Full text of Commercial and Financial Chronicle : October 18, 1919, Vol. 109, No. 2834

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f>

financial

w

yommenria

INCLUDING
Railway & Industrial Section
Bankers’ Convention Section

Bank & Quotation Section
Railway Earnings Section
VOL. 109.
’g \ x c

SA T U R D A Y , OCTOBER 18, 1919

Electric Railway Sectioi
State and City Section
NO. 2834

(Cltrouick

PU
BLISH WEEKLY.
ED
T e r m s o f S u b s c r i p t i o n — P a y a b l e in A d v a n c
For Six Months................................... " .....................................................^ « on
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European Subscription six months (including postage)........................ 7 ne.
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N O T I C E .— O n a c c o u n t o f t h e f l u c t u a t i o n s In t h e r a t e s o f e x c h a n g e
r e m it t a n c e s f o r E u r o p e a n s u b s c r i p t i o n s a n d a d v e r t is e m e n t s m u s t b e m a d e
in N e w Y o r k fu n d s .

Subscription includes following Supplements—
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R ailway E arnings (monthly) I E lectric K ailway (semi-annually)
S t at e an d c i t y’ (semi-annually) |B ankers’ Convention (yearly)
i

T e rm s o f A d v e r tis in g — P e r In c h S p a u e
Transient matter per inch space (14 agate lines)................................... $ 4 2 0
r Two Months
(8 times)......................I” lid 00
Ordinary Business Cards )
M .°,n t h 8
times).......................... 4 100
) Six Months
(26 times).......................... 75 00
L TwelveMonths(52 times).......................... 130 00
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W I L L I A M B . D A N A C O M P A N Y , P u b lis h e r s ,
_______________ F r o n t , P in e a n d D e p e y s t e r S t s . , N ew Y o r k ,

7396.

P u bllsh e 1 e v e r y S a tu rd a y m orn in g b y W I L L I A M B . D A N A C O M P A N Y
J a c o b Seibert J r ., P resident an d T rea su rer; A r n d l O . D a n a V ’
~
‘
’ ‘
S e cre ta ry . A d d resses o f b o t h , O ffice o f the C o m p a n y .
C L E A

R I N G

H O U S E

R E T U R N S i

T h e fa llow in g ta b le , m ade u p b y teleg ra p h , A c ., in d ica tes th a t th e tota l ban k
clea rin gs o f all th e cle a rin g hou ses o f th e U n ited S ta tes fo r th e w eek en d in g t o -r t w
h a v e b een 8 8 ,5 4 3 ,8 2 6 ,7 3 5 , a g .d k st 8 8 ,8 3 2 ,0 5 3 .0 3 9 last w eek an d S7 699 9 )0 non
th e co rre sp o n d in g w eek last y ea r
r’. o
, 1 , . , . k . .<•......
------..
• u,ul,u

C rin s— R rn b T ra h
lea g etu * r eleg p .
W en in Oto e 18.
eek d g c br

P
er
C t.
en
+ 15.4
+ 3.2
—8
.4
—0
.9

1919.

1918.

Pittsburgh .
D etroit_____
Baltimore
New Orleans-

83,924,536.113
538,489,501
373.770,087
325,873,295
210,123,505
156,847,254
137,071,562
129,504,285
*82,000,000
75.955,453
67,147.020

$3,399,508,532
521,674,904
408,268,937
328,903,551
184,619,008
146,761,347
121,503,289
129,652,375
63,974,318
75,552,514
50,554,438

+ 13.8
+ 6.9
+ 12.8
— 0.1
+ 28.2
+ 0.5
+ 32.8

Eleven cities, 5 days
Other cities, 5 days____

$6,021,317,985
1,023,744,816

$5,430,973,213
1,049,461,274

+ 10.9
— 2.4

Total all cities, 5 days
All cities, X d a y ................

$7,045,062,801
1,498,763,984

$0,480,434,487
1.219,522,119

+ 8.7
+ 22.9

$8,543,826,785

$7.699.956.606

+ 11.0

New Y o r k ...
Chicago_____
Philadelphia .
B oston _____
Kansas City.
St. Louis . . .

Total all cities for week.

The full details for the week covered by the above will be given next Saturday.
We cannot furnish them to-day, clearings being made up bv the clearin’’ houses
at noon on Saturday, and hence in the above Ju last day of 'the week has lo beTn
all cases estimated, as we go to press Friday night.
Detailed figures for the week ending Oct. 11

W eidhg Oto e 11.
eek
c br

Boston
Providence
Hartford.
New Haven.........
Springfield
Portland.
Worcester
Fall River
New Bedford____
Lowell..
Holyoke
Bangor.

T ta N wE g
o l e n




239,155,385 229,966,362

111,269,649

N O T IC E —

C O N T IN U E D

D E L A Y

P R I N T E R S ’
T h e
t h is
b u t

t r o u b le s

w e e k
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t h e

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S u p p le m e n ts
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27

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S T R I K E .

p r in t in g

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c o n s id e r a b ly , r e d u c e d

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S e c t io n ,”

a r e

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th e m
t o o ,

is

w a y .

----------------—

THE FINANCIAL SITUATION.
Is it not about tim that the Federal R
e
eserve banks
undertook to bring their operations and policy m
ore
nearly into accord w the doctrines proclaim by
ith
ed
the Reserve Board at Washington? For w
eeks and
m
onths the R
eserve Board has been giving m sane
ost
and sensible advice as to the evils and m
ischiefs con­
nected w the inflationary tendency of the tim
ith
es,
particularly credit inflation, and has w
arned against
extending the use of the credit facilities of the banks
in the prom
otion of speculative operations. In
speeches and addresses the different m bers of the
em
Reserve Board have em
phasized the points and state­
m
ents in that regard appearing in the general pro­
nouncem
ents of the Board. The rem
edy for rising
prices and the high cost of living w have been told
e
is to w andsave, and w have also been told that
ork
e
“liquidation of w finance investm
ar
ents and loans
is clearly a necessary prelim
inary to any large and
genu n im
e provem
ent in the banking and credit
situation.”
This last piece of advice w reference to the
ith
liquidation of w finance investm
ar
ents has just been
reiterated in the O
ctober Bulletin of the Federal
R
eserve Board. But the w
eekly returns of the
Federal R
eserve banks show that instead of there
being liquidation of w finance obligations there
ar
is further expansion, at a tim w
e hen Governm
ent
borrow
ing is being reduced—that is, instead of a
corrective there is further grow of the objec­
th
tionable feature. Each w
eek is now show
ing redis­
counting in greater volum than before, each w
e
eek
is seeing a further addition to the huge aggregate of
Federal R
eserve notes in circulation, and each w
eek
also is recording a dim
inution in the ratio of the gold
holdings to the total of liabilities. The movement,
indeed, is assum
ing such dim
ensions as to furnish
occasion for grave apprehension. Look at the
follow record of the changes in the item referred
ing
s
i to in recent w
eeks. The figures cover the opera­
tions of the tw
elve R
eserve banks com
bined:

Observe that after quite a marked curtailment of
discounts early in September, there has since then
been marked expansion again. In the three weeks
from Sept. 19 to Oct. 10 1919 the portfolio of bills
held by the Reserve banks has been enlarged by over
$400,000,000, the aggregate rising from $1,999,698,­
000 to $2,400,707,000. The largest increase, as it
happens, has been in the discounts of bills secured by
Government war obligations, the total here rising
from $1,383,896,000 to $1,672,797,000. Early in
September the Reserve authorities compelled liquida­
tion of some of the war obligations and a reduction
of the loans based on the same; as a consequence, in
the two weeks from Sept. 5 to Sept. 19 such loans
fell from $1,635,233,000 to $1,383,896,000; last
Saturday, as stated, the total was up again t o $ l ,672,797,000, or higher than before. At the same
time the borrowing at the Reserve banks on other
classes of paper (meaning commercial paper) has
likewise been rising week by week, wdth the result
that last Saturday the amount at $401,058,000 was
nearly double what it was only six weeks before.
It would seem as if the Reserve Banks should dis­
courage further borrowing, at least on Govern­
ment war obligations, since the Government is no
longer doing any permanent financing, being en­
gaged merely in putting out Treasury loan certifi­
cates and these in greatly reduced amounts. There
is only too much reason for believing that the pro­
ceeds of these growing borrowings at the Reserve
banks are being used to promote speculative oper­
ations.
In order to take care of this bulging portfolio of
bills, the volume of Federal Reserve notes in circu­
lation is being augmented week by week and, in
only lesser degree, so also is the volume of Federal
Reserve B a n k notes against which latter no gold
reserve need be kept except the 5 % redemption fund.
Between August 22 and last Friday (October 10)
the amount of the Reserve notes increased from
$2,553,534,000 to $2,741,684,000 and the amount
of the Federal Reserve bank notes from $215,795,­
000 to $247,176,000. The aggregate of the two
combined is now $2,988,860,000 as against $2,769,­
329,000. Naturally, as a result, the ratio of gold
to Reserve notes and deposit liabilities is being
steadily reduced and last Saturday was down to
49% , the lowest figure on record. These facts are
brought out in the following table:
t w e l v e

RESERVE

A u g . 1 5 . . .......................... $ 1 , 5 2 2 ,9 9 2 ,0 0 0

8 2 2 0 ,3 4 7 ,0 0 0

N et

Juno

8 2 .1 1 7 ,7 1 4 ,0 0 0

2 2 . . ..........................

1 , 5 0 3 ,0 4 8 ,0 0 0

2 1 1 .2 6 2 ,0 0 0

3 6 2 ,9 1 1 ,0 0 0

1 , 6 0 9 ,2 9 8 ,0 0 0

2 0 5 ,8 3 8 ,0 0 0

3 6 3 ,1 3 8 ,0 0 0

2 ,1 7 8 ,2 7 2 .0 0 0

5 ...............................

1 ,6 3 5 ,2 3 3 ,0 0 0

2 1 2 ,1 8 5 ,0 0 0

3 5 4 ,8 8 7 ,0 0 0

2 , 2 0 2 ,0 8 5 ,0 0 0

1 2 ...............................

1 ,5 2 4 ,5 2 1 ,0 0 0

2 3 0 ,3 1 7 .0 0 0

3 6 2 ,0 0 5 ,0 0 0

2 , 1 1 6 .8 4 3 ,0 0 0

1 9 .........................

1 ,3 8 3 ,8 9 6 ,0 0 0

2 6 ...............................
O ct.

c o m b in e d

R e ser ce

.

T o ta l

— R a tio o f G o ld —

N o t e s i i G old
C ir c u la tio n .

S

R e ser v e.

8

To

T o n o te s

N otes

a f t .35%

A ’D e p . o n D e p .

1 6 9 ,2 4 6 ,0 0 0

2 ,5 1 3 ,0 3 7 ,0 0 0 2 ,2 0 1 ,8 0 4 ,0 0 0

5 3 .7

6 6 .5

1 7 0 ,9 3 7 ,0 0 0

2 , 4 9 9 ,2 6 5 ,0 0 0 2 ,1 9 3 ,8 7 4 ,0 0 0

5 2 .7

6 5 .4

2 0 ____ 1 ,7 7 1 ,3 2 9 ,0 0 0

1 7 3 .7 7 5 ,0 0 0

2 ,4 8 8 ,2 5 3 ,^ 0 0 2 ,1 6 5 ,7 2 5 ,0 0 0

5 2 .5

6 4 .9

2 7 ____ 1 .7 5 0 .6 9 4 .0 0 0
J u ly

6 ____ 1 ,7 1 2 ,1 1 8 ,0 0 0
1 3 ____ 1 ,7 9 4 ,7 7 0 ,0 0 0

1 7 7 ,1 8 5 .0 0 0

2 ,4 9 0 ,1 8 0 ,0 0 0 2 ,1 4 7 ,7 8 4 ,0 0 0

5 2 .1

6 4 .2

3 ____ 1 ,7 7 2 ,0 0 3 ,0 0 0
1 1 ____ 1 ,8 4 2 ,4 3 3 .0 0 0

1 8 1 ,5 7 0 ,0 0 0
1 8 4 ,8 0 6 ,0 0 0

2 , 5 5 2 ,3 4 8 ,0 0 0 2 ,1 2 8 ,9 4 6 ,0 0 0
2 , 5 3 8 ,1 2 7 ,OOO 2 ,1 1 1 ,8 2 4 ,0 0 0

5 0 .8
4 9 .8

6 1 .7
6 0 .5

1 8 ____ 1 ,7 6 9 .4 9 6 ,0 0 0

1 3 6 ,9 1 1 ,0 0 0

2 ,5 1 2 ,0 4 8 ,0 0 0 2 ,1 1 2 ,1 0 0 ,0 0 0

5 0 .9

6 2 .0

2 5 ____ 1 ,7 9 6 ,5 6 1 ,0 0 0
A ug.

1 9 3 ,8 4 9 ,0 0 0

2 , 5 0 4 ,4 9 7 ,0 0 0 2 ,0 9 5 ,1 5 1 .0 0 0

5 0 .2

6 1 .2

1 ____ 1 .7 6 6 ,1 3 1 ,0 0 0 2 0 0 ,9 4 5 ,0 0 0

2 , 5 0 6 ,8 2 0 ,0 0 0 2 ,0 8 8 ,4 7 5 ,0 0 0

5 0 .5

0 1 .4

2 0 5 ,3 1 8 .0 0 0 2 , 5 3 2 ,0 5 7 ,0 0 0 2 ,0 S 4 ,7 5 6 ,0 0 0 5 0 .9

6 1 .4

8. . . * 1 ,7 3 5 ,5 5 9 ,0 0 0
1 5 ..

. * 1 . 6 8 8 , 6 7 4 , 0 0 0 2 0 9 ,7 0 9 ,0 0 0 2 ,5 4 0 ,9 0 4 ,0 0 0 2 ,0 8 2 ,5 8 7 ,0 0 0 5 0 .9

2 2 ..

.* 1 , 6 2 1 , 1 4 7 , 0 0 0 2 1 5 ,7 9 5 ,0 0 0 2 , 5 5 3 ,5 3 4 ,0 0 0 2 , 0 7 4 ,2 8 5 ,0 0 0 5 1 . 3

6 1 .7

2 9 ..

.* 1 , 5 2 2 , 6 7 8 , 0 0 0 2 1 9 ,8 1 5 ,0 0 0 2 ,5 8 0 ,6 2 9 ,0 0 0 2 , 0 6 0 ,7 8 8 ,0 0 0 5 0 .7

6 0 .7

5 . . . * 1 , 6 2 4 , 1 1 7 , 0 0 0 2 2 3 ,5 6 5 ,0 0 0 2 ,6 1 1 ,6 9 7 ,0 0 0 2 ,0 6 7 ,0 5 2 ,0 0 0 5 0 .4

6 1 .4

6 0 .1

. * 1 ,6 1 8 ,2 1 6 ,0 0 0 2 2 8 ,1 6 9 ,0 0 0 2 ,6 2 1 ,2 2 8 ,6 0 0 2 ,0 6 8 ,8 6 7 ,0 0 0 5 0 .4 6 0 .0

1 9 ..

. * 1 , 4 9 9 , 9 1 4 , 0 0 0 2 3 2 ,6 9 4 ,0 0 0 2 ,6 2 1 ,2 5 8 ,0 0 0 2 . 0 9 1 ,9 6 6 ,0 0 0 5 2 . 5 6 2 .5

2 6 ..
O ct.

.* 1 , 6 3 4 . 0 7 4 , 0 0 0 2 3 9 ,4 5 1 .0 0 0 2 .6 5 5 ,3 5 1 ,0 0 0 2 , 1 1 7 ,8 5 4 ,0 0 0 5 1 .0

3 ...* 1 ,7 2 6 ,2 6 6 .0 0 0
1 0 ..

2 4 1 ,9 3 7 ,0 0 0 2 ,7 0 8 ,1 8 6 ,0 0 0 2 .1 3 5 ,2 8 2 ,0 0 0 4 9 .7

.* 1 , 7 4 3 , 8 5 0 , 0 0 0 2 1 7 ,1 7 6 ,0 0 0 2 ,7 1 1 ,6 3 4 ,0 0 0 2 , 1 3 1 ,3 2 8 ,0 0 0 4 9 .1

6 0 .8
5 9 .1
5 8 .1

* A f t e r d e l u d i n g " g o l d In tr a n s it o r In c u s t o d y In f o r e ig n c o u n t r i e s .”

2 ,1 3 7 ,2 2 1 ,0 0 0

2 9 ...............................

S

b a n k s

B a n k N otes
i i C l r c u ’a t ’ n .

S

1 2 ..

S 3 7 4 ,3 7 5 .0 0 0

R e s're

D e p o s it s ,

B A N K S C O M B IN E D .

-------------------------------------------- Bills D iscounted-------------------------- ------------------Secured by
Secured by
Bills Bought
W ar
Com m ercial
i i Gpe i
Grand Total
O bligations.
P ap er.
M a rk et.
o f Bills.

r e s e r v e

F ed 'l

S e p t.
TW ELVE

S e p t.

[V ol . 109.

THE CHRONICLE

1488

3 ............................
1 0 ...............................




2 6 1 ,9 8 5 ,0 0 0

3 5 3 ,8 1 7 ,0 0 0

1 ,9 9 9 ,6 9 8 ,0 0 0

3 0 9 ,7 7 9 ,0 0 0

3 4 2 ,4 9 1 ,0 0 0

2 ,2 2 4 ,7 7 3 ,0 0 0

1 ,6 5 4 ,1 6 6 ,0 0 0 3 6 1 ,7 7 1 ,0 0 0

3 2 6 ,6 6 7 ,0 0 0

2 , 3 4 2 ,6 0 4 ,0 0 0

3 2 6 ,8 5 2 ,0 0 0

2 .4 0 0 ,7 0 7 ,0 0 0

1 ,5 7 2 ,5 0 3 ,0 0 0
1 ,6 7 2 ,7 9 7 ,0 0 0

4 0 1 ,0 5 8 ,0 0 0

As always happens in a period of stress, the strain
is found to be greatest at this centre. So much so is
this the case that for the New York Federal Reserve
Bank the ratio of gold holdings to outstanding lia-

O ct . 18 1919.]

THE CHRONICLE

1489

bilities is now only narrowly above the legal mini­ Federal Reserve B a n k notes left entirely out of the
mum. There is no gainsaying the fact that here reckoning. The exact figures are as follows:
.
FEDERAL RESERVE RAN K OF NEW YO RK .
the Reserve authorities have been most liberal in
— R a tio o f G o ld —
extending accommodation. They have been dis­
F . R . D a n k R eserv e N o t e s
To
T o N otes
N et
N o t e s in
it
T o ta l G old
N otes
a ft.Z 5 %
counting war obligations and commercial paper with
D e p o s it s .
C i r c u l a t i o n .- ■ C i r c u l a t i o n .
R e ser v e.
& D cp .
on D e p .
equal freedom. In the three weeks from September M a y 2 9 ___ . 5 8 2 2 ,5 7 7 ,7 1 5 5 3 4 ,7 3 0 ,0 0 0 8 7 4 2 ,3 8 9 ,9 0 0 S 7 5 1 ,4 S 7 ,9 9 0 4 8 . 0 % 6 2 . 4 %
7 9 2 ,1 8 4 ,8
3 4 ,3 1 7 ,0 0 0
3 6 ,6 7 3 ,9 2 0
6 6 .4
7 6 6 ,1 4 9 ,5 3 8
50
19 to October 10 they have increased the total of J u n e 163 .- .- .. .. 7 7 0 ,2 6 2 ,0 2 1 3 4 ,4 9 0 ,0 0 9 7 3 6 ,2 8 8 ,4 5 0 7 3 7 ,3 5 6 ,5 8 7 4 8 .1
13
7
.9
6 3 .5
2 0 . . . . 7 7 4 ,4 1 6 ,6 1 2
3 4 ,6 9 2 ,0 0 0
7 3 5 ,2 2 5 ,6 7 5
7 7 1 ,5 1 4 ,9 4 9
5 1 .1
6 8 .1
their bills based on war obligations from $483,052,­
2 7 . . . . 8 0 0 ,0 0 1 ,9 6 3
3 5 ,1 4 3 ,0 0 0
7 3 7 ,4 3 6 ,0 2 5
7 8 2 ,9 8 1 ,9 4 9
5 0 .9
6 8 .2
304 to $697,763,110 and the amount of their bills J u ly 3 . 7 6 9 ,6 0 1 ,0 6 3 3 5 ,9 0 1 ,0 0 0 7 6 2 ,9 1 4 ,8 6 0 6 5 6 ,0 9 5 ,6 0 2 4 2 .8
5 0 .7
1 1 . . . . 8 1 4 ,0 5 3 ,0 6 7
3 6 ,3 3 4 ,0 0 0
4 4 .0
7 5 1 ,7 8 0 ,8 7 0
3 9 .3
6 1 5 ,3 4 8 ,8 2 2
based on commercial paper and acceptances from
1 8 . . . . 7 1 3 ,1 6 4 ,3 9 8
3 6 ,4 9 2 ,0 0 0
7 4 2 ,9 8 0 ,3 0 5
4 9 .1
6 1 4 ,1 7 4 ,2 4 3
4 2 .2
2 5 . . . . 7 3 0 ,2 5 7 ,2 4 3
3 8 ,5 3 6 ,0 0 0
7 3 9 ,1 6 4 ,8 4 5
5 2 .3
6 4 2 ,1 9 4 ,6 4 0
4 3 .7
$119,060,783 to $185,276,754. Their entire portfolio
A ug.
1 . . . . 7 7 0 ,8 4 4 ,0 0 8
3 9 ,5 2 9 ,0 0 0
7 4 5 ,9 1 7 ,6 7 0
6 9 6 ,7 4 4 ,2 6 5
4 5 .9
5 7 .2
of bills has been enlarged to the extent of nearly
8 . . . .* 7 2 2 ,0 8 0 ,4 7 2
3 9 ,4 0 5 ,0 0 0
7 4 5 ,7 2 2 ,6 9 5
4 4 .1
5 2 .7
6 4 5 ,9 3 0 ,4 1 0
1 5 . . .* 6 4 3 ,5 0 3 ,7 1 2
4 0 ,4 5 3 ,0 0 0
7 4 8 ,1 6 0 ,2 2 5
5 S 2 .5 0 3 .2 3 6
4 1 .9
4 7 .8
$300,000,000, the total rising from $602,113,087 to
2 2 . . . .* 5 9 8 ,7 4 7 ,3 3 8
4 2 ,0 5 6 ,0 0 0
7 4 9 ,9 7 5 ,0 5 5
5 5 7 ,1 6 1 ,1 7 4
4 6 .4
4 1 .3
$883,039,864, as will be seen by the following:
2 9 . . . .* 5 9 0 ,7 3 0 ,0 2 3
4 2 ,4 9 7 ,0 0 0
7 5 2 ,2 8 2 ,8 9 0
4 2 .6
3 9 .3
5 2 7 ,4 4 6 ,8 5 2
S ep t.
FEDERAL

RESERVE

BANK

OF NEW

----------------------------------- — Bills D iscounted-------------------- ---------------------Secured by
Secured by
Bills Bought
Grand Total
W ar
Com m ercial
in O pen
of
O bligations.
P ap er.
M arket
Bills.
J u n e 6 ..................................... $63 4 ,6 6 0 ,5 9 4
S 38 .94 9.20 5
$ 5 1 ,7 7 8 ,8 1 4 $72 5 ,3 8 8 ,6 1 3
3 0 .6 4 4 ,2 5 5
7 1.992,431
732 .7 4 8 !2 7 0
1 5 ............................. . . 6 3 0 ,1 1 1 ,5 8 4
2 0 .................................... 5 8 4 ,512 ,70 1
3 9 ,7 8 2 ,1 6 6
8 0 ,9 4 8 ,5 9 6
705i243|463
2 7 ................................... 5 6 7 ,632 ,10 1
5 3 ,4 8 5 ,0 1 0
100,821 ,61 2
721 .9 3 .3 J 2 3
•July 3 .........................
674,44S,851
6 5 ,6 7 3 ,5 2 5
113 ,047 ,32 9
S 5 3 .1 6 9 J 0 5
I I ................................... 742 ,9 0 1 ,0 4 2
6 2 ,3 4 1 ,7 0 3
119 ,363 ,35 7
9 2 4 .6 0 6 U 0 2

13................................ 667,802,180
A ug.

61,775,314

91,562,518

8 2 M 4 o [o i2

25
.............. 6 1 9 ,1 4 7 ,4 9 6
1------------------------------ 644 ,0 9 5 ,2 6 9

6 8 ,7 4 5 ,7 3 5
5 8 ,1 2 0 ,6 7 8

9 1 ,4 9 6 ,9 0 3
9 8 ,0 0 1 ,9 3 4

8 0 9 .3 9 0 J 3 4
800 ,217 ,88 1
8 0 2 ,1 7 l’279

6 4 1 ,5 0 5 ,5 9 2

5 3 ,6 2 5 ,5 1 0

1 0 6 ,9 8 0 ,1 7 7

15................................... 6 1 5 ,4 3 3 ,1 7 4
2 2 .................................... 6 1 9 ,360 ,91 1
2 9 ................................... 6 5 6 ,3 0 5 ,ISO
S e p t . 5 ..................................... 6 7 2 ,070 ,75 1
1 2 - - - - .......................... 611 ,4 4 1 ,2 8 9
1 9 - ....................................4S3 .0 5 2 .3 0 4
26
.............. 6 1 7 ,8 3 7 ,2 5 8

8 ......................................

4 9 ,8 5 2 ,9 3 9

1 1 1 ,0 5 4 ,0 7 0

7 7 6 . 9 4 o ’ lS 3

4 6 ,9 7 8 ,3 6 5
4 3 ,8 9 0 ,6 0 1
5 2 ,7 9 0 ,5 1 8
4 9 ,6 9 2 ,1 2 7
4 5 ,5 3 9 ,4 0 4
4 7 ,7 0 6 ,8 3 2

105 ,843 ,02 3
9 4 ,2 8 8 ,4 6 1
7 1 ,1 7 7 ,4 9 2
7 0 ,9 5 5 ,9 0 3
7 3 ,5 2 1 ,3 1 9
7 6 ,4 0 1 ,3 1 9

7 7 2 .1 S 2 J 9 9
7 9 4 ,4 8 4 /2 4 8
7 9 6 .0 3 8 J 6 1
732,089*319
602,113*087
7 4 1 ,9 4 5 ’ 4J9

7 2 .577.77S
104 ,876 ,75 7

8 7 ,6 8 2 ,4 4 7
8 0 ,3 9 9 ,9 9 7

834 270 407
883 !o39*S64

O c‘ -

3 .................................... 6 7 4 ,0 1 0 ,1 8 2
10.................................... 6 9 7 ,7 6 3 ,1 1 0

In thus so liberally responding to current demands
for accommodation the Federal Reserve Bank of
New York has, as on two or three other recent occa­
sions, gone almost to the limit of its available facilities.
Its gold holdings have again abruptly declined and the
ratio of gold holdings to outstanding liabilities is down
to extremely low figures— lower in fact than at the
previous period of great strain on July 11, and the
lowest point indeed during the entire existence of
the Bank. In other words, the ratio of gold reserves
against reserve notes and deposits combined last Fri­
day was only 38.3% . The Federal Reserve Act re­
quires a minimum reserve of 35% against deposit
liability and of 40% against Reserve notes in circula­
tion. Allowing only the absolute minimum of 35%
gold against the deposit liabilities, the remainder of
the gold stands at no more than 41.3% against the
Federal Reserve notes in circulation. In brief, after
allowing only the absolute minimum of 35%
against the deposits, the gold held against the
Reserve notes is only 1.3% above the absolute
minimum of 40% required for these Reserve notes.
But in addition the Federal Reserve Bank of
New York has in circulation $52,813,000 of
Reserve bank notes against which no gold reserve
is required to be held. T o understand what it means
to take the reserve against the deposit liabilities at
only 35% it should be remembered that such deposits
represent the reserves which the member banks
are required to keep with the Reserve Bank. The
i cscive requirement at this centre for the member
banks is 13% of th eir deposits. Whittling the Re­
serve Bank’s gold reserve against deposits down to
35% , signifies that only 35% of this 13% is on hand—
that is, the member banks’ gold reserve, as actually
held by the Reserve Bank, is no more than 4.55% .
1 he other 8.45% has been used up by the Federal
Reserve Bank. At the same time, as we have seen,
a reserve of no more than 41.3% remains as against
the Federal Reserve notes in circulation, with the




4 4 ,3 8 3 ,0 0 0

7 5 8 ,7 9 4 ,2 0 5

5 6 2 ,8 3 6 ,1 2 0

4 0 .8

4 6 ,0 4 2 ,0 0 0

7 5 2 ,8 9 3 ,5 6 0

5 9 2 ,4 7 7 ,8 0 0

4 3 .3

5 0 .1

4 8 ,1 9 7 ,0 0 0

7 4 7 ,2 3 9 ,4 3 6

6 2 2 ,8 8 5 ,8 4 6

4 7 .7

5 7 .2

2 6 . . . .* 6 3 6 ,1 0 8 ,4 4 4
O ct.

5 . . . .* 6 2 0 ,9 4 6 ,4 7 3
1 2 . . . . * 6 1 5 ,9 4 4 ,9 6 5
1 9 . 1 . . * 5 5 8 ,2 7 1 ,1 8 7

YORK.

5 2 ,5 9 7 ,0 0 0

7 5 3 ,1 3 4 ,9 7 0

6 4 0 ,1 3 0 ,4 5 4

4 6 .0

5 5 .4

4 5 .5

3 . . . .* 7 2 0 ,9 9 2 ,4 4 8

5 1 ,7 0 0 ,0 0 0

7 6 1 ,7 0 4 ,6 5 5

6 3 3 ,9 5 5 ,2 9 6

4 2 .8

5 0 .1

1 0 . . . . * 6 9 4 ,0 1 0 ,4 9 7

5 2 ,8 1 3 ,0 0 8

7 5 9 ,8 2 9 ,8 6 0

5 5 6 ,7 4 6 ,5 4 9

3 8 .3

4 1 .3

* A f t e r d e d u c t i n g " g o l d in t r a n s it o r in c u s t o d y in fo r e ig n c o u n t r i e s .”

We are now told that the Federal Reserve discount
rate is to be raised— that this will apply a needed
corrective and, when done, the Federal Reserve banks
will function properly. It is contended that when
the Fourth Liberty Loan was floated a year ago the
banks agreed to carry subscriptions for their custo­
mers for a year at the bond rate of 4 ^ % and until
the expiration of this period of one year, which will
come Oct. 24, the Reserve banks will not be at liberty
to raise the rate above 434% . With this period
passed, the rate can then be advanced, so it is argued,
thereby removing the incentive to borrowing. Cer­
tainly the Reserve Bank’s rate should always be
fixed higher than the ruling market rates for com­
mercial paper. But granting this, it yet remains
open to question whether an advance of one-half of
1 % or even a full 1% would be of any avail in coping
with a situation such as that existing in the call loan
branch of the market where 10, 12, and even 15
per cent can be obtained for funds and where the
present week even the renewal rate for call loans has
been as high as 10% .
For, it is admitted that the
proceeds of the loans obtained at the Federal Reserve
Bank on commercial paper and on war obligations
are in considerable measure employed in the call
loan branch of the market.
The process is for the member banks holding war
obligations or commercial paper to take the same
around to the Federal Reserve Bank and obtain loans
upon them, the proceeds of which are then loaned out
on call. With the call loan rate so high, a moderate
advance in the rate at the Reserve Bank would still
leave opportunity for considerable profit and there­
fore could hardly serve to destroy the practice, while
a more drastic advance in the Reserve Bank’s discount
rate, to the level of the call loan rate, would seem
altogether out of the question.
The problem is thus beset with many difficulties.
The one certain remedy would appear to be to force
liquidation of the Reserve Bank’s loans on war obli­
gations. It should be insisted that there must be a
drastic reduction here. We have seen that these bor­
rowings at the Reserve Bank on war paper have been
heavily incieasing latterly and such increases can
have had no lefeience to the undertaking entered into
a year ago at the time of the floating of the Fourth
Liberty Loan to carry customers at 434% . The Fedeial Reseive banks must let it be known— and this
applies not alone to the New York Federal Reserve
Bank but to the others— that inasmuch as the Reseive banks aie carrying^ such a large volume of re-

THE CHRONICLE

1490

discounts and these are supported by such a huge
aggregate of Federal Reserve notes, sound finance
and the country’s welfare both require that early
liquidation of a portion of this borrowing should
take place.
In brief, the member banks must stop shifting
their burdens to the Reserve institutions, the more
so as in some districts, the New York District in
particular, it is becoming impossible for the central
institution to continue to carry such burdens.
In closing it seems desirable to repeat what we said
last week that the New York Clearing House institu­
tions the last few weeks have rehabilitated them­
selves entirely at the expense of the Federal Reserve
Bank. On Sept. 20 the Clearing House banks showed
a deficit below the required reserve in the huge sum
of $53,186,140. The total of their loans and dis­
counts at that time was $5,328,662,000. The next
week this deficiency was converted into a surplus,
and the surplus was further added to the following
week. This improvement in reserve position, how­
ever, was not brought about b y any curtailment or
cutting down of the loans. On the contrary these
loans have been further expanded, reaching new
high records. What has happened is that the
Clearing House institutions have simply been send­
ing collateral around to the New York Federal
Reserve Bank and by the use of such collateral
have established new credits there. Proof of this
is seen in the following tabular statement:
NEW

YORK

C L E A R IN G

H OUSE

IN S T IT U T IO N S .
B ills P a y a b le ,

I r fa n s a n d

R e d is c o u n t s ,

D is c o u n t s .

R e ser v es.

A c ce p ta n ces .

$ 5 ,1 1 1 ,3 6 2 ,0 0 0

$ 3 7 ,4 5 5 ,1 6 0

S 7 3 7 .S 1 2 .0 0 0

1 4 .......................................................... 5 ,1 3 5 ,4 1 9 ,0 0 0

Juno

S u r p lu s

d e l . 6 5 6 ,0 5 0

7 ..............................
2 1 ..................................._ ....................

2 8 ...........................................................

4 , 9 2 9 ,8 1 3 ,0 0 0

3 0 ,4 0 8 ,5 3 0

7 2 7 ,1 1 6 ,0 0 0
6 9 2 ,2 8 6 ,0 0 0

6 4 ,0 7 7 ,1 3 0

5 ............................................................ 5 ,0 1 1 ,4 3 3 ,0 0 0

6 ,4 3 3 ,7 0 0

8 2 3 ,7 8 6 ,0 0 0

1 2 ............................................................ 5 ,0 3 6 ,8 2 5 ,0 0 0

3 3 ,0 8 8 ,2 7 0

9 1 0 ,0 3 6 ,0 0 0

1 9 ....................

2 6 ,2 0 7 ,2 1 0

8 5 5 ,5 0 1 ,0 0 0

2 9 ,6 0 9 ,4 1 0

8 2 9 ,0 6 3 ,0 0 0

4 ,9 8 8 ,0 8 9 ,0 0 0

6 7 ,1 3 9 .8 9 0

8 1 7 ,1 7 0 ,0 0 0

9 .......................................................... 4 ,9 6 6 ,1 7 3 ,0 0 0

J u ly

4 , 9 1 0 ,5 6 6 ,0 0 0

5 1 ,1 3 7 ,5 7 0

26
A ug.

4 ,9 5 8 ,1 1 7 ,0 0 0
..................................... 4 , 8 6 1 ,0 6 3 ,0 0 0

2 ......................................
1 6 ...........................................................

5 , 0 1 1 ,8 3 6 ,0 0 0

2 3 .......................................................... 4 ,9 7 6 ,9 2 5 ,0 0 0
3 0 .................................
S ep t.

6 .........................
1 3 . . . ...................................................
2 0 . ....................

d c f . 8 1 2 ,6 9 0

8 0 4 ,0 0 8 ,0 0 0
7 8 6 ,9 3 1 ,0 0 0
7 9 1 ,3 6 4 ,0 0 0

4 , 9 9 0 ,2 7 0 ,0 0 0

3 3 ,0 3 6 ,4 7 0

8 2 6 ,4 4 5 ,0 0 0

5 ,0 9 5 ,8 7 0 ,0 0 0

3 2 ,0 2 6 ,2 0 0

8 4 4 ,5 2 3 ,0 0 0

4 5 ,6 8 1 ,2 8 0

7 8 8 ,2 4 4 ,0 0 0

5 , 0 8 5 ,6 7 8 ,0 0 0
5 , 3 2 8 ,6 6 2 ,0 0 0

d c f . 5 3 ,1 8 6 ,1 4 0

6 7 5 ,5 0 4 ,0 0 0

.....

5 ,2 9 7 ,4 7 4 ,0 0 0

1 8 ,4 2 2 ,8 8 0

8 0 9 ,9 1 6 ,0 0 0

4 ..........
1 1 ......................................... ' . ............

5 , 3 9 1 ,8 1 7 ,0 0 0
5 , 4 3 3 ,0 0 3 ,0 0 0

3 9 ,6 0 5 .7 4 0
3 7 ,0 6 5 ,1 5 0

8 8 2 ,3 5 2 ,0 0 0
9 3 2 ,6 5 9 ,0 0 0

27
O ct.

5 3 ,0 9 5 ,7 1 0

6 8 5 ,2 4 7 ,0 0 0

The loans, as will be seen, are up to $5,433,003,000.
The surplus reserve last Saturday was of fair pro­
portions, being $37,065,150. The key to the whole
situation, however, is found in the fact that in the
three weeks from Sept. 20 to Oct. 11 the item ol
“ Bills payable, rediscounts, acceptances and other
liabilities” (in which the borrowings at the Federa
Reserve Bank are concealed) has risen from $675,­
504,000, the lowest figure in the time since the
Clearing House statement has been furnishing infor­
mation on this point, to $932,659,000, the very
highest point reached in the same interval. The
practice must now be actively discouraged. This
is imperative since, as we have seen, the New York
Reserve Bank is not in condition to support it any
longer. Even if the effect is to compel a reduction
in Stock Exchange loans there must be liquidation in
war obligations and other investments which form
the basis of borrowing at the Reserve banks. For
obviously further credit and currency inflation must
sooner or later have serious consequences.

V ol . 109.]

not be justified. Throughout the war and ever since
the signing of the armistice, until very recently, events
of incomprehensible magnitude and significance have
followed one another in rapid succession. The world
has become so accustomed to them that anything ol
smaller magnitude seems at first thought unimpor­
tant. The labor situation has been considerably
quieter, following the settlement of the British rail­
way strike, but it is stated that “ labor problems and
the Irish question will have priority over other sub­
jects of discussion when Parliament meets on
Oct. 22.”
King George of England had the distinction and
honor of signing the first complete copy of the Ger­
man Peace Treaty to be ratified and deposited with
the Peace Conference authorities in Paris. He af­
fixed his signature a week ago yesterday and at once
dispatched the document by special messenger to
Paris. In cablegrams from that centre on Monday
announcement was made that President Poincare oi
France had issued two decrees declaring that the state
of war that had existed in France had been ended
and the censorship lifted. It was stated that both
decrees became effective that day. The I rench
Senate ratified the German Peace Treaty a week ago
to-day. It was set forth in the advices from the
French capital that the authorities there took the
ground that the treaty, in effect, had been ratified
by England, Italy and France. Naturally it was
expected that the further necessary steps to make it
effective between those three Powers and Germany
would be taken as rapidly as possible. Among the
more important are the formal promulgation by the
Peace Conference, after the certificates of ratification
had been lodged with it, and the putting of the treaty
into force by that body, which, it was explained,
means “ the settling by the Peace Conference of the
formal date from which Germany’s obligations will bo
calculated.” Attention was called to the fact that
some weeks ago President Ebert, of Germany, had
given due notice to the Peace Conference authorities
of the ratification of the treaty by the National
Assembly of Germany and his signing of the docu­
ment. Tuesday’s dispatches stated that at that time
the Italian ratification certificate had not been re­
ceived in Paris, but that it was expected at any
moment. On Monday the General Secretary of the
Peace Conference received a copy of the German
Peace Treaty which was ratified by the Belgian legis­
lative body several weeks ago and signed by King
Albert.
Announcement was made in a Paris dispatch last
Saturday that the Supreme Council had granted
to the Bulgarian peace plenipotentiaries an extension
of ten days for returning their “ observations” on
the Peace Treaty for their country. This will make
it necessary to have the reply in by October 24.
Paris reported that the Persian Government had
decided to submit the much discussed special treaty,
which it had entered into with Great Britain, to
the League of Nations.

The situation in Fiumc was by no means lost sight
of by Peace Conference authorities nor by careful
students of affairs in Europe. Foreign Minister
Generally and relatively speaking, developments in Tittoni left Rome on M onday to confer with KingEurope were not of a striking character. In compar­ Victor Emanuel at the latter’s shooting lodge before
ison with pre-war times probably this statement could returning to Paris to resume his duties at the Peace




O ct . 18 1919.]

THE CHRONICLE

‘Conference. It was claimed in cablegrams from the
Italian capital that Tittoni was ready to go “ the
extreme limit’ ' in the granting of concessions in order
to secure a settlement of the whole Adriatic problem.
Prominent among the concessions which it was said
he was willing to make was an agreement by Italy
to permit Fiume to become a buffer State between
Jugo-Slavia and herself. This action was reported
to have been approved by the National Council of
Fiume, which, it was said, if the plan were accepted
“ would itself ask D ’Annunizo to retire from the
city.” Paris heard that, upon his arrival in that
city, Minister Tittoni would present to the Peace
Conference a new proposal by his country for the
settlement of the Adriatic dispute. It was under­
stood there that, in addition to Fiume becoming a
buffer State, Italy proposed to “ annex the district
of Volosca, lying between Fiume and Trieste, in order
to establish a joint boundary between Italy and the
State of Fium e.” According to a message sent out
from Rome just as Tittoni was leaving for Paris, his
plan calls also for “ the adding'of the Island of Lagosta
to the other Dalmatian Islands assigned to Italy
under the original division of these islands between
Italy and Jugo-Slavia.” Still further the project
was said to call for “ making Zara, capital of Dal­
matia, a free a city and for its representation diplo­
matically by Italy.”
The Foreign Minister was quoted in the Rome
cablegram as expressing the hope that these con­
cessions “ will be met by the United States in a
spirit of conciliation and in the realization of the
enormous responsibility resting on Washington if
refusal should cause complications compromising
the peace of Italy and perhaps of Europe.”
According to a special cablegram to the New York
“ Times” from Rome under date of last Monday the
inhabitants were greatly disturbed over definite re­
ports of “ the imminent issue of a forced loan— the
first measure of this kind in Italy’s history— which
touches every one who possesses capital exceeding
84,000 calculated at par.” Fear was said to have
been expressed that the people in the southern part
of the country, “ where diffidence about investing
money is still great, will hide their savings, frightened
at the prospect of the loan, and thus keep large sums
out of circulation.” The suggestion was made also
that land owners will be called upon to contribute
according to the value of the land, but that those who
did not possess ready money would have to sell their
property. It was even stated that the great indus­
trial owners would be required to contribute almost
half their capital. A commission representing the
leaders of industry was reported to have placed the
situation before the Premier and to have asked him
“ to mitigate the provisions of the loan.” According
to the dispatch the announcement caused a panic
on the Rome Stock Exchange. The fear was ex­
pressed throughout the country, according to the
correspondent, that “ the forced loan will have the
effect of driving manufacturers to foreign countries,
while foreign investors, will refuse to place their
money where such unforeseen blows occur.” The
Government in defense of its proposal of the loan is
said to have pointed out that in the judgment of its
leaders “ a forced loan is the only way to escape from
the impossible financial situation.” The war debt
was placed at 820,000,000,000, while the resources of
the country, it was stated, “ are absolutely inade­
quate to provide interest on such an enormous sum .”




U 91

It is expected that the forced loan would jdeld from
$4,000,000,000 to 85,000,000,000 and the Govern­
ment was reported to have entertained the hope of
obtaining “ about the same amount as war indemnity,
and so be able to reduce the war debt by half, which
will render the collection of interest through taxation
more tolerable.” According to a special cablegram
from Milan under date of Oct. 15, announcement
had been made there that “ the forced loan as pre­
pared by special commission of twenty members—
financiers, bankers, Senators, &c.— is now indefi­
nitely postponed owing to strong opposition from
other bankers and financiers.”
On Wednesday afternoon the Clemenceau Ministry
was given another vote of confidence in the Chamber
of Deputies. The ballots cast in its favor totaled
324, while the opposition polled only 122. The ques­
tion at issue was the chronological order of the elec­
tions, placing the legislative elections first on N ov. 10
and the senatorial and municipal elections later. The
opposition was led by former Premier Aristide Briand
and was spoken of “ as the bitterest and best organized
assault which the Ministry had ever faced.” Premier
Clemenceau, in the course of a speech, which was
said to have been one of his best, said: “ The whole
subject in a nutshell is, we are emerging from five
years of war, a condition which you seem to forget.
I am willing to repose confidence in the French
people. I ask this Chamber to give me its confi­
dence.” In a speech a few days before on the Ger­
man Peace Treaty the venerable Premier observed
that “ the future of the German Empire is not on water
as it used to be, but under the water.”
The “ Daily Sketch” of London announced a few
days ago that “ the commission proposed recently
to delegate increased authority to the different parts
of the United Kingdom, has been completed and
consists of 1G members each from the House of
Lords and the House of Commons.” According to
this newspaper “ the commission will report on
schemes for Home Rule and separate Parliaments
in Wales, Scotland and England, as well as Ulster
and Dublin.” It is stated furthermore that “ these
Parliaments will be under an Imperial Parliament,
and the names of the members of the new commis­
sion will be announced shortly.”
Official discount rates at leading European centres
continue to be quoted at 5% in London, Paris, Berlin,
Vienna and Copenhagen; 5 % % in Switzerland, 6%
in Sweden, Norway and Petrograd, and 4J/£% in
Holland and Spain. In London the private bank
rate has remained at 4 % @ >4^% for sixty days and
4 ^ @ 4 % % for ninety days. Call money in London
is still quoted at 2 j^ % . So far as can be learned, no
reports have been received by cable of open market
discount rates at other centres.
Another decrease in gold was reported by the
Bank of England in its weekly statement, namely,
£44,322, although the total reserve registered an
expansion of £056,000, note circulation having been
reduced £701,000. The proportion of reserve to
liabilities, as a result of an almost spectacular re­
duction in deposits and Government securities, was
advanced sharply to 18.70% , which compares with
15.45% last week and 17.10% a year ago. In round
numbers the contraction in public deposits was

THE CHRONICLE

1492

£925,000, while other deposits were reduced £20,­
479,000, and Government securities £22,885,000.
Loans (other securities) showed a gain of £895,000.
The Bank’s gold holdings now stand at £88,082,372.
Last year the total was £73,196,890, and in 1917
£56,035,326. Reserves aggregate £22,827,000, as
against £28,650,090 in 1918 and £32,846,046 the
year preceding. Loans total £82,602,000, in com­
parison with £96,616,804 a year ago and £100,­
359,198 in 1917. Circulation is now £83,702,000.
This compares with £62,996,800 and £41,639,280
one and two years ago, respectively. Clearings
through the London banks for the week amounted
to £674,860,000, in comparison with £590,430,000
last week and £456,425,000 a year ago. We ap­
pend a tabular statement of comparisons:
B A N K OF EN G LA N D 'S C OM PARATIVE ST AT EM E N T .
1915.
1916.
1918.
1917.
1919.
20.
18.
16.
17.
15.
£
£
£
£
£
83,702,000 62,996,8*0 41,639,280 36,667,860 32,573,345
22,227.000 34,257,747 42,731,954 55,589,446 46.128,445
99,866,000 133,664,581 132,669,335 108,495,580 98,380,914
36,479,0*0 60,265,045 59,231,870 42.187.S40 18,896,781
82,602,000 96,616,804 100,359,198 101,389,822 93,618,396
22.827,000 28,650.090 32,846 046 38,237,291 44,762,225
Coin and bullion___ S8.0S2.372 73,196,890 56,035,326 56,455,151 58,885,570
Proportion of reserve
31.00%
23.30%
IS .80%
17.10%
18.70%
to liabilities-------5%
6%
5%
5%
5%
Bank rate................-

Ot.
c

Ot.
c

O
ct.

O
ct.

O
ct.

The Bank of France, in its weekly statement,
shows another gain in its gold item, the amount this
time being 355,975 francs. The total gold holdings,
including 1,978,278,416 francs held abroad, now
amount to 5,574,831,175 francs, comparing with
5,439,853,034 francs last year and with 5,324,509,974
francs the year before (both of these latter amounts
include 2,037,108,484 francs held abroad). During
the week general deposits were increased 78,387,119
francs, while Treasury deposits were augmented to
the extent of 13,955,995 francs. On the other hand,
a decrease of 733,314 francs in the silver item was re­
ported, and bills discounted fell off 215,455 francs.
An expansion of 73,186,510 francs occurred in note
circulation, bringing the total amount outstanding
up to 37,169,391,635 francs, comparing with 30,630,­
952,720 francs in 1918 and with 21,680,180,630 francs
in 1917. On July 30 1914, just prior to the outbreak
of war, the total outstanding was but 6,683,184,785
francs. Comparisons of the various items in this
week’s return with the statement of last week and
corresponding dates in 1918 and 1917 are as follows:
B A N K OF FRANCE'S COM PAR ATIVE ST A T E M E N T .
----- ------------------ 1
—
--------------------------Changes
16 1919.
17 1918.
18 1917.
for Wee t .
Gold Holdings—
Francs.
In France_____.-_ Inc.
_
355,975 3,596,552,759 3,402,744,549 3,287,401,489
1,978,278,416 2,037,108,484 2,037,108,484
Abroad___________
No change

Ot.
c
Fn
ra cs.

Total______ ____ Inc.
Silver....... ...............Dec.
Bills discounted. .Dec.
Note circulation. .Inc.
Treasury deposits.Inc.
General deposits..Inc.

S tu a of
ta s s
Ot.
c
Fn
ra cs.

O
ct.
Fn
ra cs.

5,439,853,051 5,321,509,974
256,964,498
319,554,365
606,338,178
841,801.928
846,220.533 1.137,452.632
73,186,510 37,169,391,635 30,630.952,720 21,680,180,630
35,602,574
59,497,377
70,692,544
13,955,995
73,387,119 2,840,848,121 2,856,535,187 2,859,533,207
355,975
733.314
215,455

5,574,831,175
289,869,117
937,993,963

The Imperial Bank of Germany in its statement,
issued as of Sept. 30, shows further declines in its
gold holdings, and a heavy increase in note circu­
lation, this latter amounting to 1,165,063,000 marks.
Other increases were 427,086,000 marks in Treasury
notes and 7,602,000 marks in advances. Treasury
bills registered the huge expansion of 5,404,135,000
marks and deposits 4,685,370,000 marks. Total
coin and bullion was reduced 553,000 marks and
gold 412,000 marks. Notes in circulation declined
1,114,000 marks. Investments were contracted 2,­
692,000 marks, securities 95,234,000 marks and
liabilities 111,140,000 marks. The Bank’s stock of
gold has been reduced to 1,096,571,000 marks. In
the same period of last year the total held was 2,­
447,340,000 marks and in 1917 2,404,000,000 marks.



[V o l .

ioa.

Note circulation has reached a total of 28,188,­
590,000 marks, which compares with 15,334,360,­
000 marks in 1918 and 10,204,940,000 marks the
previous year.
Probably the most interesting feature of last
Saturday’s statement of New York associated banks
and trust companies, which is given in greater detail
in a subsequent section of this issue, was the further
expansion in loans of 841,180,000, bringing that*
item up to 85,433,003,000, or the highest point
ever recorded by the New York Clearing House.
Notwithstanding this increase, however, reserves
showed only a comparatively small falling off. Net
demand deposits were reduced 815,663,000, to
84,193,391,000, (Government deposits of 8362,­
089,000 deducted), although net time deposits in­
creased 85,474,000, to 8273,795,000. Other changes
were an expansion of 85,507,000 in cash in own
vaults (by members of the Federal Reserve Bank) to
898.726.000 (not counted as reserve), a decline of
84.695.000 in reserves in the Reserve Bank of mem­
ber banks, to 8571,713,000, and an increase in
reserves in own vaults (State banks and trust com­
panies) of $372,000, to $10,972,000. Reserves in
other depositaries (State banks and trust companies)
showed a falling off of $84,000, to $12,146,000.
The loss in aggregate reserves totaled $4,407,000,
which brings the amount on hand to $594,831,000,
while surplus, owing to a reduction in reserve re­
quired of $1,866,410, was contracted only $2,540,590,
so that the total of excess reserves is still above
$37,000,000— in round numbers, $37,065,150. rlh e
figures given here for surplus are based on legal
reserves of 13% for member banks of the Federal
Reserve system, but do not include cash in vault
held by these banks, which amounted last Saturday
to $98,726,000.
There is no denying that money at this centre
was decidedly firmer this week. Rates for time
accommodations rose steadily until yesterday when
bids of i y 2 to 8 % were reported. A few small
amounts were loaned, but generally speaking the
offerings of new money for the longer periods were
extremely small. In fact, in some banking circles
the statement was made that no new money was
being put out for 60 and 90 days and for longer
periods. Loans of regular clients were being re­
newed, it was admitted, in most instances. The
quotations for call money were high all week, and
there were no signs of a break until about 2 o ’clock
yesterday afternoon when a quotation of 6% for
mixed collateral accommodations was reported. It
was assumed that by that time most of the loans
for the balance of the week had been arranged.
All industrial loans were still quoted at 10% . The
statement was published a few days ago that those
who were speculating most actively in stocks did
not care very much if they had to pay 15% for call
money, which rate was touched the day before, so
long as the securities in which they were dealing:
advanced anywhere from 5 to 15 points in a single
Stock Exchange session. This may be all right
in a way, but the figures for several weeks have
shown that an unstable monetary position was
being built up at this centre. Brokers’ loans have
increased materially so that this week they were
estimated at $1,500,000,000. The banks are known
to be borrowing in increased amounts from th e

O ct . 18 1919.]

THE CHRONICLE

1493

Nte 1. Acceptances purchased in open market, minimum rate 4 % .
o
Federal Reserve banks.
Interior institutions are
Nte 2. Rates on paper secured by War Finance Corporation bonds. 1% higher
o
reported to have withdrawn their funds freely for than on commercial paper of corresponding maturities.
Nte 3. Whenever application
o
banks for renewal of 15-day
use at home. The situation obviously has menac paper, the Federal Reserve banks is made by membernot exceeding that for 90-day
may charge a rate
paper of the same class.
ing possibilities, if speculation is permitted to con­
Rates for commodity paper have been merged with those for commercial paper
of corresponding maturities.
tinue at the recent high rate, very much longer.
Referring to specific rates for money, call loans
In sterling exchange, continued offering of cotton
this week covered a range of 6 @ 1 5 % , which com­ and other commercial bills has been the most con­
pares with 6 @ 1 2 % last week. M onday was a spicuous feature of an otherwise dull week, and this
holiday (Columbus D ay). On Tuesday the maxi­ was mainly responsible for a further recession to
mum was 15% , with 8 % the low and ruling quotation. 4 15)4 in the rate for sight bills; though the receipt
Wednesday’s range was 9 @ 1 5 % , and 9 % the basis of bw er quotations from abroad, as well as the
for renewals. Only one rate was quoted on Thurs­ unfavorable labor situation here, were both import­
day, all loans on call baing put through at 10%, ant influences in the downward movement. In the
which was the high, low and renewal basis. On opinion of bankers, however, sterling quotations are
Friday 10% was the highest, 6% the minimum and showing a degree of firmness— when compared with
10% for renewals. This is only the fifth time in the continental rates— which is taken to indicate the slow
last ten years when renewals have been negotiated but steady improvement in Great Britain’s economic
as high as 10%. These figures apply alike to both position and consequent ability to meet all financial
mixed collateral loans and all-industrials. For fixed obligations. While some uncertainty has existed as
maturities the undertone has also shown increased to the possibility of a new British loan being floated
firmness and all-industrial money has been advanced to meet the maturing United Kingdom of Great
to 6> £@ 7% , against G% a week ago. Mixed Britain and Ireland three-year gold-secured 5 )^ %
collateral loans are now quoted at 6)/£%, against 6% notes, it is now generally understood in financial
for all periods from sixty days to six months the circles that these notes are to be paid off by J. P.
preceding week. Time money is extremely scarce Morgan & Co. The original issue of this maturity
and trading was limited to a few small loans for sixty amounted to 8150,000,000, but only about 8134,000,­
and ninety day periods.
000 are still outstanding, some 816,000,000 having
Commercial paper remains without change from already been retired. It is stated that the British
5 l @ 5^2% for sixty and ninety days’ endorsed bills
A
Treasury has large cash balances in this country and
receivable and six months’ names of choice character will in all probability not do any immediate financing
Names not so well known still require 5)/£%. Trad­ here.
ing was quiet and featureless, with no indication of
The more or less general observance of Monday as
activity in any direction, owing largely to the scarcity a holiday (Columbus D ay), together with the em­
of offerings.
bargoes imposed upon shipping by the strike of dock
Banks’ and bankers’ acceptances have only been workers at this port, served greatly to restrict trading
dealt in to a moderate extent, which is easily explain­ operations, so that transactions in the aggregate at­
able by the temporary flurry in the call market, and tained only moderate proportions and the market
brokers are of the opinion that very little improve­
was a dull affair, with closing prices the lowest of the
ment need be looked for until money rates relax week.
Quotations have ruled firm and still unchanged.
Detailed inquiry among leading bankers and ex­
Loans on demand for bankers’ acceptances continue porters reveals the fact that Government intervention
to be quoted at 4 )4 % . Detailed rates follow:
is being more and more looked to for the successful
So D ’U
pt eltcei -------------- D ery
eliv
S ty
ix
T irty w in inauguration of whatever general plan of export
h
ith
Dy
a s.
Dy
a s. 30 Dy finance is finally decided upon to enable European
as
.4 , .@ 4 M
/
*'i@*, * 4 tf,@ 4
X
4 Mbill
i
4X C 44^ ,
a A e®
M A A i Did customers to resume purchases of raw materials and
M
-5>i @ 4 H 5 jf @
4M 5«<5 4K 6 bid
N ety
in
D ys.
a

No changes in rates, so far as our knowledge goes,
have been made the past week by the Federal Re-'
serve banks. Prevailing rates for various classes
of paper at the different Rederve banks are shown
in the following:
____________ D I S C O U N T

RATES OF FED ERAL

C ASF
L S.S
O
F
D C U T A DL A S
IS O N S N O N .

c
©
©

D u ts—
isco n

"©
’
K

©
©
a.

g

RESERVE

*©
K
©
g

©
K

©
©
»
©

RANKS.

5?
©
a.

©
©
Q

©

s

5

G
©

1

©
©
S
f

1

Within 15 days. lncl. member
banks' collatcial notes____ 4
4
4
4
16 to 60 days' maturity_
_
4?4
'
4
61 to 90 days’ maturity_
_
4
4%
Agricultural and live-stock
paper, 91 to ISO daysinel.. 5
5
5
Secured by U. S. certificates
of indebtedness—Within 15 days, including
member banks’ collateral
4
Secured by Liberty bonds and
Victory Notes—
Within 15 days, including
member banks’ collateral
4
Secured by U. S. Government
war obligations—
16 to 90 days’ maturity___ 4 X 4
—
4
4
16 to 90 days' maturity......... 4

H4 A 4 Y
x 4 4M 4 MA A
MM
H
i'4 A
M
A y A
M x M 4Y
5
5
5 5 5 MS M 5
M5 ML
M

T d A ta ces
ra e ccep n

.„ .

V Y /X,

5*

4

.

Ai .
M

4

4
M

4

4

A
M

A MA
MA M

MA . A MA 4 m A A A MA
M MA M
M M MA M
M4 M4 M4 Y A A A A
e
M
M
MA M
MA
4 MA A A A A 4 l
MMMMMM
M
A
° a c c e p ta n c e s m a t u r in g w it n t n 15 d a y s , 4 % ; w ii

'

16 to 60 days, 4 J i% , and within 01 to 90 days, 4 H % .
caper>I,lle8 ° n l y t0 mcmt3er b a n k a ’ collateral notes; rate of A M % on customers’




other commodities upon an important scale in this
country, and it is learned that renewed representa­
tions are being made to the Federal authorities by
banking interests at this centre, with the idea of
securing some sort of co-operative action designed
to stabilize foreign exchange and sustain export
credits. It is argued that the task is one far too
weighty for private initiative alone. M any, how­
ever, still adhere to the belief that the problem should
be met by private initiative alone. One factor
which is still retarding the granting of liberal inde­
pendent credits is the unwillingness of Europeans to
meet American bankers’ views on the subject of
interest rates.
Referring to the day-to-day rates, sterling ex­
change on Satruday of a week ago was steady and
fractionally higher; demand bills advanced to 4 18)4
@ 4 19)4, cable transfers to 4 1 9 )4@ 4 20 and sixty
days to 4 16jbg(5*4 i /, though trading was not active.
Monday was a holiday (Columbus D ay). Weak­
ness dc\eloped at the opening on Tuesday, largely
as a lcsult of an accumulation of bills over the week­
end, and rates declined to 4 17)4@ 4 18 for demand,
4 18)4@ 4 18)4 for cable transfers and 4 15)4@ 4 15)4
for sixty days. On Wednesday there was a further

1494

THE CHRONICLE

[V ol . 109.

levels. Advices from B
erlin state that Germ
any is to
issuea5%pr3iniumloan am
ounting to 5,000,000,000
m
arks, the interest on w
hich w be payable only w
ill
ith
the principal on th3 redem
ption of the loan. Induce­
m
ents are to be offared in the shape of bonuses and
draw
ings w a num of prizes of 1,000,000 m
ith
ber
arks
each.
Som talk has been heard lately of the possibility
e
that a new m
edium of exchange w be adopted in
ill
the not distant future. As is, of course, w known,
ell
the tw great exchange m
o
edia are at present the pound
sterling and the Am
erican dollar. These undoubtedly
w be the basis of practically all im
ill
portant inter­
national transactions for a good w
hile t6 com But
e.
there is room it is contended, for a third exchange
,
m
edium w
hich has the requisite elem of stability,,
ent
particularly in Central and Eastern Europe, and for
this purpose it seem logical to assum that the Sw
s
e
iss
franc w be chosen to replace the above m
ill
entioned
exchanges, because of the fact that as a monetary
unit its value is the sam as the French franc, the
e
Italian lire and the Spanish peseta and because, of
its attributes of strength in the m
arkets of the w
orld
during the past five years. O of the greatest
ne
W
eakness w the predom
as
inant feature of dealings
s
in Continental exchange. O ing to the interruption problem in selling to or buying from the countriesw
of Central and Eastern Europe under current condi­
of a legal holiday (Colum
bus Day), and the uncer­
ent of a basis of paym
ent
tainties governing the m
ovem
ent of shipping w
hich tions, is the establishm
hich w be satisfactory to both buyer and seller.
ill
have resulted from the strike of longshorem at the w
en
ous
port of New York, large operators show an indis­ With the enorm depreciation of the pound sterling,
ed
this leaves practically only the dollar and the Sw
iss
position to enter into im
portant new com itm
m ents,
franc, and the latter is likely to be highly favored in
and trading w dull and inactive. In consequence,
as
offerings w largely in excess of the dem
ere
and and these countries, not only for its intrinsic qualitiesr
hich is thoroughly
sharp declines w noted in nearly all of the ex­ but becauseit is atype of currencyw
ere
fam
iliartom
erchants andbusiness m at suchcentres.
en
changes. Italian lire broke to 10.18 for sight bills,
The official check rate in Paris finished at 36.49, as
w
hich is 1 point below the previous low record and a
pared w 35.49 last w
ith
eek. In New York sight
loss during the w of 24 points. In the opinion of com
eek
som bankers an added factor in this decline has been bills on the French centre closed at 8 69, against
e
m
the perceptible falling off in the outw m
ard ovem of 8 48%; cable transfers at 8 67, against 8 47; com er­
ent
cial sight at 8 71, against 8 50%, and com ercial
m
Italians fromthis country, w
hich has occasioned a cor­
eek ago.
responding dim
inution in the dem
and for exchange on sixty days at 8 75, against 8 54% a w
Belgian francs, w
hich have m
oved in sympathy w
ith
Rome. Francs also dropped heavily, touching at one
the other exchanges, ruled w
eak and finished at 8 72
tim as low as 8 78, for checks, or 18 points low
e
.
er
ittances at 8 70, against
than a w ago, though no specific activity or reason for checks and cable rem
eek
8 46 and 8 44 the w
eek previous. Germ reichs­
an
w assigned therefor, and the close w som hat
as
as
ew
m
arks closed at 3 60 for checks and 3 62 for cable
above this figure. According to som authorities,
e
parison w 3 80 and 3 85 last week.
ith
very shortly new French financing is to be an­ transfers, in com
The final quotation on Austrian kronen w 00.88 for
as
nounced to replace the issues of notes on French cities
checks and 00.92 for cable transfers. This com
pares
that m
ature Nov. 1, w
hile rum are in circulation
ors
w 1.25 and 1.30 on Friday of the preceding week.
ith
in financial circles that a pow
erful group of French
financial, com ercial and industrial interests con­ Exchange on Czecho-Slovakia finished at 2 90,
m
tem
plate the creation of a newcom
pany w a capital against 3 80; on Bucharest at 4 85, against 5 80; on
ith
of $10,000,000 for the developm of French business Poland at 2 90, against 3 45, and on Finland at 4 10,
ent
w South Russia. In the case of the Teutonic ex­ against 5 15 at the close on Friday of last week.
ith
changes, spectacular w
eakness developed in Austrian Lire finished at 10.16 for bankers’ sight bills and 10.14
ittances. A w
eek ago the close w
as
kronen, w
hich this w sold at less than a cent per for cable rem
eek
9 94 and 9 92. G
reek exchange is slightly firm and
er
kronen and have established a new low of .0088, by
far the low point ever recorded, w
est
hile Reichsm
arks has advanced to 5 77 for checks and 5 75 for cable
hich com
pares w 5 80 and 5 78 the
ith
w also conspicuous for w
ere
eakness, w a drop to transfers, w
ith
previous quotations.
3.60 for checks, though this is still above the previous
low record. The persistent w
eakness in m
ark ex­ As to the neutral exchanges trading continues dull
inal. When com
pared w the exchanges
ith
change is occasioning som surprise in banking circles, and nom
e
of form belligerant centres, the undertone w
er
as
especially in view of the steady im
provem
ent in ex­
relatively firm though rate variations have been
,
ports lrom Germ
any, but is probably in part explained
iss
by selling against the huge purchases o foodstuffs and slight and without especial significance. Sw
t
frances w
ere w m
ell aintained, w
hile both guilders
raw m
aterials here. Calls are being put out on the
.
ittances on Stockholm and Copen­
basis of 5%c. for a consideration of $300 for nine ruled firm Rem
hagen and Christiania ruled irregular, closing at frac­
m
onths per 100,000 m
arks. Speculation, how
ever,
ere
has for the tim being dw
e
indledto relatively sm pro­ tional declines. Pesetas w a shade easier also.
all
Bankers’ sight on Am
sterdam finished at 38,
portions, and the expectation appears to be that ex­
change on Berlin is likely to establish still low against 37%; cable transfers at 38%, against 37%;
er

recession, w dem
ith
and bills at 4 17@4 17%, cable
transfers at 4 17%@4 1834 and sixty days at 4 14%
@4 15%. No im
provem
ent w noted on Thurs­
as
day and though trading w dull, dem
as
and bills
registered an additional decline to 4 16%@4 16%,
cable transfers to 4 17@4 17% and sixty days to
4 13%@4 14%. Friday’s m
arket w
as irregular
and weak, w the range for dem 4 15%@4 15%,
ith
and
cable transfers 4 16@4 16% and sixty days at
4 13@4 13%. Closing quotations w 4 13 for sixty
ere
days, 4 15% for dem and 4 16 for cable transfers.
and
Com ercial sight bills finished at 4 15, sixty days
m
at 4 11%, ninety days at 4 11, docum
ents for pay­
m
ent (sixty days) at 4 12% and seven-day grain
bills at 4 14%. Cotton and grain for paym
ent
finished at 4 15. Gold consignm
ents during the
w
eek w
ere at a m
inim , partly because of the
um
shipping em
bargo and also as a result of the fall in
exchange rates, m
aking all such transactions un­
profitable. The only shipm
ent noted has been
$55,000 w
ithdraw from the Sub-Treasury for ex­
n
port to South Am
erica.




O ct. 18 1919.]

THE CHRONICLE

com ercial sight at 37 15-16, against 37 9-16, a
m
com ercial sixty days at 37 9-16, against 37 3-16
m
a w ago. Sw francs closed at 5 63 for bankers’
eek
iss
sight bills and 5 61 for cable transfers. Last w
eek
the close w 5 63 and 5 61. Copenhagen checks
as
finished at 21.50 and cable rem
ittances at 21.65,
against 21.35 and 21.50. Checks on Sw
eden closed
at 24.30 and cable transfers at 24.45 against 24.65
and 24.80, w
hile checks on Norway finished at 22.80
and cable transfers at 22.95, against 22.95 and 23.05
the previous w
eek. Spanish pesetas closed the w
eek
at 19.07 for checks and 19.14 for cable rem
ittances,
w
hich com
pares w
ith 19.10 and 19.18 last w
eek.
With regard to South Am
erican exchange, the
situation rem
ains about as heretofore and the rate
for checks on Argentina has not been changed from
4234 and cable transfers at 423^, w
hile for Brazil
the check rate is still quoted at 25% and cable
transfers at 25%. Chilian exchange rem
ains at
19.88 and Peruvian at 4 81@4 82, unchanged.
Far Eastern rates are as follow Hong Kong
s:
89%@89%, against 89@89%; Shanghai, 137@137%,
against 138@138%; Yokohoma, 50%@51, against
59%@50%; Manila, 4S%@49 (unchanged); Singa­
pore, 50%@50% (unchanged); Bombay, 43%@
43%, against 43%@44, and Calcutta (cables) at
43%@43%, against 43%@44.

1495

tour for the Treaty indicated that the physical
collapse w really serious, and the seem lack of
as
ing
definiteness in the early bulletins of his physicians
gave scope for im
agination. The first public declar­
ation by his personal physician, Adm
iral Grayson,
that “the President is a very sick man,” itself did
m
uch tow
ard creating unfavorable inference. Very
probably, Adm
iral Grayson purposely em
phasized
h language for the purpose of explaining and de­
is
fending the com
plete w
ithholding of public business
from the President. But the fact rem
ains that
such a statem w
ent ould ordinarily be taken to justify
a really grave situation.
Fortunately, it seem to be indicated that the
s
public exaggerated the seriousness of the case. Recent
bulletins have indicated continuous recovery; though
the physicians still insist that Mr. Wilsonbebedridden
for at least several w
eeks to come,and there is sug­
gestion that a slight operation m have to be per­
ay
form
ed. D
iscussion of possible resultant circum
­
stances has in the m
eantim already found voice
e
at W
ashington. Politically, how
ever, the only
im ediate in
m
feren
ce, is the apparent bearing of
this physical setback on the discussion, vaguely
prevelant before, of the President’s running again
for re-election.
We suppose that no one w great!}' surprised
as
at som
ething like a physical breakdow of the Presi­
n
ental and physical strain of the four
The New York Clearing H
ouse banks, in their dent. The m
aris Conference m
ust
operations w interior banking institutions, have months’ participation in the P
ith
gained $5,101,000 net in cash as a result of the cur­ have been very great—not less so, in that the Presi­
as
rency m
ovem
ents for the w
eek ending Oct. 17. dent w repeatedly placed in the position of oppos­
ost
Their receipts from the interior have aggregated ing alm single-handed certainpolicies and purposes
of h fellow
is
-negotiators, and of doing so at critical
88.997.000, w
hile the shipm
ents have reached $3m ents in the negotiations. This strain w
om
as
896.000. Adding the Sub-Treasury and Federal
R
eserve operations and the gold exports, w
hich certainly not alleviated by the President’s insistence
n
together occasioned a loss of $95,660,000, the com on keeping all of the real responsibility in his ow
­
bined result of the flow of m
oney into and out of hands.
Returning to the United States, he w at once
as
the New York banks for the w
eek appears to have
confronted by an acrim
onious contest w
ith the
been a loss of $90,559 000, as follow
s:
m
ajority of the Foreign Relations Committee; in
W en in O \ . .
cck d g ct. ~
In
to
Ot of
u
N a ein
ltn
hich he w constantly brought into sharp indi­
as
Hn s. .
ak
Bn s. Bet Co g g w
ak
o kHld s.
n
in
Banks’ Interior movement
vidual controversy, yet often w
ithout the possibility
S8.997.000
$3,890,000 Gain *,'.,101,000
Sub-Treasury and Fed. Reserve operations and gold exports............
19,100,000
114.7GO.OOO Loss 95,000,000
of speaking out. Before this particular tension w
as
Total..... ...............
*28,103,000 $118,002,000 Loss $90,559,000 anyw
here nearly ended, the President undertook the
ide
The follow table indicates the am
ing
ount of bullion exacting task of a nation-w speaking tour onthe
Treaty, w
ith the unrefreshing rest of a Pullm
an
in the principal European banks:
sleeper betw
een his speeches. It w
ould be hard
O 10 1919.
ct.
O 17 1918.
ct.
Bn s of—
ak
to conceive of a course of action better calculated
Gld
o.
S er. | Tta
ilv
o l.
G .
eld
Silccr.
) Tta
o l.
to break dow the nervous system of any hum
n
an
£
£ ! £
£
£
£
I'Llgland.. 88,082,372
-— 88,082,372 73,190,890
being. When one considers that all these tests of
................ 73,196,890
Francen. . 143,862,110 11.500.000 155,422,110 136,109,780 12.760.000 148,809,780
Germany. 54,849,250
972,450 55,821,700 127,464,150 5,682,210 133,146,360
physical endurance follow the four-year strain
ed
Russia
129,650,000 12.375.000 142,025,000 129,050,000
Aus-llun c 10.931.000 2,359,000; 13,290,000 11,008,000 12.375.000j 142,025.000
2,289,O O 13,297.(M ) im
O
M
posed on the Am
erican Executive by the w the
ar,
Spain____ 90.408.000 25,020, O O 122,028,000 88.215.000
Oj
Italy......... 32.216.000 2,980,000| 35,196,000 32.729.000 25.968.000.114,183,000
3,070,000, 35,799,000
reaction is certainly not surprising.
Netherl’ds 52.082.000
401,000' 53,083,000 59.032.000
600,O O 59,632,000
Oj
Nat. Bel. l> 10.612.000
1,119,000; 11,701,000 15.380.000
600.000 15,980,000
Every citizen w trust that the President is soon
ill
Swlu'land 18.932.000 2,483,0001 21,115,000 15.260.000
................! 15,206,000
Sweden__ 10.675.000
--- . . .
10,075,000 14.679.000
................ 14,079,000
Denmark. 10.910.000
to be again in condition for resum
ption of active
179,0001 11,095,000 10.366.000
131.000 10,497,000
Norway. 8,162,000
----8,102,000 6,748,000
................| 6,748,000
participation in the public business. The episode
Tot. week. 074,007,732 00,043,450 734,050,182 719,843,820 03,475,210 783,319,030
Prcv. week 673,701,815 00,108,450 733,930,205 719,350,439 03,773.360 783,123,799
has, how
ever, necessarily revived discussion of the
status w
hich a prolonged or perm
anent disability
neici uuruau.
■ -* No figures reported since October 29 1917.
w
ould have created. Even in the case of early and
C Figures lor 1918 aro those given by "British Board of Trade Journal” fur
Dec. 7 1917.
com
plete recovery by the President, w shall prob­
e
h Figures lor 1 9 18 are th o se of A u g u s t 6 1 9 1 4 .
ably hear m of it. The position in that regard
ore
is really peculiar. 1h m
e atter of a possible dis­
ability of a I resident of the United States, so great
THE PRESIDENT’S ILLNESS.
as to interfere w his necessary functions for an
ith
It w inevitable that the circum
as
stances sur­ indefinite and unknow period, is dealt w
n
ith by
rounding President Wilson’s illness should have the Lnited States Constitution only in general
started random gossip and conjecture, both as to term Article II., Section 1, provides as follow
s.
s:
the gravity of the case and as to its political signifi­
In case of the rem
oval of the President from office,
cance. The sudden term
ination of Mr. Wilson’s or of h death, resignation, or inability to discharge
is




1496

THE CHRONICLE

the pow and duties of the said office, the sam
ers
e
shall devolve on the Vice-President, and the Congress
may by law provide for the case of rem
oval, death,
resignation or inability, both of the President and
Vice-President, declaring w
hat officer shall then
act as President; and such officer shall act accord­
ingly until the disability be rem
oved, or a President
shall be elected.”
It m be rem bered that w the Constitution
ust
em
hen
w adopted, the situation created now-a-days by
as
such tem
porary substitution could hardly have been
anticipated. If it had been, the fact that the original
provisions for choosing the Vice-President by allot­
ting that office to the Presidential candidate w the
ith
second largest vote—practically ensured a Vice-Pres­
ident of the opposite party becom President, w
ing
ould
presum
ably have suggested m
uch m specific lan­
ore
guage regarding the substitution in the case o Presi­
t
dential disability. The paragraph regarding action
in case of death or disability of both President and
Vice-President w the basis originally for a Congres­
as
sional law of 1792, providing that in such case, the
President pro tem
pore of the Senate, and in default
of such an officer, the Speaker of the House, should
act as President until the disability w rem
as
oved. If
the office w m
ere ade vacant by death, a special Pres­
idential election A a to be held at the regular tim
vs
e,
but in the sam year. This act A a superseded by the
e
vs
Presidential Succession Law of January, 1886, A h h
v ic
provides that in case of death or disability of both
President and Vice-President, “a m ber of the Cab­
em
inet shall, in the fo A 'in order act as President until
llo A g
the disability is rem
oved or a President elected: The
Secretary of State, Secretary of the Treasury, Secre­
tary of War, Attorney-General, Postm
aster-General,
Secretary of the Navy, Secretary of the Interior;” any
such successor being required to call Congress into
session im ediately.
m
But the Constitutional Convention gave no indi­
cation as to Avhat procedure should be folloAved in
determining officially the fact of a President s dis­
ability. The precedent of constitutional goA o ­
d rn
ments in Europe (as in the appointment of a regency
in England during the madness of George III.)
pointed to action by the legislative body; but even
that particular precedent occurred tA 'enty years
V
after the framing of our Constitution. In our O v
An
fundamental laA nothing is said as to A
v,
vhen or under
Avhat circumstances either Congress or any other
determining body should act.

It A a easy to see that if an Am
vs
erican President
w
ere, for exam
ple, to go insane like G
eorge III,
and if no question existed am
ong m
edical experts
as to his condition, action A o ld be unavoidable.
vu
But there rem
ained the question as to w
hat w
ould
be done in case of conflicting opinion, not only
am
ong the legislators, but am
ong the m
edical ex­
perts, as to the extent of such disability—a situation
not at all difficult to conceive. During the period
of several m
onths in A h h Presidents G
v ic
arfield and
McKinley A e e physically incapacitated as the result
vr
of an assassin’s attack, Congress w not in session.
as
Both episodes covered the sum er m
m
onths; there
A a no pressing public business, and the m
vs
atter did
not have to be decided.
In a hypothetical case, it is easy to imagine a A v k Avard circumstances arising. They Aould be modi­
A
r
fied by the fact that, under the Congressional stat­
utes already cited, no one could succeed the Presi­
dent, or act as substitute for him, except an official



[V ol . 109.

of his own political faith. There could hardlyT
therefore,arise a movement for such declaration of
disability on purely partisan grounds, by an oppo­
sition Congress, unless the President and his lawful
successor under the Constitutional provision A
vere
knoAvn to have differed regarding vital questions
of public policy. Nevertheless, serious discussion
A ill be occasioned, in and out of Congress, as to Avhat
v
Aould properly be the mode of procedure in a quite
\
T
conceivable future case of the sort Ar
\ith a really
serious political bearing. It is not Avithout force
that Avriters on the Constitution describe the lack
of definite provision for the course of action in such
a matter as one of the weakest points in our funda­
mental law.
/

THE RESTORATION O “CONFIDENCE” BE­
F
TWEEN LABQR AND CAPITAL.
DoAvn the street a little A
vay they are erecting, on
a corner, a tAvelve-story business building. It is a
stirring picture of united American industry. The
skeleton frame of steel A
vork is almost completed. A
huge sAvinging crane, A
vhile A e watch, lifts a truck­
v
load of steel beams high in air. At a corner, a single
workman at a windlass, A
vith block and tackle attach­
ment, lifts a section of the stone sheathing in place.
The concrete flooring of the second story s I i o a v s its
rugged strength, though above the tenth floor stand­
ing steel uprights s Ii o a v tA stories hardly begun.
vo
Men are painting the steel A
vork black. The sharp
rapid rat-tat-tat of the driven rivets pierces the ear.
We Avatch this process A
vith fascinated interest for A’e
A
are reminded of the distinction once drawn by an art
director betAveen artist and artisan. He said, heating
and hammering home these rivets is the A
vork of the
artisan— but A
vhen one of the latter th A a red-hot
roA S
rivet half A
vay across the building to his co-Avorker in
such manner that it describes a perfect arc in air with
unerring, accuracy,in that act he becomes an artist.
Be this as it may, the rising structure dwells i i o a v com­
plete in the architect’s eye— and its construction is an
accomplishment of utility and beauty. Scores of men
are at Avork. No one impedes another. All are indis­
pensable to the completed product. Labor and capi­
tal combine to fashion a home for commercial en­
deavor that A serve to satisfy the needs and tastes
vill
of its patrons in the centre of an aggregation of six
millions of people, themselves engaged in other and
equally indispensable activities.
We Avatched the scene A
vith unusual interest at this
time because, though it may have been a mere per­
sonal fancy, A e searched earnestly to find A d re dis­
v
A ie
cord arose, and there seemed none. These men were
Avorking, not striking. Each had his appointed part
and a necessary enterprise was going speedily for­
ward. We could not determine where the so-called
antagonism betAveen capital and labor might ration­
ally begin. We could not see the capital, only the
labor— and yet A e A
v vere conscious that the materials,
coming from remote sources, predicated the prece­
dence of capital, or there could have been no use or
opportunity for labor. And a v c Avondered, in our o a v h
inadequate Avay, if there could be here a lesson for the
Labor and Capital Conference at Washington. Our
idle speculations ran in several directions. Here A
vas
a concrete example of that “declaration of depen­
dence” of A
vhich the Chairman, Secretary Lane,
spoke in his opening address. Capital Avould surely
be ineffective, impotent, Avithout labor. This par-

O ct . 18 1919.]

THE CHRONICLE

1497

ticular w of labor could not exist w
ork
ithout capital. can w reach a conclusion that labor should share in
e
The union of em
ployer and em
ployee w com
as
plete m
anagem and in profits, since, as w saj', in the
ent
e
in the actual m
aterial process. Here, again, w that com
as
plicated processes of civilized life capital in en­
“spirit/’ that “confidence” exem
plified, “not to be deavor m precede labor? Can capital exist and
ust
m
easured by resolutions that com from it” (the continue to function, thus preserving, as w as aug­
e
ell
C
onference at W
ashington) “by platform or by pro­ m
s
enting, its life, unless it can protect itself by self­
gram or by bits of m
s
achinery that it may invent or m
astery under private ow
nership and direction under
reveal.” And as w looked long on this enterprise and in operation? Who then shall say w
e
hat w
ages
(itself em
bodying hundreds of others) an enterprise shall be, the em
ployer or the em
ployee? And if the
the exem
plar of thousands of others unlike it, yet latter, holding h ow right to labor or not to labor,
is n
joining in the final superstructure of an enduring a t, under the present conditions of social and busi­
ccep
civilization, w could not repress the question, “What ness life and under the guarantees of constitutional
e
m is needed?”
ore
governm
ent, th p
e reced ce of ca ita to in u is
en
p l
d stry,
The m
ind traveled then, instantly, to the great h not bound in confidence and respect to concede
e
steel w
orks shut dow because of strikes ordered by to capital the prim right to fix w
n
al
ages, holding to
“organized” labor. And w asked in w
e
hom the him the equal right to accept or reject ? But, and
self
breach of “confidence” first occurred, in the capitalist h is the crux of the w
ere
hole m
atter, having accepted
(the non-participating ow
ner of stock in the steel the precedence of capital in decision as to w
age-scales
plant), the capitalist, or in the workm
an? Surely the by the fact that h accepts continuous em
e
ploym
ent
answ is plain, the capitalist-stockholder invested, by continuously active capital (a system engendered
er
oven endeavor,
risked, h w
is ealth in the plant and continued the risk in the nature of our present-day interw
an
in its operation—on the assum
ption that labor w
ould our interdependent hum relations) is he not then
eapon to force
be w
illing and glad to be em
ployed at a reasonable precluded from using the strike as a w
is
n
s
ands?
w
age, a w that w
age
ould adm of a profit on the in­ capital to h ow arbitrary term and dem
it
vestm
ent. In the sam way these w
e
orkm here a And does it not follow that the odium of the breach
en
t
wrk under our eye, responded by proffering their of “confidence” whichto-day threatens industrial life
o,
labor in full confidence that this building enterprise as a w
hole, and the w
elfare of the interested and inno­
w
ould go on because properly financed, and w
ere cent through curtailed production, lies first at the
prosecuting their w because they w paid a w
ork
ere
age door of so-called labor, aggravated by self-constituted
that induced their em
ploym and service, w the and w
ent
ith
holly supererogatory labor unions outside actual
result a com
pleted building that w be useful and an industry?
ill
ornam to the city.
ent
Capital is ready to go ahead in this country just as
If capital should suddenly quit in the m
iddle of soon as labor w let it. These term as w have re­
ill
s,
e
the proceeding w
ould not labor have a right to regard peatedly said, are largely m
isnom (only the other
ers
the action as a breach of faith, even of contract ? And day a labor leader, praised as one of the best, as a
if labor suddenly cease w
ould not capital be justified reasonable right-w
ishing and acting m
an, died, and
in regarding it as a breach of confidence? Now a h estate, consisting m
is
ostly of stocks and bonds, w
as
building is a definite enterprise (though all are aw
are appraised at 8250,000). But supposing a sharp divi­
of how often labor strikes in building trades stop all sional lin to exist betw
e
een capital and labor, w
hich
w on even these definite enterprises), it is a pro­ elem or class is m responsible for our industrial
ork
ent
ost
jected enterprise, having a definite tim of term
e
ina­ unrest? It seem to be one of the persistent tw
s
ists
tion. In continuous industry, consequently, the of the hum m (due to agitation by doctrinaires
an ind
unw
ritten “confidence” betw
een labor and capital and the dissatisfied) that capital, byvirtueof its being,
m needs be larger and stronger, and the breaking is a sort of incubus, that it cannot be a friend to labor.
ust
of faith by concerted action, a greater evil and a m
ore The truth is that its ow preservation w
n
ould force
reprehensible one. It follow that w
s
hile “confidence” it to be, under natural and free existence. As it is,
rem
ains, and contracts are unbroken, the vast fabric in a tim of dearth in production it is seeking labor,
e
of our national and interlacing and interdependent and, follow the axiom
ing
atic law the w
,
ages of w
ork­
industrial life continues to function at full; and that m rise. And added to this the indubitable and
en
either the lockout or the strike w
hen w
antonly in­ physical facts are that the “conditions” of labor are
dulged for selfish ends becom in the nature of a “better ’ than they ever w
es
ere. Harm
ony therefore
crim against progress and hum happiness, causing proceeds naturally. And if it is broken, as in truth
e
an
the innocent to suffer.
it is broken, the chief and controlling cause is a breach
Can there be any econom plan, any legislative of “confidence” on the part of so-called labor through
ic
statute, evolved w
hich w generate “confidence” in arbitrary dem
ill
ands forced on the acceptance of indi­
the hum m
an ind and heart? What “confidence,” vidual em
ployees by outside organizations that have
aye w respect, does labor show to capital by insti­ no part and can have no part in actual production.
hat
tuting these innum
erable strikes that threaten society,
R
estore the right of the individual w
orkm to
an
w their loss of production and their revolution­ w w
ith
ork hen, w
here and for how m
uch h him may
e
self
breeding spirit? “Confidence,” of w
hich the Chair­ elect, and the w is open for instant harm
ay
ony, for,
m of the Conference speaks, in its last analysis after a w capital seeks labor, because the field of
an
ar,
settles dow to the good w betw
n
ill
een m and m
an
an, operation is inviting. Rem
ove the ban, and “con­
em
ployer and em
ployee, as the m
ainstay of industrial fidence” naturally returns. We don’t need speciallyrelations. And the strike (or the lockout) w arro­ chosen conferences to tell us w to do as a people.
hen
hat
gantly resorted to, shatters confidence and destroys We have builded an industrial organism of unexam
­
good w
ill.
pled m
agnitude w
hich w naturally function if let
ill
W
hen w realize and recognize the nature, risks, alone, and by that natural process w unite labor and
e
ill
and rights of capital (first in the field of our present capital in bonds of m
utual regard and benefits, be­
day endeavor and essential to the utilization and op­ cause the full being of both cannot otherw be
ise
portunity of labor) by w com on sense reason g- expressed.
hat
m
in



1498

THE CHRONICLE

[V

o l

. 109.

W R M N T W O T E D C R E O T E R H O A S M L G — IB R Y N T
O K E O H M H O T IN F H IG T F S E B A E L E T , O
D C N E TD E N TA P A .
IS O T N O S O P E L
L ES.
IC N E
So evil is the situation to w
hich indifference,
procrastination, and follow the apparently easiest
ing
line for the tim being have brought the country that
e
a chief part of the day’s new seem to be the story
s
s
o industrial rebellions subsiding for the present,
t
or still obdurate, or just beginning. O Thursday
n
m
orning w learned that a large num of the port
e
ber
w
orkers had returned to their places, so that now the
tood w
hich w halted by them and has not perished
as
may proceed to its destination. But this settlem
ent
is of the fam
iliar character, a tem
porary truce on
som w increase, and it m
e age
eans that the m w
en ill
soon break out again; it is said to be for only a
month, and if w turn back no m
e
ore than three
m
onths (at w
hich tim a renew of a like outbreak
e
al
had com after a few months’ interval) w read
e
e
that “the long-pending controversy betw
een private
boat ow
ners and harbor w
orkers is thought to b
e
at an end; leaders on both sides have intim
ated that
contracts, to be in force until the end of this year,
w be signed to-day or tomorrow.” It is true that
ill
the parties then referred to are not just the sam that
e
now return once m
ore; the difficulty and the m
atter
are substantially the sam
e.
W
hile the talk at the Industrial Conference in
W
ashington drags along, the steel attack stands
defeated, the latest estim
ate being that the U. S.
Steel Corporation is running at about 70% of capa­
city, but Mr. Gom
pers is asking for arbitration and
recognition, the precise objective dem
anded before
the attack began.
W
hile w
aiting upon the m
ovem
ent of events, sup­
pose w listen to and render honor to a few satis­
e
fied em
ployees, m w still believe in w
en ho
orking
and are w
illing and eager to w
ork. Q
uestioned by
the Senate’s visiting com ittee, in Pittsburgh about
m
aw
eek ago, Richard Raymont, 67 years old, em
­
ployed in a tinplate plant, said he finds w
orking
conditions “perfectly satisfactory.” He ow a
ns
good six-room hom and has nine children. He
e,
bought h hom w savings from h w
is
e ith
is ages, w
hich
arc now §6.12 a day. He w once in a union, but
as
got out in 1893. He has not noticed any reduction
in the costs of living, but has had no reduction in
w
age since the w closed.
ar
Follow Mr. Raymont, cam Jam Lloyd, an­
ing
e
es
other w
orker in the sam plant. He is in the store­
e
room finds w
;
ork there not hard; gets 42 cents an
hour, w one-half extra as overtim after eight
ith
e
hours, and has a w
ork w
eek of 5)4 days. He ans­
w
ered one question by giving h view of striking
is
s
thus: “A strike gets you nothing, and m
oney is
never regained bybeing on strike. I do not see w
hy
good sensible m w are treated right should do
en ho
such things; I alw
ays do m part, and likew
y'
ise
treat the com
pany right.”
Then cam a few unnaturalized foreigners w
e
ho
agreed that conditions are good enough for them
.
Let u render due honor to these w
s
orkers w
ho
are hum
ble m in their place yet stand in their
en
place and live as good citizens; their nam m
es ay
not be chiseled on m
onum
ental shafts w
hen they
are gone, but they deserve m
ention now as som
,
e
faithful am
ong thefaithless found, genuineAm
ericans
w are not caught by the doctrine that quarelling
ho
brings prosperity and that m pay for lessservice is
ore
an ideal w
hich can bereached if it only be dem
anded.




Counsel for the com ittee representing the steel
m
strikers and still trying to revive that failedattempt,
have discovered a new issue, as they think, and they
have notified the Mayor of Pittsburgh, the Sheriff
of the county, and som other local officials, of an
e
intention to begin proceedings to establish the right
to hold m
eetings in halls w
ithout having first ob­
tained perm
its. An apparent though really super­
ficial distinction exists here betw
een holding such
m
eetings in public streets or squares and doing so in
hired halls; yet w
hile the latter is not open to the
police rule that the streets m not be obstructed,
ust
the distinction is lost w
hen the larger question of
public policy and the public w
elfare is raised.
W
hen the Federation of Labor, only a few m
onths
ago, declared that “our nation is founded on the
principle that every citizen is a soverign unto him
­
self,” it announced a very pretty-sounding dogm
a
w
hich is entirely true, subject to lim
itations. The
social state is conditioned on exchanging som of
e
this original sovereignty for protection against the
sovereignty of force, and not even the state of
m
atrim
ony is possible without som concessions
e
from being everything “unto himself.” This is
fundam
ental. Anybody may w
alk in the street,
but w
hen occasions arise, the police pow orders
er
m
oving on if one w
ishes to loiter a moment, or for­
bids passing at all. What is law for one or for a
ful
few in ordinary circum
stances may becom unlaw
e
ful
(because inim
ical to the public w
elfare and safety)
w
hen it involves a large num
ber and reaches the
proportions of a conspiracy; this has been estab­
lished past any controversy (except, of course, not
to Mr.Gompers’s satisfaction) in such cases as the
attem
pted boycott in the Danbury hatters and
other notable instances, and it applies just as truly
to conspiracies to halt transportation and starve out
the country, notw
ithstanding the cow
ardice of
politicians and the tem
porary “convenience” of the
public have interfered to prevent the com
pulsory
enforcem
ent of the doctrine; had the issue been
prom
ptly m
ade and rigorously pushed through, w
e
should undoubtedl}'' be in a less bad condition now
.
The right to assem
ble? A natural, undeniable,
indefeasible right—in norm circum
al
stances and
subject to lim
itations. Yet there is a very clear
distinction betw
een liberty and an unbridled and
dangerous license, and it m becom (and in som
ay
e
e
instances it has becom necessary to lim the right
e)
it
of assem
bly, w
here the object w palpably not
as
peaceful. Im
agine that a lot of anarchists gather in
a hall to advocate and arrange for setting bom
bs
under the doorsteps of various public officers and to
organize and raise funds for a concerted assault upon
governm
ent and order; shall this be perm
itted under
the Constitutional guaranty? Should a m
urderer
be unm
olested until h has discharged h w
e
is eapon,
or the incendiary be perm
itted to plant his torch ?
Prudence and established practice answ such
er
questions in the negative and agree w
ith form
er
Mayor O H
le anson of Seattle that the way to sup­
press attacks on order and the public safety is to
m
ove upon them before they can get their start.
The overt act, the contributory inflam atory
m
speech, the evil council—these are crim
inal in their
intent and their natural effect, and society m
ay
protect itself by preventing them
.

THE CHRONICLE

O c t . 18 1919.]

(£im *cnt g u c n t s an d d
C O N T I N U E D O F F E R IN G OF
BILLS— I N C R E A S E I N

i s c u

s s i o

BRITISH
TREASURY
R A T E TO 6 % .

T h e usual offering of n in ety -d ay B ritish T reasu ry bills
was disposed of this week b y J . P . M o rg a n & C o . on a dis­
count basis of 6 % .
T h e rate recently prevailing had been
5 l % , and the proposed advance in the rate to 6 % had been
A
indicated in these colum ns last w eek. T h e bills in this w eek’ s
offering are dated O c t. 13.

C O N T I N U E D O FF E R IN G OF F R E N C H T R E A S U R Y
BILL S— I N C R E A S E I N R A T E TO 6 % .
A block of the French Treasury bills, offered in the
m arket up to an am ou n t of $ 5 0 ,0 0 0 ,0 0 0 , as m ark et condi­
tions ju stify and on m uch the sam e scheme as the British
T reasu ry bills, were disposed of b y J . P . M o rg a n & C o . this
w eek.
T h e offering in an y one week is lim ited to $ 5 ,0 0 0 ,,0 0 0 .
A s in the case of the B ritish T reasury bills, the French
T reasu ry bills were this w eek disposed of on a discount
basis of 6 % .
T h is is the first change in the French T reasury
bill ra te , which since the initial offering in A u g u st had been
bl %.
A
T h e French bills in this w eek’ s offering are dated
O c t. 1 7 .

TENDERS

FOR R U P E E S O N A C C O U N T
GOVERNMENT.

OF I N D I A N

Tenders were this week asked up to O c t. 15 b y the agency
of the B an k of M o n trea l, at 64 W a ll S t ., for the purchase
of im m ediate telegraphic transfers in rupees on C a lc u tta ,
B o m b a y or M a d ra s on account of the Indian G o vern m en t for
a sum n ot exceeding 3 ,0 0 0 ,0 0 0 rupees. T h e average bid of
successful bidders was .4 2 8 2 63 cents per rupee.
I t was
stipulated th a t no tender under .4 27 5 cents per rupee w ould
bo considered and each tender was required to indicate
w hether paym en t of rupees allotted was desired in C a lc u tta ,
B o m b a y or M a d ra s.

BROKERS' L O A N S A G A I N A T H I G H FI G U R E S .
(From "W all Street Journal” Oct. 16.)
Wall Street brokers’ loans have again expanded to above $1,500,000,000.
This is an increase o f approximately $200,000,000 since the latter part
o f August.
The peak o f Wall Street's borrowings was reached the latter part of July
when brokers’ loans stood at the high figure o f $1,750,000,000. A t that
time there was close to $500,000,000 o f interior money out in Wall Street,
but since then a large part o f this money has been withdrawn for cropmoving purposes. There is, however, a large volume o f interior money in
loans in AVall Street at present, due to the diminution o f the estimated
crop requirements.
But it is not possible at this time to depend upon the West to accommo­
date the New York money market when an apparent stringency occurs,
as is the case at other times in the year. There is plenty o f money in the
West, but this is now being actively employed, at good rates, for the fall
demand.
This leaves the New York banks dependent only upon their own cash
resources and their powers for creating new credits by rediscounting at the
Federal Reserve Bank. The latter course has been extensively resorted
to within the last few weeks, as is shown by the volume o f discounts carried
in the Federal Reserve Bank statement, and it seems improbable that this
process can be extended much further.
Bills discounted by the Federal Reserve Bank secured by Government
war obligations havo increased to $697,753,000, a gain o f $80,000,000 in
two weeks, and bills otherwise secured are now $104,800,000, an increase
of $57,000,000 in two weeks.
October gives every indication of breaking all records for consistently
high call money rates. Not once during the first half o f the month has
call money loaned below 6% , blit has been considerably higher on most days.
For the fifth time in the last ten years the opening and renewal call money
to-day (Oct. 16) touched 10%.
('all money renewed at 10% on July 8 and 9 and June 16 of this year.
Before June o f this year call money had not renewed at 10% since Dec.
1912. On Dec. 2 of that year money renewed at 11% and on Dec. 27
at 10%.

R E C O M M E N D A T I O N S A D O P T E D A T W O R L D CO TTON
C O N F E R E N C E - F I N A N C I N G OF CO T T O N E X ­
PORTS B Y W A R F I N A N C E C O R PO R AT IO N .
A t the W o rld C o tto n Conference a t N e w Orleans on O c t.
16 a recom m endation b y A m erican m em bers of the group
on financing foreign credits and exports th at Congress place
at the disposal of the W a r Finance Corporation sufficient
funds to perm it the C orporation to finance the exportation
of at least one million bales of co tto n was ad opted b y the
General C o m m ittee , A ssociated Press advices sta te:
The resolution o f recommendation asserted that the Government had
authorized the extension o f $1,000,000,000 o f credit to finance exports
through the agency o f the War Finance Corporation, and it urged the pur­
chase o f foreign securities, against debentures which would be issued and
sold in this country in order to get away from short-term banking credits
and stabilize the rate of exchange. Recommendations o f the growers, em­
bodying fourteen points, at first wero voted down because o f objection to
several o f the points. It was agreed finally, however, that the rules be sus­
pended and that points in the growers’ recommendation not previously




killed at the general commisttee meeting be voted on. As a result all points
inn the sgrowers’ recommendation were adopted, with the exception o f those
condemning the sale o f cotton on call, favoring gin compression, condemn­
ing gambling in cotton and other necessities, recommending that there
should consist only o f the actual weight of the bagging and ties of the bale
and urging closer co-operation between the grower and spinner.
Foreign spinners objected to the condemnation of the sale of cotton on
call, declaring it was necessary that they should be allowed to purchase
their cotton in that way. The ginners’ group objected to the gin compres­
sion recommendation, while because “ gambling” was not defined the
bankers’ group voted against that feature of the recommendation, explain­
ing that the futures market was a necessary part o f the cotton industry,
and that dealing in cotton futures had often been classed as gambling.
The recommendations o f the growers’ committee, which were unani­
mously approved after suspension o f the rules, follow.
1. Diversification of crops.
2. Recognition of cotton damage as an inexcusable economic loss.
3. Increase o f storage warehouses.
4. Twelve more marketing systems for farmers.
5. Indorsement of the formation of the American Export Financing Cor­
poration.
6. Tagging of each bale with the name and address o f grower.
7. Opposition to price fixing by Government.
8. Opposition to embargo and restrictions on cotton in times of peace.
9. Demand that a price for cotton covering cost of production and a fair
profit be allowed.
A recommendation by the growers that all revenue taxes be removed from
cotton seed oil products and markets enlarged was rejected by the con­
ference, an adverse vote having been recorded by the textile manufacturers,
who announced they feared cotton would be raised more for seed than staple
under conditions urged in the recommendations.

JOHN

_____________________________

1499

BO LINGER O N I M P R O V E D M E T H O D S OF
CO TTO N F I N A N C I N G .

“ Im p roved m ethods of C o tto n F in an cin g,” were dis­
cussed this w eek before the W o rld C o tto n Conference a t
N e w Orleans, b y John Bolinger, V ice-P resident of the
N a tio n al Shaw m ut B a n k , of B o sto n .
In part M r . B o l­
inger said:
In so far as our financing problems are concerned with the financing
of cotton, it is encouraging to note that we are better equipped for the task
than we were before the war. The creation of the Federal Reserve Bank
system in 1914 provided us w ith a financial equipment so complete and so
flexible that it has met successfully every extraordinary demand upon made
it during the past five years. M ost important among the benefits re­
sulting from its adoption has been its value in financing our vast crops o f
cotton and other raw staples. This has been particularly true in the case
of cotton, both because of the great size of the crop and the extent o f the
market for both raw and manufactured cotton.
It requires more money to finance the cotton crop than any o f the princi­
pal crops raised in the United States. The important part played by hand
cultivation in the planting and picking of cotton is in a large measure re­
sponsible for this. In view of cho natural difficmlties associated with
financing cotton the necessity should bo apparent for employing the most
economical and efficient means available.
As I have already said, the passage of the Federal Reserve Act was o f
the first importance in supplying a satisfactory medium for the financing
of the movement of the cotton crop. The old system of financing on a
basis o f single name commercial paper is giving way to the use o f accept­
ances and of advances against overdrafts.
While many local bankers and cotton shippers throughout the South
have recognized the advantages of using acceptances the use o f these
instruments has not yet bacome general. There can be little question that
the size of a single crop of cotton raised in the South will continue to make
it necessary that outside capital be available for the task of financing it.
The use of acceptances represents an ideal method of furnishing such
assistance, as it makes available new and wide sources of funds.
Through the use of acceptances a local banker in a southern cotton dis­
trict is enabled to make more complete use of the credit facilities he may have
available. It permits him to extend to his customers a full service based on
economy of operation for meeting their financing needs. In doing this the
local banker has at his command the full support which may be extended
to him by his correspondent banks in Boston, New York, Chicago, New
Orleans, and other important financial centres.
I should like to say a word about the necessity for developing a wider
use of the trade acceptance in the financing of domestic shipments of
cotton. There can be no question that the financing o f cotton at the
present time calls for the most economical and efficient use o f our financial
resources. It is important, however, that we take measures to insure
that foreign and domestic trade shall bear its own special burden. Each
should be financed by the means which can be employed most economically.
Cotton shippers should be educated in the use of the trade acceptance for
financing their domestic shipments, thus leaving full use o f the bankers
acceptances for employment in its most important purpose, that of financ­
ing the export trade.
The reason for this should be obvious. Under the Federal Reserve
Law the aggregate amount which member banks are permitted to “ accept”
for financing domestic transactions is limited to 50% of the bank’s capital
and surplus. In the case o f Import or export a bank may obtain authority
to extend its credit through acceptances up to a full hundred per cent, of
its capital and surplus. It should be clear to everyone that the unnecesssary use of bank acceptances for domestic financing handicaps our efforts
toward the financing of export and import business by diminishing our
credit resources otherwise available for that purpose.
It is perhaps due to the familiarity of some cotton shippers with the
trade acceptance that a false impression may exist as to their liability
under such an instrument. It is encouraging to note, however, that this
impression is being gradually dispelled. Shippers are beginning to reaize
that their situation is no different as regards their liability under a trade
acceptance than when, as in the past, they have shipped cotton to Europe
and drawn at six months sight or longer, on foreign bankers or merchants.
In either case their’s is only a contingent liability until payment of the
draft.
There is every reason to expect that the recent enactment o f state laws
providing for the establishment of publicly owned cotton warehouses and
development of various plans in connection with the warehousing o f cotton,
should prove o f value as aids in dealing with the broad question o f financ­
ing. The predicted purpose of the Federal Government to so amend the
United States Cotton Warehouse Act that receipts for cotton will be nego­
tiable at any bank is an indication of the practical preparation which is
being made for safeguarding the future of the industry.

THE CHRONICLE

1500

The development of the cotton warehousing system o f receipts and the
world wide market f*r the staple, make cotton an ideal commodity for
financing by the use o f acceptances. It is to be hoped that expansions
of the warehousing system by legislation, and the development o f a uni­
form method o f classification of cotton, will promote a more general use of
acceptances.
______________________________

K A N S A S C I T Y CLE AR ING HOUSE F I X E S ' N E W
I N T E R E S T R A T E ON C OU N T R Y BA LA NC ES .
K an sas City advices appearing in the “ W a ll Street Jour­
n al” of yesterday ('Oct. 17) said:
Members of the Kansas City Clearing House Association have adopted
a now rule providing a maximum interest rate o f 2 M % on all country bank
balances held on this market. About five years ago the association adopted
a rule limiting the rate of interest to 2% with the provision that higher rates
in effect at that time should not be disturbed. Many banks had received
3% under the old rule just eliminated.

CANADA'S

C R E D I T S TO FOREI GN C O U N T R I E S
106 M I L L I O N DOLLARS.

[V o l . 109.

The annual revenue of the city for the last three years has averaged
$2,700,960.
These bonds are redeemable by lot on any interest date at par and accrued
interest, through a minimum cumulative annual sinking fund of 2% . Tho
municipality may purchase bonds and deliver them to tho Trustee for reim­
bursement at par from sinking fund. The entire Issue is redeemable as a
whole at tho option of the municipality at any time after November 1 1921.
The debt of the City of Sao Paulo, as « f Doc. 30 1918, was officially
stated to be as follows:
External Debt
London Loan of 1908, £635,487...................................................$3 ,0 8 2 ,1 1 2
New York Loan of 1918 (to be called for redemption Jan.
1 1920)........................................................................ - ............
4,950,000
T o t a l E x t e r n a l D e b t ____________________________________________________________$ 8 , 0 3 2 , 1 1 2
In te r n a l F u n d e d D o b t —

32,977,000$000.......................... - ............

8,678.158

Total D e b t............................................... r ......... .................. ....... $16,710,270
The municipality then had no floating debt, and in addition had over
$682,000 on deposit in banks. The above indebtedness not redeemed
through the proceeds of these bonds, together with the principal of this
issue, gives a total net funded indebtedness of the municipality of approx­
imately $17,184,428 and a per capita indebtedness of $34.37, which com­
pares favorably with that of other cities.
In converting foreign currency the pound sterling has been taken as
equivalent to $4.85 and the Brazilian milreis at 3$800 to the dollar.

F rom the T oron to “ G lo b e ” of S ep t. 2 6 , we take the fo l­
low ing special advices to it from O ttaw a on S ep t. 2 5 .
Serator Dandurand, curious as to the credits opened by Canada for
T he legality of the issue, it is stated, has been approved
purchases in the Dominion by foreign countries or Governments, was
b y M essrs. Curtis, M alle t-P re vost & C olt of N ew Y o rk and
informed by Sir James Lougheed to-day in the Senate that the total to
date amounts to $106,003,391. Of this amount twenty-five million dollars b y their Brazil office.
each has been set aside for Rumania, Greece, France and Belgium, and
the balance was allotted to Italy for the purchase o f frozen beef. Italy
has used up the entire amount allotted to her, Belgium has used her allo­
FOREIGN D E L E G A T E S TO I N T E R N A T I O N A L T R A D E
cation to the extent of $1,008,021, ar.d Rumania up to *5,053,656.
No advances have been made to France as yet, that country being
C O NF E R E N C E
true to her policy of buying just as little as possible outside o f her own
Delegates to the International T rade Conference which
frontiers. To Greece no amount has been advanced as yet, but con­
tracts have been entered into for amounts totalling $9,653,054, for which will open during the week of O ct. 2 0 , arrived at N e w Y o r k
.advances will have to be made shortly. That means practically an amount on O ct. 12 on the U . S . A rm y T ransport “ N orthern P acific.”
z)f $21,718,033. All advances are covered by Treasury bills deposited to
■the credit of the Minister o f Finance in London. These Treasury bills of T h e y come from E n glan d .. France Belgium and Italy at
Rumania, France, Belgium and Italy are repayable in five years from the invitation of the U . S. C ham ber of C om m erce, as noted
Dec. 31 1919, and they carry interest, payable half-yearly at the rato of
in the “ Chronicle” Sep t. 6 , page 9 3 4 .
5X%.
The conference will m eet in A tlan tic C ity , to discuss
So far as Greece is concerned, twenty » f the twenty-five millions of
■credit opened for her is on the same terms for purchases made in Canada “ various phases of com m erce. . . to the end that the
by the Greek Government. The purchases are made direct by the Greek
channels of the w orld’s com m erce will be opened, produc­
Government, and consist mainly of military stores to outfit her army. The
It was originally
other five million dollars’ credit is for civilian purchases, and it represents tion stim ulated and dem and su p plied .”
the best business now offering from F.uropean countries. The terms of planned to hold the meeting during the week of S ep t. 2 9 , bu t
payment are 40% cash, 20% in six months, 20% in nino months, and the
remaining 20% in twelve months. This credit will therefore be like the (as stated in our issue of O ct. 4 , page 1332) delay incident
widow's cruze o f oil, filling up as quickly as it is exhausted, and by Its agency to the departure of the foreign delegates m ade it necessary
quite a tidy business ought to be piled up in five years. It is believed most to postpone the event until next w eek.
Speaking of the
o f the goods thus purchased by the Greeks will be sold in Rumania or
other countries where the Greeks, being near at hand, can judge of the foreign delegates who arrived here O ct. 12, the N . Y . “ T im e s”
of the following day said.
reliability o f the buyers.
Belgium and Rumania are in the same boat so far as allocation of their
There are thirty-six delegates in the party and eleven secretaries. Six
respective credits are concerned. Each of them can buy foodstuffs to the delegates came from Great Britain, sixteen from Franco, seven from Italy
extent of five million dollars, raw materials worth the same amount, and
and seven from Belgium.
manufactured articles valued at fifteen million dollars. France, however,
The French delegation includes Eugene Schneider, head of the Creusot
can devote ten million dollars of the credit to the purchase o f foodstuffs, Iron Works; Baron du Marais, Vice-President of tho Credit. Lyonnais of
five million dollars to buying raw materials and ten million dollars to getting Paris; Pellcrin de la Touche, President of the French Line; Albert rirman,
manufactured products.
rt presents tive of the French Government, with tho mission; Andre Ilomberg, Vice-President of the Soclote Generale do France; Frederic Arthur
Waddington, mill owner and weaver of Rouen; Julin Potin, President
GOLD S T A N D A R D FOR S A L V A D O R .
of Potin ct Cie of Paris; Jean Jules Godet, member of tho Chamber of
Commerce of Paris, and Pesson Didion, engineer of mines and director
T h e N e w Y o r k “ T im e s ” on O c t. 5 said:
of the Central Society for Electrical Industry.
In Salvador two decrees have been enacted, one establishing a geld stand­
Tho British mission includes A. Barton Kent, head of tho brush business
ard for the country and the other fixing the exchange at two colon bo for establish! d by his great grandfather 142 years ago, who has boon Chair­
one dollar gold, and also making the United States gold coin legal tender man of the Entente Cordiale since 1902; John Crecley Jenkins, former
generally and United States bank bills legal tender in payments to banks.
Premier of Australia, and Marshall Stevens, M . P ., one of tho founders
of tho Manchester Ship Canal Corporation.
Among the Italian delegates wero Commendatore Professor Bernardo
D. Attollco, Director-General of Commerce, Ministry of Commerce,
O F F E R I NG OF C I T Y OF S A 0 P A U L O BONDS.
who was Commissioner of Emigration to the United States in 190/ and
A n offering of 8 8 ,5 0 0 ,0 0 0 6 % “ external secured sinking Director of Economic Bureaus of the League of Nations in 1919; Dr. Lulggi,
fund gold bonds of 1 9 1 9 ” of the C ity of Sao Paulo (Brazil) Inspector-General of Italian Royal Civil Engineers, and Fernando Quartieri,
President of the Italian Chemical Industries.
w as announced this week b y a syndicate headed b y Im brie
Some of the Belgian representatives in the delegation were Florimond
& C o . of this city . T h e other N e w Y o rk banking houses in Hankar, Director of the National Bank of Belgium and other large financial
and Industrial institutions, and Prof. Paul J. J. van den Ven, Ph. I)., of
the syndicate are the E qu itable T ru st C o ., E . H . R ollins &
tho University of Louvain, a member of tho peace delegation to Paris and
S o n s, C assatt & C o ., Spencer T rask & C o ., and W illia m R . a member of the faculty of Princeton University from 1915 to 1918.
Eugene Schneider, tho Chairman of tho French mission, on behalf of
C o m p to n & C o . T h e bon ds, which are dated N o v . 1 1919
tho other delegates from tho four allied countries expressed his gratitudo
a n d are due N o v . 1 194 3 , are offered at 9 5 H to yield approx­ to the Chamber of Commerce, "which took the happy initiative of asking
im a tely 6 f g % . T h e bonds will be issued in coupon form in the representatives of tho economic activity of the allied countries to take
denom inations of SI ,0 00 ; interest will be payable sem i-an­ part in a conference to discuss adequate means of restoring the economic
___________________
nually on M a y 1 and N o v . 1, and both principal an d interest , life of the world.”
free of all Brazilian Federal, State and M u n icip al taxes, will
be payable in U . S . gold coin in N e w Y o r k .
1 lie E q u ita b .e
T ru st C o . of N e w Y o r k is T ru stee. T h e circular describing
the offering says:
Those bonds are the direct obligation of the City o f Sao Paulo, the muni­
cipality pledging its full faith and credit to the due and punctual payment
thereof, and are issued under the authority of the Government o f the State
o f Sao Paulo. Tho proceeds o f this issue are to be used to refund two pre­
vious issues of the municipality, consisting of an internal issue amounting
to 9,091.000S000 ($2,392,368) and of the external (New York) issue of 1916,
o f which $4,950,000 are outstanding; the remainder is to be used for muni­
cipal purposes.
The municipality will specifically secure these bonds:
1. By a first or preferential guaranty in relation to the "Trans­
portation T ax,” the proceeds from which, for the last three
years, have averaged annually a sum equivalent to__________ $282,975
2. By a similar guaranty in relation to the “ Tax on Industries and
Professions,” subject to a prior guaranty of £53,025 ($257,171)
for the service of a previous issue, the proceeds from which
tax, for the last three years, have averaged annually a sum
equivalent to_____________________________________________ $1,004,858




N E W P A R M A P I S S U E D B Y F E D E R A L RESERVE B A N K
OF M I N N E A P O L I S .
A new par m ap of the U n ited States show ing the status as
of O c t. 1 of the cam paign being conducted b y all the Federal
Reserve banks to h av e all banks agree to rem it at par to
tho Federal Reserve banks for all checks and drafts drawn
upon them received from the Federal Reserve banks has
just been issued b y the Federal Reserve B ank of M inneap olis.
In com parison with the m ap gotten out by it in A u gu st tho
bank says:
The number of new par points in the United States added in the month
of September was 952.
The total number added from Jan. 1 1919 to Oct. 1 1919 was 3,742.
All banks in the States of Ohio, Kansas, New Mexico, Wyoming, Utah
and Idaho, were added during September.
Out of a total of 30,260 banks in the United States, all but 6,705 are now
on the par list.

O c t . 18 1919.]

THE CHRONICLE

J A M E S B. FOR GA N N O T TO BE A C A N D I D A T E FOR
RE-ELECTION A S CHICAGO F ED ER AL
RESERVE B A N K DI RECTOR.
James B .F o r g a n , a director of the Federal Reserve B ank
o f Chicago since the form ation of the bank in 191 4 , will not
be a candidate to succeed himself at the election next m o n th .
M r . Forgan, while a G roup 1 banker, has represented banks
in Group 2 on the directorate. U n der an am en d m ent to
the law banks in one group m ay not now elect a reserve bank
director front another group.
Besides A ir. F orga n , the
term s of tw o other directors of the Chicago Federal Reserve
B a n k expire at the end of 191 9 .
T h e y are J . W . B lod gett
of G rand R ap id s, M ic h ., representing com m ercial interests
o n the board, and E . T . M erd ith of D es A loines, Iow a, a
Class C director appointed b y the Federal R eserve B o ard .

R E C E I P T S FROM S A L E OF T H R I F T A N D W A R SA VI KGS
STAMPS.
Receipts of $ 1 ,1 0 7 ,7 5 1 ,9 7 1 from the sale of thrift and
war savings stam ps and T reasury savings certificates during
the 2 2 m on th s’ period they have been available were an­
nounced on O c t. 9 b y Secretary of the Treasury G la ss.
In
his statem ent A ir. G lass says:
While naturally with the termination of the popular campaign of the war
period which made instant appeal to the patriotic fervor of that time,
sales droppod sharply to a decidedly lower level, the upward trend of the
savings organization to combat the present tendency to waste and ex­
travagance which have come as a reaction from the war-time economies
are beginning to have their effect. The present showing of expense versus
return is a gratifying ono.
Cash roceipts from the sale of thrift and war savings stamps and Trersurv
savings certificates, using the figures in the Treasury daily statement for the
last day of each month, from the beginning to Sept. 30.1919 have been
as follows:
1917—
Amount.
I 1919—
Decem ber.................._S10,236,451 32 January __________ 570,990,041
1918—
February _________
15.816,530
24,559,722 15 M arch____________
January................
10,143,081
February.......................... 41,148,24422
April______________
9,572,728
M a r ch ------- --------------- 53,907,804 49 M a y ______________
0.558,198
April---------------------------- 00,972,98412 u n e ______________
J
5,209.535
M a y ----------------------------- 57,950,04012
July_______________
5,176,865
June................................. 58,250,48500 ugust___________
A
6,201,104
J u ly ..................................211,417,94201
September________
6.111,944
August_________________ 120,044,20002
September______________ .97,014,58148 Total _
O ctob er_______________ 89,084,09731 Grand
-> 1 ,1 0 7 ,7 5 0 .9 7 1 2 9
November-------------------- 73,089,84000
D ecem ber........................ 03,970,81347
T o t a l --------------------------$ 9 7 1 , 9 1 3 , 8 7 2 91

Secretary G lass again points ou t th a t the thrift and war
savings stam ps and Treasury certificates will be available
for purchase indefinitely.

1501

choosing in aegoMations and adjustments with employers in respect to
wages, hours of labor and relations and conditions of employment is recog­
nized.
This must not be understood as limiting the right of any wage-earner to
refrain from joining any organization or to deal directly with his employer,
if he so chooses.
W h ile the m ajority of the m em bers of the labor and
public groups favored this resolution the em ployers group
opposed it and endeavored to have it recom m itted to the
C om m ittee of F ifteen .
It was said th a t “ virtual notice
was given b y m em bers of the labor group that should the
representatives of capital succeed in their a tte m p t to send
the resolution back to the C o m m ittee of F ifteen , the labor
delegation w ould w ith d raw .”
T he first section of the resolution was fram ed b y Charles
E dw ard Russell of N ew Y o r k , of the P ublic G rou p , and the
final paragraph b y H . B . E n d ieo tt, also of the Public G rou p .
A ir. Chadbourne announced that in the C o m m ittee of
Fifteen both the labor and public groups voted for the
resolution, but the em ployers’ representatives opposed it.
U nder those circumstances the resolution could not com e
as a recom m endation from the co m m ittee, and A ir. C h a d bourne, therefore, asked that thy conference take it under
consideration as a report.
On the follow ing day the m otion for recom m ital was w ith­
drawn and the em ployers offered a resolution w hich while
including the recognition of the principle of collective bar­
gaining also set forth that the em ployer was free “ to deal
or not to deal w ith m en or groups of men who are not his
em ployees and chosen b y and from am ong th e m .”
T h e resolution in full follow s:
Resolced, That without in any way limiting the right of a wage-earner to
refrain from joining any association or to deal directly with his employer as
he chooses, the right of wage-earners in private, as distinguished from
Government, employment to organize in Trade and Labor Unions, in shop
industrial councils, or other lawful form of association, to bargain collect­
ively, to be represented by representatives of their own choosing in nego­
tiations and adjustments with employers in respect to wages, hours of labor,
and other conditions of employment, is recognized, and the right of the
employer to deal or not to deal with men or groups of men who are not
his employees and chosen from among them is recognized: no denial is
intended of the right of an employer and his workers voluntarily to agree
upon the form of their representative relations.
Sam uel G om p ers, head of the labor group did not attend
the conference after the first d ay of its session this w eek,
having been taken w ith a nervous breakdow n and confined
to bed .
Frank M orrison of the labor group assum ed the
leadership of that group in A ir. G om p ers absence.

R U L I N G OF N . Y. STOCK E X C H A N G E R E G A R D I N G
L IB E RT Y BOND T R ANS ACT I ONS .

S T R I K E OF L O N G S H O R E M E N A N D F E R R Y W O R K E R S
E N D E D - E X P R E S S S T R I K E STARTS.

^ T h e following ruling on O c t. 15 b y the C o m m ittee on
Securities of the N e w Y o rk Stock E xchange regarding trans­
actions in 4 % Second L iberty Loan and 4 % First Liberty
L oan converted bonds is announced by E . V . D . C o x,
Secretary of the Exchange:
October 15 1919.
In the matter of 4% Second Liberty Loan and 4% First Liberty Ix>an
converted coupon bonds, which after Nov. 15 1919 and Dec. 15 1 9 1 0 ,
respectively, will have no future coupons attached and which are to be
exchanged beginning on or about March 15 1920, for new bonds with
coupons attached;
The Committee on Securities rules that until M ay 5 1920 transactions
in the above mentioned bonds may bo settled by delivery of either bonds
without coupons or the new bonds which arc to be issued in exchange
therefor.

T h e strike of more than 5 0 ,0 0 0 longshorem en in the port
of N e w Y o r k was broken on O c t. 14 b y the action of six of
the largest of the 53 unions involved vo tin g to return to w ork
on the follow ing d a y . W h ile these unions represented only
1 5 ,0 0 0 of the longshoremen on strike at that tim e the influ­
ence of their decision it was said b y union officials would
bring back all of the other workers b y the end of the w eek.
T he tie-up of shipping during the strike was com p lete; and
very large losses were sustained by the steam ship and railroad
com panies in consequence thereof.
C argoes of perishable
goods spoiled at the docks and the m ovem en t of food into this
city was for a time seriously ham pered. T h e basis on which
the first six unions agreed to return to work was the recent

NATIONAL

award of the N ation al A d ju stm e n t C om m ission of the U . S.
Shipping Board for an increase over present wage rates of
5 cents an hour for regular work and 10 cents an hour for
overtim e.
T h e longshorem en had been receiving G5 cents
and one dollar an hour for regular and overtim e5 work re­
sp ectively; they asked for one dollar and tw o dollars an hour
in place of those rates. T h e N a tio n a l A d ju stm e n t C o m m is­
sion will resume consideration of the longshorem en’s dem ands
on D e c. 1.

I N D U S T R I A L C O NF E R E N C E
WO R K .

RESUMES

T h e national conference of the representatives of capital,
labor and the public, w hich is being held at W ash in g ton ,
resum ed its deliberations on T u e sd a y , O c t. 14, after a
three day recess.
T h e conference had adjourned on O c t. 10
to perm it its com m ittee of fifteen— also known as the General
C o m m ittee — to consider the numerous resolutions and pro­
posals offered during last w eek’s session.
T h is com m ittee
is the clearing house of the conference, through w hich all
propositions m u st pass before they can be discussed b y the
w hole conference.
T h e first tw o d ays of the session this
week were occupied m ainly w ith the resolution introduced
last week b y Sam uel G om p ers, head of the labor group,
proposing suspension of the existing steel strike and arbitra­
tion of the differences involved betw een the em ployers and
w orkers. On a m otion of Bernard B aru ch , of the public
group the conferees on O c t. 15 deferred action on the strike
resolution.
O n the follow ing d a y , C hairm an T h om as L .
C hadbourn e, of the C o m m ittee of F ifteen presented the
follow ing resolution:
The right o f wago-earners to organize in trade and labor unions, to bar­
gain collectively and to be represented by representatives of their own




Sim ultaneously w ith the decision of the six harbor unions
to return to w ork, a strike of several thousand workers on
ferryboats, tugs and lighters in the N o rth R iver, which had
begun four days before, was settled , w hen delegates from the
Atarine W ork ers A ffiliation cam e to an agreem ent with a
com m ittee representing the U . S . Railroad A dm inistration.
T he workers were granted a 1 0 % w age increase, while they
VU
the

v “ n r0 ' In reP °rtinS the term ination of this strike
N . Y . Times ’ on O c t. 16 said:

o vuiuuuviee ot the
embrace in the agreement with the marine workers the ferry gatemen ticket
sellers, collectors, and ferry station porters, but promised to gTve careful
consideration to the representations made by the union leaders ^ to the
W The w l o 'T h 7 mKditi° nS ° f these ^ p lo y e e s as soon as possible.
The wages that will be received by the marine workers in the service of the
railroads in the harbor, under the new agreement, are as follows:

1502

THE CHRONICLE

[V o l . 109.

dispatches of O c t. 15 from th a t city referring to the strike
P er M o n th .
F E RR Y SERVICE.
___ $130 00 order said:
Oilers ___________________________________________________
. . . . 130 00
Firemen__________________________________________________
The strike order warns the mine workers that there must bo no suspension
___ 120 00 or stoppage of coal production before the time fixed in the order, and de­
Wheelmtsn------------------------------------------------------------------------___ 115 00
Deckhands_______________________________________________
clares that orderly procedure must be followed throughout.
___ 115 00
Bridgemen------------------------------------------------------------------------The order permits local unions to assign ” a sufficient number of men to
. . . . 97 50 remain at work to insure the praper care and protection of all mining prop­
Boat watchman__________________________________________
___ 95 00 erty, in conformity with the provisions of district agreements.
Boat porters______________________________________________
It also
■
urges that fullest co-operatiln be given “ the operator to prevent injury to
TUG AND STEAM LIGHTER SERVICE.
$130 00 property,” and asserts that “ under no circumstances should this rule bo
Oilers____________________________________________________
. 130 00 violated or set aside by local unions.”
Firemen__________________________________________________
After asserting that the mine workers’ representatives in the joint wage
. 120 00
Mates____________________________________________________
. 120 00 conference “ made an earnest, sincere attempt to negotiate a new wage
First deckhands------------------- --------------------------------------------. 115 00 agreement,” and that the “ arbitrary attitude of the operators, persistently
Second deckhands----------------------------- ------------------------------. 115 00 maintained,” resulted in a final adjournment of the joint wage conference
Floatmen----------------------------- --------------------------------------------. 115 00 in Philadelphia on Oct. 11, the strike order asserts that "the responsibility
Cooks_________________________________ ___________________
for this action will accordingly lie with the operators.
OTHER SERVICE.
“ The United Mine Workers of America are now embarking upon the
Float bridge masters or foremen_______________— ------------------------- $135 00 greatest enterprise ever undertaken in the history of tho trade union move­
Float bridge motormen or engineers---------------------------------------------- 125 00 ment,” concludes the order, “ and each member of our organization must
Float bridgemen_________________________________________________ 115 00 co-operate and assist in bringing success to our efforts. You will be guided
Barge shifters___________________________________________________ _ U 5 00 only by the policies of your union and the official orders emanating fiom
Rules and regulations covering these classes o f employees provide that its officers.”
•
eight consecutive hours will constitute a day’s work; six days will constitute
T he mine w orkers’ leaders previously had stated th a t a
a week’s work, and overtime in excess of eight hours a day or six days a week
will be paid for at the rate of time and one-half. N o overtime will be allowed strike w ould be called for N o v . 1, the operators having re­
in changing crews unless the delay is in excess o f thirty minutes, in which
case actual minutes will be allowed after eight hours. Overtime will not be fused to consider their dem ands including a 6 0 % w age in­
paid for delay in changing crews caused by fog, storms or other unavoidable crease, a six hour day and five d ay w eek, which they (the
weather conditions.
operators) characterized as “ extravagan tly excessive and
A further strike of betw een 1 0 ,0 0 0 and 1 5 ,0 0 0 chauffers, impossible of accep tan ce.”
team sters, helpers and stablem en em ployed in this port b y
Secretary W ilso n of the D ep artm en t of L abor has been
the A m erican R ailw ay Express C o ., (under control of the m aking strenuous efforts during the past week to divert
U . S . R ailroad A d m in istration ) began here on O c t. 12. the projected strike. F ollow ing a conference of President
T h is strike subsequently spread to several suburban cities W ilso n ’s C abinet on O c t. 1 4, it was announced that he had
w here A m erican E xpress workers are em p loyed; and it was sent to the representatives of the miners and the operators
freely predicted b y the union leaders here th a t they w ould an invitation to confer w ith him a t \\ ashington on O c t. 16
m ake the strike order effective in every city east of C hicago A t the same tim e he asked the miners’ leader, John L .
if the w orkers’ dem ands were refused.
T h e m a tte r, before Lewis to defer issuing a strike order until after tho con­
it resulted in the w alk o u t, had been put before the State ference; this request, how ever, was not com plied w ith.
In
L ab or B oard recently appointed b y G overn or S m ith . T h e his letter to M r . Lewis Secretary W ilso n said:
G overn or had also com m unicated w ith W a lk e r D . H in es,
Section 8 of the law creating the Department of Labor provides that
D irector-G en eral of the R ailroads, in an effort to avert the tho Secretary of Labor shall have the power to act as mediator and to ap­
point commissioners of conciliation in labor disputes wherever in his judg­
strike.
H is efforts, how ever, were unavailing.
ment the interests of industrial peace may require it to be done.
T h e issue in volved in the expressm en’ s strike was m ade
I have been much disturbed by the reports to tho effect that tho opera­
clear l*y D irector-G eneral Hines in a telegram which he tors and miners have failed to reach an agreement and have adjourned
without making arrangements for further conference, and that a strike is
sent to M ich ael J . C ash el, First V ice-P resident of the Inter­
therefore likely to take place in the bituminous coal fields of the United
national B rotherhood of T eam sters, C h au ffers, Stablem en States on tho first day of November. As tho Executive of tho Govern­
ment intrusted with the responsibility of mediation, would like to have you
and H elpers, m ade public b y M r . H ines on O c t. 14. A fter
to meet in the office of the Secretary of Labor in Washington, at 11 o'clock
pointing ou t th a t the express workers in N e w Y o r k could Thursday morning, Oct. 16, for the purpose of considering tho situation as
not expect increases in which those of the sam e com p any in it exists in tho bituminous coal fields. I would respectively request that no
strike order be issued until after I have had an opportunity of a conference
other parts of the country did not share, the telegram said:
This strike has taken place within four weeks from the time the represen­ with you. I have asked M r. Brewster, President of the Coal Operators
tations of your office were presented to the Wage Board, and tho strike has Association, to meet me at the same time and place.
taken place without any notice to the Wage Board or to tho DirectorT h e possible effeet of the strike on the railroads, it is said,
General.
is upperm ost in the m inds of G overn m en t officials.
A
I am sure that you and your members feel that it has been a valuable
thing to you to have the benefit of collective bargaining with the American shutdow n of the m ines w ould result in a paralysis of the
Railway Express Company, an organization with employees throughout tho transportation system within a short tim e, w ith consequent
country. A necessary feature o f this collective bargaining is that the suffering over the country because of the shutting off o f
employees throughout the country must be considered and that action upon
Industry also w ould
wages or working conditions in one place can not be intelligently taken populous centres from food supplies.
be brought to a standstill, w ith public utilities stopped and
without consideration o f the employees elsewhere.
It has been the policy of the United States Railroad Administration to
shipping tied u p .
.
promote the orderly handling of these problems in a way designed to meet
T h e Senate su b-com m ittee investigating the coal situ a­
the just and reasonable interests o f the employees. It is, however, a neces­
sary part of this policy that the matters must be handled upon careful in tion discussed the m atter w ith Secretary of L abor W ilso n
vestigation. In the nature o f things, it is out o f the question for the Rail­ on O ct. 13.
A fterw ard Senator Frelinghuysen of N e w
road Administration to be coerced by means o f a strike into reaching a
decision in advance of obtaining the information needed to view the matter Jersey w ho headed the com m ittee was quoted as having
from the standpoint of all the employees involved, or In giving preference said:
to employees who strike, over employees who do not strike .The Railroad
Secretary Wilson assured us that, as a government official, lie had already
Administration, therefore, is not willing to decide this caso, insofar as^ it interested himself in the threatened strike and that ho hopes to make an
involves these employees while they are on strike, it is willing, and in­ adjustment. Tho eommittco will co-operate with him to that end.
tends, to take it up and decide it as promptly as the Wage Board can
It was the feeling of tho sub-committee, however, that the agreement of
make a report without unjustly preferring the case of these employees over tho coal miners made with Dr. Garfield, when he was Fuel Administrator,
other employees. The best information now obtainable from the Wage to maintain the present scale of wages for the period of the war or until
Board is that its report will be forthcoming by tho 4th of November and April, 1920, constitutes a binding contract and should bo fulfilled. For
the case will be decided promptly thereafter, provided the employees have that reason it is probable no further action will be taken immediately.
returned to work.
M em b ers of the Senate com m ittee taking part ill tho
You should understand that the Government is not willing to negotiate
a question with its employees after they have left its service in a manner discussion besides C hairm an F relinghuysen, were Senators
in which the men you represent have left the service in New York City and Elkins of W e s t Virginia and Tow nsend of M ich ig a n , R e ­
until such time as they return to work, no decision will be reached in this publicans, and W o lc o tt of Delew are and M y e rs of M o n ta n a ,

STRIKE IN COPPER MINES ENDED.
I t was announced on O c t. 15 th at unions in B u tte , A n a ­
conda and G reat F alls, affiliated w ith the M e ta l T rades
C ou n cil, b y a referendum vote cast in the three cities, for­
m a lly ended the strike th a t had been in progress am ong the
B u tte copper mines and the smelter plants in A n acon d a and
G rea t Falls for the last tw o m on th s.

SOFT COAL MINERS’ STRIKE NOV. 1.
T h e official strike order calling upon all union bitum inous
coal miners to stop work at m id -n igh t O ct. 31 was issued to
4 ,0 0 0 local unions on O c t. 15 b y John L . L ew is, A ctin g
President of the U n ited M in e W ork ers of A m erica , from
the offices of th at organization at Indianapolis.
Press




D e m o cra ts.
Senator F relinghuysen in discussing the attitude of the
miners said on O c t. 14 that the sub-com m ittee is inclined
to w arn the miners that if they strike they will bo violating
a contract w ith the G o vern m en t, m ade w ith F uel A d m in ­
istrator G arfield , and that the Senate m ay press action
against th em .
A ll blam e for the breaking off of the wage conference
between tho bitum inous coal m iners and operators of the
central com petitive field was placed on tho coal operators
in a lengthy statem ent of the m iners’ position, issued on
O c t. 14 from tho headquarters of tho U n ited M in e W ork ers
of A m erica at Indianapolis.
T h e join t wago conference
m e t in B uffalo and P hiladelphia.
T h e statem ent declares th a t the operators “ brushed all
of our propositions aside as so much c h a ff, and th a t tho

O ct . 18 1919.]

THE CHRONICLE

only thing the operators proposed to the miners in the con­
ference was that the Washington wage agreement be con­
tinued in force utnil March 31 1920.” The miners were
forced to reject this proposal, it is stated, because the
miners could not make a living under the Washington
agreement.
Harry A. Garfield, former Federal Fuel Administrator,
in a letter to the bituminous coal miners and operators,
made public at Philadelphia on Oct. 11 calls attention to
the wartime agreement, which, he says, is still in effect.
Ilo says the miners are ‘‘incorrect in taking the position
that the agreement has expired,” and further says it will not
expire until peace is promulgated, or until next April, if the
state of war exists until that time. He calls attention to the
importance of keeping the industry stabilized and to the
necessity of producing coal for Europe as well as for this
country.
The conditions under which the miners are working at
present were summarized in the “Wall Street Joui*nal” on
Oct. 10 as follows:
The miners are now working under agreements known as the "New
York Scale Contract” and the “ Washington Agreement.” Under these
agreements common laborers receive S5 for an 8-hour day, while "miners”
receive a greater amount, depending on the amount of work done but which
may easily be $7 per day if the miner desires. The New York Scale Con­
tract became effective April 1, 1916, and provided an increase averaging
5.58%. A voluntary increase averaging 20.8% was granted to take effect
April 16 1917. The Washington Agreement was signed October 6 1917,
became effective April 1 1918, and was to continue in force until the termin­
ation o f the war. It provided increases averaging 37.2% . By these in­
creases wages have been advanced 70.29% over the scale in effect before
the New York Scale Contract became effective on April 1 1916.
The miners ha’, e refused to submit their demands to arbitration and in
convention at Cleveland September 22 issued mandatory instructions to
their conference delegates to obtain all the demands presented, failing
which a general strike o f all bituminous miners and mine workers through­
out the United States was to be declared, effective November l . The
miners have also refused the offer of the operators to continue operations
until some agreement should be reached, with the understanding that any
wage increases should bo retroactive to November 1. The coal year has
heretofore terminated April t. The miners seek to establish November 1
as the end o f the year. A strike at that time would have much more serious
consequences than a strike in April.

Tho joint wage conference of the miners’ representatives
and the coal operators, convened first at Buffalo, during
the week of Sept. 29. Having been unable to reach an
agreement it was announced on Oct. 2 that the conference
would recess until Oct. 9, at which time a sub-committee
of the conference would renew the consideration of the
miners demands at Philadelphia.
The sub-committee, which was composed of two operators
and two miners from each of the four States represented—
Ohio, Indiana, Illinois and western Pennsylvania—met at
Philadelphia on Oct. 9 and after a three day session an­
nounced on Oct. 11 that it had been unable to come to an
agreement and that the conference would be adjourned.
Following the adjournment of the Philadelphia con­
ference, John L. Lewis, acting President of the United
Mine Workers of America was quoted as saying:
We regret that this action had to be taken, but the operators would
not meet us, and there was nothing left to do. Tho demands were forumlated by tho International Committeo of the United Mine Workers, and
they authorized tho calling o f a strike if no agreement could bo reached by
N ov. 1.
I am going to call out all o f the bituminous workers in the country.
There are about 600,000 of them in our organization, and there is no doubt
in my mind that they all will walk out. This will be tho biggest industrial
disturbance ever staged. The steel strike is nothing compared with it.
Wo will make no further advances to the operators.

An official statement issued by the United Mine Workers

on Oct. 11 said:

The United Mine Workers regret sincerely that tho joint wage conference
with the operators has broken up without negotiating a new wage agree­
ment. W e came to tho conference with an earnest desire to reach an agree­
ment, and we have made every possible effort that fair men could put forth
to that end. We laid our demands before the operators and offered our ar­
guments in support of those things which we believe we are entitled to.
AVo have dealt fairly, openly and sincerely. But the operators brushed all
o f our propositions aside as so much chaff. Wo feel, therefore, that the
operators are entirely responsible for the breaking up o f the conference, and
we trust that the American public will understand the true situation.
After tho operators swept aside the demands o f the miners there was
nothing left for the conference to consider, because tho operators assumed
a stone-wall atitude. It is impossible for one side to make an agreement
when the other side refuses to negotiate, and that is what the operators
did. They closed tho doors against further consideration of the wage scale
question by the conference.
The only thing tho operators proposed to tho miners in the conference
was that the Washington wage agreement be continued in force until
March 31 1920. The miners rejected this proposition for the reason that
it is impossible for the coal miners to make a living under tho Washington
agreement.
Figures officially collected show that the average income for the Illinois
mine workers for 1918 was $1,434; for Indiana mine workers, $1,400; for
Ohio mino workers, $1,450, and for Western Pennsylvania mine workers,
$1,200. Tho output o f coal in 1918 was tho largest in tho history o f tho coal
industry, and the miners worked more days that year and produced moro
coal per man than ever before, therefore the wages which they earned in
1918 represent tho extremo peak o f their earning records. These figures
should be a complete answer to the statement o f the operators that the
coal miners o f the country have enjoyed enormous incomes.
I




1503

State and Government statistics for the years from 1913 to 1919 show also
that the average incomes of tho mine workers in these four States for all of
those years was approximately as follows: Illinois, $800 to $850; Indiana,
$800; Ohio, $700; Western Pennsylvania, $700.
The Government recently Issued a bulletin from the Bureau of Statistics
of the Department of Labor in which it was stated that after a careful and
exhaustive survey of the country the bureau had concluded that the average
American family of four required an income of $2,500 a year in order to main­
tain a decent standard o f living. These are Government figures and must be
taken as correct. If they speak the truth then we contend that the wages
of the miners under tho Washington agreement would not permit the miner
to give his family the kind of living that it is entitled to. AVe cite these facts
in order that the public may know exactly the reason why the miners decline
to continue to work under the Washington agreement until M ar. 31 1920.
The existing wage agreement between the miners and operators expressly
provides that it shall continue in force and effect “ during the continuation
of the war.” The contract terminates with the ending o f the war. Tho
making of a new contract at this time, therefore, is not a matter of choice, but
of necessity. With the war over the contract automatically expires. In pre­
senting wage demands the mine workers are not proposing to set aside any
existing wage agreements, but, instead, have for their purpose the negotiate
tion o f a new agreement to succeed the one which ends .vith the termination
of the war.
In their proposal to negotiate a new wage scale the mine workers have In
mind the public need and tho public welfare. They are inspired by a desire
to renew contract relations with their employers without the cessation of
work, which would necessarily follow the expiration of the contract unless
a new one is negotiated.
One year ago the mine workers, through their representatives, petitioned
the Federal Fuel Administrator, Dr. II. A . Garfield, for an increase in
mining prices sufficient to enable them to meet the increase in the cost of
living. Their petition was denied and their request for an increase in wages
was refused. During tho year wage rates remained stationary while the
cost of living has increased more than 50 % . The mine workers remained
at work, carrying the burden of constantly mounting prices of the necessi­
ties o f life, because they felt honor-bound to comply with the provisions
of the joint agreement. They should have been granted an increase in
wages one year ago. At that time they presented incontrovertible facts
in support of their claim. To-day there is added to these facts many
additional reasons why the mine workers should be granted an increase in
wages. The higher prices for tho necessaries of life which prevail now, as
compared with those o f even one year ago, supply an unanswerable argu­
ment in support of the miners’ claim.
The demand o f the mine workers for a shorter work day is justified from
the standpoint of both experience and humane consideration. N o class o f
labor is moro entitled to the shorter work day than the miners. The nature
of their occupation, the dangers they undergo, the risks they run and the
sacrifices they make in connection with their employment, merit favorable
consideration for a shorter work day both by employers and the public as
well. Besides, the mine workers cannot be furnished reasonably steady
employment unless the hours o f labor are reduced.
Since tho armistice was signed, last November, the mine workers in the
main producing coal fields of America have not been employed 25% of
the time. They have been anxious and willing to work, but have been
denied the opportunity to do so. Mines have been closed down and
thousands of men have been forced to idleness. In addition, therefore, to
the high cost of living, they have suffered most keenly from unemployment.
They believe in tho American principle that every man who is willing to
work should be given an opportunity to do so. Their proposal that the
work day be not moro than six hours is offered as a solution of the problem
o f unemployment, for the opportunity to work cannot be accorded to miners
unless the work day is shortened to correspond with the facilities o f produc­
tion and market requirements.
In the opinion of tho miners there is no good reason why the increase in
the cost of production resulting from an increase in wages or shorter hours
of employment should bo entirely borne b y the public. They believe that
the coal operators can pay an increase to the mino workers out o f the
profits they have enjoyed during the war and which they now enjoy.
The report o f the investigation made by the Federal Trade Commission
shows that the bituminous coal operators made a clear net profit o f from
50 cents to $1 per ton. This is remarkable when the public takes into
consideration the fact that prior to the war many bituminous coal operators
operated upon a net profit of less than 10 cents per ton. It is a matter of
common knowledge that coal operators during the war made fabulous sums
of money and that many individual coal operators became millionaires.
These coal barons who are now so solicitous for the welfare of the public
and who assume to act as its protector, have amassed fortunes out of the
profits that coal consumers were forced to pay for fuel during the war.
During the period when our country was engaged in war and the coal
operators were making huge Avar profits, the miners responded to every
call the nation made upon them. They increased production from five
hundred million tons (in 1915 and 1916) to six hundred and eighty-five
million tons in 1918. They mined the coal the country needed to manu­
facture munitions and war supplies, to transport our troops across the seas,
and to ship the food they needed for the winning of the war. Surely this
splendid record merits the utmost consideration of any claims they now
present. In addition, out of their meager earnings, Avhen the war was on,
they bought Liberty bonds and contributed in full measuro to the Red
Cross and all other war agencies. This was not done without great sacrifice
on their part.
The mine workers are deeply conscious o f their obligation and duty to
the public and the nation. It is this fact which prompted them to religiously
observe the contract which now terminates. They have discharged their
obligation and met every requirement in a patriotic and Avhole-hearted
manner. They noAV ask, and certainly have a right to demand, that they
be accorded a full measure o f justice, and increase in wages sufficient to
conform Avith the increase in the cost of living, and a reduction in the hours
of labor so that they may have an opportunity to maintain a decent Amer­
ican standard o f life.

A statement

o p e r a to r s

read

on the same day (Oct. 11) by the

is s u e d
folloA vs:

as

The joint wage conference of coal operators and coal miners o f the Central
Competitive Field Avas ended to-day at the Bellevue-Stratford Hotel without
an agreement having been reached.
Tho proposition before the conference was the demand of the miners for
the termination of the present contract on Nov. 1 and for a new contract
embracing among other things a 60% increase in Avages, a five-day Aveek,
a six-hour day, time and half for overtime, and double time for Sundays
and holidays.
Tho miners threatened to strike on N ov. 1 unless these demands were
complied with, and the operators took the position;
1. T h a t t h e d e m a n d s A v ere e x t r a v a g a n t l y e x c e s s iA re a n d i m p o s s i b l e of
a ccep ta n ce.

1504:

THE CHRONICLE

2. That an effective and entirely fair wage scale is in full force and
effect until April 1 1920, or until peace L promulgated.
s
3. That the public through the Government was a third party to tho
present agreement and in the absence o f and without the consent of this
third party the operators had no right to consent to the arbitrary abroga­
tion o f the existing contract nor had they the right to agree to a new con­
tract which would double the cost o f coal and restrict the output.
In their position as to the time o f expiration o f the present contract the
operators were confirmed by Dr. Harry A. Garfield, who was United States
Fuel Administrator at the time the contract was made and who in a letter
read before the conference declared that the contract is still in effect.
The operators offered to continue under the present contract until April 1
1920, and in tho meantimo to negotiate a new contract, to become effective
upon the termination of the present one.
This would work no hardships upon the miners, as the remaining days of
the present contract are days of maximum production in the coal industry
and every miner wt uld have plenty of work at war-time wages.
The position of the operators has at no time been arbitrary or unrespon­
sive but they have o f necessity been governed by the existing contract, and
the economic limitations of the situation. On the other hand, the miners’
delegates were bound by the fixed instructions given them by their Cleve­
land convention and did not recede from their position.
The conference which began at Buffalo last month has been continued by
the operators in order to exert every effort to prevent the catastrophe of a
national coal strike at this time and to afrord the miners every opportunity
o f taking a less arbitrary and less impossible position.
The whole situation is one of the mine workers’ making.

The miners demands were formulated at the recent in­
ternational convention of the United Mine Workers of
America at Cleveland, 0 . The convention closed on Sept.
2 3 , after adopting resolutions for nationalization of the coal
mines through Government purchase of the mines and for a
working alliance with railroad employees to secure the
adoption of the Plumb Plan for nationalization of the rail­
roads. (“Chronicle,” Sept. 27, page 1231).
A statement issued by the operators at Buffalo on Oct. 2
said: “To avoid any increase in cost to the public is the
aim and hope of the operators, who want to work out an
agreement that will be just to the public and fair to the
miners and the operators themselves.” The statement in
part follows:
When tho Washington agreement was ratified it was understood by both
miners and operators that the end c f the war should mean when the Presi­
dent issues his peace proclamation. In the call for this conference, issued be­
fore the miners’ convention was held in Cleveland, there was no indication
that any other view o f the matter was taken. The Cleveland convention,
however, moved by some of the radical delegates, forced a faccabout position
on the part of the miners’ lcadt rs, approved a list o f demands, and directed
that a strike be called, if the demands are not granted, on N ov. 1. That
is the limit o f negotiation or discretion which the miners’ representatives
are permitted to exercise.
It would be a very simple matter for the operators to say: "Oh, well, we
will meet your demands and charge the cost to the consumer.” And this
m'ght be dono were it not for the fact that the operators are responsible to a
third party which has a vital interest in this issue— the Government, which
in the final analysis i., the people. The Government, by the act of former
Fuel Administrator Garfield, is a party to the Washington agreement in the
same sense that the miners and operators are. He acted under authority
vested in him by the Lever Act, which is still in force, and if the operators
were to boost prices, as would be necessary if the demands o f the miners
were granted, not only they, but the miners would be subject to tho dis­
cipline o f the Government.
During the war it was fairly well established that coal is a sort of pub.ic
utility and that the price for it should remain at about a certain figure. To
grant the 60% wage increase; to grant the demand for a six-hour day from
bank to bank, which in reality would be a five-hour work day, and to grant
the eleven other propositions which tho miners submitted could mean but
one thing— at least doubling the price o f bituminous coal. The effects of
this would be felt in every household in the land. Scarcely an article of
commerce but would be affected by it.

[V o l . 109.

of funds it could spend for additions and betterments, and it has also beon
seriously handicapped by the fact that a great increase in operating ex­
penses, without a compensating increase in rates, has produced a large
operating deficit. It is plain that very large expenditures will be necessary
for the upbuilding of the properties, and sound legislation is vitally neces­
sary to give a certain basis upon which these funds can be raised in the
investment markets.

Following Tuesday’s session it was made known by Mr.
Cuyler that Mr. Hines had been advised that the committees of
the association had reached the conclusion that they did not
see their way clear to accept Mr. Hines’s suggestion of an
application by the roads to the Inter-State Commerce Cammission for an increase in rates before a further conference
with the Director-General on the subject, and on Wednes­
day announcement was made by Mr. Cuyler of the names
of those whom he had delegated to confer with Mr. Hines.
Along with the letter to Director-General Hines there was
also made public a resolution authorizing tho appointment
of the committee, and in which it is insisted by the asso­
ciation “that the duty rests upon the Government to re­
store, on its own initiative and by its own action, the rela­
tionship between revenues and expenses which the Govern­
ment’s action, in increasing expenses, has disturbed.” The
letter sent to Mr. Hines by the association through Mr.
Cuyler was in answer to Mr. Hines’s letter of Oct. 7, pub­
lished in these columns last week, Oct. 11, page 1420. The
following is Mr. Cuvier’s reply thereto:
ASSOCIATION OF RAILW AY EXECUTIVES,
61 Broadway, New York City.
Office of the Chairman.
October 13 1919.
lion. Walker I). Hines, Direclor-Crncral of Railroads, Inter-Slate Commerce
Building, Washington, D. C.
My Hear M r. Hines.— I duly received your letter of Oct. 7 confirming our
conversation in reference to the increase in railroad rates, and submitted
the same to-day to meetings of the Steering Committee, the Standing Com­
mittee and the full Membership Roads, all of which were very fully attended.
The committee camo to tho conclusion unanimously that they did not see
their way clear to accept your suggestion of an application by the roads
to tho Inter-Stato Commerce Commission for an increase in rates before a
further conference with you on tho subject. A very strong feeling was
developed that it was the duty of tho Government, in view of all the cir­
cumstances, to make an increase of their own volition. I enclose you here­
with a copy of the resolution that was adopted by both tho Steering and
Standing Committees and tho general membership.
Under the torms of the resolution, I propose to appoint a committee to
confer with you, and I shall bo glad if you will advise me when you can con­
veniently sec the committee at as early a date as possible.
I am,
Very faithfully,
THOMAS D eW ITT CU YLER, Chairman.

The following is the resolution referred to in the above
letter:

Resolved: 1. That the Association of Railway Executives respectfully
insists that tho duty rests upon the Government to restore, on its own
initiative and by its own action, tho relationship between revenues and
expenses which the Government's action, in increasing expenses, has dis­
turbed; and that appropriate action in this direction is necessary in order
to bo in conformity with the statement of the President, when the rail­
roads were taken over by the Government, that investors in railroad securi­
ties might rest assured that their rights and interests would be as scrupu­
lously looked after by the Government as they could be by the directors
of the several railway systems.
2. That a committee be appointed by tho Chairman, of which he shall
be Chairman, to take such action as it may consider appropriate to secure
a reconsideration of the conclusion of the Director-General as stated in tho
letter above referred to, and to take such ather action as they may deem
necessary in order to protect the interests of tho railroads In regard to rates
to be effective after the end of Federal control.

The following is tho committee named to confer with
Director-General Hines:
Last week’s advices from Director-General of Railroads Thomas DeWitt Cuyler, Chairman.
Alfred P. Thom, Counsel.
Walker D. Hines to Thomas Do Witt Cuvier, Chairman of J. II. Hustis, temporary receiver Boston <fc Maine HR. Co.
the Association of Railway Executives regarding the in­ Howard Elliott, President Northern Pacific Ity. Co.
ability of the Railroad Administration to make the neces­ Samuel Rea, President Pennsylvania RR. Co.
Smith,
Central
sary readjustments in freight rates to enable the companies A. H. Willard,President New York & Ohio R Lines.
Daniel
. Co.
to be self-sustaining with the return to private management, E. E. Loomis, President Baltimore RR.RCo.
President Lehigh Valley
S.
.
R.
and in which it was suggested that the companies take steps C. MH.Felton. President Chicago Great Western .RCo. Co.
RR
to bring the matter before the Inter-State Commerce Com­ Carl R. Markham, President Illinois Central Ry. Co.
Gray,
mission, formed the principal matter of consideration at this R. M . Calkins,President Western Maryland & St. Paul Ry. Co.
President Chicago Milwaukee
E. N. Brown, President Pere Marquette Ry. Co. and St. Louis-San Fran­
week’s meeting of the railroad executives at the Grand
cisco Ry. Co.
Central Terminal. The meeting extended over two days II. Walters, Chairman Atlantic Coast Line RR. Co.
Monday and Tuesday, Oct. 13 and 14—and was called for Julius Kruttschnitt, President Southern Pacific Co.
the purpose of discussing the problems the railroads must Bird M . Robinson, President American Short Lino RR. Association.
face when the lines are relinquished by the Government In stating that the action of the association in disagreeing
on Jan. 1. At the conclusion of Monday’s session Mr. with the Director-General on the question of a shifting of
Cuyler stated that the resumption of private operation of responsibility for the relation of income and expenditure
the railroads would very naturally gpen several problems of from tho Government to the corporate managers has met
great importance, not only to the railroads but to the coun­ with general approval, tho New York “Times” of Oct. lGsaid:
In discussing this particular phase of the situation railroad men refertry at large. He said:
to tho steady increase in the ratio o f operating expenses of tho roads to
RAILWAY EXECUTIVES SAY RATE INCREASES
SHOULD RE ON GOVERNMENT'S OWN I N I A T IV E .

The most serious problem for us now, o f course, is that o f adequate
national legislation to put the railroads on a sound financial footing and
enable them to perform their full service to tho country. As has beon re­
cently pointed out by tho Director-General, tho Government has not been
able during the period of Government control to make the full amount of
capital expenditures needed to keep the railroads abreast of the growth of
the country. The Government could not make these expenditures during
the war because tho labor and materials o f the country wore needed for the
prosecution o f the war. Since the armistice, as M r. Hines points out, the
Railroad Administration has been restricted by Congress as to the amount




their operating revenues from 1916 to the end of the first seven months
of the current year.
In 1916 the operating ratio of all of the carriers was about 65Jtf%, in
1917 a little more than 7 0 H % , in 1918— tho first year of Federal control—
it jumped to 81.55%, and in the first seven months of this year increased
still further to an average of 87.11 % . This last Increase, which shows how
acute tho situation has become, despite the rato increases which tho Gov­
ernment announced during tho war period, indicates as well, it is main­
tained, that should tho roads be returned to private operation at tho end

O ct . 18 1919.]

THE CHRONICLE

1505

sentative Esch, Chairmen, respectively, of the Senate and
House Committees on Inter-State (Commerce, was made
public Oct. 12. Mr. Hines points out that “pending
the passage of railroad legislation uncertainty na­
turally exists.” “ Such uncertainty,” he adds, “makes it
impossible for the Government to plan or carry forward
necessary additions and betterments and to acquire essential
new equipment.” “A vast amount of work,” Mr. Hines
says, “remains to be done which the intervention of the war
has necessarily delaj^ed and accumulated, and the result is
that during 1920 very large capital expenditures ought to
be made to make up for interruptions and to prepare the
railroads to serve adequately the increased traffic. He
also notes that “a distinct element of great importance is
the question of morale,” which he says, “uncertainty and
suspense cannot improve.” The sooner legislation can be
SENATE COMMITTEE DECIDES TO PENALIZE R AIL­ completed, says Mr. Hines, “the sooner can a favorable in­
fluence take the place of the unfavorable influence which the
ROAD STRIKERS UNDER RAILROAD BILL-----uncertainty is bound to breed.” We quote as follows from
DISPOSITION OF EA RNING I N EXCESS OF 6%.
Mr. Hines’s letter:
The Senate Committee on Inter-State Commerce, which
I
is perfecting the reorganization railroad bill, decided on tion know that you are exceedingly anxious to presstothe railroad legisla­
to
possible conclusion. It occurs
me that you may
Oct. 14 to include therein a provision to penalize strikes of nacuraliythe earliestthere are legislators that have not followed the subject
find that
as closely as you have, and who may not have an equal appreciation of the
railroad employees. Details of the proposed anti-strike reasons why the public interest necessitates the earliest possible solution.
legislation were not considered, the Committee confining I therefore write this letter to point out that delay in legislation will seriously
itself to declaring in favor of the adoption of the principle impair the public service by virtually suspending improvements and the
of penalizing railroad employees for striking. The Com­ acquisition of equipment and by seriously imperilling the morale of the
organization.
mittee vote was 14 to 1, Senator Stanley, Democrat, casting railroaddifficulties I point out could not be obviated by the Government
The
the one dissenting vote. The Associtated Press says:
remaining in control of the railroads from week to week pending adoption
of the year, on the pro-war basis, about 25% o f them would be automatically
forced into the hands o f receivers.
Railroad managers have always considered that when operating ratio
mounted higher than 75% the road suffering from such a condition was
skating on thin ice, while those systems which were carrying a heavier
bonded debt were closer to receiverships.
One source o f comfort derived recently by corporate railroad managers
in regard to the future was found in a recent speech mado by Chairman
Clydo 11. Atchison of the Inter-State Commerce Commission at Indianapolis.
He said:
“ As these conditions (the disparity between railroad expenditures and
income) havo been forced upon the carriers, it seems appropriate that fol­
lowing the return of the properties and until the corporations have a reason­
able opportunity to make their own readjustments, the Government should
stand behind unavoidable losses from operation, to a reasonable extent.
Both the general integrity of the rate structure and the pressing necessity
for conservation of revenue require that some means must be found to
insure the continuance of a compensatory scale of rates, subject to such
readjustments as may improve, rather than break down, the whole fabric
The conscious effort must be made, in the transition period, to put transpor­
tation on its own feet, so that it will bear its own costs without continual
recurrence to the public treasury to make up deficits from operations ”

Tlio committee vote was regarded as making certain inclusion in the
final railroad bill of an anti-strike clause somewhat similar to the clause
of the Cummins bill proposing fines and imprisonment for concerted action
of employees interfering with interstate commerce.

It is also announced that in accordance with the tentative
vote of the Committee on Oct. 2 (referred to in the “Chroni­
cle” of Oct. 11, page 1426) to insert a provision directing the
Inter-State Commerce Commission to fix rates sufficient to
insure railroads a return of 5)^% upon the value of their
property, as determined by the Commission, plus one-half
of 1% for maintenance, the Committee on the 14th voted
on the disposition of earnings exceedings this 6% return.
As to the Committee’s action on this point the Associated
Press advices of the 14th state:
B y a vote of 10 to 5 the committee decided that of earnings of rail­
roads between 0 and 7% one-half of 1% may be retained by individual
carriers toward maintenance of individual improvement funds, with the
other half of 1% to bo transferred by the railroads to the Federal Trans­
portation Board, to compose a general national contingent fund. This
general fund would bo distributed by the board for the maintenance or
improvement through loans or otherwise of other railroads deemed worthy
of assistance.
Of excess earnings of railroads over 7% on net value, the committee
decided that one-fourth shall bo retained by the earning carriers for their
own improvement funds and three-fourths given to the board’s general
fund.
The committee also approved a provision that the individual earners
from excess earnings over 6% may accumulate reserve funds up to a maxi­
mum of 5% of their property value. When this 5% limit is reached and
maintained, one-tliird of further excess earnings may bo retained by indi­
vidual carriers and two-thirds must bo transferred to the Federal con­
tingent fund.

PROPOSED FORMATION OF CORPORATION TO
FIN A N C E FOREIGN RAILROAD E Q U IP M E N T .

With regard to reports concerning the formation of a
finance corporation designed to provide credits for foreign
railroad equipment, the “Journal of Commerce” on Oct.
11 said:
Suggestions for the forming of a corporation to finance the sale of railroad
equipment abroad are still under negotiation, but have not yet come near
agreement, according to an official of an equipment company yesterday. A
number of conferences have been held between officials o f the American
Locomotive Company, the Baldwin Locomotive Works, the American
Car & Foundry Company and the Standard Steel Car Company.
It is proposed that each o f these companies shall contribute capital
amounting to S5.000.000 and with that cash as a basis the new financing
corporation may issue debenture bonds to as much as SlOO.OOO.OOO if the
demand abroad for equipment is sufficiently strong.
Lack of pressure for the sale o f locomotives and equipment is the chief
reason for the delay in reaching an agreement, it was said yesterday. These
companies are well situated financially and for tho present are in a position
to handle the small orders which are coming from abroad.

DIRECTOR-GENERAL I IIN E S URGES CONGRESS
E X P E D IT E RAILROAD LEGISLATION.

TO

In a letter to Congressional leaders stressing the need of
the enactment of railroad legislation at tho earliest possible
date, Walker D . Hines, Director-General of Railroads, calls
attention to the fact that “ delay in legislation will seriously
impair the public service by virtually suspending improve­
ments and tho acquisition of equipment and by seriously
impairing the moralo of the railroad organization.” ’ M r.
Hines’s letter, addressed to Senator Cummins and Repre­




of the legislation, because the suspension of the improvement and equip­
ment program and the impairment of morale could not be remedied by such
a measure.
P e n d in g t h e p a s s a g e o f r a ilr o a d le g is la t io n u n c e r t a in t y n a t u r a lly e x is t s .
S u c h u n c e r t a in t y m a k e s it im p o s s ib le fo r th e G o v e r n m e n t t o p la n

to

carry

fo r w a r d n e c e s s a r y a d d it io n s a n d b e t t e r m e n t s a n d t o a c q u ir e e s s e n tia l n e w
e q u ip m e n t .
A n d s u c h u n c e r t a in t y lik e w is e m a k e s
r a ilr o a d c o m p a n ie s t o m a k e s u c h p r e p a r a tio n s .

it

im p o s s ib le

fo r

th e

In order to keep abreast of the growth of business in this country it is
indispensable that the railroads should continue to spend large sums in the
acquisition of new equipment, tho enlargement and unification of ter­
minals, and the construction of additional and the enlargement of existing
shops, engine houses, turntables, &c., and in the carrying forward o f normal
programs for the revision of grades, for the construction of additional main
tracks, longer and more numerous passing tracks, &c.
In the year or two prior to the beginning of Federal control this work
was largely arrested by the difficulties of securing materials and labor and
also by the difficulty of securing new capital. During the year 1918 this
work was largely restricted to things which could promptly be done and
which would have a relation to winning the war and also restricted by the
scarcity of materials. The result was that comprehensive programs for
developing the railroads were largely interrupted. During the calendar
year 1919, there has been unavoidably an almost complete stoppage of
these matters because of the prospect of early termination of Federal control
and the resulting indisposition on the part of Congress to make appropria­
tions large enough to provide for expensive improvement programs to be
carried on with Government funds under the direction of the Railroad
Administration.
Hence a vast amount of work remains to be done which the intervention
o f the war has necessarily delayed and accumulated, and the result is that
during the year 1920 very large capital expenditures ought to be made
to make up for the interruptions unavoidably due to tho war and to prepare
the railroads to serve adequately the increased traffic throughout the coun­
try. This is particularly true as to equipment, as it seems to be reasonably
certain that in the fall of 1920 there will be need for materially more freight
cars than will be available if the corporations are not able promptly to make
plans for the additional equipment which the Government has been with­
out provision to acquire.
In order to make the necessary preparations for additions and better­
ments, including equipment, it is obvious that considerable time must be
allowed for planning the improvements and for raising the money. Even
the physical planning for the improvements cannot be successfully made
until the legislation shall be determined upon, and the improvements cannot
be entered upon without knowledge as to how the money can be raised to
pay for them, and the raising o f the money will of course be dependent
upon the fact and character of the legislation.
Even thirty days delay in tho ability to make plans means a probably
much greater delay in carrying the plans into effect, and if legislation
should be so delayed as to prevent the definite making of plans until well
along in the spring, the probability is that the plans could not bo carried
out at all in time to meet the railroad traffic requirements in the latter
part of tho summer and fall of 1920.
What I have said above with regard to capital expenditures o f course does
not affect the situation as to maintenance work on the railroads. The
Federal Control Act and the contracts which the Government has made
with tho majority of the railroad corporations imposes an obligation to
return the railroads to their owners in substantially the same condition
as they were when they were taken over, and the Railroad Administration
is carrying on its maintenance work on this basis.
A different and entirely distinct element of great importance is the
question of morale of tho railroad forces. Undoubtedly uncertainty and
suspense cannot improve morale, and serious prolongation of uncertainty
and suspense would very greatly impair morale.
So far as I feel, both the railroad officials and the railroad employees are
withstanding in a splendid way the injurious influences of uncertainty and
suspense, but I am sure that it will become more and more difficult for both
officials and employees to concentrate upon the present performance o f their
work rather than dwell on the future condition o f the railroad business
and their relation thereto.
This is an inevitable manifestation of human nature which is not subject
to any criticism. But i t ’is a fact, and the sooner legislation can be com­
pleted the sooner can a favorablo influence take the place of the unfavorable
influence which the uncertainty is bound to breed.
if.:
While I believe that you personally are fully alive to the importance of
these factors, it has occurred to me’ that it might be helpful to you to have
my views with regard to them.

CO MP L I C AT I ON S I N PRES I DENT WI L S O N ’ S S I CK­
NESS M A Y N E CE S S I TA TE OPERATI ON.

As a result of a new development in the President’s sick­
ness, it was announced on Friday, Oct. 17, that an operation
might be necessary in order to obtain relief. Dr. Fowler a
specialist, had been called to Washington, it was stated. At
mid-day, Oct. 17, Dr. Grayson, the President’s personal
physician, issued this bulletin:
T h o P r e s i d e n t p a s s e d a c o m f o r t a b l e n i g h t a n d is f e e l i n g w e l l t h i s m o r n i n g .
H is

tem p era tu re,

c o n d itio n

[V ol . 109.

THE CHRONICLE

1506

p id s e

and

r e s p ir a tio n

is n o t a s s a t is fa c t o r y

ra te

as y esterd a y

a re

n o r m a l.

The

disarmament of Germany and another resolution suggesting
that France be given a prior claim in the distribution of repar­
ation payments made by Germany.
The Chamber of Deputies on the same date unanimously
adopted a resolution which, after expressing confidence
in the spirit of equity and justice of the Allied and Associ­
ated Powers, asked the French Government to negotiate
with them for the establishment of a common pool among
the Allies to indemnify the participants in the great war.

p ro sta tic

a n d is c h e c k in g t h e

gen eral

im p r o v e m e n t o f t h e p a s t fe w d a y s .

SHANTUNG A M E N D M E N T

TO PEACE

TREATY

REJECTED B Y S E N A T E — O W E N A N D
In the daily bulletin, issued on Oct. 14 by the physicians
T H O M A S RESER VA TIONS.
attending the President, reference was made for the first
time to the new complication, i. e., the prostatic condition. The Senate on Oct. 10, by a vote of do to 35, rejected the
Shantung amendment to the Peace Treaty, which at the
The bulletin read as follows:
instance of Senator Lodge had been adopted by the Senato
Foreign Relations Committee on Aug. 23 by a vote of 9 to 8.
In the Senate on the 16th the 55 votes in opposition to tho
amendment were cast by 41 Democrats and 14 Republicans,
while the 35 votes in favor of the amendment came from 32
RUFFIN.
Republicans and 3 Democrats. Under the Shantung amend­
On Oct. 10 it was announced that “the discomfort which ment tho German rights in Shantung, China, would revert
the President suffered for two days has been relieved to a to China instead of being given to Japan; the amendment, as
proposed by Senator Lodge and accepted by tho Senate
very great extent.”
The President since his return to the White House on Committee, provided for the striking out of the word
Sept. 2S has been confined to bed and his physicians have “Japan” from the Shantung sections of the treaty and sub­
insisted that a long rest is necessary to complete recovery stituting the word “China.” The rejection of this amend­
ment
by that body on
from the breakdown from which he is suffering as the result of theby the Senate follows the defeatwhich was made inOct. 2
Fall amendments, reference to
these
of overwork. ______________________
columns Oct. 4, page 1334. Only three of the Committee’s
G R EA T B R I T A I N COMPLETES RA T I F I C A T I O N & O F amendments now remain to be acted on by the Senate. Of
thoso remaining one relates to American representation on
G E R M A N PE ACE TR E A T Y .
King George V signed the German Peace treaty on Oct. 10 the Reparations Commission and two to equalization of
completing Great Britain’s ratification. The document voting power in the League of Nations Assembly. After
signed by the King was dispatched with a special messenger the vote on the Shantung amendment was completed Senator
to Paris on the same day. It was the first ratification by one Lodge announced that later he would move to strike out
of the great Powers. All the dominions of the British Empire entirely the sections awarding the Shantung rights to Japan.
Notice also was given by a number of the Republican Sen­
had previously ratified the treaty.
ators who opposed the Committeo amendment that they
FRENCH S E N A T E RA T I F I E S GERM A N P E AC E T R E A T Y would present reservations dissenting from tho Shantung
award. Interpretative resolutions proposing tho preserva­
— S T A T E OF SIEGE I N F RA NC E I S E N D E D .
of Egypt’s
and
Following the action of the French Senate on Oct. 11 in tionthe League ofright of self-government to allfuturo action
by
Nations to give freedom
voting to ratify the German peace treaty President Poincaire ject States were presented in the Senate on capable sub­
issued two decrees placing the interior affairs of France on a Senator Owen (Democrat) of Oklahoma. TheOct. 15 by
Associated
peace basis, ending the state of siege and lifting tho censor­ Press says:
ship. The jurisdiction over police affairs which was main­
tained by the army was also transferred to the Prefectures.
The decrees were signed Oct. 11 and became effective on Oct.
13 by the fact of their publication in the “Journal Official.”
The vote for ratification in the French Senate was 217 for the
treaty, and none against though one Senator refrained from
voting. The Senate by unanimous vote also gave affirmation
to the Franco-Ameriean and Franco-British protective
treaties on Oct. 11. In reporting the event Paris press dis­
patches of Oct. 11 said:
T h e P r e s id e n t d id n o t h a v e a r e s tfu l n ig h t la s t n ig h t .

H is r e s t le s s n e s s

w a s c a u s e d b y a s w e llin g o f t h e p r o s t a t e g l a n d , a c o n d it io n fr o m

h a s s u ffe r e d

in

h is ly in g in b e d .

t h e p a s t a n d w h ic h h a s b e e n

in t e n s ifie d

m ore

H is g e n e r a l c o n d i t i o n , h o w e v e r , is g o o d .

w h ic h h e

o r le s s b y

A s n oted yes­

t e r d a y , h is t e m p e r a t u r e , p u ls e , r e s p ir a t io n , h e a r t a c t io n a n d b l o o d p r e s s u r e
a r e n o r m a l.

G R A YSO N .
S T IT T .

B o t h o f t h e p r o p o s a ls w e r e p u t in a s m e a s u r e s e n t ir e ly s e p a r a t o f r o m

th o

r a t if i c a t io n , S e n a t o r O w e n a n n o u n c in g t h a t h e h a d n o t c h a n g e d h is s t a n d f o r
u n q u a lifie d a c c e p t a n c e o f th e T r e a t y .
I n o n e o f th e r e s o lu tio n s th e S e n a te w o u ld

go

on

,
r e c o x 'd a s f a v o r i n g a

c h a n g e in t h e L e a g u e c o v e n a n t a f t e r t h o L e a g u e h a d b e e n e s t a b lis h e d , s o
t h a t th e s u b je c t p e o p le s u n d e r m a n d a to r ie s w o u ld r e c e iv e s e lf-g o v e r n m e n t
w h e n fo u n d c a p a b le o f e x e r c is in g it.
T h e r e s o lu tio n r e la tin g t o E g y p t , w h ic h

a d dress as a n

im p o r t a n t s te p

in

S en a tor O w en su p p o rte d

th e in te r e s t o f p e a c e a n d

in a n

J u s t ic e , w o u ld

d e c la r e :
“ T h a t t h e p r o t e c t o r a t e w h i c h G e r m a n y r e c o g n i z e s in G r e a t B r it a i n o v e r
E gypt

is

u n d erstood

to

be

m e r e ly

a

m eans

th rou gh

w h ic h

th e

n o m in a l

s u z e r a in t y o f T u r k e y o v e r E g y p t s h a ll b e tr a n s fe r r e d t o t h e E g y p t ia n p e o p le ,

T h o v o t e o n t h e p e a c e t r e a t y w ith G e r m a n y w a s 2 1 7 fo r r a t ific a t io n , n o n e
a g a in st a n d o n e a b s te n tio n — th a t o f S e n a to r D e la h a y e .

T h e v o t e fo r th e

a d o p t io n o f t h e r a t ific a t io n o f th e t w o d e fe n s e tr e a tie s w a s u n a n im o u s , a ll o f
t h e 2 1 8 v o t e s b e in g c a s t in it s f a v o r .
P r e m ie r C le m e n c e a u , b e fo r e th e t r e a t y w a s r a t ifie d , m a d e a n e lo q u e n t
s p e e c h in w h ic h h e d e fe n d e d v a r io u s c la u s e s o f t h e p e a c e t r e a t y , a n d p a r ­
t ic u la r ly o n e p e r m ittin g
e a s te r n fr o n t ie r .

G e r m a n y t o r e ta in c a n n o n

a n d fo r tr e s s e s o n

her

T h e p r e m ie r e x p la i n e d t h is b y s a y in g it w a s t o G e r m a n y ’s

in te r e s t t o d e fe n d h e r s e lf o n t h e e a s t a n d t h a t F r a n c e h a d n o d e s ir e t o se e
G e r m a n y la p s e in t o B o ls h e v is m .
“ T h e b e s t j u s t i f i c a t i o n o f t h e p e a c e t r e a t y , ” s a i d M . C l e m e n c e a u , “ is t h a t
if a t a n y tim e w e h a d b e e n a s k e d i f w e w a n te d th e p r e se n t t r e a t y n o b o d y
w o u ld h a v e re fu s e d i t . ”

To end tho state of war with Germany it is still necessary
to deposit in the Foreign Office a text of the treaty signed
by President Poincare which will be filed with tho ratifica­
tion document signed by President Ebert of Germany, which
has already been received.
Censorship of the press and other war lime restrictions were
lifted on Oct. 13 and there was wide celebration of the return
to peace conditions. On Oct. 14 President Poincaire signed
a decree of general demobilization effective upon “the cessa­
tion of hostilities.”
France’s representative on the Council of the League
of Nations will be Leon Bourgeois, former Premier and
Minister of Foreign Affairs, and French member of the
League of Nations Commission of tho Peace Conference.
The decree naming M. Bourgeois as member of the Council
was signed by President Poincaire on Oct. 14.
The French Senate, on Oct. 14, adopted a resolution al­
ready passed by the Chamber of Deputies, asking the Gov­
ernment to suggest to the Allies further measures for the



a n d s h a ll n o t b e c o n s t r u e d a s a r e c o g n i t io n b y t h e U n it e d S t a t e s in G r e a t
B r ita in o f a n y s o v e r e ig n r ig h ts o v e r th e E g y p t ia n p e o p le o r a s d e p r iv in g th e
p e o p l e o f E g y p t o f .a n y r ig h t o f s e lf - g o v e r n m e n t .

Four reservations to the labor clauses of the treaty, under
which, among other things, the United States reserves to it­
self the right to decide questions within its jurisdiction, and
also declines to submit to the International Labor Council
the credentials of the American delegates, wero offered to the
Senate on Oct. It by Senator Thomas. These reservations
follow:
R e s e r v a t io n s in t e n d e d t o b e p r o p o s e d b y M r . T h o m a s , t o b o m a d e a p a r t

o f th e r e s o lu tio n o f r a t ific a t io n o f t h e t r e a t y o f p e a c e w ith G e r m a n y , v i z .:
1 . T h o U n it e d S ta te s d e c lin e s t o s u b m it th e c r e d e n th ils o f its d e le g a te s a n d
th e ir a d v is e r s t o t h e g e n e r a l la b o r c o n fe r e n c e t o t h o d e t e r m in a t io n o f t h a t
b o d y o r t o r o c e iv o o r a c t u p o n p r o p o s a ls o f a n y c o n fe r e n c e fr o m
d e le g a te s o r a d v is e r s o r a n y o f t h e m h a v e b e e n e x c lu d e d .

w h ic h its

A n d th e U n ite d

S ta te s u n d e r s ta n d s a n d c o n s t r u e s t h e G o v e r n m e n t ’s d e le g a te s p r o v id e d
A r tic lo 3 8 9 a n d

th e t w e lv e d e le g a te s r e p r e s e n tin g G o v e r n m e n t s u p o n

g o v e r n in g

o f th e

body

p e n d e n t s ta n d in g t o

in te r n a tio n a l la b o r o ffic e

and

th o

b e n o m in a te d fo r t h o p a n e l p r o v id e d

p erson
by

by
th e

o f in d e ­

A r t ic le 4 1 2

t o m e a n t h a t b o t h e m p lo y e r s a n d w o r k e r s a r e in e lig ib le t o s e le c tio n o r a p ­
p o in t m e n t t o s a id p o s it io n s o r a n y o f t h e m .

A n d th o U n ite d S ta te s d e c lin e s

t o s u b m it t h o c r e d e n t ia ls o r q u a lific a t io n o f a n y o f it s a p p o in t e e s u n d e r P a r t
13 o f th e t r e a t y t o a n y a u t h o r it y w h a te v e r .
2 . T h e U n ite d S ta te s u n d e r s ta n d s t h a t t h e p r o v is io n s o f A r tic lo I , P a r t I ,
o f th o t r e a t y a u t h o r iz in g a n y m e m b e r o f t h o le a g u e t o w ith d r a w

th e re fro m

m e a n t h a t a n y s u c h w i t h d r a w a l w h e n m a d o is a w i t h d r a w a l f r o m

t h o in te r ­

n a t io n a l o r g a n iz a t io n c r e a t e d b y P a r t 13 o f t h o t r e a t y .

T h e U n ite d S ta te s

a ls o u n d e r s ta n d s t h a t a m e n d m e n t s t o P a r t 1 3, u n d e r t h e p r o v is io n s o f A r t ic le
4 2 2 s h a ll

not

b in d

any

m em ber

o f t h e le a g u e w h ic h s ig n ifie s it s d is s e n t

t h e r e f r o m , b u t in t h a t c a s e it s h a ll c c a s o t o b a a m e m b e r o f t h e le a g u e .
3.

T h e U n it e d S ta te s r e s e r v e s t o Itse lf e x c lu s iv e ly th e r ig h t t o d o c id o w h a t

q u e s t io n s a r o w it h in it s d o m e s t ic ju r is d ic t io n a n d t h a t o f th o S ta te s r e s p e c ­
t i v e l y , a n d d e c la r e s t h a t a ll d o m e s t i c a n d p o lit i c a l q u e s t io n s r e la t in g t o it s
a ffa ir s ’,

in c lu d in g

im m ig r a tio n ,

c o a s t w is e

tr a ffic ,

a g r ic u ltu r e ,

th o

ta r iff,

c o m m e r c e a n d o t h e r d o m e s t i c s u b je c t s , a r o n o t u n d e r P a r t 13 o f t h is t r e a t y

18 1919.]

O ct .
s u b m itte d

to

th o

THE CHRONICLE

d e t e r m in a t io n

o f th e

g e n e ra l co n fe r e n c e ,

th e

g o v e r n in g

ITEM S

ABOUT

1507
BANKS,

TRUST

C O M P AN IE S,

&C.

Only ten shares of bank stock were sold at auction this
week and none were sold at the Stock Exchange. There
were no transactions in trust company stocks. An advance
of 26 points is recorded in the price of First National Bank
G. II. Oyster, American Secretary of the Commission onstock, a sale of 10 shares having been made at 976, as against
International Labor, comments as follows on those reserva­ 950 last week.
tions according to Washington advices appearing in the
New York “Tribune” of Oct. 13:
The death of James Noyes Wallace,President of the Cen­
tral Union Trust Company of this city, which occurred
suddenly from an attack of heart disease on Oct. 11 at his
country home at Palisades, New York, is not only a personal
loss to a vast circle of friends but to the community as well.
His whole business life, covering a period of forty years, was
devoted to banking, and ho rose to a commanding place as
one of the representative bankers of New York and one of
the powerful financial leaders of the country. Ilis friends
are numbered in every walk of life and the loyalty which he
exemplified was rewarded in his lifetime by the loyalty of
the employees of his company and by all his associates,
and is rewarded to-day by the tribute which is being so
widely paid to his memory. Born in 1864 at Wallingford,
Conn., Mr. Wallace at the age of fifteen started as an office
boy in the banking firm of Phelps, Stokes & Company and
there attracted the attention of the late Frederick P. Olcott
Avho took him with him to the Central Trust Company when
Mr. Olcott became Vice-President of it in 1882. In the
associations which he then and thereafter formed, Mr.
Wallace made his career and so commended himself to the
confidence and esteem of Mr. Olcott that after having be­
come an Assistant Secretary of the Central Trust Company
in 1901 he was a year later elected a Vice-President and
succeeded Mr. Olcott as President in 1905. When the
Central Trust Company merged with the Union Trust
I T A L Y A U T H O R I Z E D TO R A T I F Y G E R M A N A N D
Company in 1918 Mr. Wallace became President and Chair­
A U S T R I A N TREATI ES B Y ROYAL DECREE.
man of the Board of the new institution. During the war
Decrees providing for the ratification of the German and he gave largely of his time to matters of national and inter­
Austrian peace treaties by Italy are reported to have been national finance and by France last January he was created
issued by King Victor Emmanuel of Italy on Oct. 0. The a Chevalier of the Legion of Honor. For his capacity as a
Associated Press in Rome cablegrams Oct. 7, in announcing genius in the reorganization and rehabilitation of corpora­
the issuance of the decrees says:
tions, ranging from important railroad systems to impor­
tant industrial concerns, Mr. Wallace was long held high in
financial regard. His most recent success in this field was
obtained by him while acting as Chairman of the Preferred
The daily press points out that the royal decree of the Stockholders Committee of the International Mercantile
Italian monarch must receive approval from the next Parlia­ Marine Company.
ment, which will meet at Rome on Dec. 1, but it is con­
sidered certain there will be little trouble in securing Besides approving the plans to increase the capital of
the Liberty National Bank from $3,000,000 to $5,000,000
concurrence.
the stockholders of the bank on October 15 ratified the
proceedings whereby the bank took over the business of the
COL HOUSE RETURNS TO U N I T E D STATES.
Scandinavian Trust Company. The acquisition of the
Col. Edward M. House, one of the American delegates latter was referred to in these columns August 30. At this
to the Peace Conference, returned to the United States on week’s meeting of the stockholders of the Liberty National
Oct. 12 on the army transport “Northern Pacific,” suffer­ it was decided to increase the board from 23 to 30 members.
ing from ill health. Col. House has long been a dis­ A special bonus, amounting to 25% of the salaries for the
tinctive personal friend of the President and the latter’s quarter ending September 30, has been voted in behalf
adviser both during and before the peace negotiations. He of the employees of the Liberty National Bank.
had been abroad since the latter part of October, 1018.
The Chemical National Bank of this city announces the
appointment of Fred A. Hull of Asheville, N. C., as one of its
R A T I F I C A T I O N OF P E AC E T R E A T Y B Y A U S T R I A .
Southern representatives. Mr. Hull was National Bank
Tho Austrian National Assembly, on Oct. 17, ratified Examiner for the South Atlantic States for about nine
the Peace Treaty with the Allied Powers which had been years, doing special work for the Comptroller in that period.
signed at St. Germain, France, on Sept. 10. The rati­ He was Trust Officer of the Wachovia Bank and Trust
fication, it is reported, was voted without debate. The Company of Winston-Salem, N. C., for about a year, and
German party alone opposed favorable action, that party recently has been engaged with the Industrial Finance Cor­
being a unit in opposition. The signing of the Austrian poration in the organization of Alorris Plan companies in
treaty was referred to in the “Chronicle” of Sept. 13, page the South. Air. Hull is well known among bankers of the
1047.
South.
At a meeting of the Directors of The Seaboard National
BULGARI A GR A N T E D E X T E N S I O N OF T I M E L I M I T
Bank of this city on October 16, Egbert V. Nelson, formerly
FOR OBSERVATION ON PE AC E TERMS.
Assistant Trust Officer of the South Side Trust Company of
The Supreme Council of the Peace Conference on Oct. 10 Pittsburgh, Penn., was appointed Trust Officer. Air. Nelson
announced it would grant to the Bulgarian peace delegation will have charge of the trust department of the bank, and
an extension of the time limit set for tho submission of its will enter upon his duties immediately.
observations on tho terms of peace which were presented
to it on Sept. 19. The time originally set was Oct. 14: or Benjamin Joy has been elected Assistant to Seward
25 days after presentation. The date has been extended Prosser, President of- tho Bankers Trust Company of this
10 days to Oet. 24. This action is in line with the policy city. Air Joy was formerly Cashier of the National Shawof tho Supremo Council in dealing with the German and mut Bank of Boston.
Austrian peace delegates.
b o d y o f th e I n te r n a tio n a l L a b o r U n io n o r a n y o t h e r c o m m is s io n o f in q u ir y
to b e ch o se n th e re u n d e r.
4.

T h e U n ite d S ta te s r e s e r v e s th e r ig h t t o d e c lin e t o r e c o g n iz e th e a u t h o r ­

i t y , e x c e p t t h a t o f a m e m b e r o f th e le a g u e , t o file a c o m p la in t w it h th e in te r ­

n a t io n a l l a b o r o f f i c e t h a t it is n o t s e c u r in g e f f e c t i v e o b s e r v a n c e o f a n y c o n ­

v e n t i o n w h ic h b o t h h a v e r a t if i e d in a c c o r d a n c e w it h t h e a r t ic le s o f P a r t 1 3 .

S h ares. B A N K — N e w
10

P aragrap h

3

o f th e

r e s e r v a tio n s p r o v id e s

je c t s a re n o t u n d e r P a r t X I I I

in

p art

th a t

“ d o m e stic

sub­

(la b o r s e c tio n ) o f th e t r e a t y s u b je c t t o d e te r ­

m in a tio n o f th e g e n e r a l c o n fe r e n c e , th e g o v e r n in g b o d y o f th e in te r n a tio n a l
la b o r o f f ic e o r a n y o t h e r c o m m is s io n o f in q u ir y t o b e c h o s e n t h e r e u n d e r ."

A s a m a tte r o f fa c t , b y th e te rm s o f th e tr e a ty o f p e a ce th e g e n e ra l c o n ­

fe r e n c e

(in te r n a tio n a l la b o r

m a tter.

c o n fe r e n c e )

has

no

pow er

to

d e te r m in e

any

I t is a p u r e l y d e l i b e r a t i v e b o d y , w h i c h , w h e n i t h a s d e c i d e d o n t h e

a d o p t io n o f p r o p o s a ls w ith r e g a r d t o it e m s o n its a g e n d a , s u g g e s ts t h e m t o

t h o m e m b e r s o f t h e lc a g u o in t h e f o r m o f r e c o m m e n d a t io n s o r d r a f t c o n v e n ­
tio n s .

T o q u o te fr o m

A r tic le 4 0 5 o f t h e tr e a t y :

“ I n th e m s e o f a d r a ft c o n v e n t io n th e m e m b e r w ill, if it o b t a in s th e c o n ­

s e n t o f th e a u t h o r it y o r a u th o r itie s w ith in

w h ose com p eten ce

th e m a tter

lie s , c o m m u n ic a t e t h o f o r m a l r a t if i c a t io n o f t h e c o n v e n t i o n t o t h e s e c r e t a r y g e n e r a l, a n d w ill t a k e s u c h a c t io n a s m a y b e n e c e s s a r y t o m a k e e ffe c t iv e th e

p r o v is io n s o f s u c h c o n v e n t io n .

“ I f o n a r e c o m m e n d a t io n n o le g is la t iv e o r o t h e r a c t io n is t a k e n t o m a k e

a r e c o m m e n d a t io n e ffe c t iv e , o r if th e d r a ft c o n v e n t io n fa ils t o o b t a in th e

c o n s e n t o f th e a u t h o r it y o r a u th o r itie s w ith in w h o s e c o m p e t e n c e th e m a t t e r
lie s , n o fu r t h e r o b li g a t i o n s h a ll r e s t u p o n t h e m e m b e r s .”
T o

show

how

t h o r o u g h ly t h e in te r e s ts o f t h e U n it e d

g u a r d e d b y th e U n ite d S ta te s r e p r e s e n ta tiv e s o n

S ta te s w e r e s a fe ­

th e c o m m is s io n o n in t e r ­

n a t io n a l la b o r le g is la t io n w h ic h d r a ft e d t h is s e c t io n o f t h o t r e a t y , I q u o t e th e

fo llo w in g p a r a g r a p h o f A r t ic le 4 0 5 w h ic h w a s in c o r p o r a t e d t o m e e t t h e d e ­
m a n d s o f t h e A m e r ic a n r e p r e s e n ta tiv e s , a n d w h ic h c o m p le t e ly c o v e r s th e
d a n g e r w h ic h
“ In

S e n a to r T h o m a s s e e m s t o a n tic ip a te :

th e c a s o o f a F e d e r a l s t a t e , th e p o w e r o f w h ic h

v e n tio n s o n

to e n te r in to c o n ­

l a b o r m a t t e r s is s u b je c t t o li m it a t i o n s , it s h a ll b e in

t h e d is ­

c r e t io n o f t h a t g o v e r n m e n t t o tr e a t a d r a ft c o n v e n t io n t o w h ic h s u c h lim ita ­
tio n s a p p ly

a s a r e c o m m e n d a t io n

o n ly , a n d

t h e p r o v is io n s o f t h is a r tic le

w it h r e s p e c t t o r e c o m m e n d a t io n s s h a ll a p p l y in s u c h c a s e .”

T h e r e m a in d e r o f t h e r e s e r v a t io n s a s in t h o c a s e o f t h e a b o v e , a r e s u p e r ­

flu o u s , in a s m u c h
by

a s t h e p o in t s r a is e d a r e a m p ly c o v e r e d

a n d s a fe g u a rd e d

th e t r e a t y a s it n o w s t a n d s .

T h e “ G io r n a le d T t a lia " s a y s t h a t e a c h d e c r e e c o n t a in s t w o a r tic le s , th e

fir s t a u th o r iz in g t h e G o v e r n m e n t t o e x e c u t e t h e t r e a t y fu ll y a n d t h e s e c o n d
s e t t in g fo r t h

th a t th e d ecree b e p resen ted t o

in t o la w .




P a r lia m e n t t o

b e con v erted

Y ork:

F ir s t N a t io n a l B a n k o f N . Y _ _

L ow .

976

H ig h .

C lo se.

976

976

L a s t p r e v io u s s a le .
O ct.

1919— 950

1508

THE CHRONICLE

[V ol . 109

Frank J. Parsons, Vice-President of the United States The Fifth-Third National Bank of Cincinnati announces
Mortgage & Trust Company, of this city, is making a trip that in the carrying out of the affiliation plan with the
through the West visiting the Company’s mortgage represen­ Union Savings Bank & Trust Co. of that city (noted in
tatives.
these columns July 12) a new form of joint stock certificate
will be issued to the stockholders of the two institutions.
The separate stock certificates held previously by owners
The American Trust Co. of this city which opened for of stock the
will be retired and
business on the 27th day of January last, reports that its canceled. in The two respective banks certify the holder’s
new certificate will
resources now amount to over $10,000,000.
ownership of stock in both institutions and will be the sole
evidence of such ownership. It will bear upon its face the
Owing to the large increase in business resulting from the amount of Fifth-Third stock the holder is owner of as well
establishment of new branches at Jamaica and hong Island as the amount of Union Trust stock. It is provided that
City, the American Trust Company of this city has found it “shares in either corporation shall be transferable only in
necessar3r to elect additional officers as follows: Daniel W. conjunction with the transfer of shares in the other in the
Quinn, Jr., Vice-President; Harry V. Hoyt, Asst. Treasurer; proportion of three shares of the capital stock of the FifthFrank L. Stiles, Asst. Secretary: W. E. Steelier, Asst. Secre­ Third National Bank of Cincinnati and one share of the
tary; Thomas F. Ha*te, Asst. Secretary.
capital stock of the Union Savings Bank & Trust Co.” It
is pointed out that the new plan does away with trusteeing
Snelson Chesney has taken up his duties as Vice-President the stocks of the two banks as was at first proposed. In­
the Textile Banking Company, Inc., 50 Union Square, stead of placing the outstanding stocks of the Fifth-Third
New Vork, which was recently inaugurated by the Guaranty and of the Union Trust in escrow, these stocks will now be
Trust Company of New York and the Liberty National Bank retired and canceled. The certificate will bear the signa­
of New York. Mr. Chesney has been engaged in credit work tures of the President and Cashier of the Fifth-Third Bank
and commercial banking and for the past four years has been and the President and Secretary of the Union Trust. To be
Western representative of the Liberty National Bank of New transferred it will have to be registered by the transfer agent
York. The opening of the Textile Banking Company was of each institution. The new shares will be registered by
the Union Trust and countersigned by the Fifth-Third Bank.
referred to in the “Chronicle” of Oct. 4, page 1319.
At a recent meeting of the directors of the Union Trust Co.
of Detroit Alvin W. Bond and Eugene A. Miller were elected
Assistant Secretaries of the institution and Arthur S. Gil­
more was made Auditor. Mr. Gilmore who was Chief Ac­
countant previously succeeds Mr. Miller as Auditor. Mr.
Bond was formerly In charge of the company’s insurance
and tax business and will continue his supervision of these
Aaron L. Strauss has been elected a director of the Inter­ matters. All three promotions were made as a recognition
of
to the
The
national Trust Co. of Boston and Thomas F. Megan has of capability Co. faithful serviceAssistant institution. that
Union Trust
now has four
Secretaries,
been elected an assistant secretary of the company.
position being held also by Merrill C. Adams and Harry
Slater.
Advices from Boston state that the First National Bank
of that city has now purchased the old John Hancock Build­ Henry M. Dawes has been elected a director of the Central
ing at Devonshire and Federal streets as an addition to the
of Illinois, Chicago. John Barton Payne has re­
site on which it plans to erect its new 11-story home referred Trust Co. director. Among changes in the office staff are
to in these columns in our Aug. 9 issue. This gives the signed as
the following: Wm. It. Dawes, Vice-President and
institution almost the entire block bounded by Milk, Devon­ is now Vice-President; Howard S. Camp, Assistant Cashier,
Cashier,
shire, Federal and Franklin streets.
is now Cashier; R. H. Walton, Assistant Auditor, has be­
come Assistant Cashier; Walter R. Werner has been elected
The Directors of The Bank of North America, Philadelphia, Assistant Cashier; A. K. Bodholt, Assistant Secretary, is now
announce the election of Richard S. McKinley as a Vice­ Trust Officer and Assistant Secretary; Lloyd R. Steere,
President.
Estate Officer and Assistant Secretary, is now Secretary and
Estate Officer, and W. L. Burgess and Leo II. Thorv have
The purchase by the Union Trust Co. of Pittsburgh of been elected Assistant Secretaries.
controlling interest in the Farmers Deposit National Bank
of that city' and its allied institutions, the Farmers Deposit The Chicago Trust Co. of Chicago has just published a
Trust Co. and the Farmers Deposit Savings Bank (reference booklet containing “P’ive Chapters About Your Liberty
to which was made in these columns in our issue of Sept. 27) Bonds” which we
informed is
was accomplished on Oct. 15 when the former institution in those requesting it.are The booklet being distributed freo to
besides being very
a deal involving approximately $7,000,000 acquired more able for its information concerning the five Government valu­
bond
than 50,000 of the 00,000 outstanding shares of the Farmers issues during the war—the First, Second, Third and Fourth
Deposit National Bank. By this merger, it is said, the Union Liberty Loans and
brief history
Trust Co. probably becomes the largest financial institution of the participationthe Victory Loan—contains a World War.
of the United States in the
between New' York and Chicago. The following statement It contains
concerning the purchase was made by officials of the Union Wilson, the excerpts from the war messages of President
President’s fourteen points, miniature repro­
Trust Co.:
ductions of seventeen of the posters used to secure enlist­
ments in the army and navy and investments in the several
Government bond issues. Another noteworthy feature of
the pamphlet is its “Chronology of the War’s Events.” It
comprises 74 pages. It also has a bond valuation table.
Gaetano Bkisutti, Vice-President of the Italian Discount
and Trust Company, of New York City, returned to the
United States on Oct. 12, after a three and one-half months’
trip to Italy. While abroad Mr. Biasutti was appointed a
member of the Italian Delegation to the International Trade
Conference, which is to be held at Atlantic City this month.

T h e U n i o n T r u s t C o m p a n y o f P it t s b u r g h h a s a c q u ir e d m o r e t h a n 5 0 ,0 0 0

sh a res,

out

of

6 0 ,0 0 0

sh a res o u ts ta n d in g ,

stock

o f th e

F arm ers

D e p o sit

N a t i o n a l B a n k , w h ic h c a r r ie s w it h it t h e F a r m e r s D e p o s i t T r u s t C o m p a n y

and

t h e F a r m e r s D e p o s i t S a v in g s B a n k .

Bank

and

th e

F arm ers

D e p o s it

S a v in g s

T h e F a rm ers D e p o s it N a tio n a l

Bank

and

th e

F arm ers

D e p o s it

T r u s t C o m p a n y w ill b e c a r r ie d o n a s in t h e p a s t b y t h e ir p r e s e n t c a p a b le
s t a f f o f o ffic e r s a n d e m p lo y e e s .
P la n s

are

b e in g

c o n s id e r e d

fo r

th e

e n la r g e m e n t

and

a lte r a tio n

of

th e

F a r m e r s B a n k B u ild in g , s o a s t o p r o v id e a d e q u a t e a n d s u it a b le a c c o m m o ­
d a t io n s f o r c a r r y in g o n t h e b u s in e s s o f t h e U n io n T r u s t C o m p a n y o f P it t s ­
b u r g , a s w e ll a s t h a t o f th e F a r m e r s D e p o s it in s titu tio n s .

W h e n th e s e a lt e r ­

a t io n s a r e c o m p l e t e d , it is e x p e c t e d t h a t t h e U n io n T r u s t C o m p a n y o f P i t t s ­
b u r g a n d its a ffilia t e d in s t it u t io n s w ill h a v e a s m o d e r n a n d u p - t o - d a t e a c ­
c o m m o d a tio n s

and

fa c ilit ie s

fo r

it s

cu sto m e rs

as

any

in s t it u t io n

in

th e

co u n try .
O n a c c o u n t o f p r e s e n t b u i l d i n g c o n d i t i o n s , it is n o t c o n s i d e r e d l i k e l y t h a t
a n y c h a n g e s in t h e F a r m e r s B a n k

B u ild in g c a n b e c o m p le t e d f o r a y e a r .

T h e U n io n T r u s t C o m p a n y a ls o d e s ir e s a m p le t im e in w h ic h t o s t u d y t h e
b e s t e x a m p le s o f m o d e r n b a n k a r r a n g e m e n ts a n d d e s ig n , s o t h a t w h e n its
n e w h o m e is c o m p l e t e d it w ill t a k e r a n k w it h t h e f ir s t in s t it u t i o n o f it s k i n d '
A c o n t r o ll in g in t e r e s t in t h e R e li a n c e L if e I n s u r a n c e C o m p a n y is o w n e d
by

t h e F a r m e r s D e p o s i t T r u s t C o m p a n y , a n d n o c h a n g e w il l b e m a d e in

t h e m a n a g e m e n t o f t h e i n s u r a n c e c o m p a n y , o r in i t s a f f a i r s .




John Washburn, a director of the Minneapolis Trust Co.
and Chairman of the board of directors of the WashburnCrosby Co., one of the largest flour milling concerns in the
country, died at South Livermore, Me., on Sept. 25 after a
brief illness. Mr. Washburn was a native of Hallowell, Me.,
but went to Minneapolis in 1880. He was a director of the
First & Security National Bank of Minneapolis and was prom­
inently connected with many large financial and manufac­
turing corporations.
The National Bank of Commerce in St. Louis published in
a recent issue of the St. Louis “Globe-Democrat” “some of

Oct . 18 1919.]

THE CHRONICLE

the fa«ts which entitle it to rank as a maker of history” —
considering history in that broad sense in which it has been
interpreted as a record “ of those peaceful achievements
which tend to the industrial and social advancement of a com­
munity or nation.” Among the facts which the bank cites
as distinctive of its own record are that the National Bank
of Commerce was the first bank west of the Alississippi
River to provide a $10,000,000 capital; its Trust Depart­
ment “ in point of organization and amount of business
under its control, leads the national banks of the entire
United States” ; its Savings Department, which was inaugu­
rated in January 1918, now has more than 19,000 open
accounts; and its Transit Department, which serves as a
clearing house for the St. Louis section, handles daily an
average of 42,000 out-of-town checks.
A new financial institution— the Broadway Bank of K an­
sas C ity, M o .— was formally opened on Sept. 15. The
officials of the new bank are: J. R . Remley, President;
Kearney Wornall and W . N . Hinshaw, Vice-Presidents, and
H . B . Klapmeyer, Cashier. The bank has a capital of
$100,000 (in $100 shares) and a surplus of $10,000.
The following changes were made recently in the per­
sonnel ©f the Inter-State Trust & Banking C o. of New Or­
leans: E . J. Buck, formerly Assistant Secretary, was
made a Vice-President of the institution; W . L. W ard,
heretofore Assistant Cashier, was promoted to the Cashiership; Lieutenant Patton Hawkins, who recently returned
from military service overseas, was appointed Auditor.
Lieutenant H . H . W hite, who also recently returned from
military service, resumed his position with the bank on
Oct. 1 and Lieutenant George T . Rives, who has been with
the aviation branch of the service, has been added to the
staff as Assistant Secretary.
The company has inaugu­
rated monthly get-together dinners for its officers and em­
ployees when subjects of mutual interest are discussed.
A consolidation resulting in the formation of one of the
largest and most extensive banking institutions in the South­
east, went into effect on Sept. 29 when the Third National
Bank of Atlanta was merged with the Citizens & Southern
Bank of Savannah under the title of the latter institution
with banking houses at Atlanta, Savannah, Alacon and
Augusta. The capital of the new bank is $2,000,000 with
surplus of $2,500,000 and approximate resources of $5 0.­
000,000. The change was effected, we understand, without
interruption of business. W hile the Third National Bank
through the merger has become a State institution, as the
Citizens & Southern, it will be a member of the Federal
Reserve System, and as such will be subject to restrictions
imposed upon national banks under the Federal laws. The
merger agreement, as printed in the Savannah “ News” of
Sept. 28, is as follows:
Under the consolidation agreement each stockholder o f the Third
National Bank will receive $250 per share for his holdings. There are two
options before him.
In accordance with the consolidation plan, the Citizens and Southern
Bank pays at 01100 $ 1 ,000,000 in cash for 4,000 shares of the Third National
Bank stock, and exchanges 6,000 shares of Citizens and Southern, share for
sharo, for 6,000 shares o f tho Third National.
Stockholders of the Third National will have the right to cash in their
stock at $250 per share, or to take 40% in cash on the basis of $250 per
share and 60% of their holdings in stock of the new Citizens and Southern
Bank.
In addition to the foregoing and as a part of the consolidation agreement,
each shareholder of the Third National Bank will receive a quarterly divi­
dend of $3 per sharo, making a total of $253. Heretofore the Third Na­
tional has paid only semi-annual dividends, at the rate of 1 0 % per annum,
which is now increased to 1 2 % per annum, payable quarterly.

M ills B . Lane, heretofore President of the Citizens &
Southern Bank of Savannah, is Resident of the new or­
ganization, and Frank Hawkins, formerly president of the
Third National Bank, is Chairman of the Board. A . M .
Borgstrom, formerly Cashier of the Third National Bank!
was promoted to a Vice-Presidency of the now institution,
and W . V . Crowley, heretofore Assistant Cashier of the
Third National, was made Cahsier. Three new directors
have been added to the Board at Atlanta, namely M ills B .
Lane of Savannah; E . W . Lane, President of the Atlantic
National Bank of Jacksonville, F la ., and E . H . Cone of
Atlanta. Tho roster of the. new bank is as follows: Frank
Hawkins, Chairman of the Board; Mills B . Lane, President;
Thomas C . Erwin, W . W . Banks, A . AI. Bergstrom, John
W . Grant and J. N . Goddard, Vice-Piusidents; W . V .
Crowley, Cashier, and W . B . Symmers, i . J. Hansell and
Henry Cohen, Assistant Cashiers.




1509

Louis Sutter and William B . Reis were recently elected
directors of the Anglo-California Trust Co. of San Fran­
cisco. M r . Sutter is Cashier, Secretary and Treasurer of
the company, while M r . Reis is President of the El Dorado
Oil Co. of the Reis Estate C o. and of the St. Alargarita
Land & W ater Co.
E N G L IS H F IN A N C IA L M A R K E T S — PER CABLE.
The daily closing quotations for securities, & c., at London,
as reported by cable, have been as follows the past week:
O et, 11.

O ct. 13.

S a t.

L ondon,
W e e k e :d i g O ct. 17—

M on.

S ilver, per ®z............................... d .6 2 )4
------C on suls, 2 % p e r c e n t s .......... H o l i d a y ______
B ritish , 5 per ce n ts _________ H o l i d a y ______
B ritish , 4 % p er ce n ts _______H o l i d a y ______
6 1 .4 5
F ren ch R e n te s ( i» P a r is ) -f r .............
F ren ch w ar loa n (in P a ris )fr ............
9 0 .5 0

O ct. 14.

O ct. 15.

T u es.

63 1-16
52%
95
86%
6 1 .5
9 0 .2 5

O ct. 16.

W ed .

63 %
52%
9 5 }i
86%
6 1 .5
9 0 .4 5

O c t. 1 7 .

T h u rs.

63%
52 %
95%
87
6 1 .2 5
9 0 .3 5

F rl.

63 %
52%
95%
86%
___________
___________

The price of silver in New York on the same day has been:
Silver in N . Y . , per o z - _ c t s .

117%

H o lid a y 1 1 7 %

C o i n n t e v c l a 1 a t u l J 'U

118%

1 1 8 yg

117%

t s c c U a u c o ix s ^ ie w s

A u c tio n Sales.— Among other securities, the following,
not usually dealt in at the Stock Exchange, were recently sold
at auction in Neiv York, Boston and Philadelphia:
B y Alessrs. Adrian H . Aluller & Sons, New York:
S h a res.

S tock s.

P e r ce n t.

5

S a S ck
h res. to s.

P cen
er t.

Peoples Nat. Bank of Key1 0 0 L o n g c o O il & G a s , p r e f ________\ $ 2 0
port, N. J_______ ________112
5 0 L j n g c o O il & G a s , c o m ........... _ / l o t
5 Farmers* Merck. Nat. Bank
5 0 0 S u b m a r in e B o a t _____$ 1 7 % p e r s h .
of Matawan, N . J______ 110
6 0 0 C o lo n ia l T ir e & R u b b e r , c o m .
25 Fidelity-Pkenix Fire-Insur.. 710
S14% per sh .
10 Cranford (N. .1.) Trust C o ..
150 10 F i r s t N a t . B a n k o f N . Y _____9 7 6
500 Zinc-I.ead Corp______ 20c. per sh.
1.000 United Copper, nref................ \$60
900 United Copper, com_________J lot $ 1 0 ,0 0 0 G e o r g i a C o a s t A P i e d . R R .|
201 Cripple Creek Cent. Ry.,com. 6
1 s t s . f . 5 s , c e r t i f s . o l d e p o s i t _____} $ 3 0
314 Crip.Crk.Cent.Ry.,prcf 12%-12% S 5 0 0 G e o r g i a C o a s t A P i e d . I n c o m e ! l o t
5.000 The Regina Co., pref..$10 per sn.
5 s , c e r t i f s . o f d e p t s i t _____________ J

Bn s.
od

B y Messrs. W ise, Hobbs & Arnold, Boston:

S a S ck
h res. lo s.

S tock s.
S p er sh .
25 Nafonal ShawmZt. Bank --------258
95
2 Framingham National Bank_155 %
9
4 Waltham National Bank............127% 1 0 0
10 Commonwcilth Trust-----------205
50
2 Peoples Nat. Bank, Roxbury.. 178)4 1 5 0
12 Lyman Mills________
-J01% 1 0 0
5 Trqmont A Sufi lk Mills.......... .225
100
25 Bigels>w-Hartf. Carpet, com— 10S% 5 0 0
58 U. S. Worsted, 1st p r e f...92)4-94)1
8
6 U. S. Worsted, 2nd pref____ 87%-S8 7 5
20 Gosnold Mills, common............ -127%
5
3 Cordis Mills_______________
132 10
10 Dwight M fg., $500 each......1326

S h a res.

$

B y Messrs. R . L. D ay & C o., Boston:

S a S ck
h res. lo s.

S h a r es.

p sh
er -

D r a p e r C o r p o r a t i o n ________1 4 6 - 1 4 6 ) 4
M a s s . L ig h t in g C o s . , p r e f ______ 7 5
J a m a i c a C o n s . C o p p e r , $1 e a c h 2 0 c .
G r e e n la w M f g . , c o m . , $ 1 0 e a c h . 5 0 c .
A g u a c a t e M i n e s , $ 5 e a c h _______ $1
C o n t a c t C o p p e r , $ 2 5 e a c h ______2 5 c .
A m o r . F o r k E x p l o r a t i o n , $1 e a . S l
C h a m p i o n C o p p e r , $ 1 0 e a c h ___ 1 0 c .
W . L . D o u g l a s S h o e , p r e f ........... 9 8
S u lli v a n M a c h i n e r y _______ 1 6 0 - 1 6 0 ) 4
L u d l o w M f g . A s s o c i a t e s ________ 1 4 8 )4
S t o u g h t o n T r u s t __________________ 122

p sh
er

S tock s.
$ per sh .
$
.
3 Merchants National Bank----- 29044
1 C o n e . * M o n tre a l R R „ C la s s 2 . 70
45 National Shawmut Bank---------- 257 % 2 0 M e r r im a e C h e m i c a l , $ 5 0 e a c h . . 9 2 - 9 3
100 Old Cdony T r u s t -------------------254 %
1 K i n n e y M f g . , c o m m o n __________1 7 5
15 First Nat. Bank, Portsmouth,
15 U n i v e r s i t y A s s o c i a t e s ______________3 0
N . I I _____ _______________ ..1 2 6
2 5 S a c o - L o w e l l S h o p s , c o m ________ 2 1 6
2
Nashua Manufacturing, c o m ..291 1 0 0 S h a w m u t S .S . C o . r i g h t s _______________ 6 ) 4
19 Edwards Manufacturing.............115
1 M e r r i m a c k M a n u f a c t u r i n g _____7 2
16 Arlington M ills.. . ___________143*;
6 5 S u lli v a n M a c h i n e r y ______________ 1 6 0 ) 4
5 Mass. Cotton Mills, ex-div____ 142%

By Alessrs. Barnes & Lofland, Philadelphia:
S h a res.

S tock s.

$ p er sh .

S h a r es.

S to ck s.

$ per sh .

4,000 Tecopa Consol. Mining...... 8c.
5 J o h n B . S tetson , p r e f___ __ ..1 5 0
42 Continents 1-Eqult. T . I. A T . 95
40 H . K . M u lfo r d , $53 e a c h ____ 50
5 Indus. C. S. & Ice (Del.), $25
25 S tan d ard I c e M f g ., c o m ______2 7 ) 4
each.................... ...................$5 lot
25 S ta n d a rd I c e M f g ., p r e f_____ 66
26 Indus. C. S. A W . H. (Pa.),
43 F . W . T u n n c ll A C o ., I n c . ..1 0 2
$50 each ............................... 3)4
5 2 )4 V en tn or S y n d ic a te _______$11 l o t
2 Re 1 Estate T ..I . A T ______ 493
B onds.
p e r ce n t.
1 Philadelphia Nat. Bank_____ 475
$ 2 ,590 S ta n d a rd Ic e M fg . 1st 5s, ’ 29 8 5 )4
4 Fourth Street Nat. Bank_ 320)4 10.000 U n ited G 's A E l. c 11. 6 s . '4 5 57
_
3 Drov. Merch. N . B ., $50 ea. 60 %
1,000 C a m . A S u b . R v . 1st 5s, '4 6 . 89 %
2 Fidelity T r u s t . . . __________ 590
2 .5 0 0 C le v e . A- E rie R y . 1st 5s, '2 9 2 9 %
4 Empire Title & T r., $25 paid. 23
2 .5 0 0 C le v . & E rie R y . Inc. 5s, '2 9 .$ 5 l o t
25 Wayne Title A Trust________ 119
2 3 .0 0 0 M oreh ea d A N o rt h F ork R R .
2 Phila. & Trenton R R .......... 199)4
1st 5s. 1 95 8_________________ 21

&

C an a d ia n B ank C le a rin g s.— The clearings for the week
ending O ct._9 at Canadian cities, in comparison with the
same week in 1918, show an increase in the aggregate of

W e e k e n d in g O ctob er

C le a r in g s a t —

1919.
C anada—

Montreal.................. —
Toronto_______________ Winnipeg_______________
Vane l u v e r ..............................
Ottawa__________________
Hamilton_______________
Calgary_____ ___________

Regina--------------------------Lethbridge_____________

Fort W illia m ........... ........
New Westminster______
M e d i c i n e H at_____
P e t e r b o r o u g h _____________

W i n d s o r ........... ....................
P r in c e A l b e r t _______
T o t a l C a n a d a ___________

1918.

I n c . or
D ec.

S
s
%
143.2S2.53S 120,760,183 + 18.6
91,147,107 74,239,847 + 22.8
04,606,018 61,728.371
+ 4.7
14,738,459 11,397,564 + 29.3
9.366,191
8,245,371 + 13.6
6,262,845
5,691,272 + 10.0
4.9S3.194
5,593,144 — 10.9
7,123,221
5,713.635 + 24.7
9,441,345
7,629,833 + 23.8
3,455,954
2,141,470 + 41.5
2,589,693
2,220,470 + 10.3
3,579,423
2,614,038 + 37.7
5,277,269
3,661,615 + 44.1
5.690.06S
4,979,250 + 14.3
1,064,510
806,003 + 32.C
770,982
1,114,313 — 30.9
2,501,418
2,177,576 + 14.9
2,219,224
1,995,749 + 11.2
1,627,319
1,0.37,901 + 56.9
1,169,944
1,012,596 + 15.5
678,623
494,081 + 37.2
701,920
540,055 + 30.0
1,031,718
856,833 + 20.4
1,039,676
702,730 + 48.0
1,185,231
807,735 + 46.7
2.431,654
1,206,053 + 101 6
475,675
335,503 + 41.8
388,441,219 3.30,009,191

9.

1917.

1916.

$
88,300,520
51.244,116
53,139,177
9,161,054
5,578,456
3,528,768
3.047.17S
4,042,2S9
8,374,956
1,726,622
1,738,873
2,073,053
2,898,535
4,700,1S7
710,300
1,310,709
2,249,648
1,624,389
772,861
500,047
320,781
765,286
551.575
605,524
500,602

S
70,159,431
43,634,612
39,672.482
4,766,096
3,750,555
2,049.018
3,554,059
3,809,031
1,555,843
1,502,668
1,812,839
2.116,360
2,90S ,42$
572,987
592,632
1,353,231
1,059,933
733,326
514,868
249,300
393,640
474,927
512,503
532,774

+ 17.7 252,345.506 194,220,890

[V ol . 109

THE CHRONICLE

1510
D IV ID E N D S .

O w in g t o o u r in a b ilit y t o p u b lis h t h e u s u a l s iz e
p a p e r , w e f i n d it n e c e s s a r y t o le a v e o u t t h e c u s t o m a r y
d e ta ile d s t a t e m e n t o f d iv id e n d p a y m e n ts , a n d p r in t
h e r e m e r e ly t h e n e w d iv id e n d s a n n o u n c e d t h e p r e s e n t
w eek.

Nm of Cma y
a e o p n.

P W en
er
h '
C t. Py b
en aa le.

Bo sC sed
o k lo .
Dys In siv
a clu e.

Railroads (Steam).

A . Tp aAS F co mn(q a l'A Dec. 1 Holders of rec. Oct. 31a
tch o ek ata e, m o u r.)
C cin a Sn uk A C ela d p . . ? 1.50 Nov. 1 Oct. 21 to Nov. 2
in n ti a d s y lev n , ref
R d gC. first p
ea in o
referred(q a _______ ♦50c. Dec. 11 ♦Holders of rec. Nov. 25
u r.)
G rg Su ernAF rid 1st A2 p
eo ia o th
lo a
d ref. 2 'A Nov. 7 Holders of rec. Oct. 28
Street and Electric Railways.

Cp B nE
a e reto lectric C ., com on
'» m ____
va
P
referred
________
___________ ______
3
C S ice, co . Ap (m ly.)_____
ities erv m ref. th
Cm o (p y b Incom sto ) ______ / I
o mn a a le
. ck
Cm o w lthP ., R. A L p (q .) g V
o mn ea ow g ., f. u l ,
P b Srv In estm t, p (q a __ l'A
u lic e ice v en ref. u r.)

Nov.
Nov.
Dec.
Dec.
Nov.
Nov.

1
1
1
1
1
1

Nov.
Nov.
Nov.
Nov.

1
1
1
1

Holders
Holders
Holders
Holders
Holders
Holders

of
of
of
of
of
of

rec.
rec.
rec.
rec.
rec.
rec.

Oct.
Oct.
Nov.
Nov.
Oct.
Oct.

15a
15a
15a
15a
16a
16a

Oct. 25
to
Oct. 21
to
Oct. 21
to
♦Holders of rec.

Oct.
Oct.
Oct.
Oct.

31
31
31
31

Amount.
_____$25,000
___

2 ,0 0 0 ,0 0 0

.........

50,000

.........

30.000

-$2,105,000

Total

CHANGES OF TITLE .
The State National Bank of Oklahoma City, Okla. to
“ First National Bank in Oklahoma City. ’
VOLUNTARY LIQUIDATION.
The Farmers National Bank of Warsaw, III------------------ Capital, $25,000
Liquidating Agents, J. CL Crawford and Fred Schildman,
Warsaw. Succeeded by a State bank.

Statem en t of New Y o rk C ity C learing H ou se B an k s
and T ru st C om p an ies.— The following detailed statement
shows the condition of the New York City Clearing House
members for the week ending Oct. 10. The figures for the
separate banks are the averages of the daily results. In the
case of totals, actual figures at end of the week are also given:
N E W YO R K W E E K L Y CLEAR IN G HOUSE RETUR NS.

Banks.

P cific (q a ________________________
a
u r.).
W ester A (quar.)..........................
estch
te.

INCREASES OF CAPITAL.
The First National Bank of Bradford, Ohio.
Capital increased from $25,000 to $50,000-----------The Fort Dearborn National Bank of Chicago, III.
Capital increased from $3,000,000 to $5,000,000-­
First National Bank of Clinton, So. Car.
Capital increased from $50,000 to $100,000---------The First National Bank of Versailles, Ohio.
Capital increased from $30,000 to $00,000------------

SI
>1
*2

Miscellaneous.

A er. D T . of N ■
m lst. eleg
. /
______ . _
_
Holders of
1.5a
H Oct. 29 ♦Holders of roc. Oct. 29
A er. T . A Cb (q a ____. . . . . .
m e'eg a le u r.)
Dec. 1
rec. Nov.
A er. Z c, L dA S elt., p (q a $1.59 Nov. 1 Holders of rec. Oct. 24
m in ea
m ref. u r.)
A cia D Go s 1st p (qu .).. *1 'A Dec. 1 •Hol lers of rec. Nov l
sso ted ry o d
ref. tu
14
S np
eco d referred(q a ______ _____ ___ * * Dec. 1 ♦Holders of rec. Nov. 1
u r)
A s Pwer, p (q a ______ _____ 1,4 Nov. 1 Oct. 21 to Oct. 31
lla o d ref. u r.)
Bn AMrtq g Ga n (q a _____ 4 Nov. 15 Holders of rec. Nov. 8
o d o a e u ra tee u r.)
B mto P lp A P p (q a ________ 1 4 Nov. 7 Holders of rec. Oct. 31
ro p n u
a er u r.)
Brn B s, co mn(q a . _________ 2 4 Nov. 15 Holders of ree. Nov. la
u s ro m o u r.)
Cm o (p q b I co mnslock____ / 2 4 Nov. 15 Holders of rec. Nov. la
o mn a a ’e n m o
)
Nov. 15 Holders of rec. Oct. 31
Cn d nCnerters, L . (q a _______
a a ia o v
td u r.)
1
C tra M i ;ePtter, co mn(N 1) . 1 4 Nov. 1
en l a o
m o o.
P
referred (qu ________ ______ 1 4 Nov. 1
ar).
C ch Ca C ., co . (q a _____ * 14 Nov. 15 ♦Holders of rec. Nov. 11
lin field o l orp m u r.)
P
referred (q a ____________ _____ _
u r.)
Nov. 1 ♦Holders ol rec. Oct. 27
Clu b Gs A E (q a ______ ____ * 1 4 Nov. 15 Holders of rec. Oct. 31
o mia a lec, u r.)
1
Cn lid tio Ca (q a _________ __ 2 4 Oct. 31 Holders of rec. Oct. 21a
o so a n o l u r.)
1
C ck h C com (q a . __
ro er-Weeler o., . u r.).
Nov. 15 Holders of rec. Nov. 5
P
referred (q a ____________________
u r.)
Nov. 15 Hoi lers of rec. Nov. 5
D foe-E sllce C In ___________ . . . 1 4 Nov. 15 Nov. 2 to Nov. It
a u
o., c
50c.
D o rs O AGs (q a.) _____ ___ . 5 Oct. 31 Holders of rec. Oct. 21
ep sito il a u r
D in B g (qu ____________ . . 2 Nov. 15 Holders of ree. Oct. 31
om ion ride ar)
D in S e C ., L ., p (q a
om ion tel orp td ref. u r.)_
Nov. .1
Nov. 1 Oct. 16 to
E lo r (O ) AB s., In co . (q .) ♦1 Nov. 15 ♦Holders of rec. Nov. 1
lsen h tto ro c., m u 14
E inNt. Wtch(q a ............................ ♦2 Nov. 1 ♦Holders of rec. Oet. 21
lg a a u r.)
E Bsin P leu (q a ______ _____ ♦124c Nov. 1 ♦Holders of rec. Oct. 15
lk a etro m u r)
G era C a In com (q a _______ 1 4 Nov. 1 Holders of rec. Oct. 24
en l ig r, c., . u r.)
Go rich (B F C co . (q a __ : 1 Feb. 16 Holders of rec. Feb. 15
od
. .) o., m u r.)
P
referred (q a _____ _____________
u r.).
Tan. 1 Holders of ree. Dec. 21
Hu h nC. E L h com : ______ 6 1 4 Nov. 1 Holders of rec. Oct. 18a
o g to o lec. ig t, ___
24
P
referred
________ .
.
75c. Nov. 1 Holders of rec. Oct. ISa
In erso n C co . (q a . ....
g ll-Ita d o., m u r.)
Oct. 31 Holders of rec. Oct. l$a
K Weel, Ire., p (q a __ __ . 2 4 Nov. 1 Holders of rec. Oct. 21a
elsey h
ref. u r.)
14
L E L h (qu
ovell lectric ig t ar). . __ _ 2 4 Nov. 1 Holders of tpc. Oct. 20
M d S te O Crp (m ly.)________ 10c. Nov. 1 Holders of rec. Oct. 20a
id le ta s il o . th
M th __
on ly
10c. Dec. 1 Holders of rec. Nov. 20a
Mn ly ...
o th
Holders of rec. Dec. 20a
lan.
M w R in (quar.)______________ $110c Nov. 1 Holders of ree. Oct. 15
id est efin g
1
E ___________
xtra
50c. Nov. 1 Hoiders of rec. Oct. 15
Ntio a B it, co . (q a __ __ . * > 4 lan. 15 ♦Holders of ree. Dec. 30
a n l iscu m u r.)..
P
referred (q a __ ___________ ____ * 1 4 Nov. 29 ♦Holders of ree. Nov. 15
u r.)
Dec. 15 Holders of rec. Nov. 21
N Y AHn u sRsa M in (q .). 1 4 Oct. 31 Holders of rec. Oct. 21
. . o d ra o rio in g u 1
A o tio d id d
mrtiza n iv en _____ _____ __
Oct. 31 Holders of rec. Oct. 21
Pck rdMto Cr, co . (q a ___ . _ d V JOct. 31 Holders of rec. Oct. 15a
a a o r a m u r.).
2t
P n lv n L h g p (q a _____ 1 4 Oct. 15 Hoiders of rec. Oct. 11a
en sy a ia ig tin , ref. u r.)
♦Holders ol rec. Oct. 27
P lllip o es C ., p (q a
h s-J n orp ref. u r.).....
Prtla dGs ACk p (q a ______ ♦14 Nov. 1 Holders of rec. Oct. 22
o n a o e, ref. u rA
Nov. 1
P d cers R ers Crp p (q a.) . ♦17 4 c Nov. 3 ♦Holders of rec. Oct. 20
ro u
eft
o , ref. u r 1 4
Pren M . (q a ........................ ............... 25c. Nov. 1 Oct. 22 to Oct. 31
y e fg u r.)
R u lic O AR in __ , . . .............. .. 1 Oct. 20 Holders of rec. Oct. lo
ep b il efin g
E __________________
xtra
Nov. 1 Holders of ree. Oct. 15
S Lw ce F u M co . (q a
t. a ren lo r ills, m u r.). 2 4 Nov. 1 Holders of rec. Oct. IS
1
Cm o (b u _____
o mn on s)
1
Nov. 1 Holders of ree. Oct. 18
P
referred (q a .
u r.).
1 4 Nov. 1 Holders of rec. Oct. 17
S p lp R in (qu
a u a efin g ar.).. ________
Nov. 2
Nov. 1 Oct. 22 to
S rs, Re ukA- C co . (q a . 122 4 c Nov. 15 Holders of rec. Oct. 31a
ea ob c o., m u r.),
♦Holders of rec. Oct. 31
S P cific E C p (qu
ierra a
lec. o., ref. ar.).. ♦2
S n a M g co . (q a _______
ta d rd illin , m u r.)
2
Nov. 29 Holders of rec. Nov. 18
P
referred (q a _____ ____ __
u r.)
Nov. 29 Holders of rec. Nov. 18
UitedS te G s (q a _____
n ta s las u r.)
1
Oct. 25 Holders of rec. Oct. 17
V cu m O ............................................
a u il
♦3
Nov. 29 ♦Holders of rec. Nov. 1
* From unofficial sources, aTransfer books not closed for this dividend.
< Correction.
1

(.Stated i n th o u s a n d s o j d o lla rs— th a t I s . th r ee c ip h e r s | ,000] o m it t e d .)
L oan s,
N et
C a p it a l. P r o f i t s . D i s c o u n t ,
I n v est­
N a t ’ l , S e p t . 12 m e n t s ,
A c.
S t a t e , S e p t . 12
T r . C o s , S e p t . 12

CLEARING
HOUSE
MEMBERS
Oct. 10 1919.
Members of
Fed. Res. Bank
Bk of N Y.N BA
Manhattan Co.
Merehants' Nat
Meeh * Metals
Bank of America
National CityChemical N a t ..
_
Atlantic N at_
Nat Butch & Dr
Amer Exch Nat
Nat Bkof Conn
Pacific Bank..
Chath <c Phenl
f
Hanover Nat.
Cltizeus Nat___
Metropolitan
Corn ExchangeImp & Trad Nat
National Park..
East River N at.
Second Nat___
First National..
Irving National
N Y CountyNat
Continental_
_
Chase NationalFifth Avenue..
Comm’l Exch..
Commonwealth
Lincoln Nat__
Garfield Nat___
Fifth National
Seaboard N at.
Liberty N at_
_

$
2 ,0 0 0
2 ,5 0 0
3 ,0 0 0
6 ,0 0 0
1 ,5 0 0
2 5 ,0 0 0
3 ,0 0 0
1 ,0 0 0
300
5 ,0 0 0
2 5 ,0 0 0
500
7 ,0 0 (i
3 ,0 0 0
2 ,5 5 0
2 ,0 0 0
4 ,2 0 0
1 ,5 0 0
5 ,0 0 0
1 ,0 0 0
1 ,0 0 0
1 0 ,0 0 0
6 ,0 0 0
1 ,0 0 0
1 ,0 0 0
1 0 ,0 0 0
500
200
400
1 ,0 0 0
1 ,0 0 0
250
1 ,0 0 0
3 ,0 0 0
1 ,5 0 0
1 ,0 0 0
1 ,5 0 0
1 5 ,0 0 0
2 ,0 0 0
2 5 ,0 0 0
l ,0 0 0
5 ,0 0 0
1 ,2 0 0
3 ,0 0 0
1 ,0 0 0
1 ,0 0 0
2 ,0 0 0
1 ,0 0 0
3 ,0 0 0
5 ,0 0 0
1 ,0 0 0

Brooklyn Trust
Bankers Tr Co.
U S M tge & T r.

Peoples Trust.
Franklin Trust
Lincoln Trust..

Columbia Bank

$
6 ,0 9 9
7 ,9 8 2
3 ,2 7 9
1 3 ,0 2 7
7 ,1 4 1
5 5 ,3 4 5
1 0 ,0 5 9
1 ,0 6 8
122
6 ,9 4 3
2 7 ,8 9 9
1 ,1 7 4
6 ,9 5 1
1 8 ,5 1 3
3 ,4 4 3
2 ,6 7 4
8 ,6 2 7
8 ,3 7 8
2 0 ,9 7 8
633
4 ,2 6 8
3 3 ,3 9 5
7 ,8 4 5
482
692
2 0 ,4 7 9
2 ,3 1 6
926
794
2 ,1 2 8
1 ,4 6 5
448
4 ,2 48
4 ,0 3 7
1 ,5 1 1
l ,3 8 9
2 ,6 3 4
1 8 ,7 8 6
4 ,8 0 8
2 9 ,6 3 7
1 ,3 4 8
7 ,2 6 2
1 ,6 2 8
1 1 ,1 2 9
1 ,3 5 0
783
4 ,4 6 0
1 ,2 5 8
1 ,5 7 1
1 1 .9 8 2
853

R eserve
w ith
N et
D em a n d
L eg a l
D e p o s i ­ D e p o s it s .
t o r ie s .

A v e r a g e . A v e ra g e A v e ra g e A v e r a g e .
S
$
$
S
|
5 ,1 0 4
3 6 ,0 5 4
501
5 5 ,4 3 2
7 4 ,0 9 5
1,807] IK ,5 8 3
7 9 ,0 7 1
2 2 ,7 0 8
2 ,9 4 0
3 6 ,9 2 1
1 5 1 ,8 4 7
1 6 2 ,7 2 9
9,671)1 2 0 ,3 7 8
2 6 ,5 9 0
1 ,0 4 1
3 ,4 6 1
3 5 ,0 9 5
* 6 1 7 ,2 0 7
5 7 7 ,9 0 8 1 4 ,1 4 4 7 8 ,8 9 1
6 3 ,1 4 1
1 ,6 3 3
8 ,7 7 0
9 4 ,5 8 3
2 ,7 8 0
311
1 6 ,2 3 1
2 0 ,7 2 5
575
101
5 ,0 3 7
3 ,9 0 2
1 3 0 ,7 9 9
1 ,5 9 2 1 2 ,8 4 7
9 5 ,3 0 4
4 0 9 ,2 8 0
3 ,1 1 9 , 3 5 ,3 0 9
2 6 6 ,2 5 9
1,299,
2 1 ,4 4 0
3 ,0 9 2
2 0 ,3 8 2
5 ,3 2 7 . 1 3 ,0 5 0
1 2 7 ,4 5 5
9 5 ,9 7 2
1 1 5 ,7 2 0
5 .5 0 7 1 7 ,0 9 0
1 3 0 ,3 4 2
4 6 ,5 6 0
1,1421
5 ,2 1 3
3 8 ,0 9 3
4 4 ,8 0 3
2 ,2 3 0
5 ,1 4 7
3 5 ,3 5 7
6 ,4 2 9 2 0 ,9 9 9
1 6 7 ,7 3 5
1 5 1 ,3 8 2
763
3 ,1 7 3
4 3 ,5 3 1
2 3 ,7 3 1
1 ,4 7 3 2 1 ,5 9 0
2 0 4 ,7 7 5
1 6 4 ,9 8 0
328
1 0 ,3 6 9
1 ,5 0 1
1 0 ,7 0 1
929
2 1 ,9 8 6
2 ,5 2 6
1 7 ,4 6 5
3 7 2 ,3 8 0
1 ,1 7 1 2 5 ,4 7 0
1 8 5 ,1 9 7
3 ,6 4 6 1 6 ,7 2 6
1 1 8 ,3 4 2
1 2 9 ,6 3 7
880
1 ,5 7 8
1 2 ,0 7 1
1 2 ,3 5 0
148
7 ,9 7 3
1,133
6 ,5 4 2
1 1 4 ,7 7 9
6 ,7 5 3 4 4 ,0 7 2
3 0 0 ,5 6 7
2 2 ,1 1 0
1 ,2 1 7
1 9 ,4 7 4
2 ,5 6 1
359
8 ,5 2 0
1 ,0 8 4
7 ,8 0 2
471
8 ,9 5 4
1 ,2 2 8
9 ,0 6 7
1 ,2 2 3
1 8 ,4 3 4
1 8 ,6 1 3
2 ,6 3 9
420
1 3 ,8 6 2
1 .7 9 7
1 2 ,8 3 2
340
1 0 ,4 2 9
1 ,1 9 2
9 ,1 2 1
1 ,0 1 3
6 ,7 5 4
5 3 ,5 8 1
4 9 ,2 3 9
514 1 0 ,6 8 2
1 0 5 ,4 9 6
7 8 ,6 3 4
878
2 7 ,2 6 4
15,61)')
2 ,4 7 2
727
1 6 ,9 1 7
1 7 .7 8 1
2 ,3 4 8
888
4 1 ,7 6 4
2 7 ,5 3 6
3 ,8 4 6
3 1 9 ,3 1 0
1 ,0 2 9 3 3 ,5 5 6
2 4 8 ,8 2 1
6 6 ,6 1 3
706
6 ,6 8 7
4 8 ,8 2 0
3 ,8 7 8 6 2 ,5 5 6
6 0 0 ,9 9 1
* 5 1 7 ,6 9 6
334
1 4 ,7 4 9
1,494
1 1 .1 6 2
1 ,2 1 6 1 0 ,5 2 7
8 8 ,6 t»5
7 6 ,5 8 3
1 ,2 0 4
3 1 ,3 8 7
3 ,0 7 6
3 0 ,0 3 1
543
9 2 ,7 2 1
8 ,6 0 2
6 2 ,1 0 9
685
2 7 ,9 1 3
2 ,7 0 4
1 9 ,9 3 6
2 2 ,3 1 0
512
3 ,0 8 3
2 0 ,4 7 5
4 6 ,7 3 6
596
4 ,4 1 2
3 3 ,5 7 9
426
1 6 ,9 9 4
1 ,2 1 7
1 1 ,7 9 4
2 ,2 7 3
5 8 ,8 6 2
8 ,1 6 6
6 1 ,9 7 2
4 ,2 7 4 1 5 ,0 2 5
1 3 3 ,2 1 3
* 1 4 7 ,8 1 6
670
1 9 ,8 9 5
2 ,3 8 4
1 7 ,5 7 0

'2 0 7 ,6 0 0 3 9 6 ,2 6 6 5 ,2 4 6 ,8 3 2
O c t . 10
3
j e d itio n O c t .
S e p t . 27
e d i t i o n S e p t . 20

vasn
in
Vi n it .

5 ,2 5 7 ,8 9 9
5 ,2 1 9 ,2 1 8
5 ,1 2 5 ,4 6 3
5 ,1 5 7 .8 4 9

A T a i 'l
Bank
T im e
D e­
C ircn p o s its . la t io n

A v era g e A v g t .
$
S
763
2 ,9 6 7
—
69
1 ,6 5 7 1 ,7 9 3
3,751: 1 ,4 4 2
_____
_____
3 0 ,2 4 1 1 ,4 2 3
438
7 ,4 5 1
139
548
290
6 ,0 7 3 4 ,8 0 4
_____
4 ,3 8 8
_____
50
1 0 ,4 4 4 3 , 5 5 3
100
984
465
_____
4
_____
4 ,8 2 5
51
1 ,0 5 0
3 ,1 1 9 4 , 8 7 3
49
431
638
5 ,7 2 5 8 , 0 9 3
3 ,6 5 1 1 ,5 7 9
198
512
_____
2 5 ,1 9 5 1 ,1 0 0
_____
___ _
_____
210
15
395
43
247
403
68
500
1 4 ,2 5 1 1 ,9 7 2
411
1 ,5 4 0
394
409
___ 6 ,6 6 8
_____
1 3 ,8 1 3
_____
6 ,1 2 9
_____
6 5 ,1 3 6
_____
476
_____
6 ,6 0 6
_____
1 ,9 6 8
2 .3 2 5
1 ,9 8 4
_____
1 ,2 7 8
1,329
50
883
_____
1 ,3 7 1
_____
7 ,8 2 8
—
436

9 S .9 8 8 5 6 4 ,3 9 3 c 4 , 0 6 2 ,1 6 2 2 4 8 ,0 1 7 3 6 ,0 5 7
98,72f>| 5 7 1 ,7 1 3 c 4 , 0 6 4 ,7 7 8
9 3 ,2 1 9 5 7 6 ,4 0 8 4 ,0 8 1 ,5 7 1
9 6 ,1 4 4 5 4 4 ,8 0 1 4 ,0 0 0 ,7 6 4
9 5 ,4 8 4 4 8 4 ,6 3 7 4 ,0 .8 6 ,7 2 3

era l Re s e n e Ba nk
State Banks. N o t M e rubers o j F ed1 6 ,9 3 4
2 ,2 7 4
1 ,0 7 2
1 ,6 7 4
500

2 5 1 ,1 4 9
2 4 6 ,1 4 1
2 4 2 ,0 2 1
2 3 7 ,7 2 2

N Y Prod Exch.

N a tio n a l B a n k s.— The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS FOR CH A R TE R.
For organization o f National banks:
The First National Bank o f Centerville. California____
Correspondent, .las. M . Moran, Centerville.
First National Bank at Oswego, Kans________________
Correspondent, II. W . Morris, Oswego.
The American National Bank o f Fargo, N. Dak______
Correspondent, H. C . Aamoth, Fargo.
T o ta l.................................................................. ............

Capital.
$25,000

5 ,2 3 8
2 5 ,0 5 '
5 9 ,6 1 4

017
2 ,7 5 6
3 ,4 3 5

305
2 ,4 1 1
2 ,6 8 1

1 7 ,6 8 5
5 ,0 7 5
2 7 ,1 8 :
3 3 ,4 0 3

2 1 ,1 3 5

Average.........

3,7.50

5 ,0 4 0

1 0 6 ,8 3 9

9 ,0 8 2

6 ,4 7 4

8 3 ,3 4 6

2 1 ,1 9 8

O c t . 10
O ct.
:
j n d it io n S e p t . 27
, m il lio n S e p t . 20

1 0 7 ,7 0 4
1 0 0 ,2 6 0
1 0 5 ,3 3 1
1 0 4 ,2 7 2

9 ,1 4 7
8 ,8 3 6
9 ,2 8 1
8 ,7 1 9

6 ,8 2 3
7 ,1 9 2
6,521
6,44(1

8 3 ,9 4 3
8 4 ,0 I f

9 ,0 0 0

1 0 0 ,0 0 0

$150,000

2 1 ,4 1 9
20,9 8 1
20,4 8 1
8 2 ,5 1 3 | 1 9 , 9 9 5 ; ...........

83,73'

les. N o t M e m hers o f F t d era l Re serv e Ba nk
944
4 2 ,3 0 8
3 ,1 9 '
5 ,00( 1 2 ,8 2 5

25.000

T o ta l................................................................................................ $015,000




83f
1 ,3 2 8
1 ,2 0 1

4.00C

.

CHARTERS ISSUED.
Original organizations:
The Farmers & Mechanics Natl. Bank of Williamstown, W. Va. 10,000
President, Frank L. Fenton: Cashier, J. L. Lorentz.
The First National Bank o f San Joaquin. California___________ _ 25,000
President, A. D. McKean; Cashier, Ray C. Williamson.
Conversion o f State banks:
The National Bank of Commerce in Philadelphia, Pa___________ 300,000
Conversion o f the Bank o f Commerce, Philadelphia.
President, Nathan T. Folwell: Cashier, John P. Kolb.
The Southwest National Bank of Oklahoma City, Okla_________ 250,000
Conversion o f the Southwest Reserve Bank o f Oklahoma City.
President, L. T. Sammons; Cashier, C. T . Abell.

CHARTERS E X T E N D E D .
The First National Bank o f Newcomerstown, Ohio.
Charter extended until close o f business Oct. 10 1939.

251
1 ,001
2 ,0 0 0

3 5 ,6 5 2
3 6 ,0 5 2
3 5 ,8 6 2
3 6 ,4 8 1

n d itio n
e d it io n
>n d it io n
>n d it io n

5 ,5 2 9

2 4 ,6 6 8

807

1,661

2 7 ,5 1 1
16,00<

80f
438

18,355|

6 6 ,9 7 f

1,751

4 ,8 5 4

4 3 ,5 1 0

1 ,2 4 3

O c t . lo j
O ct.
: \
S e p t . 27
!S ep t.2 C

0 7 ,4 0 0
6 6 ,3 9 9
6 0 ,6 7 9
6 6 ,5 4 1

1 ,8 2 5
1 ,7 6 4
1 ,7 2 2
1 ,6 8 3

5 . 32 :

4 4 ,6 7 (
4 3 ,4 3 1
4 3 ,0 0 7
4 1 ,4 4 1

1 ,2 2 7
1 ,190
1 ,4 2
1 ,3 9 2

5 ,0 3 8
4 ,9 8 2
4 ,8 0 9

..........

G i’d agg., avgte 2 2 0 ,3 5 0 1 11 9 ,6 6 2 5 ,4 2 0 ,6 4 7 1 0 9 ,8 2 1 5 7 5 ,7 2 l ' d l . l , 8 9 ,0 1 8 2 7 0 ,4 5 8 ,3 6 ,0 5 7
v . w e e k | ------------

+ 6 7 ,0 0 4 + 2 ,5 9 9 + 8 ,2 7 f |

+ 7 ,0 8 9 + 6 ,0 6 2 | — 83

Gr’d aggr, act'I c o n d ’ n O c t . 10 5 ,4 3 3 ,0 0 .) 1 0 9 ,6 9 8 5 8 3 ,8 5 9 e l , 1 9 3 ,3 9 1 2 7 3 ,7 9 5 3 5 ,6 5 2
+ 4 1 , 1 8 f + 5 ,8 7 ! — 4 ,7 7 9 j — 1 5 , 6 6 3 + 5 , 4 7 4 — 4 0 0
b v. week
1c o n d ’ n 1______
1c o n d ’ n S e p t .2 7 l5 ,2 9 7 ,4 7 4
1 c o n d ’ n !S e p t . 2 0 5 ,3 2 8 ,6 6 2
1c o n d ’ n S e p t . 13 5 ,0 8 5 ,6 7 8

1 0 3 ,8 1 9
1 0 7 ,1 4 7
1 0 5 .8 8 6
1 0 7 .9 4 2

5 8 8 ,6 3 8
5 5 6 ,3 0 3
4 9 5 ,8 8 6
5 9 9 ,3 3 4

4 .2 0 9 3 )5 4
4 ,1 2 7 ,5 0 5
4 ,2 1 0 .6 7 7
4 ,2 5 7 ,0 0 0

2 6 8 ,3 2 1 3 6 ,0 5 2
2 6 3 ,9 2 9 3 5 . 8 5 2
2 5 9 .1 0 9 3 6 , 4 8 1
2 1 9 ,8 7 9 3 5 ,9 2 8

♦Includes deposits In foreign branches not Included in total fotolng, as follows
National City Bank, $106,308,000; Guaranty Trust Co., $55,743,000; Farmers' Loan
& Trust Co., $34,377,000. Balances carried In banks In foreign countries as reservo
for such deposits were: National City Bank, $23,554,000; Guaranty Trust C o.,
$21 149,000; Farmers' loan & Trust C o., $5,641,000. c Deposits in foreign
branches not Included, d U. S. deposits deducted, $372,956,000. e U. S. doposlts
deducted, $362,089,000. Bills payable, rediscounts, acceptances and other lia­
bilities, $932,659,000.

THE CHRONICLE

O ct. 18 1919.]
STATEM ENTS

OF

R E S E R V E P O S IT IO N O F C L E A R IN G
A N D T R U S T C O M P A N IE S

H OUSE

BANKS

STATE

1511

BANKS

AND

TRUST

C O M P A N IE S

IN

NEW

S ta te B a n k s

Averages.
C ash
R eserve
( . V a u lt.

.
M e m b e rs F ederal
R e s e r v e B a n k _____
S t a t e b a n k s * _________
T r u s t c o m p a n i e s * ___
T ota l
T ota l
T ota l
T ota l

O e t . 10........
O ct.
3___
S e p t . 2 7 .. .
S e p t . 20___

T o ta l
R eserve

O ct. 1 0 .
1919.

R eserve
R equ ired

S u rp lu s
R e ser v e.

%
$
S
$
564,393,000 561,393.000 535,521,570 28.871,430
9,082,655
0,474,000 15,558,000 15,002,280
553.720
1,751,000
4,854,000 6,605,000 6,526,5)0
78,500

S

10.833.000
10.581.000
10.977.000
10,778.009

575,721.00)
567.446.000
550.025.000
617.547.000

586.551.000 557,050,350
578.327.000 555,947,570
567.002.000 552,630,510
628.325.non 571.170.070

29,503,650
22,379,430
14,371,490
57,154.930

Actual Figures.
Cash
R eserv e
V 'ault.

in

$

M e m b e rs F ed eral
R e s e r v e B a n k _____
S t a t e b a n k s * .................
T r Z e t c o m p a n i e s * ___

9,147,0)0
1,812,000

10___
3___
27___
20___

10.972.000
10.600.000
11.093,006
10.402,000

T ota l
T ota l
T ota l
T ota l

O ct.
O et.
S e p t.
S ep t.

b

R eserv e

in

T o ta l
R e ser v e.

D e p o s it a r ie s

R eserve
R e q u ir e d .

S u rp lu s
R e ser v e.

$
S
S
S
571.713.000 571,713.000 535,955,610 35,757,390
6.823.000 15.970.000 15,109,740
860,260
5.323.000 7,148,000 6,700,500
447,500
583,859,030 594,831.000
588.638.000 599,238.000
556.303.000 567,306,000
195.886.000 506,2S8,000

C IT Y .

IFceJt en d ed O ct. 1 0 .

a

R eserve
in
D e p o s ita r ie s

YORK

T r u s t C o m p a n ie s .

557,765,850 37,065,150
559,632,260 39,605,710
548.883,120 18.422,880
559,474,149 6 53186.140

* N o t m em b ers o f F ed eral R e se rv e B a n k .
a T h i s Is t h e r e s e r v e r e q u ir e d o n n e t d e m a n d d e p o s it s In t h e c a s e o f S t a t e b a n k s
a n d t r u s t c o m p a n i e s , b u t In t h e e a s e o f m e m b e r s o f t h e F e d e r a l R e s e r v e b a n k s in ­
c l u d e s a ls o a m o u n t o f r e s e r v e r e q u ir e d o n n e t t im e d e p o s it s , w h ic h w a s a s fo l l o w s :
O c t . 1 0 . $ 7 , 7 1 0 , 5 1 0 : O c t . 3 , $ 7 ,2 3 9 ,4 5 0 ; S e p t . 2 7 . $ 7 ,2 1 4 ,9 4 0 ; S e p t . 2 0 , $ 5 ,9 4 6 ,7 4 0 .
b T h i s Is t h e r e s e r v e r e q u ir e d o n n e t d e m a n d d e p o s i t s In t h e c a s e o f s t a t e b a n k s
a n d t r u s t c o m p a n i e s , b u t In t h e c a s e o f m e m b e r ? o f t h e F e d e r a l R e s e r v e B a n k In ­
c lu d e s a ls o a m o u n t o f r e s e r v e r e q u ir e d o n n e t t i m e d e p o s i t s , w h ic h w a s a s fo l l o w s :
O c t . 1 0 , $ 7 , 5 3 4 , 4 7 0 ; O c t . 3 , $ 7 ,3 8 4 ,2 3 0 ; S e p t . 2 7 . $ 7 ,2 6 ) , 6 1 0 : S e p t . 2 0 , $ 7 ,1 3 1 ,6 6 3 .

C a p it a l a s o f J u n e 3 0
S u r p lu s a s o f J u n e 3 0
L o a n s A in v e s t m e n t s
S p e c i e ________________
C u rre n cy & b k . n otes
D e p o s i t s w it h t h e F .
R . B ank ol N . Y . .
D e p o s i t s _____________
R e s e rv e o n d e p o s it s ..
p . c . reserv e to r ie p ..

D iff e r e n c e s fr o m
p r e v io u s ir eck .

S U M M A R Y O F S T A T E B A N K S A N D T R U S T C O M P A N IE S I X G R E A T E R
N E W Y O R K , N O T IN C L U D E D IN C L E A R IN G H O U S E S T A T E M E N T .

D iff e r e n c e s f r o m
p r e v io u s tc ie k .

$
S
$
s
2 6 ,0 0 0 ,0 0 0
1 0 5 ,.5 5 9 ,0 0 0
_ ...................
4 5 ,7 0 8 ,3 0 0
1 7 5 ,5 4 8 ,4 0 0
7 0 3 ,6 0 9 ,7 0 0 I n r .
9 ,2 5 9 ,4 0 0 2 ,1 9 8 ,9 4 0 .1 0 0 I n c . 2 9 ,6 2 0 , 3 0 0
1 1 8 ,1 0 0
3 ,7 0 0
6 ,8 5 0 ,1 0 0 d i c e .
1 2 ,0 7 5 ,2 0 0 I n c .
1 ,1 8 3 ,7 0 0
2 2 ,5 3 1 ,3 0 0 I n c .
7 3 4 ,1 0 0
2 9 ,2 7 6 ,2 0 0 I n c .
6 5 ,5 0 8 ,9 0 0
8 3 0 ,0 0 9 ,1 0 0
1 1 9 ,9 7 1 ,3 0 0
2 0 .3 %

In c.
In c.
In c.
D ec.

1 ,f.3 7 ,0 (X )
2 1 1 .0 5 4 ,7 0 0
1 ,8 2 1 .1 0 0 2 .2 8 4 .7 4 9 ,4 0 0
1 .6 1 5 .2 0 0
3 1 1 ,7 2 7 ,9 0 0
0 .1 %
1 7 .4 % ,

D e c . 1 4 .3 3 2 ,8 0 0
D e c . 4 0 ,2 5 5 ,5 0 0
D e c . 8 8 .0 3 S .8 0 0
D ec.
4 .8 %

N on-M em ber Banks and T ru st C om p an ies.— Followg
ing is the report made to the Clearing House by clearinnon-member institutions which are not included in the
“ Clearing House Return” on the following page:
R E T U R N O F N O N -M E M B E R I N S T IT U T IO N S O F N E W
HOUSE.

Y O R K C L E A R IN G

( S ta led i n th o u s a n d s o f d o lla r s — th a t i s , th r ee c ip h e r s (0 0 0
■
!
! N et
L oan s,
C a p ita l.' P r o fi t s . D U ­
C L E A R IN G
N O N - M E M B E R S — -— -— ----------------c o u n t s .
N a t .b k s .S e p .1 2 I n v e s t ­
Week ending
e d .t e b k s S e p l 2 m e a ts ,
Oct. 10 1919. T r . c o s . Sep. 12 & c .

Members of

C a sh
in
V a u lt.

$
1.50C
20C
30f
50C
20C
400

s
1 ,63C
623
329
997
728
1 ,3 8 2

T o t i l ........................

3 .1 0 0

5 .6 9 1

S t a t e Banks
X o t M e m b e r s o f the
F ed era l R eserve B a nk
B a n k o f W a s h 11 ts
C o lo n i a l B a n k ------I n t e r n a t io n a l B a n k
N o r t h S id e , B k l y n

100
600
500
200

457
1 ,1 9 2
259
244

2 ,9 5 9
1 2 ,8 9 9
6 ,5 7 5
5 ,6 9 6

T o t i l ........................

1 ,4 0 0

2 ,1 5 4

N o t M e m b e r s o f the
F ed e ra l R eserv e B a nk
ll a m llt o n T r . B k ly n
M e c li T r , B a y o n n e

500
200
700

o m itt e d .)

N a t 'l

N et
R eserve
N et
w ith
D em a n d
D e­
L eg a l
D e­
p o s it s .
D e p o s i­ p o s it s .
t o r ie s .

T e Btik
im a
C ­
ircu

A v e r a g e A v e ra g e .4 rrra g e
$
$
$
1 7 ,3 9 7
183
1 ,7 0 2
1 1 ,4 9 1
235
1 ,4 6 5
8 ,8 2 8 ;
196
1 .0 0 9
6 ,0 1 7
18
857
1 1 .7 1 6
1 .1 3 7
369
8 .8 3 2
657
842

Fed’l Res. H a n k .
B a tte r y P ark N a t
M u t u a l B a n k ------N ew N e th e rla n d s
W R G race A ( V s
V o r k v ille B a n k . .
F ir s t N a t l , J e r C y

T o t a l ........................

S tate B an ks an d T ru st C om panies N ot in C learing
H o u se .— The State Banking Department reports weekly
figures showing the condition of State hanks and trust
companies in New York City not in the Clearing House, as
follows:

O ct. 1 0 .
1919.

la t i o n .

Aera e Aera eAera e
v g v g v g
?
1 3 ,1 5 6
1 0 .3 4 S
6 ,9 0 3
3 ,8 8 8
6 ,7 9 9
6 ,4 0 3

937
5 ,2 9 2
....

_____
_____
400

7 .0 1 2

4 7 ,4 9 7

6 ,8 5 5

583

361
1 .5 0 5
763
433

130
1 .2 8 6
525
315

2 ,9 1 8
1 4 ,0 2 4
6 ,5 1 9
5 ,0 9 9

_____
_____
358
323

_____
_____
_____
—

2 8 ,1 2 9

3 .0 6 2

2 ,2 5 6

2 8 ,5 6 0

681

_----

1 .0 S 9
435

8 ,5 2 1
8 ,2 7 4

543
353

332
227

6 .0 5 8
3 ,7 S S

1 ,0 1 1
4 .4 8 9

_____
—

1 ,5 2 4

....

6 4 ,2 8 1

1 ,6 5 8

S

183

126
400

_____

100

—

F ig u r e s F u r n is h e d b y S ta te / tanking D e p a r t m e n t
O ct. 1 0 .
L o a n s a n d i n v e s t m e n t s _____________ _______. ___________ $ 8 0 1 ,9 9 3 ,8 0 0
S p e c i e ________________________________________________________
8 ,7 3 0 ,6 0 0
C u r r e n c y a n d b a n k n o t e 3 ______________________________
1 7 ,7 5 0 ,6 0 0
D e p o s i t s w it h F e d e r a l R e s e r v e H a n k o f N e w Y o r k . .
5 3 ,9 0 1 .7 0 0
T o t a l d e p o s i t s _____________________________________________ 8 5 0 ,0 8 1 ,5 0 0
D e p o s i t s , e li m in a t in g a m o u n t s d u e f r o m r e s e r v e d e ­
p o s it a r ie s , a n d f r o m o t h e r b a n k s a n d t r u s t c o m ­
p a n ie s in N . Y . C i t y , e x c h a n g e s a n d U . S . d e p o s i t s 7 6 4 ,3 7 0 ,9 0 0
R e s e r v e o n d e p o s i t s -------------------------------------------------------------.* 1 4 0 ,3 5 8 ,6 0 0
P e rce n ta g e o f reserv e, 2 0 .3 % .
RESERVE.

D iff e r e n c e s fr o m
■prerlous w eek .
I n c . $ 6 ,9 9 9 ,2 0 0
D ec.
4 6 ,2 0 0
In c.
5 6 5 ,8 0 0
D e c . 1 4 ,5 2 5 ,7 0 0
In c8 5 0 ,6 3 0

D e e . 1 2 ,7 3 6 .1 0 0
In c.
1 .0 8 1 ,1 0 0

----------- S ta te B a n k s----------- — T r u s t C o m p a n ie s ______
C a s h iu v a u l t s ............................................. $ 2 3 ,4 3 1 ,9 0 0
1 4 .7 4 %
$ 5 6 ,9 5 1 ,0 0 0
1 0 .7 2 %
D e p o s i t s In b a n k s a n d t r u s t c o s _____ 1 1 ,9 3 9 ,2 0 0
7 .5 0 %
4 8 ,0 3 6 ,5 0 0
9 .0 5 %
T o t a l .............................................................$ 3 5 ,3 7 1 ,1 0 0

2 2 .2 4 %

S 1 0 4 .9 S 7 .5 0 0

R L77%

B an ks an d T r u st C om panies in New Y o rk C ity .— 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, arc as follows:
C O M B IN E D

W eek E nded—

RESULTS OF BAN KS AN D TRU ST
GREATER NEW YORK.
L oan s and
I n v e s t m e n ts .

D em a n d
D e p o s its .

C O M P A N IE S

* T o ta l C a sh
in V a u lt.

$
A p r il
A p r il
M ay
M ay
M ay
M ay
M ay
June
June
June
June
J u ly
J u ly
J u ly
J u ly
A ug.
A ug.
A t lg .
Aug.
A ug.
S ep t.
S ep t.
Sept.
S ep t.
O ct
O ct.

1 9 ...
2 0 ...
3 ...
1 0 ____
1 7 ...
2 3 ...
31...
7 ....
1 4 ____
2 1 ____
2 8 ____
5. . . .
1 2 ...
1 9 ....
2 6 ....
2 ....
9 ____
1 6 ....
2 3 ....
3 0 ....
6 ____
1 3 ____
2 7 ....
3 ____
1 0 ____

$

$

5 .7 3 0 .2 7 6 .6 0 0
5 .6 9 4 .6 1 0 .0 0 0
5 .7 3 5 .1 5 2 .0 0 0
5 .8 1 7 .6 0 6 .3 0 0
5 ,8 3 0 ,9 4 8 ,7 0 0
5 .7 5 0 .3 6 4 .0 0 0
5 . 7 0 8 .6 6 5 .6 0 0
5 . 8 7 7 .2 2 8 .2 0 0
5 ,9 2 9 ,0 9 !) ,2 0 0
5 . 8 1 7 .9 5 8 .2 0 0
6 .7 3 2 .7 6 6 .3 0 0
5 , 8 0 4 .2 5 8 .4 0 0
5 . 8 2 0 .4 6 9 .0 0 0
5 .8 0 4 .6 9 3 .2 0 0
5 . 0 9 8 .7 8 6 .0 0 0
5 , 6 9 0 ,6 2 5 ,1 0 0
5 . 7 8 5 .8 0 9 .2 0 0
5 .7 4 1 .2 0 3 .8 0 0
5 . 8 1 9 .6 8 8 .0 0 0
5 .7 5 4 .7 9 8 .3 0 0
5 .8 6 4 .1 6 8 .3 0 0
5 . 9 0 2 ,2 9 2 ,9 0 0
6 .0 2 1 .0 0 6 .0 0 0
0 . 1 1 9 .2 8 2 ,2 0 0
6 . 1 4 8 .6 3 7 .6 0 0
6 . 2 2 2 .0 4 0 .8 0 0

4 ,6 8 9 ,4 9 5 ,3 0 0
4 .7 3 0 .4 8 2 .1 0 0
4 . 7 7 3 .6 1 7 .4 0 0
4 .8 2 2 .2 0 2 .6 0 0
4 .8 7 3 .6 1 1 .2 0 0
4 ,8 0 1 .5 H i. 2 0 0
4 .8 8 5 .3 0 7 .2 0 0
4 .9 0 4 .2 4 3 .9 0 0
4 ,8 8 0 ,3 8 2 ,9 0 '.)
4 .8 4 6 .6 9 9 .1 0 0
4 .7 5 9 .1 9 6 .8 0 0
4 ,8 6 0 0 9 0 .3 (9 3
4 .8 0 4 .1 5 4 .7 0 0
4 .8 7 2 .0 6 1 .7 0 0
4 .8 1 0 .0 9 7 .6 0 0
4 .8 1 9 .6 0 1 .9 0 0
4 .8 4 2 .5 0 4 .5 0 0
4 . 8 2 7 .5 5 1 .8 0 0
4 . 8 2 9 .7 5 4 .5 0 0
4 . 7 8 3 .8 9 3 .9 0 0
4 .8 4 8 .1 2 5 .2 0 0
4 . 9 3 8 .4 7 0 .0 0 0
5 .0 8 8 .5 4 1 .4 0 0
4 . 9 3 5 .7 8 8 .1 0 0
4 . 9 5 9 .0 3 6 .0 0 0
4 ,9 5 3 ,3 8 .8 ,9 ,)0

1 3 1 .1 3 1 .3 0 0
1 3 6 .4 2 8 .7 0 0
1 3 9 .0 4 1 .6 0 0
1 3 4 .4 3 2 .8 0 0
1 4 1 .4 6 6 .9 0 0
1 3 0 .7 9 1 .2 0 0
1 3 3 .4 7 4 .7 0 0
1 3 6 .8 7 8 .0 0 0
1 3 7 .6 9 1 .3 0 0
1 3 4 .9 5 5 .5 0 0
1 3 4 .5 6 0 .8 0 0
1 3 1 .3 9 8 .3 0 0
1 4 4 .4 7 8 .7 0 0
1 4 2 .5 0 4 .2 0 0
1 4 5 ,4 5 1 .4 0 0
1 3 3 ,9 8 9 ,1 0 0
1 3 2 .9 6 3 .8 0 0
1 3 3 .4 4 4 .0 0 0
1 3 4 .5 0 8 .0 0 0
1 3 2 -.5 9 5 .2 0 0
1 3 1 ,2 8 8 ,3 9 0
1 3 4 .2 7 3 .5 0 0
1 3 1 .5 3 4 .9 0 0
1 3 2 .1 9 0 .5 0 0
1 3 3 .1 8 3 .6 0 0
1 3 6 .3 3 2 .2 0 0

IN

5 ,2 0 0
G r a n d a g g r e g a t e ..
C o m p a r i s o n p r e v io u s w e e k
G r ’ rl
G r 'd
G r’d
G r 'd

aggr,
aggr,
aggr,
aggr,

S e p t. 27
S e p t. 20
S e p t . 13
S e p t. 6

5 .2 0 0
5 ,2 0 0
5 .2 0 0
5 ,2 0 0

S
< 5 7 2 .1 7 0 .7 0 0
6 5 2 .0 3 6 .2 0 0
6 6 5 .6 2 5 .8 0 0
0 7 7 .3 9 9 .9 0 0
0 7 1 .0 8 9 .0 0 0
0 8 9 ,9 8 4 ,1 0 0
6 7 6 .5 7 7 .8 0 0
6 9 1 .6 5 7 .3 0 0
0 7 1 .6 6 3 .3 0 0
6 7 9 .9 9 1 .6 0 0
6 6 5 .4 9 0 .3 0 0

«SI,431,000
0 4 9 .2 0 7 .6 0 0
0 8 8 .9 8 9 .6 0 0
0 5 8 .5 7 2 .5 0 0
6 7 4 .8 8 6 .2 0 0
0 9 6 .3 0 4 .8 0 0
6 8 5 .2 1 0 .5 0 0
0 5 8 .1 5 5 .0 0 0
6 4 9 .5 3 5 .2 0 0
0 7 8 .1 9 0 .0 0 0
6 8 5 .5 5 5 .9 0 0
7 4 4 .3 4 0 .6 0 0
6 6 7 .6 6 5 .2 0 0
6 7 0 .7 6 1 .9 0 0
6 8 9 ,5 9 8 ,4 0 0

New Y o rk C ity State B an ks and T r u st C om p an ies.—
In addition to the returns of “ State banks and trust com ­
panies in New York City not in the Clearing House,” furnished
by the State Banking Department, the Department also
presents a statement covering all the institutions of this
class in the City of New York.
For definitions and rules under which the various items
are made up, see “ Chronicle,” V . 98, p. 1661.
The provisions of the law governing the reserve require­
ments of State banking institutions as amended M a y 22
1917 were published in the “ Chronicle” M a y 19 1917 (V. 104,
j). 1975). The regulations relating to calculating the amount
of deposits and Avliat deductions are permitted in the com­
putation of the reserves were given in the “ Chronicle”
April 4 1914 (V . 98, p. 1045).

1 6 .7 9 5

896

559'

1 0 ,4 4 6

5 ,5 0 0

9 ,3 7 0 1 0 9 ,2 0 5
+ 1 ,9 5 6

5 ,6 1 6
+ 331

9 ,8 2 7
+ 126

a S 6 ,5 0 3
+ l,7 4 0 i

1 3 .0 3 6
+ 36

583
— 4

9 ,3 7 0
S .S 8 9
8 ,8 8 9
8 ,8 8 9

5 ,2 8 5
5 ,4 3 9
5 ,5 3 8
5 ,6 2 9

9 .7 0 1
1 0 ,1 4 2
1 0 .2 5 7
1 0 ,2 2 8

S 4 .7 6 3
* 8 5 ,4 2 8
8 6 ,7 0 0
8 G .7 S 4

1 3 ,0 0 0
1 2 ,9 5 7
1 2 ,9 6 7
1 3 ,4 9 2

590
581
565

1 0 7 ,2 4 9
1 0 6 ,8 3 7
1 0 9 ,2 4 1
1 1 1 ,7 8 7

587

* U . S . d e p o s it s d e d u c t e d , $ 8 7 9 ,0 0 0 .
B il ls p a y a b l e , r e d is c o u n t s , a c c e p t a n c e s a n d o t h e r l i a b ili t ie s , $ 7 ,5 8 3 ,0 0 0 .
E x c e s s r e s e r v e , $ 1 1 4 ,9 6 0 I n c r e a s e .

B osto n C learing H oh se B a n k s.— W e give below a sum­
mary showing the totals for all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON

C L E A R IN G

H OUSE

O ct. 1 0 .
1919.

R v f*i
eser e
D osita
ep ries.

• T h i s I te m I n c lu d e s g o l d , s ilv e r , le g a l t e n d e r s , n a t io n a l b a n k n o t e s a n d F e d e r a l
R e s e rv e n otes.




Trust Companies

M EM BERS.

C h a n g es fr o m
p r e c io u s n e c k .

S
4 ,1 1 4 ,0 0 0
C i r c u l a t i o n ______________________
L o a n s , d is c ’ t s A I n v e s t m e n t s . 5 7 0 .4 5 4 ,0 0 0
I n d i v id u a l d e p o s i t s , in c l . U .S . 4 4 9 .S 8 8 .0 0 0
D u e t o b a n p s ___________________ 1 1 8 ,3 9 7 ,0 0 0
T i m e d e p o s i t s ----------------------------1 1 ,6 0 7 ,0 0 0
U n i t e 1 S t a t e s d e p o s i t s * ---------- 2 4 ,9 6 2 ,0 0 0
E x c h a n g e s f o r C le a r . H o u s e . _ 2 2 ,0 6 7 ,0 0 0
D u e f r o m o t h e r b a n k s -------------7 7 .6 8 2 ,0 0 0
C a s h in b a n k A in F . R . B a n k 6 9 ,4 7 2 ,0 0 0
R e s e r v e e x c e s s in b a n k a n d
F e d e r a l R e s e r v e B a n k ------2 2 ,2 7 0 ,0 0 0

O ct. 3 .
1919.

S e p t. 2 7 .
1919.

$
s
$
D iv .
2 9 0 ,0 0 0
4 ,7 4 2 ,0 0 0
4 .4 0 4 ,0 0 0
I n c . 1 8 ,4 9 9 ,0 0 0 5 5 1 ,9 5 5 ,0 0 0 5 4 5 ,3 9 3 ,0 0 0
I n c . 2 1 ,9 4 5 ,0 0 0 4 2 7 ,9 4 3 ,0 0 0 4 1 6 ,7 2 5 ,0 0 0
In c.
4 ,2 4 1 ,0 0 0 1 1 4 ,1 5 6 ,0 0 0 1 0 6 ,3 5 7 ,0 0 0
In c.
1 1 ,4 6 6 .0 0 0
1 6 8 ,0 0 0
1 1 ,4 3 9 ,0 0 0
D ee.
1 1 5 .0 0 0 2 5 ,0 7 7 ,0 0 0 3 1 ,5 8 1 ,0 0 0
In c.
1 ,0 1 9 ,0 0 0 2 0 ,4 0 8 ,0 0 0
1 5 ,4 8 7 ,0 0 0
In e.
1 .3 0 3 ,0 0 0 7 6 ,3 7 9 ,0 0 0 7 4 ,3 1 9 ,0 0 0
In c.
3 ,5 3 7 ,0 0 0 6 5 ,9 3 5 ,0 0 0 7 1 ,1 4 6 ,0 0 0
In c.

1 .2 0 8 ,0 0 0

2 1 ,0 6 2 .0 0 0

2 7 ,4 7 4 .0 0 0

* F o r m e r ly I n c lu d e d u n d e r t h e h e a d o l “ I n d i v id u a l D e p o s i t s . ”

P h ila d elp h ia B a n k s.— Th e Philadelphia Clearing House
statement for the week ending Oct. 10 with comparative
figures for the two weeks preceding, is as follows. Reserve
requirements for members of the Federal Reserve system
are 1 0 % on demand deposits and 3 % on time deposits, all
to be kept with the Federal Reserve Bank. “ Cash in
vaults” is not a part of legal reserve. For trust companies
not members of the Federal Reserve system the reserve
required is 1 5 % on demand deposits and includes “ Reserve
with legal depositaries” and “ Cash in vaults.”
IV ce* e n d l tg O ct. 10 1 9 1 9 .
T w o c ip h e r s ( 0 0 ) o m it t e d . M e m b e r s of
F .R . S ystem
C a p i t a l -----------------------------------S u r p lu s a n d p r o f i t s ................
L o a n s , d is c ts & I n v e s t in 't e
E x c h a n g e s f o r C le a r .H o u s e
D u e fr o m b a n k s .....................
B a n k d e p o s i t s _____________
I n d i v i d u a l d e p o s i t s ________
T i m e d e p o s i t s ____________
T o t a l d e p o s i t s ...........................
U .S .d e p o s i t s ( n o t I n c lu d e d )
R e s 'v e w it h F e d .R e s .B a n k
R e s 'v e w it h le g a l d e p o s i t 's
C a s h In v a u l t * . . ...................
1 o t a l r e s e r v e A c a s h h e ld .
R e s e r v e r e q u i r e d __________
E x c e s s r e s . A c a s h Id v a u l t

$ 3 0 ,2 7 5 ,0
8 4 ,3 2 0 ,0
7 8 3 ,8 0 1 ,0
2 6 ,1 5 3 ,0
1 2 2 ,2 0 2 ,0
1 4 5 ,2 0 4 ,0
5 1 7 ,2 9 8 ,0
0 ,0 3 9 ,0
6 6 8 ,5 4 1 ,0

T ru st
C o t.
$ 3 ,0 0 0 ,0
8 ,1 4 5 ,0
3 0 ,2 .3 5 ,0
6 2 4 ,0
1 4 ,0
2 5 5 ,0
2 1 ,9 2 4 ,0
2 2 ,1 7 9 ,0

5 3 ,6 6 3 ,0
1 3 ,1 4 8 ,0
6 6 ,8 1 1 ,0
5 1 ,5 9 5 ,0
1 5 ,2 1 6 ,0

2 ,8 2 9 ,0
8 2 7 ,0
3 ,6 5 6 ,0
3 ,2 3 1 ,0
4 2 5 ,0

O c t. 3
1919.

1919.

$ 3 2 ,2 7 5 ,0
9 2 ,4 4 9 ,0
8 1 5 .0 7 5 .0
2 8 ,3 7 1 ,0
1 2 3 ,8 5 7 .0
1 4 4 ,5 8 5 ,0
5 3 7 ,7 9 5 .0
6 .0 2 7 .0
6 8 8 ,4 0 7 ,0
4 1 .0 0 0 ,0
5 4 ,0 2 8 ,0
3 ,2 0 7 .0
1 3 ,6 5 1 ,0
7 0 ,8 8 6 .0
5 4 ,3 0 4 ,0
1 6 .5 S 2 .0

$ .3 3 ,2 7 5 ,0
9 1 ,9 9 6 , 0
8 1 7 .7 1 5 , 0
2 4 ,9 4 6 , 0
1 1 7 ,7 1 1 ,0
1 4 0 ,4 4 1 ,0
5 2 7 ,2 3 8 , 0
6 ,1 0 8 , 0
6 7 3 ,7 8 7 , 0
4 4 ,1 5 9 , 0
5 4 ,1 9 4 , 0
2 .6 7 4 ,0
1 4 ,3 3 4 .0
7 1 ,2 0 2 , 0
5 3 ,7 6 3 , 0
1 7 ,4 3 9 ,0

T o t a l.
$ 3 3 ,2 7 5 .0
9 2 ,4 6 5 ,0
8 1 4 .0 3 6 ,0
2 6 ,7 7 7 ,0
1 2 2 ,2 1 6 ,0
1 4 5 ,4 5 9 ,0
5 3 9 ,2 2 2 ,0
6 ,0 3 9 ,0
6 9 0 ,7 2 0 ,0
3 9 ,7 6 0 ,0
5 3 ,6 6 3 ,0
2 ,8 2 9 ,0
1 3 ,9 7 0 ,0
7 0 ,4 6 7 ,0
5 4 ,8 2 6 ,0
1 5 ,6 4 1 ,0

• C a s h In v a u l t Is n o t c o u n t e d a s r e s e r v e fo r F e d e r a l R e s e r v e b a n k m e m b e r s .

[V o l . 109

THE CHRONICLE

1512

Mem ber B an k s of th e Federal Reserve S y stem .— Following is the weekly statement issued by the Federal Reserve
Board giving the principal items of the resources and liabilities of the Member Banks. Definitions of the differen items
in the statement were given in the statement of D ec. 14 1917, published in the “ Chronicle” D ec. 29 1917, page 2523.
STATEM ENT

S H O W IN G

P R IN C IP A L

R E S O U R C E A N D L IA B IL IT Y
S E L E C T E D C IT IE S A S

IT E M S O F M E M B E R B A N K S L O C A T E D
A T C L O S E O F B U S I N E S S O C T . 3 I 'M 1
)

1.
B o s to n .

T h r e e c i p h e r s ( 0 0 0 ) o m itt e d .

IN

CENTRAL

RESERVE

AND

OTHER

f o r t h e N e w Y o r k C i t y b a n k s a d e c l i n e in t h is r a t i o f r o m 2 7 .1 t o 2 6 . 2 % is
n o ted .
G o v e r n m e n t d e p o s it s s h o w a f u r t h e r d e c lin e o f 8 7 .8 m illio n s , o t h e r d e ­
m a n d d e p o s it s ( n e t ) — a n in c r e a s o o f 1 7 9 .8 m il lio n s , ( o f w h ic h 1 0 3 .4 m il lio n s
r e p r e s e n t t h e in c r e a s e in N e w Y o r k C i t y ) a n d t im e d e p o s it s — a n in c r e a s e
o f 8 .1 m il lio n s .
R e s e r v e b a la n c e s w ith th e F e d e r a l R e s e r v e b a n k s s h o w
a n in c r e a s e o f 3 0 .5 m illio n s , a n d a s t ill la r g e r in c r e a s e in N e w Y o r k C i t y .
A c c o m m o d a t io n b y t h e F e d e r a l R e s e r v e b a n k s t h r o u g h t h e d is c o u n t o f
t h e r e p o r tin g b a n k s ’ o w n n o t e s a n d c u s t o m e r s ’ p a p e r , s h o w s a fu r th e r
in c r e a s e o f 1 1 7 .9 m il lio n s .
T h e r a t io o f th e s e d is c o u n t s a n d G o v e r n m e n t
d e p o s it s c o m b in e d t o t o t a l h o ld in g s o f U . 8 . w a r s e c u r itie s a n d w a r p a p e r
w o rk s o u t a s 6 7 .7 % , a s a g a in st 6 5 .7 % th e w e e k b e fo r e .
F o r th e N ow
Y o r k C it y b a n k s th is r a t io s h o w s a n in c r e a s e f o r t h e w e e k f r o m 6 0 -7 t o
6 5 .1 % .
.

M o d e r a t e r e d u c t io n in t h e h o ld in g s o f G o v e r n m e n t s e c u r it ie s a n d w a r
p a p e r , m o r e th a n o ffs e t , h o w e v e r , b y in c r e a s e s in o t h e r lo a n s a n d in v e s t ­
m e n t s , is in d ic a t e d b y t h e F e d e r a l R e s e r v e B o a r d ’s w e e k l y s t a t e m e n t o f
c o n d i t i o n o n O c t o b e r 3 o f 7 7 5 m e m b e r b a n k s in l e a d i n g c i t i e s .
D u r in g t h e w e e k T r e a s u r y c e r t ifi c a t e s o n h a n d d e c lin e d 4 2 .3 m il lio n s ,
w h ile h o ld in g s o f o t h e r G o v e r n m e n t s e c u r itie s w e n t u p 3 .9 m illio n s .
L oans
s e c u r e d b y G o v e r n m e n t w a r s e c u r it ie s s h o w n e t li q u i d a t i o n o f 1 4 .8 m il lio n s ,
a ll c la s s e s o f b a n k s r e p o r t in g s m a lle r fig u r e s o f t r e a s u r y c e r t ific a t e s a n d
w ar paper on hand.
L o a n s s e c u r e d b y s t o c k s a n d b o n d s s h o w a n in c r e a s e
f o r t h e w e e k o f 9 7 .1 m il lio n s f o r t h e m e m b e r b a n g s in N e w Y o r k C i t y
a n d a t o t a l in c r e a s e o f 6 8 .5 m illio n s f o r a ll r e p o r t in g b a n k s .
O t h e r lo a n s
a n d in v e s t m e n t s w e n t u p 8 4 .4 m illio n s , la r g e ly o u t s id e o f N e w Y o r k C i t y .
A g g r e g a t e h o ld in g s o f U . S . w a r s e c u r itie s a n d w a r p a p e r d e c lin e d fr o m
3 ,3 0 0 .4
t o 3 , 2 4 7 .1 m il lio n s a n d c o n s t i t u t e 2 1 . 1 % o f t h e t o t a l lo a n s a n d
in v e s t m e n t s o f a ll r e p o r t in g b a n k s , c o m p a r e d w it h 2 1 .6 % t h e w e e k b e fo r e .

T h r e e c ip h e r s (0 0 0 ) o m i t t e d .
P h i l a i s t . C lev ela n d . R lc h m 'd .

N ew Y ork

A t la n t a .

C h ic a g o .

M in n ea p

S t.L o u is

K a n . C ity

D a lla s .

S an F ra n .

T o ta l.
775
$ 2 6 9 ,6 5 6
6 1 5 ,5 9 2
3 0 4 ,5 7 4
1 ,0 0 8 .0 4 6

N u m b e r o f r e p o r t in g b a n k s __________
U . S . b o n d s t o s e c u r e c i r c u l a t i o n ___
O t h e r U . S . b o n d s * ___________________
U . S . V i c t o r y n o t e s ___________________
U . 8 . c e r tific a te s o f in d e b t e d n e s s ..

43
$ 1 4 ,6 3 3
1 6 ,8 1 2
9 ,6 2 8
4 2 ,5 2 5

111
$ 4 7 ,8 5 3
2 7 9 ,4 0 0
1 2 4 ,9 3 5
5 0 1 ,4 4 3

53
$ 1 1 ,3 8 7
3 0 ,6 9 5
1 7 ,5 9 1
5 7 ,4 5 8

89
5 1 1 ,8 5 1
6 2 ,6 4 7
3 4 ,8 2 5
7 7 ,1 4 4

82
$ 2 5 ,8 2 1
3 7 ,9 3 5
1 4 ,6 3 6
2 1 ,1 0 4

46
$ 1 1 ,8 7 8
2 8 ,3 4 3
1 2 ,2 9 3
3 8 ,4 6 0

100
5 2 0 ,6 9 9
4 8 ,7 3 1
4 9 ,9 4 2
1 0 9 ,4 7 6

35
5 1 7 ,1 5 4
1 5 ,8 1 3
8 ,9 3 3
2 4 .1 2 9

35
5 7 ,1 2 0
1 1 .3 5 5
5 ,5 7 9
2 5 ,2 0 2

76
5 1 4 ,4 6 7
2 4 ,2 8 4
1 1 ,1 9 1
2 7 ,1 3 3

4.3
$ 1 9 ,2 0 .3
1 9 .7 9 2
5 ,1 8 4
3 1 ,7 8 8

56
$ 3 4 ,6 0 5
4 1 ,7 8 4
9 ,8 2 7
5 2 ,1 1 4

T o t a l U . 8 . s e c u r i t i e s _______________
L oan s secu red b y U . S . b o n d s. A c . .
L o a n s secu red b y sto ck s an d b o n d s .
v ll o t h e r lo a n s a n d I n v e s t m e n t s _____
r e s e r v e b a la n c e s w it h F . R . b a n k . .
C a s h In v a u l t . ........................ .......................
N e t d e m a n d d e p o s i t s __________________
T i m e d e p o s i t s __________ _______________
G o v e r n m e n t d e p o s i t s --------------------------B ills p a y a b l e w it h F . U . b a n k ________
B il ls r e d is c o u n t e d w i t h F . R . b a n k .

9 5 3 ,6 9 1
8 3 ,5 7 3
7 2 8 ,7 5 3
0 1 ,3 9 4
1 9 7 .4 2 1 1 ,5 5 2 ,7 6 4
6 1 0 .3 1 5 3 ,1 7 1 ,5 1 7
7 7 ,3 4 )
6 3 6 ,8 8 1
1 2 0 ,3 7 2
2 3 ,6 2 4
7 0 4 ,5 5 9 5 ,1 1 2 ,3 8 7
1 1 2 ,1 1 7
4 1 0 ,4 0 2
3 1 .9 0 9
3 9 4 ,3 0 0
5 3 $ ,3 38
2 8 ,4 3 9
6 1 ,7 8 5
1 4 3 ,0 6 7

1 1 7 ,0 5 1
1 5 0 ,7 1 8
2 0 3 ,4 3 9
4 7 5 ,9 5 2
0 5 ,3 8 2
1 5 ,4 8 0
6 3 9 ,5 0 8
2 2 ,0 2 5
• 5 0 ,3 4 8
1 3 3 .8 4 9
2 6 ,5 1 8

2 1 6 ,4 6 7
1 0 9 ,5 4 1
3 1 1 ,4 1 1
7 8 9 ,8 3 3
8 9 ,1 7 3
3 3 ,1 3 ;
8 1 8 ,6 1 4
2 9 3 ,5 1 4
4 4 ,1 7 1
9 3 ,5 5 2
2 7 ,3 7 1

9 9 ,6 0 0
4 ) .2 9 0
1 0 2 ,0 5 1
3 2 2 ,0 8 5
3 5 ,3 0 2
1 6 ,4 0 6
3 3 6 ,6 7 7
9 4 ,0 0 8
1 0 ,1 1 2
5 2 ,5 3 3
2 .0 ,1 5 0

9 3 ,9 7 4
2 2 6 ,8 4 8
2 5 ,8 9 0
9 8 ,2 3 9
4 5 ,5 8 1
3 2 7 ,3 8 8
3 2 0 ,5 8 4 1 ,2 4 0 ,3 1 5
3 2 ,1 7 9
1 7 2 ,8 8 4
1 3 ,3 6 4
6 4 ,9 3 1
2 3 2 ,1 9 5 1 ,2 6 1 ,9 1 9
1 1 9 .3 4 3
4 5 4 ,5 1 5
7 .1 7 0
3 $ .1 4 3
5 9 ,3 3 2
8 2 ,3 3 2
2 3 ,4 4 2
4 0 ,3 4 3

6 3 ,0 2 9
2 9 ,8 4 7
1 3 5 ,1 0 1
2 8 3 ,4 5 4
4 0 ,4 3 5
1 0 ,6 0 8
3 1 2 ,0 8 6
1 0 2 .33S
8 ,5 3 7
3 5 ,0 6 5
3 2 .0 0 9

4 9 ,2 5 7
1 4 ,0 5 3
3 3 .3 )7
2 6 3 ,0 4 8
2 5 ,2 9 3
8 ,8 6 0
2 8 7 ,3 8 7
5 $ .5 3 4
6 ,3 5 8
2 1 ,8 8 0
9 ,9 3 6

7 7 ,0 7 5
1 9 ,9 7 2
6 8 ,9 4 2
4 5 1 ,2 8 2
4 5 ,3 6 5
1 4 ,9 2 2
4 4 0 .1 9 0
8 4 ,1 3 3
3 ,7 2 0
5 3 ,0 7 9
2 0 ,9 2 5

7 5 ,9 6 7
6 ,5 9 2
2 $ .2 1 3
1 7 6 ,6 3 6
2 1 ,6 1 5
9 ,9 0 3
1 9 5 ,7 1 9
3 1 ,1 4 4
8 ,0 2 2
2 3 ,3 4 5
6 ,0 6 3

1 $ 3 ,3 3 0 2 .1 9 7 , 8 6 8
1 ,3 1 8 ,9 2 9
2 2 ,9 4 0
1 1 8 ,0 2 6 3 .1 2 2 , 6 1 4
6 2 1 .9 9 9 8 ,7 5 1 , 1 4 5
1 ,3 6 3 ,4 0 0
6 7 ,2 9 0
3 5 3 ,9 2 8
2 1 ,3 4 0
5 1 4 ,7 2 0 1 1 ,0 1 9 .0 4 0
2 1 5 ,1 7 2 2 , 0 0 2 , 3 0 5
6 0 4 ,4 8 2
1 ,1 0 2
1 ,1 6 8 ,5 7 4
4 0 ,7 2 3
4 2 5 ,1 6 1
1 3 ,5 5 2

2. D a ta

fo r

B a n k s In

F ederal R eserve
C h ic a g o .

N ew Y ork .

Bank

and

B ran ch

C itie s

and

A ll O t h e r

A l l F .R .B a n k C itie s . F . R . B r a n ch C it ie s .

T h r u c i p h e r s ( 0 0 0 ) o m itt e d .
O ct. 3 .

S e p t. 2 6 .

O ct. 3 .

S ep t. 2 6 .

O c t. 3 .

S ep t. 2 8 .

O ct. 3 .

261
$ 1 0 2 ,7 6 0
3 5 4 ,1 9 4
1 7 5 ,1 5 3
7 4 8 ,5 5 3

172
$ 6 3 ,2 2 9
1 1 9 ,4 1 9

71
5 3 3 .3 1 1
2 4 7 ,3 1 8
1 0 5 ,4 7 8
4 9 8 ,5 4 1

41
5 1 ,4 3 8
1 4 ,2 6 5
2 4 ,3 6 8
5 9 .1 5 4

44
S I ,438
1 5 ,5 5 8
2 3 ,4 1 3
6 0 ,4 5 5

261
5 1 0 2 ,5 5 5
3 5 5 ,3 1 0
1 7 7 ,6 6 4
7 1 5 ,0 0 9

T o t a l U . S . s e c u r i t i e s ................ .. $ 8 6 9 ,5 1 3 $ $ 8 9 ,6 7 8
6 9 0 ,6 7 6
6 9 9 ,8 3 0
L o a n s secu red b y U . 3 . b o n d s, A c .
L o a n s s e c u r e d b y s t o c k s a n d b o n d s 1 ,4 2 1 ,9 1 4 1 ,3 2 4 ,8 4 4
A ll o t h e r lo a n s a n d l u v e s t m e n t s . . 2 ,8 2 1 ,7 7 5 2 ,8 1 3 ,9 9 3
6 4 9 ,3 8 6
6 1 6 ,8 0 2
R e s e r v e b a la n c e s w it h F . R . b a n k
1 0 5 ,9 4 1
1 1 1 ,3 S 9
C a s h in v a u l t . ..........................................
N e t d e m a n d d e p o s i t s ........................... 4 ,6 3 4 ,4 7 0 4 ,5 8 1 ,0 7 0
3 2 4 ,7 9 3
3 2 9 ,5 2 9
T i m e d e p o s i t s .............. ............ ............ ..
3 9 0 .5 5 4
4 1 6 ,9 5 9
G o v e r n m e n t d e p o s i t s _______________
4 2 4 ,0 4 4
4 7 5 ,7 5 2
B il ls p a y a b l e w i t h F . U . b a n k ------1 2 4 ,3 1 7
1 0 0 ,8 2 9
B il ls r e d is c o u n t e d w it h F . R . b a n k
R a t io o f U . 8 . w ar secu re , a n d w ar
2 7 .1
2 3 .2
p a p e r , t o t a l lo a n s & i n v e s t ’ t , %

5 9 9 ,2 2 6
7 3 ,4 8 3
2 4 7 ,7 8 2
6 8 2 ,0 5 1
1 1 7 ,4 1 7
3 6 ,9 8 4
8 5 7 ,5 7 7
1 7 0 ,2 5 2
2 5 ,1 2 3
4 0 ,9 3 0
2 0 ,2 7 1

$ 1 0 0 ,8 6 4
7 3 ,9 0 1
2 7 6 ,3 3 0
6 6 1 ,1 5 9
1 1 9 ,0 8 2
3 8 ,5 1 2
8 5 3 ,8 3 4
1 6 9 ,8 3 1
3 1 ,1 9 6
3 6 ,2 3 0
2 4 ,7 2 3

$1350538
1 ,0 6 9 ,0 9 4
1 ,5 5 2 ,8 6 '
5 ,5 1 0 ,7 4 4
1 ,0 2 2 ,0 3 4
2 0 3 ,8 6 0
7 ,8 4 0 ,2 2 7
8 9 7 ,5 1 7
5 2 5 ,1 7 2
8 1 9 ,3 1 0
2 9 4 ,9 3 3

1 5 .5

1 5 .0

2 2 .5

N u m b e r o f r e p o r t in g b a n k s ........... ..
U . S . b o n d s t o secu re c ir c u la tio n .
O t h e r U . 3 . b o n d s * ________________
XI. S . c e r t i f i c a t e s o f I n d e b t e d n e s s

71
$ 3 3 ,1 6 6
2 4 8 ,8 3 3
1 0 8 ,3 9 9
4 7 4 ,1 2 0

1 6 7 ,2 9 1

S ep t. 2 6 .
172
$ 6 3 ,1 2 9
1 1 7 ,0 8 0
6 6 ,5 3 0
1 7 3 ,9 9 7

R e p o r t in g

B anks.

A l l O ther
R e p o r t in g B a n k s .

T o ta l.

O ct. 3 .

S e p t. 2 6 .

O ct. 3 . |

342
$ 1 0 3 ,8 7 2
1 4 * ,8 6 3
6 1 ,0 9 8
1 2 5 ,7 4 6

342
5 1 0 3 ,8 1 7
1 4 2 ,1 6 0
6 1 ,2 4 1
1 2 7 ,7 8 9

775
$ 2 6 9 ,6 5 6
6 1 5 ,5 9 2
3 0 4 ,5 7 4
1 ,0 0 8 ,0 4 6

S ep t. 2 6 .
775
5 2 6 9 ,7 0 6
6 1 3 ,4 4 0
3 0 2 ,9 3 0
1 ,0 5 0 ,3 3 9

A p ril 4 .
773
$ 2 6 8 ,8 8 3
6 4 0 ,3 6 5
1 ,8 4 1 ,7 8 3

$ 1 3 8 0 6 3 (1 $ 1 1 5 ,7 5 1 5 4 2 0 ,7 4 2 $ 4 3 1 ,5 7 9 $ 4 3 5 ,0 1 3 $ 2 ,1 9 7 ,8 8 8 $ 2 ,2 3 6 ,4 1 5 5 2 ,7 5 7 .0 3 1
1 ,1 0 6 ,7 5 1
1 ,3 1 8 ,9 2 9
1 ,3 3 3 ,6 9 7
1 ,0 8 2 ,7 0 1
1 1 7 ,4 8 4
1 1 8 ,4 7 6
1 3 2 ,5 2 0
1 3 1 ,7 5 1
________
2 ,2 8 0 ,7 4 .8
3 9 0 ,8 4 1 3 .1 2 2 ,6 1 4 3 ,0 5 4 ,0 8 8
3 8 2 ,4 9 9
3 S 3 .3 7 1
3 8 6 ,3 7 4
5 ,4 6 2 ,7 5 0 1 ,5 8 0 ,6 3 2 1 ,5 4 6 ,6 9 0 1 ,6 7 3 ,7 6 9 1 ,6 5 7 ,2 9 0 8 , 7 5 1 ,1 4 5 8 , 6 6 6 ,7 3 0 1 0 ,2 1 8 .2 9 4
1 ,2 6 7 ,5 5 2
1 ,3 3 2 ,9 1 9
9 9 5 ,3 3 9
1 ,3 0 3 ,4 0 0
1 6 9 .5 8 6
1 6 7 ,9 9 4
1 6 8 ,7 9 1
1 7 1 ,9 7 5
3 4 9 ,5 7 9
3 4 9 ,7 8 0
2 1 0 ,1 0 0
8 1 .5 2 S
3 5 3 ,9 2 8
8 6 ,4 9 7
5 8 ,1 5 2
6 3 ,5 7 1
7 ,0 9 1 ,9 1 1 1 ,4 9 3 .3 5 2 1 ,4 7 4 ,5 2 2 1 ,6 8 5 ,4 0 1 1 ,6 7 2 ,7 2 1 1 1 ,0 1 9 ,0 4 0 1 0 ,8 3 9 ,1 5 4 1 0 ,9 0 7 ,4 6 5
1 ,6 9 1 ,9 7 1
1 ,9 9 4 ,2 1 6
8 9 3 ,6 2 5
5 2 9 ,0 1 3
5 2 6 ,7 3 2 2 ,0 0 2 ,3 0 5
5 7 3 ,8 5 9
5 7 5 ,7 7 5
4 5 2 ,831
6 9 2 ,3 3 5
5 8 3 ,5 1 1
6 0 4 ,4 8 2
2 7 ,8 0 4
4 3 ,9 7 9
5 1 ,4 4 6
6 4 ,8 4 5
1 ,1 4 0 ,2 5 3
1 ,0 9 6 ,0 7 2
7 6 5 ,6 4 9
1 .1 6 8 ,5 7 4
1 6 0 ,2 5 5
1 8 3 ,6 6 7
1 7 0 ,1 6 8
1 6 5 ,5 9 7
2 7 6 ,7 3 7
3 7 9 ,7 7 0
2 5 8 ,6 7 4
4 2 5 ,1 6 1
6 9 ,5 7 0
5 9 .7 4 S
5 3 ,5 2 6
7 0 ,4 8 0
2 3 .1

1 9 .4

1 9 .7

.

1 7 .1

1 7 .3

2 1 .1

2 1 .6

* I n c lu d in g L ib e r ty b o n d s .

T h e Federal Reserve B an k s.-

Following is the weekly statement issued by the Federal Reserve Board on Oct. 10:

F u r th e r a d d itio n s t o lo a n a c c o u n t , u n d e r t h e h e a d o f b o t h w a r p a p e r
a n d o t h e r d i s c o u n t s , a c c o m p a n i e d b y in c r e a s e s in d e p o s i t s a n d n o t e c i r c u ­
la t i o n , a r e in d ic a t e d b y t h e F e d e r a l R e s e r v e B o a r d s w e e k ly b a n k s t a t e ­
m e n t is s u e d a s a t c lo s e o f b u s in e s s o n O c t o b e r 1 0 1 9 1 9 .
t
W a r p a p e r o n h a n d s h o w s a n in c r e a s e f o r t n e w e e k o f 1 8 .6 m il lio n s , o t h e r
d is c o u n t s o n h a n d w e n t u p 3 9 .3 m illio n s , w h ile a c c e p t a n c e h o ld in g s s h o w
b u t a n o m in a l in c r e a s e .
T o t a l w a r p a p e r h o ld in g s o f t h e C h ic a g o a n d
M in n e a p o lis b a n k s in c lu d e 5 0 .3 m illio n s o f p a p e r d is c o u n t e d f o r o t h e r
F e d e r a l R e s e r v e b a n k s , a s a g a in s t 6 3 .8 m illio n s t h e w e e k b e fo r e , w h ile
o f t h e t o t a l a c c e p t a n c e h o l d i n g s o f t h e S a n F r a n c i s c o b a n k a b o u t 11 m i l ­
l i o n s . a s a g a i n s t 1 2 .6 m il lio n s t h e w e e k b e f o r e , w e r e b il ls t a k e n o v e r f r o m
oth er F ed eral R eserve B an ks.
T r e a s u r y c e r tific a te s s h o w a n a d d it io n

o f 4 .4 m il lio n s , o r 0 . 8 m i l l i o n le s s t h a n t h e in c r e a s e in t h e b a n k s ’ l i a b i l i t i e s
o n F e d e ra l R e s e r v e b a n k n o t e c ir c u la tio n .
..
A s a g a i n s t a n i n c r e a s e o f o n l y 1 . 2 m i l l i o n s in G o v e r n m e n t d e p t w i t s ,
m e m b e r s ’ r e s e r v e d e p o s it s s h o w a n in c r e a s o o f 1 2 m illio n s , w h ile t h e
noat
c a r r ie d b y t h e F e d e r a l R e s e r v e b a n k s s h o w s a r e d u c t io n o f 5 .1 m in i o n s
N e t d e p o s it s f ig u r e o u t 1 7 .6 m il lio n s la r g e r , w h il e F e d e r a l R e s e r v e n o t e
c i r c u l a t i o n is r e p o r t e d 3 3 .5 m il l i o n s la r g e r t h a n t li o w e e k b e f o r e .
NO
m a t e r i a l c h a n g e s a r o s h o w n in t h e d i s t r i b u t i o n o f t h e g o l d h e l d a b r o a a ,
w h ile n e t g o ld w ith d r a w a ls t o t a le d a b o u t 4 m illio n s , a n d a g g r e g a t e c a s n
re s e r v e s d e c lin e d 3 .4 m illio n s .
A s a r e s u lt t h o b a n k s ’ r e s e r v e r a t io s n o w s
a d e c lin e fr o m 4 9 .7 t o 4 9 .1 % .

The figures for the system as a whole are given in the following table,and in addition we present the results for seven preceding
weeks, together with those of corresponding week of last year. The second table shows the resources and liabilities separately
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.

O c t. 10 1 9 1 9 . O ct.
RESOURCES.
G o l d c o i n a n d c e r t i f i c a t e s ___________________
G o l d s e t t l e m e n t f u n d , F . R . B o a r d . . _____
G o l d w it h f o r e ig n a g e n c i e s ................................

S
2 4 5 .4 8 5 .0 0 0
4 9 8 .9 0 4 .0 0 0
1 0 8 ,1 2 3 ,0 0 0

3

1 9 1 0 . S ep t. 2 6 1 9 1 9 . S ep t. 19 1 9 1 9 . S ep t. 12 1 9 1 9 . S ep t. 5

$
2 4 2 .4 0 5 .0 0 0
5 1 6 .3 3 5 .0 0 0
1 0 8 ,8 9 2 ,0 0 0

$
2 3 9 .1 6 8 .0 0 0
5 0 2 .5 0 6 .0 0 0
7 9 ,3 7 0 ,0 0 0

S
2 3 0 .0 4 7 .0 0 0
5 1 2 .0 5 0 .0 0 0
4 5 ,4 7 9 ,0 0 0

$
2 3 1 .6 0 9 .0 0 0
5 3 7 .7 2 3 .0 0 0
........................

O c t . 10 1 9 1 8 .
1 9 1 9 . A u g . 2 9 1 9 1 9 .|A u g . 2 2 1 9 1 9 .

$
2 4 3 .2 3 8 .0 0 0
5 4 2 .3 1 0 .0 0 0
........................

$
$ 2 4 4 ,2 3 1 ,0 0 0
5 6 3 ,6 4 0 ,0 0 0

S
2 6 0 .5 0 7 .0 0 0
5 7 9 .4 8 0 .0 0 0

.........................

........................

S
3 7 2 .9 2 2 .0 0 0
4 4 8 .7 2 0 .0 0 0
5 ,8 2 9 ,0 0 0

8 2 7 ,4 7 1 ,0 0 0
8 0 7 ,8 7 1 ,0 0 0
8 3 9 ,9 8 7 .0 0 0
8 2 1 .0 4 4 ,0 0 0
8 6 7 ,6 3 2 ,0 0 0
7 6 9 ,3 3 2 ,0 0 0
7 8 5 ,5 4 8 .0 0 0
7 8 7 ,6 0 6 ,0 0 0
8 5 0 ,5 1 2 ,0 0 0
T o t a l g o l d h e ld b y b a n k s ________________
1 ,1 5 7 ,0 0 0 ,0 0 0
G o l d w it h F e d e r a l R e s e r v e a g e n t s ................ 1 ,1 3 6 ,0 9 7 ,0 0 0 1 ,1 6 6 ,3 9 8 ,0 0 0 1 .1 9 6 ,3 2 5 ,0 0 0 1 .2 0 8 ,9 0 1 .0 0 0 1 ,1 9 0 ,7 6 9 ,0 0 0 1 ,1 7 2 ,1 6 8 ,0 0 0 1 ,1 4 2 ,5 8 9 ,0 0 0 1 ,1 2 7 ,0 2 8 ,0 0 0
4 6 ,7 6 5 ,0 0 0
1 1 6 ,3 2 8 ,0 0 0
1 0 7 ,2 7 0 ,0 0 0
1 0 0 ,4 8 5 ,0 0 0
1 0 8 ,7 0 6 ,0 0 0
1 0 1 ,2 5 2 ,0 0 0
9 5 .3 9 9 ,0 0 0
1 0 9 ,3 3 6 ,0 0 0
9 4 ,1 1 9 ,0 0 0
G o l d r e d e m p t i o n f u n d _______________________
2 ,0 .1 1 ,2 3 6 ,0 0 0
T e t a l g o l d r e s e r v e s ______ __________________ 2 ,1 3 1 .3 2 3 ,0 0 0 2 ,1 3 5 ,2 8 2 ,0 0 0 2 , 1 1 7 ,8 5 4 .0 0 0 2 ,0 9 1 .9 6 6 ,0 0 0 2 ,0 6 8 ,8 6 7 ,0 0 0 2 ,0 6 7 ,0 5 2 ,0 0 0 2 ,0 6 6 ,7 8 8 ,0 0 0 2 ,0 7 4 ,2 8 5 ,0 0 0
5 2 ,1 2 2 ,0 0 0
6 9 ,1 8 8 ,0 0 0
6 8 ,4 1 6 ,0 0 0
6 9 ,6 5 1 ,0 0 0
7 0 ,0 9 1 ,0 0 0
6 9 ,6 3 2 ,0 0 0
6 9 ,8 1 8 ,0 0 0
7 0 , 2 2 9 ,0 0 0
7 0 ,7 7 2 ,0 0 0
L e g a l t e n d e r n o t e s , s i l v e r , A c ...........................
2 ,0 8 3 ,3 5 8 ,0 0 0
2 , 2 0 5 ,5 1 1 .0 0 0 2 ,1 8 7 ,5 0 5 ,0 0 0 2 .1 6 2 ,0 5 7 .0 0 0 2 ,1 3 8 ,4 9 9 ,0 0 0 2 ,1 3 6 ,8 7 0 ,0 0 0 2 ,1 3 5 ,9 7 0 ,0 0 0 2 ,1 4 2 ,7 0 1 ,0 0 0
B il ls d i s c o u n t e d :
1 ,5 6 3 ,0 4 8 ,0 0 0 1 ,3 0 4 ,3 8 3 ,0 0 0
S e c u r e d b y G o v t , w a r o b l i g a t i o n s ______ 1 ,6 7 2 ,7 9 7 ,0 0 0 1 ,6 5 4 ,1 6 6 ,0 0 0 1 ,5 7 2 ,5 0 3 ,0 0 0 1 ,3 8 3 .8 9 6 ,0 0 0 1 ,5 2 4 ,5 2 1 ,0 0 0 1 ,6 3 5 ,2 3 3 ,0 0 0 1 .6 0 9 .2 9 6 .0 0 0
4 5 0 .0 8 6 .0 0 0
2 1 1 ,2 0 2 ,0 0 0
3 0 9 .7 7 9 .0 0 0
2 0 5 .8 3 8 .0 0 0
2 3 0 .3 1 7 .0 0 0
3 0 1 .7 7 1 .0 0 0
2 6 1 .9 8 5 .0 0 0
2 1 2 .1 8 5 .0 0 0
4 0 1 .0 5 3 .0 0 0
A l l o t h e r _____________ ______________________
3 3 8 .6 2 0 .0 0 0
3 0 2 ,9 1 1 ,0 0 0
3 1 2 .4 9 1 .0 0 0
3 6 3 .1 3 8 .0 0 0
3 5 3 .8 1 7 .0 0 0
3 6 2 .0 0 5 .0 0 0
3 5 4 .6 6 7 .0 0 0
3 2 6 .6 6 7 .0 0 0
3 2 6 .8 5 2 .0 0 0
B il ls b o u g h t In o p e n m a r k e t .............................
2 ,1 1 5 ,8 4 3 .0 0 0 2 ,2 0 2 ,0 8 5 ,0 0 0 2 ,1 7 8 ,2 7 2 ,0 0 0 2 ,1 3 7 ,2 2 1 ,0 0 0 2 ,0 9 3 ,0 8 9 ,0 0 0
T o t a l b il ls o n b a n d _________________________ 2 ,4 0 9 ,7 0 7 ,0 0 0 2 , 3 4 2 ,0 0 4 ,0 0 0 2 , 2 2 4 ,7 7 3 .0 0 0 1 ,9 9 9 ,6 9 8 .0 0 0
2 8 ,2 1 4 ,0 0 0
2 7 ,0 9 8 ,0 0 0
2 7 , 0 9 7 ,0 0 0
2 7 ,0 9 0 ,0 0 0
2 7 ,0 9 6 ,0 0 0
2 7 ,0 9 5 ,0 0 0
2 7 ,0 9 6 ,0 0 0
2 7 , 0 9 5 ,0 0 0
2 7 ,0 9 6 ,0 0 0
C . S . G o v e r n m e n t b o n d s ........... .. ....................
2 0 9 ,0 0 0
1 3 7 ,0 0 0
1 9 2 ,0 0 0
1 9 8 ,0 0 0
1 9 2 ,0 0 0
1 9 7 ,0 0 0
1 3 6 ,0 0 0
1 3 3 ,0 0 0
U . S . V i c t o r y N o t e s _________________________
n i l ono
2 3 7 ,8 4 7 ,0 0 0
2 4 3 ,4 1 1 ,0 0 0
3 4 1 ,6 5 5 ,0 0 0
2 5 1 ,0 8 1 ,0 0 0
3 2 2 ,9 8 0 .0 0 0
2 5 0 ,2 2 3 ,0 0 0
2 6 3 ,1 4 8 ,0 0 0
2 3 7 ,5 5 1 ,0 0 0
U . 9 . c e r t if i c a t e s o f I n d e b t e d n e s s -------------1 8 8 ,0 0 0
A11 o t h e r e a r n in g a s s e t s ____________ _________
2 ,3 4 9 .9 7 1 ,0 0 0 2 ,4 8 5 ,7 8 6 .0 0 0 2 ,4 7 9 ,6 0 1 ,0 0 0 2 ,4 4 8 ,9 7 7 ,0 0 0 2 ,4 0 2 .3 7 5 .0 0 0 2 ,1 8 7 ,6 8 4 ,0 0 0
T o t a l e a r n in g a s s e t s _______ _______________ 2 ,6 9 5 ,4 8 7 ,0 0 0 2 ,6 3 2 ,9 8 3 ,0 0 0 2 ,5 0 3 ,0 8 8 ,0 0 0
1 1 ,8 0 0 ,0 0 0
4 2 ,''9 6 ,0 0 0
1 3 ,1 4 6 ,0 0 0
1 3 ,1 4 3 ,0 0 0
1 2 ,8 1 5 ,0 0 0
1 3 .1 4 6 .0 0 0
1 3 .1 8 4 .0 0 0
1 3 .3 1 9 .0 0 0
B a n k p r e m is e s ................ .
......................—
G o l d In t r a n s it o r In c u s t o d y In fo r e ig n
1 0 2 ,7 4 8 ,0 0 0
1 0 7 ,1 1 9 ,0 0 0
1 1 4 ,1 3 8 ,0 0 0
1 5 8 ,2 3 2 ,0 0 0
1 0 7 ,1 1 9 ,0 0 0
8 0 . 2 4 6 .0 0 0
4 6 . 3 5 5 .0 0 0
4 6 .3 5 5 .0 0 0
c o u n t r i e s _____ . . . . ________________________
U n c o lle c te d ite m s a n d o th e r d e d u c tio n s
f r o m groats d e p o s i t s _______________________
5 % r e d e m p fu n d a g s t. F . R . b a n k n o tes
A11 o t h e r r e s o u r c e s ___________________________

8 5 3 ,6 5 8 ,0 0 0
1 2 ,6 3 6 .0 0 0
8 ,4 )4 ,0 0 0

8 6 1 .9 5 5 .0 0 0
1 1 .8 9 7 .0 0 0
1 0 .2 4 6 .0 0 0

8 2 7 .4 0 4 ,0 0 0 1 .0 2 5 .1 2 2 ,0 0 0
1 1 .2 8 9 .0 0 0
1 1 .5 0 3 ,0 0 0
1 0 .8 8 6 .0 0 0
8 .0 9 8 ,0 0 0

3 7 3 ,0 6 6 ,0 0 0
1 1 .3 4 3 .0 0 0
1 1 .0 0 7 .0 0 0

8 2 7 ,8 4 5 ,0 0 0
1 1 ,1 6 0 ,0 0 0
9 ,5 1 1 ,0 0 0

8 1 6 ,5 1 3 ,0 0 0
1 1 ,5 8 0 ,0 0 0
9 ,9 9 5 ,0 0 0

7 6 3 ,1 7 9 .0 0 0
1 1 ,3 8 2 .0 0 0
0 ,9 0 5 ,0 0 0

7 2 3 ,4 3 0 ,0 0 0
3 ,1 7 7 ,0 0 0
1 3 , 4 8 5 ,0 0 0

5 ,4 3 5 ,8 3 7 ,0 0 0 5 ,4 4 4 ,0 9 6 ,0 0 0 5 ,0 1 1 ,1 3 4 ,0 0 0
e * Oa I i)1 n on
O t 7R9 ,1 'l l |UUU 5 6 3 1 ,8 9 0 ,0 0 0 5 ,6 8 6 ,6 0 9 ,0 0 0 5 ,6 9 1 ,0 7 6 ,0 0 0 5 ,5 8 4 ,9 2 1 ,0 0 0
L IA B IL IT IE S .
7 8 ,9 5 6 ,0 0 0
8 4 .9 2 0 .0 0 0
8 1 ,7 3 0 .0 0 0
8 5 ,1 4 0 ,0 0 0
8 4 .9 9 6 .0 0 0
8 5 ,2 0 8 ,0 0 0
8 5 ,2 9 6 ,0 0 0
8 5 ,3 5 0 ,0 0 0
8 5 ,3 9 1 ,0 0 0
C a p i t a l p a id I n . . . . . _________ . . . . . . . . . . .
1 ,1 3 4 ,0 0 0
8 1 .0 8 7 .0 0 0
8 1 ,0 8 7 ,0 0 0
8 1 ,0 8 7 ,0 0 0
8 1 .0 3 7 ,0 0 0
8 1 ,0 8 7 ,0 0 0
8 1 .0 8 7 .0 0 0
8 1 ,0 8 7 .COO
8 1 ,0 8 7 ,0 0 0
S u r p l u s __________________________________________
2 3 0 .8 8 9 .0 0 0
1 0 1 ,3 3 0 ,0 0 0
5 4 .4 9 4 .0 0 0
5 9 .1 1 0 ,0 0 0
3 3 ,5 8 4 ,0 0 0
7 8 ,1 3 4 .0 0 0
0 1 ,2 7 0 ,0 0 0
7 8 ,8 3 2 .0 0 0
G o v e r n m e n t d e p o s its _ _
8 0 ,0 6 7 ,0 0 0
1 ,7 2 9 ,0 5 0 ,0 0 0 1 ,0 7 9 ,8 3 4 ,0 0 0 1 ,5 0 8 ,3 3 4 ,0 0 0
D u e t o m e m b e r s , r e s e r v e a c c o u n t . . . . . . . 1 ,7 7 7 ,8 6 9 .0 0 0 1 ,7 6 5 .8 6 3 ,0 0 0 1 , 7 3 1 ,4 1 3 ,0 0 0 1 ,6 5 1 ,4 2 6 ,0 0 0 1 ,8 0 2 ,7 5 1 ,0 0 0 1 ,7 5 7 .6 4 1 .0 0 0
5 1 4 .1 1 0 .0 0 0
5 6 3 ,3 8 7 ,0 0 0
6 0 5 ,8 1 2 ,0 0 0
6 1 3 .1 9 4 ,0 0 0
6 7 9 ,0 4 3 ,0 0 0
8 0 2 .7 1 5 .0 0 0
6 5 3 ,3 8 1 .0 0 0
6 9 1 ,9 6 8 ,0 0 0
6 8 8 ,7 3 4 ,0 0 0
D e f e r r e d a v a i l a b i l i t y I t e m s _________________
1 0 8 .2 5 6 .0 0 0
9 8 ,4 7 9 ,0 0 0
9 8 ,0 9 8 ,0 0 0
1 3 4 ,0 9 6 ,0 0 0
9 9 ,1 3 6 .0 0 0
1 0 6 ,8 9 9 ,0 0 0
9 5 , 6 5 4 ,0 0 0
9 7 ,9 1 3 ,0 0
9 7 ,2 0 3 ,0 0 0
O th e r d e p o s it s , in c l. f o r . G o v t , c r e d i t s ..
2 .6 4 9 .5 1 4 .0 0 0 2 .5 5 9 .0 8 1 .0 0 0 2 .4 4 6 .3 1 0 .0 0 0 2 .4 8 7 .0 7 4 .0 0 0 2 .3 6 1 .5 8 9 .0 0 0
T o t a l g r o s s d e p w i t s ------------------------------------ 2 .6 4 3 .8 6 3 .0 0 0 2 .6 3 4 .5 7 6 .0 0 0 2 .5 4 1 .7 2 4 .0 0 0 2 .6 3 9 .1 7 4 .0 0 0
2 .5 8 0 .6 2 9 .0 0 0 2 .5 5 3 .5 3 4 .0 0 0 2 .4 7 8 .3 7 8 .0 0 0
F . R . n o t e s In a c t u a l c i r c u l a t i o n ................... 2 .7 4 1 .6 8 4 .0 0 0 2 .7 0 8 .1 8 6 .0 0 0 2 .6 5 5 .3 5 4 .0 0 0 2 .6 2 1 .2 5 8 .0 0 0 2 .6 2 1 .2 2 8 .0 0 0 2 .6 1 1 .6 9 7 .0 0 0
5 2 .0 3 1 .0 0 0
2 1 9 ,8 1 5 .0 0 0
2 1 5 ,7 9 5 ,0 0 0
2 2 3 .5 6 5 ,0 3 0
2 2 8 ,1 6 9 .0 0 0
2 3 2 ,5 9 4 ,0 0 0
2 3 9 ,4 5 1 .0 0 0
2 4 7 ,1 7 6 ,0 0 0
2 4 1 .9 3 7 ,0 0 0
F . R . b a n k n o t e s In c ir c u l a t io n — n e t l l a b .
3 9 .0 4 6 .0 0 0
2 3 ,0 7 0 ,0 0 0
2 1 ,8 7 6 ,0 0 0
2 4 .4 9 5 ,0 0 0
2 5 ,9 3 8 ,0 0 0
2 7 .2 8 8 .0 0 0
2 3 . 9 7 8 ,0 0 0
3 2 ,8 4 8 ,0 0 0
3 0 ,9 9 5 ,0 0 0
A ll o t h e r l i a b i l i t i e s ..................................................
T o r s i li a b i l i t i e s .

..................... 5 ,8 3 2 .0 4 9 .0 0 0 5 ,7 8 2 .1 3 1 .0 0 0 5 .6 3 1 .8 9 0 ,0 0 0 5 . 6 8 6 .6 0 9 .0 0 0 5 ,6 9 1 ,0 7 6 ,0 0 0 5 , 5 8 4 .9 2 1 ,0 0 0 5 .4 3 5 .8 3 7 ,0 0 0 5 , 4 4 4 ,0 9 6 .0 0 0 5 ,0 1 1 ,1 3 4 , 0 0 0

In c lu d e s O n e -Y e a r T r e a s u r y




N otes.

O

c t

THE CHRONICLE

. 18 1 9 1 9 .]

O ct. 10 1 9 1 9 . O ct.
R a t io o f g o ld reserv es t o n e t d e p o s it a n d
F . R . n o t e .li a b ili t ie s c o m b i n e d ______ .
R a t i o o f t o t a l r e s e r v e s t o n e t d e p o s it a n d
F . R . n o t e lia b ili t ie s c o m b i n e d ___ _
_
R a t i o o f g o l d r e s e r v e s t o F . R . n o t e s In
c i r c u l a t io n a f t e r s e t t in g a s id e 3 5 %
a g a i n s t n e t d e p o s i t li a b i l i t i e s ........... .......

3

1513

1 9 1 9 . S e p t. 2 6 1 9 1 9 . S ep t. 19 1 9 1 9 . S e p t. 12 1 9 1 9 . S e p t. 5 1 9 1 9 . A u g . 2 9 1 9 1 9 .
A u g . 2 2 1 9 1 9 . O c t . 10 1 9 1 8 .

4 7 .0 %

4 7 .7 %

4 8 .4 %

4 9 .4 %

4 7 .0 %

4 7 .8 %

4 8 .2 %

4 8 .1 %

3 0 .1 %

4 9 .1 %

4 9 .7 %

5 1 .0 %

5 2 .5 %

5 0 .4 %

5 0 .4 %

5 0 .7 %

5 1 .3 %

5 0 .6 %

5 1 .1 %

5 9 .1 %

6 0 .8 %

6 2 .5 %

6 0 .0 %

6 0 .1 %

6 0 .7 %

6 1 .7 %

D is t r ib u t i o n b y M a t u r i t i e s —
S
S
S
$
$
8
$
*
1 -1 5 d a y s b il ls b o u g h t In o p e n m a r k e t . .
9 5 .2 2 3 .0 0 0
1 0 4 ,4 1 7 .0 0 0
1 0 1 ,6 3 1 ,0 0 0
1 0 8 .4 1 4 ,0 0 0
9 9 ,2 5 9 ,0 0 0
8 7 .5 1 1 .0 0 0
9 5 .5 1 7 .0 0 0
9 4 .9 1 5 .0 0 0
1 -1 5 d a y s b ills d i s c o u n t e d ________________ 1 ,7 5 0 ,6 9 0 ,0 9 3 1 .6 5 7 ,4 5 7 ,0 0 0
1 ,5 3 2 ,0 5 8 ,0 0 0 1 ,3 1 7 ,4 5 5 ,0 0 0 1 ,4 4 3 ,5 3 5 ,0 0 0 1 ,5 4 7 ,1 0 3 ,0 0 0 1 ,5 1 9 ,8 1 4 ,0 0 0 1 .4 S S .3 1 4 .0 0 0
1 -1 5 d a y s U . 9 . c e r t l f . o f I n d e b t e d n e s s ..
1 1 .1 5 5 .0 0 0
2 0 ,8 5 5 ,0 0 0
2 3 ,6 0 5 ,0 0 0
8 9 ,7 0 3 ,0 0 0
1 2 1 ,3 2 1 ,0 0 0
2 8 .6 8 0 .0 0 0
2 4 .7 4 3 .0 0 0
2 2 .8 3 9 .0 0 0
1 -1 5 d a y s m u n ic i p a l w a r r a n t s .
153 0 d a y s b ills b o u g h t In o p e n m a 0 0 ,7t7 . ,0 0 0
rk e .2
6 9 .7 0 4 .0 0 0
8 5 ,9 8 2 ,0 0 0
1 0 4 .0 8 5 ,0 0 0
1 0 3 ,0 5 4 ,0 0 0
1 0 8 ,1 1 9 ,0 0 0
7 9 ,7 3 2 ,0 0 0
7 2 .6 9 6 ,0 0 0
163 0 d a y s b ills d i s c o u n t e d .
7 7 ,6 3 2 ,0 0 0
1 1 7 ,6 3 9 ,0 0 0
1 2 0 ,1 8 3 .0 0 0
6 3 ,2 9 9 ,0 0 0
4 9 .0 1 9 .0 0 0
5 4 .8 0 3 .0 0 0
5 3 .8 7 0 .0 0 0
4 7 .3 1 6 .0 0 0
153 0 d a y s U . S . c e r t l f . o f I n d e b t e d 1 5 ,5s0 0 ,0 3 0
n e s ..
1 6 .8 5 0 .0 0 0
1 0 ,0 0 0 ,0 0 0
9 ,0 0 0 ,0 0 0
1 1 .6 5 9 .0 0 0
1 0 .5 3 6 .0 0 0
1 2 .0 6 6 .0 0 0
1 1 .7 5 1 .0 0 0
163 0 d a y s m a n le i p a ] w a r r a n t s ____________
3 1 - 6 0 d a y s b il ls b o u g h t In o p e n m a r k e t . .
1 2 9 .1 3 6 .0 0 0
1 1 2 ,9 3 1 ,0 6 0
1 0 2 .7 2 4 .0 0 0
1 1 1 .0 8 7 ,0 0 0
1 0 3 ,3 5 4 ,0 0 0
1 3 7 ,2 9 6 ,0 0 0
1 4 5 ,2 4 6 ,0 0 0
3 1 - 6 0 d a y s b ills d i s c o u n t e d ___ __
1 0 7 .1 4 7 .0 0 0
1 6 7 ,5 7 0 ,0 0 0
1 5 4 ,9 1 8 ,0 0 8
1 9 0 .3 9 3 .0 0 0
1 6 6 .9 7 0 ,0 0 9
14# ,3o4,0(M f
1 5 2 ,5 4 5 ,0 0 0
1 4 4 ,0 3 5 ,0 0 0
3 1 -6 0 d a y s U . 3 . c e r t lf. o f in d e b t e d n e s s ..
1 3 ,4 9 7 ,0 0 0
9 ,4 9 9 .0 0 0
1 9 ,7 0 5 ,0 0 0
1 2 ,5 0 0 ,0 0 0
1 9 ,6 7 6 ,0 0 0
2 4 .7 7 7 ,0 0 0
2 1 ,9 9 9 .0 0 0
1 9 .S 7 5 .0 0 0
3 1 - 6 0 d a y s m u n ic i p a l w a r r a n t s .
6 1 - 9 0 d a y s b ills b o u g h t in o p e n m a r k e t . .
4 1 ,1 4 4 ,0 0 0
3 4 .9 0 4 .0 0 0
3 4 , 3 71,066
4 4 ,5 8 4 ,0 0 0
4 .3 .6 0 5 .0 0 0
4 0 ,6 6 3 .0 0 0
4 5 .5 7 7 .0 0 0
*50.054", 6 6 6
6 1 ,4 4 4 ,0 0 0
6 5 .3 2 3 .0 0 0
6 2 .9 2 2 .0 0 0
6 8 .5 6 8 .0 0 0
8 8 .5 7 9 .0 0 0
9 1 ,7 9 0 ,0 0 0
7 9 .8 8 9 .0 0 0
8 4 .9 9 3 .0 0 0
6 1 - 9 0 d a y s U . S . c e r t l f . o f I n d e b t e d n e s s ..
2 L 1 7 7 .0 0 0
2 3 .2 2 9 .0 0 0
2 3 .9 7 2 .0 0 0
2 5 .5 3 7 .0 0 0
1 8 .0 3 2 .0 0 0
1 5 ,5 3 2 ,6 0 0
1 6 .0 3 4 .0 0 0
2 4 .6 0 6 .0 0 0
6 1 - 9 0 d a y s m u n ic ip a l w a r r a n t s ____________
O v e r 9 0 d a y s b ills b o u g h t in o p e n m a r k e t
5 2 2 ,0 0 0
7 9 3 ,0 0 9
7 9 3 ,0 0 0
7 9 3 ,0 0 0
1 5 ,0 2 0 .0 0 0
" 5 ,0 1 6 .0 0 0
O v e r 9 0 d a y s b ills d i s c o u n t e d _______________
7 ,9 4 2 ,0 0 0
7 ,9 5 1 ,0 0 0
6 ,5 5 5 ,0 0 0
6 ,8 1 2 ,0 0 0
6 ,7 3 5 ,0 0 0
6 .3 6 5 ,0 0 0
9 ,0 1 6 ,0 0 0
9 ,6 5 2 ,0 0 0
O v e r 9 0 d a y s c e r t l f . o f i n d e b t e d n e s s ...........
2 0 0 ,2 2 1 ,0 0 0
1 8 7 ,7 1 4 ,0 0 3
1 7 9 ,4 3 9 ,0 0 9
1 8 0 ,6 0 5 ,0 0 0
1 7 0 ,9 6 7 ,0 0 0
1 7 0 ,6 9 2 ,0 0 0
1 6 8 ,5 6 9 ,0 0 0
1 5 8 ,7 7 6 ,0 0 0
O v e r 9 0 d a y s m u n ic ip a l w a r r a n t s .

—

6 0 .9 %
S
\1 4 2 5 8 0 4 0 0 0
/
1 0 ,7 5 0 ,0 0 0
3 1 ,0 0 0
\ 2 0 3 ,9 6 0 ,0 0 0
5 ,4 1 2 ,0 0 0
2 ,0 0 0
l 2 7 3 ,0 9 1 ,0 0 0
7 0 7 ,0 0 0
7 ,0 0 0
\ 1 7 4 ,6 2 2 ,0 0 0
/
8 ,0 1 4 ,0 0 0
1 1 ,0 0 0
\ 1 5 ,6 1 2 ,0 0 0
/
4 1 ,2 2 0 ,0 0 0
1 0 ,0 0 0

O u t s t a n d i n g ................................... ..
2 ,9 4 9 ,2 4 4 ,0 0 0 2 ,8 9 9 ,1 2 2 ,0 0 0
H e ld b y b a n k s ________________________________
2 0 7 ,5 5 0 ,0 0 0
1 9 0 ,9 3 6 ,0 0 0

2 ,8 5 1 ,6 2 2 .0 0 0 2 ,8 3 0 .1 4 6 ,0 0 0 2 ,7 9 4 ,1 0 0 ,0 0 0 2 , 7 6 7 ,1 6 6 .0 0 0 2 ,7 4 8 ,7 4 0 ,0 0 0 2 ,6 2 3 ,3 3 9 ,0 0 0
2 1 9 ,9 0 5 ,0 0 0
2 3 0 .3 6 4 ,0 0 0
2 0 8 ,9 1 8 .0 0 0
1 S 2 .4 0 3 0 0 0
1 4 4 ,9 6 1 ,0 0 0
1 S 6 .5 3 7 .0 0 0
1 9 5 ,2 0 6 ,0 0 0
In a c tu a l c ir c u l a t io n .. .
2 ,7 4 1 ,6 3 4 ,0 0 3 2 .7 0 8 .1 8 6 .0 0 0
2 .6 2 1 .2 5 5 .0 0 0 2 ,6 2 1 ,2 2 8 .0 0 0 2 .6 1 1 .6 9 7 .0 0 0 2 .5 8 0 .6 2 9 .0 0 0 2 .5 5 3 .5 3 4 .0 0 0 2 .4 7 8 .3 7 8 .0 0 0
R es. S o u s (A g e n ts A c co u n ts) —
R e c e iv e d fr o m th e C o m p t r o l l e r .. .
5 .4 6 1 .9 4 0 .0 0 0 5 ,3 8 3 ,1 2 0 ,0 3 0 5 .3 2 S ,0 0 0 ,0 3 0 5 .2 6 0 .2 8 0 .0 0 0
5 .1 9 5 .6 1 0 .0 0 0 5 .1 2 2 .9 4 1 .0 0 0 5 .0 7 7 .5 2 0 .0 0 0 5 .0 1 9 .0 4 0 .0 0 0 3 .4 1 4 .2 2 0 .0 0 0
R e t u r n e d t o t h e C o m p t r o l l e r ........................ 2 .1 2 2 .2 3 8 .0 0 0 2 .0 8 5 .3 3 5 .0 0 0
2 ,0 4 0 ,8 1 9 .0 0 0 1 .9 9 8 .4 1 6 .0 0 0 1 .9 0 2 .9 9 7 .0 0 0 1 .9 3 7 .7 8 3 .0 0 0 1 .9 0 6 .8 6 2 .0 0 0 1 .8 7 2 .9 0 2 .0 0 0
5 5 5 ,6 7 1 ,0 0 0

F.
ed

A m o u n t c h a r g e a b l e t o F e d . R e s . a g e n t 3 ,3 3 9 ,6 5 2 ,0 0 0 3 ,2 9 4 ,7 8 5 ,0 0 0
3 ,2 8 7 ,1 8 1 ,0 0 0 3 ,2 6 1 ,8 6 4 ,0 0 0 3 .2 3 2 ,6 4 3 ,0 0 0 3 ,1 8 5 ,1 5 8 ,0 0 0 3 , 1 7 0 .6 5 8 ,0 0 0 3 ,1 4 6 .1 3 8 ,0 0 0 2 ,8 5 8 ,5 4 0 ,0 0 0
I n b a u d s o f F e d e r a l R e s e r v e a g e n t _____
3 9 0 ,4 0 8 ,0 0 0
3 9 5 .6 3 3 ,0 0 0
4 1 1 ,9 2 2 ,0 0 0
4 1 0 ,2 4 2 ,0 0 0
4 0 2 .4 9 7 ,0 0 0
3 9 1 ,0 5 8 .0 0 0
4 0 3 ,4 9 2 ,0 0 0
2 3 5 ,2 1 0 ,0 0 0
3 9 7 ,3 9 8 ,0 0 0
I s s u e d t o F e d e r a l R e s e r v e b a n k s ______ 2 ,9 4 9 ,2 4 4 ,0 0 9 2 ,8 9 9 ,1 2 2 ,0 0 0
2 .8 7 5 ,2 5 9 .0 0 0 2 ,8 5 1 ,6 2 2 .0 0 0 2 ,8 3 0 ,1 4 6 .0 0 0 2 ,7 9 4 ,1 0 0 .0 0 0 2 ,7 6 7 .1 6 6 .0 0 0 2 ,7 4 8 ,7 4 0 .0 0 0 2 , 6 2 3 ,3 3 9 , 0 0 0
H o w S e cu red —
B y g o l d c o i n a n d c e r t i f i c a t e s _______________
2 4 4 ,2 4 3 ,0 0 0
2 4 2 ,2 4 8 ,0 0 0
2 4 3 ,2 4 8 ,0 0 0
2 4 7 ,2 4 8 ,0 0 0
2 4 5 ,4 0 8 ,0 0 0
2 3 0 ,2 4 8 ,0 0 0
2 3 6 .2 4 8 .0 0 0
2 2 6 ,2 4 8 ,0 0 0
2 0 8 ,1 6 7 , 0 0 0
B y la w f u l m o n e y _______________________ .
1, /3 2 ,7 2 4 ,0 0 0 1 .6 7 8 ,9 3 4 ,606 1 ,6 4 2 ,6 6 1 ,0 0 0 1 ,0 3 9 ,3 7 7 .0 0 0 1 ,6 2 1 ,9 3 2 ,0 0 0
1 .6 2 4 ,5 7 7 ,0 0 0 1 ,6 2 1 ,7 1 2 ,0 0 0 1 ,4 6 0 .3 3 9 ,0 0 0
G o l d r e d e m p t i o n f u n d ______________
8 8 ,1 0 8 ,0 0 0
9 3 ,6 0 8 ,0 0 0
1 0 1 .9 2 1 .0 0 0
9 3 ,0 9 0 ,0 0 0
9 9 ,9 3 3 ,0 0 0
1 4 4 .2 1 7 .0 0 0
9 4 .1 6 0 .0 0 0
1 0 4 .3 5 0 .0 0 0
7 7 ,4 7 7 , 0 0 0
8 5 4 ,3 4 1 ,0 0 0
8 3 0 ,5 4 2 ,0 0 0
8 5 4 ,4 3 1 ,0 0 0
8 6 1 .6 3 2 .0 0 0
8 4 9 ,1 4 4 ,0 0 0
7 9 1 .7 0 3 .0 0 0
8 1 2 ,1 8 1 ,0 0 0
7 9 6 .4 3 0 .0 0 0
8 7 1 ,3 5 6 ,0 0 0
T o t a l ...........................................................

2 ,9 4 9 ,2 4 4 ,0 0 0 2 ,8 9 9 ,1 2 2 ,0 0 0 2 .8 7 5 ,2 5 9 ,0 0 0

2 ,7 9 4 ,1 0 0 ,0 0 0 2 ,7 6 7 ,1 6 6 ,0 0 0 2 ,7 4 8 ,7 4 0 ,0 0 0 2 ,6 2 3 ,3 3 9 ,0 0 0

E li g ib l e p e r d e liv e r e d t o F . R . a g e n t _____ 2 ,3 1 2 ,5 7 4 ,0 0 0 2 ,2 6 4 .6 4 3 ,0 0 0
2 ,1 3 4 ,5 5 3 lo o t) 1 ,9 1 3 .5 9 5 ,0 0 0 2 ,0 2 5 ,9 9 4 .0 0 0 2 ,1 0 7 ,3 2 4 ,0 0 0 2 .0 9 5 ,5 6 1 ,0 0 0 2 ,0 3 9 .2 6 5 .0 0 0 2 ,0 4 9 ,5 2 2 , 0 0 0
W EEK LY STATEM ENT OF RESOURCES AND

M A P I ! I T I E S O F E A C H O F T H E 12 F E D E R A L R E S E R V E B V N K S \ T C L O S E O F B U S I N E S S O C T

T w o c i p h e r s (0 0 ) o m itt e d .

B o s to n .

RESOURCES.
G o l d c o i n a n d c e r t i f i c a t e s ________
G o l d S e t t le m e n t F u n d . F . I t . B 'd
G o l d w it h F o r e ig n A g e n c i e s _____

*
7 .2 8 8 .0
5 S .9 S 2 .0
7 .8 9 1 .0

S
1 5 9 ,5 4 2 ,0
5 0 ,3 0 1 ,9
3 9 ,0 7 3 ,0

S
1 .1 2 4 .0
3 4 ,5 2 8 ,9
8 .6 4 8 .0

T o t a l g o l d h e ld b y b a n k s ...........
G o l d w it h F e d e r a l R e s e r v e a g e n t s
G o l d r e d e m p t i o n t u n d ____________

7 4 .1 6 1 .0
7 1 .2 7 2 .0
1 4 .4 5 7 .0

2 4 6 .5 1 6 .0
2 8 5 .3 5 8 .0
2 4 ,8 7 2 ,0

S ew

Y ork

P h lla .

C lev ela n d

R ic h m o n d

$
1 3 .3 1 9 .0
5 1 .7 4 6 .0
8 , 8 6 4 ,0

S
2 ,2 0 0 ,0
2 8 ,9 0 6 ,0
5 , 2 9 7 ,0

?
S
7 .5 6 2 .0 2 4 .0 4 7 .0
7 .5 5 3 .0 1 4 5 ,3 8 7 ,0
3 .8 9 2 .0
1 2 .8 6 4 .0

4 4 ,3 0 0 ,0 7 3 ,9 2 0 ,0
7 9 , 1 6 7 , ° 1 3 6 ,2 6 1 ,0
8 ,3 8 5 ,0
2 9 0 ,0

3 6 .4 0 9 .0
3 7 .2 3 7 .0
6 ,5 6 4 ,0

T o t a l g o l d r e s e r v e s _____________ 1 5 9 ,8 9 3 ,0
L e g a l t e n d e r n o t e s , s ilv e r , A c ___
5 ,4 1 1 ,0

5 5 3 ,7 4 6 .0 1 3 1 ,8 5 2 ,0 2 1 0 ,4 8 0 ,0
5 3 ,5 4 5 ,0
2 5 6 ,0
9 1 5 ,0

8 0 ,2 1 0 ,0
2 2 5 ,0

T o t a l r e s e r v e s ______ ____________ 1 3 5 ,3 0 1 ,0
B il ls d is c o u n t e d : S e c u r e d b y G o v e m i n e n t w a r o b l i g a t i o n s ( a ) . 1 2 9 ,9 4 4 ,0
A ll o t h e r __________________________
1 0 .4 5 8 .0
B il ls b o u g h t In o p e n m a r k e t ( b ) . 4 5 .8 8 0 .0

6 1 0 ,2 9 1 ,0 1 3 2 ,1 1 8 ,0 2 1 1 ,3 9 5 ,0
6 9 7 .7 6 3 .0 1 S 2 ,0 3 S ,0 1 2 0 ,5 8 2 ,0
1 0 4 .8 7 7 .0 2 1 ,4 1 8 ,0 2 1 .5 2 6 .0
8 0 ,4 0 0 ,0
6 4 5 ,0 3 4 .8 1 4 .0

C h ic a g o .

S t. L o u is

10 l < m .

M in n ea p

K a n C ity

$
3 .2 5 6 .0
1 6 ,4 0 9 ,0
5 .0 8 1 .0

S
8 .3 1 0 .0
1 4 ,5 3 5 ,0
2 .9 4 0 .0

S
1 3 8 ,0
3 3 .2 2 6 ,0
5 .1 S 9 .0

1 9 .3 0 7 .0 1 .8 2 .2 9 8 .0
4 8 .6 5 4 .0 2 7 7 .6 3 5 .0
1 4 ,9 4 0 ,0
5 ,4 5 6 ,0

2 4 .7 4 6 .0
5 4 .4 3 4 .0
5 ,6 4 0 ,0

2 5 .7 0 4 .0
3 5 . 4 7 6 .0
4 ,9 0 0 ,0

3 8 .5 5 3 .0
3 4 .5 2 1 .0
5 ,3 9 3 ,0

1 7 .0 3 2 .0 6 7 .4 6 7 ,0
8 5 0 ,5 1 2 , 0
2 1 .3 1 4 .0 1 0 2 ,3 6 8 ,0 1 ,1 8 6 ,6 9 7 ,0
3 ,0 7 8 ,0
1 3 8 ,0
9 4 ,1 1 9 , 0

7 .3 ,4 1 7 ,0 4 7 4 ,8 7 3 ,0
1 ,0 9 0 ,0
1 ,0 8 9 ,0

8 4 ,8 2 0 ,0
5 ,9 5 4 ,0

6 9 ,1 7 0 ,0
7 4 ,0

7 8 ,4 7 2 ,0
2 7 2 ,0

4 1 ,4 2 5 ,0 1 6 9 ,9 7 3 ,0 2 , 1 3 1 ,3 2 8 , 0
1 ,7 0 4 ,0
2 2 7 ,0
7 0 ,7 7 2 , 0

8 0 ,4 3 5 .0

7 4 ,5 0 6 ,0 1 7 5 ,9 6 3 ,0

9 3 ,7 7 4 ,0

6 9 ,2 4 4 ,0

7 3 ,7 4 4 ,0

4 3 ,1 2 9 ,0 1 7 0 ,2 0 0 ,0 2 ,2 0 2 ,1 0 0 , 0

8 0 .4 7 1 .0
1 8 .6 4 1 .0
5 ,6 6 3 ,0

7 2 .1 8 4 .0 1 6 5 ,0 0 2 ,0
3 1 .7 9 2 .0 4 8 .9 0 3 .0
6 ,9 2 4 ,0 4 0 .8 2 6 .0

5 8 .0 9 5 .0
3 2 .1 8 9 .0
7 ,3 4 3 ,0

3 3 .5 2 5 .0
1 9 .3 7 3 .0
1 9 .1 5 6 .0

5 1 .8 1 4 .0
4 5 . 3 0 7 .0
G 2 1 .0

3 6 .4 8 0 .0
2 3 .7 1 1 .0
6 5 9 ,0

T o t a l b il ls o n h a n d _____________ 1 7 7 ,2 8 0 .0
0 . 8 . G o v e r n m e n t b o n d s _________
5 3 9 ,0
0 . 8 . G o v e r n m e n t V ic t o r y b o n d s
5 ,0
0 . 8 . c e r t if i c a t e s o f I n d e b t e d n e s s 2 3 ,1 6 6 ,0

8 8 3 ,0 4 0 ,0 2 0 4 ,1 0 1 ,0 1 7 6 ,9 2 2 ,0 1 0 4 ,7 7 5 ,0 1 1 0 ,9 0 0 ,0 2 5 4 ,7 3 1 ,0
1 ,2 5 7 ,0
1 ,3 8 5 ,0
1 ,0 9 4 ,0
3 7 5 ,0
4 ,4 7 7 ,0
1 ,2 3 4 ,0
5 0 ,0
5 ,0
0 9 ,7 7 1 ,0 2 8 ,7 9 3 ,0 2 4 * 6 0 4 ,0
11*.*160,6 1 3 ,4 6 4 ,0 4 2 ,2 1 6 ,0

9 7 ,6 2 7 ,0
1 ,1 5 3 ,0

7 2 ,0 5 7 ,0
H 6 .0

9 7 ,7 4 2 ,0
8 ,8 6 7 ,0

8 , 3 0 8 ,0

1 1 ,9 0 4 ,6

0 0 ,3 5 0 ,0 1 6 0 ,6 8 2 .* 2 ,4 0 0 .0 7 7 .0
3 ,9 6 6 ,0
2 ,6 3 3 ,0
2 7 ,0 9 6 , 0
1 3 3 ,0
7*,*70b*,6
9 ,3 9 7 ,6
2 6 7 ,5 5 1 . 0

T o t a l e a r n in g a s s e t s ____________ 2 0 0 .9 f> 0 .0
B a n k p r e m is e s .. .
G o l d In t r a n s it o r In c u s t o d y in
F o r e ig n C o u n t r ie s . .
0 n c o l l e e t e d Ite m s a n d o t h e r d o d u e t t o n s fr o m g r o s s d e p o s i t s . . 6 1 ,1 6 3 ,0
5%
r e d e m p tio n
fu n d
a g a in s t
F ed era l R eserve ban k n o t e s ..
1 ,0 7 2 .0
A ll o t h e r r e s o u r c e s . .
3 0 7 ,0

9 5 4 ,1 1 8 ,9 2 3 1 ,2 7 9 ,0 2 0 2 ,6 2 0 ,0
1 1 7 ,1 6 9 ,0 1 2 4 ,7 4 4 ,0 3 0 1 ,4 2 4 ,0 1 1 5 ,8 4 8 ,0
4 9 0 ,0
4 4 6 ,0
2 ,9 3 6 ,0
6 9 1 ,0

8 0 ,5 5 1 ,0 1 1 8 ,5 1 3 ,0
—
4 0 2 ,0

7 2 ,5 1 6 ,0 1 7 2 ,7 1 2 ,0 2 , 6 9 5 ,4 8 7 , 0
3 5 S ,0
4 0 0 ,0
1 3 ,3 1 9 ,0

4 6 ,3 5 5 ,(1

A t la n t a .

17,0(5*8*,6

------------

—

--

D a lla s .
f
7 .0 1 4 .0
7 .2 0 7 .0
2 .8 1 1 .0

—

- *-

1 9 5 ,1 0 5 ,0

7 2 ,8 3 0 ,0

6 2 ,1 0 0 ,0

7 8 ,2 0 2 ,0

3 9 ,4 1 9 ,0

9 0 .5 S 5 .0

7 4 ,9 5 2 ,0

2 3 ,2 2 0 ,0

7 1 ,7 3 5 ,0

2 .7 9 9 .0
2 .0 7 3 .0

1 ,4 0 0 ,0
4 9 8 ,0

1 ,1 7 0 ,0
6 7 8 ,0

3 7 5 .0
7 4 1 .0

6 6 7 .0
3 6 1 .0

2 .0 1 9 .0
1 .1 8 0 .0

8 1 1 ,0
5 8 9 ,0

3 5 6 .0
1 5 5 .0

S an F r a n .

T o ta l.

$
2 0 .3 7 0 .0
4 2 .1 2 4 .0
4 ,9 7 3 ,0

s
2 4 5 .4 8 5 . 0
4 0 6 .9 0 4 . 0
1 0 8 .1 2 3 . 0

5 3 .8 9 6 .0 1 ,6 7 2 ,7 9 7 ,0
4 0 1 .0 5 8 . 0
2 2 .8 6 5 .0
8 3 .9 2 1 .0
3 2 6 .8 5 2 . 0

—

8 9 2 ,C
5 5 0 ,0

4 5 ,1 9 2 ,0

4 6 ,3 5 5 , 0

3 9 ,1 5 2 ,0

8 5 3 ,6 5 8 ,0

5 1 5 ,0
5 5 0 ,0
5 3 2 ,0
8 2 9 ,0
r e s o u r c e s _____
1 3 1 ,0 4 8 ,0 1 ,8 1 4 ,7 3 5 ,0 4 1 1 ,6 2 5 ,0 4 7 8 ,8 5 3 ,0 2 7 7 ,3 6 8 ,0 2 4 0 ,1 8 7 ,0 8 7 4 ,1 0 7 ,0 2 8 3 ,0 6 5 ,0
1 7 3 ,5 1 0 ,0 2 7 0 .8 3 6 ,0 1 6 2 ,2 4 2 ,0 3 8 3 ,8 4 3 ,0
L I A B I L I T I E S . * ..............
C a p i t a l p a id I n _________
7 .0 3 4 .0
2 2 .0 4 7 .0
7 .7 6 8 .0
9 .4 1 1 .0
3 .3 8 2 .0
4 .3 1 4 .0
1 2 .0 7 8 .0
4 .0 3 0 .0
3 .0 4 0 .0
3 .9 0 3 .0
3 .3 2 4 .0
S u r p l u s ___________________ " I I
5 .0 6 0 .0
5 .2 0 6 .0
3 2 .9 2 2 .0
5 .3 1 1 .0
5 .8 6 0 .0
3 .8 0 0 .0
2 .8 0 5 .0
9 .7 1 0 .0
2 ,5 S 9 ,G
2 .3 2 0 .0
3 .0 5 7 .0
2 .0 2 9 .0
G overn m en t d e p o s itt!!” " ” ”
4 . 5 7 8 .0
8 .7 0 9 .0
8 ,2 7 6 ,0
7 .5 5 9 .0
7 .1 0 2 .0
3 .1 2 1 .0
1 1 .3 4 2 .0
5 .3 0 0 .0
3 .1 2 8 .0
0 ,0 1 2 ,0
6 .1 6 9 .0
5 .5 8 4 .0
7 .8 1 5 .0
D u e t o m e m b e r s , r e s e r v e a c c o u n t 1 1 4 ,4 3 2 ,0
7 3 8 .4 2 9 .0 1 0 2 ,1 4 7 ,0 1 2 4 ,8 7 0 ,0
5 5 .1 4 0 .0 4 0 .0 8 6 .0 > 4 7 ,8 8 9 ,0 6 7 .0 5 0 .0 5 1 .3 1 5 .0 7 7 .1 0 7 .0 4 9 .6 3 5 .0 1 0 3 ,7 5 6 .0
D e f e r r e d a v a i la b i lit y I t e m s ........... 5 3 ,3 2 8 ,0
1 4 5 .5 8 6 .0 6 5 ,4 3 8 ,0 5 5 ,2 8 4 ,0 6 6 .8 8 5 .0 3 3 .9 3 1 .0 7 7 .8 7 2 .0 5 5 . 6 4 8 .0
1 5 .0 5 5 .0 5 0 .7 4 5 .0 2 8 .6 1 1 .0
A ll o t h e r d e p o s i t s _________________
2 7 ,3 5 1 .0
5 .6 3 9 .0
4 3 .1 7 8 .0
6 .7 7 3 .0
6 ,1 4 0 ,f
3 .6 2 5 .0
3 .2 0 7 .0
9 .2 0 3 .0
3 .8 5 1 .0
2 .1 6 7 .0
3 .7 7 2 .0
2 .1 2 5 .0
7 .4 1 3 .0
T o t a l g r o s s d e p o s i t s ____________ 1 8 2 .1 5 3 .0
9 3 5 .4 6 9 .0 1 8 1 .9 1 7 .0 1 9 3 .3 9 3 .0 1 3 0 .9 5 9 .0 8 6 .3 4 5 ,0 3 4 6 .3 6 6 .0 1 3 2 .6 7 7 .0
7 5 .5 4 9 .0 1 4 6 .7 9 3 .0 8 5 .9 9 8 .0 1 4 6 .3 3 5 .0
F . R . n o t e s In a c t u a l c i r c u l a t i o n . 2 1 3 .0 6 7 .0
7 5 9 .8 3 0 .0 2 1 6 .9 8 7 .0 2 4 5 .9 0 0 .0 1 2 6 .4 4 8 .0 1 3 3 ,4 4 8 ,0 4 6 2 .5 4 6 .0 1 2 0 .4 3 8 .0
8 3 .9 4 4 .0 9 7 . 0 8 5 .0 6 0 .2 6 0 .0 2 1 5 .7 3 1 .0
F . R . b a n k n o t e s in c ir c u l a t io n
— n e t l i a b i l i t y _____________
2 1 ,1 0 2 ,0
5 2 ,8 1 3 ,0 2 7 ,1 3 5 ,0 2 1 ,9 4 0 ,6
1 0 ,3 6 5 ,0
1 2 ,8 7 8 ,0 .3 9 ,8 4 8 ,0
1 0 ,6 6 6 ,0
7 , 6 9 2 .0
1 7 ,4 0 7 ,0
A ll o t h e r l i a b ili t ie s ______ - I I I I I I I
9 . 6 2 6 .0
9 .6 1 4 .0
2 ,3 9 1 ,0
1 1 .6 5 4,0
2 , 5 0 7 ,0
2 ,3 4 6 ,0
1 ,4 9 1 ,0
1 ,3 2 9 ,0
3 ,5 5 9 ,0
1 ,2 6 5 ,0
9 9 5 .0
1 ,6 9 1 ,0
1 .0 9 5 .0
2 .5 2 5 .0
T o t a l li a b ili t ie s __________ _______ 4 3 1 ,0 1 8 ,0 1 ,8 1 4 ,7 3 5 ,0 4 4 1 ,6 2 5 ,0
4 7 8 ,8 5 3 ,0 2 7 7 ,3 6 8 ,0 2 4 0 ,1 8 7 ,0 8 7 4 ,1 0 7 ,0 2 8 3 ,6 6 5 ,0 1 7 3 ,5 4 0 .0
2 7 0 ,8 3 6 ,0 1 6 2 ,2 4 2 ,0 3 8 3 ,8 4 3 ,0
U e m o r a n d a — C o n t in g e n t li a b ili t y a s e u d o r s e r o n :
D i s c o u n t e d p a p e r r e d is c u n ite d
w it h o t h e r F . R b a t ik s ...........
9 , 8 5 0 ,0
..............
...................
- - 1 5 ,0 0 0 ,0
6 ,6 5 0 ,0
< a) I n c lu d e s b ills d is c o u n t e d fo r
1 8 ,8 4 0 ,0
o t h e r F . R . b a n k s , v iz
4 5 ,3 4 0 ,0
5 ,0 0 0 ,0
( b ) i n c l u d e s b a n k e r s ' a c c e p t a n c e s b o u g h t fr a m o t h e r F . R . b a n k s :
W i t h o u t t h e ir e n d o r s e m e n t ___
..............
...........

1 2 ,6 3 6 ,0
8 ,4 9 4 ,0

T o ta l

------------------------------------------------ --— S T A T E M E N T O F F E D E R A L R E S E R V E A G E N T S A C C O U N T S A T C L O S E O F B U S I N E S S O C T
T w o c i p h e r s (0 0 ) o m itt e d .

B o s to n .

S e w Y ork.

P h lla .

C lev ela n d R ic h m o n d A t la n t a .
C h ic a g o . S t. L o u is M i n n e a p .
F e d e r a l R e s e r v e n otes:
*
S
%
S
t
!
S
S
R e c e i v e d f r o m C o m p t r o l l e r ___ 4 2 8 .4 0 0 .0 1 ,8 0 5 ,7 6 0 ,0 4 6 6 .8 6 0 .0
4 2 3 .6 8 0 .0 2 6 6 ,2 6 0 ,0 2 6 1 ,0 0 0 ,0 7 5 3 .7 6 0 .0 2 6 2 ,1 2 0 ,0 1 4 5 ,4 8 0 ,0
R e t u r n e d t o C o m p t r o l l e r ______ 1 5 8 .1 4 1 .0
8 3 5 ,3 2 6 ,0 2 0 9 .8 2 6 .0 1 4 4 .6 7 2 .0 1 1 0 ,5 3 0 ,0 7 0 ,3 2 6 ,0 2 3 0 .4 6 9 .0 9 3 ,5 7 2 ,0
4 6 .6 9 S .0
C h a r g e a b l e t o F . R . A g e n t ___ 2 7 0 ,2 5 9 ,0
9 7 0 ,4 3 4 ,0 2 5 7 .0 3 4 ,0 2 7 9 ,0 0 8 ,0 1 5 5 ,7 .3 0 ,0 1 8 4 ,6 7 4 ,0 5 2 3 ,2 9 1 .0 1 6 8 ,5 4 8 ,0
9 8 .7 8 2 .0
I n b a n d s o f F . R . A g e n t .............. 4 8 ,2 0 0 ,0
1 2 4 ,0 0 0 ,0 2 8 ,6 6 0 ,0
1 9 ,9 8 0 ,0 2 4 .3 8 8 ,0 4S ,0 9 5 ,0 3 6 ,8 8 0 ,0
1 9 ,3 1 0 ,0
1 3 .0 3 0 .0
I s s u e d t o F . R . R a n k , le s s a m t
r e t u r n e d t o F . R . A g e n t fo r
r e d e m p tio n :
2 2 2 ,0 5 9 ,C
8 4 0 ,4 3 4 ,0 2 2 8 ,3 7 4 ,0 2 5 9 ,0 2 8 ,0 1 3 1 ,3 4 2 ,0 1 .3 6 ,5 7 9 ,0 4 8 6 ,4 1 1 ,0 1 4 9 ,2 3 8 ,0
8 5 , 7 5 2 ,0
C o l l a t 'l s e c u r it y f o r o u t s t 'g n o t e s G o ld e o lu a n d c t f s . o n h a n d . .
1 8 3 .7 4 0 .0
2 .5 0 0 .0
3 2 .1 2 5 .0
4 ,0 0 0 ,0
1 3 .0 5 2 .0
G o l d r e d e m p t i o n f u n d ______ ”
1 4 ,2 7 2 ,0
1 1 ,6 1 8 ,0
11,2*78,0 1 4 .1 .3 6 .0
2 .6 5 4 .0
3 ,2 3 7 ,0
8,611*, 6
3 .5 0 3 ,0
1 .6 2 4 ,0
G o l d S e t 't n 't F u n d , F R . I l 'd *
5 7 ,0 0 0 ,0
9 0 ,0 0 0 ,0 6 7 ,8 8 9 ,0 9 0 ,0 0 0 ,0 3 4 ,0 0 0 ,0 4 .3 .5 0 0 .0 2 6 9 .0 2 4 .0 4 6 .9 3 1 .0
2 3 .8 0 0 .0
E li g ib l e p a p e r , r n ln 'rn r e q u ir e d 1 5 0 ,7 8 7 .0
5 6 1 .0 7 6 .0 1 4 9 ,2 0 7 .0 1 2 2 ,7 6 7 ,0 9 4 ,1 0 5 ,0 8 7 .9 2 5 .0 2 0 8 .7 7 6 .0 9 4 .8 0 4 .0
4 7 .2 7 6 .0
T o t a l __________________________ 2 2 2 ,0 5 9 ,0
8 4 6 ,4 .3 4 ,0 2 2 8 ,3 7 4 ,0 2 5 9 ,0 2 8 ,0 1 3 1 ,3 4 2 ,0 1 3 6 ,5 7 9 ,0 4 8 6 ,4 1 1 ,0 1 4 9 .2 3 8 ,0
8 5 ,7 5 2 ,0
A m o u n t o f e li g ib l e p a p e r * d e ilv -

S

5 , 8 3 2 ,0 4 9 , 0
8 5 .3 9 1 . 0
8 1 . 0 5 7 .0
8 0 .0 6 7 . 0
1 ,7 7 7 ,8 5 9 ,0
6 8 8 ,7 3 4 , 0
9 7 .2 0 3 . 0
2 . 6 4 3 .8 6 3 . 0
2 . 7 4 1 .6 8 4 . 0
2 4 7 ,1 7 6 , 0
3 2 ,8 4 8 . 0
5 .8 3 2 ,0 4 9 , 0

5 0 ,3 4 0 . 0
5 0 ,3 4 0 ,0

10 1 9 1 9

K a n .d t y .

D a lla s .

San F ra n .

T o ta l.

S
S
S
t
1 8 3 ,7 2 0 ,0 1 1 8 .9 8 0 ,0 3 4 5 ,9 2 0 ,0 5 . 4 6 1 .9 4 0 . 0
7 2 ,8 0 3 ,0 4 2 ,4 9 7 ,0
1 0 ,4 2 8 ,0 2 .1 2 2 .2 8 8 . 0
1 1 0 ,9 1 7 ,0
8 , 0 9 0 ,0

7 6 .4 8 3 .0 2 4 4 ,4 9 2 ,0 3 ,3 3 9 ,6 5 2 . 0
1 3 .5 7 5 .0
3 9 0 ,4 0 8 , 0
6 ,2 0 0 ,0

1 0 2 ,8 2 7 ,0

0 2 ,9 0 8 ,0 2 3 8 ,2 9 2 ,0 2 , 0 4 9 ,2 4 4 , 0

2 ,16*1,0
3 2 .3 6 0 .0
6 8 .3 0 6 .0

8 . 8 3 1 .0
2 4 4 .2 4 8 . 0
3 .4 9 9 .0
8 8 ,1 0 8 , 0
1 1 ,5 1 5 ,6
8 .9 5 4 .0 9 0 ,8 5 3 ,0
8 5 4 .3 4 1 . 0
4 1 ,5 9 4 ,0 1 3 5 ,9 2 4 ,0 1 ,7 6 2 ,5 4 7 ,0

1 0 2 ,8 2 7 ,0

6 2 ,9 0 8 ,0 2 3 8 ,2 9 2 .0 2 ,9 4 9 ,2 4 4 , 0

e r e J t o F . R . A g e n t ____________ 1 7 7 .2 .8 0 .0
F . R . n o t e s o u t s t a n d i n g ___
2 2 2 .0 5 9 .0
F . R . n o t e s h e ld b y b a n k . . ! ” ”
8 ,9 9 2 ,0

8 8 2 .5 2 0 .0 1 5 4 .4 2 4 .0 1 7 4 .7 5 8 .0 9 8 ,1 1 6 ,0 1 0 1 .5 9 5 .0 2 5 4 .6 1 3 .0 9 7 .4 6 7 .0
8 4 6 .4 3 4 .0 2 2 8 .3 7 4 .0 2 5 9 .0 2 8 .0 1 3 1 ,3 4 2 ,0 1 3 6 .5 7 9 .0 4 8 6 .4 1 1 .0 1 4 9 ,2 3 8 ,0
1 1 ,3 8 7 ,0
8 6 ,6 0 4 ,0
3 ,1 3 1 ,0 2 3 ,8 6 5 ,0 2 2 . 8 0 0 .0
1 3 ,1 2 8 ,0
4 ,8 9 4 ,0

6 3 .8 7 6 .0 9 7 ,7 4 2 ,0
8 5 . 7 5 2 .0 1 0 2 ,8 2 7 ,0
1 ,8 0 8 ,0
5 ,7 4 2 ,0

6 0 .8 5 0 .0 1 4 9 .3 3 3 .0 2 . 3 1 2 .5 7 4 . 0
6 2 .9 0 8 .0 2 3 8 .2 9 2 .0 2 .9 4 9 .2 4 4 . 0
2 ,6 4 8 ,0 2 2 ,5 6 1 ,0
2 0 7 ,5 6 0 , 0

V

7 5 9 ,8 3 0 .0 2 1 6 ,9 8 7 .0 2 4 5 .9 0 0 .0 1 2 6 .4 4 8 ,0 1 3 3 ,4 4 8 ,0 4 6 2 ,5 4 6 ,0 1 2 6 .4 3 8 .0

8 3 . 9 4 4 ,0

6 0 ,2 6 0 ,0 2 1 5 ,7 3 1 .0 2 .7 4 1 .6 8 4 . 0

P

tn a c t u a l c i r c u l a t i o n . 2 1 3 ,0 6 7 ,0




9 7 . 0 8 5 .0

IPat

xkzxs7

(G x z c x U .

Wall Street, Friday Night, Oct. 17 1919.
R ailroad an d M iscellaneous S to ck s.— On a volume of
business averaging nearly 1,500,000 shares per day the
stock market has been irregular and generally weak. Dur­
ing Saturday’s short session the upward movement pre­
viously noted, was continued and the opening prices on
Tuesday, after the protracted holiday, were higher than
the closing figures of last tveek. But disquieting reports
from the W hite House at Washington and a firmer money
market, with call loan rates quoted at 1 5 % , caused a general
reaction which continued in force until to-day. Call loans
did not go above 1 9 % on Thursday and closed to-dav at 5 % .
The tendency of Sterling exchange has steadily been
towards a lower level, the closing quotation to-day being
about 7 points below last week’s highest. On the other
hand Russian securities have steadily advanced.
Notwithstanding some recovery to-day the entire active
railway list closes an average of from l to 2 points lower
rhan last week, while industrial issues have, as usual, covered
a much wider range, same moving to a higher and others
to a lower level.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
ha n ee fo r

S a les
fo r
W eek .

STOCKS.
W e e k e n d in g O c t. 1 7 .

L o w e s t.

P a r S hares' S p e r
6 0 0 ; S8
A m e r ic a n E x p r e s s — 1 0 0
A n n A r b o r H R _______ 1 0 0
500
7
P r e f e r r e d __________ . 1 0 0
100 1 5 1J
B a ld w in L o c o m p r e f - 1 0 0 1 ,1 0 0 1 0 4 J4
B u l l &. S u s q p r e ( v t c 1 0 0
200 50

C S t P M & O m p r e f . 100!
1 0 0 105
O o n t in e n C a n d y r i g h t s . -| 4 ,1 0 0 ;
300 62
C r e x C a r p e t __________ 100;
4(H) 0 5 J
G e n C ig a r d e b e n p r e f lOOj
300: 60
H o m e s t a k e M i n i n g . . 100;
200 9 0
I n t N i c k e l p r e f ............. 1 0 0
100 110
K r e s s (S H ) & C o p f.lO O j
4001 7 0
M a r lin -R o c k v t c .n o p a r,
M a t h i e s >n A lk a li W k s 50; 1 ,6 0 0 ; 4 0
200: 9 4
M o l i n e P l o w 1 s t p r e f . 10 0
20 0 : 9 2 1
P i t t s S t e e l p r e f . ........... 100
5)
P u n t a A le g S u g r i g h t s . . . 4 ,4 6 0
5 9 0 l l0 0
R e m in g t o n 2 n d p r e f . 100
R o y a l D u t c h (N Y sh a res)
t r u s t r e c e i p t s __________
700103?
S in c la i r O il r i g h t s ________ 6 2 ,7 0 0
)
S t u t z M o t o r r i g h t s _____| 7 , 6 ) 0 101
U n i o n O i l _________________ 1
125,700 42 J
U S I n d A l c o h o l r i g h t s . 1 4 ,1 2 5 , 38
U S R u b b e r fu ll p d r e c t s . 1 ,2 0 0 1214
W e s t in g h E & M 1 s t p f 5 0
100' 7 0

I

H ig h est.

X per
sh a re.
O c t 17 8 9
O c t 16
8
O c t 16 1 5 4
O c t 16 1 0 5 %
O c t 16 52
O c t 17 1 1 1 >4
O c t 15 1 2 0 )4
O c t 16 1 1 5
O c t 10 105
O c t 14
4
O c t 11 6 2 4
O c t 17 9S
O c t 14 6 0
O c t 17 9 0
O c t 15 110
O c t 14 74
O c t 17 4 3
O c t 15 4 0 4
O c t 1 1 94 4
O c t 17 9 2 4
6
O c t 14
O c t 11 100

11 1 0 5 4
1
IP 15

O ct
O ct
O ct
O ct
O ct
O ct
O ct

R a n ge s in ce J a n . 1.

W eek .

16
17

45 H
11 4 6 4
14 123
15 7 0

J

sh a re.
O c t 10
O c t 16
O c t 16
O ct 11
O c t 16
O c t 17
O c t 15
O c t 16
O c t 16
O c t 16
O c t 14
O c t 14
O c t 14
O c t 17
O c t 15
O c t 15
O c t 17
O c t 17
O c t 15
O c t 17
O c t 16
O ct 11
O ct
O ct
O ct
O ct
O ct
O ct
O ct

L o w e s t.

;

H ig h e s t.

S p e r s h a r e . 'S p er s h a re .
M ay
7 6 4 S e p t 103
g
O ct
Apr
1
O ct
1 5 17 O c t 15 'A
J a n 1 1 1 )4 J u n e
102
June
A p r 53
50
O ct
J u ly 1 1 1 4
107
O ct
109
M a r 1 20 ) »
June
J a n 120
107
J u ly
105
A u g 107
4
H Sept
J u ly
48
M a r 79
Aug
95
O c t 101
Feb
O c t 1100
60
90
O ct 97 4 M a y
Aug
J a n 110
105
61 'A J u ly 8 0 'A A p r
O ct
M a r 43
25
O ct
O ct 40 A
32
M ay
94
O ct 96
Jan 99 4 M a y
1 )0 'A
O ct
0 'A
2 4 Sept
O ct
9 5 'A A uk 100

A uk 1 0 5 ) s O c t
O ct
O ct
14
O ct
S e p t 15
O c t 4 5 ! j! O c t
O ct
O ct 4 6 4
O ct
O c t 126
M ay
F e b 70

8 5 )4
y»

14

11

2

14
14
1I

414
37
11 1 1 8
15 61

T R A N S A C T IO N S A T T H E N E W Y O R K S T O C K E X C H A N G E
D A IL Y , W E E K L Y A N D Y E A R L Y .

P a r V a lu e .

S h a r es.
S a t u r d a y ____________
M o n d a y ................. —
T u e s d a y .........................
W e d n e s d a y _________
T h u r s d a y ......................
F r i d a y ...........................
T o t a l . . ......................

S ta te, M u n .\
& F o r e ig n 1
B onds.
|

R a ilr o a d ,
A c ..
B onds.

S to ck s.

W e e k e n d in g
O ct. 1 7 1 9 1 9 .

U n ite d
S ta tes
B onds.

7 8 0 ,6 0 0

$ 6 7 ,3 4 6 ,0 0 0
1 4 4 ,9 8 2 ,5 9 0
1 2 7 ,4 5 0 ,0 0 0
1 2 7 ,4 3 7 ,6 0 0
1 1 7 ,5 0 1 ,8 0 0

S I , 1 8 2 ,0 0 0
H O L ID A Y
1 .7 8 2 .0 0 0
1 .8 2 7 .0 0 0
2 ,4 2 9 ,0 3 0
2 .4 5 1 .0 0 0

$ 1 2 9 ,0 0 0 , $ 4 ,6 4 0 ,0 0 0

1 ,6 5 3 ,4 2 5
1 ,4 0 7 ,2 1 0
1 ,4 3 3 ,1 9 1
1 ,3 1 8 ,2 2 8

6 ,5 9 2 ,6 5 1 $ 5 8 4 ,7 1 7 ,9 0 0

$ 9 ,6 7 2 ,0 0 0

$ 2 ,0 3 9 ,0 0 0 $ 5 4 ,9 5 9 ,0 0 0

N e w Y o r k S tock
E xch a n g e.

1918.

1919.

5 1 4 ,0 0 0 ‘
5 1 4 .0 0 0
5 8 2 .0 0 0
2 7 0 .0 0 0

1 0 ,9 5 8 ,0 0 0
1 6 ,2 2 7 .0 0 0
1 2 ,1 8 6 ,0 0 0
1 0 ,9 4 8 ,0 0 0

1918.

1919.

1 0 8 ,3 3 2 ,8 5 6
5 ,5 0 7 ,7 0 7 )
2 4 3 ,2 9 3 ,0 5 4
6 ,5 9 2 .6 5 4
S t o c k s — N o . s h a r e s ___
$ 1 0 ,1 2 3 ,9 1 5 ,6 9 0
P a r v a l u e ........................ $ 5 8 4 ,7 1 7 ,9 0 0 $ 5 1 0 ,8 8 0 ,5 0 0 $ 2 2 ,1 9 1 ,0 8 5 .5 8 0
$ 1 7 ,7 0 0
$ 1 ,0 0 0
$ 4 7 ,2 0 0
B a n k s h a r e s , p a r ______
B onds.
$ 9 1 7 ,7 2 7 ,0 0 0
$ 5 4 ,9 5 9 ,0 0 0 .$ 3 1 ,6 4 6 ,5 9 0 $ 1 ,9 5 3 ,1 6 1 ,8 0 0
G overn m en t b on d s—
2 0 2 .3 8 9 ,5 0 0
6 ,7 7 1 ,5 0 0 !
2 2 3 ,3 2 2 ,5 0 0
2 .0 3 9 .0 0 0
S t a t e , m u n ., A c ..b o n d s
2 3 4 ,5 9 0 ,0 0 0
1 2 ,91"9,5 0 0
4 1 5 ,9 6 1 ,0 0 0
9 .6 7 2 .0 0 0
R R . a n d m ls c . b o n d s . .
$ 6 6 ,6 7 0 ,0 0 0

T o t a l t b o n d s ---------------D A IL Y

[V ol . 109.

THE CHRONICLE

1514

$ 5 1 ,3 3 7 ,5 0 0

$ 2 ,5 9 2 ,4 4 5 ,3 0 0

$ 1 ,3 5 4 ,7 0 0 .5 (0

T R A N S A C T IO N S A T T H E B O S T O N , P H IL A D E L P H IA
B A L T IM O R E E X C H A N G E S .
B o s to n .

W e e k e n d in g
O c t. 17 1 9 1 9 .

S h a r e s.

B o n d S a les.

S a t u r d a y ...................

2 6 ,6 6 8

$ 2 4 ,5 0 0

T u e s d a y ......................
W e d n e s d a y -----------T h u r s d a y ...................
F r i d a y ---------------------

4 2 ,6 5 3
2 8 ,3 7 1
4 3 ,8 7 3
4 4 ,8 6 2

5 1 ,8 0 0
1 6 2 ,1 0 0
9 0 ,2 5 0
1 4 ,0 0 0

1 8 6 ,4 2 7

$ 3 4 5 ,6 5 0 l

T o t a l . - - ..............-

P h ila d e lp h ia .
S h a r es.

B o n d S a les.

$ 10,000
1 0 ,4 3 2
HOLI D A Y .
4 1 ,9 0 0
2 7 ,0 6 6 ,
5 1 ,1 0 0
2 1 ,8 8 8 ,
8 1 ,6 0 0
1 4 ,0 1 2 ;
3 7 ,0 0 0
1 8 ,2 3 6
9 1 ,6 3 4 '

$ 2 2 1 ,6 0 0

AND

B a ltim o r e .
S h a r es.

B o n d S a le s.

1 ,5 0 4

$ 1 8 ,0 0 0

5 ,1 1 9
2 ,9 2 0
3 ,4 2 6
4 ,4 6 1

3 4 .0 0 0
9 2 .0 0 0

1 7 ,4 3 0

$ 2 1 8 ,1 0 0

2 1,1 00
5 3 ,0 0 0

State an d R ailw ay B o n d s.— Sales of the State bonds at
the Board are limited to $10,000 Virginia 0s deferred trust
receipts at 6 1 % .
The market for railway and industrial bonds has been
active only in spots, although the total transactions include
a relatively large number of issues. Prices have generally
been steady and net changes are about equally divided be­
tween higher and lower. Of a list of IS well-known repre­




sentative bonds, 7 are higher, 8 fractionally lower, and .5 are
unchanged as a result of the week's operations.
Among the strong features are Atch. gen. 4s, up over a
point, St. Paul 4 % s , Penn. 5s and Inter.-M et. 4 % s , while
Ches. & Ohio Co. 5s, Inter. R . T . 5s, Inter.-M et. Gs and So.
Pac. Co. 5s have ainde similar records in the opposite direc­
tion .
U n ited States B on d s.— Sales of Government bonds at
the Board include $1,000 4s coup, at 1 0 6 4 , S I ,000 Panama
3s reg. at 8 8 % , and the various Liberty Loan issues.
D a l ly R ecord o f L ib ertu L o a n P r i c e s . O ct. 1 1 . O ct. 1 3 .O c t . 1 4 . O ct. 1 5 . O ct. 1 6 . O c t. 1<

F ir s t L ib e rty L o a n

f H ig h
( L o w .;
[C lo s e
T o t a l s a le s In 5 1 ,0 0 0 u n i t s ..............
S e co n d L ib e rty L o a n
( H ig h
4 s , 1 0 -2 5 y e a r c o n v , 1 9 4 2 ( L o w .
[C lo s e ,
T o t a l s a le s in $ 1 ,0 0 0 u n i t s ________
S e co n d L ib e rty L o a n
| H ig h
4 s , c o n v e r t i b l e , 1 9 3 2 -4 7
{ L ow
[C lo s e
T o t a l s a le s In $ 1 ,0 0 0 u n i t s ..............
T h ir d L ib e rty L o a n
( H ig h
4 i^ s o f 1928
(L o w
[C lo s e
T o t a l s a le s In $ 1 ,0 0 0 u n i t s ..............
T h ir d L ib e rty L o a n
f H ig h
< ) 4 s o f 1st L L c o n v , ' 3 2 - '4 7 { L o w .
[ C lo s e
T o t a l s a le s in $ 1 ,0 0 0 u n i t s ..............
T h ird L ib e r ty L o a n
f H ig h
4 )^ 8 o f 2 d L I. c o n v , '2 7 - '4 2 [ L o w
[C lo s e
T o t a l s a le s In $ 1 ,0 0 0 u n i t s ..............
I - o u r t l i I .l b e r t v L o a n
( H ig h
4 .'4 s o f 1 9 3 3 -3 8
(L o w
[C lo s e
T o t a l s a le s In $ 1,000 u n i t s ..............
l o u rth L ib e rty L o a n
[ H ig h
4 ) 4 s , 1st L I , 2 d c o n v , '3 2 - 4 7 , L o w .
[C lo s e
T o t a l s a le s in $ 1,000 u n i t s ..............
V ic to ry L ib e rty L o a n
(H ig h
4 ) 4 s c o n v g o l d n o t e s ,'2 2 - 2 3 ( L o w .
[C lo s e
T o t a l s a le s In $ 1 ,0 0 0 u n i t s ..............
V ic to ry L ib e rty L o a n
( H ig h
3 ) 4 s ,c o n v g o l d n o t e s , ’ 2 2 - 2 3 ( L e w .
[C lo s e
T o t a l s a le s in $ 1 ,0 0 0 u n i t s ..............
3 'A s . 1 5 -3 0 y e a r , 1 9 3 2 -4 7

1 0 0 .1 8
1 0 0 .1 2 ;
1 0 0 .1 4
164
9 4 .2 0 !
9 4 .0 8
9 4 .2 0
.425
9 5 .2 4 :
95.20|
9 5 .2 4
2.V
9 5 .8 6
95.781
9 5 .8 6
1 ,0 0 2
9 5 .4 2
9 5 .4 0
9 5 .4 0
22
9 4 .2 6
9 4 .1 6 '
9 4 .2 6
506!
9 4 .2 4
9 4 .1 6 ,
94.22*
1 ,6 8 7

9 9 .8 8 '
9 9 .8 0
9 9 .8 0
767
9 9 .8 4
9 9 .8 2
99.821
1441

100.2(>! 1 0 0 .4 8 ; 1 0 1 .0 0
1 0 0 .0 8 1 0 0 .1 2 , 100.241
1 0 0 .1 6 1 0 0 .4 8 1 0 0 .9 2 :
800
520
330
9 3 .8 0 1
9 3 .9 0
9 4 .1 6
9 3 .7 0 !
9 3 .6 4
9 3 .8 6
9 3 .7 8 )
9 3 .7 8
9 3 .8 6
362
84
1811
9 5 .2 0 !
9 5 .2 0
95.20|
9 5 .2 0
9 5 .0 0 j
9 5 .1 6
9 5 .2 0
9 5 .2 0
9 5 .2 0 .
31
64
41
9 5 .3 8
95..84'
9 5 .4 8
9 5 .2 S
9 5 .4 6
9 5 .3 0
9 5 .3 6
9 5 .5 2 j
9 5 .3 8
2 .2 1 1
1 ,4 2 0
3 ,2 2 1
9 5 .5 0
9 5 .3 4
9 5 .3 4
9 5 .3 2
9 5 .0 0
9 5 .3 0
9 5 .5 0
9 5 .3 0
9 5 .3 0
86
136
141i
9 3 .9 0
9 3 .9 4 !
9 4 .2 6
9 3 .7 8
9 3 .6 6
9 3 .8 8
9 3 .8 8
9 3 .9 4
9 3 .8 6
1 ,3 5 5
-.5 1 7 !
581
9 3 .9 10I 9 3 .7 4
2
9 4 .2 4 '
9 3 .5 8
9 3 .7 0 !
9 3 .9 0 '
9 3 .7 0
9 3 .8 0
9 3 .9 8
4 ,3 6 1
5 ,9 2 9
2 ,3 6 7
1 0 1 .7 0 ,
1 0 2 .0 0 ,
1 0 2 .0 0
102 .0 0 !
1 0 2 .0 6
1 0 2 .0 0
4
10
9 9 .7 8
9 9 .8 0
9 9 .8 4
9 9 .7 4
9 9 .7 2
9 9 .7 8
9 9 .7 4 !
9 9 .7 6 !
9 9 .7 8
1 ,9 1 6 :
1.8 7 3 ;
1 .1 3 2
9 9 .8 0 j
9 9 .8 4 ;
9 9 .8 4
9 9 .7 2 ;
9 9 . 80 ! 9 9 .7 6 !
9 9 .7 6 ;
9 9 . 8 4 1 9 9 .8 4
1,0371
1 ,0 4 6 '
296'

1 0 1 .0 0
1 0 0 .3 6
1 0 0 .3 6
805

9 3 .8 0
9 3 .7 0
9 3 .7 6
229
9 5 .2 0
9 5 .2 0
9 5 .2 0
14 1
9 5 .4 0
9 5 .2 8
9 5 .4 0
2 ,0 8 1
9 5 .5 0
9 5 .4 0
9 5 .5 0
123
9 3 .9 2
9 3 .7 4
9 3 .8 2
740
9 3 .6 8
9 3 .6 0
9 3 .6 2
3 ,9 0 7
1 0 0 .9 6
1 0 0 .9 6
1 0 0 .9 6
21
9 9 .7 8
9 9 .6 8
9 9 .6 8
2 ,4 5 7
9 9 .7 6
9 9 .7 4
9 9 .7 4
444

Foreign E xch an ge.— The market for sterling exchange
has ruled quiet and easier, though declines were less radical
than on several previous occasions. Continental exchange,
however, was under severe pressure and new low records were
again established for lire and Austrian kronen. French and
German exchange were also conspicuous for weakness. The
neutral exchanges remain dull and without important vari­
ation.
To-day’s (Friday’s) actual rates for terling e x c h a n g e were 4 134® 13 >4
t elvtir dm-., * 1 r 1 / r 1 r 1 c . .—
»
n<l 1 1 Pfrti A 1A 1 for (M
.
-V
inltiS.
( l a y s 4 11 © 4 11 4 a n d d o c u m e n t s T or p a y m e n t ( s i x t y d a y s ) 1
'
C o lt o n fo r p a y m e n t 4 1 5 @ 4 1 5 4 a n d g ra in fo r p a y m e n t 4 1 5 ® 1 I o n T o - d a y ’s ( F r i d a y ') s a c t u a l r a t e s f o r P a r is b a n k e r s ’ f r a n c s w e r e 8 7 . » ®
8 81 fo r lo n g a n d 8 7 1 ® 8 77 fo r s h o r t.
G erm a n y b a n k ers’ m arks are n ot
y e t q u o t e d fo r lo n g a n d sh o rt b ills .
A m s t e r d a m b a n k e r s ’ g u ild e r s w e r e
3 7 9 -1 6 f o r lo n g a n d 3 7 1 5 -1 6 fo r s h o r t .
E x c h a n g e a t P a r is o n L o n d o n , 3 0 .4 9 f r .; w e e k s r a n g e , 3 6 .1 7 fr . h ig h a n d
3 6 .7 5 fr . lo w .
•
T h e r a n g e fo r fo r e ig n e x c h a n g e fo r t h e w e e a fo llo w s :
C a b les.
S te r lin g A c l u u l —
S ix tu D a y s
rC h e q u e s .
"
4 20
4 1 9 )4
H i g h f o r t h e w e e k _______________________
4 17
4 16
4 1 5 )4
L o w f o r t h e w e e k ________________________
-1 1 3
P a r is B a n k e rs' F r a n c s —
8 51
8 53
H i g h f o r t h e w e e k _______________________
•>*;
8 76
8 78
L o w f o r t h e w e e k ________________________
8 81
G erm a n y
G erm a n y B a n kers' M a rk s—
3 83
3 80
H i g h f o r t h e w e e k _______________________
_____
3 62
3 60
L o w - f o r t h e w e e k ________________________
______
A m s te r d a m B a n k e r s ’ G u ild e r s —
38
38 4
H i g h f o r t h e w e e k _______________________
3< 9 - 1 1;
37 Vs
37 H
L o)>v l o r t h e w e e k ________________________
w f
37 o -lb
m
es
Dom estic Exchange. — C h i c a g o , p a r . S t . L o u i s . 1 5 @ 2 5 c . p e r $ 1 , 0 0 0
s
B o sto n , p ar.
S a n F r a n c is c o , p a r .
M o n t r e a l, $ 3 4 ,3 7 5 p e r
d is (e o u n t .
C in c in n a ti, p a r.
$1 , 0 0 0 p r e m i u m .

O u tside M a rk et.— Business on the “ curb” this week
was somewhat loss active and weakness developed in many
quarters. T o-day, however, the market resumed its strong
tone and several new high records were established. General
Asphalt Com . after an early rise from 1 4 0 % to 152, dropped
to 134 and to-day recovered to 142. Loew, Inc. was tradod
in for the first time and on heavy transactions moved up
five points to 37 with the closing figure to-day 3 0 % . Van­
adium Steel made a substantial advance from 4 7 % to G
O
but reacted to 5 5 % the close to-day being at 5 8 % . Araer.
Safety Razor lost about two points to 1 7 % . 2 T . Securi­
V.
ties declined from 7 8 % to 75 and recovered finally to 77.
Hendee M fg . was conspicuous for an advance from 48 to
54 with a subsequent reaction to 50. Otis Steel improved
from 3 6 % to 4 2 % and closed to-day at 4 0 % .
Root &
VanDovoort com. advanced some five points to 58 and sold
finally at 57. Am ong the oil shares Houston Oil Com . was
in demand and rose over 20 points to 1G1 the final figure
to-day being 15G. Shell Transport Trad, from 7 7 % reached
78, fell to 76 and recovered finally to 7 7 % . Several new
issues were traded in, ot which Alanhattan Oil was active
and after breaking from 3 8 % to 37 sold up to-day to 43
and rested finally at 4 1 % . Merritt Oil sold up from 25
to 2 7 % then down to 25 and at 26 finally. Midwest Ref.
advanced from 1 7 3 % to 175, sank to 1G9 and sold finally
at 170. Bonds were active and generally lower.
Complete record of “ curb” market transactions for
the week will bo found on page 1524.

N ew

Y ork

S to ck

E x ch a n g e — S to ck

R e c o r d , D a ily , W e e k ly

an d

Y e a r ly

1 5 1 5

O C C U P Y IN G T H R E E P A G E S
F o r r e c o r d o f s a le s d u r in g t h e w e e k o f s t o c k s u s u a lly I n a c t iv e , s e e p r e c e d i n g p a g e

H IG H A N D L O W S A L E P R IC E S — P E R S H A R E , N O T P E R C E N T .
s a iu r a a y
O ct. 1 1 .

M onday
O ct. 1 3 .

$ p er sh a re
92%
92%
81
81
12
* 9 is
♦9412 9 5 %
41% 41%
52
*5 1
201s 2 0 %

$ p er sh a re

O ct. 1 4 .

1 51% 152’
59*4 0 0 %
11
*7
*
15*2
9
12
*1012
10 %
10
27%
2 7 '8
45
45%
0712 6 7 %
92*4 9 3
* 1*?2
12 5
28%
28%
77%
77%
00
65
75
*05
44
*42%
*64
09
* 2 3 '2 2 4 %
50
*50
52
*45
*104% 105%
♦ 1 7 9 U 1S4
10
*9%
17 %
17%
101
5
*4
*8
10
16 %
16%
26%
26%
19%
*18%
86%
86%
40
40%
*8%
11%
*36%
37
51*
512
17%
17%
8
*0 %
20
*19
52
*50
12
*11
21
*19
*48% 49
110
*107
*08
70
18
18%
89
*88
14
13%
20
20
30
29%
51
*50%
7%
8%
49
47%
7511
74%
30
30
70
*65
50
*47
33 % 3 4 %
19%
19 %
14%
*14
101% 102%
88
87%
43%
43%
16
*13
21%
21
05%
*05
*44
47
*63
68
34
34
*8014 3 2
84
83%
*35
35%
*37%
33
19%
19%
*30
32
*15%
16
30
30
*9%
10
*18%
19 %
109% 110%
26%
20%
63%
63%
5 5 % 66^4
20
*19
12
*10
2.5
*19
*43% 45
1 2 5 % 126
*68% 69
12
*10
*2412 2 5
10 %
10%
31%
3138
20% 20%
12* t 12 U
24
*20
23
*2 1
58
♦54
15*1 16 %
25
42 4
1
37
*33

35 %
46%
74
96%
*2%
*2
49%
04*2
06
90s
48
*47*2

12 3
* ------*170
00
*10312
13 5 ‘8
11 6
58%

35%
47
74
96%
2 '8
2t*
5912
94*2
90%
4S

1 2 5 11
175
07 %
104%
130%
11 6
59

93
11*4 11*4
30%
36
133%
133

>

►
J
O
w
r*
«<

•

P

0
0

.

O ct. 1 5 .

O ct. 1 6 .

O c t. 1 7 .

S ite s
th e
W eek

STOCKS
N EW Y O R K STOCK
EXCHANGE

$ p e r sh a re
S p e r s h a re
R a ilr o a d s
P ar
S p e r sh a re
91%
91 %
91
91
90%
91 %
7 .4 0 0 A t c h T o p e k a & S a n t a F e .- I O O
80%
80
*80
81
80
801Do
p r e f ___________________ 100
2 ,2 0 0
9%
101 0 10%
9
9%
9%
6 0 0 A t l a n t a B tr m & A t l a n t i c . . 100
95%
*94
*9 4
95%
92%
94
7 0 0 A t l a n t i c C o a s t L in e R I 1 . . 1 0 0
40%
40%
40%
40%
40%
41
c
4 ,8 0 0 B a lt i m o r e «S O h i o __________ 100
51 %
51%
51%
51 >8
5 0 '- 501Do
p r e f ___________________ 100
600
20%
2 0 ',1 2 0 ' 2
20%
20%
2 0 ')
3 ,4 0 0 B r o o k l y n R a p i d T r a n s i t . . 100
18%
18
16
C e r t if i c a t e s o f d e p o s i t ________
16%
800
152
151
1 5 0 % 1 5 0 % 1 4 9 % 151%
1 4 9 % 151
0 ,7 1 8 C a n a d ia n P a c i f i c -------------------100
59%
58%
5S %
5 8%
59%
00
58
5 S '»
4 ,5 0 0 C h e s a p e a k e <fc O h i o ------------100
11
*9
S
*9
11
8
*9
11
1 0 0 C h i c a g o & A l t o n R R ------------100
15% *12
*12
15 % *1 2
1512 *1 2
P r e f e r r e d ___________________ 100
13
*710
*7U
9
*8
9
*9
9*2
C h i c a g o <fc E a s t III t r r e c t s -------10
14
14
*11
*10
12
*10
11
11
P r e f e r r e d t r r c c t s ................... ..
200
10
9%
10
10%
9%
9%
9%
9%
3 ,4 0 0 C h i c a g o G r e a t W e s t e r n . . . 1 0 0
26% 27%
- 6 - ’8 2 6 %
27
27
* 2 6 '271Do
p r e f ___________________ 100
1 ,1 0 0
44l->
44
44
45
43
43%
43
43%
6 ,9 0 0 C h i c a g o M U w & S t P a u l . .1 0 0
65%
66*i
66%
07%
65
66
65
651Do
p r e f ___________________ 100
6 ,2 0 0
92%
93
92%
93
9 1 % 92
91%
91%
3 ,6 0 0 C h i c a g o & N o r t h w e s t e r n . . 100
*123
125
*12.3
125
*123
125
*123
126
28
28
2S
27%
28%
28%
28%
2 8 '7 ,1 0 0
77 u
77%
77
7**8
76 %
76%
*76%
78
7 % p r e f e r r e d . . ................... 100
700
64%
65
65*2
64%
64%
08%
65**> 0 6
6 % p r e f e r r e d ........... ............ 100
1 ,5 0 0
40
*60
*6 6
*66
75
75
*66
75
C h i c S t P M i n n & O m a h a . . 100
42%
42%
42%
*42 t 44
42%
*4 2 1 - 43
2 0 0 C l e v C in C h i c & S t L o u i s . . 1 0 0
67 %
08
67%
*65
67
*67
*65
67%
Do
p r e f ___________________ 100
100
23%
*2 3
2 4 'i *23
23
23%
23
24
3 0 0 C o l o r a d o & S o u t h e r n ______ 100
5 2 % *5 0
*50
55
51
4 9 '1 4 9 ',
*50
200
52
52
52
*45
*45
*45
*45
51
105
105
105
105
* 104*2 105
1 0 3 % 10416 0 0 D e la w a r e & H u u s o n ------------100
ISO
181
180
180
180
183
181
ISO
7 0 0 D e la w a r e L a c k & W e s t e r n . . 5 0
*9
9*2
*9
9%
*9
9%
9%
91 2
100 D e n v e r & R i o G r a n d e ------- 1 0 0
17%
1634 16%
17
16%
10%
17
17 %
Do
p r e f ___________________ 1 0 0
6 ,3 0 0
*
101
D e t r o i t U n i t e d R y __________ 1 0 0
5
*4
5
4%
4%
*3%
*4
3 0 0 D u l u t h S S & A t l a n t i c ------- 100
10
*8
10
*8
10
*8
*8
10
16%
10%
1 53,t 16%
15%
16%
15%
15”s
5 ,1 0 0 E r i e .................................................. 1 0 0
25<8
25%
26
25% 25%
20
26
26
Do
1st p r e f ______________ 100
1 ,7 0 0
19 % * 1 8
*18%
19% * 1 8
*17%
19%
19%
Do
2 d p r e f _______________100
80%
86%
85%
86
86
87%
86%
86
4 ,4 0 0 G r e a t N o r t h e r n p r e f ..............100
45 j 4 46
43%
a-43% 44
44
Ir o n O re p r o p e r t ie s ...V o par
45*8 4 0
1 2 ,4 0 0
11
*9%
*9 %
*9
11
* 9 '4 11
G u lf M o b & N o r tr c t f s . . . 1 0 0
11%
37
*36%
*36%
*36% 37
* 3 6 % 37
37
93% 93%
94%
94%
93%
93%
94%
941s o o I lli n o is C e n t r a l ---------------------1 0 0
51»
5%
5%
5%
5%
5-18
5%
514 ,7 0 0 I n t e r b o r o C o n s C o r p . . V o P a r
18%
is
18
17%
1 7 i"
17 %
17117*8
1 ,8 0 0
8
*6
*6
8
*6
8
*0
8
1 8%
18 %
18%
19
18%
18%
18%
18s,
1 ,8 0 0 K a n s a s C i t y S o u t h e r n ------- 100
50
50
*50
51
*48
50
*4 8
50
200
12
* 10 % 12
*10%
12
*10%
*1 0 1 12
L a k e E r ie < W e s t e r n ........... 1 0 0
fc
*17
21
*18
21
*17
*1 7
21
48%
48%
48%
48%
48%
47%
48%
48%
4 ,1 0 0 L e h ig h V a l l e y ............................. 5 0
109% *107
*107
109% *108
109%
108
108
3 0 0 L o u is v i lle A N a s h v i l l e ------- 100
68%
*67
"^5
*66
70
*64
70
1 0 0 M a n h a t t a n R y g u a r ..............100
18%
184.1 -'17*2
*17
18
*17
18
4 0 0 M l n n e a p & S t L ( n e w ) ------- 100
*88
901 j
90
90
*89
9012 0 0 M i n n S t P & S S M ............. 1 0 0
15
13%
13%
12%
12%
13%
13
9 ,0 0 0 M is s o u r i K a n s a s <fc T e x a s . 100
19
19
*18*2
18%
18% * 1 8
181,
Do
p r e f . . ........... .. ...............100
500
2 9 ‘s
29
29%
28%
29%
1 0 ,7 0 0 M is s o u r i P a c i f i c t r u s t c t f s . 1 0 0
4912
48*2 51 %
49
48%
49*2
48%
Do
p r e f tr u s t c t f s ........... 100
2 ,1 0 0
* 4h
81 1
8*4
*7S t
*7%
8%
8%
3 0 0 N a t R y s o f M e x 2 d p r e f . . . 100
48*2
48%
4 8 ')
4 9%
49
3 ,6 0 0 N e w O r l T e x & M e x v t c . . 100
43
7 3 % 74 %
728) 73 %
73 %
73
1 0 ,0 0 0 N e w Y o r k C e n t r a l ...................100
*28
31
31
*28
*28
30
100 N Y C h ic a g o & S t L o u i s ..1 0 0
*64
70
*63
70
*6 3
70
50
*46
*46
50
*4 6
50
*4 6
50
32%
33*4
33%
33 %
33 %
32%
32%
32 %
9 ,2 0 0 N Y N H & H a r t f o r d --------100
19%
20*2
19%
19119.%
6 0 0 N Y O n t a r io & W e s t e r n . . . 1 0 0
14
14
* 14
14*2
*12%
14 '2 * 1 2 %
1412 0 0 N o r i o l k S o u t h e r n ................... IOC
103% 103%
103*4
1 0 1 % 102
1 0 1 % 101%
3 .1 0 0 N o r f o l k <fc W e s t e r n -------------- 100
86*2 ? A-r
86%
87*2
86
87 %
86
861.
S .0 0 0 N o r t h e r n P a c i f i c ------------------ 100
43*2 4 3 '8
43%
43%
43%
43U
1 5 .3 0 0 P e n n s y l v a n i a __________________ 5 0
15
15
*15
18
*10
IS
1 0 0 P e o r ia <fc E a s t e r n ____________100
22
21
24
21
213) 23
21% 21%
1 5 ,6 0 0 P e r e M a r q u e t t e v t c ________100
64% 65
65*2 65*2
65%
65 % 65%
651Do
p r io r p r e f v t c _____100
800
45
*44
45
47
_____
47
47
Do
p r e f v t c ..............— IOC
500
68
*63
*63
68
68
*6 3
*6 3
67
P it t s C ln C h i c & S t L o u i s . .1 0 0
33
33
33 % 3 3 %
32 %
32%
3 2%
331,
1 .8 0 0 P it t s b u r g h & W e s t V a ------- 1 0 0
so
82*4
80-% * 8 0
8 0 % 8 0 '- * 7 9
80
600 \
Do
p r e f ___________________ 1 0 0
82
82
83%
81%
82%
81%
821- 1 4 .8 0 0 R e a d i n g ______________ _______- - 5 0
81%
35
35
*35
36%
35
35
35
35
Do
1st p r e f _______________50
500
37%
37%
*37%
38
3 6 '- * 3 6 %
36%
37
200
Do
2(1 p r e f ................................5
19%
19
19
19%
19%
19
1 8 ';
19
3 ,6 0 0 S t L o u ls -S a n F r a n t r c t f s . . 1 0 0
*25
*25
31
31
*2 6
*26
31
P r e fe r r e d A t r u s t c t f s . . 100
15 %
*1 5
1 5% * 1 5
15 % * 1 5
1511 0 0 S t L o u is S o u t h w e s t e r n _____100
29%
29%
*28*2
28%
281Do
p r e f ______ ____________ 100
900
9%
* 9*4 10
9*8*
* 9 ')
9%
1 0 0 S e a b o a r d A ir L i n e __________ 100
18%
*18%
1 9% w1 » ‘ 2 1 » ‘ 8,
18%
18%
18%
Do
p r e f ................ .. ...............100
700
107%
10 6
1 09%
109
1 073) 1 1 0 ', 2 0 0 ,1 0 0 S o u t h e r n P a c i f i c C o ________100
107
2 t%
26%
25*8
25%
20
25*2 2 6
4 ,4 0 0 S o u t h e r n R a i l w a y __________ 100
63
63*8 6 3 %
62
0 3 '1
62%
621Do
p r e f ___________________ IOC
2 ,1 0 0
55%
54
53
551$
55*t
53
53
5 4 % 2 9 ,3 0 0 T e x a s A P a c i f i c _____________ IOC
19
20
20
*18
18%
18%
7 0 0 T h i r d A v e n u e ________________ IOC
12
12
* 10
*10
12
• 10
12
T o l S t L A W tru s t r e c e ip t s ..
* 19
25
♦19
25
*19
25
P r e fe r r e d c e r t if i c a t e s d e p . .
43%
♦40
45
*4 3
45
*43
1 0 0 T w i n C i t y R a p i d T r a n s i t ..I O C
124%
124
125*4 123*4
1 2 3 % 124%
1231- 124
8 ,4 0 0 U n i o n P a c i f i c ............................. IOC
69
69
*6 8 %
68%
*68%
681Do
p r e f ___________________ IOC
500
11
10% * 1 0
10%
11
1 0 0 U n i t e d R a il w a y s I n v e s t . . . I O C
24
24* 1 2 4 * i
24
♦22%
24
Do
p r e f ..................................IOC
200
10%
10*6
10 %
10%
10%
10
10
1 ,7 0 0 W a b a s h ......................................... IOC
31%
31
31%
30%
31
30%
30%
Do
p r e f A ________________ 100
4 ,0 0 0
20% *20
20%
19% 2 0
Do
p r e f B ............................. 100
1 ,5 0 0
12%
12%
12*4 * 12 %
12%
12*2 12*2
1211 ,1 0 0 W e s t e r n M a r y l a n d ( n e w ) . . 100
*22
24
*20
22
22
*21
24
Do
2 d p r e f ...........................100
100
22
2 0 % 21 %
22
soo W e s t e r n P a c i f i c _____________ 100
51*2 5 4 %
51
54*2 *5 4
58
Do
p r e f .................................. 100
600
16
I S '!
15%
10 %
15%
15%
1 0 ,0 0 0 W h e e l in g A L a k e E r ie R y . 1 0 0
*2 3
25
*231;;
*24
26
*23
25
Do
p r e f ___________________ 100
1 ,4 0 0
35
*3 2
34
*3 2
W i s c o n s in C e n t r a l __________ 100
34
' *
I n d u s t r i a l 4c M i s c e l l a n e o u s
3. >
**4
*3412 ,*5
3 4 % 3 4 '34
35
1 ,4 0 0 A d a m s E x p r e s s ........................100
45 % 4 0
44%
47 %
8 ,9 0 0 A d v a n c e R u m e l y ____________ IOC
73*2 74
73
7 3%
Do
p r e f ................ ..................IOC
1 ,6 0 0
95
96*2
94 % 9 5 %
94%
95
5 ,4 0 0 A j a x R u b b e r I n c ____________ 50
2%
-" 3
2%
2*2
2*8
2%
1 ,9 0 0 A la s k a G o l d M i n e s __________ 1C
2*jt
2
*2
„1“ 1
2%
2
2 ,5 0 0 A la s k a J u n e a u G o l d M t u 'g .I C
467s 4 8 '4 7 % 4 9 3 , 2 0 ,5 0 0 A ll ls -C h a lm e r s M f g .................IOC
*91%
*94*2 9 6
95
95
* 94 % 9 6
Do
p r e f .................................. IOC
200
?•?
95*8 9 5 %
9 5 % 95%
9 0 0 A m e r A g r i c u lt u r a l C h e m ..l O C
*93
*95
96
*95
9 5 % *94
Do
p r e f...................................IOC
96
100
*48
49
48
48
7 0 0 A m e r ic a n B a n k N o t e . * . ___ 50
P r e fe r r e d ____________________ 50
*47*2 5 0
*46
49
91
92* i 97
9 6 3 , 9 7 % 4 1 ,1 0 0 A m e r ic a n B e e t S u g a r ______ IOC
95*2 9 7 %
94
*90
94
*90
91
*90
Do
p r e f . . . ........................... IOC
91
11 9
*22-3
117*2 120
119
121
120
1271- 2 2 ,7 0 0 A m e r B o s e h M a g n e t o . N o p a r
93
—
*70
93
*70
A m e r B r a k e S h o e A F d r y . . 100
*— 93
K160*4 175
190
*1 6 0 % 172
P r e fe r r e d ------------------------------ IOC
* 1 6 0 % 172
64%
631.1 6 6 ” 3
0 2 '2 0 4%
63
63%
0 4 ,1 0 0 A m e r ic a n C a n _______________ 1O0
*102
103
*102
Do
p r e f ......... ......................... 100
SOO
103
135 ‘h
132% 133%
132% 1 34%
1 4 ,2 0 0 A m e r ic a n C a r A F o u n d r y .I O C
116
*1 1 4 % 1 1 5 '- U5*-> 1 1 5 %
Do
p r e f ...................... .......... ioo
500
57
57*2 5 8
5 7 »s * 5 6 % 5 7 %
57% 57%
2 ,4 0 0 A m e r ic a n C o t t o n O i l ________100
92%
9 2 <8 *91
Do
p r e f ------------------------------ ioo
200
02*2
ii%
Y i%
11
11111 >8 i m
11
I lls
2 ,5 0 0 A m e r D r u g g l- t a S y n d i c a t e . 10
36%
38
35
37
3 5 7s 3 7
36%
3 7 % 173100 A m e r ic a n H i d e A L e a t h e r . 1 0 0
1 3 1% 130%
1 3 3 % 136
134 % 136
136
140% 2 5 ,8 0 0
Do
p r e f ___________________ io o
$ p e r s h a re
91
92%
82
81%
*10
11
96
96
40%
41%
*51%
20
20

PER SH AR E
R a n g e S in c e J a n . 1

$ p e r s h a re
e h a re
M ay27
A u g 8 104
O ct 1
89 Jan
4
M ar31
1 5 % J u l y 24
S e p t 6 107
M ay29
S e p t2 5
55% M a y2 7
S ep t2 7
59% M a y2 7
Jan27
3 3 % J u ly 2 3
S ep t3 0
2 8 % J u ly 2 3
S ep t2 4
1 7 0 % J u l y 10
Aug21
6 8 % M a y 17
J a n l3
12% M a y l5
M ay 9
17% J u ly l7
Aug 8
1 3 % J u ly 2 3
1 7 % J u ly 2 4
O ct 6
Jan21
12
J u ly l7
3 0 % M a y 19
Aug21
52*4 J u ly 17
F e b 15
76
J u ly l7
A ug21
S ep t2 3
105 M a y 2 6
O ct 4
133 J a n 17
3 2 % J u ly 17
Jan21
84
June 6
Aug 8
Aug21
73
J u ly l7
M a y l2
82
Jan 7
F e b 17
54% Ju n e 6
74
J u ly l2
S e p tll
Jan22
31*4 M a y 5
Jan 3
5 8 % J u ly 2 4
Feb 4
51% M ay29
116 M a y 2 9
Jan20
217
M ay 7
M a r lS
384 J a n 8
15% J u ly l4
24
J u ly 14
6% F eb 3
80
F eb24
105 M a y l3
234 F e b 11
6*8 J u l y l 5
5% A p r 8
1 1 % J u l y 21
15
A ug21
2 0 % M a y 19
23% A ug21
33
J u ly 16
23*4 J u ! y l 7
1634 A u g 18
84% A u g 8 100% M a y 2 7
52*4 J u ly 10
31*4 J a n 2
12 % J u ly 2 5
7
S ep t2 0
40% J u ly l8
31% J a n l6
90
A ug21
104 M a y l 6
3% M a r2 4
9% J u n e 2
31% J u n e l2
11 % M a r 2 9
2 % F e b 13
9*4 J u ly 2 1
16 % J a n 3 0
25% M a y l9
49% Jan21
57
M a y 21
7
Feb26
14
J u !y 2 1
16% A p r2 1
25
M a y 19
47% O ct 4
60*8 J u n e 2
104% A u g l 9
122*4 M a y l 7
6 3 '2 O c t 3
88
Jan25
9% Jan 21
24% J u ly l7
z84% S e p tl9
9S% M a y 2 9
4 % F e b 10
1 6 % J u ly 2 2
8% J a n l3
2 5 % J u ly 18
2234 J a n 2 1
3 8 % J u ly 9
4534 A u g 2 0
58*4 J u n e 7
5% F e b 6
14
M a r lO
2834 A p r lO
50
S ep t2 4
69% Jan21
83*4 J u n e 6
233) S ep t2 4
3 3 % J u ly 10
62
O ct 1
70
Apr 2
42% A p r l9
5 3 % J u ly 7
25*4 F e b 13
4 0 % J u ly 17
18% Jan21
24% J u ly lS
14
O ct 5
20
M ay29
98% S ep t2 2
1 1 2 % M a y 19
84
Aug 8
99% M ay27
42% A u g27
4 8 % M a y 19
434 M a r 2 0
20
J u ly 17
12% Jan21
26% J u n e ll
56
M ar27
67*4 J u l y l 5
39
Apr 7
49
M ay21
44
A pr29
72
S e p tl5
30% A ug21
44*4 J u n e 9
7 8 % A u g 18
84% June 7
74% A u g 8
93% J u n e 6
34% A u g l9
38% F eb 4
36
A p r30
3 9 % M a y 16
10*4 J a n 2 1
27*4 J u ly 17
22
Jan27
37
M ay 2
14 % A u g l 3
23*g J u n e 9
25
A ug28
3 7 78 J u n e lO
73$ F e b 13
12
J u ly 2 3
15*4 F e b 3
23*4 J u ly 17
9234 A u g S 1 1 5 J u n e 2
23
Aug 8
33
M a y 19
59*4 A u g 2 1
72% M a y2 7
27% Jan21
7 0 % J u ly 2
13% J a n 4
2 5 % J u ly 2 3
5
M ay 1
1 3 % J u ly 2 9
10
M ar 4
2 5 % J u ly 2 5
38
J a n lO
60 June 3
119% A u g 8 138% M a y 2 9
6 8 % S e p t 15
74*4 M a r 5
7% J a n S
15 % J u l y 1
15
J a n l3
34*4 J u ly 1
7*4 J a n 2 0
13*8 J u l y 2 3
2 8 % S e p t3 fl
38
M a y 19
19
Jan23
2 5 % J u ly 9
9% A pr21
14% J u ly l7
20
S e p tlS
3 0 % J u ly 9
17
F eb 3
26
J u ly l4
5 2 % F eb2C
61% Jan
9
7*4 M a r 5
18% S e p t 2 4
17
Jan 3C
28*4 S e p t 2 3
30
S e p tlS
4 1 % M a y 16
29%
21
56%
66
2%
1*4
30
81%
87
91
33
42
62
84*4
84%
90
160
42%
98%
84%
113
39%
88

71%

A p r26
Jan21
Jan 2C
J a u l3
Aug %
Jan 2
Jan21
Jan23
S ept 2
O ct 4
Jan25
Jan 2
Jan 3
J a n l3
M ay 7
M a y 13
Jan 2
F e b ll
Jan 6
F o b lO
J a n lS
Jan 2
Jan 7

Jan

• Bid and aaked prleta; no sales on this day. t Ei-rtgbta. I Less than loo shares a Ei-dlr and rights. s Ex-dlvldsnd.




H ig h est

L ow est
$ per
88
79%
6
90%
38%
4934
18%
14%
148%
53%
7%
10%
8%
9%
7%
22 %
34%
60%
89
123
22%
68%
55%
65%
32
63
1934
48%
45
101
172%

2

64
58%
76
113
4%
3%
51%
97
113*4
108
55
48%
98%
95
127%
97

M ay23
J u ly 3
June 9
J u ly 14
J a n 15
J u ly 14
O ct 8
S e p tlO
M ay 1
M a r l5
J u ly l5
J une30
J u ly 10
M ay29
O ctl 7
J u ly l7

68%
107%
138%
119
67%
93

S ep t3 0
J u n C lB
S ept 4
J u iy ll
J u ly 14
Apr 3

PER SH AR E
R a n ge f o r P rev io u s
Y ear 1918
L ow est

H ig h e s t

S p e r s h a re
81
M ar
80
Jan
5
D ec
89*8 A p r
48% D e c
53
Apr
25% D eo

$ p e r sh a re
99*4 N o v
92% N o v
10% J u n e
109
N ov
62
N ov
64% N o v
48% Jan

135"
M ar
49*4 J a n
7
Apr
10% D e c

1747a O c t
62% N ov
11
N ov
18
N ov

5
6
18%
37*4
66%
89%
125
18
56*4
46
69
26
58*4
15
47
40
100%
160
2%
5
80
2%
4%
14
23%
1S %
86
25%
8
27
92
4*4
17%
2%
15%
45
7%
18
53%
110
80
7%
80%
4%
6%
20
41
4%
17
67%
13%
55

Jan
Apr
Apr
Apr
Apr
M ar
J u ly
Apr
Jan
Jan
Sept
F eb
M ay
Apr
Apr
Apr
Apr
Apr
Jan
Apr
Apr
Feb
M ay
Apr
Jan
Jan
Jan
Jan
M ar
M ar
Jan
D ec
D ec
Jan
Apr
Jan
O ct
Apr
D ec
Jan
D ec
Apr
Jan
Jan
Jan
Jan
Jan
M ay
Apr
Jan
O ct
J u ly

9
11
32
54%
86%
107
137
32%
88
75
82
40
70
27%
55
48
119*4
185
7
13%
90
4*4
8%
23%
36%
27%
106%
34%
10
35%
105%
9%
47%
5%
24%
59%
11 %
25
65%
124*4
100%
157g
97%

27
18%
14
102
81%
43%
4%
9%
52%
30
25%
22%
61
70%
35
35
9%
21
19
28
7

Apr
Jan
N ov
Jan
Jan
June
Apr
M ay
Apr
Apr
June
Jan
Jan
Jan
Jan
M ar
Apr
Apr
O ct
O ct
Apr

80% Jan
20% A pr
57
Jan
14
M ay
12% D e c
8% M ar
32
D ec
109*4 J a n
69
Jan
10%

Apr

30%
19%
10

D ec
D ec
D ec

13

Jan

8
Apr
17% A p r
2 9 7s D e c
42

D ec

17*4

Jan

31% M ar
N ov
Sept

160

4 3 % ju ly 3 1
1 4 0 % O c t 17

48
r82

D ec

25
78

Jan
M ay

1 1%
50

Jan
Jan

M ay
N ov
N ov
Sept
N ov
N ov
Jan
N ov
N ov
N ov
D eo
N ov
N ov
N ov
N ov
D eo
N ov
Sept
N ov
Jan
Jan
O ct
N ov
N ov
N ov
N ov
N ov
N ov
M ay
D eo
N ov
Jan
Jan
N ov
N ov
N ov
N ov
O ct
N ov
N ov
D eo
N ov
N ov
684 N o v
13% N o v
31% N o v
62
N ov
10% N o v
36% D eo
84% N o v
34
N ov
65
N ov
48
N ov
4 5 78 M a y
24% N o v
21% D e e
112% N o v
105
N ov
50% N o v
67g N o v
1 8 7a N o v
64
N ov
50
N ov
58% N o v
40% N ov
82
N ov
96% O ct
39
M ay
40
J u ly
17% D e o
33% N o v
25
N ov
40% Jan
12
N ov
25% N o v
110
N ov
347s N o v
75% N o v
29% D ec
21*4 J a n
7% A u g
16
Aug
65% Jan
137% O ct
76*4 N o v
12 J u n e
20
M ay
11*4 J u ly
44% Jan
26% J u n e
17*4 F e b
32
June
24*4 N o v
66
June
12*4 N o v
26
N ov
39*4 O c t
80
26*4
627s
72%
6%
3%
37
86%
106
101
35%
42%
84
91%

Jan
N ov
N ov
D eo
N ov
June
M ay
M ay
O ct
Aug
M ay
Aug
F eb
M ay

90
175
50*4
99
93
115
44*4
88

J u ly
Jan
M ay
D eo
D eo
D ec
O ct
D eo

22% S ept
947S A u g

New York Stock Record— Continued— Page 2
Por record of rales during the week of stocks usually Inactive, see second page preeedlng.

1516
H IG H

a n d

S a tu r d a y
O c t. 1 1 .

LOW

S A L E P R IC E S — P E R S H A R E , N O T P E R C E N T .

M onday
O c t. 1 3 .

$ p e r sh a re

70
70
102*4 1037g
80
81>4
95%
95*4
11312 11414
*106
103
38
86
76*g
104
130
100
43*4
90
141
117*4
liO g
95b
99 >
4
3 0 j%

3 8 l2
*84
71
102
130
*9 1
4 2 7g
95
138*8
►117
107
99
335
* 9 9 '2
132
*106
65
22*8
*53%
6 9 >8
*3
5 7 ?s
*75%
*76
116
1 7 9 i2
72
138%
127
114

i3 5
138
1 0 b b 10 7
6 6 % 6712
23
2 5-,
70
*3
577g
*76
*74
118*4
13014
*72
143*8
130*2
*113
* 1*2

, 707g
3%
577g
77
75
120
187
73
1457S
132*4
11 5
1%

104
10714
100
1147g

104*8
108*4
100
1147g

1712

1712

*98
*73
*100
*100
*10b
*1 3 1
14 U
*26%
267g
35*4
74
5178
*79
76
99
* _____
*46
105*s
*108
60' 1
*44*4
»3 6 0
___
2 4 Is
44b
*80
46>s
68
*58%
7 2 '2
847g
91%
1 9 i2
94*3

101
77
107
102
12
135
14*4
28
27
36
74*4
52*4
80
76
99
30
59
106*8
1 1 0 i2
61
46
367
_ .
24*8

11*8
*74
877g
* 1 0 7 '2
240
103
41
*83U
*277
*99*t
*1418
*123
35
*40
*38
*92
130
104%
917g
110>4
*11
33*4
159
52 t2
4912
3212
86
172
296
*90*4
87%
85%
104*8
* 6 S l2
43 ’
67
*33
6 2*4
62b
27*8
8334
145
*116
61U
120
28!g
65
*95
2 5 t4
*06
357g
152
110
108
36%
6 9 'g

11*4
75
887a
108
244
103
417*
83*4
300
101
14U
13 6
357g
43
39
95
131*4
104%
917g
1127g
17
33*4
159*;
53*8
5 0 l«
33*8
S 7U
174
303
91
87*g
857g
101*8
6 9 io
43 ’
69
86
63b
627g
27*8
83*4
11534
118
62%
121
287S
66
105
25U
67
36>8
15 4
110
109
367g
70%

45

85
4 6 '8
69
59
73*4
8 5 lg
9414
20
957g

W ed n esd a y
O ct. 1 5 .

3 p e r sh a re
45
45
70
70
*65*4 6 8
b 99*4 102*8 r l2 0 * g 12 4 %
7 8%
79%
7 3 % SOU
96
96
*95
90
11 0
11
109*4 112*8
*106
108
*106
10 8

$ p e r sh a re

37*8
*o4
7 5 i«
*102
130
*91
43
*94 ’ 2
13.V-8
11714
1 0 9 'g
*92
9914
306

T u esd a y
O ct. 1 4 .

<*

►
4

0
s

<
M
m
P

O

*100
103U
*100
114b
17*4
*98*4
*73
104
*99
*10%
1 3 1 'g
14
*26%
27
35%
72b
50*.i
80
* 7 5 ig
*98>2
_____
102
*108
59%
45b
121
96
23*4
43%
*80
44b
67
*56
73
84%
93b
19*8
93*4
11*8
*74
86*g
107*8
233
102*4
40
83
*277
*160
13%
*129%
34*4
*37
38%
*92%
129
104%
89%
109
*11
33%
157%
4 0 is
32 ’
168%
290
9 0 3i
87
8238
* 100*4
*ft,}i«>
427g
671**
*83
61*4
61% '
27
84
140b
*116
59
119%
27*4
63%
747g
24
*65
36
149*4
*109%
102
35%
66*4

39
40
41
*84
86
86
7378 747S
75>t
103
103
103
*126
130
130
*91% 100
109
42% 43%
43'%
*95
96%
93
140% 143%
140
119
1 1 6 % 116*8
1 0 .) 's 1 0 7 % 1087g
*92
95
99% 100
101
306*4
3 0 8 's 30 1
99%
99*8
100
129
131%
135b
1 8> % 1 0 6 % 1 0 6 'g
64*4 65*8
6G7g
2 1 % 22%
23
*58*2 61
61
6S7* 7 0
70%
27S
3
3b
57%
577S * 5 7
75*2 75*2
76
75%
76
76b
1217g 11 6 % 124*8
189%
lS 5 * i 1 8 3
73
73
72
1447g
14312 1 4 0
1 2 6 % 127%
130%
114
114
114
*1%
1*8
33% 4 1 4
1 0 2 % 10 2 %
103
107*8 101*8 105*4
*100
105
105
114% 114%
114b
1 7 ?g 1734
17*4
*983.1 101
101
*73
76
77
106
1 0 5 b *103
*99
101
101
*10%
11
11
142
139*4 1 3 6
1 3 '8
15V j
151!
*26% 28%
28b
26
26%
27
37%
38%
387g
73%
74%
74b
5 0 7g 51*4
53
SO
80
80
*73
76
76
* 9 8 % 101
10 0
2 9 % 31
_____
59
65
105*8 10214 10 5
103
10 5
110b
59*8 6 1 %
61*4
45
46%
46*4
125
13b
133
103*4
100*4 z l O l
23*8 2 4%
24b
43*8 4 4
4434
80% 80%
85
4 4 % 451.1
46
6b%
67%
68*4
5 7 34 57^4
58b
72%
73
74
*5 4
84%
84b
93% *93% 9 5
21%
22%
23
93%
9 4%
94b

T h u rsd a y
O ct. 1 6 .

F r id a y
O ct. 1 7 .

S a les
fo r
th e
W eek

L o w e st

H ig h e s t

PER SH AR E
R a n g e l o r P r e c io u s
) ea r 1918

40%
81
73 %
10 1 %
*125
*91
42%
*91%
139%
*1 1 7
105%
*9 2
99*8
300%
99%
131*8
*106
65%
22
60
68*4
2*8
56%
*75%
*73%
118
182%
*71
141%
126
*113
1%

44%
44
* 8 4s
84
74 •
’8
73*4
102%
101%
*1 2 0
131
*91%
10 0
42%
42*8
96
*91%
143%
141*4
*117
119
10 8 % 105*4
*9 2
95
99%
10 0 %
302
305
99%
*93*4
138
136%
106% 1 0 6 %
67*8
66
22
22 %
60
*58%
6 9 78 z 6 3 %
278
2%
57 %
56%
*75%
77
*73%
73
119
120
187*4 1 8 5
*71
73
145*8 1 4 2 %
127
127
114
114
1%
1%
ftQlg

\ m S h ip & O >mm C a r p . n o p a r
A m S m e lt S e c u r p r e f s e r A . 100
A m e r S m e lt in g & R e f i n i n g . 100
Do
p r e f ................ .. ...............100
\ m e r le a n S n u f f ........... .............1 00
Do
p r e f e r r e d ____________ 100
A m S te e l F o u n d t e m c t f s . 3 3 %
P r e f t e m i) r t f s . . ___ S o p e r
A m e r ic in S u g a r R e f i n i n g . . 100
D )
p r e f.................................. 100
A m e r S u m a t r a T o b a - c c o ___ 100
Do
p r e f e r r e d ......................100
A m e r T e le p h o n e A T c l e g _ . 1 0 0
A m e r ic a n T o b a c c o _________ 100
Do
p r e f ( n e w ) ................... 100
A m e r W o o l e n o f M a s s ........... t » 0
Do
p r e f...................................100
A m e r W r i t in g P a p e r p - e f . . l O 0
A m e r Z in c heart & S » e l t . . . 2 5
Do
p r e f ............. ...................... 2 5
A n a con d a C o p p e r M in i n g ..50
A s s e ts R e a l i z a t i o n ........... ..........10
A s s o c ia t e d D r y G o o d s . . . . 100
Do
1st p r e f e r r e d ..............100
Do
2 d p r e f e r r e d _______ 100
A s s o c ia t e d O i l ................ .......... 100
A ti G u lf A W I S S L i n e . . . 100
Do
p r e f...................................100
B a ld w in L o c o m o t i v e W k s . 1 0 0
B a r r e tt C o ( T h e ) ...................100
Do
p r e f e r r e d ____________ 100
B a t o n lla s M i n i n g ........................ 20

35
84
62%
101*8
105
93
33%
94
111%
113%
73
92%
96*4
1917g
96%
45%
91*8
27%
11
40
56%
1
17 %
61
58%
68
92
6t
64*8
103
110
1%

10 0
102*8
*100
11 4 %
17*4
♦98*2

101
100
101
3 ,2 0 0 B e th le h e m S (e e l C o r p _____100
105
1 8 7 ,1 0 0
106*8 103
Do
C la s s B c o m m o n . .1 0 0
*100
105
105
100
Do
p r e f e r r e d . ...................100
115
700
114% *1 1 4
Do
cu m co n v 8 % p r e f . . .
3 ,3 0 0 B o o t h F is h e r ie s _________ N o p a r
18%
17*4 13
* 9 8 % 101
101
*7 3
77
75
B r o o k l y n U n io n G a s . ........... 100
104
105
10 8 %
8 0 0 B r o w n S h o e , I n c ..................... 100
*99
101
99
io e
Do
p r e f e r r e d ......................100
*10%
11
11
B r u n s w ic k T e r r a A R y S e c . 100
137
137
13 8
400 B u r n s B r o s .................................. 10 0
14%
12*4 1 3% 5 1 ,5 0 0 B u t t e C o p p e r A Z i n c v t c _ . 5
30
30
5 0 0 B u t t e r l c k ...........
28*4
lo o
26%
26%
2 ,3 0 0 B u t t e A S u p e r io r M i n i n g . . 1 0
26%
36
37
1 5 ,2 0 0 C a d d o C e n t r a l M il A R e f . . 100
37%
76 %
81
3 8 ,2 0 0
76
1 1 ,7 0 0 C a li fo r n ia P e t r o l e u m ........... 1 0 0
51%
51*4 5 2 %
80
81%
2 ,2 0 0
80%
Do
p r e f.................................. 1 0 0
76
76
4 0 0 C a lu m e t A A r iz o n a M i n i n g . 10
77
*97
100
100 C a s e (J I ) T h r e s h M p f c t f . 1 0 0
100
32%
38
33
1 ,5 0 0 C e n t r a l F o u n d r y ..................... 100
63
65
1 ,8 0 0
63
Do
p r e f e r r e d ____________ 100
1041.J 1 0 2 % 105*8 5 2 ,2 0 0 C e n t r a l L e a t h e r ........................ 100
*1 0 7
103
200
108
Do
p r e f . . ............................. 100
2 8 ,2 0 0 C e r r o < o P a s c o C o p ___ N o p a r
59
60
6 0%
*45
47
1 ,8 0 0 C e r t a ln - T e e d P r o d u c t s . N o p a r
43
135
138
6 6 ,3 0 0 C h a n d le r M o t o r C a r . . N o p a r
13 9 %
106%
103% 104%
5 ,3 0 0 C h i c a g o P n e u m a t ic T o o l . . 100
23%
8 ,3 0 0 C h il e C o p p e r ______
24%
23*4
25
43
7 ,7 5 0 C h in o C o p p e r _____
43%
43*4
5
84%
*8 2
84
2 0 0 C l u e t t . P e a b o d y A C o _____100
44
4412 ,9 0 0 C o l o r a d o F u e l A I r o n ........... 1 0 0
44*4
65%
67
6 6 38 1 6 ,8 0 0 C o lu m b i a G a s A E 4 e c ........... 100
*51%
58%
3 0 0 C o m p u t in g -T a b R e c o r d in g 100
56
2 ,9 0 0 C o n s o lid a t e d C i g a r _____N o p a r
72
70*4 7 1 %
*83%
84
500
Do
p r e f e r r e d ..................... 100
84%
94%
1 ,0 0 0 C o n s o lid a t e d G a s ( N Y ) . . 1 0 0
93%
94*8
3 9 ,5 0 0 C o n s I n t e r - S t a t e C a l l M g . . 1 0
20*8 21
22
93%
93
2 ,7 0 0 C o n t in e n t a l C a n , I n c ........... 100
93*1
*100
11 0
14
13%
6 0 ,6 5 0 C o n t l n e n t a l C a n d y C o r p f .’V u p a r
14
*74
3 0 0 C o n t in e n t a l I n s u r a n c e ........... 2 5
70
5 6 ,0 0 0 C o r n P r o d u c t s R e f i n i n g . . 100
8 9%
90%
90
1 ,7 0 0
10 7
107%
Do
p r e f . . ............................. 100
107%
238
1 4 ,9 0 0 C r u c ib l e S te e l o f A m e r i c a . 100
233
238
600
103
Do
p r e f .................................. 10 0
102*4 103
42Vg 4 7 ,1 0 0 C u b a C a n e S u g a r ______ N o p a r
42%
4 4%
3 ,5 0 0
83
Do
p r e f ......... .........................100
837S
83%
292
315
1 ,8 5 0 C u b a n - A m e r lc a n 8 u g a r ___ 100
280%
102
10 D e e r e A C o p r e f ........................100
*100
102
14
1 ,7 0 0 D o m e M in e s , L t d .............. . . . 1 0
13*4
13*4
*123
13 0
E le c t r i c S t o r a g e B a t t e r y . . 100
36%
4 ,1 0 0 E lk H o r n C o a l C o r p _________ 50
34
33%
43
*3 7
37
5 0 0 E r a e r s o n -B r a n t in g h a r a _____100
37
33
*9 2
95
Do
p r e f e r r e d ____________ 100
91%
1 0 ,8 0 0 E n r t l c o t t - J o h n s o n ____________ 5 0
12.8% 1 3 7 %
129
400
105
Do
p r e f e r r e d ____________100
1 0 4 % *1 0 1
2 ,6 0 0 F a ir b a n k s C o ( T h e ) _________ 2 5
90%
90
89*4
2 6 ,3 0 0 F a m o u s P la y e r s L a s k y N o p a r
109
110*4 10 6
F e le r a l M in i n g A S m e lt in g 100
17
16% *1 1
33
900
Do
p r e f e r r e d ____________ 100
33
33%
1 ,8 0 0 F is h e r B ,i ly C o r p ........... N o p a r
15 0
15 3
15 5
50%
51*8 6 7 ,3 0 0 F is k R u b b e r _________ _ _________
52*8
48%
1 0 ,5 9 0 F r e e p o r t T e x a s C o _____.Vo p a r
47%
48%
9 ,0 0 0 G a s t o n W A W I n c . . . W o pa r
31%
31*8
32
1 5 ,2 0 0 G e n e r a l C i g a r , I n e _________ 100
85%
84%
85
3 ,8 0 0 G e n e r a l E l e c t r i c ____________ 100
168% 168%
170%
6 9 ,1 0 0 G e n e r a l M o t o r s C o r p ______ 100
301% 300%
307
Do
p r e f ...................................100
1 ,2 0 0
90
*89*4 9 0 %
Do
D e b e n t u r e s t o c k . . . 100
2 ,8 0 0
87
87
87*4
2 5 ,2 0 0 G o o d r i c h C o ( B F ) _________ 100
82*.i 8 1 %
83*4
Do
p r e f __________ ________ 100
100
*104*8 1 0 5
105
6 0 0 G r a n b y C o n s M S A P ____ 100
631$ 0 8 %
6S1*
1 ,4 0 0 G r e e n e C a n a n e a C o p p e r . . 100
43
43
43%
1 6 ,8 0 0 G u l f S t a t e s S r e c l tr c t f s . , 1 0 0
74*4 7 8
77
100 H a r t m a n C o r p o r a t i o n ........... 100
85
*8 3
85
62
62*8
65*4 2 1 ,8 0 0 I la s k td A B ir k e r C a r . . . . V o p a r
1 1 ,3 0 0 I n s p 'r a t l o n C o n s C o p p e r . . . 2 0
60*4 61
61%
3 0 9 I n t e r n i t A g r l c u l C o r p ____ 100
26%
27*s * 2 5 %
Do
p r e f .................................. 100
5 )9
*8 2
83
83
1 0 ,8 0 9 I n t e r H a r v e s t e r ( n e w ) ____ 100
n o
14 4
141*2
Do
P r e fe r r e d , n e w _____100
700
115%
1 1 8 ~ 11 5
6 2%
0 3 % 9 1 ,0 0 0 I n t M e r c a n t il e M a r i n e ____ 100
61%
Do
p r e f .................................. 100
3 5 ,8 0 0
1217g z l 15
117%
7 0 ,5 0 0 I n t e r n a t i o n a N i c k e l ( T h e ) . 2 5
29%
29%
28%
2 0 ,7 0 0 I n t e r n a t io n a l P a p e r _______ 100
61
65
65%
Do
s t a m p e d p r e f _______ 100
400
76
76
*75
8 0 0 J e w e l T e a . I n c ................... . . . 1 0 0
24
22*8 22*8

55%
55*8
90*2
101%
16%
97
73
71
97
8%
125
5 'g
16
16*8
30

Jan20
Jan21
Jan30
Jan22
O ct 1
A p r lfi
S e p t 16
Feb 5
A ugl 8
M ar22
S ep t2 2
F eb20
Jan27
F e b 11
A ug21

*73
104
99
*10%
136
13
28
26
37
73*4
507g
80
75
*98%
32*4
63
101 %
*100*4
58%
*45
133%
10 3
23*8
43
*80
44*4
65*8
54%
71*1
84
93%
20*8
93%

12
1 2%
12*8
12%
74
75
75
*75
87
887g
88
88%
107%
107*8 1 0 7 % 1 0 7 %
z2S 3
2 10 % 2 3 5
242
103
102*4 1 8 3
102*4
41
43
41%
42%
83
837g
83%
S3
*277
300
300
280%
$99*4 99*4 * 1 0 0
101
14
14
14%
13*4
*129% 130
13 0
33*4 33*4
35%
33%
*37
43
43
*36
38
38%
*3 6
* 9 2 % 9 4 % *921g
94b
128
129
127
130%
1 0 1 % 104%
104%
104b
88 %
89
91
89U
1 1 2 % 1 0 3 % 1107S IO 8 I2
*11
17
17
*11
32%
32*8 *321*
3 3 7g
155% I fij ~
159*4 1 5 5
51*8 5 2%
50
4 8 % 49%
48
5 0 *8
31
32
31
323t
84 *s 8 6
8 7 is
169
171
ifi S I .
17 0
308
2961*
308% 30 0
90% 90%
9 0 "s
87
87%
87*8
83
84%
v>
853.1
* 101*8 1 0 5
♦i n i i s
10 5
6 8 % 08*s
71
42*8 43*8
42*4
43%
08%
72%
63U
72
*83
86
86
01*8 0 2 %
61 U
63%
60*8 6 1 %
62%
6 OI2
*25% 26%
27
27%
84
84
84
*32 ~
1 4 0 % 14 2 %
145%
13 9 I1
116*4 116*4 • I1 3 U
11 8
61 *s 0 3 %
61*8
60*4
1 2 1 % . 1 2 0 % 122%
121 '
28% 29%
29
28%
61% 64%
63b
65
75
76
747S
*75
*23
25
24
*22%
*66
08
68
35^4 3 5 34
36
3 6%
36 %
35*4 35*4
153*8 149*8 15 1 % 150% 153% z l 17% 153
110% * 1 0 9 % 110%
109% 109% * 1 0 7 % 1 1 0 %
102
102*8 100
103%
1017S
99
101
35%
357g
36%
35 %
35
35*8
35%
6 7*s 69*2
68%
67%
70*i
69%
71%

700
2 6 ,6 0 0
400
4 ,9 0 0
8 ,6 0 0
9 1 ,9 0 0

Do
p r e f................................. 1 0 0
A rn er I n t e r n a t io n a l C o r p . . l 0 0
A m e r ic a n L in s e e d __________ 100
Do
p r e f ................................. 100
A m e r ic a n L o c o m o t i v e ______ 100
Do
p r e f .................................. 100

$ per
37 %
54%
52*8
44%
85
58
100

I n d u s . & M is t -e ll . ( C o n )

Par

J o n e s B r o s T e a . I n c _______ 100
T e m p o r a r y 8 % p r e fe r r e d 100
K e l s e y W h e e l . I n c ................... 100
K e n n e c o t t C o p p e r _____N o p a r
K e y s t o n e T ir e A R u b b e r . . 1 0

Ex-rlghts

a

Ex-dlv and

righU

20% Jan 2
64% Jan 2
56*4 M a r 15
9 1 % J a n 14
20% J u n c2 0
27
Apr 5
56% F eb 8
194% Ja n 7
31
Jan22
3 0% A p r 12
121
O ctt4
17%
32%
60%
31*4
39%
37*4
54
*78
87%
5*8
«5 %

Jan21
F eb 6
F eb27
F e b 10
Feb 1
Jan 4
A u gIS
A u g 15
Jan27
A pr23
F e h 10

10*4 S e p tg O
68
Jan 3
46
Jan21
102
Jan23
52% F e b 7
91
Jan 2
20*8 J a n 2 7
6 9 i2 M a r 1
150
Jan 8
93*4 F e b 17
1 0% J a n 3 1
55
F eb 8
27
Jan23
40
8ept 5
2 8 % A il g 8
92
O e t lO
8 0 J u n e.3 0
101*8 A tlg 2 1
73
S e p tlO
93
A ug21
9% F eb20
30% S ep t2 6
38% Jan 8
42% A ug21
42 % A U 2 l25% J a n 2 !
47
Jan 3
144% F eb 3
118% Jan21
82
Jan 6
8 2 % F e b 17
5 6 % J a n lO
102
Aug 7
64
A pr21
3S*g A p r 2 5
49% F eb 8
64% Jan 8
40
F eb 8
42% F eb 0
1 0% J a n 2
4s
Jan 4
110% J a n 2 t
114% A u g 2 t
2 1 % Ja n 3 1
92*4 F e l) 10
24% F eb 3
30U Jan 3
62
J a n 13
18
8 e p t3 0
59*2 O c t 1
31
June26
68
Jan21
102*a A i l g i l
39
Jen24
29% F eb I t
48% 8 e p t2 2

580% paid,

107*4
110*8
108
116
25
102
92
112%
101
17
166
17
39%

J u lv lo
S ep t3 0
J u lv 2 1
8 ep t3 t)
J u ly 2 4
Aug 1
M ay29
J u ly 10
M a y l4
O ct 6
Apr 2 <
O ct 6
J u lv 3 0
3712 J u ly 11
54% M a y 27
81
O c t 17
54% S e p tlS

56*i
101
45
74%
116%
114
67%
51*8
139%
108%
29%

J u ly 2 4
AU RlO
J u !y 2 8
J u ly 2 8
J u ly 2 4
J u lv lfi
J u ly 11
J u ly 16
O c t 16
O c tl6
J u lv l4

95%
56
69
63*4
75
86*8
106%
23
103*4
110
14*g
75
95*4
109*8
255
105
45
87%
319
10 3
16%
90%
43
49
43
101
137%
105*8
91
123
23*2
48%
17 3
55
64*8
38%
95*g
175
301%
95
94*4
89*8
109%
80
47%
81
96%
71*8
6 S 's
37%
91*8
119%
120
67*4
128%
33*8
71
80
48
91
41
151
11 0
109
43
126%

J u ly 2
J u ly 14
O s tll
J u l y 14
June27
J u l y 11
J u l y 15
O ctl 4
June 7
J u u e l7
Aug 7
J u u e l2
J u ly 2 6
J u ly 2 S
O ct 1
J u ly 3
O ct 0
J u ly 2
S ep t2 9
J u ly 2 8
M a y 12
A ug26
J u ly l6
J u ly 23
June27
June26
O a t 17
O ct 9
O e t lO
J u ly 17
J u ly 15
J u ly 14
O ct 8
O ct 9
J u lv lt
J u ly 11
J u ly 2 3
O e t lO
O c tl4
June 3
A p r )4
J u ly 9
A p r 16
Jan
3
J u ly l4
June 2
J u ly l6
J u ly li
J u ly 16
J u ly lll
J u ly 14
J u ly 7|
Juao23l
J u ly li!
M iv 2 8 ;
J u n «2 6
J u lv 17
J u l i-22
M u r 16
M ar 6
J u ly 16
O c tll
O ct 8
S e p tlS
J u ly 15
J u ly li

r F u ll

p a id .

H igh est

L o w e st

t p e t sh a re
$ p e r sh a re
sh a r e
11 % J a n
A ug21
3834 J a n
76% J u n e 6
Jan20
51 >2 S e p t
F e b 8 o l 2 4*2 O c i l 5 ,
84
D ec 8
27
Jan
M ar 1
69% Jan
9 8 *s A p r 1ft
M ar 1
5 3 it Jan
J a n 2 1 117% O ct 7
x95
Jan
J a n 14 109*4 J u l y 2
63
Aug 3
46% O ttl7 ,
O ct 3
9 4 % J u n e l'2
89
M ay
O ct 8
73
M ay
F eb 6
89*4 J u l y 16
10 3
Sept
O ct 7 109% J u !y l7
140
S e p tlS
85
O ct
J a n 11
99
J a n l6
J u l y 10
$85
Aug
47
J u ly 7
M a y 10
96% A u g l4
S e p t 19
145*4 S e p t 3 0
98
Jan
Jan21
119
M ay24
10 8 % M u r
Jan 6
120% J u n e l2
60*4 J a n
A ug21
10 0
M a y 12
81
Jan
A u g l9
1 08% M a r lO
90*8 A u g
A u g l*
F eb 4 312
O c t 1:
1 4 0 l2 J a n
Jan
fi
92% Sept
M a y 14 1 0 6
J a n 16
141*4 O c t 8
41*g Jan
92
Jan
F e b 8 1 1 0 % J u n e ft
69
O ct 2
Jan 2
2 0 '4 A p r
29
J u l y 14
Jan31
11
D ec
65
J u lv 2 4
Jan21
38*4 D e c
77*s J u l y If.
Feb 6
59
D ec
Jan 2
5*4 A u g I 2
>2 D e c
60
O ct 8
12
M ay
Jan 6
82
A u g l-I
51
M ay
M a r l9
8 0 % M a y 13
3 8 'g J a n
F eb 8
54
Apr
J a n 2 121*8 O c l 15
97*4 J a n
F e b 8 1 9 1 % O c t 17
76% M a y 8
58
Jao
Jan29
11 7 % O e t lO
56% Jan
Jan29
85
Jan
J u lv 7
Jan 2 145
M ay29
9 9 i2 J u n e
F e b 10 1 1 9
2% M a v l3
Jan20

S hares
903
709
6 5 ,1 0 9
8 ,9 0 0
300
5 6 ,1 0 0
100
57
2 ,5 0 0
4 6 % 1 1 9 ,2 0 0
109
87
74*8 1 1 ,3 0 0
102
1 ,4 0 0
129*8
409
100
1 5 ,9 0 0
42%
95%
300
143
2 5 ,6 0 0
119
600
108*4 3 2 ,8 0 0
95
1001-1
8 ,8 0 0
3 0 8 % 2 2 ,9 0 0
99%
1 ,1 0 0
1 3 9 % 4 1 ,6 0 0
106%
599
66%
1 0 ,7 0 0
22%
3 ,8 0 0
290
60
68*8 2 7 ,3 0 0
7*0
3%
53%
1 .S 0 0
76
100
73
200
121
7 ,9 0 0
1 9 1 % 6 5 ,3 0 0
73
200
1 4 4 'g 2 6 9 ,9 0 0
132%
5 ,8 0 0
115
500
600
1%

S p e r sh a re
S tier sh a re
47
47
46
GS% 0 6 %
65*4 65*4
12 0 % 122*4 1 2 1 % 1237g
79
79%
78
80%
97
97
*95%
*95%
110% 112*4 110% 111*4
106%
106% 106% * 1 0 6

•Bid and asked price*: on sale* on this day. $ Less 'ban 100 shares t
dividend. HFor iluctuatlons in rights see second page preceding.




PER S H AR E
R a n g e S in c e J a n 1
O n ha^is o f lO O -JA irr lo ts

9T O C KS
NEW YORK STOCK
EXCHANGE

$ per sh ort
49
O cl
61
O ct
6 0 '2 O c t
4712 D e o
92
D ee
71*4 M a y
10 2 *8 D e e

96
N ov
94*4 O c t
110U N o v
107
D ee
$85
Aug

116

M ay

11412 D e c
145
M ay
103
June
109U F e b
198*4 D e e
100>2 D e o
6 0 7s M a y
90*4 D e o
39*8 A u g
21*8 J u ly
5314 J u ly
*7414 O c l
2 t2 N o v
18*8 D e c
63
D eo
3618 J a »
71
O ct
120U F eb
67*8 N o v
101 »4 M a y
110
D ee
10718 D e c

60
D ec
69*4 N s v
84
D ec
9 6 ’ 2 Jan
21
Jan

M ay
M ay
Sept
106 *g A p r
28% S ept

78
62
95

Aug
June
Jan
6 >s J a n
108
F eh
5% D e c
7*2 M a y
6 D 2 Jan

'9 3 %
74
98
OH2
12*8
18l|
3 3 i2

O ct
J u ly
N ov
M ay

3 6 >2
12
36
61
73
18
33
54*4
10112
29U
30

50
24*8
70 1 2
71
9212
4112
53
73*8
108
39
40b

N ov
N ov
D eo
M ay
D ec
Apr
Apr
F eb
N ov
N ov
N ov

Jan
Jan
Jan
D ec
Jan
N ov
N ov
D ec
D ec
M ar
O ct

96
94
94

N ov
N ov
Apr

16<8 June

68 June
1 4% A p r
313g D e c
45
Jan
3434 J a n
28«4 M a r
30
Jan

’ 7 d 78 J u n e
24*4 O c t
47
M ay

82*4
7«2
6 5 t2
99

J u ly
S ept
O ct
J u ly

105*8 N o v
13 J u n e
95
F eb
107
D ee

44
20*g
x90%
52
86
2 7 »t
7 7%
136
90
6
48
22
37

Feb
Jan
Jan
Jan
Jan
Apr
D ec
AUR
June
June
Apr
Ja„
M ar

60
50>g
04
747g
91*4
34
83
152
96
15

05U Nov
64

M ay

4412 D e c
39*g J u l y

D ee
N ov
D eo
M ay
June
N ov
F eb
J a t)
F eb
N ov
5514 O c t
3 U4 N ov
4312 N o v

15

O ot

D ec
Jan
Jan

441 j O c t
43 J u n e

25*4
34
127*4
106*4
75*8

O ct
Jan
Jan
Jan
O ct

*39 " F e b
63
June
158% O c l
16 4
Aug
88
Feb

38
95*8
74
3.812
58%
37
31
41%
10
38
104
107
21
83%
27
24%
58
27
88

Jan
D ec
Jan
Jau
D ec
M ir
Jan
D ec
Jan
Jao
O ct
O ct
Jan
Jan
Jan
Jan
Jau
D ec
Apr

69*8
lO t
86
6.8%
tll%
65
49%
5 8 t2
10
65
121
114*8
31
12512
35
4 5 ii
65%
40%
97%

41

Apr

72

2 1*8 J u ly
M ar
29

uoid

O cl
D eo
O cl
N ov
Apr
D eo
J u ly
O ct
Juno
June
N ov
D eo
oct
N ov
N ov
M ay
Jan
N ov
Jao
D ee

O ot
35
41% N o v

s tock .

* E x-

New York Stoek Record— Concladed— Page 3
For record of *ale« during the week of stocks usually Inactive. see third page preceding.
HlOH AND LOW SALE PRICES—PER SHARE, NOT PER CENT.
Saturday
Oct. 1 1 .

Monday
Oct. 1 3 .

Tuesday
Oct. 1 4 .

Wednesday
Oct. 1 5 .

Thursday
Oct. 1 6 .

Friday
Oct. 1 7 .

Sales
Week

S per share $ per share S per share $ per share $ per share S per share
86
*47%
35
240
♦111
75
♦111
*233
* 1 1 0 -4
*73
*64
*31%
47%
79%
41%
110%
*106
249%

86% ’
60
36%
240
111%
75
114
230
114
SO
64%
33
51%
81%
43%
111
109
252%

27%
53%
*04
37%
62
91
*132
*116
82
*105%
16%
84%
*102
86%
*105
17%
127%
56
*63
*58
83%
55%
*53
10
8
64
65%
*38%

27%
54%
64%
37162%
91
134
117
83
107
16%
84%
10 3
S «%
n o
18
128%

57
68
62
84%
56 %
55
10 %
8
64%
66
39

_____

_____

124%
*210
42%
46%
36
71
*105
22%
64%
*93%
20*2
100%
*100
*75
120%
72
101
*108
23%
80%
101%
105%
50%
10 1
14%
88
23
213
14%
61
68
*92%
115%
*148
*89
13 6
105%
127%
*102
141
47%
13%
286%
246
103%
*104
56%
64
*170
90
52
*218
*151
53%
*146
191
117%
31%
64%
*26
80
145
*107
4S%
126%
*117%
71%
48%
111%
115%
85%

125,|
220
42%
47
36
77
106
22%
65
96
27
101%
108
78
120%
73%
102
110
24
S3
1 03%
105%
53
101%
14%
89
25%
213
14%
61%
08
10 0
115%
155
93
137
109%
134%
102 % !
14 3
48
13%
290
216
108
10 6
57
64%
1.82
90
52
260
15 8
53%

1 H2
82
*113
66
60
83%
114%
5G&8
66
35

*94 %
so
*100
*128
*114
111
*99
*80%

—

192%
119%
31*2

643i
-

28
86%
150%
112
49
128
11 8
75
48%
1 1214
1 1 5 's
85%
14%
8 3 7g
115
66
60
83%
1 14%
57
70%
37
9 4 'g
87
100%
13 2
116
114%
100

82

O

O
U

83%
*45
33%
*221
*1 1 1
78 %
*110%
230
110%
75%
64
33
49
77
40
116%
*106%
246
*107
27
*50%
62
37%
59
90%
130
116
83
*103
15
82
*101%
83%
*102
17%
126%
5S
66
*59
81
51
*5 3
9%
7%
68
65139
38
321**
32
130%
128
225
*225
42
40%
46%
45*2
_____
36
74 %
7 9%
105%
105%
22%
22
62%
64-%
*9 3
95
26*i
28
100 %
97

83%
*45
34
240
111
75%
112%
231%
*110%
*73
*64
33
48
73
40
110%
107%
242
*107
271*
52 %
63%
37
59%
, 91%
129
11 0
82k.
*105%
15%
83
*101%
S3
*105
17%
125
55%
64%
*59
82%
53%
*53
9%
7%
65
65
*38%
32%
122
*215
40%
45%
35%
72%
105%
22
62%
*95
261.1
9 8%
*102
*75
121
69%
100
109
23%
81
97%
105
53%
1 0 2%
*14%
86
23
*2 1 1
13%
*59-%
67
*95
*100
*148
*89
139
99%
127%
*102
139
46%
13%
280
§248
101%
10 6
55%
61%
*170
*88
50
*218
15 4
*53

85
50
34%
240
111
77 %
112%
231%
1 11%
85
6 4%
34
5U 80%
42%
118
107%
256%
111
27%
54
64
38%
61 %
91 %
129
116
83%
107
15%
83%
103
84
n o
17%
12T%
57
64%
62
83%
55%
55
10
7%
69
65

_____

_____

192%
115
31
*63
*26
85*?.
148%
*106
47%
123
*117%
72%
48%
108%
115*2
84%
*13*2
81%
115%
*66
*5 7 .4
84
112%
55%
6 4 7s

10 s

81
121%
7 1%
101%
109
24
83
102
105
56
106%
14%
86%
2 6%
215
14
61
6.3
100
115
151
93
139
1071-t
136%
1021144%
47
131,
292%
2 43
109%
106
56%
67
182
92
52
260
154
53%

1 92%
117%
31%
64
26%
88 %
164
1 10%
48%
127
118
74
48 %
111%
115*2
85%
15*1
83
115%
67
59
84%
113%
56%
70
35
37%
95
95
84%
86
*100
100%
*126
129%
*114
116
107% 112%
*88
90
*80
82

*101
*75
120
71 %
9 9 ‘g
109%
23%
82
*97%
104%
56
103%
14%
85
24%
207
*13%
59%
67
*91%
*105
*1 4 8
*89
1 30%
101
127-4
*102
138
45%
13
282%
*2 4 3
105%
104%
5 4%
64
*170
*88
50%
*218
154%
*52%
*140
190%
113%
30%
02
*26
87%
1 57%
*107
547%
*121%
115%
71%
49
107%
115%
83%
12%
*80%
115%
*65
57%
84
*113
55%
66%
35%
*93%
85%
100
127
*1 1 4
107%
98%
80

84
50
34%
241
112
80 %
115
230
110%
75%
64
33
59%
78%
4 It,
119%
n o
253%
111
27%
51 %
63%
38%
59
90%
130
n o
83
107
lo'>8
83
102%
84
109
17%
127%
58
66
62
82%
54%
55
10
7%
69
r»r,i2

391
4
32
133%
235
40%
40
77
106
22%
64
96
27
99
108
81
120
72%
100%
109%
237g86
99%
105
5.8
105%
14%
87%
20%
211
14
60%
67
100
115
155
93
144
105%
133%
102%
144
46%
13%
289
219
103%
104156 %
65%
130%
92
51
250
157%
52%
_____

83
*45
34 %
*221
*1 1 1
79
*110%
226
110%
*72%
*64
31%
49%
73
4 0%
116
* 106 %
248%
in
27
50%
*62
3 7%
59
*90%
128
*110
83
106
15%
81%
*104
84%
*1 0 2
17%
127
55*2
*6 3
*58
81
54 %
*51%
9%
7%
68
*GoU
37%
31%
131*8
*225
4 0%
*44%
*3 5 %
75%
105%
22
63%
*93
25%
97%
*101
75
1 20%
72 %
99%
*108

23m

85
97%
105
58%
103V,
14%
85%
24
§206
*1 3 %
59%
66 %
*90
*100
144
*89
146
101
128%
102
132
45 %
12%
281
*240
103
104%
54%
64
§180%
91 %
51
*218
158
*52%
♦156
190
111%
30
*6 3
*2 6
87%
156
*107

1941,
116%
30%
63
28
91%
163%
1 10%
47%
124%
121%
1 15%
115
73
71%
49
48%
109%
107%
1 15%
115%
84%
83%
14%
12%
82
SO
115%
115%
67
*65
57%
57V,
84
85
• 114% * 1 1 3
56%
55
69%
67%
36%
34%
94%
*93%
86%
90%
100
100
127
*128
*1 1 4
116
111%
106%
*97
98%
80
80

84%
50
35V,
249
112
79%
115
230
1 10%
80
64%
3212
51 %
78 %
42
118
n o
2 5 47s
111
27
51%
65
38%
59%
91
123
116
85
106
15%
82%
103
85 %
109%
17%
1 30%
57
66
62
82%
56 %
51 %
10
8
69
65**4
37%
31%
1 35%
235
40%

83
*45
35
*225
*111
79
*113
230
*110%
*74
64
*33
49 %
79
42
119%
*106%
250%
*107
26%
51
*63%
33
58190%
♦128
116
84
106%
1 5 l4
82
*1 0 1
84%
§101%
17%
130%
55
*6 1
*53
81
5 »%
*51%
9%
7%
70
65
39
*31
132%
*225
40%
43%
35
80
106
21%
63%
*9 4
26%
97%
*101

83%
1 1 ,1 0 0
50
36%
7 ,2 0 0
240
200
112
200
79%
4 ,2 0 0
115
100
231%
1 ,6 3 0
114
200
85
100
64
590
34
709
5 0 % 4 3 ,6 0 0
79
5 ,1 0 0
42 %
7 .4 0 0
124%
1 2 ,3 0 0
110
100
254
1 8 3 ,5 3 9
111
100
27
2 ,5 9 3
• 5 1% 3 5 ,2 0 0
G5
1 ,0 0 0
33%
8 ,1 0 0
63%
7 ,6 0 0
90%
5 ,2 0 0
130
400
116
4 IS
So
2 ,2 0 0
1 06%
510
1513,100
8 3%
5,0 0 0
103
67H
G .3 0 0
101%
20
17%
3 ,4 0 0
133
2 3 ,2 0 0
55* j
1 .3 0 0
G6
200
62
81
3 .4 0 0
5 6 % 6 0 .4 0 0
54U
10
3 3 ,5 0 0
8
2 ,3 9 0
74
2 1 ,3 0 8
6511 ,3 0 0
39
1 ,2 0 0
34
1341235
4 0%
_____
44
_____
35
80
88%
105%
1 07%
2 2 V,
22
63 %
05%
10J09
96
96
2 6 1!
29%
99%
93
103
106
*
75
73
123
1 22% 130
74
72 %
73 %
99%
99%
99%
n o
*103
no
2 3 -g
23%
23U
95
93%
97
100%
93%
991105
1 0 4 U 1 0 4 i66%
60%
63110a%
1 0 3 % 1 0 4 % 127 2 0 0
14%
14%
92
91
94%
26%
24%
25%
206
209
209%
750
14
13%
14
2 ,3 0 0
60%
59%
60
1 0 5 ,2 0 9
68
67
67
100
*91% 100
115
*105
115
148
*150
108
93
*8 9
93
148
146
148
104%
1 01% 104% 5 5 .7 0 0
132%
1 2 8 % 131
2 S 8 .9 0 0
102
102
102
140
135
139 %
46 %
46
46
13%
12%
13
286%
282
285
249
*240
248
107%
1 0 4 % 106%
105
* 1 0 4 % 106
55%
54%
56%
65%
65%
71%
180%
180
181
9 1%
91
91
5 1%
51
5 4 % 3 6 ,2 0 0
250
*219
245
159
160
166
52 %
*52%
521;
_____ ♦160
193
192
1 9 4 '115%
1 1 2 % 115
30%
29%
31 %
65
631, 64%
28
26
26
89%
87%
8S %
161
157
162% 1 0 0 ,9 0 0
110% *107
110*2
*45
47"
123%
1 2 0 % 1231115% * 1 1 5
115173 V,
72V, 72 148%
49%
49V<
109%
1 07% 109% 5 0 3 ,0 0 0
1 15%
1 15% 115%
4 ,7 0 0
84 V,
83%
S 4%
7 ,3 0 0
12%
*1211411 ,2 0 0
80%
79 %
80 "
4 ,7 0 0
115%
1151- 115%
1,000
67
*65
06
100
57 %
58
58
500
85
§8 4
85
900
114
114
114
700
55%
55 %
55%
1 7 ,1 0 0
73 %
72
74V, 1 1 8 ,0 0 0
36%
35
3 5 % 1 4 3 .9 0 0
95
93%
91
600
87 %
86%
87 %
1 6 ,1 0 0
100
*95
100
100
130
1 27% 127%
200
116
*114
116
109% ! 106% n o
2 5 .2 0 0
9.8
*96
93
100
80
*80
82
600

STOCKS
NEW YOOK STOCK
EXCHANGE
I n d u s t r la !& M ls c .( C o n .) P ar
L a c k a w a n n a S t e e l___________ 1 0 0
L a c le d e G a s ( S t L o u i s ) _____1 0 0
L e e R u b b e r & T i r e ___ N o v a r
L i g g e t t & M y e r s T o b a c c o . .1 0 0
Do
p r e f e r r e d ____________ 1 0 0
L o o s e W i le s B is c u it t r c t l s . 1 0 0
Do
2 d p r e f _______________ 1 0 0
L o r N la r d ( P ) ................................. 100
Do
p r e f e r r e d ____________ 1 0 0
M a c k a y C o m p a n i e s ________1 0 0
Do
p r o f ___________________ 1 0 0
M a n h a t t a n S h i r t ______ _______ 2 5
M a x w e l l M o t o r , I n c ________100
Do
1st p r e f ______________ 100
Do
2 d p r e f _______________ 100
M a y D e p a r tm e n t S t o r e s ..1 0 0
Do
p r e f e r r e d ____________ 100
M e x i c a n P e t r o l e u m _________ 100
Do
p r e f ___________________ 100
M ia m i C o p p e r ................................5
M i d v a l e S 'e e l * O r d n a n c e . . 5 0
M o n t a n a P o w e r ___ _ ________ 100
N a t i o n a l A c m e ________________ 5 0
N a t A n il in e & C h e m v t c .n o p a r
Do
p r e fe r r e d v t c ______1 0 0
N a t i o n a l B i s c u i t ____________ 1 0 0
Do
p r e f e r r e d ____________ 100
N a t i o n a l C l o a k Jk S u i t _____1 0 0
Do
p r e f e r r e d ____________ 100
N a t C o n d u it & C a b le .N o pa r
N a t E n a m 'g & S t a m p 'g — 100
Do
p r e f ___________________ 100
N a t i o n a l L e a d _______________ 100
Do
p r e f ___________________ 1 0 0
N e v a d a C o n s o l C o p p e r ------------5
N e w Y o r k A i r B r a k e ------- 1 0 0
N e w Y o r k D o c k ----------------------100
Do
p r e f e r r e d ____________ 100
N o r t h A m e r ic a n C o ------------100
N o v a S c o t i a S t e e l <fe C o a l . .1 0 0
O h io C it i e s G a s ( T h e ) ---------- 2 5
O h io F u e l S u p p l y .........................2 5
O k la h o m a P r o d A R e f l n l n g .,5
O n t a r io S ilv e r M i n i n g ------- 100
O w e n s B o t t l e --------------25
P a c i f i c G a s A E l e c t r l o ----------1 0 0
P a c i f i c M a l l S S .............................. 5
P a c lfl o T e l e p h A T e l e g ------- 100
P a n - A m P e t A T r a n s ------------5 0
Do
p r e f ____________________100
P e n n -S e a b o a r d S t ’ l v t c N o p a r
P e o p le ’ s O L A C ( C h i c ) . . 1 0 0
P h il a d e l p h i a C o ( P l t t s b ) . . . 5 0
P i e r c e - A r r o w M C a r ___ N o p a r
Do
p r e f ____________________1 0 0
P ie r c e OH C o r p o r a t i o n ______ 2 5
P it t s b u r g h C o a l o f P a ----------100
D o p r e f ____________________ 1 0 0
P o n d C r e e k C o a l ----------------- - . 1 0
P r e s s e d S t e e l C a r ___________ 10 o
D o p r e f ____________________ 1 0 0
P u b li c S e r v C o r p o f N J . . 1 0 0
P u llm a n C o m p a n y --------------- 100
P u n t a A le g r e S u g a r ^ ________ 5 0
R a il w a y S t e e l 8 p r l n g ______ 1 0 0
D o p r e f ____________________ 100
R a y C o n s o lid a t e d C o p p e r . . 10
R e m in g t o n T y p e w r i t e r v t o 100
R e p u b l i c I r o n A S t e e l ______ 100;
D o p r e f ____________________ 100
R e p u b l i c M o t o r T r u c k . N o pa r'
R o y a l D u t c h C o ( N Y s h a r e s )-I
S t J o s e p h L e a d _________________10
S a v a g e A r m s C o r p _________ 1 0 0
S a x o n M o t o r C a r C o r p — 100
S e a r s . R 't e b u c k A C o _____100
S h a t t u c k A r l* C o p p e r _______ 10
S in c la ir Corns O il C o r p 1 N o par
S lo s s -S h e ffie l d S t e e l A I r o n 100
D o p r e f e r r e d _____________ 100
S o P o r t o R i c o S u g a r p r e f . .1 0 0
S t a n d a r d M i l l i n g ------------------- 100
D o p r e f e r r e d _____________ 1 0 0
S t e w a r t W a r n e r S p c e d o m .- l O O
S tr o m b e r g -C a r b u r e t . . N o par
S tu d eb a k er C o r p ( T h e ) . . -1 0 0
Do
p r e f ____________________1 0 0
S tu tx M o to r C a r o f A m U N o par
S u p e r i o r S t e e l C o r p 'n ______ 100
T e n n C o p p A C tr c t t s .N o pa r
T e x a s C o m p a n y ( T h e ) --------1 0 0
T i d e w a t e r O i l _________________1 0 0
T o b a c c o P ro d u cts C o r p ..1 0 0
Do
p r e f____________________1 0 0
T r a n s c o n t in e n t a l O i l . . N o p a r
T r a n s u e A W i lli a m s S t . N o p a r
U n d e r w o o d T y p e w r i t e r ___ 1 0 0
U n io n B a g A P a p e r C o r o . 100
U n i t e d A l l o y S t e e l ........... N o p a r
U n i t e d C ig a r S t o r e s ________ 100
U n i t e d D r u g __________________ 1 0 0
Do
1 s t p r e f e r r e d _________ 5 0
Do
2 d p r e f e r r e d ________ 1 0 0
U n it e d F r u i t __________________ 100
U n ite d R e t a il S to re s . . N o par
U S C a s t I P ip e A F d y _____1 0 0
Do
p r e f ________________ 1 0 0
U S E x p r e s s __________________ 100
U S F o o d P r o d u c ts C o r n . . 100
U S I n d u s t r ia l A l c o h o l ^ . . . 1 0 0
Do
p r e f ________________ 100
U S R e a l t y A I m p r o v e m e n t 100
U n ite d S ta te s R u b b e t . . . 1 0 0
Do
1st p r e f ........................ 1 0 0
U S S m e lt in g R o f A M ........... 50
Do
p r e f ____ _______
50
U n i t e d S t a t e s S t e e l C o r p . . 100
Do
p r e f ------------------------- 1 0 0
U ta h
C o p p e r ............................ 10
U t a h S e c u r it ie s v t c ________1 0 0
V lr g ln la - C a r o l ln a C h e m ___ 100
Do
p r e f............................. 1 0 0
V ir g in ia I r o n C A C ________1 0 0
W e l ls . F a r g o E x p r e s s ______ 100
W e ste rn U n io n T e le g r a p h . 100
W e s t in g h o u s e A ir B r a k e _____5 0
W e s t in g h o u s e E le c A M f g . . 5 0
W h i t e M o t o r __________________ 5 0
W U ly s -O v e r la n d ( T h e ) ______ 2 5
Do
p r e f (new)___________ 1 0 0
W lls o n A C o .I n c . v t c . . N o par
Do
p r e f e r r e d ____________ 1 0 0
W o o l w o r t h ( F W ) .................... 1 0 0
Do
p r e f ____________________1 0 0
W o r th in g to n P A M v t 0 ..1 0 0
Do
p r e f A _________________ 1 0 0
Do
p r e f B _________________ 1 0 0

1517

PER SHARE
Range Since Jan. 1
On bast* of 100 share loti
Lowest

H est
igh

S per thare
t per share
62% Jan21 93% Julyl5
47 Oct 7 83 Jan21
21 Jan22 39 Julyl4
201 Aprl5 250% Aug 8
107 Jan27 115 July 16
40% Febl7 81 Jufyl4
91 Feb 5 1 2 0 June20
147% Aprl5 245 July23
107 Jan28 115 July29
70 Jan22 797g May27
*63 June 6 66 Julyll
28 Aug 5 38t* Julyl7
26% Jan22 61 JtHy2S
50% Jan22 84% July28
19 % Jan 2
46% June 3
60 Jan 4 124% Octl7
101 Jan 2 110 May 2
163% Jan23 256% Octl4
105 Feb 7 118% Sept30
2 1 % Feb 7
32% Julyl7
40% Feb 7 62% Julyl4
61% Aug29 83 July29
29% Jan 2 43% July 12
45% SeptlS 66% Oct 1
87% Sept’23 91% Oct 7
107 Aug20 139 Oct 7
115 Augl9 *121 Mar 14
70 Jan22 92 July26
103% Feb26 108% May26
11 Feb 8 24% July 15
45% Feb 8 88%June 7
93 Janl5 104 May27
64 Jan11 89% Oct 7
102 Sept 8 112 Julyl8
15% Marie 21% July 17
91% Feb 3 133 Oct 17
19% Feb 7 70s! July30
44% Marl3 75 July29
47 Janll .67 July28
46 Jan30 97 June 2
035% Feb 14 61% JulylO
43 JanlS 55 July25
8 Feb 3 13% MaylO
5% Marl8 10% Mayl4
46 Mar 3 74 Oct 17
64 Oct 8 75% July24
29% Feb 8 42% Julyll
22 Jan21 401* Augl5
67 Jan21 13512 Octl6
117 Jaa22 205% July28
27% Apr30 5S Julyl8
39 Aug21 57 May’28
30 Jan 3 43 Apr 28
38% Jan22 88% Octl7
101% Jan 3 110 May29
16 Jan 2 31% Apr 17
45 Feb 3 74% July29
85% Marl7 98 May28
12% Feb 5 29% Sept29
159 Feb 11 102% OctlO
100 Mar 3 106 Julyl6
75 Oct 16 91%Jan 7
111% Feb 14 132% Julyl7
51 Apr 4 75% Oct 8
68% Feb 10 101% Septl7
104 Feb 4 112 June 3
19 Mar 4 27% Julyl7
68 AuglS 97 Oct 17
71% Janl8 103% OctlO
100 Jan 13 103% July28
44% Sept 8 66% Oct 16
84 Aug27 121 Julyl7
13% May 3 17 Julyl4
53% Jan24 94% octl7
6% Maril 29 Aug 6
168% Feb 13 218 Julyl6
10 Febl9 19% July25
58% Sept29 61% Sept25
46% Feb 10 77 July 7
85 Mar 11 97% July 8
107 Jan27 117 Sept 6
124 Janl4 150 OctlO
85t* j an 2 91% Junel2
86% Janll 148 Oct 16
36% Jan 10 109% OctlO
45% Jan22 136% Oct 14
92 Jan22 103 July28
42% Feb 14 14478 Octl4
32 Jan21 54% June 3
12% Marl7 17% May 5
184 Jan 2 293 OctlO
207 Jan 3 260 May 12
72% Jan29 115 June30
99 Ju!y21 120 June30
42% Aug21 59% Sept 5
37% Janll 71% Oct 17
115 Jan 8 187 May 27
75 Jan 3 100 JulylO
37% Janll 58% July28
107% Jan 2 255 Oct 9
90% Jan 6 175% July29
50 Julyl8 58% May 9
91 Jan28 165 July29
157 FeblO 197 Sept29
80% Aug21 119% Octll
14 Janl5 28-4 Aug 7
42% Janl6 74% July 7
18% Feb 5 32% May24
66 Apr 8 91% Oct 1
97% Jan22 167 May 27
98% Jan 2 111 May23
17% Jan 3 50% June 6
73 Jan21 138% June30
109 Jan20 119% JulylO
43% Jan21 75 OctlO
45 JanlS 50 Mar 2
88% FeblO 115% July 14
113% FeblO 117% Julyl7
65% Feb 7 97% Julyl6
12% Oct 4 21% Junell
51 FeblO 92% July 14
110
Jan 7 115% Oct 7
54 Mar31 74 May29
53 Apr29 79 May23
82 Sept22 92% May26
94% JanlS 126 July 7
40% Jan21 597g June 9
45 Jan 3 75 July 9
23% Jan22 40% June 2
87% Jan 7 98% May 9
65% Jan20 1047g July 2
96% Feb 17 104% Junel6
120 Feb 7 136% Mayl9
114%June26 117% July25
50 Feb13 117 Oct 7
88 Jan 9 98% Octl5
66 Jan 3 81 Oct 8

PER SHARE
Range for Previous
Year 1918

L est
ow

Highest

S per share
65% Dec
82 July
12 Apr
164% Aug
100% June
17% Jan
53 Feb
144% Aug
98 Jan
79 Dec
57 Jan

a per share
91% May
90 Mar
24 Deo
210 Dec
110 Nor
45% Deo
96 Deo
200 Mar
110 Nov
78% Feb
65 May

23% Jan 42% Nov
50 Dec 697g Nov
19 May 32% Nov
19 May 32% Nov
47 Jan 63% Deo
79 Jan 194 Oct
87 Jan 107 Deo
22% Dec 33% Jan
41 Dec 61 May
64 June 81% Nov
26% Jan 33 May
90 lAug
106% Sapt
55 Sept
100 Jan
13 Nov
37% Jan
88 Nov
43% Jan
99% Mar
16% Dec
98t* Dec
18% Jan
42 Jan
371* Aug
52% Dee
35% Mar
40 Oct

110% Deo
114 Mar
67% Deo
104 Deo
21% July
54% May
99% Feb
69% Deo
105% May
217g May
139 May
27 May
48% Deo
57% Nov
70 Aug
48 Oct
46% June

4% Jan
44 Dec

13 June
70% Aug

231*
18%
63%
86

jan 40
Dec 27
Oct 72%
Jan 124%

39% Jaa
21 Apr
34 Jan
89% Jan
15 Sept
42 Jan
79% Jan
15 Nov
55% Nov
93 Apr
85 Oot
100% Jan

Deo
Oot
Oct
Oct

61 Nov
35% Oot
51% Nov
104 Deo
19% Oct
58% Feb
857« Deo
20 June
73 Aug
100 Aug
109% Mar
132% Nov

45% Jan 78% Deo
95 Jan 105% Deo
19% Dec 26% May
*72% Jan 96 May
92% Jan 102% Sept
61% Dec
% Aug
133%June
*13 Dec

80% May
18 Nov
78% Deo
18% Feb

39 Jan 71% May
81 Feb 93% July
102 Jan 110 Nov
84 Jan 120 Deo
80 June 89 Jan
33% Apr
80% July
37 Oct
34% Mar
12% Dec
136% Jan
178 Jan
48% Mar
*87% Mar

727g Nov
100 Nov
55 Deo
45% May
21 July
203 Oot
200% Deo
82% Dee
101% Deo

36% Oct 42 May
100 Apr 112 Deo
65 Jan 80 May
367g Oct 44% May
83% Mar 108% Deo
69 June 90% Deo
46 Jan 50% Nov
77 June 85% Deo
116% Jan 166% Deo
11% Apr
41 'Mar
14% Apr

19 May
47% Feb
16% May

*98 Dec
94 Oct
8 Mar
51 Jan
z95 Jan
32% Apr
42% Apr
86% Mar
108 Mar
71% Dec
11 Sept
33% Jan
98 Jan
50 Jan
63% Sept
77% Aug
95 Dec
38% Jan
36% Jan
15% Jan
75 Jan
45% Jan
90i* gept
110 Mar
111 Oct
34 Jan
85% Feb
59 Jan

137 May
99 Mar
26 Oct
80% Dee
110 Deo
50% Oct
47% Deo
116% Aug
113% Deo
93 Oct
16% Nov
60% Nov
113% Deo
73% July
83% Jan
95% Apr
95 Deo
47% May
49 Nov
30 Nov
89% Nov
77% Deo
99% Dee
108% Oct
115 Sept
69 Aug
91 Apr

• Bid and asked prices; no ealei on tbll day. i Lois than 100 shares. J Ei-rlght* a Ex-dlv. and rights. * Ex-dtv. 1 For fluctuations In rights see p. 1514.




1518

New York Stock Exchange— Bond Record, Friday, Weekly and Yearly
v

m/in . x.

wifhnfl </ jMxfiiM hMifi iMi
1

B id
U. S. G o v e rn m e n t.
F ir s t L i b e r t y L o a n
3H s
1 s t 1 5 -3 0 y e a r __ 1 9 3 2 -’ 4 7
S e co n d L ib e r t y L o a n
4s
1 s t L L c o n v ___ 1 9 3 2 -’ 4 7
4s
2 n d L L .................1 9 2 7 -’ 4 2
T h ir d L ib e r ty L o a n
4J4s
1 s t L L c o n v ___ 1 9 3 2 -'4 7
4H 3
2 n d L L c o n v _ .1 9 2 7 -’42
4J4s
3 r d L L .........................1 9 2 8
F o u r th L ib e r t y L o a n
414s
1 s t L L 2 n d c o n v 1 9 3 2 -’ 4 7
4M 9
4 t h L L ................... 1 9 3 3 -'3 S
V ic t o r y L ib e r t y L o a n
4J4s
c o n v g n o t e s ___ 1 9 2 2 -’ 2 3
3J4s
c o n v g n o t e 3 ___ 1 9 2 2 -’ 2 3
2 s c o n s o l r e g i s t e r e d _________ <11930
2 s c o n s o l c o u p o n ____________ <11930
4a r e g i s t e r e d ____________________1 9 2 5
4a c o u p o n _______________________1 9 2 5
P a n C a n a l 1 0 - 3 0 - y r 2 s ............* 1 9 3 6
P a n C a n a l 1 0 -3 0 -y r 2 s r e g — 1938
P a n a m a C a n a l 3 s g ___________ 1961
R e g i s t e r e d ____________________ 1961
P h il ip p i n e I s l a n d 4 s _______1 9 1 4 -3 4
F o r e ig n G o v e r n m e n t
A n g lo -F r e n c h 5 -y r 5s E x te r lo a n .
A rg e n tin e In te rn a l 5s o f 1 9 0 9 ..
B o r d e a u x ( C i t y o f ) 3 - y r 6 s . .1 9 1
C h in e s e ( H u k u a n g R y ) 5 s o f 1911
C u b a — E x tern a l d e b t 6s o f 1 9 0 4 .

do
do

do
do

R a ilr o a d .
A n n A r b o r l a t g 4 s ----------------- 6 1 9 9 5
A t c h is o n T o p e k a A S a n t a F e —
G e n g 4 a ___ _________________ 1 9 9 5
R e g i s t e r e d __________. . . . . 1 9 9 5
A d ju s t m e n t g o l d 4 a ______ A 1995
R e g i s t e r e d ------------------------ A 1995
S t a m p e d .. . . . . . . . . . . 6 1 9 9 5
C o n v g o l d 4 s ___ ___________ 1 9 5 5
C o n v 4a Iss u e o f 1 9 1 0 ---------- 1 9 6 0
E a s t O k la D lv 1 st g 4 s . . .1 9 2 8
R o c k y M t n D lv 1 s t 4 s — 1965
T ra n a C o n S h o r t L 1st 4 s . 1958
C a l- A r i a 1 s t A r e f 4 H s " A " 1 9 6 2
8 F e P re s A P h 1st g 5 s . . .1 9 4 2
A t l C o a s t L 1 s t g o l d 4 a _____ 6 1 9 5 2
G e n u n if i e d 4 H a ___________ 1 9 6 4
A la M i d 1 s t g u g o l d 6 s . . . 1 9 2 8
B r u n s A W la t g u g o ld 4 1 .1 9 3 8
C h a r le s A S a v l a t g o l d 7 a . 1 9 3 6
L A N c o l l g o l d 4 a ...............0 1 9 5 2
S » v F A W 1 s t g o l d 5 s _____ 1 9 3 4
1 s t g o l d 5 a ____________________1 9 3 4
B a lt A O h i o p r io r 3 H s ______ 1 9 2 5
R e g i s t e r e d _______________ 6 1 9 2 5
1 s t 6 0 - y e a r g o l d 4 s ________6 1 9 4 8
R e g i s t e r e d _____. . . . . . . 6 1 9 4 8
1 0 - y r c o n v 4 H a ____________ 1 9 3 3
R e f u n d A g e n 5 s S e r ie s A . 1 9 9 5
T e m p o r a r y 1 0 - y r 6 s ---------- 1 9 2 9
P i t t s J u n o 1 s t g o l d 6 s _____1 9 2 2
P J u n o A M D lv 1st g 3 H s 1925
P L E A W V a S y s ref 4 s . .1 9 4 1
S o u th w D lv 1st g o ld 3 H S -1 9 2 5
C e n t O h io R 1st c g 4 H 9 ..1 9 3 0
C l L o r A W c o n 1 st g 5 s . .1 9 3 3
O h io R i v e r R R l a t g 5 s . . . 1 9 3 3
G e n e r a l g o l d 5 a ___________ 1 9 3 7
P i t t s C l e v A T o l 1 s t g 6 s . . 192 2
T o l A C ln d lv la t r e f 4s A . 1959
B u f f a l o R A P g e n g 5 s ______ 1 9 3 7
C o n s o l 4 H a __________________ 1 9 5 7
A ll A W e s t 1 s t g 4 s g u --------1 9 9 8
C le a r A M a b 1 s t g u g 5 s . .1 9 4 3
R o c h A P it t s la t g o ld 6 s . .1 9 2 1
C o n s o l 1 s t g 6 s .................... 1 9 2 2
C a n a d a S o u c o n s g u A 5 s ___ 1 982
O a r C li n c h A O h i o 1 s t 3 0 - y r 5 s ’ 3 8
C e n tr a l o f G a 1st g o ld 5 s — p l9 4 5
C o n s o l g o l d 5 a ______________ 1 9 4 5
1 0 - y r t e m p s e c u r 6a J u n e 192 9
C h a t t D l v p u r m o n e y g 4 s 1 951
M a c A N o r D lv 1 st g 5 s . .1 9 4 6
M i d G a A A t l D l v 5 a ............1 9 4 7
M o b i l e D l v 1 s t g 5 s ________1 9 4 6
O e n t R R A B o f G a c o ll g 5 a .1937
O e n t o f N J g e n g o l d 5 s ______ 1 9 8 7
R e g i s t e r e d _______________ 6 1 9 8 7
A m D o c k A I m p g u 5 s ___ 192 1
L e h A H u d R lv gen g u 5 s . 1920
N Y A L o n g B r g e n g 4 S ..1 9 4 1

U iy b

s 03

N o . L o to

S a le 109.03

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9 5 .2 4 2 8 0 9 2 .5 0 9 6 .0 0
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8 7 % 91
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9 9 .6 3
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1 0 0 % 1 0 2 % 100% S e p t ’ 19 ____ 160 % f o T
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_____
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o r e rid y te is e k



A sk L ow

BONDS
N . Y . STOCK EXCH A N G E
W e e k E n d in g O c t . 17

R anye
S in ce
J a n . 1.

J

do
do
“ G erm a n sta m p ” .
S t e r lin g l o a n 4 a ____________ 1931 J
M
M
Q
J
P a r is ( C i t y o f ) 5 - y e a r 6 s --------1921 A
M
T o k y o C it y 5s lo a n o f 1912
U K o f G t B r it A I r e la n d —
M N
5 - y e a r 6 H % n o t e s --------------- 1921 M N
A
2 0 -y e a r g o ld b o n d 5 H a . . 1937 F
X T k t t t a r e v o ic e s o n t i e b a s is o f * 5 to £
S ta te a n d C ity S e c u r it ie s .
■ Y C it y — 4 H a C o r p s t o c k . 1960
4 H a C o r p o r a t e s t o c k --------1 9 6 4
4 H a C o r p o r a t e s t o c k --------1 9 6 6
4 H a C o r p o r a t e s t o c k J u l y 196 7
4 H a C o r p o r a t e s t o c k ---------- 1 9 6 5
4 H a C o r p o r a te s t o c k . . — 1963
4 % C o r p o r a te s t o c k . . — 1959
4 % C o r p o r a t e s t o c k ---------- 1 9 5 8
4 % C o r p o r a te s t o c k . . . . . 1957
4 % C o r p o r a te sto ck r e g ..l 9 5 6
N e w 4 H a ....................................1 9 5 7
4 H % C o r p o r a t e s t o c k — 195 7
S H % C o r p o r a t e s t o c k — 1 954
N Y S t a t e — 4 s _________________ 1961
C a n a l I m p r o v e m e n t 4 a ___ 1 961
C a n a l I m p r o v e m e n t 4 s ___ 1982
C a n a l I m p r o v e m e n t 4 s ___ 1 9 6 0
C a n a l I m p r o v e m e n t 4 H 9 .1 9 6 4
C a n a l Im p r o v e m e n t 4 H 8 .1 9 6 5
H ig h w a y I m p r o v ’ t 4 H a . .1 9 6 3
H ig h w a y I m p r o v t 4 H a . . 1965
V ir g in ia f u n d e d d e b t 2 - 3 a . . l 9 9 1
Os d e f e r r e d B r o w n B r o s c t f a —

W eek ’s
R anye or
L a s t S ale

P r ie s
F r id a y
O c t . 17

§ fc

53
S
l
c 4,

M

• T
5 3
BONDS
H . Y . STOCK EXCH A N G E
W e e k E n d in g O c t . 17

rXrtnnml and n rlrjl (ITe nnim— ."an,( tntfiTT.lt1 — IT.Cfi.r,t for interest and defaulted bon ds.

’

C a n t V e r m o n t 1st gu g 4 a ..e l9 2 0
C h e s s A O f u n d A t m p t 5 s . .1 9 2 9
1 s t c o n s o l g o l d 5 s __________1 9 3 9
R e g i s t e r e d _________________ 1 9 3 9
G e n e r a l g o l d 4 H s __________1 9 9 2
R e g i s t e r e d _________________ 1 9 9 2
2 0 -y e a r c o n v e r t i b l e 4 H 9 - - 1 9 3 0
3 0 -y e a r c o n v s e c u r e d 5 s __1 9 4 6
B ig S a n d y 1 st 4 s ___________ 1 9 4 4
C o a l R i v e r R y 1 s t g u 4 s . .1 9 4 5
C r a ig V a ll e y 1 s t g 5 s ............1 9 4 0
P o t t s C r e e k B r l a t 4 s _____1 9 4 6
R A A, D l v 1 st c o n g 4 s ___ 1 9 8 9
2 d c o n s o l g o l d 4 s ________1 9 8 9
G r e e n b r ie r R y 1 s t g u g 4 3 .1 9 4 0
W a r m S p r in g s V 1 s t g 5 s . .1 9 4 1
C h ic A A lto n R R re f g 3 s . . . 1949
R a ilw a y 1st lie n 3 H s ........... 1 9 5 0
C h i c a g o B u r li n g t o n A Q u i n c y —D e n v e r D l v 4 s ______________ 1 9 2 2
I lli n o is D l v 3 H S ____________ 1 9 4 9
I lli n o is D l v 4 s _______________ 1 9 4 9
I o w a D l v s in k i n g f u n d 5 8 .1 9 1 9
S in k in g f u n d 4 s ..................1 9 1 9
J o in t b o n d s .
S ee G r e a t N o r t h .
N e b r a s k a E x t e n s io n 4 s ___ 1 9 2 7
R e g i s t e r e d ...................... . . . 1 9 2 7
G e n e r a l 4 s ____________________1 9 5 8
C h i c A E 111 r e f A I m p 4 s g . , 1 9 5 5
U 8 M tg A T r C o c tfs o f d e p . .
1 s t c o n s o l g o l d 8 s __________ 1 93«
G e n e r a l c o n s o l 1 s t 5 s ........... 1 9 3 7
U 8 M tg A T r C o c tfs o f d e p .
G u a r T r C o c t f a o f d e p ______
P u r c h m o n e y 1 s t c o a l 5 s . .1 9 4 2
C h ic A In d C R y 1st 5 s . . . 1 9 3 6
C h i c a g o G r e a t W e s t 1 s t 4 s . .1 9 5 9
C h i c I n d A L o u l s v — R e f 6 8 .1 9 4 7
R e fu n d in g g o l d 5 a _________ 1 9 4 7
R e fu n d in g 4s S e r ie s C _____ 1 9 4 7
I n d A L o u ls v 1 s t g u 4 s ___ 1 9 5 6
O h io I n d A S o u 5 0 - y r 4 s _____1 9 5 6
C h i c L 9 A E a s t 1 s t 4 H s _____1 9 6 9
C h M A S tP gen g 4s ser A .e l9 S 9
R e g i s t e r e d ____________ . _ « 1 9 S 9
C e n ’ l g o l d 3 H s S e r B _____« 1 9 S 9
G e n e r a l 4 H s S e r ie s C _____ «1 9 S 9
G e n A r e f 8 e r A 4 H s _____ a 2 0 1 4
G e n ref c o n v S er B 5 s ...a 2 0 1 4
C o n v e r t i b le 4 H s ............. . . 1 9 3 2
P e r m a n e n t 4 s _______________ 1 9 2 5
2 5 -y e a r d e b e n t u r e 4 s ______ 193 4
C h i c A L S u p D l v g 5 s _____ 1921
C h ic A M o R lv D lv 5 s . ..1 9 2 6
C h i c A P W 1st g 5 a .............. 1921
C M A P u g e t S d 1st g u 4 s . 1949
D u b u q u e D lv 1 s t s f 6 s . . . 1 9 2 0
F a r g o A S o u a s s u m g 8 s . .1 9 2 4
M U w A N o r 1st e x t 4 H S --1 9 3 4
C o n s e x t e n d e d 4 H s _____193 4
W l s A M in n D lv g 5 s ........... 1 9 2 1
W I s V a ll e y D l v 1 s t 6 s _____1 9 2 0
C h i c A N 'w e s t E x 4 s . . . 1 8 S 6 - '2 6
R e g i s t e r e d . . . ^ . . . 1888 1 9 2 6
G e n e r a l g o l d 3 H a .................... 1 9 3 7
R e g i s t e r e d ........................... p l 9 S 7
G e n e r a l 4 s ____________________198 7
S t a m p e d 4 s _______________ 1 9 3 7
G e n e r a l 5s s t a m p e d ________198 7
S in k in g fu n d 6 s ........... 1 8 7 9 -1 9 2 9
R e g i s t e r e d .................. 1 8 7 9 -1 9 2 9
S in k in g fu n d 6 s ______ 1 8 7 9 1 9 2 9
R e g i s t e r e d __________1 8 7 9 -1 9 2 9
D e b e n t u r e 5 s _______________ 1921
R e g i s t e r e d .............................. 1 9 2 1
S in k in g f u n d d e b 5 s .............. 1 9 3 3
R e g i s t e r e d _________________1 9 3 3
D e a P la in e s V a l 1 s t g u 4 % a '4 7
F r e m E lk A M o V 1 s t 6 s . . 1 9 3 3
M a n G B A N W 1 s t 3 H a . 1941
M U w A 8 L 1st g u 3 H S . . . 1 9 4 1
M U L 9 A W e s t 1st g 6 s . . . 1 9 2 1
E x t A I m p s f g o l d 5 a ___ 1 9 2 9
A s h la n d D l v 1 s t g 6 s . . . 1 9 2 5
M lo h D l v 1st g o l d 6 s . .1 9 2 4

C h ic a g o R o c k Isl A P a o —
R a ilw a y g e n e r a l g o l d 4 a ___ 1 9 8 8
R e g i s t e r e d _________________1 9 8 8
R e f u n d i n g g o l d 4 s __________1 9 3 4
2 0 - y e a r d e b e n t u r e 5 s ______ 1 9 3 2
R I A r k A L o u is 1st 4 H 8 -.1934
B u r l C R A N 1 s t g 5 a _____1 9 3 4
C R I F A N W 1st g u 5 s . .1 9 2 1
C h o O k la A G g e n g 5 a . .0 1 9 1 9
C o n s o l g o l d 5 s ______ . . . 1 9 5 2
K e o k A D e s M o in e s 1st 5s 1923
S t P a u l A K C 8 b L 1 s t 4 H s '4 1
C h i c 8 t P M A O c o n s 6 a _____1 9 3 0
C on s 6s redu ced to 3 H 8 --1 9 3 0
D e b e n t u r e 5 s _______________ 1 9 3 0
N o r t h W i s c o n s in 1 s t 6 s . . . 1 9 3 0

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59% 59
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104*2
78
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78
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M o r r is A E s s 1st g u S H * . .
N Y Lack A W l s t i ......... 1921 1

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C h lo A W e s t I n d g e n g 6 s . . « 1 9 3 2
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C o n s o l 5 0 -y o a r 4 s . . . . _____ 195 2
J
C l n H A D 2 d g o l d 4 H a --------1 9 3 7
N
C F in d A F t W 1 s t g u 4 s g 1 9 2 3
j
D a y A M i c h 1 s t c o n s 4 H s 1931 J
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C l e v C ln C h A S t L g e n 4 s . - 1 9 9 3 J
J
2 0 - y e a r d e b 4 H a ______ . . . 1 9 3 1 J
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C ln W A M D l v l a t g 4 s . . 1 9 9 1 J
M N
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F
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R e g i s t e r e d ____________ * 1 9 3 6 Q
J
C l n 8 A C l c o n s 1 s t g 5 s . .1 9 2 8 J
J
C C C A I g e n c o n s g 6 s . .1 9 3 4 1
A O
J
A
Apr
A 0
C l e v e S h o r t L l a t g u 4 H s — 1 961
F
A
M N
D
F t W A D e n C 1st g 6 s . - .1 9 2 1 J
A O
J
j

8

85%
95%
911.J
79

D
J
A
N

A

76%
82
71%

W e e k 's
R ange or
L a s t S a lt

S a le
88
75

97%

__

113
F e b '1 5
47%
47%
33%
34

91%
90%
81%
27
28%
98
72
71
78
97%
32
57
98%
85%
8 4 »*
63
76%
86
71%
92%
61%
80
65
76
75%
79
68
98
92
98%
69
100
102
89
80
97%
99%
93
92
70
70%
79%

91%
90%
82%
A u g '1 9
S e p t ’ 19
J u l y '19
72
O c t '1 9
Aug T 9
F e b '1 3
M a r ’ 17
57%
Aug T 9
S e p t ’ 19
A p r *17
M a y ’ 19
76%
O ct T 9
71%
F eb TO
61%
80
67%
77
77
81
S e p t '1 9
O ct T 9
O ct TO
98%
69
O ct T 9
S e p t '1 9
M a y '1 9
Aug T 9
J u l y '1 9
O ct T 9
Aug T 9
92
70
Apr T 9
80%

96% O c t T 9
97%
M a r ’ 19
O ct T 9
N o v ’ 18
O ct TO
J u n e ’ 19
Jan T 7

100%
100%
97
97
101%
100
100
1 01% 1 0 1 %
78
81%
77%
9 3 % S a le 1 9 3 %

S e p t ’ 1st
S e p t ’ 19
S e p t ’ 19
Aug T 9
S o p t ’ 19
93%

74

69%

70%
73%
S a le

63
90
92%

___

S a le
95
89

65%
107
83%
91
10 4
94
102
02

70
07

___
S a le

80
102%
S a le
86%

______ 8 7 %
07% 67%
78% 79%
83
84
75%
63
70
69%
70
77
71
101
106
84
82%
91%
102
70^4
7tt '
50% 55%
25% 27%
8 6 % S a le
S a le
86
801.1 S a le
9 7 7g 9 9 %
70

82%

2
18|

9 5 % S e p t '1 9
io
76%
76%
83%
84
8
9 9 % A u g '1 9 _____
9 9 % A u g '1 9 —

9 7 % ■93"
97%
90
98
91
93% 91%
9 1 L 100
97
80%
101%
105
107%
88

....

*“

75%
76%
69
70%
62%
90
97%
97
93
70
66
107
82%
91
118
95
67%
103%
62
90
88
80
67%
78%
82%
76
70
73
74%
84
99%
84
82%
93%
104
94
51
27%
86
85%
80%
98%

—

D A ril, « D M #Dm J n . * D eJ ly *DueA«g. * D e O t » D N t.
m p
m ay.
ue
u u .
u e
ae o

47%
32

531*
40

95%
71%
80%
99%
99

991*
7 61*
85% .
99%
99%

90% 93%
90% 90% .
83%
76
38
25
____1 2 2
36%
104
98
80
10
72
80
70%
73
75
9
2
11

62
_____
_____

63%
56%
9 8 % 1 034*
85% .
85%

___ _
1
_____
21

60%
76%
831*
68%

63
81
86
76%

57
75
65
73
71%
75
08
98

64
84%
74%
81% »
81% .
85
73% .
98%

«
63
26
202
7,

. ...

___ |
99%
38
97'
74
4 65
9 9 % IOO
99% 102
89
88%
82
80
96% 9 8 %
99%
99
! 89
93
92
10 9 2
71
ij 6 3 %
70%
69
82%
75
6

__
___
__

43

1
___ !

9 5 ‘ * 10 1
101% 104
96%

V 7%

98%
97
90

98
98
96%

106% 109

100 % 161
99
97
104
. . J 100
1 0 1 % 10 4
78%
75%
2
9H * 98

76%
19 ' 7 0
79%
M a y '1 9
70% 76%
76%
71%
172
06
M a r ’ 19
70% 7 0 %
63
T2
25
61
96
S e p t ’ 19
90
97%
Feb T 9
97%
M a y '1 8
M a y ’ 18
Aug T 9
70%
65
66
71
5
05
| 104
O ct T 9
108
83%
82% 85
11
91%
5
9 0 % 97
N o v ’ in
M a y '1 8
J u n e '1 9
67%
58
S e p t ’ 19
1021* 1 0 4 %
63
65
7, 61
M a y '1 7
M a r 'l l
80
S e p t '1 9
80
67%
3
60% 72%
84%
80%
13
76
S e p t ! 19 - . - J
82 % 87
81%
S e p t '1 9
76
J u n e '1 9
07% 70
76%
73
7
67
Jan T 9
74 % 7 4 %
N o v ’ lft
99% 99%
J u l y '1 9
82% 8 4
O ct T 9
S o p t ’ 19 _____i 8 2 % 8 2 %
937*
M a y '1 9
93
A u g T 9 ___ _ 1 0 3 % 107
J u l y '0 8

__

_J

52
27%
86%
86
81%
98%

10
1
6
26
91
4
_____

72%
O ct ’ H
J u n e 'U
Aug T (
F e b '0 8

rDm D
eo

5

50
12
83
83
77%
08%

60%
31
89
89%
81%
99%

85

8 5 % S e p t '1 9

72% 72% 72 %
1 0 0 % _____ 1 0 0 %
98%
9 5 % _____
93%
91% 99%
102%

R ange
S in c e
Jan. 1

H ig h N o . L o w H i g h
66
59
J u l y ’ 19 _____
93%
3
85
85
14
96%
93% 99%
Jao
17
-J
57
80
7 2 7g 8 3 %
M a r ' 17
80%
90
77% 85%
91% .
90
85%
84
78%
J u l y '19
78
82%
M a y '1 9 ____
82 %
F e b '1 6
69J u n e ’ 19
69
80
S e p t ’ 19
’ 75
O c t '1 9
70% 7 0 %

62
06
7 7 % 79 %
S a le
06
76%
77
7 6 % S a le
81
S a le
68
69
97
91
98
9 8 % S a le
69
09%
99%
99
102"
79
82%
81
9 7 % 9.3%
99
9 9%
92
93
S a le
92
7 0 % 81
64%
7 9 % S a le
93
100
93% 99% 98 %
105
104
M a y ’ 19
97%

If

85%

73
70
100% 100%
9 5 % 101
92% 92

*op
tion g le
a

O ct . 18 1919.1
si

Pric*
Friday
Oct. 17

W**V*
Rang* or
Loti Salt

Bond*
Bold

BONDS

N. Y . STOCK EXCHANOE
Week endlnF Oct 17.

New York Bond Record— Continued— Page 2
Rang*
Sine*
Jan. 1.

Bid
A.tl Low
High No. Low High
Delaware & Hudson—
97
9712 97
1st lien equip g 4 X s ______ 1022 J
Oct’ 19 ___ 96
97
80% 843s
1st & ref 4s_____________ 1943 M
—
78'* 85%
10 89'* 95j4
89% 90*2 89%
20-year conv 6s_________ 1935 A
74%
74% 76
Alb Sc Susq conv 3 Ha___ 1946 A O
17 73'* 78'*
Renss & Saratoga 1st 7 s ..1921 IW N 102% 104
—
102% 102%
Denver S Rio Grande—
c
67
66
1st cons g 4s____________ 1936
68
66% 26 64% 75%
79
71
71
71
Consol gold 4 X s ............1 9 3 6
09
76%
75%
75%
75'* 78
Improvement gold 5s___ 1928
1 75% 80
O 58
7 45
1st & refunding 6s____ .-1955
58%
58% C
60'*
Rio Or Juno 1st gu g 5s_ 1939
_
87^4 N ov’ 16 —
Rio Or Sou 1st gold 4s____ 1940
61% Apr ' l l —
39 July’ 17 —
Guaranteed___________ 1940
70
66
Rio Gr West 1st gold 4 s..1939
65
Oct'19 —
63% 73%
56% Sale 56%
6 53
Mtge S coll trust 4s A ..1949
c
56'
60
50
78
Del & Mack— 1st Hen g 4 s .. 1995
82 Dec T61-----50
75% July'lG
Gold 4s...............................1995
*
77 Oct '19 —
Det Rlv Tun Ter Tun 4 X s _1961 11 N 77% 82
76% 84%
93%
9634 June'18 —
Dul Mlssabe A Nor gen 5 s..1941 J
Dul & Iron Range 1st 5s____ 1937 A O 89% —
93% Sept'19 —
91
95"
105% Mar’08 —
Registered_________. . . 1937 A O
75
83
83 June’ 19
Dul Sou Shore A Atl g 5s_ 1937 J
_
83"
84%
Elgin Joliet A East 1st g 5 s ..1941 M N 93% ___. 89% Sept’ 19
89% 96
9934 Oct’ 19 . . . j 98% 100%
Erie 1st consol gold 7s______1920 M S 9984 100
78% Oct ’ 18 . . . j
N Y A Erie 1st ext g 4s_ 1947 I 1 N 81% —
_
V
98% June'18; ------'
2d ext gold 5s___________ 1919 M
92 Sept’ 19 . . . . 81% 92
91%
3rd ext gold 4 X s________ 1923 M
4th ext gold 5s__________ 1920 A O 96% . . . . 09% July’ 17 . . . J
9434 Nov’ 15
5th ext gold 4s__________ 1928 J D
98% Aug’ 19 —
98 100
N Y L E A W l s t g f d 7S..1920 M S
98% 98%
62%
63% 62%
62
Eric 1st cons g 4s prior_ 1996 J
_
1 60% 70'*
84 Deo T6 —
Registered____ _______ 1996 J
47 43% 57'*
Sale 50
50%
50
1st consol gen lien g 4 s.1996 J
73 June'16 —
Registered__________ 1996 J
438* 55
85
82 Aug’ 19
82
Penn coll trust gold 4 s .. 1951 F
77% 83
3ll 43
44%
43% Sale 43
50-year conv 4s Ser A .. 1953 A
52
20 43
43% Sale 43'j
45%
do Serlos B ............... 1963 A
52
22 45
47
47
Sale 46%
Gen conv 4s Series D _ 1953 A
_
55
90% Oct ’ 19 — J 84
!
Chic & Erie 1st gold 5 s...1982 IV N 87% 90
95%
106% Jan ’ 17
91%
Clev A Mahon Val! g 6a..1938
95
95
Sale 95
Erie A Jersey 1st s f 6s_ 1955
_
95 101
96 Sept’ 19
96
Genesee River 1st s f 6 s...1957 J
95% 101
108% 103% Sept’ 19
Long Dock consol g 6s___ 1935 A
107 109
Coal A RR 1st cur gu 6a..1922 M N 93 ____ 103 Jan *18
90% ____ 102% July’ 17
Dock A Impt 1st ext 5s_ 1943 J J
_
_ 85 Jan ’ 18
N Y A Greon L gu g 5s_ 1946 11 N 80% _
_
*
64% 69
69% Sept’ 19
N Y Susq A W 1st ref 5 a ..1937
04% 78%
55 100% Deo ’06
2d gold 4 X s .................. 1937
54% 60 June’ 18
General gold 5s________1940
88
Terminal 1st gold 5s__ 1943 iw n
97 Deo ’ 18
72 ____ 108 Jan ’ 17
Mid of N J 1st ext 5s___ 1940 A O
D 55'* 62% 55% Oct’ 19
Wilk A East 1st gu g 5 s..1942
65% 72
23% Jan T7
VA fnd 1st cons gu g 6 s..1926
J
95% 97
J
Evansv A T H 1st cons 6 s..1921
95% Aug’ 19
95
98
O 70
70% Aug’ 19
1st general gold 5s_______ 1942
70% 70%
O
M t Vernon 1st gold 6s— 1923
108 Nov’ l l
O
8ull Co Branch 1st g 5 s.-1930
05 June’ 12
D "76% "80% 80%
81
Florida E Coast 1st 4 X ” — 1959
80% *85'
J
Fort St U D Co 1st f . r>S__1941
92 Aug ’ 10
55
J
Ft Worth A Rio Gr 1st g 4 s.1928
60% July’ 19
60% 60%
75
89
o
Oalv Hous A Hen 1st 5s----- 1933
80 Deo ’ 18
95'* Sale 95%
J
Groat Nor C B A Q coll 4 s..1621
95% 131 94% 97%
J 91% 05% 95% Occ ’ 19 — I 94
Registered_____________ 61921
96%
5 82% 89
J 80% 87
1st A ref 4J4s Series A . . ..1961
85%
86':
J
Registered____________ 1961
96 June’ 16
J
86
St Paul M A Man 4s.........1933
88% June’ 19
88
88%
J 105%
1st consol g 6s_________ 1933
05% Oct ’ 19
104 108'*
J 101
Registered----------------1933
118 Apr ’ 17
J
92% 93% 92%
Reduced to gold 4X8-1933
92%
91
95%
____ 1 102% Ma "
J
Registered-------------1933
D 85%
85%
85%
Mont ext 1st gold 4s— 1937
84
88%
D
Registered__________ 1937
80 Sept’ 19
80
80
pacific oxt guar 4s £------ 1940 I J
81 June’ 19
81
81
E Minn Nor Dlv 1st g 4 s ..1948 \ O 77
74% Oct’ 19
74% 74%
Minn Union 1st g Cs_____1922 I J 100
99 Aug’ 19
99
99
Mont O 1st gu g 6s______1937 I J 101 ____
103 108%
Registered____________ 1937 I J 101 ____
1st quar gold 6s_______ 1937
j
95% 96% 95%
95%
93% 991b
Will A S F 1st gold 6 s..1938 I D
95 ____ 10934 Aug '18
Greon Bay A W deb ctfs “ A " ___ Feb
52% 57
57 Sept’ 19
51
66
Debenturectfs “ B” .................. Feb
9% 10
9%
9%
6% 15%
Gulf A 8 I 1st ref A t g 5 a ..61952
J
73% Aug'19
73'g 79
73% 82%
74%
J
Hocking Val 1st cons g 4 His 1999
74% 75% 74
71
83
73% June’ 18
J
Registered______________ 1999|J
73%
73% Oct ’ 18
Col A H V 1st ext g 4s___ 1948 A o
____ 70% Apr ’ 19
Col A Tol 1st ext 4s______1955 F A
70%
78% 76%
90
85 Dee ’ 18
Houston Belt A Term 1st 60.1937 J J
80
83
Illinois Central 1st gold 4 s .. 1951 J
85% June’ 19
85% 88
Registered______________ 1951 J
81
92 Sept'17
1st gold 344s....................... 1951 J
73 —
75% July'19
7 4 ' '7 6 '
Registered____________ 1951 J
84 N ov’ 15
73 —
Extended 1st gold 3 X s _ 1951 A
_
80 June’ 17
Registered____ _______ 1951 A
71
1st gold 3s sterling_______ 1951 M
.................. 80 July’09
Registered____________ 1951 M
Collateral trust gold 4s_ 1952 A
_
72% 77
77% Oct ’19
72% 79
Registered____________ 1952 A
95% Sept’ 12
1st refunding 4s_________ 1955 M
78% 82
81%
81%
84%
purchased lines 3 Ha____ 1952 J
00% 70
71 Aug’ 19
75
L N O A Texas gold 4s_ 1953 M N
_
74% 75
74% Oct ’ 19
77%
Registered____________ 1953 M N
66 Aug ’ 19
71%
15-year secured 5'*s_____ 1934
96% 96% 96%
9834
91*4 97%
__ 79
Cairo Bridge gold 4s____ 1950
79
Oct'19
79
79
Litchfield Dlv 1st gold 3s. 1951
01
01
Aug’ 19 ____ 61
61
Loulsv Dlv A Term g 3 Ho 1953
67% —
68 Sept'19 ___ 60
68
Registered...................... 1953
83 Aug '12
Middle Dlv reg 5a............. 1921
97 ____ 02 June’ 16
Omaha Dlv 1st gold 3s_ 1951
_
05
58% Bept'18
.... —
8t Louis Dlv A Term g 3s. 1951
61 ____ 62 Oct *18
Gold 3 X s ...................... 1951
G
O 721 65>g Oct T8
*
—
—
Registered__________ 1951
80 June'16
Spring! Dlv 1st g 3H s___ 1951
J
77
80% Nov’ 16
Western Lines 1st g 4s___ 1951
A —
85
79% May’ 19 « . . . 79% 79'*
Registered____________ 1951
A
92 Nov’ 10 . . . .
Bellov A Car 1st 6s---------1923
D
94% ____1
___
Carb A Shaw 1st gold 4 s..1932
S 73'*
73 Mar’ 19
73
73
Chic St L A N O gold 5 s . .1951
D
04% - - - 92 Oct '19
91
99%
Registered...... .............1 95 1
D
95% Feb T9 —
95'* 95'*
Gold 3 K s.......................1951
D
65% July’ 18
Registered----------------1951
D
Joint 1st ref 5s Series A . 1963
D
80% 88% 88% Oct T9 . . . . 85
99
Momph Dlv 1st g 4s_ 1951
_
D
70
70 % Oct T8
Registered----------------1951
D
77
65 Nov’ 17
St Louis Sou 1st gu g 4 s..1931 M S
75% 81
77% Aug'19 ___ 77'* 79%
•Ind 1 1 A Iowa 1st g 4s______1950 J J
1
81'*
81% Oct T9 —
80
82
1st A Great Nor 1st g 6s___ 1919 M N ____ 95
95 Oct T9 _ _ 93
_
96
James Frank A Clear 1st 4 s.1959 J D
78% 80% 80% Aug’ 19 —
80% 82
Kansas City Sou 1st gold 3s. 1950 A J
58
58%
58%
59
60'* 64%
Registered.......................... 1950
O
78 Oot '09
Ref A Impt 6s............ Apr 1950
J
78
Sale 77
78%
75% 88
Kansas City Term 1st 4s_ 1960
_
J 70% Salo 76
77
73% 81
Lake Erie A West 1st g 6a..1937
J 82
89
87%
90
831* 90
2d gold 6s.......................1941
J
05
78
80% Feb T7
North Ohio 1st guar g 6 s..1945
o
75
60
65 Aug T9
65
85%
Leh ?*1 N Y 1st gu g 4H8..1940
J
83%
83% Sept’ 19
80
92
Registered---------------------- 1940
J
78 Sept'19
78
78
Lehigh Val (Pa) cons g 4 s..2003 M N 76
77% 71
71
71
80%
General cons 4H s_______ 9603 a* n
80% 82
80% Oct’ 19
80% 90

j !

r

. “I

• opic F a ; la st h a da o th w e , e D e J n » D e F .
W r e rid y te id n ik d is e k
u a.
u eb



*

Pric*
Friday
Oct. 17

BONDS

N. Y . STOCK EXCHANGE
Week ending Oct. 17
Leh V Term Ry 1st gu 9 5 s .. 1941
Registered______________ 1941
Leh Val RR 10-yr ooll 6s..nl928
Leh Val Coal Co 1st gu g 5s. 1933
Registered______________ 1933
1st lnt reduced to 4s____ 1933
Leh S N Y 1st guar g 4s___ 1945
c
Registered______________ 1945
Long Isld 1st cons gold 5S..A1931
1st consol gold 4 s . ._ ..51931
_
General gold 4s__________ 1938
Ferry gold 4H s_________ 1922
Gold 4s.............................. 1932
Unified gold 4s_.....1 9 4 9
Debenture gold 5s_______ 1934
. 20-year p m deb 5s_______ 1937
Guar refunding gold 4s___1949
Registered____________ 1949
N Y B S M B 1st con g 5s. 1935
c
N Y A R B 1st gold 5s___ 1927
Nor Sh B 1st con g gu 5s.ol932
Louisiana A Ark 1st g 5s___ 1927
Louisville A Nashv gen 6 s..1930
Gold 5s...............................1937
Unified gold 4 s . . . . _ ...1 9 4 0
_
Registered____________ 1940
Collateral trust gold 5s_ 1931
_
L Cln A Lex gold 4 X « ___1931
N O A M 1st gold 6s.........1930
2d gold 6s...................... 1930
Paducah A Mem Dlv 4 s..1948
St Louis Dlv 1st gold Os..1921
2d gold 3s.......................1989
Atl Knox A Cln Dlv 4s_ 1955
_
Atl Knox A Nor 1st g 5 s..1940
Hender Bdge 1st s f g 6 s..1931
Kentucky Central gold 48.1987
Lex A East 1st 50-yr 5s gu 1965
L A N A M A M 1st g 4 X » 1945
L A N-South M Joint 4S..1952
R e g is te re d ...........A 1 9 5 2
N Fla A S 1st gu a 5a___ 1937
N A C Bdge gen gu g 4 H a.1945
Pensac A Atl 1st gu g 6 s..1921
S A N Ala cons gu g 5s_ 1936
_
Gen cons gu 50-year 5s. 1963
L A Jeff Bdge Co gu g 4 s ...1945
Manila RR— Sou lines 4s_ 1936
_
Mex Internat 1st cons g 4 s..1977
Stamped guaranteed____ 1977
Midland Term— 1st s f g 5s. 1925
Minn St Louis 1st 7s_______ 1927
Pacific Ext 1st gold 6s___ 1921
1st eonsol gold 5s________ 1934
1st A refunding gold 4s— 1949
Ref A ext 50-yr 5s Ser A .. 1962
Des M A Ft D 1st gu 4 s ..1935
Iowa Central 1st gold 5 s .. 1938
Refunding gold 4s____ 1951
M StPASSM cong4slntgu,1938
1st cons 5s_________ .. ...1 9 3 8
1st Chic Term s f 4s______1941
M 8 8 M A A 1st g 4s lnt gu_’20
Mississippi Central 1st 5s_ 1949
_
Missouri Kansas A Texas—
1st gold 4 s.______ . . . . . . . 1 9 9 0
2d gold 4s.........................(11990
1st ext gold 5s_ _____ 1944
_
1st A refunding 4 a ______2004
Trust Co certfs of dep.
Gen sinking fund 4 X s .. 1936
St Louis Dlv 1st ref g 4 s..2001
5% secured notes ’’ext" T6
Dali A Waco 1st gu g 5 s..1940
Kan City A Pac 1st g 4 s..1990
Mo K A E 1st gu g 5 s....1 9 4 2
M K A Okla 1st guar 5 s..1942
M K A T of T 1st gu g 6e 1942
Sher Sh A So 1st gu g 5 s ..1942
Texas A Okla 1st gu g 5s. .1943
Missouri Paclflo (reorg Co)—
1st A refunding 5s Ser A _1965
1st A refunding 5s Ser Ba 1923
1st A refunding 5s Ser C ..1926
General 4 s _____________ 1975
Missouri Pae 1st cons g 0 s..1920
40-year gold loan 4s_____ 1945
3d 7s extended at 4 % ....1 9 3 8
Boonv St L A S ls t5 s g u . 1951
Cent Br U P 1st g 4 s ___ 1948 J
Pac R of Mo 1st extg 4 s..1938 F
2d extended gold 5s___ 1938 J
S t L I r M A S gen con g 5s 1931 A
Oen con stamp gu g 6 s .. 1931 A
Unified A ref gold 4s ..1929 J
Registered__________ 1929 J
Rlv A Q Dlv 1st K 4 s ...1933 M
Verdi V 1 A W 1st g 6 s ...1926 M
Mob A Ohio new gold 6s___ 1927 J
1st ext gold 6 s . . . . . _...51927 Q
General gold 4 s ..________ 1938 M
Montgomery Dlv 1st g 58.1947 F
St Louis Dlv 5s_______ ..1927 J
St L A Cairo guar g 4s___ 1931 J
Nashv Chatt A St L 1st 5 s..1928 A
Jasper Branch 1st g 6s_ 1923 J
_
Nat Rys of Mex prlten 4H8-1957 J
Guaranteed general 4s___ 1977 A
Nat of Mex prior lien 4X8.1926 J
1st oonsol 4s.____________1951 A
New Orleans Term 1st 4 s...1953 J
N O Tex A Mexico 1st 6s__ 1925 J
Non-cam Income 5« A ____1935 A
New York Central RR—
Conv deb 6s____________ 1935 11
*
Consol 4s Series A _______ 1998 F
Ref A Imp 4 X s “ A” _____ 2013
New York Cent A Hud Rlv—
Mortgage 3H s................... 1997
Registered_____________ 1997
Debenture gold 4s_______ 1934 M
Registered____ _______ 1934 M
Lake Shore coll g 3 X s ___ 1998
Registered____________ 1998
Mich Cent coll gold 3X8..1998
Registered_____________1998
Battle Cr A Stur 1st gu 3s. 1989
Beech Creek 1st gu g 4 s .. 1936
Registered____________ 1936
2d guar gold 5 s . ............ J936
Registered__________ 1936
Beech Cr Ext 1st g 3X8.61951
Cart A Ad 1st gu g 4s___ 1981
Gouv A Oswe 1st gu g 5 s .. 1942
Moll A Mai 1st gu g 4s_ 1991
_
N J June R guar 1st 4s_ 1986 F
_
N Y A Harlem g 3 Ha___ 2000 11
*
N Y A Northern 1st g 58.1923 A

D eJ n .
u ue

»

D e J ly a D e S t.
u u ,
u ep

1519

0
D
.
J
J
j
S
S

Bid
J it
99 100%
____
101 % Sale
93 100
__
_________
70
87%

5

)
>
7
J
J

4
•
1
J
J
k
a
3
J
>
5
J
)

5

J

i
1
L

1
1

1

i

fa

Rang*
Sine*

o%

Jam . 1 .

Low
High No.'Low High
98 Sept’ 19 ------1 98 102%
113 Mar'17
101% 101% 19 101 102%
100 Sept’ 1 9 ____I 97% 100
105 Oct T3 .
70

July’18

---------

J 92'*
J 80%
3 71%
9 -----3 75
S 72
3 70%
7 72%
9 72i2
R __
S
J

Week’*
Rang* or
La*t Sal*

95'*
85
78
74%
76%
77

92'* Sept’ 19
86 Aug’ 19
74 Sept’ 19

Q
2

Q
O

92% 98'*

86

88

74
80
86% 92

99% Oct ’06
69
Oct’ 19
66
75%
81 June’ 19
76
84
74% Oct’ 19
72
77%
74
74
67
77
95 Jan ’ l l
I 92
92 Aug’ 19
94
83
94% 92 Apr T9 „ . j 92
92
1 90% 91
85
91
90% JunoTyj
8U8 84
82% Sept’ 19
82
88%
99% Sept'19
99'* 108
97% 100
97% Oct T9
97 100%
85
Sale 85
85 I
82
88%
81%
81% Sept’ 19
81% 81%
96
97
97i* June’ 19
97% 100
93
90
94% July’ 19
93'g 94%
------- 103% 104 Sept’ 19
103% 105'*
95%
100 Jan T9
100 100
89% 791* Jan T9
78
79'* 79%
99%
100
Oct’ 19
99% 101%
61% 54
53
53
51% 57
73% 77% 77
77
72% 79
95% 100
95'* Sept’ 19
95'* 95%
100%
131%
101%
% ion*
75
80
73 Aug’ 19
73
80%
Sale 91
91
91
91
95%
____
86% July’ 19
85% 87%
64% 66
65%
65%
62
73
95 Feb ’05
____
94'* 8ept’ 19, ___ 94'* 95
81%
97% May’ 16
100 101 101% July’ 19
101% 101%
96% 98
96% Oct’ 19
96% 96%
86% 91% 88 Aug’ 19:
88
93
67
70
70 Oct T9
70
70
- ___
77 Mar’ 10
75 Nov’ 10
__
1 91% June’ 17
101
July’ 19
102 101
94 108%'
Apr T9
971* 99%
70
77 I
Sept’ 19
74
80
42% 431*:
42%
41% 49
43%
Sept’ 19
44
49
43
45 | 60'* Feb T5
70
76%
Sept’ 19
75% 80
43% Sale
43%
42
48'*
83% 87
83%
85%
81% 89
92% 96%' 96% July’ 19
96% 97%
_ _ 92 Jan T7
88
92% 94% 92%
92%
92
94'*
80
95
95 Dee T6

10
1

64'*
36%
22%
42
40
29%
....

Sale 64%
37% 36
20%
44
42%
44
44
30
29%
30
27

66
36%
Aug’ 19
42%
Aug’ 19
Oct T9
July’ 19

62
29
20%
40'*
41
29
25

69
38
30
4S%
46%
34
27

63
40'*
67%
52
., ...

55
50
69
55
74
40

Oct’ 19
July’19
Apr T9
Aug’ 19
Deo T6
July’ 19

53
40%
70
50%

53
50
71%
58

50

50

83%
92'*
89
58%
98%
__
71

Sale
93%
89%
Sale
100

80%
91%
94i8
__
78
____
74%
90%
101%
95%

72
84%
92%
95
Sale
Sale
98%
68
85
85

53
40%
70
55%
51
50

83%
83 *2
92'* Oct T9
91
92
58%
59%
99%
99%
68 Oct T8
,82 Apr T7
t30 Feb T3
68 June’ 19
80% Aug’ 19
89 May’ 19
,94
96'*
t02 July’ 14
74%
78
80% Oct T7
74%
75
92 July’ 19

102

102

96 Sept’ 19
68 July’ 19
84
84
82 Apr’ 19
78'* Oct T9
98% 99 Oct T9
04%
50
50 Mar T9
4S% 35 Aug T6
96% Feb ’ 43
21 Aug T8
70
Sale 67%
70
95% Sale 95'*
95%
56
Sale 53%
56

84
____
78
97
100
40
35

N
A

N
N
A
A
A
A
D
J
J
J
J

O
D

D

S

A
N
O

0

95% Sale 95%
72% 72'* 72
82% Sale 82%

96%
73
82%

72
Sale 71%
72
71 Oct T9
84
80% 80% 83%
79 N ov’ 18
65
66
64
64%
61
70'* 60 Sept’ 19
63% 70
63% Oct T9
75 Mar’ 17
46 ______
83% . . . 82 Aug’ 19
95% Nov’ 16
88% . . .
5 2% ...........
72 ____ 49 Nov’ 16
91
74 ____ 80 May’ 19
89% Feb T6
71 ____ 89 May’ 17
93% —
W Aug’ 19
S%

D o O *O tio sa .
u ct.
p n lo

81%
90%
84%
56%
98

68

S7%
94%
92
631*
100

68

80% 82
89
89
91% 97%

10 73

82%

69%
92
100%
95

77'*
92
105%
98%

83
86%
73%
98%

91
87
81%
100

68

50

68

59

70
971*
62'*
95 100'*
68'* 78%
77% 86
68
73
68% 71
78
86
62
68
59
<7
5
60% 70
82

82

80

80

97% 98%

1520

[V o l . 109.

New York Bond Record— Continued— Page 3
BONDS

Y. STOCK EXCHANGE
Week nailing Oct. 17

Sr

IS

N T Cent * H R RR (Con)—
N Y i P a lat cons gu g 43.1993
Pine Creek reg guar 6a___ 1932
R W 4 O con lat ext 5S..A1922
Rutland lat con g 4 4a__ 1941
Og < L Cham lat gu 4a g. 1948
fc
Iiut-Canada lat gu g 4a. 1949
St Lawr & Adir lat g 5s__ 1996
2d gold 6a............... ...1996
Utica * Blk Rlv gu g 4a..1922
Lake 3horo gold 3 > a____ 1997
4
Registered___________ 1997
Debenture gold 4 s ..___1928
25-year gold 4s_______ 1931
Registered_________ 1931iM
Ka A 4 G R 1st gu o 5s__ 1938 J
Mahon C’l RR 1st 6s___ 1934
Pitts 4 L Erie 2d g 5s_..al928
Pitts McK 4 Y 1st gu 6a..1932
2d guaranteed 6s_____ 1934
Michigan Central 5s____ 1931
Registered___________ 1931
4s
.1940
J Registered_________ 1940
J L 4 S 1st gold 3MS...1951
1st gold 3Ms...... ........... 1952
20-year debenture 4a..1929
N Y Chi 4 St L lat g 4s ..1937
Registered___________ 1937
Debenture 4s_________1931
West Shore 1st 4s guar__ 2361
Registered___________ 2361
N Y C Lines eq tr 5s. . 1919-22
Equip trust 4 Hs_.1919-1925
n t Connect 1st gu 4 V 8 A. .1953
<
K 1 N H 4 Hartford—
Non-conv deben 4s_____ 1947
Non-conv deben 3 Ms___ 1947
Non-conv deben 3Ms-----1954
Non-conv deben 4a_____ 1955
Non-conv deben 4s__...1956
Oonv debenture 3M3____ 1956
Conv debenture 6s______ 1948
Cons Ry non-conv 4s___ 1930
Non-conv deben 4s___ 1954
Non-conv deben 4s___ 1955
Non-conv debeD 4s___ 1955
Non-conv deben 4a____1956
Harlem R-Pt Ches 1st 48.1954 M
B 4 N Y Air Line lat 4s..1955 F
Cent New Eng lat gu 4s..1961
Hartford St Ry 1st 4s___ 1930
Housatontc R cons g 6 s ..1937
Naugatuck RR lat 4s___ 1954
N Y Prov 4 Boston 4s__ 1912
N YW’ches4B lat sor I 4Ms’48
Boston Terminal 1st 4s__ 1939
New England cons 5s___ 1945
Consol 4s___________ 1915
Providence Secur deb 4s.. 1957
Prov 4 Springfield 1st 5a. 1922
Providence Term 1st 4s__ 1950
W 4 Con East let 4MS---1943
N Y O 4 W ref lat g 4s___ 01992
Registered *5.000 only..01992
General 4a_____________ 1955
Norfolk Sou 1st 4 ref A 5S..1961
Norf 4 Sou 1st gold 5s_____ 1941
Norf 4 West gen gold 6 s___ 1931
Improvement 4 ext g 6s .. 1934
New River lat gold 6 s___ 1932
N 4 W Ry lat cons g 4a..1996
Registered___________ 1996
Div’l 1st Hen 4 gen g 48.1944
10-25-year conv 4a____ 1932
10-20-year conv 4a____ 1932
10-25-year conv 4 Ms_ 1938
_
10-year conv 6 a (w 1)_1929
Pocah C 4 C Joint 4s__ 1941
C O 4 T 1st guar gold 5s. 1922
Sclo V 4 N E 1st gu g 4a..1989
Northern Pacific prior lien rail­
way 4 land grant g 4s___ 1997
Registered___________ 1997
General Hen gold 3s____ o2047
Registered__________ a2047
Ref 4 Imp 4 Ms aer A____ 2047
Bt Paul-Duluth Dlv g 4a..1996
Bt P 4 N P gen gold 6a...1923
Registered certificates..1923
Bt Paul 4 Duluth lat 5a..1931
1st consol gold 48_____ 1968
Wash Cent lat gold 4a----- 1948
Nor Pao Term Co 1st g 6 s..1933
Oregon-Wash 1st 4 ref 4a__ 1961
Pacific Coast Co 1st g 5s__ 1946
Paducah 4 Ills 1st s f 4HS..1955
Pennsylvania RR 1st g 4s.. 1923
........1919
_

1943

Consol gold 4s____ ........ 1948
Consol 4Ms______ ____ 1960
General 4 Ms______ ........1965
General 5s________ ........196S
A ll e g V a l g e n g u a r g 4 s ___ 1 9 4 2
D R R R 4 B 'g e 1 s t g u 4 s g 1 9 3 6
P h ll a B a l t 4 W 1 s t g 4 s . _ 1 9 4 3
B od u s B a y 4 S o u 1st g 5 s . 1924
S u n b u r y * L e w is 1 s t g 4 8 .1 9 3 6
U N J R R 4 C a n g e n 4 s . .1 9 4 4
P e n n s y lv a n ia C o —
G u a r 1 s t g o l d 4 4 s _______ 1 921
R e g i s t e r e d ________________ 1921
G u a r 3 ) 4 8 c o ll t r u s t r e g A . 1 9 3 7
G u a r 3 H a c o ll t r u s t a er B . 1 9 4 1
G u a r 3 M * tru st c tfs C . . . 1 9 4 2
G u a r 3 M s t r u s t c t f s D ___ 1 9 4 4
G u a r 1 5 -2 5 -y e a r g o ld 4 a . . 1931
4 0 -y e a r g u a r 4s c tfs S or E .1 9 5 2
C I n L e b 4 N o r g u 4 s g ___ 1 9 4 2
O i 4 M a r 1st gu g 4 H S ---1 9 3 5
O I 4 P g e n g u 4 H 8 aer A . 1 942
S e r ie s B ...................................1 9 4 2
In t re d u c e d t o 3 H I s .. 1942

Price
Friday
Oct. 17
bid
77
1031*
98
75
59

95
71
70
88
861*

914
924
814
714
724
76
804
75
74
724
994
814

73
72'j
Sale
Sale
87

W eek ’ s
M ange o r
L a s t S al*

Low
High
78% Apr T9
113 May‘ 15
90s July’ 19
754 Sept’ 19
60 Aug T9
67 Feb-T9
101 Nov’16
103 Nov’ 16
96 Aug T9
69% Sopt’ 19
73% Nov’ 19
884
874
85
864
93 % Nov'17

1014 Deo T5
103 MayT7
130% Jan ’09
1234 Mar'12
994 Aug T7
984 Nov’ lS
81
814 81
87 Feb T4
90 June’0.3
714 744 Aug T9
794 81 Oct '1 9
80%
82
804
85 Nov’ 17
74
71
75
75
76
Sale 724
724
994 Feb T9
98% July’ 17
82 Oct T9
82

99
67
60
67

95% 96
634 74
844 90
82% 89

St Louis

78%
814
7S%
994

73

49

67% 65% Sept'19
924 June’ 12
604 ____ 6 Oct T9
61%
61% Sale 60
83 847* 87 Sept’ 19
105 1074 1094 June’ 19
101 ____ 122 Nov’ lfl
1054____ 1064 Aug T9
81%
80 Sale 80
79
------ 764 79
81
s30% gSat 89-%
75 80
844 Feb T9
1174 May’ 19
100 Aug T9
1064 Sale 100% 107
84
82% 85 81
93 ____ 97 Aug T9
76 Sept’19
76 81
03

80 Sale 794
804
76%
76% Oct T9
59
53 Sale 58
574 574 May'19
'8 5 " 86 86
86
76 86 76 May’ 19
1004 102 100% Oct T9
100
100% May’ 19
954
97 Feb T9
70 794 78 Dec '18
60
374 Deo T 6
1064
1064 Oct '19
73% '75' 75%
75%
85 314 Sept’ 19
93 100% Feb 17
95% Apr T9
99% Apr T9
994 Feb T9
83 95 87% June’ 19
85%
854 85% 85%
92%
93%
92% 93
854
85% Sill 84%
91 Salo 934
94
82
874 Aug T9
85%
844 Sept’16
82
874 Jan T9
102 Jan ’93

j"
A
J
J
J
A
J
__ I'Jl t J

i
o
J

uiauq L iHiKiU
fji
3an Fran (roorg Co)—

86%

___
: 49 Oct T9
70
7341
73% Dec T 8
70 ____j 794 Deo T7
59
------ 58 59

70 Sept’ 17
40 June'19
99% Deo T3
88% Feb 14

D
N
A
O
F
N

70% 744
79 85
734 84
71
70
70%
994

58

50%
62%

42% 51
40

40

65

70

60%
63
87
108

62
894
89
1094

1084
77
79
744
84

1034
864
79
82
814

100 1044
103 1104
82% 88
97 97
76 81
76 86
764 82
56 617*
574 574
82% 90
76 76
100% 1044
100% 100%
97 934
1064 107%
09-4 79%
844 88
95%
99%
994
87%
82
92
81
89%
86%

95%
99%
9914
88

894
964
89%
974
874

874 *874

B id
J
M
F
A
Q
M

99%
77%
61%
67

514
51
52
56%
594
494 52
75% 88

67 ____
35 40
80 ____
67%____

F r id a v

Oct.

P. C. C. A St. L (Con.)—

55% Aug T9
504 July’ 19
50 Aug T9
------ 50
55
55
524 55
55 Sept’ l J
____52%
50 Sept’ 19
48 51
77
7 6 4 S a to 761*
50 Oct T7
51 ____ 914 Jan '12
60 July'18

80 ____ T064 May’ 15
6 5 ____! 87 July’ 14
8 0 4 ____I 83 Aug '13
45% Sale 45%
464

Price

BONDS

N Y STOCK EXCHANGE
Week ending Oct. 17

2a g 4s Income bond ctfs.pl989
Consol gold 4s.................1932
1st terminal & unifying 5a. 1952

A d ju s t m e n t 5 s .......................0 1 9 4 9
R e fu n d in g 4 s . . ................ . . 1 9 5 9
A t l B lr m 3 0 - y r 1 s t g 4 s __e l9 3 3
C a r o C e n t 1 s t o o n g 4 s ___ 191 9
F la C e n t A P e n 1 s t e x t 6 8 .1 9 2 3
1 st la n d g r a n t e x t g 5 s . .1 9 3 0
C o n s o l g o l d 5 s ___________ 194 3
G a A A la R y l a t c o n 5 a . .0 1 9 1 5
G a C a r A N o la t g u g 5 3 .-1 9 2 9
S ea b oa rd A R o a n 1st 5 s . - l r "
S o u t h e r n P a c if i c C o ­
G o ld 4s (C e n t P a c c o l l ) . -* 1 9 4 9
R e g i s t e r e d ___________ . . . * 1 9 4 9
2 0 -y e a r c o n v 4 s . . _____
01929
2 0 -y e a r c o n v 5 s ______________ 1934
C e n t P a c 1 s t r e f g u g 4 s . .1 9 4 9
R e g i s t e r e d ...............................1 9 4 9
M o r t gu a r g o ld 3 M s . . *1929
T h r o u g h S t L 1 s t g u 4 8 .1 9 5 4
o n A S A M A P 1st 531931
2 d e x t e n 5 s g u a r _________ 1931
G il a V O A N 1st g u g 5 s . . 1 9 2 4
H ou a E A W T 1st g 5 s . - .1 9 3 3
1 s t g u a r 5s r e d ___________ 193 3
H A T C 1st g 5s ln t g u . . _ 1 9 3 7
G e n g o l d 4 s ln t g u a r _____ 1 921
W a c o A N W d lv 1st g 6s ’ 30
A A N W l s t g u g S s - ............194 1
L o u is ia n a W e s t 1 s t 6 s _____1921
M o r g a n ’ s L a A T 1st 6 s . . 1 9 2 0
N o o f C a l g u a r g 5 a ________1 9 3 8
O re A C a l 1st g u a r g 5 s . . .1 9 2 7
8 o P a c o f C a l— G u g 5 s . . .1 9 3 7
S o P a c C o a s t 1 s t g u 4s g . , 1 9 3 7
S an F ra n T e r m l 1st 4 s . ..1 9 5 0
T e x A N O c o n g o ld 5 s . . .1 9 4 3
S o P a c R R 1 s t r e f 4 a ............1 9 5 5
S o u t h e r n — 1 s t c o n s g 5 s _____ 199 4
R e g i s t e r e d _________________1 9 9 4
D e v e l o p A g e n 4 s S e r A ___ 1 9 5 6
M o b A O h io c o l l t r g 4 s ___ 1 9 3 *
M e m D l v 1 s t g 4 M s - 5 s ___ 1 9 9 6
B t L o u is d l v 1 s t g 4 s ______ 1951
A l a O t S o u 1 s t e o n s A 5 s . .1 9 4 3
A t l A C h a r i A L 1 s t A 4 M s 194 4
1 s t 3 0 - y e a r 5a S o r B . . . . 1 9 4 4
A t l A D a n v 1 s t g 4 s ___ . . . 1 9 4 8
2 d 4 s .........................................1 9 4 8
A t l A Y a d 1 s t g g u a r 4 a . .1 9 4 9
E T V a A G a D lv g 5 S ...1 9 3 0
C o n s 1st g o l d 5 s __________1 9 5 6
E T o n n r e o r g H en g 5 a _____1 9 3 8

J
J
o
}
J

J
J
J
J
A
o
O ct
J
J
s
J
J
J
o
A
IY N
I
o
A
0
A
M N
J
J
I)
J
J
J
D
J
J
J
A O
A O
F
A
A 0
M 8
J
j
i
J
J
J
j
J
i
J
J
J
j
J
o
D
S
D
A
A
D
j
A O
M N
J
J
IV N
I
fd N
M N
J
J
A O
M N
J
J
i
J
1
J
O
A
J
J
M N
i
J
A O
J
J
J
J
J
J
J
J
A c
s
M
J
J
J
J
D
J
J
J
J
i
J
J
J
J
J
J
M
J
F
F

A o

J
M
S
o
J
J
Knoxv A Ohio 1st g 6 s__ 1925
J
Mob A BIr prior Hen g 58.1945
J
Mortgage gold 4 s ..___ 1945
o
N
N
B
Virginia Mid Ser D 4"-5s"
H
M
8
M N
Va A So’ w’n 1st gu 5 s ..2003 J J
1st eons 50-year 5 s ..1958 A O
W O A W 1st oy gu 43 ___ 1924 F A
Spokane Internat 1st g 5s..1955 J J
A
Term Assn of St L lat g 4 Ms. 1939 " O
F
1st cons gold 53 ........1894-1944 F A
J
Gen refund s f g 4s______ 1953 J J
St L M Bridge Ter gu g 68.1930 A O
Texas A Pao 1st gold 5a___ 2000 J u
2 nd gold IncomoSs__ . .. 4 2 0 0 0 M a r
J
La Dlv B L 1st g 5s..........1931 • J
»
W Mtn W A N W 1st gu 6sl930 F A
P
al
J
Tol A Ohio Cent 1st gu 5s..1935 J J
A
Western Dlv 1st g 5s__ ..1935 A O
General gold 5s__________1935 J D
A O
J
J
J
J
J
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68
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59
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101
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90% A u g T 9 ____
91
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95
101
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100
87
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11 83
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88
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99 Jan T 8
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78
82
78 A u g T 9
81
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100% 103%
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93
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72
61
44
S e p t ’ 19
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M a y '16
M a y '17
101%
67%
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63
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91
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Series C 3 Ms_________ 1948
Sale 85
48 82% S9%
88
' 86%
J
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S e r ie s D 3 M * ____________ 1 9 5 0
884 Feb T7
84% 85% O ct '1 8
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79% Oct T9
79% 79%
89%
102 82
80% Sale 86%
88
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76
79% 79%
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19 70% 83%
80
80%
M 6
G r R 4 I e x 1st g u g 4 H a .1941
80
87 June’ 19
87 87
100
103
8 102
J J 102% Sale 102%
85%
O h i o C o n n e c t 1 s t g u 4 s ___ 1 9 4 3
10 -year perm secured 6 i
834 Apr T9
834 834
80% 80 O ct TC . . . .
76% .86
79
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98%
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1st consol g 5 s ..__ ____1946 J J 94% 96
924 92 Deo T7
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9 80% 88
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8 e r le s C 4 s ............................. 1 9 4 2
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93
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S c p t ’ l! ___
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S e r ie s B g u a r ____________ 1 9 4 2
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1 8

New York Bond Record— Concluded— Page 4

1 9 1 9 .

P r ie s
F rid a *
O c t. 17

BONDS
H . T . STOCK. E X C H A N G E
W e e k e n d in g O c t . 17

V ir g in ia n 1 s t 5a s e r ie s A _____1 9 6 2
W a b a s h 1st g o l d 5 a ___________ 1 9 3 9
3 d g o l d 5 a ....................................1 9 3 9
D e b e n t u r e s e r ie s B ________ 1 9 3 9
1 s t H en e q u ip a Id g 5 s _____ 1 9 2 1
1 s t lio n 5 0 - y r g t e r m 4 s ___ 1 9 5 4
D e t £ C h E x t 1 s t g 5 a _____19 4 1
D ea M o in e s D lv 1st g 4 s _ _ 1 9 3 9
O m D l v 1 s t g 3 M b ..................1 9 4 1
T o l A C h D l v 1 s t g 4 s _____1941
W a s h T e r m l 1 s t g u 3 H s _____1 9 4 5
1 s t 4 0 y r g u a r 4 a ___________ 1 9 4 5
W e s t M a r y l a n d 1 s t g 4 s --------1 9 5 2
W e s t N Y A P a 1 s t g 5 s --------1 9 3 7
G e n g o l d 4 a _________________ 1 9 4 3
I n c o m e 5 a __________________ P 1 9 4 3
W e s t e r n P a o lB t Ber A 5 a — 1 9 4 6
W h e e l in g A L E 1 s t g 5 a _____1 9 2 6
W h e e l D l v 1 s t g o l d 5 a _____1 9 2 8
E x t o n A I m p t g o l d 5 s _____1 9 3 0
R e f u n d in g 4 .H s a e r ie s A __ 1 9 6 6
H R 1 s t c o n s o l 4 a __________. - 1 9 4 9
W ln a to n -S a le m 8 B la t 4 a . - I 9 6 0
W la C e n t 5 0 - y r l a t g e n 4 a ___ 1 9 4 9
S u p A D u l d l v A t e r m l a t 4a '3 6
S t r e e t R a ilw a y
B r o o k ly n R a p id T r a n g 6 s . . 194 5
l a t r e f u n d c o n v g o l d 4 a ___ 2 0 0 2
8 -y r 7 % s e cu re d n o t e s ..5 1 9 2 1
C e r t if i c a t e s o f d e p o s i t . .
C e r tific a te s o f d e p o s it s t m p ’ d
B k C it y 1st c o n s o s . .1 9 1 0 -1 9 4 1
B k Q C o A 8 c o n g u g 5 a . .1 9 4 1
B k l y n Q C o A 8 l a t 5 a _____19 4 1
B k ly n U n E l 1st g 4 -6 a ._ .1 9 5 0
S t a m p e d g u a r 4 - 6 a .............1 9 5 0
K in g s C o u n t y E l a t g 4 a . . 1 9 4 9
S t a m p e d g u a r 4 a ________1 9 4 9
N a s s a u E le o g u a r g o l d 4 a . 1 9 5 1
C h i c a g o R y s 1 s t 5 s ............. . . 1 9 2 7
O >nn R y A L 1 s t A r e f g 4 H a l9 5 1
S t a m p e d g u a r 4 H a _______ 1 9 5 1
D e t U n ite d 1st con a g 4 H 8 ..1 9 3 2
F t S m it h L t A T r 1 s t g 5 a . . . 19 3 6
H u d A M a n h a t 5 s s o r A _____19 5 7
A d j u s t I n c o m e 5a __________19 5 7
N Y A J e r s e y 1 s t 6 s _______ 1 9 3 2
I n t e r b o r o - M e t r o p c o l l 4 H a - 19 5 6
C e r t if i c a t e s o f d e p o s i t _________
I n te r b o r o R a p T r a n le t 6 s . .1 9 6 6
M a n h a t R y (N Y ) c o n s g 4 a . 1990
S t a m p e d t a x - e x e m p t ______ 1 9 9 0
M a n i l a E le o R y A L t h f 5 a . . 1 9 5 3
M o t r o p o llt a u S tre e t R y —
B w a y A 7 th A v la t o g 5 8 .1 9 4 3
C o l A 9 th A v la t g u g 5 a ..1 9 9 3
L e x A v A P F la t gu g 5 a . . 1993
M e t W S E l (C h ic ) 1st g 4 a . . 1938
M ll w E le o R y A L t c o n s g 5 s 1 9 2 6
R e f u n d i n g A e x t e n 4 H a . .1 9 3 1
M o n t r e a l T r a m l a t A r e f 5 8 .1 9 4 1
N e w O rl R y A L t g en 4 H B ..1 9 3 5
N Y M u n lc lp R y 1st s f 5s A 1906
N Y R y s 1st R E A ret 4 a ...1 9 4 2
C e r t if i c a t e s o f d e p o s i t . .
3 0 - y e a r a d j In c 5 s ------------- a l 9 4 2
C e r t if i c a t e s o f d e p o s i t _ _
N Y S ta te R y s 1st c o n s 4 U s 1962
P o r t l a n d R y 1 s t A r e f 5 s ------- 1 9 3 0
P o r t l d R y L t A P 1 s t r e f 5 8 .1 9 4 2
P o r t la n d G e n E l e c 1 s t 5 a . 1 9 3 5
Bt J o s R y L H A P 1 s t g 5 8 . . 1 9 3 7
B t P a u l C it y C a b co n a g 5 s . .1 9 3 7
T h ir d A v e 1 s t r e f 4 s ___________ 1 9 6 0
A d j I n c o m e 5 s _____________ a 1 9 6 0
T h ir d A v e R y 1 s t g 5 s ________1 9 3 7
T r i-C lt y R y A L t 1st s f 5 8 ..1 9 2 3
U n d c r g r o f L o n d o n 4 H b _____ 1 9 3 3
I n c o m e 6 s . ..............
1948
U n i t e d R y s l n v 5 s P it t s I 8 8 ..1 9 2 0
U n i t e d R y s S t L 1 s t g 4 s _____1 0 3 4
S t L o u is T r a n s i t g u 6 a _____ 1 9 2 4
U n ite d R R a S a n F r s f 4 a . . . 1927
U n io n T r (N Y ) c t f a d e p . .
E q u l t T r ( N Y ) in t e r c t f s _____
V a R y A P o w 1st A re f 5 a . ..1 9 3 4
G a s a n d E le c t r ic L ig h t
A t l a n t a Q L C o 1 s t g 5 s _____1 9 4 7
B k l y n U n G a s 1 s t c o n s g 5 S .1 9 4 5
O ln c l n G a s A E le o I s t A r e f 5 s 1 9 5 0
C o l u m b i a Q A E 1 s t 5 s ______ 19 2 7
C o lu m b u s G a s 1 s t g o l d 6 a . . 1 9 3 2
C o n s o l G a s c o n v d e b 6 s _____1 9 2 0
C o n s G a s E L A P o f B a l t 5 - y r 6 s ’ 21
D e t r o it C it y G a s g o ld 6 « _ ._ 1 9 2 3
D e t r o i t E d is o n l o t c o l l t r 5 a . 1 9 3 3
1 s t A r e f 5a s e r A _________ 5 1 9 4 0
E q G L N Y la t c o n s g 5 a ..1 9 3 2
G a s A E lo o B e r g C o c g 5 a _ _ 1 9 4 9
H a v a n a E le o c o n s o l g 5 a _____1 9 5 2
H u d s o n C o O a a 1 s t g 5 a _____1 9 4 9
K a n C i t y ( M o ) G a s l a t g 5 a . 19 2 2
K in g s C o E l L A P g 6s ............ 1 9 3 7
P u r c h a s e m o n e y 6 s ________ 1997
C o n v e r t i b l e d e b 6 s ________ 1 9 2 5
E d E l 111 B k n 1 s t c o n g 4 s . 19 3 9
L a o G a s L o f S t L R c f A e x t 6 s '3 4
M il w a u k e e G a s L l a t 4 s _____19 2 7
N e w a r k C o n G a s g 6s ________ 1 0 4 8
R Y G H L H A P g 6 s ............ 1 9 4 8
P u r c b a a o m o n e y g 4 a _______1 9 4 9
E d E le o III 1 s t c o n a g 5 a . . 1 9 9 5
N Y A Q E l L A P l a t c o n g 6a . 1 9 3 0
P a c ific G A E l C o — C a l Q A E —
C o r p u n if y in g A r e f 5 s _____1 9 3 7
P a c ific G A E g e n A re f 5 8 ..1 9 4 2
P a o P o w A L t 1st A ref 2 0 -y r
68 I n t e r n a t io n a l S e r i e s . . . 1 9 3 0
P a t A P a s s a ic O A E l 6a _____1 9 4 9
P e o p G a a A O 1 s t c o n a g 6 0 .1 9 4 3
R e f u n d i n g g o l d 6a ................ 1 9 4 7
C h G - L A C o k e 1st g u g 5s 1937
C o n G C o o f C h 1 s t g u g 5 a l9 3 0
I n d N a t G a s A O il 3 0 - y r 5 s l 9 3 6
M u F u e l G a s 1st g u g 5 8 ..1 9 4 7
P h il a d e l p h i a C o c o n v g 6 a . . 1 9 2 2
S ta n d G a s A E l c o n v s f 6 s . .1 9 2 0
S y r a c u s e L ig h t in g l a t g 5 s _ _ 1 9 5 l
S y r a c u s e L ig h t A P o w e r 6 a . . 1 9 5 4
T r e n t o n Q A E l 1 s t g 6 a _____1 9 4 9
U n io n E lc c L t A P 1st g 5 a ..1 9 3 2
R e f u n d i n g A e x t e n s io n 6 a . 1 9 3 3
U n ite d F u e l G a s 1st s f 6s . . _ 1936
U t a h P o w e r A L t 1 s t 5 a _____ 1944
U t i c a E l e c L A P 1 s t g 5 s ___ 1950
U t i c a G a s A E le o r e f 6 s _____1 0 5 7
W e s t e h e s t e r L t g g o l d 6 s . . . . 19 5 0

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B r a d e n C o p M c o l l t r a f 6 a . 1931
B u s h T e r m i n a l l a t 4 a ________1952

C h i c C & C o n n R y a a f 5 8 ___ 1 9 2 7
C h i c U n S t a t 'n l a t g u 4 H a A 1 9 6 3
C h il e C o p p e r 1 0 -y r c o n v 7 a . 19 2 3
R e c t a ( p a r t p a id ) c o n v 6 a aer A
C o l l t r & c o n v 6 a a e r A ___ 1 9 3 2
C o m p u t in g -T a b -R e c a f 6s . .1 9 4 1
G r a n b y C o n a M S * P c o n 6 s A 28
S t a m p e d _____________________ 192S
G r e a t F a il s P o w 1 s t e f 5 a ___ 1 9 4 0
I n t M e r c a n M a r i n e a f 6 a ___ 1941
M o n t a n a P o w e r l a t 5a A _____1 9 4 3
M o r r i s A C o 1 s t s f 4 H a _____1 9 3 9
M t g e B o n d s ( N Y ) 4a aer 2 . . 1 9 6 6
1 0 -2 0 -y e a r 5a s e r ie s 3 _____1 9 3 2
N Y D o c k 5 0 - y r l a t g 4 a _____1 9 5 1
N i a g a r a F a lla P o w e r l a t 5 a . .1 9 3 2
R e f A g e n 68 _______________ a 1 9 3 2
N la g L o c k A O P o w la t 5 8 ..1 9 5 4
N o r S t a t e s P o w e r 2 5 - y r 5a A 1941
O n t a r io P o w e r N F l a t 5 s _ _ 1 9 4 3
O n t a r io T r a n s m is s i o n 5 a _____1 9 4 5
P a n - A m P e t A T r l a t c o n v 6 a * 1 9 -’ 2 7
P u b 8 e r v C o r p N J g e n 5 a . .1 9 5 9
T en n essee C o p 1st c o n v 6 a ..1 9 2 5
W a s h W a te r P o w e r la t 5 s . . 1939
W i ls o n A C o l a t 2 5 - y r a f 6 a _ 1 9 4 1
1 0 -y r c o n v a f 6 3 ___________ 1 9 2 8
M a n u fa c tu r in g
& In d u a tr la l
A m A g r l c C h c m l a t c 5 s _____1 9 2 8
C o n v d e b e n 5 a ______________ 1924
A m C o t OU d e b e n t u r e 5 a . . . 1931
A m H id e A L 1 s t a f g 6 a_____1 9 1 9
A m 8 m A R 1 s t 3 0 - y r 5 s a er A '4 7
A m T o b a c c o 4 0 -y e a r g 6 a . . . 1 9 4 4
G o l d 4 a .........................................1951
A m W r i t P a p e r a f 7 - 6 s _____ 1 9 3 9
1 s t s f 5a c t f s o f d e p o s it
B a ld w L o c o W o r k a 1st 5 8 . . 1 9 4 0
C e n t F o u n d r y la t a f 6 a _____1931
C e n t L e a th e r 2 0 -y e a r g 5 s _ _ 1 9 2 5
C o n s o l T o b a c c o g 4 a __________1951
C o r n P r o d R e f ’ g a f g 5 s ------- 1931
l a t 2 5 - y e a r a f 5 a .................... 1 9 3 4
D l 8i l l S e c C o r c o n v 1 s t g 5 a . 19 2 7
E I d a P o n t P o w d e r 4 H s ___ 1 9 3 6
G e n e r a l B a k i n g l a t 2 5 - y r fla .1 9 3 6
G e n E l e c t r i c d e b g 3 H a _____ 1 9 4 2
D e b e n t u r e 6a _______________ 1 9 5 2
I n g e r a o ll - R a n d la t 5 a ________ 1 9 3 5
I n t A g r lc C o r p 1st 2 0 -y r 5 a .. 1932
I n t P a p e r c o n v a t g 6 a ______ 1 9 3 5
l a t A r e f a f c o n v 5 s aer A . 1 9 4 7
L ig g e t t A M y e r s T o b a o 7 a _ _ 19 4 4
...................................................... 1951
L o r il la r d C o ( P ) 7 s .................... 1944
5 a ...................................................... 1951
N a t E n & m A flt a m p g l a t 5 a . 1 9 2 9
N a t S t a r c h 2 0 - y e a r d e b 6b . . 1 9 3 0
N a t i o n a l T u b e la t 5 a __________1 9 4 2
N Y A ir B r a k e l a t c o n v 6 s . . 1 9 2 8
P ie r c e O il 5 - y e a r c o n v 0 a _ .ffl9 2 O
1 0 -y e a r c o n v d e b 6 a ______ D 1924
S in c la i r O U A R e f in i n g —
l a t a f 7a 1 9 2 0 w a r r a n t s a t t a c h
do
w ith o u t w a rra n ts a tta ch
S t a n d a r d M i l l i n g 1st 5 s _____ 1 9 3 0
T h e T e x a a C o c o n v d e b 6 a _ .1 0 3 1
U n io n B a g A P a p e r 1st 5 a ..1 9 3 0
S t a m p e d __ _________________ 1930
U n i o n O il C o o f C a l l a t 5 « - - 1 9 3 1
U 8 R e a l l y A I c o n v d e b g 5a 1924
U S R u b b e r 5 -y e a r s e c 7 s . ..1 9 2 3
l a t A r e f 6a a eries A ________ 1 9 4 7
U S S m e lt R e f A M c o n v fia .1 9 2 P
V a - C a r o C b e m l a t 1 5 -y r 5 a . 1923
C o n v d e b 6 a _______________ e l9 2 4
W e s t E l e c t r i c l a t 5 s D e c _____ 1 9 2 2
C o a l, I r o n & S te e l
B e t h S t e e l 1 s t e x t s f 5 a _______1 9 2 6
l a t A r e f 6s g u a r A __________1 9 4 2
2 0 - y r p m A I m p s f 5 s ___ 1 9 3 6
B u f f A S u a q I r o n a f 6s ______ 1 9 3 2
D e b e n t u r e 5 a ______________a l 9 2 6
C a b a b a C M C o l a t g u 6 a _ .1 9 2 2
C o l o F A I C o g e n s f 5 s _____ 1 9 4 3
C o l I n d u s 1 s t A c o l l 5a g u _ _ 1 9 3 4
C o n s C o a l o f M d I s t A r e f 6 8 .1 9 5 0
E l k H o r n C o a l c o n v 6s _______1 9 2 5
I lli n o is S t e e l d e b 4 H b ________ 1 9 4 0
I n d i a n a S t e e l l a t 5 s ___________ 1 9 5 2
J e f f A C le a r C A I 2 d 5 a ____ 1 9 2 0
L a c k a w a n n a S te e l la t g 5 s . . 1 9 2 3
1 s t c o n s 6 a a e rie s A ________ 1 9 5 0
M i d v a l e S t e e l A O c o n v a f 5 s l9 3 0
P le a s a n t V a l C o a l l a t b f 6 e _ _ 1 9 2 8
P o e a h C o n C o ll ie r 1st a f 5 S .1 9 5 7
R e p u b I A S 1 0 -3 0 -y r 5 s a f . 1 9 4 0
S t L R o c k M t A P 5a a t m p d .1 9 5 5
T e n n C o a l 1 A R l t g en 5 a . . 1951
U 8 S teel C o r p — J c o u p _ _ _ d l9 6 3
a f 1 0 -6 0 -y e a r S s i r e g _____(11963
U t a h F u e l l a t a t 6a .................... 1 9 3 1
V i c t o r F u e l l a t a f 5 a ..................1 9 5 3
V a I r o n C o a l A C o k e l a t g 6a 1 9 4 9

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T e le g r a p h & T e le p h o n e
A m T e le p A T e l c o ll tr 4 a . . . 1929
C o n v e r t i b l e 4 a ......... ................1 9 3 6
2 0 - y r c o n v e r t i b l e 4 H a _____ 1 9 3 3
3 0 - y r t e m p c o l l t r 5 a ............ 1 9 4 6
7 - y e a r c o n v e r t i b l e O s_______ 1 9 2 5
C e n t D la t T e l l a t 3 0 - y r 5 a . . 1 9 4 3
C o m m e r c ia l C a b l e 1 s t g 4 a . . 2 3 9 7
R e g i s t e r e d ............................. . . 2 3 9 7
C u m b T A T la t A g e n 6 s . ..1 9 3 7
K e y s t o n e T e le p h o n e 1st 6 a . .1 9 3 5
M i c h S t a t e T e l e p h l a t 6 fl_ _ _ 1 9 2 4
N Y A N J T e l e p h o n e 5a g _ _ 1 9 2 0
N Y T e le p la t A g e n a f 4 H a . 193 9
3 0 - y r d e b e n a f 6s . . . F e b 1 9 4 9
P a c i f i c T e l A T e l l a t 5 s ............ 1 9 3 7
S o u t h B e ll T e l A T 1 s t a f 6 8 .1 9 4 1
W e s t U n i o n c o l l t r c u r 6 s ___ 1 9 3 8
F u n d A r e a l ea t g 4 H a _____1 9 5 0
M u t U n T e l g u e x t 5 a _____1 9 4 1
N o rth w est T e l gu 4 H a g .,1 9 3 4

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N . Y . STOCK EXCH AN G E
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Due Nov. # Due Deo. * Option sale

BOSTON STOCK EXCHANGE-Stock Record S.B r s-9
e N P.
°

1522

S H A R E P R IC E S — N O T P E R C E N T U M P R IC E S .
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S a le sfo r
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W eek .
S h a res.

R a n g e S in c e J a n . 1 .

STOCKS
BOSTON STOCK
EXCHANGE

H ig h e st.

R a ilr o a d s
6 6 ; B o s t o n A A l b a n y ................... 1 0 0
105
E l e v a t e d ______ _____ 1 0 0
Do
p r e ........................ _____ 100
4 0 B o s t o n A L o w e l l .......................100
2 2 0 B o s t o n A M a i n e .......................100
52
Do
p r e f . ................................. 100
2 B o s t o n A P r o v i d e n c e _______ 10 0
B o sto n S u b u rb a n E l e c ..n o par
Do
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B o s t A W o r e E le c p r o n o p a r
9 C h ic J u n e R y A V S Y _____ 1 0 0
14
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p r e f ................................... 1 0 0
C o n c o r d A M o n t c la s s 4 . . 1 0 0
16 C o n n e c t i c u t R i v e r .................... 1 0 0
5 0 F i t c h b u r g p r e f .................
100
G e o r g i a R y A E l e c s t a m p d .1 0 0
Do
p r e f ....................................1 0 0
10 M a i n e C e n t r a l _______________ 100
503 N Y N H A H a r t fo r d .. - .1 0 0
N o r t h e r n N e w H a m p s h i r e . 10 0
N o r w ic h A W o r c e s te r p r e f. 100
7 2 O ld C o l o n y ________• _________ 1 0 0
R u t l a n d p r e f ...............................1 0 0
V erm on t A M a s sa ch u s e tts 100
111 W e s t E n d S t r e e t ______________5 0
28
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121
S ep t2 2
6312 S e p t 2 0
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28
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130
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5 0 c A p r28
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18 J u n e l3
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3812 S e p t 2 4
47
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145 A p r
8 OI4 A p r 5
97
Jan28
95
Jan
3 8 i 2 J u ly 2 9
50
Jan27
168
Jan 6
6 0 c J u ly 3
11
J a n l4
F eb 7
30
Jan 4
135
9 0 J u n e lO
Jan 6
77
Apr 9
115
Jan 2
58
...
110 Ju n e24
7 8 i 2 J u ly 2 9
83
Jan 6
40*4 J u ly 2 9
9 9 i2 A u g 6
101
A p r l5
105
Jan 3
23 M ay27
100
J a n lS
50
Apr 3
5 8 J u n e l3

M is c e lla n e o u s
5 5 A m e r P n e u m a t ic S e r v i c e __ 2 5
55c Jan 2
Do
p r e f ................................. 5 0
2 i2 A p r 8
2 ,9 4 2 A m e r T e l e p A T c l e g ........... - 1 0 0
97
A u g l4
3 4 6 A m q s k e a g M a n u f a c t u r i n g _____
79
F e b l5
243
Do
p r e f _______________________
78<2 J a n 6
47 5 A n g lo -A m C o m m l C o r p .n o par
1812 S s p t l l
A r t M e t a l C o n s t r u e I n c ___ 10
1 7 l2 J a n 2 1
1 ,7 2 3
B I g h o a r t P r o d A R e f g _____ 10
1 0 J u n e lO
1 .8 0 1 C e n t u r y S te e l o f A m e r I n c . 10
7 i2 A u g 2 2
1 ,0 8 0 C u b a n P o r t la n d C e m e n t . . 10
10
M ar26
_
E a s t B o s t o n L a n d ______ __ 10
412 J a n 4
6 0 0 E a s t e r n S S L in e s I n c ______ 2 5
6
Jan22
20
Do
p r e f ....................................100
39
A p r il
228 E d is o n E l e c t r i c I l i u m ______ 100 j l 4 2
O c tl5
1 ,0 3 0 F a ir b a n k s C o m p a n y ________2 5
5212 J a n 2 1
170 G o r t o n - P e w F is h e r ie s ______ 5 0
28
A p r il
1 2 ,4 7 6 G r a y A D a v i s l a c .......................2 5
ft37
S e p tll
I n t e r n a t B u t t o n h o l e S M . . 10
312 A u g 2 9
2 5 6 I n t e r n a l P o r t l a n d C e m e n t . 10
414 M a r 2 6
100
Do
p r e f . . .............. .............
50 18
Jan 4
7 ,4 0 8 I n t e r n a t P r o d u c t s ______ n o p a r
19
M ar20
2 ,2 0 7 I s la n d O il A T r a n s C o r p . . 10
6
Jan 2
2 4 0 L o e w ’ s T h e a t r e s .........................10
85* F e b lO
16
M c E lw a ln (W H ) 1st p r e f . 100
90
J a n l7
325
M a s sa ch u s e tts G a s C o s . . . 100
6912 S e p t 8
48
Do
p r e f ______ _____________ 1 0 0
62
S ept 8
M e r g e n t h a l e r L i n o t y p e ___ 1 0 0
130
F e b lO
2 ,4 4 3 M e x i c a n I n v e s t m e n t I n c . . 10
4 9 i2 S ep t2 6
Do
p r e f .................................
10
30
J u ly 1
1 2 ,1 2 5
M u ll in s B o d y C o r p ___ n o p a r
321* S c p t 3 0
2 9 0 N e w E n g la n d T e l e p h o n e .. 100
83
S ep t2 6
2 7 8 P a c if i c M i l l s ........................................
F eb24
145
1 3 ,5 7 4 P a r is h A B in g h a m C o r p . n o p a r
A ug21
34
2 P la n t ( T h o s G> p r e f ............... 10 0
Jan 6
93
________ R e e c e B u t t o n - H o l e .................... 10
Jan 3
14
2 0 ,8 3 4 R o o t A V a n D e r v o o r t C la s s A
__
J u ly 1
35
5 ,4 1 3 S t e w a r t M t g C o r p o r a t i o n _____
321* J a n 2 3
1 ,3 9 9 S w llt A C o ....................................1 0 0
115
Jan30
6 0 T o r r l n g t o n ................................... 2 5
5212 J a n l 3
2 0 U n i o n C o p p e r L A M ________ 2 5
45c M ay 7
3 ,7 6 6
44
J a n l3
378
Do
p r e f ................................. 2 5
25*4 O c t 9
4 ,3 9 0 V e n t u r a C o n s o l O il F i e l d s .
5
7»4 J a n 2 1
8 9 6 W a l d o r f S y s t e m I n c ........... .. 1 0
1 6 M a y 19
170 W a l t h a m W a t c h .......................1 0 0
A ug26
28
2 ,0 8 5 W a l w o r t h M a n u f a c t u r i n g . 2 0
M ar24
17
30
F e b l4
15
Jan 2
1 s t p r e f _____________ 1 0 0
Do
37
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2 d p r e f ___ . . . ______1 0 0
Jan23
38

2
A u g l4
9 I4 * A u g l 4
1 0 8 i2 M a y 2 7
145
J u ly l2
84
M ar22
25
O ct 9
2 2 i2 M a y 5
1 3 i2 M a y l 9
1512 M a r l 7
18*4 M a y 6
67* J u n e l 9
19 i 2 J u ly 2 6
75
J u ly 2 6
Jan 2
172
O c tlO
93
38 M a y l7
.
5.2 M a y l 9
4 i 2 J u n e l2
9*4 M a y 6
28 M a y 6
55 1 2 O c t l 5
9** F e b 2 0
11
J a n l5
99
M ar26
86
Jan 9
71
J a n l3
1 49 J u n e l8
72
J u ly l7
3 3 * t J u l y 11
43*4 O c t l 7
96
M a r l6
IR S
J u l y 17
47*4 O e t l 7
99
M ar29
16 M a y l 5
58*4 O c t 16
58
O ct 7
150 M a y 5
7 U 2 S ep t3 0
21* J u n e 2
55 M a y 6
31
Jan25
1934 O c t 8
2 H 2 J u ly 10
3 8 J u n e lO
25
J u ly 2 4
83
J u ly l4
7 2 i2 M a y 2
80
J u ly lO

R a n g e f o r P r e v io u s
Y ear 1918.
L o w e s t.

122«2 A p r
37
Jan
9U 2 D ec
80
Jan
19
Jan
27
F eb
150
Apr
50
D ee
10*4 M a r
25
J u ly
138
J u ly
82*2 A p r
73
N ov
104
F eb
53
Jan
106
S ept
70
O ct
77*2 J u n e
27
F eb
84
O ct
95
Jan
188*2 J u n e
20
Jan
80
Aug
37
Feb
47
Jan

40
4
901*4
60*2
76
11

J u ly
S ept
Aug
Jan
Jan
F eb

H ig h e st.

N ov
14 6
N ov
80
N ov
98
N ov
104
Sept
40
N ov
60
Aug
170
3 June
15 J u n e
30*4 N o v
Apr
147
851 2 D e c
Feb
80
N ov
125
Jan
65
116*4 J a n
F eb
81
N ov
88
M ay
46
N ov
95
1 0 0 '* N o v
11212 D e o
Jan
25
O ct
90
J u ly
50
Apr
62

2*2 M a r
155* M a r
1091* O c t
N ov
92
82 J u n e
z l9

D ec

4
Jan
6 N ov
39
O ct
134 J u n e
27*2 J u n e
27
Aug

147* D e o
171 2 M a y
53 , M a y
M ar
13
M ar
58
N ov
180
64U N o v
Aug
35

31 * M a r
4 i2 O ct
12
Apr

3*2 A u g
7*2 O c t
N ov
23

10*4 M a y
l l l 2 N ov

31* A u g

7*4 J u n e
88 S e p t

61*8 D e o

277*4 J a n
62 J u n o
107 J u n e

10
93
9114
71
147

8 2 i2 J u ly
130
Feb

fd d «2 ° c t
160
N ov

91
11

Aug
Jan

27 " O ct
1 0 2 rA u g
45
Jan
45c D ec
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38*2 J u - y
24*4 A u g
5
Jan

17
9
35

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100

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137* M a r

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146U A u g
56
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60c M ar
4812 M a y
2612 M a y
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25

Sept

N ov
Feb
D ee

12*2 F e b
42
Apr

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1*4 J a n
86 N o v

M in in g
134
1*4
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84
347* 347*
35.14 35-1*
35*
3%
35*
35*
2
*1*4
2
*1’ 4
51514
*5 1 l
5*4
3
3*4
3*2
3>?
*212
*2*2
3-2
3*2
*7
7
7
7*2
831
834
9
8*2
9
9
9
9
66
*68
70
67
4
4
3*2
3*4
245* 25*4
24*2 2 5
934
*9
*8
9
*22
27
27*2 * 2 2
*81*2 82*2
83*2 3 4
11
ll > g
11*2
1112
175* 18
17*2 18
*U *
1*8
1*8
1*4
*2
*2
2*4
21,
*42
44
*42
41
*59
61
59
59
*26
26*2 2 8
27
*6 7
70
67
67*2
*60
61*7
6U 2 6U2
21
21
21
21
2
2
*2
2*9
2 's
2*8
*21*
2*.
* .2 1
.2 5
.2 3
.2 3
7
7
7
7
*3*2
3M . 3 %
3*4
*15*
2
Ml
1=*4
*15*
D*
15*
15*
27*
3
27*
3
*9*2 10
912
9*2
33*
33*
3*8
3*2
33.1
33,
35*
35*
134
134
13
,|
13.,
*25
26
25
25
*1
*1
1*2
l* »

* B i d a n d a s k e d p r ic e s ,




....

*67
33>2
*80

1

1
t
1
1
1

I

124
124
123
12 4
*123*2 12 4
67
67
67
67
L a s t S a le 9 0
O c t ’ 19
*86
79
79
78
78
78
78
3334 3 4
32*2 33*2
41
45
*4 1
_____
*130
------138
138
L a s t S ale *2
S e p t ’ 19
* .6 0
L a s t S a le 4*2 S e p t ’ 19
*3
4*2
*
19
L a s t S a le I S
J u n e ’ 19
132
132
*132
_____
85
85
85
85
....
*35

10 4
104
*100
50
4934 4 9 3 , *
*10412 106
*104*2 10 6

1
1
1
1
1
1

~
5
*23
24
5412 5 7
8
8*4
*9
93*
96 *2 96*7
74
74
63 1 2 63*2
*140
54
55

124
68
91
SO
34
45
139

*100

1
1
•
1
I

1
1
t
1

T h u rsd ay
O ct. 1 6 .

1

—
*100
*48
50
*104*2 106

W ed n esd a y
O ct. 1 5 .

[V o l . 109

b E x -s t o c k d iv id e n d ,

L a s t Sale
L a s t S ale
L a s t Sale
*40
42
1 5 i*
1 5 '*
L a s t S ale
*40
.5 0
405
409*2
257* 2612
16*2 16*2
53
53

3

3

111*
16*2
4*2

113*
1634
47*

012

7

*4*2
5
L a s t S a le
47
48
*84
85
35
35<2
3*2
3*2
L a s t S ale
*5*4
5*2
*3*2
4
L a s t S ale
*7
7*2
8*2
8*2
9
9
67
67
*3*2
4*2
24
24*2
9
. 9
*22
27
*85
_____
1034 11
18
18
*1*8
1*4
2*4
2*4
42
42
57
57
*25*2 26*2
67
67
60
60
20
20
2
2>g
*21*
2*2
* .2 1
.2 5
6 '2
6*2
3*2
3*2
13*
15*
15*
15*
27* 2 %
9*2
91 2
33*
3*2
*3*2
4
1%
15*
*23
25
L a s t Sale

112 S e p t ’ 19
82*2 O c t '1 9
.9 5 S e p t ’ 19
*40
42
145* 15
8*4 S e p t ’ 19
* .4 0
.5 0
405
409*2
26
26*4
15
15
52*2 5 3
*3
31,
113* 125*
165* 163*
4*2
4*2
7
7
5
51,
112
O c t ’ 19
47
47
*84
85
3 5 '* 35*2
35*
35*
is 4
O c t ’ 19
*5*J
5*2
*3*2
4
3
O c t ’ 19
71,
7 '2
8
85*
9
9
67
67
*3*2
4*2
24*2 2 5
*9
934
*22
27
85
86
11
1 1 '*
175* 18'34
*U *
1*4
*21,
212
*41
42
58
58
28
29*2
661, 661,
_____
20
20
21*
2*8
*21*
21*
* .2 1
.2 5
* 0 '2
7
3*2
3*2
* 15*
134
15*
1»8
234
27*
91-2
9*2
33*
33*
35*
35*
1*2
134
*23
25
1
S e p t ’ 19

d E x - d l v l d e n d a n d r ig h t s .

.5 0
A p r22
2 i 2 J u ly 2 5
91
J u ly 2 9
6212 M a r 2 2
U 4 J u ly 3 0
10c A p r3 0
35
3 3 i2 M a y 1
62
J u ly 2 8
1 ,0 1 2 A r i z o n a C o m m e r c i a l ________
18
J u ly 30
10*4 F e b 2 8
5
10*2 M a y 12
7
Apr 9
300
90c M a y l4
20c Jan30
69
J u ly l7
350
M a r l4 480
2 ,2 5 8
12 i4 M a y 5
281* O c t 0
145
M ar21
20
J u ly 2 8
12
1 ,0 4 8
M ar 5
62
J u ly 2 8
39
150
M a r ll
3*4 M a y l 4
2
1 0 ,5 2 2
4*4 F e b 13
12** O c t l 7
2 ,4 1 5
8
F eb28
21
Aug 9
770
l% M a y 9
6*4 J u ly 2 6
188
M ay 1
4
9 i 2 J u ly 2 8
1 ,5 0 0
7 *4 M a y 21
20o F eb20
___ 1
50c M ar 8
2
J u ly 2 6
436
A p r lO
42
55*4 J u ly 2 8
A p r l2
78
88i 2 J u ly 30
Do
p re f.
t JU
120
Jan 2
24
41
J u ly 2 9
655
61* M a y 9
3 i2 O c t l6
99c M ar 4
2** J u ly 3 1
215^
3
Jan25
7** J u ly 2 8
2
A p r l6
2 0 0 L a S a lle C o p p e r _________ . . . 2 5
5<2 J u ly 2 8
21* A p r 2 3
414 J u ly 2 5
4
Feb 7
1 5 0 M a s s C o n s o l ------------------------------2 5
10
J u ly 2 8
1 ,4 4 2 M a y f l o w e r - O l d C o l o n y ---------- 2 5
2
J a n l3
1314 J u n o 2
212 F e b 2 4
5 0 0 M i c h i g a n ______________________ 2 5
10
J u ly 2 0
198 M o h a w k .......................
4 9 i2 F e b 7
83
J u ly 2 8
25
1
M ar 8
1 2 5 N e w A r a d l a n C o p p e r ________ 2 5
6 i 2 J u ly 2 8
l ,0 5 9 i N e w C o r n e li a C o p p e r ----------------- 5 14*4 M a r 5
2914 J u ly 3 1
6 t2 M a y 2
10 N e w I d r l a Q u i c k s i l v e r ---------------5
1212 J u ly 3 1
87* E e b l l
4 N e w R i v e r C o m p a n y _______1 0 0
28
O ct 4
57*4 M a r 1
95
Do
p r e f ................................. 1 0 0
86
O c tl7
8!| J a n l S
1 ,3 2 7 N i p l s s ln g M i n e s --------------------5
1 3 i2 M a y l2
9
2 ,2 3 5 N o r t h B u t t e ....................................15
F eb20
20** J u ly 2 3
25c A p r22
5 0 N o r t h L a k e ---------------------------- 2 5
1*4 J u ly 3 0
7 5 c M a r l5
50 )
414 J u ly 2 9
30>2 M a r 5
25
5 2 i 2 J u ly 2 8
45
M a r l7
73
J u ly 2 8
20
121* F e b 8
1 ,0 4 8 P o n d C r e e k C o a l -----------------10
29*4 S e p t 2 9
52
M a r2 2
83
J u ly 2 8
9 3 Q u i n c y .......................................... 2 5
M ar 4
40
75
J u ly 2 9
100 S t M a r y ’ s M in e r a l L a n d . . 25
13
_
Jan22
2 6 i 2 J u ly 2 9
28 0 S en eca C o p p e r C o r p . . . n o par
l i 2 M a r lS
1 ,2 3 2
4 U J u ly 3 0
4 0 c J a n l3
3*2 J u n e 6
1 0 0 S o u t h L a k e ---------------------------------2 5
J a n ll
8c
5 0 c A u g l4
710 S o u th U ta h M
A S ................
5
M ar 8
4
11*4 J u n e 5
2 5 5 S u p e r i o r ............................
25
_
M ar28
1
414 J u n e lO
9 9 0 S u p e r i o r A B o s t o n C o p p e r 10
51|June 2
1*2 S e p t 9
100
74c A pr 1
2 % S e p tl7
900
1*4 M a y 9
3*8 J u n e 2
5
9 8 0 U t a h - A p o x M i n i n g .................
12*4 J u ! y 2 9
713 J a n l 8
1
1 8 5 U t a h C o n s o l i d a t e d _________
5
J u ly 3 0
1>4 J a n 2 8
1
1 ,4 4 5 U t a h M e t a l A T u n n e l ............
4*4 J u ly 2 8
1U M a r l 3
2 5 0 V i c t o r i a ..............................................2 5
3
J u ly 2 8
50c Jan 9
4 6 0 W l n o n l a ________________________2 5
31
J u ly 3 1
15
M ar 5
_5
8 _ W o l v e r i n e ..................................- 2 5
l% M a v 2 7
4 0 c M a r lS
________W y a n d o t t e ........... .......................- 2 5
________
« A s se ssm e n t p a id ,

h E x -r ig h ts .

* E x -d lv ld e n d .

w H a lf-p a id .

69
15c
4 0 i2
11
9
20c
425

D eo
J u ly
D eo
Jan
N ov]
O ct
D ec

45c M ay
54
F eb
I 6 I4 A u g
10*4 M a y
48o N o v
470
D ec

10*4 J u n e
40
D eo
1*2 A p r
4*4 D e o
81* M a r
3 June
484 D e c
15c M a r
40
J u ly
447* D e c
7 9 i2 O c t
19*2 J a n
5
Jan
80o Sept
3*4 D e o
2
Jan
2*4 D e o
3*4 S e p t
65c M ar
40c Juno
50*2 D e c
1*4 A u g

5 1 '2 N o v
3
S ept
67. M a r
12 N o v
6
F eb
101* J a n
30c S ept
1
Jan
70 M a y
84
F eb
29
J u ly
6*2 O c t
1*4 M a y
8*4 M a y
314 M a r
6
F eb
7
Jan
4i2 N ov
414 O c t
66i 2 M a y
21* J u l y

9*4 D e o
12
Aug
63*2 D e c
8 s* Jan
/
10*2 D e c
25e F eb
i2 J u n e
32
D ec
4 6 i2 J u n e
12*4 D e c
59
D ec
38
D eo
7
Jan
2*4 D o c
12 S e p t
10c D eo
4
Feb
D 4 Aug
2*2 S e p t
73o D eo
U4M ay
7
D eo
1
D ec
1** D e o
•2 N o v
18
D ec
40o M a v

17*4 M a r
20
Jan
80
Jan
97* A V r
17 *g M a y
95c M ar
15* D e c
4512 J a n
65
Jan
2014 F e b
78 M a y
57
Jan
15*4 D e o
5*4 J a n
2
Jan
20c
Jan
878 N o v
4*4 S e p t
4*2 F e b
1 % Aug
41* N o v
12
Jan
3 Mi A p r
3
Jan
2
Jan
36
Jan
11/

14*2 Feb

O ct. 18 1919.]

THE CHRONICLE

Outside Stock Exchanges
B osto n B on d Record — Transactions in bonds at Boston
Stock Exchange Oct. 11 to Oct. 17, both inclusive:

F a
rid y
Sle
as
L st W 's Rne for
a eek a g
Sle. of P
a
rices. W .
eek
P Lw H h Sae
rice. o . ig . hr s

B on d s.
U S L ib L o a n 3 * $ 8 .1 9 3 2 - 4 7
1 s t L ib L o a n 4 s . 1 9 3 2 -4 7
2 d L ib L o a n 4 s . - 1 9 2 7 - 4 2
1 st L ib L o a n 4 % s ’ 3 2 - ’ 4 7
2 d L i b L o a n 4 % s 1 9 2 7 -4 2
3 d L ib L o a n 4 % s ___ 192 8
4 t li L ib L o a n 4 % s '3 3 -3 8
V i c t o r y 4 % s _____1 9 2 2 -2 3
A m T e l & T e l c o l l 4 s . . 192 9
A t l G & W I SS L 5 s . .1 9 5 9
C h i c J u n e & U S Y S s .1 9 4 0
K C M e m & B 5 s ........... 193-1

82*$
86
70%

M i s s R i v e r P o w ’ e r 5 S - .1 9 5 1
N E T e l e p h o n e 5 s _____1 9 3 2

87

P o n d C reek C o a l 0 s -_ 1 9 2 3
S w i f t & C o 1 s t 5 s ______ 194*
W e s te r n T e l & T e l 5 s . 1932

95
93

9 9 .9 4 1 0 0 .4 0 S 3 0 .0 5 0
9 4 .5 4 9 5 .0 4
6 , 10C
9 3 .5 4 9 3 .0 4
10.55C
9 5 .1 4 9 5 .1 4
2,85C
9 3 .6 4 9 4 .0 4
7,50C
9 5 .1 4 9 5 . 8S 28.55C
9 3 .3 4 9 4 .2 8 1 5 1 ,73C
5 5 .0 5 C
9 9 .5 0 1 0 0 .()(
82*$
8 3 *$
5 ,0 0 0
83 %
83
8.50C
84*$
86
14.00C
70%
70%
1 ,0 0 0
S6 l 2 8 6 H
z
2 ,0 0 (
70%
76
6 ,0 0 0
87
87
4 ,0 0 0
80
so
2 ,0 0 0
95
95
1 ,0 0 0
92%
93
9 ,0 0 0
88
88
1 ,0 0 0

Rn e sin J n 1 .
a g ce a .
Lw
o.
Hh
ig .
9 8 .0 4
9 1 .6 4
9 2 .0 4
9 3 .2 4
9 2 .6 4
9 4 .4 0
9 2 .8 4
9 0 .3 4
81*$
79
84*$
70
83
73
87
77
92
92*$
87

F eb
Jan
Jan
Jan
Aug
M ai
Aug
Aug
S ept
Feb
O ct
S ept
O ct
O ct
Jan
O ct
Sept

1 0 0 .4 0 O c t
9 5 .9 0 M a r

9 5 .9 0 J a n
9 6 .5 8 S e p t
9 6 .5 0 J a n
1 0 0 .0 4 J u n e
8 7 % S ept

75

J u ly

93%

91

Feb

M ar

P ittsb u rg h Stock E x ch an ge.— Record of transactions at
Pittsburgh Stock Exchange Oct. 11 to Oct. 17, both inelusive, compiled from official sales lists:

S tock s—

F a
ria y
Sle
as
L st W 's Rne for
a eek a g
eek
rices. W .
Sle of P
a.
P r. P Lw H h Sa
a rice. o . ig . hres.

A m e r R o l l i n g M i l l c o m . _2 5
A m e r W i n d G la s s M a c h 10C
P r e f e r r e d . . ______ _
_ 100
A r k a n s a s N a t G a s c o m . 10C
B a n k o f P it t s b u r g h — S e e N
B a r n s d n ll C o r p . . . ____ 2 5
C a rb o H yd rogen C o c o m .5
P r e f e r r e d _________ ______ 5
O a r n e g i e L e a d & Z i n c ____ 5
C r u c ib le S teel p r e f.
_ 10C
H a r b - W a l k l t e f r a c c o m IOC
I n d e p B r e w in g c o m ______ 5C
P r e f e r r e d ___
_________ 5C
L a B e ll e I r o n W k s c o m . 10C
M f r s ’ L ig h t & H e a t ______ 5C
M a r la n d P e t r o l e u m ----------5
N a t F lr e p r o o ii n g c o m — 5C
O h i o F u e l O i l _______________1
O h i o F u e l S u p p l y -------------- 2 5
O k la h o m a N a tu r a l G a s . .2 5
O k la h o m a P r o d & R e f — 5
P i t t s b B r e w in g c o m --------- 50
P it t s b u r g h C o a l c o m — 100
P it t s b - J e r o m e C o p p e r ------- 1
P itts b & M t S h a sta C o p . . 1
P it t s b P la t e G la s s c o m . 100
R iv e r s i d e E a s t O il c o m — 5
R i v e r s i d e W e s t O il c o m . 2 5
U n i o n N a t u r a l G a s ------- 100
U S G l a s s ________________ 100
U S S t e e l C o r p c o m -------100
W e s t 'h o u s e A ir B r a k e . . . 5 0
W c s t 'l i o u s c E le c & M f g . 50
W e s t P en n R y s p r e f--.1 0 0

48
134
13S
93*$
97
1 7 2 *$
173
be! o w
41*$
44*$
3*$
4 *$
4%
4 *$
8
12
103
103
121
4*$
4%
11
11
112
58
58*$
7%
7 *$
8%
8%
16*$
26%
28
53*$
53*$
42*$
10
10
7
7
1 5*$
64
63*$
35c
35c
59c
60c
13%
144
145
5*$
35%
37
9c
1 2 8 *$
129
46%
51
108%
108%
112
111*$
55*$
55*$
79
79

o
te

B on ds—
I n d e p B r e w in g 6 s ------- 1 9 5 5

62

61

48
140
97
176
48*$
4%
4 %
13*$
103
121
4%
11
112
00
8
9
17
28
54%
45
10%
8
15%
64
35c
65c
15
145
6
37%
1 0c
129
51%
1 0 9*$
114
56*$
79

Rnesin J n 1 .
a g ce a .
Lw
o.
Hh
ig .

45
1 ,9 4 5
275
3 ,9 7 7

44*$
79
77*$
53

Apr
Jan
Jan
J u ly

8 ,4 0 0
6 ,0 2 3
1 ,9 9 6
7 ,5 8 2
10
25
0,60
95
100
1 ,7 4 0
2 1 ,7 3 6
465
285
1,6 5 9
1 ,7 6 0
7 ,4 8 4
1 ,6 3 1
75
50
275
1 0 ,0 0 0
1 8 ,8 0 0
1 ,5 8 5
175
855
2 ,3 0 5
1 ,5 0 0
211
3 ,6 0 1
50
215
460
85

32
2%
3*$
6
91
112
1J$
5*$
94*$
48 *$ .
6 *$
5
10
16
42*$
28%
8%
2
7
45
8C
21c
8
116
%
9
6c
122
30
88%
93
40%
75%

June
Aug
Aug
Sept
Jan
June
Jan
Jan
F eb
Jan
Aug
Jan

48%
O ct
4%
O ct
4%
O ct
13%
O ct
104
J u ly
121
Oc
7
Ma
16
M a
123% Jul
60
O cy
8%
Oc
11*$ M a t

Jan
F eb
Jan
M ar
Jan

31
M ay
54*$ J u ly
45
O ct
13% M ay
1 0 % J u ly

6 2 * $ $ 1 7 ,0 0 0

64%
157
97
180

J u ly
J u ly
O ct
O ct

F eb
Jan
Jan

73
67c
70c

J u ly
Aug
S ept

Jan
I-’ c b
M ay
Feb
Jan
Feb
Feb
Jan
Jan
J u ly

150
6%
37%

O ct
O ct
O ct

Jan

65

36

135
M ay
51 %
O ct
1 1 4 % J u ly
124% June
68
O ct
8 0 % J u ly

O ct

H o l e .— N o t r e p o r t e d s o ld la s t w e e k , 15 s h a r e s B a n k o f P it t s b u r g h a t 1 3 0 .

1523

P h iladelph ia S tock E x ch an ge.— The complete record
of transactions at the Philadelphia Stock Exchange from
N o v . 11 to N ov. 17, both inclusive, compiled from the
official sales lists, is given below. Prices for stocks are all
dollars per share, not per cent. For bonds the quotations
are per cent of par value.

S to ck s—

Par

A m e r ic a n G a s . ..................IOC
A m e r ic a n M i l l i n g - - ___ 10
A m e r ic a n S t o r e s _____i.o .p a i
A m e r S h ip & C o m m e r c e ___
B a ld w in L o c o m p r e f ___ 100
C a m b r ia I r o n ______________50
C a t a w is s a 1 s t p r e f ________50
E le c S t o r a g e B a t t e r y . -1 0 0
G e n e r a l A s p h a l t __________100
P r e f e r r e d _______________100
I n s u r a n c e C o o f N A _____10
J G B r ill C o ______________ 100
K e y s t o n e T e l e p h o n e _____50
P r e fe r r e d _____________ . 5 0
L a k e S u p e r i o r C o r p _____100
L e h ig h N a v i g a t i o n ______ 5 0
L e h ig h V a l l e y ____________ 50
M i d v a l e S t e e l & O r d _____50
N o r t h e r n C e n t r a l _____. 5 0
P e n n s y l S a lt M f g _______ 50
P e n n s y lv a n ia ____________ 50
P h il a d e l p h i a C o ( P i t t s ) . 5 0
P r e f ( c u m u la t i v e 6 % ) - 5 0
P h il a E le c t r i c o f P a ...........2 5
P h il R a p T r a n v o t t r r e t s 50
P h il a d e l p h i a T r a c t i o n ___ 5 0
R e a d i n g _______________
.5 0
T o n o - B e l m o n t D e v c l _____1
T o n o p a h M i n i n g ___________ 1
U n i o n T r a c t i o n ___________ 50
U n i t e d C o s o f N J ______ 100
U n it e d G a s I m p t _________ 5 0
U S S te e l C o r p o r a t i o n . 100
W a r w i c k I r o n & S t e e l___ 10
W e l s b a c h C a ____________ 100
W e s t J e r s e y & S e a S h ___ 5 0
W e s t m o r e la n d C o a l ______ 5 0
W e s t N Y & P e n n s y lv a n ia .
W m C r a m p & S o n s _____100
Y o r k R a i l w a y s ______ ______5 0
P r e fe r r e d ________________ 50
B onds—
U S L ib L o a n 3 % s . 1 9 3 2 -4 7
L ib L o a n 3 d 4 % S - . - l £ 2 8
L ib L o a n 4 t h 4 % s . - 1 9 3 S
V i c t o r y n o t e s 4 >4 S - '2 2 -2 3
A m e r G a s & E le c 5 s — 2 0 0 /
B a ld w in L o c o m 1st 5 s . 1940
E le c & P e o t r c t f s 4 s . . 1 9 4 5
S m a l l .................
194 5
H a r w o o d E l e c t r i c 6 S ..1 9 4 2
I n t e r - S t a t e R y s c o l l 4 s 1943
L a k e S u p e r io r C o r p 5 s 192 4
L e h ig h V a ll e y c o i l 6 s . -1 9 2 8
G e n c o n s o l 4 % s _____ 2 0 0 3
L e h ig h V a l C o a l 1 st 5 s 1933
P e n n a R R g e n 4 ) 4 8 ____ 1 905
G e n e r a l 5 s ____________ 1968
P h il a d e l p h i a C o c o n s & c o ll
t r 5 s s t a m p e d ________1951
P h il a E l e c t r i c 1 s t 5 s . -1 9 6 6
S m a l l . .............................. 1966
1st s f 4 s ......................... 1 9 6 6
R e a d i n g g e n 4 s __________1997
S p a n is h A m I r o n 6 s . .1 9 2 7

S tock s—

S a les
fo r
W eek .
S h a res.

92
92%
89*$
89*$
3*$
3%
85%
86%
20
20%
50
50
3 .8 0 3 .9 5
9*$
10
1 0*$
10%
3*$
3 *$
26
26
104
105 *$
84*$
85
11%
11*$
4 5$
4%
30
32*$
33*$
35*$
94%
9 5 *$
10*$
12%
10
10
16%
16%
37*$
39
94
95
70
70
84*$
84*$

205
15
225
7
359
26
2 ,8 6 0
505
1 ,3 2 2
145
141
402
410
2 ,9 2 4
280
777
220
130
4 ,1 5 9
84
168
23
184

A l a b a m a C o ..................... . 1 0 0
A l l a n C o a s t L ( C o n n ) . . 100
A t l a n t i c P e t r o l e u m ______10
B a lt i m o r e T u b e , p r e f . . 100
B o s t o n S a n d & G r a v e l _____

92%
89*$
3*$
86%
20%

C e le s t ia l O il v t . ............. ..
C e n t T e r r a S u g a r . . . ...........
P r e f e r r e d --------- ------------------C h a lm e r s O il & G a s p r e f . . 5
C o m m e r c ia l C r e d i t p f B . 2 5
C o n s o l G a s E L & P o w .1 0 0
C o n s o l i d a t i o n C o a l ____ 100
C o s d c n <fc C o ...........................5
P r e f e r r e d __________________5
D a v iso n C h e m ic a l ..no par
E l k h o r n C o a l C o r p --------- 50
H o u s t o n O il p f t r c t f s . . 100
I n d l a h o m a R e f i n i n g ---------M o n o n V a ll e y T r a c t i o n . 2 5
P r e f e r r e d ________________ 2 5
M t . - W o o d b M i l l s v t r . 100
P r e f e r r e d v t r ----------100

3 .8 0
10
10*$
26
104
84%
11%
4%
31
35
94*$
12%

39
94

P e n n s y l W a t & P o w e r . . 100
84*$
4
R o b i n s o n O i l ----------- -------- 10
P r e f e r r e d ________________ 10 ________
U n ite d R y & E l e c t r i c .. . 5 0
W a s h B a lt & A n n a p ------- 5 0
22%
36*$
P r e f e r r e d ________________ 5 0
B on ds—
C e n tr a l R y c o n s 5 s — 1932
C h i c a g o R y 1 st 5 s ------- 1 9 2 7
C o n s o lid a t e d g e n 4 * $ s . 195 4
C o n s G a s E L & P 4 * $ s 1935
C o n s o l C o a l r e f 5 s ------- 1 9 5 0
C o n v e r t ib le 6 s . .
1923
C o s d e n & C o ser A 6 s . 1032
S e r ie s B 6 s __________ 193 2
( O ld c o ) r e f u n d 6 s . . 1 9 2 6
E lk h o r n C o a l C o r p 6 s . 19 2 5
F la C e n t & P e n c o n s 5 s 194 3
G a S o u & F lo r id a 5 S ..1 9 4 5
G - B - 8 B r e w in g in c 5 s . 1951
U n i t e d R y & E l 4 s --------1 9 4 9

W a s h B & A 5 s _________ 1941
W e s t M a r y l a n d 4 s ------- 1 9 5 2

98
73

85*$
99*$
104%
104

3 *$
70

79
58%




4

4

6*$
15*$
22%
36*$

6 *$
155$
23
36*$

98
98
73
73
82%
82%
83
83
98
98
85*$
86
99*$
99%
104
104%
104
1 04%
1 0 4 * $ 1 0 4 *$
98*$
98*$
89
89
1 0 0 *$ [()0 i i
88 '
88
3
3*$
69%
70
51M
52
69*$ 69 7
A
79
79
58%
58%

R ange

sin ce

L ow .
69
89
2
71*$
6
44
1 .0 0
9
10
3*$
24%
103%
78*$
6%

Feb
M ay
Jan
F eb
Apr

125
25
25
275
405
20

6*$
15
22%
35%

$ 2 ,0 0 0
1 ,0 0 0
1 ,0 0 0
7 ,0 0 0

98
73
82%
82

4 ,0 0 0
5 ,0 0 0
2 2 ,0 0 0
2 8 ,0 0 0
2 ,0 0 0
1 5 ,0 0 0
5 ,0 0 0

85
99
84%
85%
91
98
89

Aug
O ct
M ar
Jan
Jan
Feb
O ct

2 ,0 0 0
8 7 ,0 0 0
8 ,0 0 0

88
1%
68%
48
66 %
79’
58%

Sept
M ay
Aug

2 ,0 0 0
3 ,0 0 0
2 ,0 0 0

4

96
97
4%
93
20%

Aug
June
J u ly
June
O ct

4 .9 0 J u l y
10
O ct
10%
O ct
3 % S ept
26
J u ly

Feb
J u ly

12%
10%

O ct
June

51%

Aug

20%

Jan

38

Apr

O ct

100%

Jan

O ct
Aug

85%

Jan

92
100%

Jan
J u ly

104%
99%

O ct
June

3%
76%

M ay
Jan

A i|p
Sept
O ct

83%
58 %

Jan
O ct

1.

H ig h .

74
June
1 2 *$ A p r
38%
O ct
45%
O ct
109% June
41*$
F eb
43
Apr
153
O ct
155
O ct
230
O ct
Jan
34
June
Feb
6 4 % J u ly ’
M ar
18J$ J u l y
Oct59
J u ly
Jan
25 *$ J u ly
Apr
73
Jan
S ept
60*$ J u n e
Jan
61*$ J u ly
S ept
75
Jan
J u ly
84%
Feb
Aug
48% M ay
Jan
42 *$ J u ly
Jan
37 %
Apr
Jan
26% M ay
Apr
29*$ J u n e
S ept
71
Jan
Aug
93*$ J u n e
Jan 3 1 5 -1 6 M a y
Sept
4
M ay
Jan
41
M ay
Fet
197
O ct
O ct
74*$
Jan
Feb
115*$ J u ly
Jan
9
Apr
Apr
54*$ S e p t
M ay
46
Jan
Apr
75
JanO ct
10
O ct
Feb 209
J u ly
M ar
9*$ JuneM ay
32 % M a y

1 0 0 .0 0 1 0 0 .0 0
9 5 .6 4 9 5 .8 0
9 3 .7 6 9 4 .0 2
9 9 .7 8 9 9 .7 8
86
86%
86 %
100*$ 1 0 0 %
1 0 0 *$
67
67
68
68
97
97*$
39
39
65
66
1 0 1 * $ 102
81%
82
100
1 0 0 *$
84*$
85%
8 5 J*
93 %
93%
93%

$ 100
1 ,7 0 0
3 7 ,4 0 0
800
3 .0 0 0
4 .0 0 0
3 .0 0 0
1 ,5 0 0
5 .0 0 0
8 .0 0 0
3 7 .0 0 0
2 6 .0 0 0
9 .0 0 0
9 .0 0 0
9 .0 0 0
3 .0 0 0

9 8 .2 0
9 4 .3 6
9 2 .9 0
9 9 .3 0
84
100
65
65
97
39
58
101*$
80
99*$
82*$
90%

Apr
Sept
Sept
Sept
S ept
Apr
M ar
M ar
S ept
O ct
Jan
Jan
S ept
J u ly
Sept
Aug

81
81
93*$
95
93%
93%
75
75
84
84%
100
100

2 .0 0 0
4 1 .0 0 0
100
2 ,0 0 0
5 ,0 0 0
1 4 .0 0 0

80
Sept
93
S ept
93 *$ M ay75
Feb
80*$ A u g
100
Aug

210
30 %
59 %
~4<T~
22 %
67 %
48*

80 %
43 %
34%
25%
28%
66

38%
58

’

108 %
8%
42
74 %
170
9
31%

75
100

F r id a y
L ast
W e e k 's R a n g e
S a le .
o f P r ic e s .
P r ic e . L o w .
H ig h .
A D eck er & C o
P r e f e r r e d ___
B r i s c o e _____

A r m o u r & C o p r e f _____
B o o t h F is h e r ie s —
C o m m o n , n e w . . ( n o pt

C h i c P n e u m a t ic T o o l .
C h ic R y s p a rt c t f " 2 ”
C h ic a g o T it le & T r u s t .

46
98
57%
290
132%
102%

38%
46
98
98
57%
59
290
295
132
138
102% 103%

18%
78%
11%
103

17%
78
11%
95
6%
200
109
12
109
100%
115
85
84
88
112%
18
11%
SO
20
97
98%
29%
10
8%
45%
18%
4%
45
85
99
31%
52
206
119
170
54
134%
134
15%
57%
42%
50
80
32%
10814*
86'
99%
76%

G r e a t L a k e s D & D ______
_

116%
95
88%

Jan
O ct
Aug
M ar
O ct
Feb

Jan.

49
9
20*$
31
100*$
38*$
40
51*
39
76
25*$
19*$
8
46
17
67
46%
41
69%
80
42*$
30
31*$
24%
23
705%
76
2*$
2*$
37
185
58
88*$
8%
40
41 %
72*$
10
75
7
30

M ay

40%
43

Low.

114
150
6 ,7 9 8
375
79
33
10
2 0 ,7 0 8
80'
550
647
425
125
65
3 2 ,2 1 8
341
175
100
1C
14
1 ,2 1 8
25
371
5 ,2 9 4
7 ,2 2 4
66
110
215
350
1 ,6 1 8
16
6 ,1 7 3
2 ,1 4 5
120
60
4
10
10
75
25
50

12%
110
12%

R an ge sin ce

49
50
9
9
37*$ 38 X
39*$ 45*$
104
105
38*$
39
40
40
1 2 9 % 153
141
151
205
216
3 0 * $ 31
57
60
12
11*4
46
46
21*4
2 4 J$
67*$
68*$
48%
4 8 J$
51*$ 51*$
70
70
80
8 0 }$
43%
43*$
37
37
34*$ 35
25%
25*$
26*$
29*$
66
66*$
81*$ 82
2 1 5 -1 6 3
2*$
2 J$
38
38*$
1 9 5 % 197
58
62%
1 0 7 % 112
8%
8%
54*$
54*$
42
42
74*$ 74*$
10
10
170
170
9
9
30%
31*$

9
38%
45%

S a les
fo r
W eek .
S h a res.

l.

H ig h .

M ar
O ct
O ct
S ept
Aug
Apr
Apr
Feb
4
Jan
30
Aug
27
M ar
72*$
Jan
5 % June
9 * $ J u ly
10
J u ly
16
Jan
71
F eb
77*$

Jan.

S a les

Week's Range f o r
of Prices.
W eek .
Price. Low. High Shares.

O ct
M ay
Apr
Aug
Jan
O ct

1 0 0 .0 0 O c t
9 6 .3 8 J a n
9 5 .7 0 M a y
1 0 0 .0 4 J u n e
88%
Jan
101
J u ly
71
Jan
75
Jan
98*$
Apr
4 0 * $ F e tt
74
Aug
102%
Jan
93
Feb
100*$ M a r
89%
Jan
98
Jan
89*$
96
97*$
76*$
86%
102

Feb.
J u ly
Jan
Jan
Jan
Aug

C h icago Stock E x ch an ge.— Record
transactions at
Chicago Stock Exchange Oct. 11 to Oct. 17, both inclusive,

Baltim ore S tock E x ch an ge . — Record of transactions at
Baltimore Stock Exchange, Oct. 11 to Oct. 17, both inelusive, compiled from official sales lists
F r id a y
W e e k 's R a n g e
L ast
o f P r ic e s .
S a le.
H ig h .
P a r . P r ic e . L o w .

F rid a y
L a st
S a le.

H o l l a n d - A m e r S u g a r _____10
18%
H u p p M o t o r _______________ 10
12%
I lli n o is B r i c k .................... 100
80
J 1 C a s e ______________
20%
F ir s t P r e fe r r e d . . .
97
S e c o n d P r e ie r r e d .
98%
L i b b y (W I ) ......................... 10
32%
L in d s a y ’ L i g h t ___________ 10
P r e fe r r e d
______________ 10
M i t c h e l l M o t o r C o --------( » )
50%
N a t i o n a l L e a t h e r ------------ 20 ________
P a g e W o v e n W ire F e n ce 20
P e o p l e 's G a s L t & C o k e 100
P u b S e r o f N o 111, c o m 100
P r e f e r r e d ______________ 100
99
R e o M o t o r _________________(* )
32%
R e p u b l i c T r u c k .............. (* )
62
S e a r s -R o e b u c k . c o m ..1 0 0
209
P r e f e r r e d ______________ 100
S h a w W W , c o m _____ 100
200
S t e w a r t M f g - .............. ........ (* )
57
S t e w W a r S p e e d c o m . .1 0 0
147
S w ift & C o ----------------------100 136
R ig h ts
........... .......... ............
16%
S w if t I n t e r n a t i o n a l _____ 2 5
59
T h o m p s o n , c o m ___________ 2 5
42%
T e n t o r C & F .................... (* )
U n C a r b & C a r b C o (n o p a r )
81
W a h l C o ...............................(* )
32%
W a rd , M o n t & C o , pref . .
W i ls o n & C o , c o m _____100
P r e f e r r e d ----------------------l o o
W r l g l e y J r , c o m ___________ 25

18%
78%
12
109
6%
200
ill
12%
112
100%
116%
96
84
88%
112%
19
12%
so
20%
97
32%
11
8%
52
19%
4%
46
85
99%
32%
65
212
120
200
57
147%
136%
18%
59%
43%
50
81%
37%
108A*
89'
100
77

R an ge sin ce J a n . 1 .
L ow .

H ig h .

1 ,3 4 3
250
1 ,2 6 0
139
355
2 ,2 5 0

38%
98
57
275
100
98%

O ct
O ct
O ct
Apr
Feb
Aug

46
98
60
325
138
105%

O ct
O ct
O ct
J u ly
O ct
Aug

375
40
535
5 ,6 7 0
100
10
237
1 1 ,5 4 5
265
200
265
482
50
105
50
760
5 ,5 9 7
10
1 ,1 7 5
140
500
4 0 ,4 6 5
1 ,0 9 8
90
4 ,1 1 5
4 2 ,4 7 5
25
30
25
1 ,1 9 0
968
8 ,3 6 0
390
110
1 ,4 7 5
5 ,1 2 5
1 5 ,4 0 0
7 ,9 2 5
1 7 ,3 9 5
8 ,9 6 5
730
200
7 ,7 0 0
4 ,6 0 0
145
225
192
280

16%
77%
9%
60%
5
178
107
8%
100%
78
101
82
54%
68
108%
12%
10%
56
20
97
98%
1 9*$
10
8
33
16%
3%
42%
85
99
2S%
44
168%
118
112%
45
84
115%
5%
41%
34
50
56
19%
105
81%
95
74%

Sept
Sept
June
F eb
Apr
Feb
Aug
Apr
Feb
Apr
June
O ct
F eb
Feo
Jan
Aug
S ept
Feb
O ct
O ct
O ct
Jan
O ct
June
Apr
S ept
Apr
Aug
S ept
July
M ay
S ept
Feb
S ept
M ay
Apr
Jan
Jan
J u ly
Jan
Aug
O ct
Jan
S ep t
J u ly
S ept
F eb
Sept

25
83%
15
109
10%
212
118
13%
123
105
120
96
97
97
112%
21%
17
80%
20*$
97
98%
34
17
10%
55%
25
8
55%
95%
105
32%
65
217
122
200
59
147%
149%
21%
65
43%
50
85%
40
112%
104
104
80

J u ly
June
J u ly
O ct
Aug
June
J u ly
J u ly
M ay
J u ly
Aug
O ct
J u ly
J u ly
O ct
O ct
AUg
S ept
O ct
O ct
O ct
Apr
Aug
Apr
J u ly
Aug
M ay
J u ly
Apr
M ay
O ct
O ct
J u ly
Apr
O ct
O ct
O ct
M ay
Aug

J u ly
June
J u ly
J u lv
S ept

[Vol . 109

THE CHRONICLE

1524c

Sle
as
Rne sin J n 1.
a g ce a .
Rne for
ag
Sle. /P
a
rices. Week.
Hh
ig .
P L . H h Sa
rice. on ig . h res. Low.

Friday
Last IKect'i
0

Par
D onds—
C h i c C 'y & C o n R y s Ss 1027
C h i c a g o R y s 5 s .............. 1 92 7
C n i c R y s 5 s . . s e r ie s " A ”
C h ic R y s 4 s ..s e r i e s “ B ”
• C c m m o n w -E f l ls o n 5 s 194 3
M e t r W S id e E l 1 st 4 s 1 938
M o r r i s & C o 4 X s _____1 939
C h i c G a s L & C 1st 5 s ’ 37
S w ift & C o 1st g 5s . .1 9 4 4

93 x

50
72
54
42
90
50
84
78
93

50
72 X
55 A
42
90 X
58 X
84
78
93 x

X
X

H

1 ,0 5 0
2 ,0 0 0
2 ,0 0 0
2 ,0 0 0
2 ,0 0 0
1 ,0 0 0
1 ,0 0 0
1 ,0 0 0
4 ,0 0 0

41
72
54
38
90
50 X
84
78

92 A

Apr
Apr
O ct
June
Aug
Aug
O ct
O ct
S ep t'

Aug
55
Jan
81
M ay
63
Jan
60
Jan
943-3
5 6 >3 J a n
84
O ct
O ct
78
Jan
9833

N e w Y o r k “ C u r b ” M a r k e t .— Below we give a record of
the transactions in the outstde security market from Oct. 11
to Oct. 17, both inclusive. It covers the week ending Friday
afternoon.
.
F r id a y
W e e k 's R a n g e
L ast
S a le.
o f P r ic e s .
P a r . P r ic e . L ow .
H ig h .

W e e k e n d in g O c t . 1 7 .
S tock s—

A c m e C o a l . t __________ . . . 1
A e t n a E x p lo s iv e s _r ( h o p a r )
<Alr R e d u c t i o n r ___ ( n o p a r]
A ll ie d P a e k e r s . r ________( t )
A m a l g T i r e S t o r e s . r ------- ( t )
A m e r S a f e t y R a z o r , r ___ 2 5
A T S e c u r it ie s C o r p w l . ( t )
A m e r W r i t P a p e r , c o m . 10C
B c n fo r d A u to P r o d u c t s .r .5
B r is c o e M o t o r C o r p .c o m r ( t )
B r l t - A m C h e m C o r p ____1C
B r l t - A m T o b o r d i n a r y . . £1
O r d in a r y b e a r e r ________£1
■ C a n o p u s i r o n C o r p ______ 1C
C a r b o -H y d r o g e n C o co m .5
C a r L t g & P o w e r r --------- 2 5
C h a lm e r s M o t o r C o r p . r (t )
i C h a n d le r M o t o r w i . r . ( t )
C itie s S e rv B a n k e r s shs (t !
C lin to n W r ig h t W i r e . r . ( t )
C o c a - C o l a C o v t c r ( n o p a r)
C o lo n ia l T ir e & R u b . r . . ( t )
C o lu m b la G r a p b M fg .w !(t ]
C o n s o l T e x t ile C o r p . r . ( t )
D a fo e -E u s t ic e C o I n c . . ( t )
D u r h a m llo s ie r y c o m B .r .5 C
F a r r e ll ( W m ) * S o n . I n c ( t )
P u lto n -S h o a ls C o a l . r . .
5
G en era l A s p h a lt c o m .r 100
G r a p e O la c o m m o n _______ 1
P r e fe r r e d .............................1
H a v a n a T o b a c c o p f .r .lC K )
H e n d e e M f g c o m . r _____100
H e y d e n C h e m ic a l r ( n o p a r )
H o l l y S u g a r C o r p c o m . . (* )
H u p p M o t o r C a r C o r p . 10
Im p er T o b o f G B & I . . £ l
In d ia n P a ck in g C o r p r ( t )
I n t e r c o n t in e n t a l R u b b . 1 0 0
Iro n P ro d u cts C o r p . r . . ( t )
K a y C o u n t y G a s r ________1
K n i c k e r b o c k e r M o t . r . 100
L a k e T o r p B o a t c o m . r . . 10
L i b b y , M c N e i l l & L i b . r . 10
L o e w I n c ..................... ..................
L i m a L o c o m c o m . r ___ 1 0 0
L o ft In corp ora ted r(n o par)
M a d ls o n T lr e iR u b .c o m (t )
M a l b o h m M o t o r s . r . . . 10
M a n a t i S u g a r .r . . . .1 0 0
M a r c o n i W lr e l T e l o f A m . 5
M a x w -C h a lm e r s .r n e w stk
M e r c e r M o t o r s . r . . ( n o p a ;)
N o r A m P u lp & P a p e r . ( t )
O t is S t e e l c o m . r . ( n o p a r )
O v e r l a n d T i r e ____________ 10
P a c i f i c D e v c l C o r p . r ___ 5 0
P a c k a r d M o t C a r p r e f .r lO O
P a r r y (M a r tin ) C o r p . r . ( t )
P a tc h o g u e -P ly m M ills , (t )
P e r fe c tio n T ir e i R u b b . r . 1
P h il lip s - J o n e s C o r p w i . ( f )
P r e f e r r e d . r _______ .1 0 0
P ro cte r i G a m b n ew p f 100

U4
10
5 6 )3
60
16X
1 7 )4
77
4
58
9 )4
27
27

2X

4 8 )3
3 9 )3
39 X
17
5 0 )3
3 1 )4
1 3 )4
52
58
6 )3
142

1 3 -1 6
14
50
9
1 2 )3
1 4 )3
2 8 )3
25
3
5 )4

3 6 )4
30
77
1 4 )4
6 )3
62
4 0 )4
4 0 "4
28
80
9 7 )3
3 9 )4
80
95
101

R e p u b lic R u b b e r r (n o p ar)
R o c k a w a y R o l l l n g M il ls r ( t )
R o o t i V a n D e r v o o r t r 100
S a v o l d T i r e C o r p . r ----------2 5
S h e ll T r a h s p i T r a d . r . . £ 2
S n o w 's F o u n t H o l d C o r p 10

7 7 )4
1 0 )3

S t a n d a r d M o t o r C o n s t , r 10
S t a n d a r d P a r t s , c o m . r . 100
P r e f e r r e d , r ____________100

55
96

S u b m a r in e B o a t v t c . . ( t )
S w e e t s C o o f A m e r ic a r 10
S w if t I n t e r n a t i o n a l . r ___ 15
T em tor C o r n i Fr pf A .( t )
T o b a c c o P ro d u cts E x p (t)
T o d d S h ip y a r d s C o r p _ . ( t )
T r i a n g l e F ilm C o r p v t c . . 5
U n i t e d M o t o r s . r _ . (n o p a r)
U n i o n C a r b id e i C a r b r ( t )
U n i t e d E y e g la s s S h o p s . r _ 6
U n t d P le t u r e P r o d C o r p .r (t )
U n ite d P r o llt S h a r in g .,2 5 c
U n R e t a i l S t 's C a n d y . r . ( t )
U S L t i H t C o r p , c o m . r 10
U 8 S t e a m s h i p ____________ 10
V a n a d iu m S t e e l o f A m r ( t )
V V lv a d o u , I n c . r . . ( n o par)
W a r r e n B r o s . r _________ 1 0 0
W e b e r & H e il b c o m . r . ( f )
F o r m e r S t a n d a r d O il
S u b s ld la r le a
A n g l o - A m e r ic a n O i l . r . £ 1
O h io O i l . r ............................. 2 5
P r a ir i e P i p e L i n e . r _____100
S o u t h P e n n O i l . r _______ 1 00
S t a n d a r d O il ( C a l i f ) . r . 100
S t a n d a r d O il o f N J . r . . l 0 0
S t a n d a r d O il o f N Y . r l O O
O t h e r O il S t o c k s .
A j a x O i l . r ________________ 10
A ll ia n c e O il & R e f . r ______ 5
A ll ie d O i l . r .......................... 1
A lt o G a s o lin e & O i l . r _____6
A m a lg a m a t e d R o y a l t y . r . l
A r i t o O i l . r ________________ 1
A t l L o b o s O il c o m . r ___ ( t )
A t l a n t i c P e t r o l e u m . r ___ 5
B a r n e t t OH & G a s . r ______ 1
B e l l P e t r o l e u m . r ____________
B o o n e O i l . r ________________ 5




8 )4
1 0 )3
57

1 7 )4
1 3 )4
50
34
160
5 9 )3
6 )4
1 8 )4
3 )3
2 0 )3
4 )3
7 )4
5 8 )3
2 7 ‘3
80

29
375
342
710
420

11
8 )4
1 )3
1 )3
53
79
3 )3
3 -1 6
2 )3
8 )3

1 )4
1 )4
1 0 )3
9 )4
54
57
60
61
17
1 6 )3
19
1 7 )3
75
7 8 )4
1 5 )3
1 6 )3
4
3 )3
59
56
9 )3
9 )4
2 6 )4
27
2 6 )3
2 7 )4
8 )3
9 )3
4
4 )4
2 )3
3 )4
9 )3
8 )3
126
117
•48)3 4 9 ) 3
38
3 9 )3
40
3 9 )4
19
1 6 )3
52
50
3 2 )3
3 1 )3
1 2 )4
1 3 )4
51
57
57
59
6 )3
7 )4
134
152
210
215
)4 1 5 -1 6
1 3 -1 6 1 )3
14
14
49
54
8
9 )3
45
45
1 1 )3
1 2 )3
14
15
27
29 H
23
2 5 )3
53
59
3
3 )4
5 )4
5X
3
3 )4
29
31
32
37
91
95
26
30 X
75
77
16
1 3 )4
117
117
7
65-3
62
63
3 7 )4
4 0 )4
5 )3
5 )4
37
4 2 )3
2 7 )4
2 8 )4
75
80
97
9 9 )3
27
30
39
3 9 )3
1 5-16
1
62
80
95
96
100
101
1 3 )3
14
7 )4
8 )4
1 0 )3
1 0 )4
53
58
12
15
76
78
9A
1 0 )3
95
97
8 )3
8 )3
55
5 9 )3
96
96
65
5 7 )3
17
1 9 )4
12
1 3 )3
5 7 ‘ 3 58
49
5 1 )3
33
36
1 3 9 )3 160
54
X
58
5 9 )3
80
82
6 )4
6 )4
21
1 8 )4
3
3X
A
20
2 m
3 )3
4 )3
6 ),
7 )3
4 8 )4
6 6 )3
28 X
80
81
4 )4
5 )4
2 3 )3
2 3 )3

2 6 )3
372
285
342
304
710
420
131

X

78
3 )4
3 -1 6
2
7 )4

5 ,2 0 0
4 ,6 0 0
2 ,0 5 0
6 ,3 0 0
3 ,0 0 0
3 7 ,2 0 0
2 6 ,0 0 0
3 ,6 0 0
2,9 0 S
4.70C
1 ,6 0 0
400
3 ,2 0 0
2 ,0 0 0
3 ,3 0 0
9 ,5 0 0
5 ,1 0 0
1 5 ,tOO
3 ,4 0 0
6 ,0 0 0
6 ,6 0 0
2 ,8 0 0
1 6 ,9 0 0
3 , *00
2 2 ,1 0 0
500
1 0 ,0 0 0
8 ,0 0 0
1 4 ,5 0 0
300
600
400
200
1 0 ,6 0 0
5 1 ,0 0 0
40
1 4 ,9 0 0
600
1 1 ,5 0 0
1 1 ,6 0 0
4 ,2 0 0
8 ,1 0 0
200
400
4 ,7 0 0
1 3 7 .1 0 0
800
9 1 ,2 0 0
1 ,2 0 0
7 ,0 0 0
100
1 2 ,3 0 0
300
2 0 ,0 0 0
1 4 ,1 0 0
5 5 ,9 0 0
4 ,2 0 0
500
500
200
1 ,5 0 0
1 1 ,0 0 0
2 ,6 8 5
975
900
600
3 1 ,0 0 0
1 ,7 0 0
1 2 ,6 0 0
1 ,2 0 0
2 4 ,7 0 0
1 0 ,5 0 0
400
100
1 ,4 0 0
100
1 ,5 5 0
1 5 ,4 0 0
8 ,9 0 0
700
6 ,5 0 0
8 ,0 0 0
2 ,2 0 0
4 ,7 0 0
500
1 ,3 0 0
9 ,1 0 0
6 ,0 0 0
2 4 ,0 0 0
1 3 ,8 0 0
1 0 ,5 0 0
1 6 0 ,0 0 0
7 4 ,0 0 0
1 1 ,4 0 0
500
2 ,7 0 0
100

R ange sin ce J an .
L ow .
O ct
1 )4
Jan
6 )3
June
51
O ct
50
O et
1 5 )4
1 6 )3 O c t
O ct
75
Jan
2 )3
3
S epl
O ct
53
7 )4 S ep l
2 0 )4 A u g
20
J u lj
7 )3 S ep t
2 )3 S ept
F eb
2
4 )4 M a r
92
Sept
F eb
35
Aug
30
3 8 )4 S ept
1 3 )3 J u n e
43
Aug
O et
3 1 )3
Sept
11
Aug
38
54
June
O ct
6 )3
Jan
39
Jan
83 X
9 -1 6 A p r
1 1 -1 6 A p r
Jan
3
O ct
48
M ay
6
O ct
45
Jai
4 )3
O ct
1 3 )3
O ct
2 4 )4
Jan
1 0 )4
4 8 )3 A u g
O ct
2 )4
O ct
5 )4
Jan
1 )3
Jan
19
O ct
32
F eb
27 X
O ct
17
Aug
45
O ct
1 3 )4
O ct
117
Jan
4
S ept
57
O ct
3 7 )4
Jan
2 )3
Aug
34
1 4 )4 A u g
63
M ay
O ct
97
Aug
25
O ct
3 7 )4
Feb
)3
Aug
55
S ept
94
Sept
100
Aug
12
5 )4 A u g
9 ) 4 S ep t
Aug
37
O ct
12
Aug
66
O ct
9 )3
5 6 ) 3 J u ly
6 )3 M a y
5 1 )3 S ept
O ct
96
O ct
51
Feb
10
6 ) 3 J u ly
Jan
4 0 )3
O ct
50
June
25
Feb
102
F 'cb
X
Jan
3 3 )4
F ob
60 X
O ct
5
S ept
11
7 -1 0 J a n
AUg
19X
Jan
1A
X
M ar
2
Aug
37X
O ct
2 7 )4
42 X M a y
3 )3 M a y
1 5 )4 J u n e

9 ,1 0 0
10
20
10
20
165
135
10

1 6 )4
315
264
292
258
668
310
107

6 ,6 0 0
2 ,8 5 0
1 1 4 ,0 0 0
6 ,5 0 0
2 4 ,5 0 0
4 ,7 0 0
li
83
6 ,6 0 0
3 ,0 0 0
3 )3
3 -1 6
6 ,0 0 0
2 )3
1 3 ,8 0 0
1 0 ,4 0 0
8 )3

10
4X
X
4 )4
1
X
73
2X
X
2
3

2 9 )4
375
286
342
305
729
429
131

11
8
1 1 -1 6
4 )4
1 5 -1 6

S a les
fo r
W eek .
S h a res

1 1 )4
8 )4
1 )4
5 )3
1 )4

Jan
Jan
M ar
Api
Jan
Apr
Jan
Jan
Aug
Apr
J u ly
O ct
Aug
O ct
S ept
Jan
Aug
O ct
M nr

H ig
3X
12 X
May
65
67 X J u ly
O ct
17
20 X
80
O ct
18
J u ly
4X
O ct
60
n x
27 X
28
M ay
O ct
9
4 )4
5 )4
1 5 )3
O ct
126
50X
39 X
Aug
45
45
J u ly
52
Aug
32 '-3
O ct
1 4 )4 A u g
O ct
57
62
June
O ct
7 )4
O ct
155
O ct
228
1 5 -1 6
1 7 -1 6
J u ly
25
O ct
54
Aug
io x
O ct
45
1 4 X J u ly
Aug
25
5 U X J u ly
M ay
35
J u ly
69
O ct
3 )3
1 0 'A
3H
34 X
O ct
37
Sept
98
O ct
3 0 )3
O ct
80
O ct
16
O ct
117
7 X Sept
Sept
67
4 0 )4
7 )3
46
J u ly
2 8 )4
80
99 X
34 X
39 X
1 )3
O ct
80
Aug
97
O ct
104
June
20
J u ly
a
Sept
12
O ct
58
7 7 )4
78 X

io x

105
11

59 A
X
97
65
20 X
1 5 )4
65X
S IX
40 X
160
59
86
8

X
A

O ct
J u ly
Sept
O ct

O ct
M ay
O ct
J u ly
J u ly

Oct

3 )4
3 0 )4
4
8 y%
66 X
33
86
6 )4
26

X
A

2 9 )4
404
317
350
319
798
440
138
11X
8X
1 )3
7 )3
2X
2X
88
4 )4
5 -1 6
2X
16X

O ct
S ept
J u ly
J u ly
J u ly

O t h e r O il S t o c k s

(Concluded)

Par

Fridai
Last W e s t 's Rang
of Prices.
Sale.
Price. Low. High

B o s t o n - M e x P e t r o l _______
75c
B o e to a -W y o m ln g O H . r . . l
27
B r a z o s OH C o r p r f n o p a r)
B u ik n e tt V a n C lc a v O i l . .5
IX
1
C a n - A m e r O * O . r ______
C e a t r a l O il D e v e l o p . r . _ 10
22 X
C ir c l e O i l . r . . . ................... . . 5
5X
50
C o m m o n w e a lt h P e t r o l . r ( t )
C o n t in e n t a l R e f i n i n g ___ 10 _______
C o s d e n A C o . e o m . r _____ 6
1 1 )4
E lk B a s in P e t r o l . r . ........... 5
8 )3
6
E r t e l O i l . r ................................6
5 -lf
E s m e r a ld a O il 4 G a s . r . . . 1
F e d e r a l OH C o r p . r ________5
3 )4
G le n r o o k OH C o r p . r _____10
3X
27 X
G t tffe y -G H le s p le O i l . r . ( t )
H e r c u le s P e t r e l C la s s A r 10
H o m o O il & R e f g . r _____10
14X
35 c
156
H o u s t o n OH c o m . r _____100
H u d s o n O i l . r _______________ 1
X
I n d l a h o m a R e f C o . r _____5
12X
I n t e r n a t P e t r o l . r ..............£1
34X
4 3 )4
I n v in c i b le O H . r . . . ........... 60
7X
I s la n d O il 4 T r a n s p . r . . l 0
I ta n ce C r e e k R o y a l t i e s . r . l
L iv in g s t o n OH C o r p . r ___ 1
2X
L iv in g s t o n R e f C o r p c o m ( t )
P r e fe r r e d _ r ______( n o p a r )
M a n h a t t a n O H .r . ( n o p a r )
41X
26
M e r r it t OH C o r p . r ........... 10
M e t r o p o lit a n P e t r o l e u m . 2 5
2 )4
21X
M e x l c a n - P a n u c o O i l _____ 10
M id w e s t R e f i n i n g . r _____5 0
3
M o r t o n P e t o f M e . r ........... 1
5
N a t i o n a l O i l . r . _________ 10
6 )4
N o r t h e r n T e x a s O i l . r _____5
5X
53
N o r t h w e s t e r n O H . r . ........... 1
1
O h lo - R a n g e r O i l . r _________ 1
13
7X
O r ie n t O il 4 G a s . r _______ 1
1 )4
1 5 )4
P e n n o k O il r .................. . . 1 0
77
16X
P it t s b - T e x a s O 4 O . r . . . 5
8 )4
P rodu cers 4 R e f .r
10
R a n g e r G u l f . r ........................5
R a n g e r O i l . r . . . ................... 1
R ic k a r d T e x a s C o . r ______ 5 ________
5X
5 3 )4
8
S a p u lp a R e f i n i n g , r . ........... 5
IO X
S a v o y O il.
9 -1 6
S e q u o y a h O il 4 R e f ........... 1
38 X
S im m s P e t r o le u m r ( n o p a r )
S o u th e r n O il 4 T r a n s r . 1 0
S o u t h S t a t e s C o n s C o r p r 1 1 7 -1 6
1 9 )3
S p e n c e r P e t r e l C o r p _____ 10
S ta n to n O il .r
1
2 )4
14 X
S t a r - T e x P e t . r .............. _ . l 6
T e x a n a O il 4 R e f . r ........... 1
T e x a s N a t P e t r o l . r ..............1
X
178
T e x P a c C o a l 4 O il w i . , 1 0
1
T e x a s -R a n g cr P ro d 4 R . . 1
T e x a s S te e r O i l . r
1
X
T e x - K e n OH C o r p . r ______ 5
ix
T e x o n O il 4 L a n d . r ______ 1
T r i n i t y OH C o r p . r ..............1
IX
T r o p ic a l O i l .r
25
U n ite d T e x t b o o k _ r ..............1
X
V a lv e r d o O il P r o p . r . - . ( f )
in
V ic t o r i a O i l . r _____
1 )4
V u lc a n O H . r . .
5
8 )4
W e s t S ta tes O 4 L a n d r
1
2 )4
W h e l a n O il r
1X
W h ite E a g le OH 4 R e f r .
26X
W h i t e O H C o r p _____( n o p a r)
35X
9
W o o d b u r n O il C o r p . r . w l ( t )
49c
W y o m i n g C o n s O i l . r _____1
M in in g S t o c k s —
1 )3
A la s k a -B r l t C o l M e t a l s . . 1
1X
A m e r H o n d M i n C o r p . r .1
1 )3
A m e r ic a M i n e s . r ........... — 1
X
A m e r T in 4 T u n g s te n . r . . l
9 -1 6
4c
40c
29c

X

B o o t h . r .....................................1

9c
80c

X
B u t t e N Y C o p p e r ______ 1
44c
C a n a d a C o p p e r C o , L t d . - 5 1 1 3 -1 6
C a n d a la r la S i l v e r , r ______ 1 1 1 -1 6
15
C a r r ie S ilv e r , _ r _________ 1 0 c
1 1 -1 6
3X
C o n s o l V ir g in ia S i l v e r . r . . 5
2 )3
C r e s s o n C o n G o l d M 4 M .1
2 3 -1 6
4X
E l S a lv a d o r S ilv e r M i n ___ 1
IX
IX
2X
G o ld e n G a t e E x p l o r 'n . r . 6
18c
G o ld f ie l d C o n s o l 'd ________10
12c
62c
G o l d f i e l d F l o r e n c e . r ______ 1
4c
G o ld f ie l d M e r g e r . r ..............1
69c
65c
G l a n d P a c i f i c C o p p e : ------- 1
4c
i
H a m il t o n M 4 8 __________ 1
15c
H a s b r o u c k D l v l d e . r ______ 1
5 )3
H e c la M i n i n g ____________ 2 5 c

L a R o s e M i n e s , L t d ______ 5
L o u is ia n a C o n s ' d . . .............. 1
M a cN a m a ra M in in g ._ r _ .l

10c
5c
21c
X
%
61c

May
May
July

M c K ln le y -D a r r a g h -S a v . . 1
M o t h e r L o d e n e w . r ........... 1

70c
_______

J u ly
O ct
J u ly

N e v a d a O p h ir M l n _ r . . l 0 c
N l p l s s ln g M i n e s ---------------- 5

Jum bo

E x t e n s i o n _________ 1

Apr

O ct

S ept

28c
11

3X
O n o n d a g o M in e s C o r p . r . 1
O p h ir S i l v e r M i n i n g C o r 1
1)4
R e x C o n s o lid a t e d M i n — 1 ________
X
I t o p c r G r o u p M C o ........... 1
X
S t C r o ix C o n s M i n e s . . . . 1
S e n e ca C o p p C o r p . (n o p ar)
5 -1 6
S e v e n M e t a l s M l n . r ........... 1
S U v e r D o l l a r M . r .............. . 1 _______
1 3 -1 6
B llv e r K i n g o f A r i z o n a . . . 1
17c
S ilv e r K i n g D l v l d e . r _____1
8c
S liv e r P i c k C o n s ’ d . r ........... 1

Sales
for
Shares

Range since Jan.
Low.

20t
4
4
3X
18o
74c
77c 89.00C
1,10(
26
28
27
1
1.00C
IX
IX
1 9 ,2 0 1
X
1
X
7.70C
23
11X
20 X
3
1 ,5 0 0
4X
5X
37
49
4 ,9 0 0
52 X
6
6
600
5X
1 1 ,8#0
6X
11X
11X
6
1 ,9 0 (
9 )4
8X
6
1 3 ,4 0 (
4X
4 )4
X
4 2 ,0 0 0
5 -lf
X
2
8 ,5 0 0
3 )4
3X
1 8 ,8 0 0
3X
4 )4
3 )4
1 1 ,8 0 0
18
28 X
26X
10
17
17
10C
10
18
9 ,9 0 0
11
36c
30c
14,5 0 0
34c
75
167
8,70C
145
65o
1
5 ,5 0 0
X
5X
3 ,2 0 0
1 2 )3
1 1 )4
16X
5 ,4 0 0
34 X
35X
44
3 8 ,0 0 0
30X
42 X
2 7 ,5 0 0
6X
8X
7X
8 ,5 0 0
X
X
X
IX
5 6 ,1 0 0
3 X
2 )4
8
290
8 )4
8X
7
7
200
7 )4
37
43
3 1 ,7 0 0
37
25
20
5 ,6 0 0
27 X
5 ,7 0 0
IX
2X
2X
29
21
1 7 ,6 0 0
10X
175
169
1 ,6 0 0 1 2 4
3
I
2,701)
2 )3
4
4 ,7 0 0
5 X
2X
6
1 2 ,7 5 0
5X
6X
6
5 ,4 0 0
5X
5 )3
46c
53
6 ,0 0 0
52
1
X
1 4 ,3 0 0
X
1 5 ,0 0 0
5X
15
9X
IX
7 ,6 0 0
7 X
6 )3
2 4 ,0 0 0
X
1 )4
X
4 ,1 0 0
15
11X
15X
58
77
1 1 ,0 0 0
70 X
16
400
8X
16X
7
1 0 ,5 0 0
8 )3
8X
14
30
500
30
5 -1 6
5 -1 6
3 ,4 0 0
X
6
9
10
400
1 6 ,7 0 0
4X
2X
5X
55
13,200)
38
4 9 )3
7
7 ,8 0 0
7 )4
8X
100
6X
1 9 )3
1 0 )3
7 -1 6
9 16
9 ,5 0 0
X
37
42
2 8 ,9 0 0
28 X
9
1 1 ,7 0 0 2 X
7X
1X
7 -1 6
7 ,5 0 0
IX
21
3 2 ,6 0 0
13X
1 8 )4
X
2 X 1 3 6 ,7 0 0
IX
13X
2 ,1 5 0
14 X
14 X
11c
9 -1 6
9 -1 6
500
3 -1 6
6 ,5 0 0
X
X
175
,7 8
175
100
X
4 ,7 0 0
IX
X
X
1 ,8 0 0
X
X
100
4X
3X
4 )3
X
IX
3 4 ,4 0 0
1 )3
IX
5 ,7 0 0
1)4
IX
15
100
2 1 )3
21X
X 2 4 ,5 0 0 5 0 c
X
0
700
8X
8 )3
IX
2
6 ,2 0 0
IX
8
8
5 ,3 0 0
8X
IX
2 X
8 ,4 0 0
2 )3
1
6 ,5 0 0
IX
IX
20X
25
1 1 ,7 0 0
26 X
35 X
3 5 )4
2 0 ,0 0 0
35 X
8X
4 ,0 0 0
8 )4
9 )3
35c
35c
40c
1 8 ,5 0 0
1 1 -1 6 I X
4 ,1 5 0
9 ,1 0 0
IX
IX
9 ,2 0 0
1 1 -1 6 I X
2 2 ,5 0 0
X
X
2 0 ,1 0 0
X
4c
2X c
1 6 ,6 0 0
4 1 c 2 1 ,8 0 0
38c
30c
27c
1 2 ,7 0 0
1 3 ,4 0 0
9 -1 6
X
9c
6c
1 5 ,5 0 0
77c
8 2 c 4 4 ,0 0 0
1 ,6 0 0
X
)4
42c
4£c
1 5 ,4 5 0
1 1 1 -1 6 1 1 3 -1 6
4 ,7 0 0
1
1 -1 6
1 6 ,0 0 0
13
15
9 ,4 0 0
1 1 -1 6 I X
4 ,6 0 0
4 ,1 0 0
3 )4
3 )3
2
1 0 ,4 0 0
2X
8 0 ,4 2 5
IX
2 )4
6 ,5 0 0
4X
4X
1 1 ,7 0 0
IX
1 )3
1 0 ,7 0 0
1 9 - 1 6 1 )3
7 ,4 0 0
2X
2 )4
17c
18c 2 2 ,5 0 0
10c
1 3 c 2 3 ,5 5 0
57c
6 5 c 9 5 ,7 5 0
4c
4 ) 3 c 2 2 ,2 0 0
68c
7 2 c 3 5 ,7 0 0
60c
70c
1 6 ,9 0 0
3c
4c
4 ,1 0 0
i
5 ,3 0 0
)4
1 1c
1 8c 1 3 ,2 0 0
5%
5Vh
7 ,0 9 5
26c
27c
3 ,7 0 0
9c
lie
1 9 ,5 0 0
4c
5c
2 ,4 0 0
2 4 c 4 3 ,1 0 0
20c
X 1 1 -1 6 1 2 ,0 0 0
5 -1 6
X
4 3 ,5 0 0
6 2 c 1 1 9 ,6 0 0
58c
15e
14X c
4,70)0
400
3X
3X
69c
73c
5 ,2 0 0
5c
4 ,2 6 0
5 !4 c
7
2 ,3 0 0
7X
23c
2 8 c 1 7 ,0 0 0
4 .2 0 0
io x
11X
20c
20c
1 ,0 0 0
2 ,4 0 0
3X
3X
1 )4
5 ,6 0 0
1 )4
14c
1 5c
2 ,5 0 0
3 -1 6 7 -1 6 3 0 ,1 0 0
500
)3
20
200
20X
7 -1 6 1 5 ,0 0 0
M
1
1 ,1 0 0
X
6 ,0 0 0
)4 1 3 -1 6
n>c
1 7 c 1 5 ,5 0 0
8c
9c
4 ,0 5 0

X
A

X
A

1.

High.

4X
Aug
Sep
88c
Sept
Jan
Aug
3 2 X J u ly
Sept
2 X J u ly
I X M ay
Aut
23
O ct
M ay
5 )4
O ct
Juse
63
June
M ar
K ep t * 1 6 X J u n e
12X S ept
JaD
Jan
11 X M a y
11
J u ly
O ct
S e p t 1 1 -1 6 A u g
4
Apr
Jan
8X
Apr
M ar
30 X
O ct
Aug
M ar
2 3 X J u ly
Feb
40 X M ay
40c
Aug
Aug
167
O ct
Jan
5X
Apr
Feb
12
O ct
June
3 6 X Sept
Jan
45
O ct
Aug
9 X M ar
Jan
2 X M ay
Sept
4 X J u ly
June
S ept
14X Aug
10
Sept
O ct
43
O ct
O ct
35
M ay
Aug
M ar
S e p t 4 5 -1 6
29
O ct
M ay
Jan
190
M w
M ar
5X
Apr
7
Apr
Aug
9 X
Aug
S ept
6X
O ct
O ct
75c
Apr
Feb
S ept
2 X M ay
15
O ct
S ept
7X
O ct
Apr
2 X M ay
Sept
17 X
Apr
F eb
77
O ct
Aug
\7A
O ct
F ob
Aug
9 X June
36
June
Apr
O ct
2 X M ay
M ar
2 4 X June
7 X M ay
Apr
M ar
6 5 X J u ly
Jan
9 X M ay
14
Apr
Jan
H M ay
Aug
42
O ct
Aug
9
O ct
Apr
1 7 -1 6
O ct
O ct
21
O ct
J u ly
*2X M ay
M ar
1 4 X S «p t
S ept
1X » June
Jan
IX M ay
Sept
178
O ct
O ct
6
June
O ct
I X M ay
S ept
6X
AUg
J u ly
1X
O ct
June
1X
Aug
Aug
J u ly
25 X
° ct
X
Aug
June
io x S ept
Juno
6
Apr
Sept
13X
Aug
Out
10X M ay
Sept
\%
O ct
O ct
27
Sept
Aug
35X
O ct
O ct
10X
Aug
O ct
40c
S ept
S ept

2
June
31c
M ay
1
M ay
I X June
1 9 -1 6 F e b
X M ay
X M ar
X M ar
X J u ly
I X M ay
2X c
O ct
6 X o M ar
3 0 c Sept
84o
J u ly
22c Aug
4 4 c J u ly
X M ar
1 5 -1 6 Jan
6c
Sept
36c
Apr
42c
Feb
93c
J u ly
X M ay
X
O ct
27c
Jan
45c
Sept
X 9 -1 6 S e p t
2X
F eb
62c
J an 2 3 -1 6 J u n e
15
Aug
11
AUg
1
F eb
1 9 16 J n
2X
O ct
3X
O ct
I X Sept
5X
Jau
I X Sept
3 X J u ly
1 )4 M a r
5 X M ay
1
Aug
2 X M ay
1
J u n e l 1 5 -1 6 S e p t
2 X S ept
4 X M ay
11c
J u ly
24c
Jan
lie
J u ly
24c
Jan
35c
M ar
75o
M ar
3 X c Aug
8o
M ar
35c
Aug
IX
Apr
60o
O ct
1
J u ly
2 X c Aug
6c
Jan
4 lo
Jan
4X
Aug
lie
June
47o
Apr
4 1 -1 6 J a n
6 )4 Ju n e
44c
Fob
25c
S ept
16c
M ar
9c
S ept
2 X c J u ly
8c
Jan
37o
J u ly
15c
June
15c
Apr
X
O ct
1 -1 6
Apr
X
Apr
34c
M ar
IX
M ay
3c
F eb
15c
Sept
2
Apr
4 X J u ly
45c
Jan
75c
S ept
3X cM ar
5X cS ep t
X M ar
7 )4 S e p t
15c
Apr
50c
M ay
15
M ay
8X
Jan
17c
Apr
3
Jan
3 X M ay
IX
O ct
IX
O ct
9c
June
23c
J u ly
3 -1 6
O ct
1 )4 A u g
X O ct
1
Aug
26
M ay
13 X
Feb
X
Aug
X J u ly
X
Sept
I X June
1 3 -3 2 F o b
IX M ay
12c
Sept
37c
M ar
4c
Apr
14c
Apr

THE CHRONICLE

O ct . 18 1919.]

M i n i n g — ( C o n o l.)

F r id a y
W e e k 's R a n g
L ast
S a le.
6f P r ic e s .
P r ic e . L o w .
H ig h .

Par

S o u t h A m G o l d A P la t r 10
9%
S t a n d a r d S i l v e r - L o a d _____ 1
a
S u c c e s s ______________________ 1
S u t h e r la n d D i v i d e . r ______ 1
T o g g e r y D i v i d e . r _______1 0 c
40c
T o n o p a ih B e lm o n t D c v . r . l
3
T o n o p a h IS i v i d e . r ________ 1
7%
T o n o p a h E x t e n s i o n _______1
2%
T o n o p a h M i n i n g ___________ 1 2 1 5 - 1 6
U n i t e d E a s t e r n ........... ........... 1
2
U S C o n tin e n ta l M i n e s .r 1
9% c
U n i t y G o l d M ln e 3 _________ 5
8%
V i c t o r y D i v i d e , r ___________ 1
28c
W a s h in g t o n G o l d Q u a r t z . 1
99c
W e s t E n d C o n s o lid a te d . .6 1 1 1 -1 6
W h it e C a p s E x te n s io n . .1 0
3c
W h i t e C a p s M i n i n g ___ 1 0 c
17c
W h ite K n o b C o p p r e f .r .1 0
1%
W i lb e r t M i n i n g ____________ 1
7c
W i ls o n 8 U v e r M i n e s . r ___ 1
Y a n k e e J o h n ........... ................ 1 " 3 0 c "

Bonds—

A llie 1 P a c k c o n v d e b 6 s '2 0
89
A m e r T e l <fe T e l 6 s ( n e w ) '2 2
99 %
6 % n o t e s . r ___________ 1 9 2 4
A n a c o n d a C o p M i n 6 s r '2 9 " 5 s %
B e t h S t e e l s e r ia l 7 s . r . 192 2
S e r ia l 7 s . r ____________ 192 3 ’ 162 M
C a n a d a ( D o m o f ) 5 % s . r '2 1
5 % s . ..................................1 9 2 9
C b ic M U w A S t P K it 4 % s .
C C C A S t L o u is 6 s . . 1 9 2 9
C o p e n h a g e n ( C i t y ) 5 % s '4 4
88
C u d a h y P a c k 7 % n o t e s r '2 3
101%
F r c h G o v 4 s ( p e r 1 ,0 0 0 f r . ) .
84
F r c h G o v 5 s ( p e r 1 ,0 0 0 f r . ) .
105
G e n e r a l E le c 6 % n o t e s 1 9 1 9
76%
I n t e r b o r o R T 7 s ______ 1921
K C T o r m R y 6s ........... 1 9 2 3
L a c le d e G a s L t c o l l 7 s . 192 9
48
R u s s i a n G o v t 6 % s . r . . 191 9
5 % s . r ...............
1921
45
S o u t h e r n R y 6 % n o t e s 1921
96 %
98
S w e d is h G o v t 6 s J ’ n e 15 '3 9
S w l t z e r l 'd , G o v t o f . 5 % s '2 9
93 X
U S L t & H e a t 6 s ______ 1 9 3 5

8H

9%
3 -1 6
y*
5c
5c
10 c
10 c
42c
35c
2 1 1 -1 6 3
6
7%
2 1 1 -1 6 2 %
2%
3
4%
4
9c
10c
8
9X
27c
28c
99c
99c
1 % 1 1 1 -1 6
3c
4c
16c
18c
1%
1H
9c
6% c
%
%
24c
35c

88 X
99
98%
98 X
101%

3 .0 0 0
5 .0 0 0
2 .5 0 0

2 .000
5 5 ,6 8 0
1 ,8 6 0
3 1 ,1 0 0
9 .6 0 0
1 ,6 2 0
3 .7 0 0
1 5 .S 9 0
5 ,5 9 0
3 .5 0 0
4 .7 0 0

10,200
7 .7 0 0
1 2 ,6 0 0
700
2 9 ,3 0 0
400
4 .6 0 0

P .a nge

99%
98%
99%
96
89

12.000

104

109

1 7 0 .0 0 0

100

1,000

79
99%
99%
48
45
96%
98
94
80

88
99
98%
97%
101
100%
99%
96%

10.000
11,000
3 2 .0 0 0

6.000
101% 101%
83
1 4 0 .0 0 0
88
76%
99%
99%
40
43
96%
97%
93%
80

8%

Sept
%
Jan
4c
Jan
7e
Sept
31c
O ct
2 9 -1 6 J a n
5
Aug
1%
Jan
2%
Jan
3 3 -1 6
Jan
6c
JaD
4% M ar
24c
Aug
71c
Apr
1
M ar
2c
Jan
10 c
Jan
1%
Jan
5c
Jan
Aug
%
O ct
24c

4 3 .0 0 0
7 .0 0 0
4 4 .0 0 0

100

sin ce

Jan.

L ow .

$ 8 9 ,0 0 8
90
8 7 .0 0 0
99%
98%
8 ,000
98%
9 .0 0 0

102%
101% 102%
99%
97 %
99%
95%
87%

S a les
fo r
W eek .
S h a res

87%
101
83
104

100

9 0 .0 0 0
4 .0 0 0

2.000
1 6 1 .0 0 0
5 0 .0 0 0
1 4 .0 0 0
4 6 .0 0 0
4 4 ,8 0 0

10.000

76%
99%
99
34%
37
96
97%
93%
80

O ct
O ct
O ct
F eb
Jan
Jan
J u ly
Aug
O ct
Aug
O ct
Sept
O ct
O ct
M ar
O ct
O ct
J u ly
Sept
Sept
Aug
Aug
S ept
O ct

1.

A ll p r l c e i n o w d o lla r s p e r s h a r e .

14%
'As
7c
47c
42c
4
*12
3%
4%
6%
1 9o
9%
53c
99c
3
7o
35c

June
M ay
Jan
Apr
O ct
M ay
Aug
M ay
M ay
M ar
M ay
O ct
Juno
O
M ay
Apr
Apr
1 % Jan
13% c Aug
1% June
50c
Sept

94
99%
100%
100
102%
102%
100
93%
99%
98
93 %
110

88

S ept
S ept
M ay
M ay
M ay
M ay
Sept
O ct
F eb
Aug
Aug
Aug

On

109%
100%
92%
101
101
72
65
99%
100%

O et
M ay
F eb
June
M ar
Feb
Feb
M ar
June

96%

Ju ly

80

O ct

NOTICES

— Lyon, Singer & C o., o f Pittsburg, announce that Prescott L. Lyon
formerly Manager o f the Pittsburgh office o f Leo, Higginson & Co has
becomo associated with them and has been elected Vice-President. James
H. Price, Jr., who has been with Lyon, Singer & Co. for many years has
been elected Manager o f their Municipal Bond Dept, and J. Howard
Johnson, also with them for many years has been elected Secretary.
— J. S. Farlee & Co., 6 6 Broadway this city, are offering by advertise­
ment to-day, on another pago, 200.000 shares Margay Oil Corp. stock'at
$9 per share. Haskins & Sells, certified public accountants, havo made an
examination of the corporation’s assets and certified as to same. Circular
will bo mailed by the bankers on request.
— The law fh-m o f Caldwell & Masslich was dissolved on Oct. 15. J h
Caldwell and Daniel V. Raymond will continue the practice o f law under
tho firm name of Caldwell & Raymond at No. 115 Broadway, New York
City. Charles O. Marshall will be associated with them.
— Powell, Garard A C o., dealers in investment securities at 39 South
La Salle Street, Chicago, announce tho opening o f offices in the Boat­
men’s Building, St. Louis, under the management o f James S Prosser
The firm also has offices in New York, Philadelphia and Dallas.
— Among our offerings this week, Merrill, Lynch & Co., Kelly, Drayton
& Co. and Ilarriuian & Co. are jointly advertising, as a rocord only, $i .
500,000 General Phonograph Corporation first mortgage 7% serial gold
notes, all the notes having been sold.
— All the issue having been sold. Van Emburgh & Atterbury, members of
tho Now \ork Stock Exchango, 5 Nassau St., this city, are advertising as a
matter o f record only their offering of Manhattan Oil Co. stock. Price
$38 per share.
— Matthew Finn o f Detroit announces the removal o f his offices to
82 Griswold St. (ground floor), where in addition to dealing in municipal
and corporation bonds, ho will conduct a gonoral banking business.
— At $97 50 per share, Aldred & Co., 24 Exchange Place, this city are
advertising in this Issuo as a matter o f record, $3,500,000 Rolls-Royce of
America, lne., 7% cumulative participating preferred stock.
Chester B. Masslich will continue the practice o f law at No. 29 Libertv
Street, New York City. John G. Haas will be associated with M r . Masslich.
N ew

Y ork

C ity

B an k s an d

T r u s t C o m p a n ie s .

A ll p r ic e s n o w d o lla r s p e r s h a r e .
B anks— N Y
A m e r ic a
A m e r E x c h ___
A t la n t i c
B a ttery P a r k .
B ow ery*
B road w a yC en
B ron x B o r o * .
B r o n x N a t ___
B rya n t P ark*
B u tch & D ro v
C en t M e r c ..
C h a s e ________
C h a t & Phen
C h e ls e a E x c h *
C h e m i c a l _____
C it i z e n s
C it y . . .
C oa l A I r o n ..
C o l o n i a l * ___
C o lu m b ia * ..
C o m m e r c e ___
C o m m ’l E x*
O om m onw e a lt h * ..
C o n t ln c n t a l* .
C orn E x ch *.
C o s m o p ’ ta n *
C u b a (B k o f)
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E u rop e.
F if t h A v e n u e *
F i f t h ...................
F ir s t __________
G a r f i e l d ...........
G o t h a m ______
G r e e n w ic h * . .
H a n o v e r ______
H a r d m a n _____
Im p A T r a d ..

O ld
610
280

200
215
425
14 0
10 5
15 0
14 5
30
175
590
320

13 0
580
255
427
245
350

201
252
395

210
120
415
95
177
150

110
1920

B anks
J lr v ln g (t r u s t
c e r t ifi c a t e s )
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2 2 5 . L i n c o l n ________
_____( M a n h a t t a n * .
150
M ech A M e t.
1 2 5 M e r c h a n t s ___
160
M e tr o p o lita n
155
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190 [N e w Y o r k C o
_____N e w Y o r k . .
330
P a c if i c * . .
140
P a r k ...........
590
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265
P u b l i c _________
437
. S e a b o a r d _____
S e c o n d ___
S t a t e * ________
23d W a r d * ...
U n io n E x c h . .
U n i t e d S t a te s
W a s h H 't s * . _
220 iW e s t c h A v e * .
l Y o r k v l lle * ___

100
182
130
960

200

220

950

1025
215

200
190
380
805
365
585

200
815
380
600

I
B r o o k ly n
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iF ir s t...................
.G reen p o in t___
H i l l s i d e * ______
H o m e s t e a d * ..
M e c h a n ic s '* __
M o n t a u k * ___
N a s s a u ________
N a tio n a l C it y
N o rth S id e * ..
P e o p l e ’ s ______

Bid
355
580
270

222
415
230
205
425

2 00
140
450
135
740
400
300
590
400
150
115
185
20)
275
170
310

140

200
150

110
80
83
85
205
115
195
137

• B a n k s m a r k e d w it h a ( * ) a r e S t a t e b a n k s ,
c h a n g e t h is w e e k ,
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x E i-r ig h t a




Ask

Ask

365
625
2 SO
230
_____

405
470

T r u s t C o ’s
Bid
N e w Y o rk
B an k ers T ru st 485
C e n t r a l U n io n 4 6 0
C o l u m b i a ___
370
C o m m e r c ia l .. 140
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295
210
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215
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440
_____ F i d e l i t y _____
220
210
F u l t o n _____
245
145
G u a ra n ty T r . 425
470
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135
------- I r v i n g T r u s t . (S e e
750
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L in c o l n T r u s t
M e r c a n t il e T r
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M u tu a l (W e s tC h e s te r )___
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W e s t c h e s t e r ..
155
215
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165
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120
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86 j K in g s C o u n t y
95
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215
P e o p l e 's _______
130
205
147
___
425
160
130
192

Y o r k C ity R e a lt y a n d S u r e t y C o m p a n ie s .

H ig h .

* O d d lo t s ,
t N o p a r v a lu e .
(L is te d as a p rosp ect.
1 L is t e d o n t h e S t o c k
E x c h a n g e t h is w e e k , w h e r e a d d i t i o n a l t r a n s a c t io n s w il l b e f o u n d ,
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r U n lis te d ,
w W h e n is s u e d ,
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v E x -r ig h ts ,
z E x -s to c k d iv id e n d ,
t D o l l a r s p e r 1 ,0 0 0 li r e . f l a t .
J fcC o rre ctio n .

CURRENT

N ew

1525

145
305
480
450
230
252
430
145

130
175
235
345

350

105

125

785
615
395
430
890
130

800
625
405
440
920
140

505
245
260
650
1S5
295

260
270
700
205
310

t S a le a t a u c t i o n o r a t S t o c k E x ­
I r v in g T r u s t C o .
i N ew stock
'

Bid
A ll ia n c e R 'l t y
A m er S u re ty .
B ond A M G .
C i t y I n v e s t in g
P r e f e r r e d ..

Ask

60
72
248
37
80

70
77
255
42

86

Bid
L a w yers M tg e
M tg e B o n d ..
N a t S u r e t y ..
N Y T it le A
M o r t g a g e ..

Q u o ta tio n s

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128
92
245

132
97
2*5

128

132

fo r S u n d r y

Bid
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A ssoc
(B r o o k ly n ).
U S C a s u a lt y .
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W est A B ron x
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A sk

110

115-

185
60

200

150

170

70

S e c u r itie s

A ll b o n d p r i c e s a r e ''a n d I n t e r e s t " e x c e p t w h e r e m a r k e d
P e r Shar €
A tk
P a r B id
29%
29
£1
1550
100 1500
38
*3 4
R i g h t s ____
108
110
P r e f. n e w .
100 4 7 0 4 9 0
99
50 * 9 7
10a 3 1 0 3 2 0
100 5 6 0 5 8 5
37
C r e s c e n t P i p e L i n e C o ______ 6 0 * 3 5
180
C u m b e r la n d P i p e L i n e _____1 0 0 1 7 0
165
E u r e k a P i p e L in e C o ______ 1 0 0 161
104
G a le n a -S ig n a l O il c o m _____1 0 0 103
112
P r e fe r r e d o l d _____________ 1 0 0 1 0 7
108
P r e fe r r e d n e w ______________ | 1 0 4
182
I lli n o is P i p e L i n e __________ 1 0 0 177
102
I n d i a n a P i p e L in e C o _5 0 * 10 0
I n t e r n a t io n a l P e t r o l e u m . £1 *3412 3 5
3612
N a t i o n a l T r a n s i t C o ___ 1 2 .5 0 - * 3 6
185
N e w Y o r k T r a n s it C o . . . 1 0 0 180
110
N o r t h e r n P i p e L in e C o . 1 0 0 1 0 5
O h io O il C o .............................. 2 6 * 3 7 0 3 7 5
82
P e n n - M e x F u e l C o ________2 5 * 8 0
P r a l d e O il A Q a a ................. 1 0 0 7 3 0 7 4 0
P r a ir i e P i p e L in e __________1 0 0 2 7 6 2 8 0
S o la r R e f i n i n g ......................... 1 0 0 3 S 5 4 1 0
167
S o u t h e r n P i p e L in e C o . . 1 0 0 162
S o u t h P e n n O H ____________ 1 0 0 3 3 8 3 4 3
101
S o u t h w e s t P a P ip e L i n e s . 1 0 0
98
S t a n d a r d O il ( C a l i f o r n i a ) . 100 3 0 0 3 0 5
S t a n d a r d O il ( I n d i a n a ) . . 1 0 0 7 7 0 7 8 0
S t a n d a r d O il ( K a n s a s ) . . . 1 0 0 5 8 0 6 0 0
S t a n d a r d OH ( K e n t u c k y ) 1 0 0 4 7 5 4 8 5
S t a n d a r d OH ( N e b r a s k a ) .1 0 0 5 2 5 5 5 0
S t a n d a r d O il o f N e w J e r .1 0 0 7 1 5 7 2 0
11212
P r e f e r r e d _________________ 1 0 0 112
S t a n d a r d O il o f N e w Y ’ k .1 0 0 4 2 0 4 2 4
540
S t a n d a r d O H ( O h i o ) ............1 0 0 5 2 0
105
S w a n A F i n c h ______________ 1 0 0 100
133
U n io n T a n k C a r C o _____1 0 0 1 3 0
450
V a c u u m O H ____________ . . . 1 0 0 4 4 6
45
W a s h in g t o n O i l ______________10 * 4 0
O r d n a n c e S t o c k s — P er S h a r e .
67
A e t n a E x p lo s iv e s p r e f ___ 1 0 0
63
28
A m e r ic a n A B r it is h M f g . 1 0 0
20
80
P r e f e r r e d _________________ 1 0 0
60
147
A t la s P o w d e r c o m m o n ___ 1 0 0 142
91%
P r e f e r r e d _________________ 100'
90
B a b c o s k A W i l c o x ..............1 0 0 121 >2 123
400
B lis s ( E W ) C o c o m m o n . 6 0 * 3 4 0
80
P r e f e r r e d ________________ 5 0 * 6 0
195
C a n a d a F d y s A F o r g l n g s .1 0 0 175
116
C a r b o n S t e e l c o m m o n ___ 1 0 0 112
105
1st p r e f e r r e d . _____ _____ 1 0 0
98
78
2d p r e f e r r e d ______________100
68
S t a n d a r d O il S t o c k s

R R . E q u i p m e n t s — P erC t
B a l t i m o r e A O h i o 4 '% s ______
B u ff R o c h A P it t s b u r g h 4 % s
E q u i p m e n t 4 s __________
E q u i p m e n t 6 s __________
C a n a d ia n P a c i f i c 4 % s . . .
C a r o C U n c h k e ld A O h i o 6 s . .
C e n t r a l o f G e o r g i a 4 % s _____
C h e s a p e a k e A O h i o _________
E q u i p m e n t 5 s ______________
C h i c a g o A A l t o n 4 % s ............
E q u i p m e n t 6 s _______________
h i c a g o A E a s t e r n 111 5 % s . . ;
C h ic In d A L o u ls v 4 % s . .
C h i c S t L o u i s A N O 5 s _____
C h i c a g o A N W 4 % g ..............
C h i c a g o R I A P a c 4 % s _____
E q u i p m e n t 5 s ______________
C o lo r a d o A S o u th e rn 6a .
E r ie 5 a _________________________
E q u i p m e n t 4 % s ___________
H o c k i n g V a l l e y 4 1 * 8 ________
E q u i p m e n t 5 s ______________
I lli n o is C e n t r a l 5 s ___________
E q u i p m e n t 4 % s ___________
K a n a w li a A M i c h i g a n 4 % s .
L o u is v i lle A N a s h v i l l e 6 s . . .
M ic h i g a n C e n t r a l 5 s ________
E q u ip m e n t 6 s ____________ _
_
M in n S t P A S 8 M 4 % s . . I .
M is s o u r i K a n s a s A T e x a s 5 s .
M is s o u r i P a c i f i c 5 s ________
M o b i l e A O h io 5 s . . ______
E q u i p m e n t 4 % s ____________
N e w Y o r k C e n t r a l L in e s 5 s . .
E q u ip m e n t 4 % s ___________
N Y C e n t r a l R R 4 % s ..............
N Y O n t a r io A W e s t 4 % s ___
N o r f o l k A W e s t e r n 4 % s _____
P e n n s y lv a n ia R R 4 % s . .
E q u ip m e n t 4 s _______________
S t L o u is I r o n M t A S o u 5 s . .
S t L o u is A S a n F r a n c i s c o 6 s
S e a b o a r d A ir L in e 5 s ________
E q u ip m e n t 4 % s ____________
S o u th e rn P a c ific C o 4 % s . . .
S o u t h e r n R a i l w a y 4 % s _____
E q u i p m e n t 5 s _______________
T o l e d o A O h io C e n t r a l 4 s ___

I
5.901 5 .5 0 *
5 .8 5 j 5 .4 5 5 . S 5 S 5 .4 5
6 .8 5 5 .4 5
5 .9 5 5 .6 0 *
6 50,' 5 . 7 5
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5 .9 0 6 .5 0
5 .9 0 5 .5 0
7 .0 0 ! 6 . 0 0
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7 .5 0 ; 6 .2 5
6 .2 0 ! 5 .7 5
5 9 0 6.505 .6 0 1 6 .2 5
6 .3 7 5 . 8 5 ­
6 .3 7 5 8 5 '
6 .5 0 6 .0 0
6 .5 0 6 .0 0
6 .5 0 6 .0 0
6 .2 5 6 . 7 5 6 .2 5 ‘ 6 .7 6
5 .6 5 ' 6 . 4 0
5 .6 5 ; 6 . 4 0
6 .2 5 5 .7 5
6 .6 5 ' 6 .2 5
5 .8 5 6 .6 5
5 .8 5 5 . 6 5 ­
S .871 5 .4 0 >
7 .0 0 6 .0 0
6 .9 0 ] 6 . 0 0
6 .3 0 6 .8 7
6 .3 0 5 . 8 7
5 .8 7 6 . 6 5 ­
5 .8 7 5 .6 5
5 .9 5 6 . 7 0
6 .2 5 5 . 7 5
5 . 6 0 5 .2 5 5 .5 5 j 6 . 2 0
5 .5 5 6 .2 0
7 .0 0 , 6 .0 0
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6 5 0 6 .0 0 ­
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6 .2 5 , 6 . 7 5 ­
6 .2 5 5 . 7 5 .
6 .5 0 ] 6 .7 5

T o b a c c o S t o c k s — Per Sh
Pari Bid. A s k .
A m e r ic a n C ig a r c o m m o n . 1 0 0 1 3 5
145
P r e f e r r e d _____________
io o {
85
90
A m e r M a c h in e A F d r y . . l 0 0 100
125
C o l t ’ s P a t e n t F ir e A r m s
B r lt i s h - A m e r T o b a o o r d _ . £ l * 2 6
27
M f g .........
......................... 2 5 *6312 6412
O r d i n a r y , b e a r e r ________ £1 * 2 5
27
d u P o n t (E I ) d e N em ou rs
C o n l e y F o i l _________________ 100| 2 1 5
230
325
A C o c o m m o n ___________ 1 0 0 3 1 8
J o h n s o n T i n F o i l A M e t .I C O
90
125
92
D e b e n t u r e s t o c k . ______ 1 0 0
86
M a c A n d r e w s A F o r b e s . . lOo! 165 1 7 5
89
E a s te r n S t e e l_______________ 1 0 0
86
P r e f e r r e d _________________ i o o j
95
100
30
E m p ir e S t e e l A I r o n c o m . 1 0 0
25
R e y n o l d s ( R J ) T o b a c c o . 100* 5 0 0 5 5 0
78
P r e f e r r e d _________________ 1 0 0
68
B c o m m o n s t o p k ________1 0 0 4 8 0
520
219
H e r c u le s P o w d e r c o m ___ 1 0 0 2 1 5
P r e f e r r e d _________________1 0 0 1 1 3
116
110
P r e f e r r e d _________________ 1 0 0 1 0 6
A d iv i d e n d s c r i p ____________
97
102
120
N l l e s - B e m e n t - P o n d c o m . 1 0 0 116
B d iv i d e n d s c r i p ___________
97
102
100
P r e f e r r e d _____________. . . 1 0 0
95
Y o u n g (J S ) C o ____________ 1001 1 2 5
140
280
P h e l p s - D o d g e C o r p ______ 1 0 0 2 6 0
P r e f e r r e d _________________ 10 O1 9 8
105
415
S c o v ll l M a n u f a c t u r i n g ___ 1 0 0 4 0 0
35
T h o m a s I r o n ________________ 6 0 * 3 0
S L o t t T e r m N o t e s — Per C t » l .
450
W i n c h e s t e r C o c o m _______1 0 0 4 0 0
98*8 9 8 * i.
A m C o t O il 6 s 1 9 2 4 . . M A S 2
98
1 s t p r e f e r r e d ____________ 1 0 0
95
A m er T e l A T e l 6s 1 9 2 4 . F A A
98%! 99
64
2 n d p r e f e r r e d _______________
61
6 % n o t e s 1 9 2 2 .............. a A O
98% I 99%
57
W o o d w a r d I r o n ______ . . . 1 0 0
53
A n a c o n d a C o p M i n '2 9 . J A J
98*8] 98V
P r e f e r r e d _____________________
80
C a n a d ia n P a c 6 s 1 9 2 4 . M A 8 2
99*4 100
D e l A H u d son 5s 1 9 2 0 ..F A A
9 9 i8! 99% ;
P u b li c U tilitie s
99% 100
F ed S u gar R fg 5s 1 9 2 0 ..J A J
131
A m e r G a s A E le o c o m _____ 6 0 T 2 9
G e n e r a l E l e c 6 s 1 9 2 0 _____ J A J
100% 100% .
41
P r e f e r r e d __________________ 6 0 * 4 0
6 % n o te s (2 -y r ) 1 9 1 9 J A D
99% 100%
A m e r L t A T r a o c o i n _____ 100 2 2 4 4227
G r e a t N o r t h 5 s 1 9 2 0 ___ M A S
99 I 99*8
97
94
P r e f e r r e d _________________ 100
96% 98
K C T e r m R y 4 % s 1 9 2 1 .J A J
56
55
A m e r P o w e r A L t c o m ___ 100
5 s N o v 1 5 1 9 2 3 . . M A N 15
99% '100
75
72
P r e f e r r e d _________________ 100
9 9% 100 %
L ig g e t t A M y e r s T o b 6 s ’ 21 J A D
10
A m e r P u b l i c U tH ltle s c o m 100
N Y C e n t 6 s 1 9 2 0 . . M A S 15
9934 9 9 %
P r e f e r r e d _________________ 100 * 2 0 ' 4 0
97% 98
P e n n C o 4 % s 1 9 2 1 . . J A D 15
39
36
C a r o li n a P o w A L I g h t c o m 100
P u b 8 er C o r p N J 7s ’ 2 2 .M A S
92% 93% .
C it i e s S e r v ic e C o c o m ___ 1 0 0 4 5 4 4 6 8
95
S lo s s -S h e f S A I 6s '2 9 . F A A
96
75
75% S ou th ern R y 6s 1 9 2 3 . . . M A S
P r e f e r r e d ______________ . . 1 0 0
96% 9 7
20
15
C o l o r a d o P o w e r c o m _____100
S w l f t A C o 6 s 1 9 2 1 ___ F A A 16
99%'100%
100
94
P r e f e r r e d _________________ 100
88 %' 89%.
U t a h S e c C o r p 6 s '2 2 .M A S 16
23
21
C o m 'w 't h P o w R y A L t - - 1 0 0
51
48
P r e f e r r e d _________________ 100
In d u s tr ia l
94
E le c B o n d A S h a r e p r e f . . 1 0 0 4 z 9 0
a n d M is c e lla n e o u s
9 l 2 11
F e d e r a l L ig h t A T r a c t i o n . 100
A m e r ic a n B r a s s ___________1 0 0 2 2 7 2 3 2
46
44
P r e f e r r e d _________________ 100
96 99
A m e r ic a n C h i c l e c o m _____100
86
83
G r e a t W e s t P o w 6 s 1 9 4 6 .J A J
82
P r e f e r r e d ............................... 100
88
12
10
M is s is s ip p i R l v P o w o o m . 1 0 0
155
A m e r ic a n H a r d w a r e ______ 1 0 0
153
4 <U 52
P r e f e r r e d _________________ 1 0 0
47
A m er T y p e fo u n d e r s c o m .1 0 0
50
7 6% 78
F ir s t M t g e 5 s 1 9 5 1 . . . J A J
88
P r e f e r r e d _________________ 1 0 0
93
24
N o r t h e r n O h i o E le o C o r p . ( t ) 'd 21
113
B o r d e n ’ s C o n d M i l k c o m .lO O j 111
64
60
P r e f e r r e d ______ __________ 10C
90
P r e f e r r e d ________________ 100!
99
63
6 6 '2 C a r i b S y n d i c a t e L t d _____ 2 5 ,* 2 8 0 0 2 9 0 0
N o r t h 'n S t a t e s P o w c o m .1 0 C
8 9 i 2 9 1 % C e ll u lo id C o m p a n y ______ 1 0 0 1 3 8
P r e f e r r e d _________________ 100
145
57
52
N o r t h T e x a s E le c C o c o m 100
C o I u m D la G r a p h o p b M f g ( t ) * e4 9 % 5 0 % ;
74
70
P r e f e r r e d _________________ 100
94
P r e f e r r e d _________________ 1 0 0
94%
90
89
P a c i f i c G a s A E l e c l s t p r e f 100
2
H a v a n a T o b a c c o C o _____10C;
3%
12 %
10
P u g e t S d T r L A P c o m __ 100
10
P r e f e r r e d ________________ ICO
16
54
50
P r e f e r r e d _________________ 10P
/5 4
1st g 5s J u n e 1 1 9 2 2 ..J -D
12
9
R e p u b l l o R y A L i g h t _____1 0 0
24
I n t e r c o n t ln e n R u b b c o m . 1 0 0
25>r
44
46
P r e f e r r e d _________________ 100
160
In te rn & t B a n k in g C o _____ 100
92
90
S o u t h C a l i f E d is o n c o m . . 1 0 0
I n t e r n a t io n a l S a l t __________1 0 0
65
58
P r e fe r r e d — ------------------- 100 102
71
1st g o l d 5 s 1 9 5 1 ________A - O
72%
32
S t a n d a r d G a s A E l ( D e l ) . 6 0 •31
I n t e r n a t io n a l S ilv e r p r e f . 1 0 0
92
95
42
P r e f e r r e d __________________ 6 0 *41
L e h lg b V a ll e y C o a l S a l e s . 6 0 * 9 0
91
5
4
T e n n essee R y L A P c o m . 100
O t is E l e v a t o r c o m m o n ___ 100
120
123
12
9
P r e f e r r e d _________________ 1 0 0
P r e f e r r e d _________________ 100
93
92
U n ite d G a s A E le c C o r p . 100
R o y a l B a k in g P o w o o m . .1 0 0 140
145
1s t p r e f e r r e d ____________ 100
P r e f e r r e d _________________ 100
96
99
2 d p r e fe r r e d ____________ 100
S in g e r M a n u f a c t u r i n g . . . 1 0 0
190
192
45
43
U n it e d L t A R y s o o m _____1 0 0
S in g e r M f g L t d .............. ___ £1
d3%
4%
74
72
1s t p r e f e r r e d ____________ 100
T e x a s P a c C o a l A O il
..1 0 0 1725
177522 % 2 3 % W ’ h o u s e C h u r c h K e r r A C o 1 0 0
W e s te r n P o w e r o o m m o n .1 0 0
58
76
74
P r e f e r r e d _________________ 1001
P r e f e r r e d _____
83" ______
..1 0 0
• P er sh are.
6 B a s is
d P u r c h a s e r a ls o p a y s a c c r u e d d i v i d e n d ,
t N ew sto ck
/ F l a t p r ic e .
r> N o m i n a l .
* E x -d lv ld e n d .
y E x -r lg h ts .
( t ) W ith o u t p a r v a lu e -

[Vol. 109

THE CHRONICLE

1526

In m stm m t

a t I U xm %uUllxQtnM<
m ^ iilr r t

O w in g t o t h e t r o u b le s in t h e p r i n t i n g t r a d e s a n d o u r
in a b ility to p u b lis h th e
u s u a l-s iz e d p a p e r, w e are
o b lig e d t o o m it in t h is is s u e m o s t o f t h e t a b le s
o f r a ilr o a d e a r n in g s c u s to m a r ily p r in te d h e re .

M o r e o v e r , w e p r e s e n t e d a v e r y s t r o n g a r g u m e n t , s h o w in g w h y t h is r a il­
w a y c a m e p e c u lia r ly u n d e r t h e p r o v is io n s o f th e s ix th p a r a g r a p h o r th e
F e d e ra l C o n tr o l A c t , a n d w a s th e r e fo r e e n title d
b y reason o f a bn orm al
c o n d it io n s , t o m u c h m o r e lib e r a l c o m p e n s a t io n th a n th e m e r e s t a n d a r d
r e tu rn fo r th e te s t p e r io d .
U p t o J u l y 1 1919 t h e F e d e r a l R a i l r o a d Ad­
m in is t r a t io n h a d n o t a c t e d u p o n t h is p e t it io n .
T h o i ^ .^ 'n p o n s a t i o n
c l a i m e d w a s t h e n e t i n c o m e e a r n e d f o r t h e c a l e n d a r y e a r 1917
S 3 ,2 M ,4 7 l.

L a t e s t G r o s s E a r n in g s b y W e e k s . — I n the table which
follow s we sum up separately the earnings for the first week
of O ctober.
T h e table covers 8 roads and shows 1 2 .7 8 %
increase in the aggregate over the sam e w eek last year.

Funded Debt.— Funded debt was decreased $266,000 during the year by
the payment o f $50,000 principal of receivers certificatesan d$ 210 0 « )
principal of equipment notes dated Oct. 1 1908, Aug. I 191> and Jan.1 1.H6.
3
Interest Charge— No interest has been accrued on the $13,750,000 First
Refunding Mtge. Gold bonds pledged as collateral, hut there has bee
currently charged to income account the interest on the 3-year 5% Gold

Increase. Decrease.

n0AddltSns.— “ Rmuf'and equipment account” was increased by $489,214
in 1918, against $883,805 in 1917.
GENERAL STATISTICS FOR CALENDAR YEARS
1916.
Statistics—
1 9 1 ? ’i« o
1
,'ifin
1,160
1,525,545
p S g ^ r r iT d ^ ::::::::::::
i.r e fc iS i
1 .7 4 7 ,9 2 1
96,135,878
3
Passengers carried one mile................. l4 ' ' ^ H t 7 132’ 39o’cts2
2.380 cts.
2 .390 cts
Rate per passenger per mile...........- - - 2.536 cts
4,049.264
Revenue tons carried--------- ------------ m o m ’ orb
710 091355
Revenue tons carried one mile..........69 i ,239.368 751,526,133 719.621,35o

First Week of October.

1918.

1919.

$

$
$
398,991
Buffalo Rochester & Pittsburgh 322,485
Canadian National R ys______ . 2,102,281 1,789,180
Canadian Pacific____________ . 3,965,000 3,458,000
441,039
Colorado & Southern_______ . . . .
511,407
■Grand Trunk o f Canada______
Grand Trunk Western_____
1,611,553 1,460,738
Detroit Grand Hav & M ilw.
Canada Atlantic___________
(12.78%).

76,506

313,101
507,000
70,368
150.815

R even u e per to n

76,506

. 8,512.726 7,547,948 1,041,284
964,778

N e t E a r n in g s M o n t h ly t o

L a t e s t D a t e s . — T h e table

follow ing shows the gross and net earnings w ith charges and
surplus of S T E A M railroad and industrial com panies re­
ported this w eek:
G ross
N et a fter
E a r n in g s .
T axes.
$
S
■C u b a R a i l r o a d —
A u g ’ 19
9 7 6 .5 0 4 1 6 9 ,9 2 4
T8
1 ,0 1 7 ,0 2 7 2 6 4 ,4 0 7
2 m os T 9
1 , 9 7 6 ,8 6 3 4 2 0 ,3 6 9
’ 18
2 , 0 9 3 ,1 2 9 6 5 1 ,5 0 4

O th er
In com e.

s

6 ,1 2 4
4 ,3 5 6
1 3 ,0 5 8
2 4 ,0 7 3

G ro s s
In com e.
$

F ix e d
C h a rg es .

1 7 6 ,0 4 8
2 6 8 ,7 6 3
4 3 3 ,4 2 7
6 7 5 ,5 7 7

B a la n c e ,
S u r p lu s .

$

s

„
'
9 9 ,1 0 7
1 0 7 ,1 9 6
1 9 8 ,4 5 7
2 1 3 ,1 6 6

7 6 ,9 4 1
1 6 1 ,5 6 7
2 3 4 ,9 7 0
4 6 2 ,4 1 3

E le c t r ic R a ilw a y a n d O t h e r P u b l i c U t ilit y N e t E a r n ­
i n g s . — T h e following tablo gives the returns of E L E C T R I C
railw ay and other public u tility gross an d net earnings w ith
charges and surplus reported this week:
Iross Earnings---------- — Net Earnings
Precious
Current
Year.
Year.
Companies.
$
$
103.548
Colorado Power C o .a _ July
_
85,566
Aug 1 to July 31______ 1,192,525 1,262,294
95.861
Porto Rico Railways___ Aug
92,945
750,327
Jan 1 to Aug 31______
686,948
57,839
Santiago El Lt & Tr C o.A ug
64,367
440,507
495,658
Jan 1 to Aug 31______
a Net earnings hero given are after deducting taxes.
Fixed
Net after
Gross
Charges.
Taxes.
Earnings.
s
$
14,032
28.666
95,985
Carolina Power & Aug
13,730
24,426
81,466
Light Co
31,656
385,574
1,136,771
1 2 mos
24,471
342,507
981,717
2,533
3,292
Central Miss Valley Aug
34,380
2,461
6,480
29.372
Electric Prop
29.365
83,938
388.271
1 2 mos
27,738
84,324
330,548
149,423
277,152
1,302,229
Detroit Edison Co Sept
129,128
243,980
1,062,045
11,591,529 2,998,713 1,259,281
9 mos
968,004
9,795,669 2.510.250
47,916
85,055
303,931
Aug
Federal Light
51,427
62,745
283,088
& Trac Co
413,777
780,290
2,512,378
8 mos
404,239
692.653
2,289.886
147,601
270.065
480,215
Aug
Great Western
129,252
261,164
452,193
Tower System
3,410,246 1.954.251 1,063.205
8 mos
2,961,638 1,688,035 1,037.125
42,171
95,574
172,279
Aug
Idaho Power Co
37,084
77,285
149,169
464,356
787,379
1 2 mos
1,667,651
445,286
691,812
1,460,008
30,747
56,700
Nebraska Power Co Aug
188,888
25,169
54,149
159,472
263.989
762,727
2,212,029
1 2 mos
226,581
682,263
1.804,918
20,246
91,998
368,305
fit Louis Rocky M t Aug
20,446
109,726
467,825
S Pacific Co
c
162,940
685,875
2,655,636
8 mos
164,621
891,420
3,484,370
12,578
14,892
141,028
Schenectady Rail- Sept
12,546
127.272 def22,409
way Co
113,380
136.743
1,220,494
9 mos
114,140
111.874
1,075,201

Balance,
Surplus.
$
14,634
10,696
353,918
318,036
759
4,019
*54,573
56,586
127,728
114,832
1,739,432
1,542.246
37,139
11,318
366,513
288.414
122,464
131,912
891,046
650.910
a-60.920
. -13,624
t
3372,731
3310,425
25,953
28,980
498,738
455,682
71.752
89,280
522,935
726,799
2,314
def34,955
23,363
def2,266

* $29,583 o f these earnings are from Keokuk Electric Co. and aro subject
to 6 % dividend for current year on $250,000 Preferred Stock of Keokuk
Electric Co.
.
x After allowing for other income received.
Net
Fixed Chgs. Balance,
Gross
Surplus.
Earnings. Earnings. A Taxes.
•3
*
$
19,940
14,342
34,282
69,130
Philadelphia S
c
Aug T9
13,457
14,095
27,552
Western RR Co
T8
59,268
72,196
112,864
185,060
476,825
8 mos T9
55,525
112,756
168,281
400,642
T8

F IN A N C IA L R E P O R T S
I n t e r n a t i o n a l & G r e a t N o r t h e r n R a ilw a y .
(8th A n n u a l Report— Y ear ended D ec. 31 1 9 1 8 .)
T hornw ell F a y , assistant to receiver, writes in substance:
K Standard Return.— In accordance with Federal instructions we submitted
to the Inter-State Commerce Commission two statements, one marked
“ Exhibit A ,” which shows the average net income o f the test period to
have been $1,394,946. and "Exhibit B ," showing the net income to have
been)$l ,490,622, which amount we claim was the proper net income lor
the test period. The former amount allowed for intangible taxes accrued
on the books, but which owing to favorable court decision were never paid.
The matter was explained to the Commission, but nevertheless they re­
ported to the President, as the average annual income for this road, the
lesser amount of $1,394,946, thus decreasing the standard return.




p e r m i l e ...........................

1 .2 8 2 c t s .

1 .1 4 2 c t s .

l.u o o c is .

CORPORATE INCOME ACCOUNT YEAR ENDED DEC. 31 1918.
S ta n d a rd

r e t u r n ........................ .......................................................................... .................x $ l , 3 9 4 , J

Miscellaneous_____________________________________________________
Total gross income---------------------------------------------------------------$1,398,363
Deduct— M i s c e l l a n e o u s .............................. .............. — ............. ..
o m 5 «7
Interest on funded debt-----------------------------------------------------7 n!i 5 3 0
I n t e r e s t o n u n f u n d e d d e b t ----------- - - - - - - ..........................................
E x p e n s e s a p p lic a b le t o p r io r p e r io d
n e t).
- - - - - .......................
o r g a n i z a t i o n , July 15 to Dec. 31 -----------------

7 0 4 ,5 3 0

90190
z z ,\ z z

Expenses receiver's

^^K ft4 '8 3 5
3
Total deductions------------------------------------------LT Cert?fM V y t h e T “
hm not'covered by contract with U. S. R R .
Administration.
FEDFRAf INCOME STATEMENT FOR 1918 COMPARED WI TH
rEDERAL ™RC° % £TE ACCOUNT IN PREVIOUS YEARS.
p0
_
1916.
$7,673,765
........................... $8.89
59,715 $8.W?.335
2,312,545
3,184.118
Passenger__________________________
608.905
628,780
M a i l , e x p r e s s , & c ----------------------------------------7 3 4 ,7 6 0
171,729
192,891
Incidental...............................................
258,297
Maintenance
Maintenance
Traffic expenses-------------- ---------------Transportation..................
General expenses___________________
Miscellaneous...................- ............. —
Transportation for investment---------

_ 6, Q „ n.
5,858,605
449,04/

„ o7,029
Or-b7,984

4,596,544
381,737
60,767
C/-.116.054

4,031,347
352,699
55,799
Cr. 193,571

Total operating expenses-------------- $11 ’ oo?'22?
Net operating revenue_______________ $1,833,885
393,532
Taxes accrued, &c__________________

$8,649,994
$3,938,230
360,803

$7,786,049
$2,980,895
421,455

Operating income_________________ $1,440,353
Hire of equipment__________________
642,478
Joint facility rents__________________
81,354
12,296
Miscellaneous______________________

$3,577,367
973.021
81.477
4,317

$2,559,440
574,961
69,879
1,787

Gross income_____________________ $2,176,481
Deductions—
Joint facility rents, &e..................
$149,357
648,479
Hire of equipment__________________

$4,636,181

$3,206,067

$183,942
1,197,454

1 ,021,102

$118,034

Total deductions....................... — „ $797,836 $1,381,395 $1,139,136
Balance, surplus____________________ $1,378,645 $3,254,787 $2,066,931
..
Wole.— Figures for 1917 and 1916 adjusted for comparative purposes
— V. 108, p. 268.

A t l a n t i c C o a s t L in e C o . o f C o n n e c t i c u t .
(Report f o r Fiscal Y ear ended June 3 0 1 9 1 9 .)
INCOME ACCOUNT FOR YEARS ENDING JUNE 30.
1916-17.
1918-19.
1917-18.
Interest Received on—
$62,000
$62,000
$62,000
Atlantic Coast Line R R . o f S. C. 4 s ._
50,160
50,160
50,160
Atlantic Coast Lino RIt. Consol. 4 s ._
135,360
135,360
135,360
Atl. Coast Line R R . Gen. Unif. 4>$s.
37,725
36,450
33,254
Amalgamated Phosphate Co. 5s------78,375
78,375
78,375
Internat. Agricultural Corp. 5s...........
70,480
88,966
114,990
Dividends on Stock Received—
1.301,342
1,301,342
1,301,342
Atl. Coast Line R R . common----------12,669
17,619
15,190
Othfir dividends
_____ ______
16,170
5,880
5,880
Westinghouse Air Brake C o - - - ------60,000
72.000
60,000
Charleston & West Carolina Ivy------_
$1,870,980 $1,833,723 $1,824,281
$46,504
$52,245
.
$46,059
Interest— 5 % ctfs., $250,000:4% ctfs.
372,472
372,472
^
372,472
B, $2,472; 4% ctfs. O, $120,000--200
50
Int. on Dutton Phos. Co. bds. bought
$1,405,105
Balance for other d edu ctions..— . $1,452,448 $1,408,957
2,415
2,940
11,430
Amalgamated Phos. Co. 1st M . os._.
146,787
Unexp. balance of litigation reserve.,
. $1,463,878 $1,411,897 $1,554,307
13,176,825
. 13,836,192 13,484,027
.$15,300,070 $14,895,924 $14,731,132
1.332
188.705
Notes, See.__________________________
1,058,400
1,058,400
Dividends paid (1 2 % )------------ --------. 1,058,400
T lS i» t„c°of K

“ ^ .1 4 ,2 4 1 .9 7 1 .13,836.192 .13,484,027
BALANCE SHEET JUNE 30.
1917.
1918.
Assets__
1919.
Securities deposited with Safe Deposit
S Trust Co. of Baltimore.................a$5,136,960 $5,136,960 $5,136,960
c
964,500
1,220,835
Railroad bonds----------------------------- - b 1,220,835
1,888,810
1.935,050
Other bonds.............- ..............................£2,294,530
21,094,283 21,094,283
Railroad stock s.....................................d21,094,283
43,063
151,026
Other stocks...........................................
e i v i ’9?§
48,230
39,530
Other assets---------------------- -----------to/,ooo
Sisal Hemp & Development Co. prop­
2 0 ,0 0 0
2 0 ,0 0 0
erty (60-95tlis interest)...................
2 0 ,0 0 0
6,153
Miscellaneous .....................................
497
20,495
16,000
Notes receivable--------- - - - - - - - - - 20,800
66,948
67,593
Deposits for interest and dividends. 68,035
447,741
498,887
Cash on deposit- - .................................
489,902
650,671
650,671
Dividends accrued--------- - - ------- -----b50,671
447
Tnpnmn tax retained from mt. on ctfs..................... ..............
T ota l................................................... $31,204,994 $30,785,198 $30,433,939
C an ha/stock
$8,820,000 $8,820,000 $8,820,000
5.000.
000
5.000.
000
Certificates o f Indebtedness. 5 % . . . . 5.000,000
61,800
61,800
Certificates of indebtedness, 4 % - - - 61,800
3.000.
000
3.000.
000
Debenture ctfs. of indebtedness, 4 % . 3,000,000
67,593
06,948
Div. on stock and int. on ctfs. unpaid68,035
258
518
.- .y - .;:
Miscellaneous---------Profit and loss, surplus....................... 14,241,671 13,836,192 13,484,027
Reserve for Federal taxes.....................
14-489
.........--------Total
..............................................$31,204,994 $30,785,198 $30,433,939

O

c t

. 1 8 1 9 1 9 .]

T H E C H R O N IC L E

Securities Oioned June

30 1919.

to furnish a bond for the return o f the excess amounts pending the fina'
outcom e o f the rate litigation. T h e com pany stated that the loss in revenue
will am ount to $ 1,000 per day.
Judge E . F. Law has issued a perm anent injunction restraining the R apid
R y . from increasing its rate o f fares between M t. Clemens and D etroit abov e
the schedule named in the city franchise granted in 1895, viz ., 25 cents.—
v# 109, p. 1461, 1366.

a S e c u r it ie s d e p o s i t e d w i t h S a f e D e p o s i t & T r u s t C o . o f B a l t i m o r e t o
s e c u r e 5 % a n d C l a s s B 4 % c e r t i fi c a t e s o f in d e b t e d n e s s , v i z . :
Par.
- ---------Book Value.
Atl. Coast Line Cons. 4% bonds___ $1,250,000
$ 1 ,1 2 5 ,0 0 0
Atl. Coast Line R R . o f S. C. 4% bds. 1,550,000
__________
1 ,3 9 5 ,0 0 0
Atl. Coast Line R R . 4 1 4 % unif. bds_ 3~0 0 8 , 0 0 0
,
2 ,6 1 6 ,9 6 0 — $ 5 ,1 3 6 ,9 6 0

b Other railroad bonds—
Colum. Newb. & Laur. R R . Co. 3 % $318,000
Northwestern RR. Co. 1st Consol. 4%
285,000
Northwestern ItR. Co. 1st Consol. 5%
75,000
Atlantic Coast Line RR. Consol. 4%
4 000
A tl. C . Line R It. C o . L . & N . Coll. T r 4s
340,000
Charlestown & West Carolina Ry. 1st
Cons. Mtge. 2-5% bonds.................
791,000
c Other bonds—
660,000
U. S. Liberty Loan-------------------------International Agricultural Corn. 5 % . 1,567,500
Amalgamated Phos. Co. 1st M . 5 % .
584,000
Railroad stocks—
Northwestern R R . C o______________
850,000
Atlantic & North Carolina R R .
1 100
Atl. Coast Line R R . Co. Class A ___
190,900
Atl. Coast Line RR. Co. Common
19,739,927
Woodside Cotton Mills Co. Common.
16.000
Woodside Cotton Mills C o . Preferred .
5,000
South Carolina Pacific Ry. Preferred.
104,600
Charleston & West Carolina R y _____ 1,200.000
Nashville Chattanooga & St. L. R y ..
48,000
e Other stocks—
$84,000
Westinghouse Air Brake C o________
Alachua Phosphate C o.........................2,356 shares

G e o r g ia

$ 1 9 0 ,8 0 0
2 2 8 ,0 0 0
6 7 ,5 0 0
3 ,6 0 0
2 5 6 ,3 3 5
4 7 4 ,6 0 0 —

1 ,2 2 0 ,8 3 5

Colum. Newb. & Laur. 5 % ctfs_____
Atlantic Coast Line R R . 4% ctfs____
Other securities___________ _______ _
— V. 107, p. 1836.
P it t s b u r g h

1,100

$42,063
108,963—

$ 1 5 1 ,0 2 6

$1,272
291
55,992—

$ 5 7 ,5 5 5

C o m p a n y .

(Report fo r Fiscal Year ending June

30 1919.)

T h e r e p o r t o f P r e s i d e n t J o h n B i n d l e y , d a t e d S e p t . 1 2 , w ill b e c i t e d f u l l y
a n o th e r w e e k .
M r . B i n d l e y s a y s in b r i e f : “ W h i l e t h e l a s t f e w m o n t h s o f
t h e f is c a l y e a r w it n e s s e d r e d u c e d o p e r a t i o n s , t h e r e is e v e r y e v i d e n c e t h a t t h e
a t t i t u d e o f b u y e r s is c h a n g i n g a n d r e c e n t l y o r d e r s h a v e b e e n r e c e i v e d in
s a tis fa c to r y v o lu m e .
O n M a r c h 3 1 1 9 1 9 th e c o m p a n y p u rc h a se d th e A lic ia
C o a l & C o k e p r o p e r t i e s , c o n s i s t i n g o f 6 6 0 a c r e s o f c o a l la n d a n d 4 0 0 r e c ­
ta n g u la r c o k e o v e n s lo c a t e d a t A lic ia , P a y e t t e C o u n t y , P a ., k n o w n a s
A l i c i a M i n e N o . 1 , a n d 1 , 7 6 1 a c r e s o f c o a l l a n d in G r e e n e C o u n t y , P a . ,
k n o w n a s A lic ia M in e N o . 2 .
B o t h m i n e s a r e c o m p l e t e l y e q u i p p e d a n d t h e ir
o u t p u t w ill f u l l y c o v e r o u r c o a l n e c e s s it ie s f o r m a n y y e a r s t o c o m e o n t h e
p r e se n t s c a le o f o p e r a tio n s .
T h e p u r c h a s e a l s o i n c lu d e d f l o a t i n g e q u i p ­
m e n t fo r r iv e r t r a n s p o r ta tio n .
T h e p r ic e w a s $ 3 , 7 5 0 , 0 0 0 . o f w h ic h $ 1 , 0 0 0 0 0 0 w a s p a i d in c a s h .
T h e b a l a n c e o f $ 2 , 7 5 0 , 0 0 0 is p a y a b l e in i n s t a l l m e n t s
o v e r a p e r i o d o f f i v e y e a r s w i t h 5 % in t e r e s t o n t h e d e f e r r e d p a y m e n t s
S in c e J u n o 3 0 1 9 1 9 w e h a v e a c q u ir e d a s u b s t a n t i a l in t e r e s t in a n e w ir o n o r e
c o m p a n y , f r o m w h ic h i t is c o n f i d e n t l y e x p e c t e d a c o n s i d e r a b le t o n n a g e o f
o r e w ill b o r e c e i v e d .

C O N SOLIDATED IN C O M E A C C O U N T YEARS E N D IN G JU N E

30

1 9 1 8 -1 9 .
T o t a l s a l e s ---------------------------- $ 3 1 , 2 6 5 , 0 1 2
M f g .,
& c .,
cost
(I n c l .
r e p la c e m e n ts , & c .) —
2 5 ,9 8 0 ,3 4 1
D e p r e c ia tio n a n d d e p l’ n .
1 ,2 6 0 ,4 1 6

1 9 1 7 -1 8 .
$ 3 7 ,9 3 0 ,8 4 2

1 9 1 6 -1 7 .
$ 3 3 ,0 6 6 ,0 8 3
2 0 ,6 7 4 ,3 5 7
9 6 3 ,3 3 9

1 5 ,6 0 8 .8 6 7
5 0 0 ,0 0 0

G r o s s p r o fit o n o p e r .. $ 4 ,0 2 4 ,2 5 6
S e ll in g e x p e n s e s , t a x e s ,
in t. ch a rg e s (n e t), & c_ $ 1 ,0 5 4 ,4 6 4
P r o v i s i o n f o r e x t i n g 't o f
m i n e p r o p e r t y ---------------1 5 ,0 1 8
A d v ’d r o y a lt ie s p a id a s
c a n c e le d le a s e d o f o r e
la n d s , & c ., w r itte n o f f
________
P r o v .f o r w a r p r o f .t a x . _
2 4 4 ,0 5 1
D o n a tio n to R e d C r o s s .
—

$ 8 ,5 2 1 ,1 1 7

$ 1 1 ,4 2 8 ,3 8 7
$ 1 ,0 5 3 ,5 8 7

$ 1 ,1 9 4 ,2 6 0

3 5 0 ,0 0 0

5 4 3 ,9 3 9

_________
2 ,7 3 0 ,1 2 2
--------------

1 6 6 ,9 2 2
1 ,8 2 3 ,5 4 8
5 0 ,0 0 0

B a l a n c e ____________________ $ 2 , 7 1 0 , 7 2 3
O t h e r i n c o m e ----------------------6 0 ,8 2 4

$ 4 ,4 6 6 ,9 0 8
8 9 ,5 3 4

$ 7 ,7 9 0 ,3 9 0
2 1 ,0 5 4

N e t p r o f i t s , a ll s o u r c e s $ 2 , 7 7 1 , 5 4 7
P r e f e r r e d d iv i d e n d s — ( 7 % ) 7 3 5 , 0 0 0
C o m m o n d iv i d e n d s . . . (13 %) 910,000

$ 4 ,5 5 6 ,4 4 2
( 7 ) 7 3 5 ,0 0 0

$ 7 ,8 1 1 ,4 4 4
$ 4 ,5 6 4 ,0 6 7
( 7 ) 7 3 5 ,0 0 0 ( 1 4 ) 1 4 7 0 ,0 0 0

B a l a n c e , s u r p l u s .............$ 1 , 1 2 6 , 5 4 7

G u lf

C O N SOLIDATED B A L A N C E SHEET JU N E
1 91 9.

1918.

S

Assets—

S

R e a l e s t.,p la n t,& C .2 5 ,53 2 ,9 5 7 2 1 ,9 1 1 ,9 5 0

Invest'ts (at cost).
Lib.bds.& U .S . sec
C a sh ........................
Bills & accts. rec..
Inventories......... ..
Prepaid ins. & tax.
Emp.sub.toLib.bds
Notes receivable..
Adv .ore contracts
&c...............

240.400
3,642,561
1,447,078
2,385,642
7,834,342
41,571
220,123
17,895

240,400
4,064,870
1,492,660
2,941,893
7,110,474
57,534

355,445

110,589

30.

T o ta l......... ........ 41,718,013 3L930.370

E L E C T R IC

L in d le v M
b a ck to th e
O ct
18 th e
1 3 6 6 ,1 2 7 2

B r o o k l y n R a p i d T r a n . C o — Transfers D iscontinued
fcr
T r a n s f e r s b e t w e e n t h o e l e v a t e d a n d s u b w a y lin e s w e r e d i s c o n t i n u e d o n
O e t . 1 6 in a c c o r d a n c e w it h t h e n o t i c e g i v e n o n S e p t . 1 7 l a s t ( V 1 0 9 n 1 1 7 m
S e e a ls o B r o o k l y n C i t y R R . a b o v e .— V . 1 0 9 , p . 1 4 6 1 , 1 3 6 6 .
' 1 1 1 7 9 )‘
C o m p a n y .—

Judgm ent . —

I n c o m p lia n c e w it h a d e c r e e o f t h e C o n n e c t i c u t S t a t e S u p r e m e C o u r t
J u d g e G r e e n i n t h e S u p e r io r C o u r t h a s e n t e r e d f i n a l j u d g m e n t in t h e $ 1 0 0 0 0 ,0 0 0 o u s te r s u it o f t h e c o m p a n y a g a in s t t h o N . Y
N
11 & I I
iir
T h o j u d g m e n t p r e v e n t s t h o t r o l l e y c o m p a n y f r o m d e c l a r i n g n u ll a n d v o i d
d e b e n t u r e s p u r c h a s e d b y t h e N e w H a v e n r o a d a n d s e c u r e d o n t h e t r o lf e y
c o m p a n y ’s p r o p e r t y . — S e e V . 1 0 9 , p . 5 8 1 , 8 8 7 .
ey
D e s

M o in e s

C ity

R y .—

W ages Reduced.—

J u d go M a r tin J . W a d e on O c t. 9 ord ered th e w a g e s o f th e m o to r m e n a n d
c o n d u c to r s p la c e d b a c k t o t h e s c h e d u le t h a t p r e v a ile d b e fo r e t h e a r b itr a tio n
( V . 1 0 9 , p . 7 7 3 ) . a m a x im u m o f 4 < o r 5 0 c e n ts p e r h o u r . T h is o r d e r fo llo w e d
t h o d e f e a t o f t h o f r a n c h i s e a m e n d m e n t ( V . 1 0 9 , p . 1 2 7 2 ) u p o n w h ic h t h e
in c r e a s e in w a g e s ( u p t o 6 0 c e n t s a n h o u r ) w a s c o n t i n g e n t .— V . 1 0 9 , p .
46 1, 1272.
*
*
D e t r o it U n it e d
R y .— A p p ea l D en ied , & c.—
J u d g e H o w a r d A . W e is t o f th e In g h a m C o u n ty C ir c u it C o u r t o n O c t 10
d e n ie d t h o p e t i t i o n o f t h e c o m p a n y a s k i n g t o b e p e r m i t t e d t o c o l l e c t f a r e s
r e c e n t l y in c r e a s e d u n d e r t h e “ in t e r u r b a n f a r e " b i l l .
T h e c o m p a n y o ffe r e d




A la b a m a

R y .—

Sale.—

R y

.— Settlement of Guaranty, &c —

&

Q u e e n s

T r a c .

C o .—

Court Issues W rit .—

M ilfo r d

A t t le b o r o

&

W

o o n s o c k e t

S t.

R y .—

Fares. —

In accordance with an agreem ent reached w ith the M ass. P . S C om ­
mission the com pany reduced the unit o f fare from 7 cents to five cents o n
O ct. 13, and increased the num ber o f zones from 13 to 16.— V . 109, p. 1080.
Y .

C e n tr a l

SeWement—Reorganization P lan .—

R R .—

Y o r k

N e w

H a v e n

&

H a r t fo r d

R R .

See C onnecticut C o . a b o v e .— V . 109, p. 1080, 776.
N o r t h a m p to n

T r a c t io n

C o .,

E a s to n ,

-

Judgm ent . -

P a .—

Strike.—

T he entire system cam e to a standstill on O ct. 14 on accou nt o f a strike
o f the em ployees. N o effort was m ade to run the cars.— V . 107, p. 1004.
R e a d in g

T r a n s it

&

L ig h t

C o .—

Payment, & c., Delayed.—

Pres. E . L . W est, in circular o f O ct. 15, says in substance:
“ On Oct. 3 1919 a circular letter was sent advising you that the 2-year
6 % gold notes, matured A ug. 1 1919, would be paid at the Equitable Trust
C o ., 37 Wall St., N . Y .. on O ct. 17 1919. A printers’ strike in N . Y . C ity has
made it impossible to have the necessary mtges. and securities prepared in
time to provide cash for the purpose on the date set Therefore, the date o f
making paym ent o f the above described notes has necessarily been post­
poned to Oct. 24 1919. Interest will, o f course, b e paid to that date.
(No information is obtainable as yet regarding the nature o f the proposed
financing, E d.] See V . 109, p . 1180, 1462.
S h o r e

L in e

E le c t r ic

R y

. —Reject Receiver's Offer.—

Receiver R obert W . Perkins’ offer to take back the striking em plovccs
as indi viduals and not to sign a contract with the men as a b o d y was turned
down b y the men who also agreed n ot to call the strike o ff.— V . 109, p. 1367,
S o u t h e r n

R a ilw a y .—

Director.—

W alter Kerr, President o f the New Y ork Life Insurance & Trust C o ., has
been elected a director to succeed A . D . Juilliard, deceased. The stock­
holders meeting then adjourned to N o v . 18, when it is expected tho Fed­
eral com pensation contract will be ready for submission to the stockholders.— V . 109, p. 1360.
S u ffo lk

T r a c t io n

C o .—

Service Halted.—

R O A D S .

B r o o k l y n C i t y R R . — Orders Lines Returned . —
F e d e r a l J u d g e M a y e r o n O c t . 1 7 s ig n e d a n o r d e r d i r e c t in g
G a r r i s o n , r e c e iv e r o f t h e B r o o k l y n R a p i d T r a n s i t C o . , t o t u r n
B r o o k ly n C i t y R R . fo r in d e p e n d e n t o p e r a tio n a fte r m id n ig h t
2 6 s u r f a c e lin e s le a s e d t o t h e B r o o k l y n H e i g h t s U R . — V . 1 0 9 , p .

C o n n e c t ic u t

&

V a lle y

M a n h a tt a n

(4)280 !000

$ 2 ,8 1 4 ,0 6 7

1919.
1918.
s
g
Preferred s t o c k ...10,500,000 10,500,000
Common s to c k ... 7,000,000 7,000,000
Accounts payable- 1,985,967 2,861,760
Alicia properties.. 2,750,000
Bills payable_____
500,000
Depreciation res.. 3,473,831 2,365,709
Res..war prof.tax. 475,412
602,000
Res .for exting’t of
mine property..
168,862
561,122
Repairs, &c., res..
939,034
931,418
Bal. Liberty b d s..
440,000
750,000
Profit and loss------13,484,907 12,358|360

I N C L U D IN G

Canadian Government to Acquire

R a ilw a y .—

Justice Edward R . Finch on O ct. 15 granted an alternative writ t o
Corporation Counsel Burr prohibiting P. S. Com m issioner Lewis N ixon
from taking any action on the application o f the receivers fo r an increase
in fares.— V . 109, p. 1366, 888.

N e w

GENERAL INVESTMENT NEWS
R A I L R O A D S ,

F lo r id a

H o c k in g

$ 4 ,5 4 4 ,9 0 9
1 9 ,1 5 8

Lb —
ia ilities

T o ta l..................41,718,013 37,930,370
— V . 109, p . 1372.

T r u n k

See Kanawha & H ocking C oal & C oke C o . under'"Industrials’ ’ below —
V . 109, p. 1180.

(28)1960,000 (28)1960,000
$ 5 ,1 1 6 ,4 4 4

Offered for Sale.—

See Kanawha & H ocking C oal & C ok e C o . under “ Industrials’ * below .—
V . 109, p . 368.

N .

$ 1 ,8 6 1 ,4 4 2

R R .—

M etropolitan Trust C o ., N . Y ., announces that Vice-President H arold
B . T horne, acting for the purchasing com m ittee o f the Bondholders’ P ro­
tective C om m ittee, purchased at the sale held O ct. 14 at Pensacola, F la .,
the property o f the com p any.— V . 109, p . 1079.

$ 5 ,7 3 9 ,1 6 9

$ 9 7 4 ,0 8 7

P ie d m o n t

A board o f three arbitrators will determine the value o f the first, second
and third preference stocks and the com m on or ordinary stock. One o f
the arbitrators is to be appointed b y the railway com pany, the second b y
the Governm ent, and the third b y the other tw o, or, fading agreem ent,
b y judges.
The present capital stock o f the road aggregates 49,573,492 pounds ster­
ling. and the outstanding debenture stocks am ount to 31,926,125 pounds
sterling.
A com m ittee o f management is to be form ed, consisting o f fiv e persons,
to insure the operation o f the road as far as possible in harm ony with th e
Canadian N ational lines, the tw o systems being treated in the public intereest as nearly as possible as one system . T he Governm ent will be auth­
orized to lend to the com m ittee o f management such sums as m ay be neces­
sary for the carrying on o f the railway.
New guaranteed stock will be issued in exchange for preference and com ­
mon stock, which is to be transferred to or vested in the Governm ent.
Provision is m ade for the discharge o f the receivership o f the Grand
Trunk Pacific R y . System, and the termination and withdrawal o f the p ro­
ceedings in the Exchequer C ourt o f Canada relating thereto.— V . 109.
p . 1272, 1179.

1 9 1 5 -1 6
’
$ 2 1 ,8 4 8 0 3 6

2 8 ,3 9 4 ,5 9 1
1 ,0 1 5 ,1 1 4

&

final understanding having been reached be­
tween Sir Alfred Smithers, representing the board and the
Government of Canada for the purchase of the company,
a resolution was introduced in the House of Commons at
Ottawa, on Oct. 10 by Hon. Arthur Meighen providing for
the acquisition by the Government of the entire capital stock
of the Grand Trunk Ry., except the £12,500,000 4% guar­
anteed stock. The Toronto “Globe” of Oct. 11 said:
G r a n d

1 9 0 ,9 0 0
1 9 ,7 3 9 ,9 2 7
1 5 ,0 0 0
5 ,0 0 0
8 8 ,7 5 1
9 6 0 ,0 0 0
4 3 ,6 0 5 - $ 2 1 ,0 9 4 ,2 8 3

$127,200
294
______

S te e l

Control.—A

$ 5 0 ,0 0 0

f Other assets—

C o a s t

This road was again offered for sale b y Special 'M aster J. W . T albert at
Brunswick, G a ., under tw o plans, viz.: (a) the com plete line as a going co n ­
cern, and was bid in b y business interests o f Brunswick and points along the
line for $410,000 and (6) the com plete line giving the purchasers the right
to dismantle the road and use it for whatever purpose they desired. U nder
this plan the road was purchased b y H . H . Dean o f Gainesville, G a. fo r
$426,000.
T he sale has yet to be confirm ed b y Judge Evans.— V . 109, p . 1272.

6 6 0 ,0 0 0
1 ,0 9 7 ,2 5 0
5 3 7 ,2 8 0 — $ 2 ,2 9 4 ,5 3 0

d

1527

Twin City Rapid Transit

C o .—Petition Denied —

JA’ d V
T
^Tvlnn^a^ ?P 9 c t - 9 denie(1 an injunction sought by M ayor
^ . prevent submission of the cast of service
street rdilWBy franchise to the citizens <it *i sneciftl election
for n<v* q
The mayor contended that he had been w o ^ f u l l y ^ e f i x e r e k e of
veto power over the fran^ise ordinance adopted in the City Council by vote
Enablir^ Act&Ud that th° franchlse provisions were in conflict with the
Mayor Meyers has appealed to the Supreme Court and it is expected
that a decision will be handed down within 30 days
It isstated that the
City Council will order the franchise ordinance voted on on
9 Iven
though a decision is not rendered.— V. 109, p. 1274. 1081.
t

Union Pacific RR.— Officer.—

resigned*'— V.

og l?

Asst' Treas’ to succeedC. W . Weston.

West Virginia Traction & Elec. Co.— Fare Increase —

tn T om S tW w n
has granted the company f i s s i o n
t°
ft,® fw°. ZOIles ln its system for which fares had been 4 and 6
25
^$2 - v ”
p20982W 7a far° ° f 10 CCnts With the Purchas0 o f
77h
I N D U S T R I A L

A N D

M IS C E L L A N E O U S

Offering o f P ref.

I1. A. Brewer & Co., Chicago and Milwaukee are
offering at 100 this company’s 7 % Preferred (a. & d.) stock
A m e r ic a n

Stock.

C a n d y

C o .,

M ilw a u k e e .—

(par. $100) with the option of buying five shares of Common
stock (no par value) at $7.50 per share with each share of
Pref. purchased.

T he total profits for 1919 are estimated at $500,000. This sum after
allowance o f 7% divs. on tho Pref. stock would leave a balance o f $416,000
before taxes for the C om m on stock equal to over $3.50 per share.
Pres., Louis Kuhn; Secy. & Treas., W . F . Stark, M ilw aukee, W is.
A m e r ic a n

D is t r ic t

T e l.

o f

N .

J . —Dividends

Resumed.—

A dividend o f % o f 1% has been declared, payable O ct. 29 to holders of
record Oct. 15. This is the first distribution since Jan. 1918, when 1%
was paid.— V . 108, p . 1062.
A m e r ic a n

M a lt

&

G r a in

— E arnings .—

C o .

For the period from June 10 to Sept. 30 1919 the com pany reports:
Gross, $745,372; expenses and taxes, $587,628: net incom e, $ 157 ,744; other
incom e, $10,204; bond int. and organization expenses, $14,904; balance,
surplus, $153,044— V . 109. p . 1462, 478.

—Offering of Stocky at

$11 per Share.—Hayden, Stone & Co., New York, are offering
their customers at $11 per share up to Oct. 18 (payable
$6 upon notice of allotment, balance at any time on call on
30 days’ notice) 200,000 shares Common stock par $10.
A m e r ic a n

O il

E n g in e e r in g

C o r p .

to

C ir cu la r Issued b y H a y d en . S to n e & C o ., d a te d O c t . 8, says in s u b s t.
Company.— Organized under the laws o f Delaware to engage in tho exam ­
ination and investigation o f oil projects and to report thereon, to do engineer­
ing and construction work under contract with oil companies and to ass1 *'
®
in the operation, financing and developm ent o f attractive oil projects. T he
corporation will have the rignt to any phase o f the oil business.
Capitalization.— Authorized 259,000 shares C om m on stock par $10, ot
which now offered 200,000 shares. There are also authorized and issued
1.000 Preferred (M anagers’) shares, par $10, which have been sold to net
$10 per share cash. T he M anagers’ shares are endtled to receive 10% o f any
sum set aside as divs. to be paid b y corporation. In liquidation are entitled
to receive, first, their par value, after which C om m on stock is entitled to
receive its par value: any further distribution being m ade 10% to Managers
shares and 9 0% to C om m on shares.
.
, . .
_ .
Agreement.— Sanderson & Porter, Engineers, havo agreed to turn over to
Corporation an existing oil engineering business and certain members ot
their technical staff, together with som e attractive projects now under in­
vestigation and negotiation, thus enabling com pany to com m ence business
under very favorable auspices. In connection with this arrangement, the
50.000 com m on shares in Treasury havo been placed under option to San­
derson & Porter, who m ay purchase them at $10 per sharo at any time after
O ct. 1 1920, prior to O ct. 1 1921.
.
„ „
.
— H arvey D . G ibson, Louis J. H orow itz, Richard F . H o y t,
Grayson M .-P . M u rp hy, H . H obart Porter (President).

D
irectors.

A m e r ic a n

S h ip b u ild in g

C o .

— Officers.—

Ora J. Fish has resigned as Vice-Pres. & Sec. Officers re-elected are as
follow s: M . E . Farr, President; James E . D avidson, 1 st V .-P res.; A . G.
P otter, Controller; John S. Gorman, Treas. & A sst. Sec.— V . 109, p. 13o2.
A m e r ic a n

S h ip

&

C o m m e r c e

C o r p .

—President,

& c .—

General George W . Goethals has been elected President o f this corpora­
tion , but will retain the Presidency o f his engineering firm , George W . Goe­
thals & C o., Inc. Alfred E . Clegg has been elected a director.— V .109.P -4/8.
A m e r ic a n

T e l.

&

T e l.

C o .

— Dividend,

Etc .—•

Chairman Theodore N . Vail in a statement to the shareholders, a ccom ­
panying the O ct. 15 dividend, says in substance:
"T h e favorable outlook as noted in our recent circulars IV. 109. p.
is confirm ed b y the experience o f the intervening period and tho situation is
steadily im proving. Deprecatory statements are founded on uninform ed
gossip or are either mistaken or misleading.
__
“ Our relations with the public, the em ployees and the commissions are
proceeding satisfactorily on rational, healthy lines.
, _ “ During seven o f the past nine m onths (i. e., up to A ug. 1 1919 ) the i<eueral Governm ent had possession. Due to the detailed accounting involyeu,
it is not possible at this time to m ake an exact statement o f the earnings
under the com pensation contract. H owever, the earnings o f your com pany
for the calendar year 1919, after full provision for depreciation will nroviuo
for the regular 8 % dividend after paym ent o f all fixed charges and also per­
m it the usual appropriations to surplus and reserves.
_ n
“ T he usual financing in anticipation o f the expected growth o f tho Jien
System as forecasted b y the present abnormal volum e o f business: hasi just
been taken care o f in a satisfactory manner b y the sale o f $50,000,01)0 or tnis
com p any’s 6 % three-year gold notes.” — V . 109, p. 1368, 1275.

— Offer for Common Stock.—Tho
new A. T. Securities Corporation in circular of Oct. 10,
signed by Treasurer Robert A. Norriss, 511 5th av., N. Y.
City, says in substance:
A m e r ic a n

T o b a c c o

C o .

A . T . Securities C orporation has been form ed under the laws p f D e l a ware [on O ct. 8 1919] with an authorized capital o f 3 ,000P 00 shares ofstocK ,
all C om m on, without nominal or par value. E ach share ranta oquaiiy
with every other share as respects dividends, voting rights and distribution
o f assets. T o provide a cash balance, 1,000 shares o f the stock o f tnis
corporation have been subscribed for a $100 per sharo, payable as and when
called b y its Board o f Directors, but in no event later than N ov. 14 lJ l.)T he American T ob a cco C o. is the only com pany engaged in the m aking
or selling o f tobacco products in which this corporation will acquire or hoiu
Stock.
T he corporation offers to acquire all o f tho issued shares o f the C om m on
stock o f tho American T ob a cco C o. [total $40,242,400, par $100 a sh<irej,
and to pay therefor b y issuing and delivering four (4) shares o f tho Gom m
stock o f this corporation, fu lly paid and non-assessable, fo r eacn s i
share o f the C om m on stock o f the American T ob a cco C o.
delivered, properly stam ped endorsed and witnessed to the Guara y
Trust C o ., 140 B roadw ay, N . Y ., prior to 3 p. m . N ov . 14.
There is under consideration the m aking o f an offer wl i ich w iIl ent
the record holders o f the Dividend Certificates issued b y i ^ n i A T o b a cco C o ., com m only called “ Scrip,” to participate in this
tion. [Compare International Trade Mark Corp. below.] V . 1 0 9 , p . l o o s .

A .
T .
S e c u r it ie s
C o r p o r a t io n ,
N .
Y . — 1,000
Shares
Subscribed for at $100 a Share— Offer of Four Shares for Each
Common Share of American Tobacco Co., The Only Tobacco
Co. to Be Acquired—Possible Offer For Dividend Certificates
Officers Elected— Reported Successor Company Incorporated. ■

See Am erican T ob a cco C o. above, International Trade M ark COTp. below .
T he new corporation has elected the follow ing officers: 1 resjuont,
G eorge A . Harder; Vice-President, Angier B . D uke; Treasurer, ltdbore
A . Norriss. T he directors are George A . Harder, Angier B . D uke, G . m . i •
M u rp h y, Harold Stanley. John B . C ob b and Thom as Yuiile. T h o ia-t
tw o are form er Vice-Presidents o f the American T ob a cco C o . v . iuu,
1463, 1369.
A m e r ic a n

W

h o le s a le

C o r p .

—Nine Months' Sales.—

P o w d e r

C o .

— New Office.—

T he general offices have been m oved from W ilm ington, D el., to
N orth Broad St., Philadelphia.— V . 108, p. 1389.
B o r d e n ’s

C o n d e n s e d

M ilk

C o .,

N .

Y .

— New N am e.—

Stockholders on O ct. 15 voted to change the name to the Borden C o .
See particulars in V . 109, p . 1463.
T h e board having been enlarged from eight to nine m embers, H . C .
Sherman o f N . Y . C ity and Franklin Shove. Treasurer o f tho com pany, were
elected directors, J. J. M itchel retiring.— V . 109, p . 1463.
B r o o k ly n

E d is o n

C o .

— Obituary.—

James M . W allace, director o f this com pany, the N ew Y ork D ock C o .,
Stoss Sheffield Steel & Iron C o. and the Union Carbide & C arbon C orp .,
•died on O ct. 10.— V . 109, p. 479.




o l

. 109.

Brooklyn Union Gas Co.— Convertible Debentures.—

Stockholders o f record Sept. 30 1919 havo the right to subscribe, and pay
for in full, at par in N . Y . funds at tho Guaranty Trust C o ., 140 B roadw ay,
N . Y ., on or before N o v . 1 for an issue o f $2,000,000 7 % 10 -year convertible
debentures in amounts equal to one-ninth o f tho par valuo o f their respective
holdings o f stock.
_
.
.
x
These debentures will be dated N o v . 1 1919, bearing interest rato o f 7 %
per ann. (payable M . & N .) and convertible at the option o f tho holder into
capital stock on “ basis o f one share o f stock for each $100 o f debentures on
and after five years from date o f issue o f the said debentures on a n y date
when a coupon falls duo if surrendered with unmatured coupons attached.
Denominations o f debentures, $1,000, $500 and $100. Such debentures
as m ay not be surrendered for exchange for stock on or before N o v . 1 1J-J
shall mature on that date and shall be redeemed in cash at face value on
said date.
T ho official circular dated Sept. 30 states that neither tlto com pany nor
its agent, the G uaranty Trust C o . o f New Y ork , will buy or soil rights.
The authorized capital stock is $20,000,000, o f which $18,000,000 is ou t­
standing.— V . 109, p . 1369.

Calumet & Hecla Mining Co.— Production.—

Output (in Pounds)—
Cal. & Hecla. Subsid’s.
Total.
September 1919.......................- ............... 4,504,464 4,001.477
8.505.941
September 1 9 1 8 - .................. - ............... 4,964,872 5,376,596
10,341,468
9 months in 1 91 9 ._____ _____________ 38,249,709 35,975.874
74,225,583
9 months in 1918___________________
_____ 106,559,268--------- 106,o59,268
— V . 109. p . 1181.

(J. I.) Case Plow Works Co.— Offering of Second Pref.
G. Souders & Co., New York, Chicago, &c., are
offering at 983^ $2,250,000 7% Participating Second Pre­
ferred stock, par $100. Bankers state:
Stock.—W.

Redeemable as a whole or in part on any div. date upon 30 days’ notice
at 115% , but only after entire amount o f 1st I’ rcf. (V . 109, p. 1276) has
been retired. D ivs. payable Q .-J. This 2d Pref. stock shares equally
in any divs. declared upon the C om . stock without reservation as to amount
o f such C om . div. For example, if d iv. o f $3 per share is paid on C om .
stock same must be paid on this P ref., or total o f 10% . N o mortgage
(except purchase m oney m tges. or liens on property hereafter acquired)
while any Prof stock o f either class is outstanding without tho consent or
75% o f 1st Pref. stock outstanding. After retirement o f the 1st Prer.
stock these rights, also all other rights o f tho 1st P ref., revert to the 2d
I’rcf. For description o f property, capitalization, earnings, & c., seo
V . 109, p. 1276, 6S0.

Central Utilities Securities Corp.— Offering of Pref.
G. Souders & Co., Chicago, aro offering in block
one share of 6% Cumulative Preferred (a. & d.) stock and
one share of Common at $112.50.
Stock.— W.

Capitalization—
« o l,io ? n n n
Preferred stock (par $ 100) ----------------------------------- ®?’nno’non
®u’ r 79 ’nnn
Comm on stock (par $100)------------------------ --------, T I3w “iJrfP
Officers A Directors.— John I. Beggs, Pres. & T reas.; Fred II. W ickott,
Dick It. Lane, Fay W oodm ansee, Merrill W . T ilden, C . O. R eynolds, Soc.

Chandler Motor Car Co.— Listing— Earnings.—

T he New Y ork Stock Exchango has adm itted to tho list 210,000 snares
Comm on stock, without nominal or par value, in oxohango for 70,000 shares
o f outstanding C om m on stock, par value $100.
.
.
The statement o f earnings for eight months ended A ug. 31 1J1J, as suomitted to the N ow Y ork Stock Exchange, shows:
8 M os. to ----- Calendar Years------Sent 1 1919
1918.
1917.
Gross p rofits___________________________ $3,846,965
$2,905,373 $3,248,172
Other incom e____________
132.6S0
147,397
29.543
T otal incom e...........................................$3,979,645
Expenses, deprec. and other charges.
789,810
N et p ro fit......... ..................................... *$3,189,835

$3,052,770 $3,277,715
858,152
895,312
$2,191,618

$2,382,403

*N o provision has been made for Federal incom e and excess profits tax.
— V. 109, p. 1082.

Citizens Gas Light Co. of Quincy.— Increase.—

T he M ass. Gas & Electric Light Commission has authorized an increase
in price o f gas to $1 35 per 1,000 c. f ., an advance o f 10 cents, erreCTiyo
O ct. 1 . On July 1 the rate was decreased from $1 40 b y said board.
— V . 108, p. 2244.

Colorado Springs Light Heat & Power Co.— Plan. -

A com m ittee o f 15 citizens has recomm ended the passago o f a city ordin­
ance granting a franchise that will embrace a service-at-cost plan o f 8 /o
guaranteed upon tho valuation o f $3,509,188 and 4 % to cover replacem ents.
Also hydro-electric rights with the city's water supply.— V . 108. p . 1 3/7 .

Consolidated Textile Corp.—Offering of Stock.—Allan
A. Ryan & Co. and Hambleton & Co., New York, are offer­
ing, at $30 a sharo, 00,000 shares of stock of no par valuo.

Data from l.e t t e r o f F re d ’ k K . R u p p r c c h t , P res., D a ted O c t. 1 1919.

four mills contain 40,340 spindles and 1,019 looms, together with water­
The properties havo bee* In operation for
power plants, dye-housas, &c
an average o f 20 years.
,
,
,
, „ ,
. .
— Output is marketed under the trade-mark o f the m anufacturing
mill ’ •PiloUChambrays,” "N o rth State Flannels” and "E lla Print Cloths.
Capitalization (N o Bonds or Preferred Stock)—
Authorized.
Issued.
Com m on stock (no par valuo), sharas-------------------------1,000,000
1 1 0 ,0(10
— Tho consolidated net earnings, after depreciation but before
Federal taxes, for year 1916, $284,248; 1917, $465,057: 1918, $856,049.
and for 1919 (9 m os. actual) aro estimated at over $900,000.
Assets.— N et quick assets as o f July 31 1919 wore $1,055,029; fixed assets
havo boon appraised at $2,270,483, while total net assets exclusive o f good
will, & c., amounted to $3,338,627. T he replacement valuo as appraised,
including net quick assets, amounts to $4,462,633.
Directors.— Frederick K . Rupprecht (P ros.), Eugene V . R . rl hay or,
Sherburne Prescott (T reas.), Leavelle M cCam pbell, William H. W illiamson.
W . S. I’rankard, Allan A . R yan, T . Edward H ambleton, Honry B . Stimson.

O tp t
uu

E in
arn gs.

Continental Coal Co.— Settlement
Continental Guaranty Corp., Y. Stock In crea se
T he stockholders will voto O ct. 30 1919 at the office, 248 M adison A vo .,
.—

See Kanawha & H ocking Coal & C oke C o. below .— V ..1 0 5 , P- 610.
N .

—

.—

N . Y ., on increasing tho capital stock from $2,000,000 to $3,000,000, par
value $100 per share.— V . 109, p. 375.

Continental Oil Co — O fficer.’—

C.
E . Strong, form erly Sec. & T reas., has been olected a Vice-President.
— V . 108, p. 384.

Crane Ice Cream Co., Philadelphia.— Offering o f Pre­
—The R. L. Dollings Co., Philadelphia, &c., aro
$1,200,000
- offering Par $100. A7% Cumulative Preferred (a. & d.)
stock.
circular shows:
14U

The sales for the nine m onths ended Sept. 30, it is announced, wer
$26,492,036, an increase o f $6,705,446 over the corresponding period last
year.— V . 109, p . 272.
A tla s

[V

T H E C H R O N IC L E

1528

ferred Stock.

Capitalization (no bonds)—
Authorized.
Pref. stock 7 % cum ulative (par $100)......................$2,000,000
C om m on stock (no par v a lu e ) - - - — -------- --------10,000sh

Outstanding.
$1,200,000
lO.OOOsn

(Alfred) Decker & Cohn, Inc., Chicago.— Preferred
—A. G. Becker & Co., Chicago anrl Now York,
and Ames, Emorich & Co., Chicago, announco tho salo by
advertisement on another page at 98 and div., yielding
7 1 4 % , of $2,500,000 7% Cum. Pref. (a. & d.) stock, par
Stock Sold.

$100.

O

c t

. 1 8 1 9 1 9 .]

T H E C H R O N IC L E

Dividends payable Q .-M . Reedeemable at 112M and divs
Annual
sinking fun d, beginning O ct. 1920, a sum equal to at least 3 % o f the greatest
am ount o f ITef. stock at any one tim e outstanding, and equal to at least
12% o f net earnings after Pref. stock divs. and taxes. N o m ortgage without
tiie consent o f 75% o f outstanding Pref. stock.
D a ta from L etter o f Pres. A lfred D eck er, D a ted C h ic a g o . O c t. 10 1919
Company.— I n c o r p a b o u t O ct. 15 1919 in Illinois.
Business established
as a private firm in 1902 with a capital o f $12,500 for the m anufacture and
sale exclusively at wholesale o f m en’s clothing. Product is distributed
through the bast class o f retailers throughout every State in the Union
also in Cuba and Porto R ico, under the trade name “ Society Brand Clothes
Also sold throughout Canada b y a Canadian com pany in which vour com ­
pany has a profitable investment and which manufactures its brand o f
clothes under royalty.
u
~ £ aRitaliz,a ti? n AJ ter Present Financing (X o Bonds)—
Aulh. & Issued
7 % Cum ulative Preferred stock _____________
to r,nn nno
C om m on stock (no par v a lu e )..........................................." V " IVlM.OOO’ sh
Sales & Earnings Before Deducting Int. & Commission Charges
Year ended—
A p ril 26 1919. A p ril 27 1918. A p ril 28*1917
S a le s — .....................................
$7,357,216
$5,816,207
$1 282 545 •
892.776
511.478
355:861
N et earnings--------------------------

Detroit Edison Co.—Acquisition.—

1539

S t i ^ l 9 ^ D 8 5 V 9m
3

rp ^ 7 ) he PaymCnt ° f a further divldend aggr<v

. Last m o n t h M r . F ord and his son acquired remainder o f the m inority
shares. See V . 109, p . 1277, 275.

Offering of Pref. Stock.— The

company, Frank A. Barton,
Treas., is offering for sale at 100 per share (delivery Nov. 1
1919) its 7% Cum. Pref. stock. See V. 109, p. 1464,1183.
Dividend — E arnings.
tn connection with the declaration o f the quarterly com m on dividend
(H .

H .)

F r a n k lin

G e n e r a l

C ig a r

M

a n u fa c t u r in g

C o ., S y r a c u s e , N . Y .—

C o .—

—

o f $1 50, payable N o v . 1, the net earnings for the nine m onths ending
ir?*ta r? (^ uctlo ns for Federal taxes, were officially reported as
Earnings for the first six m onths ending June 30. we learn
authoritatively, were $1 262 761, giving for the three m onths. Juno 30 to
Sept. 30, earnings o f $o39,180.— V . 109, p. 1183.
G e n e r a l

O r d n a n c e

C o .,

D e r b y ,

C o n n .—

Capital Increase

T he c°m pany has increased its outstanding capital to $2,286,010.

— V . lUo, p . 787.

Notes Sold.—Merrill, Lynch
& Co., Kelley, Drayton & Co. and Harriman & Co., New
York, announce the sale by advertisement on another page
of §1,500,000 First Mtge. 7% Serial gold notes, dated
Oct. 1 1919, due §300,000 each Oct. 1 1920 to 1924, incl.,
and fully described in V. 109, p. 1464, 1370.
G e n e r a l P h o n o g r a p h

The electors o f Port Huron will vote on O ct. 27 on a gas and electric light
franchise recently passed on b y the C ity Commission for the P ort Huron
Gas & Electric C o. I f the vote is favorable, the D etroit Edison C o will
take over the gas and electric plants o f the P ort Huron C o .— V . 109, p 1277.

Draper Corporation, Boston.— Tax Protest A dvised __

T he shareholders have received a circular from Treasurer George A
Draper, advising them to protest against the tax which the Massachusetts
State authorities have undertaken to levy on the profit alleged to have
ansen from the exchango^of stock iu the reorganization o f 1919 (V . 10 3 , p.

H a c k e n s a c k

W a te r

C o r p .—

.— Pref. Stock— Sale and Exchange.

C o

Anrfkhojders will vote O ct. 20 on increasing the capital stock b y
$4,000,000 t % Cum ulative I referred s to ck ,’ ’ in $25 shares, to provide
and betterm ents. Preferred as to
semi­
.—Offering of Guaranteed for necessary extensions entitled to share equally with the assetsmand stock
annual dividends, and
C om on
Bonds.
m any dividend in excess o f 7 % and subject to cali after three years at
110 and dividends.
Present Capitalization—
Authorized. Outstanding.
First M ortgage bonds, 4 % . ..........................................S6.000.000
$4,750,000
Preferred stock ----------------- ------------------------------------500,000
375,000
Com m on stock ----------------- -------------- ------------------------ 6.000,000
5,125,000
at
The directors propose to offer S2.000.000 o f this 7 % Preferred stock to
stockholders, both com m on and preferred, for subscription pro rata at par.
Earnings.
It is also proposed to issue a sufficient additional amount to retire b y even
June 30 Years—
1918-19.
1917-18.
1916-17
exchange prior to Jan. 1 1925 the present $375,000 Preferred stock, which
G ross— ...................................................... $11,435,709 $9,623,605
$9,235 778
is
T otal n et.....................
5,229,484
4,881,941
5,049 434 redeemable at par in 1931. R obert AV. de Forest, Pres.— A\ 106, p .5 0 3 .
T axes....... ...........
1.057,628
938,179
1,022 565 H o m e s t a k e M i n i n g C o . — No Dividend.—
I n t e r e s t -------- --------------1,021,231
705,663
407 059
An official statement dated O ct. 16 says: “ Owing to the shutdown o f the
D iv id e n d s ....... ..............................( 12 % )
2,703,360
2,703,360
2,703 066
Homestake mines, necessitated b y a fire on the sixth level, and the floodin g
o f the
up
said level as the only means o f extinguishing the
Balance surplus___________________
$447 264
$534,739
$916,744 fire, it minebeento and a bovethe board o f directors o f the com pany to suspend
has
decided b y
— V . 108, p . 2632.
'
declarations o f dividends for the present.” — V . 109, p . 171.

Eastern Shipping Co., Ltd
—The Tillotson & Woleott Co.. Cleveland, are offer­
ing at par and int. §400,000 First Mtge. 7% Marine bonds
dated Sept. 1 1919. Guaranteed, p. & i., by Ocean Cargo
Carriers, Ltd. Secured on SS. General Turner, appraised
§710,000.
1
Edison Electric Illum inating Co.—
—

Elder Corporation .—Statement to Boston Slock Exchange __

Company.— Incorp. in Delaware Sept. 2 1919 for the purpose o f ma'nufacturinj?, selling and dealing in m en’s and b oys’ furnishing goods. Is a hold
ing com pany, owning all o f the Comm on stock o f the Elder M a n u fa ctu rin g
C o. o f Missouri. The latter com pany has three leased factories lo c a to l n
St. Louis, also one at Edwardsville, 111., and one AVebb C ity, M o .
1
Incom e Account Year Ended A p ril 30 1919 (Elder M fg . Co.. St Louis')
Net
Gross
N et Before
Federal
Bat
Sales.
Profit.
Fed. Taxes.
Taxes (pst )
q,,
$4,753,029
$884,541
$226,823
$75,000 ’
$ 15 1 8 23
Balance Sheet as o f A p ril 30 1919 (Elder M fg. C o.), A fter Givina Ffu'rt in
Sale o f $1.000.000 New Pref. Stock (See Below) and Retirement o f
Old Preferred Slock, &c.
1
Assets—
Liabilities—
M achinery, equip., e t c . . . $133,375 Preferred s tock .................... $1 ,000.000
486,500
G ood w ill...................
C om m on stock __________
goo non
I n v e n to ry .........................
1,411,746 Current liabilities_______ 1 2 1 7 1 75
Other current assets_____ 1,243,197 Res. for Fed. taxes(est.)& c ’ 93 ’o 44
Other a s s e t s . . . . ..............
82,008
......... ........... .......................$3,356,826
„ 0j00,
T otal (each sid e)--------Balance Sheet (Elder Corporation) on Commencement o f Business
. ASn .—
I Inabilities—
9.000 shares C om . stock
60,000 shares C ap. stock
E lder M fg . C o .----- $1,050,000|
(n o p a r v a lu e )
$1,050 000
Directors. Harry A H older, Daniel C . Gurnett, S. A . M itchell! Georco
S. Elder (Pres ) AV. P . Rowan (V ice-Pres.), L . D . D ozier. J r., S. G StickJ
Je&
^r!h AnCT ,.(T re= 0• Clark Johnston (S ec.), M . Edward Rowan
y
!s
J. B . Bergs, C . A . Jobes, O . L. Garrison, Lionel Kalish.— V . 109, p. 1464. ’

Elder Manufacturing Co., St. Louis (Operating Co )
Hill & Co., Boston
are offering at 100 and div., by advertisement on another
page, §1,000,000 8% Cumulative Pref. stock. Redeemable
at 110 and div. Divs. payable Q.M. Has sinking fund
provisions.
—Offering of Pref. Slock.— Richardson,

__ V0ri o 9rUlCr1 (!gt
,aiIs seo ^ 'der C orp. abovo and com pare V . 106, p . 503.

Fall River Electric Light Co.— Stock Increase.—

Tho Hoard o f Gas and E lectric Light Commissioners has approved the
issuance o f 7,000 shares additional C om m on stock, par $100, and 5 non
shares o f em ployees stock, par $ 10 , proceeds to bo applied to the paym ent
and cancellation o f coupon notes due Jan. 15 1920.
paym ent

Famous, Players-Lasky Corp.— To Issue §10,000,000
8% Cumulative Convertible Preferred Stock.—A syndicate
headed by Dominick & Dominick, Ilallgarten & Co. and
Kuhn, Loeb & Co., has underwritten a neAv issue of §10 000 000 8% Cumulative Convertible Preferred stock.
I t is understood that the stock will bo offered to tho stockholders first
t li°iPu°i<
:oc<1(i f r ° m the
to bo used for carrying out a plan o f expansion
which has been arranged by the m anagement.
1
' l
n

Ford Motor Co., Detroit.— Financial
000,000 Renewed for Three Months.—

Credit for
J

§50 ’

In July last tho com pany arranged through B ond & Goodw in and assn
d ates for a credit o f $75,000,000 in order to purchase the bulk o f t h e ^ £
standing (m inority) stock, not held b y M r. Ford (V . 109 d 275
it cam o to drawing on this credit only $60,000,000 was n w dod and this

ssr
s iu V & r f S 'f is .M ir ■
ssa y r& ss
f f i r 1 th<’ T°"mca ,hr“ D,onths <»'“»“ *>
Balance Sheet of July 31— Filed with M ass. Authorities.—
1919.
A
ssets
&

—
$
Real e s t a t e .___ 54,975,541
Mach. equip.. 24,212,779
Merchandise___76,400,040
Cash A debts re. 156,011,082
Pat. rts., trade­
marks_______
______ __
Investments___ 20,903,511
Inventories____
494,259

1918.
S
37,117,363
29,335,982
44.522,562
91.471,851

1919.
1918.
Liabtliltes—
s
$
Capital stock . . . 2,000,000
2,000,000
Accts. payable. 24,097,321 10,653,327
................
Floating d e b t.. 72,174,637
Doprec. reserve.
_________
9,902,841
Accrued expense 7,139,579
siosoV ri
67,981 Profit & lo s s ... 73,655,435 52,834,237
1,815 Surplus................153,931,146 122,408.491
1,231.906

Total . . --------332,998,121 203,749,460|

T o ta l________332,998,121 203,749,460

In addition to Its regular dividends, amounting. It is said, to $1 200 000
per annum the com pany paid on Jan. I 1919 a 100% dividend anil on
F eb. 1 1919 another 100% (V . 108, p . 87). while the dedsion in the D odge




Pref. Stock.—Burgess,

Offering o f

Lang & Co., Boston, are offering
100 §500,000 8% Cumulative Preferred stock, par §100.
Circular shoAvs:
(T .

A .)

H u s t o n

&

C o .,

I n c .,

A u b u r n ,

M e .—

a t

Dividends payable Q .-J. Callable at $120 on any div. date in whole or
in part. A sinking fund o f 2 y ,% com m encing O ct. 1 1921 is provided
to retire this stock.
T he com pany is incorp. in M aine. Plant at A uburn, M e . Business
established in 1869, consists o f m anufacture o f fancy cakes, confectionery,
candies, &c. Capitalization auth. and outstanding, $500,000 Pref. and
$500,000 C om m on. Gross sales, 1918, $1,250,000.
I n t e r n a t io n a l

F u r

Preferred Stock Sold.—

E x c h a n g e .—

It is announced that the entire issue o f $2,500,000 7 % Cum ulative P ref.
stock offered b y AVilliam Salomon & C o ., N . Y ., and G . H . AValker & C o .,
St. Louis (V . 109, p. 984), has been sold.— V . 109, p . 1278, 1083, 984.
I n t e r n a t io n a l

P e t r o le u m

C o .—

Plan Operative.—

See M exican Seaboard Oil C o. below .— V . 109, p . 1465.
I n t e r n a t io n a l

P r o d u c t s

Stock Sold—Listing .—

C o .—

W . F. Ladd & C o ., N . Y ., announce that tho 25,000 shares o f C om m on
stock offered b y them has been sold.
T he Boston Stock Exchange has admitted to list 20,000 additional shares
I referred stock (par $100) and 20,000 additional shares C om m on stock (no
par va lu e), making the total issued and listed 59.975 ITef. and 131,500 C om .
—-A . 109, p. 1465, 1083.
T
I n t e r n a t io n a l

T r a d e

M a rk

C o

.— Incorporated.—

The com pany was incorporated O ct. 16 1919 in Delcw are with a capi­
talization o f 4,250,000 shares w ithout par value. T h e C orporation T rust
C o. o f America is the com pany’s Delew are representative.
This now com pany, it is understood, is being organized to take over
the holdings in tlie lo m m o n stock o f tho American T ob a cco C o ., acquired
b y the A . 1. Securities C o. [which is said to bo a tem porary organization].
Also wall acquire other concerns with established trade marks: taking in only
one com pany in each kind. Companies to be taken, it is stated will include
manufacturing food products, shoes and other necessities o f life. These
products wall it is stated bo marketed through the world wide chain o f
stores o f the United Retail Stores C orp. See A . T . Securities C o. above.
I s la n d

O il

&

T r a n s p o r t

.— Shipments —

C o

A \,® • Leach & C o. have corrected for the “ Chronicle” this recently pub­
lished statement:
T ho Island Oil & Transport Corporation shipped 600,000 barrels o f oil in
T hem anagem ent expects that shipments for the present m onth
Sui6^ ,
u'
the first o f D ecem ber it is expected
that a loop will be attached to the pipe line at a point six miles from the
sc^ ;," h ic h wall permit exportation o f 750,000 barrels a m onth.
T h e com pany s production at present is com ing entirely from one well,
and is averaging 20,000 barrels a da y. T he well that is the subject o f liti­
gation, and was closed down a number o f weeks ago owing to an influx o f
salt water, is still shut down tight. T he com pany is, how ever, drilling four
m ore wells, tw o o f which arc dow n 1,500 feet.
Island Oil owns 51% o f the stock o f the Massachusetts Oil Refining C o.
which is putting up a 5,000-barrel refinery at East Braintree, M ass. The
refinery is guaranteed a supply o f crude oil through a ten-year Contract with
the Island C o.— Boston New's B ureau.” O ct. 4 or 5 .— A\ 108, p. 1393.
J e w e l

T e a

C o .,

I n c .—

Sales.—

I W - weeks ended O ct. 4 ____________ ®i

<«, , je8oR7

« i 177*727

— AL °U)9. °p d8 9 1 ? 276?* * ' ...................

1 L 5 9L 5 6 0

li :6 6 8 ’,42Q

K a n a w h a

&

H o c k in g

Reorganization
Y. Central RR.-Hocking Valley Ry.
C o a l

Plan— Settlement of N
Controversy. - T h e “ C h r o n i c l e ”
fo lio A v in g

a u th o r ita tiv e

q 9o71
%
12 '36° ! ° 82
&

C o k e

h a s

C o . —

b e e n

fa v o r e d

w ith

th e

sta te m e n t:

On Oct. 6 1910 the U. S. District C ourt Rt Oinoinm.fi
K a n a w h T T H^ckinga Cofair ^ C o k T 0 ^ ^ ° "

O

entered

° f th° fu“ 'd e d ’debt of the

VC o aan^tth™C
|
}IoclJng* Vidle ^ ^ C o “
ou°t
Gotho f sTs^^O O f^of 6 hten , onJPany and the Toleclo AfOhio Central R B .
%la
c
£ ? .; 2 , R
fj’q
i r .l,dS/2f t,? e Kanawha & Hocking Coal & Coke Co.
and $l,5b9,000 o f bonds o f the Continental Coal Co. o f which the N ew Y ork
Central owns, respectively, $2,612,000 and $1,537,000.
. . w ° U*n " ° ° f ,Pr°P °8cd Plan of Reorganization.
o f the Kanau ha
IIockj.nK Valley shall receive in paym ent
na vmen t e a u a l t
b
f°,nds 0^ n<^ h them , respectively: ( 1 ) a cash
J
?hci?hnnds9 anrt
fi thc Principal. with accrued interest on all o f
o f now 6^ ' 20? ™ / mniH„^alanCS (§S 2' 3 % ) o f the principal a like amount
CoiH & C oke C o
Sinking Fund M tge. bonds o f Kanawha & H ocking

Of tho bonds to be taken by the Now York Central, J. P. Morgan & Co.
will purchase one-half at par.
The mortgage of the Continental Coal Co. (V. 104, p. 455, 562, 666),
securing its [SI,569,000— Ed.I bonds was foreclosed and there was realized
from the sale of the properties net proceeds applicable to the bonds of a
little more than 50% of the principal. By reason o f its guaranty of these
bonds (also guaranteed by the Toledo & Ohio Central), the Hocking Valley
is to pay in cash to the New York Central one-half of the unpaid balance ot
the bonds owned by the latter, with interest on such balance and a small
amount representing costs.
The carrying out of the plan will result in the dismissal o f the cases
pending in the New York courts involving the liability of the Hocking Valley
upon its guarantees of the bonds o f the coal companies.
An application for the approval of the plan will be heard by the Ohio
State Court on Oct. 21 1919.— V. 106, p. 2125.

K a y n e e C o ., C le v e la n d .—

Stock Listed.—

The $750,000 7% Cumulative Preferred stock has been listed on Cleve­
land Stock Exchange.— Compare V. 109, p. 779.

(G e o .

E .) K e i t h

Preferred Stock.'—Lee,

C o .,

B rock ton ,

M ass.-— Offering

of

Higginson & Co.,New York,&c., are
offering at 101 and div. to yield 6.93% So,000,000 7%
Cumulative First Preferred stock. Par S100. Bankers state:

Dividends payable Q.-J. (first div. payable Jan. 1 1920). Callable
as a whole, or in part for the sinking fund, on any div. date, at $110 ana
divs., on 30 days’ notice. Annual sinking fund of 15% of net protits
after 1st Pref. divs. and taxes begins with fiscal year 1920.
Capitalization (No Bonds) Upon Completion of Present Financing.
Authorized.
Outstanding.
First Preferred stock. 7% Cumulative------------ $10,000,000
$6,000,000
Second Preferred sto ck ---------------------------------i ’nAe’nnn
Common sto ck ______________________________ 5,000,000
-,000.000
Company manufacturers Walk-Over shoes. Business started 45 years
ago; was incorporated under Massachusetts laws in N ov. 1896. 1 resent
daily production about 18,000 pairs. Operates or controls 7 factor es.
Year
1915.
1916.
1917.
1918.
1919 (est.)
SalesIIIIII$11,359,841 $15,707,006 $20,303,242 $24,021,860 $28,000,000
Net profits for the four years and eight months ending June 30 1919,
after depreciation reserve and Federal taxes averaged more than 3 times
the dividend requirements on the $6,000,000 1st Pref. stock.
,
Net assets ($12,204,965) equal $203 per share of First Preferred stock.

K e y s t o n e T e le p h o n e C o ., P h ila .—

No Pref. Div. Declared.

The directors at their meeting on Oct. 14 took no action on the semi-ann.
pref. dividend due Nov. 1.— V. 108, p. 977.

(S . H .) K r e s s & C o .—

Sales.—

1919.
Month o f September------------------------ $1,997,672
9 months to Sept. 30______________16,02/,/46
— V. 109, p. 1084, 582.

1918.
$1,905,167
13,896,004

1917.
$ j ’''9*9'!!!-'?
11,220,351

— New Financing.—James II. Perkins ot
Montgomery & Co., on Oct. 15, concerning the rumors of
financing the Loew moving picture interests said in part:
L o e w ’s

[Vol . 109.

THE CHRONICLE

1530

In c.

M r. Loew has reached a point where he feels that the business warrants
much greater expression. Montgomery & Co., Van Emburgli & Atterbury
and certain other associates, believing in the future of Mr. Loew s enter­
prises, are arranging to finance his company on a much larger scale, lurnisning $5,000,000 additional cash for tho acquisition of new theatres and gen­
eral expansion of the business. Of the 700,000 shares to bo issued 380,000
shares have been purchased and placed among a limited group or tneso
bankers and associates. Tho remaining 320,000 Shari's are to go, with addi­
tional cash, to Mr. Loew and his associates in exchange for the business or
Loow’s enterprises. The stock has not been offered for public subscription.
[It is announced that the 380,000 shares mentioned have been sold.]

M a n h a t t a n O il C o . o f D e l. — Offering of Stock.—Van
Emburgh & Atterbury, N. Y., are offering at $38 a sharo tins
company’s capital stock (no par value). Seo adv. page.

Digest o f Letter o f Chairman D. R. C otton , Dated Sept. 27 1919.
Capitalization.-—Authorized 300,000 shares (no par value); outstanding,
100.000 shares. No bonds or Preferred stock.
Company.— Incorp. under Delaware laws October 4. 1919 to consolidate
Manhattan Oil & Linseed Co. (a distributing company incorp. in 1909)
and American Oil & Tank Line Co. (an operating company incorp. in 1915),
both of St. Paul, Minn., and Crude Oil Marketing Co. (an operating com­
pany incorp. in 1918), Wichita Falls, Tex.
.
..
,__
Purpose.-— o acquire capital stock or properties of corporations abovo
T
named, together with oil leases aggregating 4,880 acres in tlio Northwest
Extension of Burkburnett Field and in McMullen, \ ebb, La Salle and
\
Clay counties, Tex., and to provide $1,000,000 additional wonting capital.
As result of consolidation o f above companies and the completion or exten­
sions, &c., under way, company will own or lease either directly or■through
subsidiaries: (1) 64 tank and retail distributing stations in the Northwestern
States; (2) 4 central storage^stations in theNorthwestern^States^ (3)^4 re­
fineries ‘ "
22
to
(8; l.oou acres ui oil leases in iueniuiicu, », eon c.v.
—> - ....,
and 600 acres in Clay County, Tex.; also various interests in the Northwest
Extension of the Burkburnett Field, Texas.
Calendar Year—
1915.
1916. „ 1917.
1918Gross sales (MaBh. Oil & L.Co.)$829,542 $1,255,745 $1,857,960 $2,981,446
Net income after depreciation, Manhattan Oil & Linseed Co., June 30
1919 year, $67,655: American Oil & Tank Line C o., M ay 31 1919 year,
$63,161; Crude Oil Marketing Co. (started business April 1919), 3 montns,
M ay, June and July, $189,248.
...
. tv t?
Directors.— John W. Black, Todd W. Lewis, Minneapolis, Minn., D. K.
Cotton, Chairman Board o f Directors; W . M . Jacobson, V .-Ires., thanes
E. McLaughlin, Pres., St. Paul, Minn.; Francis H. Swift, Boston, Mass.,
W . D. Ticknor, Herbert C. Wright, W. E. 8. Griswold, New York.

M a r g a y O il C o r p . —Offering of Stock.—J . S. Farlee & Co.
are offering at $9 per share, by advertisement on anothor
page, 200,000 shares of capital stock, no par value.

Company.— Incorporated under tho laws o f Deleware [Sept. 17 1919] to
"Oquire holdings of Margay Oil Co. of TexandM argayOllftOM Co^,of OKia.
Holdings.— Has an a
Holdings.— lias an approximate undivided one-third in tei^ td n 18,000
acres In tno producing fields o f Texas. Oklahoma, Kansas and Louisiana,
in
on which are 72 produc
producing wells, selected over a period o f 17 years <
—
I...*- i~— ... . , ,i i„„,i i,,,i,i :,, fv,rt
elude leases and land held in fee. Tho present »o u j production oi i,oi»o
m e urwam daily
•_
barrels represent pipe line runs and is the corporation s net interest,
includes settled production from the Oklahoma leases, but does not inc u
the gas and casing head gasoline from those leases which are an nnporra i
source of revenue. The estimted daily production (within six months; is
10.000 barrells.
.
,,
,
„„ „..,i.ino.
Earnings.— The present earnings, figured on an annual basis, aftei making
duo allowance for overhead and operating expenses are at the rate of ® ,'."?
per share or $1,350,000. The estimated annual rate of earnings (within
six months) is $8,200,000. These earnings are contingent only oil tno
construction of pipe lines with a capacity sufficient for handling the produc­
tion which is now held down simply because of lack o f pipo line racmties.
'
Issued.
Authorized.
Capitalization (No Bonds or Pref. Stock)
Capital stock (No par value)........................................... 800.000
800,000
Officers and Directors.— T. F. Birmingham (Bros.), Tulsa, Okla.; H. » ;
Farlee (Vice-Pres.), New York; J. I. Taylor (Sec. & Treas.), Tulsa, O'da.,
J. 9. Farlee, P. H. Jadwin, New York; E. H. Short, Wichita Falls, Tex.,
B. C . Stivers, Sapulpa, Okla.

M a r la n d R e f i n i n g C o .—

New Stock.—

Stockholders o f record Oct. 31 will, it is announced, have the right to
subscribe for [say, $2,222,087 par value of] additional shares to the extent
of 10% o f their holdings at $5 a share. The total auth. issue Is $25,000,000
and this new allotment, it is understood, will increase the amount outstand*n*Iinterests1identified’ with the company are reported to have purchased
eases on 30 quarter-sections at a Government sale on Osage Indian lands




at a cost approximating $2,500,000.. A press report says: “ $620,000. it is
said, was paid for tract 79, which is the highest paid for non-producing
acreage in Osage. This tract is surrounded by ten producing wells oi large
production.” — V. 109, p. 473, 482.

M e rce r M o t o r s C o .—

Stock Sold.—

Colgate, Parker & Co., syndicate managers, announce that the 89.000
shares of stock, no par value, offered at $10 a share, has all been sola.
Seo V. 109, p. 1466.

Exchange of Stock.

M e x ic a n P e t r o le u m C o ., L t d ., D e l.—

See Pan-American Petroleum & Transport Co. below.— V. 109, p. 1466.

M e x ic a n S e a b o a r d O il C o .—

Plan Operative— Officers.-—

Tlio plan for the reorganization of the International Petroleum Co. (\ .
109. p. 1465), has been declared operative. At last advices the successor
company the Mexican Seaboard Oil Co. (Incorp. in Delaware on Sept. 12)
had acquired considerably over 75% of the International Co. stock. I ntlcr
this plan the Sinclair Consolidated Oil Corp. and Ogden Mills agree to buy
$11,500,000 7% 10-year debentures of the new Seaboard Co.
The following officers were elected on Oct. 10: President, Harris Bamniond; Vice-Presidents, A. E. Watts and F. N. Watrise; Sec., J. A. Mur­
phy; Treas., It. D. Hanna. The board of directors will consist of these
officers, together with It.
Bulger, Ogden .Mills, Theodore Schulze and
Mark L. Itequa. An advisory committee was elected consisting of Jonn
Hays Hammond, Ogden Mills, Harry Payne Whitney, Harry 1. Sinclair
and Harris Hammond.— V. 109, p. 1465.

M id la n d

S t a te s

O il

Statement to New

C o r p o r a t i o n .—

York Stock Exchange.—The

very fill! statement regarding the
company and its subsidiaries, made to the New York Stock
Exchange in connection with the recent listing of the capital
stock, will be found in full on subsequent pages.

The company reports earnings at the present time in excess of $7,000 daily.
Cash dividends have been paid each month since Nov. 1 1917 as follo'jsFrom Nov. 1 1917 to March 1 1918, both Inclusive, H of 1% monthly,
from April 1 1918 to date, 1% monthly. The last declaration was S/c.
covering the 1% distributions to be made Nov. 1 and Dec. 1 1919 and Jan. 1
1920. In addition, five stock dividends aggregating 10% have been paid,
viz.: Aug. 1 1918, 4% ; Nov. 1, 8% ; Fob. 1 1919. 8% ; M ay 1, 10%.
Sept. 1 , 10%.

N ew Y o r k T e le p h o n e C o .—

Vice-President Resigns.

Frank H. Bethell. 1st Vlce-Pres. of this company, will resign to becorno
Vico-Pres: in charge of finances of the IV bite Oil ( o. V. 10J. p.
*•

Stock.
lo o

_________ m m ,

.

(a. & d.) stock, callable at 110.

Par $100.

Capitalization (No Bonds After Present Financing) Auth.
7% Cumulative First Pref. stock .......................S5’PPP’nnn

'

Data from Letter of Pres. Charles E. Allen, W orcester, ° c t - ® 191,
Purpose.— The proceeds will bo applied (a) to tho redemption of S2.00 L~
000 First Mortgage bonds outstanding, (b) to tho payment of noto indeDiedness and (c) provision of now working capital.
Wnrtn„
Company.— Incorporated under Massachusetts law in 1885 as the Norto
Emery Wheel Co. In 1901 Norton Grinding Co was formed as a subsidiary
for the manufacture of grinding machines. As of July 1 1019, Nortoi
Grinding Co. was merged with Norton Co. Manufactures artificial abra
sives known by the trade names “ Alundtim” and “ Crystolon
f^inum,,
wheels, sharpening stones, oil stones, scythe stones, razor hones,
special articles made of artificial abrasive; also precision and other riiia tory grinding machinery, including plain cylindrical and universal grinainimachtnes, machines for grinding cam-shafts, crankshafts, rolls, car wnui. ,
&c., and surface grinding machines.
.
The main plant, located at Worcester, Mass., on a tract, of over 4U>
acres, has 31 acres of factory floor space and 5 miles of railroad tra
owned by the company connecting the various buildings.
.
Owns and operates deposits of raw material at Bauxite. ArK.
*
furnaces at Niagara Falls, N. Y ., and Chippawa, Ont.
,,
Earnings.— Net earnings, including earnings of Norton Grinding •
after all tax deductions, and including tho saving in interst charges urect
by this financing, for the ten years ended Dec. 31 1918. h.a t?
in excess of 3 times tho dividend requirements for this First P rer.s jock.
For the 6 years ended Dec. 31 1918, earnings averaged over 4 times tnwe
requirements. For the current year earnings are at the rate oi ovu *
times these requirements.-—V. 96, p. 1020.

O g ilv ie F lo u r M ills C o ., L t d .—

Aug. 31 Years—

Other profits__________

1918-19.

m982,739
m

Total nrofits
__ $1,632,617
Pref. dividends (7 % )---’ 140,000
Common dividends!. . (27%)675,000
Balance, surplus_____
— V. 109, p. 1184.

Earnings.—

1917-18.

«1*122,604
» % • ,

I(il6-17.
w

s
037,809

1915-16.
S 7 7 1 '2 7 0

_

$1,955,415 $1,358,847
$774,270
140,000
140,000
140,000
(27)6/5,000 (25)b25,000 (12)300,000

$817,517

$1,140,415

P a c k a r d M o t o r C a r C o .—

D iv id e n d s .-

$593,847
-

$334,-70

,

Keferring to the report that a quarterly dividend of 2 % had b|on ^ ^ a i ed
on the Common stock, being a reduction from the foimer clisbursemeiu,
Asst Sec! J It. Coulter writes: “ This information is wrong as the dividend
is at the rite of 2 1■% [the rate established last July— Ed.j, payable Oct. 31
'
<
to In lders of rec/ird Oct 15. The directors have also declared an extra
cash dividend of 2 it % , payable Oct. 31 t< holders of record Oct. 20>
— V. 109, p. 893.

P a ig e -D e t r o it M o t o r
Car C o .— O f f e r in g o f P r e f e r r e d
Stock.— Bonbright & Co. and Chandler & C o ., N ew York,
are offering at 9 7 ^ and <Hv., by advertisement on another
page, S3,000,000 7 % Cumulative Sinking la n d Prefenred
a. & d .j stock.
Par $100.
(Details m V . 109, p. 14Gb).
Further Data from Letter of Pres. H. M. Jew ett. D etroit. Sept. 26 1919.
Purvose.— To furnish tho necessary working capital and funds to DUiia
the first unit of an additional factory, increasing tho output capacity by
12C o m p a n ^ ?ScOTp?1n 1909'under the laws of Michigan. Manufactures
and markets tho well-known “ Paige” cars and trucks, with a complete
lino of models Plant located at Detroit, covers about 12 acres. Has
acquired a tract of 42 acres on which will bo erected additions as needed.
JVo^oTcnra Manufactured by Co. Since 1910 (Decrease in 1918 Due to War).
1910- 267 11913-4,63111916-11.26311919, 1st 6s mos., 6,120 cars, 164 trks.
io n
Qr 1914-5 666 1917-14,952
,fi
do last b mos. schedule,
912:1.855 191^7:743 11 9 l l 8.8981
><.,714 cars. 28 i trucks.
Capitalization(F/o Funded DM
SSI .D J S J Jjrg g .
p
.
c
z
E
Common .lo ck (S10 p w )
..............W .n M d jjljj
S l.M M jg
Preferred stock 7% Cumulative ($100 par)------ 3,000,000
3,000,000
Net Earnings After Depreciation but Before Federal Taxes—Preferred Dividend
Charge is $210,000.
Year ended N ov. 31 1 9 1 6 -- ---...........................................................K&nTm
Cal™ Year* m u f O B O im cs annual Pref div charge of $24*0,000)-1,01^,463
6 months ended June 30 1919-------------------------------------------------1,400,047
Dividend Record.— Has paid cash dividends on Common stock, during
years 1914 to 1918, inch, ranging from 17% to 59% p. a. upon the respective
amounts of Common stock outstanding in each year. 1'or tho period
of Jan. 1 1919, to Aug. 31 1919, Incl., a total or 16% in cash has been paid,
the present monthly div. being 3% in cash.
w ,„.
Officers— II M . Jewett, Pres.; F. L. Jewett, 1st Vlce-Pres., William
B. Cady,’ Sec.; Gilbert W Lee, Treas.; B. C. Young, Asst.iTreas.

O ct. 18 1919.]

THE CHRONICLE

Directors.— H. M . Jowett, William B. Cady, Gilbert W . Lee, Charles
B . Warren, Jerome II. Remick, E. H. Jewett, E. D. Stair, Sherman L.
IJepew, George deB. Kelm. Compare V. 109, p. 1466, 986, 893.

P a n -A m e r ic a n P e t r o le u m

&

T r a n s p o r t C o .—

Financing.

It was stated on Oct. 16 that a plan will shortly be announced which will
provide that: (a) the Common stockholders of the Mexican Petroleum Co.
will receive tho privilege o f exchanging their shares on tho basis of two
shares of Pan-American non-voting Class B stock (a reclassification of the
unissued shares) for one share of Mexican Petroleum Common. The reason
that tho new shares of Pan-American will be non-voting is to keep control
o f the company in this country. (6) In addition, as soon as the exchange of
stock is completed, a new Issue o f Pan-American stock to the extent o f 10%
o f the then outstanding Common is to be made, and all Pan-American
stockholders will be privileged to subscribe to the new stock at par ($100)
to the extent o f one new share for every ten shares owned.
The extent o f the new financing to bo dona, after the stock has been
exchanged, cannot be determined finally until the exchange be completed
but it is estimated that it will approximate from S10,000i000 to $14 000 000'
See V. 109, p. 1279.

P ie r c e O il C o r p . — Offering of 8 % Pref. Slock.—Lehman
Brothers and Goldman, Sachs & Co., New York, are offer­
ing at 105 and div., yielding over 7.60%, subject to prior
sale and change in price, by advertisement on another page,
the balance of $15,000,000 8% Cumulative Convertible Pre­
ferred (a. & d.) stock (par $100), $9,200,000 having been
used for the conversion of part of the Debenture Gs or dis­
posed of byatprivate Class B Bankersstock on or before Jan. 1 1923
sale. Common state:
Convertible
par into

on the basis o f four of Class B for each share of Pref. Divs. payable Q -J.
Callable after three years from date of issue at 115 and div. Commencing
July 1923 and annually thereafter must retire at 115 3% o f largest amount
of Pref. stock outstanding.
Capitalization (After Present Financing)—
Authorized.
Issued
8 % Cumulative Convertible ITef. stock (par $100)-$15,000,000 $15,000 000
Common stock (par $25), subject to further con­
versions (text).................... ........... ....................... 33,000,000 21,943 450
Class B Common stock (par $25), non-voting------ 20,000,000
None
As a part o f this new financing, all outstanding 10-year 6% Conv. Deben­
tures of 1924, and all outstanding 5-year Conv. 6% notes (V. 109, p. 1467)
have been called for payment on Jan. 1 1920 and Dec. 31 1919, respectively,
and until those dates will be convertible into Common stock.
From the proceeds o f this issue there will be deposited in escrow an
amount sufficient to pay the debentures and notes, thus leaving the fol­
lowing funded debt: (a) $114,600 2-year 6% Gold notes, due Feb. 1 1920:
(ft) $500,000 First M . €>% Serial gold notes, due in 1920: (c) $426,943 CarPurchase Obligations, due at irregular periods, the last on Dec. 2 1920:
Id) $250,000 Steamship Obligation, secured on SS. Pennant.
Annual Profits as Determined by Certified Accountants.
[After allowing for interest on debentures and 5-year notes that are being
redeemed as a result o f the Pref. stock issue, and after allowing interest
on the additional cash capital.]
1916.
1917.
1918.
Before deducting Federal taxes..............$2,536,385 $2,642,442 $4,502,211
After deducting Federal taxes__________ 2,482,151 2,446,733 3,773,726
President Pierce says: “ Inasmuch as we had a relatively limited crude
oil production o f our own during those years, it is reasonable to assume that
the development of our Ranger and other properties will add materially
to the profits o f future years. Compare V. 108, p. 2636; V. 109 n 170
11 76.1279.1372.1467.
• u- u v ,

P o r t H u r o n G a s & E le c t r ic C o .—

To Be Acquired.—

See Detroit Edison Co. above.— V. 105, p. 2004.

R e p u b l i c I r o n & S te e l C o .—

Quarterly Report.—

RESULTS FOR QUARTERS A N D 9 MONTHS ENDING SEPT. 30.
-3 M o s-9 Mos.
1919.
1918.
1919.
1918.
*Net earnings..---------- $1,740,407
S2.829.555 $4,265,652 $10,032,729
Other Income---------------135,478
82,645
506,265
5151822
Total income_________ $1,875,885 $2,912,200 $4,771,917 $10,548,551
Deprec. & renewals------337,747
535,271
1,136.096
1,605 132
Exhaustion of minerals.
84,728
90,669
260.689
248 865
Bond interest-................
182,263
178.942
539.113
559 695
Preferred dividend----- (1 H) 137,500(1 H ) 437.500(5M) 1312500(5I f) 1312500
('ommon dividend----- (1 tj) 407,865(1 >£)407.865(4K) 1223595(4H) 1223595
Balance surplus--------$425,782 $1,261,953
$299,924 $5,598,763
* Net earnings are shown after deducting charges for repair and main­
tenance o f plants amounting to $1,287,908 and provisions for Federal and
excess profits taxes.
Unfilled orders on hand Sept. 30 1919 o f finished and semi-finished prod­
ucts totaled 433,495 tons, against 187,361 tons June 30 1919.— V. 109, p.278.

R o lls - R o y c e o f A m e r ic a , I n c . — Preferred Stock Sold .—
Aldred & Co., New York, announce the sale at 9 7 per
share, by advertisement on another page, of $3,500,000 7%
Cumulative Participating oPref. English company and will manufac­
stock, par $100.
This company is a subsidiary f the

ture and sell the famous Rolls-Royce Motor Cars and aero engines for
distribution in North America and adjacent islands. For full particulars
«ee V . 109, p. 1467.

1531

S k e lly O il C o . — Offering of Stock.—J. R. Bridgeford & C o .
New York, are offering at $12 50 per share the unsold por­
tion of $15,000,000 capital stock, par $10. Circular shows:

Company has ownership in 320 developed and undeveloped leaseholds
aggregating 54,798 acres in Kan., Okla. and Texas, appraised at $11,023,­
385. Owns in whole or in part 112 producing oil wells with 34 wells in
process of drilling. Net daily production Aug. 31 shows 4,440 bbls. In­
come is at rate of $3,500,000 per annum. Upon the sale of treasury stock,
will have no debts and will have in treasury about $7,100,000 in cash.

(A . G .) S p a ld in g & B r o s .— Offering of Pref. Stock.—
Wm. A. Read & Co., New York, &c., and Smith, Moore
& Co., St. Louis, are offering at 100 and div. by advertise­
ment on another page $2,000,000 7% Cumulative First
Pref. (a. & d.) stock. Par $100. Callable at 115 and
div. on 30 days’ notice. Divs. payable Q.-M. For full
particulars see V. 109, p. 1373.
S p r in g fie ld
(M a ss.) I c e C o .— Offering of Preferred
Stock.—Earnest E. Smith & Co., Boston, are offering at
par $250,000 7 % Cumulative Preferred stock.
S t a n d a r d M illin g C o .—

Rights to Subscribe to New Stock.

The Committee on Securities of the N. Y . Stock Exchange referring to
the announcement of the company that Common stockholders of record
Oct. 29 will be offered the right to subscribe at par ($100) for new Common
stock to the extent of 23% of their holdings, rules that transactions in the
Common stock on Oct. 29 unless made for cash shall be ex-rights; rights
may be dealt in on and" after Oct. 17. Transactions in rights must be
settled on N ov. 6. The right to subscribe expires Dec. 1.
The amount of stock offered consists of $1,539,858 (now held in treas­
ury). The stock is issued to reimburse the company for money expended
on the erection of new flour mills and grain elevators at Kansas City and
to provide capital required for further expansion— V. 109, p. 1458.

S t a n d a r d O il C o . o f N . J .

— Stock Oversubscribed.—

J. P. Morgan & Co. announce that the offering of Cumulative 7% Pref.
stock has been oversubscribed. See V. 109, p. 1373, 894.

S w e e ts C o . o f A m e r ic a . N e w Y o r k . —

Contract.—

President Samuel F. Williams announces that a contract has been
closed with the United Cigar Stores Co., whereby the latter concern will
feature the Sweets Company products.— V. 109, p. 1468.

T e m t o r C o r n & F r u it P r o d u c t s C o .—

Offering of Stock.—

Kissel, Kinnicutt & Co., New York, and Pape, Potter &
Kauffman, St. Louis, are offering at $50 per share, by adv.
on another page, 113,000 shares Class A, or capital shares,
of no par value, Preferred & Participating as to both as­
sets and dividends.

For further particulars as to property, capitalization, estimated earn­
ings, &c., see V. 109, p. 1468.

U n it e d S t a te s D i s t r i b u t i n g C o r p .—

Stock Overscribed.—

Finance & Trading Corp., New York, announce the over­
subscription at $51 per share of $5,000,000 capital stock
(par $50), (see adv. pages of last week’s “Chronicle,” page
xxv.). Bankers state: Virginia laws to purchase securities and proper­
Company.— Incorp. under

ties of companies engaged in the coal, ice, lumber and building material
businesses and possibly other lines throughout the United States.
The main interest involves the distribution of coal, ice and building ma­
terials from centralized storage houses, the ample supply for which will be
assured by the acquisition of sources of supply, mines, ice plants, &c. As
mines, coal yards, ice plants, &c., are secured, steps to improve their loca­
tion with a view to shortening hauls and avoiding duplication of yards and
plants will be taken to reduce costs, thus decreasing prices to the consumer
and larger returns on the invested capital.
Capitalization.— Authorized, $25,000,000 Common stock (par $50).
Issued, $5,000,000. There are also authorized 10,000 shares of managers’
stock (par $5), which are being sold at par to the men who will be responsible
for the managerial control. The managers’ shares are entitled to 10%
of any and all profits which may at any time be distributed as a dividend, or
otherwise.
Voting Power, A c .— Each share o f managers' stock and each share of
Common stock entitled the respective holder thereof to a single vote: in the
event o f liquidation or dissolution, the assets and funds are to bo applied:
(1) Toward paying to the holders of Common stock the par value of their
respective holdings; (2) Toward paying to the holders of Managers’ stock
the par value of their respective holdings; any balance to be distributed 90%
to the Common stock and 10% to the managers’ stock.
Purpose of Issue.— This $5,000,000 Common stock and $50,000 of man­
agers’ stock will provide the company with $5,050,000 in cash with which to
begin operations.
J. Ernest Richards, Philadelphia.

W h it e O il C o r p . — Offering of Stock.—Bonbright & Co.,
Hallgarten & Co. and Knauth, Nachod & Kuhne, New York,
Offering of Pref. Stock. —Lawrence Chamberlain & Co., Inc., are offering at $35 a share, by advertisement on another
New York, arc offering at par and div., the initial $850 000 page, 300,000 shares stock (no par value). Bankers state:
Organization.— [Incorp. under laws o f Delaware Oct. 16 19191 with capital
of an authorized $1,000,000 7% Cumulative (from Oct. 1 stock (no par value) authorized. 1.000,000 shares, outstanding, 630.000
1919) Preferred (a. & d.) stock, par $100. at any div.show:on shares. Will commence business with no bonds or notes and no Pref. stock,
Circular date
Dividends payable Q.-J. Redeemable, all or part,
R ubay

C o.

(C a r r o s s e r ie

A u t o m o b i le ) ,

C le v e la n d .__

30 days notice, at 105 and div. prior to Jan. 1 1925, and at 110 and div
thereafter. Com. stock, all issued. 30,000 sharesjof no par value. No bonds'
Business is the manufacture o f closed automobile bodies for such com­
panies as Packard, Pierce-Arrow, Marmon, Cadillac, Franklin &c
Plant
in heart of manufacturing district o f Cleveland, O., and has 147 000 so ft
of floor space: its production will be largely increased through the’extensions
out of proceeds o f this slock. Has on its books over $4,500,000 o f unfilled
orders, the greater part on a cost plus basis, not subject to cancellation
Its
net earnings have averaged $190,274 a year on an average gross business of
$961,000 per annum. Net earnings for next year estimated at $600,000 or
more. 1 resident, Loon Rubay. [Co. was incorp. in Del. Oct. 16 1919.]

S a x o n M o t o r C a r C o r p o r a t i o n .—

P lan .—

The steckholders wlli meet at Blltmore Hotel, room 101. Madison Avo.
a*}d
St’ ’ ■ 7 •City, at 11 a. m. Nov. 5 in order to vote upon a propo­
fssition to reorganize under the laws o f N. Y . State with 200.000 s h ira fo f
Common stock without par value and 15.000 shares o f 8% cum Pref
stock o f $100 each; said l ref. stock to bo entitled to cumulative 8% divi­
dends redeemable, all or part, at $105 per share.
'
l'Ton°onn0<!0 Khare®.j"r* be exchanged share for sharo for the
,l
old stock and 120,000 shares will be sold through a syndicate, partly to
provide additional working capital. This will leave 20,000 shares in the
treasury. The reorganized company will also issue $1 500 000 8% Pref
aV
*2^0!!?00 Y 11 u6 ll?wl to 1 (iuidate an equivalent amount of
1
1
« i foootoooP an. hf!R boen ? ut 1,1 cffect the.assets, it L said,
s
£ftnSisi i 5 L 200.000 cash, inventories, accounts and car drafts $1 0 0 0 .0 0 0 . and good-will, $4,557,229.
Win. T . Gray, V.-Pres. First & Old
Detroit Nat. Bank, Detroit, is Chairman o f the advisory committee of
creditors, which joins with the directors in approving the plan.— V. 109,
J). 1085, 987.

and will have in its treasury in excess of $9,000,000 cash for development
work, &c., notably an intensive drilling campaign on present properties:
construction of an 8-inch pressure pipe line from the North Centra I Texas
Oil Fields to a location to be acquired on the Texas Gulf Coast, and a 15,000barrel refinery at tidewater terminus of the line.
Crown Oil & Refining C o., in which White Oil Corporation will own a
majority of the stock lias outstanding $1,150,000 one, two and three-year
Convertible 7% Bonds, dated M ay 1 1 9 1 9 .
Properties.—
oWill commence business with: (a) leases on oil and gas acreage
sta lin g 123.781 in Louisiana. Texas, Kentucky, Oklahoma, Kansas and
pto®1states, together with pipe lines, &c.; (6) will acquire holdings accumu­
lated by the White Brothers, comprising oil or gas leases, &c.. of 26,950
acres, net, also 2 casing-head gasoline plants, combined output 2,000 gals.
n!!
s ,? ro's o f capital stock out of 160,000 Issued
ai
Ca' (.P®
108, p. 2126), with leases, &c., o f about
3sent production about 5,000 bbls. per day, and a new
o 'p ,^ ;b,b V 'S S ffin t r
,
^f ♦!?'’
y completed: Id) will acquire from the
£
nJ Co. - l h 1.000-bbl. refinery at Clarendon, Pa., together
.°
with tank cars, &c., with leases, &c., o f about 6,800 acres.
Earnings. Annual earnings, upon completion of proposed construction
' p X t Uw V,o ex
C
in crude oil production, as estimated
*.r“ :
White. $10,000,000 annually, with a surplus of $6,300,000,
or about $10 a share on stock now issued, after Federal taxes.

m i°r ^ v ™ e J m s * H P ,9 0 ’ ’ ktd .—Offering of Guaranteed Bonds.
a
The 1 illotson & Wolcott Co., Cleveland, are offering, at
par and interest to yield 7%, $400,000 First Mtge. 7%
Marine bonds, dated Sept. 1 1919. Guaranteed uncondiP™1’ apd » t-, by Ocean Cargo Carriers, Ltd.
(W illia m ) S c h lu d e r b e r g & S o n C o ., B a lt im o r e .—
1 l'9Tt’00Tnf P Ue ,s.eria'1 semi-annually from March 1 1920 to
y
Cl e veil nil without deduction for&u ' # The Citizens Savings to Trust Co.,
e
8
& 2
Offering of Preferred Stock— Win. Schwarz & Sons, Balti­ cieveiauu, wl f hnnP H
the Federal
more, are offering at 100 to yield 7%, $250,000 7% Cumu­ C o ? T o t e n t o ^ u s t e e a ' RedeeraabI« a* 101. incomeetax Tun d T E ° x e JTax
C h T t r^ ^
to ?
lative Preferred (a. & d.) stock. Par $100.
? a2a2a to own and operate the steamer

S in c la ir C o n s o l T O i l C o r p . — Plan

Operative.—

See Mexican Seaboard Oil Co. above.— V. 109, p. 1467.




morteaire " Thn
ArS? Y * ' 10,000, no which these bonds are a first
Cargo carriers, T t ^ ktnV52? owned ’by oIlannevig & Co owned by Ocean
cargo Carries Ltd., m turn shar<? n p a r value), is

(V ol . 1093

THE CHRONICLE

1533

Ic y o x ts

m ul

Q o tm n m U .

MIDDLE S TATES OIL C O RP O RAT I O N
(A holding company organized under the laws of Delaware.)

OFFICIAL STATEMENT TO NEW YORK STOCK EXCHANGE IN CONNECTION WITH THE LISTING
OF ITS CAPITAL STOCK.
.
New York, September 24 1919.
Middle States Oil Corporation hereby applies to have
listed on the New York Stock Exchange temporary certifi­
cates for SI,746,850 (of an authorized issue of $8,000,000)
of its Capital Stock, consisting of 174,685 shares of the par
value of S10 each, which are issued and outstanding, with
authority to add $503,150 of said stock, consisting of 50,315
shares of the par value of $10 each, on official notice of issu­
ance i» exchange for 503,150 shares of the par value of $1.00
each of said Corporation’s Capital Stock now outstanding
at the ratio of one share of $10 par value for ten shares of
$1 par value, with authority to substitute on the list per­
manent engraved certificates on official notice of issuance in
exchange for outstanding temporary certificates, making
the total applied for $2,250,000.
All of said stock is full paid and non-assessable, and no
personal liability attaches to shareholders.
Middle States Oil Corporation was organized under the
laws of Delaware on February 24 1917.
Duration of charter perpetual.
The following is a statement of the authorized Capital
Stock and changes:
, ,„
_ ,
Amount.
Number of Shares. Par Value.
At date
July 5
Mar 7
Aug 7

of organization_
_
1917
1918 ....................
1919

$8,000,000
8,000,000
8,000.000
8,000.000

800,000
1,600,000
8,000,000
800.000

$10
5
1
10

The Company, in accordance with the terms of its charter,
is a holding company, holding stocks of subsidiary companies
hereafter described, and may, in accordance with its charter,
Name of Company—

Where
Incorporated.
............O k la h o m a
___ O k la h o m a

_ Oklahoma
_

Neither the Middle States Oil Corporation nor any of its
subsidiaries has any Preferred Stock. The only debt is
that of Number Seventy-Seven Oil Company, which has
outstanding a promissory note for $450,000, dated Septem­
ber 22 1919, payable in 90 days, owned by the Middle States
Oil Corporation.
LIFE OF OIL FIELDS AND PRODUCING
CONDITIONS. .
_
The hereinafter enumerated oil and gas lease acreage in
Oklahoma is in regions where oil production has been an
industry for from eight to twenty years. In most of theso
localities from one to four oil-producing sands are known to
exist at depths varying from 1,200 to 3,000 feet, and in oilproducing sands of varying thickness by which contmuotl
practical operation, supported by scientific geological ajul
oil field engineers’ reports justify the estimate of from 4,UUU
to 30,000 barrels per acre on all productive areas, with fre­
quent areas materially exceeding this acreage probabilities.
These are in the high-grade oil region of the Mid-Continent
Field, where the oil production rates at from 36 to above 40
gravity and with a gasoleno content safely equivalent to
A great item of value in oil property in the Mid-Continent
District is that the lapse of time has e n a b le d the creation
of the most complete marketing and transportation facilities.
Eight distinct trunk pipe lines with all tho vast storage ana
pumping facilities and appurtenances, representing an aggre­
gate of more than 8,000 miles of trunk pipe lines, leading
from the Mid-Continent Field to tidewater and to northern
and eastern market centres, and representing an investment
probably much in excees of $200,000,000, gives the Mid­
Continent Field the use and assurance of tho most perfect
transportation and marketing facilities of any oil field in the
entire United States.
This vast investment lends value to the leases, as they must
depend upon the Company and neighboring companies for
the crude oil production that continue theso vast transporta­
tion and marketing facilities as profit-making and going
concerns.
.
....
The remainder of the leased property is largely, as will bo
observed, in the State of Texas, and in the two principal
oil-producing fields of that State. Tho oil production of
both these fields—Burk Burnett and Ranger—is of a grade
equal to the Oklahoma production, as above outlined, and
may be considered from every standpoint on the same basis
of oil-producing conditions and grade and value of oil. Also
the same transporting and marketing facilities, so far as tho
outlet to tidewater is concerned, are adjacent and in part
already connected with these fields. The Companies owning
the trunk lines previously mentioned have constructed two
branch connecting lines to this field and two additional



engage in the production of petroleum and its products,
and the purchasing, leasing and equipment of lands, or the
oil, gas or mineral rights in lands for the purpose of producing
oil and gas therefrom, and in transporting, storing£and
delivery of oil.
. .
The following is a statement of the dates of authorization
of issuance of the stock:
Date.
June 25
N o v .26
July 1
Nov. 11
Jan. 6
Jan. 6

Purpose.
1917
1917
1918
1918
1919
1919

Apr. 7 1919
Apr. 27 1919
May

7 1919

May 21 1919
July 7 1919
July 7
July 21
Aug. 14
A u g .14

1919
1919
1919
1919

A u g .14 1919

$ 6 0 0 ,0 0 0 - - F o r t h e a c q u is itio n o f p r o p e r t y
1 0 .0 0 0 - - F o r t h e a c q u is itio n o f p r o p e r t y
2 4 ,4 0 0 - -A llo t m e n t t o sto c k h o ld e r s
50,752. . A l l o t m e n t t o s t o c k h o l d e r s
5 4 ,8 1 1 - - A U o t m e n t t o s t o c k h o l d e r s
2 7 ,9 9 1 - - S o l d fo r c a s h , p r o c e e d s tu r n e d in t o t h e t r e a s u r y
a s a d d it i o n a l w o r k in g c a p i t a l
7 6 ,7 9 5 --A llo t m e n t t o sto c k h o ld e r s
4 3 ,2 0 0 --S o ld fo r ca s h , p r o c e e d s tu rn e d in to th e tr e a s u r y
as a d d it io n a l w o r k in g c a p ita l
2 4 .0 0 0 - -S o ld fo r ca s h , p r o c e o d s tu rn e d in to th o tr e a s u r y
a s a d d it i o n a l w o r k in g c a p i t a l
4 5 0 .0 0 0 1 0 0 .0 0 0 -

- F o r a c q u is itio n o f p r o p e r t y
-S o ld fo r ca s h , p r o c e e d s tu rn e d in to th o tr e a s u r y
a s a d d i t i o n a l w o r k in g c a p i t a l
5 0 .0 0 0 - - F o r a c q u is itio n o f a d d it io n a l p r o p e r t y
1 2 0 .0 0 0 - - F o r a c q u is itio n o f a d d it io n a l p r o p e r t y
1 6 3 ,1 9 5 -- A l l o t m e n t t o s to c k h o ld e r s
2 5 0 , 3 1 0 - - S o l d f o r c a s h , p r o c e e d s t u r n o d in t o s t h e t r e a s u r y
a s a d d i t i o n a l w o r k in g c a p i t a l
2 0 4 ,5 4 6 - -A l lo t m e n t t o s t o c k h o ld e r s , t o b o d is t r ib u t e d

Total.............$2,250,000

Tho Company owns tho following:

Date.
Aug. 1 9 1 3
July 1919
Dec. 1918

Duration.
Perpetual
Perpetual
Perpetual

Par.
$10
25
1

Authorized.
$200,000
200.000
50# ,000

Issued.
$200,000
200,000
500,000

Oioned by
M.S.O.Corp.
$200,000
200,000
256,120

branch connecting lines are in process of construction. 1 liese
oil fields may be termed a part of the Mid-Continent District,
and, like Northern Oklahoma, although of recent discovery,
have promise of long life, although prdbably at m»chreduced
daily capacity per well.
.
,

This would apply to all of the Texas leases, except in tno
East Columbia, Texas, District, where tho conditions oi
production are somewhat different, being of tho Gulf Coast
type. However, tho Gulf Coast Oil producing conditions
are well known and our leases are in what is considered favor­
able Gulf Coast territory and adjacent extensive oil produc­
tion is being maintained.
.
The following is a description of the leased properties of
the subsidiaries:
NUMBER ONE OIL COMPANY.
The business of the Number One Oil Company is that of
producing and delivering oil, gas and water.
The Number One Oil Company is the owner of all the
property, rights, privileges, franchises, oil and gas leases
(whether productive or non-productive), to wit:
♦OKLAHOMA.
Less
Total
% Owned
Lease
Lease than
Acres. Acres. Total.
District—
205
_
_
Cleveland (Pawnee C o .)------------------- 1 100
0
____
80
37 V
j
Cleveland (Pawnee C o .)------------------80
3
47
____
Cleveland (Pawnee C o .)------------------_
_
05
Cleveland (Pawnee C o .)------- ------------ 4 100
___
525
East Okmulgee------------------------------- 5 100
_
_
75
120
East Okmulgee____________________ 6
7 100
_
_
153
Bixby District_____________________
West Okmulgee C o., Wilcox, Youngs_
_
1,000
town and Beggs District---------------- 8 100
West Okmulgee Co., Wilcox, Youngs_
_
50
100
town and Beggs District---------------- 9
North Cushing Pool and Jennings Dis_
_
651
trict_____________________________ 10 100
_
_
S. E. Extension Cushing Pool----------- 11 100
600
____
240
S. E. Extension Cushing Pool............. 12
50
_
_
Prairie Oil & Gas Boley District------- 13 100
400
____
210
50
Osage District_____________________ 14
_
_
Logan County— Empire Oil Co. Dist. 15 100
4,140
____
100
47
Fox, Healdton Pool------------------------- 16
Seminole and Okfuskee Counties (un1,890
—
developed)______________________ 17 100
tTEXAS.
744 ___
Burk Burnett______________________ 18 100
14
--26
Banger— Royalty interest---------------- 19

Total
Lease
Acres.
205
30
37.6
65
525
90
153
1,000
80
651
600
120
400
120
4,140
84.6
1,890
7.5
26

10,224.7
* On above properties there are 33 producing oi] wells, with a daily
pacity of 620 barrels, of which this company's interest is 512 J barrels,
-4
producing gas wells and 6 wells drilling.
t On theso Texas leases No. 18 has three producing oil wells and No. 19
s two producing oil wells with a daily capacity of 960 barrels, of which
is company’s interest is 302 barrels.

Oct.

THE CHRONICLE

18 1 9 1 9 .]

Ja addition this Company owns:
W a ter
le n g th
The

p ip e

lin e

in

th e

C le v e la n d

o il

fie ld

a p p r o x im a t e ly

w ith p u m p a n d o t h e r a p p u r t e n a n c e s .
C le v e la n d d is t r ic t g a s lin e a p p r o x im a t e ly

2

m ile s

2 4

in

m ile s

le n g t h

in

w ith

m eters a n d o th e r a p p u r te n a n c e s .
T h e E a s t O k m u lg e e d is t r ic t g a s a n d w a t e r lin e s a p p r o x im a t e ly 2 m ile s in
le n g t h w ith m o t o r s , p u m p s a n d a p p u r te n a n c e s .
W e ll m a te r ia l,

c o n s is tin g

m o s t ly

of

w e ll c a s i n g

and

r ig

tim b e r s ,

of

an

a p p r o x im a t e v a lu e o f $ 5 0 ,0 0 0 .

NUMBER SEVENTY-SEVEN OIL COMPANY.
The business of the Number Seventy-Seven Oil Company
is that of producing and delivering oil and gas.
Number Seventy-Seven Oil Company is the owner of all
the property, rights, privileges, franchises, oil and gas
leases (whether productive or non-productive) to wit:
( a ) O '.l t r u n k p i p 3 l i n e ( 4 i n . l i n e ) e t t j n d i n g f r o m t h e W . F . & N . W . R a i l w a y
t r a c k a b o u t t w o m ile s s o u t h o f O r a lf i e ld S t a t io n , T il lm a n C o u n t y , s o u t h ­
w a r d a b o u t s e v e n m ile s in t o t h e B u r k B u r n e t t T e x a s o il f i e l d , w it h m a t e r ia l
o n h a n d fo r c o n s t r u c t io n o f a p p r o x im a t e ly t w o m ile s r a d ia t in g g a t h e r in g
lin e s in c lu d in g t h e o w n e r s h ip o f t w e n t y a c r e s o f la n d in f e e a t t h e r a il r o a d
j u n c t i o n ; i m in d in g t h e o w n e r s h ip o f t w o r a ilr o a d t r a c k s a g g r e g a t in g 7 ,0 0 0
lin e a l fe e t l o c a t e d o n s a id t w e n t y a c r e s a n d c o n n e c t e d a t t h e b o r d e r t h e r e o f
w it h t h e W . F . & N . W . R a il r o a d , w it h o il lo a d in g r a c k s e q u ip p e d a lo n g
b o t h s a id s p u r t r a c k s ; a ls o w ith p u m p s t a t io n s a n d o t h e r n e c e s s a r y e q u ip ­
m e n t e s s e n t ia l t o t h e t r a n s p o r t a t i o n o f o il in s a id t r u n k lin e a n d g a t h e r i n g
l i n e s ; a n d 1 0 ,0 0 0 b a r r e l s c a p a c i t y o i l s t o r a g e t a n k s n e c e s s a r y f o r r e c e i v i n g
a n d d e liv e r in g o il in t r a n s p o r t a t i o n .
T h is p r o p e r t y h a s a p p r o x im a t e ly t w o
m i l e s o f p i p e l i n e c o n s t r u c t i o n y e t t o c o m p l e t e a s a b j v e o u t l i n e d , b it s a i d
p r o p e r t y is p a i d f o r i n c l u d i n g c o m p l e t i o n , a n d is i n c l u d e d i n t h e n o t e i s s u e
o f N u m b e r S e v e n t y - S a v e i O il C o m p a n y a b o v e m e n t i o n e d .
( b ) L e a s e s o w n e d b y N u n . b . r S e v e n t y - S e v e n O il C o m p a n y :
T A X E S.
% O w n ed

T o ta l

L ess

T o ta l

L ea se

L ea se

th a n

L ea se

T o ta l.

A cres.

A cres.

A cres.

1

3 3 1 -3

10

3 3 1 -3
3

3 3 1 -3

5
10

3 3 1 -3

10

3 3 1 -3

15

D is tr ic t—
♦ B u r k B u r n e t t , T e x a s __________ . . .
♦ B u r k B u r n e t t , T e x a s . ...............
♦ B u r k B u r n e t t , T e x a s __________ . . .
♦ B u r k B u r n e t t , T e x a s __________
♦ B u r k B u r n e t t , T e x a s __________ ____
t B u r k B u r n e t t , T e x a s ________ . . .

5
6

100

5

+ B u r k B u r n e t t , T e x a s __________ . . .

7

100

—
—
—
—
—
—
—

5

10
5

10
10
15
5

5

tD e sd e m o n a , T ex a s:
R o y a lty

I n t e r e s t ______________ . . .

8

1 24

. . .

10

10

70
* O n a ll t h e s e f i v e p r o p e r t i e s t h e N u m b e r S e v e n t y - S e v e n O i l C o m p a n y
o w n s Its in t e r e s t f r e e a n d c le a r o f a ll o b l i g a t i o n s .
I t a ls o c o n t r o ls fo r m a r ­
k e t in g p u r p o s e s th e e n t ir e p r o d u c t io n o f t h e o t h e r in te r e s ts th e r e in .
The
f u l l u n p a i d b a l a n c e o f t h i s p r o p e r t y is i n c l u d e d i n s a i d n o t e i s s u e o f N u m b o r
S e v e n t y - S e v e n O i l C o m p a n y a b o v e m e n t i o n e d , t h e u n p a i d b a l a n c e b e i n g in
e s c r o w h e ld u n til th e e x a c t d a ily g a u g e o f o il p r o d u c t io n o n s a id f i v e p r o p e r ­
t i e s is d e t e r m i n e d , a l l o w i n g d e d u c t i o n s f r o m s a i d e s c r o w m o n e y i n e v e n t
t h e i n t e r e s t o f N u m b e r S e v e n t y - S e v e n O il C o m p a n y s h o u l d n o t g a u g e u p
t o t h e a g g r e g a t e o f 4 ,6 6 6 2 - 3 b a r r e ls o il p r o d u c t i o n p e r d a y .
t O n t h e a b i v e a c r e a g e t h e r e a r e 14 p r o d u c i n g o i l w e l l s w i t h a d a i l y c a ­
p a c i t y o f 1 7 ,4 0 0 b a r r e ls , o f w h ic h t h i s c o m p a n y 's in t e r e s t is 5 ,0 1 6 b a r r e ls ,
a n d 9 a d d it io n a l w e lls n o w d r illin g .

RANGER TEXAS OIL COMPANY.
The business of the Ranger Texas Oil Company is that of
producing and delivering oil and gas.
The Ranger Texas Oil Company is the owner of all the
property, rights, privileges, franchises, oil and gas leases
(whether productive or non-productive), to wit:

In the aggregate the three subsidiary Companies named
above, in addition to the pipe lines and appurtenances
specially enumerated, own not less than $300,000 money
value in easing, derrick material, power plant material,
field tankage, drilling equipment and other necessary oil
field supplies, free and clear of indebtedness.
STOCK ALLOTMENT.
Upon the organization of the Company the Board of
Directors, in order to permit the stockholders to participate
in increased earnings, originated a plan for the allotment
of additional stock to shareholders at such times as the
increased production and earnings warranted, based upon
the principle of purchasing and capitalizing only actually
proven oil values and properties that have established or
settled oil productions.
At the time of such organization stock apportionments
or allotments were provided for at the rate of $1,000 per
barrel daily average settled production 011 a portion of the
new wells drilled.
The Company in continuing this plan of distribution of
stock allotments to shareholders has allo.ved as a basis
on oil production the sum of $500 per barrel of daily average
production, as soon as the pro luction and earnings of
newly acquired properties and leases have replaced the
surplus or replacement fund, which replacement fund con­
sists of all surplus, over and above an amount sufficient
to pay cash dividends as declared and set aside by the
Board of Directors, for the specific acquisition of additional
properties and development.
Oas production is not included in stock apportionments,
and the income therefrom is applied to the replacement fund
without capitalizing for such stock allotments.
It should be borne in mind that oil and gas properties,
like any other mining enterprise, tend toward depletion,
and therefore, utilizing the excess earnings, replacements are
constantly exceeding depletions, and as the stockholders
ultimately receive returns from earnings or profits, in addi­
tion to cash dividends in the form of stock allotments, it
has proven far more satisfactory, both to stockholders and
the Company to accumulate assets, to always exceed deple­
tion, and, as in this case, with no class of liabilities, except
Common Stock, the earnings in excess of casli dividends
are never utilized, save only for the direct benefit of stock­
holders and to increase asset values. It should be noted
that by keeping this ratio down to one-quarter of the money
value the production from such added assets should, within
approximately fifteen months time, again entirely replace
the capital to the extent that it is increased by stock allot­
ment distribution.
Under the original and the subsequent plan thereafter
continued, distribution of stock allotments to shareholders
have been made, as shown in the following statement:
P a r V a lu e

T E X A S .
%

N u m b er o f
O w n ed

L ess

T o ta l

T o ta l

L ea se

L ea se

th a n

A cres.

D is tr ic t—

A cres.

T o ta l.
60

30

40

20

H a n g e r T e x a s , S t e v e n s C o . .............

50

. .
..

H a n g e r T e x a s , S t e v e n s C o ________

3

1 00

45

R a n g e r T e x a s , E a s t l a n d C o _____

4

50

H a n g e r T e x a s . E a s t l a n d C o _____

5

R a n ger T e x a s. B row n C o

6
7

100
100

K ay

C ou n ty ,

...............

O k l a _______ •
__________

D a le

L ea se
A cres.

1
2

H a n g e r T e x a s , S t e v e n s C o ________

50

50

..

..

S ep t. l . _ . .

2 ,2 7 5

1 .6 3 1 ,9 5 0

Cash dividend payments have been as follows:
One-half of one per cent cash paid on the first day of
each month, from November 1917, to and including March
1918; from April 1 1918, to September 1 1919, both in­
clusive, cash dividends of one per cent have been paid
on the first day of each of said months.
OPERATIONS, EARNINGS AND INCOME.
Middle States Oil Corporation, and through its subsi­
diaries, began business operations March 1 1917, and from
continuous operations now furnishes employment for ap­
proximately 270 individuals.
Its gross oil production during the five completed six
months periods from the beginning have been as follows:

55

T o ta l

A cres'
..

T o ta l.

..

3

25

..

A cres.

10

B u r k B u r n e t t F i e l d . . ........................ ...

1

40

10

2 4
4

1 24
O n t h ir d t r a c k o n e o il - p r o d u c in g w e ll, w it h a d a ily c a p a c i t y o f 2 .4 0 0
. b a r r e l s , o f w h i c h t h i s c o m p a n y ’ s i n t e r e s t is 4 2 5 b a r r e l s , a n d n o d r i l l i n g ,
e x c e p t b y n e ig h b o r s o n a d jo in in g o r n e a r b y tr a c k s .
U N D E V E LO PE D

BU T

N E A R
%
'

.P R O D U C I N G

On
w ed

T o ta l

T o ta l
L ea se
A cres.

L ea se

th a n

A cres.

T o ta l.
____

P a l o P l u t o C o u n t y .............................
W e s t C o l u m b i a , T e x a s ____________

3

R u n n e lls C o u n t y . .

1 00

B e a v e r a n d B u t l e r C o s . , l ’ a _____

•
1
6
7

H o w a rd C o ., K a n sa s —

8

100

------------------

.

D c s d t m o n a D i s t r i c t ----------------------............ ..

100
50
109
io n
8 7 4

160
_____

3 d p e r io d M a r . 1 1 9 1 8 t o A u g . 31

160

855

810
____

420
856

5 ,5 6 0

■ ____

5 ,5 6 0

8

____

8

1 ,4 4 0

____

1 ,2 6 0

640

—

640
8 ,9 0 4

O n . the above properties there is no drilling exeept on the

Pennsylvania tract test drilling is- now being done.
In tho aggregate on all of the several subsidiaries and
Trustee properties there are a total of 55 oil producing
wells, 4 gas producing wells and 20 wells drilling.
There are several hundred approved locations yet to be
drilled on these properties, and the Company will not
only continue its policy of drilling additional wells on such
properties, but also intends to constantly acquire and
develop additional leaseholds in oil producing districts.



5 1 .8 1 1

6 8 ,7 4 8

10%

7 6 ,7 9 6

1 1 5 ,1 9 2

10%

1 6 3 ,1 9 5

4 8 9 ,5 8 5

1 9 1 7 __________________________

1 2 ,8 8 9 b a r r e ls .

2 d p e r i o d S e p t . 1 1 9 1 7 t o F e b . 2 3 1 9 1 8 ____________________________ 2 2 , 6 5 0 b a r r e l s .

L ess

L ea se

1
2

T h r o c k m o r t o n C o . ____________

1st p e r io d M a r . 1 1 9 1 7 t o A u g . 31

A R E A S

A cres.

D is tr ic t—

5 0 ,7 5 2

96

L ea se

25

$ 2 1 ,4 0 0

5 9 ,7 5 2

7 6 7 ,9 5 0

L ess

25

4%

759

th a n

1

6 3 1 ,3 9 3
6 8 5 .1 4 8

L ea se

2

$ 2 1 ,1 0 0

P r ic e o f

449

T o ta l

B u r n e t t F i e l d .................................

A llo tm e n ts .

F e b .1 . . . .
M ay 1 .. ..

A cres.

D is tr ic t—

M a rk et

of
A llo tm e n ts.

60

n o

B u r k B u r n e t t F i e l d .................................

8%
8%

6 1 0 .0 0 0

228

1919

L ea se
B u rk

110

N ov. 1 .. ..

T E X A S.
O w n ed

A llo tm e n ts .

20

..
. .

96

S to ck

S h ares.

1918

45

40

..

60

O u tsta n d in g

S to c k h o ld e r s .

AUg. 1 . . . .

O n t h e s e p r o p e r t ie s t h e r e a r e t w o p r o d u c i n g o il w e lls , w it h a d a ily c a p a c it y
o f 1 , 8 0 0 b a r r e l s , o f w h i c h t h i s c o m p a n y ’ s i n t e r e s t is 3 9 7 b a r r e l s , o n e p r o d u c ­
i n g g a s w e ll a n d f i v e a d d i t i o n a l w e ll s d r ill in g .
C.
N . H A S K E L L , T ru ste e — M . G . C O L L IN S , T ru ste e .
M i d d l e S t a t e s O il C o r p o r a t i o n s o l o b e n e f i c i a r y .

%

1533

1 9 1 8 ..............

4 2 ^ 4 3 2 b a r r e ls .

1 th p e r i o d S e p t . 1 1 9 1 8 t o F e b . 2 8 1 9 1 9 ...............................................
a n d a p p r o x im a te ly 8 %

6 0 ,3 3 4 b a r r e ls .

o f t h e v a lu e in n a tu r a l g a s p r o d u c t i o n .

5 th p e r io d M a r . 1 1 9 1 9 t o A u g . 31
a n d a p p r o x im a t e ly 4 4 %

1 9 1 9 _______ _________________. 1 7 4 , 0 1 1 b a r r e l s .

o f t h e v a l u e in n a t u r a l g a s p r o d u c t i o n .

The following is a statement of earnings of Middle States
Oil Corporation and subsidiariesF ir s t s ix m o n t h s ' p e r i o d

(M a r. 1 to

Aug.

31, 1917)

$ 2 0 ,5 8 8 .1 5

A ll p a s s e d t o a c c o u n t o f p r o p e r t y d e v e lo p m e n t .
S e c o n d s i x m o n t h s ’ p e r i o d ( S e p t . 1 . 1 9 1 7 t o F e b . 2 8 , 1 9 1 8 ) ____
D e d u c t e d f o r d i v i d e n d s _______ ________________________0 4 0 0 0
R e t u r n e d t o d e v e l o p m e n t a c c o u n t __________________
C a s h o n h a n d ....................................................... ..................... . .

1 4 3 0 0 .OO

T h ir d s ix m o n t h s ’ p e r io d ( M a r . 1 , 1 9 1 8 t s A u g . 3 1 , 1 9 1 8 ) . . .
D e d u c t e d f o r d i v i d e n d s _____________________________
’ 35 qoo' oq
R e tu r n e d t o d e v e lo p m e n t a c c o u n t . .
C a s h o n h a n d -------------------------------------- ----------------- I " " ”

7 2 .0 8 2 .2 9

3 o ' i r >7 9
2 0 ,5 1 5 3 )4

F o u r t h s ix m o n t h s ’ p e r i o d ( S e p t . 1 , 1 9 1 8 t o F e b . 2 8 , 1 9 1 9 ) . . .
D e d u c t e d f o r d i v i d e n d s _________________________________ 3 3 0 5 0 .0 0
R e tu r n e d t o d e v e lo p m e n t a n d r e p la c e , a c c o u n t ..

7 3 ,2 5 7 .5 4

C ash on

2 2 ,9 2 0 .8 7

h a n d . ........................... ............................ .........................

3 7 ,2 9 8 .2 4

1 0 ,4 5 8 .2 1

1 1 4 ,3 1 3 .2 8

1534
M ID D L E

THE CHRONICLE
STATES

O IL

C O R P O R A T IO N

A N D

S U B S ID IA R Y

C O M P A N IE S .
C O N S O L ID A T E D

P R O F IT

A N D

E N D IN G

LOSS

F E B R U A R Y

S T A T E M E N T

FO R

Y E A R

28 , 1919.

O il
a n d g a s s a l e s .............. ...........................................................................................
C a s h p r e m i u m s o n l e a s e s s o l d ..................... ........ .................................. ...........

$ 1 7 4 ,1 4 6 .1 7
1 2 ,2 5 0 .0 0

T o t a l ______
D e d u c t io n s :
D iv id e n d s

1 8 6 ,3 9 6 .1 7

N e t e a r n i n g s f o r p e r i o d ____________________________________________________
A p p r o p r i a t e d t o r e p l a c e m e n t a n d d e v e l o p m e n t a c c o u n t _____

1 1 1 ,6 8 6 .1 7

S u r p l u s f o r p e r i o d . ...................................................................................................

$ 8 ,1 2 1 .3 8

M ID D L E

7 4 ,7 1 0 .0 0

STATES

O IL

C O R P O R A T IO N

A N D

1 0 3 ,5 6 4 .7 9

S U B S ID IA R Y

C O M P A N IE S .
C O N S O L ID A T E D

BALA N C E

SH E E T

AS

OF

F E B R U A R Y

28,

1919.

ASSETS.

following month, and as pipe line companies’ statements
are accepted for all amounts duo us, allowing them the
right to make the stipulated deductions, it is not possible
for our company to know at the end of the month what
its exact earnings for the last half of such month have been,
therefore, we carry such accounts receivable over to the
succeeding month and as such accounts receivable are largely
in excess of the unpaid accounts payable both are made a
matter of record in the accounts of the succeeding month.
By this method our book entries as made are accurate and
not subject to future corrections, also our accounts receiv­
able largely exceed any actual current accounts payable
covering such half month period.
The Corporation agrees with the New York Stock Ex­
change as follows:
Not to dispose of its stock interest in any constituent, sub­
sidiary, owned or controlled company, or allow any of said
constituent, subsidiary, owned or controlled companies to
dispose of stock interests in other companies unless foi*
retirement and cancellation, except under existing authority
or on direct authorization of stockholders of the company
holding the said companies
To publish quarterly statements of earnings.
To publish semi-annually a consolidated income account
and balance sheet and submit to the stockholders, at least
fifteen days in advance of the annual meeting of the Cor­
poration, a statement of its physical and financial condition,
an income account covering the previous fiscal year, and a
balance sheet showing assets and liabilities at the end of
the year; also annually an income account and balance
sheet of all constituent, subsidiary, owned or controlled
companies; or a consolidated income account and a con­
solidated balance sheet.
To maintain, in accordance with the rules of the Stock
Exchange, a transfer office or agency in tho Borough of
Manhattan, City of New York, where all listed securities
shall be directly transferable, and the principal of all listed
securities with interest or dividends thereon shall be pay­
able; also^ a registry office in the Borough of Manhattan,
City of New York, other than its transfer office or agency
in said city, where all listed securities shall be registered.
^ot to make any change in listed securities, of a transfer
ag^ey or of a registrar of its stock, or of a trustee of its
bonds or other securities, without the approval of tho Com­
mittee on Stock List, and not to select as a trustee an officer
or jhrector of the company.
To notify the Stock Exchange in the event of the issuance
ot any rights or subscriptions to or allotments of its securiLes and afford the holders of listed securities a proper period
within which to record their interests after authorization,
and that all rights, subscriptions or allotments shall be
transferable, payable and deliverable in the Borough of
Manhattan, City of New York.
.
notify the Stock Exchange of the issuance of addi­
tional amounts of listed securities, and make immediate
application for the listing thereof.
Lo publish promptly to holders of bonds and stocks any
action in respect to interest on bonds, dividends on shares,
or allotment of rights for subscription to securities, notices
thereof to be sent to the Stock Exchange, and to give to the
Stock Exchange at least ten days’ notice in advance of the
closing of the transfer books or extensions, or the taking
of a record of holders for any purpose.
The fiscal year of the Corporation ends Dec. 31.
The principal office of the Corporation is in the City of
Wilmington, Delaware. Other offices of tho Corporation
are located at 347 Madison Ave., Now York City, N. Y.;
Tulsa, Oklahoma; and Wichita Falls, Oklahoma
The annual meeting of the Corporation is held in the City
of New York, on the first Monday after the 20th day of
January in each year, which will bo changed at a special
meeting of stockholders to be called immediately.
The Directors, elected annually, are: C. N. Haskell,
Arthur Falk, W. L. Walker, P. D. Saklatvala, L. E. Haskell,
M. C. Collins, William Murdoch of New York City; W. E.
Holloway, Yonkers, N. Y.; C. J. Haskell, Tulsa, Okla­
homa; L. G. Niblack, Guthrie, Oklahoma; W. N. Patterson,
Muskogee, Oklahoma.
Executive Committee: C. N. Haskell, Arthur Falk, P. D.
Saklatvala.
.
The Officers are: C. N. Haskell, President; William Mur­
doch, Vice-President; L. E. Haskell, Assistant Treasurer;
L. E. Haskell, Secretary.
The Transfer Agent is: The Coal & Iron National Bank,
New York.
Tho Registrar is: Guaranty Trust Company of New York.
MIDDLE STATES OIL CORPORATION,
By C. N. HASKELL, President. .
This Committee recommends that tho above-described
temporary certificates for $1,746,850 Capital Stock be ad­
mitted to the list, with authority to add $503,150 of-said
stock on official notice of issuance in exchange for outstand­
ing certificates of $1 par value each; with further authority
to substitute permanent engraved certificates on official
notice of issuance in exchango for temporaries, in accord­
ance with the terms of this application, making the total
amount authorized to bo listed $2,250,000.
WM. W. HEATON, Chairman.
Adopted by the Governing Committee, October 8, 1919.
E. V. D. COX. Secretary.

C a p ita l a sse ts (r e p r e se n te d b y s to c k s o f s u b s id ia r y c o m p a n ie s ):
•
P ro p e rty ,
in c lu d in g
p r o d u c in g
a n d .d e ­
v e l o p e d l e a s e h o l d s . .......................... ......................... $ 1 , 4 6 5 , 4 0 0 . 0 0
A d d i t i o n s a n d i m p r o v e m e n t s __________________
5 5 ,1 2 5 .9 3
N o n p r o d u c i n g a n d u n d e v e l o p e d l e a s e s _____
1 .0 0
_
-----------------------------$ 1 ,5 2 0 ,5 2 6 .9 3
C u rren t:
C a s h o n h a n d _________________________________________
$ 2 2 ,9 2 0 .7 8
W a r e h o u s e w e l l m a t e r i a l a n d e q u i p m e n t ____
5 0 ,4 4 2 .6 2
---------------------------------------------------------------- 7 3 , 3 6 3 . 4 0
$ 1 ,5 9 3 ,8 9 0 .3 3
L IA B IL IT IE S .
C a p it a l s t o c k (a u t h o r iz e d $ 8 ,0 0 0 ,0 0 0 .0 0 ):
I s s u e d a n d o u t s t a n d i n g 7 6 7 ,9 5 0 s h a r e s o f
$ 1 . 0 0 p a r ........................................
R e s e r v e f o r r e p l a c e m e n t f u n d _________________________________________
$ 7 4 3 ,1 5 2 .9 4
S u r p l u s F e b . 2 8 , 1 9 1 8 _______________________________
S u r p l u s f o r p e r i o d e n d i n g F e b . 2 8 , 1 9 1 9 _______
8 ,1 2 1 .3 8
-----------------------------

$ 7 6 7 ,9 5 0 .0 0
7 4 ,6 6 6 .0 1

7 5 1 ,2 7 4 .3 2
$ 1 , 5 9 3 , 8 9 0 .3 3

P R O F IT

A N D

LOSS

S T A T E M E N T FO R
A U G U S T 3 1 , 1919.

O il
a n d g a s s a l e s ______ ___________
C a s h p r e m i u m s o n l e a s e s ...............................
I n t e r e s t o n b a n k b a l a n c e s a n d n o t e s ____________

P E R IO D

E N D IN G

$ 3 3 3 ,1 3 6 .3 2
1 7 ,2 5 0 .0 0
6 ,1 8 8 .3 0

T o t a l ...............................................................................................
$ 3 5 6 ,5 7 4 .6 2
I ' * e ld o p e r a t i n g e x p e n s e a n d n e w c o n s t r u c t i o n
$ 1 1 1 ,3 2 1 .7 1
T a x e s a n d l e a s e r e n t a l s _____________________________
7 ,0 9 3 .8 0
A d m i n i s t r a t i o n a n d g e n e r a l e x p e n s e s . ...................
1 1 ,3 9 9 .6 2
---------------------------------------------------------------- 1 2 9 , 8 1 5 . 1 3
N e t e a r n i n g s _____________________________________________________________ ; . .
D i v i d e n d s p a i d ________ _________ ____________________________________________

2 2 6 ,7 5 9 .4 9
5 3 ,3 9 3 .9 0

N e t p r o f i t f o r t h e p e r i o d _______________________________________________

$ 1 7 3 ,3 6 5 .5 9

C O N S O L ID A T E D

31,

B A LA N C E SH E E T

AS

OF

AU G U ST

1919.

ASSETS.
C a p it a l a s se ts (r e p r e s e n te d b y s t o c k s o f s u b s id ia r y c o m p a n ie s ):
L e a s e h o l d s p r o d u c i n g a n d d e v e l o p e d ________ $ 6 , 6 0 0 , 0 0 0 . 0 0
L e a s e h o ld s n o t p r o d u c in g n o r d e v e lo p e d . .
1 .0 0
P i p e l i n e d e p a r t m e n t a t c o s t ....................................
1 7 8 .6 5 5 .0 0
„
$ 6 ,7 7 8 ,6 5 6 .0 0
C u r r e n t a ssets:
•
C a s h i n b a n k .........................................................................
$ 3 0 1 ,1 1 8 .1 6
D e m a n d n o t e s .................. ........................
1 8 2 ,9 1 9 .3 5
D e m a n d n o te o f N u m b e r S e v e n ty -S e v e n
4 5 0 ,0 0 0 .0 0
O il
C o m p a n y , p e r c o n t r a . . .............................
B i l l s r e c e i v a b l e ....................................................................
1 6 6 ,8 9 3 .3 3
-----------------------------1 ,1 0 3 ,9 3 0 .8 4
W a r e h o u s e s , o il a n d g a s w e ll m a t e r ia l a n d
e q u ip m e n t o n h a n d —
C l e v e l a n d d i s t r i c t ________________________________
$ 2 8 ,6 0 0 .0 0
O k m u l g e e d i s t r i c t _______________________________
2 6 ,4 5 0 .0 0
B u r k b u r n e t t d i s t r i c t ..................................................
2 2 ,2 8 0 .0 0
__ ^
^
(D is c o u n ts fo r c a s h h a v in g b e e n d e d u c t e d fr o m c o s t .)
D e fe red ch arges:
A d v a n c e d p a y m e n t s , l e a s e r e n t a l s _______________________________

1 ,8 8 0 .0 0

T o t a l .......................................................................................................................................$ 7 . 9 6 1 , 7 9 6 . 8 4
L IA B IL IT IE S .
C a p it a l lia b ilit ie s :
C a p it a l s t o c k (a u t h o r iz e d $ 8 ,0 0 0 ,0 0 0 ):
I s s u e d a n d o u t s t a n d i n g 1 7 4 ,6 8 5 s h a r e s
o f $ 1 0 . 0 0 p a r .............................................................. $ 1 , 7 4 6 , 8 5 0 . 0 0
I s s u e d a n d o u t s t a n d in g 5 0 3 ,1 5 0 s h a re s
o f $ 1 .0 0 p a r (e x c h a n g e a b le fo r s h a re s
o f $ 1 0 p a r v a lu e a t th e r a t io o f 10 fo r 1)
5 0 3 ,1 5 0 .0 0
.
-------------- --------------$ 2 ,2 5 0 ,0 0 0 .0 0
D e m a n d n o t e o f N u m b e r S e v e n t y - S e v e n O il
C o m p a n y , p e r c o n t r a ____________________________________________________
4 5 0 ,0 0 0 .0 0
R e s e r v e f o r r e p l a c e m e n t f u n d ________________ . I I I ” ” ” " ____
7 4 ,6 6 6 .0 1
S u r p lu s — F e b r u a r y 2 8 ,
1 9 1 9 .......................
$ 7 5 1 ,2 7 4 .3 2
•
F o r p e r io d e n d in g A u g . 3 1 , 1 9 1 9 . . .
1 7 3 ,3 6 5 5 9
.
J
t
$ 9 2 4 ,6 3 9 .9 1
I n c r e a s e d v a lu e o f p r o p e r t y b y a p p ra isa l
d u r i n g p e r i o d ..................................................................... 4 , 2 6 2 , 4 9 0 . 9 2
„uo
------------------------------------- 5 , l o 7 , l o U . o o
$ 7 ,9 6 1 .7 9 6 .8 4

During this period the Company has received from stock
sales $931,700 00; has invested $548,721 54 in tho purchase
of additional property assets, and includes $382,978 40 in
the foregoing statement of cash, notes and bills receivable
on hand.
It will be noted that in the foregoing statements of assets
and liabilities there are no current accounts receivable and
no current accounts payable. This is due to our method of
conducting business of the company. In accounts pay­
able we pay all accounts cash on presentation where dis­
counts for cash are allowed, such as material, supplies and
contractors’ bills, which usually cover eighty per cent of
the operating and developing expenditures. The remain­
ing current accounts payable for the month are but a small
part of what would ordinarily be current accounts receivable.
As to accounts receivable, by custom we collect for the pro­
duction of the first half of the month on the 25th day of such
month and for the last half of the month on the 12th of the



[V o l . 109.

t o

THE CHRONICLE

O ct . 18 1919.]

£h c

C o m m e rc ia l

T im e s.

T h i s d e p a r t m e n t o f o u r p a p e r is c u r t a i l e d t h e p r e s e n t
w e e k , a l o n g w i t h all o t h e r d e p a r t m e n t s , o n a c c o u n t
o f t h e s t r i k e s a n d l o c k o u t s in t h e p r i n t i n g t r a d e s .

COMMERCIAL EPITOME

Friday Night, Oct. 17 1919.
Cooler weather is helping trade all over the country, and
the reports in the main are cheerful. The steel strike is
gradually subsiding. That is certainly a distinctly favorable
factor. So is the settling of the longshoremen’s strike here.
This means that export transactions will no longer be inter­
rupted. Textiles are in brisk demand at higher prices. The
iron trade shows some signs of waking up. And the outlook
in steel is certainly considered brighter. Belgium is said to
have bought steel billets heavily. Collections are better than
they were recently. Failures show no important increase.
Jobbers are buying on a larger scale for 1920. Raw silk is
up to unprecedented prices. Silk fabrics are scarcer than
cotton goods. Cotton yarns have been rapidly rising, with
an insatiable demand. Raw wool, though quiet, is firm.
Less business is being done in leather but prices are generally
firm; trade in-hides is slow. Predictions of lower prices for
shoes have met with denials. Petroleum production is
large but hardly keeps pace with the demand. It is regret­
table that the Southwest has had continuous rains and that
the grade of the cotton crop has been lowered in Texas and
Arkansas. For fully a fortnight rains in Texas have retarded
picking. The higher grades are becoming scarce and are
much wanted. The lumber trade is hampered by the short­
age of cars. Sales of goods at Chicago, St. Paul, Kansas
City and St. Louis are larger than at this time last year.
The steel output at Pittsburgh is in some cases reported to be
up to 100%. In any case curtailment of production at the
big steel centres is being steadily reduced. Trade at the
South shows some improvement. It is having wonderful
prices for cotton, and if special crop report which it is be­
lieved will be issued by the Bureau of Agriculture on Nov. 2
turns out to be as bad as is generally expected, prices for
cotton which have latterly risen rapidly may go still higher.
On the other hand a bituminous coal strike has been called
for Nov. 1 and Secretary of Labor Wilson has had to grapple
with the problem in trying to avert it. Also prices of com­
modities in general are still high and in some cases even ad­
vancing. Cattle are higher. Salted and smoked meats are
selling at higher prices than a week ago. The truth is that
the cost of living is not being perceptibly reduced. There
has been much talk aud comparatively little accomplished
in this direction. Food and clothing are still selling at ab­
normal prices and apartment rents are the subject of bitter
complaint all over the city and in surrounding cities and
towns.
A country-wide bituminous coal strike has been called for
Nov. 1. but it may be averted by the fact that Secretary of
Labor Wilson has assumed jurisdiction under the law as a
mediator of the controversy between the coal miners and
operators of tiie central competitive fields. An eftort was
to be made to-day to settle the trouble. Senator Myers
(Democrat, Montana) says: “Organized labor seems" to
have a strangle hold on this country. It believes in strang­
ling while the strangling is good. Demands made by bi­
tuminous coal miners for wage increases amounting to 135%
over their pre-war scale are the most monstrous and brutal
ever made against the people of this country.” New York
faces the possibility of a sugar famine perhaps more acute
than that of 1917, according to Federal Food Administrator
Williams. He urges the strictest economy in its use. The
shortage in sugar is partly due, it is said, to the Prohibition
law, which has created an unprecedented demand for candy,
soft drinks, &c., requiring 500,000 tons more sugar than last
year, or the largest consumption on record.
The housing problem continues as perplexing as ever.
Strikes among building workers complicates it. Now it is
announced that Thomas A. Edison has grappled with the
question. He has a concrete house building at Union
New Jersey, and it is stated that within ten days after the
breaking of the ground this house will be ready for occupancy.
The wdiole frame was built and concreted in one day while
Mr. Edison watched the work. A New York Cotton Ex­
change membership sold at $24,000, a recent rise of $750.
One on the N. Y. Coffee Exchange sold at $8,000. The
demand for luxuries continues large and unabated. It is a
striking fact that during nine months ended Sept. 30 precious
stones which passed through London for America totalled
$27,568,128, against $12,000,000 for the corresponding nine
months in 1918. Art objects for this country approximated
$4,000,000, against $1,500,000 in 1918.
LARD active and higher; prime Western, $29 05®$30 05;
refined to the Continent, $31 00; Brazil, in kegs, $32 25;
South American, $31 25. Futures advanced, with higher
prices for hogs and expectations of larger exports now that
the longshoremen strike has subsided. The semi-monthly
statement of Chicago’s stock showed a decrease in lard of
2,440,000 lbs., not to mention 554,000 lbs. of short ribs.
Shorts have latterly been covering more freely. To-day



1535

January ran up 130 points, touching 25.65c., though it
reacted to 24.90c. later. Shorts covered on stop orders.
October touched 30c.. but closed at 29.35c. Hogs advanced
25c. January lard closed 163 points higher for the week.
D A IL Y
C L O S IN G
P R IC E S
OF
LA R D
FU TU R E S
S a t.
M on.
T u cs.
W ed .
O c t o b e r d e l i v e r y _______ c t s . 2 8 . 1 2
I lo li2 S .5 0
2 9 .2 0
J a n u a r y d e i v e r y ____________2 3 . 3 5
day.
2 3 .6 2
2 3 .9 5

IN
CHICAGO.
T h u rs.
F ri.
2 9 .4 7
2 9 .3 5
2 4 .3 5
2 4 .9 0

PORK steady; mess, $43 50 nominal; family, $52®$54;
short clear, $50@$58. January pork closed at $32 89, a
rise of 30c. for the week. Beef slightly higher; mess, $23@
$34; packet, $25@$26; extra India mess, S50@$52. No. 1
canned roast beef, $3 50: No. 2, $7 25. Cut meats steady;
pickled hams, 10 to 20 lbs., 23Jij@24V£c.; pickled bellies,
28@29c. Butter, creamery extras, 0834@69c.; other
grades, 53@68c. Cheese, flats, 23(5 31 )-4c. Eggs, fresh
gathered extras, 67@68c.; first to extra firsts, 60@66c.
CQFEE on the spot higher; No. 7 Rio 16^@16%c.;
No. 4 Santos 25kj @25)4o-.; fair to good Cucuta 2314'@23^c.
Futures declined somewhat with Santos lower, and then
turned upward on covering of shorts and outside buyirg.
Brazil, too, was at one time slid to be buying. Later cables
reported Rio higher and Santos irregular. The trading is
comparatively light, pending further developments. Still
later Rio advanced further, making 409 reis in three days,
and on the 16tli inst Santos was 25 to 200 reis higher. All
this caused renewed covering, especially as spot trade was
reported somewhat better. To-day prices closed 22 to 29
points lower, but December ends 75 piints higher for the
week.
O c t ____ c t s . 1 6 . 0 0 @ 1 6 . 0 5 1M a r c h c t s . 1 5 . 8 2 @ 1 5 . 8 3 1 . T u l y . _ c t s _ 1 5 . 8 2 @ 1 5 . 8 3
D e c e m b e r . 1 5 . 8 5 (a>1 5 . 9 0 1M a y ________ 1 5 . 8 2 @ 1 5 . 8 3 1 S e p t e m b e r 1 5 . 82 @ 1 5 . 83
J a n u a r y — 1 5 . 8 2 @> 1 5 . 8 3 ]

SUGAR still 7.2Sc. for centrifugal 96 degrees test Cuba
and Porto Rico. Business was affected by the stevedores
strike here; it held up raw cargoes. But now the strike is
subsiding. Some 65,000 tons or 446,856 bags are to be
brought from Cuba under arrangements of the Equalization
Board. It was bought by the Board at 5.88c. cost and
freight to be handed over to refiners here at 7.23c. c. i. f.
duty paid. Cuba new crop sugar has been offered at
for Jan. and 7c. for Feb.-Mar. but has been quiet. Receipts
at Cuban ports for the week were 19,021 tons against 19,593
in the previous week, 12,239 last year and 1,286 in 1917;
exports 87,493 tons against 87,513 in the previous week
and 22,499 last year; stocks 454,214 tons against 522,686
a week previous and 348,367 last year. A bill has been
introduced in the House of Representatives by Representa­
tive Gallinger, of Mass., to prohibit the sale of sugar for
export for a period of six months. Denying Senator Smoot’s
charge that Hawaii’s 1920 sugar crop has been sold to
Japan, Sidney Ballou, attorney for Hawaiian Sugar Planters,
says the entire crop has been sold to two California refin­
eries for American consumption.
OIL.—Linseed, quiet but steady; October, $1 72 for car
lots, $1 75 for five bbl. lots or more, and $1 78 for single
bbls. Lard, winter unchanged at $1 80@$1 85, off prime
$1 70@$1 72)4; cocoanut oil, Ceylon, steady at 18@18)^;
Cochin, 18H@18^4- Olive still $2 50; corn oil, refined re­
mains at 22 56@22 76c. Cod, domestic, $1 10@$1 15; New­
foundland, $1 12@$1 15. Spirits of turpentine, SI 73.
Common to good strained rosin, $18 50.
PETROLEUM in good demand and steady; refined, in
bbls., 19.25@20.25c.; bulk, New York, li.50@12.50c.;
cases, New York, 23.25 @24.25c. Gasoline also in good
demand and steady; motor gasoline in steel bbls., 2414c.;
consumers, 26)4c.; gas machine, 41)4c. Reports from
producing centres continue in the main favorable, yet it is
significant that stocks are decreasing in the face of an
increased production of crude oil. It is certainly heavy. It
is so large indeed that the pipe line companies are hard put
to it to handle the production. The estimated production
of the fields of the Mid-Continent at the close of the past
week was as follows: North Louisiana, 48,320 bbls.; North
Texas, 240,607 bbls.; Corsicana light and Thrall, 900 bbls.
Kansas, 88,500 bbls.; Oklahoma, outside of Cushing, Sham­
rock and Healdton, 155,500 bbls.; Cushing and Shamrock,
37,000 bbls.; Healdton, 36,000 bbls.; total, 606,827 bbls.
The estimated daily ^production of heavy gravity oil in the
Gulf Coast field was 74,245 bbls.; Corsicana heayy, 500 bbls.

P e n n s y l v a n i a ________ $ 4 2 5 I n d’ i*------ _______________ S 2
T— a n a
C o r n i n g ____________________ 2 9 5 r i n c e t o n ______________ 2
P
C a b e l l ......................................... 2 8 7I l l i n o i s , a b o v e 3 0
S om erset, 3 2 d e g .
d e g r e e s ______________ 2
a n d a b o v e __________ 2 7 0 P l y m o u t h _____________ 2
R a g l a n d ..................................... 12 5 a n s a s & O k l a h o m a 2
K
W o o s t e r ____________________ 2 8 5 o r s i c a n a , l i g h t . . 2
C
N o r t h L i m a ___________2 I S . C o r s i c a n a , h e a v y . 1
S o u t h L i m a -------------- 2 4 8 I E l e c t r a _______ _________ 2

3S
52
52
43
25
35
05
25

~ -t r a w n _______________ $ 2 2 5
S
T h r a l l .......................
2 25
H e a l d t o n ____________ l 2 0
M o r a n __________________ 2 2 5
H e n r i e t t a ______________ 2 2 5
C a n a d a _________________ 2 8 8
C a d d o , L a ., li g h t . 2 2 5
C addo
h e a v y _____ 0 7 5
D e S o t o _______________ 2 1 5

RUBBER has been held at higher prices as there has
been a delay in receiving new supply. The Gaelic Prince
which was rammed by a U. S. transport and beached on
Staten Island had a cargo of rubber variously estimated at
3,500 to 5,000 tons of ribbed smoked sheets, and the delay
in landing it led some holders to ask 52c. early in the week,
later 51. ..Up river coarse Para and upper ball Caucho are
scarce and therefore quiet. Centrals are steady but also quiet.
Up river Para 53; coarse, 35c.; Caucho ball upper, 34J4c.;
Centrals, Guayule wet, 25@27c. The Gaelic Prince from
Shanghai it turns out brought 22,166 cases and 10,711
packages of rubber, and 611 bales and 1,269 cases of jelatong; also arrived 1,540 bales of rubber from South Pacific
ports. America’s rubber purchases in London in the last
nine months total about $14,000,000, against $3,743 000
for the corresponding period of 1918.

1536

TIIE CHRONICLE

[V o l . 109.

OCEAN FREIGHTS have of course been affected by the
Stock.
to
harbor strike, but this has been broken, and therefore the
This \ ince Aug\
S
O .l.
Since A
prospects are brighter for business. Earlier in the week
things looked particularly bad. Considerable business was
for the moment diverted to other ports. The market is now
on the whole in fairly good shape. Lumber rates to West
coast ports are inclined to rise. The Ship Owners’ Associa­
tion of the Pacific Coast quotes charter rates to Valparaiso
and Callao as $37 b0-40 from Washington and Columbia
River points, whereas the rate has been $37 50 straight.
Rates to other points remain unchanged. Heavy demur­
rage charges have been incurred here of late, despite railroad
embargoes. Congestion is still serious. Most steamship
lines are still tied up. But no doubt from now on there will
be a general tendency towards improvement. Charters
—
included coal from Virginia to Genoa at $27 60; coal from
Virginia to Marseilles at $27, October; coal from Virginia to
a French Atlantic port at about $20; coal from New York In order that comparison may be made with other years,'
to West Italy at $23 50; six months time charter, 4,708-ton
steamer about $9 50 October; coal from Virginia to Lisbon we give below the totals at leading ports for six seasons:
at $20: coal from Virginia to Gothenburg $26 option Maimo
$26; Nordkoping or Stockholm, $28; ccal from Virginia or
Baltimore to Genoa at $24; coal from Norfolk to Bermuda,
$7 50, thence logwood to Man vanilla Bay to Chester, $15.
Twelve months’ transatlantic trade, Italian steamer, 3,193
ions, $9 50 delivery north of Hatteras; Norwegian steamer,
1,875 tons, four months’ time charter, 47s. 6d.; delivery
"United Kingdom. Lumber from a Gulf port to River Plata,
basis $17 50 to Buenos .Aires.
TOBACCO.—Trade is still very noticeably handicapped,
especially here by the strike, although it is gradually dying
out. Yet a pretty good business is in progress at firm
prices. In Sumatra and Havana tobacco there has been
the week
a total
quite a brisk demand at steady prices. Though devoid of of The exports for of which ending this evening reachBritain,
103,702 bales,
50,452 were to Great
noteworthy features, there is evidently an increasingly hope­ 13,607 to France and 39,643 to other destinations. Ex­
ful feeling in the trade.
COPPER in better demand and steady; electrolytic 22j/> ports for the week and since Aug. 1 1919 are as follows:
®23Hc. Tin in fair demand and firm at 54 % @55!^c.
W en in Ot. 17 1919. F mA g 1 1919 toOt. 17 1919.
eek d g c
ro u .
c
Lead more active and higher at 6.25®6.50c. for spot New E
Ep rtedto
xo
—
Ep rtedto
xo
—
x
York and 6c. for St. Louis. Spelter higher at 7.80c. for froports Gea
m
—
rt
Ge t
ra
spot New York. It is stated that 1,000,009 pounds of
R in F n O e . Tta R ln F n O e . Tta
eta . ra ce. thr o l. rita . ra ce. thr
o l.
copper have been sold for December delivery at 23 cents. Galveston 47,721
14,463 62,181 209,928
101,043 310,971
Some special shapes, it is stated, can be had for October Kl Pas ___
2
1<*0,52 8
* *1,847 9,252 11,099
*4*5,672
*1*9*915 114,941
delivery at 221 4 cents, but October wire bars are selling at New Orleans
M >bile..
21,042
19,688
1,351
22 cents.
Pcasae ,1a .
2,731
10A3510,435
2,731
7,780
7.78C
PIG IRON.—Business has been more active than that in •licks mvlUe
Savannah
Vl',769 9,000 20,760
91,823 P 6.793
49,33
4*5*640
steel. Spot prices rule above those for 1920 delivery. Most Ch iHeston_..
Brunswick
67,017
67,017
8,343
8,343
of the business has been in malleable of which the supply is Wilmington
...........
44 ,»'*2S
*
44,628
scanty. Sales have been made at an advance of S3 to $4 New York ______ : : : : : :
Norfolk___
12.976
21,176
8,2 >
0
41,951
4,341
31,935
5,6)5
above recent quotations. The sales are in lots of 10,000 tons. Boston.
1,06427
82
Japan, it is said, wants 75,000 tons of basic iron, and some Phil idelphla
1,528
1,423
105
386
386
foundry irons are quoted at $1 to $2 per ton higher. With a S n Fran.
Se ittle.
13,517
I3,r>i7
0,225 6,225
coal strike possibly impending foundry coke has been Tacoma.
3,082
703
703
3,082
stronger.
To
....
STEEL is getting into better shape as the strike subsides. IVitil t a lis* 53,452 13,607 39,643 103,702 436,570 72,596 410,977 920,113
m
14,039
74,09’
831.277
130,559
To most people, it already looks like a thing of the past. T 4 « l 1917. 37,030 <u.,ww 23,029 16 1.192 429,735 233.802 270,992 1.229,426
02.055
36.572
794.448
241.146
Whether the conference at Washington will have a more or
less unsettling effect future events alone can determine. It In addition to above exports,
would be no bad idea in the estimation of many to let the give us the following amounts ofour telegrams to-night also
cotton on shipboard, not
steel trade alone and allow it to work out its own future
along legitimate economic lines of supply and demand. cleared, at the ports named. We add similar figures for
Prices meanwhile are firm. Jobbers are profiting by the Now York.
existing state of affairs. It is said that some emergency
business has been done in structural shapes at as high as $3
per ton above regular prices. Steel bars, it appears, have
been sold by jobbers at as high as 3 cents per lb. Mills may
be unable to meet the demand. This gives others an oppor­
tunity.
1918.

1919.

R eceip ts
17.

llV c fc .

G a l v e s t o n __________
T e x a s C i t y ________
P ort A rth u r, & c ..
N e w O r l e a n s _______
M o b i l e _______________
P e n s a c o la
____
J a c k s o n v i l l e ____
S a v a n n a h ________
B r u n s w ic k
C h a r le s to n
U i l r n i n g t o n ____.
N o r f o l k _____________

N e w Y o r k __________
B o s t o n ____
B a lt im o r e
P h i l a d e l p h i a _______
T o t a l s ___________

R e c e ip ts a t—

1 1919.

8 3 ,4 9 0
2 ,1 3 9
376
3 5 ,2 0 4
1 ,7 1 9
2 ,7 3 1

T h is
j W eek .

3 1 3 ,1 0 7
9 ,3 2 0
2 ,9 9 8
1 3 1 ,8 0 5
1 2 ,4 2 2
6 ,3 9 7
4 ,3 5 9
2 9 0 ,5 2 5
4 3 ,8 0 0
4 2 ,3 3 5
2 6 ,4 9 2
5 4 ,4 6 7
687
6 ,5 0 5
3 ,9 5 8
5 ,3 9 1
4 ,1 7 7

5 9 ,1 9 6
6 ,0 0 0
1 2 ,3 6 2
6 ,2 4 1
1 8 .9 4 2
48
80
918
461

2 3 0 ,5 2 2

1919.

4 1 ,9 3 2

uq
1 1918.

298
4 0 ,2 1 .3
4 ,0 5 6
490
1 6 .0 1 9
3 ,0 0 0
8 ,9 0 1
4 ,1 6 9
1 2 ,8 0 9
1 18
323
317
879

1919.

|

1918.

1 5 7 ,8 6 1 i
1 0 ,8 5 5

1 0 ,5 1 9
2 7 3 ,6 4 5
7 ,0 0 0
4 4 ,5 8 6
4 5 ,7 3 8
7 9 ,1 4 1

2 6 1 ,5 6 0
2 1 .7 6 2
110
1 0 ,4 0 0
2 6 0 ,5 0 0
2 800
4 9 ,4 0 6
4 2 ,3 8 7
7 2 ,5 6 1

9 9 ,0 6 3
5 ,0 9 8
5 ,1 2 2
7 ,7 0 7

875
2 8 0 .6 2 7
1 7 ,3 0 0
4 0 ,4 5 3
2 8 ,6 3 4
4 1 ,4 5 7
1 ,0 3 0
2 ,0 6 2
1 0 ,6 9 6
2 ,2 7 1

2 8 0 ,9 2 5
6 ,5 0 4

2 8 1 ,6 8 2
1 1 .3 0 7

4 8 2 .1 2 9
1 ,6 1 4
2 ,0 6 8
2 4 3 ,2 7 0
3 0 ,2 6 7

9 0 .0 2 2
1 ! ,1 9 3
3 ,5 7 6
9 ,8 0 5

9 5 8 ,7 4 8 1 6 3 ,6 4 7 1 .1 8 7 ,7 5 3 1 .0 3 9 ,3 2 6 j l , 1 2 6 .5 1 1

1016.

1917.

1918.

1915.

1914.

G a l v e s t o n _____
T e x a s ,C it y ,A c
N e w O r le a n s
M o b ile
Savannah...
B r u n s w ic k
C h a r le s to n . A c
V\ i l r n i n g t o n . .
N o r f o l k ___
N p ort X . .A c .
A ll o th e rs

8 3 ,4 4 9
2 ,5 1 5
3 5 .2 0 1
1 .7 1 9
5 0 .1 9 6
6 ,0 0 0
1 2 ,3 6 2
6 .2 4 1
1 8 .9 4 2
48
4 ,8 0 5

T o t a l th is w k .

2 3 0 ,5 2 2

S in c e A n g . | .J

0 5 8 ,7 4 8 1 .1 8 7 .7 5 .V l ,5 -1 6 .3 2 1 2 .2 3 7 .8 5 2 1 .8 0 8 ,1 1 9 1 ,0 4 2 ,0 8 8

4 1 ,9 3 2
298
4 0 ,2 4 3
4 ,0 5 6
4 6 ,0 1 9
3 .0 0 0
S ,9 0 1
4 ,1 6 9
1 2 ,8 6 9
1 IS
2 ,0 0 9

1 6 3 ,6 4 7

8 1 .5 8 3
1 .0 9 7
5 1 ,0 7 8
4 ,8 9 2
3 4 ,9 2 0
4 ,0 0 0
1 6 .1 1 1
7 .5 7 5
1 3 ,9 7 8
276
1 7 ,0 2 0

1 2 5 ,3 0 0
3 0 ,7 0 3
9 3 ,1 5 6
2 ,6 1 2
3 9 ,0 5 7
1 ,0 0 0
1 0 ,1 7 5
5 .H 0 6
2 8 ,0 8 9
1 1 ,7 0 9

9 6 ,9 8 6
3 7 ,4 7 0
• 1 1 ,5 8 9
3 ,5 9 3
4 0 .2 7 1
2 .0 0 0
is .o s i;
1 3 ,8 9 3
1 9 ,2 8 1
198
3 ,6 4 3

1 2 1 ,9 7 9
1 3 ,9 2 8
2 6 ,5 8 2
4 ,8 3 7
4 2 ,0 8 0
3 .0 0 0
7 ,6 6 5
5 ,9 6 1
9 .7 4 5
268
4 ,0 2 2

2 3 5 ,5 3 9

3 4 0 ,4 9 7

2 7 7 ,9 1 0

2 4 0 ,0 6 7

•

i

’ F ig u r e s a 'iju s te 1 t > m a k e c a n p a r is o n w it h th is se s n a p p r o x i m a t e ly c o r r e c t.

On

0 :1 . 17 a t —

C O T T O N

17 1919.
THE MOVEMENT OF THE CROP, as indicated by our
telegrams from the South to-night, is given below. For the
’week ending this evening the total receipts have reached
230,522 bales, against 157,363 bales last week and 118,018
bales the previous week, making the total receipts since
Aug. 1 1919 958,748 bales, against 1,187,753 bales for the
same period of 1918, showing a decrease since Aug. 1 1919
______
of 229,005 bales.
Friday Night, Oct.

C a 'v e s t o n ___
N e w O r le a n s ..
Savannah
C h a r le s to n
M o b ile . .
N o r fo lk ..
N e w \ o r k * ____
O th er p o r t s * ..
T ota l
T ota l
T ota l

2 5 ,7 9 2
1 6 ,4 6 2

3 ,5 6 6
1 0 ,0 0 0

N ot

C lea red fo r —

G er­
m any.

O th e r
C o n .'t.

1 0 ,0 0 0
3 ,3 4 3

1 2 ,9 0 3
2 2 ,0 2 6
1 5 ,0 0 0

C o a st­
w is e .

2 ,5 0 0
106
500

1 ,0 0 0

800

3 .0 0 0
2 .0 0 0

1919
4 8 ,2 5 4
1 9 1 8 . . 1 0 1 ,1 4 4
1 9 1 7 ..
3 8 .7 6 4

’ E s tim a te d .

S h ip b o a r d ,

G reat i
B r ita in .' F r a n c e .

1 ,0 0 0
1 ,0 0 0
1 4 ,3 6 6
1 9 ,0 0 0
8 ,0 0 0

1 3 ,3 4 3

5 1 ,9 2 9
3 3 ,8 -1 1
2 0 ,0 1 3

650
-------------------------

T o ta l.

5 1 ,1 9 5
4 5 ,5 0 3
95 onn
500
1 ,S 0 0
650
4 ,0 0 0
3 ,0 0 0

3 .7 5 0 1 3 1 .6 4 8
2 5 ,5 0 0 1 7 9 ,1 8 5
1 4 .1 5 5 8 0 .9 3 2
~

L e a fin g
S to ck .

1 0 6 ,6 6 9
2 3 6 ,1 7 9 '
2 4 8 ,6 4 5
4 4 ,0 8 6
9 ,5 0 7
7 8 ,4 9 1
9 5 ,0 6 3
8 9 ,0 3 8

9 0 7 .6 7 8
9 4 7 ,0 2 6
6 4 7 ,0 0 1

Speculation in cotton for future delivery has been on a
somewhat larger scale at a sharp advance in prices. It was
not so much speculation, however, as actual trade demand
which caused an advance of 150 points early in the week.
The distant months like March and May instead of being at
a premium as heretofore have suddenly shifted their posi­
tion under a sharp demand for October and December.
The near months have reached notable premiums over the
distant. December has latterly been in sharp demand by
trade interest fixing prices. Also many have switched thenhedges from tin- near months like December for instaneo to
more distant deliveries. The primary cause of much of tho
demand for near months was heavy rains especially in the
Southwest, in Texas, Louisiana and Arkansas. They re­
duced the grade. The demand for October and December
here has been predicated partly it is understood on tho scar­
city of the higher grades at the South. These options have
been selling at relatively cheaper prices than tho higher
grades could be had in Southern markets. It is said that
while farmers have been selling freely at the rising prices
many factors at the South have been buying and holding
Tho following shows the week’s total receipts, the total the better grades owing to the big demand for them. Late
since Aug. 1 1919 and the stocks to-night, compared with advices state that at Dallas spoo cotton has boon pretty
well sold out and that at the same time spinners are entering
last year:
S a t.

M on.

T oes.

W ed .

T hun.

7 ,7 2 5

1 1 ,8 0 0
701

1 9 ,1 3 1
375

1 2 ,8 5 3

2 1 ,8 1 3
588

" 3 ,5 8 0
131

' 8 ,2 7 7
119

* 5 ,1 7 1
882

" 7 ,4 0 2
209

* 5*893
202

9 ,1 1 9

8 ,9 3 2

1 7 ,3 1 7

6 ,8 8 0

8 ,8 2 2

515
701
____________ l k 1 . 8 5 1
N o r fo
N ’p o r t N e w s , & c.

1 ,1 5 3
1 ,2 2 6
483

3 ,6 4 5
1 ,6 6 0
1 ,6 9 8

1 ,4 0 8
966
8 .8 6 1

2 .2 2 1
613
2 ,8 5 3

P t. A rth u r, & c ..
N e w O r l e a n s _____
M o b i l e . .....................

Savannah

________

C h a r l e s t o n ...............

F r i.

8 3 ,4 9 0
2 ,1 3 9
376
3 5 ,2 0 4
1 ,7 1 9
2 .7 3 1

8 ,1 2 6
6 ,0 0 0
3 ,4 2 0
1 ,0 7 2
3 ,1 9 6
48

59*196
6 ,0 0 0
1 2 ,3 6 2
6 .2 4 1
1 8 ,9 4 2
48
80
615
918
461

80

100

51

P h i l a d e l p h i a _____

T o t a ls th is w e e k .

2 3 ,6 5 3

136

25




3 2 ,7 4 2

5 0 ,0 1 5

300

3 8 ,9 5 9 1

4 3 ,1 0 5

T o ta l.

1 0 ,1 6 8
475
376
4 ,8 8 1
173
2 ,7 3 1

*464
918

4 2 ,0 4 8 1 2 3 0 ,5 2 2

Oct . 18 1919.]

THE CHRONICLE

1537

the market freely. Shippers with October engagements I THE VISIBLE SUPPLY OF COTTON to-night, as made
on their hands have not been taking the chances that they I up by cable and telegraph, is as follows. Foreign, stocksasdid in September. Not a little of the recent demand has well as the afloat, are this week’s returns, and consequently
been to fill deferred September engagements.
all foreign figures are brought down to Thursday evening.
Meanwhile Liverpool’s spot sales have been 15,000 bales
the total
complete figures for
day after day and prices have been noticeably strong. But to makeadd the item the exports from the Unitedto-night
(Friday), we
of
States,
Trade interests have been fixing prices there and the Con­ including in it the exports of Friday only.
tinent has covered to a considerable extent. It is said
that British and Belgian interests are preparing to sell cotton
to Germany, if they have not done so already. In other
words things are gradually returning to normal. And
on the 16th inst. there was a report in New Orleans said
to emanate from delegates to the Cotton Conference there
that financial arrangements had been made whereby Europe­
an spinners ai'e to buy 3,000,000 bales of American cotton.
A threatened coal strike on Nov. 1st it is hoped will be
averted. Secretary of Labor Wilson is working to that end.
Meanwhile many contend that the crop is not likely to be
over 10.000,000 bales and it is noticed that a bill introduced
in Congress calling for a crop report on Nov. 2, for the first
time since 1905, lias been favorably reported by the Com­
mittee on Agriculture. This was due, it appears, to the
fact that some at the South were displeased with the October
Government estimate of 10,696.000 bales. Many think
the Government was about right in its estimate. The
technical position is not considered as strong as it was re­
cently. To-day prices advanced, then reacted, ending
lower. Southern spot markets were generally firm and local,
Wall Street and general commission house interests bought.
On the rise Liverpool. .Japanese and Southern interests sold
rather freely. In North Carolina the basis was said to be
easier though it was firm in the Southwest. Futures ended
much higher for the week. Spot cotton fell 30 points to­
day and closed at 34.75 c. for middling uplands, showing a
rise for the week of 115 points.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
O ct.
S tock
S tock
S tock

17—
a t L i v e r p o o l .............. . b a l e s . .
a t L o n d o n _____________________ .
a t M a n c h e s t e r _______________ .

1919.
7 2 8 ,0 9 0
1 2 ,0 0 0
7 7 ,0 )0

1918.
2 0 7 ,0 0 0
1 7 .0 0 0
4 8 .0 0 0

1917.
3 0 3 .0 0 0
1 9 .0 0 0
2 5 .0 0 0

m i6 .
5 5 8 .0 0 0
3 0 .0 0 0
4 5 .0 0 0

3 1 7 ,0 0 0

2 7 2 ,0 0 0

3 4 7 .0 0 0

.
.
.
.

1 6 7 ,0 0 0
6 .‘ 01
5 8 ,0 0 0
5 4 ,0 0 9

1 0 5 .0 0 0
1 .0 0 0
1 9 .0 0 0
2 2 .0 0 0

1 2 9 ,0 0 0
4 ,0 0 0
4 7 .0 0 0
1 0 .0 0 0

0 3 3 .0 0 0
* 1 .0 0 0
* 1 ,0 0 0
1 6 3 .0 0 0
7 ,0 0 0
1 5 .0 0 0
1 5 8 .0 0 0
* 1 ,0 0 0

T o t a l C o n t i n e n t a l s t o c k s _______ .

T ota l

S tock
S tock
S to ck
S tock

at
at
at
at

G reat

B r i t a i n _______ ______ .

H a v r e _______________________
M a r s e i l l e s __________________
B a r c e l o n a __________________
G e n o a _______________________

T o t a l E u r o p e a n s t o c k s __________
I n d ia c o t t o n a f l ia t f o r E u r o p e . .
A m e r . c o t t o n a flo a t fo r E u r o p e .
E g y p t ,B r a z il,& c .,a flo a t fo r E u r
S t o c k i n A l e x a n d r i a , E g y p t _____
S t o c k i n B o m b a y , I n d i a __________
S t o c k i n U . S . p o r t s ________________
S t o c k i n U . S . i n t e r i o r t o w n s ____
U . S . e x p o r t s t o - d a y . __________ .
T o t a l v i s i b l e s u p p l y ________ ___

2 8 5 ,0 0 0

1 4 7 ,0 0 0

1 9 0 .0 0 0

3 7 6 .0 0 0

.1 .1 0 2 ,0 )0
.
4 7 .0 0 0
.
2 : 5 1 ,7 4 0
e
3 2 ,0 0 0
.
1 2 0 ,0 0 0
.
7 0 0 .0 0 0
.1 ,0 3 9 ,3 2 6
.
9 8 6 .3 2 9
2 .7 3 1

4 1 9 .0 0 0
1 8 ,0 0 0
1 9 7 .0 0 0
6 2 .0 0 0
1 6 9 .0 0 0
* 6 6 1 ,0 9 0
1 .1 2 6 ,5 1 1
1 .0 1 1 ,6 1 0
2 5 .2 1 9

5 3 7 .0 0 0
5 5 .0 0 0
4 7 7 .0 0 0
5 3 .0 0 0
1 1 8 .0 0 0
* 6 5 0 .0 0 0
7 2 7 .9 3 3
6 7 3 .9 9 4
1 3 .0 5 1

1 .0 0 9 ,0 0 0
4 0 .0 0 0
5 5 0 ,7 9 6
4 3 .0 0 0
9 5 .0 0 0
3 4 0 ,0 3 0
1 ,1 7 5 ,3 5 2
1 .0 5 3 ,3 7 4
2 .2 1 1

-4 ,2 9 1 ,1 1 7

3 ,6 S 9 ,3 4 0

3 .3 0 L 9 7 S

4 .3 0 8 .7 3 3

.

O f th e a b j v c , t o :a ls o f A m e r ic a n a n d o th e r d e s c r ip tio n s a r c as fo llo w s :
A m e r ic a n —
L i v e r p o o l s t o c k ________________ b a l e s : .
5 i 7 ,0 0 0
1 0 4 ,0 0 0
1 9 8 ,0 0 0
4 1 3 ,0 0 0
M a n c h e s t e r s t o c k . ______________ .
4 9 ,0 0 0
1 4 ,0 0 0
3 8 .0 0 0
1 8 .0 0 9
C o n t in e n t a l s t o c k _ ..
.
2 4 8 ,0 0 0
* 1 5 8 .0 0 0
* 2 8 9 .0 0 0
* 1 2 8 ,0 0 0
A m e r i c a n a f l o a t , f o r E u r o p e _____ .
2 6 1 ,7 4 9
1 9 7 ,0 0 0
4 7 7 .0 0 0
5 5 0 ,7 9 3
U . S. p ort s t o c k s ..
.1 ,0 3 9 ,3 2 6 1 .1 2 6 ,5 1 1
7 2 7 .9 3 3 1 .1 7 5 ,3 5 2
U . S . in t e r io r s t o c k s . .
.
9 S 6 .3 2 0 1 .0 1 1 .6 1 0
6 7 3 ,9 9 4 1 ,0 5 3 .3 7 4
U . S . e x p o r t s t o - d a y _____________
.
2 ,7 3 1
2 5 .2 1 9
1 3 .0 5 1
2 ,2 1 1

O c t. 11 t o O c t . 1 7 —
S a t.
M i d d l i n g u p l a n d s ................................ 3 3 . 9 0

M on.
H o i.

T ues.
3 4 .9 0

W ed. T h u rs.
3 4 .8 0
35 05

NEW YORK QUOTATIONS FOR 32 YEARS.

F ri
3 1 .7 5

1 9 1 9 . c .............3 4 . 7 5 1 1 9 1 1 . c _______ 9 . 3 5 11 9 0 3 , e ............. 9 . 8 0 1 1 8 9 5 . c _____
9 .3 1
1 9 1 8 __________ 3 2 . 5 5 1 9 1 0 __________ 1 4 . 8 0 [ 1 9 0 2 ___________ 8 . 7 0 1 8 9 1 _____
6 .0 0
1 9 1 7 __________ 2 8 . 4 5 1 9 0 9 . . _______ 1 3 . 9 5 * 1 9 0 1 ___________8 - 5 0 ! 1 8 9 3 __________. . 8 . 5 6
1 9 1 6 __________ 1 8 . 1 5 1 1 9 0 8 ___________ 9 . 3 0 1 9 0 9 __________ 1 0 . 0 6 1 8 9 2 _______
8 .0 0
1 9 1 5 .................. 1 2 . 4 0 11 9 0 7 ______•
____ 1 1 . 7 5 11 8 9 9 .................... 7 . 2 5 1 1 8 9 1 . . .
8 .4 4
1 9 1 4 . . .......................... 1 9 0 6 __________ 1 1 . 2 5 1 8 9 8 . . . ______ 5 . 4 4 1 8 9 0 . . .
" 1 0 .2 5
1 9 1 3 .............- . 1 3 . 8 0 1 9 0 5 ___________ 9 . 8 5 1 8 9 7 . . _______ 6 . 3 1 11 8 8 9
10 56
..1 0 . 7 5 | 1 9 0 4 ....................1 0 . 2 0 : 1 S 9 6 ___________7 . 9 1 ! 1 8 8 8 ________ ”
1 9 1 2 ..
9 .6 2

MARKET AND SALES AT NEW YORK.

T o t a l A m e r i c a n ____________________ - 3
E a s t I n d i a n , B r a z i l , c 'i c . —
L i v e r p o o l s t o c k _______________________ .
L o n d o n s t o c k ___
.
M a n c h e s t e r s t o c k _____________
C o n t i n e n t a l s t o c k ___
I n d i a a f l o a t f o r E u r o p e ____________ E g y p t , B r a z i l , & c . , a f l o a t ............... S t o c k i n A l e x a n d r i a , E g y p t _____ S t o c k i n B o m b a y , I n d i a __________ -

,1 0 4 ,1 1 7

2 ,6 0 8 ,3 4 0

2 ,2 6 5 .9 7 8

3 .5 2 1 ,7 3 3

2 1 1 ,0 0 0
1 2 ,0 0 0
2 8 ,0 0 0
3 7 ,0 0 0
4 7 ,0 0 0
3 2 ,0 0 0
1 2 0 ,0 0 0
7 0 0 ,0 0 0

1 0 3 ,0 0 0
1 7 .0 0 0
3 4 .0 0 0
* 1 9 .0 0 0
1 8 ,0 0 0
6 2 ,0 0 0
1 6 9 .0 0 0
* 6 6 1 .0 0 0

1 0 5 .0 0 0
1 9 .0 0 0
7 .0 0 0
* 3 2 .0 0 0
5 5 .0 0 0
5 3 .0 0 0
1 1 8 .0 0 0
* 6 5 0 ,0 0 0

1 4 5 ,0 0 0
3 0 .0 0 0
7 ,0 0 0
* 8 7 ,0 0 0
4 0 ,0 0 0
4 3 .0 0 0
9 5 ,0 0 0
3 4 0 ,0 0 0

T o t a l E a s t I n d i a , & c ___________ . 1 , 1 8 7 . 0 0 0
T o t a l A m e r i c a n ____________________ - 3 , 1 0 4 , 1 1 7

1 .0 8 3 ,0 0 0
2 .6 0 6 ,3 4 0

1 .0 3 9 .0 0 0
2 ,2 6 5 .9 7 8

7 8 7 ,0 0 0
3 ,5 2 1 ,7 3 3

3 .6 8 9 ,3 4 0
2 2 .1 0 d .
3 2 .8 5 c .
3 3 .1 3 d .
3 3 .0 3 d .
2 3 .5 0 d .
2 3 .7 5 d .

3 ,3 0 4 .9 7 8 4 .3 0 8 .7 3 3
2 0 .5 2 d .
1 0 .5 7 d .
2 8 .6 5 c .
1 8 .4 0 c .
3 1 .8 0 d .
2 2 .2 5 d .
2 7 .5 0 d .
l-l.OOd2 0 .5 .V I .
1 0 .0 5 d .
2 0 .7 3 d .
1 0 .0 7 d .

T o t a l v i s i b l e s u p p l y _____________
M i d d l i n g u p l a n d s , L i v e r p o o l _____
M i d d l i n g u p l a n d s , N e w Y o r k ____
E g y p t , g o o d s a k e l , L i v e r p o o l ____
P e r u v ia n , r o u g h g o o d , L iv e r p o o l
B r o a c h , f i n e , L i v e r p o o l ____________
T i n n e v e l l y , g o o d , L i v e r p o o l ______

.4 .2 9 1 ,1 1 7
.
2 2 .1 7 d .
.
3 4 .7 5 c .

34.00d.

.
.

28 50d.
1 9 60d.
1 9 .S 5 d .

* E s tim a te d .

*

Continental imports for past week have been 20,000 bales.
The above figures for 1919 show an increase over last week
- .
of 201,928 bales, a gain of 601.777 bales over 1918, an excess
of 986,139 bales over 1917 and a decrease of 17,616 bales1 soo
from 1916.
AT THE INTERIOR TOWNS the movement—that is,
the receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
FUTURES.—The highest, lowest and closing prices at corresponding period of the previous year—is set out in
detail below:
New \ ork for the past week have been as follows:
Spot
M a rk et
C lo sed .

F u tu re s
M a rk et
C lo sed .

S a t u r d a y ____S t e a d y , 3 0 p t s . a d v .
M o n d a y ____
I iO L I
T u e s d a y ____ S t e a d y , 1 0 0 p t s . a d v
W e d n e s d a y . S t e a d y , 10 p t s . d e c .
T h u rs d a y . . S tea d y , 25 p ts. a d v .
Q u i e t , 3 0 p t s . d e c ____

SALES.

S p o t.

S t e a d y . . ...............
D A Y
F i r m _____________
S t e a d y ____________
F i r m _______ . .
B a r e ly s t e a d y . .

C o n l r ’ t.\ T o t a l .

000
100

T o t a l _____

2 .5 0 0

Saturday. M on d a y, T uesday, W cd'day, Thu rsri' y. F riday.
Oct. 1 1 .
Oct. 1 3 . Oct. 1 4 .
Oct. 1 5 . Oct. 1 6 . Oct. 1 7 .
O cloocr—
R a n g e _____
C l o s in g ____
Novem ber—
R a n g e _____
C l o s in g ____
D ecem ber—
R a n g e _____
C l o s in g ____
January—
R a n g e . ___
C l o s in g ____
February—
R a n g e _____
C l o s in g ____
M a rch —
R a n g e ...............
t 'l o s i n g ___
A prU—
R a n g e ................
C l o s in g ____
Jit ay— •
R a n g e ................
C l o s in g _
_
June—
R a n g e _____
C l o s in g ------R a n g e ................
C l o s in g ------A UQUSt—
R a n g e _____
C l o s in g ____
September—
R a n g e ................
C l o s in g ____
/3 4 c .

1 .8 0 0
600
100

M ovem ent to Oct. 1 7 1 9 1 9 .
W eek .

3 3 .8 0 /S O 3 4 .1 5 .0 0 3 4 .3 O - .8 0 3 4 .1 6 - .7 2
3 4 .2 !) .30 3 4 .2 8 — 3 4 .4 5 .5 5 3 4 .2 3 -.3 0

—
3 3 .2 0 —

_________ 34 25
3 4 .2 5 — _________ —
3 4 .3 0 — 3 4 .2 5 — 3 4 .4 5 .5 5 3 4 .2 3 —

3 3 .2 3 - .4 7
3 3 .3 8 .4 1

3 3 .7 S - .4 0 3 4 .1 5 . 7 5 3 4 .1 S - .6 S 3 4 .2 5 - .8 4 3 3 .2 3 -/ 8 4
3 4 .3 5 .4 0 3 4 .2 7 - .3 5 3 4 .5 2 .5 7 3 4 .2 7 - .3 0

3 3 .1 5 .5 0
3 3 .3 0 -.3 4

3 3 .7 5 .2 0 3 3 .7 0 - .5 6 3 3 .8 0 .4 0 .3.3 .9 0 -.42 3 3 .1 5 -/ 5 6
3 4 .2 0 .20 3 3 .S 4 - .8 f 3 4 .1 8 - .2 2 3 3 .9 0 -.9 5
h o l d

—

D A Y .

---- .---------- —
—
3 3 .9 7 -.0 0 3 3 .9 7 - .0 0
3 4 .0 5 — 3 3 .6 0 — 3 3 .9 0 — 3 3 .6 5 *—

3 3 .1 0 .4 6
3 3 .2 0 —

3 3 .0 0 - .lf i 3 3 .5 0 - .3 f 3 3 .4 5 - .9 5 3 3 .5 5 - 98 3 3 .1 0 - / 3 8
3 4 .0 5 -. 10 3 3 .6 0 .0 5 3 3 .7 7 - .8 0 3 3 .5 5 - .5 7

—

—

3 3 .1 5 —

3 4 .0 0 — 3 3 .4 5

3 3 .1 5 - .4 5
3 3 .2 5 —

3 3 .0 5 -.0 0 3 3 .4 3 - .2 4 3 3 .1 8 - .7 5 3 3 .2 0 - .7 5 3 3 .1 5 - / 2 4
3 .3 .0 8 - .0 0 3 3 .4 3 - .5 0 3 3 .5 3 .5 5 3 3 .2 5 - 28

---------------3 3 .1 5 —

__ ______ _____
3 3 .9 0 — 3 3 .3 5 — 3 3 .3 5 — 3 3 .0 5 — —

3 3 .1 6 - .3 5
3 3 . lu

3 3 .6 0 -.9 0 3 3 .3 5 - .0 0 3 .3 .1 5 -.4 8 3 3 .0 0 -.4 5 3 3 .1 0 -/ 0 0
3 3 .9 0 -.!) ) 3 3 .3 5 — 3 3 .3 5 — 3 3 .0 5 —

—

—

3 2 .7 5

—

3 2 .0 5 —
3 2 .1 0 —

___________ _____ ___ 3 3 .8 5 -.9 0

— 3 3 .5 5 — 3 3 .5 5 —

__ ._____

3 3 .4 0 .5 0 3 2 .6 0 — 3 1 .9 0 — 3 2 .0 5 — —
3 2 .5 0 - .7 0 3 1 .7 0
3 3 .1 0 .2 5 3 1 .7 0

— 3 1 .0 0 - .4 0 3 1 .1 0 - .2 0 3 1 .0 0 - 1 7 0
— 3 1 .0 0 — 3 1 .1 0 —

1 32c.

NEW ORLEANS CONTRACT MARKET.
S a tu r d a y ,
O ct. 1 1 .

O c t o b e r __________
D e c e m b e r ................
J a n u a r y __________
M a r c h _____________
M a y _______________
J u l y . ...........................
T on e—
S p o t ....................

3 3 .9 0 -.9 3
3 3 .6 5 -.6 9
3 3 .2 8 -.3 0
3 3 .0 3 -.il
3 2 .8 7 —
3 2 .8 2 -.9 0
S tea d y
S tea d y




M onday,
O ct. 1 3 .

H O L ID A Y .

T u esd a y,
O ct. 1 4 .
3 4 .5 0 —
3 4 .3 9 -.4 1
3 4 .1 0 -.2 0
3 3 .9 0 -.9 6
3 3 .9 0 —
3 3 .S 5 -.9 0
S tea d y
1 S tea d y

W e d ' d a y } T h u r s d 'y ,
O ct. 1 5 . | O ct. 1 6 .

R eceipts.
W eek.

3 2 .9 5 - .3 6
3 3 .2 0 - .2 6

—
3 3 .1 5

Tokens.

F r id a y ,
O ct. I 1 .
?

3 4 .5 0 —
3 4 .2 2 -.3 0
3 3 .8 2 -.8 6
3 .3 .6 0 -.6 9
3 3 .3 5 -.3 7
3 3 .3 0 -.3 5

3 4 .9 5 -.0 0
3 4 .5 0 -.5 5
3 4 .0 8 - . 12
3 3 .8 0 —
3 3 .4 5 -.4 8
3 3 .4 0 -.4 5

3 4 .5 5 —
3 4 .2 b -.2 5
3 3 .7 5 -.7 8
3 3 .4 0 -.4 5
3 3 .0 8 —
3 3 .0 3 -.0 6

S tea d y
S tea d y

| S tea d y
iV e r y s t ’y

S tea d y
S tea d y

A l a ., E u f a u l a ..
70 9
M o n tg o m e ry
4 ,0 2 3
S e l m a _______
3 ,4 3 1
A r k . , H e l e n a ..
1 ,50 (.
I J t t l c R o c k . . 13 ,3 5 3
P in e B l u f f —
2,()0 (
G a .. A l b a n y ...
490
A t h e n s .................
9 ,5 4 1
A t l a n t a ................... 1 0 ,3 1 9
A u g u s t a ................. 3 1 ,5 4 7
C o l u m b u s ____
3 ,9 6 0
M a c o n ..................... 1 3 ,7 0 7
R o m e . . _____
4 ,7 i r
L a . , S h r e v e p >r.
3 ,5 0 9
M is s .,C o lu m b u s
1 ,0 6 7
C la rk s d a le . . .
0 ,2 3 5
G re e n w o o d _
_
8 ,0 0 '
M e r i d i a n ____
2 ,0 0 0
N a t c h e z _____
2 ,6 6 2
V i c k s b u r g ____
9 10
1 ,4 9 7
Y a zo o C ity —
4 .8 9 4
M o . , S t.. L o u i s .
X . C . . G r ’ nsb o ro
1 ,2 0 4
832
R a l e i g h ...................
1 ,7 0 0
O . . C in c in n a ti( > k l a ., A d a t o m
1 ,8 0 0
C h lc k a s h a —
1 ,1 0 8
H u g o ---------------O k la h o m a . . .
S . C . , G r e e n v i lle
6 ,3 2 0
G r e e n w o o d ..
900
T e n n .,M e m p h i s 3 4 ,4 8 2
____
N a s h v i l l e ------T<‘ x . . A b il e n e ..
70 0
B r e n h a m ------400
C l a r k s v ill e —
2 ,3 3 4
D a l l a s .......................
3 ,7 7 0
T lo r .c y G r o v e .
2 ,0 4 0
H o u s t o n ................ 7 5 ,7 9 9
P a r i s -------------5 ,6 6 8
S a n A n t o n i o ..
1 ,1 0 0

Season.
2 ,4 0 0
2 7 ,0 0 5
1 7 ,2 0 f
6 ,3 4 1
4 2 .8 1 2
5 ,1 3 0
7 ,4 5 0
3 8 ,1 2 2
6 0 ,9 6 4
1 7 1 .1 9 7
1 1 ,2 5 5
7 1 ,5 3 6
1 5 ,0 8 0
1 4 ,4 3 2
3 ,4 2 0
3 8 .2 8 5
3 3 ,4 3 8
7 ,2 4 3
9 ,6 4 0
3 ,9 8 4
1 1 .3 0 6
4 5 .8 4 0
9 ,0 2 0
2 .6 2 6
9 ,1 0 0

Ship­
ment*.
W eek.

Stocks
O ct.
17.

j

M ovem ent to Oct. 18 1 9 1 8 .
R eceipts.
lift*.

Season.

4.31
30<
2 ,8 1 1
3 .7 5 3 2 4 ,3 8 4
3.425
2 ,5 2 7 1 3 ,9 2 0
3 ,2 6 0
40 0
4 ,0 3 6
1 ,50 (
7 .0 5 7 3 4 ,5 4 5
5 ,8 4 3
SOC 1 4 ,9 0 0
3 .5 0 0
1 .8 0 7
4 ,1 9 6
60(
1.0 0 4 3 7 ,0 4 0
4 ,5 0 0
7 ,6 9 8 3 5 ,3 8 0
8 ,6 4 0
18 .9 7 C 1 7 4 ,9 1 8 2 1 ,5 7 5
3 ,6 3 6 19 ,3 0 0
5 .0 0 0
10 .5 8 4 5 0 ,8 4 5
0 ,5 8 7
2 ,5 3 1 1 1 ,3 9 6
3 ,0 9 6
2 ,0 6 1 3 9 ,9 0 2
7 ,8 7 8
194
3 .8 3 9
1 .0 4 8
661 3 1 .1 1 8
4 ,3 4 4
3 ,0 0 f 2 7 .0 0 0
5 .0 1 3
600
9 ,7 4 6
2 ,0 0 0
1 .7 4 8
7 .5 9 5 2 ,5 0 8
113
5 ,3 3 0
1 ,5 2 4
1 .295
9 ,6 9 6
2 .0 0 0
4 ,3 9 4
5 ,3 7 3 12 .3 9 0
76 1
6 .1 1 2
900
7<k:
.359
84
7 0 0 2 4 ,0 0 0
3 ,3 1 9

2 .6 4 8
3 7 ,2 8 6
2 9 ,6 8 6
7 .5 3 1
3 0 ,5 7 5
1 5 ,2 6 5
6 .5 8 4
3 0 .8 1 0
4 4 .3 8 0
1 3 7 .6 1 2
2 2 .5 0 0
4 7 .9 4 4
1 4 .5 3 6
4 2 .0 9 9
7 ,9 6 4
3 5 .4 4 1
4 0 .3 3 5
1 2 .5 5 5
1 6 ,5 9 1
6 .5 9 1
10 .0 5 8
5 8 .1 9 4
6 .0 2 7
1 .9 8 8
1 4 ,8 5 0

5 ,3 1 4
300
3 ,0 9 7
2 .5 0 0
9 ,9 6 3
2 .0 2 0
3,0.32
1.8 4.3
3
838
1 ,0 0 0
2 9 ,1 2 8
1 ,9 1 5 2 6 ,4 6 1
2 ,0 0 0
5 ,4 2 6
400
849
9 ,0 1 5
8 9 ,8 3 7 1 8 ,5 6 8 1 6 3 .7 1 8 2 6 ,7 0 3
89
60 1
3 ,9 6 9
10 0
281
1 ,4 0 0
2 ,1 4 7
.3 .1 1 1
20 0
500
1 5 ,8 3 2
1,8 .3 9
2 ,2 9 2
4 .9 5 4
1 2 ,5 3 1
4.4.38
1 ,1 9 2 1 1 .6 9 0
1 0 ,6 0 7
1 ,5 8 6
1 .7 9 5
2 ,8 0 8
2 8 7 ,3 8 4 6 5 .1 8 1 14 5 ,4 .3 7 5 9 ,0 2 8
3 9 ,7 9 1
9 ,9 8 1
6 ,2 2 1
4 .9 5 7
9 ,9 0 0
70 0
2 ,4 .3 7
625

ShtpW eek .

Stocks
Oct.
18 .

200
1 .8 7 4
1 ,S 3 f
70 0
.3,098
1 ,5 0 0
200
1 .5 0 0
5 .6 8 8
1 5 ,1 8 6
1 .0 0 0
6 .4 5 5
2 .1 1 8
5 .8 9 9
953
1 .7 6 2
1 ,5 1 8
1 .0 0 0
1 ,2 0 5
585
90 0
1 0 .7 9 1
40 0
10 0
1 ,8 0 6

1 .8 9 3
1 9 ,6 3 6
1 1 .4 4 1
2 ,7 7 0
1 8 ,7 1 2
2 1 ,0 0 0
3 ,3 3 7
2 8 ,8 8 7
2 6 ,9 5 1
1 0 6 ,6 2 8
1 5 ,2 5 0
2 5 ,0 1 9
1 1 .0 2 8
2 8 ,8 3 2
3 .6 1 7
3 1 ,4 .3 1
3 2 ,6 2 0
7 ,3 3 4
8 .6 3 2
5 .5 2 8
1 3 .2 7 8
1 2 .2 1 0
5 '0 6 9
13 3
1 3 ,7 2 5 -

1 0 ,3 6 s
1 0 ,1 2 8
7 .7 9 5
1 0 .1 0 2
4 .3 8 9
1 .3 0 .1 5 7

1 .4 0 0
8 ,8 0 8
1 .1 1 2
4 ,1 6 1
40 0
2 ,8 0 0
1 .1 0 0 1.3 ,9 6 0
6 7 8 , 4 ,0 8 5
2 4 .8 4 7 2 3 0 ,4 5 1
284
3 ,3 8 2
5 00
872
1 4 .3 2 2
40 0
5 .0 6 3
1 1 ,3 4 2
884
5 .5 1 5
2 7 ,2 8 5
.3,944 1 1 .9 1 0
1 0 ,8 5 3
1 ,2 4 9
5 .8 0 9
5 6 6 .5 4 5 1 1 .0 9 5 2 4 4 .2 3 9
3 0 .0 3 9
2 .9 3 7
9 ,5 6 9
18 .28 01
1 .4 4 4
3 .1 1 7

T o t a l , 4 1 t o w n s 2 7 0 .9 6 5 l ,1 8 6 ,7 4 7 i l 7 7 ,0 5 n 9 8 6 ,3 2 0 2 1 9 ,6 4 9 1 .5 3 5 .0 3 7 jl 5 0 .2 5 8 1 0 1 1 0 1 0

The above totals show that the interior stocks have in­
during the week 93,315 bales and are to-night 25,290
bales less than at the same time last year. The
at
all towns have been 51,316 bales more than the same week
last year.
creased

r e c e ip ts

1538

THE CHRONICLE

O V E R LA N D

M O V E M E N T

FO R

O ct. 1 7
S h ip p ed —
V i a S t . L o u i s ________ _________ _ .
V i a M o u n d s , & c __________________
V i a R o c k I s l a n d _______ ___________
V i a L o u i s v i l l e _____________ ________
V i a C i n c i n n a t i ________________ .
V i a V i r g i n i a p o i n t s __________ . .
..
V i a o t h e r r o u t e s , S e e _______

.
.
.
.
.
.
.

T o t a l g r o s s o v e r l a n d _______
D e d u c t sh ip m en ts—
O v e r la n d to N . Y . , B o s t o n , & c
B e t w e e n i n t e r i o r t o w n s _______
I n la n d , & c . fr o m S o u th
_ .
T ota l

.
.
.
.
.
.
.

.
.
.
.
.
.
.

W E E K

A N D

------------ 191 9 --------------S in ce
W eek .
A u g . 1.
4 ,3 9 4
5 5 ,7 7 7
5 7 ,6 8 9
9 ,2 7 8
611
1 ,2 0 3
2 ,2 7 4
1 1 ,6 2 9
1 ,1 0 0
5 .7 5 0
2 .2 1 2
1 1 .9 6 4
5 4 ,8 8 7
6 ,4 7 7

S IN C E

A U G .

1.

1 9 1 8 -------------S in c e
A u g . 1.
W eek .
0 5 9 ,6 7 9
0 1 0 ,7 9 1
5 8 ,4 8 2
1 0 ,9 7 5
472
1 ,8 2 0
2 5 ,6 5 2
3 ,5 1 6
1 ,7 8 8
1 1 ,7 6 9
4 ,8 9 2
3 2 ,6 2 6
1 1 ,5 3 2
9 5 ,2 9 2

1 9 8 ,8 9 9

. . .2 6 ,3 4 6

4 3 ,9 6 6

2 8 5 ,3 2 0

. . .
...
. . .

2 ,0 7 4
1 ,2 1 3
2 ,7 6 0

2 0 ,0 3 4
6 ,7 3 9
3 9 ,5 7 4

1 ,5 1 9
1 .9 8 7
2 ,8 5 9

1 5 ,0 2 9
1 3 ,5 5 4
6 4 ,2 9 3

t o b e d e d u c t e d ________ . . .

6 ,0 4 7

6 6 ,3 4 7

6 ,3 6 5

9 2 ,8 7 6

1 3 2 ,5 5 2
3 7 ,6 0 1
a R e v is e d .

1 9 2 ,4 4 4

L e a v in g t o t a l n e t o v e r la n d
* I n c lu d in g m o v e m e n t b y

...2 0 ,2 9 9
ra il t o C a n a d a

T h e foregoing shows the w eek’s net overland m ovem ent
has been 2 0 ,2 9 9 bales, against 3 7 ,6 0 1 bales for the week last
year, and that for the season to date the aggregate net over­
lan d exhibits a decrease from a year ago of 5 9 ,8 9 2 bales.
-------------- 1 9 1 9 -----------------S ig h t a n d S p i n n e r s ’
S in c e
T a k in g s .
W eek .
A u g . 1.
R e c e i p t s a t p o r t s t o O c t . 1 7 ____2 3 0 , 5 2 2
9 5 8 ,7 4 8
N e t o v e r l a n d t o O c t . 1 7 ________ 2 0 , 2 9 9
1 3 2 ,5 5 2
S o u t h e r n c o n s u m p t i o n t o O c t . 1 7 .a 7 0 ,0 0 0
7 3 0 ,0 0 0

-------------- 1 9 1 S ------------------

In

T o t a l m a r k e t e d ................................ . . 3 2 0 , 8 2 1
I n t e r i o r s t o c k s i n e x c e s s ------------------ 9 3 , 3 1 5

1 ,8 2 1 ,3 0 0
1 8 4 ,3 3 3

C a m e i n t o s i g h t d u r i n g w e e k ____4 1 4 , 1 3 6
T o t a l i n s i g h t O c t . 1 7 -----------------------------------

____________
2 ,0 0 5 ,6 3 3

W eek.
1 6 3 ,6 1 7
3 7 .6 0 1
8 3 .0 0 0
2 8 4 ,2 4 8
6 9 ,3 9 1

A u g . 1.
1 ,1 8 7 ,7 5 3
1 9 2 ,4 4 4
9 5 5 ,0 0 0
2 ,3 3 5 ,1 9 7
3 1 4 ,9 9 4

3 5 3 ,6 3 9
................

____________
2 ,6 5 0 ,1 9 1

N o r . s p in n e r s ’ t a k in g s t o O c t . 1 7 . . 7 5 .9 2 8
4 0 0 ,5 7 9
5 3 ,6 5 6
a T h e s e fig u r e s a r e c o n s u m p t io n ; ta k in g s n o t a v a ila b le .

3 4 0 ,2 0 7

M o v e m e n t into sight in previous years:
W eek —
1917— O ct.
1916— O ct.
1915— O ct.

S e l m a , A l a ______________________ 3
A t l a n t a . G a ____________________ 3
S a v a n n a h , G a _________________ 1
C h a r l o t t e , N . C ______________ 2
M e m p h i s , T w i n ______________ 4
C h a r l e s t o n , S . C _______________ N

C lo s in g Q u o ta tio n s f o r M i d d lin g C o tto n o n —
j -------------------------------------------------------------------------------------------------------------S a tu r d a y . M o n d a y . T u e s d a y . W e d ’d a y . T h u r s d ’y . F r id a y .

W e e k e n d in g
O ct. 1 7 . '
G a l v e s t o n ________
N e w O r l e a n s ____
M o b i l e . _______
S a v a n n a h ________
C h a r l e s t o n _______
W i l m i n g t o n _____
N o r f o l k ____________
B a l t i m o r e ________
P h i l a d e l p h i a -----A u g u sta
_________
M e m p h i s ________

3 5 .7 5
3 4 .3 7
3 3 .2 5
3 3 .5 0
3 3 .0 0
3 3 .2 5
3 2 .6 3
3 3 .2 5
3 4 .1 5
3 3 .2 5
3 4 .5 0

IIO L ID A Y .

H o u s t o n __________ 3 5 . 5 0
L i t t l e R o c k _____ 3 4 . 0 0

3 6 .2 5
3 4 .7 5
3 4 .0 0
3 4 .1 3
3 3 .5 0
3 2 .2 5
3 3 .6 3
3 3 .5 0
3 5 .1 5
3 4 .2 5
3 5 .5 0
3 6 .6 0
3 6 .5 0
3 4 .5 0

3 6 .7 5
3 5 .0 0
3 4 .0 0
3 4 .5 0
3 4 .0 0
3 3 .0 0
3 4 .0 0
3 4 .0 0
3 5 .0 5
3 4 .3 8
3 5 .5 0
3 6 .3 0
3 6 .5 0
3 5 .5 0

3 6 .7 5
3 5 .2 5
3 4 .5 0
3 4 .7 5
3 1 .0 0
3 3 .5 0
3 4 .0 0
3 4 .2 5
3 5 .3 0
3 4 .3 8
3 6 .0 0
.3 6 .5 5
3 6 .5 0
3 5 .5 0

3 6 .7 5
3 5 .2 5
3 4 .2 5
3 5 .0 0
3 3 .2 5
3 3 .7 5
3 4 .2 5
3 5 .0 0
3 4 .5 0
3 6 .0 0
3 6 .7 5
3 7 .0 0
3 5 .5 0

C O T T O N C O N S U M P T IO N A N D O V E R L A N D M O V E ­
M E N T T O O C T . 1 .— B elow we present a synopsis of the
crop m ovem en t for the m onth of Septem ber and the two
m on th s ended S ep t. 3 0 for three years:
1919.
fo r

S e p t e m b e r _____ b a l e s .

S o u t h e r n c o n s u m p t i o n t o O c t . 1 _____ .
O v e r la n d to C a n a d a fo r tw o m o n th s

.
(in

B u r n t N o r t h a n d S o u t h in t w o m o n t h s
S t o c k a t N o r t h 'n in t e r io r m a r k e t s S e p t .3 0
A m ou n t o f crop

in s ig h t

S e p t . 3 0 ________

A v e r a g e n et w e ig h t o f b a le s .

.

.

_______

1918.

1917.

7 1 ,2 4 8
1 4 9 ,2 6 6
4 5 ,5 6 7
9 6 ,0 0 7
2 7 0 ,8 1 3
5 0 9 ,7 6 4
2 1 2 ,1 6 6
7 2 3 ,0 6 0
8 3 1 ,0 3 6
3 0 0 ,9 3 9
5 5 7 ,0 0 0

8 2 ,9 7 7
1 7 3 ,2 1 5
5 9 ,9 5 6
9 5 ,3 7 7
5 3 0 ,4 5 4
7 4 7 .2 3 2
3 0 5 ,3 5 9
5 9 3 ,5 5 0
9 4 1 ,6 0 1
2 2 8 ,4 9 4
7 2 9 ,0 0 0

1 1 2 ,2 3 6
2 6 5 ,7 5 5
4 9 ,2 0 6
1 3 3 ,0 7 6
6 3 4 ,2 8 8
9 2 9 ,5 9 7
4 1 2 ,9 9 8
8 5 6 ,9 9 0
5 6 9 ,0 0 6
2 1 8 ,4 6 .8
7 6 5 ,0 0 0

2 5 ,3 3 0

o v e r la n d

2 7 ,6 1 7

1 6 ,8 9 8

1 2 ,1 9 2
2 4 ,3 0 5
1 ,1 4 6 ,4 1 0
1 ,1 7 1 ,3 2 7
1 ,7 0 1 ,6 0 9
1 ,8 4 2 ,4 5 2
9 ,9 0 1 ,0 2 5 1 0 ,0 6 9 ,4 4 4
1 1 ,6 0 2 ,6 3 4 1 1 ,9 1 1 ,8 9 6
5 1 4 .3 7 |
5 1 3 .3 4
5 0 5 .9 5
4 8 9 .3 7 1
4 8 8 .3 4
4 8 0 .9 5

2 2 ,4 0 0
7 3 9 ,3 8 0
1 ,1 2 2 ,7 7 1

W E A T H E R R E P O R T S B Y T E L E G R A P H — Our telegraphic reports from the South this evening indicate that
rain has been general during the week and excessive in
sections of T e xas, A rkansas and L ouisiana. Picking and
m arketing have been interfered w ith and from T exas tlicrj
are reports of deterioration in all sections.
T exas .— General rainfall occurred practically all of the
w eek, and in some localities was excessive, causing much
dam age to crops.
C o tto n deteriorated in all sections.
L igh t frost occurred in upper P anhandle.
Fields are too
w et for picking or an y farm w ork.
,
_
R a in .
G a l v e s t o n , T e x a s . . . ..................5 d a y s
A b i l e n e ------------------------------------------ 4 d a y s
B r e n h a m ----------------------------------------6 d a y s
B r o w n s v i l l e -----------------------------------5 d a y s
C u e r o ----------------------------------------------- 6 d a y s
D a l l a s ---------------------------------------------4 d a y s
H u n t s v i l l e ............................
7 days
K e r r v i l l e ----------------------------------------5 d a y s
L a m p a s a s . . ............... .................... 5 d a y s
L o n g v i e w .........................
4 days
L u l i n g ---------------------------------------------7 d a y s
N a c o g d o c h e s . . ................................ 7 d a y s
P a l e s t i n e ----------- ------------7 days
P a r i s --------------------------------------------------4 d a y s
S a n A n t o n i o _____________________ 7 d a y s
T a y l o r ---------------------------------------------7 d a y s
W e a t h e r f o r d .......... ...............
4 days
A r d m o r e , O k l a ________ ________3 d a y s
M u s k o g e e , O k l a . ......................... 2 d a y s
E l d o r a d o , A r k --------------------------- 5 d a y s
L i t t l e R o c k , A r k ............................. 6 d a y s
S h r e v e p o r t . L a ............................... 7 d a y s
C o l u m b u s , M i s s ------------------------- 4 d a y s
V i c k s b u r g . M i s s ------------------------- 4 d a y s
M o b i l e , A l a . — P ic k in g is g o i n g o n
g i n n i n g is s l o w .
3 days




R a in fa ll.
----------------- T h e r m o m e t e r ----------------4 .9 4 in .
h ig h 8 4
lo w 6 6
a vera g e 75
0 .8 0 in .
h ig h 7 8
lo w 4 0
a vera g e 59
5 .9 3 in .
h ig h 8 2
lo w 5 8
a vera g e 70
0 .7 0 in .
h ig h 9 0
lo w 66
a v e ra g e 78
4 .8 7 in .
h ig h 8 8
lo w 5 6
a v e ra g e 72
3 .6 4 in .
h ig h 7 7
lo w 4 8
a v e ra g e 63
4 .7 3 in .
h ig h 8 2
lo w 5 7
a v e ra g e 70
3 .6 8 in .
h ig h 8 6
lo w 4 8
a v e ra g e 67
5 .3 6 in .
h ig h 8 0
lo w 4 9
averag e 68
9 .4 6 in .
h ig h 9 2
lo w 5 7
a vera g e 75
8 .8 3 in .
h ig h 7 8
lo w 5 6
a v e ra g e 67
5 .1 3 in .
h ig h 8 0
lo w 5 8
a vera g o 69
4 .6 1 in .
h ig h 8 0
lo w 5 6
average 68
3 .0 9 in .
h ig h 7 9
lo w 4 9
a vera g e 64
4 .2 7 in .
h ig h 8 2
lo w 5 6
a v e r a g e .6 9
5 .7 2 in .
h ig h —
lo w —
a v e ra g e 52
2 .7 2 in .
h ig h 7 7
lo w 4 2
averag e 60
0 .8 8 in .
h ig h 7 8
.lo w 4 4 a v e r a g e 61
0 .6 9 in .
h ig h 7 0 lo w 41
averag e 56
4 .2 9 in .
h ig h 8 5 lo w 51
averag o 68
8 .4 6 in .
h ig h 7 5
lo w 5 0
a v e ra g e 63
6 .1 0 in .
h ig h 8 7
lo w 5 7
a vera g o 72
1 .6 1
in .
h ig h 9 3 lo w 5 7
a vera g o 75
1 .2 4
in .
h ig h 8 6 lo w 5 8
a v e ra g e 73
r a p id ly u n d e r fa v o r a b le c o n d it io n s , b u t
2 .9 5 in .
h ig h 8 7
lo w 7 2
a vera g e 78

R a in .
days
days
day
days
days
one

R a i n f a l l . ----------------- T h e r m o m e t e r . -----------------1 .5 0 in .
h ig h 8 8
lo w 6 5
average 75
0 .4 6 in .
h ig h 8 5
lo w 5 0
a v e ra g e 67
0 .4 5 in .
h ig h 8 9
lo w 6 3
averag e 78
0 .6 5 in .
h ig h 8 7
lo w 4 8
average 70
2 .6 4 in .
h ig h 8 6
lo w 5 2
average 69
N one
h ig h 8 4
lo w 5 3
a v e ra g e 74

W O R L D ’S S U P P L Y A N D T A K IN G S OF C O T T O N .
1919.

C o tto n T a k in g s .
W eek an d S eason .
.W e e k .

1918.

V i s i b l e s u p p l y A u g . 1 ______________
A m e r i c a n i n s i g h t t o O c t . 1 7 _____
B o m b a y r e c e i p t s t o O c t . 1 6 _____
O th e r In d ia s n lp m ’ts t o O c t . 16
A le x a n d r ia r e c e ip t s t o O c t . 1 5 . O t h e r s u p p l y t o O c t . 1 5 * ________

W eek .

S ea son .

|

S ea son .

3 .5 3 1 ,1 1 7

4 ,0 8 9 ,1 8 9
4 ,7 9 2 ,0 1 8
2 ,0 0 5 ,6 3 3
2 8 1 .0 0 0
8 ,0 0 0
9 9 .0 0 0
3 0 .0 0 0

4 1 4 ,1 3 6
6 1 5 .0 0 0
6 3 5 .0 0 0
6 3 ,0 0 0

.

3 5 3 .6 3 9
7 ,0 0 0
3 2 ,0 0 0
4 ,0 0 0

3 ,0 2 7 ,4 5 0
2 ,6 5 0 ,1 9 1
2 3 6 .0 0 0
2 ,0 0 0
9 8 .0 0 0
3 7 .0 0 0

T o t a l s u p p l y _______________________ 4 . 5 5 6 , 3 2 5
D ed u c t—
V i s i b l e s u p p l y O c t . 1 7 _____________ 4 . 2 9 1 . 1 1 7

7 ,2 1 5 .6 5 1 3 ,9 2 7 ,7 5 6

6 ,0 5 0 ,6 4 1

4 ,2 9 1 ,1 1 7 3 ,6 8 9 ,3 1 o |

3 ,6 8 9 ,3 4 0

T o t a l t a k i n g s t o O c t . 1 7 . a _______
O f w h i c h A m e r i c a n _____________
O f w h i c h o t h e r ________ ________

2 .9 2 4 .5 3 4
2 .1 0 1 .5 3 4
8 2 3 ,0 0 0

2 6 5 .2 0 8
2 1 7 .2 0 8
4 8 ,0 0 0

2 3 8 .4 1 6
2 1 3 .4 1 6
2 5 ,0 0 0

2 .3 6 1 .3 0 1
1 .9 5 4 .3 0 1
3 7 7 ,0 0 0

* E m b r a c e s r e c e i p t s in E u r o p e f r o m B r a z i l , S m y r n a , W e s t I n d i e , & c .
a T h is t o t a l e m b r a c e s t h e t o t a l e s t im a t e d c o n s u m p t io n b y S o u th e r n m ills ,
7 3 0 , 0 0 0 b a l e s i n 1 9 1 9 a n d 9 5 5 , 0 0 0 b a l e s ir f 1 9 1 8 — t a k i n g s n o t b e i n g a v a i l ,
a b le — a n d t h e a g g r e g a t e a m o u n t s ta k e n b y N o r t h e r n a n d fo r e ig n s p in n e r s 2 , 1 9 4 , 5 3 4 b a l e s i n 1 9 1 9 a n d 1 . 4 0 6 , 3 0 1 b a l e s in 1 9 1 8 , o f w h i c h 1 , 3 7 1 , 5 3 4
b a l e s a n d 1 ,0 2 9 , 3 0 1 b a l e s A m e r i c a n ,
b E s tim a te d .

M A N C H E S T E R M A R K E T .— Our reports received b y
cable to-night from M an ch ester state that the m arket is
strong and activ e, bu t distant deliveries are hard to arrange.
W e give prices for to -d a y below and leave those for previous
weeks of this and last year for com parison:

B a le s .
B a l e s S i n c e A u g . 1—
.
''
15
1 9 _____________
. 4 8 3 , 3 4 9 1 7 — O c t . 1 9 ................................ 3 . 0 9 8 , 4 1 8
2 0 .......................
5 7 5 , 1 9 1 6 — O c t . 2 0 . ......................... . . 4 . 1 0 6 , 9 7 8
10
2 2 ___________________ 4 6 8 . 4 9 3 1 9 1 5 — O c t . 2 2 . . .................
3 ,2 2 6 .5 2 0

Q U O T A T IO N S F O R M ID D L IN G C O T T O N A T O T H E R
M ARKETS.

G ross

[V ol . 109

1919.

32s C op
T w ist.

@
@

@ 31
@ 31

43 V
K
42 H
41H
44H

25
25
26
27

45
45K
46

C o t’ n
M id .
U p 's

8 <4 6 s . S h titin g s , C o m m o n
to F in e s t .

C o t’ n
M id .
U p ‘S

d. s. d.
5 414 2 6 0
5 5 >4 3 0 0

3. d .
d.
2 3 .9 7
@34 6
@ 3 8 7 1 4 25.10

53K
54H
5 5 t*
55K

@
W
@
@

5514
5614
5 6 )4
50 H

@ 3 8 714
@ 381014
@381014
@ 381014

1 9 .6 8 5 5 M
2 0 7 4 55
2 2 .1 7 5 4 1i

s. d
6
6

@
@

1 8 .1 5
1 7 .8 5
1 8 .5 8
1 9 .8 8

27 0
@ 31 0
27 1 U @ 32 0
@32 3
27 3

6
3
9
0

3 2 s C op
T w ist.

d.
d.
1 9 .0 5 5 2 K
1 9 .1 0 53> 4

@30 0
@29 9
@ 31 0
@ 31 6

@
©
©

5 39 H
12 3 9 V
x
19 3 9 1*
2 0 40
O ct.
3 41
10 4 1 H
17 4 2 1 4

s. d .
d.
45
27 0
43 M 27 0

@
@
(0
@

A u g . (1.
22 41
29 40

1918.

1

8 H 6 s . S h irti n g s. C o m m o n
to F in e s t .

@
@
@

5 6 )4 30 3
57
30 0
30 0
56

30
30
30
30

0
3
3
3

2 4 .5 8
2 5 .1 0
2 3 .3 4
2 3 .2 8

@ 3 8 1 0 1 4 2 3 .4 3
2 2 .0 2
@38 6
2 2 .1 0
@38 6

S H I P P I N G N E W S .— Shipm ents in detail:
T o ta l b a le s.
G ALVESTO N — T o
L iv e r p o o l— O c t .
11— H u r o n ia n ,
1 7 .4 7 9 ...
O c t . 13 — I n d o r e , 1 6 , 5 8 2 ____O c t . 1 5 — S a g a d a h o c , 1 3 , 6 6 0 --------- 4 7 , 7 2 1
2 ,4 3 6
T o A n t w e r p — O c t . 1 5 — P e n d r a g o n C a s t l e , 2 , 4 3 6 __________________
478
T o G h e n t — O c t . 1 5 — P e n d r a g o n C a s t l e , 4 7 8 ________________________
6 ,4 2 0
T o B a r c e l o n a — O c t . 1 3 — C a d i z , 6 , 4 2 0 ________________________________
1 ,0 0 0
T o M a l a g a — O c t . 1 3 — C a d i z , 1 , 0 0 0 ________________________________________
4 ,1 2 9
T o R o t t e r d a m — O c t . 1 3 — I - a k e F r a l e y , 4 , 1 2 9 _______________________
1 ,8 4 7
N E W O R L E A N S — T o H a v r e — O c t . 1 1 — G e o r g i e , 1 , 8 1 7 ........................
9 ,2 5 2
T o G e n o a — O c t . 1 1 — E s p e r i a , 9 , 2 5 2 . . __________ _________________________
2 ,7 3 1
P E N S A C O L A — T o L i v e r p o o l — O c t . 1 3 — O u s h n o c , 2 , 7 3 1 ----------------------S A V A N N A H — T o H a v r e — O c t . 15-— N o n a n t u m , 1 1 , 7 6 0 --------------------- 1 1 , 7 6 0
9 .0 0 0
T o B r e m e n — O c t . 1 4 — G a l e s b u r g , 9 , 0 0 0 _______________________________
SE A TTLE — T o
Jap an — O ct.
4 — E n d ic o t t ,
l,1 0 0 _ -.O c t .
11—
6 ,2 2 5
T y n d a r e u s , 4 , 6 5 0 ; K a s h i m a M a r u , 4 7 5 _______________________________
703
T A C O M A — T o J a p a n — O c t . 1 0 — A f r i c a M a r u , 7 0 3 ____________________
1 0 3 ,7 0 2

T ota l

L I V E R P O O L .— Sales, stocks, & c ., for past week:
S a l e s o f t h o w e e k _____________________
O f w h i c h s p e c u l a t o r s t o o k ----------O f w h i c h e x p o r t e r s t o o k -------------S a l e s , A m e r i c a n _______________________
A c t u a l e x p o r t __________________________
F o r w a r d e d _______________________________
T o t a l s t o c k ______________________________
O f w h i c h A m e r i c a n _________________
T o t a l i m p o r t s o f t h e w e e k -------------O f w h i c h A m e r i c a n ________________
A m o u n t a f l o a t __________________________
O f w h i c h A m e r i c a n _________________

O ct. 3 .
2 9 ,0 0 0

S e p t. 2 6 .
4 8 ,0 0 0

3 7 .0 0 0 .
3 2 .0 0 0
7 1 .0 0 0
7 8 5 .0 0 0
5 7 4 .0 0 0
2 7 .0 0 0
1 9 .0 0 0
1 6 .3 .0 0 0
1 2 0 .0 0 0

O ct. 1 0 .
6 3 ,0 0 0

O ct. 1 7 .
7 4 .0 0 0

2 3 ,0 0 0
4 ,0 0 0
4 4 ,0 0 0
7 8 9 ,0 0 0
5 7 2 ,0 0 0
5 1 ,0 0 0
3 3 ,0 0 0
1 3 0 ,0 0 0
9 4 ,0 0 0

2 8 ,0 0 0
7 ,0 0 0
5 8 ,0 0 0
7 6 7 ,0 0 0
5 4 6 ,0 0 0
4 4 ,0 0 0
2 0 ,0 0 0
1 2 8 ,0 0 0
1 0 1 ,0 0 0

4 0 ,0 0 0
1 0 .0 0 0
7 1 ,0 0 0
7 2 8 ,0 0 0
5 1 7 .0 ( H )
3 5 ,0 0 0
1 8 ,0 0 0

T h e tone of the Liverpool m arket for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:

1 2 :1 5
P. M .

M ond ay.

{
\

opened

T h u rsd a y.

F r id a y .

G ood
dem and.

Q u ie t .

G ood
in q u i r y .

F ir m .

2 2 .3 3

2 2 .1 1

2 2 .1 7

1 5 ,0 0 0

H O L IDAY

2 1 .5 6
1 5 ,0 0 0

1 5 ,0 0 0

1 5 ,0 0 0

1 5 ,0 0 0

S tea d y
3 @ 8 p ts.
a d van ce.

\

4
P. M .

W ed n esd ay.

2 1 .2 6

M l d . U p l 'd s
S a le s ...........

T u esd a y.

G ood
dem and.

S a tu r d a y .

S p o t.

1

V e r y s t ’ d y Q u ie t u n c h . V e r y s t ’ d y ,
1 4 @ 2 3 p ts.
to 3 p ts.
9@ 16
p ts.
a d van ce.
a d van ce.
d e c lin e .

I r r e g u la r ,
F ir m
Q u ie t
S te a d y
U n s e t t le d
31 @ 3 8 p t s . 11 @ 4 3 p t s . 1 p t. d e e . t o 2 @ 2 3 p t s . 1 8 @ 2 5 p t s .
d e c lin e .
d e c lin e .
ad van ce.
a d v a n c e . 2 6 p t s .a d v .

T h e prices of futures at Liverpool for each day aro given
below :
S a t.
O c t . 11
to
O c t . 17.

d.

I d.

H O L IDAY.

A u g u s t ........... ..

M on.

T ues.

W ed.

T h u rs.

F r l.

4
4
4
4
12 H
4
12 X
12 X
12 K
12H | 1 2 H 1 2 t f
p . m . 'p . m . P. HI. p . m . p . m . p . in . p . III. p . m . p . n i. p . m . p . m . p . m .
d.

. _-

d.
2 1.7 6
2 1 .6 8
2 1 .6 3
2 1 .4 8
2 1 .3 1
2 1 .2 2
21.1C
20.91 2 0 .9 6
2 0 .7 8 2 0 .8 3
20.6<i

d.
2 1 .5 3
2 1 .5 1
2 1 .4 6
2 1 .3 9
2 1 .2 6
21.11

d.
1 1.9 6
2 1.94
2 1 .8 2
2 1 .5 7
2 1 .4 4
2 1 .3 1
2 1 .1 7
2 1 .0 3
2 0 .8 9
2 0 .7 6

d.
2 2 .5 3
2 2 .1 7
2 2 .3 2
2 1 .9 6
2 1 .7 6
2 1 .5 5
21.4(1
2 1 .2 5
2 1 .0 7
2 0 .9 1
2 0 .7 0

d.
2 2 .2 2
2 2 .2 9
2 2 .0 2
2 1 .7 5
2 1 .5 5
2 1 .3 6
2 1 .2 2
2 1 .0 7
2 0 .9 1
20.7(1
2 0 .5 9

d.
2 2 .3 1
2 2 .2 7
2 2 .1 2
2 1 .8 4
2 1 .6 1
2 1 .4 3
2 1 .2 8
2 1 .1 2
2 0 .9 7
2 0 .8 2
2 0 .5 3

d.
d.
22.2(1 2 2 .3 7
2 2 .1 2 2 2 .4 3
2 1.98 •22.09
2 1 .7 2 2 1 .8 2
2 1 .5 2 2 1 .6 0
2 1 .2 9 2 1 .3 !
2 1 .1 2 2 1 .2 4
2 0 .9 6 2 1 .0 8
2 0 .8 1 2 0 .9 1
2 0 .0 0 2 0 .7 4
20.361 2 0 .4 4

d.
2 2 .0 2
2 1 .9 3
2 1 .SO
2 1 .5 2
2 1 .2 9
2 1 .0 6
2 0 .8 9
2 0 .7 3
2 0 .5 7
2 0 .4 1
2 0 .1 1

THE CHRONICLE

O ct . 18 1919.]

B R E A D S T U F F S
Friday Night, Oct. 17 1019.
Flour was naturally affected early in the week by the big
harbor strike. For a time ii looked as though there would
be a shortage of flour as a result. But later in the week the
strike began to break. It is known, too, that supplies near
at hand are large. Buyers have not shown much nervous­
ness. They contended that the strike was not likely to be
of long duration. Their judgment proved to bo correct.
The fact that stocks nearby are so heavy has naturally had
a tendency to keep purchases within very narrow limits to
say the least. The situation here is clearer now that the
longshoremen strike is subsiding. There is no fear of short­
age. A t the same time cash wheat at Minneapolis fell 5
cents. All restrictions on importations and exportation of
wheat and flour may be removed. W heat Director Julius
Barnes has recommended that President Wilson take action
to this effect. And buyers are awaiting the result.
W heat visible supply in this country increased last week
5,685,000 bushels against an increase in the same week last
year of 7,008,000 bushels. The total is now 90,585,000
bushels against 104,494,000 a year ago.
Director of
Railroads Hines says wheat is to have the preference in
the matter of cars. At Minneapolis cash wheat declined
5 cents. In the United Kingdom the weather has been favor­
able and good progress is being made in the sowing of new
crops.
In France rains occurred in some sections, which
it is believed will help sowings of the new wheat crop. There
is much dissatisfaction over the official Avheat prices there,
and it is feared sowings will be reduced. The weather
lias been good in Italy and good progress is being made in
the sowing of newr crops. It is said that the quality of newr
wheat there is excellent, being fully 64 lbs. to the bushel.
In Rumania it is said that rains during the harvest affected
the crop to some extent. In Australia new wheat seedings
were benefited by good rains in the W est and South. In
Holland the harvest is said to be good. From Greece
come reports of a poor harvest. In Argentina the weather
has been favorable.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
S a t.

M on.

T u es.

W ed . T h u rs.

F ri

No. 2 r e d .................................. cts.237% Holi- 237% 237% 237% 237%
No. 1 spring_____________________ 240% day. 240% 240% 240% 240%

Indian eorn declined for a time, partly owing to a strike
of 170,900 harbor workers here. Also the demand was poor.
Cash markets were weaker. Country offerings increased.
It is said, too, that six or eight cargoes arrived here early in
the w eek from Argentina. They were for a time unable to
T
discharge, owing to the harbor strike. This had a more or
less depressing effect for a time under the impression that the
corn was to be resold. It turned out, however, that local
manufacturers had bought it. Still the feeling here has been
that prices would gradually move to a lower level. There is
r
a noticeable disposition on the part of shippers to sell Argen­
tine corn for future arrival at something like 81 80 to 81 82
c. i. f. New York. Even at such prices, however, it was re­
marked that trade was dull. Even when 15,000 longshore­
men returned to w ork on the 15th inst., the fact had little
r
or no influence on the market here. On the 14th inst.cash
prices at the W est dropped 3 to 5 cents. The weather at
times has been unsettled in the Ohio Valley, but the influ­
ence of this factor was offset by the evident disposition of
farmers to sell both old and new corn freely. The East has
latterly bought old corn to a moderate extent at Chicago.
Iowa, which has at times been inclined to sell more freely,
sold new N o. 4 yellowr lor the first half of November ship­
ment at 4 cents over December.
On the other hand, there is no denying the fact that visible
supplies are down to a low stage. Last week they fell off
514,000 bushels, as against an increase in the same Aveek last
year of 107,000 bushels. The total is nowr down to 1,649,000
bushels, against 5,610,000 bushels a year ago. And the
fact that longshoremen are beginning to return to work
naturally had more or less influence. It is certainly an
improvement in the general situation here, so far as the iabor
problem is concerned. To-day prices advanced on cash and
futures. The rise was partly due to the fact that the
Director-General of Railroads Hines says that wheat will
have the preference in the matter of cars; also, hogs were
higher. Corn offerings to arrive from Illinois and Iowa
were larger, however, and selling against offerings halted the
advance. Prices end higher for the week.
DAILY CLOSING PRICES OF CORN IN NEW YO R K .
S a t.

M on.

T u cs.

W ed . T h u rs.

F r i.

S a t.

M on.

T u es.

W ed . T h u rs.

F r i.

N o. 3 yellow...............................cts.156% Hoi. 153% 152% 153% 153%
D AILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
...

.

,

December delivery in elevator.cts. 122% Holi- 121% 122% 122% 124%
day. 120% 121% 121% 122%
May delivery in clovator................. 121

Oats have fluctuated within narrow limits. Early in the
week the market was almost featureless. The big harbor
strike naturally tended to check export trade. Furthermore
the decline in corn had a more or less unsettling effect on
oats. So did the recent decline in other foodstuffs. But later
in the Aveek an export demand sprang up. The harbor strike
situation improved. M any thousands of longshoremen re­
turned to Avork. Half a million bushels Av'ere sold, it is stated,
for export on the 15th instant. The crop advices from France
state that the crop yield there is about 200,000,000 bushels
more than the pre-Avar averago. That made everybody prick




1539

up their ears. For it suggested as though the buying from
France might be important this season. Furthermore, coun­
try offerings Avere not excessiAT
e. Sample prices at Chicago
have shoAvn a tendency to rise, moderately at least. And the
visible supply last Ar
Aeek fell off 116,000 bushels bringing the
total doAvn to 19,501,000 bushels against 23,914,000 a 3r
ear
ago. Today prices adA’anced with those for corn. Also sea­
board exporters bid 7}4c. over December for cash oats, track
New York for 35 lb. grade and got 150,000 bushels at theW est. Country offerings were light. Shorts covered. Prices
close a fraction higher for the Aveek.
DAILY CLOSING PRICES OF OATS IN NEW Y O R K .
S a t.

A lo n .

T u es.

W ed .

T h u rs.

F r i.

Holi82%
82%
82%
82%
No. 1 white.............cts. 82%
No. 2 w h ite__________ Sl,%-82 day. 82-82% 82-82% 82-82% 82-82}*•
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
S a t.

M on.

T u es.

W ed . T h u rs.

December delivery in eleA-ator.cts. 70% Holi- 70%
May delivery in elevator.................72% day.
72%

70%
73%

70%
73%

F r i_

70%.
73%_

The folioAving are closing quotations:
FLOUR.
Barley goods— Portage barley:
No. 1.............................$7 00
Nos. 2, 3 and 4, pearl. 6 00( >6 25Nos. 2-0 and 3-0_____ 7 00( >7 15
Nos. 4-0 and 5-6_____
7 25
Oats g o o d s — C arload ,
spot delivery_________
8 50
4 00
GRAIN.
Oats—
-$2 37%
No. 1....... ............ .........
82
. 2 40%
No. 2 white_____ .........82 @82
No. 3 white_____ .........81% @ 82
. 1 53%
- 1 53% Barley—
Feeding________ .........
137
Malting________ .........
. 1 51
142

Spring patents____ $11
Avinter straights, soft 10
Kansas straights___ 11
Rye flour______nom. 7
Corn goods, 100 lbs.—
AVhite gran______ $3 80
Yellow gran______ 3 80
Corn flour_________ 3 75®
Wheat—
No. 2 red____
No. 1 spring..
Corn—
No. 2 yellow.
No. 3 yellow.
Rye—
No. 2 .............

The statement of the moA’ement. of breadstuffs to markot
indicated below are prepared by us from figures collected by
the Neiv 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:
R e c e ip ts at—

W h ea t.

F lo u r .

C orn.

O a ts .

B a r le y .

R ye.

bbl .1 9 6 :6 s . b u s h . 6 0 lb s. b u s h . 5 6 lb s. b u s h . 32 lb s. b u s h A S I b s . b ush.H G Ibs.
2 ,7 1 9 ,0 0 0
2 3 9 ,0 0 0
C h i c a g o ------8 3 2 ,0 0 0
2 ,0 0 0 ,0 0 0
2 7 8 ,0 0 0
5 2 ,0 0 0
_______
3 ,9 9 6 ,0 0 0
5 9 ,0 0 0
M in n e a p o lis . _
5 7 8 ,0 0 0
3 1 9 ,0 0 0
1 9 8 ,0 0 0
7 8 4 ,0 0 0
1<1.000
1 7 0 ,0 0 0
8 7 4 ,0 0 0
2 0 1 .0 0 0
2 2 ,0 0 0
4 3 .0 0 0
M i l w a u k e e ___
4 9 1 ,0 0 0
2 9 0 ,0 0 0
6 0 ,0 0 0
2 9 6 ,0 0 0
13,00(1
T o l e d o _______
14,00(1
...........
3 6 ,0 0 0
2 5 ,0 0 0
3 5 ,0 0 0
D e t r o i t ____
1 ,1 6 8 ,0 0 0
1 5 2 ,0 0 0
2 1 5 ,0 0 0
3 7 3 ,0 0 0
S I . L o u i s ____
1 4 ,0 0 0
3 ,0 0 0
85.0 0 C
4 8 ,0 0 0
468,00(1
1 3 9 ,0 0 0
2 2 ,0 0 0
1 ,4 5 6 ,0 0 0
1 0 4 ,0 0 0
2 6 0 ,0 0 0
9 6 6 ,0 0 0
1 6 0 ,0 0 0
2 3 2 ,0 0 0
6 5 ,0 0 0
1 8 7 ,0 0 0
2 5 6 ,0 0 0
I n d ia n a p o lis ..
1 1 ,7 3 5 ,0 0 0
1 2 ,6 6 6 ,0 0 0
5 ,6 2 5 ,0 0 0

2 ,1 0 6 ,0 0 0
4 ,9 9 3 ,0 0 0
1 ,6 8 0 ,0 0 0

4 ,7 6 5 ,0 0 0 1 7 8 ,2 5 9 ,0 0 0
3 ,7 7 1 ,0 0 0 1 8 8 ,6 5 9 ,0 0 0
3 ,2 8 6 ,0 0 0 5 7 ,8 7 4 ,0 0 0

2 8 ,0 6 5 ,0 0 0
5 0 ,6 7 1 ,0 0 0
2 6 ,9 1 8 ,0 0 0

4 9 8 ,0 0 0
3 4 6 ,0 0 0
3 5 9 ,0 0 0

T o t a l w k . '1 9
S a m e w k . '1 8
S a m e w k . '1 7
S in c e A u g . 1—
1 9 1 9 _______
1 9 1 8 _______
1 9 1 7 ..............

4 ,3 9 7 ,0 0 0
5 ,6 4 1 ,0 0 0
6 ,3 8 3 ,0 0 0

1 ,0 9 3 ,0 0 0
1 ,5 1 1 ,0 0 0
2 ,8 9 7 ,0 0 0

6 4 ,0 0 9 ,0 0 0 2 0 ,8 6 8 ,0 0 0
9 0 , 9 6 0 ,0 0 0 i 1 4 ,2 7 8 ,0 0 0
9 0 ,2 5 9 ,0 0 0 2 6 ,5 5 3 ,0 0 0

8 6 0 ,0 0 0
8 2 6 ,0 0 0
7 9 7 ,0 0 0

9 ,4 6 7 ,0 0 0 '
7 ,6 3 3 ,0 0 0
8 ,1 1 8 .0 0 0 -

Total receipts of flour and grain at the seaboard ports for
the Aveek ended Oct. 11 1919 follow:
R e c e ip ts a t—

W h ea t.

F lo u r .

C orn.

O a ts .

B u s h e ls .
1 ,5 1 3 ,0 0 0
8 0 4 .0 C 0
4 1 3 ,0 0 0
8 5 6 ,0 0 0
8 6 2 ,0 0 0
3 ,2 6 9 ,0 0 0
5 2 1 ,0 0 0

B u s h e ls .
4 2 ,0 0 0
3 ,0 0 0
2 9 ,0 0 0
4 5 .0 0 0
1 ,0 0 0
1 ,0 0 0

6 1 9 ,0 0 0
8 ,2 3 8 ,0 0 0
T o t a l w e e k ’ 19
S in c e J a n . 1‘ 19 2 9 ,3 1 8 ,0 0 0 1S 2 ,6 3 4 ,0 0 0

1 2 1 ,0 0 0
9 ,7 1 8 ,0 0 0

N e w Y o r k ___
P h i l a d e l p h i a ..
B a lt i m o r e _____
G a l v e s t o n ____
M o n t r e a l _____
B o s t o n _______

B a r r e ls .
1 9 5 ,0 0 0
1 0 3 ,0 0 0
1 1 9 ,0 0 0
1 3 8 ,0 0 0
2 1 ,0 0 0
3 9 ,0 0 0
5 ,0 0 0

2 9 1 ,0 0 0
AA'eck 1 9 1 8 ___
S in c e J a n . 1 '1 8 1 3 ,2 2 9 ,0 0 0

3 ,5 3 4 ,0 0 0
5 4 ,0 7 2 ,0 0 0

1 4 5 ,0 0 0
1 8 ,3 4 9 ,0 0 0

B a r le y .

B u s h e ls .
4 1 0 ,0 0 0
6 2 ,0 0 0
4 6 ,0 0 0
8 3 ,0 0 0
2 ,0 0 0
2 8 4 ,0 0 0
3 0 ,0 0 0

R ye.

B u s h e ls .
2 1 ,0 0 0
8 ,0 0 0

B u s h e ls .
3 5 9 ,0 0 0
1 ,0 0 0
2 8 ,0 0 0

1 8 ,0 0 0
6 0 ,0 0 0

2 1 6 ,0 0 0

9 1 7 ,0 0 0
4 4 6 ,0 0 0
2 4 5 ,0 0 0
6 0 ,4 8 8 ,0 0 0 5 4 ,7 0 1 ,0 0 0 2 5 ,7 9 5 .0 0 0
1 ,6 9 4 .0 0 0
8 0 ,8 6 9 ,0 0 0

2 1 ,0 0 0
8 ,0 8 0 ,0 0 0

2 1 3 ,0 0 0 3 ,9 8 0 ,0 0 0

* R e c e i p t s d o n o t in c l u d e g r a i n p a s s in g t h r o u g h N e w O r le a n s f o r f o r e i g n p o r t s ,
o n t h r o u g h b il ls o f l a d in g .

The exports from the several seaboard ports for the week
ending Oct. 11 are shown in the annexed statement:
R e p o r t s fr o m —

W h ea t.

C orn.
B u sh d r.

N e w Y o r k _____
P h ila d e lp h ia ..
B a l t i m o r e _____
N e w O r le a n s ..
G a l v e s t o n _____

B u sh < ls.
2 3 8 ,9 6 9
2 5 7 .0 0 0
1 5 5 .0 0 0
1 8 8 .0 0 0
8 7 6 ,0 0 0
1 ,2 1 5 ,0 0 0

F lo u r .

O a ts .

R ye.

B u s h e ls .
7 9 0 ,0 1 5
5 0 .0 0 0
5 6 .0 0 0
4 0 9 ,0 0 0

B u sh els.
3 9 4 ,0 9 7
3 0 ,0 0 0

1 5 ,0 0 0

8 4 ,0 0 0

7 ,0 0 0

2 3 ,0 0 0
3 1 7 ,0 0 0

3 5 ,0 0 0

1 6 5 ,9 5 7 1 ,3 8 9 ,0 1 5
4 5 ,4 1 8
6 1 3 ,0 6 0

4 3 1 ,0 9 7
9 0 ,8 7 9

5 6 2 ,2 0 9
5 0 ,9 1 5

2 0 ,0 0 0

T o t a l w e e k . 2 ,9 2 9 ,9 6 9
AA'cek 1 9 1 8 . . . 4 ,0 4 9 ,2 5 9

B a r r e ls .
9 3 ,9 5 7
6 ,0 0 0
2 0 ,0 0 0
4 6 ,0 0 0

P ea s.

B a r le y .

B u sh els. B u s h e ls .
5 ,4 2 7
5 2 ,2 0 9
2 5 ,0 0 0
1 4 5 ,0 0 0

5 ,4 2 7
900

The destination of these exports for the week and since
July 1 1919 is as beloAv:
F lo u r .
E x p o r ts f o r W e e k
a n d S in ce
J u ly 1 to—

W eek
O ct. 11
1919.

W h ea t.

S in c e
J u ’y 1
1919.

B a r r e ls .
2 5 ,9 9 6
8 4 ,9 6 1
S o. & C en t. A m e r.
1 7 ,0 0 0
AA'est I n d i e s _______
3 8 ,0 0 0
B r it .N o . A m .C o ls .
O t h e r C o u n t r i e s . . ..............

B a r r e ls .
3 ,1 2 8 ,8 0 4
3 ,6 9 0 ,9 5 0
2 7 2 ,9 5 6
3 5 5 ,1 2 0

T o t a l ...................... 1 6 5 ,9 5 7
T o t a l 1 9 1 8 _________
4 5 ,4 1 8

7 ,5 0 4 ,2 2 3
1 ,0 2 0 ,1 3 8

U n ite d

K in g d o m .

W eek
O c t. 11
1919.
B u s h els .
1 ,7 7 9 ,9 0 8
1 ,1 3 0 ,0 6 1
2 0 ,0 0 0

C orn.

S in c e
J u ly 1
1919.

W eek
O ct. 11
1919.

B u s h e ls .
1 8 ,5 6 0 ,8 7 5
3 7 ,4 7 5 ,7 0 0
4 5 ,0 0 0
1 ,0 6 5

B u s h els .
1 5 ,0 0 0

5 6 ,0 8 2 ,6 4 0
1 9 ,9 8 5 ,2 9 1

3 5 ,0 0 0

2 0 ,0 0 0

S in c e
J u ly l
1919.
B u s h e ls .
4 9 S .7 0 8
1 9 1 ,0 0 0
1 4 ,6 7 3
3 8 0 ,7 7 9
3 ,1 3 9

5 6 ,3 9 3
2 ,9 2 9 ,9 6 9
4 ,0 4 9 ,2 5 9

1 ,0 8 8 ,2 9 9
2 ,1 9 1 ,0 6 9

1540

THE CHRONICLE

The world’s shipments of wheat and corn for the week
ending Oct. 11 1919 and since July 1 1919 and 1918 are
shown in the following:
W h ea t.

1919.

E x p o r ts .

C orn.

1918.

W eek
O ct. 11.

J tu y

B u s h e ls .

N o r th A m er

S in c e
J u ly 1 .
B u s h els .

B u s h els .

1.

5,197,000 HR. 132.001 57.365.00:

1918.

:919
He it
11.

S in ce
J u ly 1.

S in c e
J u ly 1 .

B u s h els .
1 2 .0 0 0

B u s h els .

B u s h els .

O ct.

628,000

4,874,000

[V ol . 109.

in s o m e e a s t e r n l o c a l i t i e s b y l a c k j o f m o i s t u r e .
T h e s e e d in g o f o t h e r w in te r
g r a i n s p r o g r e s s e d f a v o r a b l y d u r i n g t h e w e e k in m o s t s e c t i o n s .
R ic e w a s
d a m a g e d in A r k a n s a s a n d T e x a s b y e x c e s s i v e r a in s , w h il e h a r v e s t i n g a n d
t h r a s h i n g m a d e s l o w p r o g r e s s in L o u i s i a n a , b u t a g o o d c r o p i s b e i n g s e c u r e d
in C a l i f o r n i a .
G r a m t h r a s h i n g in t h e l a t e d i s t r i c t s is n e a r i n g c o m p l e t i o n ,
w i t h b u c k w h e a t y i e l d i n g w e l l in t h e A p p a l a c h i a n M o u n t a i n s e c t i o n s .
P O T A T O E S . — T h e w e a t h e r w a s f a v o r >bl * f o r . h a r v e s t i n g w h 't e p o t a t o e s ,
e x c e p t in p a r t s o f t h e u p p -r M 's s 's s - p p i V a l l e y , w h e r e it w a s t o o w e t .
P o­
t a t o r o t c o n t i n u e s in p a r t s o f s o u t h e r n N e w E n g l a n d a n d N e w Y o r k .
Sw eet
p o t a t o e s w e r e i n j u r e d b y r a i n in T e x a s , b u t h a r v e s t i n g o f t h i s c r o p c o n t i n u e d
in o t h e r s e c t io n s u n d e r fa v o r a b l e c o n d it io n s .

THE DRY GOODS TRADE

New York, Frida;/ Night, Oct. 17 1919.
A stronger tone has developed in the market for drygoods
during the week just closed. The buying by large houses
8 6 6 ,6 6 6
has been of better character and manufacturers are showing
T o t a l _____ 9,769,90()'200,098,000 121,677,000 2,608,000 38,807,000 11,898,000
more inclination to cover their needs for the next five months.
Mills are in a well sold condition and prices consequently
The quantity of wheat and coni afloat for Europe on dates rise easily when their is any increase in the demand. The
mentioned was as follows:
consumption of goods came in for its share of attention
during the week and several confusing facts were brought
Wheat.
'
j
Corn.
out. One of these was referred to last week when the new
purchasing power of the consuming public was explained.
United.
United
Kingdom. *Conlinent
Total.
Total.
Kingdom. *Continenl
Retailers report that while some of their regular customers
halk at the increasing prices, new customers are paying
Bushels.
Bushels.
Bushels.
Bushels.
Bushels, i Bushels.
Oct 11 1919.,
them without a murmur, thus more than offsetting the
Oct
4 1919..
losses caused by the economy of the older clients. This is,
Sept 27 1919.. 15,808,000 53.144.000 68.952.000 4.200.000 11.944.000 16.144.000
Sept 20 1 9 1 9 ..115,248,000 56.744.000 71.992.000 4.744.000 12.912.000 17.656.000
perhaps, the best explanation of the fact that while the
Sept 13 1919. .'16,824,000 54.112.000 79.936.000 4.736.000 12.192.000 16.928.000
amount of goods moved has not been great, retailers are
reporting their sales as being above normal. They are bas­
* Including lor “ Orders."
ing their figures on dollars instead of quantities. Another
The visible supply of grain, comprising the stocks in
laet brought to light concerns the primary merchant . While
granary at principal points of accumulation at lake and
many jobbers are manifesting moro confidence and are
seaboard ports Oct. 11 1919 was as follows:
now buying well into March and M a y others are noting
G R A IN STO C K S.
the increasing tendency on the part of big retailers to hedge
Wneat.
Rye.
Barley.
C .
o-n
Oats.
on forward business. In some instances dry goods sellers
bush.
bush.
bush.
bush.
bush.
United States—
. . . 5,498,000
275,00(1 are already sending out a warning to buyers against over­
115,000
New Y o r k . _
13,000
435,000
_
85,000
207,000
14,000 stocking on the present market.
B oston _______
In primary circles the
. . . 2,625,000
4,000
23,000
17,000
2)3,009
Philadelphia .
. . . 4,032,000
39,000 activity that was predicted several months ago seems to
63,090
33,000
472,000
Baltimore
.
...
437,000
138,000
203,090
be at hand. The export division of the market has been
Newport News.
54,000
. . . 4,814.000
854,000
New Orleans.. .
60,000
296,000
slightly more active during the week, especially with South
. . . 3.010.000
83,000
Galveston . .
55,000
America and the West Indies. Hosiery continues to be
...15.732,000
398,000
980,000
Buffalo_______
108,000 1.961,000
. . . 1,754,000
255.000
12,000
1 .9,000
the chief article exported and it is reported that the demand
...
62,000
212.000
125.000
is improving. Low end cottons have received more attention
244,000
...16.839,000
Chicago._______
9)5,000 6,927,0)0 2,531,000
326,000
. . . 2,358,000
335.000
Milwaukee —
78,000 1 107,000
of late and silks and woolens have run in excess of any
802,000
. . . 2,107,000
341.000 3,995,000
Duluth . . -----normal foreign shipments. Exporters are still experiencing
972,000
. . . 5,329,000
Minneapolis
3,000 4,191,000 6,038,000
2,000
. . . 3,139,000
97,000
226,000
St. L o u is _____
15,000
difficulty in obtaining the merchandise .wanted. •
2S3.000
. . . 15,346,000
Kansas City___
54,000 1,174,000
D O M E S T IC C O T T O N G O O D S .— The strong tone that
4,000
435,000
17,000
26,000
. .
4 ,0 0 152,000 308,000
74 0
Tndianap lis —
sprung up 1st week in the market for staple cottons has
4,000
128,000
. . . 5,522,000
78S.000
Omaha . . . .
152,000
grown even stronger this week. There is a broad demand
150,000
...
50,000
50,000
On Lakes_____
40,000
452,000
On Canal and River. . . .
64,000
69,000
Mr goods and yarns with sellers inclined to be conservative.
I his restraint was largely due to the sharp rise in cotton
Total OcL 11 1919. _ 90,585,000
_
1,649,000 19,5)1,000 15,987,000 4,214,000
Total Oct . 4 1919. . . .84,900,000 2,163,000 19,612,000 15,395,000 4,541,000
Jifter the holiday. Such a wide fluctuation in the raw ma­
Total Oct. 12 1918. .104,494,000 5,610.000 23.914,000 4,041,000 2,690,000
terial market was the signal for caution in placing bids with
Total Oct. 13 1917. . . . 9,596,000 1,551,000 15,190,000 2,710,000 4,754,000
Buyers were insistent, however, and were
A'o'e.— Bondel grain not include 1 above: Oats, nil, against 3.000 bushels In 1918’ | .9 ..mills.
bidding somewhat higher prices for delivery late this year
and barley, New York. 30,000 bushels, Duluth, 19,000 bushels: total, 49,000, against
43,000 in 1918.
and early next year. There is also a steady call for spot
Canadian —
merchandise and scarcely any resistance to prices on future
843.000
272.000
. . . 4,227,000
Montre 1 --------2,000
804,000
orders if delivery is assured. The needs of many buyers
655,000
1,847,000
Ft. William & Pt . Arthur. 3,631.000
107,000 are apparent and were emphasized by the accumulation of
2,203,000
353,000
orders over the holiday. The larger degree of confidence
272.000 1,605,000
Tots 1 Oct. 11 1919. . .10,061,000
2,000 3,004,000
272,000 1,436,000
2,000 2.277,000
Total Oct. 4 1919. . . . 7,510.000
in second hand circles has been manifesting itself in a num­
______
181,000
Total Oct. 12 191S. . . . 8,836.000
106,000 6,542.000
ber of ways. Salesmen are sending in good substantial
12,000
4,000
Total Oct. 13 1917. . . . 7,125,000
29,000 3,521,000
orders and in some eases they are larger than the heads of
S u m m ary—
_ 90,585,000
_
American .
.
1,649,000 19,501,000 15,987,000 4,214,000
departments cared to see. Business in finished domestics
272,000 1,605,000
Canadian_ __
_
...10,061,000
2,000 3,004,000
has grown quite shrply of late and jobbers have.been selling
Total Oct. 11 1919. ..100,646,000 1,651,000 22,505,000 16,259,000 5,819,000
steadily. Denims, tickings, bleached and brown cottons
Total Oct. 4 1919. ...92,410,000 2,165,000 21,889,000 15,667,000 5,977,000
and wide sheetings have been bought liberally. Printers
Total Oct. 12 1918. ..113,330,000 5.716,000 30,456,000 4,041,000 2,871,0(0
are receiving more business than they can comfortably handle
Total Oct. 13 1917. ...16,721,000 1,580,000 18,711,000 2,714,000 4,766,000
and have entered the gray goods market in order to make
provision for next year. It has been stated that distribution
W E A T H E R B U L L E T IN FO R T H E W E E K E N D I N G
is uneven, due to the fact that mills are storing goods for the
O C T . 14.— The influences of weather on the crops as sum­ account of many purchasers, but a more probable explana­
marized in the weather bulletin issued by the Department of tion is found in the fact that there has been an embargo
Agriculture for the, week ending Oct. 14 were as follows:
on shipments for some time on account of strikes. In the
C O R N . — T h e l o w e r t e m p e r a t u r e t h a t p r e v a i l e d in t h e G r e a t P la i n s a n d
gray goods division of the market a strong tone prevails.
in t h e w e s te r n M is s is s ip p i V a lle y S ta te s w a s f a v o r a b le f o r t h e m a t u r in g a n d
3 8 £3-inch standards are listed at 19 cents.
d r y i n g o f c o r n , a l t h o u g h i t w a s s t :ll t o o m o i s t f o r c r i b b i n g w i t h s a f e t y .
H u s k in g p r o g r e s s e d u n d e r f a v o r a b l e c o n d it io n s in m o s t s e c t io n s .
Som e
W O O L E N G O O D S .— The between seasons period still
l a t e c o r n is n o t y e t r ip e in t h e lo w e r O h io V a ll e y .
prevails in the market for woolens and worsteds. The old
C O T T O N . — T h e t e m p e r a t u r e a v e r a g e d m u c h a b o v e n o r m a l in t h e e a s t e r n
problem of the market continues to he the chief topic of
p o r t i o n o f t h e c o t t o n b e l t , b u t b e lo w n o r m a l in t h e N o r t h w e s t .
R a in fa ll
d u r i n g t h e w e e k w a s h e a v y , a n d t h e s u n s h i n e i n a d e q u a t e in n e a r l y a l l l o c a l i ­
interest. Whether or not clothiers will go in for low priced
t i e s f r o m t h e M is s i s s i p p i V a ll e y w e s t w a r d , b u t in t h e e a s t e r n s e c t i o n o f t h e
merchandise, while their conversion costs remain so high is
b e l t o n l y lig h t t o m o d e r a t e r a in o c c u r r e d a n d d r o u g h t c o n t in u e d in s o m e
lo c a litie s .
T h e h e a v y r a in s a n d c l o u d y w e a t h e r c a u s e d d e t e r io r a t io n in ,
the essence of this problem. The retail trade is reported as
a n d c o n s id e r a b le d a m a g e t o , c o t t o n in t h e w e s t e r n p o r t io n o f t h e b e lt f r o m
being slow, especially in women’s wear. Staples are scarce
M is s is s ip p i a n d A r k a n s a s w e s t w a r d , w h ile p ic k in g w a s p r a c t ic a lly a t a s t a n d ­
s t i l l o r m a d e v e r y li t t le p r o g r e s s in t h a t a r e a .
T h e w e a th e r w a s fa v o r a b le
in the primary markets and serges are expected to hold their
f o r h a r v e s t in t h e e a s t e r n p o r t i o n o f t h e b e l t a n d t h i s w o r k m a d e g o o d p r o g ­
price. It is believed that the lower priced women’s serges
r a s s in t h a t s e c t io n .
C o t t o n d e t e r i o r a t e d in a ll s e c t i o n s o f T e x a s ; i t c o n t i n u e a in f a i r l y g o o d c o n d i t i o n i n t h e w e s t e r n h a l f , h o w e v e r , b u t i s m o s t l y
will be placed on tin; market in the near future. Some sellers
v e r y p o o r e ls e w h e r e , w ith c o m p la in t o f b o lls d e c a y in g .
T h e c o o l, w et
of woolens and worsteds are making an attempt to force
w e a t h e r w a s v e r y u n f a v o r a b l e f o r t h e d e v e l o p m e n t o f t h e t o p c r o p in O k l a ­
some of the slow moving lines on their customers. They are
h o m a w h e re h e r e to fo r e th e p r o s p e c ts h a v e b e e n fa ir ly g o o d .
T h e cro p has
b e e n m o s t l y p i c k e d i n G e o r g i a a n d F l o r i d a a n d p i c k i n g is f i n i s h e d i n s o m e
insisting that buyers who want the more active lines must
s o u t h e r n s e c t i o n s o f A l a b a m a , w h il e it is w e ll a d v a n c e d in t h e n o r t h e r n
also purchase a certain proportion of the other lines at the
p o r t io n .
T h e c r o p i s m o s t l y p o o r in N o r t h C a r o l i n a a n d r a n g e s f r o m p o o r
t o f a i r l y g o o d in S o u t h C a r o l i n a , b u t t h e p r o s p e c t f o r a t o p c r o p in t h e l a t t e r
same time.
S t a t e is v e r y p o o r , a lt h o u g h m a n y p la n t s a r e s t ill g r e e n .
. F O R E IG N DRV G O O D S .— The market for linens con­
W I N T E R G R A I N S .— T h e w e a th e r c o n tin u e d fa v o r a b le fo r th e s e e d in g
o f w i n t e r g r a i n s in n e a r l y a ll s e c t i o n s o f t h e c o u n t r y , e x c e p t f o r in t e r r u p t i o n s
tinues strong. It has been announced that the allotment of
i n O k l a h o m a a n d t h e w e s t G u l f r e g i o n b y r a 'n y w e a t h e r a n d w e t s o d a n d
British aircraft linen for this country will be handled by the
b y la c k o f m o is t u r e in s o m e M id d le A t la n t i c C o a s t S ta te s a n d in p a r t s o f
t h e fa r N o r t h w e s t .
T h e s o i l is n o w i n g o o d c o n d i t i o n f o r g e r m i n a t i o n a n d
Hunter Manufacturing and Commission Co.
Samples of
g r o w t h , a n d e a r ly s o w n w h e a t h a s c o m e u p t o a g o o d s t a n d a n d is g r o w i n g
the linen are on display at the offices of this company. The
n ic e ly .
S e e d in g is w e ll a d v a n c e d in m u c h o f t h e n o r t h e r n a n d w e s t e r n
p o r t io n s o f K a n s a s , b u t is j u s t b e g in n in g in t h e s o u t h e a s t e r n p o r t io n , c o n ­
merits of this cloth are well founded and it is believed that
s id e r a b ly la te r th a n in a n a v e r a g e s e a s o n .
T h e r e c e n t r a in s h a v e p u t t h e
it will he well taken here. The market for burlaps is strong
s o d in g o o d c o n d i t i o n in M o n t a n a , b u t it c o n t i n u e s t o o d r y in p a r t s o f t h e
N o r t h P a c ific C o a s t S ta te s.
S e e d in g h a s b e e n d e la y e d in t h e w e s t e r n
and advancing. Light weights are quoted at 14.25 cents and
p o r t io n o f t h e w in te r o a t s b e lt b y w e t s o il, w h ile th is w o r k w a s h in d e r e d
heavy weights nominally at 18.00 to 18.25 cents.
D a n u b e ____
A r g e n t i n a __
A u s t r a lia . _
I n d i a _______
O t h . c o u n t r 's

3.230.000 5 ).9 )5,00e 48.812,00.' 2,516.000 36,6.4,000
1.312.000 31,775.000 11,070,000
3,710,000
7 ),65o 1.286,000
720.000 "" 'sb.ooo 1,575,001




6,158.000

O ct. 18 1919.]

THE CHRONICLE

jitaic awil City ■pqmvtMcnt
T h i s d e p a r t m e n t o f o u r p a p e r is c u r t a i l e d t h e p r e s e n t
w e e k , a l o n g w i t h all o t h e r d e p a r t m e n t s , o n a c c o u n t
o f t h e s t r i k e s a n d l o c k o u t s in t h e p r i n t i n g t r a d e s .

N E W S

IT E M S .

S. o f B r a z il .— Bonds Offered
by Syndicate.— A syndicate composed of Imbrie & C o.,
E . H . Rollins & Sons, Spencer, Trask & C o ., The Equitable
Trust C o ., Cassatt & C o ., and William R . Compton C o .,
of New York is offering to investors at 95
to yield approxi­
mately 6 38 % ; SS,500,000 6 % external secured sinking fund
gold bonds dated N ov . 1 1919 and due N ov . 1 1943. Prin­
cipal and semi-annual interest (M . & N .) payable in New
York C ity. Further details appear in earlier pages of this
issue, under Current Events and Discussions.
S a o P a u lo

(C it y o f ) ,

U.

The official notice of this bond offering trill be found among the advertise­
ments elsewhere in this Department.

BOND

PROPOSALS

AND

this w
eek have been as follow
s:

N E G O T IA T IO N S

AKRON, Summit C oun ty, O h io.— ROAD SALE.— On Oct. 13 the
2 issues of 5% 1-15-year serial bonds aggregating $221,000— V. 109. p.
1290— were awarded to Otis & Co. of Cleveland for $224,150, equal to
101.434. Date Oct. 1 1919.
ALCONA TOW NSHIP (P. O. Black River), A lcona C oun ty, M ich.—
BOND SALE.— The llanchett Bond Co. of Chicago recently purchased
and is now offering to investors at a price to yield 4.90% $13,000 5% taxfree road bonds. Dcnom. $500. Date April 1 1919. Prin. and ann. int.
(April 1), payable at the Fort Dearborn Trust & Savings Bank of Chicago.
Due yearly on April 1 as follows: $1,000 1920 to 1923, incl., and $1,500
1924 to 1929, incl. Bonded debt, this issue only.
ALPINE SCHOOL DISTR IC T (P. O. American F orks!, Utah
C oun ty, U tah.— BOND SALE.— The Sweet, Causey, Foster & Co. of

ANTIGO, Langlade C ou n ty, W ise.— BOND SALE.— On Oct 1 E. 11
Rollins & Sons were awarded $16,000 5% sewer drainage bonds for $ir, 1
268 32, equal to 101.489. Denom. $1,000. Date Nov. 1 1919. Int
M . < N. Due yearly from 1927 to 1931. inclusive.
fc
ARLINGTON, T arrant C ou n ty, Tex.— WARRANT SALE.— An
issue of $80,000 6 % water system warrants was awarded on Aug. 20 to
a local investor. Denom. $1,000. Date day o f sale. Int. F. & A. Due
$4,000 yearly on Feb. 20 from 1925 to 1944, incl.
ASHTABULA COUNTY (P. 6 . Jefferson), O hio.— BOXD S A L E —
On Oct. 13 the $11,000 5% 1-9-year serial road bonds, dated April l I9 iq
(V. 109, p. 1479), were awarded to the First National Bank o f Jefferson
at pvr and interest.
ATASCADERO SCHOOL DISTRICT, San Luis O bispo C oun tv
C alif.— BOND SALE.— The $16,000 6 r. bnods offered on Oct. 6 (V. l()q’
p. 13821, have beep awarded, it is stated, to the Hank o f Italy at 106.175!

AURORA (P. O. East A urora), Erie C ounty, N. Y .— BOND SALE.—
O n O c i . 14 a n is s u e o f $ 1 8 ,0 0 0 h % r o a d b o n d s w a s a w a r d e d t o O ’ B r ia n
P o t t e r & C o . , o f B u f f a l o , a t 1 0 1 .3 8 8 .
D t n o m . $ 1 ,0 0 0 .
D n *e S ep t. 1 1919'
I n t . M . & S.
D u e $ 3 ,0 0 0 y e a r ly o n S e p t . 1 fr o m 1921 t o 1 9 2 6 , In c lu s iv e .

AVON, Lorain C ou n ty, O h io. — BOND SALE.— O n S e p t . 8 t h e $15 0 0 0
5 H % 2 - 8 - y e a r s e r ia l s t r e e t im p t . b o n d s d a t e d O c t . 1 5 1 9 1 9 — V . 1 0 9
p
7 9 6 — w e r e a w a r d e d t o S e a s o n g o o d & M a y e r o f C in c in n a t i a t 1 0 1 .0 3 .
'
BAKER COUNTY (P. O. Baker), Ore. — -BOND SALE.— O n O c t . 15
M o r r i s B r o s ., I n c . , o f P o r t l a n d , w e r e a w a r d e d , o n t h e ir b i d o f 1 0 0 .7 8 6 5 5
t h e $ 1 0 0 ,0 0 0 5 % 1 0 -2 0 -y e a r ( o p t .) r o a d b o n d s — V . 1 0 9 , p . 7 9 6 .
BARTHOLOMEW COUNTY <P. O. C olum bus), In d .— BOND
OFFERING.— P r o p o s a l s w i l l b e r e c e i v e d u n t i l 2 p . m . O c t . 2 5 b v E d
S u v e r k r u p , C o u n t y T r e a s u r e r , f o r $ 6 8 , 8 8 5 4 12 % A u g u s t N e u t r e y e t a l '
C o lu m b u s T w p . r o a d b o n d s .
D e n o m . $ 3 ,4 4 4 2 5 .
D a t e O c t . 2.5 1 9 i q '
In t. M . & N .
D u o $ 3 ,4 4 4 2 5 e a c h s ix m o n t h s fr o m M a y 1 5 1 9 2 1 t o N o v
15 1 9 3 0 , i n c l u s i v e .
'

BEEBE SCHOOL DISTR IC T, W hite C oun ty, A rk.— BOND SALE —
A n is s u e o f $ 2 4 ,0 0 0 6 % s c h o o l b o n d s h a s b e e n s o ld t o t h e l l a n c h e t t B o n d
o f C h ic a g o .
D en om . $500.
D a te M a y 1 1919.
P r in . a n d s e m i-a n n
n t . ( M . & N . ) , p a y a b l e a t th e S t a n d a r d T r u s t & S a v in g s B a n k , C h ic a g o .

Co.

BENTON COUNTY (P. O. Cam den), T en n .— BOND OFFERING__
S . A . C le m e n t , C o u n t y J u d g e , w ill r e c e iv e p r o p o s a ls u n t il 1 2 m . O c t 2 5
f o r $ 5 0 ,0 0 0 5 % c o u p o n r o a d b o n d s .
D e n o m . $ 1 ,0 0 0 .
D a t e O c t . 1 l 'q i q '
In t. A . & O .
D u e $ 1 0 ,0 0 0 y r l y . o n M a r . 1 fr o m 1921 t o 1 9 2 5 in c l
C ert
c h e c k fo r 2 % o f a m o u n t o f b o n d s b id f o r . p a y a b le t o B o b S m ith , T r u s t e e '
r e q u ir e d .
B o n d e d D e b t ( e x c l u d i n g t h i s is s u e ) O c t . 14 1 9 1 9 , $ 1 8 0 0 0 ’
F l o a t i n g d e b t ( a d d I) $ 2 , 0 0 0 .
S in k in g fu n d $ 1 ,0 4 8 .
A s s e s s e d v a l u e 1919

1JJ1 iU v •
) U/

BEVERLEY, Essex C ounty, Mass.— BOND OFFERING.— It i s r e p o r t e d
t h a t th e T r e a s u r e r w ill r e c e iv e p r o p o s a ls u n til 5 p . m . O c t . 2 2 f o r $ 8 0 o d n
4 ■i % b o n d s
D a te S e p t. 1 1919.
D u e $ 5 ,0 0 0 y e a r ly o n S e p t . 1 fr o m 1 9 2 0
t o 1 9 3 5 , in c lu s iv e .
BISON, Rush C ou n ty , K ans.— BOND OFFERING.— B . H. Schwartzkopf. City Clerk, will receive proposals until Oct. 21. it is reported for the
$9,000 S ^ lR -y r . electric light bonds voted at the election held Sept 9 .—
BIW ABIK, St. Louis C ou n ty, M inn.— CERTIFICATE SALE — On
Sept. 20 the Minneapolis Trust Co was awarded $100,000 5 34% 1-5-ycar
paving certificates. Denom. $1,000.
'2/
C
>a
BLAINE COU N TY (P O. C h in ook ), M ont.— BOND OFFERING —
Vernon Butler, County Clerk, will receive Iv'ds until Oct -,1 for the sunn nnn
S££
b° ndS V° ted 0,‘ Scl)t- 2~ V * 1 3 8 3 .°c £ t°
BLANCHESTER, C linton C oun ty, O h io.— BOND OFFERING — It
is reported that proposals will he received by Village Clerk, W. L. Hixson.
« nt‘ k2 n}- (V m n 9 f°r $7,2.50 5Jo % street, bonds. Denom. $500 and $250.
Date Sept. 1 1919. Due $o00 yearly from 1920 to 1933, incl., and $250 in
1934. Cert, check for $500 required.
, ?H U& EART,m ^ R ^ r?7’,Y SCHOOL D ISTR IC T NO. 1 (P. O. Man­
kato), M inn.— BOA D SALE.—-The $60,000 4% school bonds voted during
July— V . 109, P- 601— have been sold to the State of Minnesota at 99.75.
Int. annually. Duo yearly from 1931 to 1938, inclusive.
BURLINGTON, Kit Carson C oun ty, C olo.— BOND SALE.— Sidlo
Simons, Fels & Co. of Denver have purchased $60,000 6 % water works
extension bonds for S60.275 equal to 100.458. Denom. $ 1 ,0 0 0 . Date
O c t -1 1919. Prin. and semi-ann. int. (A. & O.) payable at Kountze Bros.,
N . Y . Due Oct. 1 1934.
•




1541

BOONE COUNTY (P. O. L eban on), In d .— BOND OFFERING.—
.1. L. Thomas, County Treasurer, will receive proposals until 10 a. m.
Oct. 22 for the following 414% road bonds:
$13,400 Thos. O. Cash et a!. Clinton Twp. bonds. Denom. $670. Due
$670 each six months beginning M ay 15 1921.
10,900 Marion A. Davis et al. Sugar Creek Twp. bonds. Denom. $545.
Due $545 each six months beginning M ay 15 1921.
Date Oct. 7 1919. Int. M . & N.
BUTLER, Butler C oun ty, Pa.— BOND SALE.— Lyon. Singer & Co.
of Pittsburgh were on Oct. 14 awarded an issue of $125,000 414% street
and municipal impt. bonds. Denom. 75 for $1,000 and 100 for $.500.
Date Oct. 1 1919. Int. A. & O. Due Oct. 1 1949. subject to call Oct.
1 1929.
CALIFORNIA (State o f).— BOND SALE.— 'The $163,000 1% 21-65year (opt.) India Basin bonds offered on Oct. 9 —V. 109, p. 1383— have
been sold, according to reports, to the Anglo & London Paris National Bank
of San Francisco at par and interest.
CAMDEN COUNTY (P. O. Cam den), N. J. —BOND SALE.— On Oct.
6 the issue of 5% impt. bonds offered on that date— V. 109, p. 1290—was
awarded to the National City Co. of Philadelphia at 101.579 for $58,000
bonds. Denom. $1,000. Date Sept. 1 1919. Int. M . & S. Due Sept.
1 1925.
CHATTANOOGA, T enn .— BOND OFFERING.— Sorted bids will be
received until 11 a. m. Oct. 21 by Alexander W. Chambliss, Mayor, for
the following 5% memorial auditorium bonds.
$35,000 bonds. Due Oct. 1 1928.
75.000 bonds. Due Oct. 1 1929.
Denom. $1,000. Date Oct. 1 1919. Prin. and semi-ann. int. payable
at the National City Bank. N. V. Cert, check for $1,009 payable to
F. K. Rosamond, City Treasurer, required. Purchaser to pav accrued
interest. The approving opinion of Caldwell & Masslich, of N. Y ., of
the legality of bonds will be furnished to the purchaser.
CH1CKASHA, Grady C oun ty, O kia.— BOND OFFERING.— Proposals
will be received until Oct. 23 by E. G. Reynolds. Citv Clerk, for the $109,000
5 \ to 6 % park bonds authorized by a vote of 349 to 243 at the eloction
4
held Sept. 30— V. 109, p. 1383.
CLOVIS UNION HIGH SCHOOL D ISTR IC T, Fresno C ou n ty,
Calif.— BOND SALE.— E. H. Rollins & Sons, offering 101.033 and int.,
were awarded the $100,000 5 % high school bonds offered on Oct. 7— V. 109,
p. 1291.
COAL RURAL SCHOOL DISTRICT iP. O. C oalton), Jackson
C oun ty, Ohio.-— BOND OFFERING.— I'reposals will be received until
12 m. Nov. 8 by W. F. Darling. Clerk Board of Education, for $16,000 5%
school bonds. Denom. $500. Date Dec. 1 1919. Int. M . & S. Due
:
from March 1 1920 to Sept. 1 1927, incl. Cert, check for $100 required.
Purchaser to pay accrued interest.
COATS SCHOOL DISTRICT, H arnett C oun ty, No. C aro.— BOND
SALE.— On Oct. 9 Sidney Spitzer & Co. of Toledo were awarded the
$15,000 6 % 2 0 -year bonds dated Oct. 1 1919— V. 109, p. 1199— for $15,325
(102.16) and interest.
COEUR D ’ALENE, K ootenai C ou n ty, Id ah o.— BOND SALE.— On
Aug. 25 Murphy, Favre & Co. and the American Trust C o ., bidding jointly,
were awarded $33,000 5!4% refunding bonds at 100.30. Denom. $500.
Date Sept. 1 1919. Int, J. & .1.
COLORADO COUNTY DRAINAGE D IST R IC T NO. 3, Tex.—
BOND SALE.— The $110,000 6 % bonds mentioned in V. 109. p. 1480—
have been awarded to Kauffman-Smith-Emert Investment Co., of St.
Louis. Denom. $1,000. Date June 10 1919. Prin. and semi-ann. int.
(J. & D.) payable at the Nation City Bank. N. Y. or at the County Treas­
urer’s office. Due yearly on June 10 as follows: $10,000 1921, and
$4,000 1925 to 1949, incl.
COLUMBIANA COUNTY (P. O. L isbon ), O h io.— BOND OFFERING.
— The Board of County Commissioners will receive bids until 1 p. m. Oct.
20 for the following 2 issues of 5% road bonds:
$33,000 I. C. II. No. 82 bonds. Denom. 27 for $1,000 and 3 for $2,000.
Due yearly on Oct. 1 as follows: $3,0000 1920 to 1928, incl., and
$6,000 1929.
5,500 No. Market St. bonds. Denom. 5 for $1,000 and 1 for $500.
Due $1,000 yearly on Oct. 1 from 1920 to 1924. incl.. and $500
Oct, 1 1925.
. .
The said Board of Commissioners will also receive proposals until 1 p. m.
Oct. 27 for $20,000 5% I- C. H. No. 368 & 383 bonds. Denom. $1,000.
Due $2,000 yearly on Oct. 1 from 1920 to 1929, inclusive.
All of tho above bonds are dated Oct. 1 1919. Prin. and semi-ann. int.
(A. & O.). payable at the County Treasurer's office. A certified check on
some bank other than the one making the bid, payable to the County
Treasurer for $500 is required with each issue ind upon. Bonds being
offered on Oct. 20 will be delivered and paid for on Nov. 1 and those offered
on Oct. 27 will be deliverable on Nov. 10. Purchaser to pay act rued interest,
CRISP COUNTY iP. O. C ordele), G a.— BONDS SALE — We. are ad­
vised that the $350,000 5% gold road bonds recently voted (V. 109, p. 1957)
will be offered for sale about Jan. 1 1920.
CRITTENDEN COUNTY ROAD IMPROVEMENT DISTRICTS
(P. 0 . M arion), Ark.— BO\ D OFFERING.— Proposals will be received
until 10.30 a. m. Oct. 23 by Charles G. Barton, County Judge (P. O. Earle)
for the following bonds:
$1,040,000 Road District No. 7 bonds. Due vearly on Aug. 1 as follows:
$24,000 1924. $25,000 1925. $27,030 1926. $29,003 1927. $30,000
1928. $32,000 1929. $34,000 1930. $36,000 1931, $38,039 1932.
$40^000 1933. $42,000 1934. $45,000 1935. $18,000 1936. $51,000
1937 *54,000 1938. $58,090 1939, $61,090 1910. $65,090 1941.
$69,000 1942, $<3,000 1913. $77,090 1911 and $82,009 1915.
To o
'lJoa)5Sised va,ue 1 9 1 8 51,389,000. Total assessed benefits
S3,252,000.
725,000 Road District No. 8 bends. Due yearly oa Aug. 1 as follows:
S*7.0(» 1924.$18.0()0 1925. $19,000 1926, $20,000 1927. $21,000
I 9 ^ * 2^ 9 0 ^ 9 2 ^ * 2 4 ’ 0 9 0 193°- *35,000 1931. $26,090 1932.
*,2no’P°S 1934•531,000 1935, $34,000 1936. $36,000
9
1937, $38.0n0 1938 $40,000 1939. $42,000 1940, $45,030 1941,
$48,000 1942. $51 000 1943, $54,000 1944 and $57,000 1945.
$ 2 407a000Sed ' a Ue 1 9 1 8 S968’909’
TotaI asses*ed benefits,
1.500.000 Road District No. 9 bonds. Due vearly on Aug. 1 as follows:
$35,000 1924, $37 000 1925, $39,000 1926, $41,000 1927. $14,000
1928, $47,000 1929. $49,000 1930, $52 000 1931 $55 030 1912,
$58,000 1933 $62 000 19.34. $65,000 1935$690001936, $ 7 3 090
1937. $/8.000 1938, $83,000 1939. $88,000 1940, $93,000 1941,
$9 9 ,0 0 0 1942. $104,000 1943. $111.000 1944 and $118,003 1945!
J.°la
J.ao ™ sed value 1 9 1 8 54,536,003. Total assessed benefits
S‘i .On 1,000.
Denom. to suit purchase. Date Dec. 1 1919. Interest at 6 % payable
semi-ann., the districts reserving the privilege of converting the issue into
bonds hearing 5W% interest. Cert, check for 2% payable to the Commis­
sioners, required. Purchaser to pay accrued interest and also pay for bonds
and trustee s registration fee and will be required to furnish blank bonds,
ready for signatures of the proper officials, without cost to the district. The
opinion of Rose. Hemingway, Cantrell < Loughborough of Little Rock or
fc
John C. Thompson, o f N. Y. approving the legality of the bonds will be
furnished to the purchaser.
DEARBORN COUNTV iP. O. Law renceburg), In d .— BOND OFFER­
ING.— Proposals will be received until 10 a. m. Oct. 20 by Gatch L. Baker.
County Treasurer, for $10,500 4% % James N. Hooper ct al. Clay Twp.
road bonds. Denom. $525. Date Sept. 1 1919. Int. M. < N. Due
c
$525 each six months from M ay 15 1920 to Nov. 15 1929. incl.
DELL RAPIDS, M inn.— BOND OFFERING.— It is reported that James
ILalington. City Auditor, will receive bids until 8 p. m. Oct. 21 for $24,000
5% electric light bonds. Int. M . & N.
DU BOIS, Clearfield C ou n ty, Pa-— BOND OFFERING.— According
to reports, Thos. O. Oberrender, Superintendent of Accounts and Finances,
will receive bids until 12 m. Oct. 20 for $50,000 4H % impt. bonds. Date
Dec. 1 1919. Int. J. & D
Due yearly on June 1 as follows: $2,000
1921 to 1924. $3,000 1925 and 1928. $2,000 1927, $4,000 1928 $3,000 1929,
1930 and 1931, $4,000 1932, $3,000 1933. $4,000 1934, 1935 and 1936, and
$2,000 on Jan. 1 1937.
DUNSMUIR SCHOOL D ISTRICT, Siskiyou C oun ty, C alif.— BOND
SALE.— Schwabacher & C o.; offering 110.25, were awarded the $34,000grammar-school bonds offered on Oct. 6 (V. 109, p. 1384).

1542

THE

[Vol . 109.

C H R O N IC L E

> DURHAM, Durham C ounty, No. Caro.— B O N D S A L E . — O n O c t . 9
t h e f o ll o w in g t w o is s u e s o f 5 % b o n d s a g g r e g a t in g $ 5 7 5 .0 0 0 — V . 1 0 9 . p . 1 3 8 4
— w e r e a w a r d e d , It is s t a t e d , t o H a m b le t o n & C o . , o f B a lt i m o r e a n d G u a r ­
a n t y T r u s t C o . o f N . Y . , jo in t ly :
$ 5 0 0 ,0 0 0 s tr e e t b o n d s .
D u e y e a r l y o n J a n . 1 a s f o ll o w s : 8 4 0 ,0 0 0 19 2 1 t o
1 9 2 4 , in c lu s iv e : $ 4 2 ,0 0 0 1 9 2 5 t o 1 9 2 8 , in c lu s iv e ; a n d $ 4 3 ,0 0 0 1 9 2 9
t o 1 9 3 2 , in c lu s iv e .
7 5 ,0 0 3 s e w e r b o n d s .
D u e $ 2 ,0 0 0 y e a r l y o n J u ly 1 f r o m 1 9 2 1 t o 1 9 5 0 ,
in c lu s iv e , a n d $ 3 ,0 0 0 J u ly i 1 9 5 7 .
D a te O ct. 1 1919.
DYERSBURG, Dyer C ounty, T en n . —

B O N D S A L E .— O c t . 9 I . B .
T i g r e t t & C o . , o f J a c k s o n w e r e a w a r d e d $ 1 3 3 ,9 5 0 i m p t . b o n d s f o r $ 1 3 5 ,5 1 5
• equal t o 1 0 1 .1 6 8 .
A b id w a s a ls o r e c e iv e d fr o m J . C . M a y e r & C o ., o f
C in c in n a ti.

EAGLE ROCK , Los Angeles County, Calif.— B O N D S A L E . — T h e
N a t i o n a l C i t y C o . , o f f e r in g $ 3 9 ,3 4 0 (1 0 3 .5 2 6 ) a n d in t e r e s t w a s a w a r d e d
t h e $ 3 8 ,0 0 0 5 J £ % s t r e e t -im p r o v e m e n t b o n d s o f f e r e d o n O c t . 6 ( V . 1 0 9 , P .
1 0 0 1 ).
D e n o m . $ 1 ,0 0 0 .
D a te O ct. 1 1919.
In t. A . & O .
D u e y e a rly
fr o m 1 9 2 0 t o 1 9 3 8 , in c lu s iv e .
EAST GRAND FORKS SCHOOL D IST R ICT (P. O. East Grand
Forks), Polk County, M inn.— B O X D S A L E . — T h e $ 9 2 , 0 0 0 s c h o o l b o n d s
r e c e n t ly v o t e d (V . 1 0 8 , p . 2 6 5 0 ), h a v e b e e n s o ld t o th e S ta te o f M in n e s o t a
a t par.

EAST ST. LOUIS, St. Clair County, 111.— B O N D S A L E . — A n i s s u e
o f $ 1 0 0 ,0 0 0 5 % 1 6 -2 0 y e a r s e r ia l p a r k
b o n d s w a s r e c e n t ly p u r c h a s e d b y
H a ls e y , S t u a r t & C o . , o f C h ic a g o , a t 1 0 1 .1 0 . it is s t a t e d .
I n t . s e m i-a n n .
FERGUS CO U N T Y SCHOOL D ISTR ICT NO. 192 (P. O. Grars

D a te O c t . 15 1 9 1 9 .
In t. M . & N .
s ix m o n t h s b e g i n n in g M a y 1 5 1 9 2 1 .

D u e o n e b o n d o f e a c h is s u e e v e r y

J E F F E R S O N C O U N T Y ( P . O . M a d i s o n ) , I n d . — B O X D O F F E R I N G .—
P r o p o s a ls w ill b e r e c e iv e d b y R o b e r t T . D e n n e r , C o u n t y T r e a s u r e r , u n t il
12 in . O c t . 2 2 fo r $ 1 3 ,7 2 0 4 4 % W . C . D a w s o n e t a l S a lu d a T w p . r o a d
bon ds.
D en om . $686.
D a te O ct. 6 1919.
In t. M . & N .
D u e $686
e a c h s ix m o n t h s fr o m M a y 1 5 1 9 2 1 t o N o v . 1 5 1 9 3 0 , in c l.
JO N E S
SC H O O L
D IS T R IC T ,
M oreh ou se
P a r is h ,
L a .— B O N D
S A L E .— H a n c h e t t B o n d C o . , o f C h ic a g o , h a s p u r c h a s e d $ 1 5 ,0 0 0 5 % s c h o o l
bon d s.
D enom . $500.
D a to Ju n e 1 1919.
P r in c ip a l a n d s e m i-a n n u a l
in t e r e s t ( J . & D . ) p a y a b l e a t t h e C o n t in e n t a l & C o m m e r c ia l T r u s t & S a v .
B a n k , C h ic a g o .
D u o y e a r ly o n J u n e 1 a s fo llo w s : $ 5 0 0 192 0 to 1 9 2 3 in c l.,
$ 1 ,0 0 0 1 9 2 4 , $ 5 0 0 1 9 2 5 , 8 1 ,0 0 0 1 9 2 6 , $ 5 0 0 1 9 2 7 . $ 1 ,0 0 0 1 9 2 8 , $ 5 0 0 1 9 2 9 ,
$ 1 ,0 0 0 1 9 3 0 , $ 5 0 0 1 9 3 1 , $ 1 ,0 0 0 1 9 3 2 . $ 5 0 0 1 9 3 3 , $ 1 ,0 0 0 1 9 3 4 , $ 5 0 0 1 9 3 5
a n d $ 1 ,0 0 0 1 9 3 6 t o 1 9 3 9 in c l .
K A N S A S C I T Y , K a n . — B O .V D S A L E .— O n O c t . 14 t h o $ 1 5 0 , 0 0 0 4 H %
1 3 -1 8 y e a r s e r ia l e l e c t r i c l i g h t p l a n t b o n d s , d a t e d O c t . 1 1 9 1 9 — V . 1 0 9 , p .
1 3 8 5 — w e r e a w a r d e d t o B o lg e r , M o s s e r & W illia m a n , o f C h i c ., a t 1 0 0 .1 5 3 .
K E N M O R E , S u m m i t C o u n t y , O h i o . — B O .V D S A L E . — O n O c t . * 3 t h e
$ 1 2 ,6 5 0 1 -1 0 y e a r s e r ia l a n d $ 6 ,1 5 0 1 -4 y e a r s e r ia l 5 l % c o u p o n s t r e e t
A
im p r o v e m e n t b o n d s , d a te d S e p t. 1 191 9 — V . 1 0 9 . p . 129 2 — w e r e a w a r d e d
t o T e r r y , B r ig g s & C o . , o f T o l e d o , a t 1 0 1 .1 9 a n d in t e r e s t .
K IN G S T O N
SC H O O L
D IS T R IC T
C o u n t y , I d a .— B O N D S A L E .— T h o I d a h
a w a r d e d a t p a r a n d i n t e r e s t , i t Is s t a t e d ,
s c h o o l h o u s e b o n d s , v o t e d o n J u ly 7 .— V .

(P . O .
K in g s to n ), S h o s h o n o
o S ta te L a n d B o a r d w a s r e c e n tly
t h e $ 1 0 ,0 0 0 5 % 1 -1 5 y e a r s e r ia l
109, p. 397.

R ange), M ont.— B O X D O F F E B I X G . — U n t i l O c t . 2 5 H a r r y L . T e t t r n ,
C le r k ( P . O . B a t t r ic k ) , w ill r e c e iv e p r o p o s a ls f o r $ 1 ,1 0 0 b o n d s , it is s t a t e d .

L A D O R A , I o w a C o u n t y , I o w a . — B O N D S A L E .— A n is s u e o f $ 1 8 ,0 0 0
w a ter b o n d s h a s b e e n p u rch a s e d b y G e o . M . B e ch te l & C o . o f D a v e n p o r t.

FLORENCE, Lauderdale County, Ala. — B O X D S A L E . — T h e $ 2 0 0 , ­
0 0 0 5 % 2 0 -y e a r s c h o o l b o n d s o ffe r e d o n S e p t. 9 — V . 1 0 9 , p . 9 0 6 — w ere
a w a r d e d o n th a t d a y t o J . C . M a y e r & C o ., a t 9 3 .

L A U D E R D A L E C O U N T Y S U P E R V I S O R S D I S T R I C T N O . 1 (P . O .
M e r i d i a n ) , M i s s . — B O A T ) .S A L E . — O n O c t . 9 t h e $ 1 2 0 , 0 0 0 5 U %
1 0 -2 4
y e a r s e r ia l r o a d b o n d s , d a t e d A p r i l 1 1 9 1 9 — V . 1 0 9 , p . 1 2 9 2 — w e r e a w a r d e d
t o C a ld w e ll & C o ., o f N a s h v ille .

FOUNTAIN C O U N T Y (P. O. Covington), Ind . — B O X D O F F E R I N G .
— O c t . 2 5 a t 1 0 a . m . A l b e r t H . M c E l w e e , C o u n t y T r e a s u r e r , w il l s e ll
$ 2 1 ,8 4 0 4 V i % F r e d . E . L a y t o n e t a l. T r o y T w p . r o a d b o n d s .
D enom .
$ 1 ,0 9 2 .
D a te S e p t. 15 1919.
In t. M . & N .
D u e $ 1 ,0 9 2 e a c h s ix m o n t h s
fr o m M a y 15 1921 t o N o v . 15 1 9 3 0 , in c l.
FREEBORN C O U N T Y (P. O. Albert Leal, M inn.— B O X 'D S A L E . —
O n S e p t . 2 3 a n is s u e o f $ 8 5 ,0 0 0 5 % d it c h b o n d s w a s a w a r d e d t o t h e N o r t h ­
w e ste rn T r u s t C o . a t p a r.
D e n o m . $ 1 ,0 0 0 .
In t. M . & S.
D u e 1938.
GILLIAM C O U N T Y SCHOOL D ISTR ICT NO. 25 (P. O. Condon).

Ore.— B O X D S A L E . — O n S e p t . 2 9 a n i s s u e o f $ 4 9 , 0 0 0 6 % 2 0 - y e a r s c h o o l
"b o n d s w a s a w a r d e d t o K e e le r B r o s , o f P o r t la n d a t 1 1 0 .2 0 .
D e n o m . $ 1 ,0 0 0 .
D a te N o v . 1 1919.
In t. M . & N .

GOULDS SPECIAL DR AINAGE D IST R ICT NO. 1.— (P. O. Miami),

Dade C ounty, Fla.— B O X D O F F E R I N G . — A c c o r d i n g t o r e p o r t s , t h e
B o a r d o f C o u n t y C o m m is s io n e r s w ill r e c e iv e p r o p o s a ls u n t il 1 0 a . m .
O c t . 2 2 f o r $ 5 2 ,0 0 0 6 % 1 2 5 -6 y e a r (a v e r .) b o n d s .
In t. A . & O .
C ert,
c h e c k f o r 2 % r e q u ir e d .
G R AN D JUNCTION, Greene County, Iowa.— B O .V D
$ 3 0 ,0 0 0 w a t e r -w o r k s -p la n t
b e e n d is p o s e d o f .

b o n d s r e c e n tly

v o t e d — V '.

109,

p.

S A L E .— T h e
1385— have

GR AN D RAPIDS, W ood County, Ohio.— B O

X D S A L E — O n O ct.
1 4 t h e $ 1 0 ,0 0 0 6 % 2 - 11 - y e a r s e r i a l s t r e e t i m p t . b o n d s o f f e r e d o n t h a t d a t e —
V . 1 0 9 , p . 1 2 0 0 -— w e r e a w a r d e d t o T e r r y , B r i g g s & C o . o f T o l e d o a t 1 0 3 .1 8
a n d in t e r e s t .

GREEN B A Y , Brown County, W ise.— B O X D

S A L E .— O n O c t. 6 th e
F ir s t T r u s t & S a v in g s B a n k w a s a w a r d e d t h e $ 2 0 ,0 0 0 5 % 1 - 2 0 - y e a r s e r ia l
c o u p o n s t r e e t p a v i n g boncL s d a t e d M a y 1 1 9 1 9 — V . 1 0 9 . p . 1 2 0 0 — a t 1 0 2 .4 2 5 .

G R EEN W ICH , Fairfield County, C o n n .— B O X D O F F E R I N G . — J o s .
P.
C r o s b y , W a r d e n , w ill r e c e i v e p r o p o s a l s u n t il 1 2 in . O c t . 2 3 f o r $ 1 5 0 ,0 0 0
4 Vi % g o l d c o u p o n (w it h p r i v i l e g e o f r e g i s t r a t i o n ) r o a d b o n d s .
D enom .
8 1 ,0 0 0 .
D a te O ct. 1 1919.
P r in c ip a l a n d s e m i a n n u a l in t e r e s t ( A . & O .)
p a y a b le at th e U . S. M tg e . & T ru st C o . o f N e w Y o r k .
D u e $ 1 0 ,0 0 0 y e a r ly
o n O c t . 1 fr o m 1921 t o 1 9 3 5 , in c lu s iv e .
C e r t ifie d c h e c k fo r 2 % o f a m o u n t
o f b o n d s b id fo r , p a y a b l e t o th e B o r o u g h T r e a s u r e r , r e q u ir e d .
B on d s to
b e d e liv e r e d a n d p a id f o r o n O c t . 2 4 a t t h e T o w n H a ll in G r e e n w ic h .
The
o p in io n o f G e o . S . C la y , o f N e w V o r k , a s t o le g a lit y o f s a id b o n d s , w ill b e
d e liv e r e d to th e p u r c h a se r .
P u r c h a s e r t o p a y a c c r u e d in te r e s t.
GROVE T O W N SH IP , Harnett C ounty, No. Caro . — B O N D S A L E . —
Spitzer, R o r l c k & C o . , o f T o l e d o , b i d d i n g 1 0 3 . 2 1 5 a n d interest, w e r e
a w a r d e d th e $ 5 0 ,0 0 0 6 % 3 0 -y e a r r o a d b o n d s , d a t e d O c t . 1 1 9 1 9 , o ffe r e d
o n O c t . 11 ( V . 1 0 9 , p . 1 0 9 8 ) .
HALLOW ELL, Kennebec County. Me.— B O .V D S A L E . — O i l O c t . 1 7
$ 8 8 ,0 0 0 4 4 %
g o ld c o u p o n t a x -fr e e b o n d s w e r e a w a r d e d t o B lo d g e t & C o .
o f B o s t o n a t 9 8 .6 5 .
D e n o m . $ 1 ,0 0 0 .
D a t e J u ly 1 1 9 1 9 .
P r in . a n d se rm a n n . i n t . ( J . & J . ) , p a y a b l e a t t h e F ir s t N a t i o n a l B a n k o f B o s t o n .
Due
$ 5 ,0 0 0 y e a r ly o n J u ly 1 f r o m 1 9 3 0 t o 1 9 3 9 , i n c l ., a n d $ 4 3 ,0 0 0 J u ly 1 1 9 3 9 .
HARDEN C O U N T Y (P. O. Savannah), G a . — B O N D S A L E — T h e
$ 2 5 ,0 0 0 6 % ja il w a r r a n ts o ffe r e d w it h o u t s u c c e s s o n A u g . 2 — V . 1 0 9 , p .
1 3 8 5 — h a v e b e e n s o ld t o th e H ib e r n ia B a n k o f S a v a n n a h .
H ARDIN CO U N T Y (P. O. K enton), O hio.— B O N D O F F E R I N G . —
D e a n C . J o n e s . C o u n t y A u d i t o r , w ill r e c 4 v e p r o p o s a l s u n t il 1 2 m . O c t . 2 4
f o r $ 2 7 ,0 0 0 5 %
P r e s t o n -M c B r id g e P ik e b o n d s .
D e n o m . $ 1 ,0 0 0 .
D a te
d a y o f s a le .
P r in . a n d s e m i- a n n . in t . ( A . & O . ) , p a y a b l e a t t h e C o u n t y
T r e a s u r e r ’s o f f i c e .
D u e $ 6 ,0 0 0 O c t . 2 3 1 9 2 0 a n d $ 7 ,0 0 0 n o O c t 2 3 in 1 9 2 1 .
1922 an d 1923.
C e r t , c h e c k fo r $ 5 0 0 r e q u ir e d .
B o n d s t o b e d e liv e r e d a n d
p a i d f o r a t t h e C o u n t y A u d i t o r 's o f f i c e w i t h i n 1 5 d a y s a f t e r a w a r d .
1 u ro h a s e r t o p a y a c c r u e d in te r e s t.

LEA C O U N T Y SCHOOL D IST R ICT NO. 28, N. Me x . — B O N D S A L E .
— A n is s u e o f $ 1 5 ,0 0 0 6 % s c h o o l b o n d s h a s b e e n s o ld t o t h o H a n c h e t t
B o n d C o ., o f C h ic a g o .
D enom . $500.
D a t e J u ly 1 1 9 1 9 .
P r in . a n d
s e m i-a n n . in t . (J . & J .) p a y a b l e a t t h e o f f i c e o f t h e C o u n t y T r e a s u r e r .
D u e J u ly 1 1 9 4 9 , o p t io n a l J u ly 1 1 9 2 9 .
LINCOLN C O U N T Y (P. O. Tracy), Mo.—
O c t. 21 th e
$ 8 0 0 ,0 0 0 5 %

B O N D E L E C T I O N . — On
v o t e r s w i l l d e c i d e w h e t h e r t h e y a r e in f a v o r o f i s s u i n g t h e
2 0 - y e a r r o a d i m p r o v e m e n t b o n d s m e n t i o n e d in V . 1 0 9 , p . 1 3 8 6 .

LINCOLN C O U N T Y INDEPENDENT SCHOOL DISTR ICT NO. 11.
— B O N D S A L E .— A n is s u e o f $ 8 0 ,0 0 0 5 % s c h o o l b u il d i n g b o n d s w a s r e ­
c e n tly a w a r d e d t o th e M in n e a p o lis T r u s t C o ., o f M in n e a p o lis .
D en orn .
$ 1 ,0 0 0 .
D a te S ep t. 1 1919.
P r i n . a n d s e m i - a n n . i n t . ( M . & 8 .) p a y a b l e
a t th o M in n e a p o lis T r u s t C o .
D u e y e a r ly o n S e p t. 1 a s fo llo w s :
$ 4 ,0 0 0
1924 t o 1 9 3 3 . i n c l ., a n d $ 4 0 ,0 0 0 1 9 3 4 .

LINCOLN SCHOOL D ISTR ICT (P. O. Lincoln), Lancaster C ounty,

Neb.— B O X D S A L E . — 'T h e $ 4 0 0 , 0 0 0 3 - 3 0 y e a r ( o p t . ) s c h o o l b o n d s , o f f e r e d
o n S e p t. 3 0 — V . 1 0 9 , p . 1 2 0 1 — h a v e b e e n a w a r d e d , it is s t a t e d , t o t h e
M o d i r n W o o d m e n o f A m e r ic a o f L in c o ln a t 9 9 .9 1 .
LONDON, Madison C ounty, O hio.— B O .V D SALE.— O n O c t . 6 t h o
F ir s t N a t io n a l B a n k o f C o lu m b u s w a s a w a r d e d t h e $ 8 ,0 0 0 6 % 1 - 9 -y e a r
s e r ia l d e f i c i t b o n d s o f f e r e d o n t h a t d a y — V . 1 0 9 , p . 1 2 9 2 — a t 1 0 2 . 9 7 a n d I n t .
D a te S ep t. 6 1919.

LONDON, Madison C ounty, O hio. — B O .V D S A L E . — O n O c t . 11 t h e
$ 7 ,5 0 0 5 1 4 %
2 -1 2 y e a r s e r i a l c o u p o n s a n i t a r y - s o w e r e x t e n s i o n b o n d s ,
d a t e d S e p t . 1 5 1 9 1 9 — V. 1 0 9 . p. 1 3 8 6 — w e r o a w a r d e d t o t h e D a v i e s - B e r t r a m
C o . , o f C i n c i n n a t i , a t 1 0 2 .0 5 a n d in t e r e s t .
LUCAS C O U N T Y (P. O. Toledo), O hio.— B O N D S

A W A R D E D

IN

P A R T . — O f t h o 5 is s u e s o f b o n d s o f f e r e d o n O c t . 1 — V . 1 0 9 , p . 1 2 9 3 a n d
1 3 8 6 — t h e $ 4 7 ,5 0 0 5 % 1 -1 0 y e a r s e r ia l I n t e r - C o u n t y H ig h w a y N o . 5 9 b o n d s
d a te d O c t . 31 1 9 1 9 . w e re a w a r d e d t o P r u d d e n & C o . o f T o le d o , fo r $ 4 7 ,­
6 2 6 .5 0 ( 1 0 0 .2 6 6 ) a n d in t e r e s t . T h e r e w o r e n o b id s s u b m it t e d f o r t h o r e m a in ­
i n g 4 is s u e s o f b o n d s .

M cG IN TY SCHOOL D IST R IC T , Morehouse Parish, L a.— BOA D
S A L E .— T h e H a n c h e t t B o n d C o ., o f C h ic a g o , r e c e n t ly p u r c h a s e d $ 1 5 ,0 0 0
5 % sch ool bon d s.
D enom . $500.
D a te M a y 1 1919.
I’ r in . a n d s e m ia n n . in t
( M . & N .) p a y a b le a t t h e C o n t in e n t a l & C o m m e r c ia l T r u s t «
S a v in g s B a n k . C h i c a g o . ' D u e y e a r l y o n M a y 1 a s f o ll o w s : $ 5 0 0 1 9 2 0 t o
1 9 2 2 , in c l ., $ 1 ,0 0 0 1 9 2 3 , $ 5 0 0 1 9 2 4 . $ 1 ,0 0 0 1 9 2 5 , $ 5 0 0 1 9 2 6 , $ 1 ,0 0 0 1 9 2 7 ,
$ 5 0 0 1 9 2 8 , $ 1 ,0 0 0 1 9 2 9 . $ 5 0 0 1 9 3 0 , $ 1 ,0 0 0 1 9 3 1 . $ 5 0 0 1 9 3 2 . $ 1 ,0 0 0 1 9 3 3 .
$ 5 0 0 1 9 3 1 , $ 1 ,0 0 0 1 9 3 5 . $ 5 0 0 1 9 3 6 a n d $ 1 ,0 0 0 1 9 3 7 t o 1 9 3 9 , in c l.

MADISON, Madison C ounty, 111.— B O N D S A L E . — A n i s s u e o f $ 3 2 , 0 0 0
5 % se w e r b o n d s w a s r e c e n tly p u r c h a s e d b y th e H a n c h e tt B o n d C o . or
C h i c a g o w h i c h i n s t i t u t i o n is n o w o f f e r i n g t h e b o n d s t o i n v e s t o r s a t p a r a n d
in t e r e s t .’ D e n o m . $ 5 0 0 .
D a t e A u g . 1. A u g . 16 a n d S e p t. 8 1 9 1 9 .
P r in .
a n d a n n u a l in t e r e s t ( J u ly 1 ) . p a y a b l e a t t h e C i t y T r e a s u r e r ’s o f f i c e .
Due
$ 4 ,0 0 0 y e a r l y o n J u l y 1 f r o m 1 9 2 1 t o 1 9 2 8 , in c lu s iv e .
MARION C O U N T Y (P. O. Indianapolis), Ind. — B O N D S A L E . — T h o
$ 3 0 0 0 0 4 4 % 2 -1 1 y e a r s e r ia l r o a d b o n d s , d a t e d O c t . 1 5 , 1 9 1 9 , w h ic h
w e re o ffe r e d o n O c t . 14— V . 1 0 9 . p . 1 4 8 2 — w o re o n t h a t d a t e a w a r d e d
t o th e M e y c r -K is e r B a n k , o f I n d ia n a p o lis , a t p a r a n d in te r e s t.
MERINO. Logan C ounty, C o l o . — B O N D S A L E . — T h e B u e r I n v e s t ­
m e n t C o ., fo r B o s w o r th , C h a n u te A C o ., o f D e n v e r h a s b e e n a w a rd e d
$ 2 0 ,0 0 0 w a t e r a n d $ 1 7 ,0 0 0 s e w e r 6 % 1 0 -1 5 y e a r ( o p t .) b o n d s a t p a r .

HAVERH ILL, Essex C ounty, Mass.— B O N D S A L E . — O n O c t . 1 4 t h e
$ 4 5 , 0 0 0 4 '4 % 1 - 1 5 - y e a r s e r i a l c o u p o n t a x - f r e e w a t e r b o n d s , d a t e d S e p t . 1
1 9 1 9 ( V . 1 0 9 , p . 1 1 8 1 ), w e r e a w a r d e d t o C o f f i n & B u r r o f B o s t o n a t 1 0 1 .1 9 .

MICHIGAN (State of). — B O .V D O F F E R I N G . — I n c o n n e c t i o n w i t h
t h e o f f e r i n g o n O c t . 2 0 o f t h e $ 1 , 5 0 0 ,0 0 0 4 4 % 1 5 - y e a r r o a d b o n d s , w h i c h
w ill b e a w a r d e d in o n e l u m p s u m t o t h e h ig h e s t b i d d e r , t h e S t a t e T r e a s u r e r
h a s a n n o u n c e d t h a t t h e r e m a i n d e r o f t h is is s u e , n a m e l y $ 5 0 0 ,0 0 0 , w il l
b o o f f e r e d t o t h e s m a ll i n v e s t o r s o f t h e s t a t e in t h e d e n o m i n a t i o n o f $ 5 0 0
each .
T h e s e b o n d s lik e t h e la r g e r is s u e , b e a r in t e r e s t a t 4 4 % . a r e d a t e d
N o v . 1 1919 a n d m a tu re N o v . 1 1934.

H EN R Y ET TA,
Okmulgee, O kla. — B O N D
E L E C T I O N .— R e p o r ts
s t a t e t h a t a n e l e c t i o n w ill b e h e l d O c t . 2 8 t o v o t e o n t h e q u e s t i o n o f I s s u in g
$ 2 0 0 ,0 0 0 w a t e r i m p t . b o n d s .

6 % c o u p o n M a i n S t . I m p t . b o n d s w h i c h w e r e r e p o r t e d a s n o t s o l d in V . 1 0 9 ,

H IC K O R Y, Catawba C ounty. No. Caro . — B O N D S A L E . — O n S e p t .
3 0 t h e $ 3 5 ,0 0 0 o Y ° / c 1 -3 5 y e a r s e r i a l c o u p o n s c h o o l b o n d s , o f f e r e d o n t h a t
d a t e — V . 1 0 0 . p . 1 2 9 2 — w e r e a w a r d e d , it is s t a t e d , t o A T . H e l l «x C o . , o i
T o l e d o , f o r $ 3 5 ,4 7 5 e q u a l t o 1 0 1 .3 G 8 .
HOUSTON,

Harris C ounty,

T e x .— BOND OFFERIN G.— I t

is r e ­
p o r t e d t h a t A . E . A m e r m a n . M a y o r , w i l l r e c e i v e p r o p o s a l s u n t i l ID a . m .
O c t . 2 0 f o r th e $ 7 0 0 ,0 0 0 s c h o o l. $ 1 5 0 ,0 0 0 s t r e e t a n d $ o 0 ,0 ()0 s e w e r 5 %
1 - 2 5 y e a r s e r i a l b o n d s , o f f e r e d w i t h o u t s u c c e s s o n O c t . 1 ~ ' • 1 (,9 . p . l n o i .
I n t . s e m i-a n n .
D a te A u g . 1 1919.
C e r t , c h e c k fo r $ o ,0 0 0 r e q u ir e d .

M IDDLEFIELD, Geauga C ounty, O hio.— B O A 'D
1 -1 0 - y e a r s e r ia l a s s e s s m e n t a n d

$ 2 ,2 0 0

S A L E .— T h e $ 2 ,5 0 0
4 - 1 4 - y e a r s e r i a l ( v i l l a g e ’s p o r t i o n )

p . 1 4 8 2 . w e r e s o ld o n S e p t . 1 5 . w e a r e n o w a d v is e d b y th o V illa g e C le r k t o
O t is & C o . o f C le v e la n d f o r $ 4 ,8 6 5 (1 0 3 .5 1 0 ) a n d in t .
D a to S op t. 1 1 9 19.

M IDDLESEX

BOROUGH

SCHOOL

D ISTR ICT

(P.

O.

Bound

Brook), Middlesex County, N. 3 . — B O N D O F F E R I N G — I t Is r e p o r t e d
t h a t W i n . L o v e , D is t r ic t C le r k , w ill r e c e iv e p r o p o s a ls u n t il 8 p . m . O c t . 2 4
f o r a n is s u e o f 5 % 1 2 4 - y e a r ( a v e r a g e ) s c h o o l b o n d s , n o t e x c e e d in g $ 4 7 ,0 0 0 .
lit . J. & J.
C e r t ifie d c h e c k fo r 2 % r e q u ir e d .

H O W AR D CO U N T Y (P. O. Kokomo), Ind

MINEOLA, Nassau County, N. Y . — B O N D S A L E . — On O c t . 6 S h e r ­
w o o d & M e r r if ie l d , o f N e w Y o r k , w e r e a w a r d e d $ 3 7 ,5 0 0 5 % w a t e r -m a in
e x t e n s io n b o n d s a t 1 0 4 .1 8 .
D en om . $500.
m e r e s t s e m i-a n n u a l.
Due
$ 2 ,5 0 0 f i v e y e a r s a f t e r d a t e o f is s u e a n d $ 2 ,5 0 0 e a c h y e a r t h e r e a f t e r u n t il
a ll t h e b o n d s h a v e m a t u r e d .

H U NTINGTON BEACH, Orange C ounty, C a lif.— B O N D

MONROE C O U N T Y (P. O. Aberdeen), Miss.— B O N D S A L E . — On
O c t . 6 t h e $ 1 0 0 ,0 0 0 r o a d im p t . b o n d s — V . 1 0 9 . p . 1 3 8 6 — w e r e a w a r d e d t o
C.
W . M c N o a r A C o . , o f C h i c a g o a t 1 0 1 .3 1 1 f o r 5 . 4 s .
D en om . $500.
D a te
S e p t. 1 1919.
I n t . s e m i-a n n .

— B O N D O F F E R I N G .—
T .
C . ‘ S a n d e r s , C o u n t v T r e a s u r e r , w ill r e c e iv e p r o p o s a ls u n t il 1 0 a . m . o e r .
2 0 f o r $ 3 ,5 0 0 4 > 4 % L . C . D u t t o n e t a l. H a r r is o n T w p . b o n d s .
D enom .
$175.
D a te O ct. t 1919.
In t. M . & N .
D u o $17 5 e a c h s ix m o n t h s f r o m
M a y 15 1 9 2 0 t o N o v . 1 5 1 9 2 9 , in c lu s iv e .
OFFER­
I N G . — B id s w ill b e r e c e iv e d u n t il O c t . 2 0 b y t h e C i t y C le r k f o r $ 4 0 ,0 0 0
~ o H % g a s -d is t r ib u t in g -s y s t e m b o n d s a u t h o r iz e d b y a v o t e o f 181 t o 8 a t
a n e le c t i o n h e ld S e p t . 1 6 .

IMPERIAL C O U N T Y (P. O. El C entro), C a lif.— B O

XD SALE —
A s y n d ic a t e c o m p o s e d o f B la n k e n h o r n -I I u n t e r -D u lin C o ., E . I f . R o llin s
& S o n s , B a n k o f I t a ly , W illia m R . S ta a ts C o ., a n d th e A n g lo a n d L o n d o n ,
P a r is N a t io n a l B a n k p u r c h a s e d a t p r iv a t e s a le $ 1 ,5 0 0 ,0 0 0 5 % h ig h w a y
b o n d s , i t is s t a t e d .
A lik e a m o u n t o f b o n d s w a s r e p o r t e d a s s o ld in V . 1 0 9 , p . 5 0 4 .

INDIANA SCHOOL TO W N SH IP (P. O. Pittsburgh), Allegheny
C ounty, P a . — B O N D S A L E . — O n O c t . 4 t h e $ 3 5 , 0 0 0 5 % 2 - 8 - y e a r s e r i a l
ta x -fr e e sch o o l b o n d s d a te d S e p t. 1 1919— V . 109, p . 129 2 — w e re a w a r d e d
t o C . M . B a r r & C o . o f P it t s b u r g h a t 1 0 1 .3 5 a n d in t .

JASPER C O U N T Y (P. O. Rensselaer), In d . — B O .V D O F F E R I N G . —
C h a s . V . M a y , C o u n t y T r e a s u r e r , w ill r e c e iv e p r o p o s a ls u n t il 1 p . m .
O c t . 2 2 fo r t h e fo llo w in g 4 4 %
road bon d s:
$ 9 ,4 0 0 J o h n S t a c k S t o n e R o a d I m p t . N o . 3 2 5 9 b o n d s .
D enom . $470.
1 5 .6 0 0 J o h n H . R u s k e t a l, B a r k le y T w p ., b o n d s .
D en om . $780.
7 ,0 0 0
H e n r y A m s le r e t a l, M a r io n T w p ., b o n d s .
D en om . $700.
9 ,4 0 0
H e n r y M . R a y b u r n e t a l, G illa m T w p ., b o n d s .
D en om . $940.
1 5 .6 0 0 R o b 't J . Y e o m a n e t a l, N e w t o n T w p . , b o n d s .
D en om . $780.




M O N TGOM ERY CO U N T Y (P. O. Crawfordsville), In d .— B
• 'F E R I N G — H . T . S t o u t . C o u n t y T r e a s u r e r , w i l l r e c e i v e p r o p o s a l s
p m . O c t . 2 5 f o r $ 1 5 ,6 8 0 4 4 % W a l la c e C o o k . S u g a r C r e e k T w p . ,
_ .i„
i
v
D
a
t
e
S e p t. 15 1 9 1 9 .
In t. M . A N .
Duo

OND
u n t il
road
$781

M ON TG O M ERY C O U N T Y (P. O. Dayton), O hio.— B O N D S A L E . —
O n S e p t 11 t h e f o l l o w i n g 2 i s s u e s o f b o n d s a g g r e g a t i n g $ 4 4 , 0 0 0 w e r o a w a r d e d
t o t h o D a v t o n S a v in g s A T r u s t C o . o f D a y t o n f o r $ 4 4 ,4 2 1 . e q u a l t o 1 0 0 .9 7 9 .
8 °6 000 5 %
I. C . H . N o . 6 5 b o n d s.
D u e $ 2 , 6 0 0 y e a r l y o n S e p t . 11
'
’
f r o m 1 9 2 0 t o 1 9 2 9 . in c lu s iv e .
18 0 0 0 5 1 -3 % c o u p o n e m e r g e n c y b r id g e b o n d s .
D u o $ 2 ,0 0 0 y e a r ly o n
'
S o p t . 11 f r o m 1 9 2 0 t o 1 9 2 8 . i n c l u s i v e .
D a t e S e p t . 11 1 9 1 9 .
P r in . a n d s e m i-a n n . in t. ( M . & S .) , p a y a b le a t
th e C o u n ty T re a su ry .
M ORROW C O U N T Y (P. O. Mt. Gilead), O hio. — B O N D S A L E . — O n
O c t . 3 th e P e o p le s S a v in g s B a n k C o . o f M t . G ile a d w a s a w a r d e d a t p a r a n d
i n t e r e s t a n is s u e o f $ 1 0 ,0 0 0 5 % c o u p o n M t . G i l e a d - G a l i o n R o a d S e c . " H "
im p r o v e m e n t b o n d s .
D enom . $500.
D a to S ep t. 1 1919.
D uo $500 on
M a r c h 1 a n d S e p t . 1 in e a c h o f t h e y e a r s 1 9 2 0 t o 1 9 2 9 . I n c l u s i v e .
■
a

O ct . 18 1919.]

THE

C H R O N IC L E

M T . V E R N O N , W e s t c h e s t e r C o u n t y , N . Y . — B O N D O F F E R I N G .—
T h e B o a r d o f E d u c a t io n w ill r e c e iv e p r o p o s a ls u n t il 8 p . m . O c t . 2 3 f o r t h e
f o l l o w i n g 4 Vi % r e g i s t e r e d s c h o o l b o n d s :
$ 1 3 0 ,0 0 0 b o n d s .
D u e 8 7 ,0 0 0 N o v . 1 in e a c h o f t h e y e a r s 1 9 2 0 t o 1 9 3 0
a n d 1 9 3 2 t o 1 9 3 8 . a ll in c lu s iv e .
3 .0 0 0 b o n d s .
D u e 8 1 , 0 0 0 o n N o v . 1 in 1 9 2 2 , 1 9 2 3 a n d 1 9 2 4 .
2 .0 0 0 b o n d s .
D u e $ 1 ,0 0 0 o n N o v . 1 in 1 9 2 5 a n d 1 9 2 0 .
D e n o m . $ 1 ,0 0 0 .
D a te N o v . 1 1919.
In t. M . & N .
O e r t ifie e c h e c k fo r
$ 1 ,0 0 0 , p a y a b le t o t h e B o a r d o f E d u c a t io n , r e q u ir e d .
B onds to be de­
liv e r e d a n d p a id f o r o n N o v . 1 0 , o r a s s o o n t h e r e a ft e r a s t h e y c a n b e p r o p ared.
P r o p o s a ls a r e d e s ir e d o n b la n k s w h ic h w lil b e fu r n is h e d b y t h e
C le r k o f th e B o a r d o f E d u c a t io n , o r b y th e U . S . M t g e . & T r u s t C o .
B o n d s w ill b e p r e p a r e d u n d e r th e s u p e r v is io n o f t h e U . S . M o r t g a g e &
T r u s t C o ., N e w Y o r k , w h ic h w ill c e r t if y a s t o t h e g e n u in e n e s s o f t h e s ig ­
n a t u r e s o f t h e o f f ic i a ls s ig n in g t h e b o n d s , a n d t h e s e a l im p r e s s e d t h e r e o n ,
a n d th e ir le g a lit y w ill b e a p p r o v e d b y C a ld w e ll & M a s s lic h o f N e w Y o r k
C i t y , w h o s e o p in io n w ill b e fu r n is h e d t o t h e p u r c h a s e r w it h o u t c h a r g e .
P u r c h a s e r t o p a y a c c r u e d in t e r e s t .

M U R R A Y , Salt Lake County, U tah .— B O N D S A L E . — T h e H a r r i s
T r u s * & S a v in g s B a n k o f C h ic a g o , h a s b e e n a w a r d e d th e $ 1 2 5 ,0 0 0 5 %
14 y i -y e a r a v e r a g e c i t y im p r o v e m e n t b o n d s o ffe r e d w it h o u t s u c c e s s io n
o n S e p t. 26— V . 109, p . 1482— a t p a r.
NACOGDOCHES C O U N T Y (P. O. Nacogdoches), Tex.— B O A TD
O F F E R I N G .— S e a le d b id s w ill b e r e c e iv e d u n t il 10 a . m . O c t . 2 3 b y J . M .
M a r s h a l l , C o u n t y J u d g e , f o r $ 8 0 0 , 0 0 0 5 'A % 1 - 3 0 y e a r s e r i a l s p e c i a l r o a d
bon ds.
D a te Ju n e 2 1919.
P r in . a n d s e m i-a n n . in t . p a y a b le a t t h e S e a ­
b o a r d N a tio n a l B a n k , N . Y .
C e r t , c h e c k o n a lo c a l b a n k f o r $ 1 5 ,0 0 0 p a y ­
a b le t o th e a b o v e C o u n t y J u d g e , r e q u ir e d .
T h e v a l id it y o f s a id b o n d s , in
a d d it io n t o t h e a p p r o v a l b y t h e S ta te A t t o r n e y G e n e r a l, w ill b e p a s s e d
u p o n b y J o h n C . T h o m s o n o f N . Y . a n d h is o p in io n a s t o t h e le g a lit y o f s a id
b o n d s w ill b e b in d in g u p o n t h e b id d e r . A lik e a m o u n t o f b o n d s w a s r e p o r t e d
a s s o ld in V . 1 0 8 . p . 2 5 5 8 .
NEW CARLISLE VILLAGE SCHOOL D ISTR ICT (P. O. New Car­
lisle), Clark County, O hio.— B O N D S A L E . — T h e D e t r o i t T r u s t C o . , o f
D e t r o i t , o f f e r in g $ 1 1 5 ,2 0 0 (1 0 0 .1 7 3 ) a n d in t e r e s t , w a s t h e s u c c e s s fu l b id d e r
f o r t h e $ 1 1 5 ,0 0 0 5 %
6 - 3 0 - y e a r s e r ia l s c h o o l- e r e c t io n b o n d s , o f f e r e d o n
O ct. 6 .
D a te O ct. 6 1919.
O th e r b id d e r s w e re :
S t a c y & B r a u n , T o l e d o . .$ 1 1 5 ,1 9 5 5 0 lC a s a d y B o n d C o . , D e s
C i t y N a t . B a n k , D a y t o n . 1 1 5 ,1 2 7 0 0 1
M o i n e s _____________ _______ $ 1 1 5 . 0 7 5 0 0
NEW

HAVEN,

C onn.— B O N D

A r th u r D . M u lle n , C it y

O F F E R IN G .— A s

O c t . 2 3 fo r th e fo llo w in g

%

3 0 0 ,0 0 0

la s t

w eek,

c o u p o n o r re g iste re d b o n d s :

$ 5 0 0 ,0 0 0 g e n e r a l p u b lic im p t . b o n d s .
fr o m

s ta te d

C o m p t r o l l e r , w i l l r e c e i v e p r o p o s a l s u n t i l 11 a . m .
D u e $ 1 0 0 ,0 0 0 y e a r l y o n

M arch

15

1931 t o 1 9 3 5 , in c lu s iv e .

pavem ent

bon d s.

D ue

an d 1930.
D e n o m . $ 1 ,0 0 0 .
D a te M a rch

$ 1 0 0 ,0 0 0

on

M arch

15

in

1927,

1929

a b l e a t t h e C i t y T r e a s u r e r 's o f f i c e .

P r in . a n d s e m i-a n n . in t ., p a y

C e r t , c h o c k f o r $ 2 ,0 0 0 , p a y a b le t o t h e

C it y C o m p tr o lle r r e q u ir e d .

B o n d s t o b e d e liv e r e d a n d p a id f o r w it h in

d a y s a fte r n o tic e o f a w a r d .

S a id b o n d s s h a ll b e e n g r a v e d u n d e r t h e s u p e r ­

v isio n o f a n d

10

c e r t ifi e d a s t o th e ir g e n u in e n e s s b y t h e U . S . M t g e . & T r . C o .

T h e o ff ic i a l n o tic e o f th is b o n d o ffe r in g w ill b e f o u n d a m o n g th e a d v e r tis e ­
m e n ts elsew h e re in th is D e p a r tm e n t.

NEW W IL M IN G TO N , Lawrence C ounty, Pa.— B O N D S A L E . — T h e
$ 2 ,1 0 0 6 % 5 y e a r ( o p t .) t a x -fr e e r e g is te r e d b o n d s , w h ic h w e r e o ffe r e d o n
S e p t . 5 — V. 1 0 9 , p . 9 0 8 — h a v e b e e n d i s p o s e d o f .
O AK LAND SCHOOL D ISTR ICT (P. O. Oakland), Alameda C ounty,
Calif.— B O N D E L E C T I O N . — T h e p e o p l e w i l l b e a s k e d t o v o t e o n t h e
q u e s t io n o f is s u in g t h e $ 2 ,5 3 8 ,0 0 0 5 %
p . 1483 o n O c t. 2 1.
D e n o m . $ 1 ,0 0 0 .
a t th e o ffic e o f th e C o u n ty T rea su rer.

g o l d b o n d s m e n t io n e d in V . 1 0 9 ,
P r in . a n d s e m i-a n n . in t ., p a y a b le

O N IDA, Sully County, So. Dak.— B O N D O F F E R I N G . — P r o p o s a l s
w ill b e r e c e iv e d u n til O c t . 21 b y H . E . H u g h e s , C i t y A u d i t o r , f o r $ 3 0 ,0 0 0
m u n ic ip a l w a te r w o r k s s y s te m a n d e le c t r ic lig h t p la n t b o n d s .
O R ISK A N Y , Oneida County, N. Y . — B O N D S A L E . — O n O c t . 9 S h e r ­
w o o d A M e r r i f i e l d o f N e w Y o r k w e r o a w a r d e d a t 1 0 1 .4 1 a n d i n t . t h e $ 1 , 8 0 0
5 % 4 - 1 5 y e a r s e r ia l c o u p o n o r r e g i s t e r e d s e w a g e d is p o s a l w o r k s b o n d s o f f e r e d
o n th a t d a t e .— V . 1 0 9 , p . 1 3 8 7 .
D a te O ct. 1 1919.
O X F O R D , Butler C ounty, O hio. — B O N D S A L E . — O n S e p t . 1 9 t h e
$ 5 ,0 0 0 4 - 8 - y e a r s e r ia l s t r e e t - im p r o v e m e n t b o n d s , d a t e d S e p t . 1 1 9 1 9 ( V .
1 0 9 , p . 8 0 2 ) , w e r e a w a r d e d t o W . L . S la y t o n & C o . , o f T o l e d o , a t 1 0 0 .2 5 .
PARKE C O U N T Y (P. O. Rockville), Ind . —

B O N D O F F E R I N G .—
E . S . D i c k e y , C o u n t y T r e a s u r e r , w ill r e c e i v e p r o p o s a l s u n t il 2 p . m . O c t .
2 0 f o r $ 4 , 3 1 0 4 14 % H o w a r d & G r e e n e T w p s . r o a d b o n d s .
D en om . $215 50.
D a te O ct. 7 1919.
In t. M . & N .
D u e $ 2 1 5 5 0 e a c h s ix m o n t h s f r o m M a y
1 5 1 9 2 0 t o N o v . 15 1 9 2 9 , in c lu s iv e .

PHILLIPS C O U N T Y SCHOOL D IST R IC T NO. 6, Colo.— B O N D
E L E C T I O N A N D S A L E .— S u b je c t t o t h e e le c t io n O c t . 2 7 a n is s u e o f $ 1 1 .2 0 0
6 % 2 0 -4 0 -y e a r ( o p t .) b o n d s h a s b e e n s o ld t o B e n w e ll, P h illip s , E s te & C o .,
D en ver.

D enom .

$500

and

$100.

S e m i-a n n u a l

PINE C O U N T Y INDEPENDENT SCHOOL
M inn. — B O N D S A L E . — O n S e p t . 2 6 t h e C a p i t a l

in t.

N .

Y .

p a y m en t.

NO. 7 1 ,
T r u s t & S a v in g s B a n k
o f S t. P a u l w a s a w a r d e d a t 1 0 1 , $ 5 ,0 0 0 6 % s c h o o l b o n d s .
D e n o m . $ 1 ,0 0 0 .
D a te S ep t. 1 1919.
In t. M . & S.
D u e S e p t. 1 1931.

D ISTR ICT

POLK C O U N T Y SPECIAL ROAD AND BRIDGE D IST R IC T NO. 3
(P. O. Bartow), Fla.— B O N D S A L E . — O n O c t . 8 t h e $ 2 0 0 , 0 0 0 6 % b o n d s —
V . 1 0 9 , p . 1 3 8 7 — w e r e a w a r d e d t o C . W . C la y t o n a t 1 0 4 .5 6 6 5 .
D enom .
$ 1 ,0 0 0 .
D a t e J u ly 1 1 9 1 9 .
I n t . .1. & J .
D u o y e a r ly o n J u ly 1 a s fo llo w s $ 5 , 0 0 0 1 9 2 4 t o 1 9 2 8 , i n c l . : $ 8 , 0 0 0 1 9 2 9 t o 1 9 3 3 , i n c l . ; $ 1 2 , 0 0 0 1 9 3 4 t o 1 9 3 8 ,’
in c h , a n d $ 1 5 ,0 0 0 1 9 3 9 t o 1 9 4 3 , in c l.
A sse sse d v a l u o o f d is t r ic t , $ 2 ,7 9 2 ,9 6 9 r e a l v a lu e o f d is t r ic t , $ 9 ,7 8 7 ,8 6 0 : p o p u l a t io n ( e s t im a t e d ) , 1 3 ,5 0 0 .

PONTO

CONSOLIDATED

C ounty, Miss.—

SCHOOL

DISTRICT,

Lauderdale

B O N D S A L E .— T h e $ 4 ,0 0 0 6 % 5 - 1 4 - y e a r s e r ia l s c h o o l
b o n d s d a te d A p r il 1 1 9 1 9 , o ffe r e d o n O c t . 9 — V . 1 0 9 , p . 1 2 9 4 — w e r e a w a r d e d
o n t h a t d a y t o M r s . M . L . M o o r e f o r $ 4 ,2 2 5 5 0 (1 0 5 .6 3 7 ) a n d in te r e s t.

PORT AR TH U R SCH OOL D ISTR ICT (P. O. Port A rthJr), Jeffereon C ounty, Tex.— B O N D S A L E . — T h e $ 1 5 0 , 0 0 0 5 % 1 - 4 0 - y e a r s e r i a l
s c h o o l b o n d s o ffe r e d o n S e p t. 4 — V . 1 0 9 . p . 7 0 2 — h a v e b e e n s o ld t o th o
K a u ffm a n -S m it h -E m e r t I n v e s t m e n t C o . o f S t . L o u is a t p a r a n d in t e r e s t .
P O R T E R C O U N T Y ( P . O . V a l p a r a i s o ) , I n d .-— B O N D O F F E R I N G .—
E . J . G a r d n e r , C o u n t y T r e a s u r e r , w ill r e c e iv e p r o p o s a ls u n t il 10 a . m
O c t . 2 5 f o r t h e f o l l o w i n g 4 )4 % r o a d b o n d s :
$ 2 3 ,4 0 0 F r e d H e s s e t a l U n io n T w p . b o n d s .
D e n o m . $ 1 .1 7 0 .
D u e $ l 170
e a c h s ix m o n t h s fr o m M a y 1 5 1 9 2 0 t o N o v . 15 1 9 2 9 , in c lu s iv e . ’
3 1 ,0 0 0 C h r is t ia n S m o k e e t a l M o r g a n T w p . b o n d s .
D e n o m . $ 1 ,5 5 0 .
Due
$ 1 ,5 5 0 e a c h s ix m o n t h s f r o m M a y 1 5 1 9 2 0 t o N o v . 1 5 1 9 2 9 , in c l u s i v e
D a t e A u g . 16 a n d O c t . 16 191 .
In t. M . & N .

P O R T L A N D , O r e . — B O N D O F F E R I N G .— N e w s p a p e r s s t a t e t h a t b i d s
w i l l b e r e c o i l e d u n t i l 1 0 a . i n . O c t .. 2 9 b y G e o . R . F i n k , C i t y A u d i t o r f o r
$ 5 0 0 ,0 0 0 5 % p la y g r o u n d b o n d s .
D e n o m . $ 1 ,0 0 0 .
I n t . s e m i-a n n .
C e r ti­
fie d c h e c k fo r 5 % r e q u ir e d .
P O R T O F S E A T T L E (P . O . S e a t t le ), K in g C o u n t y , W a s h .— B O N L
S A L E .— O n O c t . 6 t h o $ 6 6 5 ,0 0 0 1 -4 2 -y e a r s e r ia l g o l d b o n d s d a t e d O c t
i
191 9 — V . 1 0 9 , p . 1 2 9 4 — w e re a w a r d e d t o H o r n b lo w e r & W e e k s a n d W m
P
H a r p e r & S o n , j o i n t l y , a t 9 9 .1 2 5 a n d in te r e s t.
P O R T S M O U T H , S c io to

in CIA AAA 1i.1Q.VMP

C o u n t y , O h io .— B O N D
sppial WOfor wawI
to ©4A
t

» (VI

1

S A L E .— O n

O ct.

— —
__ I

1(

c i n n a t i f o r $ 1 ________ _______ __________ ______________
Q U I N C Y , N o r f o l k C o u n t y , M a s s .— B O N D S A L E .— O n
$ 7 5 ,0 0 0 1 - 1 0 - y e a r s e r ia l p a v i n g , $ 1 4 ,0 0 0 1 - 5 - y e a r s e r ia l s t r e e t
1- 1 0 - y e a r s e r i a l s t r e e t - w i d e n i n g 4 H % c o u p o n b o n d s o f f e r e d o n
V . 1 0 9 , p . 1 4 8 3 — w e r e a w a r d e d , i t is s t a t e d , t o E s t a b r o o k & C
a t 1 0 0 .6 4 .

O c t . 1 4 ..
a n d $ 1 7 ,0 0
th a t d a te o . o f B osto

R A P I D C I T Y S C H O O L D I S T R I C T (P . O . R a p id C it y ), P e n n in g t o n
C o u n t y , S o . D a k .— B O N D S A L E .— A n is s u e o f $ 1 5 ,0 0 0 5 %
5 - 2 0 - y -ar
( o p M b o n d s w a s a w a r d e d o n S e p t . 1 5 t o M ik e Q u in n a t 1 0 1 .
D enom .
R E D L A N D D R A I N A G E D I S T R I C T ( P . O . R e d l a n d ) , U t a h .— B O N D
S A L E .— A n i s s u e o f $ 7 5 , 0 0 0 6 % s e r i a l d r a i n a g e b o n d s h a s b e e n s o l d t o




S w eet, C a u s e y , F oster & C o ., D e n v e r .
I n t e r e s t s e m i-a n n u a l.
N . Y ,
p a y m en t.
D e n o m . $ 1 ,0 0 0 .
D u e $ 3 ,0 0 0 a y e a r fr o m 6 t o 20 y e a r s , in c l.
R I D G E W O O D , B e r g e n C o u n t y , N . 3 . — B O N D O F F E R I N G .— W i lb u r
M o r r is . V illa g e C le r k , w ill r e c e iv e p r o p o s a ls u n t il 8 p . m . O c t . 2 8 f o r a n
is s u e o f 5 % c o u p o n m u n ic ip a l la n d b o n d s , n o t t o e x c e e d $ 1 2 ,0 0 0 .
D enom .
$ 1 ,0 0 0 .
D a te S ep t. 1 1919.
P r in . a n d s e m i-a n n . in t . p a y a b le a t th e R id g e w o id T r u s t C o . o f R i d g e w o o d .
D u e $ 2 ,0 0 0 y e a r ly f r o m 1 9 2 0 t o 1 9 2 5 , in c l.
C e r tifie d c h e c k o n a n in c o r p o r a te d b a n k o r t r u s t c o m o a n y f o r 2 % o f a m o u n t
o f b o n d s b id fo r , p a y a b le t o W ilb u r M o r r is , a s C o lle c t o r , r e q u ir e d .

R IDLEY PAR K , Delaware County, Pa.— BOND SALE.— On Oct. 14
Biddle & Henry of Philadelphia, bidding 100.41. were awarded the $40,00010-30-year (opt.) coupon tax-free street-impt. bonds dated Sept. 1
1919— V. 109, p. 1484.
ROCHESTER, N. Y.—NOTE OFFERING.— Proposals will be received
until 2.30 p. m. Oct. 23 by H. D. Quinby, City Comptroller, for the follow­
ing notes, aggregating $385,000:
$50,000 War Emergency notes.
35,000 Brown Street Subway notes.
300,000 Local Improvement notes.
Notes will be payable 8 months from Oct. 28 1919, at the Central Union*
Trust Co. of New York, where they aslo will be delivered on Oct. 28.
Bidders must designate denominations desired, rate of interest, and towhom (not bearer) notes will be made payable.
4\i%

ROSEDALE INDEPENDENT SCH OOL D IS T R IC T , Jefferson
County, T ex.— BOND SALE.— An issue of $30,000 5% school bonds has

been sold to the Hanchett Bond Co. of Chicago. Denom. $1,000. Date
May 1 1919. Prin. and semi-ann. int. (A. & O.) payable at the Hanover
National Bank, N. Y . Due May 1 1959, optional May 1 1929.
ROSS T O W N SH IP (P. O . Chrism an), Edgar C ounty, 111.— BOND-

SALE.— The Hanchett Bond Co. of Chicago has purchased and is now
offering to investors at a price to yield 4.60%, $20,000 5% road bonds.
Denom. $1,000. Date July 1 1919. Prin. and semi-ann. int. ( J . & J .)
National Bank
Jayable at the First1924, inclusive. of Chicago. Due $5,000 vearly onuly 1 from 1921 to
RYE, Westchester C ounty, N. Y.—BOND SALE.—On Oct. 15 the
$16,000 5% 1-16 yr. serial gold registered disposal-plant bonds, dated Oct. 1
1919— V. 109, p. 148-1—were awarded to the Wm. R. Compton Co. of N. Y .,
at 103.43 and interest.
ST. CH AR LES, Kane C ounty, III.— BOND ELECTION.—A specialelection is to be held on Oct. 22 to vote on the issuance of $20,000 5% couplant improvement bonds.
Denom.
Eon electric light and power and annual int. (May) payable at the $500>ate Nov. 1 1919. Prin.
City
Treasurer's office. Due $1,000 yearly on May 1 from 1921 to 1940, incl.
These bonds, if voted, will be sold at private sale.
SAN JOAQUIN

15 1 9 1 9 .

1543

SCHOOL

D IST R IC T ,

Fresno County, Calif.—

BOND SALE.— On Oct. 7 the $10,000 6% 10-91-year serial gold school
bonds, dated Sept. 18 1919— V. 109, p. 1388-—were awarded to the Bank of
Italy at 110.29 and interest.
SCHENECTADY, N. Y .— CERTIFICATE SALE.— On Oct. 15 the
$150,000 certificates of indebtedness, dated Oct. 16 1919 and maturing
Jan. 16 1920— V. 109, p. 1484— were awarded to S. N. Bond & Co., of New
York, on a 4.35% interest basis, plus a premium of $4.25.
NOTE SALE.— An issue of $151,000 8 months bridge notes was on
Oct. 14 awarded, it is reported, to Geo. B. Gibbon & Co., of New York,,
on a 4.45% interest basis, plus a premium of $6.04.
S E A T T L E , W a s h .— B O N D S A L E . — D u r in g t h e m o n t h o f S e p t e m b e r t h e
c i t y is s u e d t h e f o ll o w in g 6 % b o n d s a t p a r :
N o.
A m o u n t.
P u rp ose.
D a te .
D u e.
3200
$ 2 7 ,9 4 9 1 0
C o n d e m n a tio n
S ep t. 6 1919
S e p t. 6 1 9 3 1
3178
1 4 ,1 8 0 19
W a lk s
S e p t. 13 1919
S e p t. 13 1931
3154
1 ,4 9 5 4 9
G r a d in g
S e p t. 15 1919
S e p t. 15 1931
3184
6 .1 6 2 66
W a lk s
S ep t. 22 1919
S ep t. 22 1931
3134
2 ,3 8 9 5 0
W a lk s
S e p t. 18 1919
S e p t. 18 1931
3158
1 ,5 2 0 8 8
P a v in g
S ep t. 22 1919
S e p t. 2 2 1931
3159
2 ,3 6 2 8 5
P a v in g
S ep t. 22 1919
S ep t. 22 1931
A ll th e a b o v e b o n d s a r e s u b je c t t o c a ll o n a n y in t e r e s t -p a y in g d a t e .
S E D A L I A . P e t t i s C o u n t y , M o .— B O N D S A L E — A n is s u e o f $ 3 5 ,0 0 0
5 % in c in e r a to r -b u ild in g a n d g c r b a g o -d is p o s a l-p la n t b o n d s w a s r e c e n t ly s o ld
t o th e W m . R . C o m p t o n C o . o f S t. L o u is .
In t. J . & J ., p a y a b le a t th e
M e r c h a n t s -L a c le d e N a t io n a l B a n k , S t. L o u is .
SE LM A , J oh n ston
C o u n t y , N o . C a r o .— B O N D
O F F E R I N G .— P r o ­
p o s a ls w ill b e r e c e iv e d u n t il 2 p . m . O c t . 2 8 b y W . H . C a ll , M a y o r , f o r
$ 4 0 ,0 0 0 6 % s e w e r b o n d s .
D e n o m . $ 1 ,0 0 0 .
D a t e J u ly 1 1 9 1 9 P r in . a n d
s e m i-a n n . in t . (J . & J .) p a y a b le a t t h e U . S . M t g e . & T r u s t C o . . N . Y .
Due
y e a r l y o n J u ly 1 a s fo llo w s : $ 1 ,0 0 0 1 9 2 1 t o 1 9 4 0 in c l . a n d $ 2 ,0 0 0 1941 t o 1 9 5 0
in c l.
C e r t , c h e c k o n a n in c o r p o r a t e d b a n k o r t r u s t c o m p a n y fo r 2 % o f t h e
a m o u n t o f b o n d s b id fo r , p a y a b le t o th e T o w n T r e a s u r e r , r e q u ir e d .
The
b o n d s a r e t o b e p r e p a r e d u n d e r th e s u p e r v is io n o f t h e U . S . M t g e . & T r u s t
C o . o f N . Y . w h ic h w ill c e r t ify a s t o t h e g e n u in e n e s s o f t h e s ig n a tu r e s o f t h e
c i t y o f f ic i a ls a n d t h e s e a l im p r e s s e d t h e r e o n a n d t h e le g a lit y w ill b e a p p r o v e d
b y C a ld w e ll & M a s s lic h o f N . Y . a n d J . L . M o r e h e a d o f D u r h a m , w h o s e a p ­
p r o v in g o p in io n s w ill b e fu r n is h e d t o t h e p u r c h a s e r w it h o u t c h a r g e .
B onds
w ill b e d e l i v e r e d a t t h e s a id T r u s t C o . in N e w Y o r k o n N o v . 3 1 9 1 9 . o r a
s o o n th e re a fte r a s th e b o n d s c a n b e p r e p a r e d , a n d m u s t th e n b e p a id fo r .
P u r c h a s e r t o p a y a c c r u e d in te r e s t.
S E N E C A C O U N T Y ( P . O . W a t e r l o o ) , N . Y . — B O N D O F F E R I N G .—
O liv e r C . C a n e . C o u n t y T r e a s u r e r , w ill r e c e iv e p r o p o s a ls u n t il 2 p . m .
O c t . 21 f e r $ 5 1 ,1 3 5 r o a d im p t . b o n d s , a t n o t e x c e e d in g 5 % in t e r e s t . D e n o m .
$ 2 ,5 5 6 .7 5 .
In t. J. & J.
D u e $ 2 ,5 5 6 .7 5 y e a r ly o n J u ly 1 f r o m 1 9 2 4 to 1 9 1 3 . in c l.
C e rt, ch eck fo r 5 %
o f a m o u n t o f b o n d s b id fo r , r e q u ir e d .
B o n d s t o b e d e liv e r e d a n d p a id f o r a t t h e C o u n t y T r e a s u r e r ’s o f f i c e a t
1 0 a . m . N o v . 1 0 u n le s s a la t e r d a t e is m u t u a ll y a g r e e d u p o n .
P u rch aser
t o p a y in t e r e s t a c c r u e d fr o m J u ly 1 1 9 1 9 .
S E N E C A C O U N T Y ( P . O . T i f f i n ) , O h i o . — B O N D S A L E — O n O c t . 11
t h e $ 4 ,5 0 0 1 - 5 - y e a r s e r ia l a n d $ 3 ,5 0 0 2 - 5 - y e a r s e r ia l 5 % c o u p o n r o a d - i m p t .
b on d s, d a ted N o v . 1 1919— V . 109, p . 1388— w ere a w a rd ed to th e C o m m e r­
c ia l B a n k C o . o f G r e e n s p r in g a t 1 0 0 .5 5 a n d 1 0 0 .6 6 8 , r e s p e c t i v e ly , t h e p u r ­
c h a s e r t o p a y a c c r u e d in te r e s t.
S E V IE R
C O U N T Y
D IS T R IC T
N O . 5
P . O . R i c h f i e l d ) , S e v ie r
C o u n t y , U t a h . — B O N D S A L E .— A n is s u e o f $ 4 5 ,0 0 0 6 r ? s e r ia l d r a in a g e
b o n d s h a s b e e n s o ld t o S w e e t, C a u s e y , F o s t e r & C o ., D e n v e r .
D enom .
D e n o m . $ 1 ,0 0 0 .
I n t e r e s t s e m i-a n n u a l N .
Y .
p a y m en t.
D u e $ 3 ,0 0 0
a n n u a lly fr o m 6 t o 20 y e a r s in c lu s iv e .
S E Y M O U R , J a c k s o n C o u n t y , I n d .— B O N D O F F E R I N G .— P r o p o s a l s
w ill b e r e c e iv e d u n t il 2 p . m . O c t . 2 5 b y H . F in d le y , C i t y C le r k , f o r $ 1 0 ,0 0 0
5%
bon ds.
D a te N o v . 1 1919.
In t. J . & J .
D u o $ 2 ,0 0 0 y e a r l y o n
J u ly 1 fr o m 1 9 2 2 t o 1 9 2 6 , in c lu s iv e .
S K A G I T C O U N T Y (P . O . M o u n t V e r n o n ) , W a s h . — B O N D S A L E .—
L u m b e r m e n s T r u s t C o . h a s b e e n a w a r d e d t h e $ 3 5 0 ,0 0 0 5 H % r o a d b o n d s
a t 1 0 0 .2 5 .

P r in c ip a l a n d s e m i-a n n u a l in te r e s t ( M . & N .) p a y a b l e a t t h e F ir s t N a t i o n a l
B a n k , o f B o s to n , o r a t th e C it y T r e a s u r e r ’ s o ffic e .
D u e $ 3 3 ,0 0 0 y e a r l y o n
N o v . 1 fr o m 1 9 2 0 t o 1 9 3 8 , in c lu s iv e .
STEU BEN
SC H O O L
T O W N S H IP
(P .
O .
M a r s h fie ld ),
W arren
C o u n t y , I n d . — B O N D S A L E .— O n O c t . 13 t h e $ 1 2 ,0 0 0 5 %
3 -7 -y e a r
s e r ia l c o u p o n s c h o o l- c o n s t r u c t i o n b o n d s , o f f e r e d o n t h a t d a t e ( V . 1 0 9 p .
1 2 9 5 ) w e r e a w a r d e d t o t h e C e n t r a l B a n k , o f W e s t L e b a n o n , a t 1 0 1 .0 5 a n d
in te r e s t.
ST R U
S ta cy &
aw arded
d a t e .— V

T H E R S , M a h o n i n g C o u n t y O h i o . — B O N D S A L E .— O n O c t . 15
B r a im o f T o l e d o b id d in g $ 2 3 ,9 5 5 .4 0 (1 0 8 .8 8 8 ) a n d in t e r e s t , w e r e
t h e $ 2 2 ,0 0 0 6 % 6 -2 2 y r . s e r i a l f i r e - e q u i p m e n t b o n d s o f f e r e d o n t h a t
. 109, p . 1295.
D a te O ct. 1 1919.

S T U A R T , P a lm B e a c h C o u n t y , O h i o .— B O N D S A L E — O n O c t . 6 *
i t is s t a t e d , t h e $ 6 0 , 0 0 0 6 % 6 - 2 5 - y e a r s e r i a l s t r e e t , b r i d g e , f i r e h a l l a n d f u n d ­
in g b o n d s — V . 1 0 9 , p . 1 2 9 5 — w e r e a w a r d e d t o t h e U n ite d S ta te s T r u s t C o *
o f J a c k s o n v ille a t p a r .
S U F F O L K . C O U N T Y ’ ( P . O . R i v e r h e a d ) , N . Y . — B O N D S A L E .— O n
O c t . 1 4 t h e $ 4 4 0 ,0 0 0 4 H %
1 -2 0 - y e a r s e r ia l r e g is t e r e d r o a d - im p r o v e m e n t
b o n d s , d a t e d O c t . 1 1 9 1 9 ( V . 1 0 9 , p . 1 3 8 9 ), w e r e a w a r d e d a t 1 0 1 .1 7 t o
S h e r w o o d & M e r r ifie ld , o f N e w Y o r k , w h o a re n o w o ffe r in g th e s e c u r it ie s
t o in v e s to r s a t a p r ic e t o y ie ld 4 .2 5 % in te r e s t.
N e t b o n d e d d e b t , $ 8 1 2 ,0 0 0 .
A s s e s s e d v a lu a t io n 1 9 1 8 , $ 1 0 6 ,2 4 6 ,2 3 4 .
P o p u la t io n in 1 9 1 5 , 1 0 4 ,3 4 2 .
_

1544

THE

V I V I A N , C a d d > P a r i s h , L a . — B O N D S A L E .— O n O c t . 7 t h e $ 3 0 ,0 0 0
5 % 1 -2 0 y e a r s e r ia l g o l d s t r e e t b o n d s d a t e d A u g . 1 1 9 1 9 — V . 1 0 9 , p . 1 3 9 0 —
w e re a w a r d e d t o S id n e y S p itz e r & C o . o f T o le d o a t p a r a n d in te r e s t.

S U M M IT U N IO N S C H O O L D I S T R I C T , S is k iy o u C o u n t y , C a lif.—
B O N D S A L E .— T h e $ 1 5 ,0 0 0 6 % s c h o o l b o n d s o ffe r e d o n O c t . 6 ( V . 1 0 9 , p .
1 2 0 3 ), w e r e a w a r d e d o n t h a t d a y t o th e H a n k o f I t a ly o r S a n F r a n c is c o fo r
$ 1 5 ,8 4 8 , e q u a l t o 1 0 5 .6 5 3 .

V IV IA N
IN D E P E N D E N T C O N S O L ID A T E D
SC H O O L
D IS T R IC T
N O . 2 1 , L y m a n C o u n t y , S o . D a k . — B O N D S A L E . — A n is s u e o f $ 3 5 ,0 0 0
t a x -fr e e s c h o o l b u ild in g b o n d s h a s b e e n s o ld t o J . F . S in c la ir C o ., o f
M in n e a p o lis .
D e n o m . S I .0 9 0 .
D a te A u g . 1 1919.
P r in . a n d s e m i-a n n .
in t. p a y a b le at th e N a t io n a l B a n k o f C o m m e r c e , N . Y .
D u e A u g. 1 1939.

S U Q T JA L E N A C O N S O l I D A T E D S C H O O L D I S T R I C T , L a u d e rd a le
C o u n . v , M is s .— B O N D S A L E .— O n O c t . 9 t h e F ir s t N a t i o n a l H a n k o f
M e r id ia n w a s a w a r d e d t h e $ 6 ,0 0 0 6 % 5 - 1 6 -y e a r s e r ia l b o n d s , d a t e d A p r il 1
1 9 1 9 ( V . 1 0 9 , p . 1 2 9 5 ), f o r $ 0 ,0 2 5 (1 0 0 .4 1 6 ) a n d in t e r e s t .

6%

V O N A , K it C a r s o n C o u n t y . C
A n is s u e o f $ 2 5 ,0 0 0 6 % 1 5 -y r . w a t e r
itie s C o . o f D e n v e r , a t p a r , s u b je c t
c e n t ly in c o r p o r a t e d .
A s se s s e d v a lu

S U T T E R C O U N T Y (P . O . Y u b a ) , C a l i f . — B O N D S A L E .— T h e F ir s t
N a t io n a l H a n k o f Y u b a h a s b e e n a w a r d e d t h e $ 8 0 ,0 0 9 5 % h ig h w a y b o n d s
a t 1 0 1 .5 0 .
O th e r b id d e r s w e re :
C a r s t e n s & E a r l e s _______________$ 8 0 , 9 5 7 |B l a n k e n h o r n - I l u n t e r - D u l i n
B o n d & G o o d w i n _______________ 8 0 , 7 1 2 | C o ___________________________________ $ 8 0 , 2 5 6

W A N A M IN G O S C H O O L D I S T R I C T N O . 165 (P . O . W a n a m in g o ),
G o o d h u e C o u n t y , M i n n .— B O N D S A L E .— T h o $ 3 1 ,0 0 0 4 % s c h o o l b o n d s
v o t e d d u r i n g A p r i l (V '. 1 0 8 , p . 1 5 3 8 ) . h a v e b e e n s o l d t o t h e S t a t e B o a r d o f
In v estm en t.
D u o 1930.
W A U K O M I S , G a r f i e l d C o u n t y , O k l a . — B O .Y D S A L E . — T h e $ 1 8 , 0 0 0
w a te r im p r o v e m e n t b o n d s r e c e n t ly v o t e d (V . 1 0 9 . p . 1 3 9 0 ) h a v e b e e n s o ld .

T A L L A H A C H I E C O U N T Y (P . O . C h a r l e s t o n ) , M is s . - M Y n
c Aj , E
— T ii e B a n k o f C o m m e r c e & T r u s t C o . o f M e m p h is w a s a w a r d e d $ 2 0 0 ,0 0 0
5 % % ro a d im p t. b o n d s o ffe r e d o n S e p t. 2 0 .
D en om . $500.
D a te O c ,. 1
1 )1 9 .
I n t . A . &. O .
D u e yearl
i r o n . iD o o t o 1 9 4 4 in c l .

W E B B C O U N T Y ( P . O . L a r e d o ) , T e x . — B O N D O F F E R I N G .— S e a le d
b i d s w ill b e r e c e i v e d u n t i l 4 p . m . O c t . 2 1 b y G e o . R . P a g e , C o u n t y J u d g e ,
fo r t h e $ 3 0 0 ,0 0 0 5 % t a x -fr e e c o u p o n r o a d b o n d s o ffe r e d u n s u c c e s s fu lly o n
J u l y 2 1 — -V '. 1 0 9 , p . 5 0 9 .
D e n o m . $ 1 ,0 0 0 .
D a te A u g . 1 1919.
P r in . a n d
s e m i-a n n . in t . p a y a b l e in N e w Y o r k .
D u e $ 1 0 ,0 0 0 y r l y . o n A u g . 1 f r o m
1 9 2 0 to 1 9 4 9 , I n c l.

if

T E R R E B O N N E P A R IS H
(P . O . H u m a ) , L a .— B O N D S A L E .— O n
S e p t. 2 4 th e fo llo w in g 5 %
b o n d s (V . 109. p . 9 0 9 ) w e re a w a rd e d to th e
P e o p l e ’s B a n k & T r u s t C o . , o f H o u m a , it is r e p o r t e d :
$ 1 0 5 ,0 0 0 R o a d D is t r ic t N o . 3 b o n d s a t 1 0 1 .5 3 .
7 5 .0 0 0 R o a d D is t r ic t N o . 4 b o n d s a t 1 0 1 .5 4 .
8 5 .0 0 0 R o a d D is t r ic t N o . 5 b o n d s a t 1 0 1 .5 1 -

W E L D C O U N T Y S C H O O L D I S T R I C T N O . 80 (P . O . H u d s o n ), C o lo .
— B O N D S A L E .— A n is s u e o f $ 1 0 ,0 0 0 5 4 % 1 5 -3 0 y r . ( o p t . ) h a s b e e n s o ld
t o B e n w e ll. P h illip s , E s t e & C o .. D e n v e r , f o r $ 4 0 ,0 2 5 e q u a l t o 1 0 0 .0 6 2 .
S '.i n i - a n n u a l N . Y . p a y m e n t .
A s se s s e d v a lu a t io n . $ 1 ,5 3 0 ,0 0 0 .
D e b t to ta l,
$ 5 0 ,0 0 0 .
P o p . ( e s t .) 1 .0 0 0 .
W E L L I N G T O N , S u m m e r C o u n t y , K n n s .— B O N D S A L E .— A n Issu e
o f $ 1 8 ,0 0 0 5 % p a r k g r o u n d p u r c h a s e b o n d s w a s a w a r d e d a t 1 0 2 .5 0 a n d
In te re st t o th e S te w a r t E s t a t e o f W e llin g t o n o n S e p t. 2 2 .
D o om . $500.
D a te J u ly 1 1 9 1 9 .
In t. J. & J .
D u e J u ly 1 1 9 3 4 .

T H O M P S O N T O W N S H I P R U R A L S C H O O L D I S T R I C T ^P. O . F la t
R o c k ), S en eca
C o u n t y , O h i o . — B O N D O F F E R IN G .— T h o s . W j g a n t ,
C le r k o f B o a r d o f E d u c a t io n , w ill r e c e iv e p r o p o s a ls u n t il 12 m . N o v . 1 fo r
$ 7 5 ,0 0 0 5 >2 % c o u p o n s c h o o l b o n d s .
A u t li., S e c . 7 6 2 5 , G e n . C o d e .
D en o m . 5 . 0 U 1.
M
D a te N o v . 1 1919.
In t. M . & S .
D u e y e a r ly o n M a r c h 1
a s fo llo w s :
r a z i t o 1 9 3 6 in c l .; $ 2 ,0 0 0 1 9 3 7 t o 1 9 1 6 i n c l .; a n d y e a r l r
o n S e p t . 1 a s f o l l o w s : $ i ,b u u 1 9 2 1 t o 1 9 3 1 i n c l . ; $ 2 , 0 0 0 1 9 3 2 t o 1 9 4 5 i n c l .
P u r c h a s e r t o p a y a c c r u e d in te r e s t.

W E ST
C A R R O L L
T O W N S H IP
SC H O O L
D IS T R IC T
(P . O . S t .
B e n e d ic t ), C a m b r ia
C ou n ty ,
P a .— B O N D
S A L E .— T h o $ 1 8 ,5 0 0 5 %
2 - 1 3 - y e a r s e r i a l t a x - f r e e s c h o o l b o n d s o f f e r e d o n O c t . 11 ( V . 1 0 9 . p . 1 3 9 1 ) ,
w r e a w a r d e d o n t h a t d a t e t o t h e F ir s t N a t i o n a l B a n k o f C a r r o ll t o w n , f o r
$ 1 8 ,6 2 5 ( 1 0 0 .6 7 5 ) a n d in t e r e s t .
W E S T P A R K V IL L A G E S C H O O L D I S T R I C T (P . O . W e s t P a r k ).
C u y a h o g a C o u n t y , O h i o . — B O N D S A L E . — O n O c t . 6 a n is s u e o f 3 8 0 ,0 0 0
5 ', % c o u p o n s c h o o l b o n d s w a s a w a r d e d t o T illo t s o n & W a lc o t t C o . o f
C le v e la n d , a t 1 0 1 .2 6 5 .
D e n o m . $ 1 ,0 0 0 .
D a t e S e p t .. 1 1 9 1 9 .
P r in . a n d
s e m i - a n n . i n t . ( A . & O . ) p a y a b l e a t t h e D i s t r i c t T r e a s u r e r 's o f f i c e .
Duo
$ 4 ,0 0 0 y e a r l y o n O c t . 1 f r o m 1 9 2 0 t o 1 9 3 9 in c l .

T O L E D O . T a m a C o u n t y . I o w a .— B O N D S A L E .— S c h a n k e A C o . o f
M a s o n C i t v h a v e b e e n a w a r d e d $ 2 0 ,0 0 0 5 % 1 0 -y e a r fu n d in g b o n d s .
D a te
D ec. 1 1919.
T O O L E C O U N T Y ( P . O . S h e l b y ) , M o n t . — B O N D S A L E . — O n O c t . 13
t h e $ 1 0 0 ,0 0 0 5 ‘ i %
2 0 -y e a r c o u p o n h ig h w a y b o n d s d a t e d O c t . 1 1 9 1 9 — V .
1 0 9 , p . 1 2 0 4 — w e r e a w a r d e d , i t is r e p o r t e d , t o t h e W e l l s - D i c k e y C o . o f
M in n e a p o li s a t 1 0 1 .1 7 .

W EST
V IE W , A lle g h e n y
C ou n ty ,
P a .— B O N D
E L E C T I O N .— A c ­
c o r d i n g t o r e p o r t s , t h e c i t i z e n s w ill v o t e o n a b o n d is s u e o f $ 1 2 ,5 0 3 t o
im p r o v e s tr e e ts .
W H E A TLA N D
C O U N T Y
SC H O O L
D IS T R IC T
N O . 3 8 , M o n t .—
B O N D S A L E . — An issue of $6,000 school bonds, offered on Sept. 6, h a s

T R IA D E L P H IA
SC H O O L
D IS T R IC T
(P . O . T r i a d e l p h i a ', O h io
C o u n t y , W . V a .— B O N D S A L E .— O n O c t . 7 $ 1 2 0 ,0 0 0 6 % s c h o o l -b u ild in g
a n d e q u i p m e n t b o n d s w e r e a w a r d e d t o S e a s o n g o o d Sc M a y e r o f C i n c i n n a t i
a t 1 0 1 .7 8 .
D u e s e r i a l ^ '.
D e n o m . $ 1 ,0 0 0 .
D a te N o V . 15 1919.
In terest
.a n n u a l.

L O A N S

N E W

C it y

W e

A lw a y s

o f

M a rk e t

C
P

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S t.

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5 %

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C i r a h r on re q u e st
H

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.

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C e rttH e b P u b lic 9 c c o u m a n ls
55 L ib e rty S t.,

N ew Y orl

GEORGE W. MYER, JR
C e r tifie d

P u b lic

A c c o u n t a n t

2 RECTOR S T ., NEW YO R K

Audits, Investigations,
Estate Accounting,

Income Tax Returne.

T e le p h o n e




H a v e n ,

L O A N S

$24,000

C o n n .
V

P u b lic

R ector

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4 % %

$300,000

P

B
iddle & H
enry
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N E W

B o n d s .

F

38, 3V2*< 4 s ,

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$500,000

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been sold to the State Board of Land Commissioners.

i l l a g e

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a l l s ,

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H a v e
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L E C T I O N A- S A L E .—
s o ld th e B a n k e r s S e c u r ­
N ov . 4.
N ew to w n re­
d e b t , t il ls is s u e .

W A L K E R
SC H O O L
D IS T R IC T
(P .
O .
P a r k e r s b u r g ),
C h ester
C o u n t y , P a . — B O N D E L E C T I O N .— A n e l e c t i o n is t o b e h e ld t o v o t e o n t h e
q u e s t i o n o f i s s u i n g $ 1 2 ,0 0 0 s c h o o l b o n d s , it i s s t a t e d .
•

T A C O M A , W a s h .— B O N D S A L E .— D u r in g th e m o n th o f
b e r th e
c i t y is s u e d $ 1 3 ,2 8 8 8 0 6 % S p e c ia l I m p r o v e m e n t D is t r ic t N o . 4 0 5 7 p la n k in g
bon ds.
D a te S e p t. 7 1919.
D u e S e >t. i 1 9 2 4 , s u b j e c t t o c a l l S e p t e m b e r
every year.
’

TECU M SEH , Joh n son
C o u n t y , N e 1* .— P O N D S A L E . — A n i s s u e
$ 2 ,5 0 0 6 % p a v in g b o n d s w a s r e c e n t ly s o ld to K e e le r B r o s , c f D e n v e r .

o l o .— B O N D E
bon d s has been
t o b e in g v o t e d
a t io n . $ 2 8 0 ,0 0 0

W A L E S C E N T E R , E r ie C o u n t y , N . Y . — B O N D S A L E .— O n O c t . 14
th e t o w n a w a r d e d $ 1 4 ,0 0 0 5 % 3 1 -3 -y e a r (a v e r a g e ) r o a d b o n d s t o O ’B r ia n ,
P o t t e r & C o . , o f B u f f a l o , a t 1 0 1 .3 1 3 .

S W IF T
C O U N TY
(P .
O .
B e n s t n ) , M in n .— R O N D
O F F E R IN G .—
S e a le d b id s w ill b e r e c e iv e d u n t i l 1 p . i n . O c t . 2 2 b y D . P . C a r n e y , C o u n t y
A u d it o r , f o r $ 1 8 ,0 0 0 5 % C o u n t y D it c h N o . 19 b o n d s .
D e n o m . $ 1 ,0 9 0 .
D a te N o v . 1 1919.
P r in c ip a l a n d s e m i-a n n u a l in te r e s t p a y a b l e a t t h e
F ir s t N a t io n a l B a n k , S t. P a u l.
D u e y e a r ly fr o m 1 9 2 5 t o 1 9 3 9 , in c lu s iv e .
C e r tifie d c h e c k fo r 1 0 % o f b id , p a y a b le to th e C o u n t y T r e a s u r e r , r e q u ir e d .

N E W

[Vol. 109.

C H R O N IC L E

5441

.

P a v e m e n t

4 }4 %

B o n d s .

N e w H a v e n , C o n n .,
C o n t r o ll e r ’s O f f c o ,
R o o m 1 5 , C i t y H a ll,
O ctob er 6 , 1919.
S e a le d p r o p o s a ls w ill b o r e c o :v e d a t t i c s o f f i c e
u n t I 11 O ’C L O C K
A. M
T H U R SD A Y , O C ­
T O B E R 2 3 , 1 9 1 9 (a t w h ic h tim e t h e y w ill b e
o p e n e d ), fo r th e p u r c h a s in g o f th e w h o le o r a n y
p a r t o f th e fo llo w in g b o n d s o f th e C it y o f N e w
H aven:
$ 5 0 0 ,0 0 0 G e n e r a l P u b li c I m p r o v e m e n t B o n d s
o f a d e n o m i n a t i o n o f $ 1 ,0 0 0 e a c i i , o r a n y m u l t i p l e
t h e r e o f, t o b e a r in te r e s t a t th e r a te o f 4 ! j p er
c e n t u m p e r a n n u m , p a y a b le s e m i-a n n u a lly . B o n d s
w ill b e d a t e d M a r c h 1 5 , 1 9 1 9 , a n d m a t u r e $ 1 0 0 ,­
000 o n M i r c h 1 5 , 1 9 3 1 , a n d a l i k e a m o u n t o n
M r c h 15 o f t h e y e a r s 1 9 3 2 , 1 9 3 3 , 1 9 3 4 , a n d 1 9 3 5 .
$ 3 0 0 ,0 0 0 S tr e e t P a v e m e n t B o n d s o f a d e n o m ­
i n a t i o n o f $ 1 ,0 0 0 e a c h , o r a n y m u l t i p l e t h e r e o f ,
t o b e a r i n t e r e s t a t t h e r a t e o f 4 ,% p e r c e n t u m p e r
a n n u m , p a y a b le s e m i-a n n u a lly .
B o n d s w ill b e
d a t e d o n M r .r c h 1 5 , 1 9 1 9 , a n d m a t u r e $ 1 0 0 ,0 0 0
o n M s * rch 1 5 , 1 9 1 7 . $ 1 0 0 ,0 0 0 o n M a r c h 1 5 , 1 9 2 9 ,
a n d $ 1 0 0 ,0 0 0 o n M a r c h 1 5 , 1 9 3 0 .
T h e s e b o n d s w e re a u th o r iz e d b y A c t o f th e
G en era l A s s e m b ly a p p r o v e d M a y 13, 1913, a n d
b y v o t e s o f th e B o a r d o f A ld e r m e n o f t h e C it y
o f N ew H aven:
$ 5 0 0 ,0 0 0 F e t r a a r y 3 , 1 9 1 9 , a n d M a r c h 3 , 1 9 1 9 .
$ 3 0 0 ,0 0 0 F e b r u a r y 3 , 1 0 1 9 , a n d M a r c h 3 , 19 1 9 .
a n d b y v o t e s o f th e B o a r d o f F in a n c e :
$ 5 0 0 ,0 0 0 F a b r u a r y 1 3 , 1 9 1 9 .
$ 3 0 0 ,0 0 0 F e b r u a r y 1 3 , 1 9 1 9 .
T h e p r i n c i p a l a n d in t e r e s t o n a ll b o n d s p a y a b l e
a t t h e o f f i c e o f t h e C i t y T r e a s u r e r In la w fu l m o n e y
o f th e U n ite d S ta te s.
.
The
B o n d s w ill b e c o u p o n o r r e g i s t e r e d a s
d es red b y th e p u rch a se r.
C o u p o n b on d s ca rry
p r iv ile g e o f r e g is t r a t io n a s t o p r in c ip a l o n ly o r
as t o p r in c ip a l a n d in te r e s t.
B o n d s c o n v e r tib le
fr o m c o u p o n in t o r e g is te r e d b o n d s a t a n y tu n e .
I P d s s h a ll b e m a r k e d “ P r o p o s 'd f o r B o n d s
and
a d d re s s e d t o A r th u r I ). M u lle n , C o n tr o lle r , R o o m
15, c i t y H a ll, N e w H a v e n , C o n n ., a n d b e a c c o m p a n -’ e d b y t h e d e p o s i t o f a c e r t f i e i l c h e c k p a y a b l e
t o t h e o r d e r o f s a id C o n t r o ll e r f o r t h e s u m o f
$ 2 ,0 0 0 0 0 a s a g u a r a n t e e o f g o o d f a i t h o n t h e p a r t
o f th e b id d e r .
S a id c h e c k s h a ll b e d e e m e d f o r ­
fe it e d u p o n fa ilu r e o f b id d e r t o a c e e p t th e b o n d s
w ith in te n d a y s t im e a ft e r n o t ic e o f a c c e p t a n c e
o f p r o p o s a l,
i f t h e b i d is n o t a c c e p t e d c h e c k w i l l
b e retu rn ed a t o n ce .
S a id b o n d s s h a ll b e e n g r a v e d u n d e r t h o s u p e r ­
v isio n o f a n d c e r t ’fie d a s t o th e ir g e n u in e n e s s b y
th e U n ite d S ta te s M o r t g a g e a n d T r u s t C o m p a n y .
T h e r :g h t t o r o j e c t a n y a n d a ll b id s is r e s e r v e d .
F o r fu r th e r in fo r m a tio n a d d r e s s ,
A R T H U R
D A V ID

E .

D .

M U L L E N ,

F IT Z G E R A L D ,

C o n tr o lle r .

M ayor.

W IL L IA M
A . H E N D R IC K .
M e m b e r o f B o a r d o f F in a n c e .

S T R E E T

P A V IN G

B O N D S .

S e a le d p r o p o s a ls w ill b e r e c e iv e d b y C h a r le s W .
C o m b i . C le r k o f th e
V illa g e o f S e n e c a F a lls ,
N . Y . . a t h i s o f f i c e in t h e V i l l a g e o f S e n e c a F a l l s ,
N . Y . . u n t il t h e 2 0 T I 1 D A Y O F O C T O B E R .
1 9 1 9 . a t 8 o 'c l o c k p . m , f o r t h e p u r c h a s e o f
t w e n t y -fo u r (2 4 ) S tr e e t P a v in g B o n d s (a g g r e ­
g a t in g $ 2 4 ,0 0 0 ) o f th e t o t a l Iss u e o f f if t y - s i x (5 6 )
o f s a id b in d s ( a g g r e g a t in g $ 5 6 ,0 0 0 ) , a s f o ll o w s :
E ig h t b o n d s , f o r $ 1 ,0 0 0 e a c h , n u m b e r e d f r o m
1 t o 8 . in c lu s iv e , d u e N o v e m b e r 1 . 1 9 2 1 ;
*
E ig h t b o n d s , fo r $ 1 ,0 0 0 e a c h , n u m b e r e d fr o m
9 t o 1 6 . in c lu s iv e , d u e N o v e m b e r 1 , 1 9 2 5 ;
E ig h t b o n d s , fo r $ 1 ,0 0 0 e a c h , n u m b e r e d fr o m
17 t o 2 4 , i n c l u s i v e , d u e N o v e m b e r 1 , 1 9 2 6 ;
W it h in te r e s t p a y a b le s e m i-a n n u a lly t h e r e o n o n
t h e f i r s t d a y s o f M a y a n d N o v e m b e r in e a c h y e a r
u n t il p a id , a t n o t t o e x c e e d f iv e p e r c e n t ( 5 % )
per a n n u m .
S a id b o n d s w il l b e a w a r d e d t o t h e b i d d e r w h o
w i l l t a k e t h e s a m e a t n o t le s s t h a n p a r a n d a c c r u e d
in te r e s t t o th e d a t o o f d e liv e r y , a t th e lo w e s t r a te
o f in te r e s t n o t t o e x c e e d 5 % .
A n d th e B o a r d o f
T r u s t e e s o f s a id V illa g e r e s e r v e s t h e r ig h t t o
r e je c t a n y a n d a ll b id s .
D a t e d , S e n e ca F a lls , N . Y . , O c t . 6 , 1 9 1 9 .
BY O R D E R OF T H E BO A R D OF TR U STE E S,
C H A R L E S W . C O M B S , V illa g e C le r k .

H ig h

G r a d e

In v e s tm e n t

B o n d s

Municipal and Corporation
Issues Underwritten
Wo specialize in securities of
tho Mississippi Valley and tho
South
BO N D

M is s is s ip p i

D E PARTM EN T

V a lle y

S T .

T ru s t

L O U IS

C o .

'Oct. 18 1919.]

THE CHRONICLE

1545

WHEELER COUNTY (P. O. Fossil), Ore.— BOND S A L E — On Oct. S
'the $44,000 5 )A % road bonds (V. 109. p. 129"). wore awarded to Clark
Kendall & Co., for $46,735, equal to 106.215. Denom. S i,000. Date
Oct. 1 1919. Int. A. & O. Due Oct. 1 1949.

YAVAPAI COUNTY SCHOOL D ISTR IC T NO. 1 , P. O. P rescott),
Ariz.— BOND SALE.— Sweet. Causey. Foster & Co.. Denver, report the
purchase of $60,000 6 % 1 0 - 2 0 -year (opt.) school bonds.
YAZOO COUNTY (P. O. Y azoo C ity), Miss.— BOND S A L E — The
WHETSTONE TOWNSHIP (P. O. Martel R. No. 1 , C raw f-rd $150,000 road bonds offered on Oct. 8 — V. 109, p. 1391— were awarded
C ou n ty, Ohi -> BOND SALE.— On Oct. 4 the 510,500 5' ,' 4-ye..r (aver > oa that day to John Nureen & Co. of Chciago for $151,010 (100.673) and
.—
road bonds offered on that day— V. 109, p. 1391— were awarded to the F rst interest.
National Bank o f Bucyrus, at par and interest. Denom. it) for 51.000 and
1 for $500. Date Apr. 15 1919. Int. A. & O. Due $500 Apr. 15 19 >l and
$1,000 each six months from Oct. 15 1921 to April 1 1926 incl.
“ ‘

W HISKEY RUN TOW NSHIP, C rawford C ou n ty , K y.— BOXD
AU
UTHORTZED.— District court has authorized the issuance o f $3 ,7 4 3 .9
•road bonds.
W ICH ITA FALLS INDEPENDENT SCHOOL D ISTR IC T (P. O
W ichita Falls), W ichita C oun ty, Tex.— BONDS REGISTERED — On
■Oct. 6 an issue of $100,000 6 % 10-10-year school bands was registered with
the State Comptroller.
~ '
W ILLOU GH Kv R U ^A i ^ u o 0 l DISTRICT ,P. O. W illoughby)
Lake C oun ty. O h io.— BOND OFFE 'TNG.— C. C. Jenkins, Clerk Board of
Education, will receive proposals until 12 m. Oct. 30, it is reported for
$14,000 5 % coupon school-improvement bonds. Denom. $ 509 Date
.
Oct. I 1919. Principal and semi-annual interest (A. & O.) payable -it the
off:ee of the Clew land Trust C->. in Willoughby. Due $1,090 yearly on
Oct. 1 from 1921 to 1914, inclusive. Certified check for $500, parable to
the District Treasirer. required.
‘

YREK.A GRAMMAR SCHOOL D ISTR IC T, Siskiyou C oun ty, Calif.
— BOND SALE.— On Oct. 6 the Bank of Italy, of San Francisco, was
awarded $38,000 bands for $40,638, equal to 103.912.
YO R K , Y ork C oun ty, Neb.— BOND ELECTION.— An election will be
held Oct . 28 to vote on the question of issuing $150,000 water works bonds.

CANADA,

its

P ro v in c e s

and

M u n ic ip a litie s .

GRANDE PRAIRIE, A lta.— DEBENTURES AUTHORIZED.— On
Sept. 23. it is reported, the Burgesses passed a by-law to issue $10,500
town-hall-erection debentures.
,
HANOVER, O nt.— DEBEA TURKS VOTED.— At an election held Oct. 6
the voters approved three by-laws providing for the issuance of $30,000 millW1LMOT, Stark C ou n ty, O h io.— BOND ELECTION.— At the No­ construction. $3,500 drainag <and $10,000 park 20-year installment deben’s.
vember election, it is stated, the voters will pass on a proposition to issue
PLYMPTON, O n t.— DEBENTURES AUTHORIZED — It is reported
$5,000 paving bonds.
'
that a by-law to issue $3,000 drainage debentures was passed by the Council
on Sept. 20.
RUDDELL, Sask.— DEBENTURE SALE.— The $2 000 7 1 : C 10-year
installment town-hall debentures recently authorized— V. 109, p. 401— have
carious Sinking Funds.
been purchased, it is stated, by the Bond & Debenture Corporation of
'
W OODWARD COUNTY SCHOOL DISTRICT NO. 2, O kla.— Canada, Winnipeg.
BOA D SATE.— Recently the Hanchett Bond Co., of Chicago, purchased
SASKATCHEWAN SCHOOL D ISTRICTS, Sask.— DEBENTURE
$25,000 5 M % bonds. Denom. $500. Date July 15 1919. Principal and SALE.— The following, according to the “ Financial Post" of Toronto, is
$?,rV';annuaI Interest (J. & .7.) payable at the fiscal agency of the State of a list of debentures reported sold from Sept. 1 to 20: liayland, $3,000,
Oklahoma in New York City. Due yearly on July 1 as follows: *500 iq>i (it. West. Life Assur. Co.. Winnipeg; West Brook. $900, Cross. Jonah.
t.> 1934 inclusive, $3,000 1935 to 1938 inclusive, and $6,000 1939.
~
Hugg & Forbes. Regina; Harrivilie, $2,600. Harris, Read & Co, Regina;
Whoosier. $1,500, Western Trust Co.. Winipeg: Regina lb S. D ., $9,000,
YAKIMA COUNTY DIKING IMPROVEMENT D ISTR IC T NO. 1
W ash.— BOND OFFERING.— Until 2 p. m. Oct. 20 proposals will be r»v Huron & Erie Loan Co., Regina: Maidstone. $14,000, Gt. West Life Assur.
ceived by Ruth L. Hutchinson. County Auditor (IV O. Yakima) for approx­ Co.. Winnipeg: Atoimah, $2,800, and Anemone, $5,000, Gt. West Life
imately $37,000 bonds. Denom. $500. Prill, and semi-ami. int. parable Assur. Co., Winnipeg: New Hastings, $3,800, Cross, Jonah. Hugg & Forbes,
at Yakima. Bonds will be ready for delirery Dec. 1 1919. Total assessed Regina; Aurora, $2,000, Can. Landed & National Invest., Winnipeg;
Amulet, $3,000, and Nortligate, $1,100, Can. Landed & National Invest.,
value. $213,095. Population (est.) 2,000.
Winnipeg: Manitou Hill. $3,500, Western Trust Co., Winnipeg: Edenwold,
YAKIMA COUNTY v... „ .....• i __ .................
NO. 27. W ash.— BOND $8,500, Regina Sinking Fund Trustees: Concord. $4,150, Cross, Jonah,
i m * im -p
..... -ii DRAINAGE DISTRICT .r
.....
...
T
‘
Hugg & Forbes, Regina; Stratton, $3,400. Gt. West Life Assur. C o.,
Winnipeg.
TROIS-REVIERES, Q u e . - DEBENTURES NOT SOLD.— No sale was
made of an $80,000 issue o f debentures recently offered.
-value o f district, $10,510. Population (est .) 20.
VANCOUVER, B. C.— DEBENTURES DEFEATED.— On Sept. 30 the
31
ratepayers voted down the by-laws providing for the issuance or $511,500
Oct
school, $110,000 road and $170,000 bridge debentures.
proxi V V.
, C.
”V
I'uuuiii.
i mi. aiiu seun-arn. mt. par­
Y O R K TOWNSHIP, O n t.— DEBENTURES A UTHORTZED.— The
able at Yakima. Bonds will be ready for delivery N ov. 1 1919 Total -7v Township Council on Oct. 6 passed a by-law to issue $80,000 water-works
sessed value o f district $102,220. Population (est.) 150.
Js' debentures, according to reports.
F IN A N C IA L

F IN A N C IA L

“R
easons W " No. 3
hy

Short Term B
onds for B
anks
Banks a»e buying our First Mortgage
Marine Trust Bonds.
Maturities 6 mouths to 3 years
Liberal Protection.
Attractive Yields.

R a p id

Letters of Credits Negotiated

N inety per cent of all ou t-o f-tow n
checks sent us by correspondent
banks are collected

Hannevig & Co.
Foreign Exchange.

Foreign Exchange Department

C o lle c tio n

of Funds

C o r r e s p o n d e n c e i n v i t e d w ith I n s t i t u t io n s
n o t f a m ilia r w it h
th e s e s e c u r itie s .

Marine F inancing
Marine Securities
139 B r o a d w a y , N e w Y o r k

F IN A N C IA L

D IR E C T

or

A rrangem ents ran be m ade for the
im portation of merchandise through
the

through b u t one interm ediary.
Should

not

the

factor

of

use of dollar acceptances.

Capita! $3.000 000

O F F IC E S

collection of funds enter into your
selection of a correspondent?

M ark et &

N a t io n a l ( i t y R a n k

E ig h th
B'way

o f (IlIC A G O
BANKS AND BANKERS DEPARTMENT

A •C
P A h L , Vice-President
J
•Assistant Cashier
H
MEY'KR, Assistant Cashier
R. v . KELLEY . Assistant Cashier
’

N ew Y o rk

JOH N

SO S l a t e S t r e e t . B o s t o n

A M E R I C A N

M F G .

B O Y L E JR.

A tto r n e y -a t-L a w

W. F. Baker, Manager Bond D ep t.

C O

F .

W M .

K R A F T ,

P r o c e e d in g s
O

R

D

A

G

Preparation of

N ew
N oble A West Street*. B rooklyn

A u th o r iz in g

C H IC A G O .

MANILA, SISAL, JUTE

Sam e.

IL L IN O IS

J ersey

N. Y. City

W .

H . G o a d b y

&

C o .

M

. 74 B R O A D W A Y




NEW

YOR.

L o n g Is la n d f i t y
Bridge Plara
Long Island < Uy

New Y
’ork

Irving Trust Company
W o o lw o r t h
NEW

B u ild in g

YORK

G E O .

B. E D W A R D S
INVESTMENTS
32 Broadway. NEW YO R K . N. Y.
“ OR SALE— Tim ber. C oal. Iron. R anch and
other properties.
onflden tla l N egotiations, Investigations.
Settlem ents and Purchases o f Property.
Bolted States.
West Indies
Canada

A M E S T A L C O T T , Inc
.

S e c u r itie s

Members New Y ork S tock Ewtienge

\ a 32nd St.
ve

L a w y er

&

Room* 517-520, 111 W . Monroe S t.,
Harris Trust Building

E

B r o o k ly n
350 Fulton Street
Bn.okiyn

FREDERIC G. LEE. President

C o u n t y , M u n ic ip a l a n d C o r p o r a t io n
B o n d s , W a r ra n ts a n d S e c u r itie s a n d
C

Ke A54th St.
v

BrooMyn

S h erm an
Fifth

U trech t

New Utrecht

A e tn a

PATENTS
OURAY BLDG.
W ASHINGTON, D. C.
16 years in the examining corps of
the United States Patent Office.

Specializing in Examination

A»th St

N ew

92 West B way
New York

B onds

111 B r o a d w a y

B rook ly n

S tre e t

N ew Y ork

DAVID R. FOROAN. President

M u n ic ip a l

F la tb u s h
8.49 F ia tb u fh A »r.

N ew Y o rk

^

C o m m e r c ia l P a p er

F u lto n

81 S3 v ul*i'n S t .

Letter.« of Credit

S. N . B O N D & C O .

Surplus $1,000,000

rapid

Fpunded 18B4

2 2 5 F o u r t h A v e .,
T e x tile

O U T W A T E R & W E L L S
15 Exchange Place
Tel. 20 M ontgomery
Jersey City. N. J.

NEW

YORK

F a cto r* a n d

C o m m is s io n

M erch a n ts

Foreign A ccoun ts Solicited.
Cable A dress— Quomakel

[Vol . 109

THE CHRONICLE

1546

e n g in e e r s

^ fin a n c ia l

A n Mt a I s r neCma y
tla tic uul nua c o pn
'**

T h e T ru stees,

N ew Y o r k , Jan u ary 2 4 th , 1919.
its affairs on the

in conformity with the Charter of the Company, submit the followiny statement of
31st of December, 1 9 1 8 .

P r e m iu m s o n M a r i n e a n d I n la n d T r a n s p o r t a t i o n I n s u r a n c e f r o m t h e 1 s t J a n u a r y , 1 9 1 8 , t o
t h e 3 1 s t D e c e m b e r , 1 9 1 8 _______________________ _____________________________________________________
P r e m iu m s o n P o l i c i e s n o t t e r m in a t e d 1st J a n u a r y , 1 9 1 8 -----------------------------------------------------------------

$ 5 ,6 8 4 ,8 9 1 .5 5
1 ,0 7 2 ,5 5 0 ,9 6

T o t a l P r e m iu m s ____________________________________________________________________________________________

$ 7 ,7 5 7 ,4 4 2 .5 1

P r e m iu m s m a r k e d o f f a s t e r m in a t e d f r o m 1 s t J a n u a r y , 1 9 1 8 , t o 3 1 s t D e c e m b e r , 1 9 1 8 ------------

S T O N E

S 8 .7 5 6 .5 0 S 18

I n t e r e s t o n t h e I n v e s t m e n t s o f t h e C o m p a n y r e c e iv e d d u r in g t h e y e a r $ 4 1 8 ,1 0 6 .6 6
I n t e r e s t o n D e p o s i t s In B a n k s , T r u s t C o m p a n i e s , e t c ________________
1 2 0 ,0 1 0 .8 4
R e n t r e c e iv e d less T a x e s a n d E x p e n s e s __________________________________
9 7 .6 3 4 .5 1 $

F IN A N C E industrial and public
utility properties and con d u ct an
investm ent banking business.

___
6 3 o .7 5 2 .0 1

D E S I G N steam pow er sta tio n s,
h y d r o -e le c t r ic d e v e lo p m e n t s ,
transmission lines, city and inter­
urban railways, gas and chem ical
plants, in d u s tr ia l plants, ware­
houses and buildings.

L o s s e s p a id d u r in g t h e y e a r . . ____________ __________________________________ ________ _____ $ 4 ,1 0 5 ,9 7 3 .6 4
L e s s : S a l v a g e s _________________________ $ 2 3 9 ,1 8 6 .5 1
l i e - in s u r a n c e s _____________ _____ 1 ,9 4 7 ,7 3 3 ,0 8 $ 2 ,1 8 6 ,9 1 9 .5 9
$ 1 ,9 1 9 ,0 5 4 .0 5
R e - I n s u r a n c e P r e m iu m s a n d R e t u r n s o f P r e m i u m s ...... ............ — .................................$ 1 ,7 5 6 ,9 3 7 .0 1
E x p e n s e s , I n c lu d in g c o m p e n s a t i o n o f o f f ic e r s a n d c l e r k s , t a x e s , s t a t i o n e r y ,
a d v e r t is e m e n t s , e t c .......... .,............................................................................................................... $ 9 9 6 ,0 1 9 .9 8

C O N S T R U C T either from their
ow n designs or from designs of
other engineers or architects.

A d iv i d e n d o f I n t e r e s t o f S i x p e r c e n t , o n t h e o u t s t a n d i n g c e r t if i c a t e s o f p r o f it s w il l b e p a id t o t h e
h o ld e r s t h e r e o f , o r t h e ir le g a l r e p r e s e n t a t i v e s , o n a n d a f t e r T u e s d a y t h e f o u r t h o f F e b r u a r y n e x t .
T h e o u t s t a n d i n g c e r t if i c a t e s o f t h e Issu e o f 1 9 1 7 w il l b e r e d e e m e d a n d p a id t o t h e h o ld e r s t h e r e o f , o r
t h e ir le g a l r e p r e s e n t a t i v e s , o n -a n d a f t e r T u e s d a y t h e f o u r t h o f F e b r u a r y n e x t , f r o m w h ic h d a t e a ll I n te r e s t
t h e r e o n w ill c e a s e .
T h e c e r t if i c a t e s t o b e p r o d u c e d a t t h e t lm i o f p a y m e n t a n d c a n c e l e d .
A d iv i d e n d o f F o r t y - f i v e p e r c e n t . Is d e c la r e d o n t h e e a r n e d p r e m iu m s o f t h e C o m p a n y f o r t h e y e a r
e n d in g 3 1 s t D e c e m b e r , 1 9 1 8 , w h ic h a r e e n t it l e d t o p a r t ic ip a t e In d i v i d e n d , f o r w h ic h , u p o n a p p l i c a t i o n ,
c e r t i f i c a t e s w ill b e I s s u e d o n a n d a ft e r T u e s d a y t h e s i x t h o f M a y n e x t .
B y ord er o f th e B oard ,
G . S T A N T O N F L O Y D -J O N E S , S e c r e ta r y .

M A N A G E public utility and in­
dustrial com panies.
R E P O R T o n g o in g c o n c e r n s ,
p r o p o s e d e x te n s io n s an d n ew
projects.

TRUSTEES.
E D M U N D L . B A Y L IE S ,
JO H N N . B E A C H ,
N IC H O L A S B ID D L E ,
JAM ES BRO W N .
JO H N C L A F L IN ,
GEORGE C. CLARK.
J . W IL L IA M C L A R K ,
F R E D E R IC A . D A L L E T T ,
CLEVELAND H. DODGE,
C O R N E L IU S E L D E R T ,
G . S T A N T O N F L O Y D -J O N E S

& W E B S T E R

DALLAS B PRATT.
P H IL IP A . S . F R A N K L IN .
JO H N J. R IK E R ,
H E R B E R T L . G R IG G S
JU STU S R U P E R T I
SAM UEL T . H U BBARD ,
W IL L IA M J A Y S C H IE F F E L IN ,
W IL L IA M H . L E F F E R T S ,
______________
SAM U EL SLOAN,
_
C H A R L E S D . L E V E R IC H .
H E N R Y F O R B E S M cC R E E R Y , W IL L IA M S L O A N E .
N IC H O L A S F . P A L M E R .
L O U IS S T E R N .
W A L T E R W OOD PARSO N 3.
W IL L IA M A. S T R E E T ,
CHARLES A. PEABODY.
G E O R G E E. TU R N U R E .
W IL L IA M R . P E T E R S .
G E O R G E C . V A N T U Y L . Jr.
JAM ES H . PO ST,
R IC H A R D H . W IL L IA M S .
CHARLES M . PRATT.

NEW YO RK

POSTON

YOUNGSTOWN
SAN FRANCISCO

PITTSBURGH
SEATTLE

C O R N E L I U S E L D E R T , P resid en t.
W A L T E R W O O D P A R S O N S , V ic e-P r es id en t.
C H A R L E S E . F A Y . 2 f V ice-P r es id en t.
W I L L I A M D . W I N T E R , 3 r d V ic e -P r e s id e n t .

A SSETS.
U n i t e d S t a t e s aDd S t a t e o f N e w Y o r k
B o n d s __________________________________- S 3 4 6 3 .0 0 0 .
S t o c k o f th e C it y o f N e w Y o r k a n d
S t o c k s o f T r u s t C o m p a n ie s & B a n k s
1 ,3 8 5 ,5 0 0 .0 0
8 t o c k s a n d B o n d s o f R a i l r o a d s -----------3 0 6 9 ,8 7 9 .8 5
2 8 5 ,4 1 0 .0 0
O t h e r S e c u r it ie s ----------------------------------------S p e c i a l D e p o s i t s in B a n k s a n d T r u s t
C o m p a n ie s
---------------------------------------1 000.000.00
R e a l E s t a t e c o r . W a l l S t r e e t , W i lli a m
S t r e e t a n d E x c h a n g e P l a c e -----------3 , 9 0 0 .0 0 0 .
R e a l E s t a t e o n S t a t e n I s la n d (h e ld
u n d e r p r o v is io n s o f C h a p t e r 4 8 1 ,
7 5 ,0 0 0 .0 0
L a w s o f 1 8 8 7 ) _________________________
6 6 3 ,4 3 9 .5 2
P r e m iu m N o t e s __________________________
7 1 6 ,7 8 3 .3 6
B il ls R e c e i v a b l e __________________________
C a s h In h a n d s o f E u r o p e a n B a n k e r s
t o p a y lo s s e s u n d e r p o lic i e s p a y a b l e
2 8 6 ,9 0 4 .0 0
I n f o r e ig n c o u n t r i e s -----------------------------C a s h in B a n k a n d in O f f i c e ------------------1 9 7 2 .8 0 9 .6 1
S t a t u t o r y D e p o s i t w it h t h e S t a t e o f
4 . 7 6 5 .0 0
Q u e e n s la n d , A u s t r a lia ----------------------- ------$ 1 6 ,8 2 3 .4 9 1 .3 4

L IA B IL IT IE S .
E s t im a t e d L o s s e s a n d L o s s e s U n s e t­
0 0t le d In p r o c e s s o f A d j u s t m e n t ...........$
P r e m iu m s o n U n t e r m l u a t e d R i s k s ___
C e r t if i c a t e s o f P r o f it s a n d I n te r e s t
U n p a i d _________________________________
R e t u r n P r e m iu m s U n p a i d _____________
T a x e s U n p a i d . . : .........................................
R e -in s u r a n c e
P r e m iu m s o n T e r m i -

4 ,5 5 7 .0 2 9 .0 0
1 ,0 0 0 ,9 3 4 .3 3

T H

J

.

3 1 6 ,7 0 2 .7 5
1 2 9 ,0 1 7 .6 6
4 0 0 ,0 0 0 .0 0
2 8 8 ,5 0 8 .9 2

C 0 irn s n o t S ettled ", I n c lu d in g C o m ­
0 la
p e n s a t i o n , e t c __________________________
C e r t if i c a t e s o f P r o f it s O r d e r e d R e ­
d e e m e d , W i t h h e ld f o r U n p a id P r e ­
m i u m s ........................... ...............- - ...............
I n c o m e T a x W i t h h e ld a t th e S o u r c e . .
C e r t ifi c a t e s o f P r o f it s O u t s t a n d i n g . . .

.

W

h

i

t

E

C

e

DETROIT
PARIS

o

m

p

a

n

i

e

s

E n g in e
F in a n c ie r s

2 2 ,5 9 2 .5 4
3 ,7 3 9 .9 3
6 , 1 4 0 ,1 0 0 .0 0

B a l a n c e ...............................................................

G

C H IC A G O

3 ,8 2 5 ,5 7 0 .1 1

1 3 9 ,2 9 6 .1 0

o f P u b lic U t ilit y a n d I n d u s t r ia l
P ro p e r tie s
REPORTS— VALU ATIO N S— ESTIMATES

$ 1 6 ,8 2 3 ,4 9 1 .3 4

B a l a n c e b r o u g h t d o w n --------------------------------------------------------- ---------- — - - ------------------------------------------------------- $ 3 ,8 2 5 .5 7 0 .1 1
A c c r u e d I n t e r e s t o n t h e 3 1 s t d a y o f D e c e m b e r , 1 9 1 8 . a m o u n t e d t o . . . ..................................................
9 5 .8 9 0 .4 5
R e n ts d u e a n d a ccru e d on th e 3 1 s t d a y o f D e c e m b e r , 1 9 1 8 , a m o u n te d t o . . . . .
------- -2 3 ,1 0 6 ,4 0
R e - I n s u r a n c e d u e o r a c c r u e d , In c o m p a n ie s a u t h o r iz e d in N e w Y o r k , o n t h e 3 l s t d a y o f
4 6 2 .1 S 4 .3 1
D e c e m b e r , 1 9 1 8 , a m o u n t e d t o ------------------------- ------------------------------------------------------------- ^
N o t e - T h e I n s u r a n c e D e p a r t m e n t h a s e s t im a t e d t h e v a l u e o f t h e R e a l E s t a t e o n b t a t e n is la n d y
6 3 ,7 0 0 .0 0
in e x c e s s o f t h e B o o k V a lu e g i v e n a b o v e , a t .................
... ..
. --------------T h e I n s u r a n c e D e p a r t m e n t ’ s v a l u a t i o n o f S t o c k s , B o n d s a n d o t h e r S e c u r it ie s e x c e e d s t h e
^
C o m p a n y 's v a l u a t io n b y ---------------------------------------------------------------------------------------------------------------------------- 2 ,4 1 1 ,3 8 4 .1 1

43 E X C H A N G E P L A C E . N E W Y O R K
LONDON, ENG.

V

i e l e ,

B

O n t h e b a s is o f t h e s e I n c r e a s e d v a l u a t io n s t h e b a la n c e w o u ld b e ---------------------------------------------------------$ 6 .8 8 1 .8 3 5 .3 8

Selected Investment Securities
L o c a te d in P it t s b u r g h , t h e g r e a te s t in d u s tr ia l c e n t r e
in t h e w o r ld , w e a re in t im a t e ly in t o u c h w it h d e v e l­
o p m e n ts in t h is d is t r ic t .
W e o w n a n d o f f e r f o r s a le a n u m b e r o f b o n d a , w h ic h
h a v e b e e n s e le c te d b y u s b e c a u s e o f t h e ir in v e s tm e n t
p o s s ib ilitie s .

W rite fo r in form a tion and late lists

P IT T S B U R G H ,

P A .

e l l

&

B

u c k

E N G IN E E R S
Designs and Construotlon
Hydroeleotrio and steam
Power Plants
Transm ission System s
Industrial Plants
R eports — Appraisals
49 W a l l S t r e e t

N ew

fin in g

H .

MELLON NATIONAL BANK

l a c k w

M .

Y ork

e n g in e e r *

C H A N C E

&.

C O .

Minina Engineer* and Gaologlats

C O A L A N D M IN E R A L P R O P E R T IE S
E ia m in e d ,

M anaged,

□rasaI Bid*

A p p r a is e d
PHILADELPHIA

A u c tio n e e r *

I o Tut& a in sBn
llinis r s S v g a k
L a S a lle a t J a c k s o n

C apita! and Su rplu s

-

-

-

C h ic a g o

•

A d r ia n

H .

Deposits, Current and Reserve
Accounts.
c h a n g e .

Deals in Foreign ExTransacts




a

Son

$ 1 5 ,0 0 0 ,0 0 0

Has on hand at all times a variety of ex­
cellent securities.

Buys and sells

Government, Municipal and

General Trust Business.

&

OFFICE No. 55 WILLIAM STREET
Corner Pine Street
R e g u la r

Pays Interest on Time *

M u lle r

A U C T IO N E E R S

Corporation Bonds.

S T O C K S

W e e k ly
OF

and

S a le s

B O N D S

EE Y WD ED Y
VR E NS A
At the Exchange Sale* Room*
14-16 Ve»ey Street