...
4,689
Total gross
Deduct—
its standard contract with him.
Transfer of Lease of Northern Ohio Ry.—The Northern Ohio Ry., extending
company guaranteed the principal
and interest of the outstanding First
Mtge. bonds of the Northern Ohio Co.
amounting to $2,500,000, and paid as rental the earnings of the road less
operating expenses, taxes, first charges and additions and betterments.
A
large deficit accumulated in the operation of the property.
This company
held all the Common stock of the Northern Ohio Co.
Under an agreement dated Dec. 11
1919, the lessee company, effective
at the end of Federal control,
assigned the lease and transferred the stock to
the
Akron
on
Int.
on
Int. on
Divs.
6,980
668,985
10,901,409
598,456
equip, oblig'ns
M. & O. stock
226,008
Preferred dividends (5%)
3,000,000
Additions & betterments
4,308
381,351
426,344
94,249
Corporate expenses
War taxes
Miscellaneous
Total deductions
$31,007
2,338,822
5,592
42,296
10,947,490
681,644
*
$2,025,350
339,285
2,456
10,378,870
663,875
226,008
3,000,000
8,707
187,519
574,007
89,328
226,008
3,000,000
120,210
226,008
1919.
Freight
Passenger
Mail, express. &c_.
Joint facility
Expenses—
Youngstown
1918.
199,531
...
Total oper. expenses.$l 13,744,813
earnings
$16,042,999
4,042,115
74,285
Taxes
Uncollectibles
Operating income
Equipment rents (net)..
Joint facilities rent (net)
Operating income
1917.
p.
interest thereon for one year after the effective date
The net indebtedness of the Northern Ohio Co. to this
STATISTICS FOR CALENDAR
$9,719,141
11,357,614
1,984,382
23,804.088
2,125,341
468,242
Cr.433,841
$91,810,425 $60,113,598 $49,024,967
34,763,872
30,602,971
26,529,685
3,742,144
3,530,950
3,096,724
45,103
29,149
33,567
$10,611,611 $29,291,870 $26,085,574'$22,266,478
YEARS.
FEDERAL INCOME ACCOUNT FOR 1919 AND 1918 COMPARED WITH
COMPANY'S REPORT FOR 1917 AND 1916.
Earnings—
1919.
Freight
$8,518,04.
Passenger
805,534
Mail, express & miscell—
317,364
Other than transportation
143,879
1918.
1917.
1916.
$8,252,429
626,336
307,580
157,560
$7,061,114
$6,294,928
665,349
287,595
108,838
735,663
296,097
77,496
$9,784,826
$9,343,90)
$8,122,895
$7,404,184
Maint. way & structured $1,735,725
Maint. of equipment
2,729,739
$1,275,217
2,436,194
$748,524
1,219,761
4,331,306
250,320
$810,564
1,404,732
179.983
3,285,176
191,077
2,403,736
152,223
\ 9,242,394
(94.46)
$542,432
443,076
$8,440,012
(90.33)
$903,893
341,553
$5,871,532
(72.28)
$2,251,363
397,587
$4,689,268
(63.33)
$2,714,916
303,956
Operating income
$99,356
$562,340
$1,853,777
CORPORATE
ACCOUNT
FOR
1919.
1918.
Total oper. revenue..
Expenses—
Traffic
146,261
Transportation expenses. 4,346,856
General expenses
»
283,813
expenses
Total expenses
Per cent exp. to earning
Non-operating
revenue..
Taxes accrued,
&c
INCOME
146,976
Operating income
Compeasation accrued._.$1,548,542
Rents, interest, &c__._._
141,377
Other
on
bonds
Miscellaneous
Revs. & exps.
165,024
$2,410,960
YEARS.
1917.
1916.
$1,853,777
$2,410,960
136,681
126,438
$1,990,458
$125,000
492,142
591,325
48,398
$2,537,398
$125,000
278,313
543,750
70,368
$1,256,865
$733,593
$1,017,431
$1,519,967
$1,609,423
$125,000
639,594
111,660
43,330
58,382
interest
CALENDAR
$1,548,542
60,881
Gross corp. income
$1,689,919
Rent leased roads
$125,000
Hire of equipment, &c___
...
588,300
93,433
51,352
15,424
spplicable
204,574
239,625
$1,182,540
$507,378
Total deductions
$1,113,134
$496,289
Balance, surplus
BALANCE
1919.
$11,926,598 $30,976,625 $27,042,872 $23,399,393
$624,032
$791,691
$176,721
$355,945
690,956
893,064
780,577
776,970
584.
company
under the lease
Operations—
1919.
1918.
1917.
1916.
Miles operated Dec. 31
903
900
903
900
Passengers carried
j 857,914
729,205
1,117,708
1,320,579
Passengers carried 1 mile 28,969,495
26,545,754
40,118,466
34,477,290
Rate per pass, per mile..
2.78 cts.
2.36c ts.
1.93 cts.
1.83 cts.
Earns, per pass, train m
$1.05
$0.98
$0.78
$0 77
Rev.freight (tons)carried
6,066,080
6,937,486
7,223,028
6,682,412
Rev. fr't (tons) 1 mile— 864,137,497
1002829,739 1082154,796 922,608,056
Rate per ton per mile
.986 cts.
.823 cts.
.653 cts.
.682 cts.
Earns, per fr't train mile
$5.13
$4.04
$3.09
$2.92
Earns, per mile of road..
$10,836
$10,348
$9,025
$8,227
Av. train-load (rev.) tons
520.29
491.34
474.15
428.06
WITH
1916.
$9,244,833
14,656,481
1,996,342
31,797,038
2,195,295
626,048
Cr.402,439
The comparative balance sheet is given on a
page.—V. Ill,
Akron
165,655
revenues.$129,787,812$126,574,297 $90,716,569 $75,554,652
$24,169,452 $13,568,311
Maint. of equipment... 27,467,881
24,570,010
Traffic exponses.
1,554,890
1,493,152
Transportation..
56,335,717
48,772,492
General expenses.
3,285,091
2,659,714
Miscellaneous operations
1,195,528
832,865
Transport'n for invest't.'
263,747
Cr.86,419
The
Co.
is assigned to the Akron company.
Accordingly, all interest of
this company in the Northern Ohio Ry.
passed to the Akron Canton &
Youngstown Railway Co. on March 1 1920, on which date Federal control
terminated.
(V. 110, p. 560.)
prior period
612,911
182,097
$81,811,428 $76,183,282 $58,450,039 $50,976,995
36,839,805
40,568,659
24,303,183
17,637,413
10,022,593
8,994,096
7,470,878
6,571,345
1,113,974
828,260
492,469
368,899
Maint. of way, &c
Railway
company
War taxes accrued
INCOME STATEMENT FOR 1918 AS COMPARED
CORPORATE ACCOUNT FOR PREVIOUS YEARS.
Revenues—
Net
'
$52,593
2,135,500
458,756
70,482
10,680,242
686,471
$18,746,759 $18,132,420 $18,225,270 $14,001,029
$2,137,260
$2,700,205 $10,917,205 $11,324,665
Balance, surplus
Total oper.
&
company agrees to pay
of the agreement.
Interest
certificates
FEDERAL
$26,085,574 $22,266,478
195,819
233,463
2,753,600
2,778,830
1,557
107,482
46,924
344,673
1,832,503
'
$38,414
2,400,255
unfunded debt..
funded debt
on
trust
Canton
all of the obligations and liability of this
company
and the guaranty of the principal and interrst of the
bonds, except that this
income...$20,884,020 $20,832,627 $29,142,476 $25325,695
Other road rentals
Rent of track, yards, &c.
Separately oper. prop's.
Int.
$18,653,893
........
Rents
Divs. & int. received...
o
un¬
—
1918.
Equipment—
Locomotives
still
,
1919.)
the income account, profit and loss account and
comparative
balance sheets for two years past, will be found on subse¬
1919.
are
from Akron to Delphos, Ohio, 161.74 miles, was under lease to this
company
from April 1 1895.
Under the lease this
OPERATING
Dec. 31
and 3
Arrangements have been made by which the Director-General
is to take at par the 6% Equipment Trust notes of the
company, maturing
in equal annual installments over a
period of 15 years, in payment for
approximately T5% of the cost of this equipment, and by which the re¬
mainder is to be paid to him by
deducting the amount from the equipment
depreciation and retirement credits arising in the company's favor under
Southern Railway Company.
(26th Annual Report—Year ended
Director-General
delivered.
assumes
'19
miscellaneous
2% tax for 1917 and 1918, assumed by the
company on the so-called tax-free bonds, paid in 1919.
Equipment.—Of the 18 locomotives allotted by the
Railroads to this company 15 were delivered in 1918
38,095
41,084
Central RR. Co. transferred
Assumption of Tax on Bonds.—The increase of
$18,935 in
income charges is due to the
103,253
1,193,803
858,012
48,510
1919.)
Smith,New York, writes in substance:
President Alfred II.
450,982
5.629,624
205.274
3.160,916
%
(33d Annual Report—Year ended Dec. 31
$
478,398
7,069,639
Gross
Bangor Ry & Electrie Co
trie
Lake Erie & Western Railroad.
Previous
%
A
[Vol. 111.
subsequent
SHEET DECEMBER
1918.
A. sscts§
40,451.129 39,937,781
Inv. In affil. cos..
284,312
289,312
Other investments
35,231
29,231
Cash..
331,373
3,431
20,250
Mat'l & supplies..
Agts. & conductors
&oth. accts.
def.
U. S. Govt. acct__
Total
Accounts & wagesMisc. accts. pay..
b
14,089
252,863
411
6,570
292,125
333,850
31,730
59,480
1,120,839
24,374
27,660
U. S. Govt, acct—
78,299
UnadJ., &c., accts.
Deprec'n (equip.).
Non-neg.debt.b.. 1,114.731
3,787,922
1,113,840
2,735,909
988,310
422,394
427,911
Add. to prop, thro
1,458,083
1,881,416
1.478,542
1,589,278
inc. and surp
Profit and loss
45,681,835 44,512,470
After
$
interest.
Matured
20,306
from
U. S. Govt
1918.
stock..-11,840,000 11,840,000
Preferred stock
11,840,000 11,840,000
Funded debt .-...11,645.000 11,865,000
Acer.int.,taxes,&c.
45,046
Compen. due
a
1.014,862
debit
items
(net),
39,700
1,110,968
$
Common
43,717
rec.
Miscellaneous
Other
1919.
Liabilities—
§
Road & equip
Special deposits
31.
Total
413,796
412,540
3,165,796 a2,629,199
45,681,835 44,512,470
deducting unaccrued depreciation, &c., aggregating $58,627
Non-negotiable debt to affiliated companies.—V. 110, p. 1290.
Maine
Central
Railroad.
(59th Annual Report—Year Ended Dec. 31
President Morris McDonald,
wrote in substance:
1919.)
Portland, Me., March 10,
Oct.
16
1920.]
1563
CHRONICLE
THE
1
Statistics, Ac.—Many accounts with the TJ. S. Government resulting from
Federal control, still remain unsettled and to that extent the items pertain¬
ing to accounts with the Government, as shown by this report, are subject
toffurther adjustment.
Stockholders.—On Dec. 31 1919, the company had 2,182 Common stock¬
on Dec. 31 1918, 2,145.
• Leaving out
the 28,815 shares held in
the treasury, the average held by the remaining stockholders was 55 shares
on Dec. 31 1919.
Funded Debt.—The company issued in Feb. 1919, $3,000,000 of its First
holders,
& Refunding Mortgage 5% Gold bonds, Series C, due Dec.
1 1935, to pro¬
vide for payment to the builders for new freight cars and new locomotives
ordered prior to Federal control, but received by the company late in 1918
and early in 1919, and also to pay the $1,000,000 note held by the Old
Colony Trust Co.
(See sale of these bonds, V. 108, p. 480.)
New E uipment.—The U. S. RR. Administration allocated to this com¬
during 1919 new equipment as follows: 300 single sheathed 50-ton
box cars, 6 light Mikado Superheater locomotives, 2 six-wheel superheater
switching locomotives.
Twelv ecars were built at our shops and charged to
the company's accoun
<
fwimpro ements to Leased Roads.—A net amount of $157,024 was expended in
1919 on additions and betterments to leased roads, and since it will not be
recovered from the lessor roads, has been charged against current income
pany
.
rent for leased roads.
as
of the Penobscot
These bonds
and Rockland.
$400,000 5% bonds of the Knox & Lincoln Railway will become due
1 1921; they are a 2d Mtge. on line between Bath and Rockland.
f*Maturing
$1,300,000
Obligations.—The
Shore Line RR. Co. bearing interest, will
are
The
bonds
4%
fall due Aug. 1 1920.
covered by a First Mortgage on the line between Bath
Feb.
Pursuant to
the terms of the First and Refunding Mortgage of 1915,
requested to authorize the issue of bonds for the
of sale, or for use as collateral security for notes to be issued to
provide funds for the payment of said $1,700,000 bonds at maturity.
Your directors consider ft wise at this time to secure authority for issuance
of a further $2,300,000 First & Refunding Mortgage bonds, to provide
funds for Corporate purposes and the stockholders will be requested to
grant this authority at the April meeting.
[In Oct. 1920 application for
authority to,issue said $4,000,000 bonds was pending before the I.-S. C.
Commission.
Permission to issue $653,000 obligations an account of new
rolling stock, Ac., had already been obtained.—V. Ill, p. 1370.J
Termination of Government Control.—The property, including the Portland
Terminal Co., was released to the corporation for operation on Mar. 1 1920.
the stockholders will be
purpose
The
Mathieson
1919.
1918.
1917.
1,216.16
Average miles operated
1,216.60
1,216.99
8,069,033
8,513,660
8,523,653
896,650,418 879,692,804 847,959,673
1.257 cts.
1,215 cts.
1.059 cts.
Revenue tons carried
do
do
carried 1 mile
Revenue per ton per mile...
Passengers carried
ings for the last half of this
Sales
2.834 cts.
$13,493
$11,607
FEDERAL A CORPORATE INCOME STATEMENT FOR
1919 AND 1918 (COMPANY ALONE IN 1917).
COMBINED
COMPARATIVE
$8,980,710
3,860,333
1,284,534
$11,268,063 $10,687,978
4,346,658
4,906,039
1,380,542
1,351,076
.
i
Mail, express, See
1917.
1918.
1919.
Passenger
L
PROFIT
AND
ENDING
a
LOSS
JUNE 30
operating revenue
Maintenance of way, &c
Maintenance of equipment
..$17,525,178 $16,415,178 $14,125,577
$3,086,323
$2,741,845
$1,632,812
4,143,196
3,618,918
2,073,107
146,411
136,515
151,575
9,668,353
9,087,910
6,416,923
567,521
474,810
401,458
..
.
Traffic expenses
Transportation
General, &c
....
_
ACCOUNT
1920 AND
sales
S. Alkali Export
FOR
1919.
income
exc.
$493,584
$208,190
$69,231
49,300
215,383
176,571dec210,243
$701,774
prof, taxes $48,209
i.
37,500
214,533
JUNE
30.
1919.
1920.
1919.
1920.
$418,433
._$401,532def$16,901
SHEET AS AT
BALANCE
Increase
$414,522
$227,705
79,062 dec 19,515
Provision for sinking fund
Dividends on Preferred stock (7%)
Dividends on Common stock
Transferred to Balance Sheet
YEARS
THE
.
1918-19.
1919-20.
$
Liabilities—
$
i,885,700
Plants, equip.,etc. 8,677.489
8,471,731
Common
Less deprec. reeves 1,565,114
1,113,661
stock
5.885,700
i.169,600
Preferred stock—
3,169,600
Notes payable
$7,112,375 $7,358,070
2,000,000
2,000,000
Good-will A pat'ts.
sinking fund
450.000
755,000
Accounts
242.041
280,898
payable-
Labor, taxes, Ac.,
97,614
68,926
dividend
53,420
53,845
liabilities
73,190
46,928
26,435
Preferred stock.
179,500
142,000
Profit A loss, surp.
L .659,898
1,270,512
.11,857,893
11,674,917
accrued..
Pref. stock held for
92,700
117.000
Vt
Preferred
Deferred
Stocks A bonds of
allied corp'ns...
p Total
district
established
has
member of the U.
Earnings after deducting manufacturing, sell¬
ing, general & admin, exp., depl. & depr..$642,227
Other income (net)
59,547
YEARS
Operating Revenues-—
Freight
as
2.416 cts.
$14,410
company
(organized under the Webb-Pomerene Act by the large Alkali
Manufacturers of the United States), has experienced material benefits
therefrom, in connection with Export business.
Saltville Works.—The physical condition of these works has been gradually
improved, increasing the productive capacity and decreasing costs of pro¬
duction.
The main boiler plant is being replaced by a modern plant of 10
large size standard boilers, three of which will be operating during 1920, and
the remainder during 1921.
The output is now limited by boiler capacity.
Niagara Falls Works.—These works suffered in February from impurities
in the salt used for electrolysis.
The instalation of a orine filtration system
will be entirely completed by Oct. 20, when the works will be back to full
capacity.
.
Research Laboratory.—Research Laboratory has been established at the
Niagara Falls plant, for development work.
Raw Materials.—The company has materially strengthened its position
in the past year, as regards supplies of raw materials for years ahead and
plans have been made for further acquisitions.
Labor Problems—Our labor troubles, having now been adjusted in a
manner fair to our men we hope to minimize labor problems in the future,
and continue all our works as open shops.
i
Stockholders.—The number of stockholders is now 873.
Association
3,666,913
2.875 cts.
do
carried 1 mile
Revenue per passenger per mile
Operating revenue per mile of road..
pm*
in substance:
says
year.
Offices—Exports.—The
offices in favorable localities and
3,959,847
170,618,097 153,392,934 159,775,222
4,075,777
City
New York
(Inc.),
President E. M. Allen, New York,
Deduct—Prov. for Fed. inc. &
(COMPANY DATA IN 1917),
Works
Results.—Although there was a large demand for our products, the earn¬
ings were materially affected by the fact that, before the company began
selling on its own account, a large tonnage had been sold at low prices for
delivery during 1920.
These low priced contracts will also affect the earn¬
Total
FEDERAL OPERATING STATISTICS FOR 1919 AND 1918
Alkali
(Report for Fiscal Year ending June 30 1920).
445,112
379,441
Inventories at cost
1,153,101
Accounts recelv'le.
655,140
Cash
340,215
1,470,368
128,398
213,559
34,951
Federal tax reserve
22,000
32,380
Deferred charges..
11,857,893
Total
11,674,9171
fund
Sinking
for
Total
_
$17,611,806 $16,059,998 $10,675,876
$3,449,701
def.$86,628
$355,180
727,322
1,099,206
873,606
Total operating expenses.
Net earnings
Taxes, &c
Operating
.
383,672
$2,722,379
441,534
def.$761,005def.$134,754
$941,641
$805,872
1,642,217
1,474,600
150,000
150,000
720,888
720,888
$3,163,913
$816,609
1,245,779
150,000
720,888
def.$4,215,753df.$3286,114
$230,637
def.Sl ,185,835 def.$518,426
income
424,829
Other income
Gross income
debt
Rentals, &c.._
Preferred dividends (5% p. a.)
Common dividends (6% p. a.)
Interest on funded
Balance, surplus
Note.—The comparative income statement of the U. S. RR. Administra¬
(without the corporate items) shows for the year 1919,
railway operating income deficit of $919,520, after ordinary taxes (but not
special Federal taxes), contrasting with a deficit of $418,773 in 1918.
tion taken above
INCOME ACCOUNT FOR
CORPORATE
1918.
.1919.
$2,998,417
105,609
6,550
14,435
61,868
50,367
208,024
17,653
26,359
Dividend income.:
Income from funded securities
Income from unfunded securities & accounts
Income from sinking and other reserve funds
Miscellaneous income
Total non-operating
Operating expenses
income
Tax accruals
Uncollectible
$3,144,143
30,252
69,401
,
Gross income
.
debt
Interest on unfunded debt
Miscellaneous income charges
Improvements to leased roads
Interest on funded
income
sinking and other reserve funds.
Dividends
Balance, surplus
.—
GENERAL
BALANCE
1919.
$972,192
16,045
870,888
$185,884
$85,259
— ._
SHEET—DECEMBER
1919.
1918.
Liabilities (Con.)—
346,601
Misc. phys. prop..
393,135
Stocks owned
6,070,916
343,129
Traffic, Ac., bal_.
393,085
Wages
fund
1,557,753
526,461
450,102
Cash
6,070,916
1,510,753
87,225
208,369
207,829
16,392
80,355
84,057
84,057
113,642
accrued..
Rents accrued
57,385
Rent for leased rds.
113,642
26,204
Other cur.
liab...
18,521
18,938
1,078,824
Lease accounts
104,934
Other def. llab
3,885,058
Accrued deprec
4,872,168
Other unadj. cred.
32,170
Add. to prop, thru
income A surplus 1,624,362
1,078,824
104,934
3,509,857
4,621,151
186,110
1,953,835
Equip, of leasehold
estates
1,078,824
5,494,188
270,540
1,078,824
4,760,848
198,945
1918.
$
$
17,888,400 17,888,400
Funded debt ret..
460,466
Sinking fund res..
348,766
4,747,972
Profit A loss
for
19,217
1,617,077
378,466
345,294
4,727,069
19,217
Fund, debt unmat.22,534,000 19,534,000
Loans A bills pay
1,300,000
—V. Ill, P. 1370, 1083.
4,643
3,887
13,692
1919.
conversion
82,207
payable... '
92,555
58,301,458 56,998,630
Liabilities—
Capital stock
Stock liability
Interest matured..
Interest
Equip, of leasehold
Total
Miscel. accts. pay.
41,464
Fund, debt mat
3,528
estates
S
1,029,800
Dlv. matured
1,751
Miscel. accts. rec.
30,592
Int. A dlv. rec
14,908
Rents receivable.. 1,757,059
Unadjusted debits
1918.
5,214
79,210
3,769
3,887
235,102
9,229
Other def. assets..
$
365,407
34,982
Special deposits...
Tralflc, Ac., bal__
31.
Total
58,301,458 56,998,630
1920.)
1 TO JUNE 26 1920
Gross profit on sales, $1,998,269; int. ree'd & misc., $89,293; total $2,087,562
Deduct—Selling and administrative expenses
—
462,691
Int. on loans, discount allowed, reserve for contingeneise, &c__
319,397
Reserve for Federal income and excess profits taxes to June 26
466,000
Divs. on Com. stock, $292,500; Pref. stock, $127,925; total..
420,425
dividends._—
$419,049
profits for period May 16 to Dec. 31 1919 were $610,828; less
Pref. stock, $48,254; reserve for Federal and State taxes,
$117,500; balance, surplus, for period, $345,074.
Balance for period after
The net
dividends
on
BALANCE SHEET.
June 26'20
$
Assets—
Dec. 31 '19
June 26'20
Dec. 31 '19
Liabilities—
:
$
$
4,000,000
3,910.000
sh., no par val.). 3,600,000
3,600,000
Real estate, bldgs.,
Preferred stock—
(less depr.).
Com. stock (90,000
Ac.
Good-will.
Co's pref.
-
412,845
2,857,519
325,517
2,818,519
Fed. tax 1920 prof.
stock at
Liquidation
336,837
cost
36,266
778,464
Investments
Cash
36,066
vendor
593,619
Acer. Int.
133,462
Accounts,
466,000
accts.
162,662
17,413
cos
218
payable.
notes
A]
134,594
2,168,760
Inveptories
4,763,029
4,635,803
114,101
160,923
Deposit A trust fdsj
Dividend payable.
135,230
105,241
Reserve for Federal
U. S. securities—
—...
Advance payments
Deferred charges..
2,031,493
accept, payable-
)2,406,718/ 2,386,708
90,151
\
157,500
81,000
75,000
166,000
Surplus
934,016
525,204
Total
.11,737,647
10.840,943
and State taxes.
Rserve
$1,085,971
$29,199
870,888
Accounts payable.
Loans & bills rec__
PROFIT A LOSS ACCOUNT, JAN.
Acc'ts A notes rec.
$3,044,490
$905,591
23,029
4,046
805,872
49,962
189,310
94,486
39,965,686
Bonds owned
11,033
66,470
25,720
8,381
4,558
22,116
$3,222,968
$905,591
23,197
4,776
941,641
39,665
65,102
157,024
Road A equip....40,299,400
Sinking
CONDENSED
«.
Miscellaneous rents
Miscellaneous tax accruals
Income applied to
"~7~, 447
Corporation, New York.
392
Revenue
Rent for leased roads
Net
$2,998,417
$3,489,282
91,742
174,180
equipment
Miscellaneous rent income
'
Miscellaneous non-operating physical property
Income from lease of
Consolidated Cigar
(Balance Sheet and Statement of Earnings as at June 26
YEARS.
CALENDAR
Income from lease of road
Compare V. Ill, p. 1188.
11,737,647
Total
—V. Ill, p.
The
10,840,9431
for contln.
1373.
American Gas Company,
Philadelphia.
(Report for Fiscal Year Ending Dec. 31
1919.)
President Morris W. Stroud, Mar. 1 1920, wrote in subst.:
Results.—1The surplus earnings after the payment of all fixed charges was
$344,490, or slightly less than 4H% upon the capital stock, being an in¬
crease of $260,487; $110,000 was credited to contingent reserve on account
of amortization items and the balance to the general surplus account.
In
addition to this, the surplus added to the insurance reserve was $46,853.
The costs of operation continued to increase during 1919, and it was not
until Sept. 11919 that the subsidiary companies began to show a steady im¬
provement in earnings.
New Plants, Ac.—Part of the improvement was due to the increase in
rates obtained, and part to the greatly increased efficiency of the new electric
stations mentioned in the last annual report, as having been completed at
Waterloo, la., and Cromby, Pa., and also to the fact that the new electric
unit in the Luzerne County district was put
into operation during the
sumiii6r<
Owing to unavoidable delays, the new gas plant at Chester has not been
completed, but it is expected will be in full operating condition early in the
spring of 1920, not only giving us additional capacity to fill the growing
demand but we believe gas at a lower cost.
Output.—The amount of gas sold at all of our subsidiary companies
during the year, eliminating from the calculation the amount used In the
munition factories for strictly war purposes in 1918, showed an increase of
2.4% and the sales of electricity an increase of 17%.
Owing to this increase,
and also to the increases obtained in rates, the gross income increased
15.08%. or $983,944, and the operating costs including maintenance in¬
creased $499,919, or 9.32%.
Financing.—In spite of the great difficulty in disposing of public utility
securities during the past year, we have been enabled to make the abso¬
lutely necessary expenditures to take care of the greatly increasing business,
although we have restricted such expenditures to the very lowest possible
point.
This has been done through the sale of some of our securities, and
particularly of our Ten-Year 7% Convertible bonds [see V. 106, p. 88] by
our local forces in each of our subsidiary companies to our customers and
others in those towns, and partly through the continued co-operation of our
banks through loans.
1564
CHRONICLE
THE
Maintenance,—The plants have all been kept in good condition, there
having been spent on maintenance and depreciation during the year $670,092
Sale,—We disposed during last summer of all of our interest in the Kings¬
ton Gas & Electric Co. of Kingston, N. Y„ and our various other invest¬
ments in that vicinity to the United Hudson Electric Corp. for $703,400
1st M, 6% bonds of that corporation and $702,600 of Its cumulative 7%
Preferred
fiffcock#
\
1
•
[For sale of $2,200,000 2-year convertible 7% secured gold notes in May
1920 for refunding see V. 110, p. 1974; V, 108, p. 2630.
The 10-year 7%
convertible bonds
dated Jan. 15 1918.
are
Total authorized issue stated
$3,122,000; amount outstanding was increased during
$1,557,900 to $2,432,400.—-V. 106, p. 88, 1192.]
INCOME
STATEMENT
FOB
YEARS
ENDING
1918.
1919.
(1) Sub. Co's—
Gross earnings........
DECEMBER
1917.
as
$6,524,069
4,739,404
$2,291,176
298,167
$1,784,665
330,918
$2,052,209
Total income.
$2,589,343
Fixed charges..........
1,398,165
$2,3lfe,833
670,092
$2,115,583
1,339,680
623,195
1,220,178
548,518
$2,051,384
1,109,743
270,027
$521,086
$152,708
$548,137
$671,614
Sundry income items..
695,527
685,993
426,191
366,768
Total revenue....._
General expenses
Interest paid.a.......
$1,216,613
$838,701
194,620
$974,328
211,110
expenses
_
Miscellaneous
.
.
.
.
.
.
.
Deprec'n & maintenance
Net
income.......
560,07|7
324,569
$1,038,382
164,033
222,358
$84,004
b$344,491
$438,648
$651,991
The American Gas Co. in 1919
paid Interest as follows: On 6% 100-year
bonds. $180,000; on 5% bonds, $78,500: on 7% 10-year convertible bonds,
$141,499; on 6% 2-year collateral notes (paid off during year), $63,860; on
7% 1-year secured gold notes, $70,000; interest on loans, $145,994.
b Of the surplus from 1919 there was credited to contingent reserve,
$110,000, and transferred to general surplus, $234,490; total, $344,490.
a
BALANCE
1919.
Assets—
Equity.k
SHEET.
1918.
Insurance fund..
Unfin. contracts.
.
1918.
1919.
Liabilities—
S
....
80,099
6,210
316.777
4,992
7,046,477
582,268
I
,
Cash.,
1.745,843
232.100
Liberty bonds
items...
Deferred
61.876
Total
.
.......
18,665,475
Capital stock..... 7,804,100
Bond account.._.x6,152,400
Collateral notes.._yl,318,500
Employees' subsc.
for cap. stock..
2,790
79,599 Accrued accounts.
214,162
6,066 Accounts payable.
34,681
211,630 Bills payable..... 1,923,800
12,603 Insurance reserve.
192,009
74,059
4,665,897 Contingent reserve
635,139 Surplus..........
948,972
19,058,991
7,804,100
6,127,900
2,000,000
3,733
201,592
125,381
1,863,000
145,156
73,647
714,483
Total..........18,665,475
19,058,991
Motor
Ford
Burlington Gas Light Co., Burlington, Winoosld, and Essex June. Vt.
Burlington Light & Power Co., Burlington, Vt.
Winooski Valley Power Co., Essex Junction, Vt.
Cedar Valley Electric Co., Charles City, la., supplying electricity to
Charles City, Nashua, Parkersburg, Hampton and the adjoining territory.
Consolidated Light & Power Co. (V. 103, p. 2345), Kewanee, 111.,
Galva, 111., and Sheffield, 111.
Luzerne County Gas & Electric Co. (V. 105, p. 184), Kingston, Pa.,
Plymouth, Pa., Nanticoke, Pa., and Hazleton, Pa.
Petersburg Gas Co., Petersburg, Va.
Philadelphia Suburban Gas & Electric Co. (V. 110, p. 83), supplying gas
to Chester, Jenkintown, Lansdale, Coatesville, Pottstown and Phoenixville, Pa., and adjoining territories, and electricity to Jenkintown, North
Wales, Pottstown, Phoenixville, West Chester and the adjoining territories.
Portage American Gas Co., Portage, Wis.
Rockford (111.) Gas Light & Coke Co. (V. 101, p. 1978).
St. Clair County Gas & Electric Co. (V. 95, p. 548), East St. Louts, 111.,
Belleville, 111., EdwardsviUe, 111., and Collinsville, 111.
Staunton Gas Co., Staunton, 111.
Waukesha Gas &<Electric Co., Waukesha, Wis.
Citizens' Gas & Electric Co., Waterloo, la., and Cedar Falls, la.
Ambler Electric Light, Heat & Motor Co., Ambler, Pa.
Companies in Which The American Gas Co. is Interested
Ownership of Part of the Capital Stock.
by
Peru Gas Co., Peru, Ind.
Western United Gas & Electric Co., Aurora, 111. (V. 108, p. 282).
Coal Products Co., Joliet, 111. (V. 108, p. 583).
1974, 1850.
Springfield, 0.
Westcott, Sept. 8 1920, wrote in substance:
Results—Prices.—The marked trend toward increasing costs referred to in
our
last annual
report has continued throughout this entire period, resulting
a somewhat reduced net profit upon a substantially larger gross revenue.
Being desirous of co-operating in a sane readjustment following the war,
we have in each instance deferred increasing prices until same
became
imperatively necessary.
In recent months, however, such advances have
been made as will afford a normal margin of profit for the ensuing year
based upon present material, labor and distributing costs.
Sale.—The sale to the International Harvester Co. of the plant and busi¬
ness at Richmond, Ind., comprising the Hoosier,
Ky., and Empire lines of
seeding machines, which product the International has marketed under an
exclusive sales arrangement since 1912, will, it is believed, prove advan¬
tageous to this company and will permit a concentration upon the business
of Its Springfield plant where the Superior, Farmers Favorite, Buckeye and
Amsco (Fordson tractor) drills will be produced in increased volume (V. 110,
p. 2659.)
The result of the sale which was made as of July 1, and its consequent
reduction in property account and increase in cash assets will be reflected
in future statements.
It may be stated, however, that your company is in
a most satisfactory cash position which fully justifies placing the Common
stock permanently upon a 6% basis, which has been done beginning with the
in
current quarter.
■
'
1919-20.
...$6,085,213
Operating expenses...... 5,086,987
Net
earnings—
$998,225
earnings.....
Interest
General taxes
Federal taxes...........
Income taxes.
j.
$31,725
59,514
16,880
47,409
Depreciation, &c_——.
302,121
Preferred dividends
150,000
....
(6%)
Common dividends
Common divs.
(5% >250,000
wrote in
$907,649
$90,576
137.500
150,000
Reserves...._____
181,995
Surplus.......... 2,381,509
Total..
of
10,740,850
280,575
2,327,891
10,623,338
Canada, Ltd., Ford, Ont.
Year ending July 31
substance:
INCOME ACCOUNT FOB YEAB ENDING JULY 31
Total sales and other income
*
1920.
$43,671 988
$38,007,153
968 591
l,750,000
Net profits carried to surplus account
$2,946,244
BALANCE SHEET JULY 31.
1920.
Assets—
1919.
%
1920.
Liabilities—
$
5,652,225
4,958,588
1
1
2,071,941
3,048,442
2,823,989
132,832
5,221,440
Patents.....
Acc'ts receivable.
1,905,341
168,573
8,252,971
930,732
.
Deferred charges. .
"Stores account".
Investments
.....
Total
1919.
$
Capital stock
$
7,000,000
Accounts payable- 2,440,868
Acer. payroll, &c_.
269,174
Reserves
7,000,000
1,181,543
366,522
business
profits tax
Other reserves....
735,200
320,236
2,046,929
8,216,306
320,236
5,270,061
Total —18,981,784
16,185,292
Surplus
18,981,784 16,185,292
-V. Ill, p.
...
298.
Pennsylvania Salt Manufacturing Co.
(70th Annual Report Year ending June 30 1920).
President Joseph Moore, Jr., Philadelphia, Oct 1, wrote
in substance:
.
:
^
'
Results.—The year opened July 1 1919 with a
graduajly improving de¬
for our products.
Tne previous six months nad been tne aullest
mand
since
1914, and earnings presented corresponding results.
Thisrevival
partially cnecked by the steel and coal strikes.
Our mines at Na¬
helped us materially in the emergency.
Through tne late fall and winter the expansion of trade assumed much
larger proportions and prices began to advance.
In some lines the former
excessive supplies were converted into shortages.
Embargoes and freight
congestion, crippled production and seriously reduced shipments, both
of incoming and outgoing materials.
The earnings indicate what might have been tne return without the ex¬
treme impediments woich prevailed.
Sales were $8,289,164 as compared
with $8,088,918 for tne previous twelve months.
Wnile unskilled labor
has not been as efficient as soaring wages should inspire, the relations with
was
trona
all
employees have been cordial.
Additions, &c.—New construction and improvements involved an ex¬
penditure of $564,021 ana for repairs $670,569.
New Plant.—The new alumlplant at Philadelphia proved most opportune,
the demand being up to capacity.
The modern turbine engines at Wyan¬
dotte reduced appreciably the expense of power.
Operations.—Our lye business has been notable throughout the country.
A third acid barge has been ordered to insure ample delivery facilities.
The important alumina process at Natrona, inactive for two years through
inability to procure French bauxite, is now driven to the utmost, consuming
recent cargoes.
The porous alum department at Natrona, will be extended
to provide for growing distribution.
Kryolith has been so prominent in
the j ear's sales that charters were concluded to bring an enlarged supply
■
,
New Products.—Our research experts have been vigorously engaged, in
perfecting new products, utilizing elements arising out of existing opera¬
tions.
One unit will occupy the building erected for the production of
war gas.
These additions promise excellent results.
Others are in the
experimental stage.
■
Finances.—Our finances continued in a strong position.
No money was
borrowed and all debts were promptly settled, earning every discount.
Claims on account of difficulties in fulfilling war contracts have been ad¬
justed, with two minor exceptions.
With even approximately normal
business conditions, the company's position should be reflected in profits.
RESULTS FOR FISCAL YEARS ENDED JUNE 30.
1^19-20.
$8,289,164
Sales..
after exp.,
Interest
notes
1918-19.
1917-18.
1916-17.
$4,562,246
3,508,792
$3,581,726
2,858,981
$1,053,454
$24,123
49,556
55,541
$722,745
$4,287
51,916
2,380,716
152,731
253,652
249,609
250,425
$2,533,447
33,333
447,957
x144,026
125,440
157,344
150,000
(10)750,000 (10)750,000 (12^)93*500 (8)600,000
Dividends
Balance, surplus—
$252,869
June 30— $5,784,137
Income and excess profits taxes,
x
months ended June 30
a
$103,530
,
249,953
150,000
(5)250,000, (5)250,000
$354,446
$1,302,157
1920.
1920.
estate,
coal lands
1919.
$
Assets—
Real
S
...
1920.
Liabilities—
472,064
476,304
$656,156
$66,589
1919.
$
Capital stock.....
ind.
7,500,000
Acc'ts payable
Accrued
Interest,
600,740
Bldgs., mach., &e_ 8,713,226 a8,402,767
taxes, &c_i
Cash....
167,896
1,577,925
697,067
187,500
160,000
150,000 Divs. pay. July 15
Bills & accts. rec._
896,807
865,115 Surplus and undi¬
vided profits— 5,784,137
Inventory
2,263,909
3,108,180
Seeur. of oth. cos.
111,339
145,401
2,415
Prepaid insur,,&c.
10,941
$
7,500,000
511,589
82,820
187,500
/U.S.Llb.bds.(4Ms)
(4)200,000
$810,237
$243,217
^
$5,531,267 $5,412,075 $5,243,661
including amount estimated for six
......
~28i"6l7
150,000
$867,206
$255,639
1,558,520
141,196
$1,699,716
BALANCE SHEET JUNE 30.
$5,206,233
4,083,388
$1,122,845
$52,225
49,044
15,134
81,588
269,215
150,000
119,632
$1,228,579
—
profits taxes.
,
Total surplus
1,108,947
1,268,736
---
Depreciation
Inc. & exc.
1916-17.
131.711
earnings
on
1917-18.
$1,400,447
repairs, &c_
Otner income.
Total
1918-19.
$8,088,918 $10,924,691 *11,406,223
of products
Income sale
Total
a
Total deductions.
54.147
Expenses, including maintenance and operating
Business profit war tax
Dividend on stock, 25%.
(extra)..(l%)50,000
Balance, surplus
25,309
300,000
42,062
300,000
Income Account.—The total sales and other income amounted to
$43,671,988.
The net profits carried to surplus after deduction of expenses,
including maintenance and operating, and business profits war tax, were
$4,696,244.
Balance Sheet.—Investments represent principally Canadian Government
Victory Bonds at current market prices.
Plant accounts have been in¬
creased by additions of $693,637 net, after
adequate reserves for deprecia¬
tion were provided
put of earnings, mainly for the purchase of a frame and
stamping plant and additional properties at London and Toronto.
jReserves.—Provision has similarly been made for all
contingent as well as
accrued expenses including the business profits war tax above referred to.
Becasue the tax year ana fiscal year in our case do not
correspond, the
former ending Sept. 30, the relative tax for Aug. and Sept. 1919 has been
provided and paid out of the earnings of the present fiscal year, so that the
total tax for the year has been $968,591, as against $735,200 reserved.
Output.—Sales for the year covered 55,616 cars, including all models
exclusive^ of tractors, as against 39,112 for the year preceding.
For the
season of 1920-21, with some increases which
we
are now making in our
plant, we are planning to produce 75,000 cars—this estimate, however,
entirely dependent upon conditions.
We feel that the situation calls for
careful handling,
tempered with caution.
All the eight branches are
showing satisfactory results.
INCOME ACCOUNT FOB YEARS ENDING JUNE 30.
Gross
5.000,000
from Greenland.
Co.,
(Report for Fiscal Year ending June 30 1920.)
Treas. B.J.
5,000,000
173,199
stock
1920.)
McGregor, V.-Pres., Treas. & Gen. Mgr., Sept. 18,
G. M.
Bangor Gas Light Co., Bangor, Me.
American Seeding-Machine
Co.
(Report for Fiscal
(1) Companies in Which The Am. Gas Co. Owns All the Capital Stock.
Illinois Commercial & Mining Co., Aurora, 111.—V. 110, p.
Common
10,740,850 10,623.338
Cash..—
k Equity (over and above bonds issued) in the gas and electric light plants,
including original cost and cash advanced for betterments, represented by
the capital stock of the various companies owned by the American Gas
Co., $10,090,141.
x Bond account includes (a) 5% issue, $1,570,000, less
amount in hands of trustee to retire part of same, $850,000; net, $720,000;
(5) 6% 100-year bonds, $3,000,000; (c) 7% 10-year convertible bonds,
$2,432,400; total, $6,152,400.
y
-year 7% collateral notes, $2,000 000
less amt. in hands of trustee to retire part of same, $681,500; net, $1,318,500.
(2)
2,500,000
1371.
Plant account....
Total..
64,748
i
2.500,000
$
$
10,090,141 12,878,269
192,009
154,656
59,500
355,631
346,508
'
1,737,435 Accounts payable3,479.821 Bills pay'le, banks.
93,356 Accrued pay-rolls.
220,219 Dividends payable
$1,922,919
128,465
(2) American Gas Co.—
192,269
679,853
Bills & aects. rec._
Inventories-..... 3,668,441
119.603
1919.
$
Preferred stock
303,836
Cash advances, &c.
$4,491,817
2.568,898
264,624
1920.
Liabilities—
S
4,723.922
-V. Ill, p.
$7,180,482
: 4,889,306
Operating
1919.
S
Property account- 4,739,258
Cash.......
173,728
31.
1915
$5,287,706
3,235,497
BALANCE SHEET JUNE 30.
1920.
Assets—
from
1919
year
[VOL. 111.
at
...14,240,273 13,813,176
Total
5,531,267
JL
14,240,273 13,813,176
Includes in 1920 buildings, machinery ana equipment at plants
located
Philadelpnia and Natrona, Pa., and Wyandotte, Mich., $17,797,504;
depreciation, $9,084,278.—V. Ill, p. 1376.
less
Oct. 16
1920.]
Hurley Machine Co.,
Baltimore
Chicago, 111.
(Report for Fiscal Year ending Dec. 31 1919.)
to
CONDENSED INCOME ACCOUNT FOR THE YEAR
ENDED DECEMBER 31,
Gross
sales
1919
$5,864,072
Less royalties, rebates and allowances
186,671
Cost of sales: labor and material, $3,406,742; manufacturing
expense, $431,854; total
3,838,595
Expenses: selling and administration
871,371
Net
___
$967,434
40,303
profit
Additions to income
'
Gross income
Deductions from
$1,007,737
156,477
300.000
income.
Provision for Federal taxes.
'
Net income
Note.—The earnings
Investment News"
for
the
first eight months of
1919
1919
1918
$271,854
$150,946
Inven. less
26,900
638,828
Divs.
805,248
563,980
Ret. of pref. stk.
3,867
3,612
88,572
14,330
Accts.
res.__
Investments
Stock subscrip...
Pref. stk. skg. fd.
Fixed
them for an equal amount of Series A 5% bonds heretofore issued; (6) to
pledge $3,000,000 Series A 5% bonds and $10,000,000 Series B 6% bonds
as security for the $9,000,000 advanced by the U.S. Govt.—V. Ill, p. 1471.
Boston
(a) To amending the equipment trust agreement dated Jan. 15 1920.
(&) To issue $10,000,000 bonds to be secured by the present mortgage,
proceeds to be used for equipment and for additions and betterments.
(c) To authorizing execution of an equipment trust agreement to provide
for purchase of 50 locomotives through an issue of $3,000,000 equipment
notes.
(d) To a loan from United States under the Transportation Act for pur¬
of meeting the expense of purchasing equipment;, of improvements to
existing equipment and additions and betterments to the properties, and
with reference to authorizing an issue of bonds or notes as may be pre¬
scribed by the Government in connection with loan.
(e) To take action relative to issue of bonds for the purpose of paying or
refunding bonds of the Boston & Lowell and Connecticut River Railroad
aggregating $609,000. maturing Jan. 1 1921.—V. Ill, p. 1471.
pose
Bullfrog & Goldfield RR.—Acquired.—
65,000
53,153
108,479
746,938
__
669,472
Long term notes.
42,387
A. J.
1st mtge. 6% ser.
16,419
Mitchell, Vice-President, has completed the reorganization of the
departments at Winnipeg.
H. G. Foreman, Assistant Treasurer of the
Canadian Northern Ry. System at Toronto, has been appointed Treasurer
of that system.
His jurisdiction will also include the Grand Trunk Pacific
Ry.—V. Ill, p. 1471, 1082.
Canadian Northern Railway.—
225,000
200,000
gold bonds
Total
1,103,663
See Canadian National Rys. above.—V. Ill, p. 1177.
84,705,162 $3,214,268
$4,705,162 $3,214,268
Total
Of this amount $20,000 is deposited as collateral on notes payable,
b In June 1920 the amount held by public had been reduced to $376,600
a
by rjtirement of $123,400.—Ed.
c Authorized 200,000 shares,
outstanding 96,801 shares valued at the
excess of assets over liabilities.
[It was reported in April 1920, that the
stockholders waived their right to subscribe to 60,000 additional shares
of common stock (no par value) and that the General Electric Co. acquired
the stock at $35 per share.—Ed.—V. 110, p. 2391.
Chattanooga Ry. & Lt. Co.—Wage Increase.—
The
platform
Chicago Burlington & Quincy RR.—New Director, &c.
W. W.
Baldwin, Vice-Pres., has been elected
late Samuel C.
INCLUDING
ELECTRIC
ROADS.
and Electric
Railway News.—The
following table summarizes recent railroad and electric rail¬
way news of a more or less general character—news con¬
cerning which detailed information is commonly published
on preceding page under the heading "Current Events and
Discussions" (if not in the "Editorial Department"), either
in the week the matter becomes
as
public
be practicable.
may
or as soon
See
"Montreal Gazette" of Oct. 8 and
compare
Ind., Miss.,Nev. and
Okla., "Ry. Age," N. Y., Oct. 8, p. 611.
Contest considered funda¬
mental, "N. Y. Times" Oct. 13.
Miscellaneous.—(a) Freight traffic continues heavy, "Ry. Age," Oct. 8,
p.
615; "Times" Oct. 9," page 14.
Improvement on So. Pac. system,
Boston News Bureau," Oct. 11.
(b) Penn. RR. since March 1 has laid
off about 6% of its 120,000 employees in Eastern region.
Other roads
pursue like course.
"N. Y. Sun," Oct. 9, p. 1 & 2.
(c) RR. consolidation
talk, "Phila. N. B." Oct. 6; "N. Y. Times Oct. 10.
(d) Coal priority on
cars extended, effective Oct.
15 from Miss. River to eastern boundary of
Mont., Wyo.,Colo. and N. M., "Coal Trade Journal," Oct. 13, p. 1134.
(e) Electric Ry. convention in session at Atlantic City; (f) Texas passes
strike control Act, "N. Y. Ev. Post," Oct. 11, p. 7.
(g) Kansas Court of
Industrial Relations asserts that the freight rate increase to yield 6%
on investment should have been 24
%, not 35%.
Matters Treated Fully in "Chronicle
of Oct. 9.—(a) Interpretation of
guaranty provisions of Transportation Act of 1920 holds up payments,
p. 1429.
Compare "N. Y. Times" Oct. 9, p. 21.
The railroads have ap¬
pealed, claiming they lack funds to pay back wages.
"Wall St. Journal,"
Oct. 13, p. 6. (b) Increase hi RR. rates and material costs, p. 1429.(c) In¬
creases in Canadian freight and passenger rates,
p.
1430.
(d) End of
outlaw strike; findings of Grand Jury, p. 1431.
Abilene
(Tex.) Street Ry.—May Resume Operations.-
It is stated that this line will probably resume operations, as an ordinance
amending the franchise has been passed by the local authorities it was
announced.
The property, it is stated, has been bought by the American
Public Service Co. and will be completely rehabilitated.—V. 109, p. 1271.
Akron
Canton
& Youngstown
Ry.—Terms of Lease.—
See Lake Erie & Western RR. under reports
Atchison
above.—V. Ill,
p.
1182.
Topeka & Santa Fe Ry.—Said to be Nego¬
tiating for Acquisition of Colorado Midland RR.—
The Santa Fe system
Colorado
instead of
is reported to be negotiating for the purchase of the
Midland RR. which will become a feeder for the big system
a trunk line.
A. E. Carlton, Pres. and Receiver of the Midland,
is conducting the negotiations with reasonable hope of success as the
engineers for the Santa Fe, after three examinations, have reported favor¬
ably on the property.
IHThe Colorado Midland, as it stands today, owns the track and right-ofway from Colorado City to Grand Junction, about 500 freight cars which are
scattered over the country, and the terminal and shops at Colorado City.
The track has not been used for more than a year and it is said to be in bad
condition.
All the rolling stock and power which were on the company's
rails have been sold and from the freight cars now on foreign lines tne
company is receiving an income upwards of $1 a day for each unit.
The
terminals are valuable and the shops have been maintained in good condi¬
tion, so the purchaser, if the property is sold, will get equipment at much
less than repairment cost.
It is understood that the
which
price fixed for the entire property is $4,000,000
$1,250,000 in cash in hands of the receiver
include about
would
besides the tangled assets.—Topeka
Aurora
"Capital" Oct. 7.—V. Ill, p. 1471.
Elgin & Chicago RR.—Interest Payment.—
District Court has ordered receiver Joseph K. Choate to pay
Aurora Elgin & Chicago RR. First 5s, which was due
April 15 1920 and the necessary funds have been deposited with the Trustee.
—V. Ill, p. 790.
r
The U. S.
the coupon on the
Aurora Plainfield & Joliet RR.—Sale.—
The
electric
U. Commission has authorized the company to sell its
line to the Aurora Plainfield & Joliet Railroad for
The transfer was consummated op Oct. 1.
The buying com¬
Illinois P.
interurban
$757,000.
the accounts payable and
(Electric Railway Journal).
pany assumes
obligations of the selling company.
»■
the
St.
Paul
Ry.—Government
it, is said, has arrived at a compromise settlement in full
Administration, involving about $30,000,000.
Pres.
Railroad
period which terminated Sept. 30.
is stated that the $11,500,000 received by the War Finance Corp.
10 in liquidation of the demand note of the company held by it,
paid to the War Finance Corp. by the Railroad Administration and
represented moneys held by the Government as compensation to the
St. Paul, which had not yet been distributed to that road.
It is also stated
that the company will liquidate $4,000,000 indebtedness held by New York
banks.—V. Ill, p. 895, 791.
It
Oct.
on
was
Chicago
Oct.' 7 referred
award, requiring,
Commission shall
(1) establish reasonable rates without considering the requirements of the
Canadian National system.
(2) Equalize as far as possible freight rates
"Chronicle," V. Ill, p. 1430.
Intra-State Rates.—Rate proceedings in Ala., Ga.,
&
thereafter
Canadian Rate Award.—The Canadian Railway Board on
between the East and the West.
a
member of the Exec. Comm.—V. Ill, p. 293.
Byram is quoted as saying: "This was quite satisfactory to us being on a
lump sum basis and eliminating argument over details that might have taken
years to adjust."
This settlement it is stated, covers only the 26 months
of Federal control and has nothing to do with the extended guarantee
-
back to the Railway Commission the recent railway rate
without interfering with the new rates in force, that the
a
Milwaukee
&c.—
The company
with
Railroad
director to succeed the
a
Pres. F. H. Rawson, of the Union Trust Co.,
Scotten.
director, has been elected
Chicago
General
have been granted an increase of 4 cents an hour
scale from 41 to 45 cents up to 45 to
men
effective Sept. 16 bringing the wage
49 cents per hour.—V. Ill, p. 1277.
Claims Adjusted,
GENERAL INVESTMENT NEWS
RAILROADS,
Financing.—The
RR.—Equipment
29,050
accrued
8,684
1,103,663
Maine
Canadian National Rys.—Officers.—
35,228
974,825
charges
Goodwill,
trademks., pat., etc.
&
stockholders will vote Oct. 26 to take action with reference:
102,565
_
taxes
Equip. Invest. Co
Surplus..
89,719
for deprec.
.
trearuer's office at Toronto, which reorganization includes the coordination
of the Grand Trunk Pacific Ry.
and the Transcontinental Ry., treasury
118,000
724,034
payable._
Other accruals.
assets, less
res.
Application.—
The railway system and terminals of this road, it is stated, have been
purchased by the Tonopah & Tidwater R. R. thus giving the latter control
of all lines south of Goldfield.—V. 109, p. 2355.
c2,649,577
payable.
Fed. & oth.
3,762
RR.—Bond
$500,000
1,114,528
119,080
282,090
b$500,000
payable._
a74,429
Miscellaneous
.
Notes
no par..
1,280,688
rec
res
Ohio
330,289
7% cum. pref stk.
Com. stk
int._____
Notes & accts.
Def.
1918
&
The company has applied to the I.-S. C. Commission for authority (a)
issue $3,000,000 Ref. & Gen. Mtge. Series B 6% bonds, and to exchange
Liabilities—
Liberty Bonds &
less
given in
1920 are
SHEET„ DEC. 31.
BALANCE
Assets—'
Cash
accr.
$551,259
Department.
CONDENSED
1565
CHRONICLE
THE
& Western Indiana
RR.—Plan Operative.—
its refinancing plan to
extension Sept. 1 1920.
The company has declared operative
for its $15,000,000 notes due by
care
Pursuant to the plan the company on October 11 1920,
with respect to
the $14,000,000 of notes deposited under the plan, made payment of 50%
in cash, with interast on such payment at 7% from Sept. 1 to Oct. 11 1920,
and deliver 50% of such notes in new 15-yr. 7K % collateral trust bonds.
With respect to the $1,000,000 of such 1-yr. notes which have not been
deposited under the refinancing plan, the company announces that it will
make payment of the principal with interest at 7% from Sept. 1 to Oct. 11
1920 upon presentation of the notes for that purpose at the office of the
Bankers Trust Co., N. Y.—Compare V. Ill, p. 791, 989,147.
Cincinnati & Dayton Traction
Co.—Decision.—
Judge Clarence Murphy at Hamilton, O., on Sept. 27 rendered a decision
Bank & Trust Co., trustee, Cleveland,
in the suit of the Citizens Savings
against the company et al seeking a
ment of a receiver.
foreclosure of mortgage and appoint¬
'
...
Dayton Traction Co. bought at a foreclousre sale in
1917 all the property of the Cincinnati
Dayton & Toledo Traction Co.,
subject to underlying mortgages amounting to
$2,300,000.
Holders of
these mortgages brought action for foreclosure.
. ■
The court ruled that the property subsequently acquired by the consoli¬
dated company was not subject to the mortgages of the constitutent com¬
panies, except where the original tracks were removed to property sub¬
sequently acquired, and that they did not constitute a lien upon equipment
acquired later, except when the equipment of the consolidated company
became mingled with and part of the equipment of the coastituent companies.
It was further held that the mortgagees were entitled to judgment and
foreclosure upon the property upon which mortgages are predicated, and,
as this property is probably insufficnet to pay the mortgage debt, that the
mortgagees are entitled to a receiver.
The receiver will be named later.—
(Electric Railway Journal).—V. 109, p. 1986.
The Cincinnati &
Cleveland (Ohio)
Franchise
Ry .—President's
Amendments—More
Statement
Capital
Needed
Regarding
to
Meet
Increasing Traffic.—
Pres. John J. Stanley in a letter to
the stockholders, Sept. 30 says in substance:
6% Legal Rate on Stock.—The Cleveland City CouncU on Dec. 29 1919
passed an ordinance to amend the franchise so as to permit the payment of
7% instead of 6% P- a. upon the capital stock.
The annual report for 1919
stated that, if no referendum were had on the amendment the additional
y± % for the first quarter of 1920 would be included in the April int. checks.
A petition for a referendum was filed with the council, and, on Feb. 16 the
council passed an ordinance ordering an election on April 27.
The Court of
Common Pleas of Cuyahoga
lacked a sufficient number of
County found, however,
that the petition
genuine signatures, and therefore issued an
injunction against the election.
The case was not appealed by the city.
On April 1, the franchise amendment, we were advised, was in effect;
and no lawsuit questioning the right of the companv to pay int. stock at the
rate of 7% was pending.
Accordingly, we paid l%%. Additional signa¬
tures to the referendum petition were filed, however, and the council, on
calling a referendum election for Aug. 10.
stockholders to enjoin the holding of this
decided against him. At the election a
the question disapproved the amending
April 19 passed another ordinance
Suit
was
brought by one of the
proposed election, but the courts
majority of those who voted on
0rAsthis
July 1 we had no legal right to
7% rate on that date; and we have now no right
than 6% in the future.
The 6% rate cannot be reduced,
however, at any time in the future without our consent; and while the stock
has been selling on the Exchange here in small lots, at less than par, it is
still a good 6% investment.
Franchise Amended.—The Cleveland franchise has been amended in
several respects: (1) The life of the franchise has been extended from May 1
1934 to May 1 1944; (2) Fares have been increased from 4 cents cash fare,
7 tickets for 25 cents, 1 cent for transfer (an average of about 4 cents), to
6 cents cash fare, 9 tickets for 50 cents, 1 cent for transfer (an average of
pay
to
second lawsuit was pending on
int. on the stock at the
pay
more
at>(3)t Th^maintnance
allowance provided for in
the franchise has been
car-mile to 10 cents.
(4) The operating allowance
11H cents per car-mile to 28 cents, and will be stil
further increased before the end of the year.
increased from 5 cents per
was
increased from
1566
THE
CHRONICLE
The company has
paid 6% upon Its capital stock without skipping a single
quarterly payment, through the years of the great war.
Very few electric
railway companies in the world have Idone this.
Increased Traffic.—The number of car-riders carried was 3,665,000 more
in June, 1920, than In June. 1919, an increase of 15%.
Capital Requirements.—To take care of this increasing business we must
add to track, equipment and land and buildings.
For these
purposes
capital stock must be sold.
You may have as many shares as you wish,
at par and int.; payable at your convenience at any time within a year,
preferably on interest dates Jan. 1, &c., or at the rate of $10 per share per
month on the first day of each calendar month.
[It is expected that the advance of 2 cents a car mile In allowances for
operating and maintaining its system granted by the Cleveland City CouncL
on Oct. 4 will send the fare up to the maximum of 6 cents .]—V. Ill,
p. 1277
Colorado Midland
The Colorado Springs
City Council has granted the
1471.
company
permission
8 tickets for 50 cents with 8 half-
or
fare tickets for 25 cents.—V. Ill, p. 492.
Connecticut
prohibiting
and from the streets
jitneys from operating in the congested business areas
by the cars of the Connecticut Co.
The ordinance
used
Denver Tramways
Ernest
is
to
become
.
Co .—New President. &c.—
Stenger, superintendent of the Southern Division of the Union
Pacific RR., was elected president on Sept. 29.
F. W. Hild, Gen. Mgr.,
was elected V.-Pres.
Immediately thereafter Mr. Hild submitted his resig¬
nation but will probably remain with the company until Jan. 1.
The initiated bill providing for the repeal of the 6-cent fare ordinance
and the restoration of a 5-cent street car fare has been referred by the
Denver City Council to the voters at the general city election to be held
next
spring.—V. Ill,
1472.
p.
Duluth Street Ry .—Fare Increase
The voters
Defeated.—
Grand Trunk Pacific
period.—"Boston News Bureau."—V. 107,
will
1101.
p.
Middle Tennessee RR.—Surrenders Charter.—
<.
Being unable to secure a sufficient number of freight cars to justify opera¬
tion, the company has surrendered its charter and gone out of business.
The road runs from Franklin, Tenn., to Mt.
Pleasant, Tenn., about 41.5
miles.
Middle
West
Utilities
Co.—Notes
Offered.—Halsey,
Co., Chicago and New York,
offering at 96 and int., yielding about 8lA%, $2,500,000
15-year 8% Secured Gold Notes, Series "A." (See adv. pages)
Dated Sept. 1 1920, due Sept. 1 1935.
Int. payable M. & S. in Chicago
New York without deduction for normal Federal income tax not In
of 2%.
Denom. $1,000, $500 and $100 (c*).
Red., all or part, at
and
excess
time after Sept. 1 1925
12 months ending Sept.
thereafter to maturity.
Ry.~
See Canadian National Rys. above.- -V. 110, p. 561, 261.
upon 30 days' notice at 105 and int. during the
1926, and decreasing y2 of 1% in each year
Bankers Trust Co. N. Y. Trustee.
1
Data from Letter of Pres. Samuel Insull, Chicago, Oct. 5 1920.
Company.—1Through its subsidiary companies operates in 15 States,
serving 492 communities, having a combined
estimated population of
1,315,400.
At July 31 1920 electric customers numbered 215,717, gas
54,699, water 24,148.
Capitalization upon the Issuance of These Notes, Together with Certain of
Company's Prior Lien Stock.
Authorized. In Hands
of Pub.
x$4,000,000
14,664,720
118,950 shs.
2,500,000
9,318,500
Prior Lien 7% stock
___$20,000.000
20,000,000
Common stock (without par value)
_200,000 shs.
15-Year 8% Secured Gold Notes, Ser."A," 1935
5,000,000
10-Year 6% Collateral Gold bonds, due Jan. 1 1925
6% Coll. Gold Notes, in series, due on various dates on
Preferred stock
before March
Oct. 4 refused to ratify
the referendum ordinance granting
the company the rignt to increase fares from 5 to 6 cents.
The company announced on Oct. 7 that it would substantially reduce
its service and would lay off several crews.
At the same time it stated that
It would raise the pay of the men retained 10%.
The new schedule was to
take effect on Oct. 11.—;V. Ill, p. 692.
on
Mr. Hoard
road has filed against the Government for damages during the revolutionary
any
Co.—Jitneys Ousted in Hartford.—
The Board of Aldermen of Hartford, have passed an ordinance
effective Nov. l.—V. Ill, p. 1471.
Chihuahua
are
Colorado Springs & Interurban Ry.—Fare Increase.—
to increase fares from 6 to 7 cents cash
From
resources.
>e la Huerta
fo to the CityGovernmentwhere he will the claim of the authorities of the
of Mexico in regard to confer with $5,000,000 which the
Stuart & Co. and A. B. Leach &
RR.—May Be Purchased.—
See Atchison Topeka & Santa Fe Ry. above.—V. Ill, p.
[Vol. ill.
rich in mineral and timber
1
or
1922
3,100,000
2,485.800
7% Convertible Gold Notes, due March 1 1924
x
The $4,000,000 Prior Lien
7% stock (V. Ill,
p.
188) is being sold by
deferred payments.
Of the $5,100,000 6% Collateral Gold
originally outstanding $2,000,000 par value have already been) retired
company on
Notes
at maturity from the proceeds of the Prior Lien 7% stock, and from the
remaining proceeds, as received, $1,400,000 par value of the $3,100,000 6%
Collateral Gold Notes now outstanding will be retired at maturity. Of the
$4,000,000 Prior Lien stock $3,5OO.O0O par value has actually been sold
[For description of Prior Lien stock and Preferred stock see plan
V. 110, p. 2076, 2192.]
1
Purpose.—Proceeds will be used to reimburse treasury for funds used in
the development of subsidiary companies.
Security.—There will be pledged with the trustee as collateral mortgage
bonds secured by liens on the property of
companies owned entirely or con¬
trolled by the company in an aggregate principal amount at all times
equaling at least 150% of the aggregate principal amount of Series "A'
notes outstanding.
to date.
Gulf Mobile & Northern RR.—Vice-Pres.
Resigns, See.
F. D. Hogan, Vice-Pres. & Gen. Mgr. has resigned owing to ill health.
President Isaac B. Tigrett has stated that $500,000 will be spent for new
equipment and
that the road
ballast on certain parts of the road-bed.
He also stated
completed its settlement with tae Govt.—V. Ill, p.1369.
new
^as
Hagerstown & Frederick Ry.—New Notes.—
We learn that the 1-year 6% notes, due Nov. 1 1920, will be paid at
maturity, new financing having been arranged to provide funds therefor.
It is contemplated that a new issue of $1,056,000 8% notes will be issued,
to be dated Oct. 15 1920, secured by collateral pledged with the trustee.—
V. Ill, p. 990.
Hudson River Connecting RR.—Decision.—
InterboroUgh Rapid Transit Co.—Additional Stations.
County & St. Joseph RR.—
applied to the Missouri P. S. Commission for authority
to reclassify its capital stock of $10,000,000.
Only $4,000,000 of the stock
so far has been issued.
It is proposed to issue $3,000,000 7% cumulative
Ireferred stock of whicu $1,450,000 of which neld for future issue,reserved
and to
$7,000,000 of Common stock is to be $2,450,000 is to be
ssue
for future issue.—V. 110, p. 1849.
Kansas City
Railways.—Receivership and Its Cause.—
Under the above title the "Electric Railway Journal" of Oct. 9 basatwo-
article on the Kansas City railways, showing tables of operations,
earnings, &c.
The hearing for the appointment of a permanent receiver has been post¬
poned to Oct. 21.—-V. Ill, p. 1472.
page
Kan.
Consolidated Statement of Earnings of Various Sub. Cos. Owned and Controlled.
Operating
approval of a loan to Wm. T. Kemper, receiver, of $2,500,000, to aid in
meeting maturing receiver's certificates due Dec. 1 1920.
The loan covers
the full amount of the applicant's maturities and was approved after a
conclusive showing that operation of the carrier would have to be suspended
unless aid were given.—V. Ill, p. 1370.
Kansas
Oklahoma
&
Gulf
Ry.—New Officer.—
H. L. Traber, recently Traffic Manager, has been elected Vice-President
and General Manager.—V. Ill, p. 990, 692.
Kentucky Traction & Terminal Co.—Annual Report.—
Combined Comparative Statement for Years ending June 30.
[Including Kentucky Traction & Terminal Co., Lexington Utilities Co.,
Lexington Ice Co. and Blue Grass Park Co.]
1920
earnings
Operating expenses
.
Total income
-
Taxes, rentals, &c____.
on
bonds.
...
-
?F?,lus^ordT17s*'^c^--
1919
1918
$1,330,372
779,981
Gross
$1,135,780
669,102
$1,021,448
905,275
1917
$912,540
480,265
$550,391
93,741
$466,678
51,600
$416,173
45,180
$432,275
39,289
$644,133
$518,279
126,706
254,394
236,346
$461,353
73,448
229,006
$471,564
46,462
218,034
^263,033
$196,186
$157,899
$207,068
85,747
[A. Studley Hart & Co., members of Providence Stock Exchange, Provi¬
dence, R. I., handle the securities of the system.]—V. Ill, p. 1183:
Long Island RR.—Government Loan Approved.—
The I.-S.
O.
Commission has
approved
x
On
additions and betterments to roadway and structures to
promote the move¬
ment of cars at a cost of $500,000.
The
company itself is required to finance
$218,000 of the cost of the equipment to meet the loan.—V. Ill, p. 1083.
Louisville & Nashville
RR.—Listing.—
The New York Stock Exchange has authorized the
listing of $7,500,000
10-Year Secured 7% Gold Notes, due May 15 1930
upon official notice of
the issue thereof in exchange for
temporary J. P. Morgan & Co. trust receipts
now listed.
(See offering in V. 110, p. 2075)—V. Ill, p. 74.
Maine
Railways Light & Power Co —Dissolution.—
See Central Maine Power Co. under Industrials below.—V.
99, p
Mexico North Western
RR.—Resumption of
1832.
Service.—
Vice-President R. L. Hoard, Toronto, is at Chinuahua
arranging for the
of through freight and passenger traffic on company's line
between Chihuahua and Juarez.
The division between Juarez and Madera
has been reopened for some time but the physical condition of that
part of
the road between Chihuahua and Madera has to be improved before service
can be resumed.
The famous Cumbre tunnel, which was partly destroyed
resumption
by revolutionists, thus blocking through traffic, is now being cleared.
Mexico Northwestern is owned chiefly by Toronto banking interests.
Tue road
traverses the western
part of the State of Chihuahua which is
1918-19.
$2,500,000
15-Year 8%
Secured Gold Notes, $9,318,500 10-Year
Midi RR., France.—Offering of Bonds.—A. Iselin & Co.,
Hemphill, Noyes & Co. and Gude, Winmill & Co. are offering
this company's 6% bonds (see advertising pages), fully
described in last week's "Chronicle," p. 1472.
Midland Pennsylvania RR.—Sale
The
Dauphin County (Pa.) Court
was
asked
Sought.—
on
Oct. 7 to order the sale
of this road which is alleged to be insolvent and which began ten years ago
to build a 44 mile railroad from Millersburg to Ashland, but quit within
three years,
after only 15 miles of rails had been laid
as far as Gratz.
The
defaulted interest
$2,000,000 bonds originally floated.
The trust company represents a group of bondholders who hold $960,000
wortn of claims against the road.
Within the last few years, the petition
recites, all the railroad equipment was taken up and stored on tne com¬
pany's ground near Millersburg.—V. 99. p. 467.
Commonwealth Title Insurance & Trust Co., Phila., has
payments
since
1912
the
on
Milwaukee Elec. Ry. & Lt. Co.—Guarantees
See Milwaukee Electric Power Co.—V. Ill, p.
Bonds, dec.—
1183.
Missouri Kansas & Texas Ry.—Modification of Deposit
Agreement—Reorganization Plan Expected Shortly.—
Holders of certificates of deposit for St. Louis Division First Mtge.
Refunding 4% Bonds, due April 1 2001, Issued under deposit agreement of
Marston committee dated Nov. 10 1915, are notified as of Oct. 11
that a modification and amendment of said agreement is proposed, and a
copy thereof has been filed on Oct. 8 with the Farmers' Loan & Trust Co.,
depositary.
The proposed modification and amendment will bo binding on
all depositors who do not dissent in writing within two weeks.
The plan of reorganization, it is understood, "will be issued at an early
day.—V. Ill, p. 1271.
the
Pacific
Missouri
The I.-S. C.
ment
loan of $719,000 to aid the
purchasing 4 switching locomotives and 6 ten-wheel standard
freight locomotives at an estimated total cost of $437,000, and in
making
a
in
1919-20.
$19,362,674 $14,641,035
14,044,166
10,500,464
6% Coll. Gold bonds and $1,700,000 3-Year 6% Coll. Gold notes.
This
latter is to be the amount outstanding after application of the proceeds
of the $4,006,000 Prior Lien stock now being sold.—V. Ill, p. 188, 183.
carrier in
carrier
April 30—
subsidiary companies
of subsidiary companies
expenses
Net earnings of subsidiary companies...
$5,318,508
$4,140,572
Earnings of Middle West Utilities Co. Based on Independent Audits.
April 30 Year—
1919-20.
1918-19.
Total income (incl. securities received and valued
by directors of company)
$2,463,567
$2,009,504
Net income after expenses, taxes, &c
2,197,618
1,812,185
x Annual interest
1
861,110
City Mexico & Orient Ry.—Govt. Loan Approved.
The I.-S. C. Commission, upon a supplemental application, has certified
its
Interest
be certified unless the net earnings of each
mortgage bonds of which are pledged hereunder, are equal to at
times the annual interest charge on all such bonds and on all
underlying mortgage indebtedness.
\y2
Gross earnings of
Three additional stations on the Eastern Parkway branch of the Interborough subway system in Brooklyn were opened Oct. 10.
The stations
completed the opening of the Eastern Parkway branch.—V. Ill, p. 1369.
Kansas City Clay
No notes of Series "A" may
company,
least
12 Months Ending
See New York Central RR. below.—V. 107, p. 181.
The company has
of reorganization in
and
Mt.
RR.—Government
Loan Approved.—
Commission has approved a loan of $8,871,760 to aid the
meeting its maturing indebtedness and in providing new equip¬
additions and betterments.—V. Ill, p. 1472, 792.
Tamalpais
&
Muir
Woods
Ry.—Stock
Dividend
The company has applied to the Calif. RR. Commission for an order
authorizing it to declare a stock dividend of 1590 shares.
Distribution to
the stockholders is proposed at the rate of one share to each two shares of
stock held.—V. 107, p. 2476.
National Railways
Directors
in
Mexico:
of Mexico.—Revised List.—
Vito
Alessio
Robles,
Jose
Covarrubias,
Genaro
P. Garcia, Fernando Gonzales
Manuel Marroquin y Rivera,
Roa, Tomas P. Honey, Elias S. A. de Lima,
Joaquin Pedrero Cordova, Angel Peimbert,
Lorenzo Perez Castro, Leon Salinas and Jose Vasconcelos.
For directors in New York compare V. Ill, p. 189, 1279.
New Orleans Ry.
& Lt. Co.—Int. Payment—Injunction.
5 announced that notice had been
1920, on the General Mortgage
4H% Gold bonds, due 1935, is being paid.
The Committee on Securities
niled that said bonds be quoted "ex" the July 1 1920, coupon on Oct. 7.
Judge King of the Civil District Court, has isshed a temporary injunction
at the request of the Assistant Attorney General Hall of Louisiana prohibit¬
ing the city of New Orleans from increasing the 6treet- railway fares.
This
prohibits any action upon the recent award of the Special Masters.
The union carmen have voted to accept the award of the Special Masters
as amended
by Judge Foster and directed their officials to make a contract
with the receiver.
V. Ill, p. 1370, 1472.
The N.
Y.
Stock Exchange on Oct.
received that the interest matured July 1
Oct. 16
1920.]
CHRONICLE
THE
New Orleans Texas & Mexico Ry.—Bond
Application.—
The company has applied to the I.-S. C. Commission for authority to
issue eight promissory notes of $25,000 each,
maturing every six months,
bearing
7% int., secured by
an
equipment trust agreement covering
10
steel passenger coaches and 5 steel baggage cars now
being constructed by
the American Car &
Foundry Co., costing $293,050, of which $93,050 is
to be paid in cash.
The road also seeks approval of the Commission
(a) of an obligation
previously entered into to pay the War Department $12,500 p. a. for nine
years at 6%, beginning May 1 1921, to pay for 5 locomotives originally
constructed for Russia and bought by the applicant at $25,000 each; (b) to
issue $800,000 First Mtge. 6% bonds and $500,000
5% Non-Cumulative
Income bonds; (c) to issue $280,000 5% Income bonds and $175,000 stock
t. c. to carry out the
proposed exchange of securities with the French
Belgian bondholders.—Y. Ill, p. 1279.
or v.
and
New York Central
The U.
RR.—Bridge Case Decision.—
S.
Supreme Court has
junction proceedings brought by
Hudson River Connecting RR.
Hudson River near Castleton, N.
authorized by Congress to build a
refused to review decrees dismissing in¬
the State of New York to prevent the
from constructing a bridge across the
Y. (V. 107, p. 182).
The company was
bridge to handle traffic from Boston and
New York to Buffalo without coming to Albany.
New York State passed
a law
prohibiting the building of the structure.
Mistrial in New York
City Ouster Suit.—
action of the Justice
due to the discovery by him that he held
was
a
remote
interest.in
a trust fund which had among its holdings New York Central
and West Shore Railroad bonds.
The city had rested its case after presenting testimony for several days.—
V. Ill,p. 1183.
New
York
New
Haven
&
Hartford
RR.—Mortgage
Approved, &c.—The stockholders on Oct. 11 approved (1) a
bond issue for the funding or refunding of indebtedness, these
bonds to be secured by mortgage; (2) an issue of equipment
notes or debentures; (3) to extend the time of a loan to be
secured from the United States from 5 to 15 years. (See
V. Ill, p. 1279.)
President E. J. Pearson in explanation said:
!
"In order to fund the company's indebtedness to the U.S.Government
incurred during the period of Federal control, the company will be required
by the Director-General to issue bonds secured by a first and refunding
mortgage upon its real property, such mortgage also to include the pledge
of certain of its securities and pledges such bonds as security for notes at
6%.
A suitable form of mortgage has Deen prepared providing for such
bonds and providing further for bonds to be used as security for any loan
the company may receive to pay for equipment and additions and better¬
ments under the provisions of Section 210 of the Transportation Act, 1920.
"The mortgage wUl secure on a parity all evidences of indebtedness pre¬
viously issued and
outstanding, of which the
company is the maker,
already secured by a direct mortgage,
and wUl provide for a sufficient number of bonds to be set aside and reserved
under its terms to refund the company's indebtedness as it matures from
or
now
which it has and which
are
Philadelphia & Reading Ry.—New Directors.—
Charles H. Ewing and George M. Shriver have been elected directors,
succeeding George F. Baker and Daniel Willard.
Albert Bierck has been
elected a director of nearly all of the 12
subsidiary companies; he succeeds
George Ziegler.—V. 110, p. 1849, 1845.
Pine Bluff (Ark.)
The motormeri
not
and outstanding shall be limited to an amount which, together with all other
bonds, notes and other evidences of indebtedness of which the company is
the maker or which it has assumed, shall not exceed twice the amount of
capital stock plus twice the amount of the premiums
and hereafter
now
paid and set up in the balance, $3,500,000.
Since this changes the form of
equipment trust, the stockholders are requested to amend the former vote
so
as
to
comply with the present requirements.
you to
authorize.
Norfolk & Bristol Street Ry.—Foreclosure.—
The property of the company is to be sold at public auction at Walpole,
Mass., on Oct. 23.
Suit for foreclosure was brought by the American Trust
Co., representing the bondholders.—V. 107, p. 1837.
Northern
Ohio
Railway.—Transfer of Lease, &c.—
See Lake Erie &Western RR. under reports
above.—V. 110,
p.
562.
Ohio Traction Co.—Cincinnati under Service-at-Cost.—
of
Service-at-cost will be the basis of all electric railway fares in the City
Cincinnati, according to an opinion by Judge Stanley W. Matthews of
the Hamilton County Court of Common Pleas, who recently dissolved a
temporary restraining order preventing the Company from charging more
than 5 cents between the villages of Wyoming and Lockland and the Zoo.
The service-at-cost ordinance, the Judge held, is not only a contract
between the
City of Cincinnati and the company but is also
a
law governing
traction lines within
corporation limits.
He said the home rule charter of
the city gives its ordinances the effect of State laws.
The villages of Wyoming and Lockland brought suit because, it was
stated, tney had contracts with the Company whereby they were guaranteed
a 5-cent fare between their corporation limits and the Zoo, which lies about
a
mile within the city limits.—("Electric Railway Journal" Oct. 9).—
V. Ill, p. 1370.
Oregon
&
California
RR.—Bonds
Offered.—Knauth,
offering
at 89 Yi to yield about 7% $600,000 1st Mtge. Sinking Fund
5% bonds of 1887.
Due July 1 1927.
Naehod & Kuhne and Salomon Bros. & Hutzler at
The bonds are a first mortgage on 680 miles of the Southern Pacific
RR., in Oregon from Portland south, to the California State Line, and are
guaranteed by endorsement principal arid interest by the Southern Pacific
Co.—V. 106, p. 929.
Ottawa Electric Ry.—To Vote on Two Plebiscites.—
Ottawa City Council has voted in favor of recommending that
plebiscites be submitted to the electors entitled to vote on money bylaws
at the next annual election, to be held in January on the following questions:
(a) Are you in favor of the city applying for legislation, enabling it to
borrow money without a further vote of the electors to acquire the property
and assets of the Ottawa Electric Ry. under the agreement between the
City and the Railway Company, at a price fixed by arbitration as provided
by the agreement?
And, in the event of the question being answered in the affirmative, that
legislation be applied for conferring the necessary borrowing powers.
(b) Are you in favor of the city applying for legislation to provide that
the city will not be compelled to acquire the property and assets of the
Ottawa Electric Ry., pursuant to the agreement between the city and the
railway company, unless a byiaw setting out the amount of the arbitration
The
award shall first be submitted to and receive the assent of the electors
entitled to vote on money bylaws, or for such plebiscite as in the opinion of
thecity solicitor will
carry
outthe intention of this motion.—V. 110, p. 2488.
cents
an
hour;
Reno
the program
to
(Nev.) Traction Co.—Abandons Franchise Rights.—
The company has filed with tne
City Clerk a written release abandoning
certain franchise rights it has enjoyed in tne City of Reno, Nev.
The release
abandons all rights to exercise tne
privilege of maintaining electric railway
service on certain streets.—V..110, p. 360.
Southern
Pacific
Co.—Status.—Financing New Rolling
Kruttschnitt, Chairman of the Executive
having recently completed a trip of inspection
Pacific System said:
Stock.—Mr.
J.
Committee
the
I find
a
our lines west of El Paso in
quite satisfactory condition, reflecting
considerable improvement since my last trip over them some four months
Those east of El Paso, under a separate Federal jurisidction, were
ago.
badly
lines
run
down when returned to
of progress
us.
Our plans for the future are along
with the intent of bettering both freight and passenger
service.
The company has completed such financing as is necessary at this time.
A great need, of course, was for more
equipment, since during the war period
very
try
much less than that necessary to meet the normal growth of the
was
The
coun¬
constructed.
Pacific
Southern
Company has sold $15,000,000 worth of trust
equipment notes, being two-thirds of the value of the estimated cost of
equipment totaling $22,500,000.
The Pacific Fruit Express Co. of whioh
it is one-half owner, the Union Pacific owning the other half, has sold notes
in connection with the construction of 4,000
refrigerator cars costing in
round figures $16,000,000 (Compare V. 110, p. 2082 2488.)
The Southern Pacific equipment ordered includes 70 locomotives, 5,400
freight cars, 50 steel passenger cars and 140 electric cars.
Perhaps the
number of freight cars can be visualized when it is stated that they would
make up one train over forty miles long.
Much of this equipment is being
built at our shops at Houston, Sacramento and Los Angeles, and many of
the refrigerator cars are to be built in the Pacific Fruit Express shops at
,
Roseville and Colton.
The additions and betterments to
90-poiind rails
the
use
of
on our
our
properties include the replacing by
main line of rails of lighter weight; extensive ballasting;
standard ties, 7x10x8, in place of smaller ties;
our new
the addition
of long sidings over the Siskiyous and the Sierra Nevada to facilitate train
movements; the creation of larger terminal facilities wherever needed, includ¬
ing shop additions, new roundhouses, etc.
No new financing is contem¬
plated in connection with this work at this time.
[The permanent equipment trust certificates Series "E"will be exchanged
York and at
19.]—V. Ill, p.1279.
for temporary certificates at the office of the company in New
the Commercial Trust Co. Phila., on and after Oct.
Staten Island Midland
RR.—Municipal Operation.— 4
It is stated that the
company's lines will be reopened under municipal
5-cent fare early in December pr as soon as equipment will
be secured.
The agreement to have the city operate the line was reached
at a conference between representatives of the city and the defunct railroad
before Federal Judge Thomas I. Chatfield.—V. Ill, p. 1280.^
IMI.IIH
i
,
1
regulation at
a
#
Texas Short Line RR.—Bonds Authorized
The Texas RR. Commission has authorized the company to issue $175,000
bonds to be used in refunding existing bonds which were authorized on
March 11 1902 and which will mature
be dated Nov.
Toledo
1
on
1920 and mature Nov.
Bowling Green &
Jan. 1 1922.
1
The new bonds will
1940.—V. 88,
p.
232.
Southern Traction Co.—
The company has
applied to the Ohio P. U. Commission for permission
to abandon immediately its lines operating in Findley, O.—V. Ill, p. 1473.
Tonopah & Tidewater RR.—Acquisition.—
Vic:e-President Buckland stated that the U. S. Government will take the
company's note for $65,000,000 which will run for 10 years and be secured
by $80,000,000 of ithe company's bonds.
Full details between the com¬
pany and the Government have not yet been concluded.
The Connecticut P. U. Commission has granted the petition of the com¬
pany to issue notes amounting to $15,130,000 for additions to its equip¬
ment and for improvements as follows:
Equipment trust notes, $2,800,000, payable in 15 years, and $700,000,
payable in equal installments in 7 years; promissory notes for $2,000,000
at 7 %, payable in 6 months and subject to renewal for 3 years; promissory
notes to the U. S. Government to amount of $1,500,000 at 6%, promissory
notes for $8,130,000 on demand.
Compare V. Ill, p. 1279.
increase of 7
Pittsburgh Rys.—Reorganization Probable.—
It will not be possible at
The money to pay for the equipment in the first instance
an
It is reported that initial steps preliminary to the
reorganization of the
this time to sell to advantage the equipment trust obligations we are asking
it is expected, will be obtained by a loan from the Government amounting
to $1,500,000 and from banks in the amount of $2,000,000, the equipment
trust obligations being used as collateral to secure these loans."
Co.—Wage Increase.—•
recently granted
company are being taken.
Nothing definite regarding
be followed has been announced.—V.
Ill, p. 1370.
time to time.
"Provision will be made for additional bonds to be issued from time to time
for the purpose of securing funds for additions and betterments and for any
other lawful purposes, all future issues to be for such term and at such rate
of interest as the directors shall, at the time of each issue, determine.
"It will provide that the amount of bonds which may be at anytime Issued
were
retroactive to Sept. 21.—V. 108,
p. 1512.
over
The suit of the City of New York against the company to regain possession
of the land held by the road along the Hudson River below Riverside Drive,
New York City, was declared a mistrial on Oct. 11 by Justice Guy.
This
1567
See Bullfrog & Goldfield RR. above.—V. 104. p. 560.
Trinidad Electric Transmission Ry. & Gas Co.—Fare.
The Colorado P.
U. Commission has authorized the company to raise its
fare from 6 cents to 7 cents.—V. 99, p. 1912.
United Rys. of the Havana & Regla Warehouses.—
Merger Plan Approved.—At separate meetings of the holders
of each class of debenture and share capital of the Western
Railway of Havana, and of the Cuban Central Rys., held on
Sept. 17, resolutions were passed approving a scheme of
amalgamation under which the undertakings are to be taken
over, as from July 1 last, by the United Railways of the
Havana & Regla Warehouses.
See V. Ill, p. 1280.
Western
Maryland Ry.—Bond Application.—
The company has applied to the I.-S. C.
Commission for permission to
$2,700,000 First & Ref. Mtge. 5% bonds to be pledged for Govern¬
ment loans, one of $1,372,000 already granted, and one of $750,000 for
which application has been made.—V. Ill, p. 1371.
issue
INDUSTRIAL AND
Industrial
and
MISCELLANEOUS.
Public
Utility News.—The
following table summarizes recent industrial and public
utility news of a general character, particulars regarding
which are commonly to be found on a preceding page 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
General
Coal.—(a) President "Wilson reopens Anthracite
"Times", Oct. 13.
(6) Indiana prices fixed by
priority extended; West Va. jury would limit profits,
N. Y., Oct. 13, p. 1133 to 1136.
(c) Resignation at
Wage Award, N. Y.
Commission; coal car
"Opal Trade Journal,"
Indianapolis Oct. 12 of
Special Asst. Attornej Gen. Simms in charge of prosecution of 125 coal
operators and miners indicted March 11 for violation of Lever Act, "N. Y.
Times," Oct. 13 and 14, 15.
id) Alberta Supreme Court grants injunction
to prevent "One Big Union" from attempt to induce United Mine Workers
to break 2-year agreement, N. Y. "Times," Oct. 11, p. 17.
(e) Anthracite
prices pronounced excessive, N. Y. "Sun,' Oct. 14, p. 1.
OU.L-(a) Oil shortage for gas making.
See United Gas Impt. Co. below.
(b) Mexican oil controversy, survey of oil industry, shale rock as source of
oil, "Magazine of N. Y. Petroleum Exchange," 158 Broadway, N. Y.
(c) Sales of Osage Nation oil lands, "Boston N. B.' Oct. 15.
low levels were reached this week as follows: (a) Cotton
15 22.00 cts. against 43.75 cts. in July and 31 in Sept. 1920 and 35
Prices.—New
Oct.
Oct., 1919.
(b) Print Cloths, Oct. 14
against 1034 in Sept. and
16M in April, 1920.
(c) Copper. Oct. 13 17 cts. against 18.75 in Sept. and
19.50 in Jan., 1920 and 23.50 in Oct., 1919.
(d) Tin Oct. 15,38M cts.
in
against 45 in Sept. and 65^ in Jan., 1920.
(e) Coffee Oct. 15 6% cts.
against 834 in Sept., and 16 M in Jan., 1920.
Also (/) Wool prices have declined since May 1 29 to 40% and linger
close to low level, "Boston News Bureau," Oct. 9.
(g) News Print, spot
delivery, reported Oct. 14 at 9H to 934. said to be the lowest for year.
ih) Quicksilver again reduced, now $70; production "Fin. Amer.," Oct. 11
and 14.
(i) Aluminum Prices restored to oJd basis, 33c. for No. 1. Virgin.
(j) Brass goods down 34 ct.
(k) Comparative food prices, N. Y. "Times,"
Oct. 9, p. 24 and Oct. 10, p. 22.
(I) Hides at low prices, Boston, N. B.f
Oct. 12.
„
'
[Vol. 111.
CHRONICLE
THE
1568
Wages,&c. (a) British coai miners vote to strike, NT. Y. "Times," October
(&) Railroad strike in Portugal and strike in Barcelona terminate.
(c) Labor disputes before Director of Conciliation at Washington increased
in week from 62 to 73, including disputes of electrical workers, printers,
miners, etc.
(d) Over 2000 organizations of employees in 247 cities seek to
promote "open shop", "Iron Trade Review," of CleVe., Oct. 14 and 7.
(e) Wages of silk weavers at Central Falls, R. I., reduced 15%.
Numerous
New England mills idle.
Indiana and Inland Steel Co. reduce number of
employe®*! in interest of efficiency, N. Y. "Times", Oct. 9, p. 18.
(f
15 & 16.
Sabotage In N. Y.fu strike, N. Y. "Eve. Post," Oct. 13, p. 2.
Misctnuneous.—w) Internal revenue collections in 1920, N. Y. "Times."
Oct. 11, p. 17.
(b) Shortage of female help, N. Y. "Times," Oct. 11, p. 21.
(c) Steel premiums vanish, steel orders decline, N. Y. "Times." Oct. 10
and 14.
(d) Farmers attack Federal Reserve Board for withholding credit,
N. Y. "Times," Oct. 14 and 15, N. Y. "Eve. Post." Oct. 13.
0?) England
and France reported selling scrap copper in considerable amounts,
if)
Peck ts case postponed till Oct. 21 to permit submission of new agreement.
(0) Gov. Edwards of N. J. ousts Public Utility Board, N. Y. "Times,"
Oct. 15, p. 18.
(h) Ottawa Board of Commerce on Oct. 14 forbids whole¬
salers from buying sugar from others than Canadian refiners,
(t) Fires in
cotton gins and shooting of a negro guard in efforts of night riders to compel
holding of cotton crop, N. Y. "Times," Oct. 14.
.(;) U. S. Supreme Court
on Oct.
11 refuses to reconsider dry law case of last June.
Trouble in
N. Y. cloak industry, N. Y. "Eve. Post," Oct. 11.
Matters Noted Fully in "Chronicle" of Oct. 9.—(a) Grain and cotton
Italian labor situation, p. 1401.
(c) Motor freight
this company is third in the amount of
but it is first in number of holders of common stock.
corporations it has, perhaps, the widest distribution of owner¬
ship and the smallest average holdings per stockholder.
There are'"now
over 135,000 recorded owners of the company's stock and the average hold¬
ings are less than $3,300.
Under an easy payment plan which the company announced to employees
Jan. 1 1915, and an extension to this plan, in March 1916, over 23,400 of
those purchasing shares continue to hold stock.
On Dec. 1 1919 a new
offer of stock was made under which any employee of at least one year's
service could purchase a limited number of shares, paying for them at the
rate of $3 per share per month.
This offer has proved very popular; 46,126
employees in August 1920 were making payments on 184,580 shares, an
average of 4 shares each.
It is probable that 25% of the stockholders will be employees and 25%
of the employees will be stockholders, when the employees now purchasing
stock finish paying their installments.
V "
Of all American corporations
stock outstanding,
Of the big
Dividends on stocks owned
$26,079,476
22,281,002
X
Interest and other revenues
.
Telephone traffic (net) (one month estimated)
11,900,946
...
$60,261,424
Total
Threats, p. 1420.
1421.
(p) Increase in commercial
shoe and leather industry, p. 1424.
(i)
1420,
for N. Y. State grain
Aetna
elevator, p. 1429.
Explosives Co—Probable Merger.—
See Hercules Powder Co.
below.—V. Ill, p. 991.
Allied Chemical & Dye
-
Corporation.—Listed.—
authorized the listing of Chemical
for the following;
$16,333,000 6% Preferred stock and $19,822,-
Stock Exchange has
Certificates of Deposit
The New York
Consolidation
(1) General Chemical Co.:
900 Common Stock.
_
■■■
„
„
'
.
.
.
(2) The Barrett Co.: $7,403,100 7% Cumulative Preferred stock and
$15,972,100 Common stock.
t.
(3) National Aniline & Chemical Co., Inc.: $11,160,200 v. t. c. for 7%
Cumulative Preferred stock and 271,271 v. t. c. for shares of Common stock
without nominal or par value;
_
,
;
on official notice of issuance in exchange for outstanding respective stocks
the above-mentioned companies.
Compare consolidation plan in full
^
j,
o
.111,
1379, 1474.
p.
;
.
Mfg.
Allis-Chalmers
.
Deduct interest
X.
14,131,739
...Xiiv-26,527,291
....
Deduct dividends
^
Manufacturing Co. reports net profits for July and
August of $595,532,
For the eight months ended Aug. 30, last, net profits
were $2,195,163.
Preferred and Common dividend payments amounted
to $1,380,545,
leaving a surplus of $804,618.
The previous^surplus
amounted to $ 10,856,007, leaving a to tal surplus onAug.3lof$ll,660,625.
"Financial America."—V. Ill, p. 992.
"The Allis-Chalmers
Amalgamated Sugar Co.—Buys Factory —
The company, it is stated, has
Sugar Co. in Northern Utah for
purchased the factory of the West Cache
about $1,000,000.—V. 110, p. 2565.
Trade Corp.—Tobacco Products
Amer. Foreign
Products Corporation
See Tobacco
....
_,
19564 198
Holdings.
below.—V. 110, p. 872.
Co.—Fiscal Year Changed—Status.—
R. H. Adams in a notice to the stockholders says:
American Linseed
Pres.
The directors have
adopted a resolution (a) changing
the fiscal year from
ending on Sept. 30 to Dec. 31 and (b) the date of the annual meeting from
the second Tuesday in November to the first Tuesday in March.
(The
next annual meeting will be held on March 1 1921.)
Until recently the business of your company and its subsidiaries in linseed
by-products constituted the larger part of their business and a
ending Sept. 30 was considered most convenient and appro¬
While the business in linseed oil and its by-products has shown a
steady increase, the business in vegetable oil food products has recently
so rapidly increased that it now constitutes a large majority of the total
oil and its
fiscal
year
priate.
business of your company
in vegetable oil food
ness
and its subsidiaries; and with regard to the busi¬
products a fiscal year ending Dec. 31 seems pre¬
ferable.—V. Ill, p. 1474.
..$12,631,431
Y. Ill, p. 586.
American
Safety Razor Corp.—Board Increased.—
Banks, A. H. Messing and L. M.
Theodore H.
Leon Scbinasi has resigned
Stein have been elected
member of the board.—V. Ill,
as a
1371, 1280.
p.
American Tobacco Co.—Tobacco Products
Corp. Acquires
3,000 Shares of Norn-Voting B Common Stock,,
See Tobacco Products
American
&c.—
Corporation below.—V. Ill, p. 1185.
Woolen
Co.—Mills
Gradually
Resuming.—
William M. Wood is quoted as saying: "Rumors regarding
closing down or making any changes in prices are
unfounded.
We are opening our mills and not shutting them.
Wool is
now selling at half its extreme price and some grades are selling for 40% of
former prices.
The market for wool ought to be on bottom.
People can
have no reason to expect lower prices for cloth this year and the American
Woolen Co. deals only with cloth."—V. Ill, p. 1185.
President
American Woolen Co.
Anaconda
Copper Mining Co.—Bonds Offered Guaranty
at 9634
Co. and National City Co., New York, are offering
and int., to yield about 7%%, by advertisement on
page,
$25,000,000 Secured Gold bonds,
another
Series B, 7% of
1919 due Jan. 1 1929.
Interest payable J. & J. without deduction for any Federal income taxes
hereafter deductible at the source not in excess of 2%,
Denom.
now or
$100, $500 and $1,000 (c*).
Series B bonds red. all or part (but not by the
sinking fund) on any int. date upon 30 days' notice at par and int. plus a
premium of H% for each year or part thereof by which the maturity is
I^ata
Series A bonds (V. 108,
81) are not redeemable.
p.
from Letter of Chairman John J. Ryan, New York, Oct.
H
1920.
Company.—It is the largest producer of copper in the world and its mines
located in one of the great' at known mineral belts, the Butte District
in Montana.
During the past 87 years the group of mines now owned has
produced and is now producing mo e copper and more silver than any other
district in the world.
The capacity of the smelters and refineries of the
company and its constituent companies is not only sufficient to handle all
the production of the company, but they also treat upon a custom basis
very large quantities of ores and metals of other producers.
Purpose.—Proceeds are to be used to provide additional working capital.
are
Earnings period from Jan. 1 1913 to Dec. 31 1919, after payment of interest
and taxes, but before depreciation.
$39,721,188
1913..—
$12,050,857 1917.
26,907,055
9,6.35,216
8,031,878
18,596,384
57,911,835
The annual average of the above amounts was in excess of $24,500,000—
about 50% of the entire issue of these bonds.
During the last 10 M years company has paid dividends aggregating more
than $125,000,000.
Financial.—Current position of company as of June 30 1920, after giving
effect to the present financing:
Current Assets: Supplies on hand and expenses paid in advance,
$11,299,697; merchandise held for sale, $2,152,001; metals
in process and on hand—at cost, $31,020,779;
accounts re¬
ceivable and cash, $35,365,534
$79,838,011
Current Liabilities; Accounts and wages payable and taxes and ; 1
interest accrued,
$15,692,488;
dividend No. 80, payable
Aug. 23 1920, $2,331,250...
18,023,738
Net
current
assets.
.....
...
$61,814,273
Fund.—Under the terms of a supplemental trust agreement,
company will covenant to pay to the trustee $1,500,000 per annum as a
sinking fund, payable J. & J. of each year, beginning with July 1 1921.
The Trustee is to apply the sinking fund moneys to the'purchase and re¬
tirement of such Series A and Series B bonds as may be tendered on the most
advantageous terms.
To the extent that bonds can not be purchased at
prices to yield 6% or more per annum, the unexpended moneys shall revert
Sinking
to the company.
Equity.—The company has outstanding $116,562,500 capital
quotations, indicates an equity in excess of
at recent market
stock, which,
$120,000,000
behind these bonds.
Sugar Refining Co.—Offers Plan
Meeting Contracts.- -The company in
its customers says in part:
American
Customers in
to
1371, 1185.
;
American Locomotive Co .—Foreign Orders.—
|
The company, it is stated, has taken an order for 50 100-ton Pacific type
locomotives from the Paris-Oleans Railway of Prance.
The value of the
order is said to be in the neighborhood of $4,000,000 and it is expected that
construction work on the entire order will be completed by next February.—
directors.
-V. Ill, p.
anticipated
Co.—Earnings.—
6,970,963
Expenses, including provision for Federal and other taxes
Balance
if) Cotton and tobacco loans, p
failures, p. 1423.
(h) Status of
Cotton mill status, p. 1424.
(j)
Sugar matters, p. 1425, as to Cuban crisis compare "Boston N. B.
Oct. 12,
p. 1 and N. Y. ^Times," Oct. 11.
ik) British bread subsidy ends. Mexico
places new export, duties on cereals.
Swedish flour monopoly ends, p. 1426.
(I) Unrest of wage earners, p. 1426.
(m) Union in printing trade disapprove
reduction in 48 hour week, p. 1427.
in) Population of States by new U. S.
Census, p. 1428.
(o) Powers of Federal Trade Commission, p. 1435 (p) Plan
great fall in prices;
30 1920.
Earnings of Amer. Tel. & Tel. Co. for Nine Months ending Sept.
Aid
notice
to
a
in sugar prices, we recognize
confronting many of you who have
purchased from us at 22^ cents per
For
description of Series A bond, history, property,
security, &c., see V. 108, p. 81.—See also Annual report in
V. 110, p.
1969;
V. Ill,
1474.
p.
In view of the recent very serious decline
the
difficulty
of the
situation now
unfilled contracts for refined sugar
We, however, are in the same situation, for we have purchased
raw sugars at correspondingly high prices to fill your contracts.
In addi¬
tion, we have to face large losses on our own unsold inventory, also pur¬
chased at high prices.
We are otliged, therefore, to ask you to carry out
your contracts with us promptly.
We desire, however, to be of as much
service to you as possible in this crisis, and accordingly we are offering the
following plan;
You may settle for each invoice—after deducting the usual Cash discount
at 2%—on part cash and part trade acceptances basis; the cash payment is
to be equal to our f. o. b. refinery price in force at the opening on the day
of shipment; in the event that we are withdrawn from the market, the cash
payment is to be equal to the "market quotation net cash duty paid" for
pound.
ournal" issued
franulated sugar as date ofby Willett & Gray in their daily "Sugar Trade
given shipment.
on
Anglo-Newfoundland Develop. Co.,
Company was formed in 1905, and now supplies
Mirror,"
"Evening News," "Weekly Despatch,"
found
in
the
London
"Money Market
days after the arrival
whom we ordinarily
to be made
invoice you
may give us your trade acceptances, bearing interest at the rate of 6% per
annum, payable as follows: 25% in 3 months, 25% in 6 months, 25% in
Art Metal Construction
The Boston Stock Exchange has
(v. t. c.), par $10, making
shares.—V. Ill, p. 1371.
9 months, 25% in 12 months.
If you desire to avail yourself of this offer you will be
of record Oct. 11.
expected to furnish
your specifications and complete one-half of your withdrawals upon your
present outstanding contracts by Jan. 1 1921, and the balance prior to
refined sugar, nor to in¬
shares
Co.—Listing.—
authorized the listing of 29,416 additional
the total authorized for the list 320,570
Avery Co. of Peoria, 111.—100% Dividend.—
payable in stock Nov. 1 to stock
This action increases the common stock from $2,500,000
Directors have voted a 100% dividend,
(par $100) to $5,000,000.—V. Ill, p. 591, 1474.
Newcomb Carlton,
contracts as entered
President of the Western Union Telegraph Co., has
director, succeeding Edwin A. Atkins.—V. Ill, p. 1474,1185.
American
Telephone
&
Telegraph Co.—Earnings—
Stockholders.—In a statement accompanying the dividend
checks President H. B. Thayer, under date of Oct. 15, says:
Dickinson has authorized Clinton E. Woods, receiver,
6% receivers' certifs., to be issued at 99.—V. Ill, p. 992.
U. S. District Judge
to issue $200,000
New Director.—
a
particulars may be
Investor's Chronicle,"
Bethlehem Motors Corp.—Receivers' Certifs. Authorized.
1921.
These terms will not apply to any new sales of
voices bearing date prior to Oct. 14 1920.
Unless this offer is accepted all of the terms of your
into will remain in full force and effect.
been elected
Review &
Sept. 11, p. 274-275.
make delivery on a cash basis, then the part cash payment is
as usual upon delivery of the sugar.
For the balance of the
1
"Daily Mail," "Daily
"Sunday Pictorial,"
Secretary, Stanley
and other papers with their main stocks of newsprint.
J. Bell 16-17 New Budge St. London, E. C. 4.
Full
,
Such cash payment is to be remitted for within seven
of the sugar, except that in the case of customers to
April
Ltd.—Offering.—
The British, Foreign & Colonial Corp., Ltd., London recently received
applications for the purchase from them of about £800,000 8% Guaranteed
15-yr.
2d. Mtge. Debs, at 98, through their bankers, Lloyds Bank, Ltd.
and brancnes.
Denom. £50 and, £100 (r.)
Red. at 103 beginning in 1926.
Debs, are unconditionally guaranteed by Associated Newspapers,
Ltd.,
and "Daily Mirror" Newspapers, Ltd.
Cap. $2,800,000 8% Cum. Pref.
and $4,200,000 Ordinary in $1 shs,: issued $2,426,000 Pref. and $4,200,000
Ord.
Debs.: £404,040 5 p. c. 1st mtge.
Boyle Ice Co. of Chicago.—Bonds Offered.—Peabody,
Hough teling & Co., Chicago, are offering par and int. to
net 7%, $350,000 First Mtge. 7% Sinking Fund gold bonds.
Circular shows:
1920.
Payable serially Oct. 1 1921 to Oct. 1 1928.
Red.
102H on any int. date on 60 days' notice.
$1,000, $500 and $100 (c*).
Int. payable (A. & O.) at office of
Peabody, Houghteling & Co., Chicago.
Augustus S. Peabody, Chicago
Dated Sept. 4
in reverse of numerical order at
Denom.
Oct. 116
1920.]
trustee.
Company agress to pay normal Federal income tax not exceeding
4%.
Bonds are personally guaranteed principal and interest by John P.
Boyle, President of company.
Beginning Nov. 1 1921 company agrees
to pay each month into a sinking fund at the office of Peabody, Houghteling & Co., 1-12 of the amount necessary to pay the annual interest and
the next serial maturity of
principal.
Company.—Established in 1906 with a capital of $100,000, which was
increased to 1910 to $300,000.
Company's first operations were confined
to the handling of ice from its Lake Geneva and Silver Lake natural ice
plants.
In 1910 its growing business necessitated the building of modern
artificial ice manufacturing plants in Chicago, and has two artificial ice
Elants, Eddyexpected to be Edgewater plant in operation and the Larrabee
t. plant is
St. plant and in operation shortly.
Nov. 30 Year—
Output
1916-17.
1918-19.
99,259
$547,361
1917-18.
84,205
$268,483
(tons)
Amount of sales
87,697
$354,966
1569
CHRONICLE
THE
Greenshields & Co., Montreal recently offered at $35 per share 100,000
shares of capital stock (no par value)
The offering was noted in these
columns under the name of Dryden Pulp & Paper Co., Ltd., in V. Ill, p.
Du Pont Chemical Co.—Initial Dividends.—
Initial dividends of 10% each have been declared on the
Preferred stocks, both payable Nov. 5 to holders of record
108,
(E. I.) du Pont de Nemours & Co.—Dividends.—
See du Pont Chemical Co. above.—Y. Ill, p. 899, 696.
Edison Elec. 111. Co.,
meeting
Tuesday of September instead of the second Tuesday in October.
F. G. Havlin has been elected Asst. Treas., a new position.
Butte-Ballaklava Copper Co.—Sale.-—
Earnings for Fiscal
company's property has been sold at sheriff's sale for $225,000, and
by attorneys representing the bondholders, who, it is said, will
reorganize the company.
Compare V. Ill, p. 1281.
*
in
Butte &
Zinc
(lbs.)
Silver (ozs.)
1920—9 Months—1919
78,814,024
78,025,060
1,448,778
1,486,000
—V. Ill, p. 1186,796.
[
The New York Stock Exchange has authorized the listing on
14 of temporary certificates for 150,000 shares of Common
Oct.
par
Taxes
1
Dividends
and after
stock, no
value, in exchange for present outstanding 150,000 shares Common
stock (par $100), with authority to add 50,000 additional shares
value on official notice of issuance.
of no par
Earnings for the period from Jan. 1 1920 to Aug. 31 1920: Gross revenue,
$4,826,994; less inter-department items, $846,466; actual revenue, $3,980,528; operating expenses (net), $2,729,324; net revenue, $1,251,203; net
income, $1,223,007; int. onfunded debt, unfunded debt and taxes, $317,750;
surplus, $915,256.—V. Ill, p. 796.
(12%)
4,169,788
4,504,464
______
1920
months
________
Nine
months
1919
—V.
Ill, p.
3,118,426
4,001,477
44,049,825
September 1920..
September 1919--.
Nine
{lbs.).-
depr. & misc.
charges
Ill, p. 77.
34,660,987
35,975,874
7.288,214
8,505,941
78,710,812
74,225,583
1281, 496.
38,249,709
Endicott-Johnson
Balance
Sheet
& Power Co. is
practically all owned by the Central Maine Power Co. and
Railways Light & Power Co. are being wound up.
the affairs of the Maine
—V.
110,
2389.
p.
of July 3
Land,
1920
Corp.—Listing—Earnings
1920
Liabilities—
Common
stock
on
official notice of issuance
upon
conversion of 2d Pref. stock; making the total amount of 2d Pref. stock
applied for $2,675,000, and of Common stock 116,750 shares.
payable..,.
15,000,000
8,000,000
Acceptances pay.
Sundry creditors-
717,760
515,328
16,500
5.610,873
5,758",393
Notes
Fed.
taxes
year
1919 (not due).
16,500
Income
Gross
Other
and
Surplus Account Eight Months Aug. 31 1920.
Dr$16,298
$3,710,094 Surplus adjustments
110,688
34,031 First Preferred dividends.
Second Preferred divs.
67,375
140,000
$3,744,125 Common dividends.
earnings
income
Total income
—
.
Selling, adm. & gen. exp. &
2,162,182
Surplus for period
$883,583
Fed.tax(1920 est. 8mos.)_
364,000 Profit and loss surplus.
.$2.581,752
See report for first six months ending June 30 1920 in V. .111, p. 689, and
compare V. Ill, p. 1372, 1475.
tikftfr
interest—
__
Chile
Co.—Copper Production
Copper
Chino
{in Lbs.).—
Increase. I
1920—9 Mos.—1919.
2,452,000181,406,000
55,115,054
1920—Sept.—1919.
9,496,000
7,044,000
—V. Ill, p. 1282, 993.
Increase. |
1920—9 Mos.—1919.
32,747,734
1,623,190135,678,997
5,161,894
3,538,704
—V.
2,931,263
Columbia
Graphophone Mfg. Co.—To Retire Pref. Stock.
of $248,829 has been set aside for a sinking fund for the purchase
of Pref. stock on Nov. 10 1920.
The Bank of America, N. Y., is acting
as
sum
transfer agent.—V. Ill, p. 1475, 1282.
Consol. Interstate-Callahan Mining Co —Shipments.—
Sept. 1920.
Aug. 1920.
July 1920
Month of—
52% zinc concentrates (lbs.)
59% lead concentrates (lbs.)_
Silver (ozs.)
—V. Ill, p. 695, 392.
4,452,000
2,014,000
20,140
4,230,000
2,180,000
21,800
,_
Earnings
Power
Statement
Co.,
Including
Jackson,
Operations
of
4,400,000
1,946,000
19,460
Mich.—Earnings.—
Michigan
Ligh
Company.
1919
1918
1917
$10,670,400 $9,054,105 $7,530,782
8,258,252
5,900,900
5,340,686
4,018,806
12 Mos. Ending Aug. 31—
1920
Gross earnings,
$13,336,938
Operating expenses
$5,078,686
Gross income
Fixed chgs incl tax & rent
Divs. on Pref. stk 6%___
2,782,591
773,275
749,748
Federal
330,794
Deferred charges-
100,638
$4,769,499 $3,713,419 $3,511,976
2,600,659
2,036,659
1,510,050
769.322
763,475
686,750
$1,522,820
$1,399,518
$913,285 $1,315,176
[This statement accompanied the Pref. dividend 1H% paid Oct. 1]
Compare offering of $2,500,000 Gen. & Ref. Mtge. 7% series B bonds
last week's issue p. 1373.
Bal. avail for replac., etc.
,
Crucible Steel Co.
of America.—Fractional Shares.—
Chairman H. S. Wilkinson recently sent a circular to holders of fractional
shares of Common stock informing them that they do not receive cash or
stock dividends, and advising them to
make
a
either purchase additional fractions to
share, or sell their fractions.
Those who failed to comply
before Oct. 15 will not receive the cash dividend payable
their entire holdings.—V. Ill, p. 695.
full
with the above
Oct. 30 on
Direct
United
States
Cable
Co.,
Ltd.—
received from the Birtish Govern¬
purchase of the company's property.
The exact terms are not
stated, but it is estimated that after discharging the company's liabilities
there would be sufficient to permit payment of $30 per share to shareholders.
The issued capital is 121,420 shares (par $50).
Company owns investments
Of the value of $1,800,000 and it is not clear whether this is included in the
estimate of $30 per share.
In April, 1911, the company leased its cable to the Western Union
Telegraph Co., but on Sept. 22 1917, the cable was interrupted.
The
interruption continued for more than 18 months, and on these grounds the
Western Union gave notice to cancel the lease.
The matter was taken to
court and the decision was against the Direct Cable company.
An appeal
was entered but was stayed by mutual consent with a view to some arrange¬
ment.
Negotiations to this end, however, proved unsuccessful, but this
has given the Go verament its opportunity. (N. Y.,"Times" Oct. 12)—V. 96,
p. 1301.
,9
It is announced that an offer has been
ment for the
Dryden Paper Co., Ltd.—Incorporated.—
Incorporated Sept.
J11920, to take over the properties and assets of
DrydeniPulp & PaperJCo.,lLtd.
2,331.008
taxes
current year,
300,000
51.945
1920, est
Unfilled
pur¬
635,000
chase orders.
Surplus
8,079,210
——
7.900",836
59,093,259 52,289.619
Total
59,093,259 52.289.619
Total
592.
Eureka
Pipe Line Co.—Suit.—
a notice to the stockholders states:
"On Feb. 3 1920 the
notified of a suit pending to test the validity of the West
Pres. M. Towl in
stockholders
were
Virginia Transportation Tax Act, which imposed a tax for the year of about
$450,000.
A dicision favorable to the company has recently been rendered
in the Circuit Court of Kanawha County, W. Va.
The State authorities,
are appealing the case to the
extract from Judge Rummel's
however,
"An
Supreme Court of W. Va.
opinion says:
'The conclusion we
reach is that the Transportation Tax Act is too plainly in effect a tax and
burden upon that which the State has no power to tax or regulate, namely,
inter-State commerce.
And in so far as the law affects intra-State com¬
it is only incidentally, and the two are so closely interwoven in the
Act, which treats them as one, that the Court cannot separate the taxes
imposed upon them and say that one is constitutional and the other un¬
constitutional.'"—V. 110, p. 1418.
See
Kennedy Corporation below.- -V.
Famous
Ill,
p.
993.
Players-Lasky Corporation.—Resignation.—
Treasurer, and a director, has resigned his
executive
position to resume the practice of law.
His connection with the corpora¬
1 1921, at which time he also will disassociate
imself from all the affiliated companies of the corporation.—V. 111, p. 989.
tion's affairs will cease Jan.
Ford Motor Co.—Suit Dismissed.—
in the Federal Court at Detroit, recently
action brought against the company by Thomp¬
son Spot Welding Co., who charged that patent rights held by them were
being infringed by use of the Winfield spot welding machine in the Ford
plant.
The action, it is stated, established the legality of millions of dollars
worth of welding equipment used by more than 500 industrial concerns.
An opinion handed down by Judge Killitts found invalid patent NO. 1046066
issued on a spot welding device invented by John Harmatta.
The Circuit Court of Appeals at Boston recently upheld the patent, and
it is believed likely that Judge Killitts's decision will be appealed.—
Judge Killitts of Toledo, sitting
dismissed on all points the
1283.
,
French-American Line, Inc.'-^Receivership.—
Frank S
Martin was appointed receiver on
S District Court
•
Oct
14 by Judge Julian W.
Mack of the U
against the company, with offices
Anable, Fuller & Sullivan, for the
following creditors: Peninsular Shipping Co., $9,156; Frank B. Hall & Co.,
Inc., $27,476, and Henry Kelly & Sons, Inc., $1,188.
Preferential pay¬
The petition in bankruptcy was filed
at 18 Broadway, N. Y. City, by Nicoll,
ments of $19,500 are
alleged.
Company was incorp. in
Delaware, Abraham Frankel, Pres.
It Is said
and
15 )
operated*30 ships, procured from the U. S. Shipping Board
purchased on the installment plan
(See "Journal of Commerce" Oct
to have
in
2,505,286
411,506
plan.—.—_
41,302
Water
Works Co...-.
V. Ill,p.
Consumers
864,661
sharing
Profit
296,569
Arthur S. Friend,
Co.—Pref. Shares Retired.—
it is stated, has retired 800 shares of its Pref. shares (par
$100), leaving the outstanding Pref. stock $1,320,000.—V. Ill, p. 1372,76.
The company,
A
946,362
Reserved for—
Workers,
dwell¬
ings, etc..
Fairbanks, Morse & Co.- ■Sells Baltimore Plant.-
Increase.
1276, 1086.
Ill, p.
Cleveland Automobile
1,172,500
Divs. Jan. 1 1920
Accounts payable
9,415
merce,
Increase.
26,290,946
Copper Co.—Copper Production {in Lbs.).—
1920—Sept.—1919.
1,163,673
Loans payable
Cash
Pref. stk in treas
V. Ill, p.
$
16.390,000 14,000,000
7.000,000
7,000,000
21,079.684 18,077.419
12,501,823 10,243,581
49.062
66,807
—
Inventories
Accts.¬es rec.
employees; and also with authority to add up to 1,083 addi¬
of said
shares
1919
15.000,000
Common
(no par value), on official notice of issuance in exchange
for Capital stock of Thomas Potter Sons & Co., Inc., with authority to
add up to 16,000 additional shares of said Common stock on official notice
of issuance to
stock—
15,000.000
12,056,599 10.774.974
of Common stock
tional
592.
Dec. 31
S
Preferred stock—
machinery, &c.
Endlcott
—
New York Stock Exchange has authorized the listing of $750,000
additional 7% Cum. 2d Pref. stock (par $100) and 4,000 additional shares
The
July 3
$
p.
1919.
1919
$
buildings,
Good-will—
found in V. Ill,
1920 and Dec. 31
Dec. 31
July 3
Empj. stk. subs._
Certain-teed Products
as
Liberty MbondS-.
Maine Railways Light
Increased.—
Corp.—Balance Sheet.—
The income account for the half-year will be
Sundry investm's
Central Maine Power Co., Augusta, Me.—
$916,744
(Otto) Eisenlohr & Bros., Inc.—Dividend
Sundry btors
We learn that the Pref. and Common stock of the
$534,739
$447,264
$1,313,467
A quarterly dividend of 134% has been declared on the Common stock,
payable Nov. 15 to holders of record Nov. 1.
Dividends of 1% have been
paid quarterly from Feb. 1917 to Aug, 1920.
An extra dividend of 3i of
1% was also paid in August last.—V. Ill, p. 392.
Assets—
Total.
Hecla. Subsidiaries.
Calumet
1916-17.
$9,235,778
$5,049,434
1,022,565
407,059
2,703,066
Bal. for
6 Months—
& Hecla Mining Co.—Production
Calumet
1917-18.
$9,623,605
$4,881,941
938,179
705,664
2,703,360
1918-19.
$13,920,606 $11,435,709
$6,661,413
$5,229,484
1,479,630
1,057,628
1,164,955
1,021,231
2,703,360
2,703,360
Total net income
-V.
Caddo Central Oil & Refining Co.—Listing—Earnings.
Years ended June 30.
1919-20.
Gross
Interest-
Superior Mining Co.—Production.—
1920—September—1919
7.500,000
10,600,000
138,000
200,000
Boston.—Date of Annual Meeting.
The shareholders have voted to change the date of the annual
to the third
The
bid
Common and
Oct. 25.—V.
174.
p.
Globe
Shipbuilding & Dry Dock Co. of Md.—Drydock.
The floating
dry dock of the company,
it is stated, was given its first
tryout Sept. 28 in submerging and taking on for repairs
a 4 000 ton stamship of the Baltimore Steamship Co.
the S. S. Corcoran,
The dry dock, it is
capacity of 9,000 tons dead weight, and is electrically
operated.
The company is now working about 700 men, and it is believed
that this force will be materially augmented.
In addition to the repair work
the company is now engaged in the construction of two oil tankers, each of
8 600 tons dead weight for the Eagle Oil Transport Co., Ltd., of London.
A syndicate headed by Fidelity Securities Corp. of Md., Baltimore, in
Feb. last offered $3,000,000 8% conv. stock, as noted in V. 110, p. 663.
stated, has a lifting
Graton
Press
&
Knight Mfg.
Co.—150% Stock Dividend.—
dividend has been declared on the
This distribution, it is understood, will increase the out¬
reports state that a 150% stock
Common stock.
standing Common
stock from $2,000,000 to $5,000,000 (par $100).—V.
110, p. 768.
Granby Consolidated
For the 6
Mining, Smelting & Power Co.
months ending June 30 1920 the gross copper production (along
with gold and silver) was 11,867,264 lbs.; total sales, $3,164,797; net in¬
come after deducting interest charges, taxes,
&c. (other than retroactive
taxes), $395,024.
Retroactive taxes have been levied to a total of $300,000.
Copper output for Sept. is reported as 2,239,i74 lbs., an increase of
654 659 lbs. over 1919; total production for the nine months ending Sept.
30 last, was 19,676,924 lbs. of copper, an increase of 1,616,458 lbs.
ove
1919.—V. Ill, p. 1283, 696.
Great
Northern Iron Ore Properties.—Dividend.—
The trustees have ordered a distribution of $2 a share on the cert.ifica
beneficial interest, payable Dec. 15 to holders of record Nov. 27.
amount was
paid in March last.—V. Ill, p. 690, 77.
I
so"
11 e
1570
THE
Hawaiian
Sugar
CHRONICLE
for
Co.—Extra Dividends.—
Extra dividends of 3% have been declared
addition to the regular monthly dividends of
on the stock (par *20), in
1% each, payable Oct. 15,
holders of record Oct. 10, Nov. 10 and Dec. 10.—
Nov. 15 and Dec. 15 to
V. 110, p. 2661.
[Vol. 111.
the
suspension.
The company, it is stated, has been finding itself
accumulating unsold goods and will now await definite signs of orders in
reasonable volume before resuming.—V. 107,
p. 2012.
Lake
Superior
Corporation.—Output (Tons).-
3 Mos. end. Sept. 30—
Hendee
Manufacturing Co.—Annual Report.—
Income
Account
for
Year
ended
31
Aug,
Sales
Coke
1920.
._$9,055,357
8,433,906
Cost & exp., $8,301,238; Fed. taxes, int.,
&c., $132,668; total__
Pig iron
Ingots
Rails
A. A.
Net income after including other income
($138,463)
Pref. divs., $78,716; prem. paid on retirement
pfd. stock,
$29,814
1920
$759,914
108,530
1919
Pinkney has been elected
Library Bureau.-
$651,384
Assets—
Hercules Powder
Co.—May Acquire Aetna Explosives.—
It is reported that the company has been
negotiating for some time for
purchase of the Aetna Explosives Co.
It is understood that nothing
definite thus far has been decided.—V. Ill,
p. 1087.
the
Hollinger Consolidated Gold Mines, Ltd.—Earnings.—
Home Oil
Refining Co. of Texas.—Reorganization.—
Campbell, Flaherty, Turner & Strouse, attorneys, have addressed a letter
to the receivers, Sam Davidson and D. H. Goree,
regarding the proposed
sale and the reorganization of the company.
The letter discloses that a
minority protective committee is being organized to inquire more fully
into the facts surrounding the receivership and the proposed plan of reorg.
The sale of the company is scheduled for Oct. 18 and the attorneys ask
for an adjournment or the whole proceeding until
proper arrangement can
be made to secure a representation for substantial stockholders who intend
to oppose vigorously the plan of sale contemplated
by the proposed reorganition.
The attorneys say, however, that "if, on the other hand, the
applica¬
tion of which notice is now given is intended as leading
up to a real sale of
the property for the best prices obtainable, we should like to be advised of
that, and definite action postponed until we have your reply,"
Compare
reorganization plan in V. Ill, p. 1374.
Hudson River Vehicular Tunnel.—Ground Broken.—
|
Governor Edwards of New Jersey and Lieutenant-Governor H. C. Walker,
representing Governor Smith of New York, on Oct. 12 broke ground for
the new vehicular tunnel, to cost about $28,000,000, that is to be
built
under the Hudson River to connect New York and New Jersey.—V.Jll.p.
Hurley
Machine
Co.,
Chicago.—Earnings—Annual.
8 Mos. to
8 Mos. to
Aug. 31'20 Aug. 31*19
$7,138,456 $3,163,006
1,108,241
580,159
782,000
448,935
Net sales....
Net
profit
Surplus after dividends.
The report for year 1919 is given under "Reports" above.—V. 110, p. 2391
Inspiration Consolidated Copper Co.—Suit Filed.—
About $1,430,000 is demanded from Gila County, Ariz., and the State
a suit filed in the Superior Court
by the company and the
International Smelter Co., of Miami, Ariz., on account of taxes alleged
of Arizona In
to have been erroneously collected during
1917, 1918 and 1919.
The gross
sum due the Inspiration is alleged to be
$1,264,000, while the smelter cor¬
poration demands repayment of $41,824 for 1917, $76,152 for 1918 and
$47,511 for 1919.
-
Output (in Lbs.).
1920
Sept.
1919.
7,500,000
5,800,000
—V. Ill, p. 1088, 697.
Increase. 11920
9 Mos.
1919.
1,700,000 62,900,000
57,500,000
Increase.
5,400,000
6,805
Twelve-inch mill
5,046
1,842
director.
.
V. Ill, p. 1079, 994.
Sheett Dec. 31.
1920
$
Liabilities■—
carry
on
business under its
own
name,
the
Kennedy
Corp. serving as a
Kennedy Corp.
capital of $2,000,000 to
specialize in the manufacture of castings for automobiles and agricultural
tractors and the production of freight car and locomotive
castings.
Joseph
P. Kennedy, President. ("Iron Trade Review.")
holding company.
Both plants adjoin the plant site of the
The latter was incorporated Jan. 6 1920 with a
Kings County Lighting Co.—80c. Gas Unconstitutional.
Judge Charles M. Hough of the U. S. Circuit Court handed down an
opinion on Oct. 14 in the case of the company to enjoin P. S. Commissioner
Lewis Nixon, Attorney-General Charles D. Newton and
District-Attorney
Harry E. Lewis from enforcing the 80-cent gas law.
Judge Hough had
arguments upon exceptions to 1 the report submitted
by Gordon
heard
Auchincloss, as special master, in which he recommended that the 80-cent
gas law be declared confiscatory and
unconstitutional, and that an in¬
junction be granted as asked for.
Judge Hough stated that a form of final decree may be submitted which
will confirm the report with certain modifications as
indicated in the
opinion, and which will declare the statutes of 1906 and 1916 fixing the
price
of gas to be unconstitutional.
The decree will also grant the injunction
asked for with costs to the defendant.
He added that the Court will
not
directly or indirectly announce fixed, or suggest a rate for gas, but if the
plaintiff should undertake to charge and collect an inequitable rate, the
Court is able to vacate its own injunction.—V.
Ill, p. 78.
Kingston (N. Y.) Gas & Elec. Co .—Terms
of
See American Gas Co. under reports above.—V.
108, p. 1723.
Sale
—
(S. S.) Kresge Company.—Sales.—
■
Sales For—
1920
1919
% Increase
-—....$4,024,424 $3,373,758
19.28
34,238.353 28,171,087
21.53
[Reported by Merrill, Lynch & Co.]—V. Ill, p. 1188, 1088.
Month
Year
of
to
September.
date
(S. H.) Kress & Co .—September Sales.—
Increase.
$2,316,363
—V. Ill, p.
$1,997.672
1088, 697.
Lackawanna Steel
Lackawanna
Steel
|
1920—9 Mos.—1919.
$318,691 [S19.453.190
Preferred stock "A'
1,000.000
1.000.000
275.825
295.987
Preferred stock "B
500.000
500.000
16.753
24,833
1,500,000
66.200
1,500,000
71,700
213,476
52,500
108.787
Common
fixtures
112.136
56.310
1.500.000 1.500.000
151,322
156.270
stock
Mortgage bonds
Debenture
bonds..
Accounts payable..
Notes & accts, rec..
1.217.905 1.236.250
Dlv. pay. Jan. 1
Notes payable
Inventories.
2.190.703
Accrued liabilities.
Advanced
1.852.504
Co., Buffalo.—Quarterly Earnings
—
and Sub.
Go's Comparative Income Account.
'
-Quarter ending Sept. 30- -9 Mos. ending Sept. 30-
1920.
on
Increase.
$3,425,444
1919.
$4,443,931
1920.
$1,184,674
$7,566,949
bonds &
1919.
$3,629,423
other obligations
Lackawanna Steel Co.
Subsidiary
co's
Balance..
245,682
38,850
228,181
732,006
40,675
118,217
686,249
123,692
$4,159,399
Less—Approp'ns for:
1
Exting. of min'ginves.
Deprec. &accr. ren'ls.
$915,818
$6,716,726
$2,819,482
72,183
805,072
77,094
495,396
185,603
1,816,752
186,957
1,315,175
—V.
including ordinary repairs
and other appropriations
separately
as
shown in /able.
Ill, p. 299.
Lawrence
(Mass.) Mfg.
up.
some
3,500 operators.
625,000
468.950
623.743
27.728
30.377
Surplus
1,849.155
982.595
5.556,825
Total
5,900,281
5,556,825
The report dated at Cambridge,
Mass, Feb. 9 1920, says in substance:
The Preferred dividend of 8% and the Common dividend of
6% have been paid
together amounting to $210,000.
Retail sales for the year show a very large
increase over any previous years without
corresponding Increase of overhead
The report indicates large net earnings for the year.
[The report is signed by Prs. S. T. Russell and Sec'y N. B. H. Parker],—
expenses.
V. 108. D.1510.
Liquid Carbonic Co., Chicago.—Notes Offered.—Mer¬
rill, Lynch & Co., New York, Federal Securities Corp. and
First Trust &
Savings Bank, Chicago, are offering at 100
$3,000,000 8% 10-Year Sinking Fund
and int. to yield 8%
Gold notes.
.
Dated Oct. 1 1920.
Due Oct. 1 1930.
Interest payable A. & O. in
New York or Chicago, without deduction for normal Federal income tax
not in excess of 2%.
First Trust & Savings Bank, Chicago, trustee.
Denom. of $1,000, $500 and $100 (c*).
Red. all or part, on any int. date
on 60
days notice, at 105 at any time prior to Jan. 1 1922; at 104 between
Jan.
1 1922, and Dec. 31 1925; at 103 between Jan. 1
1926, and Dec. 31
1927, and at 102 between Jan. 1 1928, and prior to maturity.
No mortgage shall be created
except purchase money mortgages for
acquisition of additional property.
Will maintain net current assets equal
to at least
200% of notes outstanding.
Company will create a sinking
fund which will retire $250,000 of this issue
per an urn, beginning Oct. 1
1921, either by purchase in open market or by call. Data from Letter of Pres. A. R. Brunker, Chicago, Oct. 1 1920.
Company-r-Organized by Jacob Baur in 1888 in Illinois.
Principal busi¬
ness
is the manufacture and sale of carbonic acid
gas, soda fountains, syrups,
fruits, extracts and flavors, ice cream freezers, automatic drink
crushed
dispensing devices and bottling machinery of all kinds.
Principal plant located in Chicago, with additional plants in Boston,
New York,
Philadelphia, Atlanta, Cincinnati, Memphis, Pittsburgh,
Minneapolis, Kansas City, St. Louis and Dallas.
In addition there are
either branch houses, distributing stations, or sales
agencies in Toronto,
Canada; Havana, Cuba, and in several cities in the U. S.
An auxiliary
wood working piant occupies a full
city block in Evansville, Ind.
Has a
plant in Jackson, Tenn. for the preparation of fruit.
Sales.—Saies have regularly increased to $11,330,000 for the fiscal year
ended Sept. 30 1919, with estimated sales of over $13,000,000 for 1920.
Purpose.—-Proceeds will be applied to the reduction of bank loans.
Capitalization After this Financing—
Auth.
Outstdg.
8% 10-year sinking fund gold notes
$3,000,000 $3,000,000
7% Preferred cumulative stock....____
3,000,000
2,677,600
2,500,000
Earnings Calendar Years 1916
1916.
2,253,500
to 1919 and Year ending Sept. 30
1917.
1918.
1919.
1920.
xl920.
Profit aft. adm. & gen.
exp. and employees'
profit sharing
$684,945 $982,260
128,713
119,141
or accr.
y
100,000
Depreciation
Fed. taxes paid
$930,145 $2,730,455 $2,500,000
109,417
268,281
250,000
227,007
950,000
600,000
Balance for interest.$556,232 $763,119 $593,721 $1,512,174 $1,650,000
on bank loans over and above the am't retired
by this financ.
$110,000
$1,540,000
Int.
Total 1920
x Two months estimated,
y In 1916 and prior these charges are merged
with expense, and are estimated for 1920.—V.
Ill, p. 1476.
Loft, Incorporated.—Sales for Quarter.—
Sales For the Three Months Ending 1920 and 1919'
July.
Aug.
Sept.
Total
$610,717 $609,981 $600,054 $1,820,752
409,222
502,660
453,674
1,365,557
201,494
107,320
146,380
455,195
[Reported by Miller & Co. 120 Broadway, N. Y.].—V Ill, p. 1188.
.
1920.
1919.
Increase
_
....
_
(W. H.) McElwain Co .—Dividend Reduced.—
A quarterly dividend of 1H% has been declared on the Common
stock,
payable Nov 1 to holders or record Oct 15
Quarterly dividends of 3%
each were paid in February, May and
August last—V 111, p 697, o95
Marland Oil Co.,
Del.—Incorporated.—
Incorporated Oct. 9 1920 in Delaware with an authorized capital of
2,000,000 shares of no par value.
The company will acquire by consolida¬
tion the Marland Refining Co. and the
Kay County Gas Co. by exchanging
its shares for shares of the old companies as stated in V. Ill p. 1376.
It
is expected that an official announcement
regarding the merger plan will
be announced shortly.
The directors of the new company are:
E. W. Marland, W. H. McFadden, W. G. Lackey, John S. Alcorn, F. R. Kenny, Sam C. Collins, C. C.
Brown and Earl Oliver, Ponca City, Okla.; E. W. Potter, A. J. McAllister,
of Potter Bros. & Co., New York; Sidney H. March, of
Ladenburg, Thalmann & Co., New York; J. D.
Callery, Pittsburgh; W. F. Stifel, John E.
Stevenson, Wheeling, W. Va.; C. D. Smith, Memphis, Tenn.; Vernon F
Taylor, Indiana, Pa, and Louis J. Nicolaus, St. Louis, Mo.
Maxwell
Motor
Co.,
Inc.—Extension.—The
time
for
depositing securities under the reorganization plan of the
Maxwell Motor and
Chalmers Motor
companies has been
extended to Oct. 27.
H. W. J. Russell, Export Manager, recently returned to Europe, said:
"Maxwell, like all other motor companies, has suffered in export businses,
but our hopes are high as things approach normal.
We shall resume
ship¬
ping in the spring.
Sear,
uild
It is improbable business will
ever
be what it
was
last
We have gained one thing of great are able to meet any competition
position and value—we have been enabled to
ourselves up in a strong
Lack of
new
Europe.
This is also true of other American motor companies.
Owing to the present tax, it is impossible to do much business in France,
we hope with the
recovery of exchange
to do a fair business there.
We do a large business in England, having shipped 3,000 cars last
year to
the British Isles.
To India about 1,500 cars were shipped.
Few have
conception of the possibilities of the Indian market.
American producers
should realize that the Far East offers the great potential
consumption
but
available in the world to-day.
"The merger in which Maxwell is concerned will not interfere with the
Company's business has increased over what we expected
when the drop came three or four months ago, which indicates a
export outlook.
outlook.
Co.—Closed Down.—
The company, the largest hosiery mill in the world, closed down
indefi¬
nitely its underwear department on or about Oct. 6, and will shortly close
its hosiery department, as soon as orders on hand are cleaned
shutdown will affect
45.000
250,000
.
from
Profit...
$3,282,144
$343,^28
$4,714,370
$1,317,350
Unfilled orders (gross tons)
277,482
178,981
277,482
178,981
t The net earnings are shown "after providing for all taxes,
including
Federal taxes, and deducting all other expenses,
and maintenance, but not renewal
expenditures
for the current year," which are deducted
100,000
5.900.281
expenses
Total.
Co.
tNet earnings, all prop._
Deduct—Int.
$16,027,746
1
$
404,293
Common stock
Kennedy Corporation, Baltimore.—Acquisitions.—
The company has purchased for a sum said to be $1,800,000 the
plant
of Fairbanks, Morse & Co. and the entire stock of the Baltimore Malleable
Iron & Steel Casting Co.
The latter company, however, will continue to
1918
$
407,909
Office furniture and
Stocks and bonds..
Good will
Cash
Press reports state that the total income for the period from Jan. 1 to
Sept. 8 was $4,866,597, and net $2,581,373 as against $4,839,845 and $2,408,209 in 1919; dividends paid increased from $1,230,000 in 1919 to $1,476,000 this year.—V. Ill, p. 900.
4,107
9,068
1918
I:
$
Real estate & bldgs.
Mach.A equipment
a
1919
1920
Structural
Eighteen-inch mill
Consol. Balance
1920
Balance, surplus
—V. 110, p. 2571.
3 Mos. end. Sept. 30—
142,593 65,998
116,362 50,149
92,360
5,546
52,540 33,033
—
This
orders is the cause
Since all
promising
cars
are
paid for in America before shipping, the matter
Ill, p. 1375, 1477.
of credits has not given us trouble."—V.
Merchants & Miners
Transportation Co.—Award Made
The Board of Referees in the
Administration,
covering
case
claims
for
of the company against the Railroad
compensation
and
operating losses
Oct. 16
1920.]
during Federal control, has made an award to the company of about $1,200,000.
The Railroad Administration has the right to appeal to the Court of
Claims.—V. 110, p. 172.
(Philip) Morris & Co., Ltd.—Probable Merger, &c.—
Increase. I 1920—9 Mos.—1919.
400,000 38,821,938
31,334,585
4,650,000
4.250,000
—V. Ill, p. 1088, 698.
eight months shows an increase of
gross over last year and a gain of $43,745 net income.
period there has been an increase of 23,920 consumers, which,
is the most satisfactory index of the company's continued and substantial
growth, as the earnings for 1920 were influenced to some extent by the new
In the
Increase.
7,487,353
$1,000,000 for depreciation, were earned more than 2.1 times,
available for bond interest being $6,817,029; interest charges,
and balance after
& Honduras Rosario
Mining Co —Dividends.—
An extra dividend of 2% has been declared on the Capital stock in addi¬
tion to the regular quarterly dividend of 3%, both payable Oct. 29 to holders
of record Oct. 19.
Like amounts were paid in January, April and July last
and in Jan. 1919.—V. Ill, p. 902, 300.
New York
Telephone Co.—Files $7,000,000 Rate Bond.—
The New York P. S. Commission, under the power given by the law
passed at the recent special session of the State Legislature, suspended tele¬
phone rates made effective Dec. 1 1919 and Sept. 1 1920, as they relate to
129 communities which have filed complaints against them.
The company
after it had given a bond of $7,000,000 has been permitted by the Commis¬
sion to continue to charge the rates until the Commission determines their
reasonableness.—V. Ill, p. 1477.
Chas. F. Noble Oil &
Gas Co.,
Tulsa, Okla.—Official
Sheets—Dividends Now Quar¬
terly.—President Chas. F. Noble, in circular of Sept. 25,
Circular—Earnings—Balance
says
than
net income
$3,218,811,
interest, $3,598,818.
In this connection it may be remarked that the tone of the
appears
N. Y.
same
Interest charges during the last eight months, after deducting more
Copper Co.—Production {in Lbs.).—
1920—Sept.—1919.
The statement of earnings for the
$5,455,350 in
rate schedule.
See Tobacco Products Corporation below.—V. Ill, p. 1477.
Nevada Consol.
1571
CHRONICLE
THE
to indicate
improvement
some
general market
the low prices of long-term
over
bond issues which have been prevalent for some time; and it seems probable
that the present opportunity to purchase bonds of the unquestioned merit
of Pacific Gas and Electric Co. General and Refunding 5s on a basis yielding
the investor approximately 7H % over a period of more
not be available for a very extended period of time.
than 21 years will
Results for 8 Months ended Aug. 31.
1920.
Gross earnings, inc. miscel. income.-$22,705,*763
Maint. & reserve for depreciation..
2,738,691
Operating
exp.,
rentals,
taxes
IucT€dS6»
1919.
$17,250,*413
2,028,495
$5,455,350
710,196
(inc.
Federal taxes) and res. for casual¬
ties and uncollectible accounts
4,047,597
$4,757,794
$697,556
414,878
$3,598,819
186,279
$3,316,141
138.615
$282,678
.47,664
$3,412,540
$3,177,526
$235,014
$666,667
$666,667
$2.745 873
Bond & other interes
9,101,845
$15,888,133 $11,130,339
$6,817,630
$6,120,074
3,218,811
2,803,933
Total expenses
Net income
$2,510,859
.1,127,144
850,101
13,149,442
Balance
Bond discount, exp
in substance:
We
are enclosing herewith a condensed balance sheet as at June first
earning statement for the three months ending September first, 1920.
As you know, the company gave to the shareholders of record June 15th, a
stock dividend and rights to subscribe, but as this transaction is not com¬
pleted it could not be spread on the books.
Since the letter of May 15 the company has had a successful four months.
The capacity of the refinery at Burkburnett has been doubled by the addi¬
tion of six stills.
An agitator plant has been built at the refinery which
will
eliminate
carbon,
particularly from the kerosene output.
The
Casinghead plant and the Booster stations have been rounded out.
Prac¬
tically all of the wells at Burkburnett have been put on a central power plant.
Late in July the company made a contract with the Carson Petroleum
Co. of Chicago, running to July 1 1921, whereby the Carson Company
purchases all of the output (except that sold on contract at the time) of
straight run gasoline, blended gasoline, kerosene and fuel oil.
This contract
and
is of much value to
us.
The oil production has held well and
is now settled to a conservative
Several new wells have been completed in Kansas and Oklahoma,
basis.
ranging from 50 to 100 barrels
sas, Oklahoma and Texas.
per
day.
We
are
drilling wells now in Kan¬
Oil
2,200 Kerosene..
1,800 to
Fuel
run gaso-
--.10,000 to 16,000
80,000 to 90,000
oil
depreciation
reserve
Surplus
Dividends
Dividends
Pref. stock
on
1,318,412
850,lOi
Common stock
on
Balance...
Compare
map on p.
45,000 to 70,000 Casinghead gasoline 20,000 to 28,000
Crude oil is now selling at $3 50 per bbl.; straight run gasoline, at 24 He.
per gal.; kerosene, at 10He. per gal.; fuel oil, at 7c. per gal,; and casinghead
gasoline, at 19c. per gal.
New Dividend Period.—Following the 8 to 1 vote of the shareholders the
dividend has been changed
from a monthly to a quarterly basis, the next
dividend to be for three months and paid Jan. 1 1921.
Outlook.—The company has acquired several thousand acres of new eases
practically all in productive territory.
Earnings are steadily increasing.
September output is shoving an increase over August., ■
We have an up-to-date refinery with capacity of 6,000 bbls. per day
and one of the largest casinghead gasoline plants in the world, with
a net¬
work of gathering lines, a fleet of tank cars, &c.
In another six months
we should have the whole plan thoroughly worked out.
$235,014
191,269
$577,359
$533,613
$43,746
Industrial Section.'!—V. Ill, p.1477
208 "Rail way
Packard Motor Car Co.—Denial
—
"The report current in Eastern financial circles that the Ford Motor
Co.
Co.
the
recent report that General Motors had bought the Packard plant for a
figure somewhere around $65,000,000 was without foundation."—("Boston
is about to purchase the controlling interest in the Packard Motor Car
is absolutely denied by Pres. Alvan Macauley.
He also added that
ill,
News Bureau.")—V.
1189.
p.
Philadelphia & Reading Coal & Iron Co.—New Board.
A
new
board of directors has been elected, consisting of the
Robert J. Cary, N. Y.; George H. Campbell,
Jacob Ulmer, Pottsville, Pa.;
Daily Output (in Gallons) During the Period.
Straight
line
Balance
Additional
Robert J.
following:
Bait.; William D. Pollard and
George C. Coughlin, Norristown, Pa., and
Montgomery, Philadelphia.
William J.
Richards, Pottsville, has been re-elected Pres.—V. 110, p.1856.
.
Income
June,
for
July,
August,
June 1920.
Gross from operations
Crude oil and gas purchased-
Expense, &c
——
Net income--
$746,523
350,000
128,565
1920.
July 1920.
$809,459
392,400
131,539
$267,958
Aug. 1920.
$890,789
432,320
146,286
$285,520
$312,182
Co.—New Director, &c.—
Pittsburgh Plate Glass
director and General Manager of the
In the future the
will have four Vice-Presidents:
H. 8. Wherrett, in charge of
commercial affairs; E. B. Raymond, manufacturing; Ludington Patton,
paint and varnish interest, and Hugh A. Gait, chemical department.
—V. Ill, p. 1478, 1285.
■' (U
„■
•.
Hugh A. Gait of Akron, Ohio,
a
Columbia Chemical Co., has been elected to the board.
company
Price Brothers &
Co., Ltd.—Refinancing Plan.—
The shareholders will vote
Oct.
25
(a) on selling, transferring, &c. to
Price Brothers & Co., Ltd., a corporation created in i920 in
its assets,
&c., for the following consideration: (a) 426,710
Quebec, all of
shares of $100
stock; (2) the assumption by
the company purchaser of the outstanding bonded debt and other liabilities
of old company outstanding as on Nov. 1 1920.
)
each, fully paid up, of new company's capital
Sir William Price, President, states:
"In view of the conditions which
prevail, I have no hesitation in recommending that the shareholders avail
themselves of this offer of purchase."
The Capital stock of Price Bros, presently outstanding consists of $8,534,200, par $100, with 5% bonds, as at the end of February last, totalling
$5,172,098.—V. 110, p. 2494.
Balance Sheet June 1 1920 and March 1920.
June 1920.
S
Cash
235.336
820,200
Notes receivable..
149,733
864,815
70,695
293,844
419,350
194,568
Accts. receivable..
Due
on
stock
Crude & ref. oils..
Mar. 1920.
S
8
Liabilities—
Accounts payable.
Notes payable
555,183
475,980
350,000
651,805
Purchase oblig
Tank
412.068
676.063
687,6781
957,360
733,931/
Leaseh.,equip.,&c.21,643,918 18,449,490
Prep, ins., frt., &c.
24,554
342,312
Material and sup.
..24,759.314 21,128,469
757,774
1,000,000
I.obo'ooo
1920—Sept.—1919.
6,500,000
6,000,000
4,502,000
3,850,000
—V. Ill, p. 1089, 699.
14,331,005 II,781,297
Surplus
Earns., less divs..
783,002
613,547
Total .........24,759,314 21,128,469
Navigation Co —Purchases Coal Mines.—
The company, it is stated, has purchased the property of the Orinoco
(Ky.) Mining Co., representing some of the best veins of steam coal in
West Indiana and Kentucky.
The property contains about 2,000 acres
with an estimated 10,000,000 tons or coal unmined.
Company recently
purchased the Williams Pocahontas Coal Co.'s mines
Ill, p. 195.
at
Rochester Gas & Electric
St. Lawrence Flour Mills Co.—Annual
Results
Bond interest
Mtge. & Collateral Trust bonds to the Royal Securities Corp., Montreal,
and Harris, Forbes & Co., Boston.
A public offering is expected shortly.
1094.
Company.- -Annual Report.1919-20.
1918-19.
$5,312,938
4,426,018
Operating expenses
187,976
164,523
1916-17.
1917-18.
$5,494,884
4,652,868
$5,815,400
•,,598,911
237,632
June 30 Years—
Taxes
*
*$5,859,494
4,720,212
172,737
it"?
JDiv.fon 1st pref. (5%)-76,250
Div. on 2d pref. (4%)—
160,000
Div.[on common
(2%) 14,000
160,000
(4)280,000
$978,857
$1,181,543
$250,000
18,428
76,250
160,000
(4)280,000
$69,504
$20,690
$396,865
W
$654,040
$713,754
Net
earnings
Total income
Interest on bonds
\
Miscellaneous
J
*
Balance, surplus
300.
268,000 f
\
$722,397
$794,483
$250,000
7,543
76,250
'
4.
$268,737
13,489
$12,999
182,566
$71,109
$112,998
$71,100
$112,998
$75,565
$71,109
$112,998
$397,829
$322,263
$251,154
40,250
120,000
28,433
War tax
surplus
'
-----
Pacific Gas & Electric Co., San
Total
$966,546
$996,413
$249,131
75,699
76,250
160,000
(3)210,000
$225,332
Franqisco.—Earnings.
—In his report for the 8 months ending Aug. 31, A. F. Hockenbeamer, 2nd Vice-President, says in brief:
-
Balance
~
-
Total profit &
sheet
loss surplus Sept. 4
shows:
Pref.
40,250
102,000
120,000
Special bonus div. (10%) on Common
Balance
1917-18.
$245,594
14,235
40,250
120,000
$195,565
*.
Additional general reserve
Report-
Sept.
1918-19.
$215,077
13,395
dividend
Common dividends (10%)
stock,
bonds and Interest, $160,590; accounts
$575,000: Com. 8th, $l,2OO,0OO;
payable, &c., $98,837; bank loans,
$309,339.
usual 6% divi¬
$120,000.
Also a special
foi* the purpose, amount¬
The Common stockholders received during the year the
dends
—V. Ill, p.
ending
has sold an issue of $1,200,000 First
—V. 110, p.
Gross earnings..
Years
Fiscal
Preferred
Balance,
Light, Heat & Power Co.—To Offer Bonds.—
Coast
the
for
Profits
Sept. 30 last the company reports: Earnings
after deducting all charges for patents, expenses, renewals, repairs, &c.,
$3,422,425; interest charges, $96,532; reserve for Federal taxes, $750,000;
reserve for pension, contingencies, &c., $175,000; total deductions, $1,021,532; net income, $2,400,893.—Official.—V. Ill, p. 300.
Pacific
Corporation.—New Name.—
Philadelphia Stock Exchange having been advised of the change of
Rochester Gas and Electric Corp. as
struck off the list the $3,000,000 5%
Cum. Pref. Stock of the Rochester Railway & Light Co., and listed in lieu
thereof the $3,000,000-5% Cum. Pref. stock of Rochester Gas & Electric
Corp. par $100,
The Exchange is notified that there has been no change
in the company other than the title, and no change in the status of the
Rochester Railway & Light Co. Consol. Mtge. 5% gold bonds, due July 1
1954, they being an obligation of the Rochester Gas & Electric Corp.—
V. 110, p. 1856.
The
Rochester Railway & Light Co. to
of Nov. 10 1920, on Aug. 20 1920,
1919-20.
I
For the nine months ending
Ottawa
Increase.
2,574.073
Age" of Oct. 7 has a 6-page illustrated article describing the
company's new blast furnaces, &c.
■
.
The "Engineering and Mining Journal" of Oct. 2 has a 7-page illustrated
article by A. H. Hubbell describing the company's iron ore mine near
Wharton, N. J.—V. Ill, p. 995.
War, W. Va.
Co.-—Earnings.—
It is understood that the company
Increase. I 1920—9 Mos.—1919.
652,000 38,111,073
35,537,000
Replogle Steel Co.—Description of Property.—
—V.
Otis Elevator
Decrease.
53,007
The "Iron
1089. 799.
Ill, p.
Decrease. | 1920—9 Mos.—1919.
16,38516,225,201
6,278.208
Ray Consolidated Copper Co.—Production {in Lbs.).—
notes
car
North Butte Mining Co.—Production {in Pounds).—
1920—Sept.—1919.
Decrease. I
1920—9 Mos.—1919.
Increase.
1,434,159
1,470.000
35,841113,379,370
9,866,233
3,513,137
Oriental
(Gold) Mines, Ltd .—Output {in Ounces).—
Preferred stock
f- Note.—As of July 1 1920, a stock dividend of 20% was paid to stockholders
of record June 15 and rights to purchase given to the stockholders.
This
transaction was not completed on Sept. 1.
Compare V. 110, p.
2082,
2296; V. Ill, p. 499.
—V.
Rand
1920—Sept.—1919.
682,173
698,558
—V. Ill, p. 1286, 1190.
Com. stock issued.
sold
(since paid)
Total
June 1920.
Mar. 1920.
$
Assets—
and
bonuses
amounting to
4%,
taking
bonus of 10% out of a new general reserve created
ing to $182,566.—V. Ill, p. 301.
Seaboard Steel & Manganese
Corp.—Sale.—
special master, will sell the entire-property (including
6,300 shares of stock of U. S. Manganese Corp. of N. Y.) at public auction
on Nov. 10 at the courthouse of the County of Berks, Reading, Pa.
No
bid of less than $250,000 shall be accepted.—V. 109, p. 2362, 686.
Robert J. Sterrett,
Sears, Roebuck & Co., Chicago.—Notes Offered.—The
are offering at 99.20 and int. to yield
bankers named below
7.85% for 1921 maturity, at 98.72 and int. to yield 7.70%
1922 maturity and 98.41 and int. to yield 7.60% for
for
1572
1923
THE
CHRONICLE
maturity (see advertising pages) $50,000,000 7% Serial
announced a proposed refinancing
plan wheh has been ap¬
proved by committees representing the creditors and the
Gold notes.
Bankers Making
Offering.—Goldman Sachs & Co., A. G. Becker & Co.,
Lehman Brothers, First Trust & Savings
Bank, Continental & Commercial
Trust & Savings Bank, Illinois Trust & Savings Bank.
Dated Oct. 15 1920.
Due $16,500,000 each Oct. 15 1921 and
1922,
and $17,000,000 Oct. 15 1923.
Int. payable A.& O. in New York and Chi¬
cago without deduction for normal Federal income tax not in excess of 2
%.
Chase National Bank, N. Y., Trustee.
Denom. $1,000, $500 and
Preferred and Common stockholders.
The immediate object of the committee is the
lifting of the receivership
and the meeting of current obligations.
Under the plan the Preferred and Common stockholders are asked to
subscribe for at least $4,000,000 new
of the funds needed to
$100
Two and three year notes red. all or part on 60 days notice on
Oct. 15 1921, or any int. date thereafter at a
premium of 1% for the two
houses.
(c*).
agreement
requires
Letter of
Pres. Julius Rosenwald,
000,000 credit at
the company is not insolvent; its business is
excellent,
for want of sufficient working capital.
Common stock (par $100)
Details of
Completion of this Financing
upon
Preferred stock (par $100), 7% Cumulative
'
7% Serial Gold notes (this issue)
Purpose.—
The proceeds will be applied to the reduction of current
thereby not increasing the present indebtedness.
History A Properly.—Incorp. in 1906 in New York as successor to an
_
present time
Chicago,
8,000,000 customers.
important branches in
with
The company
factories in
Net
Business is transacted mainly from
Dallas, Seattle and Philadelphia.
over
a
maintains and
owns
warerooms,
warehouses, and various
number of other cities throughout the country.
Earnings
(before
provision for
Federal
1916.
taxes)
Available
1917.
for
Interest.
1918.
1919.
Net
earnings..
$16,488,622 $19,002,810 $23,262,893 $24,952,444
The net earnings for the six months ended June 30 1920 after
deducting
all interest charges but before providing for Federal taxes
amount to $15,447,285.
>
Net earnings, after deducting all interest but before providing for Federal
taxes, for the four years ended Dec. 31 1919, average $20,926,692, or about
6 times the maximum annual interest charges of
$3,500,000 on the notes.
Sales.—The gross sales have increased from $51,011,536 in 1909 to
$257,930,025 in 1919.
Dividends.—Since its issue the 7% Cumulative Pref. stock has received
of 7% per annum, and the Common stock has
received cash
dividends since 1909, the present rate being
8% per annum, and the Com¬
mon stock has also received stock dividends as follows:
1911
1915
1917
xl920
dividends
33 1-3%
50%
Assets—
June 30 '20.
fixtures
ems,
Liabilities—
523,012,599 511,814,885
pat-
&c_....
'
30.000,000
Inv. In stocks of
other
30,000,000
co's...
3.057,478
4,321,198
98.264,471
Dec. 31 '19.
$8,000,000
$8,000,000
75,000,000
Due for m'ch'dise
&
other
open
accounts
33,067,610
42,685,776
Reserve
eral
fcr
465,709
176,970
5,087,421
1,632,862
Due fr.customers 27.832,435
18,073,612
23,331,012
21.059,266
Fed¬
income &
excess
Co., &c_.
exp.
June 30 '20.
stock.x75.000,000
Preferred stock.
Common
L
Advances......
M'ch'dise «$- sup.
Due from RRs.,
'
tax
4,239,611
4,870,377
Contingencies
persons
Ins., int.. &c...
1,730.022
881,108
Liberty bonds..
9.266,236
11.877,396
a
1.849,358
2,390,282
9,800,000
139,297
Preferred stockholders who make the
subscription offered shall have the
months after that date.
Provisions of Both Classes.—The Debenture stock is to be redeemed at
rate of $300,000 p. a. at $110 beginning Jan. 1 1922.
Class A Preferred is to be redeemed at $115 per share at the rate of $300,000 P* a- after all Debenture stock has been redeemed.
It is further provided that the company shall maintain net quick assets of
not less than 100% of the par value of the new securities.
Dividends on
both classes are to be cumulative, payable Q.-J.
No dividends are to be
paid on any other classes of stock when the company Is in arrears in the
payment of dividends or in the redemption of the Debenture or Class A
Preferred.
Statement
The
Cash
x Increased July
V. Ill, p. 1478.
15
7,185,855
1920, by 40%
42,800,186
Total (each slde)214.914,964
stock dividend
success
(V.
33,574,919
interest.
own
[The reorganization committee also proposes that the directors of the
be reconstituted and that names for the new board be proposed.by
F. H. Goff, Andrew Squire and J. O. Eaton.
F. F. Prentiss, Frank A. Scott and George A. Coulton are proposed
members of the committee to enter into contract with J. O. Eaton and his
associates
to
continue
as
an
unnamed
Sinclair, Consolidated Oil Corp.—Oil Output.—
The company for September last is
reported to have manufactured 1,327.804 gallons of casinghead gasoline, or an increase of
67% over 1919.-—
V. Ill, p. 1478, 1286.
Solvay & Cie, Brussels.—Further Data.—
pamphlet issued in connection with the offering of bonds recently
(p. 1478) further shows:
subscribed
over¬
.The Solvay Process Company
(See also V. Ill, p. 1479).
The daily output of the
company's original plant in 1881 was 30 tons of
soda ash.
To-day this company Is the largest manufacturer in the U. S.
of soda ash (carbonate of soda) and its
derivatives, and furnishes a very
large part of all the alkali consumed in the U. S.
Among the
important
that use its products in one form or another are
glass, soap,
paints, leather, textiles, iron and steel, building, oil refining, food
canning and packing, farming, rubber, &c.
The manufacturing plants are located at
Syracuse, Detroit and Hutchin¬
son
(Kan.) upon or near large deposits of salt brine.
Subsidiary or affiliated companies, including the
Solvay Collierias Co.
(V.105, p. 722), the Kentucky Solvay (Coke) Co. (V. 106, p. 1348: Y.
110,
p. 1093), the Utah Saldura Co., and Brunner, Mond & Co., Ltd. (Canada),
have plants located at
Cleveland,Chicago, Milwaukee, Boro-Solvay (Calif.);
Dunbar and Steelton, Pa.; Tuscaloosa and
Bradley, Ala.; Ashland, Ky.; and
Amherstburg, Ontario, Can.
for
a
number of
Car
Co .—Claims
years].—Compare
Equitable.—
The War Department has announced that it finds the award of $2,200,000
to
the company
on claims of unfilled, war orders,
The charge of irregularity is in
2445.
Storage Oil.—
executives
V. Ill, p. 903, 995, 1190.
154,834,632
110, p. 2392)—
bought- 300,000 bbls., the other 200,000 being sold in Texas to
buyer.—V. 110, p. 2663.
A
Eaton.
What stockholders would get in the event of liquidation is
problematical.
Under present money conditions such a forced sale could
not possibly bring full value of the properties.
It has seemed to our reorganization committee that the preservation
of such a large industrial unit as Standard Parts will have a direct influence
upon economic stability and prosperity in this community.
The offer of
vigorous assistance which has been made by a group of banks is most notable
and should be taken advantage of by stockholders in order to protect their
Standard Steel
The company has sold 500,000 bbls. of
storage oil at a price approximately
20c. above the posted level.
The amount Involved in this sale is stated to
be about $1,728,000.
It is understood that the Standard Oil Co. of Indiana
'
Cyrus S.
forced liquida¬
The first step will be offering the new Preferred stock
to present shareholders for subscription, subject to ratification of the
whole program at a stockholders' meeting.
If sufficient stock is not subscribed, the banks interested will not extend
credit, the investment houses will not act as underwriters, and the property
equitable.
Simms Petroleum Co.—Sells
by Chairman
of the plan is absolutely necessary to prevent
tion of the company.
9,315,953
Surplus...
syndicate of Cleveland investment houses.
right to convert into the Class A stock share for share, an amount of present
holdings equal in par value to 50% of the amount of the new stock sub¬
scribed for.
Common stockholders will have the same conversion
privilege
up to 30% of subscription,
1
Payments of all subscriptions are to be made 25 % within 20 days from date
of subscription and three installments of
25% each, three, six and nine
company
profits
Notes payable.. 59,555,000
Pref. dlvi.pay'ble
139.797
Due from sundry
but it is handicapped
Refinancing Plan.
must be sold.
Dec. 31 '19
Real est., bldgs
Goodwill,
40%
-
Comparative Balance Sheet.
,
,
25%
Paid July 15 1920 (V. 110, p. 2392).
x
Proposed
(2) New Debenture Stock.—Issuance of $3,000,000 of 8% debenture stock
(senior to the Pref. stock as to assets and dividends) to be underwritten by
liabilities
Illinois corporation of the same name which had theretofore
transacted
the same business for over 10 years.
Business Is the retailing of all classes
of merchandise direct to the consumer
through catalogues: has at the
one
(1) New 8% Pref. Stock.—Issuance of $4,590,000 of an authorized amount
of $6,500,000 Class A 8% Preferred stock to be subscribed
by present
Preferred stockholders in an amount equal to
25% of their holdings, and by
Common stockholders in an amount equal to
20% of their holdings.
$8,000,000
105,000,000
50,000.000
_
attractive interest rate provided the stockholders do
Chairman of the Preferred Stockholders' Committee and Fred R. White is
Chairman of the Common Stockholders' Committee,
All committees have
agreed that creditors and noteholders should receive equal consideration.
The position of the company
according to the various committees, is that
Equity.—The company's outstanding capital stock at current quotations
represents an equity of about $130,000,000, ranking junior to the notes.
Capitalization Authorized and Outstanding
an
8% Pref. Class A stock, the remainder
provided by Cleveland banks and investment
have offereid to extend to the company $4,-
Committee, H. P. Mcintosh is
8! 1920.
Oct.
be
banks
The creditors have also agreed to extend their claims for
year provided the proposed plan is successful.
F. H. Goff Ls Chairman of the Creditors'
the
Chicago,
Cleveland
their share.
maintaining
quick assets equal to at least 1M times all liabilities including these notes,
and provides that no mortgage or other
lien, except purchase money mort¬
gages, may be placed upon any of the assets.
Data from
[Vol. 111.
1
,
no way
„ti*.u.
Stover Mfg. & Engine Co.—New
In
a
to have been fair and
sustained.—V. 109,
p.
t>
Certificates Ready.—
notice to holders of Common stock, Secty. R. M. Bennethum, under
date of Sept. 30 says:
At the last, annual meeting appropriate action was
taken reducing the par value of the Common stock from $100 to $25 per
share, and increasing the number of shares authorized from 15,000 to 60 000
shares.
Certificates of Common stock of the new par value are now ready
for exchange
at the Continental & Commercial Trust & Savings Bank,
Chicago, HI., in the ratio of 4 new shares for each old share.
John Burnham & Co., investment securities, Chicago, who are interested,
say:
The primary purpose in reducing the par value was to render this
stock more immediately available to some of the company's employees.
V. Ill, p. 1090. St-3
*
Strauss™ Toy Shops'™ Inc.—Stock Offered.—FergusonGoo dell & Co., Inc. are offering at $100 per unit of 10 shares
of Pref. stock—with
a
$600,000 8% Cum
Preferred stock.
bonus of 3 shares of Common stock,
(See adv. pages.)
industries
Data from Letter of Pres.
paper,
Company.—Business begun in 1914 when the first railroad terminal toy
lime, and ammonia is
factured by a subsidiary.
The first
ammonia
tons
of
manu¬
Semet-Solvay Company.
plant., built primarily to supply the Solvay Process Co.
for the manufacture of soda
ash,
coal per day.
To-day the
Sales
had a capacity of coking
combined capacity of
110
Semet-Solvay
and its subsidiaries or controlled
companies is in excess of 6,000,000 tons of
coal per annum.
At the present time the
company owns or
controls 25
or under construction).
The companv produces a
large
percentage of the coal used in its plants from its
mines, 24 in number, locat«i
principally in West Virginia, Kentucky, Pennsylvania and
Illinois
It is one of the largest individual
producers in the world of products ob¬
tained from the distillation of
coal, and is the only chemical company in
America which carries on the entire
operation from the mining of the coal
through to the fmished chemical products.
Practically every high explosive and most of the colors and
dves we are
now making to replace those
formerly made by Germany, and many of the
drugs essential in hospitals are produced from raw
materials obtained from
the distillation of coal.
In many other fields of
industry, Semet-Solvay
products are of vital importance, being used either in
plants (operating
manufacturing
Ill, p. 1478.
cesses, or as raw materials for various commodities.—V.
The Romana-American (the Rumania
subsidiary of the Standard Oil Co
or N.
J.), it is stated, has increased its authorized capital stock from
lei 37,500,000 to lei 150,000,000.
It is understood lei 50,000,000 will
be
issued immediately.
The increase, it is stated, is for the
purpose of en¬
larging the company's activities in the production, refining and
transpor¬
tation of oil.—V. Ill, p. 1479.
Standard
Parts
Co;, Cleveland.—Refinancing Plan.—
committee, consisting of Cyrus S.
Eaton, Chairman, Andrew Squire, Maynard H. Murch,
T. E. Borton, and former
Judge William L. Day, has
reorganization
.
Net profits
Oct. 4 1920.
—
Profits Calendar Years.
1917.
1918
1919
1920. ^
-$266,773 $388,134 $821,439 $1,500,000
20,661
63,626
150,000
—
Current & working
1920 Before this Financing.
assets—$432,750 Total assets
$598,348
1
141,558 Total liabilities
337,605
24,040 Capital surplus & reserves.. 260,744
figures show the business done on a capital of $95,000, the
capitalization prior to present financing.
Business now in hand consists of orders in the manufacturing department
in excess of $1,000,000—the retail department is operating on a basisiof
more than $500,000 for the year and the export and import departments
are being rapidlj expanded.
Purpose.—To increase manufacturing facilities, expand chain store system
and export and import department.
Capitalization.—Authorized and to be outstanding, $1,000,000 8% Cum.
Pref. (par $100) and 100,000 shares of Common stock (no par value)
Dividend.—Dividends have been paid on both the Preferred and Common
stock semi-annually since July 1 1917, at rate of 8% per annum on each.
■V. Ill, p. 1479.
Fixed
assets
Deferred items.
The above
.
pro¬
Standard Oil Co. of N. J.—Suh. Co.
Capital Increase.—
The
Total sales..
and Net
Financial Condition as of Sept.
with
Y..
shop in this country was opened in the Hudson and Manhattan Terminal
Building in N. Y. City.
Company was incorp. in 1917 and operates 7
shops—two in the Hudson Terminal Building, two in the Pennsylvania
Terminal—two on the Boardwalk at Atlantic City, and one at 308 Fifth
Avenue.
Leases are now being negotiated for additional shops and it is
intended to ultimately have one in all the leading railroad stations in the
United States and Canada.
Factory at East Rutherford, N. J.
Controls
the output of two additional factories devoted to the manufacture of toys.
The
company obtains its salt from its own salt deposits.
Trie necessary
carbonic acid gas is obtained as a
by-product from the lime kilns which the
company operates for the product'on cf cuick
Ferdinand Strauss, N.
(T. H.) Symington Co.—Registrar.—
The Guaranty
V.
Ill, p.
Times
1368,
TrustlCo. of N. Y. has been appointed registrar.
1378.
See
Square Auto Supply Co .—To Retire Pref. Stock.—
The stockholders will vote Oct. 25 (a) on
reducing the capital stock from
20,000 shares of Pref. (par $100) and 300,000 shares of Common
(no par
value) to 300,000 shares of Common (no par value); (6) to reduce the stated
^capital from $3,500,000 to $3,000,000.*
Xhe company.has cut the price of motor accessories 20 %.—V. 111,
p
.1378.
TnbaccoJProducts Corp.—Listing—Earnings, &c.—
The
New York Stock Exchange has authorized the listing of $600,000
additionaLCommofi stock (auth. $20,000,000, par $100), on official notice
of issuance, in exchange for 3,000 shares of Class B Common
stock (par $100)
of the
American4TobaccolCo.,'making total amount_applied for $18,200,000.
••
Oct. 16
1920.]
The directors
on
THE
CHRONICLE
Oct. 6 1920 authorized the issue of 6,000 additional shares
of Common stock in
exchange for 3,000 shares of the Class B non-voting
Common stock of American Tobacco Co., to be acquired as an investment.
Said 3,000 Class B shares are now outstanding and are listed upon the N. Y.
Stock Exchange.
The additional 6,000 shares of Common stock will carry
all dividends declared after date of issuance.
Since Dec. 31
Paid a cash div. of 1% on Aug. 2 1920, and has declared a like
payable Nov. 1 1920.
(c) 5,895 shares of the outstanding 13,620 shares of 7% Cum. Pref. stock
(auth. 50,000 shares, par $100) and 90,000 shares of the outstanding 194,410
shares of Common stock (auth. 585,000 shares, par $100) of American
Foreign Trade Corp.
Organized in Virginia in May 1919 and is engaged
in a general importing and exporting business, particularly with countries
in the near East.
Paid a div. of 1% % on the Pref. stock in Feb. 1920.
Estimated sales of Tobacco Products Corp. for 1920 is $16,000,000.
States.
div.
Consolidated Income Account for Eight Months ending Aug. 31 1920.
sales
Surplus Dec. 31 1919
-$10,324,030
Deduct
8,542,867
Operating, &c., expenses
income
and
$2,536,595
war
profit taxes 1919. first
Total
$270,822
102,530
InterestLoss
on
securities sold
_
_
_
280,000
791,916
24,152
Sundry expense items—
Profit and loss,
$1,502,421
Net income
p*.
$3,907,045
surplus
Preferred divs. (33^ %)
Common divs. (5H%)--
$1,899,924
income
Total
131,971
118,761
Other income
A director is quoted as saying:
surp..
$2,835,129
"There is one point that should be made
clear, and that is that we intend to purchase only the 'B' stock.
Because
the 'B* shares carry no voting rights, it would be impossible for us to gain
control of American Tobacco through the holdings of these securities.
It
permits us to round out Tobacco
Products into the well-balanced organiza¬
tion that its founders intended it should be,
without any apparent hindrance.
"Our investment in American Tobacco will give us an interest in a com¬
that is engaged in all branches of the industry—cigars, domestic cig¬
arettes, smokings and plugs.
We at present are not manufacturers of
domestic cigarettes.
Instead of entering this line as manufacturers we
have decided to do it through an investment in American Tobacco 'B' shares.
We feel that we could not make a more profitable investment by entering
these other branches of the industry ourselves for we could not improve
pany
upon the management of the
The "Wall Street Journal"
"Plans
are
being discussed for
the merger of three Whelan properties—Philip Morris & Co.,
Tobacco Products Export Corp., and United Profit Sharing.
stood that
a new company
to be known as
Ltd., Inc.,
It is under¬
the National Tobacco Co. will be
formed to take over the three properties.
shareholders of the three companies will be
According to the present plan,
offered the opportunity to ex¬
when it is organized."
change their shares for stock of the new company
Dividend.
n.
scrip on Nov. 15 to holders of record Oct. 29.
In August last a like amount was paid in scrip, and Feb. and May last
133% was paid in cash
J
B
Jeffress and George A
Hardner have been elected directors to
succeed R
M
Ellis and Gray Miller, resigned
Henry M Day has re¬
signed, but his place is not filled —V 111, p 700, 500
stock, payable in 2-year 8%
(1%)
(2%) together with an extra
Oct. 7 1920, payable on
per snare
declared
was
on
tostockholders of record at Los Angeles at the close of business
A™"
[Signed, W. L. Stewart, Pres., and R. D. Matthews, Compt.]
IRegular quarterly dividends of^$l 50 per share (133%) have been paid
1916 to July 1920.
Extras of $1 per share have also been paid
quarterly since April 1917.
Ed.]—V. no, p. 1195, 763.
from Jan.
United
Gas
Improvement
Co.,
Philadelphia.—
Shortage of Oil for Gas Making.—Vice-President Philip H.
Gadsden, representing leading gas manufacturers of the
U. S., after a conference in N. Y.
City on Oct. 14 with repre¬
sentatives of the petroleum
industry, who declined to guar¬
antee the petroleum
supplies needed for gas making during
the coming winter on the ground that
open market conditions
from time to time should be left to
govern the price of oil
made the following statement:
We represent over 8,000,000
[gas consumers in this country, who, in turn,
represent about 40,000,000 people who in a greater or less degree are de¬
pendent
upon gas for
We are confronted,
cooking, heating and lighting
purposes.
and have been since the first of the year, with in¬
our needed gas oil.
We apparently have to
difficulty in getting
fight for it
instead of being able to renew our contracts
year by year.
The
longest contracts made in 1920 are for six months.
Some are for three
months and* others for two
months, and there are a number of instances
where the gas companies had to
go out in the
open market and buy oil to
keep their service going.
"
As to the large purchases of gas oil, we find a marked disinclination on the
part of the oil companies to bid.
I know of a case, a city of 75,000 people,
which called for bids from two of the largest
oil-producing companies operat¬
ing there, having big plants ;n that very city.
Only one oil company sub¬
mitted
bid.
a
The
bid
one
was
for
two
a
months'
at the
contract
top-
notch price,
14 cents.
or four years ago the average price of gas oil here was riot
over 4 cents.
The average price to-day is considerably over 12 cents—an
inc rease of nearly 300%.
One of the things which many of us cannot understand is that whereas
say two years ago, gasoline was selling at 22 or 23 cents and gas oil at not
over 5 cents, gas oil should have increased
250% and gasoline less than
100%.—V. Ill, p. 1190, 800.
*
Up to three
United Hudson Elec.
Corp.—Purchase
Terms.—
For terms of purchase of Kingston Gas & Electric Co., see American Gas
Co. under reports above.—V. 108, p. 1733.
Profit-Sharing Corp.—Probable Merger.—
See Tobacco Products
Corporation above.—V. 110,
United Retail Stores
p.
1858.
Corp.—5% Stock Dividend.—
A stock dividend of 5% has been declared on the Common shares,
pay¬
able in Common stock. Dec. 15 to holders of record Dec. 1.
This distri¬
bution, it is stated, will increase the outstanding Common stock to 622,693
shares.—V. Ill, p. 500.
United Shoe
Payable in Scrip—Directors.—
quarterly dividendof 133 % has been declared on the Common
The regular
,a decrease in 1st mtge. bonds in the hands of the public of
5?guLar quarterly dividend of $2
United
American Tobacco Co."
Oct. 11 said:
..
rJc5"
Oct. 9 1920.
creasing
and second installment
$1,781,163
Net income
^?en
Purchase Money obligations increased approximately $31,000.
Capital Stock Outstanding at Sept. <30 1920, amounted to $50,000,000,
and the surplus and
operating reserves approximate $33,000,000.
dividend of $1 per share
1918 corporation has acquired and now owns shares in the
following companies:
(а) Voting trust certificates for 199,257 shares of the outstanding 472,500
shares of Tobacco Products Export Corp. (auth. 500,000 shares, no par
value).
Organized Feb. 1919 in New York and is engaged in the manu¬
facture and sale of tobacco and cigarettes in foreign countries.
It has paid
no dividends to date, except a 5% stock dividend on Jan. 2 1920.
(б) 10,212 shares of the outstanding 276,000 shares of Philip Morris & C o.,
Ltd., Inc. (auth. 300,000 shares, par $10).
Organized in Feb. 1919 in
Virginia and is engaged in the sale of cigarettes and tobacco in the United
Gross
$727,000:
1573
Machinery Corp.—Injunction Suspended.—
The U. S. Supreme Court on Oct. 11 granted a motion to suspend the
injunction, issued by the lower court, in the Government trust suit against
the company.
The case was set for argument next January.—V. Ill, p.
1190,
1287.
...
Tobacco Products Export
See Tobacco
Products Corporation
Corp.—Probable Merger, &c.
above.—V. 110, p. 976.
Tonopah-Relmont Development Co.—Earnings.—
product.
10 Mos. to
Dec. 31 *18.
$1,231,482
742,860
$1,424,998
739,630
$2,171,521
1,097,801
$384,594
7,433
$410,099
*204,351
$591,488
13,901
$1,026,701
al 15,746
$392,027
302,967
$614,451
44,644
$605,390
47,406
$1,142,448
124,324
$557,983
..
operation—
Other income
Gross income
Admin. .explor. ,&c. .taxes
United States Steel
$569,806
$89,060
See under
—V.
Ill,
p.
caption, "Trade arid Traffic Movements" on a preceding page.
1090, 700.
United Verde Extension Mining Co .—Output
Increase. I 1920—9 Mos.—1919.
Includes dividends from Belmont Surf Inlet Mines,
The net
Trumbull
Steel
Co.—Stock Oversubscribed.—
Common
share.—
employees, it is stated, have oversubscribed $1,000,000
stock (par $25), offered to them by the company at $27 50 a
V. Ill, p. 800.
The
Union Electric Light & Power Co., St. Louis.—Pre}.—
The company has made application to the Missouri P. S. Commission for
authority to sell $1,000,000 7% Preferred stock to reimburse the company
for expenditures in
the way of improvements.—V. 110, p. 1858.
Union
Oil
Co.
of
California.—Earnings.—Financial
80,428132,388,644
3,247,216
Increase.
19,196,258
13,192,386
700, 302.
William A. Hitchcock has resigned as
Vice-President.—V. Ill,
operations, less general expenses, regular taxes,
interest charges, and employees' share of profits, were approximately as
Profits earned from all
p.
598.
Utah-Apex Mining Co.—Dividends Resumed.—
A dividend of 25 cents per
share has been declared on the stock (par $25),
payable Nov. 1 to holders of record Oct. 19.
In Jan. and Oct. 1917 and in
Aug. 1918, dividends of 25 cents each were paid; none since.—V. 107, p.1751.
Utah
Copper Co.—Production (in Pounds).—
Increase. I
1920—Sept.—1919.
8,420,000
8,220,092
—V. Ill, p. 1090, 700.
1920—9 Mos.—1919.
82,539,955
Ventura Consolidated Oil Fields.—Production
1920.
(bbls.).—
1919
1918
368,935
330,624
327,090
274,831
271,996
278,178
.1,026,650
825,006
Third quarter..
Second quarter
Total
Decrease.
781,956
199,908181,757,999
First quarter
Status.—-Operations in Mexico.—Extra Dividend.—
(9 months)
9 Mos.
225,179
*207,188
-.209,972
642,341
9 Months Ended Sept. 30—Approximate
Profit subject to depreciation
and Excess Profit taxes
1920
Results—
1919
and Federal Income
Provision for depreciation, depletion
incidental cost of new drilling
$16,000,000 $13,100,000
and labor and
.
3,900,000
5,500,000
Profit subject to Federal Income and Excess
—
Production of crude oil in the State of
Profit
$10,500,000
$9,200,000
California, by the company and
companies combined approximates 6,275,000 net barrels, a
decrease over the same period last year of 185,000 barrels.
Altogether
24 welLs were brought in during the nine months, with a total production of
about 5,250 barrels per day.
„
'
In addition to the foregoing there was brought in on Aug. 7 1920, on Lot
114 in the Chinampa District, Mexico, our first producing well in that
country.
The production from this well to Sept. 30 1920, approximates
2 000,000 barrels, so that our total production for the nine months shows
an increase of approximately
1,815,000 barrels over the same period^last
controlled
,
At the present time the company has 47 strings of tools in operation
of California. Texas and Wyoming and in Mexico.
Sales for the nine months approximate $46,200,000, an increase in value
of $6,700,000 or about 17%.
The large deliveries of fuel oil during the
year.
arge
barrels.
Expenditures approximate $9,300,000 consisting principally of
expenditures on our two 12,000 ton tankers, which
vessels should be in service early next year, and other additions to our
manufacturing and distributing plants.
During the quarter we have
contracted for one new tanker of 7,500 tons deadweight capacity, which
will be constructed at San Pedro, Calif.
Current Assets consisting of cash, U.S. Government bonds and Treasury
Certificates, accounts and bills receivable, oil inventories and materials and
supplies at Sept. 30 1920, approximate $35,250,000 an increase over Dec. 31
1919 of about $4,150,000.
The company is strong in cash resources.
Cur¬
rent assets are over 6 to 1 of current liabilities.
Current Liabilities at Sept. 30 1920, approximate $5,500,000, which is
about $1,000,000 less than at the end of 1919.
During the nine months
about 1,200,000
t
,
.
.
Capital
the cost of new drilling,
,
J
^
„
1918.
$3,491,859
$2,243,144
ending
—V. Ill, p. 80.
Virginia Iron, Coal & Coke Co.—Listing—Earnings.—
The New York Stock Exchange
has authorized the listing of $907,360
Capital stock (par $100), on official notice of issuance as a 10% stock divi¬
dend, payable Nov. 1 to stock of record Sept. 30, with authority to add
$19,040 additional stock, on official notice that it has been sold and is
outstanding in the hands of the public, making the total amount applied for
$10,000,000.
Jan. 1 1920 to and Including Aug. 31 1920.
earnings and miscellaneous income
$4,674,526
Income Account from
Gross receipts from
Operating expenses
— ---
Reserve for Federal income
and profit tax...
Other
charges
Net profit for
—V.
$2,117,376
period
Ill, p. 1287, 1190.
Western
Union
1,742,819
324,014
119,394
370,923
Bond interest
in the States
{jeriod have for oil due draft Mexico,oil stocks, which notwithstanding the
credit caused a us in on our show a decline for the nine months of
Full Year
1919.
$4,097,392
Sales
Full Year
Sent. 30 1920.
follows:
Taxes
(Lbs.).—
1920—Sept.—1919.
3,327,644
Upson Nut Co.—Vice-President Resigns.—
Ltd.
earnings for the quarter ending June 30 1920, of the Belmont
Surf Inlet Mines, Ltd., of which this company owns 80%, were $77,535.
—V. Ill, p. 395.
*
Corp.—Steel Ind.— Unfilled Orders.
Judge E. H. Gary on his return from Europe on October 3 is quoted as
saying:
"From my information I consider cbe steel industry in a healthy
condition, altnough there has been a noticeable diminution in volume and
aLso a decrease in prices.
So far as our corporation is concerned, con ditions are perfectly satisfactory.
I hope prices of steel rails will not be
affected to any great extent by the advance in freight rates.
Our policy is
to keep prices from going too nigh or too low."
—V. Ill, p.
Net profit
Co.—Obituary.—
$1,018,124
_
Operating expenses
Net from
Year end.
1918.
12 Mos. to
Dec. 31 '19.
3 Mos. to
June 30'20.
Gross value of
United States Rubber
Vice-President Elisha Slade Williams died Oct. 8 at Ossining, N. Y.—
V. Ill, p. 1378, 1090.
•
Telegraph Co.—Earnings Report.—
9 Mos. Ended Sept. 30 1920—Month of September Estimated.
including dividends and interest...
$91,590,000
Maintenance: repairs and reserved for depreciation.
12,212,000
Other operating expenses, including rent of leased lines, taxes
and employes' income participation
68,181,000
Interest on bonded debt
999,000
Results for
Gross
Net
revenues,
-$10,198,000
income
Note—Operations for first nine months of 1919not|stated for comparison
as the Land Line System was under Federal Control for a part of that period.
See Direct United States Cable Co. above.—V. Ill, p. 800.
Whalen'Pulp & Paper Mills, Ltd.—New President, &c.—
Hon. T. W. McGarry
has been elected President, succeeding Sir George
Bury.—V. Ill, p. 1287, 200.
___
For
other
Investment News,
see
page
1577.
1574
THE
CHRONICLE
[Vol. 111.
Lcpxrrts <md
SOUTHERN RAILWAY COMPANY
TWENTY-SIXTH ANNUAL REPORT—FOR THE YEAR ENDED DECEMBER 31
THE
Richmond, Va., October 12 1920.
To the Stockholders of Southern Railway Company:
The Board of Directors submits the following report of
the affairs of the Company for the year ended December
31 1919:
INCOME
The
ACCOUNT.
total
corporate income for the year was $20,884,increase of $51,393 40 over 1918.
So much of
019
97, an
figure as represents compensation from the Government
is limited to the so-called "standard return" ($18,653,893 15)
certified by the Inter-State Commerce Commission pursuant
to the Federal Control Act.
After deducting $15,742,452 69
for interest, rentals and other charges the balance was
$5,141,567 28, out of which the $3,000,000 required" for the
dividend of five per cent on the preferred stock was appro¬
priated.
The final surplus was $2,137,259 65 compared
with $2,700,205 38 in the preceding year.
This decrease
of $562,945 73 in the amount carried to the credit of profit
and loss was due to an increase of $626,689 31 in interest
paid on unfunded debt represented by interest bearing obli¬
gations required of the Company by the Director-General
of Railroads and War Finance Corporation in return for
funds applied toward the payment of fixed charges during
the period of Federal operation.
this
THE
LAST
YEAR
OF
GOVERNMENT
OPERATION.
The Government operated the property
during the entire
1919 and until March 1 1920.
When the property was
turned back to the Company it was found:
On the Physical Side:
The standards of maintenance established during the ante¬
bellum period had not been kept up during Federal control.
In roadway there was conspicuous lack of rail and tie re¬
newals, but when this is said it is fair to add that the roadway
of the busy main lines, on which the maintenance effort had
been concentrated, remained in good condition.
As to
equipment, it is even yet impossible to report actual condi¬
tion, for much of it was scattered and has not yet reached
home, but on such evidence as is available it seems clear
that the car equipment was seriously under maintained.
year
On the Financial Side:
so
The property was turned back with an empty treasury,
that the Company was compelled to earn the first pay
roll, due four weeks later.
RELATIONS
WITH
THE
FEDERAL
RAILROAD
ADMINISTRATION.
No contract
was
effected defining the compensation to be
paid by the Government for the use of the Company's pro¬
perty during the period of Federal operation.
As stated in
the report last year, the Federal Control Act authorized
contracts with railway companies for the
payment to them
by the Government of annual compensation equivalent to
the average annual railway operating income for the three
years ended June 30 1917, with the provision that the Presi¬
dent of the United States might agree with any company upon
a different sum in
exceptional cases where the average in¬
come for the three years would be
plainly inequitable as a
fair measure of just compensation.
The average annual
railway operating income of Southern Railway Company for
these years has been certified by the Inter-State Commerce
Commission, pursuant to the Act of Congress, to be $18,653,893 15. As this sum was not, in the judgment of your
Board of Directors, a fair measure of just
compensation for
the use of your property by the Government, a confident
application was made for additional compensation, in the
aggregate amounting to $4,771,398 97 per annum.
As
stated in detail in the last annual report, this application
was supported
by what seemed to us to be persuasive speci¬
fications.
After twelve months of
waiting for a decision
upon this application, we were advised by the Railroad
Administration that they were prepared to allow us the fol¬
lowing additional compensation:
For the year 1918
___$203,165 84
439,655 24
521,250 40
For the year 1919
For the year 1920, or any part thereof, at the annual rate
of___
No
award
hearing
on
the application and
no
vouchsafed.
Under these
seemed to the Board that the award was
were
explanation of the
circumstances
it
inadequate.
The
Company expects, therefore, to assert its claim for additional
compensation in the forum provided by law for the case of
failure to agree with the Railroad Administration.
There are, furthermore, many other unsettled
questions
arising out of Federal control, upon which there is a wide
difference of opinion at this time.
Thus, the claims of the
Company against the Government now formulated total
$84,700,000, and we are advised of Government claims
against the Company totaling $71,650,000.
This issue also
must be tried out.
It
is, then, to be anticipated, however unfortunate it
be, that there will be protracted delay in final settle¬
ment of the Company's accounts with the Government
growing out of Federal control.
may
1919.
RESUMPTION OF CORPORATE OPERATION.
By the Act
of Congress approved February 28 1920,
Transportation Act of 1920, the Company
had the option of operating its property for the six months
period from March 1 to August 31 1920, for account of the
Government, receiving one-half of the annual compensation
paid during the period of Federal control and surrendering
to the Government any income in excess of such amount.
The Board of Directors decided to resume the operation of
the Company's property for its own account from March 1st.
In arriving at this decision the Directors adhered to their
known
the
as
conviction that the amount guaranteed by the Government
was not a fair measure of
compensation for the use of the
property; they believe that the revenue resulting from the
prosperous business of the South, together with an intelligent
control of expenses,
might yield
as
much
or more
net income,
and they were convinced that the advantages to
be derived
through stimulating with a sense of responsibility the efforts
of the working organization toward getting business and
handling it efficiently and economically fully justified the
assumption of whatever business risks might be involved.
Three of the companies (The Cincinnati New Orleans &
Texas Pacific
Railway Company, The Alabama Great
Southern Railroad Company and New Orleans & North¬
eastern
Railroad Company) in which Southern Railway
Company has substantial investment interests and whose
properties are operated as part of the Southern Railway Sys¬
tem, made the same decision.
In the event this adventure in self-reliance was justified.
The Board believes that the indirect effects of stimulation
of the staff are, and will continue to be, of value, but even
in the account of immediate income there
results of
was success.
The
"railway operating income" for the System
were:
SIX MONTHS
ENDED
AUGUST
31
1920.
Below Guaranty. Above Guaranty.
Southern
$712,491 79
C. N. O. & T. P
A. G. S.
$563,260 17
533,266 67
258,043 41
-1
N. O. & N. E
Excess above the guaranty for the System
-
$642,078 46
If, by reason of the addition to its expenses for four months
of the period of approximately $4,195,000 in increased
wages,
under the award of the Railroad Labor Board on July 20
1920, without a contemporary compensation of increased
rates, the Southern proper failed to secure the equivalent of
the full guaranty in the period, nevertheless its
"railway
operating income" was $3,449,734 18 greater than that
from the Government operation of the same lines in the
corresponding months of 1919, and, moreover, the Southern
earned its preferred stock dividend for the period by its own
operations.
Comparing like with like, the result of opera¬
tion of the Southern was thus more than $7,500,000 better
than the Government operation.
THE
The
State
RATE
INCREASE.
increase of railroad rates
Commerce
Commission's
authorized
decision
of
by the InterJuly 29 1920,
to
complete the cycle of Government management of
industry.
Such an increase was necessary to
support the scale of expenses set up by the United States
Railroad Administration.
It remains, then, for private
management to resume the practice of competitive efficiency
which distinguished the American railroads during so
many
years, so to justify the preference, declared by Congress,
of the American people for that form of administration,
by
making possible not only the success of individual companies
and the prosperity of their loyal employees, but a constant
and progressive reduction of rates accompanied by an en¬
largement of service to the public, such as may be traced
through the old-fashioned railroad statistics. No one can
expect this to be accomplished over night, considering the
practical conditions, but a start can be made at once.
Invoking the co-operation and support of the employees,
the management of the Southern Railway System will make
seems
the railroad
the effort.
It is futile to: attempt at
net income under the
this time
a
prediction of future
present scales of rates and wages.
Only
experience under the
new order of things can determine what
the effect upon the divisible income, but we face
the future with courage and with confidence.
will be
IMPROVEMENTS
AND
BETTERMENTS
ACCOUNT.
IN
THE
CAPITAL
No additions and betterments to the fixed
plant, of any
significance, were undertaken during Federal control.
The
work of laying a double track on a revised grade between
Washington (Alexandria, Va.) and Atlanta was, however,
finished.
As originally contracted and estimated, this work
was to cost
$34,838,000.
It actually has cost $52,134,000.
Of this, $5,216,586 24, representing the work done
during
Federal control, was advanced by the Railroad Adminis¬
tration out of its profits from the operation of the
property
in 1918 and is included in the claim of the Railroad
Admin-
Oct. 16 1920.]
THE
CHRONICLE
istration against the
Company.
The work itself has fully
justified the hopes with which it was undertaken, despite
the increased cost.
Before the Government took possession
of the property the double track in
operation had materially
enlarged the capacity of the plant, and the benefit is now
more than
ever, as is evidenced by the fact that since
March 1st the Company has handled a
larger traffic than at
any other time in its history.
Other such profitable pro¬
jects of heavy reconstruction which can be equally justified,
await the halcyon time when
again capital shall be available.
felt
In like
manner
many
comparatively minor improvements to
waiting
the plant, which also promise
conspicuous profit, are
on the
budget.
'
It has been necessary, for the same reason of lack of work¬
ing capital^ to postpone also customary contributions to
many municipal improvements throughout
the territory
which are expected by local
public opinion.
The aggregate
of these claims now in hand, accumulated
during the fallow
years of Government control, is over ten million dollars.
If this sum was so invexted, it would not add a
penny to the
revenue producing,
and little to the expense controlling,
power of the plant, but the insistence of local public authori¬
ties that it shall be invested represents
of
citizenship and
little
concern.
At
a
a
none
the less
a
burden
current administrative problem of no
time when the good will of the public
is of prime importance it is thus necessary to postpone things
in which the local communities are
impatiently interested.
It may
suffice to point out that the new Transportation Act
that these non-revenue producing improve¬
by a railroad out of a fund to be
accumulated from the new rates, but this is cold comfort to
the interested communities, for it means delay.
Since the close of the year the Company has entered info
an equipment trust
agreement, dated January 15 1920, with
the Director-General of Railroads and Guaranty Trust Com¬
pany of New York, Trustee, whereby the Company will
acquire title to ninety-six locomotives and two thousand
coal cars which were purchased by the Government and
allotted to and accepted by the Company, and will pay there¬
for, in fifteen equal annual installments bearing interest at
the rate of six per cent per annum, the price charged by the
manufacturers, which price has not yet been definitely ascer¬
tained, but will be not less than $10,293,250 and not more
than $10,977,193.
The ninety-six locomotives had been
ordered by the Company before Federal control became fully
effective, were needed, and have been, since they were de¬
livered, an essential element of operating strength.
The
coal cars were needed also; indeed, on the transportation side,
the management would welcome now a much larger addition
to equipment, but the current business situation, meaning
the high manufacturing cost, the prohibitive cost of capital,
the unsettled state of accounts with the Government, and
the uncertainty of the effect of the new rates, has not yet
justified a commitment in that respect.
contemplates
ments shall be undertaken
INDUSTRIAL
AND
AGRICULTURAL DEVELOPMENT
TERRITORY SERVED.
OF
THE
The South, released from the absorbing activities of war,
pursuits of peaceful industry.
It does so
has turned to the
with renewed energy
ever before enjoyed.
stimulated by greater resources than it
The South is now recognized by the
business world to be prosperous, measured by every economic
test.
The long generation of struggle for bare existence has
passed.
Among the causes for this one of the most potent
is that the average standard of living has been raised.
In
the years following the war between the States the South
produced at low costs what it had to sell, and sold it as raw
material at low prices, but it bought and consumed the man¬
ufactures of the North at the high prices which were main¬
tained by the relatively high wages paid at the North.
As
a result the South was
kept poor.
With the development of
Southern industry in recent years have come, higher prices
for Southern products and higher wages for Southern people,
thereby increasing the purchasing power of the average
Southern family.
Not only has property been distributed
in a way never before known in the South but the sectional
aggregate of prosperity is greater.
This, we take it, is the
best
sense in which
the recent war has made "the world
safe for democracy" in the United States.
The argument
that there is inflation and extravagance in the present situa¬
tion may
be justified and will be tested by the event, but
that the South is to-day feeling
what Dr. Johnson called "the potentiality of growing rich
beyond the dreams of avarice."
We append a few specifica¬
tions, in support of this general statement, from the facts
the cheerful fact remains
which
come
to
the attention of
The number of
new
of
railroad management.
industrial establishments now in course
a
construction, including additions to enterprises already
in operation, is greater than at any time in the history of the
South.
Five hundred and eight new industries were com¬
pleted and put in operation along the lines of Southern Rail¬
way System and two hundred and ninety-four industries
were enlarged during the year 1919 and the first six months
of 1920.
Capital to the amount of $225,816,000 was invested
in new industries and in the extension of old enterprises in
the territory served by the Southern Railway System during
the three years from July 1 1917, to June 30 1920, and the
estimated cost of plants under construction on the latter date
was $153,165,000.
! It is interesting in connection with these figures to recall
that at the time of the establishment of a single important
industry
we
1575
on our
lines, noted in the annual report for 1907,
expected that the
revenue
therefrom
would reach
$500,000 per annum.
Our
plant to-day is at the rate of $1,200,000
to
the
company
from this
revenue
per annum.
The
traffic handled for it in 1919 amounted to
630,783 tons or
24,132 carloads.
There
is
a
marked increase
in
the
variety of manufac¬
complete
conversion of raw materials into finished articles.
Thus, in
1890 but 528,895 bales of botton were consumed
by South¬
ern
mills, and this cotton went into the manufacture of
yarns and unbleached fabrics which were sent to other
manufacturing districts for conversion or for1 bleaching
and
finishing processes.
In
1919
the
Southern mills
consumed 3,491,000 bales
of cotton.
These mills now
are finishing and
bleaching all goods which they manufac¬
ture.
They are producing all varieties and grades of cotton
cloth, and much of this product is being converted within
the South into articles of
wearing apparel and other finished
articles ready for immediate use.
These products now find
their way directly from the mill doors to
distributing markets
throughout the United States and in many foreign countries.
The number of new spindles in operation on June 30
1920,
represents an increase of 8.3% over the number in operation
tures in the South.
The movement is toward the
at the end of 1918.
Again, the production of pig iron in the South in 1919 was
2,321,000 gross tons, an increase of 86% over the quantity
produced in 1890.
More than 50% of the 1919 production
converted in the South into a large
variety of finished
articles, while only 20% of the 1890 production was melted
in the South and that chiefly into
castings and pipe.
The progress thus noted
in^ the manufacture of finished
articles from cotton and iron is fairly representative of the
general development of the South's natural resources.
The exportation of manufactured articles and of coal from
the South is rapidly increasing.
Difficulties of transporta¬
tion affecting the movement of traffic
through congested
terminals of the Eastern seaboard have occasioned a
larger
flow of export traffic through South Atlantic and Gulf
ports.
Rate adjustments have been established which permit the
movement of such traffic in competition with routes
through
was
the
Eastern
seaboard.
Th
s
traffic
has
reached
a
sub¬
stantial volume and is
engaging more vessels than ever before
frequented Southern ports.
A healthy increase in this traffic
is assured.
The service is attracting increased
importsAas
well.
■.
■
The
raising of live stock is being conducted
scale.
The number of animals in
on an
increasing
the Southern
States on
Jan. 1 1920, is set forth in the following table, together with
the percentages of increase during a period of four years:
Horses
2,018,000
2,045,000
3,507,000
5,668,000
....16,784,000
Mules..;
Milch
cows
.
Other cattle, for meat
Hogs
Increase 1.2%
Increase 9.8%
Increase 13.1%
Increase 17.5%
Increase 22.5%
This increase in the production of live stock has been
accompanied by the location of stock yard facilities which
are being profitably operated, and
by the construction and
operation of numerous packing houses, the number of the
latter now in operation in the South being twenty-one.
These packing houses afford a home market for a large pro¬
portion of the stock producted in the South.
At the same
time live stock traffic has increased, our lines handling
264,466 tons during the year 1919, an increase of 10.7%
over
the preceding year.
With prosperity the Southern
people have become larger consumers of beef.
"Hog meat
and hominy" is no longer the chief of their diet.
The econ¬
omic consequences of this development are likely to be
important.
Municipal improvements, including the improvement and
extension of streets and public roads, largely suspended dur¬
ing the period of war, have now been resumed and are being
pursued with great activity, stimulated by the current mar¬
ket for municipal bonds which have become attractive by
reason of their exemption from Federal taxes.
This activity
of municipal construction results, of course, in increased
traffic for a railroad, as well as in increased taxation.
Census returns are not yet sufficiently complete to report
the growth in population in the South as a whole, but definite
returns from twenty-nine of the more important cities in
the South show an increase of 35.4% in the population of
1920
over
that of 1910.
South has doubled its
It
seems
fair to
assume
that the
population in the last forty-five
SERVICE
OF
years.
EMPLOYEES.
The efforts of railroad management in the country gen¬
erally to render the full measure of service required were
hampered by strikes which followed closely upon the sur¬
render of the railroads by the Government.
With intense
gratification we record the fact that our employees did not
join in these strikes.
They stuck steadfastly and loyally
to their jobs, and to them are due, and heartily are
tendered,
the thanks of the stockholders
a.
as
well
as
of the management.
wh Hfti t MTMmm,trmwiuiiMuwva
The Directors, with deep regret, record the death on
April 24 1920, of their esteemed associate on the Board,
Walter Kerr.
Respectfully submitted, by order of the Board,
FAIRFAX HARRISON,
President.
Table
[Vol. 111.
CHRONICLE
THE
1576
3.—GENERAL
BALANCE SHEET.
ASSETS.
Dec. 31
lDVl£v<Stment
in
Investment in
Cash Deposited in Lieu of Mortgaged Property Sold..
Miscellaneous Physical Property—Rails and Fixtures leased to
Investments in Affiliated Companies:
$416,468,542 31
others
Stocks
—-
-
-
....
-
Advances!:.:.
coupons)
-
—
-
-
-
Total
Investments
73
$708,385 28
$742,083 37
$34,187,445
28,300,459
2,001,885
2,532,310
90
04
91
95
——_
$33,971,354
28,300,459
1,989,004
2,503,518
18,825
90
04
59
32
00
$67,022,101 80
$66,783,161 85
$347,972 00
5,159,963 45
432,08533
$348,062 00
5,263,913 45
452,30073
111,072 08
$298,222 00
5,273,913 45
499,38011
2,184,476 04
Additional Equipment
Investments
Other
-
—
-
Advances for Purchase of
90
04
84
$5,000 00
—
$67,054,704 51
.
Notes.":::::::::
Total
$33,987,505
28,304,459
1,948,782
2,813,956
—.....
Affiliated Companies
..
Bonds"
-
—
_
^^Stocks81111611^
Dec. 31 1917.
$418,973,345 65
$2,072 50
$691,282 43
........
Notes
Total Investments in
1918.
$341,175,564 34
75,292,977 97
Equipment
Miscellaneous (Matured interest
Dec. 31
$341,537,790 46
77,435,555 19
—
-
Total Investment in Road and Equipment
Bonds""
1919.
$342,931,751 85
75,582,323 13
..$418,514,074 98
Road.....
—
$5,940,020 78
$6,175,348 26
$8,255,991 60
......$492,202,155 20
$492,912,879 08
$492,221,081 04
*
_
-
-
-
Current Assets*
cJL!VJx* f§
spTdaPDeptVte.::::::::::::::::::::::::::::::::::::::::::::::::::::"/--"-"-"--;---
jmmio
2,077,770 05
116,550 64
Receivable
-
and Conductors
Miscellaneous Accounts Receivable
Balances due from Agents
Material and
Interest
Other
and
—
.
,.n§'338 41
Dividends Receivable
Current
Total
1,735,440 75
—
Supplies
Current Assets..,
1,515.665
3,250.905
1,220,422
7,192,708
1,545,917 63
439,419 23
386,588 98
Loans and Bills Receivable...
Traffic and Car 'Service Balances
§
...
■
_
...
698,409 32
1,462,791 Oo
..—
___________
......
7
Assets....
$21,538,095 35
—
- —
99
69
07
43
.....
10.250,687 63
1,758,543 86
2,499,421 41
$25,919,20900
$38,454,435 86
—
..
ZZo'iff ZR
o
foo'^o^ 1?
Def
WwkhigFunds Advanced to Agents and Officers.
— Liberty Bonds—Subscribed for Employees.
—
Cash and Securities in Insurance Fund
...
Cash and Securities Deposited under North Carolina Railroad Lease
Other Deferred Assets
...
Rents paid in Advance
$742,425 09
— _____
182,434 60
1,345,186 24
3,314,306 45
$3,629,975 85
$742,425 09
$1,353,863 29
$12,703,654 60
..■■...............$568,810,487 36
$566,318,341 61
____
.I?18.
™
$302,200 00
59,745,000 00
$223,200 00
54,374,000 00
$60,047,200 00
<
$133,234 80
$8,677 05
M
$18,512,875 97
-
-
...—:...
............
...
...
$54,597,200 00
....
Totals.
$1,663,855 84
—
....
Government—Unadjusted Debits
Securities of the Company held by it:
Grand
$1,410,391 75
___________
■'
—
Total
$146,590 65
ARR'RR? 9R
$32,018,343 89
—
______
States
Unpledged
Pledged.
-
1,022,891 45
178,600 00
119,873 74
Claims: Foreign Mileage and Sundry Items
Total Unadjusted Debits..
United
$41,205 08
AR-2RR 9?
$2,314,232 59
___
Unextinguished Discount on Funded Debt
_
Additions and Betterments Expenditures: Freight
in Suspense
,
1,070,673 51
178,600 00
93,713 16
1,283,487 00
175,000 00
840,800 35
_________
Assets
States Government—Deferred
Insurance Premiums and
——-.r-.-oV™
$33,500,703 16
Total Deferred Assets..
United
$14,945 24
—
-
--
—
$535,969,348 59
LIABILITIES.
Dec.
31
1919.
Dec. 31
1918.
Dec. 31
1917.
Capital Stock:
Common
.
.
$120,000,000 00
60,000,000 00
$120,000.000 00
60,000,000 00
$120,000,000 00
60,000,000 00
$180,000,000 00
5,650,200 00
$180,000,000 00
5,650,200 00
$180,000,000 00
5,650,200 00
$185,650,200 00
$185,650,200 00
$185,650,200 00
$234,206,500 00
$235,402,500 00
$235,429,500 00
11,324,000 00
14,550,000 00
17,846,000 00
$245,530,500 00
$249,95|2,500 00
$253,275,500 00
$431,180,700 00
$435,602,700 00
$438,925,700 ^0
$82,953 39
$82,628 39
$9,710,270 00
$8,579,480 00
38,885 47
89,658 17
196,261 88
444,323 85
379,166 25
1,734,504 14
2,921,961 30
—8,417 50
264,357 80
3,097,678 50
1,822 50
135,573 80
2,932,649 15
7,545 00
10,673 80
56,502 00
1,801,372 83
182,331 08
—
_
56,502 00
1,661,102 53
195,664 33
56,502 00
1,669,852 96
289,322 57
-
Preferred.".
Company Stock...
Stock Trust Certificates
Total Southern Railway
Ry.-Mobile & Ohio
Southern
*
Total Stock
...
'.
-
—
Long-Termn Debt:
Funded Debt
-
-
Equipment Trust Obligations
.
Total
Long-Term
Total
Capital Liabilities..
Debt
-
A-_i-
-
Governmental Grants:
Grants since July
1 1914 in aid of Construction
Current Liabilities:
Loans and Bills Payable.
Traffic and Car Service Balances
Audited Accounts and Wages.,
Miscellaneous Accounts
Interest Matured, including
-
-
_—
...
......
____________
interest due January 1
Matured—Unpaid
Dividends
—
Debt Matured—-Unpaid
Accrued—Unmatured
Accrued—Unmatured
Accrued—Unmatured
...
...—
—
.....
Funded
Dividends
Interest
Rents
;
Expenses Accrued not vouchered.
Other Current Liabilities
73,936 66
7
;
300,575 71
$73,220 09
$455,000 00
1,982,322 00
12,521,524 91
993,665 56
Liabilities:
Deferred Payments Account Reconstruction Rogersville Branch; Contractors' Per Cents
and Sundry Items
490,421 83
1,259,672 36
2,460,196 04
$15,834,376 52
_
Current Liabilities
Total
605,953 72
.
$16,717,515 55
$25,113,758 13
$816,545 10
Deferred
$380,200 52
$909,336 10
$34,167,073 69
$31,038,683 16
$509,584 09
1,283,487 00
$917,133 53
1,070,673 51
$976,848 49
1,022,891 45
869,852 40
1
United States Government—Deferred Liabilities
Unadjusted
Retained
1,317,782 32
3,632,223 58
Credits:
Taxes.
Insurance Reserve
Operating Reserves...
Car and Ticket Mileage Suspense
1,132,085 01
—
Depreciation accrued on:
Rail Leased to Other
123,686 92
Companies
Equipment Owned
Equipment Leased from Other Companies
Sundry Items
United States
Corporate
____
....
18,612,515 89
342,525 32
709,358 95
16,941,357 50
349,676 11
794,355 27
$24,944,551 68
$24,864,684 22
$23,081,298 04
$11,080,758 65
$1,538,284 88
1,500,000 00
504 28
Government—Unadjusted Credits
$1,464,703 16
1,500,000 00
504 28
Surplus:
June 30 1907, through Income and Surplus
Dividend on Preferred Stock.
Additions to Property, since
Reserve for
2V2%
Miscellaneous
Total
Profit
__
95,114 27
20,676,414 38
493,705 51
907,953 92
$13,373,332 40
Unadjusted Credits
Total
111,308 52
and
-
Appropriated Surplus
Loss—Balance.
Grand
Totals
_
--
-
$1,306,906 94
1,500,000 00
504 28
$3,038,789 16
$2,965,207 44
$2,807,411 22
$45,888,377 46
$44,840,214 28
$43,288,162 37
$568,810,487 36
$566,318,341 61 $535,969,348 59
OCT. 16
1920.]
CHRONICLE
THE
1577
Table 1.—INCOME STATEMENT.
1919.
,
.
Corporate Income:
Certified
Standard
Operating
.•■ ■■.■;
■
.
Return under
Federal Control Act
'—
$18,653,893 15
59,676
233,091
53,787
1,035,492
684,548
158,840
4,688
60,176
243,333
41,163
1,020,562
682,623
Income—Revised
$26,085,574 49
Income from Lease of Road...
91
1,556 74
19
18
75
32
62
469,149 03
107,482 12
$20,884,019 97
$20,832,626 57
$29,142,475 70
$2,400,254 73
38,414 73
$2,338,822 14
31,007 35
6,980 24
5.591 90
$2,135,499 86
52,593 36
458,756 28
70,482 08
-
Miscellaneous Rent Income
Net
1917.
1918.
$18,653,893 15
Income from
Dividend Income
Income from Funded
Income from
Leased
Rail
...
Securities
Unfunded Securities and Accounts..
Miscellaneous Income.
Total
,.
......
—
....
Corporate Income
90
68
87
67
35
44
"
6,899
148,559
40,360
1,231,859
1,052,591
84
27
18
30
15
129,317 94
Deductions:
Rent for
Leased
Miscellaneous
Roads.
Rents....
:
Separately Operated Properties.
Interest
on
Unfunded
—
668,985
381,351
426,343
94,249
Debt
Corporate Expenses.
i
.......
War Taxes
- - - •
...
*
—
Miscellaneous Income Charges
Total Deductions of this Class__
Total Available Income.
—
on
Funded
Interest
on
Deductions
of this
Class
Dividend of
$17,564,054 75
$25,630,136 49
681,643 89
226,008 00
$10,680,242 24
686,471 03
226,008 00
$11,725,873 12
$11,855,141 89
$11,592,721 27
.;—--
$5,141,567 28
3,000,000 00
4,307 63
$5,708,912 86
3,000,000 00
8,707 48
$14,037,415 22
3,000,000 00
1—
$2,137,259 65
$2,700,205 38
$10,917,205 03
—...
.
5% on Preferred Stock—
Additions and Betterments Charged to Income
—
Balance Carried to Credit of Profit and Loss—
—
2.—PROFIT AND
Table
Credit Balance December 31
1918
$3,512,339 21
$10,947,490 00
on
Total
182,096 89
$3,268,571 82
598,456 24
226,008 00
—
Balance of Income over Charges.
612,910" 7 4
$16,867,440 40
Equipment Obligations.
.
Southern Railway—Mobile & Ohio Stock Trust Certificates....
Dividend
...
81
38
75
49
$10,901,408 88
—
.......
Interest
Debt
42,295
187,519
574,006
89,328
$4,016,579 57
—
—
12
37
91
47
120,210 19
LOSS.
$44,840,214 28
1
Add:
Credit Balance of Income for the year
2,137,259 65
—«
$46,977,473 93
Deduct:
Discount
on
Securities charged off during the year..
Adjustment of Revenues and Expenses prior to
Net Miscellaneous Debits....
$608,958 91
—
January 1 1918-
212,609 01
—
-
267,528 55
,
...
1,089,096 47
1919.
Credit Balance December 31
Chicago.—Industrial Situation.
Oct. 13 President Thomas E.
Wilson, who is also President of the Institute of American
Meat Packers, declared that he feels optimistic in regard to
the general industrial situation, saying:
Wilson & Co., Packers,
a statement issued on
—In
The packing industry is just now emerging from a period of most drasti0
readjustment and deflation.
First came the shrinkage in price of provision1^
following the armistice and this meant enormous losses to packers on thei
inventories.
After that our foreign trade declined to the vanishing point-
in the price of hides, wools and other by-prod¬
the packing industry has been liquidated and
liquidated and this process has affected every one of the 200 or more im¬
portant meat packing firms in the country.
Their ability to come through
this time of stress so well indicates something of the soundness, not only of
this single industry, but of the general industrial fabric.
Just now the packers are encouraged at the improvement in their foreign
business.
The export demand from Continental ports, and especially
Germany, for pork products is regarded in some quarters as the best during
any month of the current year.
Germany has been buying lard and boxed
meats and paying for them in American dollars.
Holland has also been
buying substantial quantities of lard.
The British have likweise been
buying provisions, chiefly hams, and many believe that before long they
will renew purchasing in volume.
All of this is a considerable relief for it
affords an outlet for our stock of surplus provisions.
People in the East seem to be paying less attention to the severe fall in
and finally came the decline
ucts.
From top to bottom
f
^
,
grain causing him this fact deserves.dollars, but in thehave run the farmer
These declines long hit this means
ard, prices that many millions of
cheap food for the country and every economist will tell you
usually follows a period of cheap foods.—Y. Ill, p. 996.
that prosperity
—MHler & Co., members of the New York Stock Exchange, 120 Broad
have issued
way,
of Securities."
and
bonds
in
an
Interesting booklet entitled "Three Attractive Groups
The groups referred to are the railroads, the public utilities
general.
The
booklet concludes
Electric
Power
Bonds
Co.—Guaranteed
Offered.—Wm. A. Read & Co. and Spencer Trask & Co.,
New York are offering at 99 and int. (by advertisement on
another page), $5,000,000 First Mtge. 7V2% Sinking Fund
Gold bonds, Series A.
Guaranteed principal and interest
by endorsement by the Milwaukee Electric Ry. & Light Co.
as
follows:
"History has
shown that the securities of corporations having fixed revenues depreciate
in
period of rising commodity prices and that they appreciate when com¬
a
modity prices fall.
the
History will undoubtedly repeat itself.
In this event
depreciation period for these securities is ended and the appreciation
period has begun."
The booklet also contains three statistical tables that
should prove of interest to Investors.
—In
Friedman,
may
be had
request.
on
Nehemiah
it is stated that the stabilization of the government and the
effects of the
work out
Copies
special analysis of the Mexican situation issued by
a
administration to settle the national debt will undoubtedly
new
satisfactorily and find reflection in advancing prices for Mexican
Government issues many of which are now selling below the arrearage of
interest which has been unpaid since 1914.
—Roosevelt & Son, 30 Pine Street, have Issued a booklet: "Should the
Investor turn back to Railroad Bonds."
our
They say: "If
we are
correct in
beUef that the country is facing a prolonged period of falling commodity
prices, falUng interest rates and consequently rising prices for well secured
bonds, it is of distinct Interest to compare prices today with prices fifteen
years
ago."
—Dr.
Joseph Rothenberg, an authority
on
foreign exchange, and
Manager of the foreign department of Raabe,
for Europe on the New Amsterdam, Tuesday
Wisconsin
$45,888,377 46
——
Glisman
Oct. 19.
now
& Co., will sail
Dr. Rothenberg is
making this trip for the express purpose of studying economic conditions and
the
progress
of reconstruction, relative to the financial and commercial
:•
problems of Europe.
-—The Banking House of Zimmermann
the official
agency
New
of
York
as
of the City of Mainz, Germany, for the payment in
due
all
& Forshay has been appointed
coupons
and
drawn
bonds of that municipaUty.
The bankers state:
Zimmermann & Forshay are already acting in the same official capacity for
Security.—Secured by direct first mortgage Hen on the entire property,
owned or hereafter acquired, of the Wisconsin Electric Power Co., which
modern steam-electric power house with 40.000 k w present
capacity, operation of which will begin during the latter part of 1920, and
which u leased to The Milwaukee Electric Ry. & Light Co.
The cost of
present property, against which these bonds are issued, is estimated at
$6,250,000.
Control, through stock ownership, of both the Wisconsin
Electric Power Co. and The Milwaukee Electric Railway & Light Co. is
coupons
vested in the same interests.
particulars in advertisement on another page.
now
is completing a
lease, the Milwaukee Electric Ry. & Light
and maintains the property, paying a rental sufficient to
Lease.—By the terms of the
Co.
operates
provide interest and sinking fund on the First
pledged as additional security for the bonds.
Mtge. bonds.
Net
after
taxes,
Light Company.
1918-19.
1919-20.
1917-18.
>-$17,758,740 $13,>02,281 $11,405,798
Gross earnings
available
for
int.,
•
_
4,608,697
4,172,799
3,077,668
1,609,357
1,4/8,987
1,268,989
$2,999,340
depreciation A dividends
$2,693,812
ll.808,679
Interest on funded debt
Balance
—"The Advancing Bond Market
Approximately 64% of the net earnings for the twelve months ended Aug.
electric light and power and heating business,
31 1920. was derirod from the
the
accompanying advance in bond prices and the reasons for this
Copies will be sent to investors upon request.
phenomenon.
See further
—-Christian & ParsonsCo. .investment bankers, Continental & Commercial
National
Bank
Building,
Chicago,
announce
that
Richard
J.
Hickey,
with Thomson & McKinnon, Chicago, have become associated with them
in their unlisted
Co.—Stock fcr Employees.—
approved a plan to sell Common stock to the employees
on a deferred payment basis at $85 per share (no par value).
The plan
provides a liberal yearly cash bonus in addition to the regular dividends.—
V.Ill, p. 1190.
'
The directors have
department.
—Newburger, Henderson & Loeb. members of New York and Philadel¬
phia Stock Exchanges have issued a new circular describing a carefully
selected
group
of
Railroad
which
Bonds
combine sound security
and
Copies may be had on request.
exceptional yield.
—Roselle & Co., members of New York Stock Exchange, 71 Broadway,
New York City, have issued a new
notes with stock
Youngstown Sheet & Tube
"—Harris, Forbes & Co., New York, have
prepared a booklet which discusses the recent decline in commodity prices
with
formerly with S. B. Chapin & Co., Chicago, and Paul Schoessling, formerly
Earningt •/ Milwaukee Electric Railway &
Aug. 31 Years—
The lease is
and bonds of all issues of the Cities of Berlin, Darmstadt and
Fuerth, Germany.
—Donald
S.
circular on American Light & Traction
option warrants attached.
Stewart, formerly with
associated with the firm of Rollins,
New
York Stock Exchange
—The
American
as
Copies
may be had on request.
R. M. Grant & Co. has become
Kalbfleisch & Co.. members of the
Manager of their Investment Department.
Exchange National
Bank has been appointed Fiscal
Agent in New York for the payment of interest of City of Cleveland. Ohio,
CURRENT
NOTICES
6% Funding bonds
aggregating $5,750,000.
—The Bank of New York,
—Salomon Bros
and Victory
& Hutzler are advocating
the purchase of Liberty bonds
Notes, and are showing that an
investment in these issues
yield# the equivalent of 4 38% to 17 H % as compared to the yield of a tax
able investment, dependent upon the income of the investor.
Salomon
municipal notes maturing from
Dec. 15 1920 to Aug. 31 1921, which yield the investor the equivalent of
6H % to about 23% per annum, dependent upon income as compared to a
Bros. &
Hutzler are also offering short-term
taxable investment.
National Banking Association, has been ap¬
pointed trustee in the United States for the Metropolitan National Insur¬
Co. of Havana, Cuba.
ance
—The Liberty
National Bank of N. Y. has been appointed registrar of
voting trust certificates for
Common stock.
the United States Hoffman Machinery Co.
'
Equitable Trust Co. of New York has been appointed registrar
of the stock of Bateman & Cos., Inc.
—The
[VOL. 111.
CHRONICLE
THE
1578
through Antwerp and toward
%\xt (Exmxwrrcial %imts.
the next few years
rived
Friday Night, Oct. 15, 1920.
slowing down
one
of the cardinal features in this retardation of business
abnormally
the
are
causes
of the land.
breadth
and
activity throughout the length
Other
high
temperatures—at
New York it has been up to 82 degrees—and low
farm
50%.
prices of last season is nearly
commodities
other
three
years.
of
and
London that
The
workmen
of
fact
for
about
the
serious bar to business with much
a
Bolshevism,
on
in
Europe's buying power,
The latter, it is true,
Europe.
back
The price of food and
lowest
the
exchange rates keep down and
is limited,
course,
is
Export trade lags.
question of credits is
in the value of the
The fall in cotton from the high
grain and cotton cropa
some
prices for
The buying capacity of the West and the
products.
South has been reduced by a sharp fall
of
prices is
The uncertainty about
and
seems to
reports
in Russia
Sovietism
Italy have had
a
be turning its
persistent in Paris
are
is
its last legs.
on
sharp lesson as to the
futility of trying to do without brains and experience in
directing industry, and Spain, where a country-wide strike
seems to be threatened, will also get perhaps a needed les¬
3,000,000 Italian emigrants will have ar¬
United
of
States.
He
says
steamship lines
ahead.
are
that
passenger
booked
London despatches say the decision of the miners to strike
next
Monday brings the United Kingdom face to face with
perhaps the most ominous industrial crisis in its history.
Growers'
Wheat
The
Association, numbering 70,000 mem¬
West, urges members not to sell wheat
after Oct. 25, until price is raised to $3 a bushel.
James B.
bers in the Middle
Forgan, chairman of the board of the First National Bank
of
Chicago,
and
president
Reserve Board, said:
for
of
the advisory
council
in wheat prices, nor for the difficulty of
obtaining loans.
Strained conditions of the
market may make it difficult for the farmer to
money
in
obtain funds from his local bank, but the Reserve
not
Board is
responsible for fundamental economic conditions. The
curtailment
credit
for
policy
the
of
the
board
lias
conserved
ported to have closed until Oct. 25.
The tire manufactur¬
ing department of the Hood Rubber Co., Watertown, Mass.,
has
for
closed
indefinite
Philadelphia advices
mills is imminent.
Curtailment is already widespread and increasing.
Mills
are
said to have large stocks of manufactured goods on
intimate
hand.
winter.
ted
an
that
shut-down
a
period;
of
carpet
York,
As for this country it was never in any danger
that the United States is
of it.
All
suffering from now is the more or
to a peace basis of trade
of pretty much everything is
less
painful transition from
and prices.
The tendency
a war
towards lower
quotations.
Money on call has been as high
10% during the week, but to all appearance this is only
as
temporary, for it costs less to do business and it stands to
reason that financial stringency will gradually ease from
the effect of a slowing down of trade and declining prices.
Buyers are still afraid to stock up.
They fear being caught
with a plentiful supply of goods on a falling market.
This
has been the case, as everybody knows, for weeks past; only
it is, if possible, more than ever the case now.
Wheat ex¬
ports are large and there is somewhat better export demand
for cotton, although the actual exports are not large, and
the
total
thus
this
far
season
is
far
behind
for the
that
corresponding period last year. As a rule our foreign trade
lags.
The tendency of iron and steel prices is evidently
downward,
and resales have
prices.
The lumber trade is dull and production has been reduced.
There
kinds
is
less
cause
of
a
a
week
or
two at
a
time,
a
or
else indefinitely, be¬
What the country needs for one
thing is seasonable weather.
late demand for
lower
at
in
market.
poor
made
building.
Manufactures of all
Many mills in textile trades continue to
quiet.
are
close for
activity
been
Colder weather might stimu¬
hundred articles of necessity, which are
neglected in the present spell of "Indian summer" weather.
The
interior
is
economizing.
menace of
not
And
buying.
across
Farmers
are
blue
and
are
the water in England looms the
strike of 800,000 coal miners.
There are pre¬
dictions that if it occurs it will be brief and end disastrously
a
for the miners.
That would not be surprising.
The public
opinion, not merely of England, but of the world would be
against such a strike if it actually occurs, as it is an¬
nounced
it will
next
Monday.
If it should last three
or
four weeks it is predicted that 3,000,000 additional workers
would be thrown out of employment in
England.
In the
United
States
failures
are
increasing.
For
the
present
week they are larger than those of last week and also for
the same week last year, while about the same as for the
same week in 1918,
although they are much smaller than
those for
the corresponding period in 1917 and
especially
Roughly speaking, however, the crops this year are
6% larger than those of last year.
in 1916.
Governors
of
Arkansas, Georgia, Alabama and South
Carolina are offering rewards for arrests of
"night riders,"
but despite this fact, the campaign to
keep cotton from the
market continues, and business is
beginning to feel the
effects.
An Atlanta, Ga., despatch
says that with no cot¬
ton being ginned or marketed the debts of farmers to
banks,
merchants and fertilizer
men are not
being paid. In South
Carolina, Federal State and county officials have begun a
campaign to put an end to the danger that has arisen in
different counties of South Carolina and other sections of
South by the attempts to intimidate ginners.
Some
25,000 bales of cotton, it is estimated, have been destroyed
the
by incendiary fires; also many ginneries and warehouses.
An average of 4,000 emigrants are
leaving Spain per
month for the United States.
They include, it is said, many
of the best workmen in Spain, who are, it is
stated, dissatis¬
fied with the unstable conditions of industry there.
Re¬
ports from Danzig, Hamburg and Bremen say a great tide
States has set in, and
that already it is moving at the rate of thousands a
day
of Jewish emigration to the United
available
essential
industries, and the production of
grain and livestock is ever regarded as highly essential."
The Ipswich Hosiery Mills, at Gloucester, Mass., are re¬
The point is, however, that England,
before very long.
of the
"The Reserve Board is not to blame
decline
the
farmers
Prance, Germany, Austria, Italy and large sections of Rus¬
sia have seen through the sham of Sovietism, and there
are those who believe that in Russia it will not outlast the
son
ac¬
capacity
to
All
this may go a long way towards
solving the labor problem in the United States.
of the United
in the trade
process
still going on.
the
months
for
States is
in
commodations
COMMERCIAL EPITOME
The
Immigration
French ports.
Commissioner Wallis of Ellis Island estimates that during
Cotton mills have closed
on
curtailed
National
The
Textile
decided
Association
Manufacturers,
not
in
of
Sweater
convention
to
in
time
Indiana, Rhode Island, New Hampshire,
setts, and various parts of the South.
New
Massachu¬
and
Knit¬
at
Milwaukee,
decline.
That
guarantee prices against a
falling off in prices of general merchandise,
amounting in some instances to as much as 50%, within the
next six or seven months is the belief of many of the 2,000
delegates to the convention of the Purchasing Agents' As¬
sociation, which opened at Chicago on Oct. 11.
there will be
a
LARD
firmer; prime Western 21.50@21.60c.; refined to
Continent, 23Ho.; South American, 23 %c.; Brazil, in
kegs, 24Futures declined and then rallied on trade
buying and covering in an evidently oversold market.
The
stock of lard on Oct. 1, it is worth recalling, was only 64,805,730 lb3., against 95,262,187 lbs. on Sept, 1, though on
Oct. 1 last year, it is true,
th^ total was but 29,929,439 lbs.
Germany was recently a buyer of 1,000,000 lbs.
To-day
prices were higher with hogs up 15 to 20c. higher.
the
DAILY
CLOSING
PRICES
Sat.
October delivery.._cts.19.77
January delivery
PORK
16.97
OP LARD FUTURES
Man.
Tues.
Wed.
Holi- 19.77
day. 16.95
19.75
16.87
IN CHICAGO.
Thurs.
Fri.
20.45
17.30
20.62
17.47
830 @$31; family $48 @$53.
October
rise of $3 for the week.
Beef dull; mess
$19 @$20; packet $21 @$22; family $25 @$28; extra India
mess $42@§43; No. 1 canned roast beef $3 40;
No. 2 $6 50.
Cut meats lower; pickled hams 10 to 20 lbs. 28K@293djc.;
pickled bellies 28@29c.
Butter, creamery extras 60@60He.
Cheese, flats 20@29e.
Eggs, fresh gathered extras 70@71c.
closed at
quiet;
§25,
COFFEE
mess
a
the spot
quiet and lower; No. 7 Rio, 7c.;
good Cucuta 10%@ll%c.
short interest but Brazilian
markets drift downward under the impact of large receipts.
Thus far the receipts are far ahead of those of last year up to
this time.
Some, however, are buying on the idea that
coffee is low enough or that the culmination of the decline
is not far off.
To-day prices dropped again.
They are
about 100 points lower for the week.
December went to a
new low record.
Many have sold near months and bought
the distant.
The United States imported more coffee in the
last fiscal year than in any previous year.
Coffee exporters
in Venezuela are holding back shipments to this country
until prices recover from the present decline, according to
advices to the Department of Commerce.
on
No. 4 Santos, llH@12c.; fair to
Futures rally now and then on the
December
March.
6.25@6.26 (May
_7.24@7.25 J July
6.95@6.96|
7.53@7.55
jSeptember___7.73@7.75
SUGAR
lower; centrifugal, 96-degrees test, and Porto
Futures declined, partly owing to financial
troubles in Cuba.
Banks, it appears, had become ovenextended there on sugar loans, and the International Bank of
Havana was reported to have closed its doors as a result of
the great decline in the price of sugar.
So great was the
financial stringency that a moratorium had to be declared.
Wall Street houses sold here freely.
Brazilian sold here at
Rican,
8c.
6.75c.
c.i.f.
for
October delivery.
Cuba full duty sugars
c.i.f. at one time, but the general dispo¬
at 6.50c. to 6.75c.
sition
was
to
do
nothing pending further developments.
Refined granulated lie.
Some
of readjustment as regards sugar
think, however, the period
is nearing its end.
For one
thing, stocks are becoming depleted and in need of replen¬
ishing. The majority of buyers, however, are cautious.
Some people say that they do not anticipate sustained ad¬
vances at present, as there is too much sugar available.
Cuba and Porto Rico have very large supplies, but the idea
is slowly
growing that prices are not very far from the turn¬
ing point. A statistician of the Department of Justice pre¬
dicts that there will be a sugar shortage the latter part of this
year and the first of next year.
But a prominent Havana
Oct, 16
THE
1920.]
bank President says
be does not expect any important ad¬
President Menocal of Cuba has
issued a proclamation of moratorium following the closing
of the Havana Exchange and suspension of payment by
International Bank of Cuba.
The crisis is due to large loans
made on sugar.
The National Bank of Cuba is the Govern¬
ment depository.
A dispatch from Cuba on the 14th inst.
said: "Moratorium declared for 50 days.
Run on several
banks, mainly savings depositors.
Clause included prohibits
calling hypothecations until Dec. 1.
We do not expect
forced sugar sales at present."
Cuba sold here to-day at
7c.
c.&f., prompt shipment.
Venezuela centrifugals in
port sold at 6.75c. c.i.f.
Cuban receipts for the week were
8,019 tons against 10,774 tons last week and 19,021 last
year; exports 5,571 tons against 3,212 tons last week and
87,493 tons a year ago.
The exports were all to the United
States Atlantic ports.
Cuban stocks were 313,511 tons
against 311,063 tons last week and 454,214 last year. Only
one central is reported grinding this week.
A heavy rain is
reported in some parts of Cuba.
To-day prices advanced
on futures 35 to 40 points and the ending is 5 points higher
vance
than
in the price of sugar.
a
week ago.
October
7.90@7.92 March
7.77@7.80 May_
[December
7.55 @7.60
7.75<§7.80
[February —7.55@7.60
lower; carloads, $1 07; less than
quarters these prices have
been shaded.
And on the other hand there are some crushers
who will not sell October oil at less than $1 12.
The market
is unsettled, however, and only small lots are changing hands.
Coeoanut oil, Ceylon, barrels, 15H@16c.; Cochin, 16c.
Olive is still S3@$3 15.
Cod, domestic, 90@92c.; New¬
foundland, 93@96c.
Lard, c.a.f. prime, $1 55@SI 56.
Spirits of turpentine SI 29.
Common to good strained
OILS.—Linseed quiet and
But in
carloads, $1 15.
rosin, $12 90.
some
;■
.
■'V-r;
in bbls.
bulk 13.50@14.50c.;> cases 26.50@27.50c.
Gasoline steady at 33o. for steel bbls. 41c. for consumers
wood bbls. and 50c. for gas machine.
A well flowing at
the rate of 5,000 bbls. was brought in recently in the deep
sand just south of Breckenriage, Tex.
There were also several
other new wells of smaller size reported during the week.
PETROLEUM
active
and
steady;
refined
24.50 @25 50c.;
Reports of a coming reduction in prices of crude oil to be
by declines in other petroleum products have
It is claimed that there will be no justification
followed
been denied.
for
prices, as the demand continues urgent.
during the week has been scanty.
lower
news
Somerset,
and
32
Wooster
North Lima
South Lima
3 98
Plymouth
deg.
above
Ragland
4 50
Kansas
$3 00
3 00
3 77 Thrall
3 77 Healdton
Illinois
4 46
Cabell
Well
$3 83 Strawn
$6 10 Indiana
4 25 Princeton
Pennsylvania
Corning
&
Okla¬
Moran
2 75
3 00
Henrietta
3 00
3 50
2 50
3 50 Caddo, La., light.
4 05 Corsicana, light
3 00 Caddo, crude
3 73 Corsicana, heavy. 1 75 De Soto
3 50
3 73 Electra
2 60
homa
3 40
OCEAN FREIGHTS have been dull and more or less
de¬
pressed.
There is an overSupply of tonnage at a time when
foreign trade lags.
Cotton rates here to Liverpool fell to
$1 39 H for high density bales and $1 64 H for standard bales.
Steamship lines, it is now understood, can make independent
rates.
Coal shipments have been liberal at fairly steady
rates.
These are not the palmy days of the ocean shipping
business in most lines, however; far from it. Charters dropped
later in the week to new low levels, the lowest in some cases
since the days before the war.
Large steel freighters have
fallen to $9 50 per ton from Hampton Roads to Rotterdam.
In August rates advanced $2 to $4 after the Shipping Board
withdrew its 1,200,000 tons of deadweight tons of steamers
from traffic.
Rates of late have been for the various trades:
Rotterdam, $9 50; French Atlantic, $10 and $10 50; Scandi¬
navian ports, $13 and $13 50, and South American (River
Plate), $12 50 to $13.
The Shipping Board announced that
American and foreign shipping lines will go the limit in re¬
ducing freight charges to meet the competition of the French
line.
The latter is reported to have declined to enter a
conference with lines of other nations for stabilizing rates.
Charters included coal from Atlantic range to
Piraeus, SI 5 October; to
French Atlantic port, $13 50 prompt; from Virginia to Rio Janeiro, $13;
back north of Hatteras with ore, $7 October; coal from Savannah to French
Atlantic port, $14; coal from Atlantic range to River Plate, $14 50; linseed
from
business
is
noted.
Some cheerful reports come from St.
regards increased promptness of railroad service
and from Havana it is learned that prices are fairly firm.
But in the tobacco trade, no more than anywhere else, do
buyers relish the idea of possibly being caught with goodsized stocks on a falling market perhaps later on.
Louis
as
COPPER quiet and lower at 17c. for electrolytic.
There is
is widespread
it is said, are
willing to sell at 17c. or over, but it is hard to find buyers
at this level.
Consumers are not inclined to buy at the
present time, for they are well supplied and they expect to
obtain copper at 16 He.
According to reports in Wall
Street, copper has been offered to consumers at 16Ho. a
pound without eliciting orders.
The highest price of the
year was 19 He. in January.
In January 1919 the high
price was 16He., from which point there was a rapid fall
to 14He. in March.
The recent decline in London is attrib¬
little tonnage changing hands.
The opinion
that the market will go to 16 Ho.
Producers,
uted to
the financial
with the Eastern
scale.
_
River Plate to New
York, $9, if lower loading ports;
if from
upper
ports, $11 October; grain from Atlantic range to Algiers or Tampa, 17s.;
York, $8, prompt; coal from Philadelphia to St.
Nazaire, $12 prompt; from Atlantic range to Rouen, $13 25 October; from
Philadelphia to Rotterdam or Antwerp, $11 50; from Atlantic range to
River Plate, $14 25 October; from Baltimore to Rotterdam, $12 75.
from River Plate to New
quiet and featureless.
Ribbed smoke sheets
quoted at 23c.
November-December 23Hc-> JanuaryMarch 26He., and June 28The London market has
also been dull.
Imports of crude rubber in September
according to the Rubber Association of America were 11,636
tons against 14,036 tons in the same month last year.
The
total importations for the nine months ending with Septem¬
ber, however, were 192,973 tons against 156,796 in the same
period of 1919.
This increase has had a depressing effect.
It is said that some concerns have heavy stocks on hand,
and the fear of their unloading has caused a general tendency
here to shade prices.
RUBBER
were
on the whole quiet and reports from
the country indicate that business is slacken¬
ing.
Boston talks of the probability of a cut in prices. It
says that retail trade is bad.
Buyers are cautious. Every¬
thing else is declining. Why, it is asked, should tobacco
prices stay up ? As far west as San Francisco a falling off in
TOBACCO has been
various parts of
was
on
a
large
Lead quiet and lower at 7.40c.
quoted at 39o.
for spot New York.
St.
certain houses connected
troubles of
trade, compelling realizations
Here prices also declined in sympathy with London.
Spot tin
7.80 ®7.90
November___7.80@7.90] January
1579
CHRONICLE
Zinc quiet and lower at
7.20c,
spot
Louis.
PIG IRON has been dull
Resellers
have
,
so
far
had the market
as
furnaces
are
concerned.
Naturally
prices ^suffered.
At Chicago Southern iron has been resold
by foundries at $4 50 below the furnace price of $42; Bir¬
mingham and Northern iron at $4 lower than the furnace
price.
Basic iron has been $43 valley, or $5 50 below the
regular quotation of a fortnight ago.
Even lower than this
is said to have been accepted.
In Buffalo resale malleable
is quoted at $46 25.
Cancellations are still sought, but fur¬
naces are refusing.
Some blast furnaces may stop if pig
iron continues to drop and coke keeps firm at $17@$18.
It puts furnace people in an awkward position, especially
as the drift of pig iron prices seems to be downward.
STEEL
is
still
dull
to
themselves.
and
evidently tending downward,
still a feature though
dying down.
Declines have at last reached wire products
and tin plate.
Demand from makers of farm implements
slackens with the decline in grain, &c.
Cancellations of
nail contracts have been made.
Strip steel has declined
$10.
Steel bar prices seem to be 3.25 to 3.50c.; plain
structural material 2.45 to 3.10c.;
steel plates mill ship¬
ments 3.25 to 3.50c.;
high speed steel $1 10 per pound.
In Chicago fabricating work is 2.75 cents Pittsburgh for
plain material.
Steel ingot production is down to 65%
of capacity through closings down.
It appears that in
northern Ohio two steel works, one of them a specialist in
automobile material, have been shut down indefinitely.
Two Canton, Ohio, plants which are closely allied with the
automobile industry are running at 33 1-3 to 50% capacity.
At Chicago much independent structural capacity is idle.
Reduced mill capacity is also reported from Johnstown and
other points.
Automobile makers,cancellations are
WOOL has. been dull and it looks as
were
ahead.
though lower prices
At the closing sale in Sydney,
Australia prices
about 7 to 10% under the opening prices on the bulk of
the. wools offered.
Choicest lots of combing were fairly
were
steady.
American operators took only a fair quantity of
high grades.
They were scarce. The poorness of the quality
of the offerings checked American buying.
The better
edge of the top making wools of French combing length and
generally good description sold at about $1.01 to $1.04
clean landed basis, making exchange at $3.60.
Defective
70s of fair length sold at about 81 cents clean landed, on
$3.60 exchange.
A good selection in the 7,000 bales will be
offered at Melbourne on Oct. 18.
The sale which was
scheduled originally to have been held at Brisbane commenc¬
ing Oct. 12, has now been set for Nov. 2 and Nov. 3 with
offerings of 20,000 bales.
At the wool sale at Hull, England,
on October 13, 9,600 bales of government colonial wools were
offered at auction, but there was little demand and barely
2,000 bales sold.
Prices for super grqasy merino combing
were the same as London's last closing prices but the average
for combings including scoured, was 50% lower.
Crossbreds were withdrawn, there being no demand.
Americans
have bought comparatively little at the Australian auctions
even at the lower prices there.
American markets will it is
believed gradually conform to the lower foreign level.
Business at Boston is slow but low grades are down to more
^
#
tempting prices.
Prices do not recede more rapidly in this
good. The buying in any
country because it would do no
case will be small for a time.
COTTON
Friday Night, October 15 1920.13
THE MOVEMENT OF THE CROP, as indicated by our
telegrams from
week ending
the South to-night, is given below.
For the
this evening the total receipts have reached
202,284 bales, against 173,236 bales last week and 159,041
bales
the previous
same
of
week, making the total
receipts since
1,006,254 bales, against 958,748 bales for the
period of 1919, showing an increase since Aug. 1 1920
Aug. 1 1920,
47,506 bales.
1580
THE, CHRONICLE
Texas
Mon.
Tues.
18,137
18,149
25,720
21,674
"189
189
4,252
6,524
5,767
5,045
4",550
4,546
190
599
85
873
726
30.684
2,473
""55
""50
3",396
3.884
2,800
"850
641
1,090
1,347
525
21,873
2,800
4,205
7,252
5,438
Sat.
Receipts at—
Galveston
Wed.
Thurs.
Fri.
20,611
7,293 111,584
1,216
1,216
13 643
City
13",643
Houston
Mobile
Pensacola
Jacksonville
8avannah
2,436
3,502
4,439
4,216
Charleston..
"916
"466
"599
'733
Wilmington
847
1,228
Norfolk
316
411
3,053
1,794
754
Brunswick
•
509
816
N'port News, Ac.
26
26
344
"344
New York
40
""85
100
225
235
Boston
235
47
Baltimore
Philadelphia
47
....
Totals this week.
26,951
30,470
42,355
Rallies, too, have been due in part to what is termed in¬
buying.
That is to say, an increasing number of
people believe that cotton at 20c. and below has reached
the point where it will do to buy for a turn.
At that price
vestment
Port Arthur, Ac.
New Orleans
Total.
[Vol. 111.
33,116
46,360
23,032 202,284
far
is
it
below
the
of
cost
tentatively that 30c.
The
following table shows the week's total receipts, the
Aug. 1 1920 and the stocks to-night, compared
with last year.
greater liberality in the matter of loans.
Stock.
This
15.
Since
Week.
111,584
1,216
13,643
Galveston
Texas
1
City
Houston
-
Pensacola
83,490
2,139
"376
2,2811
132,810
5,516!
....
"50
442
21,873
136,046
3,374
Jacksonville
Savannah
2,800
4,205
Brunswick
131,805
12,422
6,397
4,359
290,525
43,800
42,335
26,492
54,467
59",i96
7,252
5,438
11,961
19,687
451
48
80
615
918
461
227,257
3,961
281,682
11,307
"
1,666
93,113
3,64.5
230,353
37,988
25,872
958,748
New York
344
225
Baltimore
12,211
235
47
Philadelphia
10,519
273,645
7,000
44.586
45,738
79,141
32,387
99.063
15,405
2,801
4,481
5,096
5,122
7,707
929,2061,039,326
Government will not lend itself to any movement
looking to
holding back of commodities for higher prices, or words
to that effect.
In the South
Savannah
Brunswick
Charleston, Ac
Wilmington..
Norfolk
83,490
2,515
35,204
1,719
59,196
26
Orleans.
Mobile
N'port N., Ac.
All others
1917.
41,932
1916.
6,000
12,362
6,241
18,942
40,243
4,056
46,019
3,000
8,904
4,169
12,869
148
been destroyed since the "night riding"
began.
ginneries have found notices tacked to their doors,
warning them against ginning any more cotton until the
price shall reach 40c.
And it is said that in very many
cases these warnings have been
obeyed, despite the efforts
have
of State authorities in
a stop to the terrorism.
Behind
lawlessness, however, as already intimated, there is un¬
doubtedly a strong undercurrent of public sentiment favor¬
the
ing the withdrawal of
possible until
Meanwhile Wall Street has been
also
have
been
more
To-day it is said to have
And the weather, which has been in the main
favorable, is rather less so at the moment.
To-day quite
heavy rains were reported in parts of the Southwest.
It is
been heavy.
cotton.
198
958,748 1,187.753 1,546,324 2,237,852 1,868.119
From Aug. 1 1920 to Oct. 15 1920.
Exported to—
Great
France.
Other.
Total.
27.013 103,201
146.119
68,232
157,828
5,165
1,673
63,644
2,709
24,833
372,179
9,547
10,235
98,712
84
84
4
4
City.
Houston
.
_
13,643
.
San Antonio
El Paso
PortNogalez
75
75
53,882
87,880
~
"
"Y, 550
New Orleans
8~,271
13", 821
Mobile
27,584
6,414
2,218
Savannah
21,205
6,463
27,668
3761
200
576
150
2.218
150
16,251
32",279
5,500
5,500
"3", 029
13",449
21,135
4,910
72
1,320
6 302
325
..
1,146
717
2,188
453
453
35,120
Wilmington
Norfolk
"""108
New York...
Boston
Baltimore
4.657
..
Philadelphia
Los Angeles
83,650
108
"""176
176
Sai Fran
"""404
404
601
Seattle
Total
601
96,313
20,649
42,097 159,059
290.026
122,686
278,504
691,216
72,586
130.550
410,977
270,992
920,143
831,277
Total
1919.
50.462
13,60?
39,643 103,702
436,570
Total
1918.
37,030
14,039
23.029
429.735
74,098
In addition to above
exports, our
telegrams to-night also
York.
Oct.
IS
at—
Galveston
New
Orleans..
Savannah
Britain. France.
18,442
1,288
2,700
10,519
many.
10,934
2,331
Other
Cont't.
4,900
28,416
6,830
2,900
"1,660
Mobile
New
York*
Other
ports*..
Total
200
7,000
30,230
Total 1919..
48,254
Total 1918.. 101,144
15,193
14,366
19,000
20,165
13,343
40,646
51,929
33,841
Leaving
Total.
4.000
72.311
291
12,714
14,000
1,000
1,000
1.000
55
450
200
1920..
wise.
2,000
600
Norfolk
Stock.
171,457
214,543
79,113
229,353
655
3,306
450
2,542
30.487
1,900
10.000
'6,796 113,030
3,756 131,648
25,500 1179.485
62,495
816,176
907,678
947,026
♦Estimated.
at
the
expense
of
an
little
agents
the
during
the
Federal
have
him
assured
last
Reserve
take
2,000,000
bales
of
will
sell
owners
American
that
on
nine
cotton
months'
trade
there has been stagnant and prices de¬
Liverpool's quotations have been falling.
The
spot demand there has been light. In this country, to©, the
spot business has been small at declining prices.
The ex¬
port demand
kinds
over-confident
of
short
interest.
as
rule has not been good.
a
commodities
have
been
irregular but ended lower.
were
In England all
falling.
To-day prices
Conflicting reports were
received
it
was
about the coal strike in England.
At one time
reported to have been postponed, but this could not
be confirmed.
And in the afternoon there
by early buyers.
pool
Spot markets
heavy seller.
was a
to the
belief that
trend
of
was
heavy selling
Liver¬
reported quiet.
The generality of people inclines
prices downward.
holding back movement
They
were
rallies in cotton prices
with general business
porary
have much
can
certainly skeptical
can be only tem¬
stagnant, and the general
They do not believe that the
so
effect for
time.
a
to the probability of "night
riding" having any lasting effect.
Yet it is plain that even
the
are
convinced
most
bears
as
are
proceeding
cautiously
more
the price declines.
season
The fall from the high prices of last
is already nearly 50%.
That certainly discounts a
good deal.
eral
At one time to-day prices were higher on
buying, including that by spot houses and others.
bulges it is noticed that the South
Yet
selling during
although such
the
gen¬
But
its hedge sell¬
week has not been
resumes
the
large as it was last week and in previous weeks.
so
tober
ending to-day is 164 to 180 points decline
December
and
closed at
22c.,
a
for
the
week.
Middling
decline for the week of 2^c.
on
on
the
Oc¬
spot
The
following averages of the differences between grades,
as
figured from the Oct. 14 quotations of the ten markets
designated by the Secretary of Agriculture, are the differ¬
ences
established for deliveries in this market
Middling fair
2.95
;
Strict good middling
Good middling
Strict
middling
middling
♦Strict good ordinary
♦Good ordinary
Strict good mid.
on
2.38 on
1-80 on
0.95 on
2.35 off
5.35 off
Strict low middling
Low
Speculation in cotton for future delivery has been fairly
active at falling prices, varied now and then
by sharp up¬
turns
this
quite
Coast¬
500
1,000
1,974
2,500
Charleston
German
a
of
closing at the East, South and West, or else curtailing their
working time.
Cotton goods have been sharply cut.
Some
of them are said to be now selling below the cost of
produc¬
tion.
In spite of reductions, however, trade is
very dull.
Yarns have been steadily falling in Boston and Philadel¬
phia.
In Manchester things have been no better.
On the
ing,
On Shipboard, Not Cleared
forGer¬
increased
Harding
Manchester mills would suspend work on those days.
And
in this country trade is so dull that mills are
constantly
on
Great
or
four weeks of good
satisfactory yield of late
a
were
rumors
that Manchester will curtail time by
eliminating Saturdays and Mondays.
A later report, how¬
ever, is that this will relate merely to mills using Egyptian
cotton.
For days, however, it was insisted that all the
as
give us the following amounts of cotton on shipboard, not
cleared, at the ports named.
We add similar figures for
New
that
says
three
pressed.
13.643
20,649
have
Governor
days.
contrary
Experts
65,539
Exports
that
insure
to
there
19,281
the week ending this evening reach a
bales, of which 96,313 were to Great Britain,
20,649 to France and 42,097 to other destinations.
Below are
the exports for the week and
ince Aug. 1 1920:
Texas
needed
13.893
exports for
Galveston..
time
same
are
On the other hand, trade is dull, a strike of
800,000 coal
miners, it is said, will begin next Monday in England and
3,643
Britain.
the
at
weather
2,000
18,986
277,910
Total.
The buying by trade interests has
feature.
a
40.271
11,709
Other.
less of
or
4,000
10,175
5,696
28,089
340,497
Britain. France.
buying and local traders
So have Liverpool and Japanese inter¬
bought.
ests from time to time.
39,057
17,020
O real
as
country if the
total of 159,059
frern—
from the market
established.
from
235,539
1920.
be
can
time.
2,009
15
much cotton
as
prices
3,593
163,647
Oct.
higher
would
4,805
Exported to—
Texas, Arkansas, Alabama, Georgia,
the Carolinas to put
Board,
230,522
Week ending
Texas and
25,000 bales of cot¬
some
Germany
901
Since Aug. 1.. 1,006,254
said that
even
96,986
37,470
41.589
276
298
It is
125,300
30,703
93,156
2,612
81,583
1,097
54,078
4,892
34,920
4,000
16,111
7,575
13,978
48
1915.
202,284
Total this wk.
The
1918.
111.584
15 048
30.684
2.473
21.873
2,800
4.205
7.252
5,438
Galveston
TexaaCity.Ac.
New
1919.
there is undoubtedly a grow¬
much cotton
Ginneries and warehouses have been burned in
few
1920.
as
as possible.
And
night riders are evidently growing bolder in their outrages.
said
In order that comparison may be made with other years,
we give below the totals at
leading ports for six seasons:
Receipts at—
But he has been
the
and
6,505
3,958
5,394
4,177
N'port News, Ac.
Boston.
Totals
6,509
687
3,063
11,209
3,758
1,319
202,284 1,006,254 230,522
Wilmington
6,000
12,362
6,241
18,942
26
Charleston
Norfolk.....
1919.
157,864
10,856
"2",998
35.204
1,719
2,731
7,181f
1920.
243,768
313,107
9,320
98,712=
30,684
2,473
New Orleans
Mobile
Since Aug
1 1919.
Week.
<
556,263
189
Port Arthur, Ac..
This
Aug
1920.
aver¬
Many
Receipts to
Oct.
the
plainly told by Secretary of the Treasury Houston, that the
ton
1919.
be assumed
near
cost of raising cotton, it is evident that prices of 19^
to 20c., to which cotton has fallen, represents a
big loss to
the farmer.
And he is certainly loud in his complaint.
He
has
been appealing to the Government
to help him
by
other States.
1920.
If it
age
ing tendency to hold back
total since
production.
pound is somewhere
a
-
8.55 off
10.70 off
"yellow" tinged 0.92 off
tinged..1.53 off
tinged..2.45 off
Good middling "yellow"
Strict middling "yellow"
on
Oct 211920:
•Middling "yellow" tinged
4.10 off
•Strict low mid. "yellow"
tinged.6.33 off
•Low
middling "yellow" tinged..9.25 off
Good middling "yellow" stained.4.05 off
•Strict mid. "yellow" stained...5.33 off
•Middling "yellow" stained
6.90 off
•Good middling "blue"
stained..5.00 off
•Strict middling "blue"
stained..6.28 off
•Middling "blue" stained
♦These ten
grades
are
7.70 off
not
upon new style contracts.
deliverable,
OCT. 16
1920.]
The official quotation for
middling upland cotton in the
day for the past week has been:
New York market each
Oct. 9 to Oct.
Middling
__.24.00
Wed. Thurs.
Tues.
Mon.
Sat.
15—
uplands
23.00
Hoi.
23.00
22.50
1581
CHRONICLE
THE
,
Fri.
22.00
AT THE
INTERIOR TOWNS the movement—that is,
receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding period of the previous year—-is set out in
the
detail below.
NEW YORK
The
QUOTATIONS FOR 32 YEARS.
quotations for middling
upland at New York on
have been as follows:
1920.C.. ...22.00
1912.C.
1919—
1911...
..
—
1918
—
1917
—
.35.05
.32.30
.28.00
1904-C.
1903
10.75
....
1910—
1909—_
9.40
14.90
13.90
—
1902
1901
...17.55
1908
1915
-.12.45
1907—
11.75
1906
11.40
10.10
1914....
1913
-.13.50
.
.—w
1905—
-8.75
—
8.56
9.20
7.25
1891
8.00
8.50
5.38
6.31
1890
.10.31
1892
10.25
1899
1898
1897—
—
.
—
1889
Week.
Montgomery
Selma
Week.
Oct.
17.
431
97
1,896
76S
19,442
12,012
3,122
15,442
4,623
27,005
1,172
7,140
3,431
2,856
20,766
828
4,169
1,500
17,200
6,341
3,165
27,461
13,353
42,812
2,000
2,811
3,753 24,384
2,527 13,920
400!
4,036
7,057 34,545
2,400
4,841
__
3,217
_•
Xrk., Helena
Mtoeks
Season.
2,258
2,158
Little Rock-
9,281
Pine Bluff.
3.411
1,128
27,135
5,130
800
14,900
Ga., Albany...
967
6.685
4,429
496
7,450
1,807
4,196
Athens......
4,762
11,031
2460
17,561
9,541
58,122
Atlanta
at
highest, lowest and closing prices
the past week have been as follow^:
FUTURES.—The
New York for
15.
Receipts.
500
Ala., Eufaula.
1911.
Week.
Oct.
Week.
Season.
17
Ship¬
ments.
Stocks
ments.
6.00
1893wwiw* 8.44
Movement t« Oct.
Ship¬
Receipts.
7.94
9.38
1894..
9.80
—
1900
1916
1895
1896.c
10.35
....
Towns.
1920.
15
Movement to Oct.
Oct. 15 for each of the past 32 years
2,449
11,198
85.360
1,408
11,144
12,912
10,319
60,964
88,596
31,547
171,197
__
Augusta
6.102
15,508
7,046
35,380
18.970 174,918
3,636 19,300
1,004
7,698
11.
Oct.
Oct. 9,
TUe&day,
Oct.
12.
Columbus...
Oct. 15.
Week.
22.40-.45 21.80
21.45
20.66-.78 20.10
Range.
t.
...
Closing...
21.50
—
21.50
20.60
20.90
20.65
—
—
20.05
19.90-.45 1P.90/.40
20.05-.48 20.00/.05
20.33-.40 20.55-.68 20.00-.03
19.43-.95 19.22-.35 19.10-.90 19.10^.85
19.68-.72 19.75-.87 19.50-.58
20.45-.85 19.90-.67
Closing...
20.45-.48 20.10-.15
19.65
19.60
DAY
—
19.40
March—
Range....
20.20-.65 19.75-.49
19.19-.60 19.05/.10 19 00-.68 19.00^.65
Closing...
20.20-.27 19.77-.83
19.45-.47 19.45-.55 19.30-.31
April—
/ Range
18.90
—
19.40
19.40
19.65
20.10
Closing...
—
19.15
19.25
—
18.90-.15
—
1,160
3,420
194
19.60-.65 19.30-.35
19.11
9,000
24,937
4,000
57,285
58,285
660
11,396
39,902
3,839
31,118
6,511
22.023
3,232
31,514
8,000
53,438
3,000
27,000
1,431
3.503
584
2,991
2,000
600
1.500
5,238
1,300
2,662
1,748
9,746
7,594
502
1,244
3,834
6,399
7,243
9,640
5.984
113
5,330
1,372
3,974
36,011
Clarkstlale
Yazoo City.
!
'
910
"352
7,490
1,497
11,306
1,299
9,696
4,226
9,647
10,894
66,846
10,394
1.124
84
2,237
1,204
9,020
761
5,373
6,112
560
Mo., St. Louis
N.C.,Gr'nsborc
Raleigh....
1,057
400
231
832
2,626
700
353
4,325
v
84
6,171
200
4,832
1,144
1,911
"306
5,662
1,500
6,300
1,200
4,534
1,108
9,961
2,033
7,442
688
3,745
9,919
1,371
6,879
6,526
900
29,128
5,426
Okla., Altus..
Chickasha...
.
.
"Tin ""306 "5",097
"T,806
Range...,
19.50
19.30~.50
19.35
19.10
18.91
3,032
26,461
400
9,015
838
1,543
Tenn.,Memphis
12423
'50,900
9",321
2,711
252,217
34,482
89,837
5484
"9,935
2",745
3,803
"""700
5,969
"~Ioo
1,400
400
2,147
200
3,111
1,839
4,954
1,192
11,690
_.
6,905
215
2,000
8,300
1,500
3,047
7,200
2,334
Dallas
4,238
15,337
3,655
20,083
3,776
15,832
12,531
1,800
7,600
2,040
10,607
113.829
714.709
5,799
1,200
9^,310308,458
75,799
500
..
18,568 163,718
601
89
955
.
Tex., Abilene..
6,379
16,429
5,410
17,556
5,668
2,687
20,088
3,776
1,100
287,384
39,791
9,900
3,558
10.213
1,191
3,191
14,673
1,700
2,808
1,586
65,181 145,437
9,981
6,221
9.100
Paris
......
Last
700
2,437
700
24,000
1054046276,9651.207.747183.650986.320
year's figures are for Cincinnati.
'
.
,
18.80-.50
18.80-.00
Closing...
2,020
"1,915
3
S. C., Greenville
Greenwood
*
The above totals show that the interior
18.70
18.90
stocks have in¬
during the week 71,351 bales, and are to-night 67.726
bales more than at the same period last year.
The receipts
at all
the towns have been 34,945 bales less than the
creased
September—
Range.
.
Total, 41 towns242.0201.207.389170.669
18.95
19.10
50,845
1,067
6,235
18.80-.15 18.71-.40 18.90-.30 18.7iy.01
August—
...
/21c.
18.50
18.50
18.50
18.75
Closing...
122c.
21
Fort Worth*..
19.10
19.20
19.20
19.40
19.65-.01 19.30-.85
....
Closing...
677
San Antonio
July—
Range
314
Houston
19.22-.60
11.22
19.60
19.80
Miss.,Columbus
Honey Grove
19.30-.34 19.35-.65 19.23-.25
June—
Closing...
10,584
2,531
2,061
Clarksvllle
19.03-.40 19.03-.90 19.00-.65 19.00y.50
20.00-.04 19.55-.58
Closing...
14,432
Brenham
—
20.00-.50 19.54-.30
Range...!
3,569
Nashville
May—
Range....
3,273
Oklahoma
HOLI¬
19.95
20.30
Closing...
15,080
21,801
Hugo.......
February—
Range
4,716
4,880
3,412
35,154
Vieksburg...
20.95-.02 20.60-.65
Range
685
—
20.90-.40 20.35-.30
Closing...
January—
71,536
1,134
—
December—
Range
11,255
13,707
—
■
—
21.25
3,960
12,519
Natchez
22.40-.95 21.60i.84
Closing...
—
6,248
1~406
Meridian
Range
21.00-.75 20.66-.60 20.21-.52 20.21i.95
—
3,499
12,037
1,734
Greenwood..
October—
November—
1,719
2,856
Rome
Friday,
Wed'day, Thursd'y,
Oct. 14.
Oct. 13.
Macon
La., Shreveport
Saturday, Monday,
/20c.
same
THE VISIBLE SUPPLY OF
week last year.
COTTON to-night, as made
/YY}.;..
-Vv;:;V:
MARKET AND SALES AT NEW YORK.
by cable and telegraph, is as follows.
Foreign stocks, as
as the afloat, are this week's returns, and consequently
foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
up
well
United States,
add the item of exports from the
including in it the exports of Friday only.
(Friday),
we
1920.
October 15—
12,000
77,000
69,000
.
303.000
17,000
48,000
19.000
25,000
347,000
893,700
8,000
69,000
93,000
Stock at Bremen
_
Stock at Rotterdam, & e
Stock at Barcelona
317,000
272,000
...—
167,000
105,000
129,000
6,000
1,000
4.000
58,000
54,000
19,000
22,000
47,000
10.000
147,000
190,000
33,000
26,000
Stock at Genoa
Stock at Trieste
•
235,000
Total Continental stocks
Spot.
Closed.
Closed.
Total.
| Contr't.
Quiet, 50 pts. dec.. Easy
Quiet, 100 pts. dec. Steady.
Saturday
Monday
Tuesday
HOLI DAY
200
700
200
300
300
1200
! Steady.
Wednesday. Quiet unchanged
Quiet, 50 pts. dec_.iWeak..
Thursday
Friday..... Quiet, 50 pts. dec.. Easy
1200
700
__
Total.
...
OVERLAND
from telegraphic reports
up
285,000
WEEK AND
MOVEMENT FOR THE
1.—We give below a statement showing the
overland movement for the week and since Aug. 1, as made
SINCE AUG.
the week and since Aug. 1
The results for
Friday night.
in the last two years are as follows:
-1919-
-1920-
419,000
stocks
537,000
18,000
197,000
1,128,000 1,102,000
117,000
47,000
American cotton afloat for Europe
395,501
261,740
Egypt. Brazil or afloat for Europe
38,000
32,000
Stock in Alexandria, Egypt
111,000
120.000
Stock in Bombay, India....
1,030,000
700,000
Total European
,
Market
Market
..
6,000
Total Great Britain
Stock at Ghent
Stock at Havre
207.000
728.000
12,000
Stock at Manchester
1917.
1918.
1919.
812.000
bales.
Stok at LiverpoolStock at London
SALES.
Futures
Spot
all
55,000
477,000
Since
Since
15—
October
Stock in U. 8.
29,603
986.320 1,011,610
25,219
2,731
673,994
13,051
4,832,356 4,291,117 3,689,340 3,304,978
above, totals of American and other descriptions are as follows:
Total visible supply
Of the
American—
450,000
bales.
61,000
165,000
395,501
Continental stock.
American afloat for Europe
1,054,046
29,603
U. 8. exports to-day
Total American
East Indian,
104,000
517,000
14,000
*128,000
197,000
49,000
248,000
261,740
929,206 1,039,326 1,126,511
U. S. port stocks
U. 8. interior stocks
13.051
362,000
211,000
103,000
105,000
12,000
8,000
70,000
117,000
12,000
28,000
37,000
47,000
17,000
34,000
*19,000
18,000
19,000
7,000
*32,000
55,000
32,000
62,000
Total American....
38,000
111,000
...1,030,000
120,000
169,000
700,000. *661,000
Total visible supply
4,832,356 4.291,117 3,689,340 3,304.978
15.l7d.
22.17d.
22.10d.
20.52d.
22 00c
34.75c.
32.85c.
28.65c.
48.00d.
34.00d.
33.13d.
31.80d.
29.00d.
28.50d.
33.03d.
27.50d.
13.60d.
14.10d.
23.50d.
19.60d.
19.85d.
,
23.75d.
♦Including
1,143,016 bales over 1918 and a gain of
1,627
2,752
2,752
46,160
6,047
66,347
71.051
26,299
149;552
movement by rail to
20.55d.
20.73d.
1,527,378 bales
Canada,
a
Revised.
foregoing shows the week's net overland movement
this year has been 11,940 bales, against 26,299 bales for the
week last year, and that for the season to date the aggregate
net over and exhibits a decrease from a year ago of 78,501
The
baes.
1919
1920
In
Since
Since
Sight and Spinners'
Aug. 1.
Week.
Aug. 1.
.202,284
Receipts at ports to Oct. 15-.
11,940
Oct. 15.
Southern consumption to Oct. 15.a 65,000
1,006,2,54
230,522
26,299
70,000
958,748
762,000
..279,224
71,351
1,839,305
194,105
326,821
93,315
1,838,300
184,333
Week.
Takings.
Net overland to
Total
marketed—
Interior stocks in excess—
..
71,051
2,033,410
Nor.
spinners' takings to Oct. 15—
These figures are
Movement into
32,452
260,866
......
81,928
2",022.633
417,579
consumption; takings not availaWe.
sight in previous years:
Week—
18..
19—
1916—Oct. 20
32,452
149.552
730.000
420,136
..350,575
Total in sight Oct.
a
1917.
20,034
6,739
39,574
274
-
~
11,940
Estimated.
over
w_
53,000
Continental imports for past week have been 36,000 bales.
The above figures for 1920 show an increase over last week
of 168,045 bales, a gain of 541,239 bales over 1919, an excess
of
215,899
2,074
1,213
2,760
_
&c—
Total to be deducted
118.000
*650.000
...1,748,000 1,187,000 1,083,000 1,039,000
3,084,356 3,104,117 2,606,340 2,265.978
Middling upland, Liverpool
Middling upland, New York
Egypt, good sakel, Liverpool
Peruvian, rough good, Liverpool.
Broach, fine, Liverpool..
Tinnevelly, good, Liverpool
*
Deduct Shipments—
Overland to N. Y., Boston,
611
673,994
25,219
2,731
Brazil, &c.—
Total East India, &c
32,346
19,349
2,408
24,403
876
727,933
986,320 1,011,610
London stock
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
117,211
851
942
&c
198,000
Liverpool stock
Continental stock...
India afloat for Europe
2,274
2,212
7,577
•72,777
57,689
1,203
11,629
11,964
60,637
175
Island....
Via other routes,
18,000
*158,000
477,900
3,084,356 3,104,117 2,606,340 2,265,978
Monchester stock
•10,394
9,278
3,992
40,572
28,314
1,433
5,569
9,682
31,641
Aug.
'4,226
4,481
Rock
Via
Between interior towns
Liverpool stock
Manchester stock
Aug. 1.
Shipped—
727,933
towns....1,054,046
U. S. exports to-day
Week.
Week.
53.000
118,000
*650.000
929,206 1,039,326 1,126,511
ports
Stock in U. S. interior
62,000
169,000
*661,090
1.
14,692
India cotton afloat for Europe
1918—Oct.
1917—Oct.
—
Bales.
353,639
483,345
575,710
Since Aug.
1—
Bales.
1918—Oct.
18
2.650,191
1917—Oct.
1916—Oct.
19
20
..._3,098.418
4.198,978
1582
[Vol. 111.
CHRONICLE
THE
WEATHER REPORTS BY TELEGRAPH .—Our tele¬
graphic reports from the South this evening indicate that
CENSUS BUREAU REPORT ON COTTON GINNING
_
dry weather has been quite the rule during the week and the
temperature has been favorable
the whole.
on
Picking has
progressed well in the main, but the movement of cotton
continues
Rain.
Dallas
the
growth of 1920 as follows, round bales counted as half
bales, and excluding linters, comparison being made with
the returns for the like period of 1919 and 1918:
Lampasas
Luling
Nacogdoches
„
,
1 day
1 day
1 day
1 day
1 day
Paris
Weatherford
Ardmore, Okla
Altus
City
1 day
Eldorado
Little Rock
1920.
Rainfall.
1 day
1 day
Henrietta
1 day
Alexandria, La
Shreveport
Vicksburg
0.06
1.05
1.01
0.06
0.92
dr>
0.48
dry
0.37
dry
dry
dry
dry
Alabama
Thermometer
dry
dry
0.01 in.
0.20 in.
dry
in.
in.
in.
in.
in.
in.
in.
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
89
90
84
86
88
91
90
88
86
90
90
87
86
83
85
85
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
54
60
51
54
47
mean
mean
78
mean
68
mean
70
mean
54
45
53
50
55
50
51
47
52
53
51
72
68
73
mean 68
mean
mean
71
mean
68
mean
73
mean
70
mean 69
68
mean
mean 68
mean 69
68
mean
„
high 92
low 45
mean 69
high 85
low 54
mean 70
Mobile, Ala.—Movement of cotton from farms very small.
Picking and
ginning slow.
The bulk of the crop has been gathered and general reports
Okalona
that the crop
are
on Oct. 4, its
report on the amount of cotton ginned up to Sept. 25 from
along moderate lines.
Brenham, Texas.
Brownsville
i
Oklahoma
TO SEPT. 25.—The Census Bureau issued
is short
Selma
Madison
t
Augusta
Columbus
Savannah
;
Charleston, S.C
i
Columbia
Charlotte, N. C
Weldon
Memphis
1 day
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
0.01 in.
high
high
high
high
87
83
88
87
high 91
high 86
high 84
high
high
high
high
86
84
85
84
low
low
low
low
low
low
55
43
52
45
43
50
mean
low 50
mean
low
low
low
low
mean 66
71
mean 63
mean 70
mean 66
mean 67
the
are
65
mean 63
mean 69
mean
Southern and other
of the week:
Closing Quotations for Middling Cotton
Week ending
Oet. 15.
Saturday. Monday.
Galveston
22.50
New
Mobile
22.00
22.00
Savannah
23.00
23.00
Orleans
on—
Tuesday. Wed'day. Thursd'y,
22.50
Friday.
22.50
20.75
20.25
21.50
20.75
20.75
20.25
22.00
22.25
22.00
Holiday 22.00
Norfolk
22.50
22.00
Baltimore.
Florida
275.011
86,612
93,997
Louisiana
Mississippi
Missouri
52.032
121.125
239
Oklahoma
South Carolina
80,782
82,953
330,971
7,134
401,998
Tennessee
820
Texas
1,362,021
t
Virginia
289,906
4,484
78,709
1 55,601
351.926
45,185
1,570,222
1,820
31,709
65,372
171,112
Carolina
259.676
1,204
198,679
4,571
6,658
626,527
176,862
110
28
373
1,836,214
3,770,611
155
v
Allother
United States...
2,243,030
The 1920 figures of the report are subject to slight corrections when
checked against the individual returns of the ginners being transmitted by
mail.
The number of round bales included this year is 73,665, againstl9,561
bales in 1919 and 88,250 bales in 1918.
The number of American-Egyptian
bales included this year is 3,365, against 2,166 bales in 1919 and 498 bales
in 1918.
The number of Sea Island bales included this year is 43 against
698 bales in the same period in 1919 and 3,028 bales in 1918.
at
20.25
20.50
20.50
24.00
New
23.00
23.00
23.25
York
23.25
22.75
22.00
21.38
21.88
21.00
20.50
20.60
22.00
20.50
20.70
19.90
Houston
21.00
21.00
21.00
21.00
20.65
Little
22.00
21.50
21.50
21.50
20.60
Co.
21.25
22.50
Commercial
CROP.—The
Our inspector has now completed his second tour of the Delta and his
impressions may be summarized as follows:
The damage due to adverse climatic conditions (I.e. excessive dampness
and sudden changes of temperature) varies considerably in different districts
and it is impossible to estimate the general outturn with any accuracy so far,
as it depends to a very great extent on the weather dining the next month.
In the Northern districts of the Delta, it is still too early to form any
opinion as to the yield, as the plant is still green.
In the Central districts, the maturity is better but the plant has beea
affected by the climatic conditions which will cause a deterioration in the
quality of the cotton as compared with last year.
The yield will also prob¬
ably be slightly less than last year.
22.25
22.50
21.60
COTTON
Egypt, Inc., of Boston, has the following by mail from
Alexandria under date of Sept. 10.
22.00
24.25
22.00
EGYPTIAN
of
In the Southern districts the bolls appear to have opened before any
damage was done.
The quality in these districts should be good and the
yield slightly better than last year.
The pink boll worm attack on the whole is much the same as last year
up to the present and, as is usual, the percentage of bolls attacked will
probably greatly increase during the next week or ten days.
22.50
21.50
22.50
20.75
Charleston
California
67
closing quotations of middling
principal cotton markets for
cotton at
each day
56,558
6,808
3,124
Georgia
1918.
138,701
3,588
63,550
5,345
5,154
539.796
mean 68
45
44
41
53
QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.—Below
Arkansas..
North
1919.
84.033
5,622
Arizona
20.00
Philadelphia
Augusta
Memphis
Dallas
Fort
Rock
Worth
20r5"0""
BOMBAY
1918.
Seyt. 23.
Week.
Bombay—
Week.
Aug. 1.
17,000
follows:
Since
Since
Receipts at—
closing
quotations for leading contracts in the New Orleans cotton
as
1919.
1920.
1
NEW ORLEANS CONTRACT MARKET.—The
markets for the past week have been
COTTON MOVEMENT.
6,000
149,000
Mince
Week.
Aug. 1.
8,000
209,000
For the Week.
Aug. 1.
213,00#
Since August 1.
Exports
Saturday, Monday,
Oct. 9.
October
Oct.
21.50-65 20.30 —
20.25-.31 19.74-.78
19.97-.99 19.45-.52
December
January
March
19.78-.80 19.25-.30
May
19.50
July
Tone—
—
19.01
Steady
Steady
Oct.
12.
•.
Oct.
13.
Oct.
14.
— 20.10
—
19.52-.62 19.90-.00 19.37-.46
19.23-.29 19.58-.65 19.02-.08
HOLI¬
DAY.
19.02-.08 19.30-.40 18.85-.89
18.82-.85 19.05-.13 18.60-.74
18.54 — 18.83 — 18.38 —
—
Steady
Steady
Great
Conti¬
Japandc
Britain.
nent.
China.
from—
Takings.
Season.
Steady
Steady
Steady
Easy
1920.
1920
12,000
Season.
Week.
4,664,311
350",575
515,000
51,000
515,000
Other supply to Oct. 13 *
54,000
1920
1,000
1,000
1919
14,000
I2.00C
56,000
10.00C
9,000
23,000
7,000
2,000
10,000
5.00C
3,000
6,000
10,000
19,000
4,000
24,000
19,000
45,000
66,00b
9.000
23,000
1920.....
1,000
2,000
1919
2,022,633
230,000
54,000
5.000
37,000
3,000
137,000
30,000
4.832,356 4,291,117
figures for
Alexandria, Egypt,
<v
September 22.
272,208
223,208
2,794,534
2,118,534
55,000
620.000
49,000
856,000
*
Embraces receipts in Europe from Brazil,
Smyrna, West Indies, &c.
a This total embraces the total
estimated consumption by Southern mills,
762,000 bales in 1920 and 730,000 bales in 19i9—takings not
being availami the aggregate amounts taken
by Northern and foreing spinners,
1,792,311 bales in 1920 and 2,244,534 bales in
1919, of which l,l72,3li
bales and 1,388,534 bales American.
6 Estimated.
COTTON CONSUMPTION AND OVERLAND MOVE¬
MENT TO OCT. 1.—Below we present a
synopsis of the
crop movement for the month of September and the
two
months ended Sept. 30 for three
years:
1920.
443,809
604,438
267,100
419,669
832,523
...
Exports in September
Exports in two months
Port stocks on Sept. 30
Northern spinners' takings to Oct. 1
Southern consumption to Oct. 1
Amount of crop in sight Sept. 30
Came in sight balance of season.
gross weight of bales
Average net weight of bales
24,OCX
57,000
4.00C
24.00C
41,000
17.00C
108,000
66.00C
191,000
14.00C
53,000
267,00C
334,000
55,000
134,000
.'
«.
—
—
-
~
29,000
26,000
-
SHIPMENTS.
102,007
270,813
509,764
212,166
723,060
831,036
This
week
1918.
120,542
355.850
65,000
128.319
1
Since
Week. Aug. 1.
To Liverpool
To Manchester, &c
To Continent and India.
To America
49,411
199,712
'
25,330
27,617
3,835
2,857
4,325
1,194
12,211
Since
Week. Aug. 1.
77.074
15,758
15,640
32,625
8,749
8,749 141,107
Since
Week. Aug. 1.
1,200
40,040
14,996
22,988
12,749
78.024
ll", 549
Note.—A cantar is 99 lbs.
Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ending
Sept. 22
65,000 cantars and the foreign shipments 3,800 bales.
were
MANCHESTER
MARKET.—Our report received by
to-night from Manchester states that the market is
quiet for both yarns and cloth.
Manufacturers cannot sell.
We give prices for to-day below and leave those for
previous
weeks of this and last year for comparison:
cable
1920.
1919.
8)4 lbs. Shirt¬
530.454
24,663
800
1,250
1,750
3,800
Total exports
32s Cop
Twist.
747,232
618,000
>
1919.
Receipts (cantars)—
<52,977
173,215
59,956
95,377
306,939
557,000
d.
ings, Common
to
d.
s.
finest.
d.
Col'n
8M lbs. Shirt¬
Mid.
32s Cop
Twist.
Upl's
8.
d.
d.
d.
Cot'n
ings, Common
d.
Mid.
to finest.
TJpYl
s.
d.
d.
8.
d.
Aug.
20
27
50
@
67
38
0
@40 6
37 ,6
24.82 41
@
45
27 0
@31 6
19.05
46H
@
64
@40 0
22.49 40
@
43
H 27 0
@31 6
19.1#
46
@
60
36
6
@39 0
20.96 39
@
@30 0
18.15
10
46
@
58
36
0
@39 6
21.65
39^
@
43 M 25 6
42 H 25 3
@29 9
17.85
17
44
@
56
35
0
@37 6
21.68 39 Hi
@
44 H
26
9
@31 0
18.58
24
46
@
56
35
0
@37 6
21.35 40
@
44 K 27
0
@31
6
19.88
41H
40
@
52
32
0
@34 6
19.17 41
@
45
0
@31
0
19.68
47
29
6
@32 0
17.74 4m
@
45 K 27
1H@32 6
20.74
45
*>8
4
(8! 31
15.17 4214
<a
46
3
22.17
1
Sept.
_
883",430
1,320,490
Total crop
Average
1918.
77,248
155,266
51,567
305,359
593,550
941,601
228,494
729,000
196,728
Overland to Canada for two months (in¬
cluded in net overland)
Burnt North and South in two months.
Came in sight during September
1919.
44,205
91,707
20,621
48,052
Net overland for two months
55,00#
28,000
13,000
1920.
Exports (bales)—
Port receipts in September
Port receipts in two months
29.00C
1918.
4,291,117
2,554,311
1,934,311
bales.
42.00C
243,00C
7,265,651
217,530
162,530
Gross overland for September
Gross overland for two months
Net overland for September
40,000
ALEXANDRIA RECEIPTS AND
9,000
7,386,667 4,563,325
Of which other
293,000
80,000
26,000
Season.
420", 136
2,033,410
228,000
86,000
51,000
32,000
4.832,356
Visible supply Oct. 15
Total.
4,792",018
5,049,886
Total takings to Oct. 15_a
Of which American
•
Total all—
Since Aug.
Total supply
Deduct—
&
China.
Other India*
4,089,189
4",956",257
American in sight to Oct. 15
Bombay receipts to Oct. 14
Other India snipm'ts to Oct. 14
Alexandria receipts to Oct. 13__
2,000
39,000
14,000
1,000
16,000
14,000
1919
1918
*No
Visible supply Oct. 8
Visible supply Aug. 1
Japan
1919.
and
Week.
nent.
Bombay—
1918
Cotton
Britain.
Total.
Conti¬
1918
Steady
Steady
WORLD'S SUPPLY AND TAKINGS OF COTTON.
Week
Great
15.
20.00-.10 20-50
1
—
19.12-.15 18,88
Spot
Options
Friday.
Oct.
11.
Tuesday, Wed'day, Thursd'y,
506.85
481.85
745,380
1,146,410
1,128,771
1,701,609
11,088,781
9,901,025
12,217,552 11,602,634
3
Oct.
1
505.95j
514.37
8
480.95
489.37
15
X9
@
n
27
27
(932
3
On. 16 1920.]
SHIPPING NEWS.—Shipments in detail:
Kaiserin Au¬
376
200
...
GALVESTON—To Liverpool—Oct. 9—Dundreiman, 6,281; Way¬
farer, 17,331—Oct. 13—Philadelphian, 16,095
To Manchester—Oct. 12—Gloria de Larrinaga, 12,707
13—Collamer,
3,125
39,707
Oct.
15,832
-
To Havre—Oct. 7—Lake Stavi, 5,669
Oct. 9—Mount Evans,
8,674—Oct. 12—Hegira, 6,306
To Antwerp—Oct. 13—Pendragon Castle, 3,150
To Ghent—Oct. 13—Pendragon Castle, 5,066
To
Gothenburg—Oct. 7—Erken, 7,519
To
To
20,649
3,150
5,066
7,519
11,278
To Barcelona—Oct. 12—Mar Blanco, 11,278
HOUSTON—To Liverpool—Oct. 13-—Scientist, 13,643
_
NEW ORLEANS—To Liverpool—Oct. 11—Dictator, 5,000
To Manchester—Oct. 13-—Manchester Importer, 550
To Rotterdam—Oct. 9—Zuiderdijk, 1,252
To
13,643
5,000
550
1,252
200
Copenhagen—Oct. 14—Erken, 200
Antwerp—Oct. 11—Olympier, 1,896.!
Gothenburg—Oct. 14—Erken, 1,967
1,896
1,967
To Genoa—Oct. 13—Mont A gel, 2,696-.
To Mexico—Oct. 13—Lake Sanford, 260
SAVANNAH—To Liverpool—Oct. 9—Typhoon,
2,696
260
Oct. 13—-
7,789
21,205
Salacia, 13,416
6,163
To Bremen—Oct. 8—Alfred Nobel, 6,163..
To
300
Hamburg—Oct. 8—Alfred Nobel, 300
50
PHILADELPHIA—To Gothenburg—Sept. 24—Gustafholm, 50
T« Piraeus—Sept. 23—River Araxes,
100
100
...159,059
Total..
*
LIVERPOOL.—Sales, stocks, &c., for past week:
Oct. 15.
20.000
Oct. 1.
19,000
Oct. 8.
15,000
12,000
8,000
18.000
7,000
13,000
12,000
44,000
43,000
39,000
854,000
508,000
860,000
508,000
43,000
825,000
472,000
812.000
450,000
Sept. 24.
16,000
11,000
Sales of the ueek
Sales. American...
Actual export
Forwarded
.
stock...
Of which American
Total imports for the week
Total
4,000
26,000
Of which American
Of which American
55,000
11,000
26,000
13,000
129,000
96,000
...
Amount afloat
42,000
112,000
2,000
137,000
91,000
12,000
79,000
The tone of the
Liverpool market for spots and futures
day of the past week and the daily closing prices of
spot cotton have been as follows:
eaoh
Monday.
12:15
Wednesday.
Thursday.
Friday.
Dull.
Quiet.
Irregular.
Irregular.
1
Market,
DAY
Sales
4
450,000,000 last
this year plus the 1919 carry-over is
or about 17% less than last year.
Irregular.
Quiet,
Easy,
9@15 pts.
31 @41 pts.
decline.
advance.
decline.
Weak,
Unsettled,
Steady,
Steady,
Quiet,
v:' 59@82 pts. 63@71
i
pts. 25@37 pts. 11 @20 pts. 14@33 pts.
decline.
advance.
decline.
decline.
decline.
Prices of futures at Liverpool for each
Mon.
Sat.
12^
to
Oct.
Tues.
day are given below:
Frl.
Thurs.
Wed.
9
Oct.
15.
12H
12X
4
p. m. p. m. p. m. p. m
a.
a.
d
d.
15.70 15.71
October
November
15.44 15.47
..
December...
15.43 15.43
January
15.38 15.37
....
...
HOLI¬
15.26 15.23
DAY
February
March
15.14 15.10
April
15.04 14.98
12 X
4
12%
4
p. m. p. m, p. m. p. m
d.
a
12 H
4
p. m. p. m
d.
d.
d.
12 %
4
p. m. p. m.
d.
d.
15.0215.02 14.65 14.52 14.82 14.17 14.51
14.7914.83 14.45 14.28 14.57 13.98 14.24
14.7814.83 14.45 14.28 14.56 14.00 14.24
14.7314.78 14.41 14.27 14.52 14,00 14.22
14.5914.67 14.30 14.17 14.41 13.91 14.12
14.4514.52 14.19 14.07 14.31 13.84 14.03
14.3414.41 14.08 13.96 14.20 13.75 13.95
14.23,14.30 13.97 13.84 14.10 13.66 13.88
May
14.93 14.87
June
14.82 14.77
July
14.71 14.66
14.03)14.10
August
14.56 14.51
September..
14.41 14.361
13.8313.93 13.53 13.44 13.73 13.33 13.56
13.65^13.76 13 40113 25 13. 5513 .18 13.41
14.1314.20 13.85 13.74 14.01 13.58 13.79
13.76 13.64 13.91 13.48 13.71
BREADSTUFFS
Kingdom the weather has been favorable
harvesting has made good progress.
In France condi¬
tions for seeding the new crop have been favorable, although
In the United
in southern part of this
damaged cereals to some
extent.
In Italy merchants anticipate there will be large
purchases of American wheat, for import requirements are
of
substantial proportions.
In Denmark harvesting is
finished and the outurn is good in medium.
In North
Africa the weather has been good.
In India the outlook is
only fair.
Rain is needed in most sections. To-day prices
advanced.
Shorts covered.
There were vague rumors that
very stormy weather has occurred
country.
In Australia recent rains
the recent decline would be
cases
Consumers in some
confidence in the stability of prices.
above the low level of last week.
have shown
more
held aloof when prices were lower.
It is now
suggested that they went unduly low.
Jobbers have had a
rather better trade.
Farmers may hold back wheat.
There
are some signs that they are already doing so.
On the other
hand many flour buyers are "unconvinced.
The violent
fluctuations
in wheat do not impress them favorably.
4'What goes up must come down" is an old saying in the
markets.
Besides many of these buyers are still pretty
well supplied.
They are looking on.
The export demand
has not been large; in fact only moderate.
Wheat exports
may far outrun those of flour this season.
At any rate Eu¬
rope thus far seems to prefer wheat to flour.
Wheat advanced sharply on an oversold condition and some
export demand.
The foreign demand came from Belgium,
Holland, France, Switzerland, Germany and Spain.
Sales
on the 13th inst., were estimated at
as high as 2,000,000
bushels mostly in American wheat at the Gulf.
A recent
fall in premiums there and a rise in Canadian premiums
placed the American market at a discount of about 5 cents
per bushel.
The trade believes, however, that the holding
policy on the part of farmers will have only a temporary
effect unless it is sustained by world situation as to supply
and demand.
On the 13th inst., Germany is said to have
bought 800,000 bushels of American wheat and Spain
300,000 bushels.
On that day cash prices in Minneapolis
advanced 7^ to 10^ cents and at Kansas City 2 to 9 cents.
The Australian wheat crop is estimated around 120,000,000
bushels wnich compares with about 47,000,000 bushels
last year.
The "Price Current" says "Farmers report
having marketed 55% of their 1920 wheat crop. Farmers
Yet they had
investigated by the Government.
the market proved to be heavily oversold.
Offerings fell off and prices ran up to 9 to 10c.
They are
20 to 23c. higher for the week.
The Wheat Growers' Asso¬
ciation of the United States, with a membership of 70,000
in Kansas, Oklahoma, Texas, Nebraska and South Dakota'
has issued a proclamation to all its members urging them to
refrain from selling any wheat after 8 p. m. Oct. 25, until
such time as the price of good wheat ifi raised to $3 a bushel
at the growers' terminal market.
In
case
any
^
DAILY
rise in wheat.
cents to $1 per
year, a
and
CLOSING
PRICES
OF WHBAT
Sat.
Friday Night, Oct. 15 1920.
PI our has been firmer in response to the
Earlier in the week prices were marked up 75
bbl.
reduction of nearly 29%. The crop
estimated at 798,000,000,
15.17
4,000
3 @18 pts.
Quiet,
decline.
<
1
P. M.
102,000,000 at country, mills and elevators, and
29,000,000 at other points of accumulation.
From July 1
to Oct. 1 farmers marketed 320,000,000 bushels against
15.52
decline.
Irregular,
31 @52 pts. 16@28 pts.
f
Market,
Wheat may
608,000,000 bushels compared with 747,000,000 a year ago.
The total on Oct. 1 included 487,000,000 bushels
held by
3,000
3,000
4,000
f
{
I
opened
conditions.
exception to the general tendency of lower commod¬
ity prices until Russia resumes exporting. Perhaps the fall
in farm prices has been overdone, but the farmer cannot
dictate a high world price without taking note of the in¬
ability of the needy buying countries to buy at all.
War
prices on everything are becoming things of the past. School
is out."
The United States Government report on wheat
stocks attracted much attention.
The total on Oct. I was
3,000
HOLI¬
Futures,
than under present exchange
16.27
16.82
16.95
Mid.Upl'ds
Market
more
prove an
farmers,
f
<
P.M.
Tuesday.
Quiet.
Saturday.
Spot.
very doubtful now whether wheat seedings will reach
September expectations on account of insect pests and the
price situation.
Hessian fly are more plentiful this fall
than for some time."
Farmers are organizing a holding back
movement.
They want $3.
A general conference of farm¬
ers of the United States is being held at Washington, D. C.
One of the delegates is quoted as asserting that it costs $2 77
a bushel to produce wheat.
To many that will look high.
But the sentiment is very general that the fanner is losing
money at the present price.
Latterly, however, it has been
roughly 20 to 25 cents above the low point of the season.
Meantime, too, the visible supply is falling off. Last week
it decreased 769,000 bushels against an increase in the same
week last year of 5,685,000 bushels.
That suggests that
holding back has begun.
And the total visible ^supply is
only 26,795,000 bushels against 90,585,000 bushels a year
ago.
Scepticism is general, however, as to the possibility
of putting up prices merely by holding back supplies.
Julius Barnes in a statement at Chicago expressed the
ideas of many when he said: "Overseas needs are large of
grain, but people as individuals cannot buy except for money
or credit.
They have no money and not enough home pro¬
duction to get credit.
If peace had been made fifteen months
ago we would probably have been now a long way on the
road to a settled financial condition.
If sterling exchange
were at a normal rate wheat would net our farmers a dollar
are
Total bales.
NEW YORK—To Liverpool—Oct. 8—Baltic, 335
gusta Victoria, 41
To Piraeus—Oct. 8—River Arazes, 200
1583
CHRONICLE
THE
DAILY
Wed.
—
Sat.
Mon.
Tues.
elevator_cts_ 198^ 207%
delivery in elevator
195
203%
December delivery in
March
IN NEW YORK.
Tues.
Mon.
Thurs.
cts.226% 237
Hoi. 241
CLOSING PRICES OF WHEAT FUTURES IN
No. 2 red
Indian
strike the
corn
advanced with wheat,
same pace
Wed.
.
Frt.
237
257
CHICAGO.
Thurs.
Fri,
Noll- 209% 208
217 %
day. 20594 203% 212%
though it did not
Still the coun¬
upward by any means.
try has offered less freely.
Receipts at
have fallen off noticeably at times.
primary points, too,
Cash houses of the
West have bought distant months freely.
Shorts have
covered.
The technical position has improved.
There has
been some export inquiry.
American prices are said to be
below the parity of Argentina's.
Later in the week the oash
demand became better.
October regained its premium over
December after losing it.
Coun try offerings of late have been
noticeably smaller.
calculated there still remains
92,000,000 bushels of corn after deducting
58,500,000 bushels of new crop already shipped out.
There is a substantial falling off in the amount of corn
exported during the current week, due to many boats being
held up.
But the figures it is believed will be much larger
next week.
The American visible supply has greatly in¬
creased and the cash demand has been slow.
Carrying
charges have been established.
October at one time was
at a discount under the late months.
That was something
new.
It was not unnaturally considered suggestive.
The
visible supply increased last week 2,680,000 bushels in
significant contrast with a decrease in the same time last
year of 514,000 bushels.
The total now is up to 10,267,000
bushels against 1,649,000 bushels a year ago.
With track
dull, weather good,the crop large and supplies increasing,
there is not very much bullish sentiment in corn.
Non-i
the less some 500,000 bushels are said to have been sold ©I
late for export.
This causedlmuch covering today! and ;a
In
Argentina, however, it is
for export some
the
THE
1584
sudden
caused
advance of
reaction.
a
CHRONICLE
2 to 2%.
The felling against offers
But pices end 4 to 5c. higher for the
The
in
week.
Columbus-day holiday had
PRICES OF CORN IN NEW YORK.
Sat.
Mon. Tv.es.
Wed. Thurs.
No. 2 yellow...
......115?*
Hoi. 117?*
116?*
Fri.
118
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat.
Mon. Tues.
Wed. Thurs.
Fri.
December delivery in elevator.ctg-85 H
86 ?*
90?*
May delivery in elevator—...... 89
Oats
Holtday.
86?*
90%
865*
90?*
89 H
92?*
advanced with other grain
and also owing partly
offerings and partly to some foreign demand.
Belgium is said to have taken 400,000 bushels.
Tne cash
demand at times increased noticeably.
Shorts also covered
more or less.
latterly, hedge selling has fallen off.
The
country shows less disposition to sell.
But on the other
hand cash trade as a rule has been small, stocks are increasing
and they are likely to gain from now on.
Last week the
visible supply increased 1,562,000 bushels in contrast with
a decrease in the same week last year of
116,000 bushels.
It brought the total up to 29,164,000 bushels against 19,501,000 bushels last year.
As a rule oats have shown no
features of striking interest.
To-day prices advanced on
the covering of shorts, decreased country offerings and
sympathy with the rise in other grain.
The closing quota¬
tions are about 2 cents higher than a week ago.
to small country
OF OATS IN
Tues.
Wed.
CLOSING
PRICES
Sat.
Mon.
DAILY
No. 1 white—...cts. 66
66
Holi- 66 @60?* 66 @66?* 67 @67?*
day. 66@66?* 66@66?* 67@67?*
66@66?*
66@66?*
No. 2 white
NEW YORK.
Thurs.
Fri.
OF OATS FUTURES IN
Sal.
Mon.
Tues.
Wed.
DAILY CLOSING PRICES
December delivery in elevator.cts. 55?*
May delivery in elevator
60
Holiday.
56?*
60?*
...
CHICAGO,
Thurs.
565*
605*
56
605*
Fri.
575*
61 J*
Bye has been in some demand for export and advanced
grain.
Besides the offerings were small.
Ger¬
many, it is said, took 400,000 bushels.
The visible supply
decreased 750,000 bushels last week, against an increase last
year of 592,000 bushels.
The total is now only 4,332,000
bushels, against 15,987,000 a year ago.
To-day prices ad¬
vanced and ended higher too, for the week.
with other
DAILY CLOSING PRICES
FUTURES IN CHICAGO.
Tues.
Wed. Thurs.
Fri.
OF RYE
I
Mon:
Sat.
December delivery in elevator.cts. 155?*
May delivery in elevator
148?*
Holi- 163?* 1164?*
day. 157
158
1605*
153?*
168?*
161
The following are closing quotations:
FLOUR
Barley
goods—Portage barley:
.$11 25@$11 75
No. 1
$6 75
9 75 @ 10 25
7 00
Nos. 2,3 and 4 pearl
11 00@ 11 50
Nos. 2-0 and 3-0
6 75®
Clear
9 50# 10 25
Nos. 4-0 and 5-0
7 00
Rye flour.
9 00® 10 25
Oats goods—Carload
1 goods, 100 lbs.:
Corn £<
3 00
Yellow meal
7 70
3 57?*
spot delivery
Spring patents
winter straights, soft
straights
Corn flour..
3 00
6 90
3 50
No. 2 white
Nominal
$1 18
Rye—
No. 2
66@66
No. 1
$2 57
,
No. 1 spring..
67 @67 J*
67@67
No. 3 white
No. 2 red
1
93?*
Barley—
Feeding
Malting
For other tables usually given here,
GOODS.—Buyers,
with
few
ex¬
Sheetings, print cloths, fine combed yarn goods, and
the gray are most irregular in price.
Fully one-half of the gray goods numbers have been re¬
vised downward one-half to one cent a yard during the
ders.
specialties in
many
It was possible to secure 38*4-inch 64x60s at
week.
68x72s at 12c. for October delivery.
and
of gray
a
goods are
10%c.
But some sellers
little more optimistic than they were
a
week| ago, as they contend the converters and other con¬
of
sumers
There
out of
longer remain
interest shown by some bag manu¬
converters in sheetings,
attracted by low
and
facturers
goods cannot much
gray
the market
was
prices, and sales of 500,000 yards of sheetings were put
through. Also odd constructions of print cloths, checks and
other convertibles were picked up to the extent of 250,000
because they were
the conviction
yards
Prices crumble more
further declines in
cheap.
slowly and
grows
that
print cloths will be small if any.
There is considerable
in the cotton goods market concerning denims.
discussion
Bliss, Fabyan & Co. have announced a price of 32y2c. on
revising the price on unfilled con¬
tracts down to 37y2c. on goods that have not been shipped.
This is a flat reduction of 15c. from their last price and
their 2.20 denim and are
represents
a
revision
10c.
a
yard.
about
on
The
quiries from denim users
amounting to
provoked in¬
in all parts of the country.
The
existing contracts
announcement
demand for cotton yarns remains dull.
has
Many cotton yarn
prices have gone to such a low level that curtailment of pro¬
duction is being invited.
Drills are weaker.
Generally
speaking there is little business being transacted in the
hosiery market.
And the underwear market continues to
be inactive.
Few, if any, manufacturers now have their
lines priced for sale.
Retailers are said to be buying but
little merchandise from
second hands
and hosiery are concerned.
Print cloths, 27-inch,
were:
64x64s, 0y2c.;
28-inch,
9c.;
as
far
as
underwear
Prices current during the week
64x60s, 834 c.; 28-inch, 64x60s,
gray
goods,
64x64s,
38%-inch,
lli/2c.; 39-inch, 68x72s, 12c.; 39-inch, 80x80s, 15%c.; brown
sheetings, 3-yard, 18c.; 4-yard, 56x60s, 15c.; Southern stand¬
ards, 19c.; tickings, 8-ounce, 40c.; denims, 2.20s, 32y2c.;
standard staple
ginghams, 20c.; dress ginghams, 25 to
27y2c.; standard prints, 23c.
WOOLEN GOODS.—Buyers are numerous in the mar¬
kets for ready-to-wear.
Many large retail stores have begun
clothing prices in earnest;
but the revisions down¬
ward, which have been put into effect by some of the men's
Oats—-
Corn—
No. 2 yellow
quieting effect upon trade
ceptions, remain out of the market, and those appearing in
the trade usually seek information rather than place or¬
to cut
GRAIN.
Wheat—
a
general.
DOMESTIC "COTTON
DAILY CLOSING
Kansas
[VOL. 111.
103 @104
113 @114
on
are
the crops as sum¬
Values in
buyers.
quite as unstable as in
any
the
ready-to-wear
other part of the
The dress goods trade as a whole has moved more
trade.
smoothly
1540.
WEATHER BULLETIN FOR THE WEEK ENDING
OCT. 12.—The influences of weather
hesitating minds of
division
page
see
selling agencies, have served to unsettle the already
wear
than'
has men's wear, and in some quarters satis¬
faction is expressed concerning it.
There is some filling-in
buying being done on fall goods of all kinds, including suits
bulletin issued by the Department of
Agriculture for the week ending Oct. 12 were as follows:
and cloaks.
sunshine that
prevailed during the week in the principal corn growing districts furnished
almost ideal conditions for maturing the late crop and foi harvesting.
Little or no damage by frost occurred in any district and practically all of
the crop is safe from frost damage.
more
marized in the weather
CORN.—The
and dry weather with abundance of
warm
THRESHING,
&C.—Grain threshing has been practically completed
in all sections of the
country except in some of the later northweatern dis¬
tricts, which was practically rainless throughout the winter wheat belt
and seeding fall grains made good progress, except for some delay in a few
places on account of dry soil.
Tne early seeded winter wheat is mostly
up to a good stand and growing nicely, though the later seeded needs moi¬
sture in many sections.
Wheat seeding is nearly completed in much of the
principal wheat belts.
The rainfall in the Central and Northern States
west of the Rocky Mountains was beneficial for fall seeded grains, and also
In Central and Western Montana and some Rocky Mountain districts.
COTTON—Temperatures averaged somewhat below normal
in
much
of the cotton belt, and the week was practically rainless in all sections.
Ideal weather prevailed for gathering the cotton crop, and this work made
good progress in all sections of the belt, although there are some local com¬
plaints of labor shortage.
The crop has matured in central and southern
South Carolina and has all been picked In the southern half of Georgia and
also in
some
southern sections of Alabama.
Harvest has been
practically
completed in Louisiana, is about finished in the southern third of Texas,
and well advanced elsewhere in the latter State.
Very little change has
been reported In the general condition of the cotton crop since last
week.
slowly.
b0ODS
New York, Friday
The
dry' goods markets continue
Night, Oct, 15 1920.
a
highly unsettled
in
condition, particularly as to gray goods and finished cotton
goods.
This unsettled condition has come about largely
through
further weakness in unfinished goods and
yarns.
Retailers are selling and wholesalers are not buy¬
ing. Meanwhile, the curtailment of production in mill cen¬
ters is growing in a most alarming way.
Declines in all
the
prices have long since
to-day's cotton and
on
of most mill
dergoing
sections
final
a
agents.
change.
are
results
gone
below the cost of
production
basis, according to the views
Farmers' views of business are un¬
Unsettled conditions in agricultural
wage
actuating farmers to put off buying until the
of
the
harvests
are
known.
Present
gray
goods prices are the lowest in several years, with the ex¬
ception of a period of two or three weeks following the
signing of the armistice.
Stability is said to be the
factor necessary before further progress can be made in
the market for wool goods for the spring 1921 season.
Buy¬
ing in the dress goods trade continues most conservative.
retailers
stocks
are
moving
practically no
December delivery for applica¬
the jobbers have
said
for
the
January white sales, such as are generally in
their hands at this time.
And jobbers are requesting linen
importers to have shipments due them from the other side
held
up
to pay
is
until further notice, not wishing to be called upon
for additional lots of goods when their existing stock
Importers express confidence in the sta¬
selling slowly.
bility of their values, however, and additional
orders are
expected to find their way into the hands of houses which
carry
in
stock here during the next two months.
line of
a
A reduction
plain white linens has been made by an im¬
York, amounting
porter in New
of the stock
to about 25%,
houses have made concessions
on
and some
other lines.
Buyers tell the linen men that cotton damasks of domestic
origin have been reduced 25%, and they ask for similar
on what they are importing.
The plan to put
linens in the luxury class has never been satisfactory to
protection
the
TRADE.
from
to
many
THE DRY
It is
orders
tion
GOODS.—Current
DRY
FOREIGN
linen merchants,
American
who have come to a realization that
consumer
is
steadily becoming educated
to
the wearing
values of many linen substitutes.
Linen manu¬
facturers have seen the light and have now made prices on
yarns
few
that are nearly a half under the top prices asked a
months
ago.
A cablegram received from Belfast by
Irish Linen Society told of new
the New York office of the
minimum
prices for yarns that are 40% to 45% under the
prices current in March of this year, when peak quotations
were reached.
Importers caution against jobbers and re¬
tailers confusing the
for which
there will
last decline in yarns with linen prices,
not likely be a general readjustment,
largely because selling prices of linens in the United States
never reflected the full quotation peaks named in Belfast
Bleached cambric has been reduced on the local market by
about
25%.
For
36-inch, 1,500s,
$135 is
now
the
price,
against $190 previously. | Trausactinos in the burlap mar¬
ket were limited.
Few buyers were willing to commit them¬
selves until they can see how
far the slump is going. Lights
7.00c., but buyers were
not particularly attracted by the 7.00c. level.
Heavies are
quoted at 9.80c. in some quarters, but it is thought that
were
offered
on
the spot market at
business would result
on
bids under that figure.
Oct. 16 1920.]
THE
1585
CHRONICLE
$200,000 00 market place bonds.
Date Oct. 1 1920.
Due $20,000 yearly
on 0ct*
1 from 1921 to 1930, incl.
250,000 00 W. Market Street widening bonds.
Date Oct. 1 1920.
Due
yearly on Oct. 1 as follows:
$12,000, 1921 to 1935, incl.:
J»iate atul (JPxtij
§14.000, 1936 to 1940, incl.
"
NE^ TTEMS^
Clackamas
County,
Ore.—Bond
Rehearing
Denied by
Court.—The Supreme Court of Oregon on Oct. 5 over-ruled
a motion of Clarke County, asking a rehearing on the $1,-
700,000 road bonds declared invalid by the Court on July 6
(V. Ill, p. 409).
The "Oregonian" says:
"Several other counties were interested in the case, as they had
bonds
under
the
same
ruling
as
voted
1913, a county was given authority to issue bonds
of the county's assessed valuation, and in 1919 a constitutional
amendment was passed whereby a county could vote bonds up to 6% of
Under the laws of
2%
Finance, required.
6% bonds were voted in this county, but before they were issued
of their validity was taken to the supreme court, and the
a county could not issue bonds up to 6% under the machinery
used for the 2% bonds.
The court ruled that it would be necessary for the
legislature to pass additional legislation to float these new bonds.
The $1,700,000 bond issue was for hard-surfaced roads in Clackamas
County, and the ruling of the Supreme Court put a stop to much of the
The
the
question
work contemplated here this year.
In order to procure this money for roads it will be necessary for
legislature to make the necessary laws and for the people to vote on
bond issue again."
'•
the
the
Little Rock, Ark.—Bridge Building Act Upheld.—The
validity of the act creating a bridge district, which provides
for the erection of two bridges across the Arkansas River,
was sustained by the Arkansas Supreme Court on Oct. 11.
A dispatch from Little Rock to the Memphis "Appeal" says:
Supreme Court sustained the validity of the legislative
act creating the Broadway-Main Street bridge district which provided for
the erection of two bridges across the Arkansas River at Main Street and
Broadway Street.
Before work can be commenced, however, bonds authorized under the
statute must be sold.
The entire issue will be for about $2,500,000.
The
Commissioners have not decided whether to try to sell the entire issue at
once or to sell blocks of bonds from time to time.
Commissioners of the district are Herman Kahn, F. W. Allison, MooreThe
Arkansas
head Wright, George W.
Donaghey, Justin Matthews and J. H. Stanley.
Shelby County, Tenn.—Auditorium and
Upheld by Supreme Court.—The Shelby
County auditorium and market house acts of 1917, authori¬
zing Memphis and Shelby County, to build an auditorium
and market house in Memphis, were upheld on Oct. 9, by
the Supreme Court of Tennessee (V. 110, p. 1215).
The
Memphis "Appeal" says:
Memphis,
Market House Acts
"The court brushed aside all objections.
In
a
written opinion by Justice
Bachman it held that no constitutional objection could be found to the
combination of city and county effort in a single building.
"Such a building is a public enterprise," said the court,
"for which
both city and county funds can be used.
Any purpose which materially
advances the welfare of the people generally and improves the general con¬
dition of the community is a public
purpose."
*
The court overruled contentions that the two acts
not included in their respective captions.
Few decisions by the supreme court
contained provisions
within the last few months are of
greater interest to the people of Memphis.
The two acts were attacked by
the North American Realty Co., the holding company of the Schlitz brewing
building north of the old courthouse site.
The auditorium commission went into the circuit court with a petition
interests.
It
owns a
The holding company demurred.
In its de¬
county and the city could not join
It was also contended that the acts
were broader than the captions.
The demurer was overruled and the case went to the supreme court.
Meanwhile work on the auditorium and market house was retarded, since
the attack on the law was an attack on the bonds issued under the law.
These bonds amounted to $750,000, half of which was issued by the city and
half by the county.
A few weeks ago the auditorium commission made
bond, as required in condemnation cases, for double the value of the pro¬
perty and carried on its plans.
The value of the particular property in the
to
condemn
the building.
it set up the contention that the
in the issue of bonds for such a purpose.
Nov. 1
New York.
Director of
Purchaser to pay accrued interest.
ALLEGHENY COUNTY (P. O. Pittsburgh), Pa.—BOND ELECTION.
-—The Board of County Commissioners, by an unanimous vote, decided that
the people be asked on Nov. 2 to voice their opinion by ballot as to whether
or not the county shall issue bonds to the amount of $35,500,000 for the
construction of new roads and bridges, and the remodeling of the court
house.'
ALLEN
Lincoln
COUNTY
National
(P.
Bank
O.
Fort
Wayne),
Ind.—BOND
of Fort Wayne was awarded at par
SALE.—The
and int. the
$150,000 5% Bueter Road impt. bonds.
Date Sept. 15 1920.
Due $7,500
each six months from May 15 1922 to Nov. 15 1931 inclusive.
its 3(SS6SS6(i YEillldftjiOIl
court ruled
Due
Date Nov. 1 1920.
1928.
Prin. and semi-ann. int. payable at the National Park Bank of
Cert, check for 1% of amount of bonds bid for, payable to tne
Clackamas County, some of them even
issuing and spending them.
for
509,410 87 deficiency funding bonds.
^
AMARILLO INDEPENDENT SCHOOL DISTRICT (P. O. Amarllla),
Potter
County,
Tex.—BONDS REGISTERED.—This district on Oct.
10-20 year bonds with the State Comptroller.
7 registered $20,000 5%
ANDOVER, Essex County, Mass.—BOND SALE.—It is reported that
issue of $40,000 5% 1-20 year serial sewer bonds has been sold to the
Colony Trust Co. of Boston, at 102.34, a basis of about 4.70%.
Date
Oct. 1 1920.
Due $2,000 yearly on Oct. 1 from 1921 to 1940, incl.
an
ASHE COUNTY
(P. O. Jefferson), No. Car .—BOND OFFERING.—
received by S. G. Parsons, Chairman for $300,000 5K %
(opt.) coupon road bonds until 12 m. Oct. 20.
Denom. $1,000.
Date Nov. 1 1920.
Prin. and semi-ann. int. payable at the U.S. Mtge. &
Trust Co., N. Y.
Cert, check for $10,000 required, or in lieu tuereof a
bond for like sum in
a
well recognized Surety Company.
Bonds will be
furnished by county together with legal opinion of Wood & Oakley of Chica¬
go, and delivered to designation of purchaser.
Bids
20-30
will
be
year
ASHLAND,
County,
Jackson
Ore.—BOND
OFFERING.—Gertrude
Biede, City Recorder, will, until 8 p. m. Oct. 19, receive bids for the pur¬
6% bonds, it is stated:
$11,401 10 impt. bonds.
Denom. 22 for $500 and 1 for $401 10.
1,018 50 sewer bonds.
Denoms. 3 for $300 and 1 for $118 50.
Date Oct. 1 1920.
Due Oct. 1 1930, optional on any interest date after
Oct. 1 1921.
Cert, check for 5% of the amount of bonds bid for, required.
chase of the following
ATTLEBORO, Bristol County, Mass.—BOND SALE.—On Oct. 8
6% coupon tax-free bonds aggregating $67,300 were awarded
two Issues of
as
follows:
$60,000 1-4-year serial paving bonds to Estabrook & Co. of Boston at
101.03, a basis of about 5.55%.
Denom. $1,000.
Date Sept. 1
1920.
Int. M. & S.
Due $15,000 yearly on Sept. 1 from 1921
to
1925 inclusive.
7,300 street railway bonds to the First Nat. Bank of Attleboro at 100.50:
a basis of about 5.79%.
Denom. $1,000 and $300.
Date Oct. 1
1920.
Int. A. & O.
Due $2,000 on Oct. 1 in 1921 ,1922 and 1923
and $1,300 Oct. 1 1924.
Prin. and semi-ann. int. payable at the First Nat. Bank ®f Boston.
The following bids were received:
Name.
$7,300 Issue. $60,000 Issue
First National Bank of Attleboro
100.50
Estabrook & Co., Boston
100.39
101.03
Edmunds Bros., Boston
100.209
100.209
Curtis & Sanger, Boston
100.082
100.531
Merrill, Oldham & Co., Boston
100.081
100.081
.
BARTHOLOMEW COUNTY (P. O. Columbus), Ind.—BOND OF¬
FERING.—Proposals for $35,000 T. N. Stewart et al. Rockcreek and Hawcreek Twps. road bonds will be received by Smith Carmichael, County
Treasurer, until 10 a. m. Oct. 30.
Denom. $1,750.
Date Oct. 30 1920.
Int. M. & N.
Due $1,750 each six months from May 15 1922 to Nor. 15
1931 inclusive.
BATH, Steuben County, N. Y.—BOND SALE.—The contractors for
improvement have purchased at par the $40,000 coupon or registered
gas-lighting-system bonds offered on Oct. 13—V. Ill, p. 1390.
Date
Nov. 1 1920.
Due $2,000 yearly on July 1 from 1921 to 1940, incl.
the
murrer
suit is around $18,000.
r- '/.
- -.V
The decision clears away all legal obstacles to
auditorium and market house project.
Bids for the destruction of the buildings now
the carrying out of the
occupying the site of the
proposed auditorium and market house were received by Pfeil & Awsumb,
for the commission, several weeks ago and filed pending the
architects
action of the supreme court.
Philippine Islands (Government of).—Bond Offering.—
19 bids will be received for all or any
part of $6,000,000 hYi% tax-free registered Manila Port
Work
and
Improvement bonds.
Denoms. $1,000 and
$10,000.
Date Sept. 1 1920.
Principal and quarterly int.
(March 1, June 1, Sept. 1 and Dec. 1) payable at the Treas¬
ury of the United States in gold coin of |the United States.
Due Sept. 1 1950, optional Sept. 1 1930.
A bank draft or
certified check for 2% of the amount of bonds bid for, pay¬
able to the Chief, Bureau of Insular Affairs, in New York
City funds, required.
The bonds are issued under authority
contained in Act of Congress approved Aug. 29 1916, and
an
Act of the Philippine Legislature approved March 23
1920.
Purchaser to pay accrued interest
Bids must be
enclosed in envelopes plainly marked "Subscription for
Philippine Government, Manila Port Works and Improve¬
ment Bonds," and addressed to Frank Melntyre, MajorGeneral U. S. Army, and Chief, Bureau of Insular Affairs,
War Department, Washington, D. C."
Accepted subscrip¬
tions will be payable on Oct. 29 1920 at a bank in New York
City to be designated by the Bureau of Insular Affairs, War
Department, and the bank so designated will make delivery
of the bonds, or, if necessary, interim certificates exchange¬
able for the definitive bonds as soon as they can be issued.
Until 2 p. m. Oct.
BEADLE
Oct.
12 the
BELLE
(P.
COUNTY
O.
So. Dak.—BOND SALE.—On
bonds—V. Ill, p. 1296—ware sold
Huron),
$350,000 6% court-house
to the Modern
Woodmen of America.
VERNON
SCHOOL
Los Angeles County,
6% 1-20 year serial school
1492—were sold to Stephens & Co.,
DISTRICT,
Calif.—BOND SALE.—On Oct. 11 the $6,000
bonds, dated Oct. 1 1920—V. Ill, p.
at 100.20 a basis of about 5.96%.
BIRMINGHAM, Ala.—BOND SALE.—Otto
ham were recently
at
Marx & Co., of Birming¬
awarded, it is stated, $300,000 7% street impt.
bonds
100.50.
EARTH COUNTY (P. O. Mankato), Minn.—BOND OFFER"
ING.—Until 2 p. m. Oct. 22 C. L. Kennedy, County Auditor, will receive
bids, it is stated, for the following 6% bonds:
$50,000 road bonds.
Due Nov. 1 1930.
«««,.
274,000 drainage bonds.
Due yearly on Nov. 1 as follows: $19,000, 1925
to 1934, incl.; $18,000, 1935, $17,000, 1936 to 1938, incl., and $15,000
1939,
Denom. $1,000.*
Date Nov. 1 1920.
Prin. and semi-ann. int. payable
at the office of the County Treasurer.
Cert, check for 5% payable to the
County Treasurer, required.
BLUE
(P. O. Cleveland), Miss.—BOND SALE.—The
of St. Louis has purchased and is now offering to Inves¬
$125,000 6% Sixth Separate Road District bonds,
Denom. $1,000.
Date April 1 1920.
Principal and semi-annual interest (A. & O.) in New
York City.
Due $1,000 yearly from 1921 to 1925, inclusive; $3,000 yearly
from 1926 to 1930, Inclusive; $6,000 yearly from 1931 to 1935, inclusive;
$7,000 yearly from 1936 to 1940, inclusive, and $8,000 yearly from 1941 to
1945, inclusive
BOLIVAR COUNTY
Mortgage Trust Co.
tors
,
Financial Statement.
Actual value taxable property, estimated
Assessed value taxable property, 1919
Total bonded debt, including this issue
Population, estimated,
BURLEY,
Cassia
£
-
$7,000,000
1.941,768
224,000
---
3,800.
County,
$44,000 water extension, $9,000
hall bonds will be voted upon.
Ida.—BOND ELECTION.—On Nov. 1
motor truck street flusher and $14,000 city
Ed. C. Davis, City Clerk.
BURLINGTON COUNTY (P. O. Mount Holly), N.
FERING.—Proposals will be received until 11 a. m. Oct. 22
J.—BOND OF¬
by Fred Lippln-
semi-ann. int. (J. & D.) payable at Mount Holly.
Due $18,000 yearly on
Dec. 1 from 1921 to 1930, incl.
Bonds will be prepared under
super¬
vision of the Union National Bank of Mount Holly, which will certify as to
the
the genuineness
of the signatures of the county
officials and the seal im¬
pressed thereon.
CARTER COUNTY (P. O.
It is
Elizabethton), Tenn.—BONDS VOTED.—
reported that $220,000 road bonds was
recently voted by the County
Court.
Falls), Mont.—BOND OFFERING.
—The "Montana Record-Herald" of Oct. 6 states that the "County Com¬
missioners will offer for sale on Nov. 30 a refunding bond Issue of $150,000,
bearing 6% Interest.
The issue is to meet outstanding bonds on the court
house issued 20 years ago which mature Jan. 1 1921.
"Only the interest was paid on the original issue for the court house, the
Commissioners discovered, and that their predecessors failed to create a
fund for retirement of the portion of the issue which is due on the first of
CASCADE COUNTY (P. O. Great
BOND
PROPOSALS
Ithis week have been
as
AND
NEGOTIATIONS
follows:
ABERDEEN SCHOOL DISTRICT (P. O. Aberdeen), Brown County,
So.
Dak.—BOND
% school bonds.
bonds which
were
SALE.—Local
banks
have
been
awarded
$475,000
Apparently these bonds are part of the $500,000 5H %
on May 31—Vj. 110, p. 2693—but then failed
offered
to attract a bid.
AKRON, Summit County, Ohio.—BOND OFFERING.—F. A. Parmalee, Director of Finance, will receive bids until 12 m. Oct. 25 for the follow¬
ing 6% bonds:
>
the
"The
issue
to be offered for
sale will be for a 20-year period and part
be redeemed each year.
"The
original bond issue was for $192,000 of
by a sinking
fund."
will
_
which $42,000 is praWcted
[Vol. 111.
CHRONICLE
THE
1586
CASWELL COUNTY (P. O.
Y«nceyvi1J«), No.
OFFER¬
ING.—Robert T. Wilson. Clerk of Board of County
Commissioners,_vnll
bids for the $50,000 6% coupon
/with privilege of registration)
road impt. bonds mentioned In v. Ill, p. 1493 until 1 p. m. Oct. 16.
Denom.
$1,000.
Date Oct
1 1920.
Prin. and semi-ann. Int. (A. & O.)
C«ro—BOND
received
payable at the office of the U. 8. Mtge. & Trust Co., N. Y. and interest on
registered bonds will be paid in New York exchange.
Due yearly on Oct. 1
follows: $1,000 1923 to 1928, incl., and $2,000 1929 to 1950. Incl.
Cert fied check or cash for 2% of the amount of bonds bid for, payable to Caswell
County, required/f The successful bidder will be furnished with the opinion
of Reed, Dougherty & Hoyt of N. Y., that the bonds are valid
obligations of
Caswell County, and the bonds will be printed under the supervision of the
V. S. Mtge. & Trust Co. of N. Y., which will certify as to the genuineness of
the signatures and seal on the bonds.
aa
Date Oct. 1 1920.
Prin. and semi-ann. Int. (A. & O.), payaole at the
County Treasurer's office.
Cert, check on some bank other than the one
making the bid, for 1% of amount of bonds bid for, payable ot the County
Treasurer, required.
Bonds to be delivered and paid for within ten days
from date of award.
Purchaser to pay accrued interest.
CYPRESS
CREEK
TOWNSHIP,
Franklin
No.
County,
Caro.—
BOND OFFERING.—J. P. Timberlake, Chairman Board of County Com¬
missioners (P. O. Louisburg), will receive bids for $40,000 6% 30-year
bonds, until 2 p. m. Nov. 8.
Date Dec. 1 1920.
Cert, check for $500, required.
road
Int. semi-ann. payable
In New York.
DAYTON, Montgomery County, Ohio.—BOND
OFFERING.—E. B.
to
Hagerman, City Accountant, will receive bids until 12 m. Oct. 27 for the
following 6% coupon bonds:
$200,000 water works bonds, maturing Oct. 1 1950.
65,000 workhouse bonds, maturing Oct. 1 1940.
450,000 deficiency funding bonds, maturing Oct. 1 1928.
Denom. $1,000.
Date Oct. 1 1920.
Prm. and semi-ann. int. payable
in New York City.
Cert, check on a solvent National bank, for 5% of
amount of bonds bid for, required.
Bonds to be delivered and paid for at
Dayton on Nov. 3.
Purcnaser to pay accrued Interest.
CEDARHURST, Nassau County, N. Y.—BOND OFFERING.—Pro¬
posals will be received until 8 pi m. Oct. 25 by Lewis M. Raislg, Village
DEDHAM,
Norfolk
County, Mass.—BOND SALE.—On Oct.
13
$70,000 5% tax-free Riverdale School bonds were awarded, it is stated, to
Merrill, Oldham & Co., of Boston, at 102.41, a basis of about 4.69%.
Denom. $1,000 & $500.
Date Nov. 1 1920.
Prin. and semi-ann. int.
CEDARBURG,
Ozaukee
County,
Bids will be received until 7
p. m. Nov. 4
Wise-J^OND
OFFERING^—
by Fred G. Schuette, City Clerk,
for the
following 6% bonds:
$35,000 sewerage bonds.
Due yearly from 1934 to 1940, incl.
60,000 water works bondn.
Due yearly from 1931 to 1940, incl.
90,000 First mortgage water works bonds.
Due yeany from
1940, incl.
No certified cneck required.
I
_
Clerk, for
interest at
.
,
$40,000 registered gold park and playground bonds,
rate not to exceed 5%.
Denom. $1 .jOOO.
Date
a
1925
to bear
Sept. 1 1920.
Prin. and semi-ann. int. (M. k 8.) payable in U. S. gold coin of the present
standard of weight and fineness at the Bank of the Manhattan Co., at Far
payable at the National Shawmut Bank, of Boston.
Due $3,500 yearly
Nov. 1 from 1921 to 1940, incl.
on
DEER LODGE, Powell
Rockaway.
County, Mont.—BONDS NOT TO BE VOTED
UPON THIS YEAR.—The proposition to issue $423,377 water bonds—
fied check
V. Ill, p. 1106—will not be submitted to the voters this year.
Due $2,000 yearly on Sept. 1 from 1921 to 1940, Incl.
Certi¬
on an
Incorporated bank or trust company for $1.000, payable
George W. Craft, Treasurer, required.
Bonds to be delivered and paid
for on Dec. 1.
to
CENTER SCHOOL TOWNSHIP, Lake County,
Ind—BOND[ OFFER¬
F. Batterman. Township Trustee, will receive bids until
ING .—Henry
2 p. m. Oct. 25 for $7,000 6% school house impt.
Date Oct. 1 1920.
Int. J. & J.
Due $500
bonds.
Denom. $500.
yearly on July 15 from 1921
to 1934, incl.
Cert, cneck on a reliable Lake County bank, for 3% of
amount of bonds bid for, payable to the Township Trustee, required.
Bids
are
desired
on
blanks wnicn will be furnished by the trustee.
DELAWARE COUNTY (P. O. Muncie),
____
Ind.—BOND OFFERING.—
Earle H. Swain, County Treasurer, will receive bids until 10 a. m. Oct. 20
for $17,400 4H% Nathan T. Gibson et al Monroe Twp., road bonds. # De¬
nom.
Date Aug. 15 1920.
$435-
Due $870 each six months
Int. M. & N.
from May 15 1921 to Nov. 15 1930, incl.
Westchester County, N.
Y.—BOND
SALE.—
On Oct. 6 $8,000 1-8 year serial voting machine bonds were awarded to the
First National Bank of Tuckahoe, at par and interest for 5 80s.
Denom.
$1,000.
Date Oct. 1 1920.
Int semi-ann.
Due $1,000 yearly on Oct. 1
EASTCHESTER,
CLAY COUNTY ROAD DISTRICT NO. 1 (P. O. Weat Point), Miss.
—BONDS NOT SOLD.—The $45,000 6% bonds offered on Oct. 5—V. Ill,
from 1921 to 1928, incl.
p._1297—did not sell because
—Chas. A. Carran, Director of Finance, will receive bids until 12 m.
23 for the following 6% coupon bonds:
a
saitsfactory bid was lacking.
COLORADO SPRINGS, El Paso County,
OFFERED LATER.—It is reported that
Colo .—BONDS
TO
BE
$584,000 paving bonds voted Sept.
8 will not be offered for sale until the end of the year.
COLUMBIANA, Columbiana County, Ohio .—BOND
O. H. Shontz, village Clerk, will receive bids until 12 m. Oct. 30 for the
following two Issues of 6% special assessment bonds:
OFFERING^-
$28,400 00
Railroad Street bonds, dated Oct. 15 1920.
Street bonds.
2,852 40 Elm
BtCertified check
,
.
for 5% of amount of bonds bid for required,
Franklin County, Ohio .—BOND SALES.—During the
nine months ending
Sept. 30 1920, the following debentures were sold to
the Sinking Fund Trustees at
par:
Purpose—
Date.
Ami.
Int.
Due.
Date of
Award.
Street opening & widening
(No.ll).600
Grade crossing (No. 3)
50.000
Water Main Line ext. (No. 7)
25,000
Franklin Park Sewer ext. (No. 21)..10,000
Dec. 31'19
Flood
6%
29
Mar.
1*21
Jan.
29
5%
1*19
200,000 Mar.
25.000 Dec.
May
1'22 Jan.
29
Dec.
1 '29 Jan,
29
25,000 Oct.
5%
1*17 4H%
1'19
5%
10'19
5%
6,000 Mar.
1*20
Street Sprinkling & Cleaning
(1920). 25,000 Jan. 29 *20
City's Prop. P. I. (No. 53)
25,000 Aug. 15 '19
Sewage Disposal Improvement
10,000 April 1 '15
Fire Hydrants (No. 3).....
10,000 July 13'18
Water Works Booster Sta.
equlpm't. 5,000 April 15'19
Municipal Light Plant ext. (No. 10).10,000 Sept. 30 '19
Municipal Light Plant ext. (No. 11). 15.000 Jan. 31*20
Bridge & Viaduct Repair (No. 4)...15,000
April 26 '20
Street opening & ext. (No. 12)
1,000
City's Prop. P. I. (No. 53)
....25,000
N. High Str.
widening (No. 7)
25,000
Water Main Line ext. (No.
8)___...25.000
1 *38 Jan.
6%
4%
Nov. 15*17 4M%
10,000 Dec.
ProtectionImprovement
Water Main Line ext. (No. *)
Third Street, L. R
Buttles Ave., H.-D
1 *30 Jan.
Aug. 20'12
Mar. 10*19
Street Sprinkling & Cleaning
(1920).25,000 Jan. 29'20
600 Dec. 31*19
Pembroke Ave. E. Al. W...
Water Works ext. land purchase
May
Sept.
Serial
Mar.
5%
Mar.
1'20
Aug. 15 *19
July
Dec.
15 '19
1'19
Municipal Light
Plant Ext. (No.10). 10,000
Flood Protection
Improvement
25,000
Street Signs (No.
Repair
2,000 April 26 *20
Work House
Improvement (No. 4)..15,000
Flood
Protection Improvement
City's Prep. P. I. (No. 63)
Flood Protection
30.000
1'20
1 '17
Improvement.....50,000 Mar.
Eleventh Ave., C. St. C
Street Sprinkling &
,
May
Mar.
50,000 Aug. 15 *19
9,000 Mar.
29
29
Serially
Feb. 26
Serially
Feb. 26
Sept. 1'30 Mar 31
Mar.
5%Mar.
I'30
1 '21
Mar. 31
Mar. 31
5% Serially
Mar. 31
4K% Sept. 1'35 Mar. 31
5% Sept. 1*28 Mar. 31
5%
5%
Nov.
Dec.
5% Dec.
5% June
1'39
Mar. 31
1 '40 Mar. 31
1'29
Mar. 31
1 '30 April 27
5% Mar.
1'30 April 27
5% Serially
April 27
5% Dec.
1 '40 April 27
5% Serially
April 27
5% Dee.
1,'40 April 27
Serially
27
May
27
April
1'35 April
April
1'21 April
June
1 '30
Mar.
27
1'30 April 27
Sept.
Sept.
Mar.
Mar.
5% Mar.
1 '30
27
April 27
1 '30
April 27
1'30 April 27
1'27 April 27
5% Sept. 1'25 April 27
5% Serial
May 19
5% June T'30 May 19
5%
June
1'30
4H% Serially
5%
1'17 4]4%
1*20
5%
Cleaning (1920).10,000 Jan. 29*20
City's Prop. B. I. (No. 53)
56.000 Aug. 15'19
Water Works Filter Repair
6,000 April 26 '20
29
Jan.
Jan.
5%
Sept. 30'19
Mar., 1'17 4Ms%
4)
2,000 April 26 *20
5%
Water Works Filter Repair
2,000 April 26 *20
5%
Street Sprinkling &
Cleaning ('20)..25,000 Jan. 29'20
5%
Ebner Street, D.-W
9,000 April 26'20
5%
Ebner Street, W.-S
4,000 April 26 '20
5%
Stanley Ave., H.-22nd
13,000 Mar.
1 '20
5%
Fourth Street, D.-H
6,000 Nov. 25 '19
5%
Grogan Sanitary Sewer (No. 7)
9,000 Jan. 31'20
Sewer Nashoba
Ave., Al.N.S.-D... 6,000 April 26'20
Water Works extention
(general)...25,000 May 19 *20
Water Works Filter
1 *52
Serially
May 29
June
3
June
15
Serially
June 15
Mar. 1'30 June 15
5%
Mar.
5%
Serially
5%
June
1 *30
July
29 '20
5%
Serially
Serially
Serially
Mar.
1'21
July
12
1'17
4K%
Serially
5%
Mar.
27
9,000 April 26'20
5%
Sept.
July
1'21 July
1'30 July
27
29'20
5,000 Mar.
1 '20
5%
5,000 Mar.
1*20
5%
Mar.
Mar.
3,000 July 28 '20
10,000 Mar.
1*17
5%
5%
5%
Flood Protection
Improvement
25,000 Mar. 1*17 4H%
Fire Dept. motor driven
apparatus..25.000 Mar. 15'20
5%
Water Works extension
(general)...15.000 May 19*20
5%
Street Sprinkling & CI.
(1920)
Flood Protection
Improvement
Street Sprinkling & CI.
(1920)
Ebner Street, F. W
10.000 Jan.
50,00t) Mar.
15.000 Jan.
Edwards Street, 6th-C__
Street, K. Pl.-K
Glenmawr Ave., I.-H
Flood Protection
Cole
Improvement
N. High Street
widening (No.7)
8,000 July
FloodiProtection Improvement
5,000 Mar.
15 *19
1'17
1*21
June
15
July
July
12
12
12
July
12
July
12
5
1'30 Aug.
5
Sept. 1'25 Aug.
Serially
Aug.
Dec.
1'40 Aug.
5
7
7
Aug. 12
r
COMANCHE COUNTY (P. O.
Comanche), Tex.—BONDS VOTED.—
Atja recent election $200,000 road bonds to be
used in constructing the high¬
way from Comanche to German No.
22 and from Dublin to De Leon No.
18, were voted five to one.
P
CORCORAN
SCHOOL
BIDS RECEIVED,
No bids Were received for
DISTRICT,
the $8,000
KingsTCounty,
bonds—V.'Ill,
p.
Calif.—NO
1297—on Oct. 5.
COUNTY (P. O. Gold
Beach). Ore.—BOND OFFERING7^m. Dec. 1, it is
reported for $30,000 road
exceeding 6% interest, by Arthur Walker,
County Clerk.
Denom. Si,OOO and $500.
Date July l 1920.
Int. J. & J.
Due July 1
1934.
Cert, check for
5%, required.
BlCs will be received until
5 p.
bonds
at
not
* CUYAHOGA COUNTY (P. O.
Cleveland), Ohio.—BOND OFFERING.
y-E. G. Krause, Clerk of Board of Comity Commissioners, will receive
bids until 11 a. m. Oct. 27 for
the following
6% coupon Front Street impt.
bonds:
$12,713 75 special assessment bonds.
,
...
fcfe'd,;.:;
k
1
for $713 75 and
24 for
Due each six months as follows: $713 75, April 1 1921;
$500, Oct. 1 1921 to Oct. 1 1925, incl.; $1,000, April 1 1926 to
2$' 1,19?.8'
and 5L500 April 1 1929.
25,427 50 village s share bonds.
Denom. 1 for $427 50 and 25 for $1,000.
Due $427 50 April 1 1921; $1,000 Oct. 1 1921 to Oct.
1 1924,
^
incl.; $2,000 April 11925 to April 11929.
^
L*
.
accrued interest.
EAST PALESTINE, Columbiana
County. Ohio.—BOND OFFERING.
L. Butts, Village Clerk, will receive bids until 12 m. Oct. 28 for
$14,000 6% coupon fire engine bonds.
Denom. $500.
Date Sept. 1 1920.
Int. M. & S.
Due $500 yearly on Sept. 1 from 1925 to 1952, incl.
Cert,
check for 2% of amount of bonds bid for, payable to the Village Treasurer,
required.
—O.
ELK GROVE UNION GRAMMAR SCHOOL
DISTRICT, Sacramento
OFFERING.—Until 2 p. m. Oct. 20 bids will
school bonds recently voted—V. Ill, p.
1199—by Chas. S. Alvord, Chairman Board of County Supervisors (P. O.
Sacramento).
Denom. $1,000.
Date Oct.
1
1920.
Prin. and semiint. payable at the office of the County Treasurer.
Due yearly on Oct. 1
as follows:
$2,000. 1922 to 1937 incl., and $3,000,1938 to 1943, incl.
Cert,
check for
10%, required.
County,
Calif.—BOND
for the $50,000 6%
be received
ELMWOOD
BID.—The
SCHOOL
DISTRICT, San Joaquin County, Calif.—
was also submitted on Oct. 5 for the $11,500 6%
reported in V. Ill, p. 1493: City Bank of Stockton
premium of $20.
following bid
school bonds, awarded as
par,
plus a
ELWOOD
CITY,
Lawrence
County,
Pa.—BOND
OFFERING.—
Sealed bids will be received until 2 p. m. Oct. 25 by Geo. S. Rothmeyer,
Clerk of Borough Council, for $35,000 5% impt. bonds.
Denom. $1,000.
Date July 1 1919.
Int. J. & J.
Cert, check for 5% of amount of bid,
required.
ERIE COUNTY (P. O. Erie), Pa .—BONDS
made of the
NOT SOLD.—No sale was
$300,000 5% road bonds offered on Oct. 8.—V. Ill, p. 1297.
FAIRFAX
SCHOOL
DISTRICT
(P.
O.
Fairfax),
Marin
County,
Calif.—BONDS VOTED.—The $42,500 school bond issue, carried, it la
stated, by a vote of 4 to 1 at the election held Sept. 28—V. Ill, p. 1106.
FINDLAY
TOWNSHIP
SCHOOL
DISTRICT,
Allegheny County,
Pa.—BOND ELECTION.—Pursuant to
an ordinance passed by the school
Directors, the voters on Nov. 2 will be asked to ballot on the question of
Issuing $100,000 bonds for the construction and equipment of a high school
building.
SCHOOL DISTRICT (P. O.
FlanSo. Dak.—BOND OFFERING.—Sealed bids
Oct. 20 by Warren G. Cowles, Clerk, for tbo
$100,000 school bonds at not exceeding 7% interests, recently voted—V.
110, p. 2695.
Denom. $1,000.
Date Sept. 1 1920.
Prin. and semiann. int. payable at the First National Bank, Minneapolis.
Due $10,000
yearly on Sept 1 from 1931 to 1940, incl.
Cert, check for $10,000 payable
to the District Treasurer, required.
The bonds will be prepared, furnished
and made ready by the said school District.
FLANDREAU
dreau),
Moody
INDEPENDENT
County,
will be received until 8 p. m.
FORREST COUNTY (P. O. Hattiesburg), Miss.—BOND SALE.—
Pope, Potter and Kauffman of St. Louis obtained the $100,000 6% 1-25
year serial bonds, dated Oct. 7 1920—-V. Ill, p. 1298—on Oct. 7.
FORT
PIERRE, Stanley County, So Dak.—BOND OFFERING.—
Terry, City Commissioner, will receive proposals until 3.30 p. m.
1 for the following 20-year bonds at not exceeding 6% interest:
$40,000 refunding bonds.
25,000 water works bonds.
Date Nov. 1 1920.
Prin. and semi-ann. int. (M. & N.), payable hi
Chicago.
Due Nov. 1 1940.
Cert, check for 5%, required.
Rex
Nov.
FORT WAYNE SCHOOL CITY (P. O. Fort Wayne), Allen County
Ind.—BOND OFFERING.—Proposals for the pui chase of $872,000 6%
school-site and bldg. bonds will be received until 2 p. m. Oct. 20
by the Board of School Trustees.
Denom. $1,000.
Date Nov. 1 192®
and semi-ann. int. (M. & N.) payable at the U. S. Mtge. & Trust Co.
of N. Y., where bonds are to be delivered and paid for by Nov. 12.
Duo
Nov. 1 1925.
Certified check on a Fort Wayne bank or trust company
for $20,000, payable to the "School City of Fort Wayne," required.
Pur¬
chaser to pay accrued interest.
Bonds will be prepared under the super¬
vision of the U.S. Mtge. & Trust Co., which will certify as to the genuine¬
ness of the certificates of the officials signing the bonds and the seal im¬
pressed thereon.
coupon
Prin
Financial Statement.
Assessed valuation of school city
Total rate of taxation for school
$140,035,000
purposes-_75c. on each $100 valuation
outstanding
505,000
Limit of amount of bonds under 2% constitutional limit
2,800,700
Amount of bonds
now
FOWLER UNION HIGH SCHOOL DISTRICT, Fresno
County,
Calif.—BOND OFFERING.—D. M. Barnwell, Clerk Board of
County
Supervisors (P. O. Fresno), will receive bids until 2 p. m. Oct. 22 for th«
$70,000 6%
bonds recently voted—V. Ill, p. 1107.
Denom. $1,000.
Date Oct. 5 1920.
Prin. and semi-ann. int. (A. & O.), payable at the offic©
of the County Treasurer.
Due yearly on Oct. 5 as follows: $20,000. 1921.
$25,000, 1922 and $25,000, 1923.
Cert, check for $7,000, payable to th©
Chairman Board of County Supervisors, required.
Purchaser to pay
accrued
Denom.
§500.
.
bonds.
Date Oct. 1 1919.
Due $5,000 yearly ©«
Oct. 1 from 1920 to 1969, incl.
25,000 park and blvd. bonds.
Date Oct. 1 1920.
Due $1,000 yearly
on Oct. 1 from 1926 to 1950, incl.
Denom. $1,000.
Prin. and semi-ann. int. (A. & O.), payable at the
Guardian Savings & Trust Co., of Cleveland, where bonds are to be de¬
livered within 10 days from date of award.
Cert, check for 2% of amount
of bonds bid for, payble to the Director of Finance, required.
Purchaser t©
27
1 '30 Aug.
5% Serially
Ohio—BOND OFFERING.
Oct.
$250,000 city hospital
pay
_______
COLUMBUS,
'
EAST CLEVELAND, Cuyahoga County,
interest.
A reasonable time not to exceed ten days will be allowed the
purchaser to
examine the certified copy of the
proceedings had in relation to the issue of
said bonds, and when the same shall have been done and said bonds
accepted,
they must be taken up and paid for within five (5) days after notice
been given that
they are ready for delivery.
Bonded debt (excluding this issue), $150,000.
Assessed value of taxaW©
(none_operative)iproperty_il919-1920,i$4,692.565.
Oot. 16
1920.]
FRANKLIN
On Oct.
8 the
THE
COUNTY
(P. O. Columbus), Ohio.—BOND SALE.—
Columbus Sandusky Inter County Highway
offered on that date—V. Ill, p. 1298—were
awarded to Bolger, Mosser & Willaman, of Chicago, for $317,171 40, equal
tot 101.01. a basis of aoout 5 81%.
Date Oct. 1 1920.
Due yearly on
Oct. 1 as follows:
$39,000, 1923 to 1928, incl.; and $40,000, 1929 & 1930.
The following were the bidders:
Seasongood & Mayer, Cincinnati, bid for $119,000—par, accrued Interest
$314,000 6%
No. 4 Sec. "P" impt. bonds,
and premium of $10.
Elston & Co., Chicago, entire Issue—par,
of $578.
accrued interest and premium
National Bank of Commerce, Columbus, bid for $197,000—par,
terest
accrued in¬
and
premium of $6.
Braun, Toledo, O., entire issue—par, accrued interest and pre¬
Stacy &
mium of $515.
Detroit Trust Co., entire issue—par,
accrued interest and premium of $515
Sidney Spitzer & Co., Toledo, entire issue—par, accrued interest and
premium of $1,166.
E. H. Rollins & Son, entire issue—par, accrued interest and
premium
of $2,669.
"i.yWm. R. Compton Co., entire issue—par, accrued interest and
premium
of $2,669.
Bolger, Mosser & Willaman, entire issue—par, accrued interest and pre¬
mium of $3,171,40.
\
...
.
FRANKLIN COUNTY (P. O.
Columbus), Ohio.—BOND ELECTION.
The County Commissioners have ordered that on Nov. 2 a proposition to
issue $385,000 Scioto River Bridge Construction bonds be submitted to the
;,-.7
voters.
BOND OFFERING.—Proposals for the following two issues of 6%
road
impt. bonds will be received until 10 a. m. Oct. 19 by Ralph W. Smith,
Clerk of Board of County Commissioners:
$41,990 State Street No. 1 bonds.
Denom. $990 and $1,000.
Due $6,990
Oct. 1 1923 and $5,000 yearly on Oct. 1 from 1924 to 1930 incl.
23,000 State Street No. 2 bonds.
Denom. $1,000.
Due $3,000 yearly
on Oct. 1 from 1924 to 1929 incl. and $2,000 Oct. 1 1930.
Date Oct. 1 1920.
Prin. and semi-ann. int. (A. & O.) payable at tne
County Treasurer's office.
Cert, check for 1% of amount of bonds bid
for, payable to the Board of County Commissioners, required.
Delivery
to be made at Columbus.
Purcnaser to pay accrued interest.
FREMONT, Sandusky County, Ohio.—BOND OFFERING—O. E.
Pappenioos, City Auditor, will receive bids until 12 m. Oct. 20 for the
following 6% bonds:
$5,500 comfort station bonds.
Denom. $500.
Due $500 yearly on
April 1 from 1922 to 1932, incl.
Cert, check for $300, payable to
the City Treasurer, required.
2,600 Cleveland Ave. sewer bonds.
Denom. $300 and $200.
Due
$300 each six months from Oct. 1 1921 to April 1 1925; and $200
Oct. 1 1925.
Cert, check for $500, payable to the City Treasurer,
required,
:' ;■. ■.>
Date Oct. 1 1920.
Int. A. A O.
w
..
FULTON
COUNTY
O. Rochester),
(P.
Ind.—NO BIDS.—No
received for the $12,000 5% C. C. Thomson et al. road
Oct. 7.—V. Ill, p. 1391.
were
on
GIBSON
COUNTY
bids
bonds offered
UNION
GLENDALE
O.
HIGH
SCHOOL
DISTRICT,
Los
Angeles
Calif.—BOND SALE.—A bid of $61,192
equal to 101.98, a
5-73% was received on Oct. 11 from the Security Trust &
Savings Bank for the $60,000 6% 1-20 year serial bonds, dated Oct. 1 1920
—V
111, p. 1493.
This bid was accepted.
County,
basis or about
GLENN COLUSA IRRIGATION DISTRICT (P. O. Willows), Glenn
County, Calif.—BONDS VOTED.—At a recent election the $2,587,000
irrigation bonds (V. Ill, p. 1298) were voted.
►
GRAND LAKE DRAINAGE DISTRICT (P. O.
Eudora), Chicot
County, Ark.—BIDS REJECTED.—The bids that are submitted on Sept.
27 for the $175,000 6% 5-25 year serial bonas, were rejected.
GREEN TOWNSHIP (P. O.
Erie), Erie County, Pa .—BOND OFFER¬
ING.—Proposals for $25,000 5|jj%coupon road bonds will be received
11 a. m. Nov. 1 by W. W. Williams, Treasurer of Board of Twp.
Supervisors.
Denom. $1,000.
Date Oct. 15 1920.
Prin. and semi-ann.
int. (A. & O.) payable at the Second National Bank, of Erie.
Due yearly
on Oct.
15 as follows: $8,000, 1923; $7,000, 1924 & 1925;
and $3,000,
1926.
Cert, check for $500 required.
until
HAMILTON,
Butler
HUNTINGTON COUNTY (P. O. Huntington), Ind.—BOND OFFER¬
Frank Barnes, County Treasurer, will receive proposals until
ING.—J.
10 a. m. Oct. 22 for $7,000 4H% George E. Roberts et al Jefferson
road bonds.
Denom. $350.
Date Sept. 15 1920.
Int. M. & N.
$350 each six months from May 15 1921 to Nov. 15 1930, incl.
IOWA
County,
Ohio.—BOND
OFFERING.—Ernst
bids until 12 m. Nov. 10 for the following
PARK, Wichita County, Tex.—BONDS VOTED.—By a rote
1391.
JALAMA
SCHOOL
JANESVILLE, Rock County,
9,740
19,340
Date
Wis.—BONb
SALE.—An issue of $4,-
Denom. $1,000.
Oct. 25.
Date Jan. 1 1920.
Prin. and semi
ann.
int.,
JOLIET SCHOOL DISTRICT NO. 86 (P. O. Joliet), Will County,
111.—BOND SALE.—On Oct. 11, it is stated, an issue of $250,000 5% 16 2-3
(aver.) school bonds was awarded to the Harris Trust &
of Chicago, at 97.44, a basis of about 5.23%.
Int. J. & J.
year
Savings Bank,
KELSEYVILLE SCHOOL DISTRICT, Lake County, Calif.—BOND
SALE.—The Citizens National Bank of Los Angeles, submitting a bid of
101.29
on
Oct.
12, was awarded the $20,000 6%
coupon
school bonds—
V. Ill, p. 1299.
KERR COUNTY ROAD DISTRICT, Tex.—BONDS REGISTERED.—
On Oct. 7 the State Comptroller registered the following 5H% serial bonds:
$65,000 Road district No. 2 bonds.
v
12,000 Road district No. 3 bonds.
KIMBERLY, Twin Falls County, Ida.—BONDS VOTED.—On Oct. 1
$14,767.18 paving bonds carried.
1
"• ;
KINGSBURG JOINT SCHOOL DISTRICT, Fresno County, Calif.
—BOND OFFERING.—Bids will be received until 2 p. m. Oct. 22 by D.
Barnwell," Clerk Board of County Supervisors (P. O. Fresno), for
$56,000 6% school bonds.
Denoms. 38 for $500 and 37 for $1,000.
Date
Oct. 5 1920.
Prin. and semi-ann. int., payable at the office of the County
Treasurer.
Due yearly on Oct. 5 as follows: $1,500, 1921 to 1957, incl.
'and $500, 1958.
Cert, check for 10%, payable to the Chairman Board of
County Supervisors, required.
A resonable time, not to exceed ten days, will be allowed the purchaser to
examine a certified copy of the proceedings had in relation to the issue, and
when same has been done, and said bonds have been accepted, they must
M.
and paid for within five days after notice has been given they
ready for delivery.
are
Bonded debt (exlcuding this issue),
value of taxable non-operative property 1920.1921,
Purchaser to pay accrued interest.
$78,250.
Assessed
$2,688,624.
,
'
Crosse County, Wis.—BOND SALE.—The Batavian
National Bank of La Crosse, offering par and interest, was awarded the
$75,000 6% coupon Hogan School bonds—V. Ill, p. 1392—on Oct. 8.
Date Oct. 20 1920.
Due $37,500 Apr. 20 1921 and $37,500 April 20 1922.
LA CROSSE, La
bidders were:
Other
.
First Wisconsin Co., par
and interest less $299
Second Ward Securities Co., par,
plus
premium of $500 and the city6
a
furnish lithographed bonds
National City Co., par and
LAKEPORT
r
accrued interest less $697 50
UNION SCHOOL DISTRICT, Lake County, Qdif.—
bonds, which were authorized by the voters
BOND SALE.—The $60,000
during July—V. Ill, p. 411—have
Bank of Los Angeles at 101.61.
been taken by the Citizens Nationa
LAKEWOOD,
Cuyahoga County, , Ohio.—BOND
OFFERING.—
A. O. Guild, Director of Finance, will receive bids until 12 m. Nov. 1 for
$78,000 6% deficiency bonds.
Denom. $1,000. Date day of sale.
Prin.
and semi-ann. int. (A. & O.) payable at the Cleveland Trust Co. ofCleveland.
Due Oct. 1 1928.
Cert, check for 5% of amount of bonds bid for.
required.
Purchaser to pay accrued interest.
PUENTE SCHOOL DISTRICT. Los
LA
Angeles County, Calif.—
Trust and Savings Bank was the. successful
for the $40,000 6% 1-8 year serial school bonds, dated
Ill, p. 1494.
Their bid was equal to 100.97 a basis of
BOND SALE.—The Security
1
1920—V.
5.75%.
1
about
LEONIA, Bergen County, N. J.—BOND OFFERING.—Proposals will
be received until 8 p. m. Oct. 27 by H. D. Ford, Borough Clerk, for an issue
(with privilege of registration), floating indebtedness bonds.
Pnn. and semi-ann. int. (J. & D.), payable at the Pali¬
Guaranty Co., of Englewood.
Due yearly on Dec. 31 as
follows: $3,000, 1921 to 1925, incl.; and $2,000, 1926 to 1939, incl.
Cert,
check on an incorporated bank or trust company, for 2% of amount of
bonds bid for, payable to the "Mayor and Council," required.
Purchaser
of 6% coupon
Denom. $1,000.
sades
to
Trust &
pay
accrued interest.
'
LEMMON, Perkins County, So. Dak.—NO BIDS RECEIVED .—The
$22,000 6% sewer bonds offered on Oct. 4—V. Ill, p. 1392—were not sold,
no bids being received.
Denom. to suit purchaser.
Date Oct. 1 1920.
Int. semi-ann. payable at a place determined by purchaser.
LINCOLN SCHOOL DISTRICT (P. O. Lindoln), Lancaster County,
BOND SALE.—The Lincoln Trust Co. of Lincoln was the successful
Neb
et al Center Twp. bonds.
Denom. $839.
Due
$839 each six months from May 15 1922 to |Nov. 15 1931, incl.
Levi M. Thomas et al Center Twp. bonds.
Denom. $829.
Due
$829 each six months from May 15 1922 to Nov. 15 1931, incl.
Harry Gundrum et al Sugar Creek Twp. bonds.
Denom. $487.
Due $487 each six months from May 15 1922 to Nov. 15 1931, incl.
Louis F. Richman et al Sugar Creek Twp. bonds.
Denom. $967.
Due $967 each six months from May 15 1922 to Nov. 15 1931, incl.
Sept. 15 1920.
Int. M. & N.
Brlney
COUNTY (P. O. Findlay), Ohio.—BOND SALE.—An
Bond Road impt. bonds was awarded on Sept. 28 to
Buckeye National Bank of Findlay at par and interest.
Denom. $500.
Date Oct. 1 1920.
Prin. and semi-ann. int. payable at the County Treas¬
urer's office.
Due $1,000 yearly on Oct. 1 from 1921 to 1296, incl., and
$500 Oct. 1 1927.
HANCOCK
issue of $6,500 6%
O. Corydon), Ind.—BOND OFFERING,
Taylor, County Treasurer, will receive bids until 2 p. m. Oct. 18 for
5% road bonds:
$15,000 Samuel P. McRao road bonds.
Denom. $750.
Due $750 each
six months from May 15 1922 to Nov. 15 1931, incl.
28,000 John J. Supel road bonds.
Denom. $1,400.
Due $1,400 each
six months from May 15 1922 to Nov. 15 1931, incl.
Date Oct. 18 1920.
Int. M. & N.
bonds—V. Ill, p. 1011.
DISTRICT, Sutter County,
bonds offered on Aug. 14—V.
614—have been sold, it is stated, to the Rideout Bank of Marysville
bidder on Sept.
21 for the $400,000 5% coupon
LIVE OAK JOINT HIGH SCHOOL
Calif.—BOND SALE.—The $100,000 6%
Ill, p.
at 100.64.
LONDON, Madison County, Ohio .—BOND OFFERING.—Proposals
6% refunding bonds will be received until 12 m. Nov. 1 by
W
Byers, Village Clerk.
Date day of sale. Int. semi-ann. Due
Nov
1 1935.
Cert, check for 5% of amount of bonds bid for, payable
to the Village Treasurer, required.
for $15,000
J
LOUISVILLE, Winston County, Miss.—BOND SALE.—The $36,000
25-year light plant purchase bond issue—V. Ill, p. 1392—was sold
the
HARRISON COUNTY (P.
Calif.—
school
payable at the office of the County Treasurer, or at the Atlantic National
Bank, N. Y.
Due $8,000 yearly on Jan. 1 from 1930 to 1939, incl.
Grover Van Duyn, County Treasurer,
16,580
County,
JEROME COUNTY
(P. O. Jerome), Ida.—BOND OFFERING.—
Proposals will be received for $80,000 5)4 % coupon road and bridge bonds,
it is stated, by the Chairman Board of County Commissioners, until 3 p. m.
Oct.
$16,780 John
Barbara
JASPER COUNTY (P. O. Rensselaer), Ind.—BOND OFFERING.—
John T. Biggs, County Treasurer, will receive bids until 1 p. m. Oct. 28
for $7,800 5% D. W. Myers, Wbeatfield & Kankakee Twps., road impf
bonds.
Denom. $390.
Date Sept. 15 1920.
Int. M. & N.
Due $390
each six months from May 15 1921 to Nov. 15 1930 ncl.
6% special assessment bonds:
$6,800 So. Eighth St. sanitary sewer bonds.
Date Sept. 1 1920.
Due
$680 yearly on Sept. 1 from 1921 to 1930, incl.
3,530 Garden Ave. sanitary sewer bonds.
Date Sept. 1 1920.
Due
$353 yearly on Sept. 1 from 1921 to 1930, incl.
7,200 sidewalk impt. bonds.
Date Aug. 1 1920.
Due $1,440 yearly on
Aug. 1 from 1921 to 1925, incl.
Denom. to suit purchaser.
Prin. and interest payable at the City Treas¬
urer's office.
Cert, checks for 5% of amount of bonds bid for, payable to
the City Treasurer, required.
BOND SALE.—Of the two issues of 6% bonds, aggregating $97,394 30,
offered on Oct. 4—V. Ill, p. 1107—the $88,206 deficiency bonds were
awarded to the First National Bank of Hamilton at par.
Date Sept. 1
1920.
Due $11,025 75 yearly on Sept. 1 from 1921 to 1927, incl.
There were no bids for the $9,188 30 sidewalk impt. bonds.
Greenfield), Ind .—BOND OFFERING,
will receive bids until 10 a. m. Oct.
Santa
281.39 street paving bonds has been sold over the counter.
bidder on Oct.
HANCOCK COUNTY (P. O.
DISTRICT,
NO BIDS RECEIVED.—At the offering on Oct. 4 of the $2,500 6%
bonds—V. Ill, p. 1199—no bids were received.
E. Erb, City Auditor, will receive
20 for the following 5% road bonds:
Twp.
Due
of 86 to 4 the $55,000 water bonds, carried on Oct. 4—V. Ill, p.
be taken up
Princeton),
Ind.—BOND SALE.—The
Haubstadt Bank of Haubstadt has been awarded at par and interest the
$23,200 4Ji% Daniel Busing et al. Johnson Twp. road bonds, offered on
Oct. 7—V. Ill, p. 1391.
Date July 15 1920.
Due $2,640 on May 15
and $2,000 on Nov. 1 yearly from 1921 to 1925, incl.
i
:
(P.
1587
CHRONICLE
6%
on
Oct. 5 at par.
1 1920.
Denom. $720, $1,440 and $1,800.
Int. A. & O.
Date
Oct.
LOUISVILLE, Stark County, Ohio.—BOND OFFERING.—Earl Geis,
will receive bids until 12 m. Oct. 22 for $7,000 6% sewer bonds.
$500.
Date Oct. 1 1920.
Int. semi-ann.
Due $500 yearly on
Oct
1 from 1923 to 1936, incl.
Cert, check for 10% of amount of bonds
bid for, payable to the Village Treasurer, required.
Wm.
Village Clerk,
the following
Denom.
COUNTY
LUCAS
(P.
O.
Toledo),
Ohio.—BOND OFFERING.—
be received until 10.30 a. m. Nov. 1 by Gabe, Cooper,
Auditor, for $72,292 6% bonds, issued for the construction of
ocal Sanitary Sewer No. 60 in Main Sewer District No. 6.
Denom. 1 for
Pronosals will
County
DISTRICT (P. O. Rupert),
DESCRIPTION.—Further details
HIGHWAY
Mini¬
are at
gold tax-free bonds awarded
as
reported in V. Ill, p. 1928.
Denom. $1,000.
Date Aug. 1 1920.
Prin. and semi-ann. int. (J. & J.) payable at the National Bank of Com¬
merce, N. Y.
Due $5,000 yearly on Aug. 1 from 1930 to 1940, incl.
HEYBURNPAUL
doka
County,
Ida.—BOND
hand relative to the sale of the $55,000 6%
Financial Statement.
Assessed valuation, 1919
Actual valuation, officially
—
estimated
Total indebtedness, including this Issue—
$2,552,769 00
10,000,000 00
255,000 00
T
$292
at
Toledo
Toledo
HILL COUNTY ROAD DISTRICTS,
MADISON COUNTY (P. O. Virginia City),
Tex.—BONDS REGISTERED.—
following serial bonds were registered
$105,000 5}4% Road District No. 12 bonds.
290,000 5
% Road District No.
3 bonds.
with the State Comptroller:
HUBBARD, Trumbull County, Ohio.—NO BIDDERS.—There were
no bidders for the $18,327 26 6% Stewart Ave. storm sewer bonds, offered
on Oct. 9—V. Ill, p. 1298.
_
LUMBERTON, Robeson County, No. Caro.—BONDS NOT SOLD.—
made of the $80,000 6% water works and sewerage bonds—
V. Ill, p. 1200—on Oct. 7.
No sale was
Population, official census, 8,000.
The
1920. Prin.and semi-ann. int. payable
Due yearly on Nov. 15 as follows:
$8,000,1923; and $7,000 1924 to 1931, incl. Cert, check on a
bank for $500 required.
Bonds to be delivered and paid for at
on Nov. 15.
Purchaser to pay accrued interest.
«sl
72 for $1,000.
Date Nov. 15
County Treasurer's office.
the
$8 292,1922;
Mont.—BOND SALE.—
sold on Oct. 11 the $105,000 highway bonds—V. Ill, p. 1392—
Keeler Bros, of Denver.
Date July 1 1920. Due $7,000 yearly on
Jan. 1 from 1926 to 1940, incl., and each bond redeemable at the option
This county
to
of County on
the interest paying date occurring one year prior to
was
V. Ill, P.
maturity.
COUNTY (P. O. Vale), Ore.—BONDS NOT SOLD.sale made on Oct. 5 of the $95,000 5K% roadioonds.—
1299.
MALHEUR
There
no
1588
THE
MANSFIELD, Richland County,
CHRONICLE
PONCA CITY SCHOOL DISTRICT
(P. O. Ponca City),Kay County,
Okla.—BONDS
APPROVED.—The
Attorney
General
has
approved
$98,000 school bonds.
These bonds have been sold to the
Security State
Bank as previously reported in V.
110, p. 1219.
Ohio.—BONDS NOT SOLD.—All
6%
bids received being below
par and, consequently, rejected, the $86,000
deficiency bonds, offered
MAURY
on
COUNTY
The County
Court
Oct. 7 (V. Ill, p.
(P;
were not sold.
O.
Columbia), Term.—BONDS VOTED.—
11 authorized the issuance of $300,000 addi¬
Oct.
on
1200)
PORTLAND, Ore.—BONDS BID IN BY THE CITY.—On Oct. 5 the
$25,000 5H% 7-10 year (opt.) assessment collection
bonds, dated May 1
1920—-V. Ill, p. 1393—were bid in
by the city of Portland at par and
tional road bonds, it is stated.
MECKLENBURG COUNTY
OFFERING.—Until
12
Oct.
m.
(P.
Charlotte),
O.
A.
28
M.
No.
McDonald,
Ctxro.—BOND
Chairman
interest,
of the
Board of County Commissioners, will receive bids for $300,000
6% coupon
refunding bonds.
Denom. $1,000.
Date Nov. 1 1920.
Prin. and semi-;
ann. int. payable at the National
City Bank, N. Y.
Due Nov. 1 1950
Certified check upon a national bank or trust company in North Carolina
for $5,000 required.
Bonds will be prepared under the supervision of U. S.
Mtge. & Trust Co., N. Y., which will certify as to the genuineness of the
signatures of the county officials and the seal impressed thereon, and the
legality will be approved by Chester B. Masslich of N. Y., whose favorable
opinion will be furnished the purchaser without charge.
Purchaser to pay
accrued interest.
All bids must be upon blank forms which will be
fur
nished by the above Clerk or said attorney.
Bonds will be delivered in
New York City, N. Y., on Nov. 1 1920.
Bonds may be registered as to
principal.
Financial
RACINE, Racine County, Wise .—BOND OFFERING.—A. J. Eisenhut,
City Treasurer, will receive bids until 2
p. m. Oct. 22 for $33,000 6% bridge
construction bonds.
Denom. $1,000.
Date July 1 1920.
Prin. and semiann. int. (J. &
J.) payable at the office of the City Treasurer.
Due $2,000
yearly °n July 1 from 1921 to 1936 incl. and $1,000 1937.
Cert, check for
$2,000 payable to the above Treasurer,
required.
„
1920, 80,695.
MIDDLETOWN,
no
Orange County,
bids received for the $60,000
4%
Oct. 7—V. Ill, p. 1392.
MONTEBELLO SCHOOL
N.
1-30
Y.—NO
year serial
a.
and
int.
semi-ann.
$5,000
ROCKY RIVER VILLAGE SCHOOL DISTRICT
(P.O. Rocky River),
Cuyahoga County, Ohio.—BOND SALE.—On Sept. 21 two issues of 6%
$11,770, were awarded at par to the Rocky River
Savings & Trust Co.
BIDS.—There were
impt. bonds offered
J.
(P. O. Los Angeles),
6% bonds recently voted—V. 110, p.
Denom. $1,000.
Date Oct. 1 1920.
Prin.
payable at the office of the County Treasurer.
Due
check for
1930, incl.
Tucker, Robinsoa Jc Co., the only other bidder, offered
MONTICELLO,
The bids received
Jefferson
County,
Oct.
it is stated, until 12
2% required.
SCHOOL DISTRICT
(P.
Tenn.—BOND
bids
m.
O.
OFFERING.—
for $75,000 water works and
23.
Int. semi-ann.
Cert,
Oct.
Rome), Floyd County, Ga.—
BOND OFFERING.—Sealed bids will be received
by Issac May, Chairman
7 p. m. Nov. 18 for the $100,000
5% public school impt. bonds—
V. 110, p. 2590.
Denom. $1,000.
Int. semi-ann.
Due
until
yealy
$5,000
beginning 10
years
from date of issue.
RUSH COUNTY (P. O.
Cert, check for $1,000, required.
Rushville). Ind.—NO BIDS.—No bids
were
submitted for the $27,160 4lA%
bonds, offered
on
Wm. A. Powell et al Jackson Twp. road
Oct. 8—V. Ill, p. 1393.
SALEM, Essex County, Mass.—TEMPORARY LOAN.—On Oct. 8 a
temporary loan of $200,000, maturing Dec. 8 1920, was awarded to the
Merchants National Bank, of Salem, on a
5.94% discount basis.
Half of
the loan is dated Oct. 8, and the other half Oct. 13.
premium of $5.
a
Fla.—BIDS
REJECTED.—
bonds, aggregating
County,
receive
bonds,
ROME
Oct. 18.
MONTGOMERY COUNTY (P. O. Dayton), Ohio.—BOND
SALE.—
On Oct. 7 the $47,500 6%
Inter-County Highway No. 64 bonds, offered
on that date—V. Ill,
p. 1392—were awarded to Elston & Co. of
Chicago,
or $47,510 (100.021) and
interest, a basis of about 5.99%.
Date Nov. 1
1920.
Due $2,500 Nov. 1 1921 and
$5,000 yearly on Nov. 1 from 1922
to
ROGERSVILLE, Hawkins
T. Testerman, Mayor, will
sewerage
yearly on Oct.
1 from
1921 to
1950, incl.
Cert, or cashier's
check for 3% of the amount of said bonds
payable to Chairman Board of
County Supervisors, required.
Bonded debt, $2,700.
Assessed value of
taxable property 1919, $4,969,540.
$2,006,000
66,974,506
58,593
1919
school bonds, aggregating
Branch of the Guardian
DISTRICT, Los Angeles County, Calif.—
m.
Racine in
1920
census
Bidders must state rate of
interest, designate denominations desired, and
to whom (not bearer) notes shall be made
payable.
BOND OFFERING.—L. E. Lampton,
County Clerk
will receive bids for the $150,000
2413—until 11
debt
valuation of
,
MEDFORD. Middlesex County, Mass.—BOND SALE.—An Issue of
$109,000 5M% bonds, dated Oct. 1 1920, was recently sold to Edmund Bros,
of Boston.
Due yearly on Oct. 1 as follows: $16,000, 1921 to
1923; $14,000,
1924; $11,000, 1925; $5,000, 1926 and 1927, $4,000 1928 to
1930; $2,000,
1931 to 1934, and $1,000 1935 to 1940. incl.
on
Financial Statement.
Including this issue
,
bonded
ROCHESTER, N. Y—NOTE OFFERING.—Proposals will be received
by J. C. Wilson, City Comptroller, until 2.30 p. m. Oct. 18 for the following
notes, payable four months from Oct. 21 1920 at the Central Union Trust
Co. of New York, where delivery is to be made on Oct.
21: $150,000 overdue
tax notes; $80,000 school
notes; $100,000 municipal building construction
notes and $105,000 miscellaneous
general fund notes.
Tax rate for all county purposes 48 cents on the $100
property valuation.
census
.
RIO GRANDE COUNTY CONSOLIDATED
SCHOOL DISTRICT
NO. 8 (P. O. Monte
Vista), Colo.—BOND ELECTION.—On Oct. 22
$100,000 school building, equipment and
funding bonds will be voted upon.
$715,781 32
Population,
.
Population
$138,000,000 00
_
Total debt.
,
Total
Assessed
Statement.
Real valuation, estimated
[Vol. 111.
SAN BENITO COUNTY (P. O. HoIHster), Calif.—BOND ELECTION.
proposition to vote $100,000 bonds, to finance the construction of a
—A
5 for the two issues of 6%
$50,000—V. Ill, p. 1392—were turned down.
memorial
MORGAN COUNTY (P. O.
McConnellsville), Ohio.—BOND SALE.—
On Oct. 12 Field, Richards & Co. of
Cleveland, purchased at par and
interest $55,000 6% 6K year
(aver.) road bonds.
Denom. $500.
Date
Oct. 1 1920.
Int. A. & O.
•
SAN PABLO SCHOOL DISTRICT, Contra Costa
County, Calif.—
BOND SALE.—The $35,000 6% school bonds, which were offered on
Sept.
7—V. Ill, p. 1013—have been sold to E. M. Downer, a Richmond banker,
r
•
•*
J*£FGAN£°yNTY (P- °- Martinsville),
Ind.—BONDS AWARDED
IN PART-—Of the four Issues of
4H% roadi bonds, aggregating $55,300
offered on Oct. 4—▼. Ill,
p. 1392—the following two issues were awarded
to the First National Bank of
Martinsville at par:
$«,800 Ernest Lambert et al Gregg Twp. bonds.
Due $490 each six
months from May 15 1921 to Nov. 15
1930. incl.
8,000 T. J. Lewis, et al Ashland Twp. bonds.
Due $400 each six months
from May 15 1921 to Nov. 15
1930, incl.
MORRIS COUNTY COMMON SCHOOL
DISTRICT NO. 2, Tex.—
BONDS REGISTERED.—On Oct. 8
with the State
$2,500 5% 20-year bonds
were
Comptroller.
registered
State Compti oiler.
r MT. VERNON, Knox
be
County, Ohio.—BOND OFFERING .—Proposals
until Oct. 18 by Howard C.
Gates, City Auditor, for
sw»<*»ment Oak Street impt. bonds.
Denom. 9 for $730 and
Dat® 0ct- * 1920. Int- semi-ann. Due $736 13 Oct. 1
received
1921, and $739 yearly on Oct. 1 from 1922 to
1930, incl.
$200, payable to the City Treasurer, required.
NEWBURGH,
Orange
County,
N.
Y.—NO
received^for the $17,600 5% registered fire dept.
Cert, check for
bids
•
Sept. 1 1920.
1924 to Sept. 1 1930, incl.
price thus being 100.433, a basis of about
Due $2,500 each sxi months from Mar.
1
Ogden), Weber County,
Utah.—BOND 8ALE.—On Oct. 8
$75,000 5% 10-20-yr. (opt.) school bonds
were sold to E. H. Rollim A
Sons at 92.13 a basis of about
5.60%.
Other
bidders were Keeler Bros, of
Denver 91.70; Sidlo
Simons, Fells & Co. of
Denver 91.27; Bankers Trust Co. of
Denver 90.75; Palmer Bond & Mort¬
gage Co. of Salt Lake City 90.03 and
International Trust Co. and Bosworth,
Chanute & Co. of Denver,
jointly, 88.66. „
no<^n?^n^A7^°n1^TY^1,SfHOOL DISTRICT NO. 19,
MNDOFFERINQ.-Bids will be received until 11 a. m. Oct.
W. Smith. Cminty Treasurer
(P. O.
$7,000
to name the
Pnio
1943
by the Super¬
.
.
County,
N.
Y.—PRICE PAID.—
$470,000, as reported in V. Ill, p. 1496, paid $470,587 50 (100.125) for
5% bonds, which is on a basis of about 4.99%.,
A full list of the bids submitted follows:
Name and Address of Bidder—
Int. Bid.
The Equitaole Trust
Company, New York City
Kissel, Kinnicutt & Co., and Colgate, Parker & Co.,
Price Bid.
5.00%
$470,587 50
5.25%
5.25%
jointly, New York.
Bankers Trust Co., New York
jointly, New York..
Thayer, Drew & Co., New York
Estabrook & Co., New York.
Remick, Hodges & Co., New York
Stacy & Braun and White, Weld & Co., jointly, New
York
472,782 40
471,771 90
5.25%
5.25%
5.25%
5.25%
471,588
471,930
471,100
474,027
Wash.—
21 by Roy
Okanogan)
for $28,000
,follows $5,000 1925, 1930
redeemable
after
10 years.
and
Bidders
472,444 00
5.25%
5.25%
475,755 30
470,423 00
Ingen & Co. and R. M. Grant & Co., jointly.
New York
Eldredge A Co., New York
&
Merrifield
and
Rutter
&
Co.,
jointly,
5.25%
475,313 00
5.00%
470.298 50
5.50%
5.50%
474,836 30
4)77,285 00
5.00%
5.25%
-
Barr A Schmeltzer and
310,027 90
160,014 40
Field, Richards & Co., jointly.
New York
Blodgett & Co., New York
R. W. Pressprich & Co., New York-__
The National City Co., National City Bank Bldg.,
New York, bid for the $310,000 school and park
bonds
For the $160,000 sewer bonds
Y£&£Y S°^lY^N^rr—B0NDS
bonds—V.
that the $55,000 city hall
34
56
Sewer
Sept.
Paving
Sept.
Watermains
Sept.
3241
Concrete walks
Sept.
3257
Grading
Sept.
All the above bonds are subject to call at any
3259
85
99
63
SHERILL-KENWOOD
WATER
addressed to Chas. H.
(P.
O.
Kenwood),
Goodwin, Secretary of the Sherill-Kenwood Water
Board, will be received until 2
check
I
^nJA^AS^^^^SHIP (P. O. Frichton), Knox County,
PJ^Pi•~The $51,000 6% school bldg. erection bonds offered
?? ?c^i (Y -I1,!'p-1200) were awarded to J. F. Wild & Co. of Indianapolis.
Date Oct. 4
DISTRICT
Madison and Oneida Counties, N. Y.—BOND OFFERING.—Proposals
water
Sept. 28.
10 1920
18 1920
28 1920
Sept. 28 1932
30 1920
Sept. 30 1932
30 1920
Sept. 30 1932
interest paying date.
.
$6,000
on
aggre-
Due.
Sept. 10 1932
Sept. 18 1932
~SHELBY, Richland County, Ohio.—BOND OFFERING.—Bert Fox
Village Clerk, will receive proposals until 12 m. Oct. 25 for $22,000 6%
boiler purchase bonds.
Denom. $500Date Sept. 1
1920.
Int. semiann
Due $2,000 3early on Sept. 1 from 1926 to 1936, incl.
Cert, check on
a solvent bank, for
2% of amount of bonds bid for, payable to the Village
Treasurer, required.
Bonds to be delivered and paid for within 10 days
from date of award.
Purchaser to pay accrued interest.
requested
VOTED.-It is reported
Ill, p. 1108—carried,
$17,262
19,678
3,903
4,281
18,072
3260
1935.
price and rate of interest at which
they will purchase said bonds.
bonds,
Hst. No. Amount.
fating $63,199.37 were issued by the City during September:
Purpose.
Date.
school bonds.
are
60
00
00
90
5.25%
B. J. Van
3201
1393.
lnnor^st ai^ fWl-M P^mium, the
5-92%
Date
and
••
Schenectady
SEATTLE, Wash.—BOND SALE.—The following 6%
Oct. 5.—V. Ill, p.
County» Ohio.—BOND SALE.—On Oct. 9 the
$35,000 6% electric light plant bonds, offered on that date
(V. Ill, p. 1300)
were awarded to ft. H.
Rollns & Sons, of
Chicago, who offered par, accrued
1940
and interest.
SCHENECTADY,
bonds offered on Oct. 11.—
O.Kentland), Ind.—NO BIDS RECEIVED.—
^ere received for the four issues of 4fi% road bonds, aggregating
on
the November ballot
The Equitable Trust Co., of New York, which was awarded the five issues
of 1-20 year serial coupon (with privilege of registration) bonds, aggregating
New York
were
NEWTON COUNTY (P.
£o £!2?
at par
Sherwood
BIDS.—No
NEWPORT NEWS, Warrick
County, Va.—BOND OFFERING.—
Sealed bids wiH oe received until 2
p. m. Oct. 25 by Floyd A. Hudgins,
City Clerk, for tha $350,000 5H %
30-year street impt. and sewer construc¬
tion bonds offered without success on
Dec. 3 1919— V. 110,
p. 487.
Cert,
check for 2% ef tha amount of
bonds bid for payable to the
City Treasurer
required.
$48,680 offered
on
William R. Compton Co. and Brown Brothers & Co.,
9PPXTX COMMON SCHOOL DISTRICT NO. 4, Tex.—
^ PJLH JSTEREO.—An issue of $2,500 5% 5-20 year bonds was regis¬
tered with the
?7i306-I3
Jn£°,r
building, will be placed
visors of San Benito County, it is stated.
bonds.
on
an
Denom.
$1,000.
p.
m.
Oct. 25 for $175,000 6% registered
Int. J. &
J.
Due Jan.
and paid for on Nov. 1.
a
copy
1
1940.
Cert,
incorporated bank or trust company, for $2,500, payable to
"The Sherill-Kenwood Water District," required.
Bonds
to be delivered
Legality approved by Geo. S. Clay, of New York,
of whose favorable opinion will be furnished the purchaser.
The official notice of this bond offering, will be found among the advertise¬
h
1920.
Due $3,400 yearly
on
Oct. 4 from 1921 to 1935, incl.
DISTRICT,
n
Santa
Barbara
County,
sCcah^is^n?np°i1oo4110 bids were submitted for the 56-000 6%
J'PAXTON, bonds carried
KEITH COUNTY, Nebr.—BONDS VOTED.—An issue of
$60,000 water
by 112 "for" to 8 "against," at
a recent
election.
7 PAYSON, Utah County, Utah.—BOND ELECTION.—Special election
has been called for Oct. 30 to
vote upon
Ellsworth, Mayor.
PEN
ARGYL,
issuing $30,000 water bonds.
J. C.
Northampton
County, Pa .—BOND SALE.—At the
offering on Oct. 11 (Y. Ill, p. 1393) of the $35,000 street
impt. and $10,000
general impt.
5% tax-free gold bonds, only one bid, submitted by Wm. H.
Jackson of Pen Argyl, which was for the
purchase of the $10,000 issue at par
was received.
This offer was accepted.
""PIERCE COUNTY SCHOOL DISTRICT NO. 68, Wash.—BOND
OFFERING.—Until 11 a. m. Oct. 16. Wm. Turner,
County Treasurer
(P. O. Tacoma) will receive bids, it is stated, for $37,000 bonds at not
exceeding 6% interest.^ Denoms. $100
or
$1,000.
Int. semi-ann.
ments
elsewhere in this
SPRINGFIELD,
W. J.
Department.
Clark
County,
Ohio.—BOND
OFFERING.—
Barrett, City Auditor, will receive bids until 12 m. Oct. 25 for the
following 6% special assessment bonds:
$17,520 paving bonds.
Denom. 10 for $252 and 30 for $500.
Due $1,752
yearly on Sept. 1 from 1921 to 1930, incl.
7,593.75 Buxton Ave. impt. bonds.
Denom. 5 for $518.75 and 10 for
*500.
Due $1,518.75 yearly on Sept. 1 from 1921 to 1925, incl.
6,353 sewer construction bonds.
Denom. 5 for $270 60 and 10 for $500.
Due $1,270*60 yearly on Sept. 1 from 1921 to 1925, incl.
Date Sept. 1 1920.
Prin. and semi-ann. int. payable at the City Treas¬
urer's office.
Cert, check for 5% of amount of bonds bid for, required.
Bonds to be delivered and paid for within 10 days from date of award.
Purchaser to pay accrued interest.
SPRINGFIELD SCHOOL DISTRICT (P. O. Springfield), Windsor
_
Vt.—PRICE CORRECTION.—We are informed by Hornblower
price paid by them for the $85,000 5% 1-10-year serial
was $97 20 per $100 bond, and not a premium of $97 20 on
the entire issue, as was incorrectly reported by us in V. Ill, p. 1496.
At
this price the income basis is increased to about 5.62%.
County,
& Weeks that the
school bonds
Oct. 16 1920.]
.
STAMFORD,
CHRONICLE
THE
Fairfield
Conn.—TEMPORARY
County,
LOAN.—
On Oct. 11 the temporary loan of $100,000, dated Oct. 13 1920 and matur¬
ing March 1 1921—V. Ill, p. 1496—was awarded to the Old Colony Trust
Co., of Boston, on a 6.20% discount basis.
>
STILLWATER COUNTY SCHOOL DISTRICT NO. 10 (P. O. Park
City), Mont .—BOND OFFERING.—Until 2 p. m. Oct. 16 the $2,000 6%
school bonds—V. Ill, p. 915—will be offered for sale.
Bids under par will
not be
Denom. $100,
considered.
a
DISTRICT,
Kern
County,
Calif.—BOND
•SALE.—The $25,000 6% school bonds, which were offered on
Aug. 23—
Ill, p. 817—have been sold to Bradford, Weeden & Co., of San Fran¬
V.
VOLGO,
^
Brookings
County,
So.
Dak.—BONDS
BONDS RE-OFFERED.—No sale was made
electric light bonds—V. Ill, p. 1394.
They will be reoffered
County, Calif.—BONDS VOTED.—At
following bond issues carried:
$600,000 City hall bonds.
600,000 Municipal auditorium bonds.
135,000 sanitary sewer bonds.
325,000 storm water sewer bonds.
100,000 bascule bridge bonds.
:
1589
SCHOOL
cisco.
Stacey E. Kunckle, Clerk.
STOCKTON, San Joaquin
recent election the
VINELAND
on
on
NOT
SOLD—
Oct. 4 of the $25,000 6%
Nov. 1.
—.VOLUSIA COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 23,
*,7zJPOND SALE.—The 6% bond issue amounting to $10,000—V. Ill,
p.
1108—was sold
on
Oct. 11 to the First National Bank of Dayton.
i
®iS^n?%McJ'en"an County, Tex.—BOND ELECTION.—An
.-..v'-'"::-
$100,000 street paving bonds will be voted upon..
WARREN
CITY
SCHOOL
DISTRICT
(P.
issue of
O. Warren),
STONEYCREEK SCHOOL TOWNSHIP (P. O. Lapel),
Madison
County. Ind.—BOND OFFERING.—Robert S. Wilson, Township Trustee,
receive bids until 2 p. m. Oct. 23 for $5,000 6% high school heating and
ventilating system bonds.
Denom. $500.
Date Oct. 23, 1920.
Prin.
and semi-ann. int. payable at the Lapel State Bank of Lapel.
Due $2,500
on Oct. 23 in 1932 and 1933.
Cert, check for $500 required.
Trumbull
County, Ohio.—BOND SALE.—On Oct. 6 the Federal Securities Corp.,
of Chicago, bidding $85,773, equal to 100.91, a basis of
about 5.91%
was awarded the $84,000
6% school bonds, offered on that date—V 111'
p. 1394.
Date Oct. 1 1920.
Due $10,000 yearly on Oct. 1 from 1932 to
SUFFERN, Rockland County, N. Y.—BOND SALE.—On
Oct.
14
Thayer, Drew & Co. of New York, purchased at 104.85 a basis of about
5.37% the following 6% registered bonds:
$20,000 water bonds.
Due $1,000 yearly on Oct. 1 from 1921 to 1940, incl.
21,000 paving bonds.
Due $1,000 yearly on Oct. 1 from 1921 to 1941, incl.
Denom. $1,000.
Date Oct. 1 1920.
Prin. and semi-ann. int. payable
at the Village Treasurer's office.
Fed. Sec. Corp., Chicago_$85,773 00
Detroit Trust Co., Detroit 85,601 00
"will
SWITZERLAND COUNTY (P. O. Vevay), Ind.—BOND OFFERING.
—C. E. Pangburn, County Treasurer, will receive bids until 1p.m. Nov. 1
for $22,040 5% George Scott et al York Twp. road bonds.
Denom. $551.
Date Sept. 15 1920.
Int. M. & N.
May 15 1921 to Nov. 15 1930, incl.
COUNTY
SWITZERLAND
Due $1,102 each six months from
Vevay),
Ind.—BOND
SALE.—
The First National and Vevay Deposit Banks, both of Vevay, were awarded
at par and
—V. Ill,
interest the $50,000 6% gravel road repair bonds offered on Oct. 9
p.
1301.
Date Sept. 15 1920.
Due $5,000 each six months
from May 15 1921 to Nov. 15
1925, incl.
SYLVAN SCHOOL DISTRICT, Sacramento County, Calif.—BOND
SALE.—This district awarded the $6,000 6% 1-12-year serial school bonds
dated
par
Sept. 1 1920—V. Ill, p. 1394—to the California National Bank at
and interest, it is stated.
TABLE
ROCK,
Pawnee
The
following is
a
complete list of the bids:
N. S. Hill Co., Cincinnati.
Prov. S. B. & T. Co., Cin.
85,352
85,310
A. T. Bell Co., Toledo
85,184
Second Nat. Bank, Warren 84,905
40
40
59
00
Prudden &
Oo^Toledo—$84,652 75
Union S. & T. Co., Warren
84,590
Halsey Stuart Co.,Cnicago 84,502
Spitzer Rorick Co., Toledo 84,428
Hornbl. & Weeks, Chicago
84,935
WARRICK COUNTY (P. O. Boonville), Ind.—BOND
OFFERING
00
00
00
00
—
James L.
Allen, County Treasurer, will receive bids until 10 a. m. Oct *28
$33,000 4J4% Fred W. Rauth, Boon Twp., free macadam road
impt
bonds.
Denom. $330.
Date Sept. 7 1920.
Int. M. & N.
Due $1 650
eacn six months from May 15 1921 to Nov. 15
1930, incl.
'
for
WASHINGTON
O.
(P.
1939, Incl.; and $4,000 Oct. 1 1940.
County,
Nebr.—BOND
voted upon.
ELECTION.—
An issue of $4,200 electric plant bonds is to be
COUNTY (P. O. Salem),
Ind.—BONDS SOLD IN
the two issues of 4J^% road bonds,
amounting to $26 600
Sept. 27—(V. Ill, p. 1302), the $3,600 Leroy Casey, et
al',
Polk Twp. bonds were awarded to J. R. Chastin & Son at
par and interest
Date Sept. 6 1920.
Due $180 each six months from May 15 1921 to
Nov. 15 1930. incl.
V/-;,'-,
PART.—Of
offered
on
WATERTOWN, Middlesex County, Mass.—BOND SALE.—On Oct 7
Estabrook & Co., of Boston, were awarded at 102.15, a basis of
about 5%
the following 5K% coupon tax-free bonds:
$7,000 School street bonds.
Due $1,000 yearly on Oct. 1 from 1921 to
1927, incl,
11,000 drainage bonds.
Due $1,000 yearly on Oct. 1 from 1921 to 1931,
incl.
Minn.—BOND
SALE.—The
FALLS, Chisago County,
$10,000 6% bonds offered_on Oct. 8—V. Ill, p. 716—have been sold at
par to Luke Stannard of Taylor Falls.
TAYLOR
THORNTOWN, Boone County, Ind.—BOND OFFERING.—L. Stout,
Town Treasurer, will receive bids until 1 p. m. Oct. 20 for $17,000 6% cou¬
pon
bonds.
$500.
Denom.
Date Aug.
24
1920.
Int.
F.
&
Due
A.
$1,000 Aug. 24 1924, $1,500 each six months from Feb. 24 1925 to Aug. 24
1929 incl., and $1,000 Feb. 24 1930.
Cert, check for $500 required.
TILLAMOOK COUNTY (P. O. Tillamook), Ore.—BIDS REJECTED.
bids received on Oct. 4 for the $30,000 5K% road bonds—V. Ill,
—All
The highest bid received was 93.50.
1394—were rejected.
p.
-■
■'
TOLEDO, Lucas County, Ohio .—BOND OFFERING DEFERRED.—
Because of the fact that the time elapsing between the first advertisement
and the date of the offering was not sufficiently long as required by law,
the offering of the $185,000 6% public wharf bonds originally set for Oct. 5
—V. Ill, p. 1301—has been postponed to Nov. 9 at 12 m., until which time
proposals are to be received by John J. Higgins, Director of Finance.
Denom. $1,000.
Date Sept. 1 1920.
Int. M. & 8.
Due Sept. 1 1960:
optional after Sept. 1 193(5.
Cert, check for 2% of amount or bonds bid
for, payable to the Commissioners of the Treasury, required.
Bonds to
be delivered and paid for within ten days from date of award.
Purchaser
to pay accrued interest.
TOLEDO SCHOOL DISTRICT
(P. O. Toledo), Lucas
County,
Ohio.—BOND OFFERING.—The $1,000,000 6% school house and play¬
ground bonds which the Board of Education authorized to be Issued—V .111,
p. 1301—are being sold on Nov. 1.
Proposals for the bonds will be re¬
ceived until 12 m. on that date by Lillie 1. Donat, Clerk of Board of Edu¬
cation.
Denom. $1,000.
Date Nov. 1 1920.
Prin. and semi-ann. int.,
payable at the U. S. Mtge. & Trust Co., of New York.
Due $25,000 yearly
on Nov. 1 from 1921 to 1960: all bonds scheduled to mature after Nov. 1
1935, are subject to call on and after Nov. 1 1935.
Cert, check on a Toledo
bank, for 1% of amount of bonds bid for. required.
Bonds to be delivered
and paid for within 10 days from date of award.
Purchaser to pay accrued
nterest.
*
TOPPENISH, Yakima County, Wash.—BOND SALE.—An issue of
$9,397.76 7% street impt. bonds was sold during September to Freeman,
Smith & Camp Co. of Portland.
Denoms. 46 for $200 and 1 for $197.76.
Date June 1
Int. annually.
1920.
TRENTON, Mercer County,
will be received until 12
three issues of 5t£%
m.
coupon
N.
J.—BOND OFFERING.—Proposals
Oct. 20 by H. E. Evans, City Treasurer, for
(with privilege of registration) bonds, not to
exceed the amounts mentioned below.
$747,000 general
funding bonds, maturing yearly on Oct.
funding
1
as
follows:
bonds, maturing yearly on
Oct.
1
as
follows:
$14,000, 1921 to 1935, incl.; $18,000, 1936 to 1951, incl.; and $17,000, 1952.
79,000 assessment funding bonds, maturing $8,000 yearly on Oct. 1 from
1921 to 1929, incl., and $7,000 Oct. 1 1930.
Denom. $1,000.
Date Oct. 1 1920.
Prin. and semi-ann. int. (A. & O.),
ank
trust
Eayable at thecompany, for 2% of amount of bonds on an incorporated
City Treasurer's office. Cert, check bid for, payable to
or
the "City of Trenton,
required. The
with the opinion of Hawkins, Delafield
the bonds
are
successful bidder will be furnished
& Longfellow, of New York, that
binding and legal obligations of the city.
Purchaser to pay
accrued interest.
TROY, Rensselaer County, N. Y.—BOND SALE.—On Oct. 11 the
$46,000 6% tax-free registered franchise tax refunding bonds offered on that
date V. Ill, p. 1496—were awarded to the Troy Savings Bank for $47,850
(104.022) and interest, a basis of about 5.12%.
Date Oct. 15 1920.
Due
$4,600 yearly on Oct. 15 from 1921 to 1930, incl.
Sherwood & Merrifield and Geo. B. Gibbons & Co., offered premiums of
$1,398.40 and $1,154.60, respectively.
TUCSON SCHOOL DISTRICT NO. 1 (P. O. Tucson), Pima County
Ariz.—BOND SALE.—Tne Harris Trust & Savings Bank, of Chicago anci
the $350,000 6%
Bankers Trust Co.
of Denver have purchased, jointly,
serial school bonds,
which were offered on Sept. 14—V. Ill, p. 1394—but
a satisfactory bid.
Due $22,000 annually from 1925
then failed to receive
to
1939 inclusive and $20,000 in 1940.
VALLE VISTA SCHOOL DISTRICT, Contra Costa County, Calif.
bonds, issued by this district for school
BOND SALE.—A $1,750 block of
building alterations,
VENTNOR
was
CITY,
sold to Mia Nason, it is stated.
Atlantic
County
N.
J .—BOND
1959, incl.
Cert, check on a
National or State bank or trust company for 2% of amount of bid, payable
to Geo. F. Wingate City Treasurer, required.
to 1939,
incl.; $3,000 1940 to
VERMILION SCHOOL DISTRICT (P. O. Vermilion), Clay County,
So. Dak.—BOND OFFERING.—Bids will be received until 8 p. m. Oct.
29 by C. H. Leppert, Clerk Board
school bonds, mentioned in V. Ill,
ann.
of Education, for the $150,000 5%%
p. 1108.
Denom. $500.
Int. semiTreasurer, required.
Cert, check for $3,000, payable to the
VIGO
COUNTY
(P.
O. Terre
Haute), Ind.—BOND OFFERING,
Geo. A. Scball, County Treasurer, will receive bids until 11 a. m. Oct. 23
for $4,800 5% Chas. F. Rice et al, Riley Twp. road bonds.
Denom. $240.
Date Oct. 1 1920.
Int. M. & N.
1922 to Nov. 15 1931, incl.
WAYNE COUNTY ROAD DISTRICTS, Miss.—BOND OFFERING,—
P. Davis, Clerk Board of County Supervisors (P. O. Waynesboro)
John
will receive bids until 12
m. Nov. 2 for the following 6% bonds.
$75,000 Waynesboro Separate Road District bonds—V, 111, p. 1302.
50,000 Mulberry Separate
Road District bonds—V. Ill, p. 1299.
WELLSVILLE SCHOOL DISTRICT (P. O.
WelUville), Montgomery
County, Mo.—BONDS VOTED.—The voters on Oct. 4 favored the issuance
of $4,000 school bonds by a vote of 423 to 4, it is stated.
WESTERVILLE, Franklin County, Ohio.—NO BIDDERS.—There
no bidders for the two issues of 5H%
East Broadway impt. bonds,
aggregating $9,800, offered on Oct. 9—V. Ill, p. 1109.
were
WHITEWATER, Walworth County, Wise—BONDS AUTHORIZED.
new issue of paving bonds
dated Oct. 1 1920, calling for $15,000,
drawing 6% interest, and expiring Oct. 1 1930, has been authorized by the
—A
Common
Council.
.
YUMA COUNTY SCHOOL DISTRICT NO. 1 (P. O.
Yuma), Ariz.—
BOND SALE.—Bosworth, Chanute & Co. of Denver have purchased $7,000
6% 20-year school bonds at 90.
CANADA,
its
Provinces
and
Municipalities!
ALBERTA (Province of).—DEBENTURES OFFERED BY BROKERS.—
A block of $200,000 6% gold coupon University of Alberta debentures is
being offered by Wells-Dickey Co., of Minneapolis at a price to yield 7.50%.
Denom. $500 & $1,000.
Due Oct. 1 1925.EN8
ASSINIBOIA R. M. (P.
$277,925 6%
SOLD.—The
O. Kirkfield), Man—DEBENTURES NOT
20-year installment water-main and sewer
BULYEA, Sask.—DEBENTURE SALE.—In September,
reports, $1,200 debentures were sold to local investors.
according to
EAST ANGUS. Que.—DEBENTURE SALE.—The CanadlanBond Co.
of Montreal, bidding 95.25, was awarded $50,000 6% 20-year installment
impt. debentures.
Denom. $500.
Date Aug. 14 1920.
Int. M. & N.
EMILY TOWNSHIP (P. O. Omemee), Victoria
County, Ont.—
DEBENTURE SALE.—The block of $20,800 6%
10-year installment
telephone debentures, offered on July 10—V. Ill, p. 113—was disposed of
at 99.50 and interest during the first week of October^
Denom.
locally
$1,000 and $800.
Date Dec. 15 1919.
Interest annually
on
Dec. 15.
GLENWOOD, Man.—NO BIDDERS.—There were, no bidders for the
$25,000 5M% 30-installment road debentures offered on Oct. 4.—V.
Ill, p. 1202.
HEWARDY, Sask .—DEBENTURE SALE.—It Is reported that during
September $800 debentures were sold to G. A. Ferguson, a local resident.
MANITOBA (Province of).—DEBENTURE SALE.—Wood, Gundy &
purchased and are now offering to investors at a
price to yield 7.20%, $500,000 5% debentures.
Denoms. $1,000 and $500.
Date Oct. 1 1920.
Principal and semi-annual interest (A. «fe O.) at the
Union Bank in New York.
Due Oct. 1 1923.
Co., of Toronto, recently
Financial Statement.
Approximate assessable value of all property within Province...$680,000,000
Gross funded debt.
46,900,870
Less—Sinking fund (not including sinking fund of
$3,146,000 in hand against Telephone bonds)..$1,033.000
Telephone bonds
13,434,000
Grain elevator bonds
1,255,000
Drainage system bonds
3,866,000
Housing bonds
.—
2,580,000
Farm loans
2,700,000
Electric power transmission & other utility bonds
750,000
Various revenue-producing bonds
2,023,000
—
OFFERING,
James T. G. Hand, City Clerk, will receive bids until 8 p. m. Oct. 25 for
an
issue of 6% water bonds, not to exceed $98,000.
Denom. $1,000.
Date Sept, 1 1919.
Int. M. & S.
Due yearly on Sept. 1 as follows:
$2,000 1921
WATERBURY, New Haven County,
Conn—BOND SALE.—On
Oct. 14 $125,000 5% 15 2-3 year (aver.) coupon (with privilege of
registra¬
tion) school bonds were awarded to R. M. Grant & Co., of New York at
102.03, a basis of about 4.81%.
Denom. $1,000.
Date July 1 1919.
Prin. and semi-ann. int., payable at the First National Bank of Boston.
Due yearly on July 1 as follows: $4,000, 1933; $8,000, 1934 to 1948, incl.;
and $1,000, 1949.
'
'
debentures offered on Oct. 5 (V. Ill, p. 1395) were not sold.
$20,000, 1921 to 1935, incl.; $29,000, 1936, 1937 & 1938; and
000, 1939 to 1950, incl.
501,000 school
15,000 Arlington Street bonds.
Due yearly on Oct. 1 as follows: $2 000
1921 to 1925: $1,000, 1926 to 1930, incl.
*^UUU'
Denom. $1,000.
Date Oct. 1 1920.
Prin. and semi-ann. int. (A. & O )
payable at the Fourth Atlantic National Bank of Boston.
Due $240 each six months from May 15
27,641,000
Net funded debt
-
-
Contingent liabilities (of which $25,663,553 is in connection
with railways now owned and operated by Dominion Govt..
Value of Provincial assets..
Revenue (fiscal year ending Nov. 30 1919)
Expenditure (fiscal year ending Nov. 30 1919)
Population, 613,000.
$19,259,870
30,299,171
84,000.000
8,986,076
8,544,790
LACHINE, Que.—DEBENTURE SALE.—The following four issues of
which were offered on Aug. 31—V. Ill, p. 916—have been
of Montreal at 96 and interest:
$8,000 5% debentures, dated May 1 1920 and maturing May 1 1925.
61,000 6% debentures, dated June 1 1920 and maturing June 1 1925.
15,000 6% debentures, dated June 1 1920 and maturing June 1 1950.
debentures,
sold to Rene T. Leclerc
THE
1590
70,000 6% debentures, dated June 1 1920 and maturing $7,000 yearly on
June J 1921 to 1930, incl.
f
;
Principal and interest, payable in Montreal or Toronto, on June 1 and
Dec. I.
Denom. $1,000.
*
.
,
>
MEDICINE HAT; Mtn.—DEBENTURE SALE.—According to reports,
Aemilius Jar vis & Go ^ of Toronto, have purchased $50,000 0%
debentures at 88.25; a basis of about 7.70%.
*
10-year
OAKVILLE, OnU—DEBENTURES VOTED.—The issuance of $15,000
fire hail debentures was authorized by a rote of 212 to 30 at an election
hei(J Oct. 4.
ONTARIO (Province oi).—DEBENTURE SALE.—On Oct. 7 the $3,000,000 6% gold coupon (with privilege of registration) debentures, offered
that date (V, 111, p. 1395) were awarded to A. Jarvis & Co. of Toronto
at 103.567.
Date Oct. 1 1920.
Due Oct. 1 1923.
The tenders received
on
follows:;
A. Jarvis & Co., Halsey Stuart & Co.,
were as
Chicago, and the First NaBank, Detroit (this tender is contingent upon the Province
covering $1,000,000 exchange at 8M%)--—
...103.567
Dominion Securities Corporation....
102.74
Wood, Gundy & Co. and A. E. Ames & Co
.....
102.697
Wells, Dickey & Co., Minneapolis, Carson & Earles, Seattle, and
_Girvin & Miller, San Francisco....
....
102.64
'
tional
"
,—
,
United
Financial
.—
Corporation
.....102.61
Housser. Wood & Co., Miller & Co., New York, and Brandon,
Gordon & Waddell, New York, for $1,500,000 and option on bal.. 101.57
National City Company.........—
.....101.319
Canada Bond Corporation, A. B. Leach & Co., Inc., New York, and
Butter & Co., New York
100.89
C. H, Burgess & Co.—...
..........
...
100.12
Eaton, $13,S00; Foam Lake, $19,000; Jaroslaw, $1,750; Roadside, $4,000;
Happyland, $2,000; 8tratton, $500, Englefeid, $5,000; Silberfeld, $800;
Kylemore, $5,500.
West Otthon, $850; Midhurst, $5,000;
DEBENTURE
SALE.—The following debentures aggregating $56,700
reported sold from Sept* 18 to 25 according to the
Post."
K. Bligh, Clair; Lacombe, $3,300; Stenen, $16,000;
Eskdale, $4,300, Waterman-Waterbury Mfg. Co.,
Regina; Khedive, $2,000, Mrs* D, Handwork, Ogema; Marchwell, $600.
Miss F. J, Lee; Deveil's Lake, $4,500, Waterman-Waterbury Mfg. Co.,
Regina; Eastside, $3,500, T. R. Whaley, Alaska; Beaver, $5,000. John
Fleck, Yorkton.
/
were
Lawrence, $2,500,
Lampman, $15,000;
SAUGEEN
PAWASSAN, Ont.—DEBENTURE OFFERING.—It is reported that
proposals for $8,000 6H% 20-installments debentures will be received until
Nov. 1 by L. G. Phillips, Municipality Clerk.
Sank.—DEBENTURES AUTHORIZED.—During September
the Local Government Board authorized the village to borrow $2,000 on its
debentures.
ST. MARY'S, Ont.—DEBENTURES DEFEATED.—It is reported
that on Oct. 2 the rate payers defeated a by-law to issue $28,400 concrete
bridge construction debentures.
DEBENTURES SOLD.—-Oa Oct. 9 a
school debentures, maturing yearly on Dec. 1$ from
Date Aug. 16
TOWNSHIP, Ont
block of $8,000 6%
1920 to 1929, incl., was awarded to local investors at par.
1920.
Interest annually on Dec. 15.
4
of Montreal.
DEBENTURES VOTED.—At an election held Oct. 4 the ratepayers
approved by-laws to Issue $212,000 sewer, $161,600 refunding and $110,000
water and electric debentures.
new loans
reports.
'
THOROLD,
Ont .—DEBENTURE
$15,000 fire dept. and $5,000 park 6%
Int. semi-ann.
be
\»
■
,
v
WATERLOO, Ont—DEBENTURE SALE.—It is reported that $95,000
6% 20-installment debentures were sold on Oct. S to the United Financial
Corp. of Toronto, at 94.33 a basis of about 6.72%.
WATROUS, Sask.—DEBENTURE ELECTI ON.—An election Is to be
the question of issuing $9,000
on Oct. 25 for the purpose of voting on
school erection debentures.
held
YORK TOWNSHIP, Ont .—DEBENTURE SALE.—A. E. Ames & Co.
offering to Investors
price to yield 6H%, $215,280 6% 10 and 20 installment debentures.
Oct. 1 1920.
Prin. and annual interest (Oct. 1) payable at the
Canadian Bank of Commerce of Toronto., Dim serially from Oct. 1 1921
at a
Date
to 1940.
ENGINEERS
hereby given that sealed proposals
will be received by the Sherrill-Kenwood Water
Board afc the offices of the Oneida Community,
1921-1939
Limited, at Kenwood, New York, on
yield 5.75% to 5.25%
or
Ser annum, payable July in each year, the first
ays of January and semi-annually on
shall be
dated tbe first day of January, 1940
Said bonds
will be awarded to the highest bidder complying
with the terms of sale, but the right is hereby re¬
served to reject any and all bids.
Said bonds will
not be sold for less than par
and accrued interest
to date of delivery.
Proposals should be enclosed in
South Fifth Street
PHILADELPHIA
Private Wire to New York.
Call Canal 8437.
$560,000 COUNTY OF BUTLER, PA., Road
Imp. 6Hs» maturing Sept. 1,1927 to 1944 inch,
optional after Sept. 1,1936.
To return 5.20%
to 5.16%, after opt. period to return 6.60%.
$82,000 CITY OF NEW CASTLE, PA., School
Bit, maturing 1936 to 1938. To return 6.15%
M. M. FREEMAN & CO.
a
STONE & WEBSTER
INCORPORATED
before
the 25tn day of October, 1920, at two o'c ock
In the afternoon, for the purchase of $175,000
bonds of the Sherrill-Kenwood Water District;
said bonds shall be of the denomination of $1,000
each, registered as to both principal and interest,
shall bear interest at the rate of six per centum
Biddle & Henry
A
6% BONDS
Notice is
6s
sealed
en¬
velope addressed to Charles H. Goodwin, Sec¬
retary, The Sherrill-Kenwood Water Board, and
marked on the outside "Proposal for Bonds."
Each bid must be accompanied with a certified
check drawn upon an incorporated bank or trust
company for the sum of $2,500. payable to "The
Sherrill-Kenwood
Water
District."
The
pro¬
ceeds of the check of the bidder whose bid is
accepted will be applied on the purchase price of
the bonds and the remainder of the purchase price
shall be paid when the bonds are delivered.
The bonds will be ready for delivery on Novem¬
ber 1, 1920, at which time they will be required
to be taken up and paid for.
The legality of this
issue will be examined by Gerge S. Clay of New
York, whose favorable opinion will be furnished
to the purchaser.
Dated, October 12th, 1920.
FINANCE
industrial and
public
utility properties and conduct
investment
DESIGN
an
banking business.
steam
poyver
stations,
hydro-electric developments,
transmission lines, city and interurban railways, gas and chemical
plants, industrial plants, ware¬
houses and buildings.
CONSTRUCT
either from their
designs or from designs of
other engineers or architects.
own
MANAGE
public utility and in¬
dustrial companies.
REPORT
on
going concerns,
proposed extensions and new
projects,
NEW YORK
BOSTON
CHICAGO
The SHERRILL-KENWOOD WATER BOARD,
Philadelphia
4S1 Chestnut Street
will
10-year installment debentures.
The SherriJI-Kenwood Water District
104
■
OFFERING.—Proposals
$175,000
City of Hoboken, N. J.
Prices to
.
received until 8 p. m. Oct. 30 by D. J. C. Munro, Town Treasurer, for
NEW LOANS
$327,000
,
"
■
.
STERLING,
Ont .—DEBENTURES
VOTED.—The
ratepayers
on
Sept. 13, passed a by-law to issue $3,500 school impt. bonds, according to
of Toronto, on Oct. 4, purchased at 95.78, and are now
SASKATCHEWAN SCHOOL DISTRICTS, Sask.—DEBENTURES
AUTHORIZED.—The following is a list of authorizations granted by the
Local Government Board from Sept. 18 to 25, acocrding to the "Financial
Post" of Toronto.
Due Deo. 31.
■
SHERBROOKE, Yue.—DEBENTURE SALE.—Newspapers repsrt that
$392,000 5% 5-year debentures have been sold at 91.71, $42,500 have been
sold locally, and the other $349,500 going to Versailles, Vidricaire A Boulais
....
PELLY,
[VOL. 111.
CHRONICLE
By CHAS. H. GOODWIN,
Secretary.
Telephone. Lombard 710
MUNICIPAL BONDS
Lincoln Menny Oppenheimer
BANKERS
Circulare
FRANKFORT-o-M., GERMANY
Cable Address
Underwriting and distributing entire Issues
City, County. School District and Road
District Bonds of Texas.
Dealer's inquiries
end offerings solicited.
THE
ef
on
J. G. WHITE ENGINEERING
Request.
Harold G."Wise &comeainr
CORPORATION
"Openhym"
JdouBToar,Texas
INVESTMENT SECURITIES
Engineers
Constructor!
FOREIGN EXCHANGE
Buildings—Industrial Units
FEDDE
&
PASLEY
Public Utilities
1919 Numbers Wanted 1919
Reports—Valuations—Estimates
Cetttfteb
55
Public accountants
Liberty St.,
New York
GEORGE W. MYER,
JR.
Certified Public Accountant
31
NASSAU ST., NEW YORK
Audits, Investigations,
Estate Accounting,
Income Tax Returns.
Telephone Rector 5441
43 EXCHANGE PLACE, NEW YORK
CHRONICLES
January 4
September 6
January 18
July 19
August 2
September 13
September 20
November 1
MINING ENGINEERS
BANK & QUOTATION SECTION
January
May
July
RAILWAY EARNINGS SECTION
January
February
ELECTRIC RAILWAY SECTION
MarchJ
H. M. CHANCE
& CO,
Mining Engineers and Geologist,
COAL AND MINERAL PROPERTIES
Examined, Managed, Appraised
Drexel Bldg*
PHILADELPHIA
@FedFRASER