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TWO
H,
m
-V
SECTIONS—SECTION
ONE
.
W
nnimattal |
INCLUDING
Bank &
Quotation Section
Railway & Industrial Section
Electric
Railway Earnings Section
Bankers* Convention Section
State and
COPYRIGHTED
IH
i
2Q St WILLIAM B. OAHA COMPANY, NEW YORK,
Issued Weekly
$10.00 Per Year
VOL 111.
ENTERED AS SECOND-CLASS MATTER JUNE
City Sections
S3, 1879, AT THE POST 0PF10E AT NEW YORK, NEW YORK. UNDER THE AOT OP MARCH S,
NEW YORK, OCTOBER 2,
Jfmamfal
Railway Section
1920.
W'
Jfmanrial
NO. 2884.
^financial
.■
CHARTERED 1822
HARVEY FISK & SONS
THE FARMERS'LOAN & TRUST
of NewYork
32 Nassau St.
COMPANY
NEW YORK
capital...
......$5,000,000.00
SURPLUS..
16,18, 20 and 22 William Street
475 Fifth Avenue, at 41st Street
k_
The MbertyNational Bank
$5,000,000.00
UNDIVIDED
PROFITS^$S»500,000.00
UNITED STATES BONDS
NEW YORK
NEW YORK CITY BONDS
AND OTHER CHOICE
MANAGEMENT
ESTATES
OF
Correspondents in all countries
Special facilities in Scandinavia
INVESTMENT SECURITIES
CARE OF SECURITIES
Harris Forbes & Co.
DOMESTIC AND FOREIGN BANKING
Pine Street, Corner William
NEW YORK
The New York
FOREIGN
10 Draper* Gardens, London,
LETTERS OF
COMMERCIAL
HARRIS,
Company
CREDIT
LETTERS
CHIC
as
fiscal agents for munici¬
palities
5th Avenue and 57th Street
deal
in
and
corporations
Government,
BONDS FOR
York
New
Clearing
and
munici¬
pal, railroad and public utility
PARIS
Member Federal Reserve System
,
HARRIS TRUST A. SAVINGS BANK
Act
LONDON
FORBES & CO., Inc.*
BOSTON
26 Broad Street
ACCEPTANCES
and
E. C.
EXCHANGE
list
Capital, Surplus and Undivided
Profits,
House
on
INVESTMENT
AppUcation
Cable Address SABA,
$14,000,000
NEW YORK
Established 1892
Established 1874.
John L. Williams & Sons
BANKERS
Edward B.Smith &Co
Comer 8th and Main Streets
Members New York and Philadelphia
RICHMOND, VA.
Stock Exchanges
Established 1810
Baltimore Correspondents:
R. LANCASTER WILLIAMS &
CO., Inc.
The
GARFIELD
STREET,
FIFTH
Crosses
Capital,
-
And
Metals
I
National Bank
National Bank
23rd
Mechanics
OF THE CITY OF NEW YORK
where
AVENUI
Surplus,
$1,000,BOO
-
Bank for the Builders of Business
-
[$196,000,000
Gty of New York
57 broadway
$25,000,000
Capital, Surplus, Profits
Deposits,JSept 8, 1920
A
The Chase National Bank
of the
Broadway
New Yoa*
Philadelphia
CAPITAL.
-----—$15,000,000
.
surplus and profits
THE
DEPOSITS (Sept. 8, 1920)
Foreign Exchange
Trust
...
24,189,000
....328,680,000
Service
officers
AMERICAN EXCHANGE
Bond
Department
A.
BARTON HEPBURN,
Chairman of the Advisory
NATIONAL BANK
Board
ALBERT H. WIGGIN.
Chairman of the Board of Directors
NEW YORK
Foreign Exchange
Resources
over
-President
MILLER....Vice-President
EDWARD R. TINKER........ Vice-President
CARL J. SCHMIDLAPP
...Vice-President
GERHARD M. DAHL
Vice-President
EUGENE V. R. THAYER
SAMUEL H.
Letters of Credit
$175,000,000
REEVE
FIRST NATIONAL BANK
Francis Ralston Welsh,
BONDS
PHILADELPHIA, PA.
OF RAILROAD, GAS AND ELECTRIC
CHARTER
Wm.
A.
LAW,
NO. 1
President
LIGHT AND POWER COMPANIES
109-111
SOUTH FOURTH STREET
PHILADELPHIA
Vice-President
SCHLEY
ALFRED C.
ANDREWS
—
Cashier
directors
Henry W. Cannon
A. Barton Hepburn
Albert H. Wiggin
John J. Mitchell
Guy E. Tripp
James N.
HU1
Daniel C. Jackling
Charles M. Schwab
Samuel H. Miller
Edward R. Tinker
Edward T. Nichols
Newcomb Carlton
Frederick H. Ecker
Eugene V. R. Thayer
Carl J. Schmidlapp
Gerhard M. Dahl
Andrew Fletcher
William B. Thompson
Reeve Schley
Kenneth F. Wood r
H. Wendell Sndicott
William M. Wood
_
II
[VOL. 111.
CHRONICLE
THE
3nbe*tment Jjotistianb JSratoew of Jfoteign (Extfjange
J. P.
MORGAN & CO.
Maitland, Coppell & Co.
52 WILLIAM STREET
Wall Street, Corner of Broad
NEW YORK
DREXEL
&
CO.,
KIDDER, PEABODY & CO.
NEW YORK
PHILADELPHIA
Corner of Sth and Chestnut Streets
Orders executed for all Investment Securities.
Act as agents of Corporations and negotiate and
MORGAN, GRENFELL&CO., LONDON
BiU$
of Exchange,
Telegraphic
Letters of
No. 22 Old Broad Street
US Devonshire St
18 Broad St
BOSTON
issue Loans.
NEW YORK
Transfers,
Credit
on
MORGANTHARJES
&
PARIS
CO..
The
National
Securities
bought and sold
on
Provincial
Union
&
Bank
of
Commercial and Travellers
England, Ltd., London,
14 Place Vendome
Messrs. Mallet Freres &
Commission.
Letters of Credit?
Cie, Paris,
and
Foreign Exchange, Commercial Credits.
Principal Places in Mexico.
Cable Transfers.
Circular
Letters
for
Travelers,
OB
available
in
TRAVELERS' LETTERS OF CREDIT
BROWN BROTHERS & CO.
Phuadsuwia
Agents for, the Bank of Australasia.
all
parte of the world.
new YORK
BARING
BROTHERS
August Belmont & Co.
43 EXCHANGE
Bosto?
& CO, LTD.
LONDON
PLACE, NEW YORK
Members New York Stock
Exchange.
Agents and Correspondents of the
ALEX. BROWN & SONS, Baltimore
Messrs.
ROTHSCHILD,
London, Paris and Vienna
Investment
ISSUE LETTERS OF CREDIT
Securities
*
Foreign Exchange
Deposit
for Travelers
Available in all parts of the world.
Accounts
Draw bills of Exchange and make Telegraphic
Transfers.
Credits
J. & W. Seligman & Co.
Execute orders for the purchase and sale of
Commercial
Bonds
and
N2 54 Wan Street
Stocks.
Travelers' Credits
NEW YORK
BBOW, SHIPLEY & CO.
Investment Securities
LONDON
T. Suffer* Taller
Greavtte Im«
MORTON & CO,
James G. Wallace
INCORPORATED
TAILER&CD
25 Broad
New York
St.,
fitdmsnd&tfi
.It Pine Street, New York
33 Pine St.
Lawrence Turnure &, Co.
Investment Securities
New York
STREET
out the United
Central
credits, available through¬
States, Cuba, Puerto Rico, Mexico,
and Spain.
Make collections
Meotbers
Amerisa
London
"
BANKERS.
Deposits
Received
Allowed
on
Bought
Subject
to
Deposits.
and
Draft,
Interest
Sold
Bankers:
Midland
Paris
Securities
Pittsburgh
Investment Securities
In and issue drafts and cable transfers
YORK
New York
on com¬
on
above
New York and
countries.
NEW
-
Travelers'
mission.
59 CEDAR
•
64-66 Wall Street,
Investment securities bought and sold
Winslow, Lanier & Co.
-
Union Arcade BUg.
Bank,
Bankers:
London
Joint
City
Stock
&
Pittsburgh
Exchanges
Limited.
Heine
&
Co.
HEIDELBACH, ICKELHEIMER & CO.
on
37 William Street.
Commission.
MEMBERS
Foreign Exchange, Letters of Credit
N.
Y.
STOCK
EXCHANGE.
Execute orders for purchase and sale of
Stocks and Bonds.
HUTH & CO.
New York
30 Pine Street
Foreign Exchange Bought and Sold.
Bonds for*
Investment
Issue Commercial and Travelers' Credits
'available in all parts of the world, f
Schulz &
27
Kean,
Taylor&> Co.
Nova \brik.
Pine
Foreign Bonds <fc Lblvestment Securities,
Commercial Credits, Foreign Exchange,
Cable Transfers
Ruckgaber
Street
New
York
FRED? HUTH & CO., London
and
Investment Securities
oa
on
the Continent of Europe
Foreign Exchange
Pittsburgh.
Commercial
Credits Issued in Dollars. Pounds
Sterling, Francs, Guilders, Pesetas, etc. ^
London Agents. Messrs. Goschens & Cunliffe
John Munroe & Co.
NEW YORK
BOSTON
BOISSEVAIN
52
&
CO.
Members of the New York Stock Exchange
Letters of Credit for
Travelers
ALDRED & CO.
BROADWAY, NEW YORK
INVESTMENT
SECURITIES
40
Wall Street
New
York
COMMERCIAL DEPARTMENT
Commercial QrotUts.
Foreign Exchange
FOREIGN
EXCHANGE
Gable Taanafers.
MESSRS.
HUNROX A CO..
PIERSON
& CO.
Fiscal Agente for
Public Utility and Hydro-Bteettie
Paris
Amsterdam, Holland.
Oampaaies
Oct. X 1920.J
CHRONICLE
THE
hi
Sirteatmcnt attii ^financial Hon
Goldman, Sachs & Co.
Lee, Higginson & Co.
60 Wall Street
Millett, Roe& Hagen
YORK
NEW
60
137 So. La Salle Street
Congress Street
BOSTON
CHICAGO
Investment Bankers
14
421 Chestnut Street
Montgomery Street
24 Marietta Street
ST. LOUIS
New York
INVESTMENT SECURITIES
PHILADELPHIA
SAN FRANCISCO
411 Olive Street
Boston
ATLANTA, GA.
Title Insurance Building
LOS ANGELES, CAL.
Chicago
•
Members of New York and Chicago
Stock
Higginson & Co.
80, Lombard St.
Exchanges
Commercial Paper
London, E. C.
•
MEMBERS
NEW YORK STOCK EXCHANGE
Securities
bought and sold
^
on
commission
Foreign Exchange
Commercial
&
available
Travelers'
in
all
of
NEW YORK
52 WILLIAM ST.
of
Letters
parts
Credit
the world
Hornblower & Weeks
42
BROADWAY, NEW YORK
railway
equipment
Investment Securities
bonds
Bonds™
Stocks
Preferred
MEMBERS
NEW YORK,
Acceptances
BOSTON AND
CHICAGO STOCK EXCHANGES
evans, stillman & co.
Main
Direct wires
Members New York Stock
nM principal markets
t«
60
BROADWAY
NEW
Offic.: National City Bank Building
Uptown Office : Fifth
YORK
Portland
Providence
Established
Underwriters & Distributors
1888
Industrial
FOREIGN
Bonds
Public
BONDS
Stocks
value due to the
unprecedented fall in Foreign
Present
Exchanges.
U. S. Government Bonds
Utility Securities
Investment Securities
Counselman & Co.
indications,
112
W.
ADAMS ST.,
26
New York
Exchange Place
Members New York Stock Exchange
Investment Bankers
selling considerably below their norma
point to
Preferred
&
Robinson & Co.
Equipment Trust Certificates
GOVERNMENT
CHICAQO
however,
advancing tendency and a return
an
to normal would
yield unusual profits.
Investment Securities
Write for our
Conservative
suggestion* and Circular F. B.
Underwritten
Distributed
&
Bond & Goodwin
65
Avenue and 43rd St.
Correspondent Offices in 50 Cities.
Chicago
Boston
Detroit
are
Exchange
BROADWAY.
NEW
Investment Securities
YORK
Yielding 6%
Telephone 4000 Bowling Oreen
to
8%
Federal Securities
Frazier &■ Co.
Broad
& Sane sen
Corporation
38 South Dearborn Street
Peabody, floughteling & Cm
CHICAGO
EST. 1865
Streets
New York
Baltimore
INC. 1918
10 So. La Salle St.
PHILADELPHIA
Chicago
Distri&utovs
Underwriters
Pittsburgh
Washington
Wilkes Barre
Lebanon
Howe, Snow,
Corrigan & Berties
Investment
Glore, Ward & Co.
INVESTMENT SECURITIES
SECURITIES SALES CO.
Bankers
1
GRAND
B.
MBCtL
RAPIDS,
H.
Collins, President
Southern
Securities
h. f. bachman & co.
64
Established
PEACH TREE, ATLANTA
1866
NEW YORK
CHICAGO
INVESTMENT
BANKERS
CHARLOTTE
BIRMINGHAM
LA SALLE ST.
JACKSONVILLE
NEW ORLEANS
137 SO.
MEMPHIS
Members N. Y. and Phila. Stock Exchanges
1425 Walnut
61
St.,
H.
T.
YORK
BONDS1
HARPER
& TURNER
INVESTMENT
BUILDING
PHILADELPHIA
SOUTH LA SALLE STREET
CHICAGO
FOR INVESTMENT
BANKERS
STOCK EXCHANGE
Colgate, Parker & Co. v
Philadelphia Stock Exchange
49 Wall
WALNUT STREET ABOVE BROAD
39
RAILROAD AND FOREIGN
GOVERNMENT BONDS
HOLTZ & CO.
INVESTMENT
I
Broadway
NEW
PHILADELPHIA
Members
Street,
New York
THE
iv
jfinanttal
^financial
Uembot New York and Boston
Stock Exchanges
Electric
^financial
FINANCE
WE
& CO.
ESTABROOK
INVESTMENT
[Vol. 111.
CHRONICLE
Power
and
Light
Enter¬
prises with records of established
CHASE
SECURITIES
BONDS
WE OFFER
15 State
Street*
24 Broad Street,
-
BOSTON
NEW YORK
BALTIMORE
and
Bankers
Dealers
Investment
Proven Power and
SPRINGFIELD
PROVIDENCE
COMPANY
&
earnings.
Light Securities
BOSTON
19 CONGRESS ST.,
Correspondence Solicited
|
ELECTRIC BOND & SHARE CO.
Richardson, Hill & Co.
Established
(Paid-Up Capital and Surplus $24,000,000)
71
BROftDWAY,
NEW
YORK
1870
MUNICIPAL AND
Arthur Lipper &
RAILROAD
NEW
Investment Securities
50
BOUGHT AND
SECURITIES
SOLD
BOSTON
r
Place
YORK
BONDS
For Conservative Investment
Congress St.
Company
New Street and Exchange
ON
COMMISSION
R. L. Day & Co.
....
New York Stock
(Boston Stock Exchange
Exchange
Chicago Stock Exchange
35
Congress St., Boston
Branch Offices
Members
Waldorf-Astoria Hotel.N.Y
N. Y. Stock Exchange
N. Y. Cotton Exchange
New York Correspondents
REMICK. HODGES & CO.
11 East 44th St., N. Y.
N.Y Coffee &. Sugar Exch.
Saratoga Springs, N. Y.
Philadelphia Stock Exch.
Atlantic City, N. J.
Chicago Board of Trade
West End. N. J.
Long Beach. N. Y.
PARKINSON & BURR
We
Members of the New York and
Boston Stock Exchanges
Specialize in
Government and
7 Wall Street
53 State Street
Municipal Bonds
BOSTON
NEW YORK
William R.(ompton(o.
INVESTMENT BONDS
BONDS
14 Wall Street,
New York
Cincinnati
St. Louis
*
New Orleans
Chicago
Baker, Ayling & Young
BOSTON
E. HOWARD
philadelphia
GEORGE & CO., Inc.
Investment
81
State
Bankers
BOSTON, MASS.
Street
Coch ra n e, H a rper&Co.
Investment
60 State
St.,
BOSTON
Securities
Ill
Broadway
NEW vORK
FOUNDED
Letters of
ESTABLISHED
|s:
1865
Foreign
Credit
Exchange
Travelers' Checks
^>.c/l!LiC^eu€(!o
5 Nassau
1852
Investment Securities
St., N. Y.
MEMBERS NEW YORK STOCK EXCHANGE
Correspondents
Throughout the World.
-Kmutfi -NarfioU &Kulwf,
dembers
New
York
Stock
Equitable Building
Exchange
New York
Deal in
Underlying Railroad Bonds
and
Tax-exempt Guaranteed & Preferred
Railroad &
New
Telegraph Co. Stocks
England
Watkins & Co;
7 Wall Street
Industrial Securities
NEW YORK
Yielding 6J^% to 8%
J. MURRAY WALKER
Devonshire
Street
Boston
Investment Securities
OCT. 2 1920.]
THE
CHRONICLE
v
Canadian
Canada's Resources BANK OF MONTREAL THE
CANADIAN BANK
Established
A New Booklet
100 Years
over
OF COMMERCE
HEAD
An
outline
of
Canada's
to¬
resources
gether with complete statistics relating
to
her
War and
contained
Field
ust
in
for
Many
nterest to those
Canadaa
n
"Canada
Investment,"
issued.
REST
-
-
-
$22,000,000
22,000,000
Victory Loan bonds is
booklet
a
CAPITAL PAID UP
which
other
as
a
have
we
statistics
bonds
PROFITS
$16,000,000
President, Sir Edmund Walker, C.V.O., LL.D., D.O.L
1,090,440
TOTAL ASSETS
$16,000,008
RESERVE
General Manager, Sir John Alrd.
571,150,138
Assistant General Manager, H. V. L. Jones.
of
considering investments
Government
UNDIVIDED
are
New York Office, 16
SIR VINCENT MEREDITH, Bart., President.
Head
Booklet C-20
Exchange Place
F. B. FRANCIS,
1
C. L. FOSTER,
C. J. STEPHENSON,]
SIR CHARLES GORDON, G.B.E., Vice-Pres.
[Agents
inciudod.
Write for
OFFICE, TORONTO
PAID UP CAPITAL
Office—MONTREAL
Buy
Sir Frederick Williams-Taylor
and
Exchange
General Manager.
Sell Sterling and Continental
and
Cable Trasfers.
Collections
made at all points.
Wood, Gundy & Co.
14
WALL
Toronto
STREET,
Branches and Agencies:
Travelers' Cheques and Letters of Credit Issued
available in all parts of the world.
Throughout Canada and Newfoundland.
Incorporated
At London, England, and at Mexico
NEW
YORK
London, Eng.
Montreal
In
Paris,
Bank
of
Montreal,
Banking and Exchange business
description transacted with Canada.
City.
(France).
In the United States—Mew
Spokane,
San
York, Chicago,
Francisco—British American
LONDON
Bank (owned and controlled by the Bank of
OFFICE—2
BANKERS
IN
interest is owned by
*A.'&'4Ame$
and
The Bank of Scotland,
Lloyd's Bank, Limited.
THE BANK OF NOVA SCOTIA
Ssfafaftsted <*89
AfcwtwmTbicafe Stock. Sxchanfr
,
(Incorporated 1832)
(Sanadican
Government,
_
Municipal & Corporation
United Financial Corporation
PAID-UP
TOTAL
Limited
74-ltoacfoaij
$9,700,000
FUND
18,000,000
230,000,000
ASSETS
OVER
Head Office, Halifax, N. S.
General Manager's Office, Toronto, Ont,
INVESTMENT BANKERS
"NewYork
Toronto
CAPITAL
RESERVE
Securities
330 branches throughout Canada,
Newfoundland;
Cuba, Jamaica, Porto Rico, Dominican Republic,
and in Boston, Chicago and New York.
Commer¬
cial and Travelers' Credits Issued, available in all
parts of the world. Bills on Canada or West Indian
Montreal
VkrtoriaTlC.
E. O.
The Bank of England,
West
which an
the Bank of Montreal).
(So
&
Street.
every
GREAT BRITAIN:
Montreal).
West
Indies, British Guiana
Africa—The
Colonial
Bank
(in
Lombard
of
Chicago
Montreal
London
Toronto
Eoints favorably United States. collected by our
negotiated or Correspondence
ranches in the
invited.
Affiliated with
New
~
York
Guaranty Trust Co. of New York.
H. F. Patterson, Agent,
London, England, Branch,
65 Old Broad St., E. C. 2.
Canadian
Government,
Provin¬
cial, Municipal and Corporation
CorrespondentsJLo"do'1 ft1"* Cltr & Midland
in Great
Bonds
Bought—Sold—Quoted
GREENSHIELDS & CO.
R. A.
St. John
Street,
Montreal
Britain|u0yai
j^ank
CANADIAN
GOVERNMENT,
ROYAL BANK OF CANADA
MUNICIPAL
Established
AND CORPORATION BONDS
Capital Paid Up
Reserve Funds
Total Assets
Bank of Toronto Building
TORONTO, ONT.
CANADIAN
INVESTMENT
cf Scotland.
Co.
Daly &
THE
Members
Montreal
Stock
Exchange
Dealers
in
Canadian
Bond
Issues
17
Agency, 52 Wall Street.
Head Office
SIR
SECURITIES
1869
$19,000,000
19,000,000
.590,000,000
Montreal
HERBERT S. HOLT, President
L. PEASE, Vice-Pres. & Man. Direct#*
O. E. NEILL, General Manager
E.
Offerings on Request
The Dominion Bank
Correspondence Invited
HEAD
700 Branches throughout CANADA and NEW¬
FOUNDLAND,
in
CUBA,
PORTO
RICO
DOMINICAN
REPUBLIC,
HAITI, OOSTA
OFFICE, TORONTO
McDonagh, Somers & Co.
Dominion Bank
Building
Paid Up
TORONTO, CANADA
Capital
Total
Sir Edmund Osier,
General Manager.
New York Agency, 61 Broadway
Cr a?
O. 8, Howard, Agent
fo»bc»H«MStodfcdw$e
17 St.
STOCK
John
Street
Montreal
BOND
AND
CANADIAN
AND
FOREIGN
BOUGHT AND
BROKERS
TRAVELERS'
Principal
and
OF CREDIT
Bank
Rue de
Royal
of
'
HERDMAN & COMPANY
Montreal Stock Exchange
Express Building
MONTREAL
R. G. Matthews & Co.
Montreal
Transportation Bldg.
Sparks St.
Peter
_
The
PARIS, 28
Quatre-Septembre.
(France),
Dominion
•f
St.
Canada
Bankers & Brokers
Thornton Davidson & Co., Ltd.
63
AUXILIARY:
FRENCH
Members
Interest
Payable in New York
81
O.
EXCHANGE
AND COMMERCIAL
LETTERS
SPAIN—Barcelona, Plaza de Cataiuna.
LONDON OFFICE—Princes Street, E.
NEW YORK AGENCY—68 William St.
F. T. Walker, J. A. Beatson, E. B. Mclnemoy
SOLD
BONDS
CANADIAN
,
and J. D. Leavitt, Agents.
London Branch, 73 Cornhill
S. L. Jones, Manager
U
ARGENTINE—Buenos Aires.
BRAZIL—Rio de Janeiro, Santos, Sao Paulo.
URUGUAY—Montevideo.
Clarence A. Bogert,
President
porous
HONDURAS and BRITISH GUIANA.
143,000,000
assets
RNETT.
RICA, COLOMBIA and VENEZUELA, BRIT¬
and FRENCH WEST INDIES, BRITISH
ISH
$6,000,000
7,739,000
Reserve Fund & Undivided Profits
Quebec
St.
Ottawa
CANADIAN BONDS
Adrian
AUCTIONEERS
OFFICE
No.
CANADIAN
Mutter & Son
H.
65
Corner
STREET
WILLIAM
Pine
BONDS
TORONTO
C. P. R. Bldg.
Street
Specialists in
Regular Weekly Sales
OF
Stocks
Canadian
and
Bonds
EVERY WEDNESDAY
At the Exchange
14-16 Vesey
Grand Trunk, Grand Trunk
Sales Rooms
Street
Northern
Northern
and
Pacific
Pacific,
Canadian1
Securities
All Canadian Issues
Dealt in.
TRUAX, HIGGINS CO.
Lewis
New York
iEmilius
Established
Building, Montreal
Direct Wiree
Toronto
Jarvis & Co.
INVESTMENT BANKERS
JARVIS BLDG.
1891
TORONTO* CAN.
Jfore^n
Australia and
New Zealand
[VOL. 111.
CHRONICLE
THE
YI
:
JOINT CITY & MIDLAND
LONDON
NEW SOUTH WALES
LIMITED
with
Chairman:
Paid-up Capital
....—123,828,5ft®
Reserve Fund.-.,...-....-,.
16,375,000
Resern Liability of Propria tors.. 23,828,600
JOHN
E. W. Woolley, Esq.,
-Hyde, Esq.
Subscribed
851
BRANCHES and AGENCIES to the
Australian States, New Zealand, Fiji, Papua
(New Guinea), ana London. The Bank transacts
every description of Australian Banking Business.
Wow and other Produce Credits arranged.
all
In
banking
throughout
towns
world.
Capital...£38,096,863
Paid-up Capital.......
10,840,112
Reserve Fund
10,840,112
—
£20,000,069
AUTHORIZED CAPITAL
ISSUED
367,667,322
Deposits
£14,210,15$
CAPITAL
RESERVE FUND.
£7,000,000
—
£296,059,182
DEPOSITS
29, THREADNEEDLE
and Wales
in England
1,400 branches
the
London Office
Head Office
GEORGE STREET
SYDNEY
over
Agents
JUNE 30TH, 1920
K.B.E.,
Ltd.
54, Lombard St., London, E. C., Eng.
and
$277,221,211
RUSSELL FRENCH,
Ganaral Manager.
Bank,
Western
South
&
Managing Directors:
Joint
8. B. Murray, Esq.,
amalgamated the Londoa
beea
has
HEAD OFFICE:
264,032,000
Act regate Assats Slat March, 1920
which
Provincial
Right Hon. R. McKENNA
The
(ESTABLISHED 1817.)
Sir
BARCLAYS BANK
BANK LIMITED
BANK OF
HEAD OFFICE:
STREET, E.C. 2
5, Threadneedle St., London, E. C. 2.
EVERY DESCRIPTION OF BANKING
BUSINESS TRANSACTED
THE HNION BANK OF AUSTRALIA Limited
Established 1837
OVER
IN ENGLAND AND
OFFICES
1,460
WALES
Address: The
Incorporated 1880
£7,500,000
Paid-up Capital £2,500,000)
ToReserve
Fund. .£2,630,000[gather
Reserve Liability of Proprietors-
—
ATLANTIC OFFICES
£5,000,000
Total Issued Capital & Reserves. £10,120,000
"Aquitanla," "Imperator," "Mauretania"
The Bank has 42 Branches in VICTORIA, 89 to
NEW SOUTH WALES. 19 to QUEENSLAND,
10 in SOUTH AUSTRALIA, 21 in WESTERN
AUSTRALIA, 3 in TASMANIA and 44 to NEW
ZEALAND.
Banca Italiana Di Sconto
Affiliated Banks:
with which
BELFAST
BANKING
Over
Head Office: 71 CORNHILL, LONDON, E.C.
Manager—W. J. Essame.
110
COMPANY,
Office* in
Over 150 Offices in
LIMITED
Reserve
60
Reserve Fund......
Reserve
...
India
£2,000,000
2,040,000
New
South
San Francisco
Lyons
BIrchin
Lane,
Lombard
Cip
& Reserves
A
m
St., E.
rue
Broker
Branches
The Union Discount Co.
of London, Limited
Telegraphic Address, Udlsco: London.
Capital Paid Up
5,000,000
Reserve Fund—
5,000,000
$5==£l
ISO Peart Street, NEW YORK
NOTICE
RATES
Travellers'
in
STERLING.
HEREBY
INTEREST
are as
GIVEN
allowed
that
for
Ceylon,
Straits Settle¬
Subscribed Capital ...£3,000,000
Paid-up Capital
£1,500,000
Reserve Fund.
£2,000,000
The Bank conducts every description of banking
and exchange business.
Clermont & Co.
3
to
7
Days'
Notice,
5J*
Per
BANKERS
Cent.
The Company discounts approved bank and
acceptances, receives money on de¬
posit at rates advertised from time to time, and.
grants loans on approved negotiable securities.
GUATEMALA,
Central
NUGENT, Manager.
America
Oble Address:
"Clerment"
BROTHERS, LONDON
and
The
NEDERLANDSCHE HANDEL-MAATSCHAPPY
ROTTERDAM
National
Discount
CORNHILL
LONDON, E. C.
$21,166,625
4,233,325
Reserve Fund
2,500,000
NOTICE is hereby given that the RATES OF
INTEREST allowed for money on Deposit
as
Cable Address
"Openhym"
FOREIGN EXCHANGE
are
follows:
5%
INVESTMENT SECURITIES
£3,000,000
0
Reserve Fund
585,000
0
Subscribed Capital
1,078,875
0
Paid-up Capital
539,437 10
Further Liability of Proprietors.
539,437 10
0
Telegraphic Transfer.
B.
M.
JANION. Manager.
Hong Kong & Shanghai
BANKjING CORPORATION
per annum at call.
Paid up Capital (Hong Kong
Reserve
5H% at 7 and 14 days notice.
Approved Bank & Mercantile Bills discounted.
Money received on deposit at rates advertised
from time to time: and fo i fixed periods upon
specially agreed terms.
Loan granted on ap¬
proved negotiable securitie
PHILIP
0
0
0
0
Bills Negotiated or forwarded few Collection.
Banking and Exchange business of every de¬
scription transacted with Australia.
($5=£l STERLING.)
Menny Oppenheimer
.
Capital
Remittances made by
Capital
Paid-up Capital..
FRANKFORT-o-M., GERMANY
6 Gracechurch St., E. C.
Head Office: London, E. C. 3.
Address:
....
Cable Address—Natdis London.
BANKERS
English Scottish and Australian Bank, Ltd.
Authorized
Company, Limited
35
Subscribed
Lincoln
Burma,
the
money
follows:
CHRISTOPHER R.
KONIG
India,
NATIONAL BANK OF INDIA Limited
mercantile
on
£1,500,00#
£750.000
£750,000
£785,794
.
At Call, 5 Per Cent.
At
Letters of Credit
IS
OF
deposit
on
Commercial and
Street, London
Bankers to the Government in British Ea«t
Africa and Uganda.
Head Office: 26, Bishopsgate, London, E. C.
Branches
in
India,
Burma,
Ceylon,
Kenya
Colony and at Aden
and Zanzibar.
Capital Authorized & Subscribed $10,000,000
GO.
Office
ments, Federated Malay States, China, and Mauritius.
New York Agency, R. A. Edlundh, 64 Wall Street
39'CORNHILL,
&
BUSINESS
Reserve Liability of Shareholders...
Reserve Fund and Undivided Profits
Cable Address: Rennurb.
Spanish and
European banking business conducted.
BROTHERS
BANKING
OF
Capital Authorized and Subscribed
Capital Paid Up..—..
de la Lot
BRUSSELS, Belgium
classes ef Argentine,
ICONIC
KIND
15 Gracechurch
C. 3
legal 148,215,7G5=£12,83S,<72
Peletier angle Bould. des. Italiens; BRAZIL: Sao
Paulo and Santos; NEW YORK; Italian Discount
& Trust Co., 399 Broadway.
Offices at Genoa, Milan,
Naples, Palermo,
The Mercantile Bank of India Ltd.
OFFICE, BUENOS AIRES
7 Fenchurch
Special Letters of Credit Branch to Rome
(formerly Sebasti & Reali), 20 Piazza di Spagna.
Foreign Branches: FRANCE: Paris, 2 Rue le
Head
Banker and
Banco Espanol del Rio de La Plata
HEAD
Office:
ROME
1879
ROBERT BRUNNER
E. C.
78
London Office,
Central Management and Head
EVERY
Established
Wales
Street,
"
TRANSACTED.
London Office:
18,
Provincials
Lire 815,000,000
Turin,
Trieste,
Venice,
Florence,
Bologna,
Catania, Leghorn, and over 100 Branches in the
Kingdom.
London Clearing Agents: Barclay's Bank, Ltd..
168 Fenchurch Street, E. C.
Santo Domingo
London
£6,040,000
on demand, and Letters of
Credit are issued by the London Branch on the
Head Office, Branches and Agencies of the Bank
to Australia and elsewhere.
Bills on Australasia
negotiated or collected. Remittances cabled.
Sydney,
Settlements
Java
Panama
Philippine Islands
Liability of Proprietors.... 2,000,000
Office,
Straits
China
Japan
ffDrafts payable
Head
$3,200,000
Branches In:
Incorporated in New South Wales.
Paid-up Capital....
$10,000,000
Profits
Credito
di
Fund-...——.....
41,000,000
Deposit and Current Accounts
(May 31, 1919)......
" 2,696,000,000
Commercial Banking Company International Banking Corporation
WALL STREET, NEW YORK CITY.
of Sydney
Undivided
Italiana
Capital Fully Paid Up
Scotland
Capital and Surplus.^.
incorporated the
and the
Societa
LIMITED
THE
LIMITED
are
Societa 13 a near ia Italiana
Ireland
THE CLYDESDALE BANK,
Assistant Manager—W. A. Laing
Established 1834.
•
London, E. C., England
London, E. C. 2
65 & 66, Old Broad Street,
£5,130,000
Foreign Manager,
168, Fenchurch Street,
OVERSEAS BRANCH:
Capital—
Authorised and Issued
HAROLD
WADE
Manager
Currency)
Fund/In Gold...$15,000,0001
\In Sliver_.J21,000.000/
Reserve Liabilities ef Proprietors
115,000,000
$36,600.090
15,900900
GRANT DRAFTS, ISSUE LETTERS OF
CREDIT.
NEGOTIATE OR COLLECT BILLS PAYABLE IN
CHINA, JAPAN, PHILIPPINES, STRAITS SET¬
TLEMENTS, INDIA.
WADE
GARDTfER, Agent, 34 Wall Street
Oct. 2 1920.]
THE
CHRONICLE
^foreign
TO
^Foreign
SPERLING &
Jforeign
NATIONAL
CO.
London, E. C.
EGYPT
of
Basildon House, Moorgate St.
Head
Banque Nationale de Credit
Office—Cairo.
Established
FISCAL AGENTS FOR
Capital
Public Utility
Surplus
frs.
300,000,000
.frs.
62,000,000
Deposits
and
frs.2,600,000,000
Hydro-Electric Companies
Head
4
in
Branches
Rhenish
the
BROADWAY.
THE
165
UNION BANK OF EN6LAND
Limited
($5=£1.)
SUBSCRIBED CAPITAL
RESERVE FUND
BROADWAY
Union De Banques Suisses
S. W.
with
ZURICH
Correspondents to the Italian Treasury.
St.
Rio
Ayres,
Lausanne
ROTTERDAMSCHE
BANKVEREENIGING
Every Description of Banking Business
Janeiro,
de
San
Paulo,
The
CAPITAL
PAID
UP
i„
"
15,000,000
CAPITAL AND
RESERVE
STANDARD BANK OF SOUTH AFRICA, Ltd
OFFICE,
LONDON.
E.
$50,000,000
$31,250,000
Capital
Authorized
Subscribed Capital
Paid-up Capital & Reserve FundTotal
Resources-
——
Over
350 Branches
South Africa.
W.
H.
68
and
Exceed
-
between this country and
New York Agency
R.
LEU
E.
LIMITED
ZURICH
-
«
Reserve
Frs. 62,600,000
and\
Fund
NESS
Bills of Exchange
.
j
TRANSACTED.
Telegraphic
-------
Deposits-.--Head Office
-
Transfers Effected.
E. C.2
Manager: Wm. Wallace.
Glasgow Office
-
-
•
»
Exchange Square
Agent: Thomas Lillie.
172 Branches
Throughout Scotland.
Every Description
o
Established
frs.
geemmtante
30,000,000
$5=£l
Capital
Subscribed Capital
Z'onn'nna
Capital (Paid Up)
2,9°°,000
Surplus and Undivided Profits--1,295,569
Branches throughout Egypt, Morocco,
West Africa and
the Canary Islands.
Head Office, J7 & 18 Leadenhall St., London, E. C.
Manchester
Office,
196-108 Portland Street
Liverpool Office, 25 Water Street
R. R. APPLEBY, Agent, 6 Wall Street, New York
Ionian
Bank,
Limited
Incorporated by Royal Charter.
Offers every
banking facility for transaction
with Greece, where it has been established for
80
years,
and has Branches throughout the
Capita! paid up..frs. 100,000,000
Funds
BANK OF BRITISH WEST AFRICA, LTD
Authorized
Correspondent* Invited.
1856
EXCHANGE
British, Colonial and
Foreign Banking Business Transacted.
SUISSE
STOCKRBOKERS
Edinburgh
3 Bishopsgate,
...
AND
FOREIGN
£2,000,000
£35,548,823
-
St. Andrew Square,
London Office
Booking and Travel Department.
CREDIT
BANKERS
Country.
FEDDE
&
HAGUE
1871
£1,082,276
Rest and Undivided Profits
Cashier and General Manager: A. K. Wright.
Negotiated and Collected
THE
Established
Drafts and Letters of Credit Issued.
Reserve
Gable Address : Achilles-Amsterdam
ROTTERDAM
Incorporated by Royal Charter, 1727.
EVERY DESCRIPTION of BANKING BUSI¬
Damrak
AMSTERDAM
10 Wall St.
SAUNDERS, Agent.
Paid-up Capital
up
Gilissen & Co
80-81
Africa.
Royal Bank of Scotland
(Switzerland)
Founded 1755
Capital Paid
Arnold
CO.'S BANK,
and
SHARES
$450,000,000 00
-
facilities for the extension of trade and com¬
merce
PASLEY
Also
Head
.
at
Alexandria, Cairo, &c.,
Office: Basildon House,
loNtiON,
HEAD
OFFICE
55 Liberty
St.,
New York
Geneva, Glaris, Kreuzlingen, Lugano,
E. C. 2.
Office—EDINBURGH
£5,500,000
Paid up—
GEORGE W. MYER,
JR
Certified Public Accountant
Lueerne, Neuehatel, St. Gall.
BUSINESS.
Foreign Exchange
NASSAU
ST., NEW YORK
Audits, Investigations,
Estate Accounting,
Income Tax Return®.
Credit
Telephone Rector 5441
_
—
£20 each £5 paid..£1,250,000
600,000 "B' shares of £1 each fully paid. ,£ 500,000
250,000 "A" shares of
$1,750,000
Deposit*
£36,071,162
MAGNUS IRVINE, Sec.
London Office—62 Lombard Street, E. O.
Glasgow Office—113 Buchanan Street.
Drafts, Circular Notes and Letters of Credit issued
and every description of British, Colonial and Foreign
pinking and Exchange business transacted.
New York Agents—American Exchange Nat. Bank
Reserve
81
Egy t
Established 1810
Capital (Subscribed)
branches at Basle, Berne, Fran en f eld,
Documentary Business, Letters of
„
SCOTLAND, Ltd
THE COMMERCIAL BANK OF
Head
BANKING
.
in
Certifieb Public accountants
Zurich, Switzerland
GENERAL
OF
PURCHASE AND SALE
Offers to American banks and bankers its superior
New York
St.,
representing The Bank of New South
Wales with branches throughout Australasia.
EXCHANGE
STOCKS AND
Reserves
CREDIT
OF
FOREIGN
in Africa
Agent
Also
F.105,000,000
LETTERS
of SOUTH AFRICA, Ltd.
Over 600 Branches
FUND
COLLECTIONS
The NATIONAL BANK
$18,812,500
$306,125,415
Agencies throughout
MACINTYRE,
Wall
C.
Hague
Frs.70,000,000
RESERVES
d'Oriente,
HEAD
Amsterdam
Rotterdam
Foreign Exchange, Documentary Credits.
Societa
Commerciale
Tripoli.
&c.
England
and many more branches
In Italy" of the Banque Francaise et Italienne
Sud.
in
Wales
Gall, Winterthur, Basle, Geneve,
Italy, at all the
"Representatives in New York and Agents
Offices
numerous
and
principal points in the Kingdom
Santos,
Office:
15. Bishopsgate, London, England,
Toggenburger Bank est. 1863
Italian State Railways, 12 Waterloo Place
l'Amerique du
$36,195,205
-
Formerly Bank in Winterthur est. 1862
West End Agency and London Office of the
54 Branches in
$39,034,320
-
Head
X. Console.
Manager:
$199,671,600
PAID-UP CAPITAL
NEW YORK.
IN
London Office, 1 OLD BROAD STREET. E.C.
Buenos
NATIONAL PROVINCIAL AND
$11,640,000
AGENCY
ST.,
Provinces
$31,200,000
Reserve Funds
Pour
WILLIAM
Office MILAN
Paid-up Capital
Resent St.,
AGENCY
LONDON, E. C., 4, ENGLAND.
COMMERCIALE ITAUANA
Head
.-.£1,663,270
KING
7
270 Branches in France
GENERAL BANKING BUSINESS
BANCA
AND
£3,000,000
Fund
LONDON
6
SPERLING & CO., INC.,
120
Law
Egyptian
Capital, fully paid
PARIS
YORK AGENTS
NEW
under
June, 1898, with the exclusive right to
issue Notes payable at sight to bearer.
Reserve
Office:
BANK
£1,000,000
'
ALEX. ROBB, Gen. Mgr.
[Vol. lit
CHRONICLE
THE
viii
JBanttenc an& IBvoktte <@utsibe jfrtto J^orft
ST.
CHICAGO
CHICAGO
LOUIS
tmsmmmmmammrn
■■saBnmmnBammmimaB
A
lilden&liiden
A. G. Edwards & Sons
INCORPORATED
Bonds
Investment
Members
808 So.
New York Stock Exchange
CHICAGO
St. Louis Stock Exchange
*
410 Olive St.,
ST. LOUIS
La Salle Street
Prompt, personal attention to
all
foreign exchange transac¬
tions
through direct connec¬
tions
abroad. *
A STITT
SCOTT
MUNICIPAL
INVESTMENT BONDS
GREAT LAKES TRUST COMPANY
CORPORATION
111
BONDS
Chicago, Illinois
Monroe St.
W.
CHICAGO
INDUSTRIAL
Capital and Surplus $3,600,000
PREFERRED STOCKS
Greenebaum Sons
Lorenzo E. Anderson & Company
Bank andTnist Company
310 N. 8th St., St. Louis
Southeast Corner "La Salle and Madison Sts.
|
GENERAL
Municipal and Corporation Bonds
New York Stock Exchange
New York Cotton Exchange
Members Chicago Board of Trade
St. Louis Merchants Exchange
St. Louis Cotton Exchange
St. Louis Stock Exchange
Herndon Smith
,
Charles W. Moore
md
TIMBER BONDS
based always upon
BANKING
$2,000,000
Capital and Surplus,
expert verification
ofunderlyingassets
6% CHICAGO FIRST MORTGAGE BONDS
Suitable for
Estates,
and Individuals
Trustees
Write for Bond Circular C 25.
Oldest Banking House in Chicago.
A State Bank
332
sa Michigan Av_ Cmo&ot
William H. Burg
SMITH, MOORE & CO.
A. O.
Slaughter & Co.
INVESTMENT BONDS
CINCINNATI
Members
New York Stock Exchange
609 OLIVE ST.
ST.
ST.
LOUIS, MISSOURI
$250,000.00
Chicago Stock Exchange
Chicago Board of Trade
110 WEST
LOUIS SERVICE
MONROE
CHICAGO,
AKRON, OHIO
STREET
ILL.
300 N.
Broadway
_
Powell, Garard & Co.
CO.
Population 200,000.
The Provident
INVESTMENT SECURITIES
STIX &
IH%.
FINANCIAL STATEMENT.
Assessed valuation
$279,300,700
Net debt
5,896,000
ST. LOUIS
Members St. Louis Stock Exchange
BONDS
Due 1922 to 1936, to yield
MARK C. STEINBERG & CO.
Members New York Stock Exchange
Members St. Louis Stock Exchange
SV2%
SCHOOL
39 South
La
Salle
Street
Savings
Bank & Trust Co.
Bond Department
CINCINNATI, OHIO
Chicago
New York
Philadelphia
St. Louis
CHANNER & SAWYER
Investment Securities
INVESTMENT SECURITIES
809
OLIVE ST.
ST. LOUIS
Municipal and
Druv.ne
OUIV LsO
Corporation
Union Trust
BIdg.,
CINCINNATI, OHIO
SPRINGFIELD, ILL.
Matheny, Dixon, Cole & Co.
SHAPKER, WALLER & CO
Ohio Securities—Municipal Bonds
New York Stocks and Bonds
134 SOUTH LA SALLE STREET
Ridgely-Farmers Bank BIdg.,
DEALERS
CHICAGO
SPRINGFIELD, ILLINOIS.
IN
INVESTMENT SECURITIES
WE WILL BUY
Springfield (Illinois) Pleasure Drive¬
way
TAYLOR, EWART & CO.
& Park District 4s
INVESTMENT BANKERS
IRWIN, BALLMANN &CO.
328-330-332
Walnut St.
CINCINNATI, OHIO
105 South La Salle Street
BUFFALO
CHICAGO
Slocum,Eckardt & Company
Municipal, Railroad and Public
Utility Bonds
EDGAR
FR I ED LAN DER
DEALER
Cincinnati
INVESTMENTS
IN
Securities
CINCINNATI
420 Ellicott
Square
BUFFALO, N. Y.
OHII O
,
John Burnham & Co.
TOLEDO
High Grade Investment Se¬
curities,
JOHN T. STEELE
BUFFALO, N. Y.
Government, Municipa
and Corporation Bonds
■
Convertible
Note
Issues, Bonds, Bank Shares,
Unlisted Securities.
41
South
La Salle St.
CHICAGO
Successors to
David Roblson Jr.
A
Bankers—Established
Sons
1876.
Municipal, Railroad and Corporation Bonds
SPECIALISTS IN
Buffalo and Western New York Securities
TUCKER,ROBISON &CO.
Toledo and
F. WM. KRAFT, Lawyer
Gardner Building,
Ohio Securities
TOLEDO, OHIO
Specializing in Examination & Preparation of
T.
LESSER
STOCKS AND BONDS
County, Municipal and Corporation
Bonds, Warrants and Securities and
Graves, Blanchet & Thomburgh
Proceedings Authorizing Same.
IRVING
MUNICIPAL BONDS
Room* 517-520, 111 W. Monroe St.,
Harris Trust
4T6 Ellicott
Squ.r.
BUFFALO, N. Y.
Building
CHICAGO, ILLINOIS
GARDNER BUILDING
TOLEDO, OHIO
Oer. 2 1920.]
THE
CHRONICLE
rx
^Bankers ant) ^Brokers ©utsibe Jfreto gorfe
MICHIGAN
PITTSBURGH
LYON, SINGER & CO.
PITTSBURGH
Bldg.,
g>toan Sc (Ebtoarbtf Co.
,
Members of Detroit Stock Exchange
Members Detroit Stock Exchange
INVESTMENT BANKERS
Commonwealth
MICHIGAN
Inquiries Solicited
Carried
All
in
Stocks
Markets.
Conservative
on
Pennsylvania Municipal Bonds
Charles A. Parcells & Co.
Margins
Securities -f Pittsburgh District
SECURITIES
INVESTMENT
310
DETROIT, MICH.
Congress Bldg.,
PENOBSCOT BUILDING, DETROIT, MICH.
Geo. W. Eberhardt & Co.
OLIVER BUILDING,
& Company
A. J. Hood
(Established 20 Years)
PITTSBURGH
MICHIGAN
Stocks, Bonds, Grain
SECURITIES
Members
York
Stock Exchange
Members Pittsburgh
Stock Exchange
Members
A.
E.
New
Richard Brand Company
Chicago
Board
& CO.
GORDON, FORTIER & CO.
Investment
Pittsburgh Stock Exchange
Chicago Stock Exchange
Chicago Board of Trade
New York Cotton Exchange
Pittsburgh, Pa.
Suite
Securities
Detroit
1721-3 Dime Bank
Bldg., Detroit
Securities
Dime Bank Building
1613,
WHITTLESEY, McLEAN & CQ.
Telephone Cadillac 5050
MICHIGAN
DETROIT
Municipal Bonds Corporation Bonds
Branch Office:
National Bank of West Virginia Building
Wheeling, W. Va.
Preferred Stocks
HAMLIN &, CO.
W. A.
Active Members of Detroit Stock Exchange
Members Detroit Stock Exchange
F. N.
Specializing
We invite your inquiries
Members New York Stock Exchange
Boston Stock Exchange
323 Fourth Ave.,
DETROIT
BUILDING
Trade
of
MASTEN
Specialize in Michigan Stocks and Bonds
PENOBSCOT
Detroit Stock Exchange
Members
BOUGHT—SOLD—QUOTED
and Provisions
2054-56-58
Penobscot
DETROIT
Bldg.,
Boyle & Company, Int.
Motor
Stocks, Public Utilities & Oils
MATTERS FINANCIAL
1010
Arcade
Union
Penobscot
DETROIT, MICH.
Bldg.,
Motor
Pittsburgh, Pa.
Stocks
and
DANSARD-HULL-BUMPUS COMPANY
INVESTMENT SECURITIES
W. Carson Dick & Company
All Michigan
Securities
Burdick-Thomas Company
Members Detroit Stock Exchange
47
Congress St., West
256-262
DETROIT
INVESTMENT BONDS
Penobscot
Bldg.
MICHIGAN
DETROIT
Members Detroit Stock Exchange
UNION .ARCADE BUILDING
390-395
FENTON, C0RRIGAN & BOYLE
PITTSBURGH, PA.
KANSAS
& CO.
KAY
Inc.,
Bankers
Investment
CITY
INVESTMENT BANKERS
Grand Rapids
Detroit
Chicago
STREET & COMPANY
Underwrite and distribute entire issues
Municipal & Corporate Bonds
Local
of Industrial and Public
Penobscot
DETROIT, MICH.
Bldg.
Members Detroit Stock Exchange
Securities
HIGBIE
KEANE,
Kansas
Utility securities
CO.
&
Missouri
City
MUNICIPAL
INDIANAPOLIS
BONDS
DETROIT
GRISWOLD ST.
67
GEORGE M. WEST & COMPANY
1893
Established
Fletcher American Company
Joel Stockard & Co.,
INDIANAPOLIS
Capital
Write
-
for bids
us
Indianapolis
or
INVESTMENT BANKERS
$1,500,000
or
Inc.,
offerings
DETROIT, MICH
UNION TRUST BLDG.
Members Detroit Stock Exchange
Municipal, Government &
Corporation Bonds
Members Detroit Stock Exchange
on any
lnoiana Security.
INVESTMENT BANKERS
Penobscot Bldg.
-
DETROIT
•
Cherry 2600
A. W. Wallace &
COLUMBUS
Company
Statistical Information Furnished.
CLAUDE MEEKER
Investment
BREED, ELLIOTT & HARRISON
Detroit
Chicago
Milwaukee
Investment Securities
East
8
71
Broad St.,
Municipal Bonds
Indiana Corporation
Securities
NEWARK,
Tel. Cherry
YORK CITY
N. J.
F. C.
CONSERVATIVE
INVESTMENT SECURITIES
DEPARTMENT
INDIANAPOLIS
F.M. CHADBOURNE & CO.
FIREMEN'S
1252-54 Penobscot
DETROIT,
Building
MICH.
INSURANCE BUILDING
NEWARK,
Indianapolis Bank Stocks
Local Public Utility Bonds
Indiana
ANGER & CO.
Investments
List upon request
The Union Trust Company
BOND
2800
COLUMBUS, O.
NEW
Broadway,
DETROIT, MICH.
Penobscot Bldg.
Specialist in Cities Service Issues
INDIANAPOLIS
Cincinnati
INVESTMENT BANKERS
Securities
N. J.
LOUISVILLE
Municipal Bonds
Bought and Sold
JOHNSTON &, COMPANY HARRIS, SMALL &
LAWSON
i
NEWTON TODD
Local
Securities and
INVESTMENT
i
Indiana Corporation
415
Lemcke
Bldg.,
Bonds and Stocks
INDIANAPOLIS
SECURITIES
INVESTMENT SECURITIES
Paul Jones
Bldg.
LOUISVILLE, KY.
44
CONGRESS ST., W.
DETROIT
i
THE
X
[Vox,. 111.
CHRONICLE
JBanfeerss anti Profceuf ©utsibe JJeto gorfe
PACIFIC
COAST
PACIFIC COAST
Howard Throckmorton
Pacific Coast Securities
CALIFORNIA SECURITIES
Boettcher, Porter
BONDS
Government
&
of MUNICIPALITIES AND
Bonds* Municipal
Company
CORPORATIONS
Corporation
San
DENVER
INVESTMENT BANKERS
baring substantial assets
Francisco
and
earning
power.
Alaska Commercial Building
COLORADO
DENVER
Quotations and
Information
Furnished
on
WILLIAM R. STAATS CO.
Pacific Coast Securities
Established
SUTRO
INVESTMENT
&
SAN FRANCISCO
PASADENA
WESTERN
CO.
a
San; Francisco Stock
and Bond Exchange
GREGG, WHITEHEAD
Blankenhorn-Hanter-DoliB
BROWN
DEALERS
& CO.
Investment
DENVER
Company
PORTLAND,
SAN FRANCISCO,
CORPORATION
AND DISTRICT
National
Bank
Building
BONDS
MORRIS BROTHERS, Inc.
THE PREMIER
CAPITAL
CALIFORNIA
LOS ANGELES
California Securities
SAN
DOLLARS
MILLION
and
Municipal
Bonds
FRANCISCO
Established
PASADENA
BOND HOUSE
MUNICIPAL
ONE
Government
SAN
DIEGO
Quarter Centum
oeer «
Morris Building
PORTLAND, OREGON
.
No. 3, Central Building
Aronson and
ORE.
MUNICIPAL
BONDS
First
& CO.
Bankers
IN
Municipal and Corporation
813-315
Specialty
Members
Montgomery St.
F. M.
SECURITIES
Sugar Stocks
BROKERS
San Francisco
410
LOS ANGELES
1853
.
SEATTLE, WASH.
Company
Los Angeles,
HALL & COMPANY
We specialize In California
California
Municipal
&
~
Corporation
BONDS
INVESTMENT
BONDS
CLEVELAND
DRAKE, RILEY &. THOMAS
Van Nuys Bulldlnp
The Gnndl i ng-Jones Company
Local and Pacific Coast Securities
LEWIS
BUILDING
PORTLAND, OREGON
LOS ANGELES
DULUTH. MINN.
STOCKS-BONDS-NOTES
Private Wires Coast to Coast
BANGOR BUILDING,
MINNESOTA SECURITIES
Correspondents Logan and Bryan
CLEVELAND
H.
A.
Woollacott & Co.
228-262 I. W. Hellman
Investment Bankers
LOS
Municipal and
Corporation Bonds
Building
ANGELES
.
Members of New York, Cleveland,
Chicago,
Detroit and Columbus Stock
New York Cotton
Railroad,
Stocks, Bonds, Grain, Cotton
OTIS & COMPANY
M.
Priutile
& Company
Duluth, Minnesota
Exchanges,
Exchange,
Chicago Board of Trade.
CLEVELAND
Boston
Detroit
Cincinnati
Columbus
Toledo
Youngstown
Denver
TORRANCE, MARSHALL & CO.
Colorado Springs
WMMiamiB
Akron
Stocks
Bonds
Acceptances
California Securities
LOS ANGELES
CALIFORNIA
SHORT TERM NOTES
Slevcns^^o.
ESTABLISHED
ttonxcipal
A. E. LEWIS
RITTER COMMERCIAL TRUST
Municipal,
Unincorporated
CLEVELAND
'corporation
Public Utility, Railroad and
Corporation
Niagara Life Bldg.
Security
Bide.
Los
Angeles. Cat-
INVESTMENT SECURITIES
CALIFORNIA
City Bldg.
CLEVELAND, O.
Warren
MUNICIPALS
Title Insurance Building,
2nd Floor National
American
Nat'l
Bank
LOS ANGELES
San
Bldg.,
Unlisted
-
Inactive
Pacific Coast Securities
Member
San
Francisco Stock
Mills
ALBERT FOYER
News
Bldg.
CLEVELAND,
Red
River Lumber Co. 1st 6s
Minneapolis St. Ry. Extended 7s
WELLS-DICKEY COMPANY,
Minneapolis
NORFOLK, VA.
Bucyrus
Stocks & Bonds
Leader
BUY
Francisco
MAX I. KOSHLAND
-
WE WILL
Minnesota & Ontario Pow. 1st 6s
Powell
River
Company
1st
6s
KLIPPEL-WASHBURN-BERKLEY CO. R. H. MOULTON & COMPANY
Listed
SX.RAUL
BONDS of the PACIFIC COAST
THE
Dayton
bonds;
-commercial paper-/ 1
MINNEAPOLIS
BUFFALO
690 Euclid Ave.
So CO.
IQIO
railroad^
SAN
and
Bond
MOTTU & CO.
Established
1892
NORFOLK, VA.
NEW YORK
Exchange
Building
60
Broadway
INVESTMENTS
FRANCISCO
Q.
TEXAS
Hunter Glover &
Company
CHAPMAN DE WOLFE CO.
861-353
Investment
SAN
Bonds
and
Stocks
Short Term Notes
Montgomery
FRANCISCO,
Stocks
Information
and
a
ad
DUNN & CARR
Street,
CALIF.
Bonds
Quotations
on
all
Investment Securities
Pacific
Coast Securities
*
CLEVELAND
f
Members San Francisco Stock & Bond Exchange
Union
HOUSTON,
Nat.
Bank
Bldg.
....
TEXAS
Ovr. 2 1920.]
THE
CHRONICLE
xx
iBatiftenf aitb JSrofetri (Puteiiie iJeto gorfe
ALABAMA
PHILADELPHIA
marx & company
BONDS
BANKERS
BIRMir -.HAM,
.
■'
-
•'
STOCKS
Graham. Parsons 3c Co.
SHORT-TERM NOTES
.
'
■
PHILADELPHIA
■:
■
415 CHESTNUT ST.
ALA.
.
1
■
'
>'■
ISf BROADWAY
PHILADELPHIA
NEW
Y9M
Parsly Bros. & Co.
■
Souther.* Municipal and
Investment Securities
BANKERS
Corporation Bonds
1421
CHESTNUT STREET
PHILADELPHIA
Deal in and
Purchase
CHATTANOOGA
MEMBERS PHILADELPHIA
Issues of
STOCK EXCHANM
MUNICIPAL BONDS,
lewis burke & co.
BONDS, NOTES AND PREFERRED STOCKS
of
Established
LOCAL AND SOUTHERN
RAILROADS,
INDUSTRIAL
imoRESr&rOu
SECURITIES
James
1865.
ESTABLISHED VALUE
CHATTANOOGA
410
Chestnut St.
Philadelphia
Government,
MACON
AND
CORPORATIONS
of
BANKERS
Building
UTILITIES
Gable Address "Grace.**
Phfladelpbia
4
Municipal, Railroad
and
Public Utility Securities
W. M. DAVIS & COMPANY
femberslNevf York and Philadelphia
Stock Exchanges.
Southern Municipal Bonds
AND
MILWAUKEE
Guaranteed Stocks
MACON
GEORGIA
EDGAR,
East
BANKERS
RICHER
Water
and
&,
Mason
321
CO.
Chestnut
Established 1837
MILWAUKEE, WIS.
SPARTANBURG, S. C.
St., Philadelphia
Streets
Specializing
A. M.
LAW &
CO., Inc.
DEALERS
Stocks and
Members New York and Philadelphia
WISCONSIN CORPORATION ISSUES
IN
Stock
Exchanges
Bonds
\
Southern Textiles
Specialty
a
SPARTANBURG, S. C.
B.
W,
SOUTHERN
Financing of Milwaukee
M£Cewn&Ca
and Wisconsin Industries.
MONTGOMERY
Strassbrxgei
INVESTMENT
SECURITIES
lembers
Investment Securities
I
Land Title
Bought and Sold.
Building
PHILADELPHIA
New York
M o*$tgam*ryf Aim
First Wisconsin
Philadelphia Stock Exchange
INVESTMENT BANKERS
Company
Investment Securities
MILWAUKEE
Telephone Canal 4845
$550,000 COUNTY OF BUTLER, PA., Road
Imp. 5Ms, maturing Sept. 1, 1927 to 1944 inch,
optional after Sept. 1, 1935.
To return 5.20%
to 5.15%, after opt. period to return 5.50%.
$82,000 CITY OF NEW CASTLE, PA., School
HHs, maturing 1935 to 1938. To return 5.15%
WISCONSIN
M. M. FREEMAN & CO.
421 Chestnut Street
Liveliest
^financial*
.
Second Ward Securities Co.
Discussion
Second Ward
financial
108
mar¬
Investment
we
So.
60
Wisconsin Municipals
Broadway, New York
Philadelphia
and
Cincinnati
Boston
Pittsburgh
Chicago
Berlin
Milwaukee
Denver
GERMAN, AUSTRIAN
upon
Canada
we
gladly add
name to our
list.
Czechoslovak, Hungarian
Securities and
as a
possible in¬
vestment,
will
your
mailing
IWVEBTM
Wisconsin
Communities.
Specialists in
Issues
Trading Department.
s.iWones$ (K
CORPORATION
(CANADA)
I1CIPAL
LIMITED
5-6
RA!LR0AD/4f'
Over
20
Broad Street
KCTWtlW—CMS
JA»t
«
«
New
SAFETY
FOR THEIR
Yor*\
use
PAPER
CHECKS
George La Monte & Son
MMg»"WK»TMar
sires current alterings.
U f\0l Of the Banks in
©\J /O New York City
NATIONAL
Corporation Bonds
New York
Cortlandt 3234 -
Station
OF
Royal Securities
165 Broadway
our
Exchange
Redeeming
and various other German Cities and
Ma.wAuKo.Wa
Underwriters and
Coupon
for the City of Berlin, Or eater Berlin,
CURITIES
fl»»T W16 CON Si N
N AT>0«M. »*HK eu*
Address:
AGENCY
Official
MORRI^EIQX&CO.
Write
Tel.
VonPolenz&Co.,Inc.
look kindly
you
field for
&
St.
High, Grade Investments
month.
^
Salle
Specialists in
publish each
If
La
CHICAGO,
kets is contained
Items which
Savings Bank Bldg.
MILWAUKEE
of the Canadian
in
Philadelphia
Telephone, Lombard 710
The
€1
Broadway
New Yorfc
[VOL. 111.
CHRONICLE
THE
XII
Current Ponb inquiries*
Dependable Quotations
and
STOCKS
BONDS
Information
for
pref.
Banks, Brokers
Arizona Power Co. 6s,
Corp. Pfd.
and Institutions
Barrett Manufacturing
Central Sugar Corp.
Hale & Kilburn
on
Haytian American Corp.
Transportation
without
through
with
Northwestern Power Com. & Pfd
Ferry
9th
5s,
request
on
St. L.
Titusville Iron Works 7s,
Vickers
Your Money
Ry.
1932
An
exceptionally high yield
be
r
Can Earn
9% For 15 Years
49 Wall St.
Tel. Han. 6570
1993
1924
New York
-
Dry Dock East Bwy. & Battery
5s,
Spring. & Peo. Ref. 5s, '38
BONDS
Ave.
6s, 1927
Santa Cecilia Sugar
Toledo Peo. & West. 1st 4s, 1917
Securities
Trinity Place
H. Mountague
1950
&
markets.
Investment
72
Columbus
touch
HANSON & HANSON
Willys Corp. 2nd Pfd.
Raleigh & Charl. Con. 4s, 1956
depart¬
close
Analytical reports
Sugar Pfd.
& Fulton
all
in
is
Monongahela Vy. Tr. 5s, 1942
obligation
service
our
which
ment
Nor. Ontario Lt. & Pr. Pfd.
4s,
1938
Lighting 1st 4s, 1958
Indiana
STOCKS—BONDS—NOTES
furnished
Bleecker St.
5s, 1914
Fairmont & Clarksb. Tr. 5s,
Inactive
Michigan States Tel. Pfd.
Santa Cecilia
1933
Miscellaneous and
Lehigh & Wilkes-Barre Coal
New York
1939
Albany Southern RR. 5s,
Albany Southern RR. Pref.
until
maintained
GUARANTEED STOCKS
can
1935
by investing in
Nassau Electric RR.
4s,
Standard Gas &
1951
v
THEODORE L BRONSON & CO.
Members New York Stock Exchange
10 Wall
St., N. Y.
Mortgage Bond Co.
Electric Company
Alliance Realty Co.
National
6% Gold Notes Maturing 1935
City Bank
Tel. Rector 7680
FRANK J.
AUGUSTA
DILLON
M.
71 Broadway
NEW YORK,
Tel. 6460 Bowling Green
Safety is assured by the strong
earnings of the com¬
pany and the steadily increasing
assets and
N. Y.
need for its service in 16 States.
JOHN W. DICKEY
Augusta, Ga.
Southern
Established
Ask for
Pennsylvania Tax
Securities
ItALByllesby & Co.
Incorporated
Philadelphia Stock Exchange
PHILADELPHIA
E. BUSH & CO.
Chic ado
206 S.LaSalle St
NewVbrk
111 Broadway
Chestnut Street
1421
Circular CC-16
Bonds
PAUL & CO.
lembers
1886.
WM.
Free
Providence
30 State
lOWfeybosser St
tSrect
Augusta, Ga.
SOUTHERN
COTTON
SECURITIES
New Jersey
MILL STOCKS
Municipal
Descriptive List
on
Bonds
Request
GLOVER & MACGREGOR
345 Fourth Ave.,
J.S. R1PPEL& COMPANY
18 CLINTON STREET
MEWARK, N. J.
CENTRAL NEW YORK
SECURITIES
STOCKS AND BONDS
bought and sold for cash,
conservative
Bought—Sold—Quoted
Inactive
and
or
carried
Mohawk Valley Investment Corp.
System Securities
Gulf Oil Corporation 6s
Am. Fruit Growers 7s
on
terms.
unlisted
securities.
Investment
F.
& TARBELL
BROADWAY,
PROCTER & GAMBLE CO.
NEW YORK
Commercial
Atch., East Oklahoma 4s, 1928
Chic. North West. 5s, 1933
C. B. & 0. Neb. Ext. 4s, 1927
Montgomery
Telephone
INDIAN REFINING CO.
CORPORATION
BONDS
Bankers
UTICA, N. Y.
E. MAGRAW
MUNICIPAL AND
Members New York Stock Exchange
120
Broad
5s, 1934
West Penn
Inquiries invited.
FINCH
PITTSBURGH, PA.
Amer. Wat. Wks. & Elec.
Bros.
William
15
3063
.
St.,
Paper
Local Securities of the Twin Cities
ST. PAUL, MINN.
Globe Building
A. G. Becker & Co.
New York
COMMERCIAL PAPER
Westheimer & Company
Members of the
New
York
Stock
Exchange
Cincinnati
Stock Exchange
Chicago
Board
of
Trade
Baltimore
Stock
Exchange
CINCINNATI, OHIO
BALTIMORE, MD.
WE WISH TO BUY HIGH-
GRADE
INVESTMENT SECURITIES
PENNSYLVANIA
TAX-FREE
SECURITIES.
137
Boenning, Garrison A Co.
embers
***>
ladelphia
Stock Exchange Building
PHILADELPHIA
Direct Private
Telephone to Berdell Bros.,N. Y,
South La Salle Street
CHICAGO
Stock Exchange
NEW
YORK
ST. LOUIS
SAN FRANCISCO
SEATTLE
LOS ANGELES
OCT. 2
1920.]
THE
CHRONICLE
XIII
Current iBonb Snquirfe*
Amer. Water Works & El. 5s 1931
B. & O., Tol. & Cin. Div. 4s, 1959
Cedar Rap. Mfg. & Pr. 5s, 1953
Butler Water Wks 5s, 1927
Mo. Kansi. & Tex. of Tex. 5s, 1942
Ohio Cities Gas 7s, 1921 to 1928
City of New Castle Water 5s, *32
&
Laughlin 5s, 1939
Laclede Gas
Detroit Edison Co. Stock
Citizens Gas & Electric 6s, 1931
Duluth St. Ry. Gen'l 5s, 1930
Caddo Cent. Oil & Ref. 6s, 1930
Jones
American Light & Traction
Chicago & E. 111. Refd. 4s Ctfs.
Beth. Steel Nav. 7s, 1935
Texas Electric Ry. 6s, 1942
Wisconsin River Power 5s, 1941
Light 7s, 1929
Woodward Iron 5s, 1952
Burroughs Add. Mach. Stock
Firestone
Tire
Com.
Pfd.
&
Goodyear T. & R. Com. & Pfd.
Paige Detroit Com. & Pref.
Packard Common & Preferred
Sherwin
Steel
Williams
Pfd.
& Tube of America,
Pfd.
Virginia Railway & Pr. Com.
Morris & Co., 7Y2s, 1930
Merrill, Lynch
Retsof Mining Co. 5s, 1925
St. Louis & Cairo 4s, 1931
120
Seaboard Air Line 6s, 1945
Telephone 8070 Rector
}
Private wires to Chicago,
Traders Telephone 7683 Rector
Detroit, Cleveland,
Youngstovm, Grand Rapids and Lansing.
Simmons Hardware 7s, 1925
Southwestern Bell 7s,
1925
Central Pacific
Warren Water Co. 5s, 1927
We
West Penn Power 6s, 1958
3^8,1929
4Vfcs, 1930
Ches. & Ohio Imp. 5s, 1929
Chic. & West. Indiana 4s, 1952
Georgia Midland 3s, 1946
Clev. Lorain & Wheel.
Specialize in All
Dividend Scrips
and
Morton Lacheribmch.&Ca
42 Broad Sbreeb
Co. &
Broadway, New York
Kansas City So. 3s & 5s, 1950
Lehigh Valley (Pa.) 4^8, 2003
Rights
"KewYjirKi
New Orleans Term. 4s, 1951
Rock Isl. Ark. & La. 4%s, 1934
mctoO DETROIT PHILADELPHIA PITTSBURGH
Wheeling Terminal 4s, 1940
Instantaneous communication between
C. C. Kerr & Co.
possible through
offices is made
our
their intercon nection bu private wires.
2
Rector
R.
Phone 6780 Rector
St., N. Y.
40 Wall
New
Foreign Securities
Foreign Currency
Foreign Cheques
NOBLE &CORWIN
25
New York
St.
Broad
48
CO.
Securities
'Phone 8300 Hanover
Exchange Place
Telephone
©
IAJ.
»
John 807
St. Louis S'western 1st Cons. 4s, 1932
C. B. &
Q. Nebraska Ext. 4s, 1927
Mobile & Ohio St. Louis Div. 5s, 1927
Oregon-Wash. RR. & Nav. 4s, 1961
Bankers Trust
Investment
PRESSPRICH
York
St. Louis Southwestern 1st 4s, 1989
Theodore C. Corwln
Mark A. Noble
Bought and Sold
DUNHAM &
W.
Street,
Superior & Duluth Div. 4s, 1936
Chase
National
Citizen
Bank
Bank
National
Equitable Trust
National
Prince & Whitely
Surety
Members N. Y. Stock
Exchange
Niles-Bement Common
"Opportunities in
Liberty Bonds"
Circular
on
BROADWAY. NEW YORK
Telephone: Rector -7350
Members
Kodak
Eastman
Common
Jersey Zinc
wires
to
Philadelphia,
Boston,
Baltimore, Richmond, New Haven
Telephone 1111 Broad
Railroad
N.
of New York Stock Exchange
Bond
Public
Dept.
Seaboard
Great Western Power 5s, 1946
Air Line 6s, 1945
Southwestern Pow. & Lt. 5s, '43
Oregon-California 5s, 1927
St.
Louis & Cairo 4s,
Man. & S. W.
Shawinigan Wat. & Pr. 5^s, '50
Light 6s, 2016
West Penn Power 5s, 1946
Standard Gas & Electric 6s, 1935
1931
American Power &
Coloniz'n 5s, 1934
Union Term, of Dallas 5s, 1942
Nashville Terminal 5s, 1932
Steel
Utility Dept.
Federal Light & Trac. 5s, 1942
United Light & Rys. 5s, 1932
Ohio 43^8, 1935
Wabash & Mich. 4s, 1991
&
Y.' Penna.
Cinn.
British Empire
Tel. Broad 6323
Broadway
Private
New
request.
SUTRO BROS. &CO.
120
52
Louisiana & Arkansas 5s, 1927
Denver Gas & Elec.
East Tenn. Va. & Ga.
Shares
Rutland Ry., Ltg.
Toledo Peoria & Western 4s, 1917
Carolina Pow. & Ltg. 5s,
cons.
American
Cincinnati Northern 4s
Industrial Bond
and other
Fairmont Coal 5s,
International
Paul
1931
Securities
Coal
5s,
Mills Preferred
Niles-Bement-Pond
American
1936
North
Dominion Coal 5s, 1940
Monon
Delaney
Utica Knitting
1935
Phonograph 7s, Any
American Malt 5s,
Dept
Preferred
National Lead Preferred
Union
General
Dold
Jacob
4^s, 5s, 6s
Carbide 6s, 1950
Habirshaw Elec. Cable 7s,
Stock
industrial
Dept
Consolidation Coal
5s, 1949
1938
Light & Trac. 6s, 1923
Yadkin River Power 5s, 1941
5s,'56
Louisville & Jefferson Bridge 4s
Canadian, Cuban
& Pow. 5s, '46
Brass
Judd
Landers, Frary & Clark
1936
Preferred
Norwalk Steel
St.
Kuczynski & Co.
120
Broadway
New York
American La France
Colorado Fuel Preferred
L.
4^8, 1929
Rocky Mt. & Pac., 1955
Acadia Sugar Common
Leslie-Judge 4s, 1934
Bank Stock
Seaboard
Telephone Rector 6834
Dept.
Standard
National Bank
Union
Oil
Dept
Tank
Columbia Trust
of
California
O.
of
Indiana
Vacuum Oil
Central Union Tlrust
CORRESPONDENTS
Foreign Capital#
O.
S.
Mechanics & Metals Nat'l Bank
AU Important
S.
National Bank of Commerce
Prairie Oil & Gas
CARRUTHERS, PELL &
PRIVATE WIRES
Montreal
Toronto
Bonds, Bank Stocks, Miscellaneous
^
15 Broad Street, New York
CO.
Securities, Standard Oil Stocks
Phones 5161 to 5169 Hanover
Philadelphia Phone, Locust 572; Bait. Phone, St.
Paul 9389
[VOL. 111.
CHRONICLE
THE
XIT
Current Ponb 3JnqulrteS
New York Interurban .Water 5s
F. J. LISMAN & CO.
:
West Va. Water & Elec. 6s
Members New York Stock Exchange
61
Acquackanonk Water Co. 5s
St. Joseph Water Co. 5s
Joplin Water Co. 5s
BROADWAY, NEW YORK
Clinchfield
Carolina
Ohio
&
5s
1st
Wichita Water Co.
Chicago & Western Indiana RR. notes
Cincinnati
WE DEAL IN
Intl.
&
Shore
South
Terminal
Galveston
5s
Atlantic
Railway
Great Northern
Kansas City
&
7s &
6s
1st
Memphis & Birm. 5s & 4s
Illinois
5s
notes
H. C. SPILLER & CO.
Louisiana & Arkansas RR. 1st 5s, 1927
Missouri &
5s
City Wtr. Co. of Chattanooga 5s
Bijou Irrigation District 6s
Emmett Irrigation District 6s
Ft. Wayne & Wabash Valley 5s
Queens County Water Co. 5s
Indianapolis & Western 5s
Des Moines & Fort Dodge 1st 4s, 1935
Duluth
Clinton Water Co. 5s
Racine Water Co.
Chicago Terre Haute & Southeast 5s
INCORPORATED
Bridge & Belt 4s
17 Water St., corner
V
Toledo & Ohio Central 5s, all issues
Devonshire St., BOSTON
63 Wall Street, NEW YORK
Weatherford Mineral Wells & N. W. 5s
AND ALL RAILROAD AND STEAMSHIP SECURITIES
Kansas
City So. Ref. 5s, 1950
Elec. Dev. of Ontario 5s, 1933
Grand Trunk Pacific 3s & 4s
WANTED
WOOD, STRUTHERS & CO.
Hackensack Water
Nassau
5
YORK
NEW
Preferred
All
Canadian and Cuban
Street
Government, Municipal and
Corporation Securities
Cent. Pacific Ref.
Davies, Thomas & Co.
Penna.
RR.
Ch. Burl. &
limbers N. Y. Stock Exchange
4s, 1919
Cen.
MILLER
4}^s, 1905
Qcy 111. Div.
'49
Members
120
5
New York
Nassau St.
■Telephone Rector 5826
West Shore 1st
Atch. Top.
N.
Y.
Broadway.
&, COMPANY
and
Phila.
Stock
Exchanges
'Phone 7500 Rector, N. Y.
4s, 2361
& S. Fc Conv. 4s, 1955
Buff. & L. E. Tr. 5s, 1936 ctfs.
49 Wall
Central Pacific 3}^s, 1929
Houston & Tex. Cent. 4s,
ORDERS EXECUTED
ACTIVE
New York Tel. 6s, 1949
Coal & Iron 5s, 1951
Hanover
8317
Light & Htg. Co.
Coal Co. 1st
Empire Gas
& Fue* Co.
Cincinnati Gas Transport.
Mary
5s, 1932
5s, 1939
6a, 1926
5s, 1933
Lackawanna Steel 5s, 1923-50
SAMUEL K.PHILLIPS 4, CO.
Indiana Steel 5s,
#07 Chestnut
1952
McKinley & Morris
ONE WALLST., N. Y.
T.I. R.etor 7931 to 7933
PHILADELPHIA
St.
Alabama Power 5s,
1946
Cleveland Electric Deb. 5s & 7s
Consumers Power 5s,
1936
Southern California Edison 6s, 1944
Gilbert J. Postley
WANTED
BUFFALO
&
SUSQUEHANNA
4s, 1963
Wall
NEW
Telephone Rector 9697
Street
YORK
Duquesne Ltg. 6s, 1949
Empire Refining Co. 6s, 1927
Empire Gas & Fuel 6s, 1924-1926
Mississippi Val. Gas & El 5s, 1922
Lehigh Power Sec. 6s, 1927
J. S. FARLEE & CO.
.
7
66 BROADWAY
BAUER, STARR & CO.
Members American Bankers' Association
115 BROADWAY
N. Y. CITY.
We Will
Detroit Edison
Co.
LAND TITLE BLDG.,
PHILADELPHIA
Rector 7416
Members New York State Bankers' Association
Private wire connection
We Will
Buy
1st
Sell
Alabama Power Co. 5s, 1946
5s, 1933
Detroit Edison Co. 5s, 1940, & 6s,1940
Bell Tel.
Idaho Power Co. 5s, 1947
Cincinnati Gas & Electric 5s, 1956
Madison River Power Co. 5s, 1930
Cleveland Elec.
Niagara Fails Power 5s, 1932
Empire District Electric 5s, 1949
So. Calif. Edison 5s, 1939, & 6s, 1940
Tennessee Power Co. 1st 5s,
Southern Power Co. 5s, 1930
Tri-City Ry. & Light Ref. 5s, 1930
Texas Power & Light 5s,
West Penn Power Co. 5s, 1946
1937
EARLE A.
SPECIALISTS
DIRECT
ElE
HONE
Tel.
Co.
(Can.) 5s, 1925
Ilium.
5s, 1939
1962
MILLER & CO.
IN PUBLIC UTILITY SECURITIES
PRIVATE WIRE CONNECTION
RECTOR 8060-1-2-3
&
WITH
111
Cent. Ark.
Ry. & Lt. 5s, 1928
Ft. Smith Lt. & Trac. 5s, 1936
Lake Shore Elec. 5s, 1923
Penna. Util. 5s, 1946
FOR
Marion
Penn
AND
RAILROAD
ISSUES
COMMISSION
ON
Telephone
Braden Copper
IN
BOND
DEALERS
Mines 6s, 1931
Empire Gas & Fuel 6s, 1926
New York Tel..4^8, 1939
BROKERS
BOND
Utah & Northern 5s, 1926
Tenn.
New York
Street
1921
Minn. St. P. & S. S. M. 4s, 1938
Bronx Gas & El. 5s, 1960
HICKEY
VILAS &
Canadian Pacific 6s, 1924
CHICAGO
BROADWAY, NEW YORK
& 6s, 1926
Puget Sd. Tr., Lt. & Pr. 7s, 1921
Sandusky Fremont & So. 5s, '36
Springfield Ry. & Lt. 5s, 1926
Terminal Warehouse 5s, '42&stk
Taylor & White
43 Exchange PL, N. Y.
Tel. Hanover 427-8-9
Oct. 2 1920.]
THE
CHRONICLE
XV
Current Pont) inquiries*
i 1*1
*■
Michoacan Power 6c
Atch.
Guanajuato Pow. & Elec.
Cent. Mex.
Lt.
8c
Pow.
stocks
Mexican Light & Power 5s
Atch., Top.
Chic.
&
Guanajuato Reduction & Mines
6s
Erie
RR.
5s,
1982
New York, Peniia. & Ohio
Norf.
Rio Grande West
Ry. Co. 1st 5s, 1940
Denv. & R. Gr. RR.Con 4s,
4^s, 1936
&
Western
Ry.
4j/£sf 1935
1996
Con. 4s,
Ry. Coll. Tr. 4s, '49
St. Louis & Cairo RR. Co. 1st 4s, 1931
*
Des Moines & Ft. Dodge RR 1st 4s *35
So. Pacific RR. 1st Ref. 4s, 1955
Elgin Joliet & East. Ry. Co. 1st 5s, '41
West.
Winston-Salem So. Bound Ry. 4s, '60
Utah &
Cent.-Cairo
American Finance 8c Securities
Bridge Co. 4s, 1950
Portland Terminal 4s
8c
1st
Cy.& Pacific RR. 1st 4s, 1990
111.
Wichita (Kan.) Water 5s
Fremont
Co.
Kansas
Louis. & Nash.-St. Louis Div 3s, 1980
Gr. Trunk West. Ryl Co. 1st 4s, 1950
Indianapolis Water Co. 4j^s & 5s
Rochesto iL,
1958
4s,
Dallas & Waco
Southern Public Utilities 5s
Toledo
Line
& Santa Fe Ry Gen 4s'95
CL, Akron & Col. Ry. 1st 5s, 1927
Cape Breton Electric 5s
Empire Lumber 6s
Short
Trans.
6s & stocks
6s &
Norwalk
N.
Y.
Tel. Rector 3273-4 and 3294
RR.
5s,
1937
North! Ry. Con. 1st 5s, 1926
Wm. Carnegie
Ry. 5s
Syracuse RR. 5s
Penna.
Ewen
2 Wall Street, New York
N
Birmingham (Ala.) Water 5s
HOTCHKIN & CO.
Telephone
State
53
St.,
Boston 9, Mass.
Main 460
WE WILL BUY
Bell Tel. of Penn. 7s, 1945
Chic. & East.
Beth. Steel Mar. Eq. 7s, 1935
Pacific Gas & Electric
20
BROAD ST.,
N.
Federal
Specialists
in
Y.
Exchange
Tel. Rector 8460
Farm
Foreign
Loan
Evansv. & Terre H. RR.
Coal) 1st 5s,
Members of the New York Stock
Western Power
Clinchfield
Bonds
Coal Corp.
Dela., Lackaw. & Western Coal Co.
Kirby Lumber Co. Com. 8c Pfd.
Lehigh Valley Coal Sales
Eastman
Kodak
Western Md. Ry. Co. 1st Cum. Pfd.
Wheeling & Lake Erie Ry. Co. Prior
Tel. Rector 9970.
Lien
Common & Preferred
Listed
on
the
New
York
Stock
Term.
1st
4s,
Wm. C. ORTON & CO.
Specialists Reorganization Securities
Tel. 7160-1-2 Broad
1961
25 Broad St., New York
Rollins, Kalbfleisch & Co.
Willmar & Sioux Falls 1st 5s, 1938
Lojuis Merchants Bridge 7s, 1929
111. Cent Western Lines 1st 4s,
Specialists in Railroad Terminal Bonds
Trinity PI.
Bought and Sold
Telephone Rector 2687-8-9
CONSTABLE
.AV/M. CONSTABLE
1
71
Broadway N Y"
St FLEMING
IC L. FLEMING
&
L.
Iron Mtn. & So.
St.
Louis & San Fr. P. L. 6s,
Gr.
Consol.
JOSEPH
1928
INDIAN REFINING
INVESTMENT SECURITIES
34
PINE
J
STREET
N.
PROCTER & GAMBLE
Y. CITY
Stock &
5691-4 John
Consolidation Coal Co. Securities
Consolidated Gas, Electric Light 8s
Power of Baltimore Securities
Horn
Coal
NEWBORG & CO.
Member* New
60
York
Stock Exchange
Scrip
0
BROADWAY, N. Y.
Boston
PRIVATE
WIRE
TO
ST.
Buffalo
Chicago
LOUIS
Mailed
Free
1
Edition
Tel., 6400 Broad
BRANCHES and CORRESPONDENTS
Telephone 4390 Bowling Green
Securities
STANDAR D
New
Baltimore
Securities
(Established 1874)
SOUTH ST.
BALTIMORE, MD.
Members Baltimore Stock Exchange.
Eighteenth
Albany
Corp.
Wash. Bait. & Annapolis
J. S. Bache & Co.
New York
Tel. Broad 72T0
St., N. Y.
Members New York Stock Exchange
Liberty Registered Bonds
Seligmann
J. HARMANUS FISHER & SONS
Com. & Pfd,
GILMAN
&
<fembers New York Stock Exchange
Elk
5s, 1921
Bonds
1936
Ref. 4s, 1929
M. & O. St. L. & Cairo 1st 4s, 1931
STARK COUNTY TEL. CO.
1st
Order
Checks
Shuman
30 Broad
43^8,
Denv.
1st S. F. 7s, 1945
xJll,
Bowling Green 6460^
St.
Rio
on
66 BROADWAY
Currency
Tel. Rector 6881
BELL TEL. CO. OF PA.
FOREIGN EXCHANGE
Members N. Y. Stock Exchange
1951
Finlay & Davenport
72
>
(Unlisted Issues)
Exchange
4j^s, 1961
So. Pac. San. Franc. Term. 1st 4s '50
St.
Pfd.
Cum.
,
Louisville & Jeffersonville Br. 4s, '45
Protland
I
Mercantile Stores Co. Deb. 5s, 1933
West. Pac. Ry. 10-yr. (New) 4% Notes
Mercantile Stores Co.
Members New York Stock Exchange
Oregon & Calif. 1st 5s, 1927
(Sullivan Co.
1930
Bonds
Government
MacQuoid & Coady
Cleveland Short Line 1st
Rfg. 4s, 1955
Evansv. 8c Terre H. RR. Gen. 5s, 1942
BULL &ELDREDGE
Petroleum
14 Wall St., N. Y.
RR.
Chic. & East. 111. RR. Rec. Ctfs., 1917
Denv. & Rio G. RR. Adj. Inc. 7s, 1932
Norway Gov. 8s, 1940
Amer. Lt. & Trac.
Central
III.
Chic. & East. 111. RR. Cons. 5s, 1937
Chic. & East. Ill, RR. Cons. 6s, 1934
Upon
L
Booklet
Request
Cincinnati
Pittsburgh
Cleveland
Rochester
Kansas City
New Orleans
Syracuse
Philadelphia
Troy
Phones
Cent.) 4s
United Tract. & Elec. 5s, 1933
St.
Loujls
CARL
H.
PFORZHEIMER A CO.
Dealers in
Standard Oil Securities]
4860-1-2-3-4 Broad.
25 Broad St., N. Y.
New Orleans Gt. North 6s, 1955
Un'grd. El. By. of Lon. Inc. 6s '48
Louisiana
&
Arkansas 1st 5s 1927
Georgia Midland 1st 3s, 1946
Buff. & Lake Erie Trac. 5s, 1936
Mo. Kans. & Texas Notes
Bans. City
Kan.
Memp.& Bir. 4s, 1934
City Memp & Bir. Inc. 5s,'34
Fonda Johnst. & Glov.
Tol. &
Ohio Cent.
4^s, 1952
1st 5s 1935
WOLFF & STANLEY
Atchison-Cal. Ariz. 43^8
Railroad Securities (111.
West Kentucky
Nashville Flor. & Sheff. 5s
Coal 5s
Joaquin 5s
Mason City & Fort Dodge 4s
Sea. A. L. 6s, 1945, and 7s, 1923
Indianapolis Gas 5s
Granby Mining 8s
Milwaukee Elec. Ry. 43^s
Central Foundry 6s
South
Susquehanna Silk 6s, 1924
San Francisco 8c San
Carolina
&
Ga.
53^s
Seaboard & Roanoke 5s
Cuba RR. 5s
Western New York & Pa. 5s
Dominion Glass
Chicago & Eastern Illinois 5s
St. Paul (French Loan) 4s, 1925
Dominion
New
Miss.
Haven
Issues
Kansas & Texas Issues
Dominican
Cuban
Pfd.
Steel Pfd.
Republic 5s
4^s & 5s
Govt.
Mexican Govt. Issues
Telephone Rector 2920
72
Trinity
Place, N. Y.
SAM'L
Phone 5380-1-2-3 Broad
GOLDSCHMIDT
25 Broad Street
THE
XVI
[VOL. 111.
CHRONICLE
Current Jfitonfc 3toqu(detf
UNLISTED
WILL BUY
will buy
Long Isl. City & Flush. 5s, 1937
American Thermos Bottle
Atlas Portland
Mason
.Cement
City & Ft. Dodge 4s, 1955
Nazareth Portl. Cement 5s, 1946
Automatic Fire Alarm
&
N. Y.
Herring-Hall-Marvin Safe
East River Gas 5s, 1944
Standard Gas
Kirby Lumber Com. & Pfd.
Light 5s, 1930
Union Railways of N. Y. 5s,
Mathieson Alkali Pfd.
IOBEY& KIRK
Noiseless Typewriter
Members New York
194^
United Lead Deb. 5s, 1943
Stock Exchange
25 Broad Street
New York
Aetna Petroleum Corporation
Circular
on
a
Send for Circular
8% Convertible Gold Notes
Imperial Tobacco
Burk Petroleum
Request
Tobacco
American
Scrip
Corporation
BOUGHT AND SOLD
Jones & Thurmond
A
25 Broad
New York,
3t.
producing Oil Company
N.Y.
Specialists in all Tobacco Securities
"The Oil Industry"
Phone: Broad 7412
issued monthly,
Bristol H Bauer
devoted to impartial oil news, will be
gent
upon
request
without charge.
120 BfoddvJciv
Phone-. Rector 4594
BROKERS AND SALESMEN WANTED
to sell securities of
industrial
able
an
established profit¬
Details
corporation.
on
R.CMegargel aO
application.
L N. Rosenbaum & Company,
Inc.,
27 Pin® Street,
New York
BROADWA6Y, NEW YORK
136
As Dealers in
Guaranteed Stocks
1855
Since
CHICAGO SECURITIES
CINCINNATI
&
ELECTRIC CO.
York,
Chicago
and
HOME INS. BLDG.,
6%
cific
or
in
issues
selling.
and
colored
maps
illustrating properties, will be
Secured
7 WALL STREET
NEW YORK
CHICAGO
ser¬
interested
those
to
Informative literature, analyses of spe¬
Boston
Stock Exchanges
comprehensive
a
buying
;
BABCOCK, RUSHTON & CO.
New
offer
vice
Bought, Sold & Quoted
Members
we
GAS
Due
Principal
Gold Notes
Dec.
and
1,
furnished
application.
upon
1922
semi-annual
Write
interest
Quotation
for
Sheets.
payable in New York.
Complete description on request.
Bond
"
'The
Salesmanship
Human Side of Business'
best book
on
Price
cash
$3,
circular
free.
this subject ever
with
order.
is
Price to Yield
1%%
Joseph WlnXhev Sc jsous
Members New York Stock Exchange
61
New York
Broadway
the
written."
Descriptive
by
Published and for sale
BOND
DEPARTMENT
the Investment House of
Frederick Peirce & Co.
1421 Chestnut Street
Philadelphia
Fifth-Third
Locomotive & Machine Co. of Montreal
National Bank
BOUGHT
AND
to
EDWIN
Unlisted Oil, Mining, &
Industrial Securities
10 STATE ST.,
BOSTON, MASS.
Direct Private Wire to New York.
Tel. Main 3138—Fort Hill 920
115
New York
Telephone: Rector 5467 and 622
,
New York City
944-5-6
Rector
Securities
MOORE.
OUTWATER & WELLS
IS Exchange Place
Tel. SO Montgomery
LEONARD
& LYNCH
Jersey City. N. J.
Members New York, Pittsburgh 6t
Y., N. H. & Hartford 4s, 1922
Matt. H. Connell & Co.
BANCKER&CO.
Broadway
New Jersey
1945
Kingdom of Norway 8s, 1940
Sinclair Cons. 73^s, 1925
Interborough R. T. 7s, 1921
Broadway
8H%
INVESTMENT SECURITIES
G. F. Redmond & Co., Inc.
Ill
net
CINCINNATI, O.
El Favor Mines
N.
1st 4s, due March, 1924
Guaranteed by American Locomotive Co.
SOLD
Bay State Film
Bell Tel. of Pa. 7s,
offer
We
W. H. Goadby
Members New York Stock
NO. 74 BROADWAY
Exchange
NEW YORK
Philadelphia
Stock Exchanges
& Co.
Frick Bldg.
111
B'way
Ritz Carlton
Pittsburgh
New York
Philadelphia
OCT. 2 1920.]
THE
CHRONICLE
Jfinantlal
XVII
Jftnancfal
James
Talcott, Inc.
General
"An honest tale speeds best,
225
being plainly told"
FOURTH AVENUE
NEW YORK CITY
-SHAKESPEARE
;
,
FOUNDED 1854
Agents,
MERIT
Factors
and
Manufacturers
Thirty-nine years'
rience, ample
partment
broad
the
to
in each
most
expe¬
Correspondents for
and
Merchants
in
the United States and Abroad.
resources,
staff trained
a
Offices
ut¬
special de¬
with
yet
Entire Production of Textile Mills Sold and Financed.
Accounts
a
knowledge of all
Guaranteed and Discounted.
CABLE ADDRESS QUOMAKEL
the Company's business,
an
organization carefully
built
give the greatest
to
service to
-—all
impor¬
are
factprs
tant
in
correspondents
these
consider
to
INCORPORATED
choosing
New York
a
INVESTMENT SECURITIES
banking connection.
Maintaining 71 Branch Offices in 60
METROPOLITAN
TRUST
OF
THE
Principal Cities of the United States
COMPANY
CITY OF
NEW YORK
60 WALL STREET
EXECUTIVE OFFICES:
716 FIFTH AVENUE
111'W. Monroe Street
Swiss
Bank
We
Established
St.
Dated July 2, 1920.
Geneva,
offer
-
Due July 2, 1940, without prior option.
Actual
valuation, estimated
Assessed valuation, 1919
Total bonded debt, including this issue..
Lausanne
Gall,
and
CITY OF YUMA, ARIZONA, 6% CITY HALL BONDS
1872.
Zurich,
own
$50,000
Corporation
Basle,
CHICAGO
La Chaux-De-Fonds
Bonds
$8,000,000
3,469,747
99,500
payable by direct ad valorem taxes upon
property situated In the city.
Neuchatel
are
all the taxable
Price, 95.79 and interest, to yield 6.37%
OFFICE
LONDON
Bosworth, Chanute & Company
43, Lothbury, E. C. 2.
WEST
lie.
END
Regent St.,
Deposits
•
-
17th and California Streets,
Waterlee PI., S. W. 1
Capital Paid-up
Surplus
Investment Securities
BRANCH
$6,000,000
•
•
SIMON
BORG
Corporation
dertake
connections
every
CO.,
York Stock Exchange
with its London
Offices and extensive American and
Continental
&
$190,000,000
-
Members of New
The
can
No. 46 Cedar Street
-
-
ALL
New York
V
CHUCKS
ing business between America and
Switzerland as well as the whole
Continent
of
Europe
and Bankers
make
use
poration
are
on
the
u
HIGH-GRADE
most
BOKIDS
American Banks
cordially invited to
of the facilities the
can
F@REIGN
un-
description of bank,
favourable terms.
Denver, Colorado
$24,000,000
-
•
-
INVESTMENT SECURITIES
Cor-
CURRENCIES
place at their disposal.
IN)
CANADIAN SECURITIES
We buy and sell for
our own
T
account
HENRY NIGHTINGALE
We
Illinois
Wish
to
Buy
Central
RR.
R.A.SOICH&CO.
Canadian, Mexican and Foreign Governmeiv
Securities.
Railroad and Public Utility Bonds.
Phone Broad 7118
18 Will St, N. T.
Tel. Rector 5289-92-4038-4730
42 BROADWAY
Security 4s, 1952
Specializing in
For Sale
Russian Govt. Bonds
and
Hartshorne & Battelle
25
Broad
St.
NEW
Tel. Broad
YORK
7740
100 shares
Currency
Fidelity Trust, Co. of Newark
Foreign Govt. Securities
CHAS.
F.
Tel. 5810 Rector.
HALL &
CO.
20 Broad St.. N. Y.
ALFREDF. INGOLD&.CO.
74
Broadway, N.
Y.
Rector 2991
[VOL. 111.
CHRONICLE
THE
XVIII
^financial
jftnanctal
Per Cent
Six
Authoritative
relative
information
the
to
6% Internal Loan of 1920 is set forth in
American
the
it pertains to the
as
ment.
will
on
the economic progress of
receive subscriptions for
Preferred Stor**?
<
these bonds and issue
issuance of the
Acceptances
Previous French internal loans convertible into the
new
issue
with
such
Price
1,000
Commercial Paper
,w':.
American Express Interim Receipts pending
bonds.
Short Time Notes
finances of the French Govern¬
i.
•
We
French
circular of
Express Securities Department.
Important (lata is included
France
new
new
a
Municipals
Southern
Loan
New
French Internal
will
be
accepted, and all details in connection
conversion
(fluctuating
Coupon
will
be handled
with
our
us.
$70j[perj| Fes.
Hibernia
Bond.
Banks and investment houses
selves of
by
exchange),
are
Securities
invited to avail them¬
Company
(Incorporated)
service.
Hibernia Bank
American Express Company
Securities
TELEPHONE'
Department
Buiiding
New Orleans
BOWIJNG GREEN 1QOOO
New York Office
44 Pine St.
-
30 Years
The
in
Export Banking
First National Bank
of Boston
KNOWLEDGE
INTIMATE
Transacts commercial
banking
business
nature.
of
every
of
the needs and habits of the people,
acquired
and
tries
Make it your New England correspondent
by
actual
experience
of
years
residence
in the
coun¬
themselves, is essential when
transacting business abroad.
Branches
23
in
South
America
1 Branch in Mexico
Offices in Europe
8
Capital, Surplus and Profits, $37,500,000
Direct
Connections
with
India
Anglo-South American
u
"Bank, limited
,
New York Agency.
Acta
49 Broadway
•
as
Girard Trust
Executor,
Trustee,!
Receiver,
Registrar and
Transfer Agent
Company
PHILADELPHIA
Administrator,
Guardian,
Chartered
1836
CAPITAL and SURPLUS, $10,000,000
Member of Federal Reserve
Interest allowed
If There Is A Market We Can Find It
We
System
hold
deposits.
E.
B.
sales
of
stokes
and bonds every
Morris, President
Wedneedya,
charging $1.50
on
entrance fee
for each
item.
Our
weekly
catalogues and postal card servio*
reach
GEO,
II. Lancaster Williams & Co., Inc.
72
INVESTMENT SECURITIES
B.
Trinity Place
NEW
Confidential
Iron.
properties.
Negotiations
Settlements and Purchases
BALTIMORE
....
MARYLAND
every
market.
We
take
pleasure in furnishing quotations
YORK. N. Y.
FOR SALE—Timber, Coal,
other
Equitable Building,
EDWARDS
INVESTMENTS
united States
West Indies
Ranch and
Investigations
of Property.
Canada
Barnes & Lofland
Slosh Brokers A Aoatioaasrs
147 S. 4th
St..
Philadelphi.
Oct. 2 1920.]
THE
CHRONICLE
^financial
XIX
ytnanttal
New York County National Bank
14TH ST.
&
NEW
EIGHTH
YORK
AVE.
The Northwestern National Bank
CITY
STATEMENT SEPT. 8, 1920
Portland Oregon
RESOURCES
Loans and Investments
United States Govt. Securities
Real Estate and Fixtures
$11,108,964 30
1,006,043
267,300
635,694
3,480,427
...
Exchanges for Clearing House
Cash and Reserve—
20
00
LIABILITIES
Capital Stock. Surplus and Profits. $1,443,549 34
196,600 00
62.000 00
Ac
719,222 00
DEPOSITS
14,077,058 53
.
$16,498,429 87
OSCAR COOPER
JAMES C.BROWER,
LEWIS LELAND PIERCE,
President
•
ARTHUR S. HURST,
PHILIP A. HUTCHINS,
Vice-President
Vice-President
Vice-President
of
Condition
Sept.
8,
1920
RESOURCES
90
$16,498,429 87
Circulation
Accrued Interest, Taxes, Ac
Statement
47
Loans and Discounts
Federal
.'l.
.^$15,712,776.81
Reserve Stock.
37,500.00
...
Other Bonds and Securities.
1,335,771.49
66,000.00
...
Furniture and Fixtures
Customers'
Liabilities
under
Letters
of
Acceptances and Bills of Exchange
Due us on Liberty Loan Subscriptions
U.
S.
Credit,
888,727.74
$81,164.91
182,600.00
767,500.00
Bonds
U. S. Certificates
—
Cash
on
Cashier
Hand and Due from other Banks
v
1,031,264.91
7,076,021.44
Assistant Cashier
$26,148,062.39
LIABILITIES
Central Vermont
Railway Company
To Holders of Certificates of Deposit issued
by
The
Equitable Trust Company
of
New
York,
the
Depositary,
and
by
American
Capital Stock paid in.
Surplus and Undivided Profits
Circulation
$1,000,000.00
402,517.67
...
50,000.00
237,575.71
646,863.35
23,811,105.66
......
Commercial Letters of Credit..
Acceptances Executed for Customers
Deposits
Trust
Company, the Agent
the Depositary, for Central Vermont
Railway Company Four Per Cent First
Mortgage Gold Bonds, due May 1, 1920,
deposited under the Agreement dated
March 5, 1920:
of
The
Committee
under
the
above-mentioned
Agreement has exchanged the deposited Bonds
for
10-year 5%
Refunding Bonds of Central
Vermont
Railway Company, guaranteed prin¬
cipal and interest by the Grand Trunk Railway
Company of Canada.
Holders of certificates of
deposit, upon surrender of their certificates to the
Depositary or to the Agent of the Depositary,
which issued the same, will be entitled to receive
in exchange therefor
Refunding Bonds with the
November
1,
1920, coupons annexed and |or
scrip certificates for Refunding Bonds.
Dated September 30, 1920.
$26,148,062.39
OFFICERS
EMERY
OLMSTEAD, President
EDGAR H. SENSENICH, Vice Pres.
C. L. LAMPING, Vice President
O. L. PRICE. Vice President
ROY H. B. NELSON, Vice-Pres.
A. C. LONGSHORE, Cashier
GEORGE W. HOYT. Asst. Cashier
FRANK O. BATES, Asst. Cashier
WALTER H. BROWN, Asst. Cashier
WM.
D.
STUBBS, Asst. to the Pres.
HENRY E. COOPER,
E. KILNER,
HUNTER S. MARSTON,
E. C. SMITH,
PHILIP STOCKTON,
ALBERT TUTTLE,
Committee.
S.
Nationai
P5JE
iSanteb
jlotfce*
The First National Bank of Lowvilie. located
Lowvilie, in the State of New York, is closing
All note holders and other creditors
of the association are therefore hereby notified*,)
banki, ff
~..93SI
iTin^-V
Energetic man with executive ability with
country banking and broad legal and real
estate experience In Chicago, wants opening
in bank, law or real estate office, manu¬
facturing plant or large mercantile business,
Illinois or Middle West preferred.
Address
H. F. H., care of The Chronicle, 19 S. La Salle
St., Chicago.
t
iWjurijsES
Stfej
JiFSSSS
Ipfepsl
The First Wisconsin For
Milwaukee Business
at
Its affairs.
present the notes and other claims for payment.
O.
FRED
BOSHART, President.
Dated July 31st, 1920.
To banks
tional
and
service
the
Our
'AMERICAN
FOREIGN BANKING
CORPORATION
S3
Broadway, New York
Capital and Surplus, $6,500,000
Principal
Branches
situated elsewhere the First
Wisconsin National Bank offers
throughout
excep¬
Milwaukee
state.
facilities
are
adequate to meet
the requirements of modern day banking
routine,
practice
dite
and
we
have long made it
a
to co-operate with and expe¬
the business of our colleagues in
the banking world.
First Wisconsin
BRUSSELS
BUENOS AIRES
HARBIN
National Bank
HAVANA
MANILA
PANAMA
PORT AU
RIO
DE
SANTO
Milwaukee
PRINCE
JANEIRO
DOMINGO
Correspondents throughout the World.
New
Hollister,White & Co.
Jersey
Municipals
92
CEDAR
STREET, NEW YORK
North American Bidg.
Philadelphia, Pa.
60 Congress St.
Boston. 9, Mass.
INCORPORATED
//4
twcoePO«ATfO
Investment Securities
c.
B. J. Van
Ingen & Co.
Branch
New York
TEL. 6364 JOHN.
9156 Exchange Ave.,
Chicago, 111.
Office,
So.
46 Cedar St.
German, Austrian, Hungarian, Checho¬
slovakian, Rumanian, ana Jugoslav Gov t
Bonds and Currency.
THE
XX
A.A
[Vol. 111.
CHRONICLE
Bibftiettiuf
financial
KANSAS CITY SOUTHERN
RAILWAY COMPANY.
No. 25 Broad Street, New York, September21,1920.
A quarterly dividend of ONE (1) PER CENT
has this day been declared upon the Preferred
Stock of this Company, from surplus earnings
of the current fiscal year, payable October 15,
1920, to stockholders of record at 3:00 o'clock
p. m., September 30, 1920.
Checks in payment thereof will be mailed to
stockholders at the addresses last furnished the
THE
^
WEST VIRGINIA DEBT SETTLEMENT
To Holders of our Deposit Receipts
covering Virginia Debt Certificates
for
both
principal and
Transfer
„
issued under the Acts of 1871-1879-
and
1882
„
HAND, Secretary.
C.
G.
PITTSBURGH
&
WEST VIRGINIA
RAILWAY COMPANY.
THE
interest—
Agent.
NUMBER
DIVIDEND
PREFERRED
14.
The Board of Directors has declared a dividend
1892.
and one-half (I A) per cent on the Pre¬
Stock of the Company for the quarter
September 30,1920, payable November 30,
1920, to Stockholders of record at the close of
business on October 25, 1920.
H. C. MOORE, Secretary.
Pittsburgh, September 25, 1920.
of
one
ferred
ended
In accordance with the findings of the Distributing
Tribunal, Messrs. James S. Alexander, Willard V. King and
Newcomb Carlton, promulgated September 16, and a decreeYntered July 22,1920, in the Circuit Court of the City of
Richmond (Va.)in the matter of the Commonwealth of Virginia
ex
rel Virginia Debt Commission vs. Eugene Delano and
others, holders of our Deposit Receipts issued under an Agree¬
ment dated July 28, 1898, for original certificates issued by
the present Commonwealth of Virginia for an unfunded
one-third of the debt of the original State of Virginia, may
exchange the same at our office on and after Monday, October
4, 1920, for the State of West Virginia, Twenty-Year 324%
Gold Bonds dated January 1, 1919, with January 1921 and
subsequent coupons, to which they are entitled, after deduct¬
ing the 5% commission due the West Virginia Debt Settlement
Committee, to wit:
For certificates representing
principal under the Act of
90.8949824%
87.6947728%
75.2542281%
66.8119068%
1871
1879
■■■",
.
1882
;
'
;
■'' .'V
•
For all certificates for interest, including sterling scrip (ster¬
ling amounts being figured on
the basis of $4.7625 to the £ sterling)
.
..
,
..
1892
face
value
for any one
thereof.
81.
42 Broadway New York, September 28,1920.
The Board of Directors of the Anaconda Cop¬
,
Mining Company has declared a dividend of
per
Dollar ($1.00) per share upon its Capital
Stock of the par value of $50 per share, payable
on
November 22nd,
1920, to holders of such
shares of record at the close of business at 12
One
o'clock, noon, on Saturday, October 16th, 1920.
is
dividend
The
payable only upon the $50
the
Capital Stock is now
which
into
shares
divided.
,
5
All stockholders who have not converted their
holdings into shares of $50 par value should do
so without delay in order that they
may receive
dividend
their
promptly.
A.
H.
MELIN,
Secretary.
GREENE CANANEA COPPER CO.
42 Broadway, New York, N. Y.
The Board of Directors of the Greene Cananea
Copper
Company
declared
has
dividend
a
of
50 cents per share upon its Capital Stock of the
value of $100.00 per share, payable on No¬
vember 22, 1920, to the holders of such shares
par
of record at the close of business at 3:00 o'clock
p. m.
which
16.8683662%
Friday, November 5, 1920.
The
right is reserved to limit
day the number of deposit receipts taken for
the
shares
their
delay
$100.00
in
dividend
converted
not
nave
of
par
order
promptly.
books will not be closed.
J. W. ALLEN, Treasurer.
New York, September 23, 1920.
The transfer
Bonds will be in denominations of $100, $500 and $1,000
Southwestern Bell
and will carry the January, 1921, and subsequent coupons.
In making exchanges each of our outstanding deposit re¬
Baltimore.
All stock¬
their holdings
value should do so
that they may receive
Capital Stock is divided.
who
holders
exchange.
ceipts will be treated as a unit, and new securities issued
accordingly.
Bearer scrip certificates will be issued for frac¬
tional parts of $100.
No interest will be paid on such scrip
certificates, but the same may be exchanged upon presenta¬
tion at our office in amounts of $100, or any multiple thereof,
for coupon bonds carrying the January, 1921, and subsequent
coupons.
As a convenience to holders we shall be prepared
to buy and sell certificates for fractional amounts.
Copies
of the plan approved by the Distributing Tribunal may be
obtained without cost at our offices in New York, Philadelphia
and Boston, and at the office of Alexander Brown & Sons in
The dividend
payable only upon the $100.00 shares into
is
without
the
NO.
DIVIDEND
into
of
COPPER MINING CO.
ANACONDA
Five-Year 7%
Due
Coupons from
April
these
terms on October
Telephone Co.
Convertible Gold Notes
1,
1925.
notes,
payable
by
their
1, 1920, at the principal office
</ the trustee in the Borough of Manhattan, City
of New York, will be paid at the Guaranty Trust
Company of New York at 140 Broadway.
R
A.
NIOKERSON, Treasurer.
Office
of
LOCKWOOD, GREENE & CO., MANAGERS,
Boston, Mass
The quarterly dividend of 2%
upon the com¬
stock of Winnsboro Mills has been declared
mon
ayable
P*
1920, at the office of the
October 1,
C ompany,
mps
60 Federal
to all holders of record
Street,
at the
Boston,
Mass.,
close of business
September 22, 1920.
BROWN
BROTHERS
&
WINNSBORO MILLS,
Henry C. Everett, Jr., Treasurer.
CO.
Depositary for the West Virginia
Debt
Office of
Settlement Committee,
59 Wall
LOCKWOOD, GREENE & CO., MANAGERS,
Boston, Mass.
Street, New York City.
The quarterly dividend of 1 % % upon the pre¬
stock of Winnsboro Mills has been de¬
ferred
clared
payable October 1, 1920, at the office of
Transfer Agents, the New England Trust
Company, Boston, Mass., to all holders of record
at the close of business September 22, 1920.
WINNSBORO MILLS,
Henry C. Everett, Jr., Treasurer.
the
UNITED VERDE
Missouri, Kansas & Texas Ry.
MINING
EXTENSION
COMPANY
DIVIDEND NO. 18
233 Broadway, New York, September 9th, 1920.
The Board of Directors of the United Verde
Extension Mining Company has this day declared
Prospective Earnings under the Transportation Act.
Outlook for its Securities in
Reorganization.
quarterly dividend of fifty cents per share on
outstanding capital stock, payable Nov¬
1st, 1920, to stockholders of record at
the close of business October 5th, 1920.
Stock
a
the
ember
transfer
Circular
books
do
not
C.
Request,
on
close.
P.
SANDS, Treasurer.
AMERICAN GAS AND ELECTRIC COMPANY
PREFERRED STOCK DIVIDEND
New York,
LADD & WOOD
Members New York Stock
7
Wall
Street, N. Y.
Exchange
OFFICE
JACOB
BACKER
Telephone & Telegraph Co.
Three Year Six Per Cent Gold Notes
Due
Est. 1916
October
1,
1922
Coupons from these notes, payable by their
on October 1, 1920, at the office or agency
the Company in New York on in Boston,
terms
FINANCIAL
BROKER
of
St. Paul, Minn.
and
one-
THE
N. W.
Corner Broad and Arch
Streets,
Philadelphia, September 8, 1920.
The Directors have this day declared a quarerly dividend of two per cent ($1 per share)
on the Common Stock of this
Company, payable
October 15, 1920, to holders of Common Stock
cf record at the close of
Company, 16 Wall Street.
1920.
G. D. MILNE, Treasurer.
OF
United Gas Improvement Co.
will be paid in New York at the Bankers Trust
Exchange Bank Bldg.
one
(1 A%) on the issued and outstand¬
ing PREFERRED capital stock of American Gas
and Electric Company has been declared for the
quarter ending October 31,1920, payable Novem¬
ber 1, 1920, to stockholders of record on the
books of the company at the close of business
October 15, 1920.
FRANK B. BALL, Treasurer.
Telephone 980 Rector
American
September 10, 1920.
The regular quarterly dividend of
half per cent.
business,
September 30
Checks will be mailed.
I.
W.
MORRIS, Treasurer.
S
Ocxi 2 1920.]
THE
CHRONICLE
XXI
©ibfoenlis
OFFICE
H.
M.
ifinoncial
OF
BYLLESBY
&
COMPANY,
CHICAGO, ILLINOIS.
The
Board
of
Directors
of
the
Northern
States Power Company has declared the regular
FEDERAL INCOME
dividend of one and three quarters
per cent on the preferred stock of the Company,
payable by check October 20th, 1920, to stock¬
holders of record at the close of business Sep¬
tember 30th, 1920.
ROBERT J. GRAF, Secretary.
TAX. EXEMPT
quarterly
OFFICE
H.
M.
Municipal Obligations
Yielding
OF
BYLLESBY
&
6.50%
COMPANY.
CHICAGO, ILLINOIS.
The Board of Directors of the Western States
Gas & Electric Company of Delaware has de¬
clared the regular quarterly dividend of one and
three quarters per cent on the preferred
of the Company, payable by check October
1920, to stockholders of record
business
September
30th,
ROBERT
•
OFFICE
H.
M.
BYLLESBY
Due
of the close of
as
1920.
GRAF,
J.
Cumberland Co.,
stock
15th,
Secretary.
Price 99 and
&
»
City of New Bern, N. C., 6s
The Board of Directors of the Ottumwa Rail¬
Light Company has declared the regular
quarterly dividend of one and three quarters per
cent on
the preferred stock of the Company,
payable by check October 15th, 1920, to stock¬
holders of record at the close of business Sep¬
tember 30th, 1920.
ROBERT J. GRAF, Secretary.
DIVIDEND NO.
per
Due
dividend of three
share)
Send for
interest
Descriptive Circular C-122
cent (three
per
stock
of this
R. M. GRANT & CO.
Company has been declared, payable on October
15,
1, 1922
86
the capital
on
December
Price 99 and
FRUIT COMPANY
A quarterly
interest
COMPANY,
way &
dollars
N. C., 6s
1, 1922
OF
CHICAGO, ILLINOIS.
UNITED
November
1920, to stockholders of record at the close
of business September 20,
1920.
Nassau StNew
31
York
JOHN W. DAMON, Treasurer.
AMERICAN
THIRD
BEET
SUGAR
COMPANY.
STOCK
Notice is hereby given that the third install¬
ment, amounting to Two
($2.00) Dollars per
share, of the Dividend of Eight ($8.00) Dollars
per share, "declared January 5th, 1920, on the
Common Stock of the American Beet Sugar Com¬
pany, is payable on October 30th, 1920, to Com¬
mon Stockholders of record at the close of busi¬
ness on
Potter Brothers
October 9th, 1920.
Checks will be mailed.
C. C. DUPRAT, Treasurer.
Alvarado
Chicago
OF DIVIDEND
INSTALLMENT
ON COMMON
St. Louis
Boston
take
Mining & Milling Co.
347 Madison Avenue, New York City.
& Company
pleasure
in announcing
(50c.) per share has
declared on the Capital Stock (par
of this Company, payable Octo¬
ber 15th, 1920, to stockholders of record at the
A dividend of fifty cents
that
this day been
value $20.00)
1920.
RICHARD FAY PARKER,
September 30th, 1920.
Mr. Alfred Borden
lose of business October 5th,
Treasurer.
formerly of Procter & Borden
SUMATRA TOBACCO CO.
New York, September 30, 1920.
regular semi-annual dividend of 3H% on the
preferred capital stock of this Company has been
declared, payable March 1 1921, to stockholders
of record at the close of business on February 15,
AMERICAN
A
has this
day become
associated with their firm.
1921.
Transfer books do not close.
FRANK M. ARGUIMBAU, Secretary.
AMERICAN
SUMATRA
TOBACCO
CO.
New York, September 30, 1920.
regular quarterly dividend of 2lA% on the
common capital stock of this Company has been
declared, payable November 1, 1920, to stock¬
holders or record
at the close of business on
October 15, 1920.
Transfer books do not close.
FRANK M. ARGUIMBAU, Secretary.
A
BOLES & WESTWOOD
Members
Philadelphia Stock Exchange
Land Title
Inspiration Consolidated Copper Co.
The
Directors
dend
of
$1.00
per
October 25, 1920, to
stockholders of record at
October 8, 1920.
3:00 o'clock p. m. Friday,
J.
W.
The
Directors
Announce the removal of their offices to
ALLEN, Treasurer.
New York, September 23,
American Zinc,
Building
PHILADELPHIA
this day declared a divi¬
share,
payable Monday,
have
1920.
on
Lead & Smelting Co.
of the American
the sixth floor of
staff
•
.
October
larger quarters
building with facilities and
correspondingly increased.
Zinc, Lead &
Smelting
Company
have declared
a
regular
quarterly dividend of one dollar and fifty cents
($1.50) per share on the preferred capital stock,
payable Nov. 1, 1920, to stockholders of record
Oct. 15, 1920.
F. W. BATCHELDER, Treasurer.
same
1,
1920.
"
(Locust 2016
TELEPHONES {Locust 6748
(Race
3107
INTERNATIONAL PAPER CO.
New York, September 29, 1920.
The Board of Directors have declared a regular
quarterly dividend of one and one-half per cent
(1A %) on the preferred capital stock of this
Company, payable October 15th, 1920, to pre¬
ferred stockholders of record at the close of busi¬
ness
October 8th,
1920.
SHEPHERD.
OWEN
We
take
pleasure in announcing that
Mr. Walter J.
Murphy, who has been
_
Treasurer.
CRUCIBLE STEEL COMPANY OF AMERICA.
Pittsburgh, Pa., September 16, 1920.
DIVIDEND NO. 6—-A dividend of two per cent
(2%) has been declared out of undivided profits,
the Common Stock of this Company, pay¬
1920, to stockholders of record
15,
1920.
Checks
will
be
mailed.
Transfer Books will not be closed.
upon
associated
comes a
with
us
for many years,
member of the firm
on
be¬
October
1, 1920.
able October 30,
October
H.
Western
F.
KRESS,
Secretary.
Power Corporation
LUKE, BANKS & WEEKS
Members of the New York Stock Exchange
The Board of Directors have declared a quar¬
terly dividend of one and one-half (1 A%) per
Stock, payable October 15,
1920, to stockholders of record at the close Of
business September 30, 1920.
'
H. P. WILSON, Secretary.
cent on the Preferred
14 Wall Street
New York
[Vol. Ill
CHRONICLE
THE
jFittatutal
Maxwell Motor
AND
Company, Inc.
v-
Chalmers Motor
To
Unsecured Creditors and Stockholders:
Committees representing (1) the merchandise and (2) the banking creditors of the Maxwell
Company and (3) the stockholders of
the Maxwell and the Chalmers Companies, have
agreed upon a Plan and Agreement of Reorganization bearing date September 1, 1920,
and to carry it out
they have organized the undersigned Committee, composed of repiesentatives and the counsel of the three com¬
mittees.
.
,
The Plan and Agreement to which reference is made for
a
full and accurate statement of the contents thereof, provides
for
1:
A union of-the Maxwell and the Chalmers properties in a New
Company with en authorized capital cf 1,000,000
shares, of which 200,000 shares is to be Class A stock and 860,000 shares is to be Class B stock, of which it is
estimated that there will be presently issued 153,000 shares of Class A stock and 620,179 shares of Class B stock.
The Class A stock is to have priority over the Class B stock both as to assets and non-cumulative dividends
up
to $8 per share, and with the
right to participate with Class B stock in dividends in any fiscal year after dividends
*
of $8 per share shall have
been
paid on Class A stock and Class B stock.
2: The provision of $15,000,000 of new money, through a Syndicate which has
agreed to purchase Class A stock
and Class B stock of the New Company, with the
right on the part of depositing stockholders of the existing com¬
panies to purchase all or any part of the new stock which the Syndicate has agreed to purchase, on exactly the terms
offered to the underwriters.
There is to be no commission or other compensation in any form payable
to the Syndicate Underwriters.
3:
The payment in cash upon the consummation of the Plan of one-third of unsecured claims and
giving for the
the balance 7%
4:
rates:
■'
notes of the New Company payable in one, two and three years in equal installments.
The exchange of Class B stock of the New
Company for existing stock deposited under the Plan at the following
■
.
.
-
,
For each ten shares of existing stock of
Maxwell First Preferred
'
Shares
'2K
"
Second
"
"
_
.
....
....
...
Common
Chalmers
Class
B
..
..
"
"
Stock
..
,**
"
...5
"
"
"
l
Preferred..
"
6
"
i
Commonj
:
1
"
"
"
"
To accomplish the consummation of the Plan the
co-operation of creditors and stockholders is necessary.
To a large extent this
has already been assured.
Prompt action looking to the acceptance of the Plan by all concerned is most important.
-
---
-
Copies of the Plan and Agreement may be obtained from Central Union Trust Company of New York, Depositary. 80 Broadway,
from the members of the Committee or its
Secretary.
or
In order to obtain the benefits of the Plan, holders of stock of the various classes of
the Maxwell Company and the Chalmers
Company and of Trust Certificates representative thereof, and the holders of Notes of or claims against the Maxwell Company, must
deposit their securities with CENTRAL UNION TRUST COMPANY OF NEW YORK, Depositary, at its office, 80 Broadway,
New York City, before the close of business oh
OCTOBER 15, 1920.
Stock and Trust Certificates must be endorsed in blank for
Uansfer and bear all
transfer stamps.
Notes must be endorsed in blank without
recourse.
Claims must be accompanied by assign¬
Such forms of assignment may be obtained on application at the
from the Secretary of the Committee.
Certificates of Deposit will be issued
against all deposits.
now on deposit under the Plan and Agreement of August
30, 1919, need
not be redeposited as the same if not withdrawn within the time limited
by that Plan and Agreement will be entitled te
the benefits of the Plan and Agreement dated September
1, 1920, and will be irrevocably bound thereby.
ments thereof executed in the form prescribed by the Committee.
office of Central Union Trust Company of New
York,
Stock and Trust Certificates
or
In
order to avail of the fights of purchase given to
absenting stockholders under the Plan, h< lders of Ceitificates of deposit for
stock or trust certificates must before the close of
business on OCTOBER 15, 1920, present their certificates of deposit for proper
Stamping to Central Unicn Trust Company of New York as Depositary, at it; office. 80 Broadway, New York City, and must
make payment of 10% of the purchase
price of the minimum amounts of Class A and Class B stock they are entitled to acquire under
the Plan and which tbey elect to purchase.
Upon such payment Subscription Warrants and Application Certificates will be issued
as provided in the
Plan.
The following table gives the minimum rights of
purchase under the Plan to depositing stockholders ia
respect of each share of stock deposited and the initial cash payment of
10% of the purchase price:
I
For 1 share of
Maxwell
Class A
Class B
Cash Paymont
of 10% of Price
.45
New Stock
existing Stock Deposited
1st
1.2
$4.50
Preferred
"
Preferred
2d
.225
Failure to
2.25
.90
1.44
5.40
.09
Chalmers Preferred
Common
.24
.54
Common
.6
.09
"
.24
.90
present certificates of deposit and to make said cash payment will forfeit all rights of depositing stock¬
holders to make purchases of new stock under the
Plan, but they will, notwithstanding any such failure, be entitled
as and
to the extent provided in the Plan to receive, upon its
consummation. New Class B stock In exchange for existing
so
stock.
Holders of certificates of deposit for stock
on
or
before
the
close
of
business
or
trust certificates stamped as assenting to the Plan who desire to purchase new
stock
NOVEMBER 1, 1920.
They may apply for any amount of stock at the sp<
In the fixed proportions as between Class A stock and Class B
stock, but at the time of filing application must pay on account
the purchase price of Class A and Class B stock
applied for, $10 in cash in respect of each and every share of Class A stock
applied for.
Any cash payment made on account of the purchase price of Class A and Class B stock applied for but not allotted,
will be returned as
provided in the Plan. It isjexpected that notice of allotment will be
on
and
given
Dated
September 1,
on or
about the 3rd day of Nov,, 1920.
1920.
WALTER
J.
R.
P.
CHRYSLER,
HARBECK,
ELDON
Chairman.
Vice-Chairman.
BISBEE,
C.
JAMES
BRADY,
HARRY BRONNER,
LEO
A.
A.
ROST, Secretary,
Room
1909.
11
Pine Street.
M.
HUGH
BUTZEL,
CHALMERS,
GEORGE W.
,
New York City.
B.
F.
DAVISON,
EVERITT,
HENRY V. POOR,
E.
R.
TINKER,
RALPH
VAN
VECHTEN,
Managing and Reorganization Committee.
To the Stockholders of
Maxwell
Motor,
Company, Inc.,
Co
orpora-
To the Banking Creditors of
To Merchandise Creditors of
and of Chalmers Motor
tion:
Maxwell
The
The attached Plan and Agreement has
attached Plan and Agreement
has been adopted and
approved by the
undersigned Committee, and its prompt
acceptance is
recommended
to
the
holders of stock of the Maxwell and
Chalmers Companies.
Dated September 1, 1920.
HARRY
BRONNER,
Chairman,
JAMES C. BRADY,
JOHN R. MORRON,
ELTON PARKS,
JULES S. BACHE,
HUGH CHALMERS.
J.
HORACE
HARDING.
Committee.
Motor Company,
Maxwell Motor Company, Inc.:
Inc.:
The
been
adopted and approved by the under¬
signed
Committee,
and
its
prompt
ac¬
ceptance is recommended to the banking
creditors of the Maxwell Company.
Dated September 1, 1920.
GEORGE
/
W.
attached
has been
and
Agreement
undersigned Committee, and its prompt
acceptance is recommended to the
mer¬
chandise creditors of the Maxwell Com¬
pany.
Dated September 1, 1920.
DAVISON,
Chairman,
B.
F.
E.
E.
F.
J.
E.
JOHN
TINKER,
VAN VECHTEN,
RALPH
Committee.
EVERITT.
Chairman,
WILLIAM J. GRAY.
WALTER J. KASTEN,
HARRISON NESBIT,
R.
Plan
adopted and approved by the
ALLYNE,
FISHER.
WILLIAM D.
G.
M.
ROCKWELL,
RUMNEY,
STADELMAN,
G.
Committee.
Oct. 2
1920.]
•nrrrr
CHRONICLE
THE
jfftuutcial
Go to a Legitimate Dealer
and Get a Legitimate lire
Every time you drive your car along
track or a rut in a country road you
What the thoughtful mo¬
a
THIS year the American
people will spend more
taking some lift out of your tires.
frogs and switches often
came small cuts, which are rapidly
are
Worn
enlarged by the action of gravel and
moisture.
Ruts and track slots pinch
the tire, wearing away th tread where
their edges strike it.
It is well to avoid such places as
$900,000,000 for auto¬
than
mobile tires.
Tires
est
are one
of the larg¬
much
possible.
as
think to ask him where he
The cost is making even
carelss
and
think
buyers
inquire.
gets his secrets.
"
more
they
in¬
does"
impressions
the influence of hearsay and
than
tire dealer.
his
takes
,
tells
knows.
opinions
knows
about every car
man
more
than the
buy the cheapest truck—
the biggest bar¬
about
tires
the people
who
under the influences
these
phrases that the
always arouses a cer¬
tain amount of wonder in
the unknowing.
*
' *
They
never
legitimate
a
idea—the idea
quality tire, of a dealer
quality—is
commanding
greater re¬
a
spect from a larger
the
portion
public all
of the motoring
time.
is the idea on which
It
States
Rubber
Company was founded—on
which
any
it
has
staked
a
than
other rubber organiza¬
greater
investment
*
tion in the world.
You
generally find him
with the name of a standard
displayed in his win¬
tire
dows
of
to
give
impression
quality.
the first thing he
talk
about
Build
more,
a
a
tire
that will do
better tire than
was
is
inside
built
before, and you are sure
of
an
But when you get
gain in tires.
He
come
of
on
he
who made it, where to
how to get
re¬
irresponsible dealer thrives.
everything
He
The quality
of
anything else you can
It is
ready-made.
He
to a legitimate
goes
the United
We have all met the man
who
-
dealer and gets a
think of.
*
*
*
are
sponsible for more wrong
quire, the smaller will grow
the irresponsible
He
who believes in
Somebody says" and
"everybody
the
And
looking for to-day
is better tires.
t re.
items in the motorist's
budget.
torist is
large and loyal follow¬
a
ing.
We have never
begins to
been able
and
to
build enough U. S.
to
price
substitution.
go
Tires
around.
States Tires
United States
Rubber Company
Two hundred and
Fifty-three
Factories
The oldest and largest
'ubber Organization in
the World
thirty-five Branches
XXJV
THE
CHRONICLE
[Vol. 111.
financial
prepared for
development and
expansion
With
greater than the United States and
one-tenth the population, Canada to-day faces
not
an
area
the greatest
her
period of
progress
and expansion in
history.
Millions of
of arable land, forests, minerals,
acres
water-powers—these
are
the natural
resources,
immeasurable wealth of which, is awaiting
the
develop¬
ment.
As
a
may
span
foundation upon which Canadian enterprise
build, there are available the railroads that
the continent, canals, wharves, harbours, grain
elevators,
modern public utilities—tangible assets
made possible in
large
measure
by
money
borrowed
abroad.
For the construction of these and other
necessary
undertakings, $1,200,000,000 has been obtained from
the
financial
Canadian
markets
of
Government,
the
United
Municipal,
States,
on
Railroad and
Industrial Bonds.
CANADIAN
INVESTMENT
United
BANKING
$204,000,000 of Canadian Bonds last
States
investors
purchased
no
less
than
year.
SERVICE
After
Our Statistical
Make
service.
your
when
use
thinking of Canadian
ities and other
to
Department is
matters
of
at
it
secur¬
pertaining
a
years,
Canada
effort during the past fifty
finds herself prepared for one
of the greatest periods of progress in her
history—
both from the standpoint of population, production
continuous
now
and of national wealth.
Canada.
Dominion Securities Corporation
E. Bv. Wood
-
J. W. Mitchell
W. S.
Hodgens
J. A. Fraser
»
T. H. Andison
A. F. White
»
«
-
«-
LIMITED.
President
-
C. A. Morrow
Vice-President
»
MONTREAL BRANCH
Vice-President
-
*
«
'
»Treasurer
»
•
Life
R. W. Steele
HEAD
Secretary
»
Canada
Esublished 1901
u
Ass't Secretary
KING
-
Building
Manager
-
OFFICE:
STREET
EAST
LONDON. ENG.. BRANCH
No.
TORONTO
A»'t Treasurer
6
Austin
A- L. Fullerton.
Friars
Manager
American Power & Light 6s, 1921
Scott & Stump
INVESTMENT SECURITIES
Stock Exchange Building
PHILADELPHIA
Phones: Locust 6480, 6481, 6482, 6483
Keystone: Race 2797
Central Power & Light 6s, 1946
Continental Gas & Elec. 5s, 1927
Nebraska Power Co.
BERTRON, GRISCOM & CO. INC.
Preferred
Fort Worth Power & Light Preferred
INVESTMENT
SECURITIES
| [h. l. nason & co.
85
Devonshire
St.
BOSTON
9
40 Wall Street
NEW YORK
Land Title
Building
PHILADELPHIA
OCT.
XXV
CHRONICLE
THE
21920.]
jrfnancia!
$2,000,000
United
Automotive Corporation
States
7% CUMULATIVE SINKING
FUND PREFERRED STOCK
va!ue)_Common Stock
20,000 Shares Class A (no par
NORMAL FEDERAL INCOME TAX.
DIVIDENDS EXEMPT FROM THE
and dividends. Redeemable as a whole or in part at
share, and accrued dividends. Preferred dividends payable January 1st, j.
share, preferred as to assets
Par value of Preferred Stock $100 00 per
option of the Company at $110 00 per
■'
•
■
Transfer Agent
Registrar
UNITED
SAVINGS BANK
DEARBORN TRUST &
FORT
STATES MORTGAGE COMPANY
CHICAGO, ILLINOIS
CHICAGO, ILLINOIS
CAPITALIZATION
(Upon Completion of Present
Financing)
AUTHORIZED
PREFERRED STOCK (7%
STOCK
COMMON
(no
$10,000,000.00
value) 300,000 shares, divided (Class A—100,000shares
Cumulative) 100,000 shares
par
-----
(Class B—200,000shares
From
a
letter of Frank B.
the
April 1st, July 1st and October 1st.
Ansted, President of the United States Automotive
OUTSTANDING
/
$5,207,700.00
40,000shares
100,000shares
Corporation, from certified accountants*
summarize as follows:
i ?
;
HISTORY AND BUSINESS :
The United States Automotive Corporation, a Delaware Corporation, was organized in July, 1919, for
the purpose of manufacturing a complete line of automobiles and all essential parts therefor.
The Company represents a consolidation
and
of the
public appraisers' reports and other information, we
Lexington Motor Company, the
Connersville Foundry Corporation, the Ansted
Corporation, of Hagerstown, Indiana. The
Indiana, and also the Teetor-Hartley Motor
Engineering Company, all of Oonnersville,
central figure in the group is the Lexington
Lexington automobiles and which to-day are among the most popular cars in
America, the several models known as "The Minute Man Six."
From a modest beginning in 1908, the business of the Lexington has
grown in sales to more than $10,000,000 00 annually and its products are in great demand.
The Connersville Foundry Corporation
provides a safe and dependable source of automobile castings for parts used in Lexington as well as other well-known cars.
The Ansted
Engineering Company was established in 1915 and occupies a plant capable of manufacturing 7,000 to 10,000 motors annually.
The
Teetor-Hartley Motor Corporation commenced business in 1897 with a capital of $5,000 00, which has now grown into a property
worth several hundred thousand dollars.
The famous "Teetor Motors" have been used extensively in various popular automobiles.
Motor Company,
which is engaged in manufacturing
ORGANIZATION AND
MANAGEMENT
The management of the United States
:
Automotive Corporation is substantially the same
directors being, for the most part, the heads of the various manufacturing industries
in and around Connersville, known as the Ansted industries.
The several units are in charge of men of established reputations in
their respective lines of work, many of whom have been with the various subsidiaries since their inception.
as
Motor Company, the
that of the Lexington
of the operating corpo¬
This is approximately
2>6 times the annual preferred dividend requirements on stock outstanding and to be sold under this issue.
The sales of the Lexington
Motor Company have grown from $741,405.37 for year ending July 1st, 1916, to $9,969,108.29 for year ending July 1st, 1920.
It
is estimated that with the establishment of normal banking conditions and through this new financing, the annual sales of the Cor¬
From Sept. 1st, 1919, to
SALES AND EARNINGS :
rations amounted to
July 31st, 1920, a period of eleven months, the total sales
of Federal Tax reserves, to $856,693.95.
$11,003,722.26 and the net earnings, exclusive
poration should exceed
$25,000,000 with proportionate earnings.
PROPERTIES AND LOCATION :
exceeds 494,520 square
feet
or
comprises 33 1-3 acres and the floor space of the buildings
rented warehouses. The plant's operating units are located in
The Corporation's plant real estate
11.35 acres, exclusive of four large,
Indiana, the Lexington factories alone having a capacity of one hundred automobiles
of the Big Four, Lake Erie & Western, and Pennsylvania RR. systems connect with all the properties.
Connersville and Hagerstown,
road switches
number of the
Company's employees own
of the United States Automotive
housing of the
are now
Corporation's employees.
PATENTS AND TRADEMARKS :
in automobile
interested,
Rail¬
A considerable
Two home building corporations, in which several of the directors
engaged in constructing and financing nomes for the satisfactory
their own homes.
Corporation are
per day.
The Corporation has acquired the
headlights by tilting reflectors,
control of valuable patents on the
this being known as the 2-Way Light.
subject of preventing glare
Lexington trademarks are registered in
nearly
all countries of the world.
ASSETS
As shown by the
:
Class "A" common stock
PURPOSE OF
ISSUE:
liabilities and reserves, is
is equal to more than $65.00 per
:
The other units have been
that exceeds their present
capacity.
of current indebtedness and to furnish
possibly manu¬
their products
Lexington automobiles have been extensively advertised through all the national magazines and
The Lexington division of the
facture.
share.
issue will be applied to the liquidation
for the development of the business.
The proceeds of the present
additional working capital
MARKET
worth of the Corporation, after giving effect to the new financing and
$7,819,480.42. In accordance with this statement, the book value of the issued
certified balance sheet, the total net
after deducting all current
Corporation has had orders for nearly three times
furnishing parts for many well known automobile
the automobiles it could
companies and have a demand for
;
leading newspapers of the country.
CHARTER PROVISIONS :
Under the provisions of the Charter, the
Company agrees to pay to trie owners
quarterly dividends at the rate of 7% per annum.
The holders of the
all of the other stock of the Company.
A sinking fund is created,
cumulative
of the Preferred stock
Preferred stock are preferred as to
the assets and
beginning with year ending December 31st, 1920,
by the payment to the Fayette Bank and Trust Company, of Connersville, Indiana, of a sum equal to 1% of all Preferred stock,
then outstanding, to be used for the redemption of Preferred stock of the Corporation.
Class A Common stock has priority as to
assets in liquidation after the Preferred stock up to $75.00 per share.
Class B will then receive $75.00 and any balance will then be
shared equally.
In addition thereto, Class A stock has priority as to dividends up to $3.00 per share in any one year, after which <
Class B receives $3.00 per share, and then both classes share equally.
Dividends on Class A and Class B shares are not cumulative.
dividends
over
All legal matters
pertaining to this issue have been passed upon
Jessup and Hoelscher of Richmond„
&
Indiana.
by Messrs. Peaks, Bunch and Latimer of Chicago,
The books of the Company have been audited by
Public Accountants, Chicago.
The Company's properties at
Hagerstown, Indiana, have been appraised by Coats & Bur chard Company,
Appraisers and Engineers of Chicago.
Company, Certified
Preferred and Class "A" Common
stock with each share of
stock
are
Public
sold in units of one share
of Class "A" Common
Preferred stock.
Price and Terms upon
This
Illinois, and Messrs. Gardner,
Messrs. William Castenholz
Connersville and
information has been obtained from sources we
it
to
aplication.
consider reliable, and while we do not
be
guarantee it, we believe
accurate.
H. W. DUBISKE &
COMPANY
INCORPORATED
111
West Monroe Street,
CHICAGO
MAINTAINING:—Seventy-three Branches in Sixty-two of the
|
Principal Cities of the United States.
XXVI
[VOL. 111.
CHRONICLE
THE
^financial
NEW
ISSUE
$4,000,000
Cleveland Electric
Illuminating Co.
8% Cumulative Preferred Stock
Tax
A
Exempt in Ohio and Exempt from Federal Normal Income Tax
sinking fund of 2%
per annum
of the total amount issued is provided for
the purchase of the stock up to 105 and accrued
Redeemable
March,
as a
whole
June
and accrued dividends.
at 110
and
September
To
First
The
Trust
&
be
Par
1.
value
dividend
Dividends payable quarterly, December,
Total authorized $10,000,000.
$100.
presently issued $4,000,000.
Savings Co. of Cleveland,
Registrar.
Citizens Savings & Trust Co. of Cleveland,
Transfer Agent.
following information is summarized from
a
letter to
us
from the President of the Company:
Business
The Cleveland Electric Illuminating Company operates in the City of Cleveland, Ohio,
and adjacent suburban territory, serving with electric light and power a total
present
estimated population of over 1,200,000.
Capitalization
15-Year 7% 1st Mortgage Collateral Bonds, due 1935
Authorized
»
$8,000,(XX)
Outstanding
$5,000,000
First
Mortgage 5% Bonds, due 1939 (remaining $11,500,(XX)
bonds are pledged or will he necessary as collateral for
the 7% bonds)
30,000,000
6% Cumulative Preferred Stock.
800,000
*8% Cumulative Preferred Stock.
_L
10,000,000
♦Common Stock.
19,200,000
*
Earnings
*,,#4
18,500,000
800,000
4,000,000
9,763,500
After proposed changes in capitalization.
The business of the
company has more than doubled in the last five years, operating
having increased from $4,392,579 in 1915 to $11,700,465 for the 12 months ended
August 31, 1920, and gross income from $2,200,987 to $3,899,086 for the same period.
revenue
Net income after taxes and interest
charges available for depreciation reserves and dividends on the
6% and 8% Preferred Stocks was $2,729,215 for the 12 months to August 31, 1920, and averaged $1,992,890
for the five years to December 31, 1919.
The property lias been well maintained out of
earnings in the 5
years
earnings, the company having set aside $3,962,295\>ut~of
ended December 31, 1919, for depreciation reserves, or an average of $792,459 per
annum.
The dividend
is
$368,000
requirement
on
the $8(X),000 6% Preferred Stock and the $4,000,000 8% PreferredlStock
per annum.
Property Value The physical property of the
company after the new financing will be valued at approximately $41,000,000, giving a net property value for the 8% Preferred Stock of over
share, after deducting the outstanding bonds and 6% Preferred Stock.
$417 per
Restrictions
No additional issues of bonds, or notes maturing beyond one year, may be created,
except for refimding, or* at par for not exceeding 80% of the cost of additions and im¬
provements, and no Preferred Stock can be issued having priority over this issue. Addi¬
tional Preferred Stock can only be issued when
approved by the Public Utilities Com¬
mission of Ohio and when available earnings after
depreciation for 12 months have
been at least 2%, times the annual dividend
requirements on the 8% Preferred Stock
outstanding and to be issued.
Sinking Fund
A sinking fund, beginning 1921, of 2%
Stock
issued, must be used
dividend.
per annum of the largest amount of 8% Preferred
purchase stock in the open market up to 105 and accrued
available at that price any unexpended balance reverts to
to
If stock is not
the treasury of the
company.
Dividends
The Company has paid dividends
cash dividends
on
on
its 6% Preferred Stock since issue in 1893 and
its Common Stock at the
present rate of 8%
since 1904.
The stock offered is subject to authorization
of stockholders and stockholders' rights, and to the
approval of the Public Utilities Cormnission of Ohio, and of all proceedings by our counsel.
Price
100 and Accrued Dividend
Wm. A. Read & Co.
Nassau and Cedar Streets,
New York
4
,
Chicago
Philadelphia.
.m^oririat'ion
which
we
contained
consider
reliable.
in
this
While
advertisement
not
has
guaranteed.it
Boston
been
is
obtained
accepted by
from
sources
us as accurate.
OCT. 2
CHRONICLE
THE
1920.]
financial
'"•;. ,v
'
NEW ISSUE
$1,000,000
Scranton Electric
Secured Gold Bonds
10-Year 8%
To be
Due January 1, 1931
Principal and interest payable in New York City
denominations registerable
payable April 1st and October 1st.
in United States
as
any
Coupon bonds of $1,000 and $500
Gold Coin.
principal only.
to
at
whole or in part by lot
days' notice at 105 and accrued interest
reduction of lA% from this price for each
Callable at the Company's option as a
time prior to maturity on sixty
the first
during
year
and at
a
succeeding
From
a
without deduction for normal
Breed, President of the Company, we
letter from Mr. R. E.
BUSINESS:—Scranton
Electric Company,
organized in 1907, is a Corporation of the State
of Pennsylvania.
It supplies under unlimited
franchises the entire commercial and municipal
electric lighting,
in the
power
•
and steam heating service
City of Scranton, Pa., and
electric lighting
also the entire
and power business in twenty-
and townships. The
population of the district served is estimated at
about'330,000.
In addition to a large and increasing business in the supply of electric cureight nearby cities, towns
rent for
municipal lighting and power for com-
mercial purposes,
has
a
the Scranton Electric Company
contract with the
Scranton Railways Com-
under which the Railways Company purchases from the Electric Company all the current
pany,
for the operation of its system
necessary
100 miles of
and
the
of over
electric railway lines in Scranton
Lackawanna Valley.
EQUITY:—These Bonds are followed by
Bonds
are
Tax. The Company will agree to pay
Federal Income Tax up to 2%. *
of Pennsylvania Four Mill
Provisions:—Free
interest
year.
NEW YORK, TRUSTEE
BANKERS TRUST COMPANY,
Tax
issued $1,000,000
October 1, 1920
To be Dated
Interest
authorized and presently
SECURITY:—-These $1,000,000 Bonds are
to be issued under a mortgage which has a lien
on the properties of the Scranton Electric Company now owned or hereafter acquired, subject
only to the First and Refunding (now First
Mortgage) Bonds,
MANAGEMENT:—Scranton Electric Comis operated by the American Gas and Electrie Company. The latter company owns all of
the Common Stock, except directors' shares, of
pany
the former.
I NET EARNINGS:—Net earnings for the
twelve months ended July 31, 1920, were over
two and one-half times the annual interest
charges on the total funded debt which will be
outstanding as of October 1, 1920, including this
new issue, and more than eight times the interest charges on this issue after deducting the
interest on the first mortgage bonds.
\
Common Stock.
also subject to the authorization
$2,069,100 Preferred Stock and $2,.500,000
and if issued and received by us;
much of the issue as represents an increase
offered for delivery when, as
of the stockholders of so
and to the
approval of all legal matters by our
We recommend these
PRICE
99i/2
AND ACCRUED
Edward
summarize as follows:
of indebtedness,
counsel.
,
V
,
.
;
^ -:
Bonds for Investment
INTEREST, YIELDING OVER
B. Smith
8%
& Co
Established 1892
1411
Chestnut
Street
BANKERS
Members of
Branch Offices at New
Broadway
NEW YORK
dami/TDC
PHILADELPHIA
New York and
London, Conn.; Allentown, Easton
The above information and
upon
Philadelphia Stock Exchanges
information an<J advice which we
and Pottsville, Penna.
guaranteed, are based
believe accurate and reliable.
statistics, while not
XXVIII
THE
CHRONICLE
[VOL. 111.
jjffnandal
New Issue
Tax Exempt in Massachusetts
,
$2,500,000
B. B. & R.
Knight, Inc.
(A Massachusetts Corporation)
I
Preferred Stock 8% Cumulative
Entitled to cumulative dividends at the rate of
8% per annum, payable quarterly, January 1, April 1, July 1 and October 1.
Having
preference over the Common Shares as to dividends and as to assets in
liquidation.
Redeemable as a whole or in part at 110
and accrued dividends.
Mercantile Trust Company, New York, and The First National Bank of
Boston, Transfer Agents.
The Chase National Bank of the
City of New York, and The Merchants National Bank, Boston, Registrars.
Par Value $100.
From
a
letter of F. K.
Rupprecht, President of the Company,
we
summarize
as
follows:
CAPITALIZATION
■
•
■
„
|
(
First
(After giving effect to present financing)
'
Authorized
.
Outstanding
Mortgage Ten-Year Sinking Fund Gold Bonds. 110,000,000
$7,500,000
2,500,000
_
Preferred Stock 8% Cumulative
Common Shares of no par value....
....
...1.
5,000,000
100,000 shs.
100,000 shs.
BUSINESS.—B. B. & R. Knight, Inc., has been
incorporated under the laws of Massa¬
chusetts, September, 1920, as successor to B. B. & R. Knight, Incorporated, a Rhode
Island
Corporation, one of the largest manufacturers of cotton cloth in the world, a
business which has been
successfully conducted since 1848.
The Company's famous trade mark "Fruit of the Loom" has been
known through¬
out the country for several
generations as the hall mark of quality in cotton goods.
PROPERTIES.—The
seventeen
mills of the
Company, located throughout Rhode Island
Royal Mill (as of its completion), have an
aggregate floor space of about 3,000,000 square feet and employ about
5,500.
The
equipment of these mills includes about 533,457 spindles and 13,310 looms.
The
Pontiac bleachery has a
capacity of about 50,000,000 yards per annum. The Com¬
pany has an installed power capacity of 26,000
horsepower of which about 30% is
and in
water
Massachusetts, including the
new
power.
*
EARNINGS.-—The average net profits from
January 1, 1917, to August 14, 1920, after
deducting adequate maintenance but before depreciation and Federal taxes, have
been $2,194,236 per
annum, the balance after deducting interest on the new First
Mortgage Bonds being $1,669,236, or over eight times the annual dividend require¬
ments of the Preferred Stock.
In determining these
profits, all improvements and
renewals have been deducted in lieu of
depreciation.
In 1921, the present capacity
will be increased over
20% by the completion of the Royal Mill.
ASSETS.—According
to the balance sheet, prepared by Messrs. Price, Waterhouse & Com¬
after giving effect to present financing, the net quick assets after
appropriating
$2,000,000 for new construction and $1,000,000 as a reserve for
inventory deprecia¬
tion, are $7,749,513, or over $300 for each share of Preferred
Stock, and the net tangible
assets, exclusive of good will, brands and trade marks, are
$30,049,746, the balance
after deducting the First
Mortgage Bonds, being over $22,500,000, or $900 for each
pany,
share of Preferred Stock.
jp
No dividends shall be declared
action
taken which
or
will reduce the
Preferred Stock then
paid
net
upon the Common Shares or any voluntary
quick assets below $125 for each share of
outstanding.
SINKING FUND.-—The Articles of
Incorporation provide a cumulative sinking fund esti¬
mated to retire the entire
present issue of Preferred Stock within twenty years.
We recommend this stock for Investment
Price
96
and
accrued
dividend,
yield
to
over
8.33%
E. H. Rollins & Sons
Naphen & Co.
Spencer Trask & Co.
Bond & Goodwin
f
/
.
'
This stock is offered
subject to the approval of counsel and
when, as and if issued and delivered to
us.
OCT. 2
1920.]
CHRONICLE
THE
XXIX
;Jffttara4al
New Issue
Tax Exempt in Rhode Island
$7,500,000
B. B. & R.
Knight, Inc.
(A Massachusetts Corporation)
First
Mortgage Ten-Year 7% Sinking Fund Gold Bonds
Dated September 1,
1920.
Due September 1, 1930.
105 to September 2, 1921; 104M to September 2, 1922;
Optional on any interest date at the following prices and accrued interest:
104 to September 2, 1923;
103XA to September 2, 1924; 103 to September 2,
1925; 102^ to September 2, 1926; 102 to September 2, 1927; 101XA to September 2, 1928; and 101 thereafter.
March
1
and
September
exceeding 2% which it
registration
as
to
Semi-annual interest
The Company agrees to pay interest without deduction for g,ny normal Federal Income Tax not
1.
may
be required
or
permitted to
pay at
the source.
$100, $500 and $1,000 coupon bonds with privilege of
principal.
The Chase National Bank of the
From
a
letter
City of New York, Trustee
of F. K. Rupprecht, President of the Company,
we
summarize
as
follows:
CAPITALIZATION
—
(After giving effect to present financing)
Authorized
Outstanding
First Mortgage Ten-Year Sinking
Preferred Stock 8% Cumulative
Common Shares of
BUSINESS —B.
B.
&
no
par
Fund Gold Bonds. -$10,000,000
5,000,000 ;
value
100,000 shs.
$7,500,000
2,500,000
100,000 shs.
R.
Knight, Inc., has been incorporated under the laws of Massa¬
chusetts, September, 1920, as successor to B. B. & R. Knight, Incorporated, a Rhode
Island Corporation, one of the largest manufacturers of cotton cloth in the world,
a
business which has been successfully conducted since 1848.
The Company's famous trade mark "Fruit of the Loom" has been known
throughout the. country for several generations as the hall-mark of quality in cotton
goods.
/
mills of the Company,, located throughout Rhode Island
Massachusetts, including the new Royal mill (as of its completion), have an
aggregate floor space of about 3,000,000 square feet and employ about 5,500.
The
equipment of these mills includes about 533,457 spindles and 13,310 looms.
The
Pontiac bleachery has a capacity of about 50,000,000 yards per annum.
The Com¬
pany has an installed power capacity of 26,000 horse-power of which about 30% is
PROPERTIES—The seventeen
and in
water
power.
-
-
1
EARNINGS.—The average net
profits from January 1, 1917, to August 14, 1920, after
deducting adequate maintenance but before depreciation and Federal taxes, have
been $2,194,236 per annum, or over 4 times the annual interest requirements of the
First Mortgage bonds.
In determining these profits, all improvements and renewals
have been deducted in lieu of depreciation.
In 1921, the present capacity will be
increased over 20% by the completion of the Royal Mill.
ASSETS.—According to the balance sheet!, prepared by Messrs. Price, Waterhouse & Com¬
pany, after giving effect to present financing the net quick assets after appropriating
$2,000,000 for new construction and $1,000,000 as a reserve for inventory depreciation,
are
$7,749,513, or over $1,000 for each $1,000 bond, and the net tangible assets, exclusive of good will, brands and trade marks, are $30,049,746, or over $4,000 for each
$1,000 bond.
'
'/
•
SINKING FUND.—The
Deed
of Trust
provides
a
sinking fund beginning December 1,
1923, the operation of which will retire over 25% of the present issue before its maturity.
\v. V;
We recommend these bonds for investment
Price 94 and accrued interest,
E. H. Rollins & Sons
Naphen & Co.
to
yield
7.88%
Harris, Forbes & Co.
Spencer Trask & Co.
Parkinson & Burr
over
These bonds are offered subject to the approval of counsel and when, as
Bond & Goodwin
and if issued and delivered to us.
xxx
THE
CHRONICLE
[Vol. Ill
Jftnaiufal
NEW ISSUE
.v,
••
•
•
..
v...
\
..
The
*■
.
■;
:
,
..
.
r--••
'
y-if./..
i..
;
•
.
;
V'
*
V.
.
.
«
■
"
Philadelphia Electric Company
8% Cumulative Preferred Stock
Par Value
$25 Per Share
Authorized $15,000,000
Preferred
to
as
Convertible into
Redeemable
Outstanding $6,000,000
dividends and assets.
common
whole
stock par for par at
the option of the holder,
on any
dividend date
on
thirty days' notice.
dividend date at $28 per share and accumulated dividends, but subject, neverthe¬
less, to the privilege of conversion by the holder into common stock upon thirty days' notice.
as a
on
any
Holders of preferred stock have the
same
voting rights
holders of the
as
Dividends payable March 15, June 15, September 15, December 15.
This stock is
the
not
dividends
Land
common
stock.
.
subject to the present Pennsylvania State Tax of four mills, and
are
exempt from the present normal Federal Income Tax.
Title
&
Trust
Company,
Philadelphia,
Transfer Agent
Continental-Equitable Title & Trust Company, Philadelphia, Registrar
Mr. Jos.
B.
McCall, President of the Company, gives the following information regarding
the issue:
BUSINESS:
The
Philadelphia Electric Company, operating under
franchise, which, in the opinion pf counsel,
light and power business in the city and
county of Philadelphia, the third largest city in the United States.
Through its principal subsidiary,
the Delaware County Electric Company, it does the entire commercial electrip light and power business
in the important manufacturing and
shipbuilding district southwest of Philadelphia, along the Dela¬
ware River,
including the City of Chester, Pa.
The gross revenue has increased from $4,984,350 in
1907 to $16,279,239 in 1919, and in 1920 to date the demands on the system have further increased
about 25% over the corresponding period of 1919.
The Company's system has ten generating stations
(including the new Beach and Palmer Streets Station), with an aggregate rated capacity of 322,484
K.W.
These include three of the largest generating stations in the country.
a
is unlimited in time, does the entire central station electric
1
>
.
PURPOSE
The proceeds of this issue of Preferred Stock will be used to complete the Beach and Palmer Streets
OF ISSUE:
generating station,
on
facilities.
the Delaware River, in Philadelphia, and the nec#ssary additional distribution
K.W. will be available for the greatly
It is expected that- its initial capacity of 60,000
increased demands on the Company before the next winter.
EQUITY:
"
,
This preferred stock is followed by $30,000,000 of common capital stock having a present market value
of approximately $24,000,000.
Dividends have been paid without interruption during the past
eighteen years on the Company's common capital stock, the dividend rate for the last seven years
having been 7% per annum.
-
EARNINGS:
Following is
statement of earnings of The Philadelphia Electric Company and subsidiary companies
for the 12 months ended June 30, 1920:
a
Gross Earnings
.
_
_
_
Operating Expenses, including current Maintenance, Rentals and Taxes
Net
...
Earnings.____
Annual Interest
on
$6,474,698
3,238,780
Balance applicable to dividends
8% Dividend
on
;
Funded Debt, Reserve for Renewals and Replacements and
Amortization of Debt, Discount and Expense
;■
$18,101,032
11,626,334
$3,235,918
480,000
this Issue of Preferred Stock had it been outstanding
*82,755,918
Preferred Dividend Earned
,
over
6Y2 times.
|
For the last five years the
earnings applicable to the payment of this dividend have averaged nearly five times
the amount required.
The earnings given were without the benefit of the operation of the important Beach and
Palmer Streets Station, for the
completion of which this issue provides.
*
The
legality of this issue has been approved by
Application will be made
A substantial
to
counsel, Messrs. Morgan, Lewis & Bockius.
our
list this Preferred Stock
on
the Philadelphia Stock
Exchange.
portion of this issue having been subscribed by stockholders,
we offer the unsold
balance, subject to sale
PRICE, PAR $25 AND ACCRUED DIVIDEND
&
DREXEL
BROWN BROTHERS & CO.
The above Information and st
.
CO.
THE NATIONAL CITY COMPANY
tistics have been obtained from
I
sources we
•
A
deem reliable and
.
-
are
.
accepted by us
•
1
as accurate.
•
XXXI
CHRONICLE
THE
Oct. 2 1920.]
Jffnamfa!
fully subscribed, the following advertisement is
as a matter of record.
As this issue has been
inserted
$25,000,000
Bell
-
K
Telephone Company of Pennsylvania
25-YEAR FIRST & REFUNDING
MORTGAGE 7% SINKING FUND
GOLD BONDS SERIES "A"
Dated October
Due October 1, 1945
1, 1920
Interest
payable April 1 and October 1 in New York City
for the Pennsylvania four-mills tax.
without deduction
Coupon bonds in denominations of $1,000, $500 and $100, registerable as to principal.
Registered Bonds in denominations of $1,000, $5,000 and $10,000. Coupon Bonds
and registered Bonds, and the several denominations, interchangeable.
Redeemable, at the option of the Company, as a
upon 60 days' notice, at 107V^%
BANKERS TRUST COMPANY,
From
i*e
a
L. II. Kinnard, Esq., President of the
following:
letter of
summarize the
whole or in part, on any interest date
and accrued interest.
NEW YORK, TRUSTEE
Company, stating the particulars in regard to the issue,
of the bonds will be used to fund current indebtedness incurred for
and to provide funds for construction through the years 1920-1921.
The proceeds
tion purposes
construc¬
the Bankers Trust Company, Trustee, cover¬
in Pennsylvania subject, as to a portion of the
property, to the existing $9,543,000 Central District Telephone Company First Mortgage 5%
Bonds due in 1943.
Additional bonds may be issued for not more than 75% of the cash cost of
additional property, provided that the Company's total bonded debt shall not exceed the then
fully paid capital stock and surplus; and provided, further, that the net earnings available
for interest charges shall be not less than one and three quarters times the interest on the
Company's bonded debt, including the bonds proposed to be issued.
The Bonds will be issued under a mortgage to
ing
as a
first lien the entire physical property
semi-annual installments
applied to the acquisition of Series "A"
price of 107^% and accrued interest, or
by call, by lot, at that price. jThe Bonds so acquired will continue to bear interest, the
amount thereof to be added to the sinking fund as received.
This cumulative sinking fund is
estimated to be sufficient to retire by maturity the whole issue of $25,000,000 Series "A" Bonds.
The Company
is to
the .Trustee $410,000 per annum in
to
pay
beginning April 1, 1921.
This sihking fund is to be
Bonds by purchase at not exceeding the redemption
As part
of the proceeds of this issue will
interest
be used to retire current indebtedness,
issue. Disregarding the earnings
provided, the actual net earnings
of the Company from its existing plant during the last seven years have averaged $5,056,029 per
annum, while the interest charges on its debt, including this issue, will aggregate $2,227,000.
charges to that extent will be only slightly increased by this
to come from the expenditure of more than $15,000,000 now
increase
supplemented by cash from con¬
$60,000,000 in stock.
Dividends
at least 6% per annum in every year since 1880.
A total of over
been invested in the Company's property in the last seven years
During the past ten years
jthe funds required by the Company for the necessary
plant facilities have been obtained from the sale of stock
version of investments.
The (jompany has now outstanding
in
have been paid at the rate of
$19,300,000 from earnings has
over
and above expenditures for current maintenance.
/
i
The appraised value of the plant of the Bell Telephone
"
■
.
Company of Pennsylvania—the
only valuation that can be uSed for rate-making—is largely in excess of the book cost.
The
book cost of the Company's real estate and plant, as of December 31, 1919, was over $87,300,000,
to which will be added over $15,000,000 from the proceeds of this issue of bonds, giving a total
book cost of over $100,000,006 as contrasted with a debt of less than $35,000,000.
THE ABOVE BONDS ARE
TION AT
J.
OFFERED, SUBJECT TO ISSUE AS
KUHN, LOEB & CO.
P. MORGAN & CO.
,
KIDDER, PEABODY & CO.
FIRST NATIONAL BANK, New
York
New York
NEW YORK
LEE, HIGGINSON &
HARRIS, FORBES & CO.
Dated, September 30, 1920.
NATIONAL CITY COMPANY,
GUARANTY TRUST COMPANY OF
BANKERS TRUST COMPANY
PLANNED, FOR SUBSCRIP¬
PER CENT.
95% AND INTEREST, TO YIELD ABOUT 7.45
1
CO.
.
J
xxxii
THE
CHRONICLE
[VOL* 111*
.
Jffnanttal
As'this entire issue has been sold, this advertisement appears as a matter of record only
$20,000,000
KINGDOM OF NORWAY
Twenty Year 8% Sinking Fund External Gold Bonds
Dated October 1, 1920
Due October 1, 1940
Interest payable
April 1 and October 1.
Coupon bonds in denominations of $1,000, and $500, registerable
principal only.
Principal, premium, and interest payable in New York City in United States gold coin
of weight and fineness at The National City Bank of New York without deduction for any
Norwegian taxes, present or future.
Payments shall be made in time of'war as well as in time of peace whether
owners of bonds are citizens of a
friendly or a hostile state.
as
to
of present standard
As
a
Sinking Fund, the Kingdom of Norway
of $1,000,000 in
sum
The National
by it
on
City Bank of New York,
account of
interest;
April 1,
as
Fiscal Agent, will apply all
market, if obtainable, at not
balance remaining unapplied
any
October 1,
aside, annually, the
sums
received
^he Sinking Fund prior to August 1, 1930, toward the
chase of Bonds in the open
on
agrees to set
equal quarterly instalments, commencing January 1, 1921.
on
more
pur¬
than 110 and
August 1, 1930, will be applied
1930, to the redemption of Bonds by lot at 110.
Commencing
and semi-annually thereafter, Sinking Fund payments will be
1931,
applied to redeem Bonds by lot at 107!/2.
Bonds
are
callable
as a
whole
on any
interest date at 110 from October 1, 1925, to October 1, 1930, both dates inclusive,
and
at
107Vi from April 1, 1931, to maturity.
*
The thrifty character of the Norwegian people, their excellent record for
meeting their
obligations promptly and the conservative financial policy of their government justify the high
credit standing of the nation.
From 1886, the date of the earliest external loan now outstanding,
up to the outbreak of the recent war, the net cost to the government of its various loans ranged
from 3.10% to 4.11%.
During eight years immediately preceding the war, the average yield
of four loans listed in London was 3.77%, and of three loans listed in
Paris, 3.66%.
The average
yield of seven issues quoted September 3, 1920, in Norway was 6.59%. Assuming that exchange
rates between the United States and Norway return to normal within a few
years, as is confidently
believed, it is less expensive for Norway to borrow in the United States at the present cost of funds
than to borrow at home at a lower rate. As far as records show, no default has ever occurred on a
Norwegian national government loan.
■
i
The wealth of
Norway is estimated at $3,350,000,000,
or more
■
."V
debt.
■
'■
'
Price 100 and interest
We offer these bonds for subscription if, as and when issued and received by us, subject to allotment and
approval of counsel.
Delivery in temporary form is expected
J. P.
Morgan & Co.
First National
Bank,
on or about
October 7th, 1920.
The National City Company
Guaranty Trust Company of New York
New York
Harris, Forbes & Co.
Lee, Higginson & Co.
Wm. A. Read & Co.
Continental and Commercial Trust and Savings Bank, Chicago
Illinois Trust & Savings Bank, Chicago
First Trust and Savings Bank,
Chicago
Halsey, Stuart & Co.
Mellon National Bank, Pittsburgh
The
Union Trust Company,
Anglo & London-Paris National Bank,
Pittsburgh
First National Bank in St. Louis
San Francisco
The
above information has been compiled from official statements and statistics.
While we do not guarantee we believe it to be correct. All statistics relating to foreign
money are expressed
"
than elevenTimes the national
in terms of the United States gold dollar at par of exchange.
v
INCLUDING
Quotation Section
Railway & Industrial Section
Electric
Railway Earnings Section
Bankers' Convention Section
State and
Bank &
OCTOBER 2
SATURDAY
111.
VOL
Inc.
Subscription—Payable in Advance
of
.$10 00
6 00
For One Year
European Subscription (including postage)
European Subscription six months (including
postage)
13 50
7 75
...
11 50
Canadian Subscription (including postage)
the rates of exchange, remit¬
be made in
NOTICE—On account of the fluctuations in
for
and
subscriptions
European
advertisements must
New York funds.
Subscription includes following SupplementsQuotation (monthly) Railway & Industrial (semi-annually)
Electric Railway (semi-annually)
Railway Earnings (monthly)
Bankers* Convention (yearly)
State and City (semi-annually)
Bank
and
Chicago
637,671,808
73,428,270
135,018,724
126,014,253
— —
Cincinnati
Cleveland
-
-
-
-
-
-
■-+
Detroit-.——.— ;
Milwaukee
32,835,324
17,479,000
Indianapolis..
ColumbusToledo
14,097,500
15,215,262
4,701,063
6,413,653
4,295,022
5,487,646
3,000,821
3,308,614
2,122,013
v
....
Peoria————
Grand
Rapids...
Dayton.—;.——.
Evans ville ———
Springfield, 111...
or
Dec.
1919.
1920.
WEEKLY
For Six Months
tances
ending September 25.
Clearings at-
Jlxc Chronicle
Terms
575,875,291
62,579,577
116,944,156
92,472,653
27,553,943
14,435,000
12,589,800
12,945,602
4,161,164
5,194,601
3,938,855
+ 10.7
4,876,646
2,082,439
+ 12.5
—23.8
+ 17.3
+ 19.2
29,134,813
+ 21.1
14,377,090
9,914,000
—16.9
9,359,129
4,697,096
4,651,442
3,829,019
3,774,113
1,897,060
4,002,650
1,280,962
4,313,000
+ 25.8
175 00
100 00
COMPANY,
DANA
B.
Depeyster Streets,
and
Pine
Front,
+ 23.5
+ 9.1
+ 44.4
747,004-
826,677
—9.6
Jacksonville, 111..
570,525;
617,629
875,760
475,000
—7.6
828,240
472,579
1,719,473'
4,000,000
Springfield, Ohio.
Publishers,
New York.
1,518,287|
Ann Arbor—
week last year,
$4,079,507,225
—14.3
513,707,186
394,813,416
+ 6.7
291,644,708
200,497,164
142,009,678
143,294,061
125,307,862
82,136,904
—3.7
77,203,773
68,585,560
- -
$4,758,078,076
547,977,218
410,830,885
*112,000,000
- - -
—
Cent.
81,724,425
New York
1919.
62,118,827
Chicago
Philadelphia
Boston
—. —— —
-—-—
280,945,983
-
-
Kansas City.--
177,820,981
----- —
133,241,925
143,800,000
158,399,072
St. Louis
San Francisco
Pittsburgh
_
-
-
.—
; -—
——.—
Detroit
-
Baltimore
New Orleans
—■
—- —
five days-..
All
cities, one day..
Partly estimated.
The full details of
+0.4
+ 27.2
+ 36.4
+ 5.8
+10.4
—8.8
+ 11.1
—6.0
•
—3.2
■,.
• ••
will be given next Saturday.
to-day, clearings being made up by the clearing houses
at noon on Saturday, and hence in the above the last day of the week has to be in
all cases estimated, as we go to press Friday night.
Detailed figures for the week ending Sep*. 25 show
;
We cannot furnish them
September 25.
$
$
Dec.
1918.
1917.
%
S
$
449,637,872
+ 7.2
396,358,478
153,546,427
86,106,315
36,670,306
4,723,505
14,108,098
+ 32.0
136,000,000
73,804,381
8,435,065
5,193,029
3,642,568
2,422,526
3,508,737
2,612,696
4,596,513
Philadelphia
Pittsburgh——
481,809,094
202,737,981
Baltimore
93,717,428
Buffalo
...
47,563,987
4,400,000
15,500,000
10,755,271
5,283,181
4,013,588
—
2,500,000
Albany.-—
Washington
Rochester
Scranton,
Syracuse
Reading
—
Wilmington
—
3,336,970,691 3,492,020,260
4,494,756,875 4,555,653,050
New York
3,295,017
3,062,374
5,395,164
2,915,293
4,464,153
1,340,422
1,506,016
2,093,822
2,801,695
1,100,000
2,023,877
1,018,000
1,100,000
1,552,042
1,424,548
921,467
1,149,600
2,630,098
2,615,357
498,853
486,978
3,909,805 Not Included
1,706,276 Not included
Wilkes-Barre
Wheeling
Trenton
York
Erie—J..
Greensburg
Binghamton
Chester
Altoona
Lancaster
Monte lair
Bethlehem
Huntington
Total Middle-
5,392,362,184 5,344,926,704
+ 8.8
—6.8
24,989,588
4,418,846
+ 9.9
13,070,5.50
+27.5
6,964,463
+ 1.7
+ 17.2
3,897,138
4,119,181
2,524,534
3,354,159
2,296,509
+ 17.4
320,357,552
83,887,356
42,716,858
18,755,998
4,011,905
+29.7
+ 10.2
+ 3.2
—6.1
+ 53.1
3,084,188
1,204,013
+ 12.4
+ 33.8
+ 84.0
+ 8.1
—8.2
3,948,021
9,763,743
5,920,439
3,394,739
4,606,297
2,434,996
2,995,908
1,904,155
3,708,299
2,252,831
1,249,172
1,702,521
1,310,405
801,500
1,089,499
'
2,107,391
1,071,781
,699,600
+24.8
1,740,480
913,633
—0.6
2,393,853
—2.4
371,364
8 65,176
2,278,627
435,516
In total
647.415
1,114,700,040
975,316,302
+14.3
155,000,000
153,474,729
49,311,000
Tot. Mid.West.
Francisco
310,185,944
9,651,100
9,504,461
6,106,921
2,550,000
4,735,909
4,380,758
1,678,428
7,612,962
5,158,717
2,500,000
3,947,025
4,013,084
2,021,236
Hartford
New Haven
1
Portland
Springfield-
—
14,727,063
16,786,791-
12,742,035
4,516,645
4,963,335'
4,766,704
10,700,680
7,061,154
2,599,521
9,282,713
6,152,144
2,*044,350
5,305,652
2,846,716
2,491,695'
14,351,099
Oakland
i
Sacramento
San Diego
Fresno
6,218,240
6,041,900
2,468,421
2,741,259
1,609,829
....
Stockton
San Jose....
Pasadena
Yakima
....
Reno
58,467,434
19,284,541
St.
Paul.
St.
Joseph
Duluth
Des
Moines..__
Sioux
City
-•
Cedar Rapids
Pueblo
Waterloo
Helena
461,704
1,243.958
526,867,440
478,884,754
154,103,209
59,158,350
159,552,691
59,845,490
14.037,561
26,041,375
9,105,053
65,272,893
10,954,051
16,265,334
69,856,189
152,138,540
53.645,937
133,381,942
40,065,105
17,250,372
15,500,000
6,200,000
30,437,148
14,232,155
15,787,777
32,566,063
18,350,632
15,352,136
9,577,338
18,278,570
17,141,601
7,737,050
7,777,482
5,600,239
2,509,362
5,629.803
5,613.492
1,435.162
5,254,087
3,948,348
11,399,758
Tot.Oth.West.
St.
Louis
New
Orleans
Houston
Galveston
Richmond
Savannah
Fort
631,512
+ 18.7
519,268
825,499
636,716
305.663.628
263.681,635
750,000
Bangor
Total New Eng
3,067,368 Not Included
383,447.680
348.855.065
—
19,662,430
Worth....,
58,486,576
17,096,232
23,499,636
9,077,198
Atlanta
Memphis
Nashville
Norfolk
Augusta
10,767,804
3,700,000
34,180,214
5,200.000
....
,
Macon
375,000
335,794
637,119
12,935.748
Tulsa
818,718
10,228,730
4,117,409
35,516,629
5,280,831
40,421,533
Muskogee
Dallas
660.246,901
Southern
8,851,505
15,945,917
57,795,954
+0.5
+11.7
—22.1
+26.5
+28.2
+13.8
2,568,358
3,658,001
411,332
632,1.50
7.568.303
2,728,767
29,000.000
8.431.351
10.212,807
5.447.813
•
3.722.814
4.349,362
2,145,000
3,119,854
4,186,543
1,239,826
3,998,490
2.717.352
8,043,704
1,912,455
2,700,000
333,368
739,271
,6,058,866
1,815,971
21,914,888
4.041.559
4.272,464
Shreveport
Total
1,292,727]
1,300,000
Austin
"
+5.7
3,190,181
3,160,073
603.562.394
+9.4
534.769 .592
401,670,370
_
Total all
in total
+ 9.9
Charleston
Oklahoma
23,031,583
8.004.302
52,378,248
7,836,890
6,596,611
2,144,337
9,084,365
3,720,551
14,657,187 +133.2
4,000,000 + 30.0
10,680,278
8,743,062
2,215,289
Mobile
20,895,660
6,649,205
2,598,655
3,200,000
Knoxville
571,721
15.802,286
20,384,168
3,823,042
Birmingham
—17.0
983,733
Stamford
29,586,155
43,073,860
10,500,000
56,525,214
11,361,483
Louisville.
Jackson
800,000
2,073,526
338,103,256
3,609,845
1,081,099
Holyoke
581,686
2,166,827
1,865.815
1,271,885
1,057.370
3,517,272
3,119,849
2,035,833
1,651,838
557,648
709,486
4.50,186,656
+20.0
+ 6.1
780,816
1,403,997
1,753,470
1,409.472
Vicksburg.......
+ 16.1
678,351
1,994,870
726,106
2,405,000
+21.8
2,887,451
2,233,516
2,062,170
700,000
724,784
2,331,944
988,229
4,035,644
1,250,000
...
5,224,090
825,000
9,803,663
3,877,684
2,651,325
3,189,937
1,742,123
Hastings
Aberdeen
7,443,311
1,320,256
8,129,704
B tilings.
+ 2.0
875.000
156,844,907
39,563,342
39,543,068
13,898,579
21,005,232
14,758,926
10,693,225
7,564,362
6,759,290
7,404.021
1,795,340
2,319,723
2,001,620
1,975,512
2,100,000
.......
205.463,010
61,955.503
60,940,125
16,470,692
24,828,051
15,465,170
22,024,201
8,534,235
2,551,771
925,170
657,512
895,991
714,470
Fremont.
200,823,680
202,045,706
+10.7
15,748,547
7,328,395
10,974,504
10,282,574
13,661,056
5,033,125
3,491,937
3,775,379
1,013,175
909,943
......
+ 18.4
1,147,367
24,896,552
15,387,400
13,063,513
11,285,958
8,500,000
15,968,631
4,880,264
3,234,005
3,600,000
2,528,038
480,000
619,349
1
65,098,743
19,079,256
24,351,163
Denver
+24.9
1,618,082
'
819,885
650,000
825,801
233,550,361
53,233,759
.
937,353
947.268
761,795
•
357,525,895
Minneapolis
227,869,405
8,695,300
8,759,440
4,185,424
+ 9.1
-
1,732,406!
395,686,372
230,000,000
105,000,000
Total Pacific..
2,614,289
3,034,379
1,998,228
1,073,890
907,920
896.421. Not included
Santa Barbara.
7,353,781
4,618,793
1,709,294!
3,304,549
Long Beach.....
9,282,614
1,324,172
850,000
,
10,389,200
Lowell
River
97,900,339
25,543,000
22,856,136
16,200,073
6,800,000
13,631,537
3,190,827
5,146,383
3,604,739
2,144,662
2,480,697
1,913,019
1,067,628
30,828,000
40,202,305
30,519,407
17,395.476
267,549,924
New Bedford
Worcester
Fall
108,731,774;
48,562,703
35,902,672
Spokane..
Salt Lake City
Tacoma
+ 9.3
3,213,978
1,329,566
1,167,729
401,094
725,672,235
Portland........
Seattle
+ 14.6
*
1,045,770
821,868,936,
79,939,000
40,544,834
40,343,765
Los Angeles.....
Little Rock
11,056,900
339,043,854
Boston
Providence
799,840
1,102,200
531,957
471,448
770,000
377,000
101,358
93,169
—9.2
Chattanooga
+0.9 4,026,366,731 4,008,399,808
1,097,407
1,127,450
2,277,558
1,527,516
1,005,494
300,000
473,536
Jacksonville
in total
2,984,307
1,724,461
3,410,738
1,245,944
6,685,000
1,716,224
916,138
511,560
775,000
429,939
Colorado Springs.
—1.3
—0.5
4,353,974
2,689,979
1,086,395
993,647
520,570
Owensboro......
Topeka
Fargo
Inc. or
1919.
—5.4
.3,459,804
900,000
Lincoln
Clearings at—
1920.
+ 4.4
+ 13.2
+ 22.0
Wichita
Week ending
+ 5.9
+ 33.2
+ 76.0
Omaha
the week covered by the above
+ 5.1
+ 11.6
$9,370,071,809
89,066.891.444
+ 8.9
114,388
1,581,184
201,164
Kansas City
Total all cities for week-..*
—6.2
$7,916,864,131
1,453,207,678
$7,444,876,542
1,622,014,902
days
Total all cities, five
—11.3
$6,790,87 i,655
1,125,992,476
$6,194,833,274
1,250,043,268
Eleven cities, iive days..-.---———
Other cities,
+ 4.1
+ 7.3
1,929,635
Lansing
San
Per
1920.
•
+ 30.2
........
Adrian
made up by telegraph,
Clearings—Returns by Telegraph,
Week ending October 2.
1,650,000'
Bend
South
&c., indicates that the total bank
clearings of all the clearing houses of the United States for the week ending to-day
have been $9,066,871,444, against $8,473,310,617 last week and $9,370,071,809
the corresponding
Danville
1,532,862:
Canton
CLEARING HOUSE RETURNS.
:
1,770,4181
1,300,000'
...
Bloomington
WILLIAM B. DANA COMPANY, Presi¬
dent, Jacob Salbert Jr.; Vice-President, Arnold G. Daaa; Business Manager, William
D. Riggs; Secretary, Herbert D. Seibert.
Addresses of all. Office of the Company.
■4>K
Mansfield
Rockford
Qulncy
Publishel every Saturday morning by
The following table,
1,715,941;
10,519,000
2,700,000;
Akron
Lexington
Office—19 South La Salle Street, Telephone State 5594.
London Office—Edwards & Smith, 1 Drapers' Gardens, E. C.
Chicago
WILLIAM
Fort Wayne
74,168,113
48,455,926
23,658,700
12,835,000
9,701,800
9,638,504
792,294
1,301,590
1,274,258
1,601,574
967,073
1,036,139
+ 13.0
Lima
$6 30
Transient matter per inch space (14 agate lines) for
Business Cards, twelve months (52 times) per inch
"
"
six months (26 times) per inch
467,731,403
37,660,128
1,827,599
+ 4.2
+ 17.5
4,342,275
1,630,733
12,655,000
2,147,148
1,247,367
1,428,386
1,578,203
3,806,787
1,434,553
1,580,057
1,287,584
1,564,308
Youngstown
508,137,961
53,360,228
+ 36.3
+ 12.0
1917.
1918.
89,621,750
64,892,430
+ 15.5
Decatur
of Advertising—Per Inch Space
each insertion,
Terms
City Sectiogp
NO. 2884
1920
Week
PUBLISHED
Railway Sectioj
8, 473,310,617 8 109,041.114
Outside N. Y_. 3 078.553.749 3
RSI 41« n«4
+4.5 6 ,400 .179 218 5,942,990.374
4.12 n 3 nc*> mo r<>t
*> 4RO Q70.1U
CHRONICLE
THE
sands of
THE FINANCIAL
,
The
preservation
issue
supreme
who
of
of
the
hour.
it
is
truth.
the revolution in
is of
and
issue
in
the
fund.
Parliament.
a
seems
The
at the
Yet
because
believed
favorable
are
far
bought with
people
"control"
of
a
a
workings)
its actual
seizure in whole and
Is it not
it (and are not
off.
Let
paltering.
teaching that "labor"
and unlawful
syndicalism,
us
be done with
The logical end of
the "wealth" of the
owns
country because it produced
it—is
some
himself this
question:
witnessed in
answer
or
lesser degree than that
Europe, property is taken
in part, by surreptitious "control"
seizure into the hands of those who under
right either of control
no
If that time
seems
to
imply
later.
ownership?
or
property
it is
now,
they
may
do
ineffectually in the
so
election is at hand wherein
an
even
covertly at stake, by the elevation
party that will defend to the uttermost the
some
never
to be
an
opportunity will
regained and perhaps
never
to be
equaled.
It is
important that
The
and of the
familiar
we
reflect
seriously
on
this
illustrations of the sappers
seepage, under the walls, is most perti¬
nent.
If
litical
destiny it ought to speak out before it
public opinion is the great arbiter of
been rendered unstable
by
If the individual
a
po¬
a
of evil.
in
our
we
Ought
occasion to examine it in detail in
we
not
on
its relation to
Government and to human
progress and happiness?
Ought we not to demand of socialism, whether in
past
or
hensive
present, whether in sporadic
attempt, that it show
success, or, more
the
it
The
of The Law to
cover
possess
exploit them¬
constitutional rights.
in this article
breadth
of
the
examination
an
issue
only
may
be
Was this Government founded
upon.
on
prospered the people by maintaining these
to the present?
up
answer?
one
by
ress
Are
stitutional
time,
to
reasoning
and
Can there be
deny
than
more
magnificent prog¬
our
who
man
spiritual
that in in¬
can say
advancement,
time
important,
a
way or compre¬
single example of
single instance where
a
attempt has resulted in the "human welfare"?
The winds of doctrine
are
blowing
on
for
have not far outstripped all other peoples ?
we
Where is the
man
materialistic
own
we
comparison with that of other peoples?
a
Where is the
who
can
that
say
endeavor, furthered
so-called
our
by the right to
property honestly acquired by toil and lawful
descent, has prevented
our
advance in the arts and
sciences?
And when the whole of any movement is consid¬
ered
to cast it aside because it has met with
are we
obstructions
and
ure
the way,
on
because forsooth
injustice has ensued?
some
Are
fail¬
some
to take
we
the incidentals of the movement for the whole?
socialism is
a
more,
If
good thing, why not vote it bodily into
Constitution
our
If
and
hasten
the
who
have
those
if those who want
are
day of so-called
to
are
have
no
to have their wants
supplied to the uttermost, why not let the "over¬
come" be now?
this
dustry" the
If
And is not this "middle
violently asseverated
a man
ership
very
owns,
taking the easiet
own¬
who is
to
way
out is to take in the
We cannot go on
compro¬
principle and
a
the shifting
<
in¬
ownership through loss of control ?
end the easiest road in.
mising with
of
temporizing that tends to undo us?
(carrying with it full control)
Forever
ground,"
"democratization
and the law declares his right to
blame for loss of
it.
preserve
Either the
Gary and the Judge Mayer position in this domestic
controversy is right
or
with The release
partial control
quishment of
with that
a
a
of
it is wrong.
If it is wrong
goes
the relin¬
part of the right of free contract, and
loss of the
right in part to demand and
receive the protection of Government.
strip the question of all theory.
it full and uninterfered-with
be protected
It is time to
Is the
by Government?
of
owner
over
"control," and in this
If not, why not vote
constitutional socialism at once, and be done with
it?
The death
of Jacob
H.
Schiff
a
notable
figure in the banking and financial world.
Under
his
removes
leadership the firm of Kuhn,
Loeb & Co.
at¬
tained great
grew
not then to go deeply into this
question
thought, word and deed?
to
are
rights of individual ownership of property, and
rights
medley of fanciful the¬
ownership of property is
appear¬
Ought
property
has
foundation element in the structure of this
Republic
it should defend itself now
against even the
ance
own
property, whether factory or farm, to exercise
matter.
ories.
touched
now.
now
If the people do not stand
private rights of property, then
be lost
existing
private rights of property, with all that
Further, if
the issue is
of
so
over,
or open
approach the danger is
If Government does not defend
unlikely to do
to
when the Government will sit
supine, while, in greater
future.
detail.
deliverance?
Is there, logically, to come
time in this country
these
of
xlnd it is useless also to
The citizen of the United States should
firm for the
form
precise definitions of these terms.
over
law have
even
of degree, rather than princi¬
come
procrastination and
or
in
expropriation of property and
one
Let the masks
or
corrupt slush
manufacturing
connected with
wholly
their
to
greater dangers afoot than bribery
unlawful
socialism
union
What difference in principle is there
own
quibble
a
coun¬
not purchasable.
are
plant by those who do not
profits ?
in this
men
to be supported by
are
American
polls.
between
manner
"shelling the woods" with the charge
are
And there
lawful
who
"entering wedge" must be withdrawn,
by those who yet
has
a
The
We do not attempt
It is said that
Italy has been bloodless—that it
that the election is to be
now
world
those
seek the
now
the
the
element
"cause"
even
seizure of property) by a confirmation
try who it
a
he
(after the
at the hands of
the
point
if
temporize and falter with claims and organisms that
selves?
property!
or no
attempting to proceed in
fact of open
ple?
the
higher order than that of Russia—that it is
a
labor
this
is
public opinion—how is the firm foundation
attained
This may be paraphrase,
Flatly,
to-day is property
On
be
to
rights
property
temporizes is lost!
but
SITUATION.
[Vol. Ill,
as
a
ment
eminence and distinction and steadily
in power and influence, until to-day it stands
recognized tower of strength.
emphasis is laid
upon
In public
Mr. Schiff's
com¬
career as
philanthropist, and certainly Mr. Schiff did love
a
to
give, and his charitable work lay close to his heart.
Indeed in the later years
ners
at
hand
absorbed
tion.
to
He gave
more,
of his life—with able part¬
him
of business
cares—it
nearly the whole of his energies and atten¬
fashion, and in
is
relieve
with
a
an open
hand, in most liberal
wholly unostentatious
his business
career,
way.
What
in the estimation
of
„
Oct. 2
1920.]
well-informed
every
stain
blemish.
or
the scale
on
critic,
was
Before it is
wholly
possible to distribute
practiced by Mr. Schiff it is first
neces¬
to acquire, and Mr. Schiff did acquire, but al¬
ways
in accord with the best standards of business
Mr. Schiff in his charities
not distrib¬
was
uting ill-gotten gains. He accumulated great wealth,
but he
of
by it honestly.
came
banker
a
achieved
financier
and
financial
the
sure
no
other kind of
eminence,
a
the highest type
his
and
success
was
world
would
To
to-day tolerate
but Mr. Schiff, by his
man,
pre¬
leader, and he helped powerfully to
was a
set the standard
which, by its excellence,
the admiration of the
mands
was
by undeviating adherence to principle.
be
incidents
other
He
of
his
world.
career
now com¬
Some of the
narrated
are
The German
from
free
sary
ethics.
1305
CHRONICLE
THE
on
an¬
other page.
ference
heir
representatives presented to the con¬
statement
a
of the war."
of confederated
marks
Empire
for
to
war
forth also
set
estimates
1920
240,000,000,000 marks."
Embraced
ment in
the
Europe, but to
in the process of develop¬
great extent they were in
a
making and represented
tiations from last week.
under way,
were
continuance of nego¬
a
Two
important conferences
namely that of financiers at Brus
sels and that of the Polish and Bolshevik
peace
gates at Riga.
dele
Representatives of the .Government
and of the British coal miners made further efforts
to reach
a
settlement.
London advices
Although it
reported in
was
Thursday that they
on
were
dead¬
locked, the opinion seemed to prevail, both in Eu¬
and in this country, that
rope
averted.
Next
Monday
putting it into effect.
Yesterday afternoon, another
postponement to Oct. 16
litical
fresh
the
and
strike would be
a
the postponed date for
was
The po
announced.
was
religious disturbances in Ireland gave
to the British Government and
concern
subject of much careful consideration.
In
were
to be better and in others
The formal
cial
worse.
that
seems
Congress in Brussels occurred
a
week ago yes
terday at three o'clock in the afternoon.
and
mons
crowded
tions
it
at
were
stated
was
the
ses
ampitheatre
Some fifty
was
na¬
represented, but the special correspond
He
and
"Times" observed that "not
a
has been found to contribute to the
woman
discussions."
marked
the
opening meeting.
ent of the New York
single
The
Belgian House of Com
that
added
deplorable
lies and enemies
are
that
"there
absence.
all here
is
another
Russia's old al
except the Turks, whose
000 marks in April and 1,000,000,000 marks in
May.
against Germany in 1919
is
ures
due
that
ces
the
growing
no
He asserted that "the
Investigation and not the League of Na
tions, is responsible for this crying void."
ural,
voice in
Government, by its refusal to accept the Com
interest in the conference.
as
opening
it
was
was
about
was
made
was
Accord
August 1920."!
dispatches giving
that "while the
many's
as
a
trade
were
and
by Gustav
return
conditions necessary
ple to concentrate
on
Ador,
The
ex
He
ex
the conference
people.
on
to
unrestricted
to enable the peo¬
their work for recovery from
the effects of the war."
and
a
M. de la Croix welcomed
behalf of the
stated in Brussels
was
budget needs fixed the extent of Ger¬
is most detrimental to
any
from the
the
regular budget."
Aside
presentation of this report, it was noted in
advices that "thus
far
the
German
has not indicated that it has
any
delegation
plan to submit for
the consideration of the conference."
Commenting
-
the probable scope of the
upon
ference and what
con¬
might be accomplished, the Asso¬
Belgian Governmen
early
exchange of views has not de¬
in the week that "the
veloped
any tangible proposition, but has shown a
tendency to settle the world's financial troubles
through regular financial channels
to look
other."
can
and
no
for the various Governments to aid
He added that William
representative,
though
longer
one
an¬
Boyden, the Ameri¬
necessarily
taking
a
minor part
in the conference, has had talks with
number
delegates, including Doctor Schueller,
of
and has had occasion to
of
suggest
relieving economic distress.
breaking down of the
some
practical
Among them
barriers that
are
newly established frontiers
European States.
It
seems
"called attention to the fact that
that
a
ways
are
the
obstructing
of the Cen¬
Mr.
Boyden
Hungary alone has
57 points of
entry where trade is being held up by
vexatious customs
regulations."
Commenting fur¬
ther upon the
general trend of sentiment at the con¬
that "the*
"solid, honest, Switzer."
economic barriers
It
outline of the German report
an
obligations to her adversaries has not yet been fixed
ference,
pressed the conviction that "the gradual suppression
of
steadily
which has risen from
burden, the fact that the amount of her
own
perfectly nat
Switzerland, whom the corresponden
characterized
German finan¬
6,000,000,000 marks in 1914 to 72,000,000,000
marks in
little popular
purely financial in character.
address
President of
This
re¬
called to the fact
of
extent in the
some
circulation,
paper
was
situation
is reflected also to
tral
ing to this correspondent there
Attention
"unfavorable
borrowing, but Russia herself has still
mission of
was
claimed in the
was
essentially to the depreciation in the
value of the mark."
trade at the
Soviet
It
port, furthermore, that "the increase in export fig¬
knowledge of finance is nearly limited to the art of
these international arfairs."
account of reparations."
on
"exports exceeded imports by 600,000,-
ciated Press correspondent at Brussels cabled
opening of the International Finan
sions have been held in the
was
showing the exports of the country, "includ¬
ing products furnished
some
respects the Italian industrial situation appearec
deficit of 39,000,000,000
a
in the German statement
22,000,000,000 marks."
were
It
receipts at 40,000,000,000
put
The balance of trade
Important matters
na-
exclusive of debts
proper,
that "the Government's budget
marks, thus leaving
table
It
of
opposed to estimated demands of 79,000,000,-
marks."
a
condition
financial
States, has risen from 5,000,000,000
marks before the
000
the
According to this document, "the
ional debt of the
was
of
country, which they attributed "to the length
ments
the
Associated
Press
correspondent said
outstanding features of the financial
thus
far presented are the
state¬
optimism of the
new
States, which, without exception, see a bright
future, provided the capital necessary for develop¬
ment can be
obtained, and the pessimism of the Euro¬
pean
neutrals, which complain of trade restrictions
and dwell
upon
home.
increased debt and need of capital at
Such is
the
which points out that
in the
budget
case
a
affords
statesmen, necessitating
capita:"
particularly with Spain,
900,000,000 pesetas
deficit of
great
new
anxiety
to
Spanish
taxes of 45 pesetas per
R. H.
Brand, the British Vice-President of the In¬
on
Conference, in the opening
Financial
ternational
debate
Monday asserted that "the greatest imped¬
the movement for socialization
M. de la Croix, the
the
of
course
Gov¬
Belgian Premier, in
cial
capital tax in Italy was merely an income tax dis¬
tributed
The proposed tax on
thirty years.
over
capital in Germany, although based on capital, might
be
regarded
seize the
on
most
a
let her
income tax.
as an
of
means
Kogo Mori, Japanese Commissioner in
who
address asserted that "the so-called
an
'The State cannot
production without embarking
Don't seize the hen;
dangerous policy.
At Monday's session the
lay eggs for you.'"
resolu¬
delegates appointed a committee "to draft
fixed date of redemption.
a
trade restrictions."
and nationalization
industry, with the accompanying burdens on
of
ernments."
of external debts with
Fourth—Advisability of internal and international
reconstruction of Europe is
iment to the financial
[Vol. 111.
CHRONICLE
THE
1306
London,
presented his views to the International Finan¬
Conference at one of the early sessions, declared
is the most essential
that "freedom of world trade
production, which must
condition for the increase of
bring about economic restoration of the
added that
restrictions
on
those
world." He
complete elimination of
"this involves
both imports and exports,
applying to
materials."
raw
M. Mori declared that his coun¬
conditions in Japan,
try "has not escaped from the
fairs which has
especially
In his review of
general state of af¬
Herr Berg¬
preoccupied the world.'
representing Germany, commenting upon the
mann,
the first step
toward reaching conclusions.
financial report presented
in behalf of his Govern¬
These resolutions will
embody the sentiments of the
ment, said that "in spite
of the present difficult
tions
as
conference
questions relating to public finance,
on
Brand, the British Vice-President of the
which Ii. H.
A
Conference, has classified into four categories."
special correspondent at Brussels of the New York
"Times" declared in his account of Monday's ses¬
being
air of
an
of
reviving everywhere in the country."
to work is
crying aloud their wrongs, their suffering
activities and to pay
impossibility of paying their way without the
more
and
provide."
cency
>
sion of the conference
developed considerable more
The Associated Press cor¬
animation and interest.
respondent said that this session, "which had prom¬
ised to be colorless,
developed two unexpected fea¬
get to work, to live on their own
their
a means
of putting health into the cur-
situation and of stabilizing exchange, at to¬
day's session of the International Financial Con¬
These
ference."
be lost
are
excellent ideas and should not
sight of by the people of any European coun¬
try, particularly during the reconstruction period.
At
Thursday's session "reports of the financial situ¬
Armenia
and
in
Boy den, the American representative, and
Later
the
Bergmann, of Germany, whose speeches com¬
tional
commerce
it
noted that "the discussion for the first time
land W.
Herr
before the delegates of Ro¬
manded keenest attention and
vor."
He
applause of equal fer¬
noted, furthermore, that "the American
and German had the honor of
for the first time
was
filling the galleries
during the conference."
Mr. Boy-
reported to have been given particularly
close attention.
He
was
became
Press
a
out the world has been
that "startled
expressions
some
of the
no
delegates
as
the faces of
were seen on
Mr. Boyden made it clear
further Government
from the United States."
help should be expected
He added that "it is not
for the United States to participate in the
ference because it
was
difficult for the Administra¬
tion to make known its attitude
volved, in the midst of
The American
a
on
the
questions in¬
Presidential campaign."
representative emphasized the idea
that in what he said he
was
views without in any sense
The assertion
ment."
con¬
was
account
Other problems
observed
The As¬
that "the
made during the last two days towrard
United States
stated
one
and exchange."
correspondent
progress
was
In
those of "reconstruction, particularly
those relative to currency
sociated
presented."
were
question of interna¬
generally international."
taken up were
reaching
It
the
considered.
was
explained "why Europe could
good business risk."
Hungary
forenoon
same
not, under present conditions, be considered by the
easy
and to produce
own way,
ation
tures in the appearance
that
At
corre¬
spend less, were the principal remedies
proposed as
According to the cabled accounts Tuesday's ses¬
Press
Associated
an
spondent said that "the necessity for countries in
help that no one seems anxious, even if able, to
den
session
Wednesday's
sort of world's high court of bankruptcy,
a
The people there are gradu¬
Germany desperate.
ally finding their way back to order, and willingness
financial distress to
with all
and
has
that "the financial conference
sion
situation, we do not consider the financial prospects
understanding of the situation through¬
an
gratifying, according to dele¬
gates, and hope is expressed that a definite line of
action to be submitted to the nations
represented
here may
be decided
journs."
At yesterday's session of the conference
Premier de la Croix
ganization of
a
for commercial
of
Belgium proposed "the
It
or¬
sort of international clearing house
exchanges."
"this is the first concrete
ference.
before the conference ad¬
upon
It
was
observed that
plan presented to the
con¬
provides for the issuance of gold bonds,
giving his "own personal
exchangeable for cash at banks, for the payment of
representing
international commercial
made in
a
my
Govern¬
accounts."
Washington
dispatch yesterday morning that he had received
As noted
ex¬
briefly in last week's issue of the "Chron-
plicit instructions not "to commit the United States
icle," the Soviet delegates to the Peace Conference
Government to any
at
Vice-President
proposition
Brand
or
outlined
principle."
the
resolutions
Riga,
tice.
a
week ago yesterday, proposed an armis¬
The terms
were
made known to the conference
which the
committee, to which reference has been
by "Adolph Joffe, head of the Bolshevist Peace Com¬
made,
working out.
mission."
was
tion
of
The four categories,
"thirst—Equilibrium
tially were:
essen¬
of budgets, reduc¬
expenditures, limitation of Governmental
The
Associated Press
correspondent at
Riga said that "they carried with them
an
matum that Soviet Russia would start a winter
armistice
ulti¬
cam¬
not arranged within ten
functions; reduction of armaments; elimination of
paign if
subsidies, and selection between direct and indirect
days."
taxation
plete surprise, the Polish counter proposals to the
on
capital.
loans to real
Second—Necessity of limiting
productive
purposes.
Third—Funding
an
was
He added that "the offer came as
Soviet Government offered at Minsk
a
com¬
being the order
<
Oct. 2
THE
1920.]
1307
CHRONICLE
indicate that there
A special cor¬
respondent at Riga of the "Evening Post" cabled
unexpected terms." M. Joffe was quoted as saying
Thursday evening that "the Russians continue the
that "the Bolsheviki are not anxious to prolong the
policy of taking the initiative in the matter of speed¬
war, but are anxious to know immediately whether
ing up the Peace Conference, while the Poles are
peace is possible."
He made known, furthermore,
sparring for time." He said also that at the first
that "the new conditions he has proposed would re¬
session of the main Commission earlier in the day,
main effective until October 5, after which the
"Joffe completed the draft of a document outlining
Soviets would reserve the right to change their
a
basis for an armistice and preliminary peace."
terms."
The accounts stated that following M.
The correspondent explained that "the document
Joffe, M. Dombski, head of the Polish delegation,
consists of seventeen articles, outlining the boundar¬
presented the Polish preliminary terms, which had
ies of New Poland, the status
of newly created
been prepared before M. Joffe's offer, and were in
States, and the time process of speed with which
no sense a reply to the new Soviet proposals."
It
the armies are to retreat on the signing of the armis¬
was
emphasized that "M. Dombski's suggestions
tice ; also post-economic provisions."
The dispatch
were
based on peace preliminaries and included,
stated that "the Poles asked for thirty-six hours
first, recognition of the sovereignty of Poland by
within which to examine the Russian documents."
Soviet Russia, and no interference in domestic af¬
According to a dispatch from Riga yesterday morn¬
fairs; second, the determination of boundaries not
ing the conference was practically at a standstill,
in a spirit of historical revenge, but on a basis of
largely because, as the correspondent asserted, the
just conciliation of vital interests; third, that the
delegates lack power to make an actual peace agree¬
contracting parties grant a free choice of Russian
ment.
In a special cable dispatch from Riga to the
or Polish citizenship to all persons affected by the
New York "Evening Post" last evening it was stated
treaty; fourth, that both Powers agree to free cul¬
that the Polish delegates were less enthusiastic over
tural, linguistic and religious development, and fifth,
the prospects for peace with Soviet Russia, because
renunciation of restitution in any form by Poland of
"the Soviet delegation demands that Brest-Litovsk
the expenses of the Polish-Soviet War."
be on the Russian side of the Russo-Polish boun¬
M. Dombski, in a formal reply to the Soviet ulti¬
dary." It was pointed out that "this means that
matum, asserted that "definition by the ultimatum
Russia would have a fortified city within only 100
of the time within which an armistice and peace
of the
day."
As a consequence, the
tion was unable to
"Polish delega¬
the
make any response directly to
7
Subsequent dispatches did not
was
any
foundation for this report
V
preliminaries must be signed, as presented by the
Russian delegation, does not in the least help to
miles of Warsaw."
It
was
stated in dispatches
from Milan a week
satisfactory result. On
ago this morning that incomplete returns from the
the contrary, it gives the impression that the side
referendum held the day before, "to determine the
presenting such an ultimatum reserves to itself the
sentiment
of workmen
toward the agreement
right to break off the negotiations at any moment."
reached, at the instance of the Government, by em¬
Adolph Joffe, head of the Russian delegation, was
ployers and workers, relative to a solution of the
said to have disregarded M. Dombski's thrust, de¬
present industrial situation, appeared to show that
claring "the only point of importance in the Polish
the agreement has been approved by a large ma¬
Chairman's address was the fact that the Poles were
jority." A dispatch to the New York "Times" from
willing to have the commissions begin work." He
Milan, two days later, stated that "though the exact
added that the "Soviet Government agreed to accept
result of the Italian metal workers' ballot is not
bring the negotiations to a
as
a
basis for peace
the
preliminary terms pre¬
yet known, in consequence of the bad weather and
4, with minor modi¬
the delays in the telegraphic transmission, about
fications, and that his Government was anxious to
72% of the replies which have been delivered to the
get down to facts and eliminate academic discus¬
Milan delegation were substantially favorable to
sions."
Thereupon the two chairmen agreed to ap¬
sented
by M. Dombski on Sept.
work out the details of
the preliminary peace.
It was reported in a dis¬
patch from Riga Thursday morning that "Russian
Bolshevist representatives at the Peace Conference
point four commissions to
the Giolitti
concordat."
Rome about the same
Government was
Another
from
Giolitti
dispatch
time stated that "the
subjected to a savage attack last
night in the Senate, when the internal situation, par¬
suggestions ticularly the recent labor upheaval, was discussed.^
A special correspondent in Genoa of the New York
for the boundary line between Poland and the States
"Evening Post" cabled that "the outcome of the la¬
joining to the East."
The terms called for "the
bor fight in Italy at this moment is a victory for
designation of a strip of territory that would be a
the middle ground
between aristocracy and an¬
neutral zone during the final peace arrangements,
archy." Word came through an Associated Press
both Poland and Russia agreeing that they would
cablegram from Milan "that instructions that metal
not tolerate in the zone the formation or mainte¬
workers evacuate plants occupied by them have been
nance of Governments, or organizations opposed to
given by the Metallurgical Union and the movement
the present Government in either country."
A Paris
will begin on Monday" [last Monday].
It was added
news agency was said to have received a dispatch
that "this is the result of the referendum held
from Warsaw, late Wednesday night, that "Adolph
throughout northern Italy during last week rela¬
Joffe, head of the Russian Soviet delegation; in the
tive to the acceptance of the agreements between em¬
peace negotiations between the Bolsheviki and the
ployers and workmen, which were signed at Rome
Poles, at Riga, had received instructions from Mos¬
at the instance of the Government.
The vote taken
cow to accept all the conditions laid down by Po¬
showed 132,000 for and 45,000 against the agree¬
land for peace, however hard they may be, except
ment."
A later dispatch from Milan indicated that
only those compelling Soviet Russia to partially or
the order was being complied with.
An unfortunate
totally disarm her Red army."
here had
submitted to Polish delegates
1308
THE
CHRONICLE
development
was
day.
said that "estates owned by King Vic¬
It
tor
was
reported via London
has become the most
Wednes¬
on
important topic before the people, and
thought that, possibly, by combining labor conscription
loosely with mine socialization, Germany could increase her
it is
Emmanuel of Italy, at Santa Maria £i
Capua
Vetre,
near
coal
Naples, have been seized by members of
local agricultural societies."
London
heard
that two serious fires had occurred in Italian
definitely earlier statements
to the owners
to-day" [last Monday].
from Rome it
gram
was
manu¬
Hostilities between
litti has warned Italian
posed labor bill."
York
A
Wednesday afternoon that
tories of Genoa and the
was
resumed
sent
men
that
period, and claim
their posts.
paid
In
they
the Polish forces had
allowance
for
reached.
month's
Industry,
Janitors
captured Lida, "an important
Vilna, and Pinsk,
a
Tuesday."
of
prevent
them
want the
each year or extra
should
not
be
lodging.
the fall of
within
removed
has not
as
a
in South
continuing, and
Vilna, the Lithuanian capital, is expected
few days."
General Wrangel was active
Russia, and in
Thursday morning
cablegram from Sebastopol
a
reported
was
lie
had
captured "Kharkov,
Russia, 250 miles
an
Southern
delivering
letters
to
Cable
papers
advices
from
Berlin
to
New
from
yet been
AZOV,"
over
At
a
ber of
tions
meeting
a
week
ago
of the
Government,"
the Government
new
President,
to Parliament at that time.
of
York
news¬
you
Cabi¬
with
have placed
me,
greater effectiveness
attached forever to
the
view to
giving the latter guar¬
only work serving the public will be re¬
a
serted that "the
One correspondent
Ministry of Economics
as¬
will make
a
strong effort to obtain the co-operation of the labor
leaders in this movement."
outline of the
plan
was
While
not
a
definite official
obtainable,
it
was
claimed by a special
correspondent of the New York
"Times" that "at
present the idea precludes a
sweep¬
ing draft, and
men
already engaged in skilled trades
specialized work would be
exempt. Labor con¬
scripts would be employed in road and canal
or
in
con¬
struction
work, in the extension
tatives.
there is
trol
of
Parliament
conscription of labor, this
420,000
men
are
drawing unemployment insurance
to-day,
here, could be transformed
and this real
expense, it is argued
into net earnings if an
army equivalent in size to the unem¬
ployed
force
were
employed
for
the
public
good.
The
question of the socialization of the coal mines of
Germany
is
Republican regime, which,
Confusion
of
and
respected,
best, in consul¬
bring -about
dently the desired modifications
pru¬
of the Constitution."
Former President Poincare contributed
the Paris
con¬
an
You must choose the time
you deem
tation with the
Government, to
an
article to
"Temps," in wfiich he supported President
Millerand in his contention that "the President of
affairs."
a
The
more
active part in Govern¬
Paris
correspondent of the
New York "Herald" declared that "France
has grown
tired of the idea of a weak President."
He added
"that
The attitude in Government
circles is that the time
has
come when such a dtastic
measure can be
adopted.
About
France
Nation
independent judiciary.
authority always leads to tyranny.
mental
correspondent said:
The
need of free executive
power under the
dwellings."
of
continuity.
war.
In order that it be executed and
a
France should take
alleged attitude
the
serve
errors and faults of
personal
has completed its work in
reconstructing the
unity of the Fatherland.
Universal suffrage is the
master, and its will is expressed by elected represen¬
coal fields and the erection
of miners'
In
the
and
where
to
power,
bituminous
attempting to outline
duty and honor
after remedying the
of the
the Government toward
In part he said:
only with the intent
"a
will take the question
up with
vote
a
Alexandre Millerand, the
delivered his first Presidential mes¬
"I have
accepted the post of
its
quired of labor conscripts."
of
to-day the French Cham¬
gave
from
antees that
Sea
by 507 to 80.
has learned lessons
labor leaders with
the
.k
tenants
scheme of
introducing la¬
conscription in Germany." It was claimed that
long memorial is being prepared by the
Ministry
Economics, which
of
Deputies, "following a debate on interpella¬
concerning the foreign and domestic policies
bor
of
taken
.
of confidence
have declared that "the Fehrenbach
net is in earnest
have
important city in
north
attempting
and
to
nearly 20,000 prisoners north of Alexandrovsk. Last
evening the report came from Constantinople that
buildings.
-
fortified
pay for
Despite the efforts of
an agreement
attacking postmen
from
on
advance toward the Northeast is
sage
to
are
subse¬
a
Brest-Litvosk,
case
a
the Minister of
In
city 90 miles east
spirit
a
they leave the service they ask to be
month's salary for each
year of service, plus an
one
taken."
The official Polish statement said that
"the Polish
with
are possessed
fortnight's vacation
were
town 45 miles south of
marched out and the
Janitors have struck in this
city, asking free lodging for
themselves and families, 100 lire
per month for cleaning
the main stairs of
buildings and 25 lire additional for each
other stair they are forced to clean.
They also demand 20%
additional to all these remunerations if
they are called
upon to attend a telephone or elevator.
The
a
material
war
The
large number of prisoners
captured 1,300 additional prison¬
Bolshevist Commissary and eight cannon. Yes¬
terday morning's advices from Warsaw stated that
"the red flag on the fac¬
ing dispatch from Rome, dated Sept. 29, and made
public here the next afternoon:
option of
Polish official statement.
ers, a
strikingly similar to that displayed by many classes j
of
employees in this country is shown by the follow¬
K
a
made that "a
their forces had
word
pulled down this [Wednesday]
Italy
and
quent dispatch from Warsaw the Poles asserted that
possession."
That workers in
was
and much
pro¬
nearby industrial section of
morning, when the workmen
owners
claim
special correspondent of the
"Evening Post" at Genoa
Liguria Province
ing," according to
employers not to attempt
drafting its
Bolsheviki
accomplished by Polish troops, "after heavy fight¬
cable¬
a
Russian
Early in the week
Grodno, "an important city in North¬
Russia, near the Lithuanian frontier," was
western
returned
In
the
the Poles have been in
progress.
the capture of
reported that "Premier Gio-
lockouts while the Government is
New
were
position to eventually balance its books.
also
that "industrial plants
occupied by workmen
production, rehabilitate her industry and put the Treas¬
ury in a
facturing plants which had been occupied by the
workers.
A dispatch direct from Turin
confirmed
which had been
[Vol. Ill
"this is the
outstanding lesson of last week's
developments, but the continuance
of the Millerand idea
ness
with which the
of public support
plainly depends
new
upon
lems to which his
message to the National
called
attention."
On
Wednesday,
Paris
the firm¬
President meets the
prob¬
cablegrams, "Wilhelm Mayer
von
Assembly
according
to
Kaufbeuren,
Oct. 2
THE
1920.J
France, presented his cre¬
German Ambassador to
dentials to President Millerand at the Elysee
thus
Palace,
restoring the diplomatic relations of France and
Germany to the pre-war basis."
In presenting his
credentials the Ambassador declared that "he would
continue to devote his efforts to the
favorable devel¬
countries,
working along the lines of the Treaty of Versailles,
opment of the relations between the two
Government would
help him in surmounting the dif¬
ficulties encountered."
said that
President Millerand in reply
"the whole policy of'the Government of
Republic of France toward Germany is prompted
the
of the Irish
problems "on
a
gested that Great Britain
Dominion basis,
reserve
and sug¬
for herself only a
A Lon¬
"although
foreign policy and united military forces."
don
dispatch Thursday evening stated that
Viscount
Grey's proposals
and respect,
were
received with interest
awakened
it cannot be said that they
much enthusiasm,
while in
some
rejected almost impatiently."
quarters they were
'
?
expressed his confidence that the French
he
and
1309
CHRONICLE
A week ago
to-day the cablegrams from
London
opinion prevailed there that "sus¬
indicated that the
pension of the strike is recognized as being a great
victory for the Government." It was added that
miners have been forced to drop
"the
both their demands,
thought—that the loyal, execution of the
which ended the war is the only means first, the right to control the profits and prices of the
of solving the grave difficulties which still exist be¬ industry, and, secondly, a wage rise on the ground of
tween the two nations and prevent complete collabo¬
high cost of living. They have been induced to
ration
in
works
of peace."
Former President accept the Government's contention that the output
Deschanel is said to be in a sanitarium at Reuil, five could be considerably increased if miners and mine
by
one
solemn pact
seriously ill.
miles west of Paris, but is not
owners
would co-operate."
ent of the New York
The French Labor Federation has
held
a congress
tually all danger of
The London correspond¬
"Tribune" declared that "vir¬
coal miners' strike next Monday
a
general
removed
is the issue."
The correspondent explained that the paralyzing fear of a possible general strike."
He
added that the general optimism over the expected
"this issue arises from the failure of the strike called
settlement was reflected in the stock market, Tvhich
last May and forced by minority elements, which
desire French labor to join the forces of the French closed higher on receipt of news that the miners had
at Orleans
this week.
It
stated in
was
that "choice between economic
United Socialist Party
one
account
and social revolution
and adhere to the Third In¬
all it entails."
ternationale (Moscow) and
has
The postponement marked a
passed.
improvement in the industrial outlook, as it
decided to continue the
negotiations."
The corres¬
pondent in London of the New York "Evening Post"
also said that "a coal strike in England is now un¬
people
week."
raiding and robbing of the general post office at
Dublin, the sacking of three more Irish towns by the On Thursday it was reported that the situation was
"Black and Tans," the murder of a policeman in the pretty well deadlocked, but hope was still expressed
The
political disturbances in Ireland have included
He observed, furthermore, that "few
likely."
industry expected one until last
in touch with
the
Falls District of
Belfast, and the burning of forty
that
a
strike would be averted.
One London dis¬
miles patch Thursday evening said that a conference was
Proposals
from Dublin.
A big disturbance occurred in Cork as held at the Board of Trade Wednesday.
the result of the explosion of a bomb.
Apparently were discussed, "but nothing definite was done."
Another conference with Lloyd George was to have
great damage was not done, either to life or property.
After its adj ournment, through
The police quickly surrounded the place and machine been held yesterday.
dispatches from London last evening, it became
guns were said to have been brought into play.
known here that "the miners' conference has decided
During the greater part of the week there was more
than ordinary apprehension in Cork and other im¬ to ask the miners as a whole to vote on the question
whether the dispute shall be submitted to an im¬
portant centres over the possibility of reprisals for
partial tribunal." The strike notices that were to
the loss of life and property which had occurred.
have gone out to-day have been further suspended
There were several such demonstrations, all of which
were said to have shocked England.
It was reported untilOct.16. The new ballot is returnable on Oct. 13.
buildings in the town of Turin, twenty-five
that demands were,
halt them.
made
upon
The Archbishop of
appeal to Christians to make
the Government to
Canterbury issued an
national troubles the
There
was
a
report in
London Wednesday that
with the "Ministry of
it had been decided to do away
subject of prayer.
Transport, which was re-established
either side in
ago."
He declared that "endeavors on
Ireland have been thwarted by preju¬
while capable men are
the
reasonable path¬
through the darkening turmoil." The Standing
the
dice, inflamed by passion,
striving eagerly, but vainly, to find a
way
Committee of the Irish Peace
resolution "recording its
'constitute
cess
an
Conference passed a
conviction that the reprisals
almost insuperable barrier to the suc¬
of the committee's efforts
in the cause of peace.' "
only a short time
said that "the inference is drawn that
Government has definitely abandoned the idea of
It
was
nationalization
Churchill, in
dicated
had
The London
of
railways,
which
Winston
indiscreet speech at Dundee, in¬
an
been
under
favorable
consideration."
correspondent of the New York
asserted that the Ministry of Transport
"Times"
has had an
inglorious career."
l
evening told of a long
British Treasury returns for the week ended Sept.
statement issued by Arthur Griffith, founder of the
25 indicated a decline in Exchequer balances
of
Sinn Fein organization, in which he charged that
£189,000, which brought that item to £3,745,0$),
"reprisals in Ireland were a calculated policy of the
as
against £3,935,000 in the preceding statement.
Government, and that a plot exists for the assassina¬
The week's expenses totaled £26,538,000 against
tion of the Irish Republican leaders."
Viscount
£19,766,000 last week, with the total outflow, includ¬
Grey addressed a long message to the editor of
the "Westminster Gazette," which was cabled in ing repayments of Treasury bills, advances and other
items
£176,994,000 (against £99,895,000 for the
full to the New York "Times" and published by that
week ending Sept. 18).
Receipts from all sources
paper Thursday morning.
He urged the settlement
A
cablegram from Dublin last
1310
THE
amounted to
£176,805,000.
£100,668,000.
was
A week
Of this
sum,
CHRONICLE
£24,475,000 against
£30,136,000 and savings
against
£800,000.
France, according to a special cable
"Chronicle," reports a further decrease of
the
to
yielded
tificates
£600,000,
The Bank of
the total
ago
revenue
[Vol. 111.
1,511,900 francs in the amount of gold in vault.
cer¬
The Bank's gold
Sundries
holdings abroad
were
reduced to the
brought in £100,000, against £150,000, while from
advances
£101,299,000 was received, comparing
with £5,600,000 a week earlier.
New issues of
including 1,948,377,150 francs held abroad.
Treasury bills
year at
were
smaller, amounting to £50,181,000
against £58,8^8,000 last week.
far in
of the amount
excess
been
further
a
This, however, is
repaid,
to £1,094,024,000, in
£1,083,099,000 the previous week.
a
week
with
Sales of Treasury
advances is reported,
£168,949,000 against} £175,The floating debt aggregates
ago.
£1,262,973,000.
000 and
comparison
again smaller, £150,000, against £190,000.
were
Another reduction in
temporary
the total of which is now
441,000
that there has
heavy expansion in the volume out¬
standing,
bonds
so
A week earlier it
£1,226,073,000 last
£1,258,540,-
was
year.
of
extent
8,517,525 francs.
therefore,
this time the total
of which
1,978,278,416 francs
stood
change
has
been
week the silver
while
Treasury
official
discount
rates at
leading European centres from 5% at Berlin,
Vienna, Spain and Switzerland; 5}^>% in Belgium;
6% in Paris and Petrograd; 7% in London and
Norway; 7J^% in Sweden, and 4^% in Holland.
In London the private bank rate was
slightly higher,
518,210,000 francs, bringing the amount out¬
up
This
last year
as can
by cable of
be
learned,
no
reports have been received
to the
was
only 6,683,184,785 francs.
increase in gold,
amounting to £50,069,
shown
by the Bank of England in its weekly
statement, which brings the Bank's, holdings of the
precious metal
to £123,114,715,
up
circulation
(£2,005,000)
than
to
that total
so
liabilities fell
figures of last week and corresponding dates in 1919
and
1918
are
BANK
and
ago
were
to
declined
reserve
proportion
11.07%,
14.30% last
expanded
no
of
less
reserve,
against 13.12%
as
Public
year.
a
deposits
cut
contracted
£13,630,000. There was an increase
during the week of £20,590,000 in loans (other secur¬
ities).
Circulation has reached £127,489,000 as
against £84,142,440 last
year
1918,
shown
while
reserves
£14,073,000 which
are
compares
and
to
£62,252,480 in
have
fallen
to
with £22,466,759 held
FRANCE'S
Gold Holdings—
Frat
1.511.900
Abroad
Dec.
8.517.525
Dec. 10.029.425
rumors
of
an
3.531.172,650
rate have been in
announced at the regular
was
different itsms of the Bank of
England return:
ENGLAND'S COMPARATIVE
STATEMENT.
1920.
1919.
1918.
1917.
1.948.377.150
1.978.278.416
2.037.108.484
5.479.549.800
5.574.184.210
5.438.629.893
256.306.495
291.457.720
319.809.433
995.906.453
902.102.981
Advances....
Note
Inc.
4.942.000
2.002,396.000
circulation...Inc.518.210.000
Treasury deposits..Dec.
65.267.291
76.040.073
General deposits...Inc.226.289.000
3,251.403,894
2.753.614,502
3.029,352,330
The
New York
Clearing House banks and
companies last week issued another unusual
ment, this time mainly
to
as
result of the admission
a
inclusion for the first time of its
report in the Clear¬
ing House statement.
This had the effect of throw¬
ing the figures entirely out of line and rendering them
for the time being
comparatively of little worth for
analytical
purposes.
Actual changes comprised
$4,149,301,000, exclusive of Government deposits of $175,Net time deposits gained $10,513,000,
114,000.
to
Federal
Cash in
Reserve
$88,881,000 (not counted
of
member
registered
banks
an
Reserves in
with
vaults of members
own
Bank
the
declined
vaults
own
of
State
and ,trust
companies,
$8,570,000.
In
were
aggregate
are
30.525.411
42,512.204
111.026,000 121,220.060 137,127.288
21,888,000
70,735,213
57.671.045
Other securities
109.313.000
81.990.018
99.726,902
Reserve notes & coin 14.073.000
22.466.759
28.355,195
Coin and bullion...123,114.715
88,159.199
72,157.675
52 235 504
128.744.973
58.735,220
117,402 096
42.188 051
cash
in vaults
to
the
by these banks
on
Saturday last.
to liabilities
Bank rate
55.727,376
54.630,520
11.07%
7%
14.30%
'
5%
16.90%
18.89%
21.23%
5%
15%
6%
surplus, bringing
to $23,501,260.
excess reserves
£
reserve
a
of $4,205,850 was added to
sum
the total of
37.064 330
Proportion of
was
the
41.828.955
36.016 190
there
gain of $13,872,000 to $573,985,000 while
62.252.480
109,167 555
trust
further
£
98.371.795
and
contracted $114,000 to
reserves
Oct. 3.
32,348.421
banks
companies increased $6,000 to $8,414,000, although
reserves in other
depositories held by State banks
£
Other depositsj
Bank
increase of $14,010,000 to $557,001,000.
Oct. 2.
Governm't securities
reserves
Federal Reserve
£
35,862.662
$2,012,000
reserve), but
as
figures here given for surplus
1916
an
increase in loans of $169,588,000 and an
expansion
in net demand deposits of
$72,271,000, to
up
Oct. 4
trust
state¬
membership of the Equitable Trust Co. and the
Oct. 1.
16.139.000
844,440.916
55.917.000
£
84,142.440
1.281.579.314
39.207,943,370 36.255.602.530 30.225.174.755
3,467.000
Sept. 29.
127,489.000
Public deposits
1918.
Fran sc.
3.401.521.409
2.293.176.298
the
meeting of the Bank of England Governors on Thurs¬
day that the 7% rate had not been changed. Clear¬
ings through the London banks for the week amount¬
ed to £694,924,000.
This contrasts with £659,544,000 last week and £583,120,000 a year ago.
We
append a tabular statement of comparisons of the
Circulation
Oct. 3
3,595,905,794
4.751.000
$292,344,000.
impending increase in the
England's official discount
circulation lately, it
OF
of
1919.
Francs.
Bills discounted....Inc.328.535.000
of
£109,313,000. Last year they
£81,990,018 and in 1918
£99,726,902.
year
aggregate
BANK
as
Oct. 2
Francs.
cs.
Dec.
to
Loans
Bank of
STATEMENT.
—Status
Sept. 30 1920.
In France..
a
and £28,355,195 the
Although
COMPARATIVE
for Week.
previous to that.
year ago
totaled
follows:
as
OF
Charges
earlier.
a year
heavily
was
£568,000 although other deposits registered
increase of £5,580,000.
Government securities
were
an
however
£1,955,000 while the
week
the
compared with
as
£88,159,199 in 1919 and £72,157,675
Note
war,
Comparisons
of the various items in this week's return with the
Silver ............Dec.
was
36,255,602,530 francs
market discounts at other centres.
open
small
with
and with 30,225,174,755 francs in 1918.
Total....
A
high level of 39,207,943,370
new
contrasts
July 30 1914, just before the outbreak of
amount
6% @ 6%% for sixty and ninety days bills, as
compared with 6 11-16 a week ago.
Call money in
London, however, is still quoted at 5}/£%, unchanged.
As far
4,942,000 francs,
rose
augmented 226,289,000
were
Note circulation registered an expansion of no
at
l
hand, bills discounted gained
general deposits
less than
On
of which
During the
holdings decreased 4,751,000 francs,
deposits were reduced 3,467,000
328,535,000 francs, advances
francs.
francs,
held abroad.
were
francs. On the other
and
held abroad and
were
5,438,629,893
2,037,108,484 francs
standing
in
noted
at
Last
5,574,184,210 francs,
was
in
1918
holdings,
stand at only 5,479,549,800 francs,
now
francs.
No
Total gold
based
on
The
reserves
of
13% above legal requirements for member banks
of
the
we
are
Federal Reserve
but not including
system,
amount
of
$88,881,000 held
In all these
cases
dealing with the figures showing the actual
condition
of
the
banks
at
the
For the separate institutions the
close of
the
week.
only figures given
Oct. 2
1920.J
THE
«
1311
CHRONICLE
Thursday's range was 7@9%, and renewals again
different items
at 7%.
Call rates on Friday continued at 7% as
for the six days of the week.
These will suffice,
the minimum, also the basis at which renewals were
however, to indicate the part played by the inclusion
negotiated, but the maximum did not get above 8%.
of the Equitable Trust Co., in affecting the week's
The firmer tone represented preparations for the
results.
The Equitabje reported loans of $172,916,Oct. 1 payments, although in each case rates were
000; demand deposits (exclusive of deposits in for¬
marked up for only a brief period.
For fixed ma¬
eign branches) of $155,195,000; time deposits of
turities there has been a further slight easing and time
$17,865,000;
cash in vault of $1,524,000, and
money is now quoted at 7%@8% for all periods from
reserve with legal depositories of $21,098,000—and,
sixty days to six months on regular mixed collateral
of course, the different totals were swelled by these
and 8@8}4% for all-industrial money, as against
respective amounts. As to the Federal Reserve
8% and 8J4%, respectively, last week. Very little
Bank statement this also constituted an unusual
business is passing, however, and the market is
showing, but reflected for the mo^t part the Sept. 15
largely a nominal affair with practically no impor^
readjustments.
The ratio of cash reserves rose from
tant loans recorded.
Most of the trading is in short
39.5 to 43.7, or the highest point since Dec. 19 last,
date loans, with four, five and six months' money
when it stood at 44.6.
This was brought about
hard td obtain.
It is reported that a few loans were
mainly through an increase of $90,314,000 in cash
made for sixty days on Liberty bonds at 6J/£%.
reserves, which in turn was accomplished by means
This is the lowest rate quoted in quite some time and
of an increase of nearly $91,000,000 in gold reserves.
does not represent the market.
The total of bills held under discount was increased
Commercial paper has ruled quiet with practically
$78,429,000, but there was a reduction of $5,897,000
all transactions on the basis of 8% for sixty and
in outstanding Federal Reserve notes.
The bank
ninety days' endorsed bills receivable and six months
statements will be found in more complete detail on
names of choice character.
Names less well known
those
are
a
showing the averages of the
later page
of this issue.
which compares with 8% on
of all classes a week ago. Only
a moderate degree of business is being done, chiefly
with out-of-town institutions.
8@8}^%,
require
market early in the week
Transactions during busi¬
ness hours were made at that quotation, but some
loans were said to have been made after the close
at 8 and 9%.
They caused more or less comment,
Call money
in the local
nominally at. 7%.
was
mercantile
paper
less active
reported is light.
This was largely due to the stringency incidental to
and even apprehension, in some speculative circles.
the month-end settlements and the general expecta¬
The wonder was why those rates were charged when
tion is for an increase in activity in the near future.
there appeared to be enough money to go round at
Rates continue as heretofore, except for ineligible
7% earlier in the day.
It was understood that a very
bills which have been marked up to 7J^@8%.
fair number of borrowers delayed purposely the
Demand loand for bankers' acceptances have not
arranging of their loans until after 3 o'clock, in the
been changed from 53^%.
Detailed rates follow:
hope that during the last hour a lower quotation
Spot Delivery
Delivery
Ninety
Sixty
Thirty
within
would be established.
The market did not go that
Days.
Days.
30 Days.
Banks' and bankers' acceptances were
volume
the
and
of transactions
—■—
)
Days.
way
and they were said to
pay
the higher prices.
have been required to
On Wednesday,
Thursday
yesterday the advance was made before the close
business.
No quotation above 9% was reported.
6^@6
0^@0M
6^@6H
8 @7M
banks
Eligible bills of non-member banks
Eligible bills of member
Ineligible bills
8
@7K
8
0J4 bid
7 bid
8 bid
^
@7'A
and
of
It is still believed
cial,
that what is
happening in the finan¬
business and mercantile
healthier, and probably
On the other
that the
world will result in
conditions.
authorities
be much lower in the im¬
easier, monetary
hand, it is doubted by some
quotations will
future.
The Government withdrew
The
this
secured
of Kansas City
Federal Reserve Bank
week increased its
discount rate on paper
and Victory Notes from 5Vk to
that loans would be made at 85
Liberty Bonds and 95 on Victory Notes instead
by Liberty Bonds
6%, and announced
on
of par.
The Federal Reserve
Bank of Cleveland an¬
secure^! by Treasury
New York institutions this Certificates of Indebtedness bearing 6% interest;
week. Just now some imperative financing is being it has also advanced its rate on bankers' accept¬
done.
A case in point is understood to be that of ances maturing within three months from 5% to
one of the largest rubber tire manufacturers, which
5%%. The following is the schedule of rates now
is said to have arranged late Thursday afternoon in effect for the various classes of paper at the
for a loan from prominent bankers of $25,000,000 different Reserve banks:
DISCOUNT RATES OF THE FEDERAL RESERVE BANKS
for three years at 7%.
In spite of the period, em¬
EFFECT OCTOBER 1. 1920.
bracing several years, of supposedly great prosperity
Discounted bills maturing
days {Including
through which the corporations have been passing,
Agricul¬
15-day col- Bankers'
it is probable that still others will have to raise
notes) secured by—
Liberty
additional funds on a rather large scale.
They are
Treasury
of—
maturing maturing
for
certifi¬
180
secured
of
short of cash, with large and high priced inventories.
days
days
mediate
about
nounced
a
rate of 6% on paper
$25,000,000 deposits from
IN
within
member
90
banks'
accep¬
Federal
Reserve
Other¬
Bank
bonds
cates
covered
a range
industrial loans
detail, call loans this week
of 7@9% on mixed collateral and allwithout differentiation.
Last week
quoted, and for the first two
days of this week, Monday and Tuesday, the call
rate remained "pegged" at 7%, which was the high,
low and ruling quotation on both days.
On Wed¬
only
one
rate, 7%, was
nesday there was an advance to
low was still 7% and this was
8%, although the
the renewal basis.
Victory
and
notes
within
paper
banks
91 to
90
unsecured
Boston
New
live-stock
tances
member
edness
rates in
tural and
accep¬
dlsc'ted
wise
and
indebt¬
As to money
Trade
tances
lateral
6
7
7
7
6
5 H
York
7
6
7
7
6
6
Philadelphia...:
t6
5H
6
5V>
t6
5X
6
5H
5
Cleveland
6
6
6
6
t6
6
Richmond
6
5H
6
Atlanta
5X
6
t6
7
6
7
7
t6
6
6
Chicago
5 H
6
5M
6
6
7
6
6^
7
5H
6
6
Minneapolis
Kansas City
t6
6
6
5H
6
5H
6
Dallas
t6
6
0
6
t6
6
♦
Francisco
% on paper secured
and 5% certificates.
5 \i
6
5H
St. Louis
8an
M
by h\i % certificates,
.
0
0
and 5% on paper secured by 4J* %
Interest rate borne by certificates pledged as
case of Philadelphia. Atlanta, Kansas City
t Discount rate corresponds with
collateral with minimum of 6% In the
1312
r-hd
a
Dallas
CHRONICLE
THE
and
5H%
In
the
of
case
Chicago and San
Cleveland, Richmond,
Now.—Rates shown for Atlanta, St. Louis, Kansas
City and Dallas are normal
rates, applying to discounts not In excess of basic lines fixed for each member bank
by the Federal Reserve Bank.
Rates on discounts in excess of the basic line are
subject to
a
modation
extended
the
commencing to realize the
are
progress
already made in European reconstruction and
peration.
H % progressive Increase for each 25% by which the amount of accom¬
exceeds
investors
can
ranclsco.
JVox-. 111.
basic line.
The
latest
of
these
is
a
recu¬
$20,000,000
Norwegian Government issue of twenty-year 8%
fund external gold bonds, which were
sinking
Developments in
have been somehat
in
far
so
affairs
sterling
week, also reports of
dispute between
postponed for
Italian
metal
workers
3 50,
an
in
recovery
time moved
advance of nearly 4 cents from the low
reentered
the
London quotations came higher
large international banking institutions
the
market
buyers.
as
supply of commercial bills
Subsequently,
however,
smaller in volume.
was
there
Coincidently,
was
offerings of cotton and grain bills
renewal
a
on a
of
large scale and
having been arranged in London.
as
chase
the proceeds
as
of
support the market.
of
making payment for Norwegian tonnage
shipyards.
Referring to the
exchange
shade
more
the
month-end
settlements—was
3 49 for cable transfers and 3
days.
Monday's market
blance of
for the most
part
evincing
of the market for the time
out
solution of
lems.
While
view
that
of the
some
quite
the
more
preference to stay
a
being, pending the
developed
ness
on
pressing foreign prob¬
number of bankers took the
a
postponement of the British
practically meant its abandonment,
indicated
a
deadlock
British miners and
regulation of
wages
this constituted
to
which
the
between
coal
owners
based
on
later
strike
reports
representatives
on
the
of
question of
output and for
time
a
element of uncertainty; in addition
Italian industrial situation, though
an
manifestly improved, continues in
a very disturbed
Announcement late yesterday that the British
state.
coal strike had been called
the miners
themselves, created
and rates
responded
bills
.
by
an
a
a
ballot
among
good impression,
advance of 4%c., demand
closing at 3 50%, the highest for the week.
The Brussels
now^in session,
little
off, pending
International Financial Conference,
so
far
as
could be learned exercised
or no
among
tangible effect on market levels.
Inquiry
bankers here indicates that the feeling still pre¬
vails to
exports,
3
3 49@
more
On Wednesday there
than 2 cents and demand
was
chiefly responsible for the loss.
Dulness
46@3 46% for demand, 3 46%@3 47% for cable
transfers
and 3 41%@3 42% for sixty days.
On
Friday the market opened quiet and weak, but later
turned firmer
order
had
reports that the British coal strike
on
been further suspended
shot
rates
@3 46%.
to Oct.
3 46%@3 50%
to
up
cable transfers 3
for
16, and
demand,
47%@3 51% and sixty days 3 42%
Closing quotations
were 3 46% for sixty
days, 3 50% for demand and 3 51% for cable trans¬
fers.
Commercial sight bills finished at 3 50, sixty
days at 3 45%, ninety days at 3 42%, documents for
(sixty days)
payment
bills 3
49%.
The week's
metal
on
3 45%
in
seven-day grain
gold imports included $4,800,000 of the
Savoie, both consigned to J. P. Morgan &
SS.
Imperator
shortly with $9,500,000
came
and
Cotton and grain for payment, 3 50.
the Mauretania and $200,000 on the French
The
to be
cling to the
range was
demand, 3 49%@3 51 for cable transfers and
marked Thursday's dealings and prices sagged off to
closely watched
who
liberal supplies of cotton
reaction; the
46%@3 48%, cable transfers to
47%@3 49 and sixty days to 3 42%@3 44%; con¬
tinued offerings of bills, especially against cotton
latter
are some
more
a
bills sold down to 3
statement of plans
already under consideration with¬
in recent
months, most of them regarded as impracti¬
cable.
However, developments will continue to be
and there
up
3
Co.
belief that the
exchange of ideas will lead to the for¬
mulation of some
day
further decline of
liner La
a re¬
Increased firm¬
improved inquiry, though before
an
44%@3 45% for sixty days.
was a
appear to have been almost
wholly confined to
sem¬
firm and
Tuesday and rates again moved
grain bills caused
some extent that
very little of real importance
readjustment of exchange, to its normal basis
is likely to be
accomplished.
Thus far proceedings
in the
of
result
a
3 50 for
3
any
was
48%@3 49%, cable transfers
quotations from London.
the close of the
are
lacking in
attributed largely to lighter offerings
was
and better
and
Large operators
43%@3 44% for sixty
was
activity, but the undertone
and bids
few and far between.
on
is
scheduled
to
arrive
board, while the Baltic
yesterday with $10,000,000.
Of the two
shipments approximately $19,000,000 is said
part of the gold earmarked abroad for the
ac¬
count of the Federal Reserve banks here.
plan whereby foreign exchange and
the trade markets of the world will
be
more
stable basis.
siderable interest
placed
was
that of the British
to the effect that there is to be
no
con¬
delegates
short cut to
econo¬
mic recovery, but that
exports would have to be in¬
creased until sterling is once more on a
par
with
gold.
course
of
sterling and early in the week firmness
lively interest is being taken in the new foreign
loans, and the favorable reception which these flota¬
are
meeting, which leads to the belief
that Ameri¬
was
exhibited in nearly all of the leading exchanges, with
French francs up 27 centimes to 14.80 and German
marks to 1.68, an
on
advance of 34 points.
Exchange
Rome, however, opened weak and in the initial
transactions
A
tions
Continental exchange tended largely to follow the
upon a
A statement which aroused
a
49@3 50 and sixty days to 3 44%@3 45%; the
recovery
as
steady and
was
higher, at 3 47%@3 48% for demand, 3 48@
apparently quickly satisfied and with the completion
of these special
transactions, buyers again withdrew
were
being
detailed quotations, sterling
Saturday of last week
on
demand advanced to 3
preparations for
now
built in British
to 3
more
or
less sharply.
The inquiry noted in the
earlier^ part of the week—presumably incidental to
to
serve
The loan is for the purpose
the market proved
inadequate to the pressure im¬
it, with the result that prices reacted
to be applied to the pur¬
are
sterling and will to that extent
posed
upon
is
It
place of that
something rather unusual, but the statement
change,
point of last week.and several
over-subscribed.
loan takes the
is made that London will ultimately benefit by the
a
their
and
generously
recently reported
This is
news
satisfactory settlement of the
a
and
understood that this
industrial
political and
employers, brought about a substantial
sterling quotations.
Demand bills for a
up to
promptly
week, that is
concerned, and in the initial dealings
that the British coal strike had been
\
market
exchange
favorable this
international
as
are
the
more
This
was
lost
10
attributed
difficulties in
Italy.
centimes, to 23.92 for checks.
to
fears
Later
concerning' the labor
on,
announcement that
the agreement reached between workers in the metal
Oct. 2 1920.)
1313
CHRONICLE
THE
-*
factories and
really
owners was
radical element and
more
victory against the
a
likely to
prove
favorable to
Italian industrial progress, exercised a strengthening
influence
quotations, which recovered to 23.72,
on
although toward the close renewed selling of
mercial bills
com¬
against export shipments caused another
slump and the quotation for lire sagged off to 24.05,
with
the
close
slightly above this figure.
ments in the latter
erable
turned weak
at
time
no
during
Trading
particularly active, although
to
con¬
Seasonal offerings of com¬
shipments
cover
moving
crop
season
commodities
of
exceptionally
are
Speculators did not figure actively
pressure.
trading,
of the largest interests
many
being still reluctant to enter into extensive
mitments at the present
Continental
the
exhibited
against 52.00
as
a
firmness
the
far less extent.
week
a
in
shared
by sterling, but to
new com¬
In the final dealings
time.
exchange
The official London check rate
51.81,
against 20.00 and 20.10, while checks
and
13.25
the
13.35
week
Spanish pesetas
range on
14.68 for cable
and 14.76
transfers, in comparison with 14.74
American
In New York
ago.
quotation is
cable
and
Argen¬
on
cable transfers 36.72,
For Brazil the
at 17.62% for checks and 17.75
now
Chilian exchange
unchanged.
transfers,
materially lower at 17 1-16, against 20c. last
was
week, although Peru is still quoted at 5.02, the same
week
ago.
It is learned that the Peruvian
Government has
granted permission for the issuance
as
a
of
approximately $5,000,000
whole issue to
the
new paper money,
guaranteed and covered by gold
be
deposited in various Lima banks.
this is to relieve the
shortage of
The
of
in the
purpose
paper money
Advices from Buenos Ayres stated
City of Lima.
Argentine Chamber of Deputies has approved
that the
the report
Paris finished at
on
36.60
at
quotations the trend has
against ,37% and 37% last week.
for
final
14.66 for checks and
week earlier.
a
South
to
against
The
previous.
was
19.90,
Norway
on
finished at 14.30 and 14.50 for cable transfers,
quoted
was
in the week's
on
cable transfers
tina
heavy and the market continues to be subjected to
severe
19.80 and
at
slightly lower with the rate for checks
quantities of exchange changed hands at
the
closed
for
Checks
transfers, against 13.65 and 13.75.
Sweden
As
erratic
heavy selling, and broke to 15.07,
on
bills
14.00
and
been
the concessions offered.
mercial
for checks
13.90
at
than in
less
while
subsequently recovered with the rest.
siderable
cable
frequent changes in either direction
Exchange on Paris for a time
irregularity and
the recent past,
were
recorded.
but
Move¬
part of the week showed consid¬
checks finished
of
a
committee repealing the law prohibit¬
The measure when passed
44,000,000 pesos
ing the export of gold.
will allow the withdrawal of about
in
against 14.97; cable transfers 14.80, against 14.95;
gold for purposes of export and to stabilize ex¬
change, and is expected to result in the return of the
commercial
Argentine
sight bills
the French centre
on
sight
closed at 14.82,
15.00, and
against
14.86,
mercial sixty days 15.17, against 15.08 on
last week.
com¬
Friday of
Belgian francs, which moved in sympathy
with French
exchange, finished at 14.16 for checks,
peso to normal as relates to the
Merchants claim that the present
dollar.
American
premium
seriously interfering with
South American business, and has caused the can¬
the American dollar is
on
cellation
of orders
placed in American cities. Far
as follows: Hong Kong, 75%@
against 14.17, and 14.14 for cable transfers, against
Eastern
14.15.
76, against 76%@77; Shanghai, 105%@106,
106%@107; Yokohama, 51%@51%, against
Closing
1 -61for
in
quotations for
and
demand
comparison with
Reichsmarks
were
1.63% for cable transfers,
and
1.52
1.54
week
a
ago.
Austrian kronen finished the week at 00.43 for checks
and 00.44 for cable remittances
lire
Italian
bills
and
23.94
final
the
change
was
(unchanged).
For
23.96 for bankers'
1.33
transfers.
week
Last
and
23.97
was
Czecho-Slovakia
at
Ex¬
23.95.
trifle easier, but
was a
Bucharest
(unchanged).
at
1.93
on
Finland at 2.80, against 2.70 a week ago.
closed
against 1.95; Poland at 42, against 45, and
Creek
exchange continues weak and broke to another new
low of 10.20 for checks with the
transfers
cable
10.30
closing figure and
10.50 the
10.40 and
against
preceding week.
There is
rate
51%; Manila, 46%@47 (unchanged);
42%@43%, against 43@43%; Bombay,33%@34%,
against 33@33%, and Calcutta 33%@34%, against
33%@34.
'
% * ' ;
Business is still at
variations
are
in
a
consequence
low ebb,
lacking in
The tendency continues toward lower
and
Total
recent weeks..
Pesetas
near
or
were
against 31;
commercial
commercial
last week.
ers'
on
irregular and closed at
a
£
England
at
31,
cable transfers at 31 %, against 31%;
sight at 30 15-16, against 30 15-16, and
sixty days at 30 9-16, against 30 9-16
Swiss exchange
closed at 6.24 for bank¬
sight bills and 6.22 for cable remittances.
the
close
was
6.22
and
r
54,579,150
.
Last
10,914,000
Spain
98,101,000
Italy
Nethcrl'ds
32,229,000
Nat, Bei
52,028,000
10,660,000
Swltz'land
21,613,000
6.20.
Copenhagen
_
12,643,000
..
$108,430,000 Loss $78,621,000
Oct. 2 1919.
Total week 579,893,171
Prev. week
Gold
J..J
580,794,178
Gold.
Silver.
£
£
£
23,774,000 121,875,000
2,998,000 35,227,000
1,465,000 53,493,000
1,072,000
11,730,000
3,720,000
25,333,000
14,614,000
"145*606
12,788,000
8,120.000
96,414,000
32,200,000
52,641,000
10,641,000
18,715,000
16,681,000
10,382,000
8,165,000
40,129,600 628,022,771 .543,977,980
46,299,600 627,093,778 543,606,985
holdings of the Bank of
held abroad.
Total.
123,114,715 88,159,199
10,240,000 151,487,306 143.836,231
348,600 54,927,750 54,828,550
2,369,000 13,313,000 11,315,000
8,120,000
Denmark
Norway
SUrer.
14,614,000
Sweden
a
week
123,114,715
141,247,306
A us-Hun.-
finished
82,198,000
$29,909,000
Sept. 30 1920.
Germany
Amsterdam
$3,677,000
104,214,000 Loss
JtSdYIKo OJ
the low levels of
slight net decline for the week.
sight
$4,216,000 Gain
22,016,000
following table indicates the amount of bullion
principal European banks:
Francea..
Bankers'
Change in
Bank Holdings,
re¬
weak, while Swiss francs and
guilders remain at
Banks.
Reserve
-
Gold.
Dutch
Set
out of
$7,893,000
Federal
operations and gold imports
The
Christiana and Stockholm
Into
•
Banks* interior movement
Sub-Treasury
in the
Copenhagen,
follows:
Banks.
levels, with occasional brief spurts of comparative
mittances have all ruled
as
Week ending Oct. 1.
strength, usually quickly followed by renewed weak¬
ness.
Clearing House banks, in their
York
operations with interior banking institutions, have
gained $3,677,000 net in cash as a result of the cur¬
rency movements for the week ending Oct. 1.
Their
receipts from the interior have aggregated $7,893,000, while shipments have reached $4,216,000. Add¬
ing the Sub-Treasury and Federal Reserve opera¬
tions and the gold imports, which together occa¬
sioned a loss of $82,198,000, the combined result of
the flow of money into and out of the New York
banks for the week appears to have been a loss of
nothing new of importance to report in the
significance.
New
The
$78,521,000,
neutral exchanges.
and
against
51%@
Singapore,
sight
cable
for
quotation
on
finished
close
the
exchange is
Total.
£
11,640,666
88,159,199
155,476,231
965,500
55,794,050
2,359,000
13,674,000
25,616,000 122,030,000
2,984,000 35,184,000
409,000
1,404,000
2,556,000
53,050,000
12,045,000
21,271,000
10,681,000
*
167*,000
10,549,000
8,165,000
48,100,500 592,078,480
48,250,450 591,857,435
France this year are exclusive of
£77,934,680
such
THE BRUSSELS CONFERENCE.
actual
The
the
which has been
in session this
past week at Brussels, are not easy
to determine.
It has drawn out
sentation
of
important
dently in earnest
us
that
a
nations.
rate
The cable
hundred
with their staffs of
full
who
repre¬
evi¬
are
dispatches have in¬
The
nature
the
of
was
problem set by
well understood.
It
plainly outlined by the signers of the call for
was
conference last
must
precede
a
January, when the conditions which
any
this
concerted advancing of capital to
hard-pressed European States
were uncompro¬
But
they had no specific plan in
regard, beyond the general stipulation that the
advances made should be in every case
the minimum
actually required, and that they ought to be granted
only to countries whose Governments were meeting
current
not
public expenditure through taxes and were
paying deficits through increased issue of Gov¬
ernment paper money.
This is in
delegates were at hand
experts, representing forty sepa¬
the Conference for itself
the
very
the question of Europe's finan¬
on
cial reconstruction.
formed
a
financiers,
security "as should attract the real savings of
the individual."
significance and importance of
International Financial Conference,
[Vol. 111.
CHRONICLE
THE
11314
and substance the
sum
precise problem
with
which, after eight months, the actual confer¬
ence
is
confronted.
that
In
eight-months' period,
however, the situation in the countries whence the
concerted
relief
ingly
itself
has
expected
A world-wide and exceed¬
stringency has seized
severe money
of them.
be
to
was
changed considerably.
The market for
upon
misingly set forth, and the problem has been widely
creasingly difficult and increasingly costly.
discussed in
ernments
Yet it
Europe and America since that time.
hardly be said that the discussion has
can
yet reached the point where
possible.
the
a
practicable plan is
The recognized problem is to provide for
recent
belligerent States of Central, Southern
and Western
Europe the
materials and other
raw
facilities for full resumption of produc¬
necessary
tion
in those
last
January, set forth that "while much
done"
in
States.
this
The call
matter
for the
"through
conference,
normal
can
be
banking
channels, the working capital needed is too large in
amount and is
nels to be
mendation
was
Therefore, its general
the
that
proper
advances
of
recom¬
capital
co-operative action of all the nations whose
financial
ances
be
safeguards and restrictions, by
own
position, especially in regard to trade bal¬
and
foreign exchanges,
was
the most favor¬
able.
the
on
was
one
linq of sharp division in judgment
part of the financiers, even at the start of the
discussion.
Many of the European participants be¬
lieved that the necessary
the
or
credits could not be raised
general problem solved except through Gov¬
ernmental action.
ropean sources;
ernment.
for the
ury
it
This view
was
came
rejected at
mostly from Eu¬
once
by
Secretary Glass, commenting
on
conference, frankly declared that
was
our
Gov¬
the call
our
in
the
available
supplied through private channels," and that the
States.
The
abnormally
was
and avail¬
scarce
To
series of large
a
popular loans to the European countries which
in
that
was
exceptionally overstrained.
the issue at this time of
propose
state¬
common
the financial markets
on
capital
the needy bor¬
among
8% for long-term loans
pay
United
case
able credit facilities
were
recognized economic difficulties would have been
to propose
We do
the utterly impracticable.
not doubt
that the
delegates at Brussels
perfectly understand this situation; most of them,
indeed,
are
financiers of high standing in their
spective countries.
is
greatly to
could
be
re¬
Under all the circumstances it
be doubted whether
accomplished
by
anything
more
international
any
sym¬
posium than the submitting of the various alterna¬
for
a
discussion of their
course
have
solution of the problem, and the
practicability and merits
as a re¬
when conditions in the creditor States shall
returned
to
something
normal.
nearer
this discussion itself will be of the greatest
it is the
only
future
But
value;
in which the mind of the financial
way
general
world in
can
be rightly prepared for such
co-operative policy
as
turn out to be
may
possible.
If such
Treas¬
"convinced that the credits required for
the economical restoration and revival of trade must
be
raised
tive proposals
There
classed
been
have had to
ment of the
Gov¬
Norway and Switzerland, countries
had not
rowers,
required too quickly for such chan¬
adequate."
made, under
which
like
all
securities became in¬
new
first
of
nomic
no
procedure—so conducted
to emphasize
as
all what the Governments in
need
of
eco¬
help must do for themselves—were to have
other
result, it would at least do the service of
conference, could be only confusing and disappoint¬
ing if it created hopes "that the American people,
showing such States the unavoidable prerequisite
through their Government, will be called
ference can, we
assume
the burden of
upon
to
Europe by United States Gov¬
ernment loans."
Futhermore, Mr. Glass added with considerable
partly at least solved by shipping gold, whereas
the
on
European Governments had placed
such
shipments; the
ing "the expanded
Europe."
outside
help and economic recoveryThe
think, do
ought to accomplish,
shadowed in the
emphasis that "the rectification of the exchanges
now adverse to
Europe" was a problem which would
be
to
reason
currency
an
embargo
for such embargo be¬
and credit structure of
But the proper relief for this lay in "dis¬
more
than that.
and what indeed
the
was
fore¬
signed memorial which called the
conference, is the setting forth in
the
con¬
What it
very
positive terms
judgment of responsible financiers
as
to how
indemnity payment ought to be arranged. That
question lies
E uropean
little
or
very
largely at the root of the whole
problem; yet
no
official
viewpoint of politics.
cate that
up
to this moment it has had
consideration
except from the
It will not be
easy
to extri¬
question from the entanglements of politi¬
armament, resumption of industrial life and activ¬
cal
rancor
ity, imposition of adequate taxes and the issue
the
conference, signed by the leading financiers and
of
adequate domestic loans."
The callers of the conference laid stress in their
American memorial
on
the fact that loans for the
designed might be issued direct to the pub¬
lic in the lending States, on such terms and with
purposes
public
and
men
political prejudice.
But the call for
of England, Holland, Switzerland, Nor¬
way,
Sweden, Denmark and the United States, sets
forth
unhesitatingly that "for the sake of their credi¬
tors and for the sake of the
economic
development
world, whose social and
is involved,
Germany and
Oct. 2
THE
1920.]
Austria must not be rendered
"the
annual
of the
scope
must
Association, the Queensboro Cham-
he Merchants'
bankrupt," and that
contribution
1315
CHRONICLE
be
Commerce, and the Bronx Board of Trade,
of
)er
brought within the limits within which solvency can
asking those organizations to join it in creating a
be
joint committee to work out a plan of better co-ordi¬
preserved."
nating the agencies for social welfare in the entire
TRUSTS—WISE
COMMUNITY
A committee in Brooklyn has been investigat¬
city.
ALMONING.
is
city-wide rather than local. It finds in Brooklyn
of a broad advertisement, the New York Community
42 hospitals and the like, 19 homes for the aged, 34
Trust calls renewed attention to the facilities it
agencies for children, and 24 others for general and
offers to persons who desire to give, in their own
special relief, and on this side of the river a similar
lifetime or under their will, any sum for altruistic
scattering, so that "most of these agencies in the
and public purposes, either definately determined in
several boroughs are carrying on their activities
advance by themselves or without any such definite
with only a limited knowledge of similar activities
determination.
This institution, now a half-year in
By the excellent and increasingly common means
ing, and reaches the conclusion that the problem
the part of
on
operating form, is modeled on the plan of the Cleve¬
land Foundation as conceived and successfully de¬
veloped by Judge Frederick W. Goff, head of the
That foundation, established
Trust Co.
Cleveland
scarcely six years ago, has already become the trust
others."
Compliance with the injunction not to let the left
md know what the
to the
right hand doeth may be pushed
impairment of the possible service of the two.
Notwithstanding the disposition to deny that busi¬
has
ness
or
have any
can
heart, it is indisputable
by
that the wisest, most helpful, and hence the really
its organizing has been taken up in other cities and
kindest, charity is that which has "business" in it
the plan itself is operative in more than thirty.
as well as
brotherly love behind it; it should have
Nearly a score of the trust companies of this city
organization, or it is continually exposed to becom¬
are members of it, becoming
such by adopting its
beneficiary of over 100 millions; the example set
which
set forth the purpose and the need, and the way is
open for membership by any other banking institu¬
carefully drawn "resolution and declaration,"
tion here which has the power
to accept and execute
Probably
no more
than
filed
brief and simple will has ever
that of the late
who devised to his wife all
Roseoe Conkling,
property, of whatever na¬
and made her
single brief sentence
ture, of which he might die possessed,
sole
executrix; this he did in a
which removed all doubt.
a
like directness and
tinue
own
successfully.
The late Russell Sage, by
simplicity, left his wife to con¬
almoner of his
the
been in his
benevolencies
as
she had
lifetime, and she fulfilled the trust
The will of Andrew Carnegie, that
prince of givers while alive, was interesting, as well
in other
one
on
respects, as by illustrating the task
who seeks
to extend
imposed
large bestowing over
No man's foresight is equal to
long future time.
divining far beyond his own bodily presence here,
and it is true,
and is shown by the history of many
altruistic bequests,
better if
that the results are likely to be
flexibility of application is provided for;
changes, some in social conditions and some in stat¬
utes, may make impossible the carrying out
cific and
the
of spe¬
permanent instructions in a will, or else
original need the testator saw and aimed to re¬
lieve may
have become comparatively a minor one.
The advertisement which
prompts this mention of it
well says
that the principal advantage of "making
charitable
gifts through the Community Trust is that
under the
authority granted the Distribution Com¬
mittee; the donors receive the assurance that if, by
the
lapse of years, the beneficiary charity has become
obsolete, impracticable, or useless, the income from
the
The
colossal
Foundation is
of
a
sound
gift will be devoted to some object or purpose as
nearly in line with their designs as possible, and this
without unreasonable
Indiscriminate
delay, expense, or legal action."
giving may approve the giver's
heart, but not his judgment, and it is very liable to
do harm
by aggravating rather than improving so¬
cial conditions.
done without
Giving is indiscriminate when it is
system, co-operation, or inquiry.
The
Brooklyn Chamber of Commerce has just sent a let¬
ter to the Chamber of Commerce in this borough, to
work
known
It is well
human
own
named, for it is "foundation"
and did not undertake
or
profess to be a completed
Mr. Rockefeller
structure.
of this
Rockefeller
the
as
example in point and is the result
an
foresight wThich recognized its
limitations.
trusts.
been
ing random and ineffective.
anticipated the founder
Community Trust in perceiving that the wel¬
fare of mankind needs
plan of permanent aid
some
which "shall meet the
changing needs for such gifts
with
power
flexibility in the
Trust scheme constitutes
of eleven
citizens, selected
ciples, not
religious
The
on
broad and liberal prin¬
than three to belong to the same
more
sect
of distribution."
Distribution Committee
a
denomination;
or
its fundamental
idea, like that of the Rockefeller scheme, is that the
almoners shall have
perpetual succession,
wisdom of donors shall be handed
of the
All
illustrates
large
once
more
may
grow¬
that wealth is in
men
sa$ the rich
gettings that he
mainder;
what the "Chron¬
trust for the public.
sense a
Socialist will
man
gives
a
The radical
some
of his
be suffered to hold the
re¬
need not trouble to argue this, for it
we
suffices that the claims of the
better-endowed fellow
the rich who
and
that the
repeatedly pointed out: the steadily
ing recognition by wealthy
man
so
through that
agents.
this
icle" has
very
on
are
common man
upon
his
recognized, but it is also
practically accept the brotherhood of
to-day, rather than the classes whose conduct
whose talk
declare that the first step
for
re¬
forming society is to shatter it into fragments. The
blind hatred of
a
freedom of
has caused
some
ness
In
wealth, sedulously cultivated under
speech perverted into unchecked license,
even
the Rockefeller Foundation to meet
denunciation
as
as
having
the best
derstood sense,
be called
un¬
organized and "business" giving may
socialistic, for in place of the topsy-turvy
mass
duty (parental, fraternal,
dividual and must
and
hidden selfish¬
though not the most commonly
dogma that the whole
tical
some
its ulterior motive.
sense
that
of human beings owe a
or
what not) to each in¬
uplift him, it substitutes the
sees
society
as
prac¬
all individuals lumped
recognizes that its character is the lumped qual-
1316
ities
THE
of
components.
the
CHRONICLE
The bit of leaven
is
and the
works
wisest for others is
also
doing for itself)
through industry, thrift, and the spirit of
This is the "union" which understands
fraternity.
correctly that the welfare of all is the
Another of the
to
lighten the lump; the natural process is from with¬
in outward.
Enlightened selfishness ( truly enlight¬
ened only when it understands that
doing the most
of
concern
each, and therefore promises most and is doing most
for the world.
body of
dwelling
YORK LEGISLATURE
ACTS
AGAIN
TO
long
for
special
session
of
the
State, called to consider
Legislature
the
anew
of
this
housing situa¬
other batch of bills
passed in the Spring), and adjourned
ing Friday.
meanor
who
on
the follow¬
One bill declares guilty of a misde¬
real estate owner's agent or servant
any
wilfully
water,
lease
or
vision
or intentionally fails to supply heat,
other due and necessary service, where the
or
contract
that
on
owner
from
for
calls
subject
for
is
it; this additional
intended
shifting to his
such failure.
action
One of the
ter is able to prove
measures
enacts that
until
an
provides that
by the landlord unless the
no
lat¬
that the rent is "no greater than
preceding the default."
reciting that
prevent
servant the blame for
the amount for which the tenant
after
to
pro¬
of possession by the landlord
recovery
shall be maintainable
month
during construction and
intended to be used exclusively
or
dwelling purposes," provided construction
April 1 last,
was
real estate
on
liable for the
to force the
two years
1%
a
special and addi¬
the amount by which the actual
on
placed in such loans fell
gross assets
proportion of 20% in insurance
companies and 00% in savings banks.
tion would have called for
fire insurance
after.
placing of loans
by all classes of insurance companies
below the demanded
This proposi¬
marked increase
a
by the
companies, which would have been
re¬
quired to convert nearly 139 millions of present se¬
curity holdings, in an unfavorable market, and the
Casualty and Surety companies would have been
quired to thus convert
re¬
72
some
millions, or stand
exposed to the blow of the tax club; the Life com¬
panies would not have been affected as a whole, since
their mortgages are
already above the demanded ra¬
tio.
They
have abundantly
alive to the
menace
of the
shown that they
are
housing situation and
are
doing their utmost for relieving it.
This proposed
tax, termed "an» additional franchise tax," would
have failed to produce the desired result and
would
very
is deemed to exist,
tie
November 1922
was
was
that it is begun before
or
by savings banks, by levying
proportion of
The principal bill,
an emergency
proposition
tional tax of
Monday, Sept. 20, rushed through an¬
(in addition to the series of bills
on
used
as
finished since
and
TINKERING.
tion, met
buildings therein, planned for
exclusively, shall be exempt from
purposes
taxation for local purposes
so
the legislative
political division, to determine that until
April 1 of 1922 and finished within
RELIEVE HOUSING PROBLEM—FUTILE
The
laws empowers
county or city, or the governing board of a
a
smaller
new
the end of 1931 "new
One
NEW
[Vol. 111.
surely have tended to others
up
savings-bank funds
not desirable.
To
largely in non-liquid
so
investments would be
no
proceeding to
possession "of real property" occupied for
dwelling purposes in a city of the first class or in a
attempts to divert insurance funds
city adjoining
investments.
recover
a
tainable unless
city of the first class shall
on
the ground that the tenant is "ob¬
jectionable," in which
the nature
and
case
the landlord must show
degree of objectionableness
satisfaction of the court; or unless the
ord, being
a
natural person, seeks to
sion of the whole
or
any part
"immediate and personal
petitioner satisfies the
demolish the
be main¬
owner
premises,
In
a
of
rec¬
recover posses¬
occupancy";
or
own
unless the
court that the intention is to
erect another for
exclusively dwelling purposes, and in such
approved.
the
thereof for his
building in order to
must be shown that
to
case
it
plans have been duly filed and
pending
for
process
recovery
of
unsafe, and such
might have suggested to other States
are
funds of
may,
"Chapter
part of the
batch rushed
through last April and containing the
25% restriction, is repealed, that restriction
being
now
is
thought not stringent enough.
now
ordered to
summoned
to
within five
move
appear
days his
within the next five
his
move,
need
The tenant who
pay no attention until
in court; he must then file
answer
to the
complaint, and
days the landlord
showing that the
exceptions above noted,
or,
if it is
increase, that the demand is
must make
falls within
case
a
the
matter of rent
reasonable
and
just.
This
changed position of the law bearing on the
is frankly expected to "abolish
moving
day," and some estimated that it would halt over
emergency
100,000 evictions which
were
in
readiness
for
Oc¬
tober 1.
trust
are
The State
but no farther; the law
permitted classes of investment, this be¬
ing in the line of negative restriction; but to com¬
the
names
mand the flow of
any
part of these funds into
some
specified direction, especially with intent to promote
development and welfare
interest, would
or
therefore
be
the
Legislature
It is said
laws.
less
of
some
not
was
a
rash
wrong,
and
Fortunately,
power.
enough
and
hasty
proposition.
behalf of real estate
on
particular section
fundamentally
dangerous exercise of
owners
that suits
brought to test the constitutionality of these
This may or
may not be
turn
upon
done, for it will doubt¬
the deliberate view of
cerning the probable net effect
haps also
upon
owners
con¬
them, and per¬
the degree in which the higher courts
upon
might be thought inclined to overlook their obvious
unconstitutionality
because
of
the
"emergency"
plea.
On general and normal principles,
they are
opposed to all constitutions and all social
usages, for
they attack property rights, and, if necessity
may
be invoked
as
sufficient defense for this
limit control and return
upon
would not be
easy
attempt to
private property, it
to draw the line at which such
attempts must stop; if the State, through its
legis¬
lative and judicial
powers, may decide question of
rent and
occupancy
what could prevent
i
local
and indeed must, intervene to safeguard them,
will be
pro¬
of these named
exceptions.
137 of the Laws of 1920," a
this
behalf of their
owners,
ceeding falls within
one
as
towards
peculiarly sacred character.
enough to accept such
on
after
renewal of
companies and savings banks
a
the ground that the occupant is
holding
expiration of his lease, a warrant shall be
issued only when the court is satisfied
that the
over
law
Moreover, all such coercive attempts
utterly wrong in principle. The funds of life
insurance
on
a
a
between
requiring
owners
and
tenants,
owners to reduce rents
Oct. 2
THE
1920.]
according to
are
and
morals
health, conditions now so far in the past as to
have become almost
tion.
These
forgotten—is not
open
to ques¬
over-greedy persons might well take
Chicago, where
one
we
farm and
large owner of apartment
dwellings has announced a 10% reduction for Oc¬
tober
he
1, promising a like step for next May; he is
following in the steps of manufacturers who an¬
price reductions, he says.
May the example
,
The best
excuse
to be offered for
profiteering
own-
they are victims of profiteering labor.
is that
ers
"building trades" and every trade and every
The
organization which affects those trades, are in
labor
sympathy with the chase after the profiteer,
full
and
no
thfey
of "stop thief" is louder than theirs; yet
cry
themselves the rankest offenders in the
are
country, refusing to abate a jot of
Can he bear any
meet
can
shop committee, face to face, to dis¬
Are relations matters of
read that
we
tor called
both
be
The owner,
employer.
their inverted economy of more and
the
on
for less and less service.
wage
Why might not
"building trades" relax somewhat on their com¬
the
Then there creeps in a fac¬
capitalist and work¬
ideal "relation."
whether individual or corporation, is
also
insisting
fact?
represented in "management" in
order to procure an
less
more
or
"management," sometimes separated from
each; and it is averred that the
must
theory
capital and labor must "get
There would seem to be a great gulf
together."
treating the situation itself as their opportunity,
and
possible closer relation "
him, either individually or by repre¬
a
fixed between the two.
their demands,
^
conditions, the kind and extent of pro¬
wages,
Yet forever
er
"closer"
capitalist, owner, employer, than he does when
duction?
spread generally but gradually and judiciously!
come
physical property for the purpose of pro¬
sentatives of
cuss
"capital" and labor
factory than he is when in actual contact
duction?
now
fog of words when
Can the toiler come any "closer" to the
together?
coming
example
a
to discuss the "relations" of capital and
How may
labor?
to the
nounce
merely enveloped in
we
essay
with the
into serious consideration the
from
Are
tendency of crowding
return of the old conditions as to
a
WHAT ARE "BETTER RELATIONS"?
greedy—even sinfully greedy,
considering the undeniable
towards
That
scale prepared therefor?
some
landlords
many
1317
CHRONICLE
It could not well be otherwise un¬
employee hires himself to work with an¬
tools.
other man's
It
seems
to be
fundamental "relation" unless the
an
inescapable
employee by some
plaints and combine to build themselves some dwell¬
legerdemain constitute himself his own employer—
ings, if they care not a pennyworth for anybody out¬
in which
side of unions?
to another.
A
report came from
Chicago, a few days ago,
(for this occasion mean¬
the
of
ing capital and labor) had sat down together at a
anomalies
organized the National Industrial
had
Council
Building and
of
Construction,
and that
through their efforts to organize and to adjust diffi¬
Yet
from
employers
one
so-called "class"
charged with being
are
greedy, of taking to themselves too large a share
too
that the lion and the lamb
dinner and
he passes
case
And here is one of those strange
profits.
cannot take
any
profit until he makes it; and he
cannot make it save
in the open
The employer
the whole discussion.
in
by the sale of goods produced,
markets of the country and world; and
in this open
competition his contracts and his sales
try is somehow or other to be relieved.
extend
a
the
ties, holding the chances of loss as well as gain;
culties the
shortage of a million homes in the coun¬
The head of
Building Trades Council of the American Fed¬
eration of Labor
of
composed
spoke in favor "of an organization
unit of the building industry
every
vested with power to
arise in the
the
settle all grievances that might
building and constructing business."
So
for this is that same pestilent impossibility of
labor
centrally organized and centrally controlled,
and
one
master builder
"we
are
not
gathered here to perfect an organiza¬
tion that would
Thus the
ous
arms,
compel
any
such thing."
is not yet brought in sight of any prom¬
speedy and stable solution.
Labor folds its
stands fast, and will not even offer another of
its proven
brittle promises; while legislation accom¬
plishes nothing better than to rush anew to coerce
capital invested
struction
duced,
profit.
of
one
to be invested in dwellings.
or
is not to be
only
and
coerced; it
by expectation
can
of a
Con¬
only be in¬
reasonable
This latest batch of laws aimed at the relief
class at the expense
acute the
of another makes more
tangle of "moving day" by bringing ten¬
ants who have
agreed to move into a quasi-collision
contract, as far as wages
concerned, when he receives his pay envelope,
though the goods may be even unsold and not con¬
1
tracted for.
Is it then
the
a
fair "relation" to
runs no
risk and has already been compen¬
sated for his work?
to
admit him to
its ?
Is it fair, a right
share in
"relation,"
"management" that he
products and thus the consummation of prof¬
In
existing
truth, what other relation than the one now
there be as long as there is an owner, a
can
capitalist,
employer, who uses labor of men in
an
Must the owner and manager put on
production.
overalls and go
What
chine?
ers?
As
better
must
a
a
set the scale of his own wages in advance of the
sale of
We
establish, to admit
employee into a share in actual "management,"
when he
may
housing problem, indubitably a very seri¬
menace,
ise of
indignantly protested that
period of time filled with uncertain¬
while the toiler ends his
are
report quotes him, and with probable correct¬
ness,
over
long
down in the plant and tend a ma¬
good would that do to the other work¬
as some one
must manage, who has a
right than the owner?
seem
all the time to be
assuming
relation that does not exist.
who
Management there
be, and it requires brains as well as money.
teach
that
the
a
There
workers,
condition and
are
those
employees,
even
having
with others who sit behind the laws and refuse to
brought forth, by the use of mechanism provided
vacate, the trouble being heightened by the strike
them, and their
of the
vast
van
men,
who read the usual labor lesson of
advantage in the extremity of others.
is
needed, rather
seems
to be
than
more
More housing
but there
statutes;
nothing as yet to materially lessen the
comparative unattractiveness of new property for
dwelling purposes.
own
strength of body and mind,
a
variety of products, ships, cars, shops, stores,
grains and articles, together constituting wealth,
actually created wealth, capital, and therefore, by
rights,
ever
own
uttered.
it.
No more pernicious untruth was
In the sense of
hereditary descent
one
generation receives all that the preceding generation
possessed—but only in
a
a
communistic spirit or
collective capacity and not
Severally all prop¬
practice.
[Vol. 111.
CHRONICLE
THE
1318
better
no
be
must
"living conditions" in the sense that wages
high enough to allow the worker to buy
erty, wealth, does now descend to the inheritors un¬
whatever he wants.
der law
than
single industry, or
this
any
single plant, to say we own
particular portion of the general wealth of the
whole
people because
pended therein has
labor
our
no
Yet this is
reason.
one
and is now
was
of the
business will
PROPOSED
A
TIVE
claim
Another
founded
the
on
manity."
for
in
part
a
is
management
condition called "hu¬
mysterious
Here again the start is made from the
assumption that inordinate greed, inordinate
withholding of profits from those to whom they
should
(averred) belong, but do not, renders the em¬
ployer inhumane, not
malefic
of
sort
the
owns
runs
it, and takes all the risk.
Something must be done to make him
erate of those
herited
none
who, having
from
and, having saved
him
think
of
he could not
successful
own
its
for themselves, to make
before money
or
help
consid¬
successful ancestors,
or
up none
employ
more
property, having in¬
no
thrifty
men
a
who fattens because he
oppressor
property,
of feeling for others,
a man
(profits), though
single
a
without his
man
management of his own, and the prof¬
by which enterprise is sustained and perpetu¬
Have
we come
to that current demand for "better
specifically defined what these
must be
enough paid in
wages
to be?
are
forever Nature
lands
There
enjoyments of
educating and uplifting mode of life.
an
employee consent to allow
low him
into his home and
ing.
No
employer to fol¬
an
an
banks
The bank
business,
or
way
what this should be?
And if he
were
of his
of
on
particular industrial enterprise
Could it be possible for
years?
to do so,
over a
profits
period
given employer
a
to gauge an
average
ees,
"living condition" for employ¬
in advance, and trust to luck and the fortunes
of time to
come
there not be
as
out
even
in the end?
many sets of
make it
Do those who make this claim
it leads?
There is
a
recent
case
pal railway is in the hands of
point.
see
Can
so.
should have
a
where
A munici¬
receiver, because it
charges, in the hands of a Court for
administration in equal behalf of all claimants. A
agree
and it is demanded that the Court
to arbitrate the wage scale offered
by the strik¬
ing employees—arbitrate that which might further
bankrupt the road. To which reply is made that the
and
requires of the Court equal justice to all claims
claimants—therefore thq right is reserved to
scale down
any award so as to
keep it within the
of the road to make payment out of
earnings
that justice be done to all
parties concerned. And
power
in this in
No
milk
nutshell is the whole
question at issue.
of human kindness in the
breast of
a
em¬
ployer
can pay
forever
actual
into
field,
is to be discussed in
and
bers of
directors,
increasing demands
(always in advance
of wage-earners
and without reference to
profits) and not plunge the special
industry
bankruptcy.
The
same
relation
exists,
as
far
as
cerned, before and after receivership.
justice is
There
con¬
can
as
no
quite the
favor.
academic
an
as we are
brotherhood.
a
not
single
a
co-operative in the broad bank¬
We regard it
fair
But to
does
institution confined to
an
sense,
they energize endeavor
"co-operative"
ing sense?
It
reverse.
With good-will, it
Its stockhold¬
sense.
informed,
are
to be
mem¬
No such inhibition upon oc¬
other national bank.
any
At
a
time when credit
gathering in volume, congesting
populous commercial and industrial
time in
a
centres,
irrigates
from the
huge
to be
credit
a
brotherhood so, at
put forth.
that
pay
At
a
least, the idea
time when general popu¬
overflows
national boundaries,
even, in
help the world regain its former estate,
to
these
directors,
stockholders
would seem, propose
organizations,
nents of
a
as
(and
depositors), it
to confine their credit power
strictly to themselves.
alized
enterprises
general currents of credit and live in iso¬
lated service to
lar
the
this institution proposes to separate itself
wages,
as
cannot meet its
strike occurs,
the unusual balances
And yet certain wage-labor
generally understood,
are
propo¬
democratized world, and an internation¬
"labor,"
even
to
approval
of
the
present
League of Nations!
employers and
actually
in
a
as
up
bank
order of workers be
And would
"living conditions,"
estimates of "the humane,"
plants?
many
law
gathers
particular
a
itemized
the
credits; that
industry, to the good of all the people.
name
ers
in
dealers
are
and redistributes them where
and
And the parched
disputes the general
one
of human effort in the broader
order
would he not have to base his estimate
No
.
doubts that credit is essentially co-op¬
one
erative.
of
the mist to the mountains;
is the secondary instrument in all true bank¬
money
But would
declare in
LOCOMO¬
CO OPERATIVE
repeats the round.
definition that
seems
any
production.
OF
BROTHERHOOD
watered.
are
ever
to support a family in
reasonable comfort and the social
closer relations
no
NATIONAL BANK.
for
human being has
no
be
honest workman giving
ENGINEERS'
cupation applies to
ated.
living conditions," though
can
an
The streams to the sea,
ment.
false
allow, and
part in manage¬
a
There
employer paying the best wages the
the best service that is in him to the
deceptive claims made
for
honest
an
ex¬
basis whatever in justice or
basis for the demand
a
as
And for the employees of any
individually.
be
Have
bank ?
we
not, then, to consider a purely class
Why it chose to charter under the national
form, which compels its membership in the Federal
Reserve, does not appear. As has been pointed out,
in view of its
alleged antagonism to great city banks,
its legal reserves, required by law
it cannot prevent
to
be
deposited with a Regional bank, from ulti¬
mately reaching the concentrated funds of city na¬
tionals, where they may thus indirectly contribute
to call loans.
And in
choosing the national form
of
association, does it not negative thus the reputed
purpose of freeing itself from the so-called
"moneypower"?
We
bank, doing
pany
are
surplus.
no
a
departmental
com¬
That it is organized for service, not
money."
dividends,
it is to be
commercial, savings, and trust
a
business.
to "make
told
Yet
may pay,
more—passing the
if earned, 10% in
earnings to
Will it be expected, being a member of the
excess
Federal
Reserve, to charge other than established
rates
loans?
on
Will it regulate its interest
by 10% dividends
on
charges
capital regardless of the fluc¬
tuating amount of its deposits? If present credit
stringencies continue, and it receives a proportional
share of the
vent the
large general deposits, how will it
large profits through large deposits
pre¬
now
QCT. 2 1920.]
prevailing in the general banking field?
seems
to
stultify its
constitute
itself
of co-operative,
name
anomaly
an
Again, it
or
it will
banking
general
to
to be the sources of its
are
funds of
brotherhood
one
amounting to millions.
hopes to receive individual
members of
it
have
deposits and the
It is first to receive the reserve
nature of its loans ?
If
deposits
It
85,000
from
single brotherhood, wherever resident.
a
outside the order, pre¬
stockholders
no
sumably it will have no "feeders" from commercial
interests.
industrial
or
savings
system—its
It is
chief
Its
to be from individuals under a
seem
possible it
may
to be
may seem
commercial
all
since these
section predominating.
bank
will not
scattered
are
readily do
tion of trust
banking-by-mail
brotherhoods, but
the whole country it
over
and will suffer by competi¬
so,
companies nearer to the homes of the
are
The Federal Keserve
requirements
on
members do
admonished
Government bonds.
than
rate
the latter may
would it be
in them
to
But
unload
10% to stockholders find it
advisable to invest in A-l securities
paying a higher
Even
now,
though
be bought to yield approximately 6%,
good savings banking to load up heavily
in view of
possible business stringency
a
yet to come, or a succeeding issue, when they may
lower?
go
No class bank
bank lives
can ever
or can
be
truly co-operative.
No
No bank founded on
live to itself.
antagonism to long-established business usages and
customs is
firm foundation.
on a
by banks is
needs friends
whether customers
bank.
The
fact.
Dealing in credits
A bank to
growth of long experience.
a
be successful
national
widely scattered depositors.
co-operative feature.
a
banks
bonds, and mutual and stock savings
Government
deposits would
perform a distinct service in its
trust business for members of the
not
posits
banks which do not pay
practice.
What
131»
CHRONICLE
THE
or
in every
walk of life,
not, especially a departmental
banking system of to-day, composed of
State
and
A bank
institutions, is co-operative in
believe it
may
live outside this
can
prevent ordinary national banks from follow¬
general interlocking system of all banks, under a
ing the flow of ti*ade and making deposits as of old
misty theory that it is co-operative (what a con¬
the pur¬
tradiction), but it is liable to perish of inanition
in commercial nationals at the centres for
of "exchange" writing and for interest returns
otherwise unused funds.
It is thought this bank
poses
on
will not do this.
How will it
service for
collection
perform
its customers
a
draft and
without these
if it
does,
to
it
or
field.
narrow
fail to
may
strengthen banks that
need and
prosper
because of this
May not this experiment be trusted
the result of fitness to
are
experience in service?
connections, except at unusual expense to its pa>It is to make loans on
trons?
"negotiable paper,"
EDUCATION
POPULAR
and, it is averred, on "first mortgages on real es¬
It is
WORLD¬
THE
AND
TURMOIL.
WIDE
barely twenty years since Mr. Choate, our
Sup¬
pose it makes loans on negotiable paper, will this
be upon mercantile paper, or other industrial paper
exploiting in his numerous addresses up and down
depositors, whose financial
England the extent and beneficent effect of national
tate," and to invest in "Government bonds."
who
those
of
not
are
standing cannot therefore be so well known, or will
it
in
brilliant Ambassador to the Court of St.
general markets?
scattered
over
Will it, with depositors
forty-eight States, make loans upon
two, or three or more, name notes of
members of
He
If it
farms
can
or
and does loan
city property,
the brotherhood?
real estate, will
on
or on
of these, how will it
keep its assets liquid to supply sudden calls by
members of the
brotherhood, which may arise for a
But supposing its savings sec¬
number of reasons?
tion to be
usual
chief, will it buy bonds according to the
safeguards?
"interests,"
to some degree?
Since its deposits are to be pri¬
marily and chiefly the wages paid by one kind of
transportation companies, will it buy short-term
notes or long-time bonds of these?
And, since its
purpose is service by co-operation, and "labor" de¬
mands
a
share in
management, will it reciprocate
line of bonds—
or, withdrawing all wages (paid from the currents
of credit) thus strike at the prosperity of the very
industry which feeds a brotherhood and which that
by favoring investments in a single
brotherhood would under certain current
to some extent
proposals
to be a limited form of co-op¬
would it
practiced by all classes of wage-earners
not result in slowing down industry every¬
where?
Credit to be truly
eration.
the
directions,
many
especially in re¬
Messrs. E. P. Dutton
recently brought out a book, "Patriotism
& Co. have
and
Popular Education," that has rapidly gone to
its second edition in
England, which deals sugges¬
tively and virogously with this question.*
The author prepares
of the
more
for the discussion of some
important problems that are uppermost
in social and
political life and the relation of public
education to
them, by
it
now
exists in
He sweeps
a
discussion of education as
England and with us.
away
the idea that the popular con¬
ception of the all-sufficiency of democracy and the
demand
for
self-development set the true aim of
popular education.
that is of the
The plain duty of the State—
community—is to
ber of it is trained in the way
most useful to the State.
and
ence
his
own
some
see
that
every mem¬
that will make him
On that depends
its exist¬
welfare, even though he might
kind of existence if the State were
destroyed.
Because the vast
85%, must
the
earn
majority of the people, perhaps
their living by manual labor, and
products of that labor are essential to the life
all, the State must see to it that training for it
This bank would seem to be destined to co¬
be
in
gard to popular education.
of
operate for itself and with itself alone.
Buying
Government bonds with otherwise uninvested de¬
all the nations to examine
has forced
war
themselves
general currents, uses, and benefits of all in¬
dustry.
Despite
system of public education we
proved woefully deficient.
The
If
co-operative must join
the rest of us
startling revelations of illiteracy made by
maintain
control ?,
This would appear
little prepared as were
much-vaunted
our
If it does, how can it avoid put¬
ting its funds into the hands of so-called
as
the examination of recruits for the war.
it be
homes of members of
If upon any
was
the
for
are
the brotherhood?
was
education in America.
through note-brokers buy only the paper offered
the
James,
*
supplied.
Patriotism
Jones.
This does not mean that this is all
and
Popular
Education,
E. P. Dutton & Co., 1920.
by
Henry Arthur
1320
that is to be
sought in education, but it is primary,
whatever for the sake of the individual may
*
to it.
Hitherto
from
him
the
have worked almost
we
he
which
be added
exclusively
standpoint of the individual, to supply
certain instruction
a
thought good for him,
or
might desire.
Under the conditions in
which most children live
they leave the public school
with
only
little
meaning for them, and with
for all
be
scanty knowledge of things which have
a
learning.
School is
general distaste
a
task and
a
a
They know nothing of its possibilities
worth.
be
It is
something
far
as
or
possible to be ab¬
as
brought about; and the question everywhere
nent
this be accomplished?
can
are
people whom they
thing of technical
Various promi¬
trying to supply to the
young
preparing to employ
Commercial
industrial teaching which will
High
Schools
and
found in
secondary, and
many
formed
in
the
offering
reluctant.
demand, still less
not be
not
tal
cities;
pri¬
some
taking note of the
some
largely experimen¬
widespread public
no
understanding of its real
Until that
The limitations of the
appears
more
it
ne¬
can¬
than half¬
existing system
appreciated, the classical tradition is still
almost
an
grammar
few from the high schools will go
yet
upon us
for the sake
all
of
men¬
require it; and for the
imperative.
political and economic theories
emphasis on character, and thorough
training in its essentials, and also in understanding
the
The time has
for
come
The State must
a
public duties and responsibilities of the citizen.
is the
conduct
the
are
This
attitude,
life,"
now
so
determining
as
apart from that "fear of the Lord which is
beginning of knowledge."
While the
League of Nations stands for
to-be-cherished
a
much-
ideal, it is beset with difficulty. The
of the world still lies and
intelligent patriotism and in
recognizing the primary relations of citizenship, in
which the problems and conflicts of
bor and of all classes of
find their solution in
gations and duties.
Capital and La¬
people and interests
are
to
training in their mutual obli¬
Patriotism must be
a
constant
inspiration for the schools.
The
details
of
the
discussion
are
necessarily
English situation, but they furnish
drawn from the
material for wider
thought, and cannot fail to be of
value to all who
are
seriously facing conditions
they exist with
us,
and, indeed, in the world at
large, for the principles involved
are
as
of universal
application.
(fAvevmt
%vents and discussions
per¬
CONTINUED OFFERING OF BRITISH
conception of the
TREASURY
BILLS.
to college
The
new
goal to be reached.
widely wanting, cannot be secured
schools and
on
new
"A correct attitude of mind toward the facts of
recognized weight.
no
usual
offering of ninety-day British Treasury
disposed of this week by J. P. Morgan & Co.
basis of
count
recognize that the education
some
provide is to be measured Iby its manifest
it seeks to
turmoil
without
was
task.
moral natures
are
pow¬
inappreciably small
centage of the pupils in the
as
and
The
special instruction.
expected to be thorough or
The fact that
has
our
The need of
people themselves; their physical,
welfare of the State it is
erful, and the increased cost is always to be faced.
very
training is pressed
of the young
an
are
There is
any
cessity and significance.
hearted.
such
some
social life.
our
peace
larger financial and industrial
universities
demand and
and
sadly prevalent in
only hope for the
many
in
even
But the movement thus far is
tal
so
always will lie in
A few special classes for employees
Our
concerns.
has taught
by the risible defects of
upon us
Manual
training for both boys and girls is to be
schools.
mary,
being forced
efficiency.
some
Training Schools have been opened in
vocational
war
existing educational system, and the evils which
some¬
are
or
increase their interest and promote their
new
now
corporations, banks, trust companies, manufac¬
tories, and the like
are
its
A complete revolution in this respect is to
is, how
experience of the
lesson, and this directly accords with what is now
which has the world in its throes is not to be settled
They have also acquired disrespect for manual la¬
jured.
sudden and terrible
its
bondage to
escaped.
bor.
[Vol. 111.
CHRONICLE
THE
Sept.
bills
on a
dis¬
6%, the rate which has been in effect for
time past.
27.
The bills in this week's offering
are
dated
•
value in
fitting every boy and girl for filling his
place in the community by rendering his proper
service to the
be fitted to receive to be provided by
other agencies.
have every
that will
a
Specially competent youths should
facility for obtaining all the education
develop their exceptional gifts.
class both small and distinct.
are
not the
measure
for all.
Their
They
vented
or
fort to
The burden of
as
our
now,
two
all
are
of
now
by the ef¬
as
discussion, however,
as
These lie at the foundation of
of true
overlooked.
„
popular education to the problems
agitating the State. He points out
primary requirements to be sought in
education worthy of the
name, discipline and
well
secures
citizenship, and
Because
these
so
no
all.
so
a
by sentiment.
character,
to-day largely
young people
universally
some
as
mili¬
by fear of mili¬
"I did not raise
my
soldier," has been the general protest.
rate
on
was
a
BILLS
ninety-day Treasury bills
advanced
CONTINUED
6^%.
were
discount basis of Q}4%—the
time been 6%.
TRADING
IN
MONTREAL
March
26;
it
disposed of
figure to which
had
previously for
The bills in this week's offering
CANADIAN
STOCK
boy
The
VICTORY
EXCHANGE
are
BONDS
ON
DEFERRED.
According to the Toronto "Globe" of Sept. 28 members of
the Montreal Stock Exchange
27 to
extend
from
Oct:
came
in
As
a
in
on
to Dec. 31 next.
1
agreed at
a
time in which
further the
meeting
on
Sept.
Canadian Victory
the floor of the institution,
The "Globe" whose advices
dispatch from Montreal, also said:
generally anticipated, the wishes of the Minister of Finance in this
connection
were
met, and what discussion there was to-day was of short
duration.
It is understood, however, that
the resolution adopted expressed the view
that the latest extension should be the last one, the majority of the members
favoring open dealings in the securities.
It is added by the
no action will be required
of the Toronto Stock Exchange, as
the agreement with the local exchange does not expire until
on
In
to
"Globe" that
the part of members
the end of
degree of this for
We have been held back from it
tarism and
to be
are
training of
directly and
tary training, he advocates
French
bonds may not be dealt
author's
the
obedience.
TREASURY
dated October 1.
pre¬
is the relation of
which
the
some
The education of the
it largely is
FRENCH
are
provide for the elect.
hindered,
The
this week
possibilities
twenty million youths of the land must not be
ON
AT
State, leaving whatever further edu¬
cation he may
RATE
our
the| present year.
issue of Jan. 31 1920 (page 413) reference
the fact
that under
was
made
agreement entered into by the
Bond Dealers Association of Canada and the members of
the Toronto, Montreal
an
and Winnipeg stock
maturities of 1917 and 1918
exchanges all
Victory loans had been placed
Oct. 2 1920.]
under the control of the Market
1919
Committee, along with the
issue, and that trading would be under the auspices of
the Committee.
fishing, electro-chemical, wood pulp and paper manufacturing and hydro¬
at
15,000,000 horsepower, probably the largest in proportion to
The
CANADIAN
IN
SILVER
SPOKANE.
following is taken from the "Pacific Banker" of Sept. 4:
The discount
Canadian silver is
on
now
in full force at the Spokane
on
large supply of water power reduces Norway's requirements for
fuel
during the present coal crisis.
Delivery
of
about Oct.
7.
■.
...
expected
bonds in temporary form is
the
.
-
■
.
'
;
■
,
■
Practically all of the Canadian
banks, with the banks holding the sack
silver in Spokane is now in the bank vaults.
SWEDISH
Following the clearing house
early last week that a discount would be put into effect
announcement
population
About 1,300,000 horsepower has already been developed.
of any country.
ON
Norwegian available water power is estimated
electric power production.
This
DISCOUNT
1321
CHRONICLE
THE
BANKS
FROM
PROHIBITED
BILLS.
DISCOUNTING
Saturday, Aug. 28, but that meantime the banks would accept Canadian
coin at par, there was an immediate rush to cover on
merchants and citizens
larly
Friday.
on
Just how much Canadian coin the banks have taken is has not yet been
ascertained.
their vaults, so that they have
silver
•f
already had considerable amounts in
Besides this, the banks
probably
nor
less than $100,000 in Canadian
represents an apparent loss to the
discounted 20%,
which,
According to
the part of Spokane
generally that kept tne bank tellers busy, particu¬
banks
Canadian silver entirely,
while
the
Council
street
companies
car
now
refuse
elsewhere 10 cents is taken from the half-dollars, 5 cents from the quarters
with the half-dimes of no value whatever.
and 2 cents from the dimes,
COMMISSION
BELGIAN
STUDY
TO
Finance
Swedish banks from
wool
discounting bills issued in payment for,
pulp and other commodities sold to England or any
other country.
next
The
advices state that in discussing the
same
budget which is in
520,000.
The
cablegram from Stockholm to the "Globe"
has issued an order prohibiting
a
of
of preparation for the Riksdag,
community that
course
the Minister of Finance warned the business
Sweden's finances
in such
were
state that
a
only indispensable
appropriation would be included in the budget.
ECONOMIC
BANK
SPAIN. 4
IN
CREDIT
INDUSTRIAL
FOR
CONDITIONS.
The
Trade Commissioner Samuel H. Cross at Brussels reports
of Commerce that the Belgian cabinet
the Department
to
M. Strachan, at Madrid, were
of
proposed the formation of a national commission to
has
The symptons of
the present economic crisis, it is said, are characterized as
loss of financial balance, exhaustion of stocks of merchandise,
'wear and sabotage of machine equipment, slackening of
.production, abnormal exchange, rise of prices and high cost
of living.
A commission of sixty-five members has been
study the economic situation of Belgium.
named
under
act
to
the
supervision
of
the
given in "Commerce Reports"
Sept. 21.
The
a
Spanish Government has accepted the proposal ef parties representing
group
of 116 banks and manufacturers for establishing a bank to be called
Credito Industrial."
the "Banco de
to
on
the
Luis Ussia y
Jose
part of the bankers and manufacturers concerned were
Cubas, Julian Cifuentes Fernandez, Valentin Ruiz Senei,
Adolfo Navarrette y
de Alcazar and Juan Urrutia y Zulueta.
offered to create the industrial bank with a capital of 37,500,-
This group
000 pesetas and to pay to
the State 4% interest on bonds of industrial credit
This proposition has now bee*
which the State would deliver to the bank.
The following statements with respect to th«
accepted by the Government.
OFFERING OF $20,000,000 OF
KINGDOM OF NORWAY
BONDS.
An
8% sinking fund external gold bonds at 100 and accrued
interest
was
made
closed at 1 o'clock
the offering,
members
(within
a
few hours after their opening),
it is stated, having been largely oversubscribed.
the offering,
in
managers
the other syndicate
being the First National Bank, New York; the
Guaranty Trust Co. of New York; Harris, Forbes & Co.;
Lee, Higginson & Co., Wm. A. Read & Co., the Continental
Commercial
&
Trust
&
July 10 1920: Loans may be made to protected industries for a term of
State may
20%
Trust
&
Savings Bank,
Savings
Bank,
Chicago;
or
The bank w'll not grant any
without
loan
National
Bank,
due
Oct.
1
San Francisco, and First National
The bonds
are
dated Oct. 1 1920
to
previously having obtained the obligation of the State to
contribute its 80% and will not pay out money on
received
from
the
bonds which
the
State
Any loss suffered by reason of not being
be determined periodically by the bank
according to the conditions of the money market and subject to the approval
The loans made by the bank shall be exempted
of the Minister of Finance.
the stamp taxes.
from the royal rights and
are
and
SIGNING
WITH
TREATY.
GOLD
.
reported that Soviet Russia has announced her readi¬
to return to Rumania the Rumanian gold, totaling
ness
between $400,000,000 and
as
statement to this effect is
Interest is payable April 1 and Oct. 1.
PEACE
OF
It is
>
registerable
principal only.
RUMANIAN
RETURN
TO
RUSSIA
SOVIET
at
are
able to secure repayment of the
and the barm in the ratio of four to one.
The rate of interest on loans shall
in
and
loans until it has actually
the latter's share.
represent
loans shall be shared by the State
1940; they are to be issued in coupon form
denominations of $1,000 and $500,
The State bonds shall
period of twenty years from date of issue.
loan or contract any obligation with respect to *
Illinois
Chicago; First Trust & Savings
Pittsburgh; Union Trust Co., Pittsburgh; Anglo & LondonBank in St. Louis.
150,000,000 pesetas in bonds, the reamining
or
37,500,000 pesetas, to be found by the bank.
Bank, Chicago; Halsey, Stuart & Co., Mellon National Bank,
Paris
total of 187,500,000 pesetas, for which purpose the
contribute 80%
be redeemed within a maximum
City Bank and J. P. Morgan & Co. acted as
The National
syndicate
Sept. 28; the subscription books were
on
rights and obligations of the bank a e based on the royal order published
fifteen years up to a
offering of $20,000,000 Kingdom of Norway 20-year
decree of
Those making this proposal to the
industrial enterprises."
"protected
Government
Under the terms of the royal
will intrust to this bank the service of loaning money
Nov. 5 1918, the State
Ministry of
Affairs.
Economic
following advices from Trade Commissioner William
Moscow,
$500,000,000, and art treasures
if Rumania will sign
a
treaty of
peace.
A
credited to Captain Vasile Stoica,
formerly Rumanian liaison officer at Washington, on Sept.25,
Principal, premium and interest is payable in New York
the
City in United States gold coin of present standard of weight
and fineness at the National City Bank of New York with¬
following effect:
out
deduction for any
Payments
peace,
Norwegian taxes, present
well
citizens of
to be made in time of war as
are
whether owners of bonds are
The offering stated:
or
future.
in time of
friendly or
a
balance remaining unapplied on Aug. 1 1930 will
applied on Oct. 1 1930 to the
Additional information
as
follows
was
offering:
of Noway June 30 1920,
including funded and floating
commissions, was $296,986,210, or $108 per capita based on the present officially estimated popu¬
lation of 2,750.000.
As an offset to this debt, the State owns properties,
mostly revenue producing, valued at $201,000,000, exclusiveof the sup¬
plies stiU controlled by the commissions.
The principal items of these
properties are 1,721 miles of railways out of 2,011 miles operated within the
Kingdom, telephone and telegraph lines, and water power stations.
The
external debt June 30 1920 was $90,422,851. equal to only $33 per capita.
From 1911 to 1919, with the exception of 1915, annual revenues exceeded
Governmental expenditures both ordinary and extraordinary (excluding
credits to commissions for rationing and war relief which are temporary in
character and partly reimbursable to the Government).
The principal
debt and credits
granted to finance food and fuel
revenues are now
derived from property and income taxes, war
excise duties, tonnage
The wealth of Norway
times the national debt.
I
profits tax,
tariff on imports.
is estimated at $3,350,000,000, or more than eleven
The princiapl industries are shipping, lumbering,
dues and a moderate
.
that practically the entire gold
The Rumanian Government,
Rumania.
Captain
Stoica said, opposes the Bolshevik
the
arms
and muni¬
Millions of guns
and many thousand tons of munitions fell into the hands of the Rumanians
at this time, and Rumania insists that the Soviet Government pay the
the Russian collapse came.
tions that she captured when
Rumanian territory and properties during the Russia*
damages done to
invasion.
v
.
negotiations are reported to have been delayed because of
Rumania's refusal to restore the arms and withdraw her troops from
The
peace
Bolsheviki fear
the
Bessarabia,
where
have asked
that these troops
the
invasion.
The Soviet leaders
the Bessarabia frontier for use against the Poles
Russian troops kept on
and
an
be withdrawn so that they may divide the
Wrangel troops.
contained in the
i
The total debt
assurance
the Kremlin, where it was stored for safe keeping when
Germans and Austrians invaded
demand chat Rumania return to the Soviet authorities
redemption of bonds by lot at 110.
Com¬
mencing April 1 1931 and semi-annually thereafter sinking fund payments
will be applied to redeem bonds by lot at 107H.
Bonds are callable as a
whole on any interest date at 110 from Oct. 1 1925 to Oct. 1 1930, both
dates inclusive, and at 107 H from April 1 1931 to maturity.
be
has positive
a
of bonds in the open market, if obtainable, at not more
than 110 and interest; any
Government
the
sinking fund the Kingdom of
toward the purchase
dispatches also reporting him to the
Captain Stoica, who has just returned to the United States to superintend
of the Rumanian consular service in this country, say*
treasure is intact in
Norway agrees to set aside annually
the sum of $1,000,000 in equal quarterly installments, commencing Jan. 1
1921.
The National City Bank of New York, as fiscal agent, will apply
all sums received by it on account of the sinking fund prior to Aug. 1 1930
As
press
the establishment
his
as
hostile State.
a
Washington
COUNTRIES
HOLD
CHINESE
IN
CONSORTIUM
UNTIL
FUNDS
FURTHER
TO
WITH¬
GOVERNMENT
IS ORGANIZED.
It
was
reported in Washington press dispatches Sept. 30
that advices had been received
merce on
the
International
further funds
from
China until
been properly organized,
ture of
the
by the Department of Com¬
the effect that the countries comprising
Consortium have decided to withhold
that day to
a
formal Government has
with supervision over the expendi¬
proceeds from loans warranted and the payment of
German
guaranteed.
share
The
reported that the
of
the
new
Hukuang
Railway
loan
bonds
it was
Ministers of Finance and Communi-
press
accounts said further that
1322
cation
raising enough
are
the
cover
ment.
premium loan to be issued by the
of
Polish Government this week, the "Journal of Commerce"
be
Artificially low bank rates out of conformity with the real scarcity
capital, and made possible only by the creation of new currency, must
avoided.
5.
Floating debts should,
special cable from London Sept. 23 said:
The
Anglo-Polish Bank of Warsaw
will issue
Oct.
on
1,000-mark
1
in forty years,
the first twenty
during
but
One prize
Is of 1,000,000 marks.
exchanges beneath their real parities would be ameliorated
(a) The funding of floating debts held abroad in the form of notes;
(b) the restoration
exchange is 840 Polish marks to the pound
and
as soon
between the
course
.
different
ADOPT INCOME
TO
TAX.
7.
The
of
tem
An income tax effective in
15
January,
by the Peking Government,
appearing in the daily
decreed
was
according to cablegrams
from Peking.
papers
Sept.
on
This, it is stated,
is the first effort in that direction to obtain funds usable for
educational purposes.
must
naturally be conditional
used
other claims being postponed till those credits have had time
ban
from
Shanghai
by the banks of that city
ernment
they
appeared
bonds of the Peking Gov¬
on
follows in the daily
as
a
papers
The
including the
of subsistence for the laboring population, and (b) upon
means
restoring economic life.
capacity of the lending world to grant credits will depend,
great measure, upon the restoration of real
in
and normal conditions of
peace
international trade.
G. BRUINS,
(Signed)
of Sept. 25;
GUSTAV
J
received through correspondence of the Associated
were
Upon their being
(a)
purposes,
borrowing countries doing everything in their power to co-operate in
9.
telling of
(Aug. 21),
production.
be conditional:
only for the most immediately remunerative
the work of
advices
to distressed countries
priority being given to these cred¬
grant of credits should
provision of
SHANGHAI1 S BAN ON PEKING BONDS.
international loan or sys¬
an
otherwise)
or
upon some
to exercise their influence upon
the
Belated
(whether through
guarantees to private lenders
The
practicable of normal trade inter¬
as
International Credits.
grant of credit
its and upon
8.
far
as
countries.
III.
CHINA
;
correspond with the relative in¬
The serious depres¬
of the exchanges tends to
certain
of
by:
The first drawing wili be on Nov. 6.
The present
The level
6.
Exchanges.
ternal values of the currencies of the several countries.
sion
there will be weekly drawings.
years
II.
4% State premium loan of 5,000,000,000 marks in
a
bonds maturing
practicable, be funded.
soon as
as
the Polish Government
announces
abolished
equilibrium of State budgets must be restored, loans not being
The
4.
a
and the payment of subsidies
than cost
employed to meet ordinary current requirements.
NEW POLISH GOVERNMENT LOAN.
in
enterprise at less
military and naval expenditure stringently restricted.
3.
With regard to the State
the conduct
spending must be cut down,
end, Government
particular commodities and services must as far as possible be
on
and
.
this
Government
of
Govern¬
To
2.
from short time loans to
money
administrative expenses of the
current
[VOL. 111.
CHRONICLE
THE
V,'.:
Press:
M.
A.
i
OASSEL,
CHARLES
GIDE,
PANTALEONI,
O.
PIGOU.
All of Shanghai's larger Chine *e commercial and banking institutions have
placed
ban upon the latest issue of bonds offered by the Peking Govern¬
a
ment and sold for a time in Shanghai at
12% of their face value.
It
brought out $20,000,000 worth of these bonds after failing to obtain
for current needs from Japan
money
attitude
The
of
the
commercial
with the bonds was set
This
Government.
Street
forth
hands of
a
from other sources.
or
and
financial
connection
interests in
telegram of protest sent to the Peking
all the larger
trading guilds of the seaport.
it is pointed out that these bonds will in time come into the
foreigners, who will enforce the demand that they be redeemed at
AID
TO
SILK
INDUSTRY
FINANCING
BY
and
A
copyright
cablegram
the
to
Berald" from Tokio Sept. 15
currencies
the
of
same
our
the
"Sun
and
New
York
country by
financing
syndicate to maintain prices through
a
by
a
loan of 15,000,000 yen (about $7,500,000) by the Bank of Japan and
hardly be
can
international
general stimulation of produc¬
a
stabilize
and
up
that
say
the
actual values behind
something
money,
in
some
value to what
par
of
doubt that, whatever the ultimate benefits of
any
restriction,
liquidation
to
of
these,
and
exchange,
there
prices
now
tendency to reduced produc¬
a
and
reduced
and to consequent internal difficulties
drop
a
is
commodities
of
in
in turn causing
are
trade.
export
Our
international
in countries of
unbalancing of
new
restriction
own
of
credit
far-reaching influences of this kind.
Money Rates and Exchanges.
It
is
interesting and significant to look back at the increasing cost of
this country in recent months.
According to reliable daily news¬
credit in
quotations of the open market rates,
paper
taken
has
50,000,000 yen (about $25,000,000) by the Government at a rate of interest
such
of 2%
paper:
a year.
and
moneys
authorities
in which the
commerce,
grow
primary production of these which
control of
will be composed of ex¬
The syndicate, according to reports,
nations'
great corporations has grown up and given
own
The Japanese Cabinet Council has decided to aid the silk industry of this
exports.
certain
opposing
they insist that the remedy for present
the world is in
over
will
The
originally highly "watered" stocks.
shows
porters, manufacturers of silk thread and sericulturists, and will be financed
The League economists are ad¬
of
the actual value of property and going business in
as
way
movement
said:
depression
countries.
international
more
inflated
tion,
SYNDICATE.
the
directly due to the varying degrees of inflation of
different
difficulties in business
There
JAPAN
the
in
that
are
the problem is much more complex;
tion
were
1
full face value.
idea
exchange disparities
currency
signed by 52 local organizations and the Shanghai
was
Unions, representing
In this message
in!
the
of
vocates
English economists and experts in finance there
controversy over these policies.
a
was
reported in Chinese financial circles in Shanghai that the Peking Govern¬
ment
Between various groups of
has arisen
since the
place
made
are
as
^
1
■
the following steady increase
prime bankers acceptances
1917
autumn of
on
by "Edge Law" banks and
.
"best name"
on
commercial
/;r'.
,
It is proposed that the minimum export price of silk shall be 1,500 yen
(about $750)
bale.
a
90-day
Bankers'
If necessary to accomplish this there will be a reduc¬
tion of exports by 50%, a reduction in manufacture and possibly a curtailing
of production.
■
1917.
September.
■
FEDERAL
ON
FOREIGN
BANKING
ASSOCIATION
COST OF CREDIT—POLICY OF
credit
for
affecting
all
purpose
of
—4's
4*4 —4*2
.454*6—4
over
between
the
27, the most potent influence
countries,
world
at
the
as
well
present
within
as
It
moment.
There
disadvantages resulting
now
is
in process
accepted
are
of being worked
as
necessary to
outweigh them.
out,
in
advantages
will
not
be
accomplished
by
the
means
undertaken,
that
remedy is being applied too drastically for present or future good, and
both inflation and disjointed international
exchanges which intensify
the evils of
inflation
would
together be better corrected by the growth of
production and business in an atmosphere of confidence.
On the other hand,
the organized advocates of restrictive deflation think
that it is the only
way to put a stop to general extravagance in living, to increase in
prices
and wages made without attempt to slow
down, and to further inflation of
currencies by
seen.
individual nations.
United
States,
What will really happen
remains to
be
where
have
measures
been
taken
that
restrict
the
credits and put
granting of
up the cost of borrowing,
is not the only
agency is being used in this way.
England is
the cost of credits and financing, and this is
appar¬
ently a general policy advocated under the auspices of the League of Na¬
country where Governmental
officially forcing
tions.
tion
Under
up
authority of the League,
has been launched,
in
the form
a
of
propaganda of international defla¬
some
notably interesting and im¬
portant studies of the subject by the most eminent economists of
Europe.
This
was
in
advance
of
an
international
conference on finance, but the
be already committed to the policy of drastic credit re¬
striction through existing central banking institutions.
The official joint
League
seems
statement
of
to
the
economists
of
the
I.
advocate,
of
5^8 —5*4
6
—6I4
6
6^2
June
6*2 —684
734
684 —07g
difference
Inflation.
League,
outlining
the
policy
they
says:
It. is
8
steady increase in the cost of credit,
a
banks
Reserve
January..
oh
6
accompanied
economic
tion
March
lXt—438
evident
was
credit,
before
even
put into force the definite policy of restriction
by
higher rediscount
between deflation
There
rates.
is
a
definite
by higher cost of credit and defla¬
by higher discount rates plus other restrictive measures.
The British
seems to be to accomplish the end sought by simple increases in
The League of Nations economists argue for the curative effect of
policy
letting the cost of
money
element in inflation.
restricted
The
credits,
effect
essential
that
the
inflation
of
modities
of
regardless of
credit
and
currency
should be
cost
cost,
and
in
have gone a little farther and
we
directions.
certain
restriction
is
much
are
more
difficult
to
very
than
finance
narily, cotton, for instance is largely financed
when
moving
cotton
definite.
Commodities
in
Ordi¬
value
own
of safety, banks bought the
margin
a
the basis of its
on
com¬
times.
upon the saleable value of the cotton for security.
In
times, "international commodities," from wheat, cotton, hides, etc.,
bean oil and dried raisins, are financed in their market movement
to soya
around the world
The present
and the
being
largely
on
the basis of their
own
value.
disposition of the banks is not to take chances
these values,
on
discount of foreign bills covering shipments of commodities
done
exporter,
because
ment
With
commerce.
in normal
bills, relying
normal
almost
or
exclusively
in
the
on
world-wide
credit
the
of the foreign importer,
the fear of sudden
of
or
of
responsibility
some
changes in value.
bank
or
This is
a
is
now
either of
group
very
the
of banks,
ele¬
grave
situation.
It sharply affects exchange and even
speculative impulse is the force that normally
gets the world's commodities in motion across the oceans long before there
local credit.
is
Credit and the
anly direct demand by industries for them.
effect
the
future
supply
of raw
materials and
erratic.
Restriction
cause
of
future
credit
prices
may
to
be
,
It also effects the
bills, the
more
balanced rates.
or
exchanges, making
less
even
a great difference in the supply of
trading of which between countries makes for
Unbalanced
exchanges accentuate the present difficulties of
settling international transactions, and cause sharp fluctuations in the cost
of goods to foreign customers which are virtually
price fluctuations. They
are
credit
stopped everywhere at the earliest possible moment.
till it naturally discourages the speculative
go up
In the United States
falling in price, and drafts covering international transactions in
are
a
ducted
1.
512
6
1920.
534
%
..43s—4 X#
5
—514
December
5*2
512
5*4
—43s
%—0
...
The
4
,
policy is not unanimously credited.
There is a big
and important element of practical business
opinion that the job of world¬
deflation
..4
the Federal
The excellence of the
that
.-_4%g—4%
the rate.
Stupendous economic experiment
the
4
December
"deflation," is probably, the
further:
that will
Paper.
5h
.....i..
September
the
business
countries,
wide
—414
4
June
Foreign Banking Association says in its second Bulle¬
on
March
Commercial
Acceptances.
September..
March
credit, coincident with systematic restriction
tin issued under date of Sept.
later
514
90-day
January
1918.
September
which
484
4
January
THE
LEAGUE OF NATIONS.
.
The cost of
says
1919.
Paper.
3h —37s
June
FIRST
First
Commercial
Acceptances.
„
December.
of
90 day
Bankers'
90-day
The
cause
on
a
of
cancellation of orders,
and of
"sight," or international
policy of banks to restrict loans
warehouse
receipts, has had
a
distinct
losses
"C.O.D."
upon
in export
business
con¬
basis.
coffee, both in motion and
on
effect upon both the currency and
Oct. 2 1920.]
the business situation in countries which rely upon the export of coffee
tic trade
an
which
income with
current
for imports
for
and payments in domes¬
dropped to 17 cents,
as
solvencies resulted
Brazilian merchants have canceled orders for
Brazil.
in
merchandise
before this his firm had acted as bankers for some
that long
of
the
most
banks
heavily in consequence, and, at the moment,
which
est credit
example
an
The
standing.
conditions exist in Columbian trade.
same
the world-wide
of
effect
credit restriction
starting
of
It is
any¬
be
may
railroads
in
financial
of
backing
Loeb
Kuhn,
&
A bank rate
of 8% is predicted for November.
'This, in conjunction with the existence
of large stocks of commodities bought at high prices, is a sombre matter.
The mal-adjustment of the exchanges with Argentina and Uruguay does
not
expects
support the theory
ternational
valuation
of
of the League of Nations economists that the in¬
moneys
is in inverse ratio to inflation.
Both
The depression of their exchanges is directly
due to official embargo on exports of goods and gold, accompanied by low
production of natural products.
The credit relationships of these countries
are undoubtedly also affected.
Our own export trade to them is suffering.
The restriction of credit, more than its higher cost, has already worked
countries
•
further rise in the cost of credit there.
a
are
gold basis.
a
on
It may be that the worst effect
has already happened.
Japan is reported to be recovering from the slump
of a few months ago.
Much depends on commodity prices.
As for costs of credit, it is probable that open market rates for money,
while they may react to some degree, are on a definitely higher basis than
out into these
before
1918
complications of commerce.
fixture for
a
as
As
time to come.
some
shall show later
we
fairly stiff rate of money is not really a great burden in actual addi¬
tion of cost on commerce.
It will probably have the effect of inducing
on,
a
business
Schiff
fortunate in having
was
partner Otto H. Kahn—himself a masterly genius, upon
as a
Schiff acted
Mr.
initiative
whose
tions added
to the
renown
that great house did not
'Mr.
of Kuhn, Loeb & Co.,
name
universal
as
sorrow
has the death of Jacob H. Schiff, head
of Kuhn, Loeb & Co.
of the banking house
sclerosis for six
arterio
from
suffered
had
While Mr. Schiff
outside of his immediate family were aware
months,
of his impaired
health, and the announcement of his death last
Sept. 25, was
Schiff
was
Saturday,
profound shock to the banking world.
a
few
Mr.
pre-eminent factor in the business life of the
a
but
Schiff had unbounded confidence in Mr. Kahn, and the
latter's vision
sides
was
broad as that of Mr.
as
Mr.
both
which
and
Kahn
try,
dominating
would
Harriman
between these
which
without
personages
of
achievements
development of the coun¬
complete accord
making possible that
two
Harriman, be¬
Harriman possessed
Mr.
unlimited faith in the growth and
brilliant
the
been
have
out jpf
the
'\N'
question.
In recent years
Mr. Schiff had withdrawn from most of
railroad and financial
Union
whose passing away occasions such
the
The Harriman transac¬
embark blindly upon the venture.
Trust
connections, and at the time of
Central
following:
Co., the American Railway Express Co., the
& Navigation Co.,
Oregon-Washington RR.
Few indeed, are those
conducted
who
and
negotiations with Mr. Harriman.
his death held directorships in only the
DEATH OF JACOB II. SCHIFF.
be
well
may
resourcefulness, could have carried through his gigantic un¬
dertakings; and here Mr.
his
*
Without the
it
questioned whether E. H. Harriman, with all his wonderful
adopt more efficient methods in the handling of their
to
concerns
finances.
current
among
Pennsylvania
the
Co.
where.
London
country,
the
particularly
mentioned
Railroad, and the Chicago & North Western.
discounting export bills on Brazil only for American concerns of high¬
are
prominent
against
international exchange value of about 25 cents, and serious in¬
average
American
bills
The Brazilian mil reis
met.
are
the
1323
CHRONICLE
THE
Wells-Fargo &
Co., the Western Union Telegraph Co., and the New York
Foundation Co.
He
also Vice-President and Director of
In other interests Mr.
Fund.
Schiff
represented by his son, Mortimer L. Schiff, and his son-
was
in-law,
M.
Felix
Warburg,
member
both members
Paul M. Warburg, who
Kuhn, Loeb & Co.
a
was
Baron de Ilirsch
the
of the firm, withdrew
of
was
of
firm
the
also formerly
at the time he became
a
member of the Federal Reserve Board.
country and a vital force in movements without number for
His
mankind.
of
betterment
the
so
the
extent
of
among
From
benefactions.
his
his
to
tributes
come
foremost
AMERICAN
those
President
worth,
who have
Wilson
In
a
telegram
part of the program for the relief of the
hibit
savings banks within the State from investing in bank¬
funds
invest in
to
useful citizens."
"Times," of Sept. 26, from W. P. G. Harding, Governor of
Federal
had
"I
a
Reserve
Board,
follows:
as
pleasant acquaintance with
very
Schiff and was always
Mr.
into his presence
come
and
high
is
bulwarks.
with a broad and unprejudiced vision of world affairs.
great loss to the financial world of which he was one of the
will be deeply missed by the poor, to whom he was very
a
He
considerate."
kind and
P.
H.
without feeling that he was a man
You could not
of rare character
purpose,
His death
have suffered a loss in the passing of Mr. Schiff.
friend
of the oppressed,
friend,
a
he was one
Always a
of the foremost philanthropists, a true
opinion, a great American. Personally,
great financier, and, in my
sincere friend."
The
of
facts
the
"In the
bore
who
of wealth
ure
As
wide
passing of Jacob M. Schiff, Israel loses a servant of his people
burdens upon his heart.
Mr. Schiff, unlike many Jews
forgot his people, but in ever-in creasing meas¬
and with them in the unending sorrow and tragedy of their lot.
and power,
never
result, he stood out until his name became synonymous with world¬
It
benevolence.
appraisal of the man.
is too
early
Edmond de Rothschild and Nathan Straus, who
sought out and ministered to the needy among
Schiff
was
that
fore,
was
Germany,
eighteen years of age, and started his business ca¬
here as
a
clerk in a bank.
After
a
the brokerage firm of
Schiff & Co., but withdrew
therefrom to return to
Europe
to
broaden
his knowledge of
study of methods abroad.
married the daughter
banking through
a
With his return here in 1875 he
of Solomon Loeb, then head of Kuhn,
I^oeb & Co., and this was followed by his entry into the firm.
Ten years
later, when Mr. Loeb retired, Mr. Schiff became
the head of the firm.
properties and
in
tioned
as
among
firm through
interests have been
men¬
the most noteworthy undertakings of the
the instrumentality of Mr. Schiff, the fact is
additional
no
loans
or
estate
The
banks
use
acceptances for the investment
the large interior banks prior
as
other
be
not
stocks
up
$1,227,117,578
and
The
bonds.
banks in bankers' acceptances and bill of
If this
years.
sum
should be withdrawn from
market, it would be immediately placed with the depositary
credited
This
in
$1,121,013,314
only $34,997,166, an amount not in the least excessive judged
were
and
the New York Banking Department at
to
showed that they had tied
and
by the standards of normal
them.
there¬
say,
long-term obligations.
year
the savings
of
investments
exchange
fiscal
investments
estate
It is safe to
continuing
funds would be available for employment in
savings banks reporting
real
total
the
to
that
means
account
of
none
of
the
the. fund
placed in permanent
or
savings banks which
used
to
deposited
purchase bankers'
long-term securities.
ac¬
It could
put into mortgages, for the savings banks have already heavy com¬
mitments in
that
quarter, and could not be left high and dry without the
liquid assets needed to meet
This
is
literally
a
possible
for—except
true,
emergency.
for the
Treasury Certificates of in¬
collateral loan based
debtedness and the possibility of making an occasional
securities in which the savings banks
upon
institutions have
Furthermore,
other
no
permitted to invest—these
about
the only
funds.
connecting
rule to purchase only such acceptances
a
the
at
Federal
Reserve banks.
as
can
be
High-grade bankers'
character not only command the market composed of
acceptances of this
such
acceptance forms
savings banks and the Federal Reserve System, for most
rediscounted
readily
are
for the employment of temporary
recourse
bankers'
the
the
link between
institutions, but can be instantly sold to the discount companies and
discount houses if
The
necessary.
Savings Banks Section of the American Bankers Association points
out that the
proposed repeal would be distinctly unfavorable to savings bank
depositors.
Other
New
York
so
resources
different
the
of
proposal
institutions at
institutions elsewhere.
been amended
their
critics
savings
other similar
as
in
attitudes,
to
a
point out that
decided
disadvantage
would
bankers'
it is true, towards
acceptances.
a
place
compared with
The laws of nearly all the States
permit savings banks to .invest
high-grade
it
have
certain portion of
Various
States
hold
this question of the investment of
savings bank funds in bank acceptances, but the difference is chiefly one
of
degree and not of type.
None of these States
save
New York has sug¬
gested reactionary measures as regards this whole matter.
While financing of the Union Pacific
other Harriman
portion
the savings banks should be prohibited from
if
investments
real
brief period, how¬
he became junior partner in
Budge,
even
savings banks make it
He came to the United States when
January 10 1847.
he
ever,
their brothers."
born in Frankfort-on-the-Muin,
on
reer
impartial and adequate
to attempt an
Suffice it to say that his name will be linked with
de Hirsch,
Montefiore and
Mr.
that the savings
are
ceptances would be
said in part:
a
In part the article
organization of the Federal Reserve System in 1914 invested their
their
felt for
a
Synagogue!
all
From
to invest
power
temporary funds in the call loans of Wall Street.
banks
take occasion here to quote, Dr. Ste¬
phen S. Wise, rabbi of the Free
denied the
temporary funds in much the same way
to
the acceptance
I feel that I have lost a
One other, whom we
Acceptance Council.
says:
the opening of the
only the city and the State of New York, but the people of the en¬
tire country
American
the
the savings banks to be
such
Davison, of the firm of J. P. Morgan & Co., is also
quoted to the following effect in the same paper:
"Not
of
points of view, it states "it would be most unfortunate for
of their funds in bankers' acceptances."
impressed with his broad vision and very high character.
the subject of an
was
appearing in the September issue of the "Acceptance
Bulletin"
.
Among other tributes was one, published in the New York
the
article
that these institutions might have more
real estate loans,
"May I not extend to you my heartiest sympathy on the death of your
By his death the Nation has lost one of its most
York Legislature pro¬
housing problem, to have the New
ers' acceptances, so
to the widow the President said:
distinguished husband?
TO
OPPOSED
IN ACCEPTANCES
BY SAVINGS BANKS.
The proposal, as
being
expression to the
given
COUNCIL
ACCEPTANCE
BAN AGAINST INVESTMENT
walk of-life
every
of loss suffered in Mr. Scliiff's death.
sense
philan¬
unostentatious was his giving that but few knew of
and
have
multitudinous
regard to race or creed,
thropises were extended without
From
savings
in
all points
of view, therefore, it would be most unfortunate for the
banks to be denied the power to invest a portion
bankers'
acceptances.
of their funds
The case would be quite different if the
rela¬
tively small amount of funds employed in acceptances could be diverted to
the mortgage
market or otherwise used to finance building undertakings.
of
Out
State savings banks interrogated
York
New
109
subject
the
on
ky the Savings Bank Association of the State of New York practically every
institution indorsed the bankers' acceptance as a splendid medium for the
banks
employment of temporary funds.
The amounts held by individual
in New York City was found to range from $97,500 to $5,200,000.
With
the
splendidly
bankers equipped
so
seem
the
their
either te
banks,
depositary
safe,
eminently
banking laws of many
savings banks to purchase acceptances, it
never
to force
their temporary funds on deposit with
carry
te place them
or
are
or
in
a
class of securities which,
and of
high rates, the cost of
90-day foreign credit is inside of 2*4%,
a
six-months credit about
a
The "flat" cost of credit in mer¬
4%%.
cantile transactions of ordinary time
in "turnover" does not add greatly t«
prices, even at present rates.
ordinary
the export
to
merchandising,
foreign
with
often
interest
least
invoices that
on
But there
so
FEDERAL
FIRST
ASSOCIATION
BANKING
FOREIGN
ON FINANCING BY ACCEPTANCE.
resistance.
development of financing of foreign trade by means of the bankers'
From the Bulletin just
these
issued by the First Federal For¬
having
notable growth.
a
sent
"self-liquidating" transactions of definite maturity.
issued
lowing:
investigated foreign
sis of
ance
the
is
it
as
of
cost
timely subject of the cost of credit, a brief analy¬
financing exportations by
done
the First Federal Foreign Banking Association and
by
by other foreign accepting banks
Incidentally, it
to know
to do
the
that
financing by means of these
established by groups of,ordinary banks
are
foreign business for them.
a
surprise to many business men
a
the development has gone of
corporations
acceptance
be of interest.
may
be somewhat of
may
far
how
of the bankers' accept¬
means
There
76 banks scattered over
are now
and
the latter are now furnishing an aggregate of discount facilities alone in
exoess of $200,000,000 at the time of one report,
indicating a total year's
turnover by these more or less co-operative exponents of "group banking"
running well up te $700,000,000.
The Edge Law forbids the new Federal foreign banks to accept current
deposits subject to check.
They may take marginal deposits as security for
a definite period of time, but these do not furnish sufficient funds for any
considerable
aggregate of discounts.
The Federal foreign banks must
that
country
finance
stockholders
are
by
exporters
most
shipments
export
draw
part
second
a
follows:
as
these, which is
drafts
at
This
charges
the exporter may
if he
time,
it has
its formal
The bank puts
open
commanding
Or,*
sell it through any channels he may have available.
prefers, the First Federal Foreign Banking Association will place it
exporter's
vored
in
obtainable.
rate
this
•ver
remitting
account,
There
and
country,
the
is
number
a
immediately
proceeds
growing market
a
of
most
fa¬
for prime acceptances
organizations
strong
the
at
distribute
them
large field.
a
Very few business
obtain.
figure
men ever
the actual costs of the credit they
up
Deposit banks almost invariably
credit
"lines"
usually about
This
is
fair
a
expect to predicate the granting
sound
and
because the
practice,
security for the bank, and the business
concern
balance
is
must have
a
marginal
cash balance
a
subject to check for the conduct of its business.
2%%
Banks ordinarily pay 2 or
To the extent that bank balances are required for
these balances.
on
the exigencies of a concern's current finances,
2%% is
or
rying of
and productive.
necessary
of the cost of the credit.
6%
a
certain limit, the
a
in order to get
obviously paying 6 4-5% for
line of credit at 6%,
a
credit, because
your
you
or
as
In
indispensable ready cash
an
acceptance
market.
commission,
plus
Because of the prime
negotiated ordinarily
and still
rate,
paper
Take, for
were
a
the
were
are
4 9-16
and 6*4
case
likely to
tion.
of
pay
charge of
%%
and
In the
a
discounting
the bill
character of the banker's acceptance, it
can
below the loan
or more
the rate at which
quoted for
rates
some
out
commercial
or
banks
discount
September 1918
"normal," at least for commercial
investments could
domestic
on
as
discount of
little
commercial
paper,
the
by
rates
investors.
%%
say
which
the
They
paper.
are
more,
in
would
at
The
on
the
perhaps
even
and
up—in
the form
of
a
"flat"
stiffer
charge, according to destina¬
deposit balance of non-productive kind
a
order to
obtain his "line," it really costs him another
%%, at least,
minimum cost for the export credit of 7%%.
Compared with this, the indicated cost of financing the export credit by
means
of the acceptance would be under
6%%, including all commissions
a
and discounts.
take
current
"line" based
hnd finances
count
deposits.
on
on
a
as
said before, does not
It
careful
the
Banking Association,
grants to a concern doing foreign business a
investigation of the concern's credit responsibility,
basis of
a
fixed
commission and
the open-market
dis¬
rate.
The
"Flat"
Cost of
it
specializes.
It is
a
"credit-shop" where the
sponsible standing will be able to
compete in normal international
go
exporter
of
re¬
and buy the credit service necessary
just as he buys the raw ma¬
commerce
terials of his product, or the
packing that is
to carry
on credit, and to charge them the cost of
important to know how much he must put
the
into his
In
a
bit
necessary.
It
is,
therefore,
price to the foreign customer to
cover
on
a
flat basis would be
1%%, that is, the exporter would charge his foreign customer
Foreign customers are ordinarily glad
over
$10.15 for goods sold here at $10.
to
pay
credit
this
the
is under
close
surplus, thus putting
extra
chartered
by
the
Federal
supervision of the Federal Reserve Board.
can assume
acceptances
made
of
amount
its
the
after
and i*
paper,
its acceptances, and hold security
on
aggregate
The
is limited to ten times its capital
heavy margin of cash behind its
a
addition, it must carry reserves
amount
outstanding
all
on
exceeds
the
cash
capital and surplus.
Owing to the prime char¬
they have taken at the start a position among the
issued by American acceptance corporations.
own
acter of its acceptances,
best
paper
The Federal Reserve Board has
given the First Federal Foreign Banking
right to make bankers' acceptances of 12 months' duration.
acceptances have been accorded "eligible" standing, and may be pur¬
Association the
chased
or
last 90
rediscounted
by Federal Reserve banks at any time during the
days preceding maturity.
NEW PILGRIM HALF DOLLARS.
Directors
The
Pilgrim
the Mint
of
memorial
coins
about
are
which
to
are
issue
to
the
new
the
commemorate
Tercentenary of the landing of the Pilgrims at Plymouth,
The coins will be known
Mass.
as
the
"Pilgrim half dollars"
and will bear upon one side the head of
a typical Pilgrim,
designated "Governor Bradford," and, on the reverse
to be
side,
view of the ship Mayflower under full sail.
a
The
National Shawmut Bank of Boston has been designated
the
as
distributing agents for the coins and will furnish them
banks
to
throughout the County.
Persons desiring to
these coins should make application to their local
The
bank.
price of the coins has been fixed
It is intended that any
cost of
balance left
over,
at $1.00 each.
after deducting the
dies, minting charges, &c., will be turned
to the
over
Pilgrim Tercentenary Commission, which commission is th«
official
State
body having in charge the improvement of
Plymouth Harbor and permanent memorials at Plymouth.
The text of the bill
published in
was
authorizing the minting of the
issue of June 5,
our
DISCUSSION
OF
MATTERS IN
page
new
coins
2343.
Sir Auckland
BRITISH-AMERICAN
TRADE
WASHINGTON NEXT WEEK.
Geddes, the British Ambassador, will be
one
of the speakers at a banquet to be given at the Shorehant
of the United States in honor of
merce
business
men
who attended
Commerce of the British
close at Toronto, Can.
ton
Oct. 6 and 7
on
Other speakers at
as
the
cost
in order to obtain the credit.
"foreign price" would be $10.40.
a
delegation of English
Congress of Chambers of
Empire, which has just
come to
For
a
six-months
Even in the present market,
a
These delegates will be in Washing¬
the guests of the National Chamber.
the banquet will be Joshua W. Alexander,
Secretary of the Department of Commerce, and the Hon.
A. J.
bers
Hobson, President of the Association of British Cham¬
An
Commerce.
of
extensive
program
has
been
ar¬
ranged for the entertainment of the visitors during their
two
days' stay in the capital.
for the second
room
Important British-American
of the
an
informal conference set
This meeting will be held in the ball¬
day.
old, historic Webster home, which
recently-
was
purchased by the National Chamber, and will be attended
execu¬
tives, officers and directors of the National Chamber.
subjects to be discussed
are:
"The British Empire
as a
The
Market
for British Trade";
"Taxation of Business"; "Adjustment of
Labor
Presentation and discussion of each sub¬
Disputes."
ject will be limited to
tional
A.
J.
one
hour, and if time permits
an
addi¬
subject, "Inflation and Method of Deflation," will be
treated.
the credit cost.
90-day credit as above, the additional cost
a
He should expect
good foreign customers
credit.
corporation,
by the British delegates, United States Government
Credit.
trade,
which
Federal
a
trade matters will be discussed at
Federal Foreign
The mission of the Federal foreign bank established under the
Edge Law
is to provide a broad service of credit facilities in
export and import
to
and
make
the cost of the two methods of getting credit.
an export draft, the exporter would
be very
still higher—7%
rate
They
be obtained
the credit paid a
if the exporter carried a
The First
is
aggregate of all obligations it
the
money
respectively
the
1%%, and
And
making
in
business
Its
checking account,
in
below
obtained
who
man
acceptances,
of
rate
high, in proportion, for acceptances.
good commercial
business
bank
Hotel oh Wednesday next, Oct. 6, by the Chamber of Com¬
These
little
cus¬
to pay it to the holder, in any event,
reserve.
full point
a
more
instance,
above.
in
you
a
1
export drafts.
table
which
the
agrees
The full credit of the bank is back of every acceptance bearing its name.
financing by means of the acceptance, this bank does not take the
balances, and the full cost of the credit to an exporter consists of its
cash
be
car¬
in
sacrificing 4%
are
the $20,000, provided that you do not require it as a
on
foreig*
Board, and under its direct regulation.
line of credit is really part
If you maintain a deposit of $20,000 at 2%
market only
money
the carrying of these at 2%
But beyond
cash balance in order to maintain
a
Reserve
procure
five.
to
one
the
There is the credit of the two principals of the
of the bank to make the actual
maturity.
The
payment.
substantial deposit balances, the proportion being
upon
carefully
on
to pay the face amount of the draft if the
agrees
con¬
commission for the "acceptance" of the draft, and
a
drafts draw*
credit of
mercantile transaction behind the promise
"acceptance"
market.
money
repre¬
the exporter
maybe several drafts of
or
the discount market through the best distributive organizations, for the
on
of
drafts covering
the
to
are
in America,
concerns
In addition
defaults; and this bank
the date of
on
Its
discount market.
They thus become bankers' acceptances,
maturity.
bank
same
tomer
guaranty to the holder that it will meet the draft or
a
"prime" rate in the
a
the
At
the bank itself,
upon
open
It takes the documentary
collection.
for
draft
corporations,
acceptance
Banking Association is at this stage operating
veniently salable denominations.
on
these
the sale of securities in the
The First Federal Foreign
for the
in
buyer, the exporter
customers.
taking
The acceptances
by the First Federal Foreign Banking Association
by the best known and soundest business
are
They
Bankers' acceptances
place of "call loans" for short term investments by banks.
eign Banking Association, issued Sept. 27, we take the fol¬
In connection with the
the growth of the market
upon
prime securities in this country.
The market is
the
The foreign
foreigners resent an open
many
"export price" is ordinarily the line of
an
acceptance, as described above, is dependent
for
exporters
are many
charge openly for the credit.
by the latter; but
saves
charge
make
acceptable to
most
seems
foreign customers make it easy, and better, for thena
quote New York prices and
customer
it
price include the cost of credit.
relations
whose
The
liquid.
very
with its
In
investment
and
companies
highly unwise to prohibit such investments
Bavinge banks
while
to permit
as
be
to
discount
to handle this business, and the
amended
States
would
organized
[Vol. 111.
CHRONICLE
THE
1324
The
Hobson,
delegation
LL.D.,
will
President;
include:
Sir Thomas Mackenzie, G.C..MG..
LL.D.; A. R. Atkey, M.P., Nottingham; Stanley Machin, J.P., President
London
Chamber;
Commerce; W.
F.
J.
A.
Aiton,
C.B.E.,
President
Derby
Chamber
Russell, Vice-President Glasgow Chamber; H.
L.
of
Sy-
monds, Deputy Chairman of Council London Chamber; F. Jj Tompsett, of
Oct. 2 1920.]
1325
CHRONICLE
THE
Exeter; O. E. Bodington, British Chamber, Paris; Wm. Muir MacKean, of
Dec.
(000s omitted.)
Dec.
Dec.
Dec.
Dec.
June
1913.
Countries—
Glasgow; Frank Moore, of Leicester; C. B. Carryer, of Leicester; Thos.
1914.
1915.
1918.
1919,
1920.
Morley, of Leicester; T. S. Sheldrake, of "The London Times"; Barton
£
£
£
£
£
£
35,000
19,200
88,000
22,900
34,700
89,100
97.800
151,600
155,400
161,200
80.000
65,000
223,500
146,400
98,100
65,000
Relchsbank d
68,700
103,900
122,300
113,100
54,500
54,600
Netherlands
12.600
18,100
35,800
44,300
44,700
43,100
57,500
32,700
53,100
Italy
32,200
32,200
Swiss
Kent, of London; R. B. Dunwoody, O.B.E., Secretary of the Association.
6,800
9,500
10,000
16,600
Sweden
5,700
6,900
15,900
20,700
15,600
21,300
14,500
France.a
140,300
England 6
...
Spain...
A.
DEPARTURE
BEDFORD'S
C.
.MEETING
DIRECTORS'
ATTEND
TO
EUROPE
FOR
INTER¬
OF
NATIONAL CHAMBER OF COMMERCE.
C. Bedford of New York, chairman of the Board of
A.
Directors
sailed
Sept. 30, for Paris, to attend the first meeting of
on
Board
the
be held
United
An
June.
States,
11.
at
the
Vice-President
by
the
the
of
meeting last
organization
issued
announcement
Bedford, who is
Mr.
Chamber of Commerce
elected
was
Chamber of
International
of the
Chamber
International
As
Oct.
on
the Vice-Presidents
of
the
of
the
of
Directors
of
Commerce to
one
Oil Company of New Jersey,
Standard
the
of
Chamber
says:
provided in the constitution of the International Chamber, there are
Russia
_c
200,600
219,100
80,000
166,300
108.500
223,100
119,800
6,000
53,000
12,700
National of Denmark.
4,200
5,300
6,200
10,800
12,600
National of Belgium..
lo.roo
10,500
10,500
10,700
10.700
10,700
Austro-Hungarian B'k
51,700
44,000
11,900
9,600
11,000
6,600
2,300
28,500
1,700
6,700
8,100
8,100
552,700
676,900
741,500
772,600
722,800
751,100
266,000
243,000
347,000
525,000
467,000
445,000
46,200
43,800
46,900
55,300
60,800
83,500
312,200
286,800
393,900
580,300
527,800
528,500
Japan
22.600
22,000
27,000
72,600
95.300
India./
21,300
11,300
12,600
13,200
26,500
98,000
30,600
43,900
33,300
39,600
85,800
121,800
128,600
23,700
19,500
24,800
25,000
25,000
21,000
16,500
Norway
Total, Europe...
U. S. Treasury
Argentina -e
—
Total, America
Total, Asia
three Aanerican directors and alternates on the Board of Directors of the
of Boston, a former
Canada, treasury....
Canada,
chartered
banks.*;
States;
Australia,
The Ajmerican directors are:
International organization.
John H. Fahey,
president of the Chamber of Commerce of the United
Willian H. Booth of New York, Edward A. Filene of Boston.
The alternates
Wheeler of Chicago,
Harry A.
are;
the Chamber of Commerce of the
United States;
a
former president of
William Butterworth of
the first meeting of the
resolutions
are
21,300
23,900
23,900
37,000
'52,700
61,800
65,200
61,400
to come up at
Reports will be made to the Directors on
Board.
15,500
15,000
944,800 1,034,000 1,227,700 1,500,500 1,437,600 1,469,600
Grand total
adopted at the organization meeting as follows:
Regarding reconstruction
United
nies
affecting foreign trade
12,900
8,000
7,800
Common¬
Bank
Total, British Colo¬
Moline, 111., and Owen D. Young of New York.
A number of important matters
9,500
4,500
36,000
wealth
16,300
1
and
States
transmitted to Secretary of State of the
as
Ministers of all countries members of the
Prime
the
a
December 1918; £79,1Q0,-
Including gold abroad to the extent of £81,500,000 In
000 in December 1919: and £79,100,000 in June 1920.
League of Nations and those invited to become members, duplicate tax¬
Including gold against currency notes as follows- December 1914, £18,500,000;
December 1915, £28,500,000; December 1918, £28,500,000; December 1919, £28,-
ation, governmental expenditures and personal. Foreign Credit Interchange
500,000; June 1920, £28,500,000.
Bureau, credit facilities, foreign banks, unfair competition, customs and
tariffs, export and import embargoes, creation of a bureau of International
statistics,
materials, port facilities, trade terms, passports,
raw
maritime laws,
indemnities,
reconstruction,
exchange,
subsidies,
banking facilities,
reform of calendar, weights and measures, statistics of production, clearing
house, production, co-operation between capital and labor, statistics of raw
materials and finished
products.
b
c
Excluding gold abroad as follows1 December 1913, £16,900,000;
d £10,250,000 in Spandau Tower at December 31 1913.
e Excluding gold abroad as follows- December 1915, £13,500,000: December 1918,
£19,700,000; December 1919, £15,600,000; June 1920, £9,300,000.
/Including gold abroad as follows- December 1914, £5,100,000; December 1919,
£6,700,000; June 192
£1,700,000.
0 Including gold outside Canada as follows* December 1914, £3,500,000;
Decem¬
ber 1915, £4,700,000; December 1918, £4,200,000; December 1919, £4,900,000;
194675
June
DISCUSSIONS
MEETINGS
COMING
FORTH
AT
OF
NEW YORK BOARD OF TRADE AND TRANSPORTATION
,
1920, £3,400,000.
It will be seen that there was a material loss in the gold
State banks and treasuries in 1919,
and
a
Transportation's Committee
the
Merchants
Finance and Taxation,
on
Joint Committee representing the
Chamber of Commerce,
and the Board of Trade and
Association,
Transportation, have been studying the Federal Tax situa¬
tion for several months past,
tions
with
a
view of these organiza¬
uniting in recommendations for amendments of the
law which
nation,
are
the
relief of its
deemed to be necessary for
promotion
of its
business interests,
will
be
and the
A report from this
people from undue burdens.
committee
the welfare of the
presented at the next meeting of the
Board, and added interest will be lent to the occasion by
the fact that
talk
on
marked increase.
Kahn, of Kuhn, Loeb & Co., will
This meeting will-be held
subject.
13,
Thomas
12:15.
at
Rush,
E.
on
Wednes¬
Surveyor of
the
at
speak
November
problems of the Port of New York
on
meeting
on
Wednesday, November
L. S. Rowe, Director General of the
and
Assistant
former
invitation to talk
an
10.
Pan-American Union,
Secretary, has tentatively accepted
on
our
Foreign Trade
on
Wednesday
December 8.
of 1913:
STOCK
N::.
Aggregate
Industrial
World's
Consump¬
India's
Egypt's
Output of
Gold.
Years.
tion,
Absorption*
Absorption.
Europe and
,
of
the
importance of and interest in the gold
holdings of the State banks and treasuries of the various
countries
reprint here from the Sept.
we
"Commerce
Reports"
(published
by
the
Commerce at Washington) the following
subject
contained
in
advices
25 number of
Department
information
Consul
from
on
General
of
the
W.
Stanley Hollis, at London, Eng., under date of Aug. 18.
The
following
article,
compiled
by
a
financial correspondent of the
"London Times," shows the gold holdings of the world's State
banks and
treasuries at the close of certain of the past seven years, and also on
June 30
during
Imperial
last, and therefore gives a measure of the movement of gold money
the
war.
In
this
is
included
one
Bank of Russia, for which no figure
doubtful
item—that
of the
later than that of October 1917 (£129,-
500,000) is available, and the totals shown since that date are approxima¬
tions
much
based
on
on
open
to question.
The last two figures of £65,000,000 are
transferred to Omsk amounted
the statement that the gold reserve
August 1 1919 to 651,532,118 rubles.
"While pointing
1913..
1914..
1915..
95,900,000
94,700,000
90,400,000
96,400,000
1916..
93,500,000
1917..
86,300,000
78,200,000
72,000.000
1919..
Year
to
countries, the "Times" correspondent avers
affected thereby, stating;
The table is not exhaustive, since Greece, Rumania, Portugal, Tukey,
Finland, Bulgaria, Egypt, Brazil, Uruguay, Peru, the Straits Settlements
and the banks of issue of Scotland, Ireland, Victoria, and New Zealand
are not included; but if these were added they would probably account for
£70,000,000 at the end of 1913, rising to £85,000,000 at the end of 1915,
and thereafter probably falling somewhat if the actual gold holdings of the
State banks of Greece and Rumania (for which figures are not available
to the writer) have not increased.
The addition of these further banks,
however, would not materially affect the total of the table.
/
Gold Holdings
of State Banks and Treasuries.
On the basis of the latest figures
obtainable, the "Times" correspondent
computes the gold holdings of the State
banks and treasuries of cue coun¬
tries named at the close of 1913, 1914, 1915,
1920 to have been:
1918 and 1919 and on June 30
Money
{Dec
31).
4,200.000
16,000,000
60.800,000 1,596,000,000
66,800.000 1,663,000,000
78,500,000 1,742,000,000
-5,000,000
—800,000
7,600,000
1,700,000
11,10 ,000
19,00 ',000
21,000,000
17,000,000
18,000,000
40,900,000 1,546,000,000
-1,400,00
25,200,000
18,000,000
25,600,000
27,300,000
64,400.000 1.8 6,000,000
51,300,000 1,857,000,000
63,800,000 1,921,000,000
-1,600,000
22,000,000 .19,400,000
16,000,000
March 31
Commenting
following.
the
these figures,
on
30,600,000 1,952,000,000
"Times" says:,
y"
foregoing table shows the striking falling off in the gold production
drop in the amount of that production which
1919 the latter was about £31.000,000, as
compared with about £45.000,000 per annum in the few years before the
war—the war years for special reasons added abnormally to the stock of
money.
As the gold output for 1920, and possibly for succeeding years,
will show a further decline, anything like a normal demand by industry
and India would leave as available for money each year an amount which
The
since 1915 and the still greater
is available as money.
For
have been inadequate for the growing
Indeed, the total stock of gold money,
strongly from 127 pence per head of the world's population In
1893 to 259 pence in 1918 and 261 pence in 1919, seems, for the near future
at least, to have reached a point at which it will do little more than merely
keep pace with the growing population.
It should be pointed out that the
table takes no account of Immeasurable items such as the recent absorption
rose
of gold by China and the import into mdia, both of which (affecting 1919 in
particular) should, if known, be deducted from the aggregate figures given,
which exclude Asia.
War Movements of Gold.
Having thus arrived at figures both for the aggregate
and for the portion
stock of gold money
of that amount which is to be found in State banks
treasuries, it is possible, by comparing them, to get some
tion of gold money
"as
regards
Stale Banks
be approximately
will
Hoarded,
and in Circulation.
Treasuries.
"Times,"
correct even if the
materially different from that set down":
Private Banks,
and
and
idea of the migra¬
during the war, "a picture which," says the
this movement,
aggregate stock of gold money is
Stock of Golf Money.
Dec. 31—
(000s
omitted.)
1913
holdings of a number of
that the total is not materially
out the omission of the gold
Stock of Gold
£
£
£
1912..
pre-war conditions would
trade and commerce of the world.
OF GOLD.
Balance
Available
as Money.
America.
which
Because
the extent of £356,000,000 since the end
:
■
.
under
WORLD'S
THE
has been
shows how
During the period covered the aggregate stock of gold money
the stock has been built up to
*
the Port, wall
of Gold Money.
materially added to, as indicated by the following table, which
1918..
this
Oct.
day,
H.
Otto
Slock
holdings of these
particularly in the case of Germany,
the United States, and Russia, though Japan showed a
Upon invitation issued by the New York Board of Trade
December 1914,
close of
£21,4 0,000; December 1915, £27,000,000.
The amounts so held at the
1918 and 1919 and on June 30 1920 are not known.
1918
Inc. (+
Total.
Dec.
(—).
Total.
1,034,000
.....
+ £89,000
£651,000
629,000
1,228,000
1,373,000
.....
+ 194,000
614,000
+ 145,000
433,000
1,474,000
1,500,000
1,438,000
+ 101,000
£945,000
Inc.
Inc.
or
( + ) or
Dec. (—).
Toted.
(+) or
Dec. {—).
£1,596,000
-£22,000
1,663,000
-115,000
—81,000
1,742,000
+ £67,000
+ 79,000
1,806,000
+ 64,000
—50,000
1,857,000
+51,000
+26,000
383,000
421,000
+ 38,000
1,921,000
+ 64,000
—62,000
514,000
+ 93,000
1,952,000
+ 31,000
The State banks and treasuries have not
only absorbed the whole of the
taken £230.000,000 in addition in
their stock by
59%.
If the £421,000,000 shown at the end of 1918 as being in private
banks, hoarded, and in circulation is at all near the mark, it has, of course,
become largely immobilized, and is now mostly held by banks or has been
new
gold production available, but have
the five years
hoarded.
of 1918, during which period they increased
To quote the
"Times":
Eastern
In view of the figures
Absorption of Gold.
the United
China and India, the 1919
in connection with net imports into
Kingdom, and the recent unknown absorption of
1326
THE
CHRONICLE
figures In this table are subject to much correction, and there was In reality
no such drop as £62,000,000 in the holdings of State banks and treasuries,
though the totals at the end of last June given in the first table fairly repre¬
sent the real position.
On a percentage basis, if we leave out Australia,
the most gold has flowed into Japan, which profited much from the war,
but absolutely the United States has taken most
State banks and treas¬
uries increased their stock to the end of 1918 by £555,000,000, of which no
less than £259,000,000 went to the United States. Since the end of 1918
that country has lost about £100,000.000,
Where has It gone?
Mainly to
Asia: £25,000,000 has gone to Japan, and the balance, or most of it, to
China and India.
At the Royal Statistical Society's meeting on June 15,
Sir Charles Addis said that £60,000,000 had been imported by China
recently, and doubtless part of that has in turn gone via Thibet and the
Burmese border into India.
Most of the gold shipped home [i. e., to Great Britain] by South Africa is
reaching the East.
The gold re-exported to South Africa has gone to make
up the wastage caused by export to India, the amount sent to the Straits
Settlements must have largely gone in the same direction; and it is probably
not far wrong to say that in this way £20,000,000 of gold extracted from
,
South African mines in the last nine months has found or will find its way
to India.
In the year to March 31 1920 India's declared net imports of gold reached
£17,400,000, practically all in the last five months of the time, the amount
increasing rapidly until March showed twice the figure of November.
The
exports from the United Kingdom to India for the six months to
June 30 last were £18,211,000.
net
and
adopted
OF
NEW
An
in
answer
A.
to
YORK
RYAN'S
STOCK
SUIT
EXCHANGE
FOR
TO
The contracts for the delivery of Stutz stock
day of April 19^0, when
Court
to
the
from
recover
$1,000,000 damages
New
filed
was
on
York
Stock
Exchange
Sept. 28 by William H.
Remick, President of the Exchange.
The suit brought by
Mr. Ryan was referred to in our issue of
it is
in
Aug. 7, page 544
outgrowth of the action of the Exchange last spring
an
forbidding
transactions
by
members
in
stock
of
Company, and the subsequent expulsion
of Mr. Ryan as a member of the Exchange.
Mr. Remick's
answer to the complaint consists of a
general denial of prac¬
tically all of the allegations, and reviews in detail the
members and firms
as
Said Allan A. Ryan exacted from said
Exchange
a
condition
of said settlement amounts arbitrarily
fixed by him which were unreasonable and excessive.
On
about the 2(Lh day of April 1920, the
or
Governing Committee of the
Exchange appointed the Special Committee of three referred to in para¬
graph "XIV" of the complaint.
On or about the 9th day of June 1920,
Committee submitted to the Governing Committee the report
copy is set forth in Paragraph 8 hereof, and the
Secretary of the
said Special
of which
a
Exchange presented to the Governing Committee the charge and specifica¬
tion against the plaintiff of which a copy is annexed to the
complaint and
marked "Exhibit A" and the
of which
a
copy
was
Governing Committee adopted the Resolution
is set forth in Paragraph 8 hereof.
Governing Committee of
the
Exchange and each of them who participated therein
were engaged in the
performance of their duties as officers
members of the
about the 16th day of June 1920, filed with the Secretary of
the Exchange his written answer thereto of which answer a
copy is annexed
to the
on or
complaint and marked "Exhibit B."
the 23rd day of June 1920, at the time and place
specified
on
in the foregoing Resolution of the
Governing Committee, said charge and
specification against the plaintiff
was considered by the Governing Com¬
mittee, and the Governing Committee found that Allan A. Ryan was
guilty
of the charge and of the specification, and by a unanimous vote of its mem¬
bers present, being more than two-thirds of the entire
Governing Committee,
adopted
a Resolution expelling him from membership in the Exchange.
provided in Article XVII, Section 9, of the Constitution of the Exchange,
As
the said Resolution
24th day of June
was
announced to the
1920,
Twenty-nine members of the Governing Committee besides the President,
more than two-thirds of all the members of said Governing Committee,
were
present
said
at
trial
and
participated in
judgment" and it is asked that the complaint
In part the answer says:
practice*
and policy of the New York Stock Exchange has always
been, and still is, not to admit to the list of securities traded in upon the
Exchange any securities unless the distribution thereof is, in the opinion of
on Stock-List and of the
Governing Committee, sufficient
the Committee
to afford a reasonable
certainty that there will be a free and open market
pin-chase and sale of such securities, and the policy and practice
of the Exchange has been, and still is, to remove from the list of
securities
for the
traded in upon the Exchange any securities the
holdings of which have be¬
come so concentrated that in the
opinion of the Governing Committee
longer be
can no
a
free and open market therein.
The stock of the Stutz Motor Car Company of
America, Inc., which in
the
complaint and herein is referred to
as "Stutz stock," had
prior to the
1919, been admitted to the list of securities dealt
31st day of December,
in
on
the
Exchange and continued to be listed until the 14th day of April,
1920, when it
was
stricken from the list
as
hereinafter stated.
The plaintiff herein, Allan A. Ryan, became
on
Exchange, he signed said Constitution
by pledged himself tp abide by the
thereto.
He
continued
expelled therefrom
be
to
the
on
a
same and all
member
of
23rd day of June
The transactions in Stutz stock and the
and there¬
subsequent amendments
the
Exchange until he
1920,
as
did anyone appear at said meeting or
request to be permitted to appear
his behalf.
Upon said trial the charge and specification
of Allan A. Ryan thereto, and evidence
was
Winthrop Burr and Edward
as
H.
Chairman and
H.
was
read
was
also the
answer
presented before the Governing
Committee
that tended to sustain and did sustain the
charge and the
specification, and especially tended to show and did show that during the
stock
Ryan created
in Stutz Motor
a corner
by buying the
same
same through various firms of brokers, and lending
through various firms of brokers, until he had obtained sub¬
stantially all of said stock there
was
in
the market outside of that held
by himself and his associates, and held in addition thereto contracts for the
delivery or return to him of several thousand additional shares which could
be obtained
not
from
any source
after he had created said
from those who
but who
same,
except himself and his associates;
by
that
he sought to make use of the same to extort
liable upon contracts to deliver
were
unable
were
corner
reason
or to
of the existence of the
return said stock,
corner
to obtain the
arbitrary, excessive and unreasonable amounts in settlement of their
liability
upon
of
contracts
said
said contracts, and did in fact
arbitrary,
excessive,
extort from them in settlement
and
unreasonable
that
amounts;
the book value of said stock
on Dec. 31 1919, was $62 72
per share, including
$21 41 per share, representing trade marks, good-will, and patterns, and
th^e net earnings of said Company during the
year
shares;
1920,
that
that the price of said stock
on
1919
was
were
$113
$9 97 per
per
share;
March 31st the price had been advanced to $391
per share, and that
the plaintiff, Allan A.
In all of the
of the
March 1
on
same
Ryan, exacted in settlement of the
an
amount
contracts for the
equivalent to $551 25 per share.
proceedings heretofore referred to, the officers and members
Governing Committee of the Exchange and each of them who
ticipated therein
were
engaged in the performance of their duties
as
par¬
officers
members of the Governing Committee of the
Exchange and discharged
said duties in good faith and in accordance with their best
or
judgment.
hereinafter stated.
of prices therein prior to
course
and on the 25th day of March
1920, attracted the attention of the Chairman
and Vice-Chairman of the Business Conduct
Committee of the Exchange,
their duties
Said
on
delivery of the
June 15 1905, and thereupon in accordance with Article
XIII, Section 5,
of the Constitution of the
adjudication.
personally present, and would be permitted in person to examine and
cross-examine all witnesses produced by the Committee, and also to
present
such testimony in defense or explanation as he
might deem proper, nor
member of the Exchange
a
said
Allan A. Ryan did not appear before the
Governing Committee upon said
trial, notwithstanding the fact that he had been notified that he was entitled
the
there
the
the
being
with their best
The
on
served upon
was
plaintiff herein, Allan A. Ryan.
month of March 1920, said Allan A.
be dismissed.
Exchange by the President
and written notice thereof
Governing Committee of the Exchange
and discharged said duties in good faith, and in accordance
or
Said charge and specifi¬
served upon the plaintiff as provided in said Resolution and the
to be
pro¬
ceedings which led to the action of the Exchange.
In all
the proceedings referred to in his answer, Mr. Remick says
"the officers and members of the
return Stutz stock to said Allan A.
Ryan or to his
or
brokers for his account.
the
Stutz Motor Car
a settlement was made between the plaintiff, Allan
the members of the Exchange and Exchange firms who were
A. Ryan, and all
then liable to deiiver
Thereafter,
August by Allan A. Ryan in the New York State Supreme
for the return of Stutz
or
borrowed, which were open at the close of business on
Ma*ch 31, for the most part continued open and unsettled until the 24th
DAMAGES.
complaint in the legal proceedings instituted
that Its stock
Resolution striking said stock from the list.
a
stock that had been
plaintiff
ALLAN
of the plaintiff herein, formally
requested
concurrence
should be stricken from the list, and on April 14, the
Governing Committee
cation
ANSWER
[Vol. 111.
Simmons, who, in
accordance
INCREASE OF DUES OF NEW YORK STOCK EXCHANGE
with
BECOMES EFFECTIVE.
Vice-Chairman, made inquiry with regard to
thereof
IF The proposed amendment to the constitution of the New
Including both purchases and sales were for account of the plaintiff
herein,
Allan A. Ryan or his
firm, Allan A. Ryan & Company.
They thereupon
asked said plaintiff, Allay A.
Ryan, to come before the Committee on
increased from $300 to not exceeding $1,000 a year has be¬
such
transactions
and
Business Conduct.
ascertained
He
came
that
a
very
great proportion
before the said Committee
of March 1920, and thereafter
up to and
on the 25th
day
including the 31st day of March
1920, held conferences with members of said Committee and of the Law
Committee.
At said meeting on the 25th
day of March 1920, he stated
to the Business Conduct
Committee that the stock of the Stutz Motor
Company of America, Incorporated,
cornered and at said meeting and
at the subsequent
meetings and conferences made statements from which
it
except from him
or
his associates.
He
was
informed that he
should take whatever steps might be
necessary to restore
market by the sale of Stutz stock
a
free and open
otherwise, and was given an opportunity
He did not, however, take effective
steps to restore a free and
open market in Stutz stock but maintained the corner therein
to do
or
so.
and at the
close
of business
substantially
on
March
31
1920,
said
corner
continued.
There
was
Stutz stock except that held by the plaintiff and his asso¬
ciates and it was contrary to the policy of the
Exchange and to the interest
of the
no
public to permit further dealings therein
upon the
Exchange.
Business Conduct Committee and the Law Committee after
business
The
the close of
March 31
1920, reported the condition of the market in Stutz
stock to the Governing Committee and the
Governing Committee there¬
on
in the exercise of the
powers vested in it by Article XXXIII, Section 4
of the Constitution of the Exchange, in accordance with the
policy of the
upon
Exchange and for the protection of the public adopted the Resolution
pending dealings in Stutz stock.
Committee
continued
in
effect
sus¬
The said Resolution of the
Governing
ApHl 14 1920.
On or about April
until
14 1920, the Stutz Motor Car Company of America, Inc., with the approval
come
Stock
Exchange whereby the dues of members
effective, the amendment having been approved by
vote of 297 to 149.
issue of
our
are
Reference to this increase
Saturday last,
page
was
a
made in
1226.
was
appeared as was the fact that there was no longer a free and
open market
in said stock, but that he and his
associates held substantially all of the
stock of said Company and that he held In
addition contracts for the de¬
livery or return to him of many thousand shares of said stock which those
who were obligated to deliver or return the
same could not obtain from
any source
York
N. Y. STOCK EXCHANGE EDICT ON RESPONSIBILITY
OF
FIRMS
RECEIVING
DUE
The
am
NOT
following notice has been issued to members of the
New York Stock
I
SECURITIES
THEM.
Exchange under date of Oct. 1:
instructed to bring to your attention the fact that
a
number
of
claims have recently come before the Arbitration Committee of the Stock
Exchange in connection with lost securities.
In many
instances securities have been received by firms which should
not have been delivered to
parison
refused,
or
them, other
transaction
no
names
having
have been given up, or com¬
been
had.
These
securities
have been given out to messengers who did not come from the firms to
whom the securities belonged and have been made away with.
cases
receipts had been given when the securities
and the return of such
receipts
was
The Arbitration Committee has taken the
securities which
are
and therefore must
ties
are
not
due them
use more
were
In
some
originally received
not demanded.
are
position that
a
firm receiving
responsible for their safe-keeping,
than ordinary care in seeing that such securi¬
returned to the proper firm, and I am instructed to request that you
bring this matter forcibly before
your
securities department.
Very truly yours,
HARRISON
S. MARTIN, Assistant
Secretary•
OCT. 2
1920.]
BANK
BOSTON
THE
Mitchell of the
Max
DISTURBANCES.
statement
Boston
banking affairs have occupied attention this week,
following the closing by the State Bank Commission on
Saturday last, of the Cosmopolitan Trust Company as a
result, it is said, of steady withdrawals since the Ponzi
fiasco.
Monday, the 27th, three other Boston trust
On
companies with
a
view to checking extraordinary demands of
depositors for funds put into force the law requiring a 90 day
notice for the withdrawal of savings deposits; these institu¬
tions
the Tremont Trust Company, the Fidelity Trust
were
Despite
the Dorchester Trust Company.
and
Company
this action the Bank Commissioner
found it necessary on
Tuesday, the 28th, to take possession of the Fidelity Trust
The unusual demands to which th,ese several
Company.
institutions
were
subjected
the subject of
were
conference
a
1337
CHRONICLE
THE
in a
Cosmopolitan Trust ^Company,
the 25th said:
on
I have just asked the bank Commissioner to
temporarily close our bank.
companies, there
In the last
few days, through rumors that have been circulated, the withdrawals have
become much heavier and for the protection of every depositor I have taken
For the last two months, following closing of other trust
has been
persistent and continuous withdrawal of funds.
a
this step.
No
matter is
their deposit,
need worry about
one
cent they have on
as
the depositors will have every
deposit in this institution and
we
hope just as soon as
I certainly expect
and believe that
every one
their interests.
■
following state¬
State Treasurer James Jackson made the
the 25th
on
There
is
will,
of
interested in this bank
adopted for the protection
after consideration, approve fully the course
ment
this
straightened out to re-open the doors.
regarding State funds held by the company!
$500,000 of
safe.
for anyone to feel
deposit in the Cosmopolitan Trust Company
on
There is every reason to suppose that it is absolutely
State money.
It will be tied up for a short
time, but there is no reason
disturbed about it.
Monday between State Gov. Coolidge, State Treasurer
on
James Jackson, Bank
Commissioner Allen and the latter's
Wyman; following this
counsel, former Attorney General
Gov.
conference
Boston
Coolidge
"Transcript"
join in
bank from being forced
understood,
was
Committee.
said
have
to
efforts to have all the banks
vent
reported, according to the
was
a
that
he
making
was
plan to prevent
any
The plan, it
to close.
Governor
quoted
was
The money of the people of Massachusetts
as
their homes.
The
but it is well know that there are
that would like to break down all of our institu¬
I do not
tions, whether banks or churches or institutions of government.
class of people deposit¬
know whether these interests have had the ear of the
the purpose of
causing trouble.
On Tuesday,
the 28th, Governor Coolidge issued a state¬
I have talked with the
he hears to-day is
quieting down generally.
bank commissioner and he informs me that everything
of
a
I understand that the runs on the banks yesterday
reassuring nature.
The second thought of the people
have subsided.
situation.
of the
exist
this morning.
In case any person is approached or hears any rumor that
causes him to question the safety of any money he has deposited in any
bank, let him inquire of someone in whom he has confidence and especially
remedy is
continuation of the public confidence which seems to
a
let him find out the motive which has caused any
As to the watch which
uation
was
on
by the Clearing House the Boston "Herald" of Sept.
Thomas B. Neal,
taken
no
being kept
behalf of
be
action in favor of any particular trust
definite
on
company.
and a close watch is
conditions the clearing house committee might act
bank hard pressed by a
in
call
a
meeting of the clearing house
Such action is
association.
The President of the
Fidelity, James G. Ferguson, also
the following statement in
directors had offered to pledge their
issued
if the institution should be allowed to remain open.
he added.
least,"
down in a feeling of con¬
all in the general banking situation—not in
"I left Boston this evening with the feeling
of
The public
regarding the closing of our bank:
"If one
or
bank commissioner for a period
two banks are closed by the
I can see no reason at all why
I do not wish to make any state¬
long enough to straighten out their affairs,
this should cause a felling of
ment, but I repeat that the
situation."
Besides the
unsecurity.
banks were never better and that is the true
'■
closing during the past week of the Cosmo¬
politan Trust Company and the Fidelity Trust
effect being that
Company,
companies have been closed in the past few
months—the Hanover Trust Company on Aug. 11, and the
Prudential Trust Company on
were
None of the four,
Association,
Sept. 10.
members of the Clearing House
A statement issued
Allen regarding the
the Cosmopolitan Trust Company said:
Saturday's withdrawals were met and
Our understanding was that no
solvent bank would be allowed to close
expected we could obtain loans to meet any emergency.
at 8.30 p. m.
entire
the directors were summoned to appear
before the Bank Commissioner.
available at
were
so
short
a
Arthur L.
namely:
closed because of slow loans and
withdrawals of deposits.
follows on the dates given:
$16,771,000
Cosmopolitan Trust Company was
deposits of the bank were as
Price, Leonard H. Rhodes, George B.
Buxbaum, James D. Henderson,
Knowles, Edgar C. Lane, Edwin T. McKnight, Lemuel S. Mc-
Rowbottom, Archibald L. Stark, Jacob
James H.
-
Sept. 15
—
—
Sept. 22
a
-
-
Sept. 24
With loans which could not be
was
unable to meet the steady
became necessary in the
converted into cash when needed the bank
The directors present,
without exception, unanimously declared that
bank is absolutely solvent,
mercial departments
and the depositors in both savings
Board of Directors Fidelity
In
on
Sept. 8 1920 the
$2,000,000 and
a
the State Banking Depart¬
Cosmopolitan reported capital of
surplus fund of $1,100,000.
President
the
and com¬
will be paid in full.
Trust Co.
FERGUSON. President.
stating that City Treasurer Murray
had
no
city funds
Sept.
Fidelity Trust Company, the "Transcript" of
28, said:
: ;" V
J. '
in the
there.
1920, when the treasurer
made the final withdrawal.
In sinking funds deposits there had been $11,983 46 up to Sept. 14 last, when the amount was withdrawn.
This is the so-called dry season with city deposits.
In general funds the
city has only $1,900,000 in the Boston banks, and in sinking funds $1,200,000.
In a month or two the deposits will amount to many millions, for
taxe3 will be collected in volume soon after the bills are distributed.
The
city treasurer will go to New York to-morrow to borrow $2,000,000 in
On Dec. 1 1919, the city
had $500,000 in general funds on deposit
gradually reduced to $15,000 on Sept. 14
was
anticipation of taxes.
As to the State funds in the company
The State had on
business
Aug.
deposit in the Fidelity Trust Company at the
$45,757 07,
according to
State
Sept.
Burrell to $209,650 40. At the close
$160,605 70. In
8 this had been further reduced to
reduced the State deposit in the Fidelity by nearly
$50,000 the first day of his stewardship of State
reduced it by about
The
funds.
had, it is stated, returned to normal.
(which has
a
"excitement
capital of $800,000), it was reported that the
abating," a statement having been issued
few days.
Executive Committee as follows:
The excitement is abating.
Things will be normal
We deemed it wise to invoke the
savings department to protect the
We want to express our
our
withdrawal notice,
At the Tremont Trust
was
the 28th by its
a
On
conditions at the Dorchester Trust (capital $300,-
000), which had resorted to the 90-day
again in
Since then he has
$115,000 further withdrawal.
Fidelity Trust reported a capital of $3,000,000.
the 28th,
our
On
administration of former State Treasurer Fred J. Burrell,
deposit there was $633,000.
When Mr. Jackson took office
other words, Mr. Jackson
on
close of
State Treasurer James Jackson.
1 in the
business
of
the Boston "Herold,B
'
says:
The calm has set in.
possession.
In its statement of condition to
ment
and it
and the public for the com¬
and continued withdrawal of deposits,
interest of depositors
missioner of banks to take
15,039,000
14,169,000
13,443,000
13,295,000
12,941,000
M. York, James M.
York, George O. Gustin.
—
—
8
Sept. 23
R. Frederick, Ralph L.
Crowley, James G. Ferguson, Allen
Gustin, Edward M. Hamlin, Abel S.
Sept. 8 this had been drawn down by
Sept.
if it were allowed to
personal resources to protect the institution,
the
June 30 1920..
The following directors, who
their
notice were present, and offered to pledge
Sept. 25 by Banking Commissioner
The total
its
offered, upon wihch it was
doors, and ample securities were available, and
clearing through other institutions.
The
also Monday's which, although
unusually heavy, were taken care of.
on
inability to meet continued heavy
closed—the
including the
was
it precipitated a run on many Boston banks,
all
closing of
The crisis was practically reached
Fidelity Trust Company.
two other trust
it is stated
months.
Saturday morning, when a large banking institution
on
prevalent in
is well aware of the panicky feeling that has been
financial circles for the past two
Thao
security in the banking situation.
utmost
Fidelity Trust Company desire to
To the Public.—The directors of the
The air has been
he replied.
"There is nothing unsound at
the
which he said that the
entire personal resources
By JAMES G.
action in prospect.
namely,
doubtful loans.
steady withdrawals of deposits, slow and
crisis."
vastly cleared and everyone appears to be settling
fidence and security,"
the same reasons which
brought about the closing of the Cosmopolitan Trust Company,
"And that has not been done?" he was asked.
"It has not been done, nor is such
■
Trust Company.
The reasons which make this step necessary are
sudden run on its resources," Mr. Beal
taken only in a crisis, and there is no
had
Banks to take possession
It has become necessary for the Commissioner of
Leod, Henry W. Newhall, G. Hector Petre, George
the situation.
certain
a
committee
"If the committee decided to take such action, the procedure would
to
conference with the company's officials which
His announcement said:
a
of the Fidelity
president of the Second National Bank of Boston and
clearing house committee, said last night that the
Meetings were held throughout the day, however,
said.
ing after
Company was
Commissioner early Tuesday morn¬
lasted several hours.
remain open,
chairman of the
"Under
decision to close the Fidelity Trust
At 7 o'clock last evening some of
the sit¬
29, said:
has
The
announced by the Bank
such suggestion.
being maintained
he
amounted to only
that time
$5,000.
that is necessary to provide
All
has returned.
confidence
is coming to the rescue
have ceased and the ordinary
an adequate
The disquieting rumors
at one time
deposited with the Cosmopolitan Trust
make the following statement
"quieting down" generally:
The bank situation is
were
Company, amounting to $35,000, but that on Sept. 10
follows, in which he said that the situation was
as
city
"Transcript" T. W. Murray,
City of Boston, declared that
closed the account, which at
the Cosmopolitan, where there has been a large foreign
as
It is possible that the present situation was brought about for
percentage.
ment
insti-|
I don't know
started by the Ponzi affair.
present crisis apparently was
that there has been anything malicious,
interests in the community
saying:
is safer in any banking
tution in the Commonwealth than in their pockets or
funds of the
was
being worked out by the Clearing House
The
ing in such banks
sol¬
According to the Boston
Treasurer of the
ninety-day law in
people against their hysteria.
thanks and appreciation for the
coolheaded depositors and
loyal support of
friends, who displayed their confidence
and
1328
in
trust
institution
our
making
by
deposits
aggregating
and
hundreds
hundreds of thousands of dollars.
There is
cloud without
no
silver lining, and this passing cloud has its
a
by theJAssociation is summed
Resolutions
lifted
law had to be invoked, but it will be
Other than requiring this notice in the savings department, our business
is going on as usual.
Time will
dim
never
appreciation of those who
our
of
DAVID
I.
President.
THOMAS
P.
HARRY
W.
GILBERT
J.
LEVI,
BOYNTON,
approve
banks with their increasing deposits;
and favor readjustment
especially the excess profits tax.
NOYE8,
II.
SHANNON,
GEORGE
T.
SAMUEL
SLATER.
essential industries of the country;
establishment of the Federal Reserve banking system;
of the Federal tax system,
ROBERTS,
Protest against the
Reserve system was voiced in
pledged itself to work for legalizing
deplore the tendency to increase interest rates;
FEENEY,
ROBINSON,
CHARLES
JOHN S.
JOHN
law making the required reserve
a
The association
the increase of capital and surplus of
SWIG
paper
exchange charges.
approve the
FRENCH,
P.
follows in the
as
national banks.
that of
as
Other resolutions pledge support to
(Signed)
SIMON
same
clearance required under the Federal
another resolution.
stood firm and true.
ASA
adopted also advocate
of State banks the
par
the excitement is over.
as soon as
up
1
quoted:
silver lining in its demonstration that we stand on a firm foundation.
We regret that the ninety-day
[Vol. 111.
CHRONICLE
THE
FEINBERG.
SECRETARY
OF
HOUSTON'S
TREASURY
VIEWS
ON
CREDIT SITUATION.
BALTIMORE
BANKS
TO
CLOSE
PERMANENTLY.
AT
served
during
at
o'clock—the
two
daylight
the
saving
announcement
an
The decision to continue the closing hour of the
banking institutions
Secretary of the Treasury Houston took occasion to issue
M.
2 P.
•
Baltimore
closing hour
period
ob¬
in effect from
June 1 to September 30—was reached at a meeting of offi¬
Sept. 26, in which he said that certain
on
statements in circulation
of the
purporting to represent the views
Secretary of the Treasury
situation
either inaccurate
were
or
What the Secretary said was:
I
phase of the credit
on a
have been
in favor of every legitimate effort to promote
am
misinterpreted.
:
the orderly marketing
cials of the banks of the city held at the Baltimore Clearing
of all commodities,
House
taking to hold commodities off the market to enable the
September 21.
on
in its reference to the
Only
about six of the
lieved these will
About the only
Commerce.
smaller banks
The bankers
be¬
unanimous in adopting the
it is
were
o'clock closing hour.
objection
These
As
unrepresented and
were
fully considered.
were
matter of
a
party to an under¬
artificially
owners
All have become accustomed to
prices.
fact, the banks of the country during the last twelve months
have been extending large credits to meet the demands from industry and
agriculture.
Since August
As these
loans and investments of about 800
1919 the
reporting member banks increased
from the Stock Exchange and Chamber of
came
a
for speculative purposes to maintain war prices or higher than war
decision, said:
acquiesce.
resolutions fixing the 2
The Baltimore "Sun" of Sept. 22,
but the Government cannot be
and one-half
over two
billions of dollars.
reporting banks represent about 40% of the resources of all the
banks, it is estimated that the total increase in loans and investments since
the closing hour,
August 1919 has been
over
quirements before 2 o'clock, and hence
Jan.
the
back to
Aug. 27 1920, the loans of about 800 reporting member banks, exclusive of
have gotten into the swing of meeting their banking re¬
may find more difficulty in switching
o'clock than by continuing as now.
3
The fact that many large cities also have adopted
was
factor which the
a
could not do
more
their
good
why Balti¬
reason
at
Norfolk
now
o'clock and there is current gossip
2
places
that
and
other
many
contemplating similar action.
are
also
There
was
a
report that the matter is being considered by the New York banks, though
bankers
Baltimore
in
have
It is contended,
definite
no
secured
information
this
on
score.
when
by
increased about
only gives the bank clerks
handle business,
in which to
of
billions
CHANGE
Recommendation^
tion
Sept. 20, when
were
more
EUGENE
MEYER
of
C.,
stated
in
banking
the
Washington,
C.,
D.
amendment to the articles of the
an
adopted providing for the uniform opening
banks would
close
at
p.
noon,
a.
m.,
at present.
as
of
It is also
Sept. 21 that the
amendment further provides that the banks may
reopen at
4:30 in the afternoon and remain open until 8 o'clock on the
last, first, 15th and 16th days of the month and
The
hours
new
are
every
Sat¬
Clearing House also adopted
association
empowering
hours.
This
states, provides that
receive
bers
new
ciate
of
the
the Clearing
member
associate member.
or
At present
amendment to the articles
an
the
House to
enforce
Washington "Post"
associate member shall
or
there
are
a
on
Sept. 26 if he thought
association,
which
clear
regulations all the institutions will have
members,
or
the association.
or
testimony before the Senate Committee
on
Aug. 27, I said that if
my
to
become members
or
prove
I
am
inclined to think that the favorable discussion of the
pansion of the Postal Savings System has had
I have
no
information
as
to whether or not any
deposit in the banks at 2J^%
on
The
Government securities.
some
are
ex¬
effect.
of the funds heretofore
being withdrawn for investment in
President has power,
under the law,
so
to
employ Postal Savings funds if he deems It warranted by an emergency.
I consider that the fact that the Government Is
its
short-time
money
should
be
regarded
of $100,000,000 of Lioerty
purchase
as
bonds,
compelled to
such
an
Victory
certificates at this time for the investment of Postal
pay
6% for
emergency.
notes,
or
The
Treasury
Savings funds would
be most helpful.
Mr. Meyer
in
a
further statement Sept. 28, said:
to-day's letter to the New
York "Herald," regards Mr. Hoover's criticism of our present Postal Sav¬
ments
as
political.
I
am
in receipt of endorse¬
of my criticisms and of my recommendations made
to the Senate
Committee from prominent members of both parties.
Mr. Burleson refers to the sale of War Savings certificates as a reason for
not
pushing the development of the Postal Savings System.
William Mather Lewis,
On Sept. 21
Director of the Savings Division of the Treasury
Department, stated that "agitation for
a
four per cent rate on small savings
is therefore without basis, inasmuch as sue,i a rate is now available tnrough
a
mem¬
Under
Reconstruction and
on
proposal with regard to the Postal
anticipated that the market would discount the favorable effects of
Government Savings securities offered at all post
Mr.
associate
through member banks.
any
important influence in advancing the price of Government securities,
and I
The "Post" also said:
number of banks, not members
BOND
proposal with regard to Postal Savings,
ings System's laws and regulations
deposit any checks from any bank that is not
on
.member
referred to in
At its meeting Sept. 20 the
amendment,
no
was
LIBERTY
3^% in Liberty bonds since Sept. 1 had
It is to be regretted that Mr. Burleson, in his
these columns Aug. 7, page 543.
new
ON
the proposal before any legislation was passed or even existing regulations
scheduled to go into effect No¬
The report recommending the new hours
the
EFFECT
SAVINGS BANK PROPOSALS.
Savings System met with a favorable reception, I thought it would
an
vember 1.
of
The increase in the volume
follows:
as
Production
with
except Saturday, when
m.,
learned from the Washington "Post"
urday.
ON
PRICES OF POSTAL
In my
change
a
institutions
closing hour fixed at 2
the
week, and the Federal Reserve notes at
Eugene Meyer Jr., when asked
of all member and associate member banks at 9
the
a
.
amended.
Association
the
on
fifty millions
the rate of from thirty to forty millions a week.
000.
approved by the Washington Clearing House Associa¬
on
moving demands came
crop
at the rate of about
but that the depositors
IN WASHINGTON, D.
proposing
financial
the
the
and bonds,
of Federal Reserve notes from Jan. 23 1920 to Aug. 27 1920 was $360,000,-
HANKING HOURS.
of
Since
stocks
This would reflect a
banks, it is estimated, of perhaps
purchased by the Federal Reserve banks have increased
connection with his
PROrOSEb
other
quarter billions of dollars.
dollars.
that the rise of
were
a
to
bills discounted and
have really been given better service.
hours
and
discount rates went into effect,
in
obligations and
Government
one
Even from
five and one-half billions of dollars.
increase
according to the paper just quoted, that
the present arrangement not
time
loans
1920,
total increase of commercial loans in all
three
Richmond,
regular closing
other places
many
no
likewise.
Washington,
Chicago,
have
the early closing hour
meeting considered, and all felt that if these cities
capable of acting independently there was
were
23
War
of
the
asso¬
forego the advantages of clearing their checks through
offices."
Meyer presented figures with reference to the
Savings
two years
and
stamps
sale
Thrift stamps for the past
showing that the sales had declined from $211,-
417,942 61 in JulyJ918 to $2,231,509 77 in Aug. 1920, and
added:
The above
I
RESOLUTION
TION
A
OF
KENTUCKY
ADVOCATING
recommendation
that
8%
resolution
ASSOCIA¬
INTEREST RATE.
the
Kentucky be increased from 6
BANKERS'
contract
to
interest
rate
8% is contained in
of
in
Louisville
National
pointing out that Kentucky is
one
Banking
Company,
larger amount
times,
a
TEM—INVESTMENT
Recommendations
according to the Louisville "Courier-Journal," "The Federal
national thrift
Reserve Bank is charging
the
at least 8
runs
as
high
as
9%.
progressive
A contract rate of
% is necessary to meet conditions."
During
represented by
many
new sales.
CREASING EFFICIENCY OF POSTAL SA VINGS SYS¬
efficiency of
interest rate that
was
satisfactory substitute for postal savings, and the figures prove it.
country where the maximum rate of 6% is in force, added,
a
paid off than
INGALLS KIMBALL'S RECOMMENDATIONS FORJIN-
in
of eight States in the
Kentucky bankers
was
a
adopted at the annual meeting of the Kentucky
on
Sept. 8.
Richard
the
a
War Savings stamps and certificates and Thrift stamps are not, in peace
Bankers' Association held at Louisville
Bean,
figures represent only sales and do not take account of the fact
that very large amounts have been presented for repayment.
months
Further action
National
Sept.
and
the
as
Postal
were
Thrift
TRUST
PROPOSED.
to the best method of
Savings
increasing the
system and encouraging
made by Ingalls Kimball, President of
Bond
Corporation, at the hearing on
Committee on Reconstruction
27 before the Senate
Production.3tMr.£KimballIsaid:
Oct. 2
1.
1920.]
Let the Government raise the limit on Postal Savings bank deposits
maximum deposit of $100 in any month with a maximum
from the present
total
2.
of the thrift business,
Let the Government go out
TO
cease
its efforts to
ineffectively to-day because many uninformed bankers are preju¬
diced against these efforts.
trust1'
Let the Government authorize the formation of an "investment
ownership and control distributed
labor unions, retail merchants and others
supervised by
banks,
among
having the distributing and sales
He also said in part:
,
undoubtedly true that a further removal of restrictions on
bank deposits would largely increase the total Postal deposits,
Postal Savings
questionable whether an increase from such a source would be desirable.
would tend rather to put the Government into the banking business than
it is
It
Neither
thrift.
stimulate
interest
rate
distribution
nor
savings
of
facilities by an increase in the number of Postal Savings banks aloBe would
greatly affect national thrift.
All evidence tends to show that vigorous
campaigns with the incentive of profit
and systematic sales
are as
effective
fchat
I would therefore suggest
investment corporation with
an
a.capital
to inspire confidence—posibly $100,000,000—be formed.
This should be inaugurated and supervised by government, possibly through
the Federal Reserve banks.
But instead of the government being a stock¬
holder, the stock should be distributed as widely as possible among banks,
investment bankers, labor unions, retail merchants and others
ties foe distribution.
This institution,
having facili¬
strictly than
are
the savings banks of any
state, should issue small bonds at a very low interest rate—lower than the
going rate for money it is likely to get—perhaps 3 %.
public at
the amount sold
par
These should be sold
and to dealers on a scale downward in accordance with
on a very
liberal commission basis ranging perhaps as high
6% discount to the largest dealers.
as
The net profit on the
stock
Each bond, in the dividend, should
and the registered bonds outstanding.
as a
ing in the
greater unit according to the length of time it had been
same name,
a
security
as
five years.
would form the basis of industrial credit in a
It would be possible in time to teach our people to borrow on
the loan, just as it has been possible to teach
to use trade acceptances.
In order to prevent
securities and then to pay up
even
the smaller merchants
sacrifice
of these bonds in
value must of necessity be
temporary financial
difficulty,
a
cash or loan
arrived at and plainly stated in any industrial
simple
Its practicability is shown by the fact that the National
Thrift Bond Corporation is already operating such a plan—on a minor scale
compared with the suggestion made here— in more than 100 industrial
plants in this country.
The problem is in no sense comparable to the
registration and othe • details of such a plan are
in the extreme.
amount
of detail
involved in the conduct of the business of
industrial life
insurance.
Two earlier statements which Mr. KimbaT has
this subject
Sept. 18,
appeared in
page
our
made
on
issues of Sept. 11 page 1041, and
1134, respectively.
;
-
V'S-. FLORIDA'S CATTLE LOAN BANK.
Regarding the formation of
ville, Fla.,
With
a
cattle loan bank in Jackson¬
advices from that city Sept. 27 said:
press
capital and the backing* of the leading cattlemen and
$500,000
will
bankers of Florida, the Southern Cattle Loan Company
first cattle loan bank in Jacksonville within thirty
Organization of the
company
has been made to the Secretary
open
Florida's
days.
has been completed and formal application
of State for
a
corporation charter.
for the banking room and offices will be selected at once
will be ready
disputed
are
Quarters
and the organization
within one month to begin making loans on cattle and live
stock.
Organization of the bank has been effected by H. M. Bennett of San
Francisco. Calif., who has been here about thirty days.
ON
NO RESTRICTIONS BY FEDERAL RESERVE BOARD
TO
CREDIT
BUILDING INDUSTRY.
said
following dispatch from Washington Sept. 26 was
.The Federal Reserve Board recognizes "the urgent need for morp houses
business purposes," Governor Harding said in a letter to
lumber company
which
was
Real¬
made public by the Treasury to-night.
is not nearly great enough to
requirements, he added, the Board has been careful not to place any
izing that construction work now under way
restrictions on credit to the building industry.
"There can
be
no
question that the production and distrioution
basic necessities of life, such as food, fuel and
,
INSTITUTIONS
fundamental necessity."
ADMITTED
RESERVE
of the
clothing, are essential," Mr.
Harding said, "and it is obvious that shelter is also a
STATE
TO
FEDERAL
SYSTEM.
The Federal Reserve Board at
Washington
announces
following list of institutions which was admitted to the
eral Reserve
of the
was
but
the
Fed¬
System in the week ending Sept. 24 1920:
District No. 2—
Capital.
Ridgewood Trust Co., Ridgewood, N. J...$150,000
obligation to be met by
the people.
"The
'..v..
most recent
an
Surplus. Total Rcs'ces
$40,000
$2,280,126
District No. 7—
;V,;:
suggestion for increasing this burden of debt is that the
...
35,000
of
It is to be offered in the form of
Treasury certificates bearing interest at 5% and 6%.
J
"The Secretary accompanies his announcement of this loan to the banks
a circular letter in which he reveals some very interesting information
with
This information, to be
respecting the financial condition of the Treasury.
exact, is that in the first two months of the current year—that is the
of July and August—our expenditures
two
of
The receipts of the
$125,305,710.63.
months
government during those
and its expenditures $754,-
$628,767,191.13
approximated
months
exceeded our receipts by the enormous
.'.fy
072,901.76.
:^#7v/;
v
f>; •'.'
;
Secretary Houston points out that what the Senator charac¬
terizes
as
"new loan"
a
was a
certificates
besides
were
since
retired
answering
Treasury Certificate offering,
public debt being increased it was
and that instead of the
large amount of maturing
a
the
at
Secretary Houston
time.
Senator Harding's
assertions of
other
presents figures bearing on the public debt,
I
noticed
have
in
remarks
Harding's
Senator
Baltimore
and
in
fiscal policies of
himself knows little of
the operations of the Treasury and on the
on
It is obvious that the Senator
the Government.
advised by people who do not take
the subject and that he is being badly
the trouble to ascertain the facts or are
partisan purposes.
willing to misrepresent them for
It is astounding to me that any citizen of the
States, least of all a candidate for the Presidency,
of his
his statement
follows:
as
Wheeling
misleading statements.
the
Senator's
party to the circulation of
I find it particularly difficult to
operations
such false
understand
been frequently an¬
since the facts have
mis-statements,
nounced In summary form
United
should deal so lightly with
important financial and credit
sensitive and
Government and become a
and
by the Treasury and are even available in
detail
the Treasury.
Harding is quoted as saying at the outset with respect to the
public debt that "the most recent suggestion for increasing this burden of
debt is that the Secretary of the Treasury contemplates putting out a new
loan in a series of notes aggregating about $400,000,000."
The Senator
evidently refers to my circular letter of Sept. 7 1920, to the banks and trust
companies of the country.
I assume that the Senator has reference, when
he speaks of a "new loan," to the offering of Treasury certificates of in¬
debtedness dated Sept. 15.
That offering is not in contemplation; it has
been successfully sold.
If the Senator had taken the pains to ascertain the
facts, as publicly announced, he would know that the offering was closed
on September 1,5 1920, almost two weeks before his address at Wheeling,
and that the public debt, instead of being increased by the operations of the
Treasury in connection with the Sept. 15 offering of Treasury certificates
and quarterly tax payment, was substantially reduced, inasmuch as ap¬
proximately $650,000,000 of maturing certificates were retired at the same
time that some $450,000,000 of new certificates were issued.
In fact, on
the ba6is of the published daily Treasury statements through Sept. 25, the
gross debt of the United States on Sept. 25 1920, amounted to $24,101,«f
235,110 91, as against $24,299,321,467 07 on June 30 1920, or a decrease
during the current fiscal year of $198,086,356 16 instead of the increase
alleged by Senator Harding, while the floating debt (loan and tax certifi¬
cates unmatured) on
Sept. 25 amounted to $2,352,029,500 as against
$2,485,552,500 on June 30 1920, or a decrease of $133,523,000 instead of
the increase alleged by Senator Harding.
I may add that if the Senator
had made a frank quotation from my letter of Sept. 7 he need not have fallen
into the errors made in his address, for in that letter I expressly called at¬
tention to the fact that as a result of the Sept. 15 operations the Treasury
from day to day
in the daily Treasury statements published by
Senator
the
that
expected
relatively
increases
slight
debt and $85,648,500 in the floating debt
of $25,000,000 in the
which occurred between
chiefly of heavy railroad payments,
of September, and that
would be materially reduced
below the amounts outstanding on June 30.
The figures above given for
Sept. 25 indicate that the Treasury's expectations in this respect will be
amply fulfilled.
As frequently pointed out by the Treasury, and as uni¬
versally understood in the business and financial world, it is inevitable
that since the large income and profits tax payments are made in four quarter¬
ly installments, there will be more or less substantial fluctuations in both
gross debt and floating debt in the eight odd months, in which no large
would
taxes
be
more
than
by
overcome
the
end
15,000
are
payable, and it has been the history of the large tax paymen.
in the inter¬
each time
by the decreases effected as the result of the quarterly tax payment.
Senator Harding's statements that the public debt of the United States
Is constantly increasing are not only untrue but are peculiarly lacking in
frankness for he bases the statement
upon
a
$25,000,000 increase in
the two months of July and August, 1920. omitting to state the fact that in
the year from Aug. 31 1919, when the public debt reached its peak at $26,periods for at least the past year that the increases in the debt
vals between
/.
214,876
the payments have been more than
593,701.648 01, to Aug.
31
overcome
1920, there had been a decrease in the gross
public debt of $2,272/029,524 22. and a decrease in the floating
$1,367,024,000.
Senator
as
Since Aug.
1920, the public debt has btMPi
31
Harding makes a further incomplete quotation from my
that the
a
Government faces
billion dollars
the remainder
went on to state that the
a
letter
and August the current expenditures
Government exceeded current receipts by the sum of
concludes
amounting to
however,
debt of
further
already indicated.
of Sept. 7, and states that during July
He
684,211
50,000
District No. 9—
Stockmen's State Bank, Browning, Mont--
growing
ever-increasing exaction from the resources of
aggregating about $400,000,000.
of the
50,000
almost un¬
constantly adding to our public
Secretary of the Treasury contemplates putting out a new loan in a series
decreased
Mechanicsville Trust & Savings Bank, Me-
chanicsville, Iowa
other things:
among
are
we
Sept. 28,
by Sept. 30 both gross debt and floating debt
for dwellings and
fill
on
indebtedness and thereby passing on to our children a constantly
gross
published in the New York "Times" of Sept. 27:
a
of the
Secretary
"Not only are we not living within our means in spite of an
bearable burden of taxation,
June 30 and Aug. 31 1920, as the result
The
by
statement made public on Sept. 30,
a
when he is reported to have
the exceedingly
finance plan that hopes for success.
The mechanism of
by Senator Harding, Republican
respecting the operations
by Senator Harding at Wheeling, W. Va.
being
♦
this, which would correspond somewaht to the bonds of
the Credit Foncier of France,
large way.
outstand¬
and no bond counting at all in dividend distribution
until it had been outstanding at least
Such
Department
substantially reduced,
\
^
operation of such an institution, after fixed interest on
the bonds and limited dividend on stock, should be divided between the
count
TREASURY'S
ON
One of the remarks which has occasioned this statement
sum
:;v v-.'V/■
-
operating as an "investment trust" like those in England,
limited in its investments more
to the
made
Candidate,
Treasury Houston in
notes
in the sale of thrift as of oth r commodities.
sufficiently large
assertions
Treasury
made
to
IN ANSWER
HOUSTON
HARDING
Liberty Loans possible.
forces which made the
While it is
TREASURY
FINANCIAL OPERATIONS.
Some
Presidential
similar to those in England, with a capital of $100,000,000,
the Government but with
OF
SENATOR
Savings stamps and Liberty bonds, which it
sell Savings certificates, War
3.
SECRETARY
deposit of $1,000, wnich keeps many deposits out of the system.
is doing
1329
CHRONICLE
THE
year.
a
current
$125,305,710 63-.
deficit at this rote,
The Senator omitted to en-
of the paragraph
which gave these figu";
('current deficit for the first two months of t «
e,
n
d
fis-
1330
cai year is due
chiefly,to actual cash payments, in the amount of
some
$130,000,000, made necessary by the provisions of the Transportation Act,
ing interest-bearing public debt on July 1 1919.
of course, recognize any
1920 (the Esch Cummings' Act), in connection with the return of the rail¬
poration",
roads to private
published figures
control."
My letter of Sept. 7, also expressly called atten¬
tion to the fact that the Treasury
expected the first quarter of the fiscal
ending Sept. 30 1920, to show a surplus.
year,
to direct attention
to
The Senator, preferring
supposed deficit, studiously omitted to state the.
a
[Vol. 111.
CHRONICLE
THE
fact that the published Daily Treasury Statements through
Sept. 25
already
right
on
to the public
debtf particularly in view of the fact that
the inquiries which you make relate directly to the work
as
Assistant Register of the Treasury from before the
until July 31 1920 (when your
ities such
as
your term of office.
ordinary receipts
over
ordinary disbursements (that is
of
and
to say, a surplus
not a
deficit), amounting to $325,916,431 38.
Before speaking so lightly
of the National finances, the Senator should have remembered that it is
impossible to obtain
a true
called
as
July and August, and that a true
be obtained only by quarters.
can
attention to this condition
The Treasury has frequently
and it is generally understood by
well
informed observers.
interest
at
conditions
as
to the issuance of
Treasury certificates bearing
5M and 6% and the effects of such issues
are
on
business and money
based upon a misunderstanding of the elementary
underlying the Government's current financing.
principles
He states, for example,
that by offering certificates at these rates the Government Is "drawing out
of the banks of the country large sums which would otherwise serve to
the Insistent needs of
ance
industry."
supply
That statement betrays complete ignor¬
-
of the situation to which my
that,' largely
letter of Sept. 7 called attention, namely,
the result of the issuance of Treasury certificates at rates
as
of interest attractive to investors, Treasury certificates are
being increas¬
ingly absorbed by investors and taken out of the hands of the banks.
fact,
on
serve
Aug. 27 1920, the 818 reporting member banks of the Federal Re¬
resources
for about 75%
of the country and to have subscribed in the first instance
of the Treasury certificates
then'outstanding).
about $430,000,000 of Treasury certificates, although there were
ing
In
system (which are believed to control about 40% of the commercial
banking
that date about $2,571,000,000
on
the same date,
of loan
held only
outstand¬
On
and tax certificates.
notwithstanding the preferential rates of discount maintained
by the Federal Reserve Banks, there
ury ce rtificates
were
less than $350,000,000 of
pledged with the Federal Reserve Banks to
Senate r E arding is also in
j
and
higher the interest rates
paid by the Government
industrial and business loans and thereby to
increase the cost of doing business and consequently the cost of
It is obvious to those who
living."
and of
that,
"The
went
Administration
without any workable plan of finance.
It came out cf
the war without such a plan," seems to be but another
example of a partisan
attempt to deprive the American people of their legitimate pride in financing
the war, an achievement without parallel in the financial
history of
other country, in this
or any
other
this or
I should further remind the
war.
Senator that the President, and Secretary Glass and I,
repeatedly
the attention of the 66th Congress the
brought to
necessity of revision of the tax laws
and
In
presented definite and workable plans for such revision, urging imme¬
every
The
respect
Republican party has seemed to endorse these proposals
save
one,
namely, the plea for immediate action;
that
party, for example, recognized the importance and feasibility of many
the tax revisions which I suggested to the Congress in March 1920, to
extent of
adopting them in almost the
same
words (though without
of
sible to obtain any action
the
by the Republican Congress looking toward tax
revision.
I
am
confess
forced to the conclusion that the Senator's chief difficulty is that he
has forgotten that the United States
was engaged in the war and has suc¬
cessfully financed the unparalleled burdens thrust upon it by the war and
Cjnditions
growing out of the
fears
to
as
numbers have
STATEMENT
war.
term
PUBLIC
DEBT
DUPLICATION OF BOND
DENIES MIS¬
BECAUSE
OF
NUMBERS.
figures of the public debt were brought
question by ex-Assistant Register of the Treasury,
James W. McCarter, because of certain bonds
having been
issued with duplicate numbers, became known
on
Sept. 29,
when
Secretary of tne Treasury Houston made public his
advices to Mr McCarter.
Secretary Houston states that
the figures of debt as given of date July 1 1919 are
correct,
and that Mr. McCarter's "fears
of
the
debt because
of
debt.
duplications in serial numbers have been caught before
Most of the
issue,
whatever."
Such
the
the result of checks in the Bureau of Engraving and Printing,
as
Division of Loans and Currency, and the office of the Register of the
Treasury,
as
numbers.
full payment therefor has been received by the
required by law, in respect to both bonds issued with
No
Treas¬
bonds which have been passed with duplicate numbers
ury, but even the
have been issued only after
Liberty
Victory notes,
bonds,
or
Treasury
duplicate
certificates of
indebtedness have been issued by the United States except against
ment therefor to the Treasurer
full pay¬
at par and accrued interest pursuant to
of the Treasury Department, and the amounts of
and the regulations
law
cash
shown to have been received by the Treasurer of the United States on ac¬
count of the
principal of the bonds, notes and certificates fully cover, there¬
In fact, by reason of partial
fore, the amounts issued and outstanding.
against which securities have not been
payments and even full payments,
the
actually issued, the amount of such cash receipts more than covers
actually Issued and outstanding.
amount of securities
situation
to the item you
as
and
question
be plain to
may
In order that the
you,
I call your atten¬
particularly to the detailed figures set forth in the Financial Statement
for June 30 1919, appearing on pages 220
following of the Annual Report for 1919; the footnotes to this
explain
certain items,
that
Treasurer
statement
therein stated, represent receipts of the
as
States on account of principal.
United
of the
The figures so
reported include all bonds, notes and certificates delivered against full
as
to
a
possible over-issue
duplicate serial numbers have
duplications
have occasionally appeared, Secretary
in serial numbers
Houston
says
paid
indicated, necessarily include also certain partial
payments against which securities are not deliverable and even the full
paid subscriptions against which securities are deliverable but not yet
physically delivered.
According to the records of the Department, no
duplicate issues of securities have been made, though, as already indicated,
it is a matter of common knowledge that some securities imperfect as to
and
as
reached the public; these imperfections
serial numbers have
no
are
of little
inasmuch as they do not indicate duplicate issues.
consequence
or
You
specifically in this connection tobondNo.7979985 of the Second Liberty
Loan in the denomination of $50.
The bond bearing this number was a
refer
spoiled
"make-up bond" issued to replace a bond spoiled in printing; the
bond
and destroyed and never became
canceled
was
United States, and the erroneous
"blotted
bonds at issue"
any
were
or
as
outstanding on July 1 1919
"uncanceled
surrendered
certificates, bonds or coupons
The statement, of course, does not
bonds,
circulation."
in
defective bonds substituted by star or other perfect
include blotted
or
for the
that
reason
shown
defective bonds substituted by star or other perfect
or
back
obligation of the
debt.
You ask further whether the amount
includes
an
number, therefore, does not represent any
duplication whatever of the public
canceled and
such imperfect or mutiliated bonds are
Your inquiry as to uncanceled securities is not
destroyed and not issued.
quite clear, but apparently you refer to retired,securities
delivered to the
Canceled
by
Register are required to be canceled immediately
instructions from the office of the Secretary of
the Treasury.
Retired securities have ceased to be obligations of the
United States and are not included in the public debt statements; after
him, pursuant to standing
Register they are destroyed.
According to the records of the Department, no retired securities are now
office
bonds were
from the files by a thief and were later recovered by the Depart¬
a year ago.
If you have knowledge or information of any other
outstanding uncanceled, though, as
Assistant
as
abstracted
ment over
of securities,
abstractions
office
or
$30,000
Register,
since its expiration,
know, during your term of
you
face amount of uncanceled
canceled
or
uncanceled during your term
I have to request that you promptly
Treasury in order that appropriate action may be taken.
I need scarcely
Treasury
of
advise the
In this connection
of the
cancellation of
officer of the United
remind you that while you were Assistant Register
you were
retired securities,
in immediate charge of the custody and
and
were
responsible therefor
as an
States.
no
Respectfully,
■
basis
the
serial
numbers as have occasionally appeared result simply from aberrations in
the numbering machinery used by the Bureau of Engraving and Printing,
and do not in any respect amount to a duplication or overissue of the public
examination by the
The fact that the
into
and
serial
pains during your
you had taken the
Register to acquaint yourself with the facts as to
Assistant
as
If
basis whatever.
no
debt was
The figure given is correct,
stated.
Register which in ordinary course are already canceled, and if not
TREASURY HOUSTON
OF
610 of the report
possible overissue of the debt because of duplicate
a
when delivered to the
SECRETARY OF
on page
the total interest-bearing debt of the
$25,234,496,273.54, and you imply that
as
numbering of the bonds, you would know that such duplications in
if
careful reading of Senator Harding's
Wheeling address, I
a
comments
because of certain bonds issued with duplicate numbers, the public
your
giving
credit) in its National platform, in spite of the fact that it had been impos¬
After
July 1 1919,
on
subscriptions,
Harding's further statement
diate action.
United States
tion
of the present credit stringency
by the Government to
any
glad to have this
of the United States Government
cause
meet its current requirements.
war
item appearing
for the fiscal year 1919. which states
well-informed that the issues of Treasury
the prevailing high rates for money, are merely the result of the same con¬
ditions which have caused the increase in interest rates
generally and which
affect not only private borrowings but borrowings
into the world
am
which your
upon
obviously based.
comparable with market rates for similar
are
securities, far from being the
loans.
Treasury certificates is to "drive higher
on
on
certificate! at rates of interest
Treas-j
secure
when he states that the effect of the interest
error
rate
Senator
published in the Annual Report, and I
in reality in excess of the amount
The Senator's remarks
steps
the Secretary of the Treasury during
however, entirely clear and in accordance
are,
You inquire particularly as to an
picture of the Government's financial position
by picking out two odd months such
picture
with the figures
The facts
opportunity to correct the misapprehensions
are
beginning of the war
suggest did exist you would presumably have taken
you
to correct them and report them to
the beginning of the fiscal year to that date there has been
excess
under your charge
resignation was accepted) ,and if any irregular¬
indicate that the Treasury's prediction will be amply fulfilled, and that from
an
of the
part as its President, to attack the correctness
or on your
as
The Treasury does not,
the part of the so-called "McCarter Cor¬
as
(Signed)
D.
F.
HOUSTON,
Secretary.
"result
September 28 1920.
simply from aberrations in the numbering machinery used
by the Bureau of Engraving and Printing and do not in any
respect amount to a duplication or over-issue of the public
outstanding public debt of the
debt."
cancellation and destruction of retired securities received by the
No
Liberty
certificates of
bonds,
Victory
notes
or
Treasury
indebtedness, he states, "have been issued by
the United States except against full
payment therefor to
the Treasurer at par and accrued interest pursuant to law
and
the regulations of the Treasury Department."
The
Secretary also states that according to the records of the
Department
canceled.
no
retired securities
outstanding un¬
Two letters have been addressed, in the matter,
to Mr. McCarter
herewith
are
as
now
by Secretary Houston, and
made
we
give them
public this week.
,
Sir.—Senator Carter Glass has referred to the Treasury Department for
reply
your
letter of Sept. 3 1920, Inquiring concerning figures given in the
Annual Report of the Secretary of the Treasury for 1919, as to the oustand-
of Sept. 3 1920, making inquiry regarding the
United States .with particular reference to the
Register
Register. I
of the Treasury
during your incumbency of office as Assistant
notice that you
promptly took the liberty of publishing your letter in the
circulated it
widely throughout the country, notwithstanding the fact that the insinua¬
tions in your letter, if they have any basis in fact, are primarily a reflection
upon your own conduct as Assistant Register of the Treasury.
In this
South Dakota, Tribune, and that you have since
Ipswich,
connection
against
you
I should like to remind you that serious charges were
retained
you were
for
behavior for the future.
on
its
relate
The Tresaury does not, of course, recognize any
the part of the so-called "McCarter Corporation," or on your part
President,
Treasury
,
institute any inquiry into the administration of the
to
particularly in view of the fact that the inquiries which you make
directly to the work under your charge as Assistant Register of the
Treasury from before the beginning of the war until July 31
your
brought
and that
in office only by special action of Secretary Glass, out of
your family and after you had given promises of good
in 1919 and your removal approved by the President,
consideration
as
The McCarter Corporation, Ipswich, So. Dak.
Esq., care The McCarter Corporation, Ipswich, So. Dak.
Sir.—I received your letter
right
Sevtember 28,1920.
James W. McCarter, Esq
James W. McCarter,
resignation
was
did exist you would
accepted), and if
any
irregularities such
1920 (when
as you
suggest
presumably have taken steps to correct them and report
Oct. 2
them to
facts
I
the
careful inquiry to
in order
the misapprehensions upon
With this in view, I have caused
be made touching the allegations which you make, and,
record may be clear, answer them categorically and at
obviously based.
that the
"billions of dollars worth of payable to bearer sur¬
It is not true that
rendered certificates of
indebtedness, bonds and coupons, known as unused,
and replacements, uncanceled and with no mark of
interchanges, exchanges
surrendered' on same but in the original state of issue ready for
circulation, have passed through the hands of numerous un-bonded officials
and to clerks" final file.
The Treasury Department's standing instructions
'paid or
require that all
paid or surrendered bearer securities ahall be canceled by the
the Federal Reserve Bank, the Treasurer of the United
the Division of Loans and Currency, though it is
paying agency, e. g.,
States, or, in some cases,
unquestionably true that, during the war period and subsequently, owing to
the enormous volume of retired securities handled, some retired securities
It is the duty of the
long standing instructions from the
Secretary of the Treasury, to make careful examination of all retired secur¬
ities which it receives, and, among other things, to detect uncanceled
securities and cancel them before filing.
After examination and filing, the
canceled retired securities are required to be kept under proper surveillance
in the Register's office, and are later destroyed under the supervision of the
Destruction Committee of the Department.
If, as you allege, any securities
were delivered during your incumbency of office to the Vaults and Files
Division of the Register's office for final file uncanceled, pending delivery
to the Destruction Committee, the responsibility therefor rests primarily
upon you, and you should have reported the facts to the Secretary of the
have
is and has been
maintained
received
Register's office.
7.
reached
the
in
the
With reference to
Register's office uncanceled.
Register's office, however, pursuant to
Bond
last
issued
to
an
number
be
7869000, it
over-issue
and aggregating $1,376,000, cited by you as being uncanceled
canceled in the Register's office before filing. Cancellation
omitted by the Federal Reserve Bank which returned
order that they might be used to supply other
these unused certificates in
Federal
Reserve banks, if necessary.
The anticipated necessity did not
arise, however, and the certificates were
in
the Vaults and Files
Division.
named (Lots 2232, 1927 and 1942)
were
reverified in each case after cancellation.
The
Liberty Loan bonds which you
canceled before filing and
duly canceled before being placed
It also appears that the three lots of
fact that cancellation had been
omitted by the Federal Reserve banks was
in these particular cases, which
properly discovered by the Register's office
was one
of the objects of the
examination.
news
to the
occasionally found uncanceled
The object of the examination by the upon
other things, if uncanceled coupons
Department.
Audit Section is to determine, among
uncanceled coupons are canceled effectively
before filing.
Out of more than 100,000,000 coupons paid annually and
sent in
by Federal Reserve banks and other paying
agencies, it is
natural that a few should be found uncanceled, notwithstanding the strict
instructions requiring cancellation before shipment to the Department, and
one of the reasons for maintaining the Register's office is to insure a final
are
present, and to see that all
check upon the
cancellation of paid coupons,
With reference to your statement as to
4.
the recovery of $30,000 of
in October
colored taxicab driver whom
and identify the "white man"
who, it was alleged, left the bonds in his vehicle, but failed to do so.
The
bonds in question were missing from a package of seuc ities delivered to the
Register's office on August 25 1919, but not examined as to character and
bonds (not
1919
you
or
$31,000
as
stated by you) stolen from the Department
thereabouts, the record shows that the
mention had every opportunity to locate
amount until about five weeks thereafter.
was
five
or
six
decided
Register's office which was
immediate supervision as Assistant Register
If these bonds were abstracted prior to
of the Treasury.
delivery to your custody, that fact
should have been established by an immediate count
and, if not, the presence of the uncanceled
thereof upon receipt,
bonds "in the centre of this
package" should have been discovered and cancellation effected by your
office.
Your statement is noted "that the bonds on both top and bottom
of this
of
bonds were left in centre
taken." This statement
asked to
prejudicial to the good of the service for
days before this bond
was
reported, and that resignation was
been
upon.
Ordinarily
letter would have received the brief attention and the
your
Coming,
responsibility
during the past few years whould have acquainted him fully with the facta
and with the stupendous tasks performed by the Treasury Department, it
has been deemed proper to answer at some length your artfully phrased
questions in order that their absurdity may be clearly apparent.
A critical
examination of your letter and a careful consideration of its inquiries impels
me to the conclusion that the Department's principal error, if any, in the
administration of the Register's office was in heeding your earnest appeal
and carrying you on the rolls after the charges of unfitness for office brought
against you in 1919 had been substantiated and your removal from office
it deserved.
short reply which by reason of its scurrilous character
however, from
a
whose official position of trust and
man
officially approved.
.
Respectfully,
D. F. HOUSTON, Secretary.
(Signed)
BOARD'S REVIEW OF BUSINESS
RESERVE
FEDERAL
Continuance of
and
:
in business
the process of readjustment
industry, with progress toward a more stable
condition,
accompanied by price revisions and by the resumption of
work in some branches of industry where hesitation as to
future outlook had led
to
suspension, have been the out¬
standing features of the business and economic movement
According to the monthly
during the month of September.
review of the Federal Reserve Board made public Sept. 30.
The Board says
an
further:
apparent slowing down in the price
it has again reappeared, and
midsummer,
variety of staples, including wheat.
a
Reductions have
and other wholesale prices.
textiles, shows and leather
occurred in
reduction movement during
the month of September saw
makes of automobiles, various classes of
substantial cuts in well-known
Changes in prices have
and bankers cautious about future commit¬
tended to make business men
Accordingly, as has often been observed in the past during
ments.
periods
readjustment, business is now being done on a shorter term
of business
pending clarification of the current process of
credit basis than is normal,
readjustment.
Excellent
earlier
while
of steadier and
yields have resulted in sustaining buying power,
crop
improved movement on the railways has given assurance
marketing than had been
in several districts have
Banking conditions
it is reported that business
believed possible.
improved and from some
finance themselves to a greater
and by exercising more careful scrutiny over
has gone ahead on the whole smoothly,
and the peak of the demand for funds has practically passed without serious
inconvenience and with no prospect of an increase of difficulty.
enterprises are working into a position to
degree by reducing inventories
credits.-
The crop moving process
Speculation both in commodities and in securities has been at a relatively
gratifying diversion of banking funds to the
low level and there has been a
service of
From various Federal Reserve
productive industry in many lines.
districts improving
conditions and growth of optimism are reported.
There
conditions are now definitely on the road toward
is indication that business
stability of
as
great and confirmed a nature as the
world at large will
disturbed position of the
permit.
package were canceled and this $31,000 in
package
uncanceled
and were from
there
be made on the basis of special information in your hands, and
the first time that this circumstance has been brought to the attention
appears to
it is
in
You state that the
permitted in lieu of the recommendation for dismissal which had
During this interval the package
stored in the control of a division in the
under your
would imply.
You are aware, probably, that this employee
under charges of misconduct
After
Audit Section in the Register's office is not
through the
showed the
that this was an error
appears
as you
was
,
Your statement that paid coupons are
3.
when examined by the Coupon
Second Liberty Loan,
of the
employee who reported this high number on February 2d was
resign on February 5 1920.
indebtedness numbering
when filed, were
had been purposely
7979985
though the Treasury records
CONDITIONS.
Investigation discoses that the certificates of
474 piece3
No.
Federal Reserve Bank of New York
Treasury for appropriate action.
2.
duplicate numbered bonds or coupons
of all
denomination of $50, which you state reached the Department
numbering and not
?•'.'/
length, as follows:
1.
The
however, entirely clear, and
glad to have this opportunity to correct
which your comments are
1331
CHRONICLE
during your term of office.
Secretary of the Treasury
the matters which trouble you are,
as to
am
THE
1920.]
of the Department,
HENRY FORD'S STATEMENT
ALSO A. B. HEPBURN AND
though if substantiated, it might have an important
Your letter in this respect, there¬
the Department material
facts within your knowledge, during your term of office.
There is no
record in the Department of a shortage of $34,000 bonds which you state
were stolen October 25 1919, and if you have any specific information as to
such a theft, I presume you will transmit it to the Treasury.
5. It is true that the Secret Service Division assisted the local police in
locating the thief who stole $3,000 in Government bonds, which were the
personal property of an employee in the Register's office.
These bonds
were in a desk in the office, and the thief, another employee, was appre¬
hended.
Following his confession, the thief was dismissed from the
service, after which the case was turned wholly over to the Police Depart¬
ment.
It is obvious that the participation of the Secret Service in this
case was not primarily to assist the employee who was robbed, but to detect
the guilty person in the Department, who otherwise might have stolen
securities in the custody of the Department belonging to the Government.
6. There is no evidence that "millions of dollars worth of duplicated
numbered Liberty Loan bonds and coupons were issued and put in circula¬
tion" as alleged by you.
Nor is there any basis whatever for the state¬
ment that "the Government lost the face value of each of the duplicate
numbered bonds and coupons."
If you had taken the pains during your
term as Assistant Register to acquaint yourself with the facts as to the
fore, means simply that you have withheld from
numbering
numbers
as
*vould know that such duplications in serial
have occasionally appeared result simply from aberrations in
of bonds,
you
Engraving and Printing,
and do not in any respect represent duplications or overissues of the public
debt.
Most of the duplications in serial numbers have been caught before
issue, as the result of checks in the Bureau of Engraving and Printing, the
Division of Loans and Currency, and the office of the Register of the
Treasury, but even the bonds which have been passed with duplicate
numbers have been issued only after full payment therefor has been received
by the Treasury, as required by law, in respect to both bonds issued with
duplicate numbers.
The face amount of bonds actually issued is correct
and in agreement with the cash paid in by subscribers, notwithstanding the
occasional errors in numbering.
The total number of bonds with duplicate
serial numbers which have been issued and returned to the Department up
to this time is less than fifty pieces, with an aggregate face value of less
than $10,000.'
The number of duplicate numbered interest coupons is
slightly larger.
Notwithstanding your statement to the contrary, a record
the numbering machinery
used by the Bureau of
price cutting has been witnessed in various
Continued
bearing on the investigation of the case.
ON PRICE CUTTING.—
JULIUS ROSENWALD.
the
since
commodities
pre-war
reductions announced
by
Company prod¬
His action and developments
Henry Ford on Sept. 21 on all Ford Motor
to
ucts
a
level.
pre-war
incident thereto
discussed by
were
The reductions decided upon
a
us
editorially last week.
by Mr. Ford were the subject of
statement issued as follows on
Sept. 21 by the Ford Motor
Company.
In announcing a
Mr. Henry
reduction in the pricjes of Ford cars, trucks
and it is time war prices were over.
wisdom in trying to
business of the country
Inflated prices
There is no sense or
maintain an artificial standard of values.
interests of all it is time
war,
and tractors,
Ford says:
"The war is over
that
a
For the best
real practical effort was made to bring the
and the life of the country down to normal.
We had to stand it during the
Ford Motor Company will make the
always retard progress.
although it wasn't right, so the
prices of its products the same as they were before the war.
This in face of the fact that we have unfilled orders for immediate delivery
of 146,065 cars
and tractors.
We must of course,
on
take
a
temporary loss because of the stock of materials
hand, bought at inflated prices,
have to submit to a loss,
and until we use that stock up we will
but we take it willingly in order to bring about a
going state of business throughout the country.
There is a
that always
ull in general business; we are touched
precedes
by the waiting period
reaction, people in every walk of life are waiting for
a
prices to become lower.
They realize that it is an unwholesome unnatural,
produced by the war.
It is one of the
unrighteous condition of affairs,
penalties civilization pays for war.
In every line of activity there is a grow¬
ing idleness becuase the demand is not there.
Raw/materials
are
because the volume of
the self-denial of the
prices.
of the
being stored; manufactured goods are being
stored,
consumption is growing less and less and less, through
people, many of whom could not afford to pay the
high
Others would not pay the high prices because they felt the injustice
situation.
Manufacturing plants are being shut down all over
the country.
Labor is being thrown out of employment, yet the cost
living has seen very little reduction.
*
-
of
1332
Our country is rich beyond measure in natural resources, in all the ma¬
terial things that go to
held
make
nation
a
and
great,
pessimist and for that
ing and war greed.
It
may
on
methods,
war
war
or
a pre-war
condition, the
sooner we
the attention of our people.
14 to
price reduction
"With the natural decline of
business we ourselves are
our
employing
This, however,
employes, but from merely not
those which drop out through ordinary causes, and through not
as many for prospective increased business which our previous
!
Board of the Chase National Bank of New York, in an
idle
f
was not
the result of any discharging of our
replacing
engaging
A. Barton Hepburn, Chairman of the Advisory
31%.
have stagnated, and will furnish
approximately 10% less people than we did a year ago.
the Ford products ranged from
on
appears to
,
There will be no change in wages.
The
building, which
stocks of merchandise and more
But, once readjustment sets in,
for many months.
people become more natural—progress, prosperity and contentment will
our
occupy
Neverthe¬
employment to thousands in those lines of industry which have been
get the
the lives of
sooner
less loss of time to the working classes.
it will stimulate
be necessary for everybody to stand a little
business of the country back to
loath to predict hard times.
am
compelled to go through a period of readjust¬
ment which will mean losses on accumulated
prices, war profiteer¬
sacrifice, but it will be most profitable after all, because the
I
reason
less it may be that we will be
yet its progress is being
practically at a standstill because of the greed of the profiteers.
Now* Is the time to call a halt
[Vol. 111.
CHRONICLE
THE
experience has always warranted
article
Lew Hahn,
anticipating."
us
Managing Director of the National Retail
regarding Mr. Ford's action, which appeared in the Brook¬
Dry Goods Association, .with offices in this city, 200 Fitfh
lyn "Eagle"
Ave., commenting
Sept. 24,
on
was
quoted in part to the following
effect:
quoted
"Henry Ford is unquestionably
that he has made in
manufacturers—I
shrewd business
a
man,
reducing the prices of his motorcars Is
do
refer
not
esepcially
the
to
motor
a
and the move
—will
industry
necessities must
come
He has
down.
first to take such action.
this
policy cf buying until
a general
readjustment has been ac¬
complished.
"Many merchants and manufacturers have goods on hand which have
high prices, and they cannot be blamed for trying to sell to the public
cost
at
At the same time, we are in
prices that will mean a minimum of loss.
The condition of Europe
period of more or les3 restricted purchases.
a
markets abroad,
our
reduced
output of
in European rates of exchange have very materially
and the fall
and
home market cannot absorb the
our
the high-pressure processes
to extend over a considerable
period, and that although it
ultimately
may
expected to affect real estate and wages, these things would be the last
be
to go
lie
down.
was
asked
now how long he
expected the process of re¬
decline to extend
peak.
I should
considerable period.
condition of
As for labor, the process of reduction in value of
goods
necessarily affect wages."
will
'
over a
that it might take a year or two to get back to a normal
say
stability in prices.
'This condition of declining prices is not a matter of choice.
It is a matter
It is necessary to stabilize business and put it back on a
of necessity.
sound basis.
It should not be looked upon as a calamity, but as a
reaction from
a
situation that
was
To cut prices on merchandise purchased at
healthy
Our country is rich.
despondent
But there is need of putting our houses in
The people must
getting rid of the wild extravagance that has existed.
back again
get
hard-headed, careful investigations which they were
to
wont to observe and
practice in business in the past."
and,
Ward & Co. announced large reductions in various
price cutting, made
gomery,
lines of merchandise following the Ford
prices
are
made sufficiently low to stimulate normal buying it
will be inevitable that unemployment will result."
This
statement appeared in the New York "Times" of Sept. 25
a
statement
and
made in
was
had with him
an
the lines affected
on
When the
prices
interview which
one
of its reporters
ber of articles of which the
following
are
shoes, which were $4 98, are now $3 98;
Ford size automobile tires, were
their
"While these reductions will result in a considerable
We
printed.
are now
daily.
meeting
late buying
loss," commented
% and
Manufacturing
accepted
following
a
prices of converted cotton goods had been cut
more
last spring and that if
percentage in cotton goods,
Co.,
a
reduction of that
announced by the Amoskeag
accepted
was
fair in the
as
as
fair, it ought to be
as
of converted cottons.
case
The New York "World" of
yesterday reported Mr. Hahn
supplementing his earlier statement with the following:
as
It would be fatuous to expect that in the face of the present
market retailers could fail to reduce prices.
that
retailer cannot without
a
cut of 33 1-3%
a
declining
The point of my statement was
impairing his capital as well as losing his
cut of 33 1-3% in the primary market with a
in his price
on
goods already on hand and purchased at
high prices.
\
Retailers already are making their
readjustments and will continue to do
so,
but it is perfectly obvious that retailers cannot cut their prices 33 1-3%
on
lines which the
have
manufacturers
cut
in
that proportion
without
sustaining heavy losses.
The Department of Justice
market to
average
It is to be
has all along counselled retailers on a rising
their costs and base their prices upon that average.
hoped that retailers on
competition makes possible, this
At
point in
no
my
a
declining market will follow, so far as
same
plan.
statement, which has been so widely misquoted, did
I
make^the statement that retailers would not reduce their prices.
seems
and
every
line with the probable excep¬
Unless prices generally are reduced sufficiently to
taurants
all forms of
war,
necessary
rents, and the same is true of those
"The
"is that
give
reason
we
why
we are
able to obtain lower prices," said Mr. Janssen,
have standardized our
purchasing.
A food dealer will naturally
much lower price quotation to obtain the business
a
than he will to obtain the business of one or two.
of 40 restaurants
However, it is not alone
problem of reducing prices of food in New York restaurants
organization is devoting its attention.
throughout the country as
that our
We are taking steps to spread this
a means of reducing the high cost
.
SECRETARY
OF COMMERCE ALEXANDER ON PRICE
CUTTING.
factories
in
of course, extravagance of the
expenditure have caught up with
who
were
fortunate in possessing long
people who had the luck or the foresight
stocked with articles of clothing—they are just beginning to feel
pinch of high prices.
"People now find it necessary to restrict themselves in
reductions announced by Henry Ford and those
Corporation, had the following to say on
;he price
of the Amoskeag
Sept. 23, according to the
"Journal of Commerce" of the
24th:
of
many
articles
that
are
purchases, not
considered necessities.
Consequently, the demand for all kinds of goods has greatly
diminished
This recession in demand became notice¬
about the middle of May.
The first few months of this year our busi¬
was fabulously increased over preceding years, but in May it percepti¬
influences in the Middle West, both
public, and his announcement cannot
the whole price situation.
Of equal importance is the announcement of a reduction of one-third in
prices of cotton goods produced by the Amoskeag Corporation.
A sharp
cut in prices at the point of manufacture in one of the most important com¬
modities produced in this country should be reflected very shortly in many
Henry Ford is one of the strongest
among
bly diminished and in July and August
had fallen below the corresponding
Rosenwald was
a
very
No fears need be entertained
a
characterized spring trade,
give such
to
prices are made sufficiently low to stimulate normal buying it
inevitable that unemployment will result.
I am not by nature a
"Unless
that these lowered prices will be followed by
falling off in business, lessened production or any
an
impetus to retail buying as to
In short, I
a
offset any danger of over
pro¬
believe that the let-up in buying has been due entirely
which will manifest itself when
lower price level.
A discriminating public
tion in prices.
of the dulness which
in many lines, but, on the contrary, they will
high prices; a great demand still exists,
goods reach
asked.
important bearing upon
other lines.
duction.
period of last year."
opinion of the general situation?" Mr.
manufacturers and the general
but have
during the last several months.
"What is your
their foodstuffs with the
assistance of the restaurant men's organization.
stimu¬
only just commenced to feel the burden of greatly increased
but
in the prices charged by res¬
In New York, he said, the decline in
prices would come as the result of a co-operative purchasing plan
*
"For instance, a great many people
luxuries
throughout the country.
Secretary of Commerce J. H. Alexander, commenting on
various causes—the
term leases have
^ept. 24 said:
decline in food prices and a gradual decline
restaurant
unemployment.
increased earnings.
to be well
a
voluntarily refunding to an average of 20,000 cus¬
people due to inflation In wages, and an exceptional demand for our products
at home and abroad, which has ceased now, since the foreign demand has
slackened
"Eagle" of
August Janssen, head of the Society of Restaurateurs, to-day predicted
of living."
to me that this is the necessary result of the rapid increase
due to
The Brooklyn
reduce prices and refund
to the normal the inevitable result will be the closing of
and consequent
will be
the
of their local
Sept. 27, according to the "Times," issued a
on
statement that
33 1-3
the market values decline after our catalogue is
We note concessions in
tion of hardware.
ness
In the meantime, it is to be hoped that
reduced cost.
heavy losses at this time.
movement
Mr. Rosenwald, "it has always been our policy to
the difference whenever
able
permit.
purchase at reduced
price readjustments promptly, but with sufficient conservatism
own
to prevent
to the
$18 10, are now priced at $13 45.
of
can
into the stores, the price to the public will, of course, be based
new
under which 40 restaurants have coinbined to buy
examples.
offering at
19 cents; silk taffeta, which was $2 57 a yard, is not $1 48; sheeting 27 cents
now 15;
muslin 35 cents, now 15; flannel, 43 cents, now 29; gingham, 39
cents, now 23; overalls, formerly priced at $2 50, are now $1 48; women's
alone
certainly reduce their
the conditions they face will
as
will discuss the situation frankly with their public and will make
papers
the character of some of
"Standard percale, which was 40 cents a yard, we are now
the
far
so
merchandise which the retailers
RESTAURANTS SEEK LOWER PRICES.
the
articles on which Sears, Roebuck & Oo. have made price recessions.
At the
same time he stated that from a variety of causes sales have declined during
the last few months, with a consequent accumulation of stocks,
"Many
of these lines," said Mr. Rosenwald, "can be replaced to-day at much lower
prices.
Therefore, we have made drastic reductions in the price of a num¬
"It
follow wholesale prices
make such radical reductions
We quote from that paper as
in Chicago.
Mr. Rosenwald for the first time disclosed
prices
new
comes
the
follows:
tomers
can not at once
retailers in their advertising and through the news columns
Sept. 24 in which he said that "unless
on
though the retailers
even
prices
Mont¬
Sears, Roebuck & Co. which along with
house of
prospective profits, but in actual capital em¬
the manufacturers have made, the retailers will
as
prospective profit follow
Rosenwald, President of the Chicago mail order
Julius
on
It is, of course, inevitable that retail prices must
order, and
to the future.
heavy loss, not only
very
Our
people are industrious and intelligent, and there is no need to be
the
peak prices would involve a
ployed by the retailer in his business.
abnormal.
"The business fabric is fundamentally sound.
as
Obviously, this is not possible, because all retail
carrying heavy stocks of merchandise purchased prior to
are
The directors of the Converters' Association,
"We had several years of rising prices before we finally got to the
in the minds
price reductions might be expected at
reductions made by the manufacturers.
adjustment of prices to continue.
We must expect the
the impression that these
in retail stores.
stores
upon
of production that have been in operation."
Hepburn had stated in May that the decline in prices was likely
Mr.
consumers
once
They should reduce their stocks cf goods, and pursue
impending change.
conservative
All business people have got to recognize
the
price reductions, as they have
lately appeared in the press, have been calculated to create
of
taken action accordingly, and he will have the benefit of being among
a
It is unfortunate that announcements of
step that other
have to take.
"Mr. Ford recognized that prices of
the price situation on Sept. 27, was
upon
follows in the New York "Times":
as
will not buy^unless there is a very material reduc¬
There is no lack of demand, but the
trouble lies in the refusal
Oct. 2
or
1920.]
inability of the people longer to pay high prices.
I believe that the out¬
consumed at lower prices, and
put of our mills can readily be
fied to note that
am very
NATIONAL
ASSOCIATION
grati¬
TURERS FAVORS
readjustment of prices has begun.
a
1333
CHRONICLE
THE
ING
The
U.
S.
COMMERCE
OF
CHAMBER
GOOD
PREDICTS
Good business for the remainder of the year
is the forecast
That
Resolved,
AND HANDLING.
resolution
the
National
Archer Wall Douglas, chairman of the committee
made by
Statistics and Standards of the Chamber of
of the United
States, in his monthly report
Commerce
on crop
and busi¬
of
bureau
a
and caution
except in
activity is past, and that he
somewhat
chasing is liberal enough, but
needs and not
tions
and
About
"good."
are
a
of
long drawn out
business.
Pur¬
sahe and sober basis of
on a
speculation, the report
throughout the country
"fair"
looks to
now
readjustment
painless
says.
raising of
a
fund of not
bureau during a
Announcement
sixty
cent
per
of
as
the whole
On this
the far¬
on
ship-building, which is general in all the rest of the country
But the Pacific coast States,
particular, long
California in
sification of
cultural
learned the lesson of diver¬
any
production.
ago
For they have all
.
manner
of agri¬
VOTE
Sept. 29 said in part:
for
period of
a
the acceptance
A reduction of one-half a cent a
pound, in the wholesale
price of fine granulated sugar to 133^ cents, by the Federal
Sugar Refining Company was announced on Sept. 29, and
following day the price
pound by the
(less 2% for cash).
drop in
company,
further reduced half
was
a
bringing it down to 13 cents
With regard to estimated losses with
prices the "Wall Street Journal" of Oct. 1
sugar
printed the following from Boston:
That the fall in raw sugar
prices between July 1 and Sept. 15 this year
actual loss of $250,000,000, which "some one must
an
means
stand" was
Cuban sugar
plantations and recently director of the American Sugar Refining Co.
testifying in Attorney General Allen's investigation of the sugar situation.
among
the utterances of Edwin F. Atkins, factor in several
He said fortunes were made and lost over
every
On account of
of
night in sugar this year.
receive 80 cents
a
the standing committee of the
17 cents a pound.
on an
mentioned
a
loss
he advised
ago
Equalization Board that 5%
boss stevedores the
hour overtime.
an
hour this was rejected by
an
However, the employers
increased the number of the working gang from
19 to 21, and agreed that
there would be only three times daily when the call for dock-workers
Other
issued.
be
concessions werb made,
minor
O'Connor said that
90% of the votes cast
were
would
Mr.
it is understood.
in favor of accepting the
award.
The
for
an
possibility of
a
strike
among
the dock workers has passed and the way
agreement with the marine engineers is being cleared.
PACKERS'
'
market
"American Sugar estate owners were
he said, and "sold a
desirous of keeping the price down,"
cents."
profits tax, he said, and stated
certain part of 1920 crop at
One of the biggest expenses
is the excess
of 1919 earnings went to the Government.
last year was 6K
Probable sugar cost
leaving
to 7 cents and average selling price 11M cents,
However, three-fourths of this
apparent profit of about 4 cents a pound.
Cuba to United States,
between 45 and 52 cents per 100
Freights used to be 8 cents per 100 pounds from
shipper.* are forced to pay
pounds, with heavy demurrage charges.
companies by the sale of the
filed
was
the
of
of the
PROTEST
TINE'S PROPOSED MEASURE FOR
Buenos Aires
AGAINST
ARGEN¬
SUGAR CONTROL
to the expropria¬
entire suplus of sugar in the
process of manufacture, were criticised by James W. R. Macleay,
British
Minister here, in a speech before the British Chamber of Commerce of this
city last night.
British capital has been invested in sugar, and it is alleged
the Government intends to pay less than the cost of its production.
"These measures," said Mr. Macleay, "react unfavorably on the minds
of foreign
Argentine
Government looking
products, including virtually the
atmosphere of confidence and security
capital by one foreign country in another is
investors and disturb the
which the investment of
'
based."
The Senate recently
Columbia
of
enacted a law placing all articles of prime necessity
supervision of the Government,
on
to F. H
holding company
same
a
contained in the
The objections
Sept. 28.
along the lines of those
report of the Federal Trade Commission,
Department of Justice
were
was
referred to in detail in these columns last week,
1236.
The Commission in opposing the plan asserted
which
page
that it "will result in
a
greater monopolization of the stock
yard services of the country than now exist."
The Attorney
General in his brief stated that:
A
proposed holding company to take over controlling interests in sub¬
States, together with the
stantially all of the stockyards in the United
owned or controlled by the said stock¬
yards, would constitute in itself a combination in violation of the Sherman
law and other anti-trust laws amendatory thereof or supplemental or addi¬
pany
such a com¬
If this court should sanction the formation of
with the purposes and organized in the fashion outlined in the soit would in effect be sanctioning a violation of the anti-trust
called plan,
laws.
Aside from the
question
as
to whether or not th" management and con¬
constitute inter-State commerce so as to fall within the
condemnation of the anti trust laws, the formation of a
holding company as
proposed would place in the hands of those controlling sue', company a
means of restraint upon the buying and selling of live stock and dressed
meat
It would enable them to so manipulate sales and traffic c
and the improvements
by such hoi
c
ipple
nditions
and faciliti s at the respective markets c ntrolled
ing company as to ad ance the prosper! y of packing houses
t certain
yards and by the same means
ard th
?
growth of and
acking bouses loc ted at other yards.
A statement issued
plan filed
by the Attorney-General in the matter
of Justice has to-day upon behalf of the United States
the District of Columbia objections to the
by the packers for disposing of their interests in
stockards,
stockyard market newspapers and stockyard terminal railways.
There seems to have been some confusion as to the extent of this
plan.
proposed
It has been suggested that the present plan includes the disposition
by the packers of their interests in certain unrelated lines which are also
covered by the decree entered in the Supreme
umbia.
Court of the District of Col¬
Paragraph 10 of the decree requires the packers to file a plan
indicating their proposed method of disposing of their stockyard market
stockyard terminal railways and market newspapers
companies,
The
present plan relates only to these facilities and not to any other.
On Aug. 18 1920,
the defendants submitted the plans which
in court to the Department
of the Department of
same were
f
which was given the power to
commandeer products when prices rise excessively.
This bill has not been
passed by the lower house as yet.
The British Minister in the course of
his address said he recognized the fact that the Government's object was to
lower the price of food, but expressed a hope the Government would not
resort to such drastic steps.
He asserted the risk of "irretrievably injuring
producers and industries which give employment) to the very classes it is
sought to protect," was great.
|
under the
ers
ard
lince
said:
dispatches to the daily papers Sept. 23 said:
Measures taken by the
tion of food
COMPANY.
by Attorney-General Palmer in the Supreme Court;
District
The Department
MINISTER'S
OBJECTIONS
FILES
HOLDING
of their holdings in stofk
themselves
filed in the Supreme Court of
BRITISH
FOR
& Co. of Boston and the formation of
ocatei
went to the Government.
he said, but now
PALMER
PLAN
objection to the plan of the Chicago meat
divesting
duct of stock yards
6H cents.
on
regards
sufficient number
shipping interests.
tional thereto.
estate not far distant.
cents would
allow a profit but it has not proved so.
One-half to one cent per pound
was a fair profit, in his estimation.
He advised Mr. Hoover's agent and
Mr. Rolfe of Sugar Equalization Board against increasing the price above
time
that 65%
$1 20
hour and
an
raise of 20 cents
terminal railways which are, in turn,
transportation breakdowns and speculative orgy in Cuba,
of his estates took a loss of $1,000,000, he said, and
$3,000,000
Some
a
Under the terms granted by the deep-sea lines and the
dock workers will
On
advance his companies sold, prices ranging from 6H to 223^ cents.
Their last sales price in his memory was
one
yesterday announced that
of the terms offered by the employers,
had ratified the agreement to authorize its acceptance.
Formal
the
T. V. O'Connor, President
dating from Oct. 1.
year,
one
while all of the sixty-odd locals had not indicated their position as
for
a
on
.
of the International Longshoremen's Association,
IN PRICE OF SUGAR.
REDUCTION
cent
expiring
The 60,000 longshoremen on the Atlantic and Gulf have voted to renew
TO
!
their wage contract
renew
ATTORNEY-GENERAL
the
longshoremen's
Longshoremen's Asso¬
Regarding the action the "Journal of Commerce"
Sept. 30.
of
CONTRACT.
TO RENEW
in countless carloads to the Eastern
Sates.
on
pledges its membership
$15,000 to be expended for the support
over
products for their reliance, and likewise they ship
and vegetables
fruits
to move lumber,which is the common
section of the country where lumber is
account.
industry of
an
cars
to be conducted under its
and handling,
made this week that
was
While their leaders asked for
every
of
make effec¬
two-year period.
ciation had voted to
Pacific coast, where "good" predominates despite the
drouth which still afflicts much of California, the decline in
and, the lack of
Association
the working agreement with the shipping interests and the boss stevedores
classified in the report
point, the report explains that "the story begins
complaint in
Sept. 24:
National
special committee providing for the creation
locals affiliated with the International
Business condi¬
country is enjoying business described as "good."
away
on
the
plan has been perfected by the National Council
a
LONGSHOREMEN
Douglas de¬
Mr.
predictions that the peak of high prices and business
and
of
the National Association of Cotton Manufacturers
of such
clares that events of the past weeks have borne out his pre¬
vious
Council
evidence of apprehension,
no
few unimportant quarters.
a
adopted by the National
keynote of business everywhere,
Douglas, thefe is
Mr.
says
to be the
seem
While conservatism
a
of cotton growing
auspices, and that when
to the
conditions, made public Sept. 25.
ness
was
Cotton Manufacturers be requested to take immediate steps to
tive the recommendations of
on
GROW¬
COTTON
OF
Association of Cotton Manufacturers
\
BUSINESS.
following
MANUFAC¬
COTTON
OF
BUREAU
filed
Justice should be procured to such plans before the
filed in court.
for the filing of such plan
This was only one day before the time expired
in court,
as
fixed by an order of the Supreme Court.
In order to enable the department to
so
are now
of Justice, desiring that if possible the approval
carefully examine and study the plan
presented, before accepting or rejecting it, the court consented to an
31.
Before this last extension
extension of time for filing the plans to Aug.
expired the Department
not approve
its refusal.
of Justice notified the defendants that it would
the plan so presented and stated objections as a ground for
Under the order of court the packers filed their plan on Aug.
31, and the department was given until
t may
have to such plan.
to-day to file whatever objection
The objections filed are substantially the same
1334
those
as
CHRONICLE
THE
stated
defendants
the
to
to filing their plan in court on
prior
duced.
Aug. 31.
The highest production for
any
highly desirable that these properties be disposed of as soon as possi¬
ble and that the packer interests in them be forever abolished, and to accom¬
two months
plish this the Department of Justice is quite willing to do anything within its
long as the public interest is not prejudiced.
But a plan to receive
tion has been
Lacking.
hardship and industries
the New
famine
to be given to
are
to be bonds
companies.
nature of the securi¬
option further states that
an
securities is to be offered to the livestock
not define the
securities
so
character, the quantity,
It does
the mode of disposition of the
the management of the proposed company.
It
does not state to what extent these livestock
producers and dealers shall be
permitted to
participate in the management of the proposed company,
in what fashion they shall be chosen.
It does not state the tenute of
nor
their office nor the method to be
adopted to perpetuate the representation
of the livestock
industry in the proposed holding company.
(d) It is sought in the proposed plan to take advantage of the provision
Paragraph 10 of the decree, whereby the court may in its
contained in
discretion permit the individual
defendants, or some of them, to retain an
interest by way of stock ownership or otherwise in the property to be dis¬
posed of.
The proposed plan sets forth
device
no
or
under Service Order No. 10 of the
method whereby the
the
operators,
longer exists.
no
to be
are
saved
from
extreme
not to be shut down, at least for part time.
are
railroads
up
Ample
and
distributors,
that danger of
so
coal
is
at the
a
coal
disposal of
England distributors to supply the immediate wants of New England
The outstanding difficulty with the New
England situation at
consumers.
railroad fuel for storage
for the winter's
This is
use.
being straightened out.
The
railroads
throughout the country will be materially aided in their
provide transportation for the requisite weekly output of coal if
see that coal cars are promptly unloaded and sent back to
effort to
shippers will
•
option states that livestock producers and dealers
winter
this time is lack of
now
producers and dealers.
nor
cars,
England situation has been cleared
this
the mines
an
be represented in
to
if
or common, or,
prior allotment of
a
to be offered.
(c) The request for
are
New
It does not state whether they
stocks, and, if stocks, whether preferred
preferred, whether voting or non-voting.
or
(b) The request for
top
open
Through the co-operation of
ticulars:
are
supply of coal for the Northwest, where the situa¬
particularly serious, the railroad executives have promised to
navigation if householders in the Northwest
,*
pursuant to that request, are obscure and indefinite in the following par¬
ties which
week.
Commission, so as to provide the 4,000 cars a week,
carrying 1,200,000 tons, to the Great Lakes, for trans-shipment to Lake
ports.
This movement, it is agreed, must be kept up until the close of
F. H. Prince & Co.'s request for an
option and the offer to sell, made
(a) The offer of F. H. Prince &. Co. fails to state the
for the last
average
a
Interstate Commerce
stockyard monopoly.
a
Finds Details
The
14.
approximately 10,100,000 tons
expedite the movement of
the department's approval must safeguard
competition, insure the divorce¬
ment of packer control and must with
certainty set forth proper provisions
the creation of
has been
To insure the winter
power so
to prevent
week during the present stringency
11,813,000, during the week of Aug.
was
It is
[VOL. 111.
without
delay.
Also the transportation situation will be
if the Interstate Commerce Commission's order,
preciably improved
stricting the use of
forced.
are
top
open
to the movement of coal,
cars
ap¬
re¬
is rigidly en¬
At this time thousands of
cars, which ought to be carrying coal,
being used to haul other commodities.
"
;
■
•
.
„
Householders may
feel entirely confident that, by resisting any panicky
tendency to hoard coal within the next few weeks, they will not suffer for
want of supply during the winter.
Just as soon as the Northwestern situa¬
tion is
cleared up, there will be enough coal released from that movement
to make
up
any
deficiencies that
distribution of the available
wants
of
small
consumers
exist.
In the meantime, judicious
production will supply the immediate
may
current
everywhere.
holding company may be safeguarded against the defendants acquiring
holdings which in the aggregate may amount to a controlling interest in the
company.
"COAL
Prince &
Until
Co.
Unsatisfactory.
a
necessity therefor be clearly shown, the Government is unwilling
to permit the defendants to retain an interest
amounting to 50%, for the
that such interest (it it be
voting stock or stock which may be con¬
reason
verted into voting stock)
with any
slight
or
would enable the present defendants, combined
insubstantial interest, to exercise control
posed holding company,
F.
H. Prince & Co.
F. H. Prince & Co.
the
j
as
now
a
proposed purchaser is not satisfactory.
owns
Chicago stock yards.
likewise
owns
controls
or
J.
lies with Prince and Armour.
the formation of the present
or
has
a
Said
substantial interest in
Ogden Armour & Co., defendants herein,
substantial interest
a
the pro¬
over
therein.
The
In 1911 said F. H.
control of said yards
Prince & Co.
effected
Chicago Stock Yards Company of Maine, which
company, through its control of
subsidiaries,
owns
and controls the Union
Stock Yards Company of Chicago.
The method adopted in the formation
of such company, the employment of devices such as the use of "bearer
warrants" and of
dummy officers, directors and stockholders, is calculated
to prevent, and has been the
ascertaining the identity of the
in such
of
means
Chicago stock yards.
persons
preventing, the Government from
who owned the controlling interest
The relations of F. H. Prince & Co. and J.
Ogden Armour & Co., in connection with the ownership and control of the
Chicago stock yards, are such as to make the petitioner herein unwilling
to permit said F. H. Prince & Co. to take over the defendants'
interests in
the stock yards or to have
charge of the formation of any company or com¬
panies organized for that purpose.
The bona fides of the whole plan is
questionable in view of the activities of Prince & Co. in the manipulation
of the
Chicago stock yards.
The so-called plan is not in such form
called plan, in substance consists of
option
a
The
request by F. H. Prince & Co. for
an
acceptances of these offers
file, and it
well be that after the court shall have approved of the
so-called plan, said F. H. Prince & Co.
may never avail themselves of the
offers
as
approved.
Furthermore, the options provide that the defendants
court shall have
approved the
same
It is understood that the
of the
at
any
time, and this
even
after the
same.
reply of the packers to the brief
Department of Justice will be filed with the District
Supreme Court Oct. 7 and
the matter will be
placed before
the court for final adjudication.
Figures quoted by "Coal Review," taken from the Monthly
Summary of Foreign Commerce of the United States, issued
by the
OF
ATTAIN
BITUMINOUS
WEEKLY
According to
sociation
OUTPUT
COAL
OF
announcement of
an
OPERATORS
TO
ported during the
far
below
12,000,000 TONS.
the National
Coal As¬
on
so as to forestall
where in the country
000,000 tons
cause
a
week
but up to
summer,
of the
the
during the winter.
tion who have been
a
shortage
The goal
any¬
of 12,-
fixed by the operators
early in the
this time it has not been
reached, be¬
deficiency of
No doubt exists
possibility of
was
car
sociation, in the statement,
supply at the mines.
The As¬
Commerce, show
months of 1920
seven
handling the shortage crisis during the last four
Associa¬
months
But to accomplish this
that production must be stimulated
through improved car serv¬
This matter has been
impressed upon the railroad execu¬
the last few
days, with the assurance that the railroads will
to the requirements put upon them.
that
the
average
price
the
operators
were
ex¬
to Aug. 1 was
up
accredited
with
The article reads in part:
The per ton
value of American bituminous coal exported
during the first
1920, according to the Department of Commerce Sum,
mary, was exactly $7.29.
This $7.29 was the value of the coal at the
point where it left the United States.
It includes freight from the mines
to the spot where the coal
passed out of the country.
months
seven
of
During the
seven months total shipments of coal overseas were
9,365,491
Upon this tonnage the Department places a value of
$81,788,858.
computation shows the per ton value of overseas
shipments of coal to
be $8.73.
This figure also includes freight from the mines to the
tons.
A
port of
shipment.
..
.
A conservative
average
of the freight rate would be not less than $2 per
Using this low figure as a basis of computation, the f.o.b. mine value
of
all
bituminous coal
when
abroad
begged coal
$6.73
the
sent
world
at
overseas
wanted
almost
coal
any
from
as
January to
never
prices
July,
before,
from
and
American
inclusive—a
bidders
from
producers—was
per ton.
The estimated
freight rate
average
however.
given above undoubtedly is too low,
i.
Compare this figure—$8.73 at seaboard—with
port coal abroad.
Here is what Great Britain is
"Coal and Iron
Trades Review's"
latest
figures charged for ex¬
charging, according to the
report (Sept. 3) :
Best admiralty smokeless
large steams,
$28.80 at normal exchange rates).
115s.
to
120s.
(from $27.60
to
Second
admiralties, 110s. to 115s. (from $26.40 to $27.60).
Best drys, 115s. to 120s.
(from $27.60 to $28.80).
Other drys, 105s. to 115s.
(from $25.20 to $27.60).
And these prices, to quote the same
authority, are "nominally" the ex¬
port prices.
I
The French Government is
quoted as offering $28.10 per ton for American
per
ton.
French ports, the trans-Atlantic rate
This
is the equivalent of from
being between $13 and $14
$14 to $15 per ton at American
points.
Yet the average per ton
price of American overseas coal exports, accord¬
ing to the Department of Commerce, was but $8.73.
The summary gives an
interesting sidelight upon the figures Canada is
paying for her coal in this country.
All told, 6,074,537 tons of soft coal
were sent to
Canada during the period.
The value placed by the Depart¬
ment
on
the aggregate
tonnage
was
$30,790,030.
In other words,
Canada paid an average of $5.07 per ton for all the coal
bought in this country during the first seven months of the year.
In
July, when 1,684,722 tons were sent to Canada, the per ton value had risen
she
to
$6.22.
-
Measured by
the grand total of American
exports,
the volume
'
of
coal
exported from the United States is insignificant.
American
exports
ran
up
value of coal exports was
says:
in the minds of
operators in the National Coal
that the winter wants of the
country will be met.
they
the
having got.
tidewater
Sept. 27, every effort is being put forth by the'
bituminous coal operators of the
country to attain a weekly
output of over 12,000,000 tons of soft coal from now until
Dec. 1,
Department of
price per ton at the mines of American bitiiminous coal
coal f.o.b.
EFFORTS
EXPORT
FIGURES.
28 issue of
"Coal Review," published by the National Coal Association.
may
themselves may withdraw the
COAL
ON
DOMESTIC
showing the value of American bituminous coal
period
offers of the defendants to sell their interests to F. H. Prince &
Co. upon
terms and conditions outlined in such offer.
No
are on
An article
DATA
AND
so-
certain terms and conditions of the stock yard interests and of
on
GIVES
shipped in export trade appeared in the Sept.
ton.
to insure to the court or the
as
petitioner herein that if approved it would be carried into effect.
REVIEW"
PRICES—FOREIGN
The
During the seven months,
to the huge valuation of $4,799,959,170.
The
$112,578,888,
Federal Trade
or
less than 2%% of all exports.
Commission's finding
coal costs were referred to in
our
on
bituminous
issue of Aug. 28, page 842.
agree
ice at the mines.
tives
within
live up
With
production running at
over
12,000,000 tons
calculate that the
a
week, the operators
existing deficiency due to under-production can be made
up soon after Dec. 1.
To fall below that
output, they say, would imperil
the program by which the coal
shortage must be overcome.
That the operators
easily can attain an output of 12,000,000 tons a
week,
with sufficient car supply, is a demonstrated
fact.
During October of last
year, preceding the miners' strike, production
averaged 12,081,750 tons a
week.
In
the
week
of
Oct.
25, of that year,
13,092,000
tons
were
pro¬
PRESIDENT
TREATIES
WILSON'S
UNDER
REFUSAL
MERCHANT
TO
TERMINATE
MARINE
ACT.
President Wilson has declined to
comply with Section 34
of the so-called Merchant Marine
Act which directs the
President to give notice to
foreign nations within 90 dalys
after the Aet becomes
effective, of the intention of the United
States
to
terminate
treaties which restrict
any
the
sections
of existing commercial
right of the United States Gov-
Oct. 2 1920 ]
eminent to
and
impose discriminatory customs duties
24 in which it
on
Sept.
the President would
disregard the provision in the law indicated, said that "the
action
sought
amount to
be imposed
to
upon
32 in number and cover every point of
are
contact and mutual dependence which constitute
relations
between
friendly states."
that "the Merchant Marine Act
was
suggest, much l^ss secure its revision in any
opportunity to
have vetoed the Act would have sacrificed the great
the State
number
enlightened provisions which it undoubtedly
following is the statement given out by
The
contains."
not deem the direction, contained
Marine Act, an exercise
Under the
■'
0''
-nY
'
.
became law, to notify the several Governments
treaties, that
discriminating customs duties on im¬
ports and discriminatory tonnage dues, according as the carrier vessels were
domestic or foreign, quite regardless of the fact that these restrictions are
Governments which are parties
treaties, and quite regardless also of the further fact that the treaties
ill-equipped to fight because of the Governmental system of
provision for their termination in the manner
to breach of treaties—legal, honest
and intelligent ways—and it is
stood to be the hope of the President that this
matter will be dealt with
In
contemplated by
it misleading to speak of the "termina¬
treaties.
The action sought to be
imposed upon the Executive would amount to nothing less than the breach
violation of said treaties, which are 32 in number and cover every point
or
the historical respect
under¬
the
is the manner in which
by Congress,
Commerce" on
interview given to "The Journal of
an
Sept. 28, Senator William A. Calder, who was one of the
five members of the sub-committee of the Committee of
Senate to draft the
of the United States
Commerce
he would carry out
measure
quoted
Being
the
adding:
as
a
member of
bill, I recall that
the provisions of the Act.
relations
irreconcilable with
dependence which constitute the modern
Such a course would be wholly
which the United States has shown for its
international
would falsify every profession of our belief in the binding
force and the reciprocal obligation of treaties in general.
Secretary Colby, commenting on the point made by the President, that
engagements and
called attention to the veto by President
1879, which required the President
to give notice to China of the abrogation of Articles 5 and 6 of the Burlingame treaty.
President Hayes declared that "the power of making new
treaties or of modifying existing treaties is not lodged by the Constitution
>
bill,
the;
He is
-y ' the sub-committee of the Senate which considered
Article 34 was given ample attention before being
;
The bill when brought before the Senate was
incorporated into the bill.
passed almost unanimously after further consideration.
plainly violated the law and has failed to give sufficient
The President has
for his action.
reason
to carry out the
To my way of
y.V.y,"'-'.
Ty'VY"-■
■
Act.
thinking, the popular demand for the section is sufficient
compel the President to reconsider the matter and enforce the
to
■YY.-
question,
Y;Y:;:
,
Section 34 of the Act:
conventions to which the United States is a party which
United
section in
Y\;
■
judgment of Congress, articles and provisions in treaties or
That in the
the
': i.'.<
•.
calls for the abrogation of the treaties and it was his duty
The bill clearly
>
The following is the text of
The President, therefore, considers
tion" of the restrictive clauses of such
between friendly States.
resort
upbuilding of the American merchant marine can be effected without
Congress.
of contact and mutual
checks and
reprisals.
in which the
The Administration's contention is that there are many ways
mutual, operating equally upon the other
contain no
of
which it would
balances which would make it difficult to engage in prompt
elected to terminate so much of said treaties as restricted the
right of the United States to impose
to the
China.
opinion of such officials, the result of the absolute enforcement
Section 34 would be a war of retaliation against this country
be
T' Yy'YY
with whom the United States had entered into commercial
this country
does
provisions of the Section referred to, the President was directed,
within 90 days after the act
the withdrawal of vast American interests from
mean
In the
in Section 34 of the so-called Merchant
of any constitutional power possessed by the Con¬
.-/v.'/" Y
gress.
would
said that he believed when the President did reconsider
Department:
Department of State has been informed by the President that he
The
Government
without
regard this as a breach
treaty, it is asserted, which
part of that treaty,
of treaty contract and to abrogate the entire
To
particular.
notice of its intention to strike out any
the assent of China, China would have the right to
the modem
The statement notes
approved June 5, in
the final rush of the session's close, with no
of sound and
serve
the Executive would
nothing less than the breach or violation of said
treaties, which
The treaty
provides for extra territorial rights in China, and should this
by Secretary of State Colby
made known that
was
by Adminis¬
with China
it is emphasized
tration officials, involve a multitude of interests.
discriminatory tonnage dues.
A statement issued
American treaties of peace and commerce,
imports
on
1335
CHRONICLE
THE
States
impose
to
discriminating customs
restrict the right of
duties on imports
entering the United States in foreign vessels and in vessels of the
discriminatory tonnage dues on foreign vessels, and on vessels of
States entering the United States, should be
is hereby
the United
terminated, and the President
authorized and directed within ninety days after this Act becomes
law to give notice to
treaties
United
which also restrict the right of the United States to impose
States, and
or
the several Governments, respectively parties to such
conventions, that
so
much thereof
as
imposes any restriction on
Congress had exceeded its powers,
the United States will terminate on the
Hayes of an act passed by Congress in
required for the giving of such notice by the provision of such treaties or
in Congress,
but in the President, by and with the
the Senate, as shown
treaty, as
body."
effect of an attempted partial abrogation
contemplated by the recent act, the words of President
significant.
are
advice and consent of
by the concurrence of two-thirds of that
this subject, as well as the
On
of a
Hayes
adding or
under the
would the
the action of
Congress in thus procuring an amendment of a treaty, a competent exer¬
cise of authority under the Constitution.
The importance, however, of
this special consideration seems superseded by the principle that a denunci¬
ation of a part of a treaty, not made by the terms of the treaty itself sepa¬
rable from the rest, is a denunciation of the whole treaty.
As the other
high contracting party has entered into no treaty obligations except such as
include the part denounced, the denunciation by one party of the part
necessarily liberates the other party from the whole treaty."
this partial abrogation of the treaty make
The Merchant Marine
session's close, with no
in any
particular.
number of sound
tains.
final rush of the
its revision
To have vetoed the act would have sacrificed the great
which it undoubtedly con¬
and enlightened provisions,
Furthermore, the fact that one
of illegality
and
Act was approved June 5, in the
opportunity to suggest, much less secure
section of the law involves
rendering the section inoperative,
elements
need not affect the validity
operation of the act as a whole.
discussion of the President's
action, is reported in a Washington dispatch to the New
York "Times" Sept. 29 to have declared that there had been
no collision between Congress and |the President in the sense
of diversity of purpose with respect to the upbuilding of the
American merchant marine.
The "Times" further said:
Secretary Colby in an informal
President Wilson
in recent years for the development and upbuilding of the American mer¬
chant marine; but the President does not think we should pamper our
shipping by international duplicity or treaty violation.
The action taken
by the President means that a matter which is by no means a simple one,
simply goes back to Congress, when the legislative branch of the Govern¬
ment meets again, for re-examination and an effort to try and find a way
out of the situation without violation of any of our treaties."
It was pointed out by the Secretary, in reply to a question, that the fact
that a treaty provision might stand in the way of a desire to dispose of
conventional obstacles to the imposition of discriminatory dues constituted
no reason for a breach of treaties.
Secretary Colby recalled today that,
in the final stages of the consideration of the Jones bill in Congress, he had
written a letter to the Senate Foreign Relations Committee calling the
attention of that committee to the effect that the passage of the bill would
have on American treaties of peace and commerce, thirty-two in number,
"No man" said Secretary
Colby, "has done more than
was
apointed out today in an official quarter
that the Jones act did not
provide for the abrogation of the treaties involved, but that the section of
the law which the President regarded as encroaching on Presidential pre¬
But even partial abrogation of
which would
the treaty the right to denounce the agreement in
rogatives had called for partial
a
treaty ts regarded by
give the other party to
abrogation.
officials of the department as a breach
its entirety.
"The action of the
President," said Mr. Colby today,
the President is adverse to the
but it does mean that he
"does|not mean that
upbuilding of the American merchant marine,
is opposed to doing it except in the most
honorable
I still think that the action taken by the President
was a very great act on the part of the President, and that years after the
fever of this campaign is over this will stand out as one of the most valuable
acts of his Administration for the people of this nation."
and
•
;~;YYy
/
yy
' •/'
.
Y:Y
Sept. 25 stated that President Wilson's refusal to carry out
contained in Section 34 of the
the directions of Congress,
Jones Merchant Marine
Act, has probably averted a war
retaliation, according to officials who have been giving
close study to
The account also said:
the situation.
that would have been affected in their treaty rela¬
While foreign Powers
formal protest against
tions with the United States had not actually filed
the
of the
affected
diplomatic representatives in^Washington to visit the
Department and make informal inquiries as to the President's inten¬
provision in the Jones Act and were awaiting the announcement
position, it is well known that various Governments
President's
had instructed their
State
tion.
'''v-y'"-
'vyy-yy.'
y
;i"y':
!■ y
Henry C. Hunter, Secretary of the Committee of American
Shipbuilders, issued
to
a
a
statement on Sept. 26 calling attention
provision of the seaman's act, passed in 1915, which he
declared
was
similar in language to Section 34 of the
very
Act
Marine
Merchant
to
which
President
"Our treaties with all nations stand modified so as to
of Section
16 of the Seamen's Act," said Mr.
President's
Wilson takes
The New York "Tribune" reports him as saying:
exception.
"the action
that
statement
sought to be imposed
amount to nothing less
Executive would
permit the operation
Hunter in challenging the
upon
the
than the breach or violation of
said treaties,"
Notification
was
sent by the State Department to the
affected by Section 16 of the
result that
Great Britain,
several countries
Seamen's Act, Mr. Hunter declared, with the
Spain, the Netherlands and Sweden
tested."
"In
some
where the Secretary of
accepted
notification
was
That is the
last that
not
was
the whole treaty would stand abrogated.
heard of the matter, and 010- treaties with all
permit the operation of Section 16 of the
Seaman's Act."
f
Aside from the precedent
upon
point
State notified the countries concerned that if the
nations stand modified, so as to
Mr. Hunter
"all pro¬
■ /-y
cases," added Mr. Hunter, "the protest was pressed to the
:
already referred to, the treaties in question, Mr.
emphasized, "all contain express provisions for their abrogation
due notice by either of the contracting nations."
a matter of fact," he continued, "a number of such treaties have in
"As
the past been
abrogated by other nations and no protest was made by the
United States:""
The League
the
New
of Free Nations Association, it is learned from
York
"Times"
of
Sept.
26
sent the
following
telegram to President Wilson in reference to his refusal to
with other countries.
It
yy'-'Y^Y/Y
;
Special Washington advices to the New York "Times"
of
Said he:
"As the power of modifying an existing treaty, whether by
striking out provisions, is a part of the treaty-making power
Constitution, its exercise is not competent for Congress, nor
assent of China to
conventions.-'
expiration of such period as may be
upright fashion.
give notice
to
the
several governments
with which the
United States has commercial treaties of the abrogation of
those treaty
provisions which prevent the imposition by the
United States of discriminating custom duties on
imports
to this country:
Without reference to the question of the
the Merchant Marine Act, we
constitutionality of Section 34 of
heartily approve of your policy of not abro¬
gating these provisions, of our commercial treaties which provide for
the
mandate in Section 34
To have carried out the
of tjhe Jones Act would have been to endanger Amer¬
ica's friendly relations
with the rest of the world and would certainly have
non-imposition of discriminating custom duties.
invited retaliatory measures.
itx,
1336
THE
Other views
to the
as
President's course, were given in
Frank O. Munson, President of the Munson Steamship Line, said that he
thought the abrogation of treaties would result in the creation of
even
6.—The Housing Committee's bill which extends liability to the agent,
bad
a
facilities.
effect
less popular
P.
A.
S.
Franklin, President of the
was not in
Mercantile
International
Marine
later offset by retaliatory measures on the part of other nations.
Raymond,* President
H. H.
of the American Steamship Owners' Associa¬
tion and head of the Clyde-Mallory lines, was not at his office Saturday
and no
expression of opinion
forthcoming from the association.
was
ment
asserting its rights to give preference to its
Captain Robert Dollar, who
owns
both
own
an
American fleet
and who has had unique experience in the comparative costs of operating
the rival tonnage, is quoted as having recently said: "American tonnage
cannot be
profitably operated under the existing restrictive legislation, but
the Jones Act does not affect that legislation.
conceived effort to
The
same
In the opinion of George F. Trowbridge, former President of the American
very
wisely in that
he did not give Great Brtiain an opportunity to enter upon a series of re¬
prisals
directed
American
against
foreign
America's
trade.
exporters were facing very serious and
He
grave
that the
stated
obstacles at the
present time in exchange difficulties and discriminatory tariffs in British
colonial
possessions, and that they
not be further
tion
handicapped by the
of commercial
conventions
relieved to know that they would
were
9.—The
default of the tenant.
The Governor also
encouragement
an
signed the
The
been raised.
following from Washington:
it
.
learned to-day [Sept.
was
291 will send
a
special
to Congress pointing out how that body can accomplish "in a
message
thoroughly legal manner" the object it sought to accomplish through the
Jones Shipping Act and annulled
It
non-payment of rent where
provides that
shall be maintainable by the landlord unless
and to j>rove that
the rent is
the tenant
which
no
greater than the amount for
the amount of rent is unfair, the
placed by the law
of
one
protect
made
in brackets
profiteering landlords.
in
us
our
print in italics the
we
The Act is
an
These
issue of April 17, pages
In indicating below the alterations
1606 and 1607.
1605,
now
given by
were
burden of proof that it is
series of laws enacted last Spring
a
against
tenants
earlier laws
In
preceding.
his defense that
the landlord.
on
proceeding
no
he is able to say
liable for the month
was
the event that the tenant should set up as
to
President Wilson,
by permitting .State and munici¬
following is the Act intended to make it impossible
-countries.
the
as
law
new
palities to invest sinking funds in State Land Bank bonds.
amendment of
Sept. 30 is authority for
ultimately
The
building operations/
to
amends the Banking law
not is
The New York "Commercial" of
passed by the special
measure
which the legislators believe will act
session
necessarily have created in other
would
payment of rent.
Housing Committee bill permitting courts in which summary
of adverse feeling that the abroga¬
wave
It takes
proceedings have been commenced to vacate final orders rendered upon the
the rent has
Importers & Exporters Association, the President acted
and other
8.—Permitting summary proceeding actions heretofore limited to muni¬
in the case of holdover tenants after default in the
for landlords to evict tenants for
Sept. 28 said:
paper on
misdemeanor.
cipal courts to be presented to the Supreme Court and Appellate Division
The Jones Act is a badly
ill by creating another."
cure one
a
immediately.
vessels.
British and
a
Wilful violation of this Act is made
precepts must be returnable in summary proceedings.
C. H. Potter, President of the United States Ship Operators' Association,
stated that the operators were strongly in favor of the United States Govern¬
janitor of any building for failure to furnish hot
7.—Extending the time from three to five to five to ten days in which
favor of the discriminatory features
because he believed that the benefits to be derived would be temporary and
or
cold water, heat, light, power, elevator and telephone service
or
abroad.
Company, stated that he
superintendent
manager,
part in "Journal of Commerce" of Sept. 27 as follows:
international situation and would make the Americans
[Vol. 111.
CHRONICLE
matter added and put
new
([ j) old matter omitted:
by him.
He will recommend that the Act be referred back to the Merchant Marine
AN ACT
amend the code of civil procedure in relation to summary
to
Committee of Congress for such alteration and amendment as will authorize
proceedings to
the State Department to enter into negotiations with the various foreign
first class and in cities in
nations that have commercial treaties in conflict with the interest of the
default in the payment of rent.
The
American Merchant Marine.
The message will primarily, it was learned, be a defense of the President's
act in
refusing to obey the mandate of Congress.
the President is without the right "to construe and pass upon the legality
of
not an Act is worded in such form that it can be put
or
into execu¬
tion.
It
No proceeding as prescribed in subdivision 2 of this Section
2-a.
be maintainable to recover the possession of real property in a city
first class
pointed out to-day that President Wilson does not
was
retract
propose
single word he has spoken with regard to the Jones Act.
a
to
By re¬
submitting the Act to Congress his supporters hope and expect that the time
consumed in reconsideration will be
great that he will be out of office
so
before Congress can reconstruct the Act and put it into execution.
Operat¬
or
in
city in
a
for dwelling purposes
or
a
county adjoining
[other than
a
shall
of the
city of the first class, occupied
a room or rooms
in a hotel, lodging house,
rooming house, under a lease or tenancy for one year or less or under any
lease
tenancy commencing after this subdivision takes
or
effect,] unless the
petitioner alleges in the petition and proves that the rent of the premises
described in the petition is no greater than the amount [paid
by! for which
liable for the month preceding the default for which the
the tenant was
ing the law will then devolve upon his successor.
-
Subdivision 2-a of Section 2231 of the code of civil procedure
hereby amended to read as follows:
Act of Congress," but will maintain that he must be the judge as to
an
whether
county adjoining a city of the first class for
follows:
as
Section 1.
is
a
People of the State of New York, represented in Senate and Assembly,
do enact
It will be admitted that
the possession of real property in cities of the
recover
proceeding is brought [or has not been increased more than 25% over the
rent
YORK STATE HOUSING RELIEF BILLS SIGNED
NEW
Governor Smith
on
Sept. 27 signed the series of housing
adjourned Sept. 24.
The
legislation, it is claimed,
new
insures 100,000 families in New York City against
proceedings, which have been piling
Courts.
as one
the
The anti-eviction law is
of the most
Legislature.
Under this
new
up
dispossess
in the Municipal
regarded by the Governor
important of the
measures
law
prior to the time of the presentation of the
year
this
in
subdivision shall
preclude the
sent to him by
landlord, to warrant
a
and if such defense be interposed, then the petitioner
recovered is oppressive,
within five
judge
derived
days after the filing of the answer or within such time as the court,
justice upon good cause shown may determine shall file with the
or
clerk of
the court
a
verified bill of particulars setting forth the gross income
from the building of which the premises in question or the whole or a
the number of apartments in the building and the number of rooms in
part;
each apartment;
and the number of stores in such building;
if he be a lessee the rent agreed to be paid by him;
or
of the property and the taxes for the current year;
by himself and family,
occupancy
of
the
or
has in mind demolition
building with the intention of constructing
building, before he
can
evict
a
This
tenant.
a
new
measure,
like
all the other housing measures passed, took effect immedi¬
ately to meet the
of the
of the
Legislature
new
emergency
was
for which the special session
called.
The following is
!
the Summary
Proceedings Act to apply to
provisions
to be liberally construed.
building in the
to Nov.
outline
measures:
1.—Proposal of the joint Legislative Committee
are
an
course
of construction,
a
on
or
able
city of the first-class.
time
a
city of 1,000,000
or more
population.
This bill, it is stated, applies to
Yonkers alone.
3.—The Joint legislative committee's bill exempting new buildings to be
used exclusively for dwellings from local taxation.
The exemption is dis¬
cretionary with local authorities and is to continue until Jan. 11932.
The
exemption is to apply only to construction completed since April 1 1920, or
which shall be commenced before April 1 1922, and completed within two
justice
motion of the
upon
rooming house, occupied under a hiring of a week or less.
amended shall not apply to a new building in course
Sec.
2.
The
effect
or
This subdivision
of construction at the
commenced thereafter and shall be in effect
This Act shall take effect immediately.
following strikes out
which vests with
a
a
■
provision in the law enacted
presumption of fairness rent increases
25% during the twelve
months preceding legal
action, and makes it incumbent upon landlords to furnish
to tenants a bill of particulars to enable him to test accuracy
of landlord's contention that a rent increase is fair and reas¬
onable.
the
The
new
matter inserted is put in italics, while
portion of the old law that is stricken out is enclosed
in brackets
([ ]).
AN ACT to amend chapter 136
of the laws of 1920, entitled "An Act in
relation to defenses in actions based upon unjust, unreasonable and
4.—The joint legislative committee's bill giving tenants the right, where
oppressive agreements for rent of premises occupied for dwelling pur¬
dispossess proceedings are started for a default in rent , to set up the defense
that the rental is unjust and unreasonable, anfthat "the agreement under
which the same is sought to be recovered is oppressive.
file in court
a
to
a
The bill does not apply to a hotel having 125
lodging or rooming house hired for
a
week
or
rooms or
less.
H5.—A comparison bill enacted to protect landlords in dispossess proceed¬
ings where
a
tenant raises the question of unfairness of rents, which will
compel the tenant to deposit with the court an amount equal to the amount
rent during the preceding month.
«
in cities of the first class or in cities in a county adjoining a city
of the first
class," generally.
The People of the State of
do enact
verified hill of particulars in relation to the building and his
income from it.
more or
poses
This law requires
the landloard or owner, on the commencement of the tenant's action, to
as
or
only until the first day of November, 1922.
years.
paid
judge
court,
This subdivision shall not apply
hotel containing 125 rooms or more, or a lodging house,
time this amendment takes
2.---The bill introduced by Senator Law of Westchester taking jurisdic¬
•of the hands of the Justices of the Peace in second-class cities which adjoin
the
shall dismiss the proceeding.
less than
tion of civil actions for the recovery of rent or of summary proceedings out
Issue shall not be deemed joined until the filing of such
limited,
to a room or rooms in a
any
which shall be commenced up
the
defendant
as
the annual interest charges
the operating expenses with reason¬
Upon the petitioner's failure to file said bill of particulars
particulars.
within
or
the assessed valuation
|detail; and such other facts as the landlord claims affects his net income
bill of
Its
1 1922.
incumbrance paid by the landlord;
from such property.
Housing, amending
The Act does not apply to
any
the con¬
paid by the landlord for the building, if he be the owner thereof
sideration
on
that he wishes personal
the rent received
for each such apartment or store for the period of one year last past;
that the tenant is
or
from
is sought to be
the agreement under which the same
and that
unreasonable
dispossession, must establish to the satisfaction of the court
objectionable,
tenant
The tenant may
defense that he might otherwise have.
any
interpose the defense that the rent mentioned in the petition is unjust and
passed by the extraordinary session of the Legislature
which
one
Nothing
interposing
BY GOVERNOR.
bills
existed
it
as
petitionl.
as
to
New York, represented in Senate and Assembly,
follows:
Section 1.
defenses
Chapter 136 of the laws of 1920, entitled "An Act in relation
in
actions
based upon unjust,
unreasonable and oppressive
agreements for rent of premises occupied for dwelling purposes in cities of
the first class
or
in cities in a county
hereby amended to read
Section 1.
as
adjoining
a
city of the first class," is
follows:
Unjust, unreasonable and oppressive agreements for the pay¬
ment of rent having been
and being now exacted by landlords from tenants
Oct. 2
prevailing conditions whereby the freedom of contract has
under stress of
been
proceedings to
or
in
under
an
agreement for premises in a city of the first class
city in a county adjoining a city of the first class
a
hotel, lodging house or room¬
ing housel, that such rent is unjust and unreasonable and that the agreement
under which the
Sec.
same
is sought to be recovered is
of this Act, the plaintiff within five days after the filing of
such time
the court upon good cause
as
the clerk of the court a
the answer or within
shown may determine, shall file
with
verified bill of particulars, setting forth the gross income
whole or a
in the building and the number of rooms in
building of which the premises in question are the
derived from the
part; the number of apartments
received
for each such apartment or store for the period of one year last past; the consider¬
ation paid by the landlord for the building, if he be the owner thereof, or if he
and the number of stores in such building; the rent
each apartment,
be
lessee the rent agreed to
a
the annual interest charge on any encum¬
landlord; the operating expenses with reasonable
brance paid by the
property
be paid by him; the assessed valuation of the
and the taxes for the current year;
details; and
such property.
Issue shall not be deemed joined until the filing of such bill of particulars.
Upon the plaintiff's failure to file said bill of particulars within the time
limited the court upon motion of the defendant shall dismiss the complaint.
Sec. 3. [2
Where it appears that the rent has been increased [more than
twenty-five per centum over the rent as it existed one year prior to the
time of the agreement under which the rent is sought to be recovered, such
agreement shall be presumptively unjust, unreasonable and oppressive.
such other facts as
the landlord claims affect his net income from
»
Sec.
[3
4
plaintiff from
proving in such action a fair and reasonable rent for the
recovering judgment therefor, or from instituting a separate
pleading and
premises and
action for the recovery
thereof.
>vy:
of premises for rent and for the
rental value of the use or occupation thereof, the plaintiff recovers judgment
by default, the judgment shall contain a provision that if the same be not fully
satisfied within five days after entry and service upon the defendant of a copy
thereof, the plaintiff shall be entitled to the premises mentioned in the com¬
plaint and to the direction that a warrant shall issue commanding the sheriff,
marshal or other officer charged by law with the duty of executing judgments
If in an action against the occupant
Sec. 5.
to
all persons
remove
therefrom.
of the
v
/
If in any action for rent or
Sec. 6.
reasonableness
rental value, the issue of fairness
complaint be raised by
amount demanded in the
and
the
of answering deposit with the clerk such sum as
equals the amount paid as rent during the preceding month or such as is reserved
as the monthly rent in the agreement under which he obtained possession of the
premises.
If the defendant fail to make such deposit, the court shall strike out
the denial or defense raising such issue.
Such deposit shall be aplied to the
satisfaction of the judgment rendered or otherwise disposed of as justice requires.
Where a judgment is rendered for the plaintiff it shall contain a provision that
if the same be not fully satisfied from the deposit or otherwise within five days
after the entry, and service on the defendant of a copy thereof, the plaintiff shall
be entitled to the premises described in the complaint and a direction that a
warrant shall issue commanding the sheriff, marshal or other officer charged
defendant, he must at the time
duty of executing judgments to remove all persons therefrom.
Whenever the court in which the action is brought has jurisdiction
by law with the
Sec. 7.
vacate a
judgment rendered upon default, it shall have power to open a
Section Five of this Act to vacate, amend,
*-r.:
therein.
'
In case of an appeal by
Sec. 8.
and warrant shall
clerk of-the court
not be
the judgment
deposit with the
the defendant, the execution of
stayed, unless the defendant shall
the amount of the judgment
and thereafter monthly
until the
appeal an amount equal to one month's rental com¬
the basis of the judgment.
The clerk shall forthwith pay to the plaintiff
final determination of the
puted
on
the amount or amounts so
deposited.
hundred and twenty-five rooms or more, or
to a
week or less.
Sec. 10. [4
This Act as hereby amended shall not apply to a new
the course of construction at the time this amendment takes effect or
occupied under a hiring of a
.
[take effect immediately and shall
nineteen hundred and twenty-two.
thereafter and shall
November
first,
This Act shall take effect
Sec. 2.
building in
commenced
be in force until
terms of a
The People
do enact as
lease.
wilful violation of the
;
>
Section 2040 of the
represented in Senate and
penal law is hereby
contract or lease to
expressed or implied,
cold water, heat, light, power, elevator
required by the terms, expressed or implied, of any
furnish the lease or rental agreement whereof by its terms,
requires the furnishing
of hot or
other service or facility to any occupant
of said building, who wilfully or intentionally fails to furnish such water,
heat, light, power, elevator service, [or telephone service or other service
or
telephone service or any
facility at any time when the same are necessary
a
use
dwelling;
the
of such building, or part
misdemeanor.
5 2 This Act shall
The Act
take effect immediately.
printed below puts an end to summary
proceed¬
ings in holdover cases by requiring that the landlord must
establish that the tenant is objectionable or that he wishes
he intends to demolish the
building with/ the view to the erection of a new one.
We
give the new part of the law in italic and place the omitted
personal occupancy or that
part in brackets.
therein
himself and his family as a
proceeding to recover premises for the purpose of demolishing
the intention of constructing a new building, plans for which
or
or
a
with
same
building shall have been duly filed and
new
approved by the proper authority;
building and land
proceeding to recover premises constituting part of a
a
which has been in good faith sold to a
corporation formed under a
co-operative
the stockholders in pro¬
portion to the number of rooms occupied or to be occupied by them in such
building and all apartments and flats therein have been leased to stockholders
of such corporation for their own personal occupancy to begin immediately
upon the termination of any tenancy of the apartments or flats leased by them,
ownership whereof the entire stock shall be held by
existing
In
on
the date when this subdivision takes effect.
on
pending proceeding for the recovery of real property
a
that the occupant holds over after the expiration
the ground
warrant shall not be issued
in this subdivision.
at
the
this
time
in such a city
of his term, a
the
satisfaction
exceptions
enumerated
unless the petitioner establishes to
'
;/■
•
construction
thereafter and be in
apply to a new building in course of
This subdivision shall not
effect
subdivision takes
or
commenced
effect only until the first day of November, 1922
Sec.
This Act shall take effect immediately.
2.
print below the Act designed to make it
We also
Court to get rid of tenants, except on
preme
impossible
ejectment proceedings in the Su¬
for landlords to maintain
the grounds
which premises can be recovered in the Municipal
Court.
It recasts Sec. 1531-a of the code of civil procedure
upon
last Spring by providing. that no
inserted
action shall be
holding over be objection¬
the landlord seeks possession for immediate personal
maintainable except the person
able
or
or
occupancy
for the purpose of erecting a new
actions to
and to repeal
thereof.
./
: :
State of New York, represented in Senate and Assembly,
recover
the possession of
section
1531-a
The
real property in certain cities
■
People of the
follows:
Article 1 of title 1 of chapter 14 of
Section 1.
amended
is hereby
building.
amend the code of civil procedure, in relation to
AN ACT to
the end
adding at
by
the code of civil procedure
a new
section, to be section
1531-a, to read as follows:
A public emergency
§ 1531-a.
existing, no action as
prescribed in this
real property in
city in a county adjoin¬
ing such city, occupied for dwelling purposes, except an action to recover
such possession upon the ground that the person is holding over 'and is
objectionable, in which case the landlord shall establish to the satisfaction
of the court that the person holding over is objectionable;
or an action
where the owner of record of the building, being a natural person, seeks in
article shall be
a
city of
maintainable to recover the possession of
population of one million or more or in a
a
good faith to recover
ing;
or an
with
possession of the same or a room or rooms
personal occupancy by himself and
action to recover premises for the purpose
intention of constructing
the
a
new
therein for
his family as a dwell¬
of demolishing same
building, plans of which new
filed aqd approved by the proper authority.
shall be in effect only until the first day of November,
building shall have been duly
section
This
1922.
§ 2.
Section 1531-a of such
code, as added by chapter 135 of the
This Act shall take effect
The
laws of
immediately.
extraordinary session of the Legislature, among
other
empowering the city authorities
to exempt from local taxatiob for a period of ten years build¬
ings hereafter constructed for dwelling purposes.
measures,
STATE
also passed a bill
COMMISSIONS PREVENTING
STATE
ADVANCES IN
RATES.
railroad and public utility
Failure of the state
advances in state freight
commission
and passenger charges
corresponding to those authorized by the Interstate Com¬
Commission in interstate freight hnd passenger rates is
merce
in rates and threatening
getting the increases in earnings
they need, according to an editorial in the current
causing flagrant discriminations
to
prevent the railways from
which
issue of the "Railway
to the proper or custom¬
thereof, or any lessor, agent, manager,
superintendent or janitor who wilfully and intentionally interferes with
the quiet enjoyment of the leased premises by such occupant, is guilty of
ary
good faith to recover possession of the same or a room or rooms
for the immediate and personal occupancy by
amended to read as
Wilful violation of the terms of a lease.
Any lessor, agent,
superintendent or janitor of any building, or part thereof, [who is
service, [or
or a pro¬
natural person,
holding over is objectionable;
ceeding where the owner of record of the building, being a
seeks in
holding
satis¬
objectionable, in which case the landlord shall establish to the
and is
over
to authorize
§ 2040.
city, occupied for dwelling purposes, except a pro¬
Assembly,
follows:
manager,
a
faction of the court, that the person
follows:
Section 1.
such
brackets.
penal law, in relation to
of the State of New York,
prescribed in sub¬
possession of
city in a
proceeding as
no
ceeding to recover such possession upon the ground that the person is
§ 3.
under the criminal law
omitted being placed in
AN AOT to amend the
existing,
emergency
in a city of a population of one million or more or in a
1920, is hereby repealed-.
immediately.
landlord equally liable
for failure
to render to tenants the service their leases or contracts call
for is as follows, new matter being given in italics and old
matter
read as
of this section shall be maintainable to recover the
county adjoining
makes agents of a
The Act which
with the landlord himseld
public
one
real property
the Immediate and
in a hotel containing one
lodging house or rooming house
This Act shall not apply to a room or rooms
Sec. 9.
A
division
to
default in
action mentioned in
hereby amended
follows:
do enact as
correct or
modify any process, judgment or warrant in furtherance of justice for any
error in form or substance, and to grant a new trial uopn any of the grounds for
which a new trial may be granted by the Supreme Court in an action pending
an
Section 2231 of the code of civil procedure is
of the court that the proceeding is one mentioned in the
l4
,
Assembly,
follows:
as
Section 1.
Nothing herein contained shall prevent the
,
adjoining
-
by inserting therein a new subdivision, to be, subdivision 1-a, to
1-a.
Section One
city.
a
People of the State of New York, represented in Senate and
The
do enact
oppressive.
Where the answer contains the defense mentioned in
2.
such
occupied for dwell-
ing purposes], other than a room or rooms in a
the possession of real property in cities of a
recover
population of one million or more and in cities iq a county
and morals
in certain cities of the State, and a public emergency existing in the judg¬
ment of the Legislature by reason thereof, it shall be a defense to an action
for rent accruing
amend the code of civil procedure, in relation to summary
ACT to
AN
impaired and congested housing conditions resulting therefrom have
seriously affected and endangered the public welfare, health
.
1337
CHRONICLE
THE
1920.]
When
the
Interstate
Railway and Utilities
Age".
Commerce
the carriers' applications
It says:
Commission began
for increased rates, the
consideration of
National Association of
Commissioners, composed of the
members of the
regulatory commissions, appointed three representatives to sit
the Commission and formulate
recommendations to the various
Btate
with
state
commissions.
On July 31 the Commission announced its decision and the
three authorized representatives of the state Commissioners' association
issued a formal statement recommending the granting of rates on state
freight and passenger traffic corresponding with those fixed by the Interstate
Commerce Commission on
What has been the
so
far been
interstate traffic.
result?
commission by which action has
granted Increases in state freight rates
granted by the Interstate Commerce
Of 36 state
reported, only 19 have
corresponding with the increases
Commission In the same territory.
corresponding state freight rate
Seven state commissions have granted
increases but have denied or modified the
1338
increases
on
THE
commodities.
many
to file tariffs and
CHRONICLE
Six commissions have allowed the carriers
place the new rates in effect subject to review
Incoming.
upon com¬
33
1-3%, and another
commission in the
same
38,071
25,822
12,249
89,041
33,522
16,898
12,644
4,254
9,518
6,455
Four weeks—July 31 to Aug. 27 1920—
..
increases of
territory has granted
63,219
..122,563
One commission has denied the carriers'.applications upon technical
grounds.
Two commissions, both in territory
in which
an interstate
has been made, have granted state
Net Incom'g
Outgoing.
84,492
..
plaint.
freight increase" of 35%
[Vol. 111.
a
..
state increase of but 25 %.
Average per week—July 30 to Aug: 27.
Average per week—June 25 to Aug. 27-
In regard to the increases in passenger
fares, 16 state commissions have
allowed advances in state rates corresponding to the interstate
advances,
-
21,373
3,063
13 have denied applications for increases, 6 have allowed tariffs to be filed
and the rates placed in effect subject to
review, and one has denied the
13,618
9,894
3,724
.708,142
514.459
193,683
.
.
nine weeks has been:
'
application for advances
technical grounds.
on
In¬
Out¬
Net incre'se
Weekly
coming.
going.
incoming,
average.
Men
73,537
59,361
14,176
1,575
81,906
Women and children-.
49,026
29,680
19,346
2,150
111 +777
89,041
33,522
3,725
Similar differences have resulted from the consideration
by state commis¬
sions of the increases allowed by the Interstate Commerce Commission in
baggage rates and milk and
excess
charges
on
sleeping and parlor
cream
rates, and its allowance of
sur¬
car rates.
The result of this chaotic condition has been the establishment of
flagrant
rate discriminations
Council
Bluffs,
throughout the country.
Iowa,
has
markets
within
For instance,
the
state
of
a
His
freight rate to those markets, being interstate, has been increased 35% by
the Interstate Commerce Commission.
located at Omaha,
can
ship to the
Neb.,
same
across
market at
an
Interstate
Chicago to St.
mile, in accordance with the ruling of the
The
fare from
Chicago to East St.
the Mississippi river, is but 3 cents per mile in
accordance with the ruling of the Illinois commission.
The surcharge on
across
Pullman and parlor car fare cannot be collected
can on
on
the latter
trip, whereas it
the former.
Such conditions cannot continue to exist without
nullifying the attempt
of the Interstate Commerce Commission to grant the railroads
adequate
revenues with which to restore their
properties and render satisfactory
The percentage increases allowed by the Commission were based
service.
on
total figures for all roads in each group.
for state traffic.
These include, of course, figures
If part of the traffic is to be carried at different and lower
rates, it is evident that the increase in earnings that will occur will fall short
of the estimates of the Commission, and will fail to
accomplish its object of
putting the railroads
on
their feet financially.
If the state commissions
1,575
week,
per
STEEL
indicated by the number
or
but little
being made by the Interstate Commerce Commission to deal with and
solve the railroad problem as a national problem.
TONNAGE
rate.M
193,683
of steerage
immigrant males is approximately
80,000
over
a year.
UNDER
AMERICAN
CONSTRUCTION IN
SHIPYARDS.
New low records continue to be made
monthly for steel
tonnage under construction in American shipyards, accord¬
ing to statement by the Atlantic Coast Shipbuilders' Asso¬
ciation
made
public Sept.
The statement also
23.
says,
in part:
The total under way for Governnfent and
private account combined at
the end of August was 207,000 gross tons less than at the end of
July and
442,000 tons less than at the end of June.
The extent
of the shrinkage, however, is better indicated
by the fact
January nearly 3,000,000 gross tons were under construction, in
comparison with the present total of slightly over 2,000.000 tons.
And,
that in
whereas, at the beginning of the year building for the Shipping Board
almost
a
million tons in
the Government is
As last
are
to be allowed to prevent the railways from earning
adequate net returns they
will defeat all the efforts which have been made by
Congress and which are
now
as
passengers shows that the net number of
increase of only 25% because the Ne¬
Commerce Commission.
Louis, 111., Just
122,563
of these figures
The shipper of a similar commodity
In regard to passenger traffic, the
passenger fare from
per
Examination
the Misosuri river from Council Bluffs,
braska commission has granted an increase in rates of
only that amount.
The same condition prevails at many
points throughout the West.
Louis, Mo., is 3.6 cents
Total nine weeks
;
shipper in
Nebraska.
Annual
total
now
year's production by American shipyards
now
was
of that for private account, construction for
excess
about 650,000 tons less than that
on
private orders.
was
4,318,000 tons, the
in hand represents less than six months work
for the yards gen¬
erally, and unless
new
orders
are
secured
on
appreciable scale
an
of yards will be idle before the end of the
year.
The rapidity with which the Shipping Board's
program
a
number
is drawing to
com¬
pletion is evidenced by the present total of 684,000 gross tons, compared
with 1,975,000 at the beginning of this year, and
3,733,000 tons in March
CONDITIONS OPERATING TO CHECK IMMIGRATION.
Notwithstanding the fact that with the
would
there
naturally be
return to peace
large increase in the tide of
a
1919, the high-water mark of American shipbuilding.
soon
as
the opportunity for
as
passage
which was first manifested in June is still noted.
was
and the further fact that millions of people in Europe
like to come over if they could, the Inter-Racial
Council points out that certain obstacles stand in the way,
Bureau of Shipping, Lloyd's Register of
open,
can
of Commerce shows that at the
alone
Three of these conditions
are:
The Council continues.
The increased cost of transportation, the
literacy test and limited transportation facilities.
ing
between 1913 and 1920:
Comparative Costs in 1913 and 1920 for Transportation of One Immigrant,
Including
Passage,
Consular
Fees
and
Head
1913.
dollars
Patras
—
money
for
dollars
makes
money
cost
equivalent to—
.
$100 00
98 00
its value is much
the
Atlantic
2,847 00
|
1920.
American.
same
as
been converted into losses.
port of embarkation must pay more
Shipping
Private
Board.
Orders.
.
2,600.146
347,343
550,714
1,749,666
$05,147
1,290,161
i
1,975,000
977,488
1,256,573
572,711
1,629,288
1,337,445
291,783
997,512
1,311,623
1,404,198
*92,575
May
—1,140,683
1,466,624
*325,941
June
1,015,577
July
be getting
intending immigrant has
fairly well-to-do person to come here, unless, as is the case with
he has friends or relatives here to help him out,or is aided by philan¬
*438,525
1,454,102
834,145
August
1,400.865
*566,720
687,895
-
1,342,847
*654,952
Private tonnage lead.
Tankers under construction
for
private account showed in Augmt the
the decline which has been unbroken since last April.
an
2,252,803
—1,829,284
through.
his pre-war income, the fact remains that
Government
Tonnage Lead.
2,300,380
first decrease recorded for vessels of this class.
over
in
total
.2,095,308
—
for railway travel and for extra consular fees for each country
they pass
may
The
both accounts, is given in the following table:
1919.
*
himself and seventy-one friends.
Making every allowance for whatever additional wages he
British.
3,379,000
April
than in 1913, though
1913, an Italian could then have paid the passage of himself and eight
a single passage costs now; and Austrian could have
paid
near the
The
3,563,000
January.—'
friends for what
Immigrants who do not live
Association.
2,715,000
February
now
Shipbuilders'
2,234,000
March
109 50
between
1920.
,
1,437 50
If his present income figured the
gap
2,796,000IMarch 31
October
197 41
"money" in Europe
Coast
British.
in private orders have
475 00
depreciated.
widening the
2,980,0001 June 30
gross tons,
124 75
39 80
are
Records compiled since last October by the Association show an un¬
broken decline in the work under way for Government and indicate how in¬
125 00
•
shipyards
2,947,000
December
372 40
the Shipping Board
year
the Board and private interests
gross tons:
November
$173 16
than
2.952,000
100 00
The immigrant makes more
for
30
Dec. 31
48 50
_—
by
given in
American.
34 00
-
Trieste
in
are
45 75
—
Helsingfors.
cost
American
39 80
Hamburg
Sept.
foreign
foreign
$42 75
Genoa
building
value of
at
1913 rate of exchange.
From-r-
Copenhagen.
compiled
creases
when Depreciated
for immigrant exch'ges immigrant's
exchanged
American
Present
tonnage
have to-day.
1919.
hand,
1920
Cost in foreign money
when
Tax.
more
Shipping Board,-the Ameri¬
Shipping and the Department
follows, the British totals being Lloyd's figures and the American
as
figures
American consular vise.
These increases are small compared with the
The following tables show the difference in cost
In three months the de¬
beginning of this
It is also noticeable that British
in 1882 was 50 cents, is now $8; every immigrant now has to pay $10 for
an
keel
the amount of work they have in hand and that in this
country, as is indi¬
cated by Lloyd's Register.
These show the tonnage of steel steamers build¬
those
The cost of passage tickets has more than doubled, the head tax, which
falling exchange rate.
had
combined
and will operate as a check no matter what the demands
be in other countries.
new
has amounted to 125,000 gross tons.
An analysis prepared from the records of the
would
may
one
A continuance of the decline in the volume of orders for
private account
crease
immigration
Not
has been laid for the Shipping Board's account in several months.
reached the
new
Freighter tonnage continued
point where completions of vessels
tonnage.
Fluctuations in the
amount
are
Conditions have
materially in
now
of
excess
of tonnage of various types
to be a
being built in the months of the period under review
many,
follows by the Association, the figures being in gross tons:
thropic organizations,
as
The literacy test was
There
immigration.
are
is the
case of Jews from Poland.
1919.
adopted in the expectation that it would reduce
always immigrants who could meet it, and they
were
the ones who will come first.
It is too early to state what actual in¬
fluence the test will have, but it is reasonable to
suppose that it will debar
Tankers.
October
Freighters.
are
summarized
Other Types*
74,437
December
295,493
40,281
369,084
t
235,523
214,940
November
400,556
35,507
37,383
1920.
great many.
January
476,742
470,197
30,549
Mr. Frank Plachy, Editor of the monthly magazine of the National
a
as
February
588,565
620,567
47,441
March
722,549
561,455
53,441
April
745,140
623,917
35,641
39,409
Bank, has estimated that existing shipping facilities will not permit
than 750,000 to enter during the year (April 1920-1921).
City
more
Emigration is an offset to immigration, and should always be considered
in gauging the relations between immigration and industry,
although public
May
—807,325
619,890
June—
—
.812,325
602,853
statements rarely take any account of this significant factor.
July
814,945
543,956
41,964
-.791,073
512,964
38,810
are
not classified as 6uch in any records that
are
Immigrants
immediately available,
but the lists of third-class passengers coming and going afford
enough in¬
formation to make intelligent inferences.
As the Government
reports do
not
specify the number of women and children until the statistics
late to be of immediate value, it is necessary to estimate their
are
The estimate of the Inter-Racial Council is that three-fifths of those
coming
actual number.
immigration of July at Ellis Island had
a
decided slump in
August, as is indicated by the following analysis of steerage passengers:
EXPRESS
COMPANIES
too
GRANTED
38,924
15% ADDITIONAL
INCREASE IN RATES.
distribution.
and two thirds of those going are men, which is probably in excess of the
The heavy
August
In addition to the
express
on
by
Aug. 13,
the
12.5% increased rates authorized for the
companies by the Inter-State Commerce Commission
a
further increase of 13.5% has been approved
Commission,
making
the
total
increase
in
rates-
,
Oct. 2
granted since Aug. 26%.
In the earlier application an
average increase of 25.16% had been asked for by the
express
companies.
Just before the Commission had
granted 12.5% increase in response to this petition of the
companies it was made known that in view of wage award
to express employes a further increase in rates of 15%
would be sought.
As this award was handed down just as
the August rate increase was granted, the further needs of
the express companies were not considered at that time.
Milk and cream are subject to special treatment and the
conclusions of the Commission are announced as follows:
Proposed additional increase of 15%
of 26%
in class and commodity express
justified, but an additional increase of 13.5%
found not
or a
total increase
in those rates, found justified, subject to the stated exceptions as to
rates on milk
and
cream.
the
figures embodied in the Commission's report, the express
companies
lost
approximately $20,000,000, the
gross
earnings having been reported as $159,681,084 while the
operating expenses are given as of $180,778,216.
During
the first half of 1919 the companies reported revenues of
operating
and
$132,708,194
The Commission in its
improve and steadily improving serivce.
to demand
$145,703,305.
expenses of
findings states that:
all times ready to
accord to
a common
employees at the rates
permanent
as
the various railroad compaines; or proportionate wage increases necessary
granted by respondent to other employees not covered by the awards
to be
executive
no
or
The latter increases include
managerial positions, but only subordinates having
which contained
holiday
of Sunday and
An exhibit,
wage
resulting from the February 1920 adjustment
scales, mentioned in our preceding report.
based upon an increase of 15% in rates,,a corresponding in¬
in commissions and in taxes on gross transportation revenues or
crease
less
revenues
shows
remainder
a
of $2,212,339 35
creased expenses as incidental
increased
and
men
available to meet such other in¬
as
increases to draymen and railroad baggage¬
injured
approximated by
tabulated in
operating deficit of $21,819,488 28,
payments under State compensation laws to
The ultimate results can be more nearly
employees.
On our part, while at
our
preceding report and showing an
the basis of
on
carrier that relief to which it may be
So
total increase of 27.5%.
a
the
computed,
gross
of express
possible figure.
The
present increase, while decided September 21, was
not announced until Sept. 24; the following is the Com¬
mission's report in the matter.
In our
ON
HEARING.
privileges, would be $161,055,176 51, covering the 1919
privilege of equalizing rates on
contemporaneous competitive rates applied to those
milk and cream with
commodities by the railroad lines.
In that report
we
alluded to the pen¬
aggregating
of further wage demands by respondent's employees,
approximately $74,000,000 per annum, and observed that as the outcome
of those demands could not be anticipated that matter should be left to be
the estimated cost of apportioning
total
325 76.
The
between
this'sum
By supplemental petition filed August 19 1920, respondent brings to our
aggregate $44,-
respondent prays an additional increase of 15% in its class and
commodity rates in effect at the date of our former report, making a
In
its
items
gross
$1,415,idfference
A
privileges, $143,429,819 72, for the
$221,101,513 42.
is
total
no
account of such
account
or
gains
as may
would leave $5,184,955 17.
While
other sources, it also takes
be made by lessening the loss and damage
additional revenues
of such
classification changes now pending
as
may accrue
from the proposed
1920;
the first
in No. 11416, Express Classification
by respondent contrasts the actual results for
six months of 1920 with those for the like period in
1919, as follows:
Operating Expenses,
'•
V.
Percentage
Express Privileges,
'
Ratio,
Taxes, and Uncollec- Expenses to
Gross Earnings.
1919.
tible Revenue.
Earnings.
$20,376,881 32
$23,529,176 99
115.47
February
18,980,447 17
22,154.617 52
116.72
March
22,506,207 66
24,676,426 09
109.64
April
23,646,387 49
25,107,663 90
106.18
January....
.....
24,862,593 19
106.71
23,899,324 24
25,372,827 39
106.17
$132,708,193 76
$145,703,305 08
109.79
By appropriate order the case has been
and a further hearing has been had.
No. 2, relating principally to railroad employees, the
The
would be $148,614,774 89-
revenue
August 10
Wherefore, to cover such increases in its operating
27.5% in those rates.
these
the
of the present calculation,
purposes
together with those incident thereto and those resulting from
258,903 per annum.
of
and
further deduction of the 1919 express
United States Railroad Labor Board has awarded
to certain classes of respondent's employees.
These wage
increased working forces, are estimated in the petition to
reopened,
uncollectible revenue, $45,054 70;
this result assumes no increase in expenses from
1920, respectively, the
increase of
the revenues accruing to the railroads;
earnings, $905,170 40; and 127.5% of the 1919 com¬
on
A further exhibit
attention the fact that by Decisions Nos. 2 and 3, of July 20 and
expenses,
the close of that year, together with
the estimated wage increase, $42,296,340;
dealt with as the results might require.
increases,
operating
applica¬
other than commissions, in turn including the retroactive
expenses
tion of the basic wage scale in effect at
missions, $15,384,446 05, and taxes on earnings other than net,
of 12.5% in respondent's contemporaneous
class and commodity express rates, with the
increased wages
The offsetting items of expense, exclusive
increase of $78,619,169 58.
taxes other than
preceding report herein, 58 I. C. C., 281, upon the record then
made, we authorized an increase
dency
FURTHER
Chairman.:
domestic and mis¬
be $369,716,288 31, or
transportation revenues,
the lowest
COMMISSION
such
privileges only, and the computed wage increases,
express
an
THE
month of March;'
holidays, includes the substantial portion of the esti¬
no
painstaking and unremitting effort to reduce the item of loss and damage to
OF
immedi¬
On
supervision of the employees directly benefited by the awards.
ate
the other hand, respondent's esitmate, while based on the
cellaneous, plus the 1919 valuation charges, would
REPORT
the
those carried
paid for
regular days and hours of service.
Respondent points out that the estimate
does not take into consideration unregistered positions, which include
employees not so carried on the March 1920 pay-roll and those engaged in
Sunday and holiday work; the increased cost of overtime, at time and onehalf, or 24 cents increase per hour; increased cost of vacations; increase in
number of employees since March 1920 necessary to allocate earningsto
respondent's pay-roll
on
justly entitled, we shall not view with complacency anything other than a
CLARK,
thereunder will
but this estimate is based upon
These positions represent
recasting the 1919 items of revenue and operating expenses,
substantial increase in express rates, shippers have a right
With the very
-
per annum,
rates of registered positions.
wage
mated increase of $1,900,000
six months of this year, according to
the first
For
In Decision No. 3 it is estimated that the total increase
approximate $30,000,000
and having supervision of those so covered.
the date of our preceding report herein, 58 I. C. O. 281"
rates in effect at
1339
CHRONICLE
THE
1920.]
June
Decision
Railroad Labor Board granted an increase of 13 cents an hour
to certain
In its
Decision No. 3"; relating exclusively to respondent's employees, a uniform
increase of 16 cents an hour was awarded to the classes under consideration,
effective as of May 1 1920.
Based upon the March 1920 pay-roll, used
by the Board, and by a revision of figures since the petition was filed,
respondent computes the .total increases in wages under and incident to
those awards, inclusive of wages paid to employees on vacation and for
classes of shopemployees,
including those employed by respondent.
1920.
$28,929,410 80
117.64
February....
24,833,425 58
31,127,014 06
125.34
March
27,366,034 64
29,431,472 52
107.55
23,834,346 68
27,460,046 56
115.21
$24,591,046 12'
January
April
...
services,
as
DECISION NO.
follows:
3
28,886,601 95
31,339,175 65
30,169,629 09
32,491,096 74
107.69
$180,778,216 33
113.21
(INCREASE OF 16 CENTS PER ROUR).
Increased
Cost
If
Paid
for
at
Increased Salary Rates.
Time.
March.
Annum.
Days.
Registered positions:
Agency and miscellaneous
1,847,398 $2,364,669 $28,376,033
266,635
Train employees
341,292
4.095,513
$32,471,546
registered
The concrete figures for 1920
those
that would not be
proportionately affected.
While the indicated
1920 than in 1919 might suggest
some reduction
in the net revenue hereinbefore computed on the basis
of the 1919 operations, there is no explanation of record for the attendance
of an ascending percentage of cost upon materially increased business and
revenues.
At all events, we think that with reasonable possible gains from
lessening the loss and damage account, apart from further revenues from
the classification items, the balance for distribution between respondent
and the railroads would still be greater than should at this time be con¬
higher ratio of expenses to revenues in
tributed by users of the service.
Unregistered positions:
Agency and miscellaneous
268,468
343,639
4,123.668
operations, but upon the basis pf a total increase
outlines, the results would be
$365,427,969 97 in gross revenues and $220,903,869 11 in total operating
expenses, exclusive of express privileges.
Deducting from the difference
between these amounts the 1919 express privileges, the net remainder
would be $1,094,281 14.
As before indicated, this would take no account
Again recasting the 1919
of 26%
Hours.
Overtime:*
Train employees
1,830,189
292,830
3,513,960
201,778
Agency and miscellaneous
Tntal
basis for
for the fact
would and
might afford a more satisfactory
computing the results of the proposed rate increase were it not
that the items of expense are not separated into those that
Per
Actual
Total
May
June..
$159,681,084 06
overtime
108.49
32,284
387,408
3,901,368
overtime
of
in the rates, in the manner before
prospective further revenues from the pending classification changes,
of which have been agreed to by interested shippers and others of
some
Days.
Vacations (per annum):
Train employees
_
which have not been
410,544
525,496
60.207
Agency and miscellaneous
77,064
is
Total
602,560
vacation
Increase to additional force necessary to
598,878
allocate earning1' (per annum)
DECISION NO. 2
(INCREASE OF 13 CENTS PER HOUR).
Days.
Shop employees:
44,627
Unregistered positions
$46,412
$556,944
588
Registered positions
611
7,338
1,978
23,736
Hours.
Overtime *
,
15,215
,
Vacation (per annum)..
,
10,302
a
reasonable
of respondent's
at
Total decision No. 2---Total both
P
decisions
42,296.340
♦^Overtime is paid for at rate of time and one-half and increased salary
rate"of 16
cents per hour
will increase overtime cost to 24 cents per hour.
there is, or
With
morale
working forces that ought in all reason to manifest itself in
the service im transit and
zealous care of the property of patrons of
terminals.
No less certainly, with the very
substantial increases in
right to demand an improved and steadily
improving service; and the obligation on respondent's part will not be
discharged by mere compensation for loss or damage, but primarily by
prompt and otherwise satisfactory deliveries.
On our part, while at all
times ready to accord to a common carrier that relief to which it may be
justly entitled, we shall not view with complacency anything other than a
painstaking and unremitting effort to reduce the item of loss and damage
express
to the
rates, shippers have a
lowest possible figure.
and cream equal to
between the same
points, or an increase of 12.5% in the absence of such competing rates.
Respondent points out that there are instances in which, of two railroad
lines between certain points, one exclusively handles the milk and cream
In our
598,320
As already suggested, also,
material abatement of the loss and
corresponding augmentation of revenues, and there
right of shippers to expect such a result, with gradually
improving conditions as the disorganizing period of the war recedes.
the increases in wages there should follow an enhancement of the
a more
$41,698,020
Total decision No. 3
contested.
ought to be, a fair opportunity for a
damage account and a
those
preceding report we authorized rates on milk
contemporaneously applied by the railroad lines
1340
traffic
THE
distance rates, whereas on the other line,
on
having
CHRONICLE
the first carrier has been authorized in
220, to Increase its distance rates 20%
to
equalize therewith its like rates
its
to
flat percentage
own
delegates who had announced their intenton of attending the
such rates,
no
the traffic Is handled exclusively by respondent on distance rates.
While
bond
respondent would not be authorized
the other line, but would be restricted
over
increase to
increase in its milk and cream rates which
same
made
distance basis
a
on
rates to take the
not before
as
are
made by
bring the above situation to
our
We find that the proposed
our
to make such increased rates effective upon not less than one
In the
the
provided by the Inter-State Commerce Act.
manner
increased
rates
fractions
of less than
and fractions of one-half cent
or
further permission and requirements stated in
as
held.
preceding report with
our
TURERS
OPPOSED
EMPLOYES'
TO
PROBLEMS
National
OF
UNDER
a
Sept. 24,
on
resolution recording "its unalterable opposition to
during the
W.
Wellborn;
B.
Norris;
Richmond,
Chicago,
George J.
J.
B.
Boston,
are:
acting; Philadelphia,
Atlanta,
Seay;
McDougal;
Calkins.
The Federal Reserve agents
St.
and ex-officio
gathering from which
likely to emanate.'
are
just before the convention, it is probable that
in semi-annual session at Maplewood, N.
II.,
adopted
days prior to the convention of the
Association in Washington
significant announcements
Manufacturers,
RESERVE
AND
CONVENTION.
A.
board will constitute this important
GOVERN¬
Cotton
of
BOARD
B.
members of the Reserve Board and the six members of the
RAILROAD
CONTROL.
Association
TO A.
Louis,
Biggs; Minneapolis, R. A. Young; Kansas City,
J. Z. Miller, Jr.; Dallas, R. L. Van Zandt; and San Francisco,
MANUFAC¬
COTTON
PLACING
MENT
The
OF
will
convention
The governors of Federal Reserve banks
J. U.
ASSOCIATION
Company; M.
David C.
shipments weighing less than 10 poinds its charge applicable to packages of
that class weighing 10 pounds.
NATIONAL
&
Wednesday night, the 6th inst.
FEDERAL
Bankers'
George
continue to apply to second-class
may
OF
M.
respect to the increased rates therein authorized will govern here, It being
understood, however, that respondent
Thomas.
on
C. A. Morse; New York, J. H. Case;
The
cent.
one
Moulton
week of Oct. 18, a conference of Federal bank officials will be
day's notice
In computing
one-half cent shall be discarded
shall be treated
more
&
banquet
a
On the three business
American
Respondent will be permitted
cream.
Drake-Riley
AGENTS PRIOR
26%, in those rates has been justified, subject to the foregoing
as
milk and
of
in the class and
preceding report herein
exceptions
on
H.
now
increase of
to rates
R.
of
The
has not been justified, but that an additional increase of
13.5%, or a total
*
the
Manager of
Company, and J. M.
CONFERENCE
additional increase of 15%
in effect at the date of
express rates
Moulton
conclude with
proposed by it is approved.
commodity
H.
Respondent did
attention, and the basis
Martin,
Riley
of general application
are
the railroad lines, specific
percentage increases herein authorized.
R.
Hunter of Blankenhorn-Hunter-Dulin
To avoid such situations respondent asks that it be permitted to make the
and
George
department of the Security Trust & Savings Bank;
Robert
from local intermeditae points.
or
included
convention
Increased Rates, 1920, 58 I. C. C.,
.
[VOL. 111.
members
Board
Coming
many
of the
the
of
Advisory Council of the Federal Reserve
also be in attendance, together with leading
may
representatives from banks all
the
over
country.
plan which seeks to divorce from the several railway
any
systems of the country corporate and section control of their
and other relations with their employes, and that
wage
we
FINANCING
Federal supervision as steps which would harmfully and per¬
haps vitally affect the
management
so
and efficiency in railway
economy
much to be desired in this critical period."
According to telegraphic advices received at Washington
from Trade Commissioner
Cunningham from Mexico City
under date
of
Sept.
15
ers'
Convention
the
problem
are
in
wool
has
Washington,
mining quotas for 1920.
ASSOCIATION
OF
COTTON
recommending the repeal of the
Manufacturers in session at Maplewood
resolution said:
Resolved, That this
excess
profits
excess,
adopted by the National Association of Cotton
was
profit and
opportunity.
velopment of
association records its
excess
war
Sept. 24.
on
conviction
earnest
The
that
tiie
profit taxes should be repealed at the first
They have proved oppressive to industry, preventing the de¬
enterprises, and are an unsafe method of assuring revenue
new
to the National
Government, in that the
amount to be raised under their
provisions cannot bo anticipated.
We further recommend that earnest endeavors be
made by Congress and
the
several
State legislatures
BE
TAKEN
Oct.
18,
financing
will be
that
shipments.
of
This
already engaged the attention of the State
the wool financng
up
nationally.
PROGRAM
FOR
MEETING
to
promote
expenditures for the purpose of reducing
as
the
far
,
utmost economy
as
As
we
OF
OF
SAVINGS
A.
B.
BANK
SEC¬
A.
have heretofore indicated the
Savings Bank Section
of the American Bankers' Association will hold its sessions
MANUFACTURERS.
taxes
in
growers
being sent to Washington to take
situation
REPEAL OF EXCESS PROFITS TAXES RECOMMENDED
A resolution
TO
CONVENTION.
Among the rural questions to be considered by the Agri¬
on the first
night of the American Bank¬
TION
NATIONAL
A.
1920, October 31, has been fixed
the latest date for the payment of
BY
SHIPMENTS
B.
associations of Illinois and Iowa, and special
representatives
1920.
as
WOOL
AT A.
cultural Conference
aiding
MEXICAN MINING TAXES PAYABLE BEFORE OCT. 31
OF
UP
strongly deprecate all attempts to place these matters under
during the convention of the latter at Washington, D. C.
Tuesday Oct. 19, and Thursday Oct. 21.
Committee
on
meetings of the sections will
open
Oct. 18 at 12.30 p. m. on the
at 10
same
day
a.
a
m.
on
Monday
luncheon will be
given at the Hotel Raleigh for all savings bankers and guests
there will be brief speeches by President
Strong,
at which
President Hawes and Vice-President Drum.
Committee will meet at 8 p. m. with the
The Executive
following order of
business scheduled:
Call to order by President.
Minutes of last meeting.
in public
Special matters from
possible the ever-increas¬
Amendment
ing burden of taxation.
of
any
committee.
constitution,
as
to
four
ex-presidents being
ex-«fficio
members of Executive Committee.
New business.
ANNUAL CONVENTION OF INVESTMENT
BANKERS'
Approval of report to A. B. A.
Request for appropriation.
ASSOCIATION OF AMERICA.
Adjournment.
The
of
coming week the Investment Bankers' Association
America will hold its annual convention in
Boston, the
meeting opening
5th and 6th.
bankers
on
The
and
Monday Oct. 4, and continuing on the
gathering will be addressed by leading
financiers.
Thomas
W.
Lamont,
of
J.
the
Irrigation Securities Committee.
Other re¬
ports which will figure in the deliberations are those of
the
committees on Legislation,
Taxation, Bonds, Education,
Municipal Securities, Industrial Securities, Marine Securi¬
ties, Railroad Securities, Syndicate Operations, Real
Estate,
Public Service
Securities, Publicity and Fraudulent Adver¬
tising.
Investment bankers from Los Angeles who will
participate
in
the
meeting
delegates in San Francisco
on
a
special
Limited.
car
attached
to
the
other
Western
the
Union
Pacific
Overland
departure from there
car
attached
to
to
the
reach
occurs
Twentieth
Boston
to-day (Oct. 2)
Los
/
Organization of the Annual Meeting.
Announcements.
Appointment of Committees.
Report of Secretary.
Report of Committee
on
Savings, William E.
Knox,
Chairman,
Vice-
President and Comptroller Bowery Savings Bank, New York.
Industrial
Savings Systems, J. F. Tinsley, General Manager, Compton
and Knowles Loom Works, Worcester; E. R. Root, Depositors Savings and
Trust Company, Akron.
School
Savings
Plan,
J.
Serice Company, New York;
Robert Stout.
President
Educational
Thrift
Philip J. Lawlor, Bank of Italy, San Francisco.
Personal and Home Economics
Departments, A. C. Robinson, President,
Peoples Savings and Trust Company, Pittsburgh, Mrs. Florence A. Warner,
Home
Director
State
Chamber
of
Commerce
and
Agricultural
League,
Portland, Me.; Harrison H. Wheaton, Executive Manager, Savings Banks
Association, State of New York; Samuel Marsh, originator of "B Thrifty",
Northern Trust Company, Chicago.
For
Thursday Oct. 21
the following
has been
program
arranged.
Adding
Frederic
to
B.
9
the
legal list,
Washburn,
from report
Chairman,
of Committee
on
Investments
President Mechanics National Bank;
Worcester, Mass.
Chicago,
on a
Century Limited
Sunday Oct. 3.
program.
Fred Strong, President, Treasurer Connecticut Sav¬
ings Bank, New Haven, Conn.
Sept. 29nd, left the latter city
Mid-West bankers will join the
party in
and
scheduled
on
joined
Tuesday the 19th the following is the
Annual address, S.
P.
Morgan & Company, of New York, will submit his
report
as
chairman of the Foreign Securities
Committee; B. C.
Tingle of the Harris Trust & Savings Bank of
Chicago will
present the report of the
Membership Committee, and Frank
C. Paine, of the Union Trust of
Spokane will present the
report of
For
Invocation.
special
which is
New
to
Real
Estate
members—W.
D.
Equipment Trusts.
Angeles
Mortgages—from
report
of
Committee
on
Serivce
Longyear, Chairman, Vice-President Security Trust
Angeles.
and Savings Bank, Los
From report of Committee
on
Liquid Investments.
Samuel H. Beach, Chairman, President Rome New York
Savings Bank.
Menace of Tax Exempt
and Savings Bank,
Securities, M. A. Traylor, President First Trust
abstract.
President Chattanooga Savings Bank,
Advisory, W. A. Sadd, Chairman,
Amortization, John J. Pulleyn,
Chairman, President Emigrant Industrial
Savings Bank, New York.
Chairman, Treasurer Salem Five Cent
Gifford,
P.
H.
Vice-President American Security
Americanization, B. F. Saul, Chairman,
Company, Washington,
State
Legislation,
President Wahsington
Chairman,
Frazier,
R.
R.
D. C.
President Chattanooga
Sadd, Chairman,
A.
W.
Legislation,
Savings Bank.
Forms
Kinsey, Chairman, Assistant Comptroller
Methods, H. H.
and
Williamsburgh Savings Bank, Brooklyn, N. Y.
Business Discussion: Amendment of Constitution—To increase number
members
of
make four ex-presidents ex-officio
to
committee,
executive
of
vice-president a member of the executive committee,
word "vice-president" instead of "first vice-president"
members, to make the
to
the
substitute
wherever it appears
in the constitution and to
executive committee.
specify that the president
shall be chairman of the
Mr. Perry
Europe.
Upon his return to this country in 1914 he went to Albany
as Private Secretary to Robert C. Pruyn, President of theDuring
city.
American Banker's Association
ington, D. C.
Monday Oct. 18, the following program is
on
1912
Call to order at 11:30 a. m. by
Annual address by the
the
in
South
later (1917) was made a
following,
year
America
in
and
Perry is
Committee
a
Little Rock.
he is
Education;
on
past President of the
a
President of its
American Institute of Banking and a past
Chairman of the Government Savings
Committee of Albany County and prominently connected
with numerous industrial, educational and philanthropic
organizations.
Chapter;
Albany
4
City Realty Corporation is the name of an
take over the realty
institution which has been organized to
of
interests
The
National
City
Bank, The
National City
The
Company and the International Banking Corporation.
new
Edward F. Barrett,
institution follow:
Baker,
E. A.
President;
the president.
President, Robert E. Wait, Secretary Arkansas
Vice-President of the institution.
member of the Executive Council of the
American Bankers Association and also a member of its
Mr.
officers of the
announced.
Bankers Association,
and
extensively
The National
meeting of the State Secretaries Section of the
which will be held in Wash¬
the
to
S.
quently he went into the bond business for himself in this
A. B. A.
SECTION OF
For
SECRETARIES
OF STATE
MEETING
FOR
PROGRAM
began in the Boston
career
National Commercial Bank & Trust Co., and three years
Mutual Savings Bank, Seattle.
Federal
graduated from Harvard
was
His business
Moseley Company, but later he was
the New York office of the firm.
Subse¬
the F.
of
traveled
Savings Bank.
& Trust
office
transferred
Chattanooga, Tenn.
Membership,
born in Boston in 1882 and
was
in the class of 1903.
Chicago.
Committee reports in
1341
CHRONICLE
THE
Oct. 2 1920.]
Vice-President;
C. Lenfestey,
N.
The Board of Directors consists
Secretary and Treasurer.
i
the officers and the
of all
Appointment of committees.
following:/ William L. McKee,
F. C. Schwedtman and L. M. Jacobs.
Resolutions.
Nominations.
Report of the Secretary-Treasurer, M. A.
Adjournment for luncheon, which
12:15 p.
Graettinger, Secretary Illinois
will be served in the Fairfax Room at
annual
the
Credit
meeting of the Directors of the
Corporation,
Committee on Forms, Chairman W. C.
Secretary North Dakota Bankers
McFadden,
Association, Fargo.
Tax, Forms for Banks, W. F.
Keyser, Chairman; Secretary Missouri Bankers Association.
"Sightseeing in Europe," George
D. Bartlefct,
Secretary Wisconsin
Report of Committee on Simplified Income
Bankers Association.
Symponium of Association Activities.
what special
Each Secretary will be called on
this year. Talks
activity his association is featuring
will be limited to five minutes.
twelve months ended Sept. 18 1920,
11%
in excess of
the capital.
on
Theodore G: Smith, Vice-
President, Central Union Trust Co., was elected a Director
of the
Foreign Credit Corporation; B. L. Sylvester, Credit
Manager, was elected Assistant Treasurer of the Corpora¬
Report of Committee on Nominations.
tat)
Election and installation of officers.
R.
Adjournment.
.—♦
E. Saunders, New
immediately after adjourn¬
'
York agent of the National Bank
Africa, Ltd., has received a cable from the head
of South
newly elected Board of Control will meet
ment.
after deducting reserves
interest, etc., amounted to $558,640 81, which is
for taxes,
tion.
Report of Committee on Resolutions.
The
Foreign
Sept. 30, Albert Breton, President,
on
reported that the net earnings of the corporation for the
m.
1:30 p. m. Report of
to tell
At
Chicago.
Bankers Association,
office that
a
branch has been opened at Malmesbury, Cape
Province.
ADVERTISING CONFERENCE AT
A.B.A. CONVENTION.
advertising
this year's convention of the American
Exceptional attention is being given to the
side of
banking at
Fred W. Ellsworth, former President
Bankers' Association.
of the Financial Advertisers
Association, is scheduled for an
The Public Rela¬
address, "Public Relations in Banking."
tions
Committee
will
association publicity and
exhibit
special bank advertising conference has been called for
day night, Oct. 19.
a
Tues¬
The conference will be under the joint
auspices of the Public Relations Committee of the American
Bankers' Association and the Financial Advertisers' Asso¬
The
ciation.
Financial Advertisers' Associations'
wonder¬
advertising will be
fully complete exhibit of model bank
displayed in the registration room of the New Willard.
ABOUT~BANKS,
ITEMS
TRUST
COMPANIES,
Shares.
25
BANK—New York.
stock
were
&c.
Low. High. Close.
Bank of Washington Heights..
—
was
330
345
330
Thursday, Sept. 30, at 54-58 CanaJ Street and No. 7
The institution, as was stated in our issue
last
Orchard Street.
of
July 17, has
a
capital of $200,000, surplus of $100,000 and
The officers of the new bank
Max Straus, Vice-President;
Glushandk, Cashier; Jerome A. Kohn, Ass't to Presi¬
and Luke J. Murphy, Ass't Cashier.
The Board of
contingent fund of $20,000.
are:
Arnold Kohn, President;
a
S. A.
dent
Directors consists of the
&
Ochs,
Ltd.;
Eugene Lamb
Attorneys;
Walter T.
the New York
Association on Sept. 16, the Equitable
Trust Company of this city began the clearing of exchanges
on Monday of this week, Sept. 27.
Coincident with the
announcement of its entrance to the Association the com¬
House
has issued a pamphlet containing the rules and regu¬
lations of the Clearing House regarding collections outside
pany
City of New York and a schedule of rates to
be charged
depositors for such collections.
4
the past three years a Vice-President
National Commercial Bank of |Ubany (now known
of the
the National
nent in
has
of
Commercial Bank & Trust Co.) and promi¬
banking, educational and social
Jacob Schoen, A. II. Levy, Leon Kam-
aiky, Editor of Jewish Daily "News";
I.
and
Morris Levenkind,
Zimmetbaum.
On Sept.
of the
Ilawes one of
who served the
28, the Directors of the Greenwich Bank
City of New York paid tribute to William H.
its
He is the son of a man
The occasion of this
of affection and esteem came as a fitting climax to
employees.
institution
token
50 years
faithfully for 52 years.
of service by the son, William II. Hawes.
Thus a
102 years has been rendered by the
continual service of
Hawes
family to this old and solid bank.
There
are
not
institutions in America to-day that can lay claim to
such faithfulness on the part of a family as the Greenwich
Bank.
An institution that can merit the effectionate devo¬
tion
as
The Greenwich Bank of the City
foundation for future strength that
Island Island City office of the American Trust
Company moved this week, to enlarged quarters at
North and Academy Street.
countries
and Mortgage
will make his headquarters in this
He entered upon his new duties Oct. 1. Mr. Perry
of New York, lays the
outlives time itself.
4
The Long
Plaza
of its kind, with branch offices in fifteen
and in all the principal cities of the world.
Mr.
Henry
Fred Kalb of Travares-Kalb Company;
organizations
city.
Richards, former Superin¬
Kohn of Weschler & Kohn,
of
circles of the capital,
accepted the position of Vice-President and Treasurer
the American Trading Company, one of the largest
Perry, we understand,
many
many
Gardner B. Perry, for
as
Arnold Kohn, for
Duane Shoe Co.; Bernard Nevelson, of the
Polish American Line;
Richard M. Lederer, President of
Lederer,
«
the
following:
Vice-President of the State Bank; Max Straus, of
Straus & Company, Bankers;
Samuel O. Ochs, of Pluym
years
4
Following its admission to membership in
Clearing
city, the organization
undertaken several months ago, began business
the Standard Bank;
made.
'
of which
tendent of Banks;
Twenty-five shares of bank stock .were sold at auction
this week and none were sold at the Stock Exchange.
No
sales of trust company
4
The North American Bank of this
Bridge
The New York Title
Company will occupy a part of the enlarged
establishment.
•
4
1349
At
meeting of the Executive Committee of the Board of
a
Directors of the
-
Guaranty Trust Co. of New York, held
Sept. 27, Thomas Allen Moore
on
Trust Officer.
was
appointed
Mr. Moore received the
from the Indiana Law School in 1914 and
of the law in
entered
he
Indianapolis.
the
Officers
and later
was
mand
the 325
of
Major
received
a
became
Battalion of
New
Adjutant
at
discharge in August
Business
the Trust
the
afterwards promoted to
was
Camp
1919,
Department.
He
conduct its
com¬
Eightythe rank
He
Taylor.
entered the
and
transferred
was
Department about three months
member of
a
to
which the institution will build and
That In this day of specializing in aU lines of
enterprise, an
a bank whose principal object will be to furnish a
opening exists
part of the financial
energy necessary to grow,
harvest, transport and market the grain and live¬
stock from the Great Reservoir, of which Des Moines is the centre.
That by reason of the present-day conditions wherein the
quirements of farmers and stock
the further
reason
men
have been greatly
financial re¬
enlarged, and by
that the average country bank's legal capacity
for furnish¬
ing such financing has not materially increased, and because of the legal
restrictions
placed
customer (these
on
the amounts which
can
be loaned by them to any one
restrictions being from 10 to 20% of the capital and surplus
of such country banks), it is impossible for them to care for the needs of the
larger farm operators and grain dealers to the extent of their requirements,
without
That
as
upon
business, the officials state in part:
for
declared in 1917
Captain and placed in
Gun
[Vol. 111.
lining the policies
Assistant
began the practice
war was
employ of the Guaranty Trust Company
the
an
degree of L. L. B.
Training Camp at Fort .Harrison
Machine
He
and
his
When
commissioned
fourth Division.
of
CHRONICLE
THE
notes
excess
with
outlet for such excess loans.
some
the long established
side guarantee, is
a
methods of country banks exchanging
themselves,
among
ments, both State and Federal.
ago.
Because it is the paramount object of the United States Bank to
—_«
primarily
invest its funds in financing farmers', producers' and stock feeders'
At their
meeting
September 16 the stockholders of the
on
Aldine Trust Company of Philadelphia,
Pa., ratified the
proposal to increase the capital of the institution from $500,000 to
our
$1,000,000.
Rights have been issued to the stock¬
holders to subscribe to the
to the extent of
that by establishing a connection with this bank the
country banks
•will be better enabled to care for these excess
issue
new
(par $100
per
share)
feeders and grain dealers, without trouble
or
profit to their bank and the community in general.
That, in consideration of the benefits they can derive from such
tion, the country banks will
counts
carry
dormant balances.
or
with this bank their
It is not the desire
nor
State Bank at this time to solicit active
correspondent accounts
or excess reserve
Cosmopolitan Trust Com¬
of Boston and the Fidelity Trust Company of that city
during the past week, will be found in the front part of
today's issue of
under the head of "The Boston
our paper,
never
been
so
The
Ohio,
every
mitted by
a
charter
City Bank & Trust Company of Marion,
$300,000.
The
institution
City National Bank of Marion.
called for
pound of grain and feed he has
financial assistance will result in
bring about
consumer
a
grown, much of which
any
succeeds
The Sept.
the
8 statement
by the Comptroller of the Currency was sub¬
the institution under its new title; besides its
excess
reserve
I
accounts of the consumers,
and dormant balances of country banks,
sufficient deposits, which together with its
capital and surplus
and
firmly establish the fact that there is
bank in
Des
a
place for
are
D.
R.
Crissinger,
President;
James B.
Guthery
and Fred E. Guthery, Vice-Presidents;
D. H.
Lincoln, Cashier and L. D. Zachman and R. E. White,
Assistant
Cashiers.
Frank D.
dent of the
institution.
Mr. Jackson is also President
A consolidation
involving two Chicago banks, namely, the
Cosmopolitan State Bank and the North Side State Savings
Bank has
been
arranged.
The institution growing out of
of
$100,000.
has
politan
last
a
an
capital of $500,000 and surplus
It will be operated under the
mopolitan State Bank.
now
a
In the
of the Cos¬
name
The North Side State
capital of $200,000.
Royal Union Mutual Life Insurance Co. and Secretary
and Treasurer of the United Cattle Loan & Live Stock Co.;
the two
case
increase of $300,000 in the capital
Savings Bank
of the Cosmo¬
authorized
was
January, raising it from $200,000 to $500,000; $100,000
M. Hubbard
and
Savings Bank when the consolidation is effective,
as soon as
the
new
are
Nathaniel
Jr., Vice-President and General Counsel of the
Co.; Ernest A. Jackson,
a
partner in Jackson Brothers,
bank
building with facilities
investment bankers,
Dallas, S. D.; Fred H. Pease, Secretary of Pease Hay Com¬
mission Co.; Carl F. Percival, Secretary and Treasurer
C. L. Percival Co.; Carl B. Pray, Vice-President and Treas¬
Royal
urer
Union
Mutual
Life
Insurance
Co.;
Leo
E.
Stevens, Vice-President United Cattle Loan & Live Stock
Co., and Vice-President of the Des Moines Theatre Co.,
and
George
A.
Wells, Secretary of
Dealers' Mutual Fire
the
Western
Grain
Insurance Co.
——-4
capital was paid in last June and the remain¬
ing $200,000 will be exchanged for the shares of the North
which will be
Besides
bank.
Royal Union Mutual Life Insurance Co. and President of
of the increased
Side State
new
just named the directors of the bank
Vice-President of the United Cattle Loan & Live Stock Co.
4
the consolidation will have
specialized agricultural
Jackson, formerly Governor of Iowa, is Presi¬
new
the United Cattle Loan & Live Stock
.
a
Moines.
Verne W. Miller is Vice-President of the
officers
of $250,000
on its c>wri account, with those afforded
by its closely allied interests, will greatly relieve the present tense situation
640 while it reported assets at the
time of $1,598,137.
successful
together with
will result in
and the outlets it has established
of the
same
must
possible decrease in the prices the
must pay for his living.
capital of $300,000 the National City Bank & Trust Company
has a surplus of $30,000; its deposits on Sept. 8 were $1,025,The
without prompt
great waste of food products, which
increase rather than
an
building of savings and dormant
Comptroller of the Currency has issued
capital
great, and
the only encouragement that can be
given the farmer and producer now is to
provide him with adequate credit facilities and enable him to use to profit
the
for the National
of country
The United State bank believes in the foregoing, and that a
Bank Disturbances."
ac¬
balances.
That the need for specialists in farm credits has
pany
a connec¬
excess reserve
inteihtion of the United
-—♦—
Reference to the closing of the
cattle
embarrassment to themselves
and with
banks, but only dormant
50% of their present holdings at $160.
needs,
of Iowa
borrowers, the larger
Reference to this increase appeared in
issue of July 24.
such
placing them through correspondents
or
receiving deserved criticism by all Banking Depart¬
Dan
W.
Jones
elected
was
Mississippi Valley Trust Co.
board.
He has
been
in the
Assistant
at
a
Secretary of the
regualr meeting of its
service of the company since
1914 and
during that time has been connected with nearly
This, it is now expected, will be not later than Dec. 1 1920.
On Sept. 8 the Cosmopolitan State Bank reported
deposits
every one
of its departments.
of
until
for
handling the business
$2,004,340 and total
Side State
of both banks has been completed.
resources
Savings Bank
on
the
of
$2,433,315; the North
same
date had deposits of
$3,211,699 and aggregate resources of $3,536,913.
Gustave
F. Fischer, who is President of both
institutions, will be the
President of the merged
bank; the other officials of the latter
will be William F.
Juergens, Charles F. Buehrle and P. H.
Weilbrenner, Vice-Presidents; Jacob R. Darmstadt, VicePresident and Cashier; W. W.
Ziege and Herman J. Bleidt,
Assistant
Cashiers.
The
directors will be Rudolph
Blome, Henry C. Brummel,
Charelp F. Buehrle, Jacob
Darmstadt, Gustave F. Fischer, Jolin Geo. Graue, Wm.
Juergens, Fred Klein, Albert F. Madlener, Joseph
Meyer, Richard E. Schmidt, William H. Rehm and P.
S.
R.
the
H.
Weilbrunner.
States
Feb.
winning
1
Chicago have elected William L. Martin Assistant Cashier
bank, and also have declared the regular
quarterly
dividend Oct. 1 1920 of 2^% on the
capital stock of the
son
of
company.
——♦
in St. Louis makes the
city's charitable and educational in¬
stitutions the subject of an advertisement,
treating of them
follows:
as
St. Louis has many Charitable and Educational Institutions of the
order of merit and excellence.
They need and derserve aid and
ment.
'.
highest
encourage¬
:
Remember them in your Will.
An
good
individual is
soon
future
cease,
soon
forgotten; his present and definite influences for
but the life of
our
City and State will be elevated and
generations benefited by legacies to deserving institutions created
officer, Virgil M. Harris, is prepared to give data and infor¬
mation
the
on
The trust
.
entitled
"A
"Specialized Agricultural Bank''
opened in Des Moines, Iowa, on Sept. 20 under the name
as
in
Bank
Executor,"
a
booklet
treating
serve
a
fiduciary capacity.
a
Bank, with
$50,000.
National
of the
development of national banks looking to their equipment
4
is described
subject to those interested in the subject.
department of the bank has also issued
to
bank.
surplus of
Louis, after
He is the youngest
Incidentally, it is pointed out that the company's trust
of the
was
ensign.
The trust department of the National Bank of Commerce
4
of the United States
as
for public benefaction.
The board of directors of the South Side
State Bank of
What
1919, when he returned to St.
commission
a
In February 1917 he entered
Navy and his naval service continued
Breckinridge Jones, President of the trust
F.
H.
United
a
capital of $200,000 and
a
In announcing its opening and out¬
The Tennessee National Bank, of Johnson City,
Tenn., is
name of an institution for which a charter has been
issued
the
by the Comptroller of the Currency, and which began busi-
Oct. 2 1920.]
The capital is $200,000 and surplus $50,000.
G. T. Wofford, J. A. Summers
Sept. 18.
ness
Adam B. Crouch is President;
and B. W. Horner
Vice-Presidents; and L. R. Driver is
are
Cashier.
1
1343
CHRONICLE
THE
Lindsay, who is also President of the Union Park Bank
Mr.
made Assistant
was
Vice-President
,
Bookkeeper of the Fidelity in May 1888,
becoming Assistant Cashier in 1898, Cashier in 1902 and
in
1913.
Mr.
Baily
has
associated
been
Fidelity National since 1915 having at that time
elected Assistant Cashier.
He was made Cashier
with the
Horace A. Crane,
of
Vice-President of the Citizens & South¬
Ga., died on Sept. 8 after an illness
Bank of Savannah,
ern
Mr. Crane entered the employ of
weeks.
about three
1873
the Southern Bank in
as
bookkeeper and
time of the consolidation
Citizens & Southern Bank at the
the Citizens Bank in 1906.
that institution with
Crane
of
79 years
was
M. F. Cole,
age.
Citizens & Southern Bank, died on
President of the Newnan Cotton
a
Sept. 7.
Mr.
director of the
Mr. Cole
was
recently purchased
has
known
Avenue, adjoining its present quarters at 1115
Dabney Day, First Vice-President of the City National
J.
Texas has been elected Vice-President of
Angeles, Calif.
the First National Bank of Los
was one
Mr. Day
organizers of the Traders State Bank of Dallas,
of the
Cashier until the consolidation of that insti¬
of which he was.
tution with the First State Bank in 1911, when he
became
succeeding institution serving in that post
Cashier of
the
until Aug.
1916 at which time he became associated with
occupied by the bank as a banking room, together with
be
Puget Sound Bank
issue
July 2 1921 the remaining 10,000 combined shares of
on
capital stock of the Bank of Italy and the Stockholders
the
Auxiliary Corporation (the holding company of the Bank of
Italy), and to begin receiving subscriptions therefor at once.
action was determined upon by the directors of the
This
bank
The sale price of the 10,000 shares has
Sept. 14.
on
been fixed at $200 per
combined share.
The notice to the
stockholders says in part:
While you have a
'
price, it is said, which is less than one-half of what it would
cost to construct a similar building to-day, to say nothing
do
Subscriptions by present stockholders to the shares of this issue
so.
1921.
$551,000.
due
on
his subscription at the time of making
subscription, or on July 2 1921.
is made when subscribing or before June 30
In the event that payment
Stockholders Auxiliary Corporation will pay interest thereon
the
1921,
to and including June 30 1921, at the rate of 6%
from date of said payment
per annum.
In order that you may
have an idea of the basis upon which we have fixed
vided
profits
of
both
capital, surplus and undi¬
corporations
(90,000 shares
GOLD.
is £121,557,845,
week's holding. The
SS. Saxon, which was to have brought over a consignment of gold, has met
with a mishap at Cape Town.
As a consequence no gold was obtainable
in the market this week and it is not anticipated that any supplies of South
The Bank of
a
$15,000,000
earnings to July 1
gold will be available before the 24th inst.
It is reported from
$250,000 and $50,000 in gold have been shipped from that
African
New York that
America and Cuba respectively.
On the other hand, $11,800,reported as having been received from London.
Transvaal gold output for August 1920 amounted to 702,083 fine
000 in gold is
The
as
of
banking
premises,
furniture,
fixtures,
vaults, in excess of amount carried on books,
Mr.
compared with about 736,099 fine ounces in
SILVER.
This week has seen a
Wm.
A.
Newsom,
one
of the
bank's
The weakness of the American
from this quarter has been in evidence
operators also have been active in covering
bear sales.
In a narrow market, these factors were bound to have an
effect, which was evidenced by a continuous rise in the quotations, perhaps
a little out of proportion to the acutal volume of business.
To-day, how¬
ever, owing to a recovery in the American exchange and China coasequently
holding off, there occurred a relapse of %d. in both quotations.
throughout the week; Indian
1,500,000
$2,186,819 77, but for present purposes set down at
Proceeds of sale of these remaining 10,000 combined shares at
Aug. 22.
16200
5333
.,
.
bullion in India,;
Silver coin and bullion
out of India—
in
capital, surplus and undivided profits of both
corporations when all of the 100,000 shares are issued, July
.$20,000,000
Sept.
"
coined during the week ending 7th inst.
sycee
consisted of about 33,800,000
compared with about 33,800,000
the 4th last. The Shanghai
and 22,500,000 dollars on
6s. the tael.
'«
note, the foregoing estimate does not include anything by
will dictate, should
attach to the deposits of approximately $135,000,000 of the Bank of Italy
(a business that has now attained a monthly normal earning power of up¬
wards of $200,000), and to the deposits of approximately $30,000,000 of
the several thriving banks controlled by the Stockholders' Auxiliary Cor¬
As you will
of good-will which, as your own good judgment
way
"
"
10
Oz. Standard.
Bar Gold,
2 Mos.
58%d.
per Oz. Fine.
Cash.
59d.
-
59%d.
-———60 %d,
60%d.
_-__-_-60%d.
14
15
16
Average
above those
quotations to-dayjfor
—
No quotation
119s.
118s. 9d.
118s. 6d.
118s. 2.25d.
59.437d.
59.812d.
-
-
The silver
116s. 6d.
58 %d.
59d.
59%d.
60%d.
60%d.
—59d.
11
13
Share.
4809
1928
4733
2153
Shanghai on the 11th inst.
exchange is quoted at
"
Or $200 per
4733
2153
-------
and 23,000,000 dollars, as
Quotations—
2 1921.
3843
16327
5529.
- —-
Bar Silver per
Total estimated
3912
3981
Government)
in sycee
SePj; J16125
5545
of India,
Government)
ounces
Aug. 31.
—
in India
Securities (Indian
ounces
2.000,000
$200 per share.
RETURNS.
INDIAN CURRENCY
The stock in
at
this
exchange brought China into
marketfas a buyer, and inquiry
No rupees were
appraised by
appraisers,
of the quo¬
reaction in the downward movement
Securities (British
safe deposit
July 1920 and
1919.
706,669 fine ounces in August
Gold coin and bullion out
1,500,000
tions and possible losses, &c., estimated at
£2,635 as compared with last
Gold coin and bullion
1921, in excess of regular dividends of
corporations after reasonable deductions for deprecia¬
both
Value
England gold reserve against its note issue
increase of
small
Silver coin and
issued)
approximately.
Net
of
Sept. 16 1920:
(In lacs of rupees.)
Notes in circulation
1921, permit me to submit the following calculation:
Present book value of the combined
the weekly circular of
& Co. of London, written under date
Samuel Montagu
price of these remaining combined shares to be Issued as of July 2
the sale
SILVER MARKETS.
GOLD AND
ENGLISH
reprint the following from
We
tations.
Your attention is also directed to the fact that it is optional with the sub¬
scriber to pay the full amount
The
said to be $1,200,000; the price paid was
present worth is
ounces,
will close Jan. 15
the ground, which is worth $150,000.
of the value of
combined shares of such stock owned by you,
feel at liberty to subscribe for as many as you desire.
In case it
be necessary to cut you down later, we of course reserve the right to
you may
will
which is but nine years old, at a
newly acquired building,
city to South
prior right to subscribe to only one combined share of
this last issue for every nine
The officials of the bank con¬
Building.
themselves fortunate in being able to purchase the
sider
Francisco
have been notified of the intention of the institution to
quarters, making a total floor space of 75x100 feet.
will be changed to
of the National Realty Building
name
THE
The stockholders of the Bank of Italy, of San
fixtures to
ing will be equipped with modern furniture and
City National as Vice-President.
the
Pacific Ave¬
Build¬
The entire ground floor of the National Realty
nue.
The
Bank of Dallas,
building
17-story class "A"
the
the National Realty Building at 1117-1119 Pacific
as
its present
Mills.
Sound Bank & Trust Co. of Tacoma, Wash.,
The Puget
made
Vice-President,
elected
of
was
serving in that post until 1881, when he was
becoming Vice-President of the
Cashier in 1877,
been
last January.
cashjand forward delivery are each 2d.
fixed a week ago.
poration.
comparison of the gross deposits reported to the State
A
ENGLISH
Superintendent of Banks under his call for Sept. 12 1920
with those
the
reported under the call of Sept. 12 1919 reveals
that
fact
the
gross
deposits
on
increase during the year of $27,036,817,
an
about 25 4-10%, a
as
<
MARKETS—PER
CABLE.
week:
London,
Gold per fine oz
Consols, 2 % per cents
British. 5 per cents
Wed.
Thur.
Fri.
d. 59%
59%
59%
59%
59%
59
-117s.6d. 117s.lld.117s.lld.117s.9d. 118s.4d. 118s.4d.
46
46%
46
46
46%
46%
84%
84%
84%
84%
84 13-16 84%
Sal.
Week ending Oct. I.
Silver, per oz
or
showing which it is believed excelled by
but few institutions in the country.
FINANCIAL
closing quotations for securities, &c., at London,
reported by cable, have been as follows the past
the latter date were
$106,287,400 while under the latest call they reached $133,324,217
The daily
Mon.
Tues.
77%
77%
77%
77%
78
French Rentes On Paris) __fr
53.90
54.15
54.45
54.42
French War Loandn Paris)fr.
85.60
85.60
85.62
85.67
53.95
85.70
British, 4% perjcents
A.
W.
Bank of
of
Lindsay, Vice-President of the Fidelity National
Spokane, Washington has been elected
the institution
to
President
succeed the late Thomas H. Brewer
Charles
C. Otto, National Bank Examiner and Joseph Baily, Cashier
of the Fidelity National, have been elected Vice-Presidents.
Mr. Baily is to retain his office as Cashier until his successor
whose death
is named.
of
the
was
reported in
our
issue of Sept. 4.
A. R. Charles and E. K. Barnes,
institution
have
been elected
both employees
Assistant Cashiers.
77%
price of silver in New York on the same day has been
The
99%
Domestic
Foreign
-
99%
99%
93
93
93
99%
92%
99%
92
99%
91%
IMPORTS AND EXPORTS FOR AUGUST.
The Bureau
statement
it and
of Statistics
at Washington has] issued the
of^the country's foreign^trade for August and from
previous statements we have prepared the following:
1344
TRADE
FOREIGN
In
CHRONICLE
THE
Totals for
MOVEMENT
OF
THE
UNITED
tables three ciphers! are In all
following
the
STATES.
Canadian Bank Clearings.—The clearings for the week
ending Sept. 23 at Canadian cities, in comparison with the
same
week in 1919, show an increase in the aggregate of
16.8%.
omitted.)
cases
merchandise, gold and silver for August:
Merchandise.
Gold.
.
Silver.
Excess
Excess
Im¬
of
Ex¬
Im¬
Im¬
ports.
ports.
ports.
ports.
Exports
$
$
$
$
$
$
$
%
1920-
584,000
519,000
65,000
1919
646,054
307,293
522,014
273.003
338,761
254,011
-
1917
1916
»
9,574
2,490
42,699
13,809
1,555
20,549
7,503
4,489
141,804
118,806
1,128
104
4,385
8,327
7,257
5.G81
2,517
13,292
5,815
61,641 *60,513
Inc. or
3,804
*426
5,482
1,822
3,298
1919.
1920.
Canada—
3,378
199,316
46,049
11,780
510,167
-
15,412
3,27?
220,801
310,851
20/.855
260,610
.
1916
24,986
45,189
1,722
18,692 27,357
4J.238 *29,458
488,656
.
Clearings at—
of
Exports.
of
Exports
Ex¬
ports.
$
..
Week ending September 23.
Excess
Ex¬
ports.
1918
[Vol. 111.
Montreal...
——„ -
Toronto..
137 ,747 897
1918.
Dec.
$
%
1
+ 24.8
110,389,743
1917.
$
91,798 313
75,328,374
56,829,091
101 ,865 ,985
Winnipeg
Vancouver—-
89,786.462
+ 13.5
65 ,400 883
59,006,143
+ 10.8
61,872 214
36,885 049
48,667,674
10,146,943
18 ,634 ,050
12,974,467
+ 43.6
11,986 ,045
Ottawa
7 ,997 ,962
9.398,139
—14.9
5,742 ,623
5,329,025
Quebec-.-*——
7 ,391 ,939
5,594,468
+ 32.1
4,323 368
4,173,325
Halifax
Excess of Imports.
5 ,270 ,318
+ 5.7
3,778 178
+ 27.0
—3.2
2,222 ,094
2,676,927
4,704,284
1,907,189
+ 7.3
——
Hamilton.————-
Merchandise.
Gold.
Silver.
Excess
Excess
Ez-
Im¬
of
Ex¬
pom.
ports.
Exports.
ports.
Im
Excess
of
Ex
Im¬
of
Exports
ports.
ports.
ports.
Exports
3 .259, ,129
8 .876 ,850
7,496 .685
6,853,266
London
eight months ended August 31:
7 ,799 ,376
St. John.
Calgary
Totals for
4,987,674
6,139,826
3,366,029
8,269,756
3 ,621 ,745
3,040,060
+ 19.1
2,386 .661
Victoria...
Edmonton
2 ,595, ,377
2,025,031
+ 28.1
1,931 .662
5 ,002, ,405
4,653,949
+ 7.5
3,529 ,945
Regina
4 ,535, ,644
4,733,248
—4.2
3,679 ,779
1,822,625
1,827,475
2,670,873
3,7.17,537
705 ,373
762,570
—7.5
523 ,557
581,500
987, ,106
,442, 351
+ 29.9
1,148 ,054
+ 14.2
1,040,077
1,889,038
—10.2
1,737 ,875
1,492 ,274
+ 10.7
878 ,265
—2.6
707 ,842
750,655
635,262
478 ,121
405,990
Brandon
Lethbridge
5,581 855
1919
$
$
8
.
New
697, 870
548,853
+27.2
733, 111
,005, 776
480,358
+ 52.7
507 ,183
Peterborough
756,111
+ 32.9
695 .972
702,595
,351, 744
853,017
+ 58.4
759 ,668
691,650
.049, 452
916,5.54
2,250,720
525,906
638 ,106
547,653
,189, 212
+ 86.2
981 ,574
—26.7
250 ,200
%
66,961
.
25,144
20,355
20,839
22,549
.
of
989, 954
%
1918 .4,008,708 2,060.884 1,947,824 31,979 53,892 /21.913
155,012
1917
4,149,442 2.046,598 te,102,844 317,636 524,161 /206525 51,769
1910
3,435,502 1,667,136 1,768,366 87,581 290.325 /202744 41,194
1915 .2,230.88? 1,150,859 1,080,028 10,903 223.828 /212925 32,193
/Excess
Brantford
$
5,483,254 4,000,627 1,482,627242,275 159,681 82,594 92,105
5,272,104 2,261.551 3.010,613196,871 54,782 142,089 164,176
.
Fort William
Sherbrooke
%
56,445| 107,731
Windsor
1920
$
47,617 107,395
27,253 24,516
Kitchener
t
760,146
2,139,532
2,145,139
1,339,867
1,016,705
9,644
Imports.
©eramevcial audiRisccllaueotts Ifcvot
Saskatoon
Moose
Jaw
,927, ,199
,482, 508
Westminster
Medicine Hat
Prince
Albert
385, 303
Moncton
847, 487 Not include d in tot al
Total Canada
397,946.519 338,860,473
Auction
Sales.—Among other securities, the following,
usually dealt in at the Stock Exchange, were recently sold
at auction in New York, Boston and
Philadelphia:
By Messrs. Adrian H. Mull er & Sons, New York:
+ 14.5
1,294,532
708,421
v
+16.8 254,013.162 235,901,981
not
Shares.
Stocks.
Shares.
25 Bank of Washington
Hts__330-345%
50 Nat. Wire Wheel Wks.. Inc.,
common, ctfs. of dep..40c. per sh.
50 Nat. Wire Wheel Wks., Inc.,
pref., ctfs. of deposit.-,60c. per sh.
250 Atlantic Potash, pref
10c. per sh.
56 Sun Hay Water, pref
7c.
Stocks,
$231,540 Evans. Ind. & Terre H.
Ry. stk. Partlc. certfs
Per cent.
4
$159,000 Evans. & Inds. RR. reorg.
ctfs. In the matter of guaranty on
1st & 1st cons. mtge. bonds
per sh.
75 Sun Ray Water, common.5c.
per sh.
$2,000 Argentine 5s of 1907
We have
changed the method of presenting our dividend
now group the dividends in tWo
separate tables.
bring together all the dividends announced the
current week.
Then we follow with a second table, in which
we
show the dividends previously announced, but which
have not yet been paid.
record.
First
14%
Bonds.
$63,600 Evansv. & Ind. RR. final
distribution Certificates
DIVIDENDS—Change in Method of Reporting Same.
We
we
The dividends announced this week
Per
By Messrs. Wise, Hobbs & Arnold, Boston:
Shares.
Stocks.
15 U. S.
$ per sh
Worsted, 1st pref
Shares.
72
Name of Company.
Stocks.
5 Nashua Mfg.. common
21 Edwards Manufacturing
1 N. Bedford Gas & Ed. Lt
.147
1 Saco Lowell Shops, pref.. ex-dlv.
10 Geo. E. Keith, 1st pref
10 Graton & Knight. Mg,
5314
111
-.12014
Cordage Works...
Springfield F. & M. Insur
8514
150
10 Securities Corp. General, pref..
30
275
10 Lawrence Gas
91
95
pf.94J4 & dlv.
1 Walter Baker, Ltd
10 Robertson Paper, pref.. $50 ea.. 20
5 Hood Rubber, com., ex-dlv
109)4
..121
5 Hartford C, Gas L„ com.,$25ea.
Bonds.
24#
Stocks.
$ per sh
2 First National Bank, Boston..322
9
Arlington Mills, ex-dividend..
95
2 Soule Mills
170K
6 Bates Manufacturing
..102
106 N. E. Fuel Oil of Mass., $5 ea. 20
4 Sullivan Machinery..
50
Per cent.
$1,000 Boston & Me. RR. 6s. 1930.
70
United RR. & Canal Cos. (quar.)
Shares.
Stocks.
$ per sh.
8 Cambridge Gas Light
130
3 Boston Storage Warehouse
8514
100 Oracle Mines pref., $10 each_\$l lot
150 Oracle Mines, com,
350 Southeastern
$10 each.
25
23
Brockton
10 Lawrence Gas
93
certificates of deposit
Bed.
St.
Middleboro
9
$ per sh.
Keystone Watch Case
5 Mt.
Carbon
&
Pt.
Shares.
70
Ry.
1st
5s,
1920,
..35 flat
nese.....
ot
Merch.
.60-6014
...
Bonds.
coll.
200 Mineral Development, pref.Sl lot
310 Mineral Development, com.Sl lot
3814
Per cent.
$37,000 Seaboard
$170 lot
6 Ninth National Bank
4 Land Title & Trust
&
$ per sh
Nat.
Bank, $50 each
10 Mutual Trust
42
6s.
Steel
&
Mang.
1920
25
1,000 Atlantic
City Gas 1st 5s,
1960, ctf. dep..
60
5,000 marks City of Magdeburg
4J4s,
guar
$16 per M
—
375
485
National Banks.—The following information
regarding
national banks is from the office of the
Comptroller of the
Currency, Treasury Department:
,
CHARTERS ISSUED.
Holders of
rec.
Sept. 28
Holders of
rec.
Sept. 30
1
IK
Nov.
West Penn Power Co., preferred (quar.).
York Railways, preferred
Fifth National (quar.)
First National, Brooklyn
25 000
*_
""
$25 000
Adirondack Power & Light, pref.
Alabama Fuel & Iron (quar.)
$50 000
Correspradent: Harry Giesler, Fairfield.
The Security National Bank of
Fairfield, Idaho
Correspondent: Robert Leaper, Fairfield.
a-ou.uuu
25 000
"
Dexter, Kans
^Correspondent: W. C. Robinson, Win^ield, Kans.
The Cartaret & Chrome National
Bank of Roosevelt, N. J
^
CorrespondBiit: Edward J. Heil, Cartaret, N. J.
Thewational Bank of Penbrook, Pa
Correspondent: H. S. Plank, Penbrook, Pa.
Unadhla. N. Y
The National Bank of Tifton, Ga
The Austin National Bank,
Chicago, 111
WoodVidge,
ThelFirst National Bank of
N. J
Farmers National Bank^of Springfield, Ohio
(quar.)
Amer. Multigraph, pref. (quar.)
Amer. Sumatra Tobacco, com. (quar.)..
Preferred...
—
Amer. Thermos Bottle (quar.).
—
Extra (payable in Class B shares)
American Trading, com. (quar.)
Preferred (quar.)
rec.
Oct.
20
25 000
100 000
"
American Wringer, .preferred
(quar.)—
Holders of
Sept. 26
to
Sept. 30
Sept. 23
rec.
IK
IK
IK
Oct.
Oct.
Oct.
Oct.
Holders of rec. Oct.
Oct.
Oct.
6
to
IK
Oct.
Sept. 21
to
2K
SK
Nov.
Holders of
Mar.
Holders of rec. Feb.rrlSa
$2
11
15
1
_
15a
Sept. 28
to
21
to
Jan.
2x
rec.
Oct.
7a
Sept. 30
Jan.
Dec:
Oct.
Holders of
Oct.
Holders of rec. Sept. 30a
*1K
Oct.
$1
♦Holders of
rec.
Nov.
Holders of
rec.
Oct.
2K
Oct.
Holders of
rec.
Sept. 24
Sept.
Sept. 21
2
Sept. 30
Holders of rec.
Holders of rec.
Holders of
Binghamton L., H. & Pow., 7% pf. (qu.)
IK
Oct.
IK
Oct.
Sept.16
Sept. 16
(quar.).
Six per cent preferred (quar.)
Bliss (E. W.) Co., com. (quar.)
Common (extra)
16
Sept. 30
Sept. 20a
to
Oct.
Oct.
5a
Sept. 22a
rec.
Oct.
to
1
rec.
Sept. 27
Sept.
♦Holders of
rec.
*$1
—
Oct.
♦Holders of
*$5
Buildings, pref. (quar.)
to
*62 Kc Sept.
(quar.)
Sept.
Sept. 27
Sept. 27
♦Holders of
rec.
*1K
Oct.
♦HoldeYs of
rec.
*3 K
2
Nov.
♦Oct.
to
16
1
—
Sept. 30
Extra
—
Oct.
31
Oct.
Holders of
rec.
Oct.
8
*$2
—
Oct.
♦Holders of
rec.
Sept. 15
*$1
Oct.
♦Holders of
rec.
Sept. 15
Oct.
♦Hol lers of
rec.
Sept. 30
Oct.
15
*1K
2
Chicago Pneumatic Tool (quar.)
*2
Commonwealth Edison (quar.)
Consol. Cigar, com. (in common stock).. *f 15
1
Cramp (Win,) & Sons Ship & E. Blg.(qu)
Delaware Lack. & West. Coal (quar.)..
Eastern Steamship, preferred
Emerson-Brantingham Co., pref. (quar.)
Eureka Pipe Line (quar.).
Finance & Trading Corp., pref. (quar.).
General Tire & Rubber, pref. (quar.)
Geneva Cutlery Corp., pref. (quar.)
Oct.
Holders of
rec.
Nov.
♦Holders of
rec.
Nov.
♦Holders of
Oct.
Oct.
Oct.
to
15
Oct.
rec.
2
15
Oct.1! 15
*$1.25 Oct.
♦Holders of
rec.
Oct.
*$4.50 Oct.
1
♦Holders of
rec.
Oct.
4
Nov.
*H riders of
rec.
Oct.
15
3
Nov.
Holders of
recv
Oct.
15
IK
IK
Oct.
Holders of
rec.
Sept. 27a
Oct.
Holders of
rec.
Sept. 20
Holders of rec. Sept. 25
*1K
2
Oct.,
Gray & Dudley Co. (quar.)...:
2
Oct.
Hartford Automotive Parts, pref. (quar.)
2
Oct.
Holders of rec. Sept. 25
Nov.
Holders of
—2
Hayes Manufacturing (quar.)
IK
Illinois Brick
Sept. 30
to
Oct.
rec.
15a
Nov.
Holders of rec. Oct.
15
♦Holders of rec. Oct.
15
*75c. Nov.
♦Holders of rec. Oct.
15
*1K
(quar.)
2
Oct.
1
Holders of rec. Oct.
23
♦Holders of
Oct.
9
Holders of rec. Oct.
8
rec.
Oct.
♦Holders of
rec.
Sept. 30
Oct.
Holders of
rec.
Sept. 30a
3
Oct.
Oct.
IK
*12Kc Oct.
(quar.)
Midwest Refining (quar.)
Marland Refining (quar.)
(quar)
Extra
♦Holders of rec. Oct.
2
Maple Leaf Milling, com. (quar.)
50 000
Nov.
Oct.
*6%C.
(quar.)
Kay County Gas (quar.)
Manufacturers Light & Heat (quar.)
200 000
Oct.
*2K
IK
Ingersoll-Rand Co. (quar.)—:—
Preferred
Sept. 26
*52 Kc Nov.
Houghton Co. Electric Light, com
50 000
100 000
50000
Oct.
Oct.
Oct.
Oct.
rec.
Oct.
Massachusetts Gas Cos., com.
200',000
7a
5a
IK
IK
Oct.
50 000
25000
Sept.30
rec.
rec.
IK
25,000
100,'000
to
Holders of
Holders of
5
SS
100 OOO
Sept. 21
Oct.
Billings & Spencer Co. (quar.)
International Paper, pref.
$275,000
Oct.
50c. Oct.
2
Atlantic Steel, com. (quar.)
Babcock & Wilcox Co. (quar.)
Indiana Pipe Line (quar.)
5n noo
^Amf. of Cap.when
$525,000
Holders of rec. Sept. 24a
Sept. 30
2
Anaconda Copper Mining (quar.)..
Anchor Post Iron Works, com. (quar.)..
$200JX)0
2^000
Oct.
1
Preferred
•
Oct.
2K
(52
Holly Sugar Corp. (quar.)
Bank in
INCREASED.
(quar.)
(quar.)
—
Alvarado Mining & Milling (quar.)
American Ice, preferred (quar.)..—...
—
Original organizations:
The People's National Bank of
Fairfield, Idaho._
The Manufacturers National Bank of
Rockford, 111
The First National Bank of
Ontonagon, Mich
The Unadiila National Bank,
1
30 ♦Holders of
2K
Central Illinois Public Serv., pref. (quar.)
200 000
Conversion of the Bank of South Jacksonville
Correspondent: Leonard A. Usina, South Jacksonville.
STOCK
*62 Kc Oct.
Holders of rec. Sept. 23
Holders of rec. Oct. 21
4
(quar.)—T---
Public National (quar.)
Butler Brothers (quar.)
$250,000
CAPITAL
6
15
Carbon Steel, common (quar.)
Cement Securities Co. (quar.)
APPLICATIONS FOR CHARTER.
State banks and trust companies:
First National Bank of South Jacksonville, Fla
National
10
Oct.
Sept. 30
Bush Terminal
muer?11Pn 0
First
11
Oct.
rec.
Oct.
$25 000
Total
23s
Oct.
to
Oct.
Canital
_
President, D. E. Aylward; Cashier, J. M. Arkabauer
miP°£version
the American State Bank of Livingtson.
The Progress National Bank of
New York, N. Y___
President, J. Silberzvreig, Cashier.
Conversion of the Progress Bank of New York.
iwr
to
IK
W
Preferred
Original organizationsz
The First National Bank of
Russellville, Ala
President, A. H. Dabbs; Cashier, Emit L. Reid.
Conversion of State banks and trust
companies:
The First National Bank of
Livingston, 111
^
1
Sept. 21
IK
Bell Telephone of Pennsylvania
,
Oct.
....—.
Amer. Laundry Machinery, pref.
Stocks.
10 Drovers'
Carb.
RR.. $50 each
335 Federal Coal trust certis
$3
14.750 Seaboard Steel & Manga¬
Holders of
10
10
Street and Electric Railways.
Chicago City Ry. (quar.)..
All America Cables
&
By Messrs. Barnes & Lofland, Philadelphia:
Stocks.
20
Oct.
Oct.
Miscellaneous.
$1 lot
Per cent.
N.
2K
2K
Ottumwa Ry. & Light, pref. (quar.)
Scranton & Wilkes-Barre Trac.. pf. (qu.)
J
Electric
Bonds.
$7,000
$2.50 Oct.
Banks.
56 Cold Spring Brew., Lawrence..
1 right N. H. Fire Insur
Shares.
Days Inclusive.
Railroads (Steam).
Delaw. Lackawanna & Western (quar.).
Philadelphia & Trenton (quar.)
By Messrs. R. L. Day & Co., Boston:
Shares.
Books Closed.
Payable
$ per sh.
ThompsonvllleWater,pf.,$25ea. 16
1 Western Real Estate Trustees..
10014
Mcntpeller & Barre L. & P.. pf. 60
4 Puget Sd. P. & L.. pref
2
4
Cent.
When
3
25 Arlington Mills, ex-dividend
94
1 Warwick Mills full
paid rec—120J^
2 Lanett Cotton Mills, ex-dlr
234
10 Samson
are:
2K
56
—
IK
Nov.
*$l
:—
Moline Plow, first preferred (quar.)
Second preferred (quar.)
Moon Motor Car. preferred (quar.).—
National Paper & Type, com. (quar.)__
Preferred
(quar.)
Nov.
♦SI
Holders of rec. Oct.
Holders of rec. Oct.
♦Holders of
rec,
.
3
3
Sept.30
Holders of rec. Oct.
15
♦Holders of
rec.
Oct.
15
Nov.
♦Holders of
rec.
Oct.
15
IK
Dec.
Holders of
Holders of rec. Nov. 17
Holders of rec. Sept. 26
IK
IK
Dec.
2
Oct.
2
Oct.
Oct.
rec.
Nov. 17
Holders of rec. Sept. 30
Holders of rec.
Oct. 2
Per
Per
When
Payable.
Days Inclusive.
Name of Company.
Preferred
Preferred
20
rec.
du Pont
1
Oct.
Holders of rec. Oct.
8a
Holders of rec. Oct.
11a
1
Oct.
11a
$1
Mfg., common (extra)
*50c.
Everett, Heany & Co., Inc. (quar.)
2
Famous Players-Lasky Corp., pref. (qu.)
1
Oct.
14
to
Oct.
31
General
1
Oct.
14
to
Oct.
31
General Motors Corp., com.
2
Oct.
20
Holders of rec. Oct.
9
Common
2
Oct.
20
Holders of rec. Oct.
9
Preferred
Electric
Oct.
1
Spanish Riv. Pulp & Pap.MiHs,com.(qu.)
Preferred
(quar.)
Sterling Tire Corp., com. (quar.)—
,15
♦Holders of rec. Sept. 30
*1K
Oct.115
♦Holders of rec. Sept. 30
1
Nov.
1
Holders of rec. Oct.
Nov.
1
Holders of rec. Oct.
IK
No'"
1
Goodrich
(B. F.)
20
Holders of rec. Sept. 30
Harbison-Walker Refrac., pref. (quar.)
2
Oct.
20
Holders of rec. Sept. 30
Harris Bros. & Co., pref. (quar.)
IX
Nov.
Nov. 15
2
Forgings (qu.)
Oct.
$1
Corporation (quar.).
*1K
United Drug, first prferred (quar.)
$1.50
U. S. Smelt. Ref., & Min.. com. (quar.).
Oct.
Preferred
(quar.)
Vulcan Detlnnlng, preferred (quar.)
Preferred A (quar.)
Western Power Corporation, pref.(quar.)
Western States Gas & Elec., pref. (quar.)
Winchester Co., first preferred.
(quar.)
Hlllman Coal & Coke, pref. (quar.).
1 ♦Holders of rec. Oct.
Howe Sound Co.
and
not
IK
50c. Oct.
rec.
Sept. 30a
Holders of
rec.
Oct.
Nov.
1
IK
Nov.
1
Holders of rec. Oct.
21
12Hc. Oct.
15
Holders of rec. Oct.
1
Oct.
10
Holders of
*2X
Oct.
15
*IX
IK
Oct.
15
Oct.
15
Oct.
2
to
Oct.
14
15
Oct.
2
to
Oct.
14
Jones Bros. Tea, common
(quar.).
Holders of rec. Sept. 30
3X
'Oct.
Kerr Lake Mining
(quar.)
Lyall Construction Co. (quar.)
2
Payable.
(quar.)
Montreal Telegraph
Bonus
la
Minn. St. Paul & S. S. M., com.
preferred (quar.).
& pref.
(quar.)
Norfolk & Western, adj. pref. (quar.)—
3X
Oct.
15
New York Central RR.
IK
Nov.
1
Holders of rec. Oct.
la
1
Nov. 19
Holders of rec. Oct.
Northern Pacific (quar.)
IK
Nov.
1
Holders of rec. Oct.
2a
IK
Oct.
5
Holders of rec. Sept.
10a
IX
Nov. 30
Holders of rec. Oct.
25
Nov. 11
Holders of rec. Oct.
Oct.
14
Holders of rec. Sept.
Oct.
15
Holders of rec. Oct,
50c.
preferred (quar.)..
!
3X
11
14
Holders of rec. Sept. 30
15
Holders of rec. Sept. 30
Holders of rec. Sept.30a
15
.
15 "Holders of
pref. (quar.)
Pow. (quar.)..
IX
Oct.
15
2
Oct.
15
2
15
Holders of rec
Oct.
15
Holders of rec. Sept.
25c. Oct.
(qu.)
(quar.).
(quar.)
Monongahela Val. Trac.. new pref.
Pacific Gas & Electric, common
Extra
(pay.
Oct.
1
to
Oct.
20
Oct.
1
to
Oct.
Oct.
15
Holders of rec. Sept.
2
Preferred (quar.)
Ohio Fuel Supply (quar.).
20
25c. Oct.
...
Oct.
15
Holders of rec. Sept.
15
Holders of rec. Sept.
15
Holders of rec. Sept.
62XC Oct.
i 50c Oct.
in Victorj
*62 He Oct.
20 "Holders of rec. Sept.
cumulative preferred
(quar.)....
Bait. & Ann. Elec. RR., com. (qu.)
Six per cent
Nov. 15
2
Feb .x 15
Holders of rec. Jan 31 *21
2
Mayzl6
Holders of rec. Apr
Oct.
25
30 *21
Holders of rec. Oct. 30
Holders of rec. Jan 31 '21
Holdersof rec. Apr. 30 '21
Holders of rec .July 30 '21
Holders of rec. Sept. 30
Oct.
15
Holders of rec.
1H
Oct.
15
Holders of rec. Sept. 30a
1H
Oct.
15
Oct.
$1.50 Oct.
11
Holders of rec. Sept.
$1.50 Oct.
11
Holders of rec. Sept.
Oct.
20
(quar.)
IK
Nov. 15
Preferred
Preferred
IK
IK
Mays 15
1
Preferred
(quar.)
(quar.)
(quar.)
IK
Augj:15
7
Holders of rec. Sept. 30a
15
Holders of rec. Oct.
la
1
Holders of rec. Oct.
la
Preferred (quar.)
—a..
51.50 Nov.
30a
18
Sept. 18
Sept. 24
Oct.
15
*1
Oct.
♦Holders of rec. Sept.
Oct.
IK
Oct.
Oriental Navigation, 1st & 2d pref. (qu.
2
Preferred
(quar.).
Pacific Telep. & Teleg. (quar.)
Holders of rec. Sept.
1
IK
1 ♦Holders of rec.
Feb.116
$2
i
Holders of rec. Sept. 30a
30
nx
Phila. & Western Ry., pref.
Common class B (quar.)
$1
Parish & Bingham (quar.)
1
Sept. 30a
to
Oct.
Holders of rec.
15
Holders of rec. Sept. 30a
Nov. 15
1H
Nov.
1
Nov.
1
Oct.
Prairie Oil & Gas (quar.).
Extra
*3
Oct.
*5
Oct.
30 ♦Holders of rec.
30 ♦Holders of rec.
Prairie Pipe Line (quar.).
*3
Oct.
30 ♦Holders of rec.
Preferred
Holders of rec. Sept. 30
8
Holders of rec. Oct.
Oct.
15
IX
Oct.
18
l
Nov. 15
Holders of rec. Oct.
25a
15
Holders of rec. Sept.
(quar.).
24a
♦$1
(quar.)
Preferred
(quar.).
Amalgamated Oil (quar.)
Amer. Agricultural Chem., com. (qu.).
Oct.
IK
*$1.50 Oct.
15 ♦Holders of rec. Sept. 30
Oct.
15
Oct.
15
2
Sugar, pref. (quar.)..
2
IX
Preferred (quar.)
Holders of rec. Oct.
Oct.
30
Holders of rec. Oct.
Holders of rec. Oct.
1
Holders of rec. Oct.
IX
Nov.
2X
American Ga3 & Electric, pref. (quar.).
Nov. 16
Holders of rec. Nov.
la
la
la
La France Fire F.ng.. com. (qu.)
Nov. 1
Nov. 15 ♦Holders of rec.
Mill, com. (In com. stock) V25
Holders of rec. Sept. 30a
50c. Oct. 15
American Rolling Mill, common (quar.).
Holders of rec. Sept. 30a
15
25c. Oct.
Common
Amer.
Amer. Rolling
(extra)
Six per cent
preferred (quar.)
Seven per cent preferred (quar.)
Amer. Seeding Mach., com. & pf. (quar.)
American Shipbuilding, com. (quar.)...
(quar.).
American Steel Foundries, com.
American Telephone & Telegraph (quar.)
American Type Founders, com. (quar.)
...
(quar.).
Amer. Zinc, Lead & Smelt., pref. (quar.)
Asbestos Corp. of Canada, common (qu.)
American Woolen, com. & pref.
Nov.
1
Thompson (John R.) Co., com. (quar.).
Holders of rec. Oct.
Holders of rec. Oct.
15a
15
Oct.
15
Holders of rec. Sept. 20a
Holders of rec. Oct. 10a
IK
IK
Oct.
15
Holders of rec. Oct.
Oct.
15
Sept. 16
to
IX
Oct.
15
Oct.
15
Holders of rec. Oct.
Oct.
IK
1
(quar.)
Barnsdall Corp., Class A & B (quar.)—
Barrett Co.. pref. (quar.)
Bayuk Bros., Inc., 1st & 2d pref. (quar.)
Nov.
1
Sept. 30a
62 Xc Oct.
30
Holders of rec,
IK
Oct.
15
2
Oct.
15
Holders of rec.
Bell Telep. of
Canada (quar.)
preferred (quar.)
Borne, Scrymser Co
Canada Cement (quar.)
2
Oct.
IX
Dec.
15
Dec.
la
5 ♦Holders of rec. Sept, 25
Oct.
5
Holders of rec. Sept. 20a
Oct.
2
Holders of rec. Sept. 20
Holders of rec, Oct.
1
(quar.)
Sept. 30
Sept. 30
rec.
Oct.
rec.
to
Oct.
Oct.
21
Oct.
Oct.
15
Holders of rec. Sept.
IK
2X
...
Oct.
Oct.
15
15
Holders of rec. Sept.
Oct.
15
Holders of rec. Sept.
Oct.
15
Holders of rec. Sept.
♦62Hc Nov.
Holders of rec. Sept.
1 ♦Holders of rec. Oct.
15
Holders of rec.
Oct.
1H
Preferred
Preferred
Oct.
1H
Jan.17z
Apr.l5z
July 15*
Holders of rec.
Oct.
1H
3z
lx
lx
Sept. 20
Holders of rec. July
5
Holders of rec.
Oct.
5
Holders of rec. Sept.
Nov.
1
Holders of rec. Oct.
$1
Preferred
Oct.
15
Holders of rec.
$1.50 Oct.
18
Holders of rec. Oct.
Oct.
15
Holders of rec.
1H
(quar.)
U. S. Food Products (quar.)
1
Apr.
50c.
50c.
United Shoe Machinery, com. (quar.)...
5a
7
30
30
30a
20a
30a
1
Holders of rec. Jan.
1H
(quar.)
(quar.)
(quar.)
11
rec.
5 ♦Holders of
5 ♦Holders of
Holders of
27
1
Holders of rec. Sept. 30
Borden Co.
Holders of rec. Sept. 30
1
Oct.
$1
Preferred
Holders of rec. Sept. 30a
1
Holders of rec, Oct.
15
15
Nov.
5c.
....
Tuckett Tobacco, common (quar.)
26a
Oct.
Oct.
3
Tonopah Mining
30a
Holders of rec,
Holders of rec. Sept. 27
62HC. Oct.
Preferred
IK
(quar.)
1
15a
11
*37 He Oct.
Oct.
*1K
1
Holders of rec. Sept.
& Splndler—
First and second preferred
10a
Holders of rec. Oct.
25
Nov.
.
....
Sept. 26
15a
Holders of rec. Oct.
Holders of rec. Oct.
1
$1.50 Nov.
Preferred
(quar.)
la
Oct.
Holders of rec. Oct. d21a
1
Nov.
5
(qu.).
Texon Oil & Land
15a
1
1
$1
.
15a
2
1
Oct.
*10c.
Holders of rec. Oct.
Holders of rec. Oct.
Oct.' 15
d~2la
Mar. xl
2
(quar.).
Terator Corn & Fruit Prod. A & B
75c
Holders of rec. Oct.
Nov.
IK
Southern N. E. Telephone
Holders of rec. Sept. 30
1
Holders of rec. Oct.
1
1
15a
IK
(quar.)...
15
1
la
Nov. 30 ♦Holders of rec. Nov.
to
IK
Preferred
IK
Nov.
Holders of rec. Oct.
15 ♦Holders of rec. Oct.
25c. Nov.
Sterling Oil & Development
Nov.
Sept. 26
15
Oct.
1H
Santa Cecelia Sugar, com. (quar.)
Holders of rec. Sept. 30a
Oct.
15
Oct.
3H
Rltz-Carlton Hotel, preferred
Holders of rec. Sept. 30a
IX
—
Austin. Nichols A Co.. pref. (quar.)...
(quar.)
15
IK
(quar.)
Preferred
15
IX
13
Oct.
Oct.
♦1H
(quar.)
Quaker Oats, common
Oct.
IK
21
31
Sept. 30
Sept. 30
Sept. 30
Oct.
•3
Oct.
IK
(extra).
Preferred (quar.)......
to
$2
(quar.)..
IX
2H
Common
24
2
Punta Alegre Sugar, common
9a
15
5
Holders of rec. Oct.
Miscellaneous.
—
15
16a
16a
Holders of rec. Nov.
2
.4
Spokane(qu.)
30
Holders of rec. Oct.
2
1
Oct.
IK
30
17
17
30a
30
30a
30a
24
Common (quar.)
Common (quar.)
75c. Oct.
37 He. Oct.
Sept. 20
IK
Nipi8sing Mines Co. (quar.)...;
13
Holders of rec. Sept.
Oct.
15
Holders of rec. Oct.
1
Nov.
Sept. 30
Oct.
1
Oct.
Preferred
Holders of rec. Oct.
Oct.
Sept. 28
to
IK
(quar.)
rec.
Holders of rec.
15
Oct.
la
Holders of rec. Oct.
9
Oct.
4
York Transit (quar.)
9
15
Oct.
IK
New
Extra
4
Street & Electric Railways.
Sept. 30
3K
Holders of rec. Sept. 30a
Holders of rec. Sept. 22a
rec.
Holders of rec. Sept. 16a
Holders of rec. Oct.
Oct.
2
National Sugar Refining (quar.).
24o
Holders of rec. Sept.20p
1
Nov.
OC
IK
♦$2.50 Oc
National Fuel Gas (quar.)
National Oil, pref. (quar.)
28a
RR
Holders of
Oct.
K
19a
Reading Company, common (quar.)
Holders of rec. Sept. 25
15
2
(quar.)
30a
$1
15
Oct.
/4
Kansas City Southern,
Holders of rec. Sept.
15
15
$1
Days Inclusive.
Holders of rec. Oct.
Oct.
Sept. 25 ' to
Oct.
2
(quar.)
Mohawk Mining
Cent.
pref. (quar.)
pref. (qu.).
Sept. 30
Oct.
fio
$1.50 Oct.
Books Closed.
1
20a
3
When
20
rec.
30a
Manhattan Electrical Supply—
4
Barnett Bros.
Holders of
IK
15
(quar.).
15
14a
Oct.
Associated Oil
Holders of rec. Sept. 25a
Holders of rec. Sept. 30
Oct.
Preferred
15
Holders of rec. Oct.
pref. (qu.).
(quar.)
Oct.
15
1
Preferred
Holders of rec. Sept.
20
IK
Amer. Beet
Holders of rec. Oct.
15
Oct.
Joliet & Chicago (quar.)
Allls-Chalmers Mfg. com.
8«
25
Oct.
Oct.
(quar.)
(quar.)
30
Oct.
Oct.
IX
'
Kentucky Securities Corp.,
Sept. 30a
IK
$1
MacAndrews & Forbes, com. (quar.)..,
Duquesne Light, preferred
rec.
IK
Nov.
Alliance Realty
Holders of rec. Sept.
14a
IK
Air Reduction
15
Holders of rec. Oct.
IK
Wash.
Oct.
to
20
Railroads (Steam)
Washington Water Power,
Holders of rec. Sept. 30
7
weeks
This list does not include dividends
Philadelphia Co., common
Holders of
15
7
Great Northern (quar.)
Manchester Trac., Lt. &
Oct.
15
Oct.
Holders of rec. Oct.
National Biscuit, com. (quar.)...
Second
25
Oct.
Holders of rec. Oct.
Name of Company.
Warren
Oct.
15
Per
Pittsburgh & West Virginia
31
30
15
announced this week.
Pittsb. Ft. Wayne & Chic.,
Oct.
Sept. 30
Oct. 24
Oct.
-—
Clev. Cin. Chic. & St. Louis,
16
rec.
87HC. Oct.
Oct.
IK
3
paid.
Holders of
1
2
(quar.).
Inspiration Consolidi
Internat. Agric. Cori
give the dividends announced in previous
yet
Holders of rec. Sept.
15
IK
Preferred
15
Preferred
we
15
Oct.
5c.
(quar.)
5a
Holders of rec. Oct.
20
Nov.
Oct.
Nov.
Oct.
1
Holders of rec. Sept. 28
1
5
20 ♦Holders of rec. Oct.
♦$1.25 Oct.
9a
Oct.
IX
IK
Preferred
5a
5a
Holders of rec. Nov.
Holders of j^eo.
Oct.
12
Tto
19
IX
*1K
15
1
Holders of rec. Oct.
Holders of rec. Nov.
Nov. 15
22
50c. N
Oct.
United Alloy Steel
Below
$1.50
Greene Cananea Copper (quar.)
IK
Textile Banking (quar.)
(m)
Co., com. (quar.J
Holders of rec. Sept. 30
Holders of rec. Nov.
Holders of rec. Oct.
Nov.
20
Holders of rec. Oct.
Holders of rec. Oct.
1
IX
Oct.
1
Nov.
IX
1
2
Holders of rec. Sept.
15
Oct.
7% debenture stock (quar.)
Holders of rec. Sept. 27
Oct,
preferred (quar.)
1
(quar.)
6% debenture stock (quar.)...
IK
Series B preferred (quar.)..
Superior Steel Corp., com. (quar.)
First and second preferred (quar.)
15a
9a
5a
5a
5a
5a
5a
11 *
Nov.
25c.
(quar.)
(payable in common stock).
10
Holders of rec. Oct.
15
Oct.
2
(quar.)
Holders of rec. Oct.
Oct.
Eastern
Nov.
*1K
preferred
20
1
pf. (qu)
Second
20
1 *
(quar.)
IK
Transue & Williams Steel
1 *
Nov.
25
Holders of rec.
9
Holders of rec. Oct.
25
Nov.
*1K
Oct.
Preferred
17 He. Nov.
Nov.
1K
Mills, com. (qu.)
Oct.
*1X
(qu.)
IX
(quar.)
Southwestern Cities Elec. Corp.,
IX
(quar.).,
du Pont (E. I.) de Nem. Pow.,com.
1K
(quar.).
Seven per cent
de Nemours & Co.—
(E. I.)
Debenture stock
Holders of rec. Sept. 30
Oct.
12HC. Nov.
(quar.)
(quar.)
Smith (Howard) Paper
Preferred (quar.)
Days Inclusive.
15 ♦Holders of rec. Sept. 30
8a
Holders of rec. Oct.
25
*$1.25 Oct.
—--
Russell Motor, common
Preferred
16 ♦Holders of
Oct.
1K
(quar.)..
(quar.)..
Oct.
♦2
Northern States Power, prel.
Producers & Refiners Corp., com.
Books Closed
Payable.
Miscellaneous (Concudedi
(Concluded)
(quar.)
(quar.)--Pennsylvanla Salt Mfg. (quar.)
Miscellaneous
Noiseless Typewriter
Pittsburgh Coal of Penn.,com.
When
Cent.
Books Closed.
Cent.
Name of Company.
1345
CHRONICLE
THE
1920.]
20
5a
1
d2a
Sept. 30a
Oct. 20
Oct.
20
Oct.
15
Sept. 12
14
U. S. Industrial Alcohol, pref. (quar.).
IK
IX
Oct.
16
Holders of rec, Sept. 30
United States Oil, common (quar.)...
1
Holders of rec
1
Holders of rec. Oct.
20
Canadian Car A Foundry, pref.
9
2H
/5
Nov.
Oct.
Nov.
IK
2
Oct.
Holders of rec, Sept.
2H
1
Holders of rec. Oct.
201
IX
Oct.
4
Holders of rec,
24
Sept. 24
Nov.
Canadian Cottons, common
4
15
Holders of rec. Oct.
la
2
Oct.
21
Holders of rec,
Sept. 30
Preferred
(quar.).
(quar.)
(quar.)
to
Oct.
Sent, 25
Oct.
15
Holders of rec. Oct.
IX
Oct.
15
Holders of rec, Sept.
IK
Oct.
15
Holders of rec,
(monthly)..
*H
Nov.
(payable in common stock)..
*flK
Nov.
$1
Caracas Sugar (No. 1).
Preferred
(quar.)
Cities Service, com. & pref.
Common
*X
Consolidated Textile Corporation
Preferred
(quar.)
(quar.).
(quar.)
Detroit Edison (quar.)
(quar )..
Dictograph Products Corp., pref. (qu.).
Dome Mines, Ltd. (quar.)
Dominion Coal, pref.
quar.)..—.
Detroit Iron A Steel,
pref
(quar.)
Textile, pref. (guar.)
Dominion Steel, pref.
Dominion
...
15
West Coast OH
Oct.
15
Western Union
Sept. 24a
Oct.
75c. Oct.
15
25c. Oct.
20
Holders of rec.
♦25c. Nov. 16 ♦Holders of rec,
la
.
Preferred
(quar.).
-
5a
15 ♦Oct.
Oct.
20 ♦Holders of rec,
Oct.
20 ♦Holders of rec,
Oct.
4
15 ♦Holders of rec.
Oct.
4
1
15
1
Sept. 30
rec.
Sept. 30
Holders of rec. Oct.
Holders of rec.
Holders of
Oct.
15a
2a
rec.Sept.1:30a
5 ♦Holders of rec. Sept. 30
15
Holders of rec. Sept.
20a
30
Holders of rec. Sept.
30a
Oct.
30
Holders of rec. Sept. 30a
$1
Oct.
15
Holders of rec. Sept. 30a
50c.
Nov.
Oct.
*62He Nov.
1
10
Holders of rec. Oct.
15
Holders of rec. Sept. 30
1
♦Holders of rec. Oct.
15
Holders of rec. Oct.
15
5a
4
Oct.
.
15
Oct.
Nov.
rec.
Oct.
$1.75
1
_
7
Oct.
Oct.
15 ♦Holders of
15 ♦Holders of
rec.
*$1.50 Oct.
Oct.
IK
.
1
*1
Nov.
Holder# of
$1
(quar.)
Telegraph (quar.).
Westlnghouse Air Brake (quar.)
Sept. 20a
Nov.
Oct.
1
Oct.
Holders of rec
Oct.
2
clO
1 ♦Holders of rec,
Holders of rec,
Holders of rec. Oct.
Holders of rec, Oct.
7
to
Oct.
Holders of rec. Sept. 30a
1
10 ♦Holders of rec, Oct.
1
10 ♦Holders of rec. Oct.
2
Oct.
30
Holders of rec,
2
Oct.
15
Holders of rec, Sept. 30a
Oct.
15 ♦Holders of rec.
Oct.
15
Holders of rec. Sept.
Oct.
20
Holders of rec
30a
Sept. 30a
1
Holders of rec
Oct.
Holders of rec,
Oct.
15
Holders of rec
Sept. 30
-
1H
Oct.
*1X
*1K
2
25c.
IK
IX
IK
Nov.
Nov.
Oct.
1
Oct.
Oct.
15a
1
Oct.
the U.S. Government
t The New York Stock Exchange
and not until further
notice,
a Transfer books not closed for this dividend,
b Less British income tax.
d Correction.
e Payable In stock.
/ Payable In common stock,
o Payable in scrip.
h On account of accumulated dividends,
i Payable in Liberty or Victory Loan bonds.
*
of
From unofficial sources,
an
t Conditional on receipt from
adequate payment of the rental now due.
has ruled that stock will not be
quoted ex-dlvldend on this date
12
1
15
62Xc. Nov.
*1K
(quar.)..J
Crucible Steel, com. (quar.)
*IK
(quar.).
1 ♦Holders of rec
11
15
*1K
Preferred
(quar.)
Preferred
15
15
...
Cosden & Co., common
Preferred
1
*15
(quar.).
30a
*50c. Oct.
(quar.)..
(quar.)
Victor Talking Machine, com.
Sept. 30a
*1K
Common (extra)
$1.50 Oct.
Oct.
Oct.
IK
(quar.)
Corn Products Refining, com.
Preferred
Oct.
(quar.).
♦Holders of rec
1
50c. Oct.
Conley Tin Foil Corporation (quar.)
Consolidated Cigar, com. (quar.)...
Continental Candy Corporation
Nov.
1
Preferred B (monthly)
Preferred
k New York
Stock Exchange has ruled that
ex-the 10% stock dividend on Nov.
1.
I Payable In Class B shares.
m
One-fourth of
*1921.
a
share of common stock.
i
Va. Iron, Coal A Coke be
quoted
1346
THE
CHRONICLE
Transactions at the New York Stock Exchange daily,
weekly and yearly.—Brought forward from page 1257.
Week ending
Oct. 1 1920.
Stocks.
Railroad,
Par
& Foreign
Bonds.
Clearing House Banks.—We give below a sum¬
showing the totals for all the items in the Boston
Clearing House weekly statement for a series of weeks:
U. S.
Bonds.
Boston
mary
State, Mun.
&c.,
Shares.
[Vol. 111.
Bonds.
Value.
BOSTON
CLEARING HOUSE
MEMBERS.
Sept. 25
Saturday
Monday
Tuesday
284,920
$23,714,500
1,019,901
88,500,900
62,741,900
78,441,500
76,301,000
81,330,500
747,969
Wednesday
Thursday
Friday
911,790
912,025
924,575
Total..
$2,605,000
3,814,000
3,965,000
1,103,500
1,029,000
5,031,000
1,886,500
1,384,000
Circulation
Week ending Oct. 1.
«*
1920.
oo o 8o $69,720,750
Jan. l
Stocks—No. shares...
Par value
-
Bank shares, par
1919.
1919.
Reserve
7,969,542
167,689,617
228,832,765
$411,030,300 $729,255,825 $14,769,547,875 $20,898,986,430
$1,400
$47,200
bonds.
$57,365,000
$2,069,589,450
3,163,000
RR. and misc. bonds..
$69,720,750
7,580,000
24,147,000
10,266,000
269,286,000
487,717,500
Total bonds.-------
$101,447,750
$70,794,000
$2,826,592,950
TRANSACTIONS
AT
THE
BOSTON.
PHILADELPHIA
53,697,000jDec,
and
6,558,000 Inc.
44,000
5,906,000
6,514,000
Statement of New York
City Clearing House Banks
Companies.—The following detailed statement
shows the condition of the New York City Clearing House
members for the week ending Sept. 25.
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.
The return, of the Equitable Trust Co. is included in the state¬
ment for the first time.
$2,457,977,300
DAILY
bank
and Trust
$1,846,123,800
219,176,500
392,677,000
-.
State, mun., Ac., bonds
in
excess
Federal Reserve Bank
4,801,180
Bonds.
Government
$
602,580,000;Dec,
-—
1.
to Oct.
1920.
1920.
2,960,000 Inc.
Loans, dlsc'ts & Investments.
New York Stock
Exchange.
Sept. 11
1920.
7,000
2,960.000
2,953,000
3,953,000 606,533,000 599,095.000
Individual deposits, lncl. U.S. 445,896,000 Dec, 14,784,000 460,680,000 448,548,000
Due to banks
105,518,000'Dec, 10,349,000 115,867,000 110,711,000
Time deposits
17,504,000 Inc.
114,000
17,484,000
17,390,000
United States deposits
11,512,000 Inc.
3,172,000
8,340,000
1,382,000
Exchanges for Clearing House
17,343,000 Dec.
17,541,000
483,000
17,826,000
Due from other banks
67,931,000 Dec, 6,087,000 74,018,000 67,224,000
Cash In bank A In F. R. Bank
1,809,000 55,506,000 53,880,000
11,681,750
4,273,000
Sept. 18
previous week.
$
10,862,000
11,170,000
$24,147,000
Changes from
'1920.
$6,686,000
11,993,000
17,328,000
4,459,000
$4,801,180 $411,030,300
Sales at
$830,000
1,347,000
AND
BALTIMORE EXCHANGES.
,
Boston
Week ending
Oct. 1 1920.
Shares.
Saturday
Philadelphia.
Bond Sales.
7,487
13,198
12,420
Shares.
$25,700
Baltimore.
Bond Sales.
2,588
9,312
8,294
Shares.
NEW
491
$15,300
909
50,000
HOUSE
673
50,000
MEMBERS
13,588
10,769
60,300
43,850
7,081
605
36,000
(,000 omitted.)
5,408
$25,200
48,800
54,600
124,550
49,300
1,315
12,431
20,000
10,030
43,000
461
14,000
28,000
Week ending
Sept. 25 1920.
$233,450
42,713
$345,450
4,454
$193,300
...
Wednesday
Thursday
Friday
Total
67,350
16,250
.
WEEKLY
CLEARING
HOUSE
RETURNS.
(Stated in thousands of dollars—that is, three ciphers
Bond Sales.
69,893
Monday
Tuesday
YORK
Net
CLEARING
Loans,
1,000] omitted.)
■+:
Reserve
Capital. Profits. Discount
1
Nafl,
State,
June
June
30
30:
with
Net
Time
Bank
Invest¬
in
Demand
De¬
Circu'
ments,
Vault.
Legal
Deposit
Deposits.
posits.
lotion.
dkc.
lories.
Tr.Cos.,June30i
Average
Members of
$
Average Average
$
Average.
Average Avge.
Bk of NY, NBA
2,000
7,167
$
823
4,642
34,120
4,562
Co.
5,000
15,974!
2,698
12,844
94,721
13,071
146,860
Fed. Res. Bank
New York City Non-Member Banks and Trust Com¬
Nat.
Cash
.
Manhattan
%
$
$
786
%
f,oo6
10,000
5,500
16,512;
10,868
1,894
19,132
Bank of America
7,473
54,721
National City.
25,000
61,263
13,834
60,768
*580,612
4,179
1,727
41,951
1,402
Chemical Nat_
4,500
1,102
Atlantic Nafl.
Mech A Metals.
panies.—Following is the report made to the Clearing House
by clearing non-member institutions which are not included
in the ''Clearing House Returns" in the next column:
6,108;
14,816:
1,135
1,677
14,061
105,161
2,241
1,000
452
2,152
15,843
887
Nat Butch A Dr
300
154
121
602
3,800
34
288
Amer Exch Nat
5,000
7,438
1,433
5,162
7,475
4,869
25,000
11,629
35,348
86,538
NatBkofComm
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK
CLEARING
HOUSE.
CLEARING
Loans,
Capital. Profits.
Dis¬
Reserve
Net
with
Demand
Cash
8tatebks.Jun.30 ments,
Tr. cos. June 30
dkc.
Net
Nafl
Time
Bank
200
755
15,939
10,687
9,205
4,037
14,198
1,376
Corn Exchange
682
1,108
29,564
157,605
45
51
3,380
5,086
11,734
917
100
618
7,197
7,348
2,443
2,316
Imp A Trad Nat
1,500
8,663
864
3,887
Circu¬
National Park.
7,500
1,000
22,737
1,231
20,885
East River Nat
810
419
1,000
4,552
947
1,627
2,563
10,000
970
25,493
Irving National
8,635
Second National
#
1,833
12,521
65
1,451
10,090
355
210
1,109
6,502
361
29
360
1,750
658
367
1,270
1,024
7,657
10,134
6,954
7,047
48,654
8,393
191
12,500
36,128
10,651
26,243
17,560
194,672
198,189
N Y CountyNat
1,000
443
855
1,743
12,938
1,000
783
7,711
131
955
24,189
2,253
390,179
20,411
5,623
37,361
1,006
2,707
>
541
63,910
1,653
100
444
600
1,400
3,451
15,245
479
Fifth
500
Avenue..
Commercial Ex.
200
980
12,753
19,322
7,441
-
1,458
7,067
430
Commonwealth
400
801
8,953
475
1,212
1,222
Garfield Nafl..
1,000
1,588
542
2,110
581
Seaboard Nafl.
1,000
1,000
4,599
15,058
15,175
52,374
700
1,845
18,696
2,507
5,000
7,522
1,500
1,590
1,530
2,596
41,594
714
2,481
3,825
26,995
287,264
873
28,803
*219,378
48,882
*506,514
15,487
10,959
National
Brooklyn Trust
717
1,000
1,500
20,000
Trust.
Bankers
93,493
20,151
19,600
298
1,666
1,061
6,278
9,210
1,693
884
625
2,000
4,650
60,900
697
33,260
537,899
2,061
54,984
Not Members of the
Fed'l Reserve Bank.
g 1,500
g
2,527
10,409
Columbia Trust
500
1,005
Mech Tr. Bayonne
200
452
Total.
700
Grand aggregate.
9,628
8,685
1,458
387
7,748
334
4,766
721
12,514
,5,181
9,410
a81,129
14,303
581
+ 92
—320
—558
+ 147
+2
14,156
579
14,082
14,043
582
4,800
9,374 101,228
5,089
9,730
a81,687
aggr
Sept. 18
4,800
9,374
99,613
5,274
9,166
a79,S94
Gr'd aggr
Sept. 11
4.800
9,374
98,540
4,837
9,214
a76,704
582
S.
liabilities,' $7,276,000.
Reserve
system the reserve
required is 15% on demand deposits and includes "Reserve
with legal depositaries" and "Cash in vaults."
Week ending
Members o/
Trust
F.R.System Companies
Capital
Surplus and profits
Loans, dlsc'ts A inveatm'ts..
Exchanges for Clear. House.
$33,225,0
91,171.0
$4,500.0
12.478,0
719,045,0
36,193 0
25.998.0
452.0
Due from banks
115.511,0
16.0
Bank
136,654,0
329.0
527,509.0
20.720,0
8,900.0
673,063,0
250.0
21,299.0
deposits
deposits
Time deposits.
Total deposits
U. S. deposits (not Included)
Res've with legal deposit's.
Res've with Fed. Res. Bank
Cash In vault*
Total reserve and cash held.
required
Excess res. A cash In vault..
1920.
$37,725,0
$37,725,0
103,669,0
754,656,0
26,450.0
26,825,0
115.527,0 122,767,0
136,983,0 141,351,0
548.229,0 551,876,0
9.150.0
9,259,0
694.362,0 702,486,0
14,869,0
13,842,0
103.649.0
755.238,0
52,532,0
15.000.0
2,765,0
3,099,0
71,278,0
55,631,0
647,0)
15,647,0
16.414.0
981.0
3,746,0
54,083,0
14,430.0
Cash in vault is not counted aa reserve for Federal
M
~
85,473
522
8,166
62,592
499
3,321
2,000
3,282
32,628
633
1,000
5,000
18,125
131,646
575
3,016
1,420
14,339
1,119
Columbia Rank
2.000
1,394
10,713
1,374
23,342
24,462
13,780
*108,037
22,045
m'm'
2,601
23,588
«•
23,912
172,916
Equitable Tr Co kl2,000kl7,900
Average
247,900 450,099 5,227,459
Totals, actual co nditlon Sept.25 5,233,827
TotalB, actual co ndltion Sept. 18 5,063,675
Totals, actual co nditlon Sept. 11 4.950,694
State
662
1,524
2,889
21,098
*177,932
1,936
458
1,421
113
17,865
93,710 544,080 c4,045,493,255,435
34,752
88,881'557,001 c4,051,467250,799134,731
90,893542,991 c3,977,739!240,433 34,716
93.009 536.364 c3.893,246 232,061 34,834
/ Federal Reserve Bank
1,716
18,063
2,412
1,309
1,000
250
842
5,542
672
325
2,500
2,007
68,615
3,454
1,928
18,302
5,413
28,859
40,170
3,750
Average
Totals, actual
Totals, actual
Totals, actual
50
17,362
Not Me mbers
Bank
Trust
1,716
3,543
4,566
92,220
6,538
3,562
52,574
40,173
92,933
co nditlon
Sept.25
53,132
40,226
Sept. 18
92,656
6,553
6,519
3,651
co nditlon
3,752
53,496
ndltion Sept. 11
91.533
6,434
3.702
52,448
40,013
39,816
29,192
1,049
co
Compan les.
Title Guar A Tr
N ol Mem bers of Fe deral Re serve Bank
979
47,095
3,445
y6,000 yl2,316
4,000
6,167
26,455
909
1,499
15,890
325
10,000
18,483
73,550
1,888
4,944
45,082
1,374
co
ndltion Sept.25
73,251
44,702
1,319
nditlon Sept. 18
ndltion Sept.11
74,092
1,861
1,889
4,919
co
75 215
1,912
4,962
5.132
45,795
46,269
1,385
1,296
Lawyers T.A Tr
Average
co
1920.
Gr'd aggr, avge
261,650473,148 5,393,229 102,136 552,586e4,143,149 296,982 34,752
pre vious w eek
+203090
+268 +3,285
+64,911 +20551
+6
Comparison,
2,363,0
54,921,0
14,786,0
72,070,0
55,656,0
"
-
J---
11
Total.
2,765,0
54.083.0
13,449,0
67.532.0
Sept.
-
739
1,900
Totals, actual
Totals, actual
Totals, actual
Sept. 25 1920.
Sept. 18
Two'ciphers (00) omitted.
4,283
11,292
1,060
Bowery Bank.
Federal
17,700
79,993
32,669
1,500
State Bank9.
the
36,210
3,000
-
Greenwich Bank
Philadelphia Banks.—The Philadelphia Clearing House
statement for the week ending
Sept. 25 with comparative
figures for the two weeks preceding is as follows.
Reserve
requirements for members of the Federal Reserve system
are 10% on
Remand 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
392
455
Metropolitan Tr
—309
of
405
Nassau N.Bklyn
5,910
9,539 100,919
deposits deducted, $928,000.
payable, rediscounts, acceptances and other
reserve, decrease $81,520.
571
2,000
Peoples Trust.
wk_
Excess
65
1,954
Lincoln Trust..
5,044
4,800
us
505
1,103
1,168
249
624
New York Trust
866
405
4,021
19,279
77,795
34,729
WW
800
Farm Loan A Tr
616
18,313
1,500
7,206
5,000
-
391
2,644
17,478
6,818
25,000
U S Mtge A Tr
-
«»»«#.»
"iio
46,882
69,729
14,504
514
Guaranty TruBt
19,961
Companies
Hamilton Tr.Bkln
--
6,354
17,407
3,506
16,455
1,642
-
mfm
9,313
14,419
12,500
Fidelity Trust--
Total
194
-
1,079
.
"390
Union Exch Nat
184
2,028
50
100
15,000
5,957
278,634
'•
774
Continental Bk
Cbaae National
Average Average
245
261
4,716
100
Coal A Iron Nat
Bank of Wash Htt
*
10,759
lation.
Fifth
6,235
Colonial Bank
Reserve
143.970
Liberty Nat Bk
3,400
Individual
21,208
De¬
Banks.
members
42,749
posits.
Not Members of thi
Fed'l Reserve Bank
not
6,667
6,389
De¬
9,844
600
Total
U.
2,988
y6,000 y7,758
91
13,476
posits.
tories.
400
a
2,000
-
23,257
105.3Q5
117,058
Legal
*
697
500
Bills
2,791
2,000
Deposi¬
J
1,614
200
New Netherlands
Gr'd
20,331
in
Average Average Average Average
$
1,500
Mutual Bank
Comparison prevlo
3,000
Nafl
272,048
,3,313
14,528
15,497
First National-
Members of
Trust
1,754
5,001
Vault.
Nat.bks.June30 Invest¬
State
1,765
7,929
Metropolitan
counts,
Week ending
Sept. 25 1920.
2,935
1,000
7,000
Hanover
Net
32,696
Pacific Bank--
Cbath A Phenlx
(Stated in thousands of dollars—that is, three ciphers (OOOi omitted.)
241
$37,725,0
102,518.0
751,334,0
24,448,0
110,631,0
135,672,0
539,362.0
9,261,0
684,295,0
1,542,0
2,121,0
54,891,0
13,841,0
10,853,0
55,287,0
15.566.0
Gr'd
aggr,
/
Sept.25 5,400,011
w
eek
+169588
Gr'd aggr,
act'l cond'n
Gr'd aggr,
Gr'd aggr,
act'l cond'n
act'l cond'n
Gr'd
act'licond'n LAug. 28!5,157,928l
xr
aggr,
***nclude8 deposits
National
97,295565,571 f4,149,301 292,344 34,731
+ 72,271 + 10513 11 + 15
-2,006,+ 13866
Sept. 18 5,230,423 99,301551,705
Sept. 11 5.117,442 101.355 545.198
Sept.
4 5,135,956
4,077,030 281,83134,716
3,991,963 273.173i34.834
95,012 544,140
f3,967,703272,515!34,956
94,734535,183
3,989.026 269,759:35.287
in foreign branches not included in total
footing
as
follows
City Bank, $125,558,000; Bankers Trust Co., $2,818,000;
Guaranty Trust
: Farmers' Loan A Trust Co., $15,599,000; Equitable Trust Co.
ZiJ37'000, Balances carried in banks in foreign countries as reserve for such de¬
ports were* National City Bank, $49,383,000; Bankers Trust Co., $284,000; Guar¬
anty Trust Co.,
$9,103,000; Farmers' Loan A Trust Co., $2,473,000; Equitable
«99
Vw
nH
lrust Co.,
$3,877,000.
deposits deducted,
c
Deposits
$180,930,000.
payable,
Reserve Bank members.
act'l cond'n
Comparison, prejvi ous
rediscounts,
July 20 1920.
acceptances
k As of
Sept. 24.
In foreign branches not included,
e U.
S.
f U. 8. deposits deducted, $175,114,000.
Bills
and other liabilities, $1,155,274,000.
g As of
x As of July 24 1920.
y As of July 31 1920.
.
Oct. 2 1920.]
BTATEMENTS
__
RESERVE POSITION OF CLEARING HOUSE
AND TRU8T COMPANIES.
OF
1347
CHRONICLE
THE
_
BANKS
COMBINED
RESULTS
Averages.
V : ' tf. ;
;
BANKS
Reserve
in
Total
Reserve
Surplus
Depositaries
Reserve.
Required.
Reserve.
Reserve banks
Trust companies*.
9
9
4.909,587.400
124,771,600
129,596,400
125,715,400
120,070,200
Aug.
7
Aug.
Aug.
14
21
4,750.119,900
113,816,000
5,930,958,600
5,909,242,000
5,974,889,400
0,180,987,100
4,752,350,000
4,724,943,200
121,689,700
119,424,400
16,968,980
Aug. 28
Sept.
4
Sept. 11
Sept. 18
Sept. 25
5,906,454,700
11,209,240
4,859,379,600
4,919,536,700
119,291,700
635,358,400
119,786,400
664,983,300
11,947,970
$
Total Sept.
11
Total Sept.
4
8,162,000 532,441.000 540.603,000 528,655,030
Sept. 25
Total Sept. 18
69,700
11,188.260
24
31
•
4,857,213,900
4,814,390,800
4.793.133.700
1
Reserve
in
Total
in Vault.
Depositaries
Reserve.
Required.
Federal
■
Reserve.
S
$
$
9
9
Member. Federal
Reserve banks
State banks*
6,553~b66
Trust companies*.__
,■
''
eserve
Surplus
Condition of the Federal Reserve Bank of New York.
—The
557,001,000 557,001,000 534,214,680
3,651,000
10,204,000
9,563,760
1,861,000
22,786,320
640,240
following shows the condition of the Federal Reserve
in
comparison with the previous week and the corresponding
Bank of New York at the close of business Sept. 24 1920,
date last year:
6,705,300
74,700
Total Sept. 25
Total Sept. 18
8,414,000 565,571,000 573,985,000 550,483,740
8,408,000 551,705,000 560,113,000 540,817,590
Total Sept. 11
Total Sept.
4
8.346.000 545.198.000 553,544,000 529,464,800
8,047,000 544,140,000 552,187,000 526,244,18d
23,501,260
19,295,410
24,079,200
Gold and gold certificates
25,942,820
Gold settlement fund—F. R. Board
4,919,000
6,780,000
„
Resources—
Gold witb
Federal
Reserve
deposits In the case of State banks
and trust companies, but In the case of members of the Federal Reserve banks
includes also amount of reserve required on net time deposits, which was as follows:
Sept. 25, $7,663,050: Sept. 18, $6,957,660: Sept. 11, $6,632,000; Sept. 4, $6,931,860.
b This Is the reserve required on net demand deposits In the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank
includes also amount of reserve required on net time deposits, which was as follows:
Sept. 25, $7,523,970: Sept. 18, $6,961,830; Sept. 11, $6,434,000; Sept. 4, $6,945,360.
Sept. 24 1920. Sept. 17 1920. Sept. 26 1919
$
'
99,397,166
100,041,948
40,905,694
Total gold held by bank
Gold with Federal Reserve Agent
...
Gold redemption fund
81,829,519
25,537,530
40,905,694
29,129,000
240,344,809
267,489,630
35,984,700
foreign agencies
Bank.
This Is the reserve required on net demand
a
650,841,700
047,879,600
644.440.200
035,852.100
642,537,500
639,081,000
b
Cash
of
122.705,800
Figures
Reserve
!"
4,807,495,100
This item includes gold, silver, legal tenders, national bank notes and
Reserve notes.
Actual
*
members
641,112,900
647.841,700
636,680
$
8,426,000 552,586,000 561,012,000 549,802,760
8,449,000 549,301,000 557,750,000 540,781,020
8.554.000 527,386.000 535,940,000 524,751,740
Total
•Not
9
%
10,502,860
9
%
6,538", 000
State banks*
.
Reserve in
Depositaries.
Vault.
544,080,000 544,080,000 533,577,140
3,562,000
10,100,000
9,463,320
6,832,000
4,944,000
6,762,300
1,888,000
%
Members Federal
•
in
5,939.839,600
5,922,559.300
5,888,285,600
5.883,338,600
5.908.034.900
July
July
•
•Total Cash
Deposits.
a
in Vault.
'
IN
YORK.
Demand
Investments.
COMPANIES
TRUST
AND
NEW
1
Loans and
Week ended—
Reserve
Cash
OF
GREATER
148,272,744
326,281,000
268,711,530
288,849,000
25,000,000
35,857,000
157,733,000
139,419,000
672,133,400
581,819,389
690,902,000
492,209,617
492,507,110
617,837,000
492,209,617
Total
452,841,275
128,978,114
640,130,000
128,314,260
492,507,110
617,837,000
354,848,675
278,178,176
47,707,000
—
30,975,000
543,819,140
Total gold reserves
Legal tender notes, sliver, Ac
reserves
50,772,000
Bills discounted:
New York City State Banks and Trust Companies.—
For explanation of discontinuance of these returns see item
Id Chronicle of
August 14,
page
643.
obllg'ns:
Secured by Government war
For members
All Other:
For members
State Banks and Trust Companies Not in Clearing
House.—The State Banking Department reports weekly
figures showing the condition of State banks and trust
companies in New York City not in the Clearing House, as
follows:
rediscounts with other Federal
Less
Reserve banks
:
,
354,848,675
94,783,458
Bills bought in open market
941,841,751
1,462,347
Total bills on hand
NEW YORK, NOT INCLUDED IN
IN GREATER
CLEARING HOUSE STATEMENT.
863,412,575
741,945,000
76,401,000
1,462,347
50,000
1,257,000
63,509,000
1,010,948,599 1,036,409,923
3,945,574
3,962,289
806,761,000
50,000
67,394,500
U. S. Victory notes
U. 8, certificates
47,707,000
171,485,000
U. 9. Government bonds
BANKS AND TRUST COMPANIES
SUMMARY OF STATE
267,203,176
103,702,288
of Indebtedness
50,000
(Figures Furnished by State Banking Department.)
Differences from
.
k
Gold
Sept. 25.
previous week.
Inc. $3,007,700
$787,758,000
Loans and Investments
8,066,400
,
Currency and bank notes
Deposits with Federal Reserve Bank of New York..
Total deposits
33,500
Inc.
18,010,000
72,330,400
834,076,700
170,200
2,980,100
1,536,500
Inc.
Dec.
Inc.
Deposits, eliminating amounts due from reserve de¬
positaries, and from other banks and trust com¬
panies In N. Y. City, exchanges and U. S. deposits
Reserve on deposits
/_
776,387,700
138,473,700
Dec.
4,753,900
3,210,700
Dec.
Slate
transit
or
custody
Trust Companies—
♦$72,576,600
14.08%
06.91%
29,223,600
05.67%
23.38%
$101,800,200
Deposits In banks & trust companies 10,843,300
J.....$36,673,500
170,463,733
1,009,892
Uncollectible Items and other deductions*
Includes deposits with the Federal Reserve
Liabilities—,—
Government
Bank of New York, which for the
25 were $72,330,400.
14,844,000
732,127,026
125,807,400
19,500,794
698,699,000
159,530,000
881,529,792
861,597,310
40,611,000
964,625,000
34,488,110
9,924,000
111,266,237
17,215,704
Deferred availability Items...
incl. foreign govt, credits
851,326,400
deposits
855,700,445
40,986,000
36,058,485
F. R. notes in actual circulation
F. R. Bank notes In circulation—net
1346, and by reference to the figures therein for the Equitable
readily be seen how omission of this Institution has affected the different
ment appears on page
llab
All other liabilities—
to deposit and
F. R. note liabilities combined
of
total
reserves
Ratio of gold reserves to
New York City.—The
averages of the New York City Clearing House banks and
trust companies combined with those for the State banks
and trust companies in Greater New York City outside of
the Clearing House, are as follows:
Banks and Trust Companies in
43.7%
39.5%
F. R. notes In
% against
circulation after deducting 35
deposit liabilities
40%
753,135,000
52,597,000
gold
reserves
49.7%
62.2%
—
Ratio of reserves to net deposits
ducting
91,552,000
1,860,736,364 1,894,886,747 1,835,263,000
Total liabilities
Ratio
22,060,000
32,922,000
94.570
712,049,268
account.....
with the return for this week, the Equitable Trust Co. Is no longer
Included In these totals, It having become a member of the ClearingHouse and being
now Included In the statement of the Clearing House member banks.
This state¬
Items of the totals here appearing.
2,385,000
25,353,000
51,307,534
deposits
Due to members—reserve
Total gross
248,270,000
25,357,500
51,307,534
10,795,189
.
......
State banks and trust companies combined on Sept.
It can
269,515,809
850,100
1,860,736,364 1,894,886,747 1,835,263,000
Total resources..,
Other deposits,
k Beginning
2,705,000
80,246,000
19.75%
16.47%
3,994,000
foreign
In
countries
Surplus
Banks-
*$25,830,200
*
in
2,345,950
2,418,450
notes
Gold
Capital paid In
RESERVE.
Total...
R. Bank
All other resources
Percentage of reserve, 20.6%,
Cash In vaults
Total earning assets
Bank premises
5% redemption fund against F.
after de¬
against
_
48.4%
38.8%
6,073,631
F. R. notes In circulation—
Contingent liability on bills purchased
for foreign correspondents...
....
6,073,683
issued by the Federal Reserve Board on Sept. 25.
the results for seven ^preced¬
ing weeks, together with those of corresponding week of last year.
The second table shows the resources and liabilities sepa¬
rately for each of the twelve banks.
The Federal Reserve Agents' Accounts (third table following) gives details regarding
transactions in Federal Reserve notes between the Comptroller and Reserve Agents and between the latter and Federal
Reserve banks.
In commenting upon the return for the latest week the Federal Reserve Board say:
7
The Federal
The
Reserve Banks.—Following is the weekly statement
figures for the system as a whole are given in the following table, and in addition we present
Aggregate increases of 195.2 millions in the holdings of discounted bills,
against reductions of about 14 millions in acceptances and of of 122.8
in Treasury certificates, are indicated in the Federal Reserve
Board's weekly statement issued as at close of business on Sept. 24 1920.
During the week the banks gained 18.5 millions in reserves, largely gold,
while their net deposits show an increase of 80.1 millions.
Federal Reserve
note circulation, on the other hand, shows a decrease of 9.7 millions.
As
a result, the reserve percentage shows a decline for the week from 43.8
as
millions
to
43.6%.
in discounts above noted 17.8 millions represents
secured by Government obligations, and 177.4 millions
The large reduction in Treasury
certificates is due to redemption or the special certificates held by the New
York and Cleveland banks to cover advances to the Government pending
coUection of funds from depositary institutions.
Total earning assets were
58.4 miUions larger than on the pervious Friday.
Of the total of 1,220.4 millions of paper secured by Government war
Of the total increase
the Increase in paper
—the increase in commercial paper proper.
obligations, 647.2 millions, or 53%, were secured by
Liberty bonds, 305
millions, or 25%, by Victory notes, and 268.2 millions, or 22%, by Treasury
certificates, compared with 51.2, 26 and 22.8% of a corresponding total of
Combined Resources and Liabilities of the
1,202.6 miUions shown the week before.
Totals of discounted paper held
by the Boston, Philadelphia and Cleveland banks are inclusive of 226.9
millions of paper discounted for seven other Reserve banks In the South
Middle West, while acceptance holdings of the Philadelphia, Cleveland
San
Francisco
banks
are
shown inclusive 'of 23.4
purchased from the New York and Chicago Reserve banks.
All classes of deposits show reductions since the previous Friday:
Gov¬
deposits—by 88.7 millions;
members' reserve deposits—by
22.2 millions, and other deposits (including non-member banks' clearing
accounts and foreign Government credits)—-by 7.5 millions.
On the other
hand, the "float" carried by the Reserve banks and treated as a deduction
from gross deposits shows a reduction by 198.5 millions in consequence of
the collection of large amounts of income tax checks outstanding the week
ernment
before.
...
A combined reduction of 21.3
millions in Federal Reserve note circulation
by the Federal Reserve banks of Boston, New York, Phila¬
delphia, St. Louis and San Francisco, as against a further expansion by 11.6
millions shown for the seven other banks.
In addition there has also been
an increase for the week by about 2 millions in Federal Reserve bank note
is reported
circulation.
Federal Reserve Banks at the Close
of
Business Sept. 24 1920.
Sept. 24 1920. Sept. 17 1920. Sept. 10 1920. Sept. 3 1920. Aug. 27 1920. Aug. 20 1920. Aug. 13 1920, Aug. 6
1920. Sept. 26 1919
$
RESOURCES.
183,826,000
Gold and gold certificates
Gold settlement fund, F. R.
and
and
millions of bank bills
341,303,000
Board
111,455,000
Gold with foreign agencies
164,529,000
331,308,000
111,455,000
150,990 000
165,070,000
186,139,000
183,125,00b
179.630,000
185,165.000
239,168,000
428 768.000
410,507,000
373,272,000
381,259,000
502,506,000
111,455,000
111,455,000
366,892,000
111,455,000
389,927,000
111.455,000
111,531,000
111,531,000
79,370,000
;
Gold redemption fund
821,044,000
677.955.000
661,472,000
681,088.000
670,866,000
687,032,000
691,213.000
607,292,000
636,584,000
1,196,325,000
1,211,619,000 1,237,942,000 1 147.239,000 1,132,219,000 1,154,684.000 1,164,264,000 1,164,562,000 1,150,343,000
100,485,000
152,307,000
140,615,000
131,708,000
146.275,000
137 774.000
143,059,000
127,893,000
141,632,000
Total gold reserve
2,117,854,000
1,989,835,000 1,973,127,000 1,976,226,000 1,962,310 000 1,971,825,000 1,960,351,000 1,977.358.000 1,980,605,000
Total gold held by
banks
Gold with Federal Reserve agents
THE
CHRONICLE
Sept. 101920
Legal tender notes, silver, &c—_
Total
reserves
_
;
2,117.957,000 2,127,827,000 2,121,837,000 2,132.885.000
Bills discounted.
Seeured by Govt, war obligations
1,332,892,000 1,314,830,000 1,301,609,000 1,296,981,000
1,412,035,000 1.352.297.000 1,317,820,000 1,292.025.000
313,501,000
321.965,000
320,597,000
320,618,000
All other
Bills bought in open market..
Total bills
1
hand
on
3.058,428.000
26,806.000
U.
S.
8.
8.
69,000
69,000
279,633,000
certificates of indebtedness
2,940,026,000
26,809,000
277,158,000
271.490.000
Victory notes
U.
69,000
Government bonds..:
U.
Total earning assets
2,889,223,000
26,810,000
3,364,936,000
Bank premises
*14.921.000
Uncollected items and other deductions
from gross deposits
5% redemp. fund agst. F. R. bank
All other rpsourccs...
*753.707,000
notes
.....
11.695.000
*3.875,000
...
Total resources...
*6267091000
LIABILITIES.
Capital paid in....
Surplus
97,133,000
95,341.000
85,296,000
164.745.000
164.745.000
65,387,000
...
Government deposits
Due to members, reserve account
Deferred availability items
20.253.0iJ0
81,087,000
61,276,000
*1829 832000
1,816.798,000 1,731,413,000
549.778.000
653,381,000
*654,475,000
Other deposits, lncl. for'n gov't credits..
Total gross deposits
6,181,220,000
39,123.000
2,484.556,000
3,243,270.000 3,203,637.000 3,174.725,000
205,423.000
200.793.000, 198.563,000
67,703,000
64,785.0001
61,872,000
Total liabilities
95,654,000
44.821.000
*2 488 817000 2.447,756.000
...
F. R. notes in actual circulation
F. R. bank notes in circulation—rnet llab.
All other liabilities
2,431,650,000 2,541,724,000
3.141,861.000 2,655,354,000
194.834,000
239,451,000
55,012.000
28,978,000
6,353.233,000 *6267091000 6,178,771,000 6,181,220,000 6,175,789,000
6,083,443,000 5,631,890,000
Ratio of gold reserves to net
deposit and
F. R. note liabilities combined
39,72%
39.4%
40.2%
40.3%
40.6%
40.9%
42.8%
42.5%
43.2%
43.5%
43.9%
44.0%
51.0%
48.9%
Ratio of total reserves to net deposit and
F. R. note liabilities combined
66.8%
Ratio of total reserves to F. R. notes In
circulation after setting aside
35%
against net deposit liabilities
Distribution by Malurltles—
'
1-15 days bills bought in
open market1-15 days bills discounted
109,503,000
,
1-15 days U. 8. certif. of indebtedness-
^^l.OOO
*'483.052,000
26,310,000
16-30 days bills bought in open market.
16-30 days bills dlscoun'ed
16-30 days U. S. certif. of Indebtedness.
31-60 days bills bought in open market-
$
112,627.000
147,405,000
62,189,000
265,315,000
84.560 000
67,941,000
268,947,000
17,195,000
352,199,000
7,107,000
123,260,000
l9St^l^SSi
579,209,000
107,939.000
512 529,000
23,108,000
26,653,000
13,052.000
506,078,000
22,371,000
61-90 days bills discounted
61-90 days U. 8. certif. of Indebtedness.
29,118,000
286,988,000
336,732,000
25,996,000
Over 90 days bills bought in open market
Over 90 days bills discounted..
Over 90 days certif. of Indebtedness
22,382.000
$
110.768,000
32.568,000
77.394,000
243,771,000
$
112,734,000
'
114,917,000
20,695,000
109,404,000
27.325,000
70,815,000
27,340.000
71,014.000
219.669,000
189.632,000
15.441,000
19,483,000
105,240,000
110,891,000
511,330,000
28,524,000
26,157,000
332,684,000
491.886,000
25,029,000
504,969,000
27,929,000
28,475,000
253 001,000
16,700.000
27,222,000
294,330,000
12,501,000
26,092,000
26,403.000
187,532.000
188,839,000
■
■
32.164,000
188,942.000
34,431.000
301,240,000
108,414,006
%
114,800,000 1.532,058,006
23,605,006
17.967.000
85,982,006
69,882,000
120,183,000
189.930,000
10,000,000
112,931,000
154,918,000
38,102,000
37,738,000
34,371,000
32,363.000
68,568,000
25,537,000
56,230,000
342.326.000
40,273.000
40,367,000
186.705,000
56.230,000
53,836,000
162,612,000
185,940,000
185,502,000
—~
793,000
170.191.000
6,555,000
179,439,006
■
-
-
.
Federal Reserve Notes—
12,500,000
-
44,223,000
-
12,900.000
122,345,000
434.400,000
170.191.000
...
35,466,000
-
16,700.000
105,155,000
458,770.000
16,908,000
11.002,000
1
-
25,538.000
79.865.000
247,986.000
...
28,141,000
*
$.
99,481,000
1,349,550,000 1,608,558 000 1,666,391,000 1,581,792,000 1,515.379,000 1,549,969,000 1,529.341,000
77,418,000
31-60 days bills discounted
31-60 days U. S. certif. of indebtedness.
61-90 days bills bought in open market.
•
$
■
-
=====
Outstanding
3,581,625,000 3,549,041,000 3,501,897,000 3.471,731,000 3.462.875,000 3,450.969,000
3,438,500.000 2,875,259,006
3,586,497,000
291,944,000
253,755,000
258.627,000
268,094,000
,
Held by banks
-
306,501,000
In actual circulation
288,150,000
«-■
281,788,000
296,639,000
219,905,006
.
——
3,280,996,000
Fed. Res. Notes {Agents
Accounts)—,
Received from the Comptroller
Returned to the Comptroller
3,289,681,000 3.295.175,000 3,243,270,000 3.203,637,000 3,174,725,000 3,169,181,000
3,141,861,000 2,655,354,006
7
■'
7,582.040,000 7,525.140,000 7,468,540,000 7,435,580,000 7,387,780,000
7,338,200.000 7,290,760,000 5,328,000,006
7,640,540,000 3,554,226,000 3,537.490.000 3,511,315,000 3,490,516,000
3,465,042,000 3,439,212,000 3,408,446,000 2,040,819,006
3,576,029,000
—
Amount chargeable to Fed. Res. agent
4,027,814,000 3,987,650,000 3,957,225,000 3,945,064,000 3,922,738,000
3,898,988.000 3,882,314.000 3,287,181,000
Inhandsof Federal Reserve Agent
4,064,511,000
446,189,000
438,609,000
455,328,000
473,333,000
459,863,000
448,019.000
443,814,000
411,922,006
478,014,000
Issued to Federal Reserve banks
3,586,497,000
How Secured—
3,581,625,000 3.549,041,000 3,501,897,000 3,471,731,000 3,462.875,000
3.450,969,000 3,438,500,000 2,875.259,006
======================
==========
—
Gold redemption fund
With Federal Reserve Board
—
Total
279,226,000
279,226,000
274,225,000
274,225,000
260,226.000
260.2261000
260,226,000
259,226,000
247,248,000
2,374,878,000 2,343,683,000 2.401,802,000 2,369,678,000 2,317.047.000
2,298.611',000 2,286,407.000 2,288.157.000 1,678,934,000
113,543.000
115,600.000
117 269 000
112,797,000
114,531.000
118,254,000
117.943,000
117.784.000
99,933,006
818,850,000
843,116,000
755,745.000
745,197,000
779,927,000
785,784,000
786,393,000
773,333,000
849,144,000
3,586,497,000 3,581,625,000 3,549,041.000 3,501,897,000
3.471,731,000 3,462,875,000 3,450,969.000 3,438,500 000 2,875,259,000
Eligible paper delivered to F. R. Agent..
2,932,892,000 2,732,661,000 2,899,472.000 2,962,403,000 2.896,956,000
2,860,488,000 2,805,951,000
*
—
========
By gold and gold certificates..
By eligible paper
2^818,486,000
2,134,553,000
Revised figures.
WEEKLY STATEMENT OF RESOURCES AND
LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT
CLOSE OF
Two ciphers (00) omitted.
Federal Reserve Bank of—
Boston.
New York
Phlla.
C'eveland. Richmond
Chicago
St. Louis
Minneap
BUSINESS SEPT.
14.561,0
183,826,0
341,303,0
111,455,0
26,958,0
5,127,0
Total gold held by banks
Gold with Federal Reserve agents
27,876,0
Total
ernment war
obligations (a):
other
Bill" bought in open market (b)_.
Total bills
on
145,219,0 1,989,835,0
675,0
161,759,0
7,891,0
bonds
Victory notes
U. S. certificates of Indebtedness
Total earning assets
....
premises
Uncollected
79,138,0
77,329,0
49,264,0
74,362,0
37,607,0
73,555,0
39,771,0
76,712,0
35,009,0
74,776,0
7,158,0
1,595,0
6,679,0
77,572,0
1,388,0
3,521,0
48,786,0 145,894,0 2,151,594,0
21,210,0
52,678,0 1,220,423,0
55,188.0 117,478,0 1,484,041,0
763,0
65,135.0
307,624,0
hand
U. S. Government
U. S. Government
Bank
69,438,0
reserves
Bills discounted: Secured by Gov¬
All
46.646.0
636,584,0
86,635,0 1,211,619,0
11,938,0
141,632,0
39,817,0
4,714.0
Total gold reserves
Legal tender notes, silver, &c_._
1920.
Dallas
RESOURCES.
Gold and gold certificates
Gold Settlement Fund, F. R. B'd
Gold with foreign agencies
Gold redemption fund
24
Items and
other de¬
ductions from gross deposits..
6%
redemption
fund
against
118,320,0
1,233,0
235,291,0 3,012,088,0
2,633,0
131,815,0
1,206,0
26,808,0
69,0
11,244,0
12,262*0
270,623,0
249,168,0 3,309,588,0
232,0
15,370,0
59,212,0
44,976,0
818,958,0
451,0
665,0
404,0
Federal Reserve bank notes.__
All other resources
327.0
11,824,0
4,941,0
Total resources
LIABILITIES.
Capital paid in
Surplus—
-
Government deposits
Due to members, reserve account
Deferred availability Items
Oth.deposit8,lncl. for. Govt cred.
Total gross
deposits
F. R. Dotes in actual circulation.
F. R. bank notes In circulation—
net liability.
105,321,0
140,145,0
2,182,0
.
441,262,0 6,312,275,0
5,213,0
8,067,0
3,077,0
57,097,0
44,368,0
779,0
11,298.0
All other liabilities
TntpMtph'UHnc
272,226,0
6,853,0
97,401,0
164,745,0
46,493,0
116.900,0 1,799,677,0
33,408,0
596,342,0
4,231,0
34,910,0
11,662,0
3,337,0
138,796,0
107,621,0
15,708,0
2,788,0
157.876,0 2,477,422,0
249,362,0 3,279,996,0
11,075,0
214,180,0
78,531,0
4,434,0
.
iilti
ooo
o
«
ai«>
Oct. 2
Boston
New York
S
$
LIABILITIES (Concluded)—
Atlanta.
J
S
$
St. Louis. Minneap
Chicago.
$
Cleveland. Richmond
Phila.
5
omitted.
Two ciphers
1349
CHRONICLE
THE
1920.]
$
San Fran
Total.
$
Dallas
Kan.City.
%
$
$
$
'
Ratio of total reserves to net de¬
posit and F. R. note liabilities
combined, per cent
Memoranda—Contingent liability
er
'
24,620,0
'
with other F. R. hanks
-
■«
39.1
40.2
39.1
41.3
39.8
45,533,0
19,800,0
36,996,0
21,349,0
41,175,0
37,419,0
on-
rediscounted
Discounted paper
13.404,0
6,074,0
1,168,0
_
Includes bills discounted for
their endorsement
.
-
-
m
-
om
STATEMENT
226.892,0
■
#
other F. R.banks
AT CLOSE OF BUSINESS SEPT. 24 1920.
RESERVE AGENTS' ACCOUNTS
OF FEDERAL
23,404,0
8,209,0
------
10,000,0
5,195,0
••
.
16,202,0
■
i-
w.
------
------
-----
736,0
416.0
768,0
432,0
752,0
1,904,0
'
30,617,0 135,620,0
■
23,404,0
^
*
576,0
784,0
•
60,655,0
other F. R. banks, viz
(&) Includes bankers' acceptances bought fr
Without
W
M
1,312,0
1,280,0
v
10,000,0
"
Contingent liab. on hills pureh.
for foreign correspondents
(a)
226,892,9
>
sold to other
banks without endors't..
Bankers' acceptances
F. R.
43.6
40.3
40.5
42.5
48.3
48.5
43.7
51.4
endors
as
1
Federal Reserve Agent at—
(In Thousands of
Resources—
Dollars).
; ;
paper:!Excess amount held
Eligible
Total.
Chicago.
St. L.
Minn.
$
%
$
$
$
35,880
28,605
478,014
5,380
17,940
92,764 287,079 3,586,497
82,912 113,244
3",472
2,624
8,646
3,810
3,366
1,419
47,500
182,145
40,131
13,200
157,387
37,360
99,875
98,290
17,255
26,079
429,095 104,324
13,637
83,364
55,241
13,762
73,427
45,727
19,206
207,891
56,724
279,226
14,744
113,543
818,850
11,734 71,891
62,180 200,444 2,374,878
558,014
14,981 22,774
2",457
42,500
12,331
6,519
13,052
19,558
2,500
32,025
17". 933
"
$
$
g
6$470
7,940
18,320
59,360
619,886 151,631
71,420
27,599
Total.
Dallas. San Ft.
K. City.
45,000 106,389 90,000
708,146 163,007 223,462
209,608
12,882
131,000
fund—Federal Reserve Board
/ Amount required
Gold settlement
* :
Atlanta
$
975,636 287,329 365,045 145,847 150,914
5,900
19,923
Gold redemption fund
Richm'd
$
143,000
56,100
hand
..—
314,210
Federal Reserve notes outstanding
...
Collateral security for Federal Reserve notes outstanding:
Gold and gold certificates—-
Clevel.
8
$
Federal Reserve notes on
,
Phlla.
Boston. New York
36,614
....
187,526 269,572 218,449 602,312 8,209,022
741,244 2,302,163 629,744 804,422 336,548 399,327 1,382,496 335,219
.—
''V:'
received from Comptroller, gross.
Less amounts returned for destruction
....
Net amount of Federal Reserve notes received from
Comptroller of the Currency
Collateral received from
I Gold
Federal Reserve bank:\Eligible paper
Liabilities—
Federal Reserve notes
176.680 252,220 194,180 509,120 7,040,540
655,800 2,278,640 651,380 672,400 369,740 379,540 1,132,680 308,160
83,476 216,661 3,576,029
453,434 198,209 85,828 132,506
285,490 1,160,004 328,171 278,750 196,294 157,206
370,310 1,118,636 323,209 393,650 173,446 222,334
52,624
45,972
267,490 124,322 141,583
156,823
916,037 182,213 269,189 117,130 124,369
214,111
679,246 169,951
47,307
190,791
512,459 117,961
90,852 119,714 110,704 292,459 4,064,511
39,817 30,584 86,635 1,211,619
27,671
77,161 223,218 2,932,892
69,003 110,041
187,526 289,572 218,449 602,312 8,209,022
741,244 2,302,163 629,744 804,422 336,548 399,327 1,382,496 335,219
Total
Federal Reserve notes
975,636 287,329 365,045 145,847 150,914
3,911
5,702
14,398
119,935 14,982
619,886 151,631
15,961
298,249
855,701 272,347 350,647 140,145 147.003
555.188 133,283
314,210
outstanding
by banks
Federal Reserve notes held
Federal Reserve notes In
actual circulation
5,623
92,764 287,079 3,586,497
306,501
3,982 37,717
81,668 107,621
88,782 249,362 3,279,996
82,912 113,244
1,244
18,348
64,698
Reserve System.—Following is the weekly statement issued by the Federal Reserve
items of the resources and liabilities of the Member Banks. Definitions of the different items
in the statement of Dec. 14 1917, published in the "Chronicle" Dec. 29 1917, page 2523.
Member Banks of the Federal
Board giving the principal
in the statement were given
ITEMS OF REPORTING MEMBER BANKS IN FEDERAL REsEKVt
STATEMENT SHOWING PRINCIPAL RESOURCE AND LIABILITY
BANKS AS AT CLOSE OF BUSINESS SEPTEMBER 17 1921
BANK AND BR ANCH CITIES AND ALL OTHER REPORTING
reporting institutions show an increase of 134.2 millions.
For the New
Substantia] increases in the holdings of Treasury certificates, in con¬
York City banks a corresponding increase of 109.8 millions is noted.
nection with the issuance on Sept. 15 of about 450 millions of tax certifi¬
All classes of deposits show larger totals than the week before:
Govern¬
cates, and larger increases in other loans and investments, reflecting the
ment deposits by 301.3 millions;
other demand deposits (net)—by 32.7
increased borrowings incident to the Sept. 15 tax payments, are indicated
millions, and time deposits—by 9.5 millions.
The much larger increase—
in the Federal Reserve Board's weekly statement of condition on Sept. 17
by 105.6 millions—in the net demand deposits in New York City apparently
of 818 member banks in leading cities.
As a result mainly of the large tax
represents increased balances to cover income tax checks in process of
receipts Government funds on deposit with the reporting institutions show
clearance.
/i
v an increase of over 300 millions.
Accommodation of all reporting banks at the Federal Reserve banks
Treasury certificate holdings increased by 65.6 millions at all reporting
shows a further reduction of 170.1 millions from 2,142.2 to 1,972.1 millions,
banks and by 74.5 millions at the member banks in New York City, while
and constituted 11.6% of the banks' total loans and investments on Sept.
other Government securities show but nominal changes for the week.
17, as against 12.7% on the previous Friday.
For the New York City
Total loans supported by Government securities declined by about 3 mil¬
banks a reduction under this head from 826.6 to 672.1 millions is noted,
lions, the New York Citv banks reporting a decline of 8.7 millions under this
reducing the ratio of accommodation at the Federal Reserve Bank from 14.7
head.
Loans supported by corporate securities fell off 8.1 millions, though
to 11.7%.
the New York City banks report an increase of 3.3 millions in this item.
Reserve balances of all reporting institutions show a nominal increase,
Other loans and investments, comprising largely commercial loans and
while cash in vault declined by 5.7 millions.
For the New York banks an
discounts, on the other hand, went up by 77.9 millions, of which 41.3
increase of 7.2 millions in reserve balances and a reduction of 2.5 millions
millions represents the increase in New York City.
As a consequence of in cash in vault are shown.
the above changes in the leading asset items, loans and investments of all
.
member banks in each Federal Reserve
Data for all reporting
I.
Federal
Boston.
Reserve District.
District at close of business
Richm'd.
Cleveland
New York Phlladel
Atlanta.
92
82
47
106
35
35
83
51
68
818
$11,347
29,305
$24*235
61,002
$29,232
$14,285
$19,573
$32,635
$270,036
32,919
28,260
24,904
21,223
8,892
19,501
4,405
5,257
20,686
9,232
62,246
2,574
10,547
3,077
5,226
609,117
190,976
20,834
2,768
4,743
63,808
12,552
220,301
7,207
9,650
$7,371
9,694
1,029
$15,471
82,073
$21,544
54,448
38,461
$16,923
16,670
$46,460
253.517
5,754
23,746
------
indebtedness
U. S. certificates of
Total.
San Fran
59
$12,960
banks
circulation
U. S, bonds, incl. Liberty bonds..
U. S. bonds to secure
-
Dallas.
113
176,699
37,801
20,668
56,179
49,099
27,367
11,139
41,362
258,494
Number of reporting
U. S. Victory notes
Three ciphers (00ft) omitted
St. Louis. Minneap. Kan. City
47
'
Other
September 17 1920.
Chicago.
59,130
Including bills reBank
Loans sec. by U. 8. war obligations._
Loans sec. by stocks and bonds
All other loans and investments
143,424
70,378
602,351
51,942
Total U. 8. secu.-ities
13,367
79,008
56,182
32,109
108,625
32,048
96,276
62,413
447,496
31,920
126,190
402,533
420,518 1,802,648
408,211
15,398
33,115
285,472
81,237
519,731
622,275
36,154
571,161 2,523,119
189,075
28,393
65,916
13,880
604,122
354,653
684,514
40,192
19,287
46,424
9,609
14,081
263.671 1,405,820
412,116
96,429
26,075
415,860
135,070
1,485,989
Loans and investments.
discounted with Federal Reserve
Total loans and Investments,
rediscounts with F. R.
Including
banks
462,547
83,448
78,029
183,138 1,268,218
214,570
805,169 4,136,929
590,303
323,471
966,935
82,695
with F. R. Bank
671,433
118,667
821,770 5,140,329
474,429
144,141
...
126,325
63,617
22,017
7,573
2,971
payable with F. R. Bank:
Secured by U. S. war oblgations
6,016
35,049
1,152
33,038
91,326
19,384
4,944
27,684
65
2,300
360
25
14,080
37,937
3,745
40,217
10,007
65,549
16,489
257,681
1,255
56,294
7,260
69,127
21,685
321,655
46,059
18,795
39,012
Bills
16,453
344,083
106,366
18,722
669,499
26,304
85
4,023
2,486
2,940
25,265
66,300
267,929
1,030,704
—
with F. R. Bank:
Secured by U. S. war obligations
Bills redhcounted
All other
18,054
140,479
42,587
42,382
.
2.
269,915
26,908
Data of reporting member
ciphers (000) omitted.
Sept.
Other U. S.
circulation
bonds, incl. Lib bonds.
0 secure
Total U. S.
17. Sept.
and branch cities and all other reporting banks.
All F. R. Bank Cities. F
10.
Sept. 17.
73,129
Sept. 10.
Total.
R. Branch CUies. All Other Reprl.Bks.
Sept.
17. Sept.
49
281
281
208
10. Sept.
17. Sept.
10.
Sept.
17.
Sept. 10.
Sept. 19T9
818
208
818
776
71
49
$36,763
$36,828
$1,438
$1,438
$97,201
$96,762
$72,169
$72,269 $100,666
$100,566
$270,036
$269,597
$270,365
16,263
339,967
340,564
150,212
149,668
118,938
119,195
609,117
609,427
624,434
securities
221,801
71,965
10,830
10,709
102,101
100,782
52,136
50,990
36,739
37,345
190,976
189,117
312,726
202,780
128,277
118,645
21,358
281,212
207,729
82,467
90,063
52,181
52,592
415,860
350,384
1,125,677
532,733
of indebtedness-
17,691
72,695
U. S. Victory notes
U. S. certificates
10. Sept.
8,547
71
reporting banks
U. S. bonds
17. Sept.
banks in Federal Reserve Bank
City of Chicago.
New York CUy.
Number of
630,840
2,334
205,516
377,450
25,553
26,539
Government deposits
Three
313.955
149.672
4,001
19,804
Time depoai s—
All other
360,094 1,297,805 17,057,725
81,150 1,390,096
24,634
369,395
31,467
11.533
226.348
642,494 11,403,293
517,200 2,780,662
55,181
11,791
331,376
2,115
8,850
203,414
36
Cash in vault
Net demand deposits
958,699 1,511,859
67,394 i 103,265
34,529
19,012
934,687
694,606
1,099,379 6,470,045
25,398
Reserve balances
955,960
33,737
149,512 3.039,347
979,486 11,576,429
458,871
48,604
49,768
820,481
745,837
356,984
362,990
308,524
309,698
1,485,989
1,418,525
2,333,202
220,495
incl. bills rediscounted witb F. R. Bank:
Loans and investments,
98,860
140,312
98,023
143,026
719,832
714,911
65,296
65,197
441,650
433,026
U. 8. war obligat'ns
414,416
412,171
486,992
487,200
354,770 2,137,939 2,148,036
332,558
and bonds.. 1,114,385 1,111,128
2,268,031 1,858,451 1,858,020
3,658*105 3.616,778 1,074,529 1,042,998 7,451,690 7,372,480 2,226,288
All other loans and investments. .
Total loans & investments, Incl.
3,253,533 2,679.414 2,678,749
5,738,249 5,628,427 1,520,888 1,512,832 11,125,021 10,986,185 3,253,290
rediscounts with F. R. BaDk:
159,662
164,406
209,313
203,452
130,999
1,022,238 1,020,503
134,143
625,876
618,737
Reserve balance with F. R. Bank—
85,986
84,634
73,776
75,267
215,332
209,494
39,940
37,077
107,524
105,000
Cash in vault
971,483 7,970,350 7,920,032 1,780,618 1,801,822 1,652,325 1,648,736
948,224
4,629,231 4,523,580
Net demand deposits
596,410
595,388
902,678
902,779
287,523 1,282,495 1,272,120
286,812
331,351
340,408
Time deposits
3,911
20,488
4,875
34,650
21,268
276,238
1,504
10,384
12,769
199,942
Government deposits
—
Loans sec. by
Loans sec. by Btocks
Bills
payable with F. R.
Secured by U.
Bank:
S. war obligations-
with F. R. Bank:
Secured by U. S. war obllgations.
289,453
26,313
334,774
All other
Ratio ol U. S. war
paper
ments
•
17,057,725 16,923,467 15,641,552
1,390,096 1,389,478 1,249,379
369,395
358,276
375,094
11,403,293 11,370,590 10,973,284
2,780.662 2,771,208 1,978,118
770,864
30,054
331,376
436,810
497,417
143,683
160,743
89,006
98,288
669,499
2,300
28,192
2,300
Bills rediscounted
955,960
959,004 a 1,343,049
3,039,347 3,047,407 3,027,173
11,576,429 11,498,531 a8,602,211
500
175
120
1,548
1,436
4,023
30,846
41,990
267,929
147,476
143,174
12,754
140,316
1,030,704
13.2
11.4
11.5
12.7
136,438
246,186
138,739
9,889
10,665
222,141
225,604
353,065
193,798
169,304
739,346
826,752
33,798
148,184
16.2
15.3
7.4
7.5
12.9
12.5
13.2
756,448
2,056
securities and war
to total loans
per cent
and invest¬
-
Exclusive ol rediscounts
with Federal Reserve banks
J 925,339
269,204 \
1,114,544
12.5
335,917
1350
Wall
noted last week
as
only
Street, Friday Night, October 1
and Miscellaneous
1920.
Stocks.—The movement
predominant in the stock market has
no interruption up to the close today.
continued with almost
This has resulted in
a
decline of
than
more
5<^ industrial
stocks to the lowest quotation of the year and an advance of
railway issues to the highest.
The latter is
especially noticeable in the low priced shares, but includes
New York Central, Baltimore & Ohio, Atchison, Northern
Pacific and Union Pacific, practically all of which are between
4 and 5 points higher than last week.
Monday's market was decidedly active.
Over a million
shares were included in the transactions and in many indus¬
trials the highest quotations of the week were recorded.
From
these
Mexican Petroleum
dropped 13% points,
Pan. American 7%, Cruc. Steel 7%, Rep. Iron & Steel 6%
and a considerable list of other stocks in this group are from
5 to 6 points lower.
Today's market was practically a duplication of previous
records.
The money market, which was firm on Wednesday
and Thursday in anticipation of Oct. 1 settlements, was
slightly easier to-day and Sterling exchange recovered about
3 points of its recent decline.
The downward tendency of
commodity prices continues to attract attention in all
business circles.
'
nearly
issqes have continued in request and of the active list
one of this group is fractionally lower, while several are
from 1 to 3 points higher than last week.
The local tractions
have made further substantial recovery.
B. R. T. and
I. R. T. show a gain of 3 points and Inter. Mets. are up 2%.
A list of other strong features includes St. L. & S. F., So.
Pac., U. P., St. Paul, Rock Island, Atchison and Ches. &
way
|3 antes' dtejeite.
Railroad
[VOL. 111.
CHRONICLE
THE
Ohio issues.
U. S. Steels show
industrials have
as many
,
,
,
.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
For transactions on New York, Boston,
States
United
a
net
Bonds.—Sales of Government
ex¬
changes see page 1346.
The
following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
Liberty Loan issues.
Daily Record of Liberty Loan Prices. Sept. 25 Sept. 27 Sept. 28 Sept. 29 Sept. 30
First Liberty Loan
( High
( Low(Close
3%s, 15-30 year, 1932-47
Week ending Oct.
Range since Jan. 1.
for
1.
Lowest.
Highest.
$ per share.
$ per share
lowest.
Allied Chera & Dye no par 11,500
300
Am Brake S & F pref.
American
100
Snuff100
Am Tobacco com B__100
Ann
Arbor..
*_100
Assets Realization
57 %
60% Sept 25 57%
90% Sept 25 90%
100 87 % Sept 29 87% Sept 29
86
86
200 100
Sept 3 0 100%; Sept 30
Sept 29 131% Sept 27 102
7.900 127
600 20
7.
Sept 28
Sept 27 22
Preferred
Oct
90% Sept 28
2% Sept 25
10
5.700
no par
200
18% Oct
Auto Sales preferred. .50
200
12
300
38
Atlantic Fruit
Barnsdall class B
.25
_
700
100
Chicago & Alton
100
Preferred...
100
90.40
90.50
90.52
90.80
91.10
90.50
90.50
90.70
91.10
91.50
565
365
558
465
1,420
Sept
30%
Jan
35
June
Sept 27
Sept 25
62%
4%
Sept 27 80%
Sept 29 175
6
Sept 29
43% May
Sept 118 % May
Aug
8%
Oct 101
Jan
Jan 220
July
Feb
Sept
Aug
4
Feb
15
Sept
Sept
4%
Jan
17%
Sept
Continental
25
100
Crex Carpet
100
Davison Chem._.7io par
100
600
DeBeers Con Mines no par
700
Detroit United Ry... 100
Duluth 8 8 & Atl___.100
400
44% Sept 29
69
Sept 28
56
Sept 28
38 % Oct
1
25
Sept 30
92
Sept 28
Insur
Preferred....
100
Hosiery
.
Chemical
100
16
2.500
1,800
14%
Hydraulic Steel...no par
International Salt... 100
Iowa Central...
100
800
29%
200
63
2,400
0%
Kelly-Springfield rights 18,740
600
6% preferred
100
%
Keokuk A Des MoL.100
300
80%
7
100
100 123
100
200
Lake Erie & West... 100
9,600
Kresge (S S) Co
Preferred
Preferred
16 % Sept 25
31 % Sept 25
Oct
1
100
3.800
v t c.no par
300
35
700
20
no
par
Maxwell Motor
100 14,800
Certificates of deposit.
First preferred....100
1,300
3% Sept 29
4,700
8% Sept 29
9% Sept 29
Certfs of deposit..
preferred.. 100
1,100
4.600
Certfs of deposit
300
M StP&SSMarie.. 100
Preferred..
400
25
100
no
Sept 29
3 % Sept 29
Preferred
100
Norfolk & West pref
Ohio Body & Blow.no par
Jan
Jan
43%
68
Aug
82
Jan
45%
Aug
64
Apr
1
Oct
1
Sept 29
93% Sept
23
Sept
38
Sept
42
Sept
21% Sept
8% Sept
5
Sept
17% Sept
16
Sept
32
83
May
7
Apr
36
30
27 533
Sept
28
7%
12
15
67%
29
Jan
June 192
Mar
Sept
16
Oct
20%
Sept
16
Sept
29%
Sept
33%
Sept
28
61
1
4
June
71
Jan
May
9%
Oct
27
%
Sept
1%
Sept
1
80%
Oct
3
1
28 120
30
29
93
8%
91
Apr
June
Jan
Feb
Feb
23
16
Feb
38
Sept
Sept
29
15
Aug
45
Mar
27
19%
Aug
30%
Jan
25
3%
3%
8%
9%
4%
4%
Sept
38
Apr
Sept
35%
Jan
Sept
63%
Jan
Sept
Sept
62%
Jan
Sept
30%
28
27
25
75 % Sept 30
90
Oct
1
77
90
Oct
63
Feb
30%
80
10
300106 % Oct
1 107
Shattuck-Ariz Copper. 10
So Porto Rico Sugar. 100
400
25
30
29
27
30
Oct
10
Oct
23
Underwood pref..... 100
100 101
Sept 27 101
United Cigar Stores.. 100
200 145
Sept 29 145
Sept 30 130
...100
Tidewater Oil
100
Trust
receipts
....
8% Sept 30
Oct
1,400 105
4,100 17 % Oct
5,200 12
Sept
100 206
Sept
300 15
Sept
3.200 16 % Sept
""
Preferred trust rects..
Wisconsin Central
100
1.700
1.530
23
35
Oct
Jan
Apr
Oct
105% Aug 119%
Sept 25
8% June 12%
Sept 25 100
Aug 3 10
Sept 25
Oct 20%
17%
Oct
9% Aug 17%
Sept 30 190
May 2:29
12
Sept 29
Sept 16
Sept 29
Feb
10%
19%
15
Sept 29
May 24%
Sept 27 100
Sept 110
Third Ave Ry
Jan
Sept 29 103% July 116
Jan
Sept 29 64
Jan
May 73
19
18
Sept 25
Sept 29% June
28
Sept 25
26% Sept 28% Sept
82
80
Sept 29
Aug 82
Sept
9
18% Sept 29
June 18% Sept
90
Sept 30 73% June 94%
Jan
Sears, Roebuck, pref. 100
Toledo St L & West.. 100
Jan
68
Oct
no par
Jan
Feb
Sept 29 106
10
6,000
Jan
Mar
1
100
100
Oct
8%
Aug 155
Sept 102%
29
Sept 30
Sept 29
400
800
,
Aug
14%
25
5
Pitts Steel pref......100
Reis (Robt) & Co.no par
600
.1
Jan
Aug
28
Sept 27
100 106
200
Oct
Sept
Aug 5 35
29 150
27
Jan
Aug 40
Sept
Sept 36% May
Jan
Septl 01
25
3
7
66% Sept
18
Sept
27 % Oct
82
Sept
15
Sept
90
Sept
1
Mar
Sept 104
Aug 56
80% June 94
1,300
30% Sept 27 27%
Oct 51
300 103 % Sept 271 07
Sept 30 100
Aug 111%
Oct
200 14
14% Oct
5% Aug 14%
200 106% Sept 27 109
Sept 25 105
July 125
par
Orpheum Circuit..
Sept
95
Octl 06
4% Sept 29
4% Sept 29
27 % Oct
Nashville C& St L__ 100
Nat of Mex 1st pf___100
National Biscuit
100
Otis Elevator pref.».l
70
Jan
91
Sept
Sept
Sept
Sept 29 150
Sept
Oct
1
18% Sept
Sept 27 16
Sept
Sept 28 30
Sept
Sept 29 64
Sept
Sept 28
9% Oct
Sept 28
1% Sept
Oct
80% Oct
Sept 27
8% Oct
Sept 28 123
Sept
93% Sept 30
June
68%
Sept 28
Sept 25
27% Sept 28
92% Oct
1
.
100 150
100
58
90
Sept 28
5% Sept 27
7%
9% Sept28 12
200 36
Sept 29 37%
6 535
Sept 27 535
200 15
Sept 29 15
Guantanamo Sug.no par
Habirshaw EC
no par
29
30
Oct
Sept 28
2,300
100
29
30
Sept 28
4,200
50
Kodak
Superior Oil
Mar
12
450
Peoria & Eastern
12
27
Computlng-Tab-Rec. 100
Mullins Body
Apr
9
128
19
29
16%
28 2 10%
25 16
27
Sept 28
Sept 27
19%
24%
46% Oct
"
25
Mar 145
May
Mar
Jan
Apr
Sept
Mar
Mar
Sept
Sept
Sept
Jan
Sent
46%
Oct
"^State and Railroad Bonds.—Sales of State bonds at the
are
limited to $978,000 Virginia 6s deferred trust
Board
receipts at 66% to 72.
I^The market for railway and miscellaneous bonds has been
generally buoyant in tone and fairly strong in spots.
387
88.70
88.40
87.80
87.40
87.10
87.22
88.70
87.20
86.40
87.06
86.96
87.22
88.70
87.20
87.30
87.10
87.10
87.22
9
17
18
58
24
10
( High
87.90
88.60
88.54
87.84
88.00
87.90
(Low.
4s, convertible, 1932 47
87.90
88.50
88.00
87.20
88.00
87.90
88.50
88.00
(Close
87.90
1
6
12
26
1
8
f High
90.90
90.90
89.60
89.26
88.90
89.60
(Low.
90.32
89.40
88.50
88.70
88.30
88.60
89.44
88.70
88.50
Total sales In 11,000 units
Third Liberty Loan
4%s 0 11928
87.84
88.00
87.90
(Close
90.86
1,053
1,743
3,238
1,582
1,950
1,888
f High
89.40
89.06
88.78
88.30
88.50
88.48
4%sof lstLLconv.*32 '47(Low.
l Close
Total sales In $1,000 units
88.52
88.84
87.60
87.88
87.90
88.00
89.40
89.10
88.10
88.10
88.00
88.28
Total sales In $1,000 units
Third Liberty Loan
( High
4%s ol 2d L L conv, '27-'42( Low.
(Close
Total sales In $1,000 units......
88.98
89.44
36
229
284
109
122
89.10
89.10
88.70
87.70
87.30
87.70
87.80
87.50
86.74
87.10
86.74
87.50
89.10
87.50
87.42
67
87.20
1,543
1,879
1,198
2,388
2,102
89.10
89.06
88.00
87.80
87.30
87.70
(Low.
(Close
4%s 01 1933-38
87.10
1,342
f High
Fourth Liberty Loan
87.90
87.46
86.66
87.10
86.;o
87.50
Fourth Liberty Loan
87.50
87.50
87.10
87.02
5,578
7,037
4,598
1,945
89.10
2,439
87.50
87.34
1
3,675
'
(High
■
conv,'32-'47( Low.
Jm "~
'
'
~
V
-»-»>%
-
(Close
''V*
— *
'
i
•
•»
*,•
»
-
m
~
1 High
4% conv gold notes, '22 -'23(Low.
96.60
96.50
96.00
95.86
95*86
96 TO
96.06
95.70
95.52
95.62
95.70
95.80'
1 Close
96.30
95.70
95.70
95.76
95.78
Victory Liberty Loan
96.50
407
1,332
2,019
1,367
1,856
2,118
( High
96.60
96.50
96.00
95.80
95.86
96.10
3%s conv gold notes,'22-'23( Low.
96.08
95.90
95.50
95.64
95.62
95.80
1 Close
96.30
95.90
95.66
95.80
95.76
96.00
436
293
1,964
598
1,648
1,198
Total sales
n
$1,000 units......
Victory Liberty Loan
Aug
27
91
Second
6%
20%
1
91.50
90.48
Total sales In $1.000 units
Second Liberty Loan
Sept
Aug
Sept
23% Sept
15
Sept
17% Sept
600 66 % Sept 25 70
Sept
200 90% Sept 30 90% Sept
500 68% Oct
1 72
Sept
100
Parry
22
2
Sept 29
100
Preferred
Martin
Jan
June
16
Preferred.........100
Marlin-Rock
Aug 210
Jan
20% Sept 25
13
Sept 25
700
«•
C St P M & Omaha.. 100
General
July
16%
23%
Cluett, Peabody & Co 100
Emerson-Branting..
90
Feb 115%
2,500
Preferred trust rects
Eastman
July
7,700
C & E Ills tr recta..
Durham
Sept
Sept
62%
Sept 30
Sept 28
Sept 29 x38
300
Case Thresh M pref. 100
Central RR of N J..
91
18
4% Oct
1
18% Sept 30
12
Sept 28
62% Sept 28 65
6
Sept 27
6%
85
400 80 % Oct
200 220
Sept 292 20
6,400 12% Sept 25 16%
Brown Shoe Inc..... 100
Brunswick Terminal. 100
Oct
Sept
Oct.
91.40
f High
4s, 10-25-year-conv, 1942
Highest.
$ per share. 8 per share.
90.08
90.60
90.40
Total sales In $1,000 units......
Par. Shares
90.68
(Low.
1 Close
Second Liberty Loan
4 %8,l8t LL 2d
Week,
90.58
Total sales In $1,000 units
Total sales In $1,000 units
Range for Week.
Sale*
STOCKS.
bonds at
the Board include $2,000 4s cou. at 105% and the various
Third Liberty Loan
Philadelphia and Baltimore
gain of 3 points, while some other
with the shares.
been weak in sympathy
Rail-
Total sales in $1,000 units
Foreign Exchange.-—Sterling was again
,
weak, but
re¬
| covered.
To-day's (Friday's) actual rates for sterling exchange were 3 42
3 46% for sixty days, 3 46%@3 50% for checks and 3 47%@3 51% for
cables.
Commercial on banks, sight, 3 46@3 50; sixty days, 3 40%®
3 45%; ninety days, 3 38% @3 42%, and documents for payment (sixty
days), 3 41%@3 45%.
Cotton for payment, 3 46@3 50, and grain for
payment, 3 46@3 50.
>
To-day's (Friday's) actual rates for Paris bankers' francs were 14.93®
15.13 for long and 14.86@ 15.06 for short.
Germany bankers' marks are
not yet
quoted for long and short bills.
Amsterdam bankers' guilders were
30 9-16 for long and 30 15-16 for short.
Exchange at Paris
52.48 fr.
on
London, 51.81 fr.; week's range, 51.81 fr. high and
low.
The range for
foreign
exchange for the week follows:
Sterling Actual—
High for the week
Sixty Days.
3 46%
3 41%
...
Low for the week
^
:
Checks.
Cables
3 51%
3 46%
3 50%
3 46
Paris Bankers' Francs—
High for the week
14.91
14.80
;;:r: 14.78
Low for the week
15.18
15.07
15.05
German Bankers' Marks—
High for the week
1.68
Low for the week
1.52
1.70
1.53
Amsterdam Bankers' Guilders—
:
High for the week
30 11-16
31%
Low for the week
30 9-16
31
Domestic
discount.
Exchange.—Chicago, par.
Boston, par.
San
$1,000 premium.
Cincinnati,
Francisco,
St. Louis, 15@25c.
par.
Montreal,
31%
31%
per
$1,000
$103 75
per
par.
Outside Market.—Stocks suffered in the
light trading on
prices practically with each day's
trading losing ground.
The bond division was in decided
contrast, a heavy business being transacted and values gener¬
ally moving upward.
Motor and tire stocks were weak.
Cleveland Automobile sold down from 46 to 40, a new 'ow
record, but recovered to-day to 44.
Gardner Motor de¬
clined from 23 to 21% and sold to-day at 22%.
Lincoln
Motor, Class A, was off from 41 to 39%, with the close to¬
day at 40.
Trading in the new Maxwell-Chalmers consoli¬
dated issues was begun, the Class A shares dropping from
49 to 47, moving up to 52 and reacting finally to 50.
The
Class B shares declined from 24 to 18%, recovered to 22%
and sold finally at 20%.
Perfection Tire & Rubber weak¬
ened from 1 5-16 to 85c. and closed to-day at 87c.
General
Asphalt after an early advance from 58% to 59%, ran down
to 47 % and closed to-day at 51 %•
Intercontinental Rubber
weakened from 12% to 11, with the final transaction at
11%.
Submarine Boat advanced fractionally to 12%,
then
sank to 11,
the final figure to-day being 11%.
In oils Carib Syndicate receded from 12% to 10% and sold
finally at 11%.
Dominion Oil dropped from 10% to 8%
and sold.finally at 9.
Maracaibo Oil lost a point to 18%.
Merritt Oil sold down from 15 to 13 and at 14 finally.
White
Oil sank from 24% to 22 and ends the week at 22%.
The
mining department was featured by a slump in Boston &
Montana Devel., from 72c. to 30c., with a partial
recovery
to 42.
Kingdom of Norway bonds were traded in for the
first time up from 100% to 101, back to 100% and
to-day
up to 101%, with the close at 101.
Interboro R. T. 7s
gained appreciably, advancing from 63 to 71 and reacting
to 68%.
N. Y. N. H. & Hartford 4s also improved substan¬
tially from 75 to 83, with the final figure to-day 82.
the
"curb"
this
week,
New York Stock
OCCUPYING THREE
PAGES
of stocks usually inactive, see preceding page.
PER
HIGH
AND
SALE PRICE—PER
LOW
STOCKS
SHARE, NOT PER CENT.
NEW
Saturday
Sept. 25.
1351
Exchange—Stock Record, Daily, Weekly and Yearly
For record of sales during the week
PhK
SHARE
oHAiiE
Range / it Previous
Haunt sinct Jan. 1.
STOCK
YORK
1919
Year
On basis of 100-sharr lots
EXCHANGE
Moiday
Lowest
Sept. 27.
Railroads.
Shares
Par
23,800 Atch Topeka & Santa Fe.-lOO
2,200
Do
pref..
100
8,800 Atlanta Birtn & Atlantic..100
2,800 Atlantic Coast Line RR
.100
57,700 Baltimore & Ohio
100
5,000
Do
<ref
100
13,300 Brooklyn Rapid Transit... 100
7,300
Certificates of deposit..
43,870 Canadian Pacific
100
24,300 Chesapeake & Ohio
100
100
100
Paul...100:
44,800
Do
pref__
100
13,900 Chicago & Northwestern.. 100
......I
Do
pref
100
70,100 Chic Rock Isl & Pac
100
3,500;
7% preferred
100
3,100
6% preferred
..100
2,800 Clev Cin Chic & St Louis.. 100
30,100 Chicago Great Western...
Do
13,500
pref..
38,800 Chicago Milw & St
.......
%
share
per
May20
..100
2d pref
100
50
100
25,600
Do
pref
I00j
40,100 Erie
100:
29,700
Do 1st pref
100:
6,000
Do
2d pref
100
37,800 Great Northern pref
...100
2,300
Iron Ore properties.No parj
4,500 Gulf Mob & Nor tr ctfs.,.100
1,200
Do Pref
100
5,400 Illinois Central..
100
35,300 Interboro Cons Corp ..No par
12,700
Do pref
100
30,900 Kansas City Southern
100
3,700
Do
pref
100
21,900 Lehigh Valley
50
3,900 Louisville
Nashville
100
2,500 Manhattan Ry guar
100
20)300 Mlnneap & St L (new)
100
7,900 Missouri Kansas & Texas 100
3 500
Do
pref..
..100
66,400 Missouri Pacitic trust ctfs 100
40,700
Do pref trust ctfs
100
3,500 Nat Rys of Mex 2d pref..100
2)000 New Or! Tex & Mex v t c.. 100
33 000 New York Central..
100
6)300 N Y Chicago Si St Louis... 100
200
First preferred...
100
800
Second preferred
100
56,200 N Y N H & Hartford
100
16,400 N Y Ontario & Western
.100
9,200 Norfolk & Western
100
38)800 Northern Pacific
.100
14,900 Pennsylvania
50
38,400 Pere Marquette vtc
100
200
Do
prior pref v t c
100
1,700
Do pref v t C
...100,
Pitts Cin C & St L ctfs dep.-J
11,800 Denver & Rio Grande.....
Reading
Do
Do
650
3,300
7)000
10.700
6)000
84.400
108
1*00
4 900
19 200
*600
40,000
1,000
10 400
7)400
Do
19)200.
—-
42 800
ll)300
2.ROO
25 coo
Dec
Oct 1
1334 Sept23
3178 Oct 1
51*2
7%
Dec
Jan
21
Dec
42*2 Marl 1
34%
Dec
Jan
68*8
Oct 1
6278
July
July
May
12
July
30% May
5284 July
48%
120
Jan
6
23*2
Febl3
41
Mar
8
64
Feb13
82/s
91*2 MarlO
Dec
76
July
85
June28
Nov
105
May
Dec
133
Jan
22%
Jan
32*4 July
Oct 1
68
Dec
84
June
Oct
70
Febll!
July
116
June24
98
55*4
July
1
62
Sept28
32
Aug 1
Feb!
73
6
Mayl9
68
Feb24
63
Sept)
74
3478 Sept 27
52
Sept24
19
Deo
48
Dec,
Jan 16
45
Feb
91*2
Dec
116
May
172% Mar
217
May
Feb
42
Feb 11
46
July
6
43
Augll
35
83*4 June29
105*4 Sept 28
FcblO
260*2 Sept, 15
165
2
Oct
1
2*2
Oct
1
Jan
54% June
July
3134 May
58*2 July
51*2 May
3
3*2
Apr
15% July
Feb24
6*8
Feb
24
9*2 Feb 13
17i2May20
12*2 Feb 9
6534 Junel2
21*8 Sept 20
30*4 Oct 1
2234 Sept 20
12%
Dec
20i4May
18*2
1334
Dec
33
Dec
23*4 July
8484 Marl 3
75*8
Dec
100%May
9
417s Mnrl9
31»4
9
1638
July
July
15*2
Oct 1
7
Jan
Sept
5284 July
12% July
25*2 Augl8
34
Aprl4
30
Dec
40% July
807g
Febl3,
9334 MarlO
3
Aug 4:
434 Marl3
834 July29.
16*2 Maris
2i78 Sept 29
50
S^nt 29
Aug
30
7
Jan
24
135s May 5
40
May 19
85% Dec
3*8 Mar
10
13
104
Nov
40
May
9% June
31% June
25*4 May
Deo,
Dec
57
53*2
Oct
1
40*2
Dec
May
60% June
9
112*2
Jan
5
104%
Aug
12284 May
38*4 July 2
52%
3758 Dec
9*8 Jan
458 Feb
24*2 July
3984 May24
94
Aug
Mar20
1934 Sept 30
Feb13
9
11
3*2 May22
Feb21
7
May24
18
Feb19
21
Feb11
31*8
36
Febl1
54
Feb28
Oct 1
31
8*2
Jan
25*8 July
38% July
58*4 June
14
Apr
50
Dec
Junel8
59*2 Sept30
4%
2834
78*2 Sept30
6684
53*2 Sept 29
Feb 13;
Febl3
50
Aprl3
41*4 May 4
23*2 Febll
65
Sept 29
Sep130
40
Mar
Sept
8384 June
33*4 July
2334 Sept
60% Dec
65
70
Nov
Apr
53*2 July
Dec
40% July
1
16*2 Nov
1
95
Dec
24*4 July
112*2 May
1
77
Dec
37*4 Sept23
25*8
6
25*4
84*4 Junel6
100*4
6634 Juncl2
86*4
377s May24
Augl7
43*2 MarlO
39%
Dec.
99% May
48*2 May
Feb19
12*8
Jan
33*2 Dec
16
Feb
Oct
Oct
Oct
Jan
16% July
Dec
75s Mar29
64*4
2334
88
22% Nov;
37*2 Dec
Feb 13
4*4
32
22
56
Aug
5
68
Feb27
56
Mar
39
June
8
55
Sept28
39
Apr
53*8 Dec
69
May28
75*2 Jnm>24
4484 June
70
Dec
24
Dec
75
Dec
8412 June
73%
Dec
935s June
3278 Mar 9
96*2 Sept20
4734 Sept20
1st pref
2d pref
33
Dec,
38*2
33U Mar 9
50
Sept 18
3384
Dec'
39*2 May
15*4
23*2
FpM3
Janl4
33
Sent27
10a4
Jan
2734 July
46
20
Dec
37
11
Febll
40
100:
pref
21*2
10
88*s
July
Oct
1
10%
Dec!
May
23% June
23
Dec'
37% June
1034 Sept30
19*2 Sept27
1
12
Sepl27
105.*«
Jan
3
6%
Dec
12
Dec
18
20*4
Dec,
50
Feb 13
6418
1
52%
Dec;
Feb13
47
Mitt 22
27%
Jan^
37
Sept30
2«S4
Dec!
27*4 Jwne23
Feb 13
32% Sept27
126*2
Oct
1
69*4
Jan
3
63
13*2 Marl 8
29»4 Jan27
12*8 Oct 1
15
61*4 May24
718 Augl2
14
100
100
20*2
9
Aug
Oct
May20
Oct I
Oct 1
155" Sept30
2258 Sept.29
119% Aug
7*4
7*4
Dec
July
2334 July
115
June
91% Nov
25
110
Feb
4578 Sepl23
Feb 13
Feb 14
Do
pref A
Febll
20% May24
6
July 1
7
Do
7J00
126*8
134
May
3S78 Oct 1
84*4 Sept >5
Do 2d pref
. 100
Western Pacific......
100
Do
pref
100
Wheeling & Lake Erie Ry 100
22.600
Dec
3
59*2
33*8
28%
170%
68*2
Dec
5
67
54
Dec
10
Febll
66% Aug 10
Do
pref B
100
Western Maryland (new).. 100
900
38*2
Marl5
13*4 Maris
17
Feb 6
Feb 13
Wabash
25.300
Oct 1
52l2
July
May
May
64»4
1001
pref
St Lou s-San Fran tr ctfs.. 100
Preferred A trust ctfs... 100;
St Louis Souihwestern
100
Do pref
100
Seaboard Ai»* Line
100
Do pref
100
Southern Pacific Co
100
Southern Railway
100
Do
pref
100
Texas & Pacific.
..... 100
Twin City Rapid Transit.. 100
Union Pacific
100
Do pref
.100
United Railways Invest... 100
87,°00
28 000
Dec
Dec
May
Jan
50
100
Pittsburgh & West Va__
90,200
420
87*2
2834
Oct
104
89
15%
107
65*4
50
5)
40,900
Do
1
Feb13
20
Do
Mar
1978 May24
5,400 Colorado & Southern..... 100
100
Do
1st pref
100
1,400 Delaware & Hudson
400 Delaware Lack & Western.
Dec
Dec
6
Feb13
7
76%
4734
May20
47
80%
3
Jan
1214 Sept.27
97*2 Oct 1
2758 Feb 13
40% June28
9*4 Aug31
5*2 Septl4
110
1
82
Apr 21
x82% Junel8
4534
Highest
% per share s per share
share
per
8?78 Oct
5
62
pref
11
Feb
72
100
Do
100
$
76
30i4
Lowest
Highest
33
May
72*2 May
70*2 July
60
June
138*2 May
|
Jan
Jan:
7484 Mar
15% July
3484 July
DecJ
13% July
Febll,
32*2
20%
Dec
38
June21|
8*8 Feb 13!
22l2
14
Dec!
Apr;
25*2 July
14% July
16
Dec
30% July
17
Feb
26
52%
Feb
61*2
14
11
JtilySOj
20*2
Feb 13
40
64%
Feb 5
74
8ent27
Oct
1
9%
May
July
Jan
June23
15*4 Sep* 30
-100
15
May20
27% Sep* 29
17
Jan
18*4 Sept
28s4 Sept
100
100
pref
9
25
Febll
Apr
64
Aug 6
4284 Apr 1
465S Mar29
29%
25
21
Jan
64
July
72
Jan 12
56%
Jan
76
June
8884
Jan
66
Jan
113
July
7»4 Mar
Industrial^ Miscellaneous
L,800 Adams Express...
1,300 Advance Rumely
600
Do
pref
100
AJax Rubber Inc
50
2,700 Alaska Gold Mines
10
7,200 Alaska Juneau Gold Mln'g. 10
1*400 Allis-Chalmers M fg
100
500
Do
pref
100
1,800 Amer Agricultural Chem..l00
200
Do
pref
..100
250 American Bank Note
50
I
Do
Pref
50
3.700 American Beet Sugar
100
J
Do
pref
100
9,600 Amer Bosch Magneto..No par
9,900 American Can
100
l)000
Do pref
100
6,000
American Car & Foundry.. 100
5,700
*100
100
4,900 Amer Druggists Synd
600 American Express—
10
10
!Am La France F E
*9%
100,
100,
100
2,600 American Linseed
100
Do
pref
65
85l2
12,400 American
91*4
9412
cate.
100;
4,300 American Hide & Leather. 100
14,700
Do pref
100
200 American Ice...
100
500!' Do
pref
..100
23,200 Amer International Corp.. 100
72
*100
100
100
100,
Do
pref
American Cotton Oil
Do
pref
500
200|
*100
Do
Locomotive
.100
pref
571? Augl8
38t>8 Oct 1
1
Aug 9
5
2% Mar24
Dec
30
70*8 %ugl7
75
Aug 9
92
Jan
81%
95
Jan28
87
Sept
845s June 2
96*2
Jan 16
*92
Dec
39
Febl3
40
Aug 16
48*2
45*2
10334
Augll
28
Aug 9
70*4 Augl9
ar78
SeptlO
68">8 Sept28
„
93
12834
3
Aprl6
62
Jan
IOI84
Jan
5
8434
Jan
95
Jan
2
84%May
Jan
3;
101
Jan
3
147%
Apr
9
105*4 July 7
116*2
Feb
4
2278 Sept30
6434
Jan
3
9*8
95
10
Oct 1
Fob
6
Oct
1
58*4 Sept28
15*8
175
30%
122
Mar26
Jan
119
3
64*2
Aug 5
2|
120*2
14*2
Jan
3
95
Apr
July
39%
Jan
67*2 July
88
Jan
93
142%
3
Jan
Jan
107
14838 Nov
71*4
Jan
68
96*2 June 1
68% Sept
107% June
103
Feb13
99%
Feb
Feb
10*4 Nov
53
109%
113
Oct
Dec
76*2 Sept
13*8 Jan
53*2 Marl9
Feb13
84*8
Jan 14
AuglO
82
42%
*98
Oct
May
143% Nov
Mar31
37
9*2 Aug 7
6U4 Aug 6
80
Aug 3
July
49
Feb25
86
Mar
65
Jan
Augll
Sept
103
Jan
Aug
Aue26
97
11384 May
42
87
61
Jan
33
30*8
6134
Jan
4% Jan
3*4 July
515r Oct
1
124*8
9
Jan
Jan28
Apr
Jan
37*2 Aug
5484 Jan
523s
Feb
Apr
14% Mar
May
43*8 July
Oct
76*2 June
76*4 June
132*4 Oct
Jan22
7.
44% Mar
89
Nov
85
Mar
Apr
8
58
Jan
Mar
9
100
Jan
26
Dec
47*2
79%
Dec
61*2
Dec
94*2 June
89*4 July
Dec
109% July
Jan27|
14%
14i2
9,500 American
115s
Aprl5
1812
8,200 Am
1634
70%
Feb 13
30*2
Aug23
83
Aug 9
Aug 9
72
98%
Apr
117*2 Oct
10984 July
17% Junel6
19
*7314
5984
14,900 Amer Smelting &
5734
3001
89%
*86
*105
871?
*8«
108
8712
108
8ii2
"n
pref
21,800 American Sugar
400
Do
pref
10734 111
1*105
Do
Refining. 100
100
ctfs..33 1-3
3,500 Am Steel Fdry tem
2001
Pref temp ctfs
36
109l2 1091,
Safety Razor— 25j
Ship & Comm Corp.No parj
(Am Smelt Secur pref ser A. 100
*7314
*8934
•
1*2
I84
Mar31
3
53% Jan 3
1
May
5,900 Amer Sumatra
87i8
oq
Bid and asked prices! no sales on
300
this day.
t Ex-rights,
i Leas than 100 shares
Do
88
33*4
No par
85
Refining.. 100
99
—100
102
100
100
Tobacco
pref
a Ex-dlv.
52»4
and rights.
*
Aug 9
June22
100*4
50
Jan
5,
Mar30|
Jan
3
Janl3,
Mar22
94
33*4 May
91
Dec
47
93*2
Janl9,
1
1425s
Aprl4|
111*4
Jan
96*2
148%
Mav20
118«4
Jan20.
113%
Jan
119
73
Aug
Oct
74*4
Feb 13
106% Mar22i
80
Augl8
105
Efdivtdend.
Aprl2l
» Full paid.
90% Dec
Oct
July
Aug
Oct
May
120*2 June
100
May
13 52
New York Stock Record—Continued—Page 2
For record of sales during the week of stocks usually inactive, see second page preceding.
PER SHARE
PER SHARE
SALE PRICES—PER SHARE.
AND LOW
HIGH
NOT PER
STOCKS
Sales
CENT.
NEW
Saturday
Monday
Tuesday
Friday
Sept. 27.
Sept. 28.
Wednesday
Sept. 29.
Thursday
Sept. 26.
Sept. 30.
ocl.
$ per share
$ per share
$ per share
$ per share
$ per share
131% 134
9834
97%
130% 133%
*90
*90
98
98%
91%
77*2
76
if
M
1*
"55%
97*2
97%
128*2 129
9034
*9034
71%
73%
95%
55%
70
m
56
9734
131%
9034
75
71%
W
f
97%
130
91%
54
«
95*2
»
55
54%
97%
72*2
M
52
97*sl
97%
„
55*8
12
Shares
135
''m
w
-
*
51*2
51%
11%
12
12
"51%
"51%
"15,766
Lowest
Highest
J pei share
$ per share
$ pet share
9134
.....
52%
51%
52%
151%
52%
"51%
52*4
26
26
24%
25
2334
24*2
24
24*,j
24*8
24%
60
60
60
58
69
58
58
57
57
57
57
900
Do
1st preferred
100
53
53
....
100
Do
2d
100
92
92%
400 Associated
53%
55
*92"
94%
9*5 "
*92
146
14934
66
53
*94
151
142
146%
*62
148
*63
110*4 112%
64
*62
66
107% 11134
142"
140
62
10634 108*4
141
"43"
62
**. "*
-
*
m
...w
'+
*
+
-
W
"l
w
Barnsdall Corp CI A....
,335 Barrett Co (The)..
Do
"
"*%
5%
'
fr
.
73%
•
if
•»
w
-
""♦34
-
Sept24
4%
Class
B
100
common..
Jan
58's
Feb
Jan
68
Jan
142
Jan
92
Feb
192%
Jan
64
Jan
64%
Jan
Jan
Oct
27%
Jan
69
11
Jan
29
July
Jan
65
July
Apr
61
77% July
65% Dec
54% Nov
Jan
Janl7
17*4
Jan
82
Mar
Aug
80*4 May
Nov
Oct
Dec
76*2 May
156*4 Oct
111% June
103
Jan
145
July
110
Feb
119
May
114
Aug! 8
Mar
%
169*2 Dec
110*4 June
111*2 Jan 6
1% Jan
32*2 Apr 9
96% May 6
102*2 Jan
102% Feb24
100*2 Sept
20
Feb
40
148*2 Apr 9
102*2 Jan
50*8 Mar25
154*2 Junel9
Aug30
35
114
100
pref.*....
Do
72,400
9512
Jan
94%
108% Mar
Oct
Jan29
Jan
Jan
Jan
75
Aug14
Aug 9
100
25
.
4,100 Bethlehem Motors....Wo par
1,200 Bethlehem Steel Corp.... 100
4%
66*2
6934
67%
00
Augl3
Augl8
100
..
700 Batopllas Mining...
1
65%
-
-r
50
12812
43" "
132
132
131% 132%
129% 13034
130*2 131
*104% 106% *104*4 107
107
*104% 10834 *104
1
%
%
♦34
%
*34
34
%
%
5
5
5%
5*2
5%
47«
434
4%
4%
70
70
68%
68*4
70*8
69
74%
74*2
70%
71*2
68%
71%
70%
r
May24
8512
134% 134%
Aug
2334 8ept29
Oil...w-.-....100
*01
107% 10934
**
preferred
49%
55
W I S3 Line
100
10.000 Atl Gulf
141% 143
Do
66
200
pref
100
107% 108% 185,900 Baldwin Locomotive Wks.100
Do
pref.......
..100
"
142
62
62
10634 109%
*
*4l"
50
1,200 Associated Dry Goods.... 100
106
176*2
Aug
Sept
27
52%
51%
314%
Jan
Jan
105*2
61%
21*2
59*2
66*2
67*4
74%
7534
May20
11
44
60
Feb
Jan
97%
165*2
125
37
*25
Dec
Dec
45*4
~
283
Aug
25
pref.....
Anaconda Copper Mining.
95
191%
93%
10034 Marl 8
92*s May22
104i4 Aug I
80*4 May20
70
Sept29
25
500 Amer Zinc Lead <fe Smelt..
Do
Highest
$ per share
Pa'
lot)
21,400 Amer Woolen of Mass
200
Do
pref
100
4,000 Amer Writing Paper pref.. 100
74
71%
Indus. Zc Mlscell. (Con.)
_
•
1919
Year
Lowest
3,800 Amer Telephone & Teleg.. 100
100
5,200 Arner Tobacco
Do
1.000
pfef (nets)
100
97%
132
....
128% 132
903<
9034
72
70%
96
*93%
51% 523^
91%
Week
$ per share
Range for Previous
1
basis of 100-share lots
On
EXCHANGE
the
I.
Range since Jan.
STOCK
YORK
Aug20
4% Sept30
05
Aug 9
07*2 Oct
100
1*4
2% May
Jan
26
Oct
45
Sept
55*2
55%
Jan
107*4 July
Jan
112
90
Dec
108
July
101%
Jan
116
Sept
Oct
"""
90
106
" 106"
*7
7%
105~
104*4
105%
7%
7
90
104
104%
7
7
7
7
*83
■
90
*83
90
49
50
90*2
91
'
.
....
92
03%
7*4
91%
7%
"1712
18""
7%
*10
19
7%
7%
11
*18
"93%
91%
17
260
*10
93%
7%
11*2
7*4
*10
*
«-
6»4
90
7
7*8
100
90
103
7
11
9634
Sept24
62
84
Aug 9
129
3,800 Butte Copper <fe Zinc v t
18%
17
16%
15%
66
64*4
64*4
15%
63*2
14%
65
63*2
61
62*2
62%
28*2
27%
27*2
26%
27%
25%
27
25
69
16
15
12
1,500 California Packing....Wo par
dlfornia Petroleum..
.100
15*2
22*4
....
"
-
9
45%
97
"44%
46""
"44%
4534
*91%
97
96
41%
41*2
40
41%
*93*2
39%
79
79*2
76
78
44%
45""
43%
44%
96
44%
*94
96
96
"""600
"
44
97
Case (J I)
Plow Wks.-Wo
38%
39
38
3934
38
40
75*2
7734
75
77%
7534
78%
76%
14%
78
V
pref
..100
...
14*4
14%
14%
14%
14%
14%
14%
14*2
6,200
27
26*4
26%
26
26%
26
27%
3,200
33
33%
33
33%
26%
31%
32%
32*8
32%
32
32%
31%
32*2
9,600
34
33
34%
33*2
33*2
«
33
33
57*2
58
1834
20
*33
58
*»
68
58
59
22%
22%
21
22%
8034
w
*
.
♦
A
•
-
•
*
•
57%
58*2
58
5834
20%
21%
18
21
J
*77
81
*76
74
x73
73%
83
*80
83
81
76"
*74
75
"73%
*81
83
*81
83
*81
83
*80
83
*80
81
81
84
83
30
75
80%
8134
9%
9
9
*29
80%
75
9
28
26%
V-*
9%
26%
*90
U
A.
"10% "10%
A
85"
"84%
*101
A*
H
82%
103
m,
129
126% 132
94*2
36
38%
76%
76*2
131%
•f
•
V
9
9%
83
9%
W
A,
10*2
10%
82%
101% *101
38
.
36*2
■
12534 128*4
37*8
Iron.... 100
1034
10*2
83*?
81%
10*2
83%
3,500
62,900
101% *101
101*5
37
37
Z36'4
36%
128% 135
128*2 131%
*91
93
93% 93*2
35
37
76*4
32%
3,700
76%
43
41
43
40%
41
40%
41%
11%
11
11
11
11
11
11*8
24%
24'%
23
24*2
23
23
23
23
23%
23*2
23%
23%
68
65
67
60
66
60%
62
6P4
63
63
64
93*2
93*2
67%
93*2
93*?
71%
71%
„
_
^
-
WW
93*2
69
7034
84
fr
84
*68
83*2
12
*984
33*2
33%
*
*»<*«»->
8
«.
*32*2
«.
33*2
•
69
*>
~
-
A.
83*2
Jan 5
Jan 5
100
Aug 10
Aug 9
24*4
Aug 9
30*4 May20
28
Mayl9
Sept30
Do
pref
83
800
Do
preferred
31
600
l5o
80
105
*100
21%
106
110
20%
46*4
10234
Aprl6
107
Jan
21
17,300 I
...25
22
3,000 I
.No par
1,200 C
.No par
68
68
*61
64
*61
65
100 C
85
83
83
*83
85
200
*75
*75
.
7*2
8
67%
68
734
734
900 f
6734
67
68
2,000
Do
74%
75
Deb stock (6 %). ..100
80
79%
79*2
76
"48"
78%
76%
7734
1,500
Do
43
July
49
July
150
104
Jan
3
101%
Aug
107%
95
Jan
5
83
Dec
123
9
Dec
25
Dec
48
deben stock (7%)..100
49*2
4934
48%
49*2
48%
49%
16,100 f
86*4
86*4
*85*2
87*2
*85%
87*2
86
86
35
*34
35
*33
35
*33
35
*15
20
*15
16
*27*2
28*2
28
28
48%
48%
♦76
67*2
*25
80
67*2
26
111% 113
14*2
14*2
7*2
7*2
45*2
48
141% 1431
18%
1834
67%
6734
68
*45
50
*45
80
66
*76
80
*76
67*2
*25
79
1834
49
*76
26
108% 110
14%
14*2
6534
66%
*25
26
107*2 110
14%
14%
_
7
....
45%
*18%
20
18%
*80*2
85
*80*2
46%
18%
85
45*8
19*2
*81
19%
85
,
113% 113%
....
*74
17
18
67%
*15~
16
"
28
27%
*85
171,800
Do
87*2
35
*15
16
♦26%
...100
400 C
67*8
*30
87*2
4,800C
77
200
temporary ctfs.Wo
par
48
Do
500 C reene
Cananea
Sept27
100
84
Aug 9
100
pref.......
......C ranby Cons M S & P
100 ( ray A Davis, Inc
2'8
53
31
19*2
77*2 July23
75% Jan 3
14*4
42
94*4
Jan
93%
Oct
85*4
Jan
Apr20
6
5
Jan
Jan
3
Aug
109%
Apr
Jan
3
47*2
Dec
80
Jan
102
8
49%
54%
Feb
Jan
100*2 Dec
40
Feb
71% July
Aug 9
tr
Manufacturing... 100
10,100 I [ouston Oil of Texas
100
6,600 I [upp Motor Car Corp..... 10
75
13
July 2
109% Ju!y23
78*4 July 8
48*4 Aprl9
116*2 8ept20
Feb 13
400
5%
Augll
23*4
9*4
Apr 6
44%
45"
4,900
43%
Aug 9
61%
Apr
42*2
Feb
687s July
13*2
Feb 13
27
Aprl4
10%
Jan
"79%
37*4 July
79%
300
69
Feb 11
88%
48
Jan
91
110's
Jan
149% July
111
Dec
120
Jan
7%
20
600
83
112
112
Do
pref
700
8
(new)
100
111% Scptl5
142%
AprlS
Aprl3
neio
...100
103*4 Aug 13
1834 Sept28
115
Jan24
100
[arvester
Apr 9
'
....
*22*2
....
23*2
107
....
22
107
500
-
Do
Preferred,
20*4
20%
73
"20%
17,000 1 it M
76
rcantiie Marine
75
18*4
70*4
21%
*75
73
70*4
71%
71%
72*4
72%
74%
17,400
r 41
42
*40
44
pref
38*2
40
38%
38%
38*2
38*2
38
38%
1,000
'
2234
19%
20%
19*2
76
74
74
*73
76
*73
76
*73
76
*73
75
63
61%
61%
61
61
*58
62
60
60
60
60
18*4
18%
1734
18*2
17%
18
17%
18%
17%
17
79
7734
74%
7234
76*2
7234
72
74%
73%
73
75
34,100
73
73%
300
3534
33%
34*4
12,000
6%
Do
100
....100
item
13,500
75
17%
76*2
17%
72*2
19,700
*74
*61
35
36
34*2
35%
34*4
35%
41*4
42
41
41
41%
6%
'
43
6%
6%
6%
4*<>
6%
434
934
934
9
*16
55
91
*55
20
5634
6%
5
6%
"6%
434
5
10
9
9
18%
19
*18
19
7%
18%
53
57
52
56
53%
3*8
91
*91
95
93
93
63
*55
65
*53
63
54*2
23*4
*91
36
33%
41%
35
41%
6%
6
3%
3%
8*8
1834
55%
2434
23%
24*2
23%
13*2
14
13
14
13
23%
1334
96
66
66
62%
64
63
63
20*2
2034
145
145
*100
106
20*2
145
*100
2034
145
104
20
19%
8
*91
54%
110
*101
143
*97"
*97
105
110
103
*100
1
1
7,200
.100
60
Oct
1
1 000 1
.100
35
Aug
7
48
2^400
AOl,
400
Do
"
pref
100
2034
20%
6 ,200
13%
13*2
1,600
oew's Incorporated...Wo par
oft Incorporated
No par
600
oose-Wiles Biscuit- tr ctfs. 100
110
142
140
141 s4
138% 13934
*97
105
*97
105
*98
*39%
*104
41
110
24*4 Dec
5
68
Jan
2d
Do
Aug 6
June2l
38%
207
109%
18% Aug26
11*4 Sept 1
100
40
Jan
5
38%
Jan
5
Dec
Nov
110%
r>n
X Ex-rights,
Companies
nmf
a Ex-dlv. and
rights,
July
126% July
107*4 Nov
62*2
Jan
33
Dec
6
21
Jan
JanlO
195
Dec
250*4 Aug
Jan31
107
Jan
115
Jan
36
70
Jan
Jan
Oct
July
Aprl2
Jan
83
40
3
3
25*8
Dec
40%
Feb
94
75%i
81
Aug26
115*2
Janl9
Feb
120
183*4
Jan
2
147%
Apr
245
98
110*2
69*4
J an
8
107
Jan
115
Jan
7
63
100
60
R«1o
TMIV19
n
Oct
43
AuglO
Aug25
Aug 9
100
Oct
114*4
Mar 15
28
Sept28
Jan
Mar
July
102
i nrt
pref
y
inn
| Less than 100 shares.
preferred
V.ioo
64
SQ
99
Oct 1
101% Dec
91
44
164
125
Do
"
105
.
id and asked prices no sales on this day.
130
13%
*40
42*2
110
*104
*60*4
18%
21
41
6
"19%
•
r-» OO iff
142
64
Aug 4
490 1
61*2
60
1
200
33*2
48*2
91*4
106
*60%
91
5
Jan
12% Sept29
*100
*104
Temporary 8% preferred 100
Jan
11,900 1
103
105
152%
13
*100
115
Dec
18% Sept29
Sept28
12%
93
150
*97
38%
52
Tire
27% Nov
*140
*104
7% Sept29
25
[elly-Springfleld
34
145
144
105
Mar
Apr 7
*140
*40
Nov
48
Jan21
19%
40
~6~5~"
Dec
Apr 9
40
4484
.100
Dec
15
95
62*2
*43
pref.
34
105
19
2034
13*2
Do
July
30
1
Aug 10
3*8 Sept29
900 0
16,610
5*4
Nov
80
Aug
39
14*2
t C..10
82
Jan
Augl7
61
21
*104
1,700
19%
55
Aug 9
36's Mar
v
3.450 J
33% June
Jan
22
19%
13*2
43
3%
30%
Dec
30*4
62
50
38
20%
50
62*4 May20
70
Feb16
13,300
63*2
14%
100
100
53
19*2
21
Paper
stamped pref
Ible Oil Corp
Jan 19
Apr 9
23%
145
13*4
40
itlonal
20%
84
71
15% May20
Do
67*4 July
128*2 May
51*2 Jan27
7% July 9
21*4 Jan 9
45*4 Jan 10
Feb18
Feb
26*4 Jan 7
91*4 MarlS
79% Jan 3
47% Julyl5
Feb 4
21*4
92*4
22%
*140
20*2
72
60
5
53
13%
14%
.
3
July
June
Apr 7
*90
13*8
21%
100
100
pref.
pref
Jan
Jan
170
55
61%
14% **14%
1st
2d
800
"
8
53%
Do
Do
51*4
111%
95
54%
22%
12%
21% w20%
*"41%
100
500
70*4 Sept28
37
Sept 1
23%
.5412
23%
13*2
*14
21'g
334
♦17*?
53"
3534
24%
....
6%
5
Apr
85%
102*4
Jan
21»4
113% 113%
Feb
Mar26
84%
24%
113% 11334
82*2
5612
Aug
53*4 Nov
24
*18%
*7934
June
47*2 July
89% Oct
AW 9
19%
95
Dec
Aug 3
82*4
Jan
94
Aug 9
143s
82
Dec
75
45%
3
32*2
64
13%
7%
Oct
Jan
46%
41
44*2
176
5
ctfs..l00
7*8
101
3
1,000 ( ulf States Steel
14%
Dec
Feb
Jan
400 I [artman Corporation
100
5,300 1 toskel A Barker Car ..No par
45*8
90
144*2
Jan
66%
103*2 105%
14
13%
95% July
5
2
38*8
50
103*2 106%
Jan
Jan
Jan
Aug 6
75
7*8
19%
89*4
47
Oct.
Septl7
75
45*8
*81
94'4
Dec
15
50
300 I [endee
15
Oct
55
64% July
38*4 July
x23
66%
24
Jan 5
3
25
66
*23
Jan
Jan 5
23*2 July
48% July
173
Copper.. 100
26
*25
Aprl5
38% Jan
39% Nov
31% Dec
172
Dec
Dee
July
55*2
49*4
76""
"75"
Dec
36*2
Feb25
65%
80
103»4 107
7
45
*85
141% 141%
23%
2
48
79*4
66*2
'
45%
141% 141%
74%
74*2
16%
18%
■
65*2
Jan
91%
74% Sept27
50*2
16
69*2 Mar
87% Dec
Jan n410
Oct
Aprl7 M50
Jan 3
10% Jan
16*4 May
Dec
JunelO
6734
-
Dec
Tune
Aug 9
48
16
July
55
80
20*8 Sept30
20
May20
80*2
.
Oct
105
Jan
134% Mar20
49%
17
261
Jan
Augl4
49%
28%
Feb
20%
16*2 Mar30
4434 May 14
*78*2
28%
52%
Jan 2
Feb27
May25
134
May20
72*2 Aug 9
16*8 Sept30
67
Sept30
...100
10978 July
91
Jan 6
49
pref.
Oct
Jan
39
58's
Debenture
Oct
102
7
20*4
5%
June
15%
99
Jan
Apr 7
99
2134
110
46
6
80
20*8
Oct
Jan
Feb 11
May 20
22%
23
37% Nov
103*4 June
Mar25
28
Aug 6
100
Apr
Jan2I
13
92
...100
5%
30*2 Dec
65*2 Feb
100% Oct
10% Sept
Aprl4
85%
May24
106% July
Apr29
59%
9% May 19
June
86% July
Dec
Jan
100
92% June30
313g Aug28
9
75
Aug
78%
Aprl4
45
(8%*
Jan22
14*2
105*4
147
21%
64
*16
Apr 9
Feb17
22
*82
*34
Jan 5
Apr26
98
Feb27
Sept28
20%
23
*61
67%
Aug
z78
60
500 I
85
*
54
Aug25
10
65
68
Aug27
89%
93% Mar22
33
pref
*83
08
Oct
Oct
50
82
..
109
*75
75*4
95*2
......50
31
'
*62
18%
Dec
278*2
12
32*2
64%
6434
81*4
81%
142% 143
|
Oct
91%
Aug 10 n605
8
1974
69
Febl3
05*8
July
Oct
43%
100
56
Feb
May24
pref..
July
43% Nov
39*4
Augl9
Do
Jan
10*8 May24
18
29*4 July
507
37*2 Nov
34*4 Feb
Jan
50*4
30
pref.
Dec
Feb
Jan
36*2
pref.
16%
Jan
75*2
Do
68
32*8
Janl4
...10
65
79
113% Nov
..100
8
18%
Apr
.No par
100
July
67*2 July
141*4 Nov
Aug 11
pref.
114
Nov
115*2 May24
Do
116% July
90
100
uba Cane
Jan
67
9734 June22
76%
Feb
Jan
100
OBden A Co
56*2
104*2
65*2
92'4
73*4 Sept30
Do
pref
100
ontlnental Candy Corp No par
orn
Products Refining.. 100
86*4 July
31
4034
44*4
May20
25
Oct
86% Sept
16434 Mar29
111% Apr 8
21*4 Jan
41% Jan
55*2 Feb 10
z76*4 Feb 13
73% July28
9
Sept24
pref.
567
Jan 3
Sugar. ...10
65
78
Mar26
1934 Junel8
1,400
"67"
6
108*2
61%
2,600 1
600
69"
Jan
10434
12,000 (
62
20
6
11%
62
19*4
Jan
39%
65
141% 142%
76
*7434
3
76*2
*62
141% 143
Jan
11%
'
65
Jan28
37*2 July
54*4 May
87*2 Dec
76
•'
*82%
32*2
Oct
16% Feb
19*4 Dec
48% Jan
20% Jan
64% Jan
56% Mar
37
«
40*2
1138
*67"
i-
"*9%
8
*62
-
92
68
■
109
105% 105*2 *105
*105
2)
22
21
2034
21%
23
23*2 23*2
23
23*2
108% 108%
22
21%
»---
«•
92
69
83
Oct
8
..No par
Do
3,100 I
93*2
17
9
94% 8eptl7
tonsolldate<
Do
•
Apr
Feb
5%
Jan 12
75*2
18
3,700 I
-
166
39*4 July
69
78*4 Sept24
1,100
68
'
39%
zlO'%
Dec
July
Jan
Feb 10
50
100
24,500
75%
~
May
16
Aug 6
100
40,000
34%
43
*11
Aug
92
Jan
65
100
100
37
102
Jan
52
pref.
950
*101
9412
35*2
76*4
<k
par
2,100
2,900
29
73%
73%
10*2
8234
125*2 129%
*92*2
94
35%
Fuel
bla Gas <fe Elec
Do
..
73*2
10*2
84%
37
...No
8,500
2834
101%
1o
«.
1,300
'
83%
9*4
9%
28
*92
*92
-
38%
37%
84%
73%
84*2
101% 101% *101
38
37*2 39
*»
73*4
tola
4,500
„
9
12%
5
34,300
81
100
10*2
823*
85%
9*8
27
26%
75*2
75
A*
-
74
25
Dec
46
Aug
Aug
74*4
Copper
600
5734
*74
81
-
22
75%
9
■#
~
57*2
"75*4
80*4
*
-
2f)34
*77
A*
»
79
Dec
Dec
29*4
28*4
85*2
33% Aug 9
74*4 Sept28
1,900
14%
2634
*•
Apr
43*4 Oct
Do
25,400
26%
*
1
11*2
Sept30
61
par
5,100
3934
143s
27%
«
H.
Do
pref
100
Calumet & Arizona Mining. 10
200
43*4
14%
26%
f
...
21,600
*94
7734
79*2
74*4
7634
AT
3,400
.....
"y"
*92
w
200
-----
11
85*2
41
9
Apr
Mar20
26
Aug 9
"
....
6% May20
Sept24
69
....
5
.
1,500 Butte & Superior Mining.. 10
4,000 Caddo Central Oil & Ref.. 100
26%
....
c
10
63
27
Butterick
........100
-A
19
18%
65
15%
100
*
012
115
Jan
Aug 18
July 12
^
28%
16
15
85
48
"
65
15%
Jan
1,300 Burns Bros
28%
16%
Aug
Oct
100
Brooklyn Edison, Inc
90
7
conv
2,600 Brooklyn Union Gas..^...100
'hi'
*10
11
18
cum
"
"si"
95
*10
pref
Do
8% pref. 100
1.200 Booth Fisheries...
No par
90
*90
7%
6»4
Do
2,050
103
52
49*2
11
103
6%
634
*83
J'
-
104
104
10434
Par value $100.
A41«
.
„.00
• Old stoek.
Dec
T
%
,
79%:
AA
Sa-dlvldea4.
New York Stock
For record of sale*
HIGH
LOW SALE PRICES—PER SHARE.
AND
Record—Concluded—Page
during the week of stocks usually inactive,
PER SHARE
NOT PER
CENT.
Sales
STOCKS
NEW
lor
Saturday
Sept. 25.
Monday
Tuesday
Wednesday
Thursday
Sept. 27.
Sept. 28.
Sept. 29.
Sept. 30.
$ per share
$ per share
;
$ per share
102*2 102*2
100
*72"
*72*
100
100
Friday
the
Oct. 1.
$ per share
Shares
95
9684
90
95
88
90
*9534
"
*9534 102
....
187
*70"
7*5*
74
70
72
69%
70
Indus. 3c Miscell. (Con.)
Manati Sugar..
"l~665
*9534 102
*95% 100
I86I4 191*4
197
187
193*4
75"
'95% 100
182% 187%
19*2
16*4
39*4
*80
65
*59*4
16*2
38*4
65
*93
96
*93
"19"
"191*8 T9T2
98
155,
38%
15*2
373*
*32%
80*s
35*8
817s
89*4
*35
~35%
37*2
*80
84
*80
pref
Mexican Petroleum..
lVY.iioo
38
37%
38
60*4
60*4
60%
60%
*93
33
80*2
32
8934
34
35
77
76
104
*11*2
12*2
*20"
2*5
*44*2
47
*44*2
*50
52
23*2
35
23*2
35
700
*80
84
100
7
*73
56*2
*88
43"
40
12*2
11 a4
117s
93%
93*8
93
93
22*4
*4334
22%
23*4
23%
47
*4334
47
*50
54
54
56
56*4
107
Janl2
104
222
Jan
3
162%
Jan
264
88
Mar 13
105
Jan
6
99
Dec
18*2
Aug 6
26
Jan
6
21
Nov
10*
Aug 5
71%
Jan
6
37*8 Sept30
52%
69%
100%
Jan 6
40*4
118% Sept
32% July
71% Nov
62% July
Jan 7
Jan 6
54
Nov
83
100
Nov
106%
Feb
40
Mar25
40
Marl9
29%
Jan
43*2
July
75
Nov
pref..
Do
100
National Lead
Do
pref
Nevada Consol Copper..
New York Air Brake.
600
800
24
24
*43*2
47
100
57
2,100
North American Co.
40*2
2,200
*40
42
40
New York Dock
Do
preferred.....
20
Jan
Jan
44
Feb13
*48
51
*48
49
*47
48
*47
48
Ohio Fuel Supply..
4
4
4
"126*4 130
127
127
22
22
*48
49
49
*48
30
31%
31
49
4834
*28
92%
93%
90%
94%
86
83
83%
82*2
123
900
400
5*8
123
48*4'
49
49
48
48
30*2'
29%
30*2
28
287B
2,200
z47%
48
47%
47%
2,000
28
28
4834
*28
92%
84%
30
21
20%
20%
87
89*4
871'
90
85
80
82
81*4
82*4
18%
38%
39*2
"2",700
18%
18%
18%
18%
17%
18"
17%
33
32%
33%
33
33
34
37
39*4
37*2
37%
37*2
38%
37
38%
38*2
38%
40*4
x38%
37
37%
37%
37*2;
40*2,
36*2
36%
38
35%
36%
33%
35*2
37%
33%
*19%
33%
33
34%
3478
"33%
34%
13%
13%
14
72*4
70%
13%
80*2
71%
*79
69%
85*4
17%
14%
85*4
85
85
*84%
85*2
17%
95*2
17
17%
17
17%
13*2
'
—
-
-
80*2
■'
71%
71%
*84%
85*2
*17
18
'
■
—«,«.
94
....
''
94%
94*4
55
100
*99
100
*99
58
58
*60
60
'
Y-
110% 111
75%
38%
110% 110%
74%
75*2
38%
38%
93%
93%
77
39
•'V
M
-*
—
*102
•
-
-
-
V
-
52
*
14%
«
81
People's GL&C (Chic).. 100
Philadelphia Co (Plttsb)
50
Phillips Petroleum
No par
33,500
Pierce-Arrow M Car.
20,300
35%
-
*16
35*2
89%
16%
16*2
*29
16%
5%
132
53%
32%
67
105
35%
34*2
35*8
89l»
87*2
16
14%
14
*11*4
23
38*4
93*4
63%
110%
72
38%
15
*29
15%
5
5*2
53%
33*2
32
65
*83%
125
54%
33%
67%
'87%
34*8
86%
53%
53%
31%
64
64
*83*2
5635
62%
*83*2
87*4
640
14%
84
84
30%
30*8
70*2
71
68
59%
68*2
59%
30%
64*2
58%
66%
55%
30%
68%
56%
89
*86
51
104% 105*8
51
----
^
^
15
9%
5
"
4%
4%
125*4 125*4
52
32*2
53
31%
2:30*4
64
*63
87*4
65
*83*2
88%
85
50%
41
*83
30
30
69
64*2
65%
54
57%
53%
56*4
86
86
50*4
22
36*4
86*8
14%
41
*41
*84
50*2
86%
50
50
Do
17,800
50%
38*2
*22
68%
*85
"9%
"9%
9%
"9%
64%
53%
6514
*85
48%
86%
49
51%
38-%
49%
36*2
51%
49*4
38%
36
50*8
37%
69%
07%
90
85*2
23*2
69%
-
-
-
19
«
67%
*86
90
46*8
13*4
12
13%
12
46*8
46
46
46
46
162
12%
152
*147
170
87
87
*85
87
*152
88"
*85
67%
43
12%
46
90
12%
43
43
*150
*85"
88" .*85..
86*2
41
Do
90
1,900 Times Sq Auto Supply.No par
13,400 Tobacco Products Corp...100
Do
1500
pref
..100
11*4
11%
23,900
44%
44%
1,400
Transcontinental Oil
-
*91
81%
106
74%
82*4
106
95
52
50
48
48
82
75
Underwood
57
57
56
56
43
43
44
44
86%
89%
88*2 89%
105% 106
62
61%
*7%
8%
66%
7%
55
-
-
86%
8~7~%
105% 106
60%
61%
*7*4
9
65*8
67*2
64
63
64
111
*105
76*4
"54%
547«
56
8
64
75%
Union
7,200
2.300
112
43*2 43*2
85% 87
106% 106%
8%
62
62
85% 87%
106% 100%
60% 61%
64%
60%
02lo
*107
107*4 *107
111
118
107%
60
934
67*2
61
77*2
106
Do
60*8
10
rfi4
6*% 61%
*107% 111
59
61%
10
65%
62
12
"60%
.
.
"
'
100
*47
IOO"
47*2
13
60
60%
82*2
61
83
99% 100
47%
«...
45
44
27%
29*2
12%
13
11%
70
*50*
54""
4*
44
-
*
*-
11*2
12
69*2
70*4
109% 109% *107
109
*100
110
61
_
103%
47%
47%
*97
27
11
67%
x4 6
42%
l6"
12
69%
62*2
50
*100
110
*58
60
~
'
-*
*
m*
*.
-
59"
5934
81
*621?
64
58
*
"62*"?
62%
Bid and asked price* no sales on this day.
Feb
14
Jan
Apr 7
42*2
16%
Jan
74% July
Feb
66
Apr
Jan 8
*97*8
Dec
32% May
91% Oct
167
May
Jan 6
96*4
Jan
111
8
Jan 5
17%
Jan
73
Jan
Janl3
109
50%
139%
119%
78%
May
June
Nov
July
Nov
50
Mar
100
.
pref
100
1st pref.....
100
50
50
United States Steel Corp.. 100
Do
pref
100
Utah Copper...
10
pref
...
6
Apr20
*46% Oct 1
77% Febl3
Apr
Aug 9
41% Juriel 4
76
Jan
83% Aug 9
104% Junel5
56*s Aug 9
109
Jan
115%
80%
74% Sept27
101
Aug
9
'60
10
10%
58
61
110
£8*4
*104
57%
58%
"2",l"66
100
66
100
Do
Do
pref A
pref B
65%
Feb
8%
Dec
Jan 2
Apr 16
100
Vivaudou
Worthington P A M
Jan 3
12%
No par
5
Willys-Overland (The)..
25
Do
pref (new)....,
100
WllsonACo.Inc.v t c...No par
Woolworth (F W)........ 100
Do
pref
100
110
90
Feb
Dec
97
Wlekwlre Spencer Steel..
500
88*4
111%
5
59
Oct
1
104
May 3
76
Febl3
v t
C..100
100
100
11% Sept28
Mayl9
80% JulylS
99
10
Oct
1
80%
112%
51
76
110
55%
62
Jan
54
Mar
June
Dec
92*2 July
115% Oct
*88
Dec
7
Mar3l
89% Marl8
119
117% July
97% July
21% June
Feb
Jan 7
120% 6eptl7
21
115% July
54*2 Dec
Aprl4
Oct
38% Aug
Jan
Jan28
Oct
119%
Jan
Febl3
100
215
Jan
45
Aug25
pref
Virginia Iron C A C.
68% July
175% July
58% May
80% Aug
43%
7
Do
3,600
3,400
3
47% Mar27
42
44%May20
42*2 Sept I
24
Aug24
67
Apr 6
Jan 5
116%
103%
69%
143%
116%
Aug 6
Feb13
Westlngboiise Elec A Mfg. .50
White Motor.
50
Yi%
78%
100
Virginia-Carolina Chem...100
4,200
7,500
96*2
25*2
55*4
37%
No par
v t c
Vanadium Corp
.
•
157
Jan 3
99
49*4
46*2 47%
108*2 109*4 *107% 109
*104
Aprl4
Jan 3
100
100
99
46
110
224
Fdy
U 8 Smelting Ref A M
2,500
96,800
5
74% Oct
197% Dec
100
July
46*8 Oct
Jan
July
48
47
6
Jan
Jan
Jan
75... Jan
34% Dec
37% Jan
50
Wells Fargo Express-.
100
Western Union Telegraph. 100
Westlnchouse Air Brake
50
27%
Jan
37%
115
.
62% Nov
90%
V
43%
June
Dec
Jan 13
1,100
42*2
120
34%
72%
63
8.100
46%
June
97% Dec
5
44
13%
47
115
7
Jan
50
,
60%
44%
Jan
Jan
Jnnl4
12%
27*2
44%
66*2
17% May
Oct
Jan »34i
53
United States Rubber
700
38%
Dec
148
40
400
106
9%
nl84
1
Oct
60%
82%
13% Mar31
c57% Jan 2
53% July 7
34% JulylS
95*2 Jan 3
Sept 3
14*4
100
Jan
37
60*2
-28
50
50% 50%
109% 109% *109
81
59*4
....
*57
43%
-
12%
56
110
~
12%
60*2
82%
47*?
43
-
12%
*99
70
*51
*100
100
47
45
31%
*57
*
100
47*2
45
30*2
-
11%
61
Oct
32
104*2 Nov
54% June
105
00
118
*110
11%
11%
*55
Oct
151
Jan
"25%~Auir28~38
100
'
109%
Jan
Jan 3
AprlS
U 8 Realty A ImprovementlOO
100
Jan
92
AprJl4
5,100
2,400
Nov
97% July
100
preferred
Utah Securities
89
Feb
Mar
36%
127
U 8 Food Products Corp.. 100
U 8 Industrial Alcohol.... 100
9,200
4,500
85
Apr
200
U 8 Express..
29,900
64% Nov
45%
101*2
Aug 9
700
2,900
Dec
Dec
Dec
51% Mar26
118% Apr 8
Sept27
200
Do
Aug
81%
126%
73% May22
21,000
11.700
Do
29
Dec
41%
46*2
J an 20
40
Aug 9
800
*94% "dot
230%
74
Jan28
Jan 5
152
12*2 AuglO
40
Sept 8
86% 212,200
10%
AuglO
83% Augl2
9% A ug24
59
300
66%
57
176
900
Dec
Mar26
100
85*4
12*2
121
53*8 Jan
0*4 Mar
168*2 Feb
Apr 14
38
40% Aug 6
35
Sept 30
18% Sept21
U 8 Cast I Pipe A
Do
pref
74,300
106*2 July
74*2 Nov
July
17
July
Aug
No par
United Fruit
800
44
10
1st
par
Jan
84
17% Aprl2
25% Junel8
83% Apr 6
21% Janl3
90*4
48%
82*4
94%
Jan
June
27*2 July
105% Oct
53% Dec
145
Nov
44% Sept
123% MaylO
243
Dec
100
2
47
United Retail Stores...No par
1,500
61,800
54*2
Jan
Aug
71*2
Jan 13
60
Aug 2
Feb 11
44
106% 106%
...No
United Drug
54%
65%
.
51*
OIL...
United Alloy Steel
Do
49%
75%
106
56
-
68%
*108
50
■
*
105% 106
61%
60%
66
08
55
48%
Typewriter... 100
SOftLUnlon Bag A Paper Corp.. 100
195
48%
78
75%
105% 105%
77%
105*? 10534
-
»
*91
"47%
.No par
Transue A Williams 8t.N0 par
200
85
55%
112
Mar
46
93% July 7
124% Jan 3
106%
Feb
19
68
3
Fobl3
67*4
"85"
,
Jan
98% Dec
10712 Nov
*68%
8
Jan31
Apr 8
Apr 7
20
28
28%
27% 28
2734
27*2 28%
26%
27%
~2R*5jr~27
38
38
38*2
39%
38*2
38
37
38%
38*2
38*s
37%
110
*105
108% *105
*105
115
109% *105
*105
110
47
48
47
*45%
48" *45*4 47
*45*4
*45%
*45*4
*45%
47
200
199
199
200
199% 200
198% 199% 196% 197
196
196
70%
68%
69%
71%
71%
69
71%
69% 72
71
69%
71%
*14
15
i.
14*8
14%
*13
14%
14%
13
14%
14%
*41
*40
42
43
*46
42
41
43*2 *40
41
41
11
7
7
6%
*6*4
6%
*6%
7
6%
7*2
7%
*6*4
8*4
58
57%
55%
57%
55%
50*4
47
51% 55%
48*2 51% ?4«%
83
84
82
81
79%
83%
80%
82%
80*2 81*2
80%
81%
51
....100
...
Feb13
19
28
*50
pref
50
66*4
*85
*38
-
Aug 9
53*2 Sept30
86
Sept23
Temtor Corn
*105
«
69
35*2
170
.
119% Oct 1
t45% Augl2
23% Aug 9
Texas Company (The).....25
Texas Pacific Coal & Oil.... 10
20
20
/21% Sept30
4% Sept 29
49% 139,400
37*4
4,500
20
19%
Aug 9
14*f Jan 2
9% Oct 1
Aug 9
Mar 26
36
66
Transp & Trading...£2
69*8
July29
35
*85*2
11%
100
26
94
Apr
Feb
104
£42% July 7
106% Aprl2
106% Feb20
22% Jan 6
45
9
37%
90
Aug 9
88% May20
38
48
69
*30
Oct
Oct
July
91% Jan
132i2 July
106
Dec
40
50%
65%
*85*?
11%
85*2
12%
.....
31%
109
Nov
51
F pref A no par
36%
20%
68*2
60
Superior Steel Corp'n_..._100
2.600
Feb
110
pref Class B...No par
9%
12%
Jan28
Tenn Copp <fc C tr ctfs.No par
9%
47%
9%
Feb
85*2 Mar
Aprl9
3,466
9%
46%
45
28% May
105*2 Oct
74% July
98
May
Marl9
26% Aug 9
Do
100
"9%
111
Jan
Dec
68
Augl9
Sept 1
Oct
Jan
16
120
92*4
Apr
93
124
Oct 1
100
10
.
43
7
Jan
54
Sept24
108% May24
Studebaker Corp (The)... 100
J 00
"99"" "Oct
*65*4
Stewart Warn Sp Corp .No par
Stromberg-Carburet.. .No par
3,300
9,800
55*2 116,500
Jan
72% Sept23
Jan24
Augl8
100
pref..
Sloss-Sheffield Steel & Iron 100
100
80"
Jan
38%
101%
Jan 8
Jan 8
Apr
Dec
30
Do
87
June 5
preferred
100
Apr 19
Standard Oil of N J.......100 §600
AuglO §850
Mar25
Do ' pref non-voting.... 100
100% Junel7
113% Mar25
Steel & Tube of Am pref... 100
*79% Sept20
91% June24
4,047
"29%
108*2
23%
79
92*2 May 3
13% Aug 9
AuglO
34% Feb26
72% Sept29
Sinclair Cons Oil Corp.No par
"""326
43
984
47%
50
25
Shell
_
10"
..100
6,100
104% 105
Aug 6
Dec
32
Feb
Sears, Roebuck & Co..... 100
90
Dec
41
27%
42% JanlO
44% July 2
82% Jan 3
July 2
11
Oct
140*4 Oct
104% Dec
47% Nov
58
July
57
May
Mar
Saxon Motor Car Corp.No par
62%
88
42
Apr 8
Feb 9
Jan
100
San Cecilia Sugar v t c.No par
632
30*2 AuglO
33% Aug 9
33
Sept30
Dec
*59
5,300
62
42
Oct
80
75*4 July
42% July
Jan
92%
Feb 2
4,000
*83*2
47*2
36%
Aug 9
67
Aprl2
4%
§628
AuglO
22
Apr 14
Apr 14
Jan 6
104i2
St Joseph Lead
74,600
2,600
16
27
June22
113%
119*4 125%
32
111%
Feb13
550
53
116%
June 3
Savage Arms Corp..
51%
30%
46
71% Febl3
67% Feb 13
23% Sept 9
Nov
74
Feb
84
2,600
4*2
29*2
96
700
11*4
24
9
Jan 5
Republic Motor Truck.No par
Royal Dutch Co (N Y shares).
"
"9%
Company
Alegre Sugar
Republic Iron & Steel
13,300
84
30%
89
*86
....
24
50%
55*4
89
51
84%
{14%
105
85
30*2
51
32*4
86
"21%
14*
35
Jan
91%
27%
Remington Typewriter v t elOO
Replogle Steel..
....No par
7,000
69,600
76
70% Dec
58% Dec
12% Aug 2
-.....
300
84*4
*14%
88%
80%
~
34%
34%
105
*83
79%
72%
74*2
931?
5
84
10
Railway Steel Spring
100
Do
pref...
....100
Ray Consolidated Copper.. 10
600
78
73*8
10434 105
105
85
31%
*86
78
*90
2
Jan
100
Pure Oil (The).A:
2,400
*83
105%
105%
79*2
76*2
Jan
Nov
39% Nov
Mar
100
pref
Punta
800
14*8
78
61%
38%
41% May20
98
......
_
Pullman
7,700
14%
46
Augl2
51*2 Febl3
PublicServ Corp of NJ...100
800
3,100
11,900
53
2
100
Pressed Steel Car....
93%
635
*30*2
1,900
65
Jan
1
100
pref
Pond Oreek Coal.
93%
{630
*83
Do
600
109% 111
2:65% 67%
38
38%
25
...100
3,300
93*2
s
634
$632
pref
Pittsburgh Coal of Pa
12,000
100
127*8 127%
527*
53*2
32*2
Do
100
"14*8
93*4
4%
126
31%
640
§632
7234
*90
5
4%
130
77
77%
93*2
"64"
100
Pierce Oil Corporation
5,600
*50
30
75*8
29
54%
....
92%
14
30
78*2
*90
*12
*15%
124
87*4
93*2
17%
93%
69*4
51
81
5*4
640
51
94
86%
*14%
*11%
67
*83*2
§637
86
17
63%
93*4
79%
29
132
86
17
110
102% 102%
1434
14%
14%
52*2
79%
85*4
.No par
.
pref
Do
38%
93*4
87
36
88%
38%
93*2
34%
-
85%
61
75
'
-
14%
52*2
69%
12%
81%
70%
93*2
12*2
*80
100
78*2
81*2
80%
79*2
15
54
13%
71
81%
*16
110% 11078
76
70*4
110
54
-
53
12%
70
*80
9478
61
55
111*2 111*2
77*2
77*2
39%
39*2
13%
81%
72
94*2
*99
-
•
13*4
70%
65
Oct
Jan13
50
...
YY%
149
Nov
34*2 Dec
Augl9
June
"55" July
5*2 Mar
128
5
37
Class B
Apr 6
Aprl4
Jan
Aug 9
Parish & Bingham....._No par
Penn-Seaboard St'l v t c No par
10,900
9%
157
97
"43" " "Jan
41%
28
Do
•
100
3
Jan 5
Aug 9
5
Do
900
34%
Febl9
May20
19*4
45%
28
Pacific Mall SS..„.
5,900
20
Bottle
5
107
Jan
Aprl7
55*2 Apr 8
5% Mar 8
3% Aug 6
Pacific Telepti & Teleg_.._100
Pan-Am Pet.& Trans
50
123,666
9234
..No par
25
Pacific Development
Pacific Gas & Electric
100
81%
No par
Steel
Owens
700
883g
33
"l9"
Otis
3,100
30
"26"
"
Otis Elevator.
20%
30*2
48%
30
90%
86
124
21%!
48%
49
30
5*2
!zl24
21%
31
48
47"
47
5*8
127
Oklahoma Prod & Ref of Am.5
Ontario Silver Mining.... 100
9,200
88% June
May
Oct
112
July
21% July
145% Oct
70% July
75
July
67
July
94%
Sept
13% Nov
91% Feb
19*2 Feb
44*4 Mar
25
Oct
July
604
102
46
*49
123"
Aug 9
July
108% May
24% July
Jan
47
51
2134
48*4
5
Jan 5
Jan 3
Oct
22%
52
*
3
Jan
92
Jan
64
Sept23
Nunnally Co (The).... No
*49
21*2
Jan
17%
117*4
48%
93
14
16
0
5*2
126*4 126*4
110
Aug 9
101%
8% Dec
45% Feb
par
*13
22*8
Jan 2
Jan 7
Aprl2
77*4
16
22*«
Apr 7
61
*13
4
Dec
13
90
89
103
89%
102%
93%
50
100
Janl3
59*8 June26
16
3%
5%
102%
6% Aug 4
Jan
38
*13
4%
82% Septl3
Nov
70
Nova Scotia Steel & Coal.. 100
14*4
4
Sept
87
3
Jan
May20
Sept27
*13
4%
45
June28
80
44% Sep.t28
16
4
July 9
98
48
*13
4*8
863|
Febl3
100
_
16
4
Oct
Feb
100
*
*13
4*8
32
30*4 Septl3
100
.....
600
59
Aug 9
Augll
100
70% Aug 9
.100 *100% May21
5
10*4 AuglO
pref
11%
42
100
.....
92%
*41
50
.
100
11%
92%
42
5
10
Nat Conduit & Cable.No par
Nat Enam'g & Stamp'g...l00
300
*1134
52
38
900
2,000
""600
44%
44*2
*50
7
57
105
11%
9318
97% Augl3
Aug 9
Pref..
Do
94
77
*102
75*4
105
7
!
25
92
*20
47
1,260
*33%
84
Dec
148
83
89%
34
94
Jan
38*2 July
131% Oct
110
May
Do
preferred v t c_....100
National Cloak & Suit.... 100
89*2
57
Jan
Febl3
1,900
9,800
7
137
Dec
60
44
57
57
Aug
28
Chem vtc. .Nopar
32*2
r56%
89%
*88
94
130
Jan 5
AprlO
Nat Anil
32
80
34
151%
33%
137%
Aprl4
Sept 1
69% Oct
1
20
Mont Wd&Co Ills Corp .No par
National Acme. __.........50
Do
$ per share
100
Mldvale Steel & Ordnance
90
Highest
$ per share
--.-.....100
pref
Miami Copper
Middle States Oil Corp
V, 900
89
100
Lowest
$ per share
S per share
88
Oct
1
Mayl9
95
May 4
25% Sept30
32
Septl8
32
Year 1919
Highest
Montana Power.......... 100
28*2
Range for Previous
'
basis of 100-sAare lots
700
25*2
*80
8
*74
*93
79
I
14%
2738
32
58*4
*103
96
25*4
82%
*7
*88
75*4
1134
1212
93
92
89
57
7%
*104
*50
*11*2
44*4
89
94
1478
*93
*33%
61*8
75*8
767g
96
28*4!
32%!
8O34:
82*2
106
14
80
84
734
105
44
37*8
59
*76
52,000
26,400
i
*88
*102
15
15%
59%!
32%
79*8
89*4
"Tjoo
38
100
...25
Do
19
14%
27
60*2
10
59*4
29%
60
19
37*4
96
*88
19
16
28*4
734
734
19*8
59%
89
33*4
81*4
89*4
19
38*4
*93
30*8
33*4
81«S
29
*32%
15%
37*4
59*4
~19~~
Par
May Department Stores.. 100
Do
"19*4
On
Lowest
Manhattan Shirt
75
PER SHARE
Range since Jan. I
STOCK
EXCHANGE
2,300
74
100
YORK
Week
j
S per share i $ per share
1353
3
third page preceding.
see
Jan
8
Jan
3
79
51% Nov
82
Sept
94*2 Jan
40% Jan
69i8 Mar29
32% Sept20
45
23%
87%
65%
59% June
80
Oct
Jan
Jan
8ept30
32
Jan
3
58
Oct 1
93
Jan
5
40
8^pt30
82%
Jan 5
100
June 3
145
Aprl4
120
103
Julyl9
116%
Jan 6
112% Dec
55
Aug 9
95
Jan27
80
July20
62*2 Aug 9
93%
Janl3
88
Jan
76
Jan 6
66
Jan
50
May
92% May
July
126
40*4 June
98*4 May
104% July
136% May
117*2 July
Jan
Jan
Feb
Feb
117
Oct
98%
__
Oct
81
Oc
f Less than 100 Shares,
t Ex-rlghtt. a Ex-dlv. and rights, x Ex-dlv. 0 Reduced to basis of $25 par. n Par $100
t Name changed from Ohio Cities Gas to present title July 11920, range inch prices from July 1 only range for Ohio Cities Gas Jan. 1 to July l, 37 May 20.5OH Jan. 3
1354
New York Stock
Exchange—BOND Record, Friday, Weekly and Yearly
Jan. 1909 the Exchange method of gaoling bonds
Price
Week's
Friday
Range OT
BONDS
EXCHANGE
N. y. STOCK
Oct. 1
Week ending Oct. 1
S.
U.
If
High
1st 15-30 year.. 1932-'47 J
3Ma
j Low
91.50 Sale
0040
91.50 3760
D
87.90 Sale
87 20
88.60
N
87.22 Sale
86.40
88,40
D
Since
No.
First Liberty Loan
1st L L conv.. .1932-'47 J
4s
2nd L L
_.1927-'42 M
High
4
1st L L conv—,1932-'47 J
Ms
42nd L L conv_. 1927-42 M
3rd L L.__
,.1928 M
54 '83.00 93.48
136 81.40 92.90
847 84.00 94.00
D
88.28 Sale
87.60
89.40
N
87.50 Sale
87.50
89.10 10452
S
89.44 Sale
88.30
D
96.50
97.30
O
87.34 Sale ,86.66
81.10 92.86
90.90,11454 85.80 95.00
Fourth Liberty Loan
4 Ms
1st L L 2nd conv 1932-'47 J
4
4th L
1033~'38
L
A
....
Sept'201
! 86.00 101.10
89 .10 25272 82.00 93.00
conv g notes...
1922-'23
06.00 Sale
05.52
conv g notes...
1922-'23
06.00 Sale
105.50
2s consol
2s consol
Cent of Ga tConcl.)—
J
J
J
81
N
83
J
J
3
S
J
N
N
97*2
100
dl930
dl930
registered
coupon...!
4s registered...
100
105
....1925
105
4s
coupon......
1925
Phd Canal L0-30-yr 2s
*1930
Pan Canal 10-30-yr 2s reg.. 1938 Q
Panama Canal 3s g
.1961 Q
1961 Q
Registered
Philippine Islands 4s.._.1914-'34 Q
100
Registered
101*4
101
85
100
A1987
Am Dock A Imp gu 5s... 1921
N Y A Long Br gen g 4s__1941
Cbeaa A O fund & lrnpt 53—1929
1st consol gold 5s
1939
Registered
...1939
gold 4Ms
1992
Registered
1992
20-year convertible 4 Ms.. 1930
30-year conv secured 5s__ 1946
Big Sandy 1st 4s
1944
105
106*4
Coal Rlvei
104
106*4
Craig Valley 1st
Ry 1st gu 48—1945
Potts Creek
5s
g
1940
89*4
R A A Div 1st con g 4s._.1989
2d consol gold 4s...... 1989
8678
87*2
Greenbrier Ry 1st gu
g
4s. 1940
Warm Springs V 1st g 5s..1941
Alton RR ref g 3s.. 1949
Feb'15
Chic A
Foreign
Railuay 1st lien 3i4s..... 1950
Government.
Anglo-French 5-yr 5s Exter loan.
A
O
Argentine Internal 6s of 1909..
IY1
S
Belgium 25-yr ext
.
f 7Ms g. 1945 J
s
D
1-year 6% notes.....Jan 1921
5-year 6% notes.
Jan 1925
Bordeaux (City of) 16-yr 6s. 1934 M
Chinese
N
s f
6Ms—1944
Cuba—Externa! debt 5s of 1904
84*2
do
68*s
81U
90%
...1931
Italy (Kingdom of),Ser A 6Ms'25 F
Japanese Govt—£ loan 4%s.l925 F
Second series 4Mb
1925 J
do
do
"German stamp".
Sterling loan 4s
1931 y
Lyons (City of) 15-yr 6S....1934 M
Marseilles (City of) 15-yr 6s 1934 M
S
A
A
j X
5884 Sale
93%
85
38,
'
98
89*2
8234
92%
4l
41
50
74
83
83*4
81
70
241
51
6'
8034
92%
68*2
76
82*2
83!
79
8734
9858
35;
95*4
98%
9034
17
8678
96
91
92*2
68%
8178
98
89%
8934
98*4
91*2
83
86
80
27
84*4
98l2
75
937s
93
30
98*2
97*2
10134 1955' 101
102%
1
90
8978 95*2
82
75*4 406' 69
75
5834
264
67*2
'254
41*4
43
34
35
95
94*8
9478 Sale
103*2
103*4 Sale l02Ss
5368 5412 63*8 Sept'20
..1927 M
Registered
General 4s
1958 M
Chic A E 111 ref & Imp 4s g. 1955 3
U S Mtg A Tr Co ets of dep...'—
1st consol gold 6s
,—1930 A
General consol 1st ,5s..... 1937
U 8 Mtg A Tr Co ctfs of dep
Chic Ind A Louisv—Ref 6s. 1947
3
3
1947 3
1956 3
1956 3
Refunding gold 5s
Refunding 4s Series C
1947
13
81
79i
2934
44
30
26
37
88*2
95%
61
50
1921 M
N
A
...1929 F
O
F
A
j?1922
9818 Sale
86i8 Sale
9878
83
98%
728
92%
87
584
81*4
98%
90%
8984 Sale
95% Sale
87
90
585,
83
9534
95
95*2
252
89*4
95%
1st 4Ms..1969
Ch M A St P gen g 4s ser A.el989
Registered
Gen'l ftwd 3 Ms Ser B
el989
el989
General 4Ms Series C.._el989
Gen Aref Ser A 4Hs
a2014
Gen ref conv Ser B 5s...a20l4
Convertible 4M8
.1932
1925
25-year debenture 4s
1934
Chic A L Sup Dlv g 5s —1921
Chic A Mo Rlv Dlv 58
1926
Chic A P W 1st g 5s.
1921
on the basis of $5to£
C M A PugetSd 1st gu 4s. 1949
City Securities.
S
N V City—4 Ms Corp stock. 1960 IVI
8
4Ms Corporate stock....1964 M
O
4 M s Corporate stock
1966 A
4Mb Corporate stock July 1967
D
4 Ms Corporate stock
1965 J
s
4Mb Corporate stock.... 1963 IVI
4% Corporate stock
1959 IV! N
4% Corporate stock
1958 M N
4% Corporate stock..... 1957 IVI N
4% Corporate stock reg.,1956 M N
New. 4Ms.
1957 M N
Milw A Nor 1st ext 4Ms.. 1934
Cons extended 4 Ms.... 1934
f7 hese are prices
Fargo A Sou
State and
Corporate stock... 1957
IVI
N
3M% Corporate stock... 1954
hi
N
iw
86
85
Sale
86%
92
9234
92
93
92%
82*2
93*4' 92
83
82%
j
92
N Y State—4s
...1961
12
2
"29
92
11
92*8
11
82
82
90
83
83
81
Sept'20
82l2
8234
l!
2j
91
82*2 Sale
92%
91
86
....
Sale
s
4M%
86%
8534
8534
8534 Aug'20
92
91
86*2
84%
93*2
81%
92
"4
92
7134
92
10
81%
95*4
84
95*4
8534
90
93
100%
89% 100%
88
100%
80
90%
91
79%
80*4- 90
82*2 89
89% 100%
89% 100%
7134
81
Canal Improvement 4s... 1960 J
Canal improvement 4Mb. 1964 J
91
89
June'20
91
91
93
....
Aug'20
98*2 Aug'19
89
Sept'20
91
Canal Imrpovement 4s
1961 J
Canal Improvement4s...1962 J
—.
July'20
93
97
107*2
100
Improvement 4Mb. 1965 J
Highway Improv 14M8..1963 M
Jan'20
107% 108
99
S
Highway Improv t 4Ms.. 1965
Virginia funded debt 2-3s..l991
*99
——
99
102
J
Mar'20
May'20
100
95
Canal
July'20
72%
IIII
78%
72
5s deferred Brown Bros ctfs...
" *8*9"
Sale
66*2
99
107*2
95
95'
50
72
Dec' 18
72
978
Railroad.
Ann Arbor 1st g 4s
55*2
*1990 Q
Atchison Topeka & Santa Fe—
|
Gen g 4s
1995 A
O
Registered........
1995 A
O
Adjustment gold 4s.....*1995 Nov
Stamped
*1995 Nov
Conv gold 48
...1955 3
D
Conv 4sIssue of 1910.....I960 J
East Okla Dlv 1st g 4s... 1928 M
D
Rocky Mtn Dlv 1st 4s...1965 J
Trans Con Short L 1st 48.1958 J
Cal-Ariz lst&ref 4Mb"A 1962 M
J
J
S
S Fe Pres & Ph 1st g 5s._. 1942
S
M
Atl Coast L 1st gold 4s....*1952 M
10-year secured 7s
Gen
...1964 3
Ala Mid
1st gu gold 5s... 1928 M
Bruns A W 1st gu gold 4s. 1938 J
Charles A Sav 1st
gold 7s. 1936 J
LAN coll gold 4s
1934 A
.1934 A
Bait A Ohio prior 3Ms——.1925 J
Registered..
72
Sale
68
83*2
70%
7334
J
*1948, Q
1933'--
60
62
72
16
60
97
77%
July'20
82
82
76
77*2
100
76%
92
94
78%
78
129%
113
89%
Sept'20
Sept'20
91
67
69%
80
95% 101%
78
68
81
70*2 Sale
60
92%
78
78
78
90*4
78
Aug'15
35
"60*4 "72%
4
98% 101%
83%
Apr'20
"21
70%
83
83% Sale
82
64*2
101%
71%
100%
100*8
105
July'15
100%
1
Sept'20
70%
70% Sale
J
--
62
82
73
J
Registered
10-yr conv 4Ms..
67%
"12
68%
69
Sale
O
82%
79
71%
75% 8ept'20
71*2
....
76%
81*2
7634 Sale
106
58
69
69%
89%
89%
69
76%
81
89%
Sale
..*1948 A
87
70*4
86
92*4
78%
O
O
70%
72
69%
84
~87 ~ Safe
78
J
47%
381
71% July'20
6834
101
*1925 Q
1st 50-year gold 4s
7734
72
N
N
7734
71
N
J
..01952 M
Sav F A W 1st gold 6s
1st gold 5s
S
56
73
D
1930 M
unified 4Ms
S
56
76
56*2
77% Sale
"79
8181
57*2
70*2
60
60
311
57%
180
57%
81*2
70*2
70*2
92
Feb'20
89
70*2
70*2
89%
112
~7S" "84%
Jan'12
70*2 Sale
67*2
70
67%
Refund A gen 5s Series A.1995 J
Temporary 10-yr 6s... ...1929, J
Pitts June 1st gold 6s
1922 J
D
P June AM Dlv lStg3Msl925 M
PLE AWVa.8ysref4s_.1941 M
N
N
77
77
79
65*2 Sale
63%
66
77
51%
66
Southw Dlv 1st gold 3MS.1925 J
Cent Ohio 1st c g 4M3..1930 M
J
S
O
77
75%
77
73
67%
77%
85
85
J
J
CI Lor A W con 1st g 5S..1933 A
Ohio River RR 1st g 5s.
1936 J
.
Sale
89% Sale
.
79
Sale
85
"81*4
91
90
90% Mar'20
80
88
__1937|A
O
Pitts Clev ATol 1st g 6s..1922 A
O
Tol A Cin dlv 1st ref 4s A. 1959!J
J
97%
58*4 Sale
1937,M S
Consol 4Ms..
1957,M N
All A West 1st g 4s gu.... 1998 A
O
Clear A Mah 1st gu g 5s._1943 J
3
Roch A Pitts 1st gold 6S..1921 ,F
A
Consol 1st g 6s
1922 J
D
Canada Sou cons gu A 5s... 1962'A
O
Car Clinch A Ohio 1st 30-yr 5s 38 J
D
Central of Ga 1st gold 5s__.pl945 F
A
Consol gold 5s—
..1945 M N
10-yr emo secnr fls June. 1920—
..
No price F 1
a7
latest; 1I111
Mar'20
90*4
81
Buffalo R A P gen g 5s
*
"l3| "60 " "79"
Mar'20
D
71
General gold 5s
162!
90%
95
78%
90%
78%
73*4
80
62%
85
80*4
09*4 101*2 100
99% 101
87
Sale
73%
90 I
94
82%
87%
84
89%
75*4
k. oDue Jan. I
6s..1924
g
Registered
General gold 3Ms
Registered
General 4s..
1987
M
M
M
Sinking fund 6s
1879-1929 A
Registered
—1879-1929'A
Sinking fund 5s—_„ 1879-1929 A
Registered...
1879-1929 A
Debenture 53
—1921 A
1987
Registered
1921
Sinking fund deb 5s
Registered....
1933
M
10-year secured 7s g
.1930
Des Plaines Val 1st gu
4Ms '47
Frem Elk A Mo V 1st 0s__ 1933
3
M
Ext A Imps f gold 58—.1929
Ashland Dlv 1st g 6s... 1925
Mich Dlv 1st gold 6s.. 1924
Mil Spar A N W
F
M
J
lstgu 43.1947 M
St L Peo A N W 1st gu 5s 1948 J
Chic R I A P—Ry gen 4s
1988 3
Registered......
1988'J
Refunding gold 4s
1934 A
R I Ark A Louis 1st
4Ms.. 1934 M
BurlCR AN 1st g 5s... .1934 A
C R I F A N W 1st gu 58—1921'A
Ch Okla A G cons 5s
1952,M
Keok A Des Moines 1st 5s 1923'A
StPaul AKCSh L lst4Ms'41 F
Chic St P M A O cons 6s.i —1930 3
Cons 6s reduced to 3Ms._1930 •*
Debenture 5s.
,.1930 w
North Wisconsin 1st 6s... 1930 3
.
Chic T H A So East 1st 58—1960 3
Chic A West Ind gen g 6s„el932 Q
Consol 50-year 4s
1952 J
Cin H A D 2d gold 4Ms
1937 J
C Find A Ft W lstgu 48 g
1923, M
Day A Mich 1st cons 4 Ms 1931 3
Clev Cin Ch A St L gen 4s__1993 3
C I St L A C 1st
g
Registered
.
Jan'20
Apr'20
85
85
Ft W A Den C 1st g 6s_„1921
Conn A.Pas RIvs 1st g 4s
1943
Peoria A East 1st
41
1
"17
8
83
94
—
O
N
cons 4s.
Income 4s
A
J
S
3
1
3
J
3
D
3
J
3
3
0
A
D
D
3
3
3
3
3
3
&
D
3
A
A
N
F
77*2
95%
98%
78%
76%
92%
Sept'20
Aug'20
68
86
Mar'17
"224 "66"%
75
76
87% Sale
85%
87%
66%
63% July'20
82% May* 19
78*8 Dee* 19
Sale
76
"6l"»4 II
60
—
....
3
A
NY Lack A W 1st 6s
Construction
5s
Term A Improv 4s
507
45%
47% Sale
40
38
Sale
98
"73" Sale"
61%
58%
73
67
•
"
"
—II
Feb'15
1
41" " "49"
!
40
"62
191
29%
40
96
98
|
48
1
64
76
26
73
84
10
8334
92
15
67
81%
45
20%
19%
87%
38*4
38%
90%
68
73%
Feb'20
73
73
79%
79
63%
8
67
113
81
87%
57%
5
70
88*2 Sept'16
63
77%
70
i
-—
June'19
67
Sale
67
69
69%
71%
81%
88%
89*2
87
88%'
Oct'19
78%
80*2
36i2
38%
36%
38%
88i2 Sept'20
73% Sept'20
80*2 Sale
36% 37
36% Sale
90*2
88%
90%
95
76
50
50
J
97%
32
8
55
50
50
52
64%
75
53
,
50
12
May'20
75
177.
Apr*20
80
I
50%
57%
91
97
....
,—
75
I
Feb'13
,
Mar'17,.
54%
56%;
95
95
95
79
80*2 Mar'20.
| 80%
68
68
Mar'20
03
May* 19
62*8 May'20 nil "62%
Sale
5
....
67
70
....
71
68%
71
73
75
80%
68
,
.
71*2 Sept'20
s68% Sale
Sale
75
77
64% Sale
63
32
.
82
72
:illli"53%
44
67%
445
64%
"62%
80
5984
.
69%
92% Feb'16
56
Aug'20
67%
"57% "59%
77
.
.
52%
i
60%
78
64%
75
Sale
73
75
91
73
Sale
71
74
358
61
74
78
Sale
78
80
70
79%
64*2 Sale
75%
64%
64%
18
53
65*2
94%
82%
93%
ij 94%
I| 93%
97%
93%
98
98%
98
70
Sale
91
66%
98% 102
78
60
94% June'20
78
....
Feb'20
75
I
70 j
Sept'19
.
94*2
1
113
Jan'20
93%
9884
58
70
78
98
78
7784
78
80
75% Sept'20
75%
96*2
97
96
94
96»4
84% Aug'20
81%
92
81
81
81
59*8
68%
84
82
89*4
66%
67%
67%
70%
Sept'20
July'20
68% I
Apr'19
102
101%
76%
100
21.
101% Oct'16
105% Nov 19
J
O
S
O
O
N
O
°
Ml
78%
95
76%
77%'
75% Sept'20
95
Sale
|
95
2,1 67
..J:
80
70
75%
84%
3
98
99
Apr'20
109%
95%
"90% "97%
Apr* 10
Sept'20
92*"
99"
Feb'20
94%
94%
96
98
96
94%
"98% mi
98
98
89
87%
90%
90%
61
88*2
97
88
99
...
Aug'20
Mar'19
89*2
"83% ~90%
-
"82 "99% 102"%
102%
Jan'17,
61
_
99%
91
98
,
99%
100
72
Aug'20
88
82
Sept'20
June'20
98
74
73
75
70
Sale
68%
68
Sale
67
272
97%
89
89
71
101
101
Sale
81%
83%
83*2
86%
52
68
98
73~"
67%
104
7934
7934
78
87%
Nov* 16
May'18
67*2 June' 19
Aug'20
70
101
58
7934 Sept'20
85
Sept*20
95
....
100
26
5
118
99
79%
90%
"""5 "65 "
67%
67% Sale
101
70
Oct'19
71
60*4
58%
61
Feb'19
74%
87«4
76*2
85*4
1
Apr'20
....
"70"
79
70
68
87%
92
90%
96% 100%
70
72%
34
74
65
73*2
76% May'19 —II—..
•
70
86*2
9934
99%
Sept'19
101
«7
....
98%
95%
9834
94%
103
Nov'18
100
5934
3
70%....
90
Mar'17
81
Jan'20
103
May'17
88
98
....
63
3
62*4 Sale
Jj "70% IIII
*>
Ji
46
69
70
69*2
80
78
80
84
86
Sale
86
72
,
67%
70
67
63
1921* J
1923 F
1923 M
July. JtDue Aug. fDne Oet.
80
79
86
70
68
1
8
75
56%
6034
—
67%
62
67%
Jan'19
68
84
Nov'16
77
69
Scpt'20
96%
68%
70*4
63%
3
69
44
61%
"86~"88~
O
A
N
D
O
60
9
Aug'20
57% Aug'20
74%
63
5
j
69
62*2
75*2
66
62%
"81 " "81 "
69%
77%
74
Apr
1929 F
1935 M
81%
90
....
"76"%
D
S
O
3
3
S
A
8
3
S
3
3
1940 A
1990
6
85
79
....
98%
"77% ~78 "
A
Q
196l|A
76%
i
—
100%
1
90*2 Aug'20
87%
99%
102
98%
98% Sept'20 .—h 96%
100% Jan'18
79 " ~85%
83% *""3
83% 83
51
91
84
95
92%
Sale
78% June'20
78%
82%
35
69%
77%
Sale" 76%
77* |
97*2
N
N
N
O
O
0
O
0
O
N
N
3
3
Cuba RR 1st 50-year 5s
g_.1952|J
Del Lack A Western—
Morris A Essex 1st gu 3Ms2000 J
J ue April. eDae May. fDae June. ADue
81
99
76
.*1936, Q
Cleve Short L 1st gu 4Ms
Colorado A Sou 1st g 4s—
Refund A Ext 4Ms
99»4 100%
97% 100
77*4 89*2
69% 75*4
85
95%
75%
88
3
48—*1936|Q
...
1st g 5s..
1928
C C C A I gen cons g 68—1934
Ind B A W 1st pref 4s
.1940
O Ind A W 1st pref 5s.._dl938
cons
92%
83*2
73%
May'20
98
Sept'20
85*2
89*2
75%
75*4
87
Sept'20
82*2
85
86
8834
N
N
N
19311J
General 5s Series B—1993 i
D:
Cairo Dlv 1st gold 4s
1939 J
Ji
Cin W AM Div 1st g 4S..1991 3
3
St L Dlv 1st coll tr g 4s._.1990 M Nj
Spr A Col Div 1st g 4s
1940 M S
W W Val Dlv 1st g 4s
1940 3
20-year deb 4Ms__
High
ll
A
D
D
8
3
Superior Short Llst5sg.el930M S
58*4
2
A
ManG BAN W 1st 3Ms. 1941! J
Mllw A S L Lstgu 3Ms-._ 1941 3
Mil L S A West 1st g 6s. ..1921 M
44%
88*s
70*4
73%
79
A
1933 M
91*4
1
3
3
3
1987
Stamped 4s
General 5s stamped
90*8
232
3
Q
J
3
A
F
3
3
J
3
3
3
3
3
pl987 Q
91
58*4
90*8
3
F
1886-1926 F
1987 M
90%
Aug'19
99% Mar* 18
54
assum
Wis A Minn Dlv g 5s
.1921
Chic A N'west Ex 4s...l886-'26
Cin S A CI
85
85
77
Chicago Great West 1st 4s.. 1959 M
Chic LS A East
100*2 103*2
M
Guar Tr Co ctfs of dep.——
Purch money 1st coal 53—1942 F
Chic A Ind C Ry 1st 5s...1936 3
71
217
J
No. Low
High
May'18
97% June* 17
70
A
3
Jan. 1
,
52
77
—
3
J
J
N
S
O
3
Stamped
9234
93*2
155
8
A
O
D
D
3
_
Permanent 4s.....
5 Ms.-1937 F
5-year conv 5Ms
Great North'
Nebraska Extension 4s... 1927 M
83
76
S
90
81
See
52*2
Ireland—
5-year 5M% notes
20-year gold bond
10-year conv 5Ms
Joint bonds
4
82
3
3
M
M
A
3
Chic B A Q— Denver Dlv 4s. 1922 F
Illinois Dlv 3M8...
1949 3
Illinois Dlv 4s.
1949 J
Ind A Loulsv 1st gu 4s
Chic Ind A Sou 50-yr 4s
Jan'20
58
Sale
J
100
29
84
S
23
20,
84*2 Sale
J X 4112 Sale
34
9634 101
77*4
85l2
Sale
N
D
75
68
276
100
85*2
8434
O
Switzerland (Govt of) 8 f 8s 1940 J
Tokyo City 5s loan of 1912..,.. M
98*8
76
Paris (City of) 5-year 6s....1921
A
48
93*2 100
84*2
74*8
74is Sale
N
314
43*4
101*4 Sale 101*8
90*2 90
X 75*8 Sale
74ig
J X
Mexico—Exter loan £ 5s of 1899 Q
Gold debt 4s of 1904..... 1954 J
of Ot Brit A
Sale |
81
98*4
French Republic 25-yr ext 8a 1945 M
K
69*2
82*2
Sale
Sale
Sale
99%
A
2-yr 5 Ms gold notes Aug 1921
10-year 5Ms
1929
U
Sale I
93
Exter dt of 5s 1914 ser A..49 F
External loan 4 M S—.—1949
83
s
100
81
....
9034
9834
ivi
Dominican Rep Cons Adm sf 5s 58
Dominion of Canada g 5s
1921
do
do
...1926
do
69*4
97%
99*4
9U2
84*2
42%
75*2
X 43
Sale
76*2 77*4
(HiikuangRy) 5s of 1911
Copenhagen 25-yr
9978
99% Sale
693s Sale
97% Bale
99
99i2
91*2 S-ile
M
3
Q
3
M
J
M
M
M
M
F
A
3
3
3
1946 3
Br 1st 4s
79*2
July'18
79*2 Apr'20
87*2 Mar'20
87
78
1100
{100*2
99
83
M
F
94.70 99.40
96.60 6237 94.64 99.40
101 >2 100
July'20
102i4 I00J2 June'20
106
1105% Sept'20
106*2 IO6I4
105*4
98
Mar'19
100
N
M
96 60 9199
1946 3
Mobile Dlv 1st g 5s
05
74% May'19
D
CentRRA B of Ga coll g 5s. 1937
Cent of N J gen gold 5s
1987
Range
Since
3c§ i
Range or
Last Sale
1
Ask Low
Bid
J
Mac A Nor Dlv 1st g 5s.. 1946 3
Mid Ga A Atl Dlv 53—1947 J
General
Victory Liberty Loan
4Mb
3Ms
Oct.
fsl
Week's
Price
Friday
EXCHANGE
Week ending Oct. 1
Cbatt Dlv pur money g 4s 1951
89.10 100.40
Third Liberty Loan
4Ms
BONDS
N. Y. STOCK
1
Second Liberty Loan
4s
note—' and Interest''—ezcepl for interest and defaulted bonds.
Range
Jan
Last Sale
Ask Low
bid
Government.
was changed and price* are
102%
77%
Oct'19
7634 Nov* 19
70
62*2
35
37
30
83
100
81% Sale
78
Sale
94
97
"60" "72%
69*2 69%
99*2 100
91%
91%
nniia
"69""
82% Sept* 19
93*2 May'19
93
WAIT
25
66%
47
66%
59
16
35
—)
35
73
88%
77*2
Aug'20
79%
74*2
81%
17
74
78
52
66%
78
97
97
91%
98
63
73
68
Sept'20 ——
69% Sept'20
1
t
90
/iT\na
63
3
....
HOA
•
85*2
An4tAn
70%
98% 100%
92% 97%
90
OA!A
94
1355
New York BOND Record—Continued—Page 2
Si
Price
it
BONDS
N. Y. STOCK EXCHANGE
Week ending Oct. 1
Friday
Warren 1st ref gu g 314 a.
Ask Low
Bid
Delaware Lack & West—Conci.
.2000
No.
High
63
1st lien equip g 4^8
J
95
1st & ref 4s
1943
1935
1930
Susq conv 3 His
1946
& Saratoga 1st 7s__1921
20-year conv 5s
M
O
10-year secured 7s
Alb &
Renas
Consol gold 4Hs
65%
73
53
Sale
72%
52%
34
Det Rlv Tun Ter Tun 4^8..1961
78
72
65%
54
55%
54
53%
71
82
Sale
91
95
97
100
Gen
conv
Cleve & Mahon Vail g
Erie & Jersey 1st s f 6s
Genesee River 1st
s
58^2 Sale
"(38 " "71%
53
Jan'17
J
41
52
88
97
J
•*
Evansv & T H 1st cons 6S..1921
J
A
A
A
J
J
1942
1st gold 6s... 1923
Sull Co Branch 1st g 5s.. 1930
Florida E Coast 1st 4^s
1959
Fort St U D Co 1st g 4HS..1941
.
*65%
O
92
57%
1921 J
M921 Q
J
Great Nor C B A Q coll 4s.
Registered
J
J
J
1933 J
J
J
J
J
J
J
J
Mont ext 1st gold 4s... 1937 J
Registered
1937 J
Pacific ext guar 4s
1940 J
D
1991
1933
1st consol g 6s
Registered
1933
Reduced to gold 4^8.1933
Registered
1933
J
" ~61
36"" "55"
1922 J
1937 J
60
80
73%
J
98
? J
101
i\
9878
J
J
"~!937 J
J
Feb
Debenture ctfs "B"_
Gulf A S T 1st ref A t g
89
9612
9584
70
"31
85%
88%
96% 105%
81%
99
83%
53
99
92
....
92%
Feb
Sept 20
Feb'20
"83*%
78
97
76%
"82" "83"
85
91%
55
"ili
94
91%
Apr'20
Sept'20.
82
99
96% 106%
136% May'06
87
Sept'20]
70
70
13
7
12%
13%
10%
5s"&1952 J
J
65
7134
65%
58%
65%
J
Re®teteped.i.v........,.i.,i999 J
J
73% Sale
73%
5934
73%
Hocking Val 1st
cons g
4Hs
1999
Col A H V 1st ext g is"II1948
Col A Tol 1st ext 4s.
1955
.
.
Houston Belt A Term 1st 5s. 1937
A
F
J
J
"70" IIII
O
Illinois Central 1st gold 4s.. 1951
Registered
1951
A
66%
J
75%
95
78
Mar'20
J
81
83
81%
Aug'20;
92
Sept*l7
J
J
J
1951 A
O
S]
52
M
gold 4s.IIl952 A
Registered
1st gold 3s sterling
...
1951
O]
0!
1955
Purchased lines 3Hs
1952 J
L N O A Texas gold 4s...
1953
M
N
1953
M
N
Registered
63%
72
D
74
59
"65*
63
Sale
F
A
1951 F
1923 J
D
A
S
M
63
"17
83
9312
2
68
80
54
54
60%
69
Sept'20,
June'l6:
54
52" "(52~
Aug'20
53
June'16
"63"% "69%' 80% Nov* 16
69% 79% May, 19
6?%
92
Nov'10
"90 foo" 117% May'10
73
Mtr'19
70
87
Sept'20
"90
87
—
,
1951 J
D
1951 J
Joint 1st ref 5s Series A. 1963 J
O
83
85
82
83%'
J
D
64%
70
69%
—-
D
Registered
Memph Dlv 1st g 4s...1951
Registered
1951 J
St Louis Sou 1st gu g 4s..
Ind 111 A Iowa 1st g 4s
Int A Great Nor 1st g 6s
1959
Kansas City Sou 1st gold 38.1950
Registered
1950
Ref A imnt 5s
Apr 1950
Kansas Citv Term 1st 4s__.1960
Lake Erie A West 1st g 58.. 1937
2d gold 58
1941
North Ohio 1st guarg5s—1945
James Frank A Clear 1st 4s.
5
J
62%
65
"79"" "80
71%
—
4
D
A
O
A
J
71
J
J
J
J
56
54
"72%
70%
72%|
71
72%!
78
80
Oct'09
93
70%
80
67
80%
78
231
81
65
83
78
49%
93
59
*59 *63% "75"
51
80% Sent'20
62%
72
76%
81%
Aug*l9
81
68%
Feb'17!
60
J
J
J
asked this week
78
St Louis Dly 1st
100
Jan'19
98%
52%
74%
74%
95% Nov'19
18
15
5
51%
1936
8eot'19l —
64%
"95"
79%
72
58
87%
82%
65%
I
Feb'05
I 88%
88% Sept,'20
89
97% May'16
Dec'19
93% Jan'20
80% Aug'20
98%
87% 101
83
85
70
Sale
37
76%
93%
81%
61
70
93%
---
18
70
67
77
Nov'10
——
99
July'20
—
85
99
95
Mar'20
95
95
91
—
Mar'10
75
*15
Sept'20
91
97%
65%
34%
75
99
90%
91%
...
98
75%
45% Sale
70
51% 54
47% Sale
74
74
44%
54%
45%
80
71%
44% Sale
78% Sale
55
79
88%
87
Dec* 16
95
63
104
52%
23%
12
27%
41
17
27
18
30%
53
33
25
51
23%
35
24
35
23
23
43%;
41
41
Sept'20
27
50
53
51
49
41%
35
40
35
--
I
51
Sept'20—I
Sept'20
'
23
43
«
Feb'20|—-j
m
*
55
51
N
A
O
N
M K A T of T 1st gu g 5S.1942,M
S
Sher Sh A So 1st gu g 5s.. 1942 J
D
Texas A Okla 1st gu g 5s. 1943 M
S
Sept'20
—II
43%
55
45
Dec'14|
62%
43%
1st g 4s.. 1990 F
Mo K A E 1st gu g 5s
1942 A
M K AOkla 1st guar 5s.. 1942 M
92%
318
38
Kan City A Pac
91
85
82
-.
40
25
45
88
5
63
42
15
71
35%
70%
59%
Sale
40
49%
68%
I
39
33
51% Sale
40
—
42
29%
55
4
89%'
6
Nov'19,—
87
I
1
88
62% Sale
42
44%
78%
45%
4
|
44
89%
....
50
49%
70% Sept'20
70
90
3
,
47%
89% Sale
O
A
101% 104
63% 75
2
1
35
40
Sept'20,---.
33%
~40'
50
Sept'20
Sept'20,
48%
50
44
20
50
51
Dec' 16
37
37
Sept'20
79%
80
78
89%
90
86
86
87
86
59
Sale
50
42
55%
60
41
32
*2*9% "37"
.
Missouri Pacific (reorg Co)—
F
F
F
General 4s............—1975 «*»
Missouri Pac 1st cons g 6S..1920 M
46-year gold loan 4s......1945 M
3d 7s extended at 4%.._.1938|M
Cent Br U P 1st g 4s
1948i J
Pac R of Mo 1st ext g 4s.. 1938 F
2d extended gold 5s
1938,J
St L lr M A S gen con g 5s 1931 A
Gen con stamp gug 5s..1931 A
Unified A ref gold 4s...1929 J
Registered..
.....1929 J
Rlv AG Div 1st g 4S... 1933 M N
M
Verdi V I A W 1st g 5s...1926 "
~
Ser A.. 1965
1st A refunding 5s Ser Ba. 1923
1st A refunding 5s Ser C..1926
1st A refunding 5s
59% Sale
68
1927
6s..........7?1927 Q
M
.1938
F
Montgomery Dlv 1st g 5s. 1947
J
St Louis Dlv 5s
1927
J
St L A Cairo guar g 4s. 1931
A
Nashv Chatt A St L 1st 5s. .1928
J
Jasper Branch 1st g 6s... 1923
J
Nat Rys of Mex pr Hen 4Hs. 1957
A
Guaranteed general 4s
1977
J
Nat of Mex prior Hen 4^8.1926
A
1st consol 4s...
..1951
J
New Orleans Term 1st 4s... 1953
J
N O Tex A Mexico 1st 6s... 1925
89
"75%
"70% "72%
Registered
30-year deb 4s
87
Fa
A
A O
R
1st
v
5«
1^3
79»4
76%
10
80
87
94%
72
195
66
76
20
638s
Sept'20!
80
95%
91
72
87
102%
86%
51%
76%
86% Sept'20
89
77
77% Mar'20
78%
77%
80%!
7
75
75%
92%
76
73%
75%
13
68
9.51*4
99
26
27
94
62
84
62
84
Sept'20!
95%
62
77%
80%
75%
9784
110% Mar'17
"17% "30"
26
Sept'20
*15
13
Kept "20
13
23
*28
28
Sept'20
25
28
Jan'20
15
15
56%
90%
65
41%
60
86
9384
17
D
28
15
65
O
Sale
65
95
57% Sale
92% Sale
101% Sale
92
94%
57
92%
65
Sept"20
60
121
93
195
101%
250
Sale
100%
6984
72
78
Sale
77
78
7
J
69
Sale
68«8
70
41
J
66
68
F
A
72
O
N
79% Sale
N
J
"68" III*
64% Sept'20
77%
81%
66% June'20
'Al
A
D
J
63
70
61
64%
"45
69
66%
82%
76%
65
65
Sept'20
55
66
52%
60
66
65
6I84
62%
62
63
63
45
---
74%
...
J
J
79
61%
I
Ang'20]
61%
—
72
69%
65
55
A
96
100% 101%
53
S
1939!
3^s.ftl95'
Cart A Ad 1st gu g 4s._..198t
Gouv A Oswe 1st gu g 5s—194
67»4
70
Sale
......
Registered
"59%
77%
N
3^8
76
Oct* 17
95%
M
1998
Registered
1998
Mich Cent coll gold 3Hs_. 1998
Registered
1998
Battle Cr A Stur 1st gu 3s. 198°
Beech Creek 1st gu g 4s..l93r
Registered
193r
2d guar gold 5s
193R
Lake Shore coll g
99
6
68
M
1997
1931
1931
1942
Registered
Debenture gold 4s
59
96%
62
A
1998
2013
New York Cent A Hud Rlv—
Mortgage 3Ha
.1997
51
88
.
Consol 4s Series A
511
July'14
71
95%
1st ext gold
1930
87
73%
80%
81
89%
Aug'20]
102
Sale
83%
91%
74%
76
87
"88"'
84
June'19
79%
86%
General gold 4s
A.... 1935
deb 68.1935
65
76
79
72
74%
5
Oct'18|
59%
59%
3
10
59
99
58
J
Mob A Ohio new gold 6s
80
89%
Sept'20
56%
99%
99%
~
Beech Cr Ext 1st g
87%
71
77%
67%
73%
deposit—
ref g 4s. .2001
90
96% 100
45% 52%
60% 76
Aug'20
95
5% secured notes "ext
16;-Dall A Waco 1st gu g 5s.. 1940 M
83l2
6912
68%
91%
80
79
64%
103
100
50
Gen sinking fund 4^8
«■
Jan'20!
J
0
latest bid and
78
85
100
Sept'20
Feb'20
104
87
J
J
Ref A imp 4Hs "A
69^2
Sept'20
s55% Sale
Sale
71«4 Sale
33!
77% Aug'19
68% Sept'20
J
A
J
75%]
O
J
84
Nov'17
93
.
•No prloe Friday
73%
N
J
D
10-year coll tr 7s
Feb'19| —
65% July'18
D
1931 M
1950 J
1919 M
5s..1946
.1952
J
M952
A
1937
J
N AC Bdge gen gug4Hs_1945
A
Pensac A Atl 1st gu g 6s..1921
A
S A N Ala cons gu g 5s.__ 1936 F
O
Gen cons gu 50-year 5s. 1963 A
s
La A Jeff Bdge Co gu g 4s... 1945 M
N
Manila RR—Sou lines 4s...1936 M
S
Mex Internat 1st cons g 4s. .1977 M
s
Stamped guaranteed
1977 M
D
Midland Term—1st s f g 5s. 1925 J
D
Minn St Louis 1st 7s
1927, J
Pacific Ext 1st gold 6s
1921 A O
N
1st consol gold 5s
1934 M
S
1st A refunding gold 4s...1949 M
F
Ref A ext 50-yr 5s Ser A.. 1962 Q
J
Des M A Ft D 1st gu 4s. .1935 J
D
Iowa Central 1st gold 5s.. 1933 J
S
Reflndlng gold 4s
1951 M
J
MStPASSMcong4slntgu.l93S J
1st cons 5s..............1938 — -1st Chic Term s f 4s
1941 M N
J
MSSMAA lstg4s int gu. 26 J
J
Mississippi Central 1st 5s... 1949 J
D
Mo Kan A Tex—1st gold 48.1990 J
A
2d gold 4s
£11990.F
Trust Co eertfs of deposit—
N
1st ext gold 5s
1944
S
1st A refunding 4s
2004
91
103%
99
7
98%
6912 Sale
8534
Noo-cum income 5s
95%
D
11
' 84
69
79%
N
NY Cent RR conv
69%
3Hs
65
80
D
Gold
58%
61%
58% Sept'20
61
65
Chic St L A N O gold 5s.. 1951 J
Registered
1951 J
*
72%
Aug'20
62
102
97
J
Carb A Shaw 1st gold 4s. .1932
54
65
A
1951 J
J
Registered
77%
63%
59%
74
65
Bellev A Car 1st 6s
—
76
64
J
65
63
9084
J
3Hs
-4
90%
J
1951
Western Lines 1st g4s....1951
g
*20
Aug'20
71%
July'20
J
Registered
74%
62%
12
63
62
1951
"62%
62
77%
77
70%
.....1951 J
3%s
72"
64%
57
gold 3s._ .1951 F
62%
July'09
"71%
90% Sale
Litchfield Dlv 1st gold 3s. 1951; J
Loulsv Dlv A Term g3Hs.l953 J
Sprlngf D'v 1st
83%
95% Sepf'12
*63
J
St Louis Div A Term g 3s.
*80 "
76
71% Sale
1950 J
Cairo Bridge gold 4s
72
65
J
1934 J
15-year secured 5Hs
Gold
79%
62«4 June'20
"75% "76%
N
M
84
69
1st refunding 4s
lsit
—
Nov* 15
67
1952 A
Registered
Omaha Div
78
S
Registered
Extended 1st gold
Collateral trust
78
67
1951 M
—
65
65
69
* 1951; J
*1951 J
3Hs..Il951 A
1st gold 314s
Registered
13
65%
73%!
73% June'18
73% Oct'18
76% Apr'19
J
97
98% 98»4
5184 Sale
46
86%
100
..1980
Trust Co eertfs of
100%
91%
72
S
Trust Co eertfs of dep
Mar'20
99% 97
100%
103
67
Green Bay A W deb ctfs "A".
"56"%
92%
82
90*4
91%
D
Will ASF 1st gold 58..1938
51%
83
72%
100
s
Hender Bdge 1st s f g 68.. 1931
89
103%
100% 100
90
A
gold 6a..1921
97
J
Registered
91
Sept'20
Sept'19
79
"76% *78"%
O
1948 A
1937
81%
J
N Fla A S 1st gu g 5s
83
80
J
Minn Union 1st g 6s._.
Mont C 1st gu g 68
1st guar gold 5s
80%
D
E Minn Nor Dlv 1st
g 4s..
Registered..
91
N
Paducah A Mem Dlv 4s.. 1946
102% May'16
84
N
L A N-South M joint 4s.
345
9534 Sept'20!
78%
80
96
June'16
82%
~82% 83% 82%
102
102
101% 102
99
Sept 20
99
88%
89^2
89
Sale
1961 J
Series A
Registered
....
_90
91
96
"80% "89%
J
St Paul M A Man 4s
95%
1
79% 79%|
88%
103% Sale 102
86%
88
91
78%
Dec'19
Sale
-
—
69%
62% 75
91% 94
87% 100
72
84%
16
1
11
Aug'20]
76
|
99%
79%
81%
81% Sept'19
87% Sept'20
74
95%
77%
65%
Aug'10
51%
81%
65%
13
65
J
J
68
87
8
May'20
94
N
67
Dec'19
62 %
78
79
77
77
96
Sale
90% Sale
J
67
J
J
74
N
73%
90% June'19
D
s
67
D
75
s
89
86
1965
June'12
64
92
LAN AM AM 1st r4%8 1945
67
95
o
80
Lex A East 1st 50-yr 5s gu
92
o
A
85
J
1927
5s.ol932
Louisiana A Ark 1st g 5s
1927
Louisville A Nashv gen 68.. 1930
Gold 5s
1937
Unified gold 4s
1940
Registered
.1940
Collateral trust gold 5s... 1931
10-year secured 7s
1930
L Cln A Lex gold 4^s...l931
NOAM 1st gold 6s
1930
2d gold 6s
1930
79
72
...
'
Jan'llj
87
S
83
Nov* 11
J
Ft Worth A Rio Gr 1st g 4s. 1928
Galv Hons A Hend 1st 5s... 1933
s
Nor Sh B 1st con g gu
95
53%
81%
108
J
87
66%
....
92
7634
o
S
64%
79% July'20
48
o!
Sale
04% Sale
67
68%
71
92
95
N
87
67
*86~
J
74
75
Jan'17
23%
J
66%
82
60
60
65
49
99%
61%
65%
-
S
71
Nov'19
D
80
D
97%
Dec'18
72
92
J
Sept'20
51
95%!
S
40
72%
70
85%
S
I
70
75
o
61
78%
92
! 77
14 64%
Oct'19 ——'1
Oct'06
!!..
Sept'20
H 61%
65%;
1
65
64%
7 69%
Sept'20
I 60
May'20
79
— —
70
Kentucky Central gold 4s. 1987
Dee'061
50
A
80%
34
1
N
J
D
Atl Knox A Nor 1st g
Jan* 18
100%
73
45
Feb'20
61
61
57
A
73
| 84%
Jan'20.——;
86% Sept'20
....
7984
45%
—J
85
85
88
66%
Sept'20
91
83
J
65
2d gold 3s
98%
92
...
30
2
...
73
87%
103
92
1
Oct'13]
s
61%
1st
95
1
67%
30%
330
79
O
Wilk A East 1st gu g 5S..1942
Ev A Ind 1st cons gu g 68..1926
Mt Vernon
100
82
S|
At! Knox A Cln Div 4s...1955
38" "49""
108% Sept'19
J an" 18
103
96
S
D
St Louis Dlv
ill
78%
85
75
58%
47
■I
51%.
106%
.—
96
64;
45
83
Susq & W 1st ref 5s.. 1937
2d gold 4Hs
1937
General gold 58
1940
Terminal 1st gold 5s... 1943
Mid of N J 1st ext 5s
1940 A
93
78
84%
N
92
78
89
M
J
M
J
F
F
M
80
91%
45%
44
75%
86
80
71
Sale
79
"77%
84
93%
43%
44% Sale
52% Sale
1935 A
77%
71
45% Sale
83
1st general gold 5s
90%
June'16
73
A
M
48%
47%
48% Sale
83
N Y
93%
86
Dec'16
1955'J
Dock A Impt 1st ext 5s...1943
N Y A Green L gu g 5s... 1946
92%
Aug'20
Jan'20
84
5s..l938; J
Coal & RR 1st cur gu 6S..1922
1st A ref 4
99%
96
75%
64
N Y A R B 1st gold 5s
80
69
83
89%
93
93
1937
Guar refunding gold 4s... 1949
Registered
..1949
55
48
23
94% Nov'15
98% Aug'19
57%
58%
f 6s... 1957, J
Long Dock consol g 6s
23
June'20
93
J
J
20-year p m deb 53
67
58
69
46
98%
97
105
J
N Y B A M B 1st con g 5s. 1935
23
60
89% June'20—
Mar'17
1934
Debenture gold 5s
91% Sept'20
90
...1953
4s Series D... 1953
75
May'20
86
80
1996
4s__1951
Chic & Erie 1st gold 5s... 1982
54
70%
66
54%
Dec'16
98%
1947
50-year conv 4s Ser A.. 1953
•
39
Mar'081
77% Sept'20
83
79
1923
4th ext gold 5s.
...1920
5th ext gold 4s
1928
N Y L E A W 1st g fd 7s..1920
Erie 1st cons g 4s prior
1996
Registered
1996
1st consol gen lien g 48.1996
Series B
56
72%
105%
3rd ext gold 4^s
do
7312
38
93% June'20
86
Sept'20
92
87%
Registered
Registered
63
25% July' 16
77
79
46
58..1941
1937
1937
Dul Sou Shore & Atl g 5s... 1937
Elgin Joliet & East 1st g5s__ 1941
Erie 1st consol gold 7s
1920
1
212
July'17
66%
Dul A Iron Range 1st 5s
Penn coll trust gold
54
40
75
Dul Mlssabe A Not gen
68
50% Sept'20
70% jutyao
6II4 Apr'll
52%
70%
-
72%]
37%
48
1939
1940
Guaranteed
1940
Rio Gr West 1st gold 4s__1939
Mtge & coll trust 4s A.. 1949
Det A Mack—1st Hen g 4s..1995
Gold 4s
1995
Rio Gr June 1st gu 5s...
58'4
62%
82%
97% Sale
93
J
J|
19331J
Registered
1933
1st int reduced to 4s
1933 J
Leh A N Y 1st guar g 4s
19451M
Registered
....19 45
Long laid 1st cons gold 5s__7»1931
1st consol gold 4s
A1931
General gold 4s
1938
Ferry gold 4)$s
,.1922
Gold 4s
1932
Unified gold 4s..
1949
Leh Val Coal Co 1st gu g 5s.
9
72
72
Rio Gr Sou 1st gold 4s
N Y A Erie 1st ext g 4s.._
73'
67%
High
72%
Low
16
72
76
113
Leh Val RR 10-yr coll 6s..nl928
100% 100%
No.
3
72
...1941,
Registered
68%!
73
71
Improvement gold 5s
1st & refunding 5s
1955
Trust Co certifs of deposit..
87%
99% 103
65
72%
Sale
67
1936
1936
1928
81
73
86%!
100% July'20
100
N
M
67
81
96%
103
Denver & Rio Grande—
1st cons g Is
Leh V Term Ry 1st gu g 53..1941
9484
Sept'20
80% 86% 78%
85
85'2 Sale
102% Sale 102
68%
68% Sale
N
A
95
96iS
Since
High
Ask Low
72
82% Sale
91% 95%
65%
2003, M
General cons 4M»s_—
1922
Range
Jan. 1
Bid
Lehigh Val (Pa) cons g 4s_.2003
Delaware & Hudson—
Week's
Range or
Last Sale
Oct. 1
High
Low
I 102% Feb'08
A
F
EXCHANGE
1
Week ending Oct
Jan. 1
SpUe
Price
T
N. Y. STOCK
Since
or
Friday
BONDS
Range
Week's
Range
Last
Oct. 1
May'20]
61%
61%!
58
Aug'20]
49
Feb'20j
8212 Jan'20]
95»4 Nov'16
104
May'16
11
54
66
58
58
49
82%
49%
82%
73
73
J
O
66
D
66%
D
79
J
75
...
73
June'20
1356
New York BOND
BONDS
Price
Friday
Range
Week coding Oct. 1
Oct. 1
Last Sale
Bid
Ask Low
D
6Sh Sale
68*4
D
63i8
65
85i2 87
83*2 Sale
1997
1928 M
S
25-year gold 4s...
1931 IVI
N
1931 IVI
N
Registered
Moh A Mai 1st gu g 4s
Michigan Central 5s
1931 M
8
Registered
1931 Q
IVI
4n
1040
J
1st gu
Reading Co
81
81*4
85
*73~"
7*4" "
7634
75%
F
A
N
O
92
O
71%
71
D
95
O
96 V
33
66
J
"64"
J
50
J
50
60
o
94
J
o
J
74
71%
9914
90
97%
931s
64*4
95
64
"97"%
65*4
79
45
46
46
1
45%
40%
44%
45
56
8
45
O
45
56
45
52%
55
54%
53
55
"5
55
56
12
J
45
J
J
81
1930 F
A
1954
J
I
49
Aug'20
79%
5734
N
...
60
J
1942
50
71%
83
60
70
Providence Secur deb 4s.-1957
40%
36
88%
74%
...
s
D
Improvement A
ext g
A
56
N
81
N
82%
34%
102
63%
63
A AN Wist gug 5s
60
60
Louisiana West 1st 6a
48
56%
82
71%
82
No of Cal guar g 5s
1938
Ore A Cal 1st guar g 5s... 1927
So Pac of Cal—Gu g 5s... 1937
So Pac Coast 1st gu 4s
g..1937
101*4
101*4
4S..1990
O
77
.1996
o
74
79
J
75
75
100
75*4
g
10-25-year
10-20-year
conv
4s
1932
D
conv
4s
1932
S
75%
Sale
7534
10-25-ycar conv 4Hs_.
10-year conv 6s
g
74%
....
100%
77%
l"6o"% 103""
16
70
76
Mar'20
76
76
1938
S
96*4
103" Sale" 101%
103%
Paul-Duluth
D
80
J
98%
N
4s. .1989
73%
J
77
154
79
98%
76
75
3
Jan'20
75
2047
J
72
60
56
Develop A
-
78%
82%
12
78%
Aug'20
St P A N P gen gold
0S...1923
A
98
97%
Registered certificates.. 1923
A
96%
96
97
69
80%
72
57%
"
81%
69
2d
J
J
N
75%
91%
N
81
N
82
A
1905
s;
1908
10-year secured 7s
Alleg Val gen guar
B'ge 1st
o
.1930
g 43.. .1942
s:
A1
gu 4s g 1930
1st g 4HS..1921
J
Registered
.1921
Guar 3 Hs coll trust
reg A. 1937
Guar 3
8 coll trust Ser B. 1941
Guar 3^8 trust ctfs C
1942
J
gu
70
D
g 4s..l923
..I960
General 4^8
General 5s..
S
Al
D
Series D 34*s
1950 F
Erie A Pitts gu
g 34*sB__1940 J
Series C
1940
Gr R A I ex 1st gu g
44*s_ 1941
Ohio Connect 1st gu 4s... 1943
Pitts Y A Ash 1st cons 5s. 1927
61%
61%
80
70%
N
Int reduced to 34*s._1942 A
Series C 34*^
1948 M
....
N
75
....
I
83
152
73
82
82
299
101
84%
87
O
N
63%
64%
A
64%
it
J
J
s
81
0
83%
01
83
77
77
Series G 4s guar
1957, M
Series I cons guar 44*8.1903 F
General 5s Serfps A
1070 J
No prioe Friday
A
1
D
77
77
A
76
D
81
83%
a Dae
..
J
95%
O
85%
98
95%!
88% Sale
87%
88%
96
69
60%
83
60%
Sept'20
2:
85%
J
68%
69%
76*4 June'20
74% Aug '20
29
66
60
J
D
J
J
J
J
69% Sale
81% 91
78% 84
88
91*4
J
J
65
J
55
10
80
80
84%
65%
63
92
91
86%
80
93%
47%
49
J
98
98%
99% Jan
94%
95%
97%
J
73
80
J
75
"80%
80
SO
90
80
87
78
72%
82%
84
90
87
82%
73%
76
88%
74%
83%
9 Dae June.
Jan
J
80%
82
O
60%
68
69
A
85%
J
75%
83
"63 "
60%
92%
79%
91
46%
97%
90%
60
95
99
81
July'20!
83%
65%
87
82*4
55
"79"%
86
5,
82*4;
6
93
67
70
62% June'20;
85
J
75
J
25
35
36
J
77
85
50
93
80*2
65
85
82
92%
—
73
80
85
74
75%
42%
53
Feb '19
52%
50
34%
"i~
18%
Mar'16'.
19
18
Aug *18
50
1
.—
D
61
71%
65
May'20i.
64%
68
D
71%
81
82
July'20;
82
85%
52
Sept'20
52
O
1947 J
J
1927 J
J
J
S
J
81% Sale
80%
77
"84" Sale'
78
Sale
82%
75*4
98
D
99*4 Sale
76*4
77*4
A
98% Sale
90
98%
87%
82%
79%
1946 J
J
Guar refund 4s
1929 J
D
Utah A Nor gold 5s
1926 J
1st extended 4s
1933 J
J
J
Dae Oot.
55
77%
—
75% May'20
1952 A
1947 J
Vandalla cons g 4s Ser A
1955! F
Consols 4s Series B
19571M
Vera Cm* A P 1st eu 41*8.-1934 J
Apr'20
July'20:-.
92
A
Ore RR A Nav con g 4s..1946 J
Ore Short Line 1st g 6s
1922 F
85
52%
83%
O
J
J
85
75%
:
93
1990 A
..1927 J
Tor Ham A Buff 1st g 4s..fcl946
Ulster A Del 1st cons g5s—192 8
85%
73%
81
106% Nov'04
"78% "92"
Kan A M 1st gu g 4s
2d 20-year 5s...
O
80%
62%
!
Apr'20
May'18
77%
1950 A
80%
"79 " "83"
84%!
86
53
80
70
80%
Aug'20;
A
J
79
55
Apr'19|
66
.
"
"90*"
84%
—
Sept 20,
84%
65
84*4
71*4
65
•
88%
60
Aug'20!
80%
»"Due Aug.
80%
"95"
80% June'20
81*4
A Due July.
66
99% 100
84% Sept'20
79
Sept'20
75%
68%
1st consol g 5s
78
80%
'20'
O
D
'
69%
76*4
74%
81%
104% Dec '16
N
5s...1955 J
4s
90
96
Feb'20,
.8
95
1935 A
1935 J
conv
60%
71%
102% June'll
Western Div 1st g 5s
General gold 5s
82%
78
'
60
87
02008 M
10-year perm secured 6s.. 1928 J
15
56
97%
1924 F
1st refunding g 4s
Union Pacific 1st g 4s
"
50
92% Nov'19
S
1st A refunding 4s
73%
96
S
Va A So'w'n 1st gu 5s. .2003 J
1st cons 50-year 5s.. 1958 A
20-year
Aug'20
89%
1926 M
Registered
74%
79%
6 Doe Feb.
N
Coil trust 4s g Ser A
1917 F
Trust co ctfs of deposit
68
62
Aug'19
1936 M
50-year gold 4s_
Apr*17
87% Nov'19
76% June'20
80*4
83!%
O
65
'20
Apr'20
1926 M
9
89
54~"
46%
80% May'20
Spokane Internat 1st
73%
91
15
July'19
46% Sept'20
J
W O A W istcy gu 48
79*4
62%
92
-—
86%
J
.....
68" "
77
55
—
May'20
87%
O
General 5s
83
61%
1
Sept'20
88%
86%
1946 A
Tol P A W 1st gold 4s
1917 J
Tol St LA W pr lien g 3Hs. 1925 J
76%
!
Sept'20
J
La Div B L 1st g 5s
1931 J
W Mln W A N W 1st gu 5sl930 F
Tol A Ohio Cent 1st gu 5s..1935 J
81
"3
325
87% Sept'20
N
S
Series F 5s
93%
96
81% Mar'16
St L M Bridge Ter gu g 5s. 1930 A
O
Texas A Pac 1st gold 5s
2000 J
D
2nd gold Income 5s
?2000 Mar
83%
357,
77%
J
64
85%
July'19
75%
69
S
62
93%
80%
85%
89
85% Sept'19
60%
62
J
87
95%
91%
96
O
98%
96%
69%
71%
73%
77
88% i
Apr'20
85
Sale
97%
95%
i
80% Aug '20
73%
82%
93*4
82%
83
Apr'20;
82%
"77"% Sale"
84%
93
1
95*8
J
J
1938 IVI
Series E 5s
70%
87
Mar' 19i——
91%
69
60%
"81% "85%
Sept'20;
1956 A
i 1922
78
82%
87
Nov'18i
83% Sept'20;
82% Aug '20j
8434 Sept'201
97% Sept'20' —-
N
O
65%
75%
*18
Mar'20!
83
82%
J
93*4
Jan.
3
Oct
94
J
1948 J
4s
70%
70%
"I6
1938 M
.
83
82% Sept'20
N
97
70
78
N
N
Iatect ow ind asked,
86
°
N
....
100
84%
72% May'20
82% Apr'20
73% June'20
Series D 4s guar
..1945.M
Series E 34*s guar gold. 1949! F
Series F guar 4s gold
1953! J
...
85
95
J
93% 106
95
95
80%
66
88% Sept'17
74% Aug'20
82% Sept'20
65'
S
J
77%
77
87
60
Mar'10
P C C A St L gu 4.4*s A.. 1940 A
Series B guar......... 1942 A
Series C guar
1942 M
8734
90%
83%
83%
J
144
75
100
85
73%
Sept'20
1;
....
N
72%
J
67"
71
Apr*20
Tol W V A O gu 44*8 A..1931 J
Series B 44*s
1933 J
Series C 4s
1942 M
"82% "88"
78%
N
533
101*4
73
s77~% Safe"
A
Feb'17
80
98%
"73"% "93%
87% Sept'16
O
Dec'12
93
Ser A
101% Sale
374% Sale
232
79
89
Term A*sn of St L 1st g 4 A s 1939 A
1st cons gold 5s
1894-1944 F
Gen refund s f g 4s
1953 J
..-.I
79% May'19
76% Apr'20
M
73
46
71
Feb '14
78
J
82
105
Feb'12
75
86
93%
83*s
86%
92%
84%
93%
Dec* 15
88%
61%
90
"79" Sale"
1994 J
1994 J
66
Feb'20
90%
....
69%
Sale
69
95*4
95%
69%
10
84% June'20
96% May'18
96%
96% May* 19
71
70%
84%
J
83
Sept'20
104
....
77%
M
70
92%....
N
A
72%
80
80
81%
O
Jan'20
Nov'19
77
80
67%
67%
J
89
81%
75%
Aug'20
73%
72%
Sale
72%
71%
78%
75
Apr'20
82
62
65
June'20!
81%
68
64
J
23
71%;
71
Sept'20
78% Sept'20
80%
81%
88*4
Mar'20
July'20
Mortgage gold 4s..
1945 J
Rich A Dan deb 5s stmpd. 1927 A
Rich A Meek 1st g 5s
1948 M
Virginia Mid Ser D 4-5s..l921 M
103% 108
70%
89
Dec '15
841
Ga Midland 1st 3s
Ga Pac Ry 1st g 6s
Dec'16;
....
N
...
....
Sale
68
D
CI A Mar 1st gu g 44*s.._1935
CI A P gen gu 4 As Ser
A. 1942 J
Series B
1642 A
72
64%
64
80
85
Knoxv A Ohio 1st g 6S...1925 J
Mob A BIr prior lien g 5s. 1945 J
104*8 Sept'20
8884 89% 89% Sept'20
82% Sale
80
82*4'
8934 Sale
88%
89*4
10384 Sale 103
105
77% 79
72% June'20
73%
83
Feb'20
97% Sale
97%
98
I
97%
96% Aug'20
68*4
69% Mar'20
O
Guar 34*s trust ctfs D... 1944
Guar 15-25-year gold 4s._ 1931
40-year guar 4s ctfs Ser E. 1952
Cln Leb A Nor gu 4s
g
1942
37%
105%
71% Sale
1948
Consol gold 4s
Consol gold 4s...
Consol 4 As
>.
Pennsylv Co
J
1943
Pennsylvania RR 1st
D R RR A
70
52
64
81
E Tenn reorg lien
g 5s
Oct'19:
94
67%
60%
F
A
M
Atl A Yad 1st g guar 4S..1949 A
E T Va A Ga Div
g 5s
1930 J
Cons 1st gold 5s
1956 M
Feb'19
76%
93
D
IVI
49
O
Ala Gt Sou 1st cons A 5s..1913
AtlACharl A L 1st A4J*sl944
1st 30 year 5s Ser B
1944
Atl A Danv 1st g 4s
1948
77
82% 82%
97% 102%
96
100%
Aug'20
June'20
St Paul A Duluth 1st 5s.
.1931
1st consol gold 4s
1908
Wash Cent 1st gold 4s
1948
Nor Pac Term Co 1st
g 6s. .1933
Oregon-Wash 1st A ref 4s... 1901
Pacific Coast Co 1st g 5s... 1940
Paducah A Ills 1st s f
4Ms._ 1955
38
84%
J
Mem Div 1st g 4^s-5s...l996 J
St Louis div 1st g 4s
1951 J
Nov'19
83
gen 4s
Mob A Ohio coll tr g 4s
67%
49%
57%
"7834 IIII
D
51
77%
July'20
55
59%
F
a2017
76%
59
1950 A
Registered
94% 10434
72% 80
98% 98%
69
76
F
a2047
A
77% Sale
J
Div g 4s..1990
ser
San Fran Terml 1st 4s
Southern—1st cons g 5s
Dec'19
s
Pacific prlof lien rail¬
way A land grant g 4s
1997
Registered
1997
Ref A imp 4 Ab
*70"
Sept'20
Northern
General lien gold 3a
Registered
80
67%
78%
77%
1929
.
41%
81
O
M
J
Tex A N O con gold 5s... 1943 J
So Pac RR 1st ref 4s
1955 J
NOV'16
75
70%
Pocah C A C Joint 4s.. .1941
CCAT 1st guar gold 5s.. 1922
Sclo V A N E 1st gu
St
104%
Oct.* 19
Div'l 1st lien A gen
g 4s. 1944
Registered
122
100%
61
30
85
N
1921 J
56%
82
101
49%
158
May'20
99% Nov'19
101
60%
55
54
81
D
1941 J
101
54
84% Sept'20
A
!937jJ
51
A
102
83% 104
A
HousE AWT 1st g5s...1933 M
1st guar 5s red
...1933 M
H A T C 1st g 5s lnt gu
63
O
_
57
73%
D
Through St L 1st gu 4s. 1954 A
G H A S A M A P 1st 58.1931 M
2d exten 5s guar
1931 J
Gila V G A N 1st gu g 5s. .1924 M
51
40
32
21
1934
6s.
62%
75% 102
8
...1949 F
54%
Sale
66%
54%
62%
Sept'20
66%
J
Mort guar gold 3V*s..51929 J
142
Feb'14
1932
New River 1st gold 6s
N A W Ry 1st cons
conv 5s
Registered
63
63
60
49
J
01929 m:
...1934 J
—
Sept'20
Apr'20
63
58
...
52
J,
......51949 J
Gen gold 4s int guar... 1921i
Waco A N W div 1st g 6s '30
62
62% Sale
s
General 4s
.1955
Norfolk Sou 1st A ref A
5s.. 1901
Norfolk A Sou 1st gold
5s.. 1941
Norf A West gen gold Os
1931
.
74
39%
48%
64
D
Dec'19
67%
69%
ni!
66
66%
*14
86%
60
103
Sept'20
61
70
"211
Jf
Registered
20-year conv 4s.
Dec* 13
J
52
76*4
J|
Cent Pac 1st ref gu g 4s..1949 F
Aug'20
99%
69%
86
38%
40
43%
47%
62% Sept'20
90*4
60
Sept'17
N
92*4 100
56%
62
5534
61%
D
70%
J
Registered $5,000 only..<71992
S:
J
Seaboard A Roan 1st 5S..1926 J
50%
J
W A Con East 1st
4^8... 1943
N Y O A W ref 1st
g 4s
01992
O
Gold 4s (Cent Pac coll)-.51949 J
Aug'13
49
J
1959 A
4
3
64
55
55%
53*4 55
39% Sale
47% Sale
92*4
85
Southern Pacific Co—
July'14
4984 Sale
S
A
63
o
1st 58.1922
O
60
102
82
94%
63
Sale
69
56%
39'g
68%
Aug '20
98% Jan
O
1950 A
44""
1945
Springfield
1950 A
01949 F
Sale
"62*%
1411
May'16
67*4
65% Sale
J
353
60
52
May'17
86
53%
66
J
1943 J
5s
53
J
86
94%
67%
....
N
62%
60
.1945
Providence Term 1st 4s...1950
s67% Sale
76%
68% Sale
J|
20-year
J
94% Sale
O
O
69
v
90
....
508
Aug '20
Sept'20
78
65
N
Consol gold 5s..
1943 J
Ga A Ala Ry 1st con 5s_.ol945 J
Ga Car A No 1st gu g 5s.. 1929 J
106% May'15
O
NYW'chesAB 1st 8er 14Hs '40
Boston Terminal 1st 4s
1939
87*4
66%
AtlA Birm 30-yr 1st g 4s.el933 M
S
87
53
92
86
J
O
con g 4s... 1949 J
Fla Cent A Pen 1 st oxt 6s. 1923 J
1st land grant ext g 5s..1930 J
81
64%
53% Sale
Caro Cent 1st
Dec'17
62
65
....
39%
65
July'18
Oct'19
63
65
J
A
1954 IVI
5s
108
65% Sale
D
Refunding 4s
Jan'12
60
N
15
45%
81
Sale
95
D
Adjustment
Oct'17
91%
"44% III"
N
4s
N Y Prov A Boston 4s
45%
77%
49%
Sale
J
1950 J
Sept'20
50
J
1955
Naugatuck RR 1st
Prov A
4s.. 1996 J
1st g 5s... 1947 A
S A A A Pass 1st gu g 4s
Seaboard Air Line g 4s
52l2
46
48%
55
.
cons
cons g
1st terminal A unifying 5s. 1952 J
Gray's Pt Ter 1st gu g 5s. 1947 J
72
Feb'19
94%
o
2d g 4s income bond ctfs.pl989 J
Consol gold 4s
1932 J
76
72
51955 A
K C Ft 8 A M cons g 6s. 1928 M
K C Ft 3 A M Ry ref g 43-1936 A
KCAM RAB 1st gu 53.1929 A
StLSW 1st g 4sbond ctfs.. 1989 M
95%
95%
J
Income Series A 6s.
51960 Oct
St Louis & San Fran gen 6s. 1931 J
J
General gold 5s_._
..1931 J
J
St L A S F RR
2
.
*
61%
74%
81
52%
Harlem R-Pt Ches 1st 4s. 1954 IVI
BANYAIr Lino 1st 4s_. 1955 F
Cent New Eng 1st gu 4s. 1901 J
Hartford St Ry 1st 4s
1930 M
Housatonic Ry cons g 5s.-1937 M
•
62%
52%
.1948
Non-conv deben 4s
Non-conv deben 4s
Non-conv deben 4s
|
95
21
1954 A
debenture 6s
July'20
46
93%
1947 IVI
Cons Ry non-conv 4s
60
89%
76
54
60
J
74%
50
J
89
55
J
61%
8
N
72
72
A
1955 J
75%
87
80*4
59%
F
Non-conv deben 4s
1950 IVI
Conv debenture
3^s.—1956 I
87%
78*4
78
85%
88
Gold 4s stamped...
Non-conv deben 3^s
Non-conv deben 3^8
Non-conv deben 4s
71
78
Sale
85%
61% Sale
74% Sale
Southw Div
97% June'20
77
77
77V
O
80
78
J
1951 A
,
89
1947 IVI
Non-conv deben 4s
93%
J
76
99%
~9~8~I2
43
93%
J
Nov'16
72
J
J
40
80% Sale
1997 J
Cum adjust 3er A 6s
9514 June'20
N
27
1950 J
60
74
80%
87%
71%
80%
1928 J
60
74
75%
58
1950 J
52
73
81
J
6
19
19
65%
40%
40*4
93% Apr'20
97% Dec *17
....
J
85
65%
Prior Hen Ser B 5s
53
94
J
O
80%
83
84% Sale
64*4 70*4
40*4 Sale
83%
Prior lien Ser C 6s
Feb'20
J
Dec* 17
June'17
80%
Prior lien Ser A 4s
Aug'20
J
92
100
..
.
95
93's Jan'20
103
May'17
130%
Jan'09
78%
9412
J
99
82%
*93
71
Nov'16
103
.
Jan
High
96%
78
92%
Oct'19
60
Low
71
60
....
J
J
Atlantic City guar 4s g.._1951 J
St Jos A Grand Isl 1st g 4S..1947 J
St Louis A San Fran (reorg Co)—
75
101
60
J
80
1997 J
..
No.
96%
May'2u
92%
Aug'20
77
gold 4s
Registered
May'15
96i2
77%
85
N
1943 J
Since
Jan. 1
"70% IIII
J
S
1937 J
Range
J*
or
High
96%
78
102
F
5s—...1940 A
Jersey Central coll g 4s.
"64" " "64""
Sept'20
113
80
70%
s f 4s
98
J
'
Nov'17
A
J
gen
'
N Y N H A Hartford—
New England
Consol 4s
70%
72
67%
7634
75
71% Sept'20
89i2 Feb'16
64
May'20
92*8 Jan'20
M
"77 "
63%
77%
78
2d guaranteed 6s......1934 J
West Shore 1st 4s guar
2361 J
Philippine Ry 1st 30-yr
1
661 ? July'20
66
N
Utlca A Blk Rlv gu g 4s.. 1922 J
Pitts A L Erie 2d g 5s___al928 A
Pitts McKAY 1st gu 6s.. 1932 J
Cohv
1
Ask Low
96%
83%
N
1956 J
Pitts Sh A LE 1st g
1st consol gold 58
75ls
4s g. 1948 J
1st Series B4s
•
66%
75*8
o
Rut-Canada 1st gu g 4a. 1949 J
StLawr A Adlr 1st g 5s.-.1996 J
2d gold 6s
—1996 A
93%
66%
IV1
Registered
2361
NYC Lines eq tr 5s.. 1920-22
Equip trust 4Ha.. 1920-1925
N Y Connect 1st
gu 4As A.. 1953
1
O
U N J RR A Can gen 4s..1944 IVI
Peoria A Pekln Un 1st 6s g_.1921 Q
2d gold 4>*s
51921 M
Pere Marquette 1st Ser A 5s. 1956 J
b-
O
N Y APu 1st cons
gug 4a. 1993 A
Pine Creek reg guar 6s
1932 J
R W A O con 1st ext
5s._A1922 A
Rutland 1st con g 4^s... 1941 J
*75%
7434 Sept'20
66% Mar'20
o
M
Sunbury A Lewis 1st g 4s. 1936 J
C8t LA P 1st
Aug'17
Nov'19
82
....
N
1937 A
g 5a. 1923
OgAL Cham
70
J
s
20-year debenture 4s
1929 A
N Y Chic A St L 1st
g 4S—1937 A
1931
N J June RRguar 1st
4s..1930
N Y A Harlem
g 3^8.
2000
N Y A Northern 1st
99J2
98i2 Nov'18
J
Registered-.
1940 J
J L A 8 1st gold 3^8—1951 M
1st gold 3lAa
1952 IVI
Registered
Debenture 4s
85%
84%
75%
93%
93 >4 May*20
87%
cons g 58..1932 A
Phila Bait A W 1st g 4s.. 1943 M
Sodus Bay A Sou 1st g 5s. 1924 J
74%
84% NOV'19
7512 Jan'20
80
69
|3
Last Sale
Bid
70
76
72
Range
Oct. 1
Pennsylvania Co (Concl.
High
Week's
Friday
1
05
143
*71 "
Price
EXCHANGE
Week ending Oct.
65
87
J
1
.
Bow
83%
S
1991 M
1934 J
Mabon C'l RR 1st 5s
Jan
High
6884
Aug'20
83%
82%
Registered
Debenture gold 4s
N. Y. STOCK
Since
or
3
BONDS
Range
:
If. T. JTTOCK EXCHANGE
If Y Cent AHRRR (Con)—
Lake Shore gold 3Hs
1997
Record—Continued—Page
■3'
*3
Week's
S9
81*4
89
74%
J
v
85%
77
84
78%
78
66
81
100
95
103
88%
I HI ~84"
26
77%
98%
66%
88
82
93
81%
89%
74%
84%
92%
89
86
Dae Nov.
52
77
June'20
74%
89
89*4
A
N
76%
340
81%
Feb '18
20
28
85
80*4 Dec '19j.
80% June'l 8
26
<
81
96*4 101
Sept'20
Due Deo.
t
.
.
Option sale.
New York BOND
3-a
BONDS
N. Y. STOCK
Price
.2
K
Week's
Range
Oct. 1
Last Sale
Bid
Ask Low
or
High
No.
M
N
8178S ale
80%
83%
44
1939 IYI
N
891* Sale
88%
89%
6
1939 F
A
82
81% Sept'20
90
Aug '18
97% July'19
7034 Nov'19
88% Mar'20
Virginian 1st 5s series A.._ 1962
Wabash 1st gold 5s
2d gold 5s
Debenture series B
___1939 J
1st lien equip s Id g 5s
1st lien 50-yr g term 4s
Det& Ch Ext 1st g 5s
J
S
M
1921
83
95%
1954 J
1941 J
61
51
80
...
Deb Moines Dlv 1st g 4s__1939 J
Om Dlv 1st g 3Ms
To! ACh Div g 48
75i8
S
1941 M
A
A
70t2
West Maryland 1st g 4s
West N Y & Pa 1st g 5s
Gen gold 4s
1952 A
0
1937
5578 Sale
85%
86%
85%
0
62
59
91
84
00 00
88%
"51"
Nov
23
69i2
66
July'20
82
55%
Aug '18
55
55%
....
80
36
Oct
84i2 Sale
82%
1926 A
84
88
86
84%
Sept'20
Wheel Div 1st gold 5s
Exten A Impt gold 5s
1928 J
82
85
100
RR 1st consol 4s
1949 M
66
72
pl943
Pac
1st
Wheeling A L E 1st
5s
g
S
5s.-1946 Ml
A
ser
F
"50""
47
2
81
92
54
63%
_57 *2 "60
Winston-Salem S B 1st 4s.-I960 J
Wis Cent 50-yr 1st gen 4s
1949 J
Sup A Dul div & term 1st 4s '36
Street
J
N
IVI
59
56% 62
67i2 7678
7U8 Sale
7U2 72
O
26
39
j
23
25
3-yr 7% secured notes. .*1921 J
Certificates of deposit.
j
86
92%
12
45%
60
50
56
69
Sept'20
61
69
607S
71%
61
72
71
71%
Sept'20
16
44
Sal6
29
Sept'20
21% Aug '20
40%
45
39%
427g
39%
40
42
73
66
Bklyn Q Co & S 1st 5s
1941 J
Bklyn Un El 1st g 4-5S.-.1950 f
F
A
60
1956 f
A
60
Kings County E 1st g4s__ 1949 F
A
57
Stamped guar 4s
1949 F
Nassau Elec guar gold 4s .1951 j
a
51
56
J
19
28
4-5s
55
28
77
58%
S
A
64>
24
5834
5834
Sale
23%
78
a
70
a
O
19% Sale
19
60
24%
Apr '20
17
17
78
20%
51% Sale
57
'20
Jan
Sale
24
f"
70
w
2034
19%'
251
73
78
821!
11
406
10
20%
19%
1136
48%
52
54%
54%
8
49%
60
52%
52%
2
49%
60%
41%
58
Oct *19
75
S
46
Bway A 7th Av 1st c g 5s. 1943 J
Col & 9th Av Istgug5s.-1993!M
D
40
67%
S
20
25
June'20
21
40
Lex AvAPF
S
27
31%
Mar'20
40
42
Met W S El (Chic) 1st
g 4s. 193SIF
Mllw Elec Ry A Lt cons
g 5s 1926 F
Refunding & exten 4^s..l931 J
A
A
88
94
Apr '20
92
J
65
80
Jan
'20
77
77
Montreal Tram 1st A ret 53.1941 J
New Orl Ry A Lt gen
4^8--1935 J
J
69
71%
70% July'20
69
75
5978
61
July'19
July'19
N YMunicipRy lstsf
5s A.1966 J
N Y Rys 1st R E A ref 4s
1942 J
f 4s.
-
51%
59
31
20
5
7%
Dec '19
Sept'20
51%
66
55
74
95
96%
80
4%
7%
55
45
59
6478
90% Feb '17
82
'20
Jan
80
Sale
42
45
50
26
Sale
22
26
421
75
75
75
52
88% Sale
88%
41
J
73
30
60
55
50
66
66%
50
50
30
50
21
31
26
28
25%
27%
27%
10
5
26% Sept'20
62
45
s
f
44*8
48
75%
50
*2*1% ~30"
21
30
20%
Sept'20
65
63%
30
63
70
Bklyn Un Gas 1st
73%
80
71%
71%
70
79
8678
86
Apr '20
79
86
827g Sept'20
81
89
81
87%
5s. 1945 M
-
.1927 J
76
....
81
99
79
10-year
f 6s.
conv s
Manufacturing
&
9134
79
79%
80
Apr '20
Gold
4s
Cent Foundry 1st s f 6s
Cent Leather 20-year g
80
10
69
-
84%
Feb
75
85
82
75
67%
93
65
26
85%
Oct'19
Sept'20
74%
90
Int Paper conv s f g 5s
1935
1st A ref
s
f
5s
1951
7s
1944
5s
1951
Nat Enam A Stampg 1st 5s.1929
Nat Starch 20-year deb 5s. .1930
68%
Sale
76%
85
65
65
75%
53%
66
90
96
Aug'20
63
95
"27
65
9478 Sept'20
90% July'19
Sale
85
Sale
80%
25
87%
81%
National Tube 1st 5s
conv
6s..
78
Sale
76
78
383
117
117
2
117
77
73
73
2
73
7778
79%
79%
1
74
7478
8378
90%
93%
93
93
3
90%
97
78
70
89%
90%
91%
Sale
88%
63%
87% Sale
99%
99%
-
*897g
100%
89% 100%
87
3
75
83
95
95%
77%
99%
88
97%
93%
96%
83
93%
99%
89
....
95
96
92
Sept'20
91
80
84%
81
Aug'20
85
86%
89
87
^
,®0
May'20
81
3
80
98%
Sale
97% Sale
95%
96
81
96%
98%
95% Sept'20
91%
92%
91% Sale
96%'
87
22
74
87
87
79
95
95%
8
.
M
J
Buff A Susq Iron s f 5s
1932 J
Debenture 5s
al926 M
Cahaba C M Co 1st gu 6s.. 1922 J
95
Illinois Steel deb 4!^s
Indiana Steel 1st 5s.-
90
78
77
85%
1st
cons
88
s
214
1950
80%
June'20
84%
s
Poeah Con Collier 1st
Repub I A S 10-30-yr 5s
77
82%
87%
St L Rock Mt A P 5s stmpd. 1955
Feb '20
69%
69%
75% Sept'20
75%
7434
*85 "
58%
6534
89
89
78%
Apr '20
78% May'20,
8334
85%
28
75%
88
77%
14
85%
97%
76
79
33
76
89
78%
19
77%
86%
"
95%
77
77
105
89
6s. 1943 A
89
77
79%
72%
90%
83
f 5s. 1957
s
f.1940
Sept'201
98
78
867g
Sale
90%
80
M
J
88% Sale
85
88
80%
68
j
1st g 5s.. 1949
-
"73% rzri
*1
83%
93%
6
*89"%
94%
99%
Aug'20
79
75
75%
Aug'20
86%
14
Sale
J
A
74%
827g
86
86%' 86%
-J
67%
68
8678
87%
94% Sale
"80 " "86"
74
July'20
82
75%
77
Telegraph & Telephone
Am Telep A Tel coll tr 4s...1929
Convertible 4s
Seot'20
84% Sept'20
92
95
8ept'20
83%
85%
"80 "
82%
80%
...
J
96
67
72
93
80
538
88%
99%
88
....
99%
86% Nov'19
4Hs
70
89%
83% Sept'20
Mar'19
F
J
Q
89
Cent DIst Tel 1st 30-year 5s. 1943
Commercial Cable 1st g 4s..2397
80
Registered
.2397
Q
81%
81%
80
81
95% Sale
1946
1925
64
80% Sale
30-year temp coll tr 5s
6378
85%
75% Sale
67% 70
81% Sale
1936
1933
conv
57
85
89
80%
91
Telep 1st A gen
30-year deben s f
F
s f 4^s.l939 M
6s.Feb 1949 F
Pacific Tel A Tel 1st 5s
67%
70
1937 J
South Bell Tel AT lstsf 53.1941
West Union coll tr cur 53...1938
74" "84%
Fund A real est g 4Ms... 1950
79" "94%
Mut Un Tel gu ext 5s
1941
Northwest Tel gu 4'^s g__1934
July'19
79
79%
83%
June'20
62
9434
83%
62%
Friday latest bid and asked. aUueJan. ODua April, cDue May. yDueJune. AUueJuiy. *DueAo«.
J
J
M
M
J
#Due Oct.
75%
83
104
9078
Sept'25
73
~76_" II"_"
88
98
77%
85
184
72%
83%
107
92
99%
81%
96
64%
~70"
86%
....
...
....
Apr'101
"82% "96"
Sept'20
77%
7778|
140
87
90
168
82%
82%!
81%
82% Sale
78% 86%
70% Sale
80%
97
69
3
Jan'181
79% Sept'20
85
Sale
80%
62%
1
Sept'20
60
68%
88
76%
"80 " "83%
....
<
77% Sale
86
80%
71
91
N Y
797g
80
„
85%
76
80
83%
77%
70
I
Mich State Teleph 1st 5s... 1924
80
"72"% "84"
87
Cumb T A T 1st A gen 5s... 1937 J
Keystone Teffeohone l3t 5s. .1935 J
J
3
90
Mar'17!
N
78
78
87
"77% Sale"
sf 10-60-year 5s\reg
Utah Fuel 1st s f 5s
71%
11
76
Feb'19
90
May'19
87%
88%'
82% Aug '20
97% May'17
67% Aug '20
98% Oct '17,
74
70
89
89
Philadelphia Co conv g 5s..1922
Stand Gas A EI conv s f 6s..1926
69%
91%
75
Syracuse Lighting 1st g 5s..1951
Syracuse Light A Power 5s._1954
78
I
94
U S Steel
88%
17
June'20
7178
7178
71% Sept'20
85
A
7-year convertible 6s
62
-.v..
Dec'14
78
72
f
J
Corp—fcoup-..dl963 M N
dl963 M N
..1931 M N
Victor Fuel 1st s f 5s
1953 J
J
Va Iron Coal A Coke 1st g 5s 1949 M
s
Tenn Coal I A RR gen 5S..1951
20-year
July'17
62% Sale
62%
637g!
71% 71% Apr '20.
6978 100
Apr '17:
1947"
10
101
72%
51
89
93% July'19
91% Nov'19
93
81
i
1949jM
s
92% 101
97%
5
77%
7178
f 5s 1936 ™
Pleasant Val Coal 1st s f 5s. 1928
105
93
95%
93%
98%
97%
4
93%
"70"" ~78%
£
J
1940 A
1952 M
1926 J
f 4H A..1954
84%
90
76
93% Sale
"76"" ""
1925
5s series A
Lehigh C A Nav
Mid vale Steel A O conv
88
96l2 103%
887g Sale
78% Sale
77%. 77%
•»
>
1942
20-yr p m A imp s f 5s. ..1936
Elk Horn Coal conv 6s
93%
„.85%, Sept'20
97%
78%
79
O
110
100
3
93% Apr'20
84% Sept'20
88
97% Sale
J
5
July'20
79% Sale
-
86%
99% 111
77
89%
2
76
91
w:
F
99%
81
33
91
92%
84%
99%
"ll *75 ~ ~84~%
100%
99% Jan'20
1
8378 84
May'20
106% Sale 104%
106%
83%
82%
83
106% Sale
104%
106%
84% 86
82
83
91
\
97
95%
19
99%
Nov'18
77
70%
81
25
91
60
Sept'20
87%
99%
100
88
96
"76 " "77
97%
187
89
87
8178
89%
Sept'20
66
119
68
...
{
A
F
A
F
1st A ref 5s guar A
1943
86%
""33
79
89
89%
67%
89%
79
93%
73
95
99%
90
89% Sept'20
Sale
9478 100
1926 *
f 5s
s
87% 100
22
Aug'20
79
U S Smelt Ref A M conv 6s.1926
if
Va-Caro Chem 1st 15-yr 58.1923 J
Conv deb 6s
...el924!A
1922
Aug'20
89% Sept'20
1947|J
...1930
1
89%
93%
79
89% 101
U S Rubber 5-year sec 7s...1922
1st A ref 5s series A
10-year 7Hs
89%
92
79
92
Union Oil Co of Cal 1st 5S..1931 M
U S Realty AI conv deb g 5s 1924 J
8978
89
96%
80%
93%
90% Sale
78%
1930!J
90
79
*84% "98%
70
J
1942.M N
1938 M N
1930 M *
897g
69%
85
70
76
N
J
A... 1947
conv ser
Liggett A Myers Tobac 7S..1944
85
71%
~ "88~
82
"22
75
78% July'20
....
....
1932|M N
7534
Mu Fuel Gas 1st gu g 5S..1947
58%
66%!
9778 101%
117
1935,'J
77
75% Sale
Ch G-L A Coke 1st gu g 5s 1937
Con G Co of Ch 1st gu g 5s 1936
Ind Nat Gas A Oil 30-yr 5s 1939
No price
83%
77
J
A
Ingersoll-Rand 1st 5s
Int Agric Corp 1st 20-yr 5s_.
8978 Sept'20
85
78
1930,-
—
86
72 78
77
M
1940 F
95%
Sept* 19
104% Apr '17
80% Sale
78%
80%
62% 6334 6178 Sept'20
Corp unifying A ref 5s.-.1937 M
Refunding A extension 5s. 1933 M
1st 9 f Sq _ioae J
95%
92
1952
95%
8234
76%
83
5s. 1930 F
Union Elec Lt A P 1st g 5s. .1932
89
80%
85% July'20
87%
1936!J
General Baking 1st 25-yr 63.1930]J
Gen Electric deb g 3Hs
1942iF
95
78%
1948 J
Pacific G A E gen A ref 5s.. 1942 J
Pac Pow A Lt 1st A ref 20-yr
Unft^u 'Pool
83%
76%
June'16
66
87
E I du Pont Powder 414 8
79
Pacific G A E Co—Cal G A E—
Trenton G A El
94
85%
1931!M
1934]M
Lackawanna Steel 1st g 5s.. 1923
81% Sept'20
90%
1925
Purchase money g 4s
1949 F
Ed Elec 111 1st cons
g 5s..1995 J
cons g
2
11
Apr'14l
66%
94%
jF
Cuba Cane Sugar conv 7s.. 1930
Distill Sec Cor conv 1st g 5s. 1927
87%
.1997
95
167
82%
90
65
|F
1951
Jeff A Clear C A I 2d 5s
77
88
95i2
94
83%]
82
86
80
90
82%
83% j
727g Sept'20
85
74%
5s..1925'A
Consol Tobacco g 4s
Corn Prod Refg s f g 5s
1st 25-year s f 5s
Feb '13
81%
85%
92% 100
1948 J
Refunding gold 5s
108
70
4
65%
82%
A
1931
Feb '18
91
1927 Ml
Peop Gas A C 1st
83%
83
N
F
Am Writ Paper s f 7-Gs
1939 J
Baldw Loco Works 1st 5s..1940 M
Col Indus 1st A coll 5s gu._1934
Cons Coal of Md 1st A ref 5s 1950
96% 10134
92% Dec '19
g 4s. 1939
5s International Series
95
8334
8734
82% Sale
82% 83
7134
72
O
A
N
1951
94
"77" "79"
1937
Pat A Passaic G A El 5s
105
92
May'20
Apr'20
81
1928
100
86
N YGELH APg5s
92
90
O
1928
79
85% Aug '20
1949
*34;.
100
l!
Industrial
Colo F A I Co gen s f 5s
70
95% Apr '20
73
1952
con g
99%
"83%
g 5s. 1922
NYAQ EI LAP 1st
June'19
98%
93
1st A ret 5s ser A
*1940 M
Eq G L N Y 1st cons g 5s
1932 M
Gas A Elec Berg Co c
g 5s.-1949
Milwaukee Gas L 1st 4s
Newark Con Gas g 5s
J
Pub Serv Corp N J gen 5S..1959 A
Tennessee Cop 1st conv 6s..1925 M
Wash Water Power 1st 5s..1939 J
Wilson A Co 1st 25-yr s f 63.1941
Beth Steel 1st ext
July'20
87
Sale
97
Detroit City Gas gold 5s
1923 J
Detroit Edison 1st coll tr 5s. 1933 J
Lac Gas L of St L Ref A ext 5s
Sept'15
82
85
Columbus Gas 1st gold 5S..1932 J
Consol Gas 5-yr conv 7s... 1925 Q
Cons Gas ELAP of Bait 5
yr 5s'21 M
con
44
105
104
Coal, Iron & Steal
103
Clncin Gas A Elec IstAref 5s 1956 A
Columbia G A E 1st 5s
1927 J
Ed El 111 Bkn 1st
J
Union Bag A Paper 1st 53.-1930V
82%
Convertible deb 6s...
N
1951 ,F
92
66%
Kings Co El L A P g 5s
Purchase money 6s
83%
"56
79
77%
103% 103% 103%
97% Sale
97%
N
1939, J
87%
76
(Mo) Gas 1st
8278
70%
Mar'18
80
N Y Air Brake 1st
76
Havana Elec consol g 5s
82
71
80
Standard Milling 1st 5s
78
Kan City
797„
67
7
Sale
84
77
Hudson Co Gas 1st g 5s
65
7
73
80
31
Gas and Electric
Light
Atlanta G L Co 1st g 5s....1947 J
Bkly Edison lnc gen 5s A. 1949 J
Stamped
58
95%
85
93
69%
J
N
West Electric 1st 5s Dec
cons g
69%
72%
73
Computlng-Tab-Rec s f 63..1941 J
GranbyConsMSAPoon6sA1928 M
Stamped
;
1928 M
19%
47%
26
23i2
--
72
Sale
83
84
89%
Sept'20
97%
73%
75
June'17
25%
Oj
—I
37%
"50"" "50" "
Sept'20
O
83
71%
O
84%
Feb'18
89%
72% Sale
Stamped
Sept'20
66i 2 sale
J
2
88%
80
May'19
43%
N
83
90
O
Lorillard Co (P)
July'17
45
O
-1927, A
" "94%
*19% ".32" "
21
Aug '20
5
J
Income fis..
-1948
United Rys Inv 5s PittsIs3._1926;M
United Rys St L 1st g
4s.—1934? J
St Louis Transit gu 5s
1924'A
s
7
5%
5%
52%
J
TrI-City RyALt 1st s f 58.-1923 : A
Undergr of London 4^s
1933 J
ctfsdep
I—
Equit Tr (N Y) inter ctfs..__.
Va Ry Pow 1st A ref
5s... 1934 J
6
91!
O
1037! J
73.1923]M N
17
7378
A...1932, A
20-year deb 6s
89
J
J
Chile Copper 10-yr conv
Coll tr A conv 6s ser
Debenture 5s
28
N
A
J
1960 J
19!
31
72
N
al960 A
United RRs San Fr
Union Tr (N Y)
28%
26%
5%
g 53—1937;
Adj income 5s
27
52
N
5s.l942;F
Third Ave Ry 1st g 5s
57
3078
26i2
5i2
O
Portland Gen Elec 1st 5s. 1935!J
St Jos Ry L H & P 1st
g 58.-1937 M
St Paul City Cab cons
Third Ave 1st ref 4s
27i2
27
J
N Y State Rys 1st cons
4Hs. 1962 M
Portland Ry 1st & ref 5s
1930 M
Portld Ry LtA P 1st ref
43
Dec *19
J
Certificates of deposit
30-year adjlnc 5s
al942 A
Certificates of deposit
20
10
80
90%
90%
74%
62%
7834 Sale
Conv deben 5s
1924 F
Am Cot Oil debenture 5s
1931 M
Am Sm A R 1st 30-yr 5s ser A '47 A
Am Tobacco 40-year g 6s
1944 A
52
J
Chic C A Conn Rys s f 5s
Am Agric Chem 1st c 5s
54% Sale
lstgug5s_.1993!M
73
60
J
42
70%
A
1927 A
68
O
Manila Elec Ry A Ltsf 5s. .1953; M
Metropolitan Street Ry—
69
guar tax ex.,1960
24%
O
56
58%
11
Sept'20
78%
Sale
89%
1955 J
Building 5s
13
a
,
83
Braden Cop M coll tr s f 6s.. 1931 F
Bush Terminal 1st 4a
1952 A
53%
68
""45
J
•
55
18
15
102
7934 Sale
4££s '39 J
deb 7s A 1934 J
conv
17%
Booth Fisheries deb s f 6s.__ 1926 A
66%
*58"% ~69 "
a
vaiA-CACliiy w-
81%
95
—
July'19
58
....
57%
60
66% June'20
60
Certificates of Deposit.
98
Nor States Power 25-yr 5s A 1941 A
Ontario Power N F 1st 5s..1943 F
Ontario Transmission 5s
1945 M
60
60
f
N
66
50%
58% Sale
70%
95
58
18
A
J
50
J
«
76%
58
Sale
17
Niagara Falls Power 1st 5s..1932! J
Ref A gen 6s
a 1932 A
Niag Lock A O Pow 1st 5s. .1954 M
23
Aug '20
J
m
Sale
18
1920 M
Armour A Co 1st real est
58
N Y Dock 50-yr 1st g 4s
51% Aug '20
50% Aug '20
J
High
Oct'19
S
50
23
j
88
S
45
63
j
79%
S
47
55
62
73%
1926 M
35
60
59%
Nov'19
1925 M
31%
59
6178 Sale
87
1948 M
Conv deb 63 series B
34%
64
j
4Hs
7,
13
55
Conn Ry & L 1st A ret g
4>£s
guar
Adams Ex coll tr g 4s
Alaska Gold M deb 6a A
66
76
60
f
80 4
O
J
58
61
71
D
Mtge Bonds (N Y) 4s ser 2.1966IA
10-20-year 5s series 3
1932 J
40% Dec *19
Chicago Rys 1st 5s
A
J
Morris A Co 1st
6261
Mar'20!
28
60
j
_
guar
...
95
3334
May'18
N
Since
No. Low
High
75%
77
21
Apr '20
80
j" "3
Bk Q Co A S con gu g 5s. -1941 m
Ask Low
76% Sale
21%
39%
42
Jan. 1
J
Chic Un Sta'n lstgu 4 His A.1963 J
1st Ser C 614 s (ctfs)
1963 J
Sept'20
41
Certificates of deposit stmp'd
Bk City 1st cons 5s..1910-1941
Stamped
"76% *88"
55
72
Range
I*
Bid
A
Great Falls Pow lsts f 5s...
1940]M
Int Mercan Marine s f 6s
1941 A
Montana Power 1st 53 A...1943 J
gold 4sj..2002 J
conv
Stamped
60
Lt—(Concl.)
Consol 5s
30
Railway.
Brooklyn Rapid Tran g 5s.-1945 A
1st refund
'17
90% Mar'17
1930
Refunding 4J^s series A.-1966 M
Gas & Electric
Utah Power A Lt 1st 5a
1944 F
Utlca Elec L A P 1st g 5s...1950 J
Utica Gaa A Elec ref 53
1957 J
Westcheater Ltd gold 5s
1950 J
Atlantic Fruit
57
Feb '17
Income 5s
Western
■§3
Last Sale
Price
Am S3 of W Va 1st 5s
Sept'20
1943 A
85%
79
Week's
Range or
Oct. 1
EXCHANGE
Week ending Oct. 1
Miscellaneous
86
J
High
72%
74% Oct *19
1945 F
1945 F
I
Low
73
Jul^'20
Wash Terml 1st gu 3M s
1st 40-yr guar 4s
N. Y. STOCK
Jan. 1
Aug *12
53
69
67
80
5812
5012
1941 A
Since
§-3
Friday
BONDS
Range
Friday
EXCHANGE
Week ending Oct. 1
1357
Record—Concluded—Page 4
78
76%
76%
Nov'18
pDueNov. #Due Deo.
$
81%
84
96%
76%
3
85%
70%
i
88%
78%
20
Sept'20
101% Sept'17
94
72%
22
86%
70
81%
i
...'
«
*
-
Option sale.
-
«
-
-
-
Saturday
Monday
Sept. 25.
Sept. 27.
Sept. 28.
Sept. 30.
vet. I.
63
*85
*38%
...
38
39
85
38
135
*85
*3*4
*
4
♦....
4
*3%
...
....
3*4 *....
*3%
76
*73
76
Last Sale
*73
76
*73%
70%
36
*80
35*4
70*2
36*8
75
36%
*75
...
85
85
85
81
81
*80
25
25
*24
25
...
*76
116
Dec
Dec
80%
Apr
100
88
Jan 2
Sept 16
62
Feb 18
85
Dec
97
Jan
100
30
Feb 11
40
Sept 14
28
Jan
38% July
100
39
Jan
48% Sept 15
40
Oct
50
100
124
MarlS
130
Sept
168
417
3
35*4
Do
49
50
86
Jan
6
89
July
7
Old Colony
100
73
July
8
86
Apr
1
Rutland
100
15
Jan 20
26
Oct
1
Jan 31
*40
41
215
*49
50
27
20
50
*49
50
Jan
Mar 30
July 21
220
49
72
77
26
50
*49
Jan 12
23% Feb 11
80
July 9
25
77
*49
2
86
68
100
25%
41
Jan
Aug 31
100
Norwich & Worcester pref. 100
25
77
8
Northern New Hampshire. 100
25
*40
5
Jan
N Y N H & Hartford.
......
...
25
76
8
Mar
783
36%
Sept'20
38
41
7,
75
82
76
Mar
11
132
3
82
40
Jan 30
60
82
76
6
3% Sept21
130
71
100
pref
pref
Nov
Sept 27
37% Sept 24
11
Jan
30
Feb
135
Jan
Feb
90
June
110
June
3% Nov
2% Nov
132
Oct
84
70
Mar
78% July
83
Jan
5978
Dec
25%
Dec
86
Dec
94
Oct
115
x7l
Dec
105
Jan
15
Dec
23
May
40*4 July
99% Aug
Oct
70
June 15
87
Oct
100
Jan
50
38
May 17
45*4 Jan
3
38% Sept
50
50
48
July
55% Jan
6
47
Sept
58
Apr
June
5
Dec
Vermont & Massachusetts. 100
West End Street
pref
Do
Jan
Jan
70c
99*8 Mar
3*4 Aug
par
pre.no par
O S Y....100
pref
Dec
10c
100
81
40
143
Maine Cen ral
80
76
Jan 28
140
25
*24%
....no
Elec
Wore
Do
80
*39*4
pref
Do
73
3.5*4
6
67%
Georgia Ry <fe Elec stampd.lOO
81
79
Boston & Providence
Bost <fc
*84
39
pref
Sept'20
Last Sale 80
39
39*2
Do
132
Boston Suburban Elec-.no par
Mar'20
36%
pref
Boston & Maine
Chic June Ry &
*71
*84
*85
...
73
*73
...
39l2
35*8
*80
*84
*81
*85
*71
73
35%
35%
35%
*81%
Marl6
May 25
80
Last Sale 71% Sei)t'20
Last Sale 103*4 Oct'19
76
73
75
*73
Feb 17
60
Do
Sept'20
Sept'20
3%
Last Sale 72
75
119
...100
48
Last Sale 130
*73
100
Elevated
140
Last Site 3*4
3*4
*3%
..
Boston & Albany
Boston
9
Dec'19
Last Sale 10c.
*3*4
Apr
145
112
30
48
*135
135
135
Highest
970
37%
37%
*50
...
140
*135
140
38
Lowest.
Highest.
Lowest.
Railroads
87
62%
87
38
38
1919.
63
126% 126%
63
*85
...
*48
...
*135
127
62%
63%
*85
38
*48
...
135
140
85
38
126
127
62
63%
63%
38%
*48
*50
*130
126
126% 127
126% 127
63%
64
85%
85%
127
Previous
Range for
1.
Year
Week
Shares
63
Range since Jan.
EXCHANGE
the
Friday
STOCK
BOSTON
for
Thursday
Wednesday
Sept. 29.
Tuesday
See next page
STOCKS
Sales
CENTUM PRICES
SHARE PRICES— NOT PER
•126
BONDS
BOSTON STOCK EXCHANGE-Stock Record
1358
7
82
Miscellaneous
*3%
2%
4
3%
3%
2*8
2%
2%
4
*3%
4
*3%
4
3%
2%
*3%
*2%
*2*8
2*8
*2%
2%
2%
10
*1012
10
10
10
10
10
10
98%
98
98*4
97*4
98
97%
98
97%
97*4
97%
76
76
76
77
76
76
76
76
77
77
*70
72
72
72
72
72
73
73
*74%
75
75
*4
5
*4
5
*4
5
*4
5
2,377
97%
77
98
*7
8%
25
*6%
7%
9%
8*4
1%
2
*2
14%
*13%
*4*4
*13*4
*4*4
5%
25
7
*7
2%
14%
5%
.
2%
5%
*4*4
32
32
29%
31*4
29
30
21
20
20
20
20%
*75
80
*75
80
*75
22%
*14
23
14
14
*39%
40
28
*27
28
5%
30
1*4
1,550
2%
400
13*4
4*4
30
29%
1*4
*1*4
13%
13%
150
~30"
30"
*20
21
21
*20
75
8V
200
21
75
*147
*26
6
6%
6%
6%
12
12*8
11%
12%
94%
94%
94%
*12%
11*4
94%
12%
12
*82
83
83%
84
83
84
83
60
60
60
60%
60
60
60
*121% 128
*121
121
121
*122
94%
12
13%
*27*4
28
*13%
*27%
13
13
12
13
*31
33
13%
32%
*31
33
106
107
11%
36
67
25%
*25%
25*4
25%
25%
39*4
39
39%
39%
39%
23%
16%
*64%
67
67
23
23%
17%
17%
17
17%
16*4
17
16%
17*4
267,
10
150
14*4 Sept 17
6% Mar 23
36% Jan 3
28%May 7
88
Apr 8
Feb 20
157
678 June
Nov
36% Jan
2
23%
Oct
38*4 Nov
3
28
Apr
38
Reece Button-Hole
Root & V Dervoort C1A no par
ShawmutSS
25
Slmm8 Magneto
17%
17%
17
17*4
60
Aug'20
Last Sal
*29
*29
31
101% Jan 10
8478 Sept 7
1st
Do
5*4
Dec
28*8 Nov
Jan
11
Jan
99
67% Nov
Feb
Oct
35
Feb
8*8
90
Oct
Sept
9%
t
86
'Mar
Jan
Jan 20
60
Dec
71
Jaa
138% Jan 21
130
Feb
149
June
47% Nov
72
July
83
Sept
96
Mar
145
Feb
199
63
63
Jan 26
98
Sept 21
36% Jan
3
34% Mar 30
176% Jan 19
Jan 12
93
Jan'
99%
16
Jan
2
14
Jan,
16
55
Jan
3
35
July]
59%
Nov
Dec
May
Oct
31% Jan
7
30
Dec,
35% Dee
1
25% Apr
49*4 Apr
6
8
15%
Dec;
27% Nov
32%
Jan
Oct
32% Sept 10
Aug 9
Sept 14
133
76
24%July 1
38*4 Oct 1
2278 Sept 23
49
Jan
26
Feb 11
5
12% Feb 11
19
Mar 19
5
10
17
Feb 16
100
21
Sept28
Jan
2
115
Jan
59%
150
Oct
May
52%
Jan
74% Nov
44
Jan
55
25%
Mar 10
28
Oct
31
7*4
Jan
May
Apr 13
2
7
16
44% Jan 26
28
Aug
17
Mar
23% Apr
May
Jan
20% Nov
21% July
43
Oct
25
July
100
51
Mar
2
79
June 18
15
Feb
83
July
100
59
May
5
66
Jan
21j
37
Jan
72% May
100
2d pref
60
Feb
6
70
9
38
Jan
80
5
23
Feb 25
32
.50
Apr
16% Aug 10
20
Manufacturing.
Do
pref
Wickwire Spencer Steel...
31
12%Sept 15
64
25
Warren Bros
Aug'20
3178 Apr
104
pref..
Waldorf System Inc
Waltham Watch
Sent'20
Last Salr 60
90
25
18
17%
58%
July
25
Walworth
18*4
21%
Mar
75
8
8
99
11
no par
Ventura Consol Oil Fields.
18*4
19
7
100
Corp
16%
137s
21%
21
2
19% Sept *7
5
16%
18*4
Jan
80% Feb
8% Apr
45
4
1
13% Aug
2678 Oct
10
May
June 16
90
100
pref
16%
21
247g Aug 10
July 26
1
Pacific Mills.
Plant (Thos G)
Do
8
17*4 Sept 30
no par
Orpheura Circuit Inc
June
82%May
England Telephone.. 100
Ohio Body & Blower
16to
18%
28"
Aug 10
Inc..
United Shoe Mach Corp
22
27
31
Investment
Union Twist Drill
18%
28
Sept 21
3«%
22
28
119
23%
*17
30
New
8
57
Linotype... 100
Mergen thaler
Mexican
92% July 20
68*4 Feb 6
100
.100
pref...
25""
19
29
Do
38*4
17%
31
Massachusetts Gas Cos
23%
"25"
Last Sale 60
31
McElwain (W H) 1st pref. 100
23?8
21%
18
42
10
Theatres
*23%
19
"60"
14*4June 19
Aug 9
par
100
Torrlngton
21
"
no
Swift & Co..
105*8
105
19
60
Products
pref..
Stewart Mfg
Snle 33% Sept'20
106%
65%
66
25
25%
387s
39%
23
17%
""690
11
19
60
389
Sept'20
11
23
*
15
1378
27%
*13%
12
Last
39
60
425
28
27*8
27%
150
105
*64%
25%
23
...
383
77
13% *13%
1378
28
27*4
27*4
105*4 107
23%
*17%
2,455
3
108%
1
10
91
107
19
187
96
23
24
68
390
38%
27*8
Do
9% Apr30
96
160
Internat
Apr 14
10
37
28
Cement Corp.no par
10
17*4
160
Gorton-Pew
no par
Loew's
96
160
Corporation
Libby, McNeill & LIbby..
92%
92%
92%
83
83
83%
83%
83%
60
60
60% *60
60%
123
*122
123
123% *122
*27%
160
275
Elder
551
37%
23
19
Dec
Jan
May 15
305
17*4
23
*22
172
Aug 10
140
1,030
95
28%
67
79
Oct
62
100
6%
37%
*27%
*31
32
Apr
100
pref
11%
92%
Last Sale 20%
107% 107%
67
*64%
25*4
*25%
39% 39%]
Dee
39
138
Do
Edison Electric Ilium
12*8
6
20
28
91
*31%
24
10*4
94%
*18
160
11%
96%
19
14
34
Jan
5
25
1178
6%
12%
12
6%
*12
39
96%
19
28%
Jan
Dec
6
10
Manufacturing...
SS Lines Inc
4*4 Mar. 4
11
Aug 10
95%
38*4
95%
14
4%
31%
East Boston Land
Island Oil & Trans Corp..
38
37%
96%
20
28%
12% Apr23
3*4 Feb 14
27*4 Feb 13
17% Aug 13
5,000
12
14%
15% Mar
10
May 25
12
28%
478 Nov
Dec
June
12
14%
Dec
6
28%Sept 21
12%
28%
2%
5
Jan
60
12%
14
3
7
26
*11%
94%
*13
3*8 Jan
1*4 Sept 17
16
*12%
13%
Dec
1% Sept24
10
37*4 July 27
43
13%
7
Boston Mex Pet Trusteesno par
25
50
22*8
160
35% Apr 17
10
Apr 23
1278 Apr 14
Century Steel of Amer Inc.
Connor (John T)
Feb 11
50
21
*27%
13% May
5% Sept 30
6
Fisheries
43
160
.
10
Internat
44
28%
10
Greenrield Tap & Die
21*4
165
par
Blgheart Prod & Refg
210
44
28
26% Dec
382
15
21%
*160
21% Nov
Jan
39%
22
42
Dec
17%
26%
44
96
Dec
Jan
16
39%
43*4
38
84%
78%
5
26
20
*17*4
108% May
152
Nov
Jan 13
*13*4
20%
19%
Feb
Jan
26
44
96
Dec
79
Apr 20
15
40
♦13*4
39%
20
41
9% Aug
95
19
83
26
15
44
*92%
7% Nov
Aug
2
38
July
27
44*4
19
Corporatlon.no
Chocolate
Beacon
Jan
Apr
2%
2
5
39%
20*4
38
July 26
55c
14% Aug 17
21%Sept 30
27
20
96
71
39%
*14
15
44
125
Atlas Tack
Eastern
1,197
23
22%
20%
6%
..no par
100*4 Sept 16
167
Apr 20
39%
39%
23%
45%
6%
July 29
Sept 24
27%
*14
*22%
20
6%
74
7% Mar 15
2% Sept 24
11
22% Sept 25
12%Sept 8
23
*44*4
6%
Apr 30
no par
pref..
Eastern
112
148%
148
Feb 10
.100
Teleg
Amoskeag Mfg
Do
Feb 24
50
Amer Telep &
660
170
150
25
pref..
1,035
75
148
22*4
22*4
22%
39%
14
8*4
1*4
*1*8
*1*4
*13%
4*4
2,825
2%
8%
1%
148
149
147
23
221a
15
3912
*27
148
147
148
350
8*4
8*4
75
80
1,033
24
6%
2
Do
Anglo-Am Com ml Corp.no par
Art Metal Construe Inc...
10
5%
1%
*13%
*4*4
29%
20%
14
*13%
72
Sept'20
21%
7%
8%
1%
1%
825
75
Sept'20
2
8%
8%
*2
*1912
147
24
24
7
9%
1%
1%
1%
2
24
7
25
25
Last Sale 5
Last Sale 16
*24
Amer Pneumatic Service..
420
Aug 11
10
Am
679
10%
*76
Oil Engineering
560
3%
2%
Feb
26
3
Jan
July
Sept20,
Mining
*.48
*
.90
*23
3%
*9*4
*9
*
*.25
I
*22%
3*8
24%
*10
35%
*4
.40
24
24%
3%
9%'
285
56%
*.25
*22%
.40
3%
*3
*9%
*9
10
9*4
9%
*9%
.03 *....
*280~
.80
56%
.40
57% *....
.40
24
*.45
57%
*.25
*.45
..
57% *
"*.25
i
280
24%'
22*4
11
j *10
.80
*23
.03
280
9
25
20
25
2
3*s
*3
3%
9
9
*9
9%
Arizona Commercial
9
*9
9%
*9
9%
Bingham Mines
3%
.03
275
22
22*4
21
10%
35%
*10
10%
*10
35
35%
34%
*4
4%
4%
275
*4%
22%
101
35
4%
Seot'20
Last Sale .03
276
9*4
34%
*414
284
5
Copper..
8*4 Aug
9
6% Mar 18
40c
Sept 29
275
25
17% Feb 13
410
16% Jan
12
Mar
20
July
48% Jan
39
Mar
62
July
478 Mar
2
Mar
Aug 30
14% Jan
4%
20
7
8%
8
8
8
8%
7*4
10%
*9%
91"
*9%
778
9%
Davis-Daly Copper
Copper MIn...
10
10%
East Butte
10
2%
2*8
2*8
*2%
2-%
*2%
2*4
Franklin
25
*3%
412
2%
*3%
2%
4%
2%
*4
4%
*4
4I0
*4
25
2%
2%
*2
21
4%
2%
Hancock Consolidated
2%
Helvetia
25
1
*.50
.60
*.50
.60
*.50
.60
25
50c
53
54
77%
29
54
53
*74
53%
*75%
77%
54
54
54
54%
75
75%
75%
77
26
26%
*3%
*3
3%
1*4
*1*8
*1*8
*3%
3*4
*3%
*3
*2%
3
*2%
3
*2%
3
*1%
*3%
5%
1*4
*1%
1%
3*4
*2%
1%
*3%
*3%
3*4
5%
5%
1*8
*3%
5%
*3%
*4
*58
*18
*3%
58
18
18%
5
5%
4
4%
58%
►
58%
18%
3%
*57%
18
3%
1*4
3%
5%
4
3%
3%
5%
4
19
.
/ 4
35
"35"
35
35
35
*90
93
93
95
*90
*.25
9*4
9%
15%
14%
.50
*.25
9%
15
.50
*1%
2
*1%
2
24%
26
24%
24%
*38
40
47%
47%
38
38
15
15
*1
1%
"*.15
9%
*1%
23
*38
40
*27
46
46
46
36
37
15
15
15
1
1
*1%
2*8
4*4
*4%
3*8
.20
*
5
Mayflower-Old Colony
Michigan
Mohawk
25
*17%
5%
*3%
58%
57%
9%
xO
9%
15
.50
2
*1%
23%
14*4
.25
38
38
36
37
46
46
45
45%
*36
39
*37
40
15%
15
.15
*.15
5
*4%
15%
*1%
,
15%
*1%
2*8
*.17
.18
5
*4%
5
3%
3%
1*8
3%
*3%
1%
1%
*1%
1*8
*1%
1*8
1%
.50
*.50
.55
*.50
.55
*.52
.55
*.52
*11%
1*4
»1%
1*4
1*8
1*8
178
*6%
17g
7
1%
*178
2
-
*7
8
*7
7%
*1%
1*8
2*8
1%
*.30
.50
*.35
6%
1%
1% 1 Xs
*1*4
*13
*.*6
14
75
13
* 50
BM ud iak«0
1%
*1%
7
1%
2*8
.30
13
75
rfetf.
.50*
13
13
*
SO
.75
1%
.50
*13
*.50
14
.75
BEx-atoek dividend.
2
6%
3%
2
6%
1%
*17S
2
1*8
*17s
Last Sale .35
13
13
L"tf Sale.
I
110|
*13
7*
"""50
.18
31
4
2
2
Jan
2!
2%
Feb
10
July
Mar 27 j
Jan 5:
49%
Feb
83
July
9
5% Jan
1134 Jan
72
16
May 20
24
7% Jan
14*4 Mar
13% June
29% July
12% Jan 3
21% Apr 20
% Feb
1% Aug
80c
25
Mar
4% July
30% Mar
52% July
73
July
1*4 July
Jan
45
Mar
Jan
52
Mar
Jan
40
Mar
Copper Corp...no par
12%May 24
19
Jan
13
Jan
26% July
Aug 11
2
Jan
1% Mar
4% July
1
Shannon
10
South Lake
25
10c MarlO
5
10c May 11
South Utah M & S
Tuolumne Copper
25
5
5
4
Utah-Apex Mining
Utah Consolidated
Aug
5
40c
8c
Jan
50c Aug
Jan
4
Mar
11% June
1
Mar
5% Nov
7j
6% Jan 29
7
2*4 Jan 19
1*4 Jan 10
1
3
7
July
Jan 10
6
2*4 Aug 24
lXt Aug
July
2% Apr 15
25c
50c May 19
l%Sept
Jan
83
75
Jan
23
1%
3% June
Dec
5% June
Dec
2% Sept
1*4 May
3*8 June
71c
9*4 Feb 20
7%
Jan
12*4 July
Aug 11
3% Jan
5
3% Jan
8
1% Jan
1% Mar
4*4 July
25
1% Aug 26
25c Sept 1
2
7
Wolverine
25
12
Wvandotte.
115
35
Sept'20
I "~45
25
1
25
Utah Metal & Tunnel
« Assessment
paid.
1 Ex-rights,
June26
6
Victoria
Winona
1,362
4 Ex-<11rid end and rlghta.
Apr
75c
58
Trinity
Sont'20
25c
5
65
170
1*8
Jan 27
2% Jan 26
37% Jan
58
200
7
13% May
20*8 July
1
Oct
35
11
2
Jan
Feb
43% Aug 24
35
Aug 18
.55
1,075
Nov
8%
9
25
25
25
10
31
2
2
Aug 19
12% July
Oct
20
St Mary's Mineral Land..
Seneca
7% Jan 8
Sept 30
Sept 27
8% July 19
Sept 24
Superior
760 Superior & Boston Copper.
14
Feb
5% July
4*s Oct
10
July
25
25
20
5
2
*6%
1*8
2
1%
July'20
.50
3%
3,115
15%
*1%
3*8
Mining
Dominion Co
Qulncy
1*8
Apr
Jan
25
Lake
OJibway
Osceola
3%
2%
3
3!
21j
North
50
.55
Apr
Jan
13
128
.55
7% July
2
3%
15
145
3%
*1%
Jan
87
39
*4%
Mar
3
28
36
*.17
2*8 July
99c
7
6% May
878 Feb
45
Last Sale 2
.20
6% May
5
478 Apr
57*4 Mar
35
4%
3%
88% July
July
Oct
95
Old
1%
3%
55*4 July
41
40
pref
Niplsslng Mines
15
Sept'20
15
Jan
Feb 16
127
1%
Apr
Mar 12
45
15%
1%
*1%
*1%
1%
2*8
Apr
78
24
July 10
*37
39
42
9% July
7*4 May
July
2
5
Sept'20
2334
23*4
23%
Mar
North Butte
""8% "a""
Last Salr
Feb
50c
2% Jan
4*4 July 20
3
Aug 18
57
Aug 19
278 Aug
25
20c
Oct
Aug
6*4 July
79
Idrla Quicksilver
River Company
Do
Last Sale 1%
*23
2% Aug
21
21
New
..
14%
24]
14%
Feb
1*8 May
4
May
5
5
100
.100
5
New
95
15
*40
40
...
;
New Cornelia Copper
18
Sept'20
Last Snle 5
95
334
57%
*17%
18
37
.
Mar
Aug
1% July 10
3
2% Aug 3
l%Sept 9
25
3%
3*i
90%
.15
2*8 *...
*4%
18%
*23
46%
39
Mass Consol
5%
51
60
*.25
2
*36
3%
3*4
*5%
*3%
58%
9%
14%
.50
23%
Mason Valley Mine
*3%
4
14%
*.25
1*
5%
5
25
25
25
5
25
*1%
June2l|
3
3
]3<
82
3i
5
2%
*1%
5
Jan
34 Jan 14
60
Sept 22,
Feb
8
Jan
25
3
4
3*4 May
4*4
Jan
5% Apr
6% Mar 31
38
26
*2%
16
5
75% Sept 30
Aug 14
1
Lake
3
Aug 18
Aug 17
Sept23
Feb 13
39
1
pref
Copper...
Copper Co
La Salle Copper
3
3%
90%
9%
14%
*3
3
Keweenaw
*3%
4
3s"
Last Sale 13s
Sept'20
2%
3*4
Do
26
26
27
.....
9% Aug 19
Aug 11
50c
Isle Roy ale Copper
Kerr Lake
3%
3*4
*
*37
*26
1*4
18%
94
9*4
1*4
*58
59
*32
*15
28
3%
*1*8
.......
Indiana Mining
Island Creek Coal
Sept'20
54
3%
*26
2%
.50
Last Salr
77
3%
*1*8
May
July
36*8 Dec
9% Aug 24
*4%
10%
*27
480
732*4 Aug 20
3
Jan 3
1
8%
*74%
Mar
12% May
25
2%
|
350
July
May
25
10%
54
90c
Copper Range Co
Daly-West
8%
29
101
Jan
Centennial..
2%
77%
Nov
10%
10%
54
Feb
6
34*8
8%
*27
18
10*4
20c
22%
*2%
*74%
1% July
July
52
*934
10%
s
3
40% Jan 10
Dec
2% July
July
91
34
21%
93.4
35
8%
2%
2
Jan
409
Jan
Apr
Carson Hill Gold
2*4
.60,
32%
3c July 19
10%
4
10c
7
Jan
62% Mar
6,
10
8%
2
42
Aug
*2%
4
3
Jan
% Jan
Aug 12
10*8
*.50
1*4 Feb27!
77
4% Apr 7
15*4 J an 5
1078 Apr27
5
Calumet & Hecla
280
280
2H<
21
Butte-Balaklava
25
10
3*8
9
23*4
4*8
2
9
*
35
35%,
4%;.
23%
*23
231*
Aug
25c June
Consolidated..
Arcadian Consolidated....
*3*8
10
9%
.03 *....
284
280
23%
56
25
Allouez
" july'20
9
3%
*9
23%
Aug 10
25
Algomah Mining
57
Last Snlr .25
40c
Ahmeek
Adventure
Aug'20
Last Snlr .50
57
f
95c
Aug
9
%J"ly
1
Ex-divldend.
23
Jan
Jan 10
1% Mar 22
* Half-paid.
50c
5
July
Jan
3
July
15
Mar
31
July
40c
Mar
l%May
Oct. 2
Outside Stock
1359
CHRONICLE
THE
1920.]
Chicago Stock Exchange.—Record of transactions at
Chicago Stock Exchange Sept. 25 to Oct. 1, both inclusive,
compiled from official sales lists:
Exchanges
Boston Bond Record.—Transactions in bonds at Boston
Last
'
Week's Range
of Prices.
Range since Jan.
1st Lib Loan 4s.
.
High.
Low.
—
500
82.04 May
92.34
Jan
82.14May
93.80
Jan
92.98
Jan
Briscoe Icommon
94.96
Jan
Case (J I)
Chic C&C Ry pt sh com
81.74 May
92.98
Jan
—
ml'-l-
95.44 96.70
38,800
94.84 May
99.30
Jan
90%
92%. Sept
81
1 Mar
92%
92%
75%
75%
80
80
105
106
75%
------
105
1,000
1,000
5,000
10,000
1,000
Sept
72%
Apr
73% May
100
Feb
Chic Rys part ctf
Jan
July
99%
Jan
Continental
Sept
66
Jan
69%
Mar
76
Jan
Deere & Co
77
Aug
85
Mar
Diamond
Jan
95
Sept
9,000
81
95
92
83%
2,000
3,000
14,000
82
May
95%
Jan
77
78
75
83
1944
.1932
78
13.000
77
June
84
Jan
.
Baltimore Stock Exchange.—Record of transactions at
Baltimore Stock Exchange,
to Oct.
Sept. 25
1, both in¬
clusive, compiled from official sales lists:
Range since Jan. i
Last
1st
Week.
■m
—
m
rn'mJ
10
Shares.
80%
50
78
78
82%
82%
High.
Low.
-
l
8%
m
90
Jan
78
July
85
Feb
-
100
82%
Sept
88
Jan
220
2%
Feb
25
5
20
Aug
25
Aug
160
15
160
Aug
163
Mar
m'rn'm
1.15
-
1.15
1,000
5%
100
8%
5%
166
1.05 June
5%
Sept
25
45%
45%
46
109
39
July
Consol Gas. E L & P.-.100
94%
92%
94%
741
92%
Sept
84
83%
85
225
Chemical_.no par
"mi
50
trrec—100
Elkhorn Coal, pref—
Houston Oil pf
.Feb
4%
44%
32
Mar
44
5
36%
75%
86
7%
120
30%
69%
50 'mm
Pennsylv Wat & Pow__ 100 S ; 80 X
64%
64%
120
80%
80%
United Ry & Electric....50
12%
13
------
r.100
100
69
Northern Central
mm-
-
mmm-mm
Jan
May
32%
69
t r
v
89
74% June
3% May
30%
Preferred
Jan
125
95
Mt V-Woodberry v t
46
103%
370
75
-m--mm
100
Mfrs Finance-
88%
-----
88%
88%
88%
Mar
Jan
10%
Mar
95
Sept
Aug
70
Jan
Aug
95
Jan
July
6%
70
44
6
30
114
66
60
Jan
10
74
Feb
84%
413
11
Feb
Mar
15
Jan
Oct
June
Oct
88%
95%
Jan
70
Jan
95%
Jan
1,000
87
68
5.000
56% May
94%
94%
2.000
94%
**m
86%
86 %
3,000
96
Jan
------
73%
73%
3,000
83
Feb
73H
73%
74
6.000
85%s Aug
73% July
72% June
81
Jan
95%
93%
96%
72%
92%
95%
93%
10,000
92% June
95%
91
— ~
1954
(P 4%s.l935
------
— - mm'
6% notes
7% notes....
Consol'n Coal ref 5s. .1950
Cosden & Co s f con v.
88%
68
------
Consolidated Gas 5s.. 1939
5% notes—-------
$5,000
94%
.
—1927
City & Suburban 1st 5sl922
Chicago Ry 1st 5s..
■
20
mm-mm-
8
—
m
mm
-
+
m- m
-----
„...
Elkhorn Coal Corp 68.1925
------
June
7,000
93
4.000
96%
July
95%
Feb
30
40
Aug
58
50
20
I Sept
75
Jan
735
9
Sept
24%
Apr
Mar
1,200
8
800
6
Jan
11%
June
4%
300
3
May
80
Feb
8%
110%
Feb
50
5%
Feb
80
3%
165
3%
620
100%
8%
6,570
67%
350
7A
7%
66
66
Jan
%
101%
101
101%
65
1% June
Sept
Sept
Sept
Sept
7%
-I
-
Jan
-
Feb
Feb
100
Swift & Co..
.100
Swift International
15
Temtor Prod C&F "A"-(*)
Union Carbide & Carbon 10
United Iron Wks v't c—50
United Paper Bd com. 100
Wahl Co
(*)
Ward, Montg, & Co pf.100
m
-
125%
75
60
Aug
92
150
74
Aug
105
14
235
13
Fob
70
60
70
12%
6,625
6%
190
5
May
50
11
Aug
22
Jan
620
14
Aug
44
Apr
Aug
15A
16
14
16
10
10%
Mar
32
Apr
9%
July
Jan
28
300
25
July
35
Mar
33
38%
550
28%
Aug
41
Feb
39
39
50
Jan
50 %
Aug
39%
31%
625
28%
Sept
88%
21%
88%
83
87%
Aug
23%
3,435
21
May
28
Mar
28
28
60
28
Sept
52
Jan
120
133
3,097
120
Sept
243
Apr
79
86
4,295
Feb
90
Apr
31%
31%
Sept
43
Apr
13
14
425
29%
31
28%
61
25
31%
43
July
Jan
98%
Aug
26%
Jan
27%
Aug
50%
Apr
2,020
105% 108%
12
8,775
103 %
Aug
128
Jan
30
32
2,835
28%
Aug
55
Jan
41
41
60
39%
Aug
49
Mar
62%
65 %
16,950
2,275
54%
13
m'l
49
19%
30
31
455
Sept
Feb
42
Apr
Sept
Mar
36%
56
May
Aug
116
Jan
Sept
40
Mar
1,155
10
Sept
75
80
Aug
23%
98%
Jan
Mar
120
30
6,903
25A
101
Jan
74%
31%
100
101
25Vs
25%
Apr
13
20
200
49
47%
11
4
9%
6,015
89
Sept
Aug
11%
Jan
Apr
23%
27
63 %
When issued
Jan
66
75%
16
30%
-
Mar
May
6
mm mm —
m'l:'m
61
Aug
12
105%
-
102
Sept
44
70
30%
Stewart-Warner Sp com
Sept
104%
13%
l
-
92%
50
375
75
-
m
25
50
66
-
Standard Gas & Electric .50 I
93
106
50
-mlmm-:
---
Feb
13%
101
106
mm
m
Apr
108
93
100
Jan
90 %
Jan
Mills.(*)
100
11%
88%
10%
14
87%
88%
1939
1930
Chicago City Ry 5s.. 1927
Chicago C&C Rys 5s.. 1927
Chicago Railways 5s..1927
4s, Series "B"„ —1927
Commonw Edison 5s. .1943
Commonwealth Elec 5s '43
Cudahy Pack 1st M g 5s'46
PeoGL&Cref'g 53-1943
Chic G.L&C 1st 5s 1937
79%
78%
80
$11,000
74%
July
82%
95%
96%
26,000
95%
July
62%
13,000
60% May
35%
62%
35%
96%
12%
2,000
34
FeW
42
June
60
62%
12,000
57
May
70
Mar
Western Knitting
Wilson & Co pref—
BondsArmour & Co 4 % 8—
—
Debenture 7s
------
Aug
Feb
July
35
35
2,000
31
May
36
77%
78
11,000
77
Aug
87
Feb
------
76
76
10,000
76
Sept
76
Sept
------
76
76
9,000
76
Sept
86%
61%
61%
1,000
58
May
65
Mar
60
60
1,000
60
Sept
75
Jan
...
... .
Feb
Sept
96
100%
Jan
(*) No par value.
Jan
72%
30.000
69
July
79
Jan
92%
8.000
83
May
93%
Apr
91
:
Sept
80
1.000
89
May
95%
Jan
80.
Feb
Philadelphia Stock Exchange.—Record of transactions
Philadelphia Stock Exchange, Sept. 25 to Oct. 1, both
inclusive, compiled from official sales lists:
at
73
5,000
73
77%
77%
4,000
75
58.1929
84
84
5,000
82% May
91%
Mary'd F.lec Ry 1st 58.1931
Monoh Vail Trac 5s__.1942
80
80
5.000
80
Sept
85
Jan
Last
Week's Range
for
61%
61%
61%
Sept
Sept
62%
Mar
Sole.
of Prices .
Week.
Price,
Fair & Clarks Trac
5s. 1938
73
97
Oct
Mar
1
3%
m
I mm'ml
com__(*)
100
Great Lakes D & D
75
Hartman Corporation ..100
13%
Hupp Motor
10
70
Illinois Brick...-—100
12%
Llbby, McNeill & Llbby-10
6%
Lindsay Light
-10
Mid West Utilities com. 100
14%
Mitchell Motor Co
(*)
National Leather
-.10
10%
27%
Orpheum Circuit, Inc..__ 1
Peoples Gas Lt & Coke. 100
l
Pick (Albert) & Co.. —-(*) I 'm
29%
Plggly-Wlggly Stores Inc(*)
-'-ml
Quaker Oats pref.——100
Reo Motor
21%
...10
Root & Van Dervoort—(*)
Sears-Roebuck com..-.100 ~V20"
80
Shaw W W com
(*)
Sinclair Oil—
110%
17%
%
6%
4%
pref.—-—100
Match
Jan
Aug
9%
80
mm
mm—
10
Motors
,
mmm-mm
—
80%
9
_
88%
58—1939
Bait Traction 1st 5s. 1929
Atlanta Consol St
General 4%s
45
20
.
93%
67% May
Aug
May
110
Jan
Apr
Bonds—
Cons G, E L &
45
9%
—
4%
36%
75
.5
Refining
Aug
Jan
39%
7%
95
Indiahoma
7%
Jan
9%
11
4
—4-
...6
Cosden & Co. pref
Davison
8
Jan
3.40
39
Coal100
Consolidation
Apr
25
160
8%
—
4%
25
.
Credit.
-mmmmm
-mm-mm
-
83
3%
July
75
Central Teresa Sugar.1—10
Preferred...
10
Commercial
;:-v
160
Gravel-100
Co.—------100
Celestine Oil.
1
-
—
Jm-'m
-
-
-
mm-
Boston Land &
Canton
-
Low.
90%
-
Atlantic Coast L (Conn) 100
—
High.
80%
100
100
Atlantic Petroleum
for
of Prices.
Price.
Par.
preferred....
Week's Range
Sale.
Stocks—
15
ml'
mm-mm-
Sates
Friday
3,654
mmmmm'm
15%
93%
Godschaux Sugar
3,000
81
81
90%
15%
Cudahy Pack Co com..100
66
95
1932
1,032
15%
series 2..
93 %
63
95%
66
1951
92%
Commonwealth Edison. 100
95%
-mm
mmmmmm
90 %
mm
—
150
Jan
25
Chic Pneumatic Tool..100
Jan
120
Sept
Sept
100
70
(*)
100
.——.—
Aug
65
90
70
(*)
(*)
82
73
— —
Preferred
Mar
88
90
90%
--(*)
Chic Elev Ry pref
85
68
mm
Beaver Board————(*)
81.60 May
86.00 May
July
100
'■-m-m-m
.100
11,500
62,300
m —
Pond Creek Coal 6s... 1923
Alabama Co
Preferred!
43,700
86.60 89.24
1923
Gt Nor-C B & Q 4s... 1921
KCM&B income 5s. 1934
Swift & Co 1st 5s
Armour Leather
-'—
Collateral 5s——1946
Western Tel & Tel 5s.
Jan
—
Carson Hill Gold 7s...
5s
93.04
—
5s... 1924
N E Telephone
82.04 May
2.150
High.
Low.
73
100
15
Armour & Co pref
86.04 89.24
—>m mm
Am Tel & Tel coll 4s__1929
Miss Riv Power 5s
Jan
87.74 89.64
-ml-
—
-
"m
1922-23
Victory 4%s
100.00
88.04 91.00
'
4% s. 1932-47
4%s-1927-42
3d Lib Loan 4Mb.-.1928
4th Lib L'n 4% s. 1933-38
1st Lib L'n
2d Lib L'n
Am Agric Chem
89.04 May
86.64 87.24
2d Lib Loan 4s..1927-42
Range since Jan.
Shares.
73
.100
90.24 90.64 $11,350
87.54 87.54
500
1932-47
Week.
Price.
100
American Shipbuilding. 100
Preferred
U S Lib Loan 3 %s. 1932-47
for
of Prices.
Low.
High.
American Radiator.
High.
Low.
Par.
Week's Range
L.
Week.
Price.
''■;
Stocks—
for
Sale.
Sales
Last
Sale.
Sales
Friday
Bonds—
Friday
y'v\
25 to Oct. 1, both inclusive:
Stock Exchange Sept.
------
Georeria & Ala cons 5s_1945
Ga Caro & Nor 1st
.mm-
-mm
10,000
88
85
36,000
May
Jan
24,000
42
Mar
1,000
69
Auc
5,000
62%
62%
-—-
_
47%
48%
69%
86
78%
Par.
49%
76%
Stocks—
American
Sept
Elec Storage Battery._. 100
Sales
Par.
Mill com..25
Vitrified Prod com 50
Wind Glass Mach 100
Week's Range
for
of Prices.
Low.
High.
Week.
Price.
Amer Rolling
Amer
Amer
100
Arkansas Nat Gas com. .10
Barnsdall Corp class A-25
Class B._
—25
Carbo Hydrogen Co com.5
Preferred.
5
Carnegie Lead & Zinc
5
------
106
105
86
86
Preferred
10
50
Preferred
3%
6%
mm-mm-—
rnmmm
mm
tt
s
Glass
3%
3%
20
20
105
20
86
9%
Feb
64%
July
July
16%
Apr
135
Sept
95
Jan
45
Jan
40
36
Aug
47
50
34
Aug
45
250
1% May
300
3% June
1,330
3%
35
3
50
15
32%
3,785
16A
600
91
50
Jan
Sept
Sept
3%
5
Apr
Apr
Jan
Jan
Aug
11%
Jan
June
4%
Mar
Feb
29
Jan
25% June
39
Jan
14% June
8ept
17
Apr
119
Feb
89
VA
2
370
1A
Sept
5%
Apr
7
8
550
7
Oct
15%
Apr
1A
2
17,770
1%
Jan
2%
Apr
31
670
30
53
-
z53
54A
575
4
m
30
Z4
4%
14,485
m\.
m
m
16%
16
150
25
June
48% July
V. 4
May
12
45%
61%
6%
Jan
Jan
Jan
Aug
38%
Feb
July
9%
Apr
6%
260
13%
13%
430
11
Aug
19%
Apr
25
25
155
21
Aug
34%
Mar
6
6%
6%
13%
25
47%
47%
50
827
44
32
31%
32%
265
29%
July
100
3A
Sept
26%
26%
145
26
Sept
Apr
55%
52% Mar
Jan
10%
26%: Sept
39%
39%
100
39%
Sept
39%
4
4
26%
------
mmm--m
3%
4
4
225
3%
Feb
Aug
8%
18%
Sept
Apr
Apr
10
45
9%
Oct
70
70
72
230
61A
Mar
72
Sept
86
85%
86
90
84%
Aug
92
Jan
9%
12%
m
-m
-
—
9%
12%
—
— m
mm
12
-
------
120
m
57%
86%
100
100
47%
68%
...
12%
159% 165
6c
U S Steel Corp
3%
7
9%
9
6c
12%
150
11
May
18
Mar
115
149
Aug
172
Apr
5,500
150
120
85
58
95
86%
102
47%
71
9
200
285
80
30
100
4c
9A
Aug
Aug
High.
Low.
84%
100
mm
—... —
Pennsyl Salt Mfg
Pennsylvania
Penn Traffic
-.1-
-mm
—
mmm—m-
Wire...no
Sept
141
Jan
130
50%
215
45
Aug
28%
135
27%
Aug
89
5
8
523
29
4
11
12
1,630
59
62%
3,213
49
50%
599
37%
39
1.390
40
40
10
Jan
89
Feb
8
Sept
Sept
29
Sept
35
Feb
Aug
22
Mar
June
65
Mar
71
>
470
»
9%
57
50%
Sept
51%
Jan
Sept
43%
July
76
39%
64
-
\
2,465
37%
Aug
43%
Mar
2%
July
Apr
i
m
■
2%
100
39%
266
31%
Aug
2%
42%
32%
34
425
29%
May
36%
Jan
52%
603
50%
July
52%
Sept
20%
20%
3,349
20%
Sept
25%
Jan
25
Sept
25%
Sept
July
Oct
28
July
Sept
7
Jan
3 1-16
Jan
2%
Feb
2%
25
25%
245
Transit. —.50
Philadelphia Traction
50
"~16%
14%
16%
10.216
49%
49%
49%
91
12%
49%
4%
4%
25
4%
1%
1%
45 1 1-16
...
Ton-Bel mont
Tonopah Mining
Union
50
Devel
U S Steel
Corporation
—1
—
-
"28"
34%
.100
86%
.
8
8
50%
100
Sons
34%
—
Warwick Iron & Steel—.10
815
xl% 1 9-16
28
24%
1
Aug
63
23
July
37
34%
Oct
57
Jan
11
49%
Sept
50
June
87%
820
84%
8
440
59
114
8
50%
29
Aug
Feb
108%
8%
Jan
150
Mar
Aug
32
Jan
29%
29%
U S Lib Loan 3^8.1932-47
90.40
90.50
53,000
89.80 Sept
100.00
Jan
2d Lib Loan 4s. .1927-42
87.80
87.80
500
85.00 Aug
91,78
Apr
1st Lib L'n 4 ^s.
87.00
87.24
6,400
84.20May
91.90
Jan
88.48
90.50
29,000
86.40May
94.60
Jan
87.00
88.88
58,150
82.30 May
92.88
Jan
95.62
96.10
14.000
94.70 May
99.34
Jan
95.68
95.68
4 ,.500
95.60June
97.56 Mar
69
Sept
82%
pref-.
1932-47
2d Lib L'n 4^8-1927-42
------
4^8--.1928
4th Lib L'n 4^8.1933-38
Victory 3%s.... 1922-23
3d Lib Loan
Jan
Amer Gas & Elec 5s. .2007
69
69
69
5,000
'45
50
49%
50
45.000
49%
Sept
65
Jan
51%
51%
300
51%
Sept
66
Feb
Elec & Peoples tr ctfs 4s
do
small
1945
General consol 4s
8ept
101%
97%
97%
2,000
92% June
102%
Jan
96
96
5.000
96
Sept
100%
Mar
71%
75%
71%
1,000
59
June
72%
Mar
2,000
70
June
82%
Jan
92%
2%
92%
1,000
85
July
99
Jan
Sept
30
16,000
101% 101%
French Govt 8s
Lehigh Valley coll 6s__1928
Registered 6s_
.1923
2008
-------
71%
Gen consol 4^8—2003 -J-
75%
1
Lehigh Val Coal 1st 5s 1933
37%
Natl Properties 4-68—1946
101%
30.000
2%
103% 104%
7.000
100%
53%
53%
5,000
70
-mm mm -
70
4,000
80%
81
100,000
3
Jan
Penna RR 10-year 7s.
Peoples Pass tr ctfs 4s. 1943
Aug
107%
Jan
118%
Jan
Cons & coll tr 5s stpd '51
Jan
Phila Electric 1st 5s„ 1966
Jan
do
1966
82
82
Mar
Reading
1997
80%
80%
Apr
104%
Philadelphia Co—
Sept
15%
Jan
Sept
Bonds—
Jan
79
Jan
3,867
3,332
36
Apr
Jan
Jan
50
York Railways
Jan
55
Jan
20
7c
130
Jan
49%
50
50
L
Traction
United Gas Impt
Preferred.
Wm Cramp &
1%
1
_l
Jan
42%
52%
m
Receipts full paid
Western
Jan
65%
'20%
Phila &
Jan
40% May
37% Aug
25
Phila Rapid
13
38
2%
m
par
Phila Electric of Pa
Jan
47%
65
(cumulative 6%).50
Phila Insul
53
Feb
42
50
——50
2%
Philadelphia Co (Pitts). .50
Pref
Feb
99
28%
64 %
45% May
65% July
7%
11
Corp.—100
62%
Navigation
50
50 I-ml
pref
37%
29
Lake Superior
Jan
64%
1,728
;
8
8
50
50
130
Apr
2.401
51
122
31
289
33
Feb
117% June
52
Keystone Telephone
Preferred
32
89
-
preferred—100
50
J G Brill Co
Pa Cent L & P
2
100
com—..100
Brake—50
West'hmjse Elec & Mfg-50
West Penn Rys pref—.100
WestPnmTr* wP<v»m 100
3%
6
Range since Jan. 1.
Shares.
48
100
10
Mid vale Steel & Ord
7
1
West'house Air
1%
50
125%
Lehigh Valley
High.
Low.
610
12,990
15%
------
50
com.-.100
Preferred
100
Pittsb Oil & Gas
100
Pittsb Plate Glass
100
100
11%
91
Preferred
Gas
1%
31
3Lj
Pittsburgh Coal
Union Natural
86
38
—
Transcontin't'l Oil-(no par)
no%
38
m-----
Kay County Gas
Lone Star Gas
Han tov Mining
410
mmmm—l
par)
50
Preferred—------—-50
1
25
Mfrs Light & Heat
50
Marland Petroleum
.5
Middle States Oil
10
Nat Flreprooflng com...50
Preferred
50
Ohio Fuel Oil.
1
Ohio Fuel Supply
25
Oklahoma Nat Gas
25
Oklahoma Prod & Ref
5
Paragon Refining
25
Peoples Nat Gas & Pipe.25
Pittsb Brewing com
50
16
41
Harb-Walk Refrac com 100
Indep Brewing com
100
41
Guffey-Gillespie Oil (no par)
Habishaw El. Cable (no
9%
60%
41
—
Consolidated Ice com—50
60%
14%
Shares.
...
Insurance Co of N A
Lehigh
Range since Jan. I.
Last
Sale.
Stocks—
High.
50
50
American Stores.--.no par
Jan
Pittsburgh Stock Exchange.—Record of transactions at
Pittsburgh Stock Exchange Sept. 25 to Oct. 1, both in¬
clusive, compiled from official sales lists:
,
Low.
32%
100
Gas
General Asphalt
Friday
Sales
Friday
Apr
69
8,000
78%
69%
_
Jan
Aug
86
78%
62%
mm
Mar
55
86
1929
United Ry & Elec 4s.. 1949
Income 48—------1949
Wash Bait & Annap 5s 1941
82%
Aug
--ml'
Public Service Bldg 5s
United E L & P 4 %B..
Sept
July
small
gen
4s
1930
81
.
53
Aug
72
70
Sept
81
Sept
Jan
Sept
Feb
Jan
79%
July
93
Jan
500
82
July
93%
Feb
4.000
72
Apr
82%
Apr
[VOL. 111.
CHRONICLE
THE
1360
Sales
Friday
New York "Curb" Market.—Below we
give
record of
a
the transactions in the outside security market from
Oct. 1, both inclusive.
to
It
covers
Sept. 25
the week ending Friday
^
It should be understood that
transactions
the "Curb"
on
the
no
as
such reliability attaches
to those
the regularly
on
Exchange
engage
can
in business, and they
permitted to deal only in securities regularly listed—that
%
Atlantic Gulf OH Corp.100
BlgheartProd A Ref
10
Oll.r...
Boone
5
Oll.r..1
...
to
that
insur
Every precaution, too, is taken to
dealings.
quotations coming
over
in the official list at the end of the
On the
"Curb,"
whatever.
on
day,
are
the other hand, there
Any security
meet there and make
reported
authentic.
the "tape,"
are no
be dealt in and
may
or
restrictions
any one can
prices and have them included in the
lists of those who make it
a
of the transaction
possibility that fictitious transac¬
>.
The
business to furnish daily records
Basin
Petrol.r
6
Federal Oil
6
Fensland OH
(no par)
Grenada OH Corp cl A.r.10
2%
44%
1%
9
Guffey-GHlespie Oll.r..(f)
Internat
Aug
%
July
3
1%
10%
%
Aug
1%
Sept
4.200
5%
Aug
39%
Jan
%
10.300
%
6%
Sept
1%
Aug
Aug
12.100
1
May
11%
7%
Mar
1%
%
2%
14%
30%
Mar
95
8%
%
8%
Sale,
Par.
Stocks—
of Prices.
Pi ice.
Low.
High.
w
Low.
Hi{h.
National Oll.r..
....10
North American Oll.r
6
Pennok
10
6c
Aetna Explosivee.r(no par)
Air Reduction.r._(no par)
2%
10%
Am
Amer Chicle pref.r
Bordea Co
Preferred
_r
12 M
Brit Empire Steel, com 100
7%
100
preferred
Sugar.r
50
100
5
100
75
Aug
63%
80
58
July
15%
93%
1,200
15
Feb
55
56
1,100
98%
84
25
12%
12%
300
6%
6
Garland
Steamship.r.-.O!')
Gen Asphalt, com.r... 100
Goldwyn Picture
r (no par)
Grape Ola Prod Corp com 1
Preferred
1
Hercules Paper.r__(no par)
l
Keystone Solether.r
-----
July
Texas
68
Mar
28%
Chief Oil.r
18
Aug
39
July
Texon OH A Land.r
Aug
52%
60
July
July
Tropical Oil Corp.r..
Aug
4
Sept
Victoria Oll.r
34%
34%
5,700
29%
46
1.100
40
3% June
14% July
Aug
Sept
44%
Jan
91
Mar
25
Jan
29
4% June
300
100
18
Aug
200
8%
31
Aug
14
Jan
5
Car.r
com.r..
Bubmarlne Boat
*
t
c_.(t)
Tobacco Prod Exports r (t)
Todd Shipyards Corp r. (f)
Triangle Film Corp
Union Carbide &
v
Carb.r(t)
Shipyards.r
5
10%
100
8.000
250
59
25%
100
25%
600
%
300
%
Aug
40% May
700
29%
Aug
66
100
4%
May
7%
Jan
792
5%
Aug
7
Apr
2,800
1 Vb
Aug
2
Sept
Feb
%
12.700
Aug
73%
Jan
150
80
Aug
85%
Aug
7.600
9
Feb
13%
Jan
13%
9%
13
1.500
12
Sept
22%
Mar
11%
eoo
%
2%
%
2
9%
8n0
1
11
2%
18
12%
84
10
11%
83%
%
8
5.coo
4,500
3% May
Sept
47%
Aug
K
1%
Jan
1% June
Aug
4
July
Mar
%
56.100
%
Apr
Feb
1%
23%
%
3.200
9-16
Sept
1%
1%
1%
7.900
%
May
*2%
Jan
1
1
Aug
9%
Jan
Jan
1
Jan
July
•50
Jan
%
*4
18
17%
9-16
1%
5
9-16
^.1
400
500
15
1
1.000
%
24%
3%
%
White OH Corp.r__(no par)
Woodburn Oil Corp.r..(*)
22%
22
3%
3
9.500
500
%
Jan
Jan
Jan
16
2%
8%
Aug
Jaa
Mining Stocks—
Metals.. 1
%
%
15-16
16.200
Alvarado Mln & Mill.r__20
14%
14%
July
15
Sept
America Mines.r____.___l
14%
1
9-16
7.600
21
20
Aug
1.700
4
Sept
120
21
4%
7%
40
107
Aug
23
700
21%
Sept
3%
40%
Sept
21
4
200
4%
118
22%"
21%
mm**,*.
3%
3%
200
51%
47%
49%
35.000
54
Arizona
Globe Copper... 1
Sept
Atlanta
Mlnes.r
1
2c
l%c
2c
21.900
lc
Aug
May
Belcher-Dlvlde.r
10c
6c
5c
6c
20.500
2c
June
38c
July
Aug
Belcher Extension- r ..10c
7%c
7c
9c
25.200
2%c Aug
49c
Jan
Big Ledge Copper Co
%
5%c
6
Aug
Mar
3%
33
Aug
6%
July
Sept
Apr
7%
...
19
Mar
Apr
20
%
%
%
6.700
1
24%
24%
100
900
4
1.500
10
Feb
17
2.200
18%
Aug
21%
Aug
Cortez
2%
Apr
Cresson Con Gold M&M.l
Cash Boy Consol
1
Silver.r
.1
11%
200
1% Sept
11% Sept
18%
Apr
Darwin Silver
12%
41
300
10%
Aug
32
Apr
Divide Extension
700
37
Aug
53
Jan
El Salvador Silver Mln.r.l
Emma
1
.1
7
87c
7
100
6
Sept
35
Jan
52
47
Sept
52
Sept
Eureka Croesus Mln.r
24
2,200
6,000
18%
Sept
24
Sept
7
85c
176
2
2
10
1 %
65
2%
2%
9,200
3%
7,600
24%
1%
40%
7
"5%
5
200
7,500
11,500
200
24
42
6,900
2
43%
7
5
200
3,600
7,500
200
5%
3%
2,600
3%
300
May
85c
176
7
Oct
Aug
3%
17
July
Aug
Oct
Kewanus.r..
Knox Dlvlde.r
40
Mar
Marsh
19
Mar
100
9
Sept
11
Jan
6.000
15C
Aug
65c
Mar
3.590
15-16 Jan
%
Aug
Jan
28%
Aug
59
Jan
New
14%
14
15
700
9
Aug
32
Jan
168
170
60
151
Feb
230
Apr
Mines
Ophlr Silver Mlnes.r
%
62%
11,100
%
58%
Sept
%
Jan
1,200
5
Sept
5%
Sept
1
Aug
3%
JaD
10%
10%
5,100
9
Aug
19
Jan
Roper Group Mining
St Croix Sliver
June
Seneca Cop Corp..(no
Jan
5c
10c
23.900
4c
July
13c
Sept
3
July
%c
July
15c
Aug
15c
3%
3%
3%
2.600
2c
3c
8.300
7c
9c
20,400
7-16
%
17c
14c
7.800
19.400
5%c5%c
3,200
15c
11.500
178
178%
45
Aug
%
13-16
3.500
%
May
Consolidated Mln—1
1 1-16
%
1 3-16
18.700
5c
1-16 Mar
1%
1%
5.100
13%
1
par)
900
32
55
Feb
27
Jan
40%
Feb
Silver King Dlvlde.r
3J100
1
3%
Jan
Silver
1%
600
Sept
Sept
4
Jan
Simon Silver A Lead
2%
4%
Jan
Standard Silver-Lead
1
5%
26%
Jan
Stewart, r
1
12c
16c
13.500
Jan
Success
Mining
Sutherland Dlvlde.r
1
4c
5c
1
lc
3c
19.100
17.700
Tonopah Belmont Dev
Tonopab Dlvlde.r
1
1%
1%
2,175
1 15-16
16.450
Tonopah Extension
1
1%
1%
2.945
Tonopah Mining.r
1
1%
1%
Mining..1
2%
3%
2%
Aug
100
13%
Aug
61
60
68
400
60
Sept
1% July
100
Jan
Rights.
Nat City Bank.r
104
112%
2.900
85
112%
July
Sept
Former Standard OH
United
Subsidiaries
Eastern
1
U S Continental Mlnes.r. 1
21%
370
1,100
19
31
Jan
274
130
260
Aug
372
Sept
690
695
20
660
Sept
740
Apr
315
(Calif).r. 100
22
265
"695
21%
315
20
300
Aug
355
Mar
370
381
30
343
May
362
20
350
Aug
May
480
361
448
Mar
May
'
Unity Gold Mines
Victory Dlvlde.r
West End Consol'd
1
10c
5
1.800
32c
%
12
Aug
June
Apr
Jan
Jan
Jan
Jan
6%cMay
15c
300
1
Sept
Apr
12%
1%
JaB
Feb
3-16 Jan
1 3-16
12c
%
1%
19
Sept
Jan
Jan
Sept
Jan
15%
4c
13.900
l%cJuly
14c
Jan
6c
18.800
2c
30c
Mar
1
1
2%c
%
1 11-16
900
%
1.200
%
3-16
Jan
Aug
1 9-16 June
Jan
%
Jan
Sept
19c
2%cSept
7c
Jan
%cJune
7c
Jan
3%
4%
Jan
Jan
10c
1 3-16
1
Aug
2.420
1
July
7.430
2%
Aug
Aug
1 5-16 June
6c
2 15-16
3%
4%
11c
Jan
Jan
Jan
Jan
6%c
8c
8%
10
29.900
10.200
7
6c
14.400
4%ejuly
29c
16.600
1
2 7-16 Jan
lc
May
3c
6c
Aug
20c
Apr
30
Aug
12e
Mar
1%
8%C
1%
10c
White Caps Mining
10c
8c
10c
31.500
18,000
1
4c
5%c
14.000
Mining
%
Jan
4c
White Caps Exten
Wllbert
1 1-16 Sept
12.100
28.300
6%c
3-32
1
Aug
3-16
6c
1
r—1
1
%
4.800
3.900
35,500
20.300
Sept
Sept
8%
5-16
4%
4%cMar
10c
176
2.900
2
4
%
Jan
10c
June
9%
1
Ray Verde Copper
Cons'd.
4c
8%
31
1%
Feb
7%c
1%
i%
4%
27c
1%
1%
Mar
Feb
20
Aug
Jan
Aug
---2
1.000
Pick
2%
1
Prince Consol
Rex
Sept
15
5
Niplsslng
21,000
Jan
450
1.400
4%
Feb
10c
12c
1%
78
3
16c
19.200
100
Jersey Zlnc.r
65%
5%
Aug
15%
3%
15%
Aug
16c
1
Motherlode.r
1%
5
4%
May
14c
Nabob Consolidated
200
%
4 1-16
80
16c
—1
Mining.r
6,200
6 ?8
Mar
25c
%c
1
80,500
Aug
15-16 Apr
15c
Jan
4c
1
12%
10
1
10c
2%
30%
1%
Feb
44o
-5
Louisiana Consol
10
9-16
1
Kerr Lake
Mar
13.925
1
Jumbo Extension—
Sept
1%
Aug
May
June
15-16 JOD
16
June
45
7
1
lie
%c.
1
Butler.r
3%
150
Aug
39c
20c
Harmill Dlvlde.r
Aug
Sept
3-16
2c
10
Zone Dlvlde.r
Sept
Mar
4
9.400
%o
Jim
June
3%
7,000
64.300
Howe Sound Co
3%
Sept
1 15-16 Jan
17.100
Honduras-Ainer
4
3
Sept
July
Sept
Jan
27.900
Jan
.117
34
Sept
6c
Jan
25
2%
19c
2%
Sept
Mar
Jan
10
64o
10c
Apr
128
16.600
%
Aug
Mar
8c
6
Apr
1%
9.600
5
12o
4%cJune
Jan
Jan
5c
29
.13%
52.200
Jan
40
Feb
62p
1.200
21.800
July
1%
May 1 1-16
10
June
Mar
%
Sept
5-16
%
33c
Hecla Mining
1.230
22.400
1
4
28c
30.100
%
20
Aug
Jan
7-16
10c
1% Sept
36% Sept
6
31c
%
1
Jan
4%
2%
27c
%
Gold
30%
5%
1%
2%
29c
25c
Synd.r(t)
21
1
2%
%
1
30%
63
1
64c
1 3-16
Devel.r
Sept
Jan
1
4%
4%
4%
Goldfield Consol'd r
Goldfleld
3
1% June
1% May
10
2
61c
Goldfield Merger.r
5H
200 •
Sept
128
11%
7% June
Silver
9c
7c
63c
Eureka Holly.r
189
2%
7%c
Consol Virginia Sllver.r..5
42c
1-16 June
500
1
4%
12%
Jan
7-16
17,900
Candalarla Silver.r
Canada Copper Co Ltd..5
21%
Jan
5-16
%
Carson Hill Gold.r..
20%
6'%
92c
Mar
500
111%
Jan
17c
1,800
11%
5%
7o
30c
47
5%
July
16,000
3,300
11%
12%
39%
3c
1381200
11
40
22.300
20c
4
22,000
June
6c
4%c
%
Jan
%
68c
...1
Mar
May
17c
7%
2
4o
3-16
%
30c
25
1%
15-16 June
17.500
%
19c
3%
1%
7-16
42c
7%
4%
3.800
Caledonia Mining
1
Calumet&Jerome Copp.r.l
Jan
21
%
%
Boston A Montana Dev..5
Jan
1
Apr
July
Apr
29%
5%
Sept
1
19,200
14%
2%
15%
1 3-16 Mar
Mar
4%
170
Jan
7
10,400
23%
July
Sept
% June
2% Sept
3% Sept
200
2
3%
23%
%
13
34
8
1%
7
2.100
Booth _r
2%
m
%
Jan
1%
m
1
130
3
mm*
Alaska-Brit Col
Aug
15%
Jan
1.600
5%
6%
2
4.150
3%
100
Mar
20
15
15%
Oll.r
Jan
1%
3
May
32
14%
3%
Vacuum
Jan
Aug
18
14%
15%
Standard OH of N Y.r.100
Jan
Sept
10%
% May
500
Jan
Jan
Jan
5
Standard Oil
1
Aug
Aug
Sept
Willys Corp com.r. (no par)
£1
100
9%
Apr
%
6M
Sept
10
South Penn Oll.r
5
26%
Sept
900
78
30
Anglo-Amer Oll.r
90
June
4.300
50
35%
Standard Oil (Ind).r... 100
Sept
68
228
1%
100
Jan
7%
Aug
35%
preferred.r
%
5%
Sept
30%
First
July
s%
Sept
U S Distributing com.r.50
..10
4c
Aug
6
Jan
Jan
Aug
6%
Jan
Jan
4%
190
Aug
77
U 8 High Sp Steel & Tool(t)
Wayne Coal
21
Aug
May
2%
225
U S Light & Heat com.r. 10
U 8 Steamship
%
128
6%
80
12%
36%
Preferred
22%
Feb
9
1.500
Oct
5% June
Aug
80
t c__
United Profit Sharing._25c
Un Retail St's Candy.r.(t)
3.200
400
100
Sweets Co of Amer.r...10
Swift Internatlonal.r. ..15
1
Sept
35
10
Roy de France Toilet Prod5
Singer Mfg Ltd.r
£1
Singer Mfg.r
100
Sept
Oct
3%
78
5%
Republic Rubber.r (no par)
Reynolds (R J) Tob B r 25
Rockaway Roll MUIs.r.(t)
July
40
1
15%
22,000
228
Veh_r..(*)
r
Aug
Oct
29
39
Jan
5%
21%
8%
8%
12
"9%
10
Whelan Oil.r
Jan
2
1%
1
...
May
2
2.900
6
25
United Tex Petrol.r
Vulcan Oll.r
5
1
11
41
4%
1.800
Jan
Aug
May
200
400
1.000
Jan
Jan
T
77
Aug
2.600
5%
10
Tex^-Ken OH Corp.r..
48
6.400
27
1%
May
3.000
Texas-Ranger Prod & Ref 1
Aug
9'A
1.300
Apr
39%
7%
5
18%
Phelps Dodge Corp
100
Radio Corp of
Amer_r..(f)
Union
91
Sept.
12
Aug
3-16
34
Morris (Philip) Co Ltd
Standard Parts
July
24
P4
1.700
77
10
Nor Am Pulp & Paper..(f)
Perfection T & R.r
10
Rco Motor
80
16
Jan
Jan
Jan
31
Spencer Petroleum Corp. 10
Stanton Oil.r
3%
1% May
6
Jan
Jan
120
25% June
225
Class Awl..
Preferred,
65
200
12.300
600
77
225"
Maxwell-Chalmers Awl..
Nat Mot Car &
July
5%
Llbby,McNeill ALIbby.r 10
Lincoln Mot Co cl A_r..60
Locomobile Co.r..(no par)
June
108
21%
Indian Packing Corp.r.(t)
Intercontinental Rubb.100
Kay County Gas.r
61
Aug
40
Hcyden Chemical, r (no par)
Hocking Val Prod.(no par)
Internat Products com.r..
Sept
94
36
44
Firestone T & Rub, com. 10
Gardner Motor Co (no par)
...10
200
34%
Federal Tel & Tel..
Slmms Petroleum r(no par)
Con OH, pref
Skelly Oil Co.r
45%
3%
1.900
2,300
%
Sinclair
600
"
June
3%
%
2
300
Cities Serv Bankers shs r(t)
Cleveland Auto Co, new(t)
EmplreTube«fcSteel(no par)
Farrell(Wm)&8oncom.r(t)
Settled Prod.r
35
Jan
80
4
5
...
51
9
100
Feb
1.800
Feb
July
3%
6
18%
40%
9%
stock
July
July
8c
%
Cons'd.r..
Ryan
20
Chicago Nipple Mfg cl A 10
Debenture
18
94%
July
15
60%
25%
Salt Creek Producers.r.,25
Sapulpa Refining.r
5
Savoy Oil
5
38
3%
duPont deNem&Co comlOO
69
90% June
Feb
Rlckard Texas Co.r
19
50
25
Colombian Emer Synd new
Conley Tin Foil
r_(t)
Continental Motors.r.L.lO
Dav!es( Wm.)Co.Inc.r-(t)
400
11%
Feb
Aug
66
66
Producers A Ref of Amer. 10
Red Rock Oil & Gas.r..
50
"40%
j,
3%*
Car Ltg A Power.r
90
6
24
100
Briaco Mot Corp com.r.(t)
Caracas
July
Sept
82%
100
Brlt-Am Tob Ord bear ..£1
97
195
97
55%
com.r
Aug
Sept
May
85
93
Jan
80
195
15%
100
49
Aug
90
92%
100
Automatic Fuel S.r
35
4% Apr
11% July
10
84%
195
6
Armour Leather com_r._15
Preferred. r._
100
Jan
May
85
100
_r
7
42
84%
195
Candy Co.com(no par)
Preferred
1%
1,700
2%
42
Aluminum Mfrs pref.r.IOO
American Brans, r
100
9.460
11
1%
10
5
26
3%
Petrol Prod of America..
Industrial & MiscelLj
Acme Coal.r
1
1%
154
%
4%
6%
3%
...
Oll.r...
12
1 Ys
149
7c
10
15
12
50
Paragon Refining.r
Shares.
13
July
May
1,300
4%
14
%
3,700
3%
19%
Jan
2
9.100
4%
Panhandle Prod&Ref pf 100
»
21.000
860
Omar Oil A Gas..
Range since Jan. 1.
3.200
600
10
for
2
9
32%
5-16
33%
4%
7%
1%
8%
31%
10
Week's Range
9
1%
%
2%
12%
1
OU.r
Jan
6%
40
Midwest-Texas
10%
1.100
1
Mexico Oil Corp
Midwest Refining.r
Last
May
39
Mexican Panuco OH
Week ending Oct. 1.
4
1
regards mining shares.
In the circumstances,
question for any one to vouch for the absolute
trustworthiness <1 this record of "Curb" transactions, and
we give it for what it may be worth.
Sales
Aug
39
as
Friday
Jan
1%
Marland Oil.
it is out of the
Mar
100
4%
7%
18%
10
Jan
1%
Apr
63
7%
18%
Merrltt Oil Corp.r
7%
Aug
14.300
32
4%
Marland Oil of Mexico
Marland Refining.r
%
Aug
Manhattan Oil.r..(no par)
Maracalbo OH Explor.r(t)
tions may creep in, or even that dealings in spurious securi¬
ties may be included, should, hence, always be kept in mind,
particularly
,
1%
9
10.500
38.800
%
£1
Livingston Petroleum.r
8% Sept
Apr
%
1
Petrol.r
Apr
13
93
oVs
10
Hudson Oil.r
90
29
8%
1%
GHliland Oll.com.r. (no par)
Preferred _r_.
TOO
Glen rock Oll.r
Auk
7%
Petroleum.r
Engineers Petro! Co.r...l
Esmeralda Oil A Gas.r. .1
Elk
2
1
10
Dunn
71
%
%
1*A
complied with certain stringent requirements before being
Jan
100
400
7%
7%
Cushlng Petr Corp oom r_6
Denny Oll.r
Dominion Oll.r
45
42.500
2
Jan
Apr
1
Aug
28,900
12%
16-16
% Sept
2%
10%
Oct
9
3.200
2
Oll.r......
Cara
Cosden & Co com.r
18c
600
%
10%
72%
8%
% 11-16
2
1.5-16
11%
86.000
High.
Low.
Shares.
23c
18c
10%
72%
8%
is, securities where the companies responsible for them have
admitted
Price.
10
Carib Syndicate new.r
Exchange, for instance, only
Week.
1
Boston-Wyoming
York Stock
New
members of the
are
Bell
Range since Jan. 1.
for
of Prices.
Low.
High.
18c
Arkansas Nat Gas.r
organized stock exchanges.
On
Allied Oll.r
Week's Range
Sale.
Stocks
Par
Anna
afternoon.
to
Last
| Other Oil
l%cl%c
May
Apr
Aug
10
Apr
Sept
Jan
Jan
OCT. 2 1920.]
Sales
Friday j
Range\
Last
Week's
Sale.
BondsAllied Pack
153,000
55 %
60
94*$
92M
95X
92X
92
92 M
5.000
Anglo-Amer Oil 7 Mb ..'25
*99*$
Armour A Co 7 % notes r* 30
Bell Telep of Pa 7s.r.. 1945
95M
95J4
57.000
99*$
65.000
96
150.000
95 X
96
15000
94*$
95
94 X 95*$ 475.000
Sept]
96
94*$
Sept!
94%
Sept;
36
Aug
31.000
Canadian Nat Rya 7s. 1933
99 X
99 X
CCC&StLRyBsr 1929
88
25.000
99*$
Sept
87.
99 X
88*$
45.000
82
Apr
Colum Graph Mfg 88.1925
Cons Textile deb 7s.r.l923
92
92
10,000
92
93
93
15.000
90
French Govt 4s.r
47
45
Sept
July
Sept
Sept
31.000
90
Bond A M G.
210
220
City Investing
55
62
75
85
AUg
Oct
43
99%
Sept
89
103%
77
99
July
Apr
76
Jan
Jan
Aug
Sept
40.000
90
May
98
98
32,000
96*$
Sept
98*$
98%
180.000
75X
83
100?$ 101** 610.000
69**
100*$
Aug
83
Sept
Sept
Sept
Sept
101
95*$
June
93%
Sept
90*$ 8ept,|
95
Sept
93*$ Sept
53
Sept
94%
58
"98"
'40
101
98
98
2.000
98
95
1922
"96"
96
7s_r....1923
94 M
94
7s_r
1924
95
7s.r
...1925
94*$
94*$
939$
|
Swedish Govt6s.June 15'39
83*$
12.000
96*$
14,000
94*$
12,000
95
16.000
95*$
90.000
94*$
112.000
58
92** 265,000
50,000
93*$
14.000
84
Switzerland Govt 5Ms 1929
Texas Co 7% notes.r.1923
83*$
98*$
83?*
98%
97*$
98**
98% 115,000
13.000
98%
96*$
96%
July
78 J*
78*$
29.000
78%
Oct
94 X
Pan-Amer Petrol & Tr 7s'2ft
Seaboard Air Line 6s.
"~58"
SlnclalrCon0117H8r... '25
Southwestern Bell Tel 7s '25
91X
919$
S3
929$
—
54*$
98M
Union Tank Careq 7s. 1930
Wee tern Elec conv 7s.r. '25
98
*78~M
Virginia 3Ms.r.l939
93*$
Oct
98*$
Sept
97% June
96% June
July
Pe r shar
Standard OH Stocks
Par
94
210
|225
100
105
100
118
123
50
Cumberland Pipe Line—100
Eureka Pipe Line Co
100
Galena Signal Oil com.-.100
*29
32
Continental Oil
Crescent Pipe Line Co—
Oct
Greater Berlin 4s
VIM
7.25
7.25
50
»91
94
Colorado A Southern 6s-—
8.50
7.25
el6
*30
170
17
Erie
8.50
7.60
8.60
7.60
8.00
7.00
97*$ June
new.—
Co
..
99%
98*$
May
National Transit Co—12.50
Sept
New York Transit Co...100
991$
78*$
Apr
Northern Pipe Line
Oct
Ohio Oil Co—
10.000
26
June
10.000
16
Sept
July
29*$ June
16
17
12,000
15
Sept
29% June
17
19
76.500
17
Oct
31
June
18
Sept
Sept
34
June
14*$
28
June
5s.r
19
270,000
18
4 Mb.T
18
10.000
17
Hamburg 4s_r.
17
2.000
16
16
17
320.000
15
Sept
18
17
19
79.000
17
15**
15**
15**
15.000
15
15*$
15*$
16
25.000
Munich 5s.r
16%
16%
15*$
16*$
Sept
Sept
Sept
Sept
N uremberg 4s.r...
17
17*$ 127.000
16
10.000
18
Leipzig 5s.r
4^s.r
Mannheim 4s.r..
4s.r........._.
'
18
5.000
28
27*$ June
27*$ July
28*$ June
26
July
28
July
Sept
27
July
Sept
31
k Correction.
the financial condition of the
leading
sugar
producers and refiners, including
A review of the past year in
companies.
the sugar industry and the outlook for the prosperity of
Cuban and Porto
Rican producers are presented.
and
of Dunn &
Co., to conduct
securities
New York.
and
a
foreign
general brokerage business in
with
exchange,
offices at 32
giving details of foreign Government bonds and
a summary
status.
of their present
|
—Stokes A Co. announce removal of their office on Oct.
llto 10 State St.,
New York City Banks and Trust Companies.
212
270
prices dollars per
Atlantic-----
share.
190
Bowery*.....
200
Irving Nat of
|
NY...
Liberty..
216
Battery Park-
Banks
Bid
Industrial*
|
200"
450
Broadway Cen
150
Ask
f
215
Trust Co's
:
j
Bid
Ask
125
230
Bankers Trust
348" "
355
385
220
Central Union
365
375
jColumbia—..
308
315
160
"
205
2"l2"
Commercial—
150
310
318
300
490
Empire
Equitable Tr.
290
300
Farm L A Tr.
360
Manhattan *
-
145
155
Mutual*
145
155
Nat American
155
160"
Butch A Drov
35
39
New
185
195
Fidelity Inter. 200
370
210
Cent Mercan-
200
210
New York Co
140
150
Fulton
265
275
Chase
390
400
New
470
480
Guaranty Tr.
348
355
Hudson......
160
170
Law Tit A Tr
130
140
Neth*..
York!
Chat A Phen.
265
273
Pacific *
160
Chelsea Exch*
138
145
Park
480
560
Public
Republic*
Seaboard
490
300
310
550
Chemical
630
320
Lincoln Trust
150
Mercantile Tr
325
650
Metropolitan.
Mutual (West-
250
160
'
—
.
300
350
Colonial*
260
250
''
465
450
Second
Columbia*—.
170
180
State*
195
Commerce
218
222
Tradesmen's*
200
Comm'l
425
23d Ward*—
220
Ex*.
Union Exch—
Common¬
175
225
United States*
175
Continental..
130
Wash H'ts*. j
330
340
Yorkville*
375
Cosmop'tan*.
110
180
190
East River
170
Fifth Avenue*
900
•
260
105
chest®')
125
550
625
N Y Life Ins.
A
185
Trust...
N Y Trust-.
595
615
185
Title Gu A Tr
300
U 8 Mtg A Tr
395
405
425
United
States
810
830
Brooklyn
Brooklyn. Tr.
Hamilton....
485
500
260
270
120
Cuba(Bkof).
205
■
350
Corn Exch*—
210
wealth*
—
j,
Brooklyn
Coney Island*
140
155
925
First
205
215
~
.
—
•
310
Fifth
160
170
Greenpoint—
160
180
660
600
925
Hillside*.
110
120
Kings County
Manufacturers
630
First
195
205
Garfield..
225
235
Homestead*
80
100
People's
275
290
Gotham
200
210
Mechanics'*—
85
92
85
95
Greenwich*—
Hanover
Montauk*—
250
815
830
Nassau
210
220
Harriman
340
360
North Side*
195
500
515
People's
150
Ridge wood.
200
t Sale at auction
Banks marked with («) are State banks,
t New stock,
x
440
New York Cent 4*$s, 5s, 7s.
630
640
N Y Ontario A West 4*$s...
8.15
7.70
Norfolk A Western 4*$s—
7.50
7.25
6.95
6.50
104% 105%
370
,375
Northern Pacific 7s
400
1420
Pacific Fruit Express 7s
105
108
60
70
122
125
7.12
7.25 6.60
.....
Ex-dividend,
v
6.60
6.50
Pennsylvania RR 4*$s
Equipment 4s...
Reading Co 4*$s
St Louis Iron Mt A Sou 5s—
7.37
6.50
7.37
6.60
7.60 .6.60
8.37
7.25
8.37
7.25
25
*97
100
Southern Pacific Co 4*$s, 7s_
7.40
|340
Southern Railway 4*$s
8.50
Equipment 4*$s
Explosives pref—100
100
100
Wilcox
100]
Bliss (E W) Co common.
75
7.00
8.00
7.00
8.10
7.10
145
76
78
Virginian Ry 6s
Tobacco Stocks—Per Sh
]108
106
,
Par
310
American Cigar common. 100
Preferred...
--.100
77
140
150
*11
bearer.£1
*11
13
*21
23
100
105
110
120
82
88
Reynolds (R J) Tobacco- 25
90
lOO"
65
65
125
49
4812]
duPont (E 1) de Nemours
♦84
90
Brit Amer Tobac,
100,
220
[230
100]
76
78
B common stock
100|
n60
70
Preferred
35
100
28
204
|210
92
95
Am Cot Oil 6s 1924-MAS2
90
Amer Tel A Tel
95
6% notes 1922--—--AAO
Amer Tobacco 7s 1920-MAN
Ex-rigbta.
■,
70
,
100]
87
90
,
100
175
350
1380
50]
•23
100
100
100
375
] 33
{410
'
85
I 92%
94% 95
99%100%
99% 100
99% 100
99%
92
6s 1924. FA A
MAN
7% notes 1921
93
92
7% notes 1922
MAN
7% notes 1923
MAN
Anaconda Cop Mln '29.JAJ
91
92
99
97%
99%
95%
98%
96%
97
93%.
94
80
93
60
100
90
Anglo Amer Oil 7 *$s '25 AAO
Arm'rACo7sJulyl5'30JAJ15
Beth St 7s July 15 '22.JAJ15
7% notes July 15 '23 JAJ15
& Elec com— 50
*87
88%
Canadian Pac 6s. 1924-MAS2
50]
*37
38
93
94
100
127
129
Federal Sug Rfg 6s 1924 MAN
Goodrich (B F) Co 7s '25 AAO
91
91%
100
83
Hocking Valley 6g 1924MA8
lnterboro R T 7s 1921 MAS
69
71
93
96
Iron
Preferred
55
80
PubHc Utilities
Trac com
Preferred
50 ~
47
A Lt com—100
68
65
100]
KCTerm Ry4*$s 1921. JAJ
5
10
6s Nov 15 1923—MAN15]
Public Utilities com 100
Preferred
..100
14%] 18% Laclede Gas 7s Jan 1929 FAA!
24
Carolina Pow& Light com 100
Lehigh Pow Fee 6S1927-FAA
,
27
Cities Service Co com... 100 288 1291
LlggettAMyersTob6s'21 JAD
Penn Co 4*$s 1921—JAD15
Preferred
100
6684 66
9
7
Pub Ser Corp N J 7s '22.MAS
Colorado Power com
100]
Amer
100j
80
15
Preferred
95
96
95
89%
69
90%
4
70
97%
98
•98
84
86
Reyn (R J) Tob 6s '22.FAA
Sloss Sbeff S A 1 6s '29.FAA
86%
86%
85
87
Southern Ry 6s 1922
MAS
Swilt A Co 6s 1921—FAA15
Texas Co 7s 1923
MAS
85
Com'w'th Pow Ry A Lt„ 100
95
95%
98%
100
38
18
40
.100,
79
82
Traction 100
Preferred
1. ..100
Great West Pow 5s 1946.J&J)
Mississippi Riv Pow com. 100]
6
9
40
45
U S Rubber 7*$s 1930—FAA
98
| 98%
72
76
Utah Sec Corp 6s *22.MAS 15
West Elec conv 7s 1925-AAO
81
82%
98%
99
Preferred
Elec Bond & Share pref.
Federal Light &
—100]
Preferred
First Mtge 5s 1951—J&J
10
47
3
74%
75%
98%
98%
Industrial
7
10
American
100]
193
100
30
40
30
34
American Chicle com.no par
Preferred
100
39
North'n States Pow com. 100
10()
76
77
American Hardware-
North Texas Elec Co com 100
72
76
Preferred
Preferred
—
100j
Brass
65
135
138
Amer Typefounders com. 100
37
41
100
70
80
13
15
55
Celluloid
62
,
100
Preferred
South Calif Edison com.. 100
.
..
_
United Lt A Rya com
94
-
Standard Gas A El (Del).
Preferred——
1st g 5s June 1
|
Intercontinen Rubb
8
65
10
12
International Silver pref.100
2%
3%
Lehigh Valley Coal Sales. 50
Royal Baking Pow com.. 100
*81
21
60
62
Nominal,
"69"
*88
60
ft Basis,
66
1%
21
n
100
_
18
price,
com.
3
4
/45
%|
19
/Flat
1922.. JAD
65
—
57
Per share,
155
1
50 >i2lg 13% International Salt—..... 100
1st gold 5s 1951
AAO
50, ♦34%! 35%,
100
•
85
150
—-100]
Preferred
84% 85%
100. z90
Preferred
.
31
27
Company
Havana Tobacco Co
9
88
98
82
100i
Preferred
96
100
Borden Company com
Preferred
84
100
100
67
78%
Republic Ry & Light....100
40
100
Pacific Gas & Elec 1st pref 100
—
197
60
Puget Sd Pow & Light...100
Preferred
100
Preferred
99
and Miscellaneous
Northern Ohio Elec Corp.(f)
1st preferred..——100
Stock Exchange
76
50
45
preferred
Western Power Corp—-100
Preferred
100
or at
100
—
98% 100
130 1140
Short Term Securities—Pet Cent.
200
Scovill Manufacturing.-.100
Phelps Dodge Corp
-.100
Young (JS)Co
Preferred
76
13
25
100
Hercules Powder com... 100
Preferred
———100
100
129
MacAndrews A Forbes.-100
Preferred
-—100
preferred....
-100
preferred
100
Colt's Patent Fire Arms
Pond com.
Ask.
126
Conley Foil (new)...no par
Johnson Tin Foil A Met. 100
1st
Niles Bement
Bid.
British Amer Tobac ord—£1
2d
......
6.87
72
65
Eastern Steel
6.60
7.37
are.
Amer Machine A Fdry._100
100
Carbon Steel common...100
Debenture stock
6.90
Union Pacific 7b....
140
50 1*270
25
6.60
8 00
—;
Equipment 5s...
Canada Fdys A Forgtngs. 100
& Co common
7.60
7.25
Toledo A Ohio Central 4s...
149
50 ♦—J 60
Preferred.
—-
160
this week,
8.12
8.50
Tennessee Ry LAP com. 100
Preferred
100
205
Imp A Trad
4
Equipment 4*$s
....
Bronx Nat-_.
Coal A Iron.
7.12
380
Preferred
Bryant Park*
City
8.12
Amer Power
New York
Mecb A Met.
~
160
105
Mobile & Ohio 5s—
St Louis A San Francisco 5s.
Preferred
American
440
Lincoln
Bronx Boro*.
7.50
535
Seaboard Air Line 5s———
Amer Lt &
202
7.60
515
370
430
35
Amer Gas
260
6.87
8.50
8.50
98
Woodward
Exch—
7.30
Missouri Pacific 5s
|355
1st
America*
Equipment 5s & 7s———
Missouri Kansas A Texas 5s.
700
96
2d preferred
Amer
67
316
*30
Winchester Co com
Ask
63
313
690
350
Thomas Iron
All
6.60
10]
Preferred
Boston, Mass.
Bid
6.87
Minn St P & S S M 4*$s
Empire Steel A Iron com. 100
■
.
—Ernest Smith A Co., 20 Broad St., Now York, are issuing a circular
Banks—N Y
7.30
Equipment 6s
8.501 7.10
100
Preferred
investment
6.70
,
100]
Preferred
Mfg
Dunn and Harold Sonking have formed a co-partnership
unlisted
Broadway,
6.70
7.35
270
Preferred
the financial position and descriptive data on the property
and management of about thirty
listed
Michigan Central 5s—
7.35
265
NOTICES
Co., specialists in sugar stocks, analyze in a new handbook,
name
7.50
120
Babcock &
under the
Louisville & Nashville 5s—-
110
Atlas Powder common._.
—William J.
225
Equipment 5s——
410
Aetna
on
1545
390
J Dollars per 1,000 lire, flat,
figures
49
6.50
220
Imperial Oil
current
7.00
6.50
7.50
520
Washington Oil
Other OH St«»cks
&
8.00
7.50'
Equipment 4*$s
—j
Kanawha A Michigan 4*$s—
100
Magnollh Petroleum.... 100| 320
Midwest Refining
—50 *148
Ordnance Stacks—Per Slhare.
18
par
CURRENT
—
Equipment 4*$s__.——
Hocking Valley 4*$s——.
300
.100
100
-.100
Southern Pipe Line Co_. 100
South Penn Oil
100
Southwest Pa Pipe Lines. 100
Standard Oil (California). 100
Standard Oil (Indiana)-100
Standard Oil (Kansas).-.100
Standard Oil (Kentucky) 100
Standard Oil (Nebraska). 100
Standard Oil of New Jer.100
Preferred
100
Standard Oil of New Y'k.100
Standard OH (Ohio)
100
Preferred
100
Swan & Finch
100
Union Tank Car Co
100
June
5s.
Illinois Central 5s.
98
*44
Vacuum Oil
—Parr
31
1180
25;
value,
i Listed as a prospect.
I Listed on the Stock
Exchange this week, where additional transactions will be found,
o New stock,
r Unlisted,
w When
issued,
x Ex-dividend,
y Ex-rights,
z Ex-stock dividend.
fNo
Equipment 5s—
,
25]*295
Co.-100
—-
90
Solar Refining
17*$
7.00
7.50 6.75
6.50
International Petroleum.
16**
8.00
Chic St Louis A N O 58
8.25
Jan
June
7.50
Chic Ind A Loulsv 4*$s_
8.25
93
19
Frankfort 4s. r
lots.
48
7.50
Jujy
16
4s_r._
♦Odd
125
45
Chicago RIA Pac 4*$s.—.
82*$
17*$
15*$
—
Stuttgart
115
7.50
8.50
Chicago & N W 4*$s
Indiana Pipe Line
16
Bremen 4s.r
.
144
90
Jan
28
7.50
95
93
Sept
Aug
15*$ Sept
7.00
8.50
|165
July
13%
17%
7.00
86
82*$
547.000
8.00
8.00
8.50
160
Jan
40.000
16
7.00
Chesapeake A Ohio
138
Prairie Pipe Line
15
6.75
8.00
100
-.100
Apr
97
Preferred
7.75
8.25 7.25
4)$s
Line.——100]
Preferred old
98
Aug
Illinois Pipe
6s—|
Carol Cllnchfield A Ohio 5s_.
Central of Georgia
Equipment 5s
Chicago A Alton 4*$s
—j
Equipment 5s
Chicago A Eastern 111 5*$s—
Prairie Oil & Gas
15
marked "#.**
Canadian Pacific 4*$s A
|425
*90
Aug
Marks
4a.r
Cologne
22
110
410
86%
German Government and
4Hs.r
Ask.
Co.—-100]
Penn Mex Fuel Co
Berlin
160
Equipments—Per Ct Ztasto.j
Baltimore A Ohio 4*$s
8.12, 7.12
Buff Roch A Pittsburgh
4*$sj 7.50 6.87
Equipment 4s
.1 7.50 7.87
7.50 6.87
Equipment 6s
1200
Buckeye Pipe Line Co— 50
Chesebrough Mfg new.—100
Preferred new.---—-100
Borne Scrymser
10.000
Municipal Bonds
(Dollars per 1,000 Marks)
85
150
A
e
Bid.
Anglo American Oil new. £1 *21
Atlantic Refining
100U50
Preferred
-100 107
90
Aug
160
75
West A Bronx
115
Title
RR.
June
93**
56*$
150
125
19S
Y
Mortgage..
Apr
62
92X
230.000
N
All bond prices are "and interest" except where
Aug
71
Aug
Aug
203
Surety—
Nat
80
Quotations for Sundry Securities
Jan
99*$
63
56
__
Ask
no
Ask
115
75
Title A M G
Sept
Sept
68 M
M
Preferred
Bid
100
Bid
110
Bond..
Jan
101%
95*$
92*$
Ohio Cities Gas 7s.r.. 1921
West
Mtge
91
82
—
Lawyers Mtge
72
48*$ 120.000
59
20.000
1922
7s.r
75
67
59
Kennecott Copper 7sr. 1930
Morris A Co 7Ms.r... 1930
r
65
Surety.
91
French Govt 5a..r
Goodrich (BF) Co 78.1925
lnterboro R T 7s. r...1921
Norway. Kingd of. 8s
Alliance R'lty
Amer
Realty Assoc
(Brooklyn).
U S CasualtyUS Title Guar
Ask
Jan
96*$
Aug
Bid
Mar
98*$
101
July
41
r
Jan
Jan
98
40
NY NH A Hart 4a.
97%
96*$
94%
95%
40
1921
Jan
95 *$
"94k"
1.1935
50.000
All prices dollars per share.
98 M
99 X
Beth Steel 7% notes r.1923
Boone Oil 6s
New York City Realty and Surety Companies
High.
50*$ Sept
92*$ Aug
91% June
87*$ June
81.000]
Anaconda Cop Mln 6s.r '29
w
Low.
94X
1924
7% equip tr ctfs
$
92 X
Amer Tel A Tel.6a.r_.1922
6% notes.r
Range since Jan. 1.
Week.
59 M
deb6s r'39
conv
for
of Prices.
Low.
High.
Price.
1361
CHRONICLE
THE
Preferred
Singer Manufacturing
Singer Mfg Ltd
d Purchaser also
z Ex-dividend,
accrued dividend,
Ex-right*.
pays
y
112
~82%
120
100
81
83
100
126
128
£1
e
*2%'
3%
New stock.
1362
limcsinxjetii aitd
IJaxIrtfaxl
GROSS EARNINGS
RAILROAD
earnings of various STEAM roads from which regular weekly or monthly returns
can be obtained.
The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from Jan. 1 to and including the latest week or month.
The returns of the electric railways
are brought together separately on a subsequent page,
.■ :
' ■' •, ■■
The
following table shows the
gross
Jan. 1 to Latest
Latest Gross Earnings.
ROADS.
Week
Previous
Year.
Current
or
Year.
Month.
Panhandle ft 8 Pe July
Atlanta Birm & Atl_ August
Atlanta & West Pt_ July
Atlantic Oity
August
Atlantic Coast Line August
Baltimore & Ohio.. August
B & O Ch Term.. July
Bangor ft Aroostook July
Bangor & Aroostook August
9,510
7.858
47.983
355.155
355.156
2,242,996
370.758
2,231.898
1,652,351 1,519,337 8,183,636
August
85.925
177,315
1,0*0.3 71
Bingham Sc. Garfield July
396.665
42,661
53,396
Birmingham South. August
Boston & Maine
8,206,353 6,746,501 54,117,656
August
595.667
Bklvn E T> Terminal July
85.151
124,011
Buff Roch & Pittsb. 3d wk Sept
350,604 15,496,367
597,748
Buffalo & Susq
243.934
1,840,898
253,030
| August
Canadian Nat Rys. 3d wk Sept 2,293,007 2,058,089 70.815.411
Canadian Pacific
3d wk Sept 4,605,000 3,893,000 137334000
Can Pac Lines in Me August
1,917,363
159,136
189,631
Caro Clinch & Ohio. 'August
540,278 4,639,462
601,017
Central of Georgia. jAugust
2,193,148 1,847,237 16,721,920
Central RR of N J_.'July
4,997,796 4,352,061 25,874,136
Cent New England.(July
594,330 3,537,064
676.505
Central Vermont
532,575
3,644,828
624,654
'July
Charleston & W Car August
233,809 2,342,067
345.481
C & 0 Lines of Ind. July
7,259,357 6,665.251 46,145.621
Chicago & Alton
August
2,618,421 1,974,806 18,588,141
Chic Burl & Quincy July
14720003 13068386 98.638,678
Chicago & East 111.. July
2,161,309 2,154,410 15.804.184
Chicago Great West July
1,979,580 1,857.564 12.950.981
Chic Ind & Louisv.. July
8.359,996
1,375,040 1.052,074
325,130
280,123
1,780,581
Chicago Junction.. July
Chic Milw & St Paul July
15083 931 12617449 91,084.990
Chic & North West. July
14081 128 13321598 86,940,834
241.845
Chic Peoria & St L. July
136,421
1.411,152
Chic R I & Pacific.. July
11897837 9,847.273 74.018,832
Chic R I & Gulf.. July
3.717.820
578.356
374,592
Chic St P M & Om. July
2,559.874 2.352,012 17,314,170
Chic Terre H & S E. July
339,193
2,927,429
455,867
Cine Ind & Western August
321,655
409,210
2,837.962
Colo & Southern
3d wk Sept
569,059 20,583,295
656,996
Ft W & Den City. July
977.489 t6,814.016
1,101.355
Trin & Brazos Val July
98,458
135,238
1,000,034
Colo & Wyoming
84.031
540,826
88,959
July
89.606
65.995
491.400
Copper Range
July
Cuba Railroad
1,238,654 1,000,359 9,065,625
July
Oamaguev & Nuev June
143/30
1,891,482
175.454
_
.
.i,
Ferrocarril de Ca
Nuevitas July
Delaware & Hudson August
Del Lack & West
August
_
Texark ft Ft 8m.
July
Kansas City Term.. July
Kansas Okla ft Gulf July
Lake Sup ft Ishpem July
Lake Term Ry
August
Lehigh ft
I fun
6*9,221
1,475,030
63,742,432
115213000
1,862,526
4,018,611
13,882,020
24.549.467
3,651,730
3,162.567
1,932,817
41,443.383
16,276,672
Lehigh & New Eng. August
Lehigh Valley
August
Los Ang ft Salt Lake July
Louisiana ft Arkan. August
Louisiana Ry & Nav July
Louisville & Nashv. July
Louisv Hend ft St L August
Maine Central
July
Midland Valley
July
Mineral Range
2d wk Sept
Minnoap ft St Louis July
390,011
7,088,752
1.985.934
335,243
321.863
10494 484
289.463
1,754.956
385.963
14,020
1,328,867
I Norfolk
Southern.. July
Norfolk & Western. August
August
July
Northern Pacific
Minn ft Internat
6,656,402
Pennsylv RR ft Co. July
Bait Ches & Atl.. July
July
Long Island
Mary Del & Va__ July
N Y Phila & Norf July
Tol Peor & West
July
W Jersey & Seash July
2,013,876
81,710,902.
75.871,921
905,171
58,930.131
2.551,097
14,992,392
2,186,489
1,969,512
17,937,646
5,967,404
686,022
653,418
572,065
8,270,180
1,644,682
1,776,118
22,516,737
46,761,204
16.938,957
1,499,909
1,034,379
2,029,978
1,330,671
5,688,112
13,501,526
3,243,859
1,113.163
676.556
13,276,499
8,136,649
49,700,458
5.807,846
613.240
August
August
Phila Beth ft N E_. August
Phila &
August
August
Reading
Pittsb & Shawmut
112.569
798.643
600.686
1,400,134
1,111,875
877,150
1,684,179
Eastern
Louisiana Western
Morg La & Texas
557.531
Texas ft New Orl.
Southern
Railway.
Ala Great
.
South.
1,130,108
Gin N O ft Tex Pac
Mobile & Ohio...
2,271,668
Georgia Sou & Fla
New Orl & Nor E.
NorthernAlabama
South Ry in Miss
Spokane Internat..
Spok Portl ft Seattle
Staten Island R T_.
548.914
Tenn Ala & Georgia
Tennessee Central.
9,082,135
Term R R Assn of St L
_
St L Mer
Bridge T
Texas & Pacific
Toledo St L ft West.
792.146
Ulster & Delaware..
123.112
130,751
853.276
Union Pacific
1,344,029
219.637
811.796
748.690
741.193
496.305
846,371
735,801
231.907
1.419.312
1.461.109
446.808 2,910.952 2,351,046
6,036.877 44,665,823 41,093,755
1,313.207 11.209.024
9,699.303
160,636 2.681.491
1,326,106
1.979.866
297,405 2,287.678
8.894.919,68.817.535 59,354.090
232.542! 2.004,283 1,900.522
1.522,556:10,909,888 9,679,022
314.297
2.552.707
2.188 843
13,616;
459,684
547,632
1,128,9321 9.009,814 7,150.685
Oregon Short Line
Ore-Wash R R ft N
Union RR (Penn)_.
Utah
Vicks Shrev ft Pac_.
Virginian
Railroad.
Wabash
Railroad..
Western Maryland
Western Pacific
.
Western Ry of Ala..
Wheel ft Lake Erie.
Wichita Falls ft N W
Wichita Valley
Ry
Yazoo ft Miss Valley
week July
week July
(13 roads).
week July
4th week July
(16 roads).
(15 roads).
1st
2d
3d
1st
week
3d
week
4th week
1st
week
2d
week
3d
week
(16 roads).
(14 roads).
Aug (17 roads).
(10 roads).
Aug
Sept (16 roads)
Sept (16 roads).
Sept (15 roads),
Aug
Previous
Year.
Year.
$
10,402.544
13.021,426
13,230.796
24.822.135
15.536.839
15.142.176
18.469.887
15.958,176
17.369.292
25.901,613
$
9.026.9001
10.808.089
11.302.650
21.285.462
13.276.893
12.859.576
15.434.886
13,441.122
14,253.136
20,470,587
t We no longer include Mexican roads in
any
Increase
Current
Curr.Yr.
Previous
Year.
Year.
+1.375.644 15.24
+2.213.337 20.49
+1.928.146 17.60
October
233.192
November ..233.032
December...233.899
+3.536.674 16.61
January
232.511
February ...231.304
March
2t3.434
233.136
232.911
233.814
232.210
231.017
212.770
$
Prev.Yr.
Mileage.
+2.2.59.946 17.02
+2.282.600 17 70
855,775
Monthly.
tMonthly Summaries.
%
$
+3.035.001 19 60
+2.517.054 18.72
April
221.725
May
+3,116,156 21.86
June
+5,431,026 20.96
July
213.206
213.525
220.459
of our totals.
93,340
329,133
2,348.206
343,914
2,075,638 1,929.826 13,563,136
755.187
6,247,078
952,032
1.294,672
1.652.667
193,880
222.617
2.959.007 2.338.369
368.961
442.376
4.321.367
676.708 5.828,450
739,313
4.462.343
5,332.094
722.183
870,128
3d wk Sept 4,312,430 3,429,464 115007533 95.425,056
5.853,541
6.2 46.189
906.083
1.066,484
July
July
1,875,614 1.168.391 11,224,056 9,472,090
3d wk Sept
308,644 12,885,827 10,649,958
412,709
2.167,946
3.014.956
lulv
337.827
386,863
590,289 4.291,952 3,686,057
664,727
July
871,508
633,157
74,365
125,646
July
951.226
1.034.021
133.185
125.645
July
671.070
578,013
112.884
130,615
July
4,062.019
683.816 4.843,471
813.495
July
231,334
1,536,136 1.522,748
August
247,335
134,283
86,845
3d wk Sept
3,118
4,992
1,666,088
1,886,449
224.422
August
254,822
2.496.658
2,101,324
332,803
July
383,508
1.557.088
2.134.981
257.752
July
356,298
774,918 28,427,427 24,837,630
3d wk Sept
874,219
4,116,245
6.071.659
663.367
1.003.642
July
735,010
919,875
151.066
201,451
August
10161766 9,064,459 66,491.357 58.516,715
July
July
3,479,016 3,152,984 24.247.864 19.618,926
luly
2.741.668 2.431.632 18.535.491 15.196.785
731.858 6.232.915 5,185,513
937,626
August
1.034.593
98.663
614,507
155.183
July
2,796,973
2,111,740
293.294
352,899
August
1,682,737 1,207,195 10,487,353 7.348,173
August
5.006,889 4.214,715 30,170.998 26.945.567
luly
3d wk Sept
521,945 ♦278,718 13,288,194 ♦9,569,598
6.455,185
1.434.443 1,096.800 8.116,074
July
194,070
1,576,667
1,496,746
July
213,018
8,721.031
7.089,877
163.132 1,403.599
July
202.544
1.485.883
1.129.057
212,581
July
101.556
932JT2
523,694
122.781
luly
2,534,078 1,968,809 16,731,295 13.004,067
July
or
Decrease.
143.727
17781186 14734 603 107594 417
650,610
2,995.552
253.566
July
July
July
July
July
July
July
July
AGGREGATE OP GROSS EARNINGS—Weekly and
tWeekly Summaries.
129,081
August
July
Pacific
439,486 21,066.112
3,620,262 3,606,672 28.297.327
925,649
84,271
136,038
Seaboard Air Line.. July
Arizona
126.904
105.636
656,174
1,797,331 1,030,173 11,501,498
590,819 5,012,832
722,459
749,506
100,908
101,223
400,491
2,643,41.3
508,512
July
San Ant ft Aran Pas* July
So Pac Atl SS Lines
918,211
780.144
130.942
Sept
San Ant Uvalde ft G July
Southern
591.946
8,520,077
3,075,592
1.643,165
2,655,635
42,231,843
668,086
657.350
13,991,560
7.158,918
3,515,926
572,307
2,341,350
632.020
24,056,037
720,738
90,736,529
5.802.194
2,204,805
12.041,982
4.858.366
453,463
246,376
368,304
241.492
1,762,638
3,275,028
439,062
7.404/11 6,751,175 49,927.685
St Louis Southwe-; July
South Buffalo
728.812
7,334,100
3,628,185
97.327
543,660
St L S W of Texas July
St Louis Transfer..
87.9/3
880 854 1,025,376
Ft W ft Rio Gran June
June
St L S F of Texas
St Louis Southwest. 3d wk
Hous E ft W Tex.
683,271
585.278
5,222,362
49,210,577
38,560,155
1,654.383
18,612,933
4,899,442
2,368,463
15,640,290
66.511,822
7,438,489
2,171,350
3.499,748
48,674,714
62,803,514
129,578
227,051
834,116
484.943
1.495.379
792,568' 6,098.296
54,558,814
47,850.283
1 858,820
18,730,682
6,249,753
2,734,454
17,453,642
7,472,778
6,255,155
244,912
2,589,626
928,985
392,592
2,005,262
122.810
3,439,198
1,368.003
5,850,240
59.379,933
1,115,311
8,301,363
7.697.772
291,306
3,476,606
1,117,140
465,968
2,692,725
265,410
161,696
Hous ft Tex Cent.
661,479
2,312,678
165,581! 2,039,89! 1,133,292
839,513
167,738
143,607 j
869,703
1,941,109 1,778,184 15,795,340 12.517,103
212,202
10,208
9,438!
228,335
952,210
168.954
131.951! 1.108,512
984,618
155,950
35,579 1,068,222
1,521,767
248,692
226,548 1,703,355
251,228
171,489, 1,446,129 1.060,637
718.349
196.259
114.035! 1,187.722
33884287 29525184 225830993 199523825
833,307
697,454 5,253,545 4,182,833
272,043
West Va__ August
August
Reading
Quincv Om ft K C_. July
Rich Fred & Potom. August
Rutland
August
St Jo^ ft Grand M'd July
St L Rocky Mt & Pac August
St Louis-San Fran.. July
Pittsb &
Port
Galv Harris & S A
7,666,911
57.498.930
838,156
610.441
58,390,072
Pitts Shaw & North July
804.050
2,284.226
578.515
18,577,000
13,397,214
3,001,281 2,744,891 13,667,891 14.154,454
716,662
643,860
156,635
143,045
824,958 4.320,275 4.517,671
810,422
912.019
1.081,392
126,455
159,890
1,690,919 1,372,040 6,878,710 6.319,190
8,204,964 7.135.402 40.961.753 35.889,446
767,517
85,785
1,006,953
146,693
3.930.442 3,394.814 25,132,79 i 22,094,391
112,464
771,029
99,856
116,642
542,584
841,603
67,639
108,204
7,584.097 6.673.390 55,773,636 46,925,510
745,989
1,039.380
115,905
132,709
Pitts C C ft St L. June
Peorie & Pekin Un. August
6,091.263
1,130,108
„
Pere Marquette
22.855,574
636,113
742.631
93.563
3,436,286
694.787
4,175.392
917,531
220,298
1,059,573
249,561
378,219
405.304
51209820 44534948 285459916 269003472
830,066
806,132
174,428
179,201
Oahu Ry & Land Co July
Pacific Coast
July
Perkiomen
4,304.953 3,875.750 24.499,441
90,848
103,604;
550,479
3,560,488 2,967,076 21,542,434
2,119,584 2,025,905 15.503,132
200,196
134.808 1,104.541
173,507
107.328' 1.132.964
10300157 8,608,8 !3 73,138,448
438,820
416,168 2,406,845
100,442
814.137
Northwestern Paci f i c July
8,243.195
Current
Year.
$
11859669 9,364,106 78,273,497
1,580,322 1,459,120
8,214,450
398.781
336,527 2,415,794
620,032
518,522 4.484,631
6,795,319 6,930,649 50,723,453
9,098,021 8,553,553 68,048,442
N Y Ont ft Western August
j N Y Susq & West..!July
:
81,553,470
13,664,945
11,669,630
104,195
271.089
Kanawha ft Mich July
N Y Chic & St Loulsj August
N Y N H & Hartf..!August
1,118,258
114,827
River July
Tol ft Ohio Cent. July
1
121,262
155,584
137.842
211.065
288.715
_
.
390,114
45,310.568
525.30*
10,716,999
m-
185.835
131,436 2.077.316
4,314.320 3,354,882 26,485,248
7,610,274 6,256,837 47,812,081
Denv & Rio Grande July
7,442,870 6,860.669 20,271.758
Denver & Salt Lake July
296,924
273.455
1,431,165
Detroit & Mackinac August
153,174
192,500
1,254,782
Detroit Tol & Iront. July
313,390
2.669,219
427,333
Det & Tol Shore L. July
209.760
208,337
1,241,485
Dul & Iron Range.
1,626,113 1,029,540 6,963,790
August
Dul Missabe& Nor. August
2,925,770 1,858,609 12,200.692
Dul Sou Shore & Atl 2d wk Sept
115,096
142,238
3,884,379
Duluth Winn ft Pac July
185.093
148.679
*
1,370.305
East St Loui«Conn. July
119.100
722.197
114,590
Elgin Joliet & East. August
2,129,100 1,323,037 11,350,441
El Paso ft So West.. August
1,128,710 1,001,063 9,262,778
Erie Railroad
July
9,751,931 7,868.833 55,447,728
Chicago & Erie.. July
855,385 6,566,525
1,207,623
NJ&NYRR... July
108.039
712.746
119.890
Florida East Coast. July
830,987
703,534 8,080.694
Fonda Johns & Glov July
134.997
123,672
703/91
Ft Smith & Western July
130.284
996,219
138,122
Galveston Wharf... July
167.617
80,419
816,959
Georgia Railroad... July
484,977 3,712,176
547,155
Georgia & Florida.. July
88,97.5
798,025
136,196
Grd Trk Ry in Cana July
194.904
180.273
940.687
Grand Trunk Syst__ 3d wk Sept 2,483,460 2,162,619
Allsntieft St l^aw July
231.274
154.019
1,654.488
ChDetCanGTJct July
194.904
940.687
180,223
Det G H & Milw. July
496.615
388.505
2,420.636
Grd Trunk West. July
1,498.542 1,148.217 8,458,919
Great North System July
10780786 10226 746 65.021.221
Green Bay & West. July
684.121
98,889
88,005
Gulf Mobile & Nor. July
251,378 2,081,435
274,783
Gulf ft Ship Island. July
245.824
237,418
1.625.317
1,523.062 1.321.946 7,972.581
Hocking Valley.j._ July
Illinois Central
July
11646139 9.026,106 77,426,152
Illinois Terminal
563.699
July
107.855
78.432
Internat & Grt Nor August
1,627,654 1,152,181 11,465.330
Kan City Mex ft; Or July
148,615
890.944
137.297
KCMex ft Oof Tex July
154,847
98.733
975.964
Kansas City South. July
1,586,722 1.286,013 10,290.014
guey y
Mississippi Central. July
Missouri Kan ft Tex July
MoK&T Ry of Tex July
Mo ft North Arkan. July
Mo Okla & Gulf—_ June
Missouri
Pacific... August
Monongahela..
August
MonongahelaConn. August
Montour..
August
Nashv Chatt ft St L August
Nevada-Cal-Oregon 2d wk Sept
Nevada Northern
July
Newburgh & Sou Sb August
New Orl ft GreatNor August
N O Texas ft Mex__ July
Beaum S L & VV_. July
New York Central.. August
Ind Harbor Belt. August
Lake Erie ft West July
Michigan Central. August
Clev C C ft St L._ July
Cincinnati North July
Pitts ft Lake Erie August
1.588.073
1.588.074
8,641,402
Belt Ry of Chicago. July
Bessemer ft L Erie.
Year.
Date.
Previous
Year.
Current
Year.
Minn St P ft S S M. July
44.845
381.856
Bellefonte Central.. June
Belt Ry of Chicago. July
Previous
$
$
274.695
Atch Topeka & S Pe July
Gulf Colo & 8 Fe. July
Current
or
Month.
Year.
234.609
1,844,397 1.556.343
89,970 3,479.524 2.936.851
112.471
18060954 14833 620 117553022 93.250.466
1,962,931 1,740,137 14,043,838 10,596,970
553.819
4,793,686 3.055,108
800,859
403.484 3,792,603 3,253,676
493,243
237.590
215,621
1,720,288 1.555.968
717,180 3,387,667 3,213,774
851.274
5,772,347 4,050,711 48,408,882 41,522,311
20222080 17821467 139081224 113901885
1.005.789
1,555,614
210,134
141,426
319,126 3,649.292 2,930,855
436,291
341.115
4,074,025 3,271.970
424,733
ft Vicksb. July
2d wk Sept
Arbor
Jan. 1 to Latest
Qross( Earnings.
$
Week
ROADS.
Prevoius
Current
Year.
%
$
Alabama
Ann
Latest
Dale.
Increase
or
Decrease.
508 .023,854 489.081,358 +18.942.496
436 ,436.551 439,029.989 —2.593.438
,991.330 440.481.121
,706.125 392.927.365
,180.876 348.749.787
,582,467 347.090.277
220.918,387 ,680.982 372,828,115
211.040387 ,330.487 348.701.414
208.598!430 ,931,483 369,225.761
451
494
421
408
%
$
+11.510.209
+ 101778760
+72.431.089
+61.492,190
+12.852.867
+38.629.073
3.87
0.59
2.61
25.90
20.77
17.72
3.45
11.08
+61.705.722 16.99
218.918 467 351.544 401,376.485 +65.925.059 1643
* Comparison with 1917 figures not 1919.
Oct. 2
1363
CHRONICLE
THE
1920.)
Net Earnings
Gross Earnings
table which
follows we sum up separately the earnings for the third week
of September.
The- table covers 15 roads and shows 20.96 %
increase in the aggregate over the same week last year.
Latest Gross Earnings
1
Jan
597,748
2,293,007
4,605,000
656,996
$
350,604
2,085,089
3,893,000
569,059
Pacific
2,483,460
—_—
Colorado & Southern
Grand Trunk of Canada
—
2,162,619
412,709
8,482,933
308,644
104,065
6,175,868 2,307,065
439,486
216,688
882,966
3,429,464
1.874
3,118
99,301
774,918
243,227
*278,718
Detroit Grand Haven & Mil.
Canada Atlantic.—
:—_—-.
Mobile & Ohio
New York Central
—
St Louis Southwestern
Railway..
Southern
Tennessee Alabama &
Georgia—
Texas & Pacific
Western
-
Maryland
656,174
4,312,430
4,992
874,219
521,945
25,901,613 20,470,587
...
Current
Previous
Current
Year.
Year.
Year.
Year.
1
Jan
1
Co.b
1
851,274
3,387,667
717,180
3,213,774
-
Jan
Bessemer & Lake
1
Jan
4,074,025
341,115
3,271,970
def76,889
210,740
defl6,928
194,675
Erie.b.Aug 1,652,351
8,183,636
1,519,337
8,641,402
227,200
986,029
424,733
Aug 31
to
1
—
6,746,501 df3,656,595
1,377,378 dcf215,603
9,110,518 def900,793
Pittsb.b—.Aug 1,917,481
to Aug 31——12,562,750
Buff Roch&
1
Jan
1,637,770
3,825,472
15,755
54,117,656 45,310,568df3,558,348
Aug 31
to
3,399
91,340
42,661
390,114
Aug 8,206,353
Maine.b
Boston &
Jan 1
926
53,396
396,665
Southern.b.Aug
Birmingham
Jan
-
6,419
216,854
Canadian Pacific Ry.b—Augl7,994,768
Jan 1 to Aug 31
127,428,115
15,283,653 2,200,812
106726,283 15,248,084
Lines in Me_b__Aug
189,631
1 to Aug 31
1,917,363
1,862,526 def283,941
def209,901
71,723
1,130,875
175,021
1,014,009
1,847,237 def866,851
365.176
1,689,984
1
Can Pac
Jan
253,020
243,934
1,840,899
1,475,032
Aug
Aug 31
to
-
Caro Clinchf & Ohio_b._Aug
601,017
Jan 1 to Aug 314,639,462
159,136
540,278
4,018,611
Georgia.b-—Aug 2,193,148
1 to Aug 31
16,721,920 1.3,882,020
Central of
Jan
—
Aug 31——
—
18,588,141
409,210
2,837,962
West.b—Aug
31
Aug
34,965
321,655 def233,006
1,969,512 def364,080 def209,468
3,354,883
Hudson_b__Aug 4,314,320
to Aug 31——26,485,248 22,516,737
Shore
1
Duluth & Iron
1
to
192,500
Aug
1,254,782
to
1
Jan
31——
1,241,485
1,330,671
Range.b.Aug 1,626,113
Aug 31
6,963,790
Eastern.b.Aug 2,129,100
Aug
Internat & Great Nor.b.Aug 1,627,654
Jan 1 to Aug 31.
11,465,330
2,910,952
Aug
31
1
to
Jan
1
to
1,925,081
6,547,374
1,192,548
8,670,543
1,323,037 def225,504
323,724
3,507,145
1,858,609
13,501,526
1,849,217
1,001,063 def554.896
8,136,649
2,028,811
446,808 defl22,348
2,351,046
477,586
def40,568
289,463
Aug
232,542
def34,864
1,900,522
355,147
657,195
8,608,823df7,667,037
81.409
73,138,448 58,390.072
272,063
Aug
._
2.039,892
Aug 31--.
to
to
165,584
1,133,292
194.849
548,444
416,168
2,312,678
—
def6,895
def7.598
1,741,430
6,045,503
219,184
749,407
defl 0.154
143,607
15,491
839,513 defl29,181 defl 50,792
300,272
1,778,184 def664,207
def97,476
.15,795,340 12,517,103
35,579
def44,242
155,950
984,618
def88,460
1,068,222
def60,635
57,171
226,548 defl 16,141
1,521,767
23,881
611.177
139,681
Ry.b. .Aug
Aug 31—
55,730
379,540
6,635
65,460
529,927 defl 08.135
L_b„ Aug 1,941,109
Aug 31—
>Tewb & So Shore
1
869,703
Aug 31—
tfashv Chatt & St
1
167,738
.Aug
Ry.b
to
2,562,117
1,152,182 def.514,549
9,082,135dfl ,062.134 def595,398
160,636
1,355,385
335,243
„„
1
275,038
defl 25,169
2,681,491
.Aug
438,820
Monongahela Ry.b
2,406,845
Jan 1 to Aug 31—
VI on tour
637,285
def21,144
def54,484
Aug 31—
donongahela Conn
Jan
2,768,142
Pacific.b—_— Augl0,300,157
Jan
Jan
938,682
3,195,867
2,004,283
Hend.b
fcJan 1 to Aug 31
Louisiana &
Jan
459,976
74,246
666.819
1,084,149
3,653,093
Louisiana & Arkansas.b.Aug
Jan 1 to Aug 31-
Missouri
def69,056
35,993
def24,766
Aug 7,088,752 6,036,877df2,004,681
44,665,823 41,093,755df6,637,797
Valley.b
to
390,011
Aug
Lehigh & New Eng.b
Jan 1 to Aug 31
1
1,029,540
5,688,112
11,350,441 .13,276,499
31.
Southwestem.b.Aug 1,128,710
Jjm 1 to Aug 31
9,262,778
Jan
81,029
209,760
El Paso
Lehigh
def27.633
208,337
Dul Missabe & Nor.b—Aug 2,925,770
Jan 1 to Aug 31 —- — 12,200,692
Elgin Joliet &
2,205,849
153,174
1,034,379
Line.b.Aug
Aug
to
154,919
Aug
to
Det & Tol
719,869
West.b—Aug 7,610,274 6,256,837dfl,301,507
31—'-47,812,081 46,761,204 2,073,915 10,672,693
Delaw Lack &
1
319,939
1,467,642
Detroit & Mackinac
Jan 1 to Aug 31
Jan
24,438
193,875
1,442,414
1
Jan
197,340
1,974,806 def410,200
16,276,672
571,906
to
——
>Jew Orl Great North.b. .Aug
Jan 1 to Aug 31—
248,692
1,703,355
676.377
9,103,197
Aug33,884,287 29,525,184dfl,792,238
304,681 38,137,459
Jan 1 to Aug 31— —225,830.996 199523,825
12,495
597,454 def684,359
.Aug
833,307
Indiana Harbor Belt.b
4,182,833 df2,011,213 defl94,735
5,253,545
Jan 1 to Aug 31—
7ew York
67,639
542,584
Aug 31.
1
to
—Aug
Aug 31
Aug
1
Jan
-Aug
1,111,875
1,684,179
def7,483
173,822
Potom.b.Aug
880,854
7,334,100
1,025,376
8,520,077
157,392
2,139,277
Aug
543,660
3,628,185
4,392
453,463
3,075,592 def259,612
Tran_b„Aug
247,335
1,536,136
231,334
1,522,748
254.822
224,422
1,666,088
Aug 31—
to
Rutland Ry Co.b.
Jan 1 to Aug 31
Staten Isl Rap
1
Tennessee
Jan 1
to
Aug 31.
Central.b
to
Aug
1,886,449
Aug 31
1
to
-
1
to
Central.b
Central.b..
Jan
Pitts &
Jan
1
to
Aug 31
460,725
?•,265,022
2,954,998
12,581,088
2,589,626
66,540
18.730,682 18,612,933dfi ,307,103
754,940
2,895,533
7,472,778
54,558,814 49,210,577
Aug 8,301,363
Lake"Erie.b...Aug 3,476,606
1
to Aug
31
def5,407
66,766 def227,894
.
def61,494
20,962
151,066
735,010 defl83,018 defll6,197
201,451
919,875
937,626
6,232,915
731,858 defl80,993
5,185,513 def381,488
33,392
275,145
Aug
114,827
846,371
104,195
def39,706
735,801 def 120,118
def 13,066
def42,277
352,899
2,796,973
293,294 def149,646
2,111,740
432,098
Aug 31
U S SteelLake Terminal. b
.
_
_
_
_
to
Aug 3l_——
Vicks Shrev &
Pac.b—-Aug
1
Jan
Jan
1
to
Aug 31
—
1,207,196
7,348,173
Virginia Railway Co.b-Aug 1,682,737
Jan 1 to Aug 31
10,487,353
—
ELECTRIC
RAILWAY AND
PUBLIC UTILITY COS.
Latest Gross Earnings.
Name
of Road
Jan. 1 to Latest Date.
Current
Company.
Month.
Adirondack El Pow Co June
Alabama Power Co.-
Atlantic Shore Ry...
Bangor Ry & Electric
Barcelona Trac L & P
Raton
Rouge Elec Co
Valley Trac Co
July
July
June
July
July
August
BinghamtonLt,Ht&P August
Blaekstone V G &
75,724
384,906
464,444
1,561,028
348,449
2,557,994
given are before the deduction of taxes.
b Net earnings here
El. July
July
fBrazilian Trac, L & P
Bklyn Rap Tran SysaBklyn City RR—
aBklyn Hts RR—
Coney Isld & Bklyn
Coney Isld & Grave
Nassau Electric—
South Brooklyn...
New York Consol..
Bklyn Qu Co & Sub
Cape Breton Elec Co.
Cent Miss V El Prop.
Chattanooga Ry & Lt
April
April
April
April
April
April
April
April
July
June
June
Cities Service Co
August
Citizens Traction Co.. July
•
Cleve Painesv & East July
^Columbia Gas & Elec August
Columbus (Ga) El Co July
Com'w'th P, Ry & Lt August
Connecticut Power Co Julv
Consum Pow (Mich). August
Cumb Co (Me) P & L June
Dayton Pow & Light. August
Edison
Duluth-Superior Trac
Duq uesne Lt Co subsid
light & power cos..
East St Louis & Sub.
East Sh G & E Subsid
Eastern Penn Ry Co.
Eastern Texas Elec..
Edison El of Brockton
d Detroit
August
August
Previous
Current
Previous
Year.
Year.
Year.
Year.
29,161
100,839
254^202
807,945
2,997,499
1,051,433
123.891
220,358
21,891
84,769
177,464
337,407
3,655.953
119,582
93,030
577.319
498,693
9,761,023
12923,755
38.<>96
2012289
31 239
61,008
64,796
50,603
39,381
469,830
203,788
396,506
266,2"9
1,845" 768 1,523",053
259,808 208,813
11745000 10070000 72,785,000 64,033,000
872,377
6,876 1790 725
157, 395
197.301
3,273, 762
27, 032
12,937,921
726, 510
573.293
5,994
526,958
4 681
18, 939
,'V 14,376
452 196
1,977 063
1,660,084
57,890
62 637
274, 991
231,651
1776,021 1364 757
126, 732
156,328
6,861, 787
5,093.264
574, 482
54.765
48, 749
340 604
454.899
326,162
39,453
34, 523
237, 359
199,257
648 517 i
472.163
82 373
107.218
2014,224 1300, 709 16,875 443 13.647,249
91,3/4
69, 290
86,785
1023,278
132,185
73, 896
804. 071
101 555
449 ,039
9,503 ,915
380,548
7,709.114
915 ,890
712,071
2627,694 2142 021 20,178 ,684 16,494,953
830 ,097
99 400
696,697
112.296
9,102 ,419 7,204,574
1168,063 905 ,759
1,429 ,769 1.244.238
249,264, 221 793
280.0271 208 924 2,348 169 1,823,550
1689,829 1228 073 13,672 949 10,295,895
1,275,293
1,290 807
159,968
172 ,060
837.019
9,534,863
1,977,956
7,797,914
22,438
129,238
118,976
1,813",470
1,436",848
July
1125,915
316,517
30,311
151,891
138.389
897.782
July
iElec Light & Pow Co July
e EI Paso Electric Co. July
92,449
31,774
156,328
79,947
769,431
23.158
123,184
194,744
1,067,794
Equitable Coke Co.. June
Erie Ltg Co & Subsid. July
Fall River Gas Works July
Federal Light & Trac. June
Fort Worth Pow & Lt July
Galv-Hous Elec Co.. July
General Gas & El Co. August
Georgia Lt, P & Rys. June
Great Nor Pow Co— June
e Great West Pow Sys August
Harrisburg Railways. June
Havana El Ry. L & P May
Haverhill Gas Lt Co. July
Honolulu R T & Land August
Houghton Co El Co.. July
Houghton Co Trac Co July
Hudson & Manhattan April
Hunting'n Dev & Gas July
August
d Illinois Traction.
123.916
90.065
107,025
457.893
769,778
609,328
155,267
874,054
460,677
74,347
347.735
242,370
64,726
487" 070
405",979
297.350
337.937
285.020
2,258.288
1,254,242
2,098,098
1,912,108
712,085
1.754.902
985,177
828,144
787,174
179.549
August
June
July
July
__
Tran. April
Kansas Gas & Elec Co July
Keokuk Electric Co.. July
Keystone Teleph Co. August
Key West Electric Co July
Lake Shore Elec Ry__ June
Long Island Electric. April
Louisville Railway.— June
Lowell Electric Corp. July
Manhattan & Queens April
Manhat Bdpe 3c Line .April
/ Interboro Rap
Metropol'n Edison Co August
cMilw El Ry & LtCo.jJuly
Miss River Power Co.'July
Nashville Ry & Light June
235,006
104,719
691,751
146,244
946,301
35.507
740.304
27,894
67,217
64,178
37,453
28.010
31,141
24,327
516,722
74,664
309.406
1,556.348
58,659
131,650
480,215
128,634
596,096
1,589,326
951,118
3,969,322
861,948
4,587.376
25.5.084
547,574
289,114
189.301
1,983.233
1,399.811
117,289
1683,290 1416,193 13,288,629
4599.225 3996,886 18,388.849
1,904,527
1,329,461
661,195
3,410,246
775,573
3.576,815
205,140 4
496,950
250.608
173,238
2,021,637
977,482
11,012,105
12,877,239
1,510,300
181,116
25,891
139,631
19.006
226,427
17,786
346.565
82.819
63.812
2,039,798
2 014,593
705,536
75.926
85.708
557,916
23.266
73,256
21,737
13.530
227,115
179,401
10,453". 075
8.232",911
233,289
30.222
143.919
21.046
289,351
25.261
347,818
98,622
22.283
—
Michigan
def88,123
def99,549
def99,549
defl3,791
def427,234
77,917
607,147
492,039
3,827,974
65,458
177,399
72,716
243,222
15,585
Aug
Aug 31
Union RR.b
Jan
227,051
Aug
Ulster & Delaware..b.I
Jan
129,578
def78.676
877,150 def257 090
265,410
1,400,134
161,696
Reading RR.b
Jan 1 to Aug 31
172
28,989
def7,310
def36,782
6,673,390 df4,847,304
1,361,153
7.584,097
5,258,807
55,773,636 46,925,510 def425,967
115,905
def59,443
7,469
132,709
745,989
43,828 defl53,985
1,039,380
——
Beaver
Alton.b——Aug 2.618,421
Delaware &
Jan
def9,113
186.376
Cincin Ind &
Jan 1 to
Jan
def28,594
233,809 defl44,233
1,932,817 def 142,016
1
Jan
64,599
345,481
2,342,067
Charleston & W Car .b.Aug
Jan 1 to Aug 31
Chicago &
to
Richm Fred &
121.818
def549,510
3,778,167
18,961,349
Susquehanna.b
Jan
108,204
841,603
Aug
Aug 31-
| 1 to Aug 31
or
146,659
Buff &
1,205,878
2,005,262
15,640,290
548,219
2,186,308
Aug 31
to
4,428,187
2,948,293
4,311,107
Aug 31
to
183,294
6,384,018
17,821,467 def940,920
113901,885dfl ,740.438
Aroostook.b__Aug
1
Jan
339,481
956,993
48,408,882 41,522,311
& Ohio
Aug20,222,080
1 to Aug 31 ——139,081,224
Baltimore
Bangor &
225,395
717,068
4,050,71 ldfl ,018,127
Line.b—Aug 5,772,347
Aug 31
to
139,024
403,484 def367,466
3.256,676 def732,760 def589,096
Aug
Aug 31
to
Atlantic Coast
Jan
493,243
3,792,603
Aug 31
to
Atlantic City
Jan
$•
Atl.b—Aug
Atlanta Birm &
1
Jan
Earnings■
Previous
Roads.
to
Pitts & West Va.b
Port
Earnings—— ——Net
18,478
7,438.489
17,453,642
Aug 2,692,725
Aug 31—
Shawmut.b
Jan
5,431,026'|
not 1919.
-Gross
to
1
Jan
Dates.—The table
following shows the gross and net earnings with charges and
surplus of STEAM railroad and industrial companies reported this week:
West.b..Aug 1,580,322
8,214,450
Aug 31
Phila & Reading.b..,..Aug
Earnings Monthly to Latest
Net
1
Jan
(20.96%)— —
Comparison with 1917 figures
to
Phila Beth & N E.b
J
*
2,128,142
7,367.371
596,541
457,925
428,589
4,159,694
3,668,052
8,553,553df1,509.530 2,814,256
Northern Pacific.b
Aug 9,098,021
7,589,811 14,202,165
Jan 1 to Aug 31
68,048,442 62,803,514
6,930,649dfl ,761,797
1,668,598
Norfolk & Western.b
Aug 6,795,319
9,002,497
Jan 1 to Aug 31^—.50,723,453 48,674,714df2,402,727
85,785 defl 11,181
def23,266
Peoria & Pekin Unionb.Aug
146,693
767,518 defl94,363 def311,866
Jan 1 to Aug 31--— 1,006,953
3,394,814
357,956 df1,247,039
Pere Marquette.b
Aug 3,930,442
2,037,095
5,301,124
Jan 1 to Aug 31——25,132,796 22,094.391
99,856
41,884
«52,377
Perkiomen RR.b
—Aug
116,642
712,464
329,201
343,625
Jan 1 to Aug 31—
771,029
Pitts &
Total (15 roads)
Net increase
1
N Y Chic & St Louis
320,841
_)
Grand Trunk Western.
1,459,120 def344,877
to
N Y Ontario &
Decrease.
247,144
207,918
712,000
87,937
$
Canadian National Rys
Canadian
J
Jan
Pittsburgh.
Buffalo Rochester &
Increase
Previous
Year.
9,364,106df1,064,579
Hartf.b—Aug 11,856.669
Aug 31
-78,273,497 66,511.822df2,570,754
N Y N H &
Jan
I
1919.
1920.
September.
Third Week of
Year.
Roads.
Current
Year.
Previous
Year.
Current
by Weeks.—In the
1550,611 1161,610
200.655
176.651
1,149,420
1,061,022
149,667
131.995
1,583.424
1,190,196
80.601
50.447
233.048
196,693
1.516.018
1,305,543
307.142
256.521
1,847.681
1,577,844
1364
Latest Gross
Jan.
Earnings.
[VOL. 111.
CHRONICLE
THE
Gross
Earnings.
&r
of Road
Company.
Current
Year.
Month.
Year.
Current
Year.
Commonwealth
.
Pow, Ry & Lt Co
8
$
Nebraska Power Co.
Nevada-Calif El Corp
New England Power.
New Jersey Pow fit Lt
August
221,540
281,620
259,357
2",086,360
1,760,333
June
486.254
297.766
2,760.062
1,816.938
41,105
276.246
513,604
27,336
262,538
411,161
47.557
July
August
Newp N&H Ry.G&E July
New York Dock Co
August
N Y fit Long Island.. April
N Y & North Shore
April
N Y fit Queens County April
b N Y Railways.
April
b Eighth Avenue.
April
b NJnth Avenue
April
174,154
43,018
5,767
97,131
)
12,442
.86,194
718.8331
85,3451 1090,708
34.581!
82.095
66.510
903,028 803.251
278.076
334.754
55,665
41,488
.
Nor Caro Pub Ser Co June
Northern Ohio Elec_
July
North Texas Electric. July
.
NorthwOhioRy&PCo August
Ocean Electric (LI).. April
12,798
Pacific Power & Light July
Paducah El Co & Sub July
214,682
39,292
Aug
Co
1,557*451
3,738,035
137,174
21,120
330,687
2,511,851
268,937
88,905
937,132
6.562,238
2,245.971
1,584,383
3,443,121
,052.405
8
Honolulu
Rapid
mos
'19
8 mos' 20
'19
Idaho
Aug '20
'19
31*. 162
12
145,635
Pennsy 1 v U tilit ies Syst August
Philadelphia Co and
Subsid Nat Gas Cos August
Philadelphia Oil Co.. August
Phila & Western
July
Phila Rap Transit Co August
Portland Gas fit Coke July
Port(Ore)Ry,L&PCo May
Puget Sd Pow fit T.t Co July
ReadingTrans&LtSys August
Republic Ry fit Lt Co. August
Richmond 14. & RR.. April
Rutland Lt fit Power. August
Sandusky Gas St Elec August
Scheneptady Ry Co.. July
Second Avenue
April
Southern Cal Edison. August
Southwestern Pow &L July
Tampa Electric Co. July
mos
128,475
78,069
2999,199
200,473
741.360
766.693
266,611
700,018
'19
Interborough
684.345
42.662
62,364
146,840
51.821
42,662
158,918
1.048.680
183.803
6,856,625
158.918
"844",524
4,135,038
882,221
10046665 8241,055
531,642
695.212
922.490
156,083
185,818
44,501
54,272
Wash Balt&
Annap.. June
Western Gas & Elec.. August
West Pow Co of Can. July
Youngstown St Ohio. July
44.272
932,270
2,288,712
Includes
Republic Ry
& Light Co
constituent
or
subsidiary
335",561
companies.
Earnings
Railway and Other Public Utility Net Earn¬
ings.—The following table gives the returns of ELECTRIC
railway and other public utility gross and net earnings with
charges and surplus reported this week:
-Gross EarningsPrevious
Barcelona Tr, Lt & Pow.Aug 2,715,020
6 months
15,638,775
Beaver Valley Trac Co._Aug
Jan
1
to
*1,836
*68,308
39,814
10,010
163,966
11,454
837,019
217,637
7,797,914
2,820,632
256,714
2,807,211
985,177
...10.470,177
months.....
Great West Power
787.174
187,534
2,444,565
2.475,524
Sys._Aug
596,096
3,969,322
months...
Illinois Traction Co
8 months
Aug
Metropolitan Edison Co.Aug
480,215
318,020
3.410,246
1,683,290
13,288,629
1,416,193
11.012,105
227,115
2,683,937
Lt_.Aug
179,401
41,105
425,039
months
New Jersey Pow &
12 months.
8,623,434
27,336
235,706
873,116
13,113
10,693
14,669
35,646
46.065
902,134
10,043,874
642,889
8,441,565
*417,071
*5,667,914
128,475
97,804
784.575
*94,020
*923.868
months........
1,177,619
Reading Transit &LtSys Aug
12 months............
Rutland Ry, Lt & Pow __Aug
12 months
Sandusky Gas fit Elec...Aug
12
months..
497,498
266,611
2,953.950
246.050
54,287
562,210
46,857
62,364
675,032
Sayre Electric Co
*83 914
*660,209
28.354
37,449
332,878
......
39,491
......
.!!!
„
11,349
157,119
12,150
6.813
66.858
6 003
10.958
So Canada Pow & Subsid Aug
11 months
80,187
620,307
51.175
24,530
21 473
538,967
269,574
230*,347
17th Street Incline Plane Aug
12
months
4.546
28,439
4,361
26,391
53,348
552,351
46.469
.Virginia Ry & Pow Co..Aug
922,490
1,814,625
766,910
1,523,046
months
Western States Gas & El.Aug
185,818
12 m»nths.
2,134,398
*
1,981
2,722
32,408
Vermont Hydro-El Corp Aug
12 months
2
*293
nsn
*276
*4'.923
27 720
208.581
154,315
1,788,412
14 334
•
294,471
579,434
307 847
61,171
840,437
58 571
61L076
732,370
Does not include income from investments and is before
providing for
on debt and other income deductions.
interest
Gross
Net after
Fixed
Balance,
Earnings.
laxes.
Charges.
Surplus.
$
Cities Seaw-
$
$
2,014,244
1,957,876
155,988
'19
1,300,709
'20 16,875,443
'19 13,647,249
1,249,276
166,540
16,412,256
13,176,905
1,282,699
Aug '20
ice Co
8
mos
Aug '20
1,528,108
1,438,004
1,346.512
279,672
278,402
607.576
253,948
3.080,300
332,761
79,453
601,271
598,379
122,876
42,577
114.389
36,179
513.953
Co.
Third Avenue
mos
'19
972,974
'20 12,860,505
'19
9,852,321
Aug '20
'19
Railway Co
2
mos
'20
'19
885,979
586,710
7,105,516
5,994.208
1,108,361
1.029,438
2,268,985
2,050,237
4.025,216
2,900.629
3,093,579
133,649
179,369
324,011
222,363
220,210
del'88,714
def40,841
442,058 def 118,047
439,981
def45,312
394,669
Fixed
stock
of
FINANCIAL REPORTS.
Financial Reports.—An index to annual reports of steam
railroads, street railway and miscellaneous companies which
have been published during the preceding month will be given
on the last
Saturday of each month.
This index will not
include reports in the issue of the "Chronicle" in which it is
published.
The latest index will be found in the issue of
Sept. 25.
The next will appear in that of Oct. 30.
Central
Railroad
{Report for Fiscal
Co.
of
New
Jersey.
Year Ended Dec. 31
1919.)
President and Gen. Mgr. Wm. G. Besier says in substance:
Additions and Betterments.—Charges aggregating $5,173,218 were made
for Additions and Betterments during the year,
iz.:
Charged to profit and loss chiefly for renewing bridges and widenening bridge at Easton, Pa. ($495,641), and additional tracks
anc
changes in yard tracks at Allentown, Pa., $257,540--$929,871
Charged to Capital notably now coal pier No. 18 at Jersey City,
N. J. ($659,248), and
equipment ($3,938,147)
$5,173,218
Funded Debt.—The total funded debt on Dec. 31 1919 was $52,178,000
(including $1,167,000 held in Treasury), a decrease of $300,000 for the
representing retirement of Equipment Bonds Series "G."
Of the $50,000,000 General Mortgage 5% bonds, $45,091,000 have
been issued, of which $1,167,000 are held in the Treasury, leaving unissued
year,
$4,909,000.
New Equipment.—Additions have been, or are being made, as follows:
(a) Equipment purchased and received in 1919: 500 box cars, 500 coal
4 Browning locomotive cranes; (b) equipment completed at company's
shops in 1919: 6 caboose cars; (c) Equipment under construction at com¬
pany's shops: 2 caboose cars, 5 steel caboose cars;
(d) New equipment
contracted for the coming year:
] 1 freight locomotives (Mikado type)
and
1.000 coal cars.
Federal Compensation.—Our
contract
with
the
Director
General
was
1.284,702
was
subsequently increased to
$9,405,979.
To
Dec.
31
1919 the company had received $8,709,800 on
account of
compensation, during the two years of Federal control.
Condensed
Statement of Account with the U.
Dec. 31 1919.
S. RR.
Administration
as
of
(a) Debits against the Government—Cash Assets collected, &C-__$15,237,522
Total amount of accrued compensation, viz
$18,811,958
Less paid on account
8,709,800
10,1.02,158
$25,339,680
(6) Credits to the Government—Liabilities paid, &c_-$17,181,706
Additions and Betterments (Road & equip't)..
7,903,193
25,084,897
*3,996.742
13,683
152,874
months..
7,590,484
5.867,562
......
*112 622
..Aug
12
522,812
'20
91,877
165,453
145,568
1,951,957
1,626.184
700.018
*19
mos
95.382
90.490
749.262
717,371
*
146,374
20.373
70,313
Aug
'20
'19
by the Inter-State Commerce Commission,
74 875
145,635
12
mos
169.943
1,350,533
1,315.750
368,423
2,990,463
27,027
/41.488
Philadelphia Oil Co
463,112
187.259
335,529
3,501,568
184,119
2,016,833
months..
979,538
513,604
411,162
3,738.035
3,443,121
97,417
93,347
605,179
516,425
2,155,754
55,665
415,688
12
57,438
470,062
executed on Jan. 24 1919.
The Standard Return which had been fixed
in this contract at $9,352,301, after making certain adjustments required
Penna Utilities System..Aug
12 months
Philadelphia Co and subsid
Natural Gas Cos
Aug
59,744
150,785
270,064
1,954,251
N W Ohio Ry
&Powqr..Aug
12 months
....
1,714,432 doi'658,481
1,664,009 de!632,975
3,409,833 df1,201,907
3,307,452 dfl .039,484
cars,
9,534,863
months..
12
1,298.070
6,610.176
*10,113
*126,568
General Gas & Elec Co..Aug
8
1,761,904
10,180,870
Year.
64,796
642,977
Aug 31
months.
12
Year.
50,603
396.506
Duquesne Light Co-_.._Aug 1,125,915
8
2,086,346
11,847,369
-Net EarningsPrevious
Current
61,008
469,830
Binghampton L, H & P.Aug
12
Year.
42.171
263", 94 5
Electric
Year.
89,559
60,921
716,96-1
383,674
49,169
484,825
453.413
157.161
'19
nia Edison
Tennessee Power Co. and the Chattanooga Railway fit Light Co. i Includes
both subway and elevated lines,
i Of Ablngton <k Rockland (Mass.).
Current
105,434
1,075.241
Aug '20
Southern Califor-
p Subsidiary companies only,
h Includes Tennessee
Power Co.. the Nashville Railway St Light Co.. the
Companies.
9,632
15,010
82,916
115,065
112,276
281.620
259.357
'19
1,175.052
1,925,247
separately, c Includes Milwaukee Light, Beat fit Traction Co. d Includee
1,611,703
14,046
13,322
charges include dividends on outstanding preferred
constituent companies in addition to taxes and interest.
604,779
766,910
154.315
40,603
1,055.951
1,031,034
2,207.926
2.267,968
1,109,858
138,728
103,092
1,201.789
837,087
4.032.388
3,482,684
8,116,013
7,122.071
def68,956
92,957
956,557
218,971
23.687
28,333
195,193
220,500
231,509
172,280
2,157.713
1,667.651
22,847
67,711
1,522,819.
1,399,517
143,965
1,505.135
2,086,360
1,760,333
Dock Co
£
a The Brooklyn City RR. Is no
longer part of the Brooklyn Rapid Transit
System, the receiver of the Brooklyn Heights RR. Co. having, with the
approval of the Court, declined to continue payment of the rental: therefore,
since Oct. 18. 1919 the Brooklyn City RR. has been
operated by its owners
b The Eighth Avenue and Ninth Avenue RR.
companies were formerly
leased to the New York Railways Co.. but these teases were terminated on
July 11. 1919, respectively, since which dates these roads have been operated
milreis.
New York
12
460,739
203.115
67,217
64,178
547,574
496,950
688,137
2,600,659
'20
'19
mos
713*850
1,122,280
2,775.425
1,883.388
6.373.333
3,600.724
150,015
236,922
2,461,692
2,721.561
438.489
256,318
Aug '20
8
919.536
9,147,564
1,185,830
3.187.676
2,405,926
6.857,289
Utah Securities Corp. August
Virginia Ry & Power. August
in
'20
def46,49.1>
56.837
204,143
2,782,591
Aug '20
'19
Electric Corp
12
1 017 811
Twin City Rap Trari
April
United Rys of Rait.. Julv
Utah Power fit Light. August
sources,
mos
4,026,313
46,857
39,491
163,785
5,357,221
183.803
Nevada-California
8
1528,108 972.974
749,706 484,952
100.043
112,321
207,635
153,567
536.946 426.663
362,763 260,787
1160,623 1020,799
June
kTenn Ry. Lt fit P Co June
Texas Power fit Lt Co July
Third Avenue System. July
Railway. Light fit
'19
2
5.675.359
246,050
522,812
51.821
Tennessee Power
all
Aug '20
Rapid Transit
642.889 10.043.874 8,441,565
784,575
97,,804 1,177,619
476.825
511,981
69,130
2916.816 24,760,738 22,964,499
1.434.011
166,994
1,214,525
3,544.324
711,453 3,700.267
54,287
....
given
'20
'19
902,134
1.689,828
1.227.634
'20 13.672,948
*19 10,289,300
Aug '20
i
Transit fit Land Co
Power
41,602
343,747
336,126
5,078,686
4,769,499
'19
770.687
5,116,187
1,836,644
1,168,063
905,759
'26 13,336,937
'19 10,670,399
Aug'20
Edison Co
45,752
319.990
!4
mos
Detroit
165.410
'20
'19
12
129.029
184,119
Power
185,911
176.636
Consumers
Charges.
£746,371
789,640
£681,011
827,614
6,987,850 £5,831,241
6,830,635 £5,424,377
2,627,694
2.142,021
'20 20,178,684
'19 16,494,953
,
9.578
Penn Cent Lt&P&Sub July
Aug '20
'19
mos
Balancer
Surplus.
Fixed
$
Previous
Year.
Previous
Net after
Taxes.
8
1 to Latest Date
Name
$
1,801,888
1,082,736
15.127,553
11.894,206
Balance due from the Government
$254,783
S.RR.
Further.—Amounts due the company not yet considered by
in
making Settlement:
U.
Administration
Material
and supplies
,
Depreciation accrued on equipment-,.
Property retired and not replaced (road and equipment)
$4,810,083
2,628,961
426,002
Rolling Stock.—The Director-General has allocated to the company the
following equipment:
(a) 21 heavy Mikado locomotives:
(b) 10 switching
locomotives;
(Cj 500 50-ton box cars;
(d) 1,000 55-ton coal cars.
The
cost of this equipment
is being financed through an Equipment Trust,
arranged by the Director-General with the Guaranty Trust Co. of N. Y.,
as Trustee by which the company is obligated to deliver to the DirectorGeneral
its 6% notes for the total purchase price payable in 15 equal
annual installments, the first maturing Jan. 15 1921.
Operations by U. S. RR. Administration in 1919.—There were handled
8,060,793 net tons of bituminous coal, an increase of 269,248 tons, and
9,496,781 net tons of anthracite coal, a decrease of 1,581,401 tons, com¬
pared with the preceding year.
Included in the operating expenses are the following expenditures:
(a)
Employees' compensation laws, States of New Jersey and Pennsylvania,
$38,229;
(b) Federal Valuation of Railroads, required by law, $77,912;
(c) Full Crew Laws, New Jersey and Pennsylvania, $178,225.
The average revenue tonnage per train mile was 671.5 tons, an increase
of 7.9 tons, and tne average distance each ton was carried was 69.83
miles, a decrease of 2.46 miles.
During the year 228,077 new tires were laid; 194 cubic yards of rock
ballast were placed in track;
149.67 miles of track wore relaid with steel
rails of 90, 100 and 135-lb. sections;
4.36 miles of track ware relaid with
second-hand rails, chiefly of 70, 80, 85 and 90-lb. sections.
Federal control and operation of your properties ceased, and oorporate
operation was resinned, midnight of Feb. 29 1920, but for the six months
ending Aug. 31 1920, the same guaranty of income is given this company
as during Federal control.
-1
.
-
Oct. 2
1920.]
THE
CHRONICLE
I
FEDERAL OPERATING ACCOUNT FOR 1919 AND 1918 COMPARED
WITH COMPANY'S REPORT FOR 1917.
1919.
Operating Revenue—
1918.
1917.
Merchandise
..$19,063,438 $18,927,308 $15,528 456
Bituminous coal
3,155,500
2,378,731
»•;
3,255,700
Anthracite coal..10,389,975
9,195.132
11,305,047
—
—
Passenger
Express and mail
*
_.___
—
Waterline..
Water transfer.......
—
Incidental..
Miscellaneous
...
7,485,147
953,740
373,735
465,390
1,249,205
446,797
300,003
504,663
1,727,611
431,652
6,663 309
885,862
298,498
404,582
1,404,073
338,097
—$44,837,302 $44,790,671
Total....
$5,510,957
11,869,423
21,358,894
322,112
1,014,676
197,888
_. ..
Transportation
expenses
....
Traffic expenses.
General expenses—....
:—.
Miscellaneous operations, &c.
Total—-
—
revenue..
$3,109,101
6,686,133
15,240,891
369,757
801,547
205,425
301,724
901,641
220,063
.
—.
Taxes, &c
$4,088,182
10,419.020
20,458.641
.$40,273,950 $36,369,271 $26,412,853
4,563,352
8,421,400
10,683,887
2,764,081
1,904,874
2,392,646
—
_
$37,096,739
OPERATIONS AND FISCAL RESULTS.
1919.
Passengers carried
_
Revenue freight (tons)..
Rev. fgt.(tons) 1 m.(000)
Rate per ton per mile...
1916.
1917.
1918.
685,522
68,973,961
2.68 cts.
$2.42
10,068,193
2,550,674
0.820 cts.
Pass, carried one mile..
Rate per pass, per mile.
Earn, per pass, train m_
782,616
78,078,054
782,644
81,200,847
618.459
73,610,473
1.91 cts.
1.75 cts.
11,737,992
2,963,730
$1.39
10,621,662
2,615,524
$1.37
10,831,772
2,619,601
0.679 cts.
0.563 cts.
0.510 cts
2.35 cts.
$2.16
INCOME ACCOUNT YEARS ENDING DECEMBER 31.
Earnings—
Freight..
Passenger.
—
1919.
1918.
1917.
1916.
$20,911,208 $20,123,797 $14,731,021 $13,372,737
1,847,178
1,831,291
1.408,248
1,416,963
489,639
480,147
490,363
432,096
230,738
221,146
271,575
166,132
--.
Mail, express, &c
Operating Expenses—
Maintenance or way, &c_
Maintenance of equipment..
Net
8,165,100
1,367,962
1365
__
Incidental
Total oper. revenue..$23,478,763
$22,656,381 $16,901,206 $15,387,928
jjj xvenses
Maint. of way & struc..
Maint. of equipment—_
Traffic expenses
$2,848,047
4,427,399
316,447
Transportation expenses 10,045,596
General & miscellaneous
760,122
$1,379,715
2,707,764
$2,615,657
4,172,820
368,548
9,734,020
629,729
$1,246,472
3,124,188
564,286
6,180,182
356,858
560,844
8,153,812
479,173
.
...
Total expenses. — ..$18,397,611 $17,520,774 $13,281,309 $11,471,986
P.C.ofexp. to earns...
(78.36)
(77.32)
(78.58)
(74.55)
^
Operating income
....
_______
$1,799,271
$6,516,526
$8,291,241
Net
CORPORATE
INCOME ACCOUNT FOR CALENDAR
1919.
Rent. acc. und. Stand. Return
Bal. standard return for 1918.
.
—
.
—
Income from funded securities
income from unfunded securities
Miscellaneous
——-
Operating income
Rents, received
...
on
funded debt
unfunded debt—
Miscellaneous taxes
Dividends (12%)
2,628,149
253,590
3,205,362
141,822
3,292,416
3,292,416
—
$10,267,359
—
surplus
a3,292,416
$10,211,987
$9,172,063
1,803,209
Total deductions——
311,151
b3,483,658
Other income in 1918 and also in 1919 includes the usual $1,103,622
received from the two semi-annual dividends of 6
% each on the $8,489,400
stock owned in the Lehigh & Wilkes Barre Coal Co.
Out of this sum were
a
paid the customary 4% ($1,097,472) as special dividends on Central RR.
of N. J. stock, making the total dividends on that stock for the year, 12%
as
heretofore.
income in 1917 included four semi-annual dividends of
$2,207,244 from Lehigh & Wilkes-Barre Coal Co., viz.: Dec. 1915, June
and Dec. 1916, and June 1917.
b Dividend
c
"Only 90% of the Standard Return was accounted as accrued for the
1918, as under Section 2 of the Federal Control Act, pending the exe¬
year
cution of an agreement, payments on account of the Standard Return are
limited to that extent."
The remainder ($953,230) of the quota due for
1918 is includedjwith the income for 1919 as here shown.
BALANCE SHEET DEC.
1919.
$
.8
AS8€t3~~~~
/'
Road & equlp't.113,596,749
■
108,423,531
Stocks
8,905.589
8.905,589
Bonds..
1,894,000
1,894.000
Advances....
2,500,625
2,489,838
Acc'ts A wages.
Other Investra'ts
4,711,703
4,811,119
Traffic. Ac., bal.
.
_
Lns. & bills pay.
Inv. in affil. cos.
5,850,000
27.436,800
52,538.000
6 450,000
Int., divs.. &c..
Misc. phys. prop
3,228,323
3,249,520
Misc.
Secur. unpledged
Rents receivable
3,267.000
3,567,000
7.167,071
803.681
1,317,218
324,718
31,375
25.799
297,970
Misc.
649,559
576,347
7,979
16.642
281,487
Unmatured divs.
Special deposits.
Traffic. Ac., bal.
101,959
305,009
accrued......
Cash..........
1,062,551
Int., divs., Ac.,
9.994.802
1,063,498
57.129
56,438
734,533
due..
accounts.
Loans A bills
rec
51.149
2,311
Ins., &c.. funds.
11,387
16.205
Other
unadjust¬
1,667,165
1,672,976
Other def. assets 25,561,027
accounts.
declared
548,736
556,115
Deferred
26,208,139
acc'ts.
$3,390,977
195,703
$4,713,755
$4,684,774
$3,367,634
$3,586,680
$5,650
418,517
305,708
1,580,797
34,568
(a)
249,895
$5,150
636,639
244,876
1,378,300
42,918
99,675
249,895
(5)549,990
$5,400
$5,400
527,565
240,408
1,157,267
(5)549,990(2^)275,000
$3,145,126
$3,207,444
$ 1,568,630sr.$l 477,330
$3,316,880
$2,554,149
sur.$50,754sr.$l 032,531
1st pref. divs. (5%)
2d pref divs——_x(5%)549,990
Total deductions
Balance,
sur.
ordefsur.
7.966,722
Surplus special.*40.613,413
Accr'd
deprec'n. 12,773,770
Profit and loss.
y8,942,343
TJnadj. accounts
548,736
496,204
22,713.225
1,444,722
39,667,904
12,873.472
7.995,336
plus the 2H% on 2d Pref. paid July 2 1917.
accounts..
_
53
98.457
250,000
The report for 1918 said
dividend for 1918 not yet declared pending decision as to just compensa¬
tion" from U. S. RR. Administration.
The 1919 report charges (a) against income of 1919 the 5% on First Pref.
paid Jan. 23 1920 and against profit and loss the 2
% paid July 22 1919 on
the 2d Pref. for year 1917 and adds that "pending decision as to just com¬
pensation and other matters indispute arising out of Federal control no
action has been taken
on dividends for 1918 on First and 2d Pref. stocks
on dividends in 1919 on 2d Pref. stock."
There have since been paid however on First Pref. 5% on July 12 1920
and on 2d Pref. (a) 2H% May 1 1920, (&) 5% Aug. 6 1920.
these dis¬
tributions it would appear were made on account of the previously de¬
nor
ferred payments.
BALANCE
1919.
SHEET DECEMBER 31.
1918.
S
*5
Road A equip
69.697.092
Securities owned.. 1.505.000
1919.
1913.
Liabilities—
$
1st pref. stock..
5,000,000
2d pref. stock....11,000,000
68,737,762
1.755,000
'
9
5.000,000
—
Miscel. phys. prop.
Stock in treasury.
675,008
12,700
673,645
12,700
11.000,000
Common stock—.14,000,000 14,000.000
Funded debt— ...37,715,000 33,270,000
Cash...
354.018
64,317
Accounts A wages
1,594,760
2,333
76.465
15,852
Int..div.,Ac.,unpd.
143,805
107
494,352
107.560
4,973
Loans A bills pay.
Miscel. accounts—
_|___
Special deposits.
Traffic, Ac., bals.
__
Miscel.
accounts..
Discount
on
....
f. d6bt
Int.
divs., Ac.,
57,988
ac.
Approp. surplus—
Unadjusted accts.
......
13,220.394 11,025.148
48,227
176,504
595.805
82,181
316,698
550.000
8,630.468
5,327.719
07,055
8,713,536
5,032,530
309,621
.
Deprec. (equip.)..
Total
2,090.489
1.010,517
Profit and loss
-..87,699,569 82,473,422
3,008,096
2.570.557
Total
.87,099.569 82.473,422.
-V. Ill, p. 389.
22,639,510
ed
788.236
256,033
1,324,566
43,718
99,041
249,895
a Amount transferred to 1st M. sinking fund in 1919 is not
stated, but
$241,000 bonds were retired in that year, in part out of $99,675 placed in
sinking fund reserve in 1918.
Dividends.—The report for 1917 charged against the income (a) the two
semi-annual dividends of 2H% each paid Jan. 2 and July 1918 on First
Pref. stock: (5) the 2)4% on 2d Pref. paid Jan. 2 1918 and (c) against sur¬
Items in suspense.
_....
$3,011,758
355,875
Interest on funded debt.
Int. on unfunded debt—
Sink. fd. 1st M. bonds__
Advances, Ac
Taxes
$4,487,920
196,854
facilities, &c.,rents
A. sscts
Capital stock... 27,436,800
Mtge. bonds
*52.178,000
6.870,468
$4,453,271
260,484
Hire of equipment
Joint
1918.
$
7.800,339
Impr. leased rys.
$3,915,942
524,965
Gross corp'te income.
Deduct—
GENERAL
1919.
Liabilities—
$3,619,897
608,138
Rentals leased lines
31.
1918.
$5,135,607
647,687
Operating income——
_____
2,633,47 5
453,646
$5,081,152
627,881
Other income.
280,944
141,839
110,051
8,291,241
872,680
b2,958,935
..$12,070,568 $10,523,138 $12,655,721
396,370
143,766
(?)
2,445,550
2,445,5501
750,756
31,483/
2,275,098
295,146
1,417,034
257,366
Miscel. income charges.
Rentals
Balance,
"323*211
al ,341,607
1,320,686
Gross corporate income
...
Deduct—Corporate expenses...
on
$9,352,301 C$8,417,071
c935,230
384,559
285,732
8,446
69,260
8,532
147,072
—
—
earnings—_______
Taxes accrued, &c__
1917.
—
D ividend income
Interest
Interest
YEARS.
1918.
Montreal
Tramways Company.
(Report for Fiscal Year ending June 30 1920.)
Total
...184.C93.615 173,932,047
Total
...184.993,615 173,932 047
x Includes in
1919 additions to property through income and surplus,
(1) investment in road and equipment, $32,813, 74, and (2) improvement
on leased property, $7,800,339.
y After adding miscellaneous items $73,609
nd after deducting additions
and betterments $929,871.
* Includes:
(a) Equipment obligations in company's treasury $2,100,000
(6) Gen.
Mo tgage 5% bonds $45,091,000 of whi h $1 167,000 are he
in tr asury
and $43,924,000 with publi •;
(c) Am. D ck & Impt. Co. bonds $4,987,000.
—V.lll. p. 1277.
..
York
New
—
Chicago & St. Louis Railroad Company.
(33rd Annual Report Year ended Dec. 31 1919.)
0.
P.
Van
Sweringen, Chairman and Pres.,
Debt.—The funded debt
was
says
in sub.:
decreased during the year 1919 by the re¬
Trust certificates, and also $241,000 First
Mortgage bonds.
[None of the 1st M. bonds were retired in 1918, though
the usual sinking fund charge of $99,000 was made on the books.—-Ed.]
The debt was increased by the issuance and sale of $4,956,000 Second and
Improvement Mortgage bonds.
The "Second and Improvement Mortgage," dated May 1 1918,
auth¬
orizes the issuance of bonds thereunder, not to exceed $25,000,000, matur¬
ing not later than May 1 1931.
It aLso secures equally and ratably there¬
with the 25-year 4% Gold bonds of 1906, commonly called Debenture
bonds of 1906.
During the year there was issued and sold under this
mortgage $4,956,000 Series "A
bonds to reimburse the treasury for capital
expenditure* theretofore made. (V. 108, p. 1061.)
Federal Compensation.—'The compensation for the use of the property by
the U. 8. RR. Administration has not as yet been determined, and no agree¬
ment has been made under the provisions of the Act of Congress of March
21 1918, relating among other things, to "just compensation" for the use
of railroads under Federal control.
Negotiations with the Director-Gen¬
eral, relating to the compensation are still being conducted.
Income.—The earnings from the operation of the road for the year 1919
belong to the U. S. Government, and, inasmuch as the "just compensa¬
tion" for the use of the property has not been determined, it is impossible
to state the company's income ror the year ended Dec. 31 1919.
To com¬
pare the results of operation for 1919 with 1918, a summary of financial
operations, combining the results of operation by the U. 8. RR. Admini¬
stration and corporate revenues and expenses, has been prepared.
tirement of $270,000 Equipment
President
E.
OF
THE
DIRECTOR-GENERAL'S
ACCOUNT WITH
COMPANY AS OF DEC. 31 1919.
THE
Due Company
S10.768.587 Due Company—
Cash Dec. 31 1917
Cash subseq. to
$1,292,168
Dec. 31 1917.
Agents & conductors balances
Dec. 31 1917
300,000 Road
1.202.178
{Concluded)—
Aects. rec.. rents,
items
1918 A 19 9
retired
and
18.283
Robert
says
in substance:
leaving a balance carried to the credit of the general surplus account of
$161,958.
This sum, added to the $1,039,818 at credit of surplus account last
year,
makes a total of $1,201,776, from which there has been appropriated
$255,601 on account of deferred dividends paid during the year, and $5,000
voted to the widow of one of our oldest officials, Donald S. Robertson;
leaving a general surplas account of $941,175.
Financial.—From the coming into force of the contract, viz.: Feb. 10
1918 to June 30 1920, the revenue has not been sufficient to meet the
requirements of the said contract, the shortage being $1,728,812, of which
amount $1,192,694 Is payable to the city, when received by the company
after payment of all prior charges; and $223,547 to be credited to contingent
fund under the terms of the contract.
Guaranty Fund.—Under the contract the company has to provide from
own funds a guaranty fund amounting to $500,000 in amounts of not
less than $100,000 per year; $200,000 is now on deposit with a trust com¬
pany, in accordance with this provision.
Dividends.—During the year the company resumed paying its usual quar¬
terly dividends on its Common stock at the rate of 2)4 % Per quarter, start¬
ing from the quarter ending Dec. 31 1919; and also paid the quarterly divi¬
dend in arrears for the quarters ended June 30 1918, Sept. 30 1918 and
Dec. 31 1918, leaving three quarterly dividends still in arrears.
Wages.—The employees submitted a demand for a general Increase in
wages, amounting to about $3,500,000 per annum, which the company
declined to accept,
The matter was referred to a board of conciliation,
who unanimously granted an increase of approximately $800,000, which
was accepted.
Fares.—The Tramways Commission, after taking into consideration the
requirements for the forthcomnig year, decided on an increase in fares,
effective on Sept. 1 1920.
New SuthStation.—The company commenced during the year the con¬
struction of a modern sub-station at Cote St., and have placed orders for all
the necessary equipments thereof.
reserve
its
COMPANY'S
INCOME AND
PROFIT AND
YEAR ENDED
Allowance
from
contract,
gross revenue._
STATEMENT
A.
Results.—The gross revenue amounted to $2,375,579 and the expenses to$1,923,071, leaving a net income of $452,508, from which there has been
declared three quarterly dividends of 2)4% each, amounting to $290,550.
JUNE 30
$2,317,445;
LOSS
STATEMENT FOR
1920.
other revenue,
_
$58,135;
$2,375,580
_
Deduct—Interest on bonds, $1,044,169; and on debs., $850,000;
other expenses, $28,902; total.
Three divs., 2K% each, for quarters ending Dec. 31 1919 and
March 31 and June 30 1920
1,923,071
Balance, surplus for the year.
Add surplus at June 30 1919
$161,958
1,039,818
290,550
not
replaced. 1918 and 1919
38.135
$9,157,699 Dur Director-General—
$803,485
1,668.898 Corp. income transaction
219.416 Liabilities, Dec. 31 1917, paid. 3,837,706
Assets. Dec. 31 1917. collected 1.867,965 Expense prior to Jan. 1 1918.. 2,033,238
Dep. on equip.. 1918 A 1919—
945,448 Additions, Ac., 1918 and 1919
(less paid on acct., $712,000) 1,947,707
Revenue prior to Jan. 1 1918..
346,241
10 light Mikado locomotives..
535,562
Tentative compensation 1918
A 1919 (less adv. $1.713.000 2.869.856 (Net balance due company—1;610,889)
__________
Mat. & supplies Dec. 31 1917.
Equip, retired—1918 and 1919
Total
Deduct—Donation to Mrs. Robinson.
_,
$i ,201,776
$5,009
Three deferred divs. of 2H% each, paid on Common stock for
quarters ended June 30, Sept. 30 and Dec. 31 1918
General surplus June 30
1920
-
255,601
$941,175
1366
CHRONICLE
THE
STATEMENT
OF OPERATIONS
UNDER
Four
NEW CONTRACT.
Year ending Feb. 10 '18 to
June 30 '19.
June 30 '20.
Total.
Gross
earnings.
$10,782,470 $11,572,210 $22,354,681
exp. & taxes, $5,849,912; oper.
profit, $46,607; maint. & renewals,
$2,190,557; total..
16,871,840
8,087,076
8,784,764
Oper.
$2,695,394
$2,787,447
$5,482,841
2,452,270
3,343,142
5,795,412
u$243,124
$555,695
$312,571
Allowances due company: 6% on cap¬
ital value, $2,177,178; 6% on work¬
ing capital, $23,833; 7% on addi¬
tions to capital, $69,827; expense of
financing, $181,432; total
Balance, Dr.
Payable when earned: City of Mon¬
treal rental, $500,000; contingent
reserve, $107,824; total...
607,824
808,416
1,416,241
$1,364,112
Balance, Dr.
$1,728,812
d Surplus.
BALANCE SHEET JUNE 30.
1920.
road
of
Cost
1919.
S
Assets—
8
New construction.
'
$
S
Common
41 ,604.518 40,867,593
equipment
1919.
1920.
Liabilities—
and
stock...x3 ,880,240
Debenture stock.. 17 1X10,000
3,861,070
17,000,000
492.642
980,802
274.137
276,588
1st & ref. mtge. 5s. 16 .335,000
Underly.bds.& mt. 3 ,273.996
Accounts recelv'lc.
491,250
595.290
Accounts & wages.
1 ,069,461
Stores......
725.118
1,004,973
Accrued interest..
239.242
243.606
Unred'm'd tickets.
233,912
232,741
Suspense account.
643.127
571.387
432.784
251.353
Investments
■
Cash on hand and
on
Acer, tax
loan
529,334
252,516
Underlying securi¬
ties
redemption
3.550
3,550
Maint. & renewals
200,000
14.482
85.090
Suspense account.
121.591
56,308
Balance due under
new
312,571
payable
Aug. 2 1920
Capital reserve...
Miscellaneous....
97.006
I
600,000
600,000
>
23,250
24.379
941,175
1,039,818
Total
..^_...44,769,193 44,678.405
contract to June 30 1920: for the City of Montreal,
$1,192,694; for the contingent
reserve fund, $223,547; total, $1,416,241,
paid when sufficient revenues are received from the
operations of the contract.—V. 109, p. 1362.
which amounts will be
Quebec Railway, Light, Heat & Power Co., Ltd.
President Hon. Lorne C. Webster says in substance:
Results.—-The gross earnings from
operation were $2,372,035. being an
$294,413 over year 1918-19.
The operating and maintenance
$1,769,563, an increase of $325,047, leaving the net earnings
$602,471, being a decrease of $30,634.
After adding miscellaneous income
and deducting fixed charges, taxes and depreciation for
equipment placed
out of service, there remains a deficit of $44,704.
The balance at credit of surplus account on June 30 1919 was $682,464,
and after charging the deficit above mentioned together with an amount of
$55,056 in connection with recent Privy Council judgment, there remains a
balance at credit of surplus account at June 30 1920 of $582,705.
New Cars.—During the year nine of our order for ten new P. A. Y. E.
double truck latest type cars were added to the rolling stock of the
city
department; the other car was placed in service in 1920.
Line Sold.—The Lotbiniere & Megantlc Railway Co.,
operating between
Lyster, County of Megantic, and St. Jean Deschaillons, County of Lot¬
biniere, P. Q. [30 miles] was acquired by the Dominion Government and
has been operated since April 1 1920 by the Canadian National
Railways.
Improvements, dec.—Extensive alterations and improvements of the in¬
increase of
expenses were
take and the installation of
new
steel head gates at the main dam
on
the
Montmorency River were carried out during the year.
There was expended during the year on capital account an amount of
$266,818, which amount includes the extension of the City Street Railway
on Beauport Road to the city limits, also the 9 new cars above
referred to.
STATEMENT OF EARNINGS FOR
June 30 Years—
JUNE
30.
1920.
$602,471
....
Fixed charges, taxes & depr. of equip.
$1,797,852
1,235,724
$633,105
x647,174
Cr.27,722
726,101
$562,128
Cr.230,088
696,909
def.$44,703
earnings
Other income
1919.
$2,077,621
1,444,516
Not stated
Operating expenses
Net
YEARS ENDING
$2,372,034
1.769,563
Gross earnings...
def.$65,273
1918.
,
Stated after deducting "other income"
for the
type and size of ships this company is able to build for deep-sea
The inquiries for ships for foreign account while limited in num¬
ber, are still persistent, but until the foreign exchange situation is nearer
normal, the sale of ships to foreign interests will necessarily be restricted.
,
prospects for repairs, and replacement work on lake vessels are good.
[The certified public accountants as of Sept. 22 add the following:
"The consolidated
1920 AND
1919.
19.212,319
1.487.800
1.487,800
Capital stock..... 9,999,500
_.xll,045,000
Bills payable.,
725.132
1,981,584
1,734,834
Accts. payable, &c.
557.414
486.791
531,817
177.731
Sundry loans
223,218
223.218
Accrued interest..
104.887
demobilization expenses.
"Tne surplus account as of July 1 1919 has been adjusted by a net charge
of $261,857, as computed under contract with the Emergency Fleet Corpora¬
tion
as
revised Oct. 4
CONSOLIDATED
to
Deferred, &c., int.
1.152.805
charges..
92,254
62.876
.Gen. 8usp. & res've
253,118
262,629
Surplus
582.705
682,464
Total .........24,736,033
24,555,030
532.877
130.989
929.880
Accts. & bills ree'le
Stores & supplies.
Prepaid exp.. &c_.
259,582
_
Total
23,272
24,736.033 24,555,030
Total bonds
1919.
$
$
Bonds
Accrued
$14,600,000; deduct $3,411,000 in
9 ,999,500
11 ,045,000
648,633
earned.
YEAR
ENDING
Total
income.
-
-
-
_
Federal taxes in
30.
1917-18.
45.238
38,500
690.989
48.668
.
Deduct—General, &c., expenses...
State, county and miscellaneous taxes
JUNE
1918-19.
$20,875,057 $16,206,662
839,696
Miscellaneous (net)
375,681
446,349
$11,879,499 $21,659,951 $17,067,191
1,931,641
1,899,097
2,624.518
207,924
315,366
386,683
1
cf prev. appr..
Prov. for amort. & demob, exp. (est.)
1,736,240
excess
,059.506
Sundry profit & loss charges (net)...
D e jireci ation
Maintenance and repairs
Special allow, for exc. prof, taxes, &c_
Amort, of perm, assets to pre-war val.
Adjustment of Liberty bonds.
32,107
377,612
,395,886
,000,000
7,000,000
733,314
2,949.511
434,181
Net income for year ending June 30.
$2,995,294
$3,784,434
693,847
1,723,459
4,000,000
147,815
945,931
3,606.011
1919-20.
$6,626,266
Total.
Common
dividends
1920.
A <?<?/»/<?
C
■■■»•■■
President
Emergency
cargo
lake type and general
steamers for company account, and in
cargo
Fliet
<£
Good will, pat'ts.
5,492,166
5,492.166
Stock, common..
(market value). 8.414,107
9,221,454
3,502
Accrued
&c...._
•
During the year 63 ocean cargo ships of 255.900 gross tons
carrying
capacity were completed and delivered to the U. S. Shipping Board Emer¬
gency Fleet Corporation
In order to keep the three construction
plants
at Cleveland, Lorain and Detroit in
operation, the coastruction of four bulk
cargo lake type and ten general cargo ocean type steamers was
authorized
for company account.
Six of the ocean type ships are
practically com¬
pleted, and the others are expected to be completed within the next four
months.
The prospects for obtaining buyers for these
ships at fair prices
T-
preferred. 7,900,000
7,900,000
7.600,000
7.600,000
694,655
2.144,790
152,998
185.379
138,250
payable
Accounts
3,500
.
Inventory
2,713,723
138,250
1,014,690
3,803,163
1,739,734
Unpaid pref. divs.
Acc'ts & notes rec
stock
304,000
a2.800.695
14,416,960
Adv.rec'don con¬
8,151,577
100,431.229
strue. contracts
8,641.007
31,456
adv.
.
.
Work,
& adj. amort.
12,735
25,814
.
497,136
Conting., &c._
bldgs.,
6,500,000
205.100
9,618.184
37.456.474
192,478
Amort,
12,821,424
11,856,988
37,456,474 152,584,437
Total
152,584.437
4,500,000
&c._
Surplus
v
148,752
658,498
Est. Fed'l taxes
153.392
39.851
&c.
mach..
Total
148.752
991.296
comp'n
insurance
taxes,
Other a&sets
304,000
107,337,118
Fire insurance-
mach.,-
expenses.
com.
Reserves:
assets:
Prepaid
do
type
tion has depressed the
good.
$
interest,
taxes,
securities
Prepaid insur..
equipment on lake steamers.
cargoes for all deep-sea vessels has not been
realized, and this situa¬
shipbuilding industry throughout the world
Our net earnings show a decrease over last
year, but considering the lack
of orders for new tonnage, this
showing is all that could be expected
Large appropriations have been set aside out of
accumulated surplus as
reserves, to meet such demands as may develop for the
settlement of Federal
income taxes, and amortization of the cost of
plants expanded during the
ing
'
Liabilities—
Stock,
repairing, reconditioning and replac¬
The hope that the world's
trade would
provide
pGTlOU.
1
$9,947,830
1920.
1919.
"
8,140,502
Royalties
vear
5,147,564
30.
equip't, &c-.xl ,339,174
Corp
ocean
SHEET JUNE
7,461,177
Bldgs.,
1920.)
M.
construction of bulk
*
BALANCE
Plants, prop., &c.
Deferred
Ship Building Company.
E. Farr says in substance:
Operations.—Our various plants were moderately active
during the
completing ships for the U. S. Shipping Board
$12,821,424 $11,856,988
CONSOLIDATED
Work under const
The American
1917-18.
$6,626,266
9,947,829
482.724
$14,852,282 $14,214,988 $11,773,830
$261,857
553.000
553,000
553,000
(16%)1,216,000(23M)1805000(16H) 1273000
Balance forward
Cash
(21sZ Annual Report—Year ended, June 30
$3,784,434
11,856,988
Net charge against surplus account-.
Preferred dividends (7%)
Govt,
to redeem bonds
...
1918-19.
$2,995,294
Securities owned.
escrow
^subsidiary ^companies and $144,000 canceled; balance, $11,045,000.
appear
FISCAL
....
Interest
034.921
897.360
236,401
29,006
Liabilities—
con-
cos
construction
177.730
W3-f
1919, subsequent to the publication of the last report."]
RESULTS FOR
1919-20.
Net earnings all prop, after mfg. exp_$l 1,039,803
Add—Divs. from outside investment.
108,995
247.762
1920.
S
Bond discount
the
balance sheet submitted herewith reflects all of the
operations of the combined companies and also the adjustments made
necessary by the revision of the contract with the Emergency Fleet Corpora¬
tion on Oct. 4 1919, from the basis of cost-plus with certain allowances on
account of amortization, dismantling, &c., to a fixed-price basis.
This
change of contract has naturally affected the various reserves previously
provided for Federal taxes and other purposes.
"The total expenditures to this date on account of buildings, machinery,
equipment, &c., built and installed on account of war production, aggre¬
gated $9,343,289, and the reserve provided to June 30 1919 of $4,500,000
against these expenditures ror amortization has been increased, so that,
together with charges made directly against the reserves provided, the
entire plant expenditures on account of war production are now carried at a
net valuation of $1,339,174.
"The net amount of $2,995,294 carried to surplus account as reflecting
the net profit of the year is after deduction for reserves of $2,000,000 for
estimated Federal taxes for the 12 months ended June 30 1920, ard also
the sum of $2,059,506 covering provision for estimated amortization and
surplus
Adjustments (net).
19,212,319
Cash
n
inclined to contract for tonnage at the prices
not
Previous
1919.
Assets
Investments
Treasury bonds...
x
are
are obliged to quote for 1921 delivery,
although a limited number
of orders may be released for replacements or to meet urgent needs.
The
Net income..
1920.
trolled
owners
builders
sur.$95,307
(amount not shown).
BALANCE SHEET AS OF JUNE 30
Gen'l
1920 the
PROFIT AND LOSS ACCOUNT FOR YEARS ENDING JUNE 30.
Balance
Advanced
ending June 30
years
craft, aggregating 4,749,940 tons carrying capacity, were dry-docked and
repaired.
Plants, &c.—The plants located at Superior, Chicago and Buffalo were
abandoned as construction plants, and all equipment not necessary for repair
work, dismantled.
During the year $106,186 was expended for equipment,
replacements and changes in various plants, and $50,000 appropriated for
hospital accommodations for injured employees.
Negotiations have been concluded for leasing the Viaduct office, boiler
shop, machine and foundry buildings, and the Globe foundry and pattern
shop property, at Cleveland, for 99 years, at an annual rental of $13,816 for
the first ten years and $14,216 thereafter, free from taxes, maintenance and
ali other expenses.
This unused property has caused a loss for many years.
War Contract Modified.—The cost-plus agreement with the IJ. S. Shipping
Board Emergency Fleet Corporation, dated Oct. 24 1918, for construction
of 176 ocean cargo snips, referred to in the annual report for the year 1919,
was superseded by a fixed-price
agreement, dated Oct. 4 1919, the con¬
sideration amounting to $131,787,310, which amount is approximately
$20,000,000 less than the aggregate of the origina contracts.
Labor—Total Costs Much Higher than in England, &c.—The percentage
of labor turnover has increased slightly during the year, notwithstanding
there has been plenty of work at all times in our active construction yards,
at high wages.
Excessive labor costs have increased the total cost of new
construction to a level much hfcher than th i prevailing costs of British and
other foreign competitors, with the possible exception of the Japanese.
While steel and other basic materials cost the British shipbuilder
early
doubl
the price paid by American builders, the advantage in lower labor
costs, together with economies in yard management, enables tbe British
builder to produce ships from $20 to $30 per deadweight ton less than the
American shipbuilder.
American shipbuilders cannot hope to compete with foreign builders until
a substantial part of the
handicap in wages, which now amounts to nearly
100%, is removed.
Independent Steamship Co.—This subsidiary was organized March 9 1920
in Delaware with a capital of $500,000, to take title to the steamers under
construction for company account.
All of the capital stock is owned by
The American Ship Building Co.
Outlook.-—There is at the present time practically no American market
Lake vessel
x There is
also $119,760 Common stock unpaid and subject to call,
making the total issue $4,000,000.
Note.—The contract provides that the city shall rec ive out of gross reve¬
nues a sum of $500,000 per annum and that there shall be
paid annually
into a contingent reserve fund 1% of the gross revenues until such fund
shall amount to $500.000j
There has accrued to the above accounts since
the commencement of th'
Record.—During the four
company completed and delivered 250 steel ships of the highest class with an
aggregate deadweight capacity of 1,010,500 gross tons.
During the same
period 1,075 vessels, not including tugs, barges, dredges and other small
service.
555,696
..44,769,193 44.678.405
...
1,115,362
129.693
Surplus..........
contract...
Total
Dividend
3,273.996
on earns.
Financing allow'ce
fund
Guarantee fund...
16.335.000
Years'
[Vol. 111.
This amount
includes buildings,machinery, equipment, &c.t built and
on account of war production, $9,343,288; less reserve for amortiza¬
$8,004,114—V. Ill, p. 1280.
'
installed
tion.
,
National
>
Properties Co. (ahd Affil. Cos.),
(Report of Engineers
In connection with the
as
of Aug. 31
Philadelphia.
1920.)
proposed reorganization (V. Ill,
p. 189, 483, 1278) Day & Zimmermann, Inc., engineers,
after a brief office examination, report as of Aug. 31 to Evan
Randolph, Chairman Bondholders' Protective Commit¬
tee, National Properties Co.:
Oct. 2
1920.]
THE
CHRONICLE
Organization and Operation.—Appended [t-o the pamphlet report] will be
found a chart showing the inter-corporate relation of all of the various com¬
panies affiliated with the National Properties Co.
The chart shows (a) the
ownership of stock, (6) the leased lines, (c) the collateral pledged under
issues of American Railways Co., (d) the date and state of
incorporation
for each company, (e) the authorized issue of each
security, together (/) with
the amount thereof owned by affiliated
companies, (g) the amount owned
by the public.
..
The principal asset of the National Properties Co. is
96.1% of the outstand¬
ing Common capital stock of the American Railways Co. of New Jersey,
which is pledged as collateral security for National
Properties Co.-American
Railways 4-6% Secured Gold Notes.
All of the properties are operated under the direction of the American
Railways of New Jersey.
This company controls through stock ownership
or lease all of the
subsidiary companies except the Newcastle Electric Co.,
Chester County Light & Power Co. and Pennsbury Township Lighting Co.
These three companies are controlled by the National Properties
Co,, directly.
1367
(d) Companies Whose Securities Are Pledged under Am. Rys. Co. Ohio Vail. CoU. Tr. 5s.
6 Months 1S20—
Gross.
30.779
15,653
1,500
239,068
84,859
71.056
987.289
Boyd County Electric Co.....
625.371
59,550
52.974
59.994
17,988
68.065
55,190
7,000
12,648
45.157
2,283
8,394
64,664
10,021
15,221
142,081
160,286
386
10.000
10.000
389.785
,
■
Ironton Electric Co
Total
(c) Companies Whose Securities Are Pledged under American Rys. Co. Coll. Tr. 5s. '<
6 Months 1920—
Altoon
&
Gross.
Logan Valley
Elec-
Op. Exp.
$
trie Ry. Co
Fixed Chgs. Surplus.
Taxes.
$
$
$
$
565,819
412,733
18,306
93.656
41.124
71,921
48.880
1,698
1,602
19,742
926,181
732.636
29.649
7.267
13,149
750
1.571,189 1.207.399
company
50,403
Scranton Dunm.&M.L.RR.
of American Railways Co. and subsidiaries shows: Current liabili¬
$6,955,627; current assets, $2,772,112; excess of current liabilities
assets, $4,183,515.
$
$
$
270,302
17,539
Kanawha Valley Traction Co.
Consol. Lt., Ht. & Power Co..
ties,
Condition.—Reference^to the balance sheet furnished by the
Fixed Chgs. Surplus.
Taxes.
$
414,049
Home Elec. Lt. & St'm Ht. Co.
Scranton Railway Co
Financial
Op Exp.
$
Ohio Valley Electric Ry. Co..
Ashland & Ironton Transfer&F.
204.877 def40,982
4,473 defll.105
current
over
The critical financial condition of the American
Railways Co. is evidenced
by the foregoing figures.
Accounts payable overdue June 30 aggregated
at least $700,000; notes payable on demand and notes
past date of maturity
exceeded $1,750,000.
Officers of the company estimated that the assessment of $17 50 per $100
par value of National Properties bonds will net the company about $900,000;
and the sale or exchange for current liabilities of Five-Year
8% Gold Notes
will net the par value of same, or $3,500,000; a total of $4,400,000.
Our work has not embraced an examination of the
physical properties
or earnings of the underlying companies, nor their
requirements for working
capital, additions, betterments, extensions .renewals or deferred maintenance.
Earnings.—The American Railway's Co. furnished the operating results
Total..
8,778
304.608
(f) Companies Whose Securities Are Pledged under Am. Rys. Co.Jyn.&Roa. Coll. Tr. 5s.
Gross.
6 Months 1920—
Op. Exp.
S
Taxes,
$
Fixed Chgs. Surplus.
$
$
$
Roanoke Trac. & Light Co...
15,226
91
Roanoke Ry. & Electric Co..
587,836
343,217
25,947
41,076
177,596
Lynchburg Trac. & Light Co.
444,483
265,352
18,689
69,260
91,182
1.047,545
608,660
44,636
Total
70,167 def55,032
180.503
213,746
of the various subsidiaries, which will be found
appended.
We have, as
far as possible, grouped the subsidiaries in accordance with the
pledge of
their stock under the various collateral trust issues of the Am.
(g) Companies Whose Securities Are Pledged under Am. Rys. Co. Refund.
Conv. 5s.
A summary of such schedules for the six months ended June 30 1920 shows:
Chicago & Joliet Elec. Ry. Co.
People's Ry. Co. (Dayton)...
Ry's Co.
Gross
earnings..$9.514,9851 Taxes
Oper. expenses. 6,831,9331 Net earnings
_
$ 434.578|Fixed
charges..$1,922,808
2,248,4741 Balance, surplus
Gross.
6 Months 1920—
Op. Exp.
$
Fixed Chgs. Surplus.
Taxes.
§
553.207
$
399.654
$
13,043
$
129.673
10,836
383,196
285,528
28,478
17,574
51,616
936.403
685,183
41,521
147,247
325.666
Attention is called to the fact that the earning statements attached hereto
no
allowance for minority stock of underlying companies which is
Total
62,452
*
make
in the hands of the public.
The consolidated balance sheet shows an aggre¬
gate of $1,542,600 par value of Pref. stock and $30,070 Common stock
of underlying companies in the hands of the puolic.
(ft) Companies Whose Securities Are Pledged under Am. Rys. Co. Jer. Cent. Coll.
Refinancing.—Funded obligations of the American Railways Co. and its
subsidiaries falling due within the next few years are as follows:
Nov. 1 1920 General Mortgage of Scranton Railways Co
i
$1,000,000
(Officials of the company believe that this issue can be readily extended.)
Dec. 1 1921 Gen. Mtge. of Peoples Railway Co. of
Dayton, 0__
100,000
Car Trust Certificates falling due throughout the year 1921
79,000
Feb. 1 1922 Three-Year Collateral Notes of Am.
Rys. Co
2,890,000
Mar. 1 1922 Nat. Gas& Elec. Co. Coll. Tr. Notes of Am.
Rys. Co.
982,600
April 1 1922 Purchase Money Notes of American Rys. Co
357,750
July 1 1922 First Mortgage of the Carbondale Traction Co., an
underlying issue of the Scranton Railwaiys
150,000
Nov. 1 1922 First Mortgage of the Warsaw Gas Co
40,000
Car Trust Certificates due throughout the year 1922
69,000
Jersey Central Traction Co...
121,799
124,764
9,007
Monmouth Lighting Co......
132.820
125,464
8,494
250.228
17,501
Gross.
6 Months 1920—
Op.
$
Total
254,619
CONSOLIDATED
BALANCE
SHEETS
SUBSIDIARIES)
general commercial credit of the company at present and save it from the
threatened imminent attack of its general creditors.
The permanent suc¬
cess of the plan must depend
upon a variety of factors to which we have
given no consideration.
AT
AS
&Sub.Cos.
Assets—
ENDED JUNE 30 1920—RECAPITULATION.
(1) Underlying Co's—
Co's whose
securs.
are
Gross.
pledged
under Am. Rys.—Nat.
coll. 5s
whose
$
$
$
$
64,758
204,601 defl3,566
1.648.655
78,105
662,087
&Sub.Cos.
$
CASE
Nat.Pr.Co.
&Sub.Cos.
S
THE
1920.
Liabilities—
&Sub.Cos.
$
$
475.172
481,038
Notes payable
3,540,334
3.540,334
Accts. & notes rec.
853,221
859,856
Accounts payable.
1,772,044
1,776,691
Acer, int., tax.,&c.
1,294,180
1,459.021
242.544
244.488
106.525
106.525
Materials & supp.
1.443.719
1,447,628
2, 772,112
2,788,522
Other liabilities...
Plant, prop,, &C..62 ,318.309 62,456,504
Investments
3 ,142,319
2,957,007
Tot. cur't llabil.
Tickets.
Tot. cur't assets
Sinking
funds
83,783
Cash with trustees
41,810
985,694
Prepaid items....
45,238
Sinking fund
322,481
Cap. stk. hold,
Unamortized bond
discount,
2, 549,467
&c._.
437,298
2,499,300
65,200
86.899
54.288
57.031
284,213
284,213
......
9.454,050
Preferred
2.549,467
cos.
378.002
435.205
co.:
Common
Unadjus. (inter-co.)
lines,
378.002
Miscell. reserves..
45,238
322,481
items
Deferred
6,955,627
7.127,059
Funded debt..... 46,721,750 53.149,750
Deprec. reserves.. 1,641,542
1.643.542
83,783
41,810
984.809
Suspense
&c
......
3.969.000
Cap. stk. subsid's:
*
Common
62.070
422,620
Preferred
net..
1.542.600
5,446,100
1,402,879
Surplus
1,525,882
72,685,728 72,571.7501
Compare V. Ill,
p.
Total
liabilities.72,685.728 72,571,750
1278, 1183, 1084, 896, 792, 588, 493, 189.
143.666
not
966,942
778.134
55,603
150.280 defl7,075
625,371
59.550
142,082
160,286
1,571,189 1.207.399
50.403
304,608
8.779
1,047,545
608.660
44,636
180.503
213.746
Am. Rys. Jer. Cent. coll. 6s.
254,619
250,228
17,501
Am. Rys. ref. conv. 5s._...
936,403
685,183
41,521
are
30
63,147 def76,258
EACH
Cash
Total assets
955,152
2,532.513
securities are
IN
$
def55,824
19,295 def20.434
$
\
1.210,945
wholly pledged
Co's whose secur's
JUNE
$
43,852
Am.Rys.Co.
Advances to leased
Fixed Chgs. Surplus.
Taxes.
Gas
Wilmington group
Co's
Op. Exp.
Fixed Chgs. Surplus.
$
Am.Rys.Co. Nat.Pr.Co.
Duefromaffil.
EARNINGS AMERICAN RA1LWA YS CO. AND SUBSIDIARIES, SIX MONTHS
Taxes.
(.INCLUDING
We have not considered it necessary to list issues maturing after Dec. 31'22.
Effect of Plan.—It is manifest from the foregoing figures that the plan
carried out as contemplated will result in the payment of all overdue ac¬
counts payable, the refunding of all notes
payable for a period of five years
(which refunding is contingent upon the carrying out of the plan), and will
provide approximately $200,000 additional cash for appropriation to current
accounts payable.
This, it is reasonable to suppoose, will stabilize tne
Exp.
$
Tr. 6s.
pledged under:
Am. Rys. Ohio val. coll. 5sAm. Rys. coll. 5s
987,289
Am. Rys. Lynchburg & Roa¬
noke coll. tr. 5s
'»
63,147 def76,258
147,247
62,452
American
Smelting & Refining Co., New York, N. Y.
(22d Semi-Annual Report—For 6 Mos. Ended June 30
President Simon
Guggenheim
says
1920.)
in substance:
Results.—The net income for the six months, after deducting deprecia¬
ore depletion and
bond interest, aggregated $4,030,841. Preferred
dividends were declared aggregating $2,115,417.
Dividends upon
the Common stock, on the basis of 1% quarterly, have been declared,
tion,
stock
Total underlying co's......
9,507.444 6,758,781
412,078 1,854.555
7.541cr.*54.000
cr.*373,284
482.029
(2) American Rys. Co.—
Revenue
Expenses..
127,152
Total Am. Rys. & sub. co's.
*
9.514.985 6.831,933
22,500
aggregating $1,219,960.
The six months in question show
441,537defl56,364
434,578 1.922,808
325,666
Inter-company items.
EARNINGS OF SUBSIDIARIES OF AMERICAN RAILWAYS CO.—SIX MOS.
ENDED JUNE 30 1920.
(a)
Natural Gas,
Electric
6 Months 1920—*
Light
Gross.
..
Cape May Illuminating Co...
Joplin Gas Co..
Goshen Gas Co
Cape May Light & Power Co..
Power
Op. Exp.
$
$
Co.
Fixed Chgs. Surplus.
$
$
$
15.665
27.645
1,729
183,026
142,735
7.106
30,165
28,499
34,205
2,283
34,429
8,207 def21.916
18.721
14.464
4,974 defl 1,297
3,331
2.210 defl 1,470
Portsmouth Gas Co
257,552
196,220
8,796
8,791
Rome Gas. El. Lt.& Power Co.
294,313
239.992
17,497
33.731
3,093
,17,337
329.719
15,137
1,427
5,225
def4,452
213,171
16,063
70.029
30.456
Warsaw Gas Co.
Quincy Gas, El. & Htg. Co...
"
43,745
Carbondale Gas Co
21,398
19.832
217
6,239
def4,890
Niles Gas Co
33.262
31.918
3,754
6,250
def8.660
1,210,936
955,284
62,203
164.376
29,073
Total
subsidiaries...
Nat. Gas. El. Lt. & Power Co.
8*0.11,850
Expenses.
Total
*
11,718
1.210.944
group
955.152
*0.62,607
2.554'
102,832 def42,639
64.758
204,601
operations, the increased volume of business in the United States, and
nearly comparable with
present costs.
There are still some unsatisfactory long-time contracts.
The usual charge has been made to the profit and loss account for de¬
our
preciation and depletion of ore reserves, and provision has been
the estimated Federal income taxes for the period.
&
Gross.
Philadelphia
Op. Exp.
$
$
1,219,995
Wilm. Amusement Parks Co..
163
Wilm. N. C. & Dela. City Ry.
So. Penna. Traction Co
2.700
608.117
427,949
11,300
Taxes.
Fixed Chgs.
*..
People's Railway Co
Wilmington Lt. & Power Co..
Total Wilmington group...
$
$
60,578
INCOME ACCOUNT SIX MONTHS ENDING JUNE
INCL. AMER. SMELTING & REFINING CO. AND AMER.
CONSOL.
SMELTERS
SECURITIES
def589
Gross.
$
Springfield Railway Co.......
17,527
162,141
500
17,050
......
......
78.105
S
339.071
$
252,469
9.876
662,087
11.300
143,666
75.589
65.203
8,666
157.038
147,626
1,008
87,716
Electric Co. of New Jersey...
Franklin Real Estate Co
279,211,
Corporation, &c
j
Fixed Chgs. Surplus.
%
%
21.485
Bridgeton & Millv. Trac. Co..
Total
Taxes.
20,637
Delwood Park Co
Chic. & Des PL Vail. El. Ry..
Electric Securities Co
Peakland
Op. Exp.
1919.
1918.
earnings Smelting &
Refining
plants & industries
$6,678,412
Net earnings from mining properties..
2,070,773
$5,285,698
428,081
$7,360,025
1,133,457
Total netl earnings
Int.,rents, divs. rec.,coin's, &c.(net).
$8,749,185
941,902
$5,713,779
307,905
$8,493,482
1,252,043
$9,691,087
$665,347
49,681
Corp. taxes (incl. est. Fed. taxes)
502,771
Int. on Am. Sm. & R. Co. 1st M. 5s._
795,188
Int.on Rosita Coal & Coke Co. col.6s.
39,070
$6,021,684
$481,995
40,695
412,355
796,793
$9,745,525
$461,718
67,446
1,313,338
812,902
2,700
(c) Companies Whose Securities Are Not Wholly Pledged Under Am. Rys. Co. Mortgages.
6 Months 1920—
30—
CO.
g
112,704
...
2.532.513 1.648,655
Surplus.
499.904
41
17,050
......
for
Net
711
Co
made
Operations in Mexico.—Mexico is now experiencing the general increases
in wages and other costs which have been so prevalent in the United States
during the last few years.
However, tne prospects of a stable government
in that country look brighter than at any period since the revolution of
1912.
It is believed that at last a steady operation of Mexican properties
is reasonably certain.
Incidentally it may be remarked that the military
activities attending the end of the Carranza Government commandeered
most of the railroad equipment owned by the company, with consequent
disruption and loss of earnings for a considerable period.
The equipment
has now been restored and railroad conditions are as good as can be ex¬
pected,
1920.
1.893.182
Traction
and above dividends and
the extent o£ $585,658.
The increased earnings have been due to the better conditions of the Mexi¬
can
defl3.566
(b) Wilmington, Delaware, Group.
Wilmington
over
for the last six months of last year, over and above the same dividends and
bond interest, amounted to $109,806.
The earnings of the first six months
of this year, therefore, were better than the last six months of last year, to
Inter-company items.
6 Months 1920—
profit,
to increased treatment charges on many ores, more
Group.
Taxes.
a
bond interest, of $695,464, as against a deficit for the corresponding period
of 1919 of $1,195,464, or a net betterment of $1,890,928.
Tne earnings
54,145
4.267
900
10,970
5,594
35,805 def34,087
2,081
6.321
70.319
6.094
231.645
16.018
7,495
294
1,300
185
696
130
def641
966,942
778,133
55.603
150.280 defl7.075
12,587
def5,160
Employees' insurance fund
Depreciation & depletion of
Am. Sm. Sec. Co.
1,750,000
75,000
2,587,562
358,738
1,750,000
292,146
290,409
•_
ore res..
2,788,653
Miscel. profit and loss adjustment.819,536
Am. Sm. & Ref. Co. pf. divs. (3M%).
1,750,000
pref. A divs. (3%).
287.982
Am. Sm. Sec. Co. pf. B divs.(2H%)77,435
Am. Sm. & Ref. Co. com. divs...(2%>1,219,960
2,140,686
*
82,518
$1,600
(2)1,219,960 (3)1,829,940
defl.286
36,707
'
Gross income
Administrative expenses
Research and examination expenses..
4,686
Total deductions...
$8,995,623
$7,217,148
$9,631,653
1,214
Balance, surplus for 6 months period.
Total
profit and loss
$695,464df.$l 195,464
$113,872
$26,670,035 $25,864,765 $27,069,266
1368
i
1920
BALANCE SHEET JUNE 30
CONSOLIDATED
&
DEC. 31
(IncJ. American Smelting & Refining Co. and Araer. Smelters
50.000,000
50.000.000
Common
131,864.898
60.998,000
60.998.000
stock
Pref. "A" stock
46.933,805
4.761,866
loans..
2,389.070
4.573.236
853,141
3.148,300
Notes and accts,
375,718
Acceptances
Adv.toaffil. cos.
1.168.500
46.672
Ac.,
460,000
459.800
Mater. & supp.
7.103,605
6,782.006
Liberty bonds..
3.319.450
6,193.100
payable..
Ac. i
Int..
not
bond
Ac.....
598,203
346.336
Dlvs.
884,679
884,679
Acer,
Life Insur. fund.
478.924
478,924
due
43,198
Undivided
412,843
i
1 760,960
payable..
taxes
3,910
1.744.700
2,072,547
1,986,898
3.000,000
2,103,044
3,000,000
26,670,035
25.974,571
Total undivided
Total .......212,472,350 215,251.400
National Aniline & Chemical Co.,
Corporation or
fully describf3d on subsequent
under heading "Reports and Documents," reports:
as
YEAR ENDING JUNE 30
1920 AND FOR CALENDAR YEARS 1919 AND 1918.
6 Af08.1920.
Year 1919.
Year 1918.
Profit from operations, after deprec.,
amort. and obsolescence charges
$4,840,276
$6,831,609
$5,980,497
Interest, dividends, rentals, &c
391,169
407,669
331,888
INCOME AND PROFIT AND LOSS FOR HALF
Gross
income.
...
Net Income?
Surplus at beginning
contingencies
$12,972,456
Total
Profit and
loss charges
Preferred dividends (7%
Total
$5,231,445
1,960,000
JS3.271.445
9,701,011
of period.
...
_
$6,312,383
2,091,538
$7,269,278
2,625,174
$4,220,848
2,920,371
$4,644,104
6,537,589
$7,141,219
743,764
$11,181,693
_
a.)......
surplus
740,341
1.480,682
a2,262,881
$12,232,115
p.
This
x
jJJ
$9,701,011
$4,134,575
15,000
$9,466,117
15,000
325,514
15,000
339,438
500.000
463,272
$10,985,329 $11,303,348
includes
amount
obsolesence
$9,627,905
amortization
and
of
$8,487,845
excess
con¬
cost.
Correction in amount of amortization written off prior to Dec. 31 1916,
special buildings and apparatus.
/
y
on
,
.
BALANCE SHEET DEC.
Assets—
\ J '
;
31.
1918.
1919,
'
1919.
2.361,026
Bills A accts. rec__
6 ,006.247
1918.
$
Liabilities—
$
$
Cash.. —1 ,750,218
$
Capital stock..... 16 .974.300 16.971,400
Stock div. scrip
7.486
4,586
Mfd. products..
520.092
6,999,205
785.510
Materials A supp.
funds...
951,578
3.322,757
Partle. deb. notes.
61,740
92,610
209.182
210,995
Pureh. money notes
280,000
723,250
Liberty bonds. Ac.
1 ,365.190
83.156
Bills
payable
201,625
2.700.000
Accounts payable.
Bills payable (acct.
791,627
3.183,350
Invested
do
cov'd by notes
1,076,000
Prop, pl'ts A equip. 6 ,609,889
Investments
16.244.585
136.898
117.015
Fire.Ac.Jns. funds
Sundry
8,032,652
15 ,585.442
advances.
97,875
Debenture
bonds.
106.000
Liberty bonds).
Sundry credits
1.076,000
152,634
265.014
fund
Deferred charges..
Maint. coke ovens
41,241
19.625
.33,440,991 39.350.4021
2,000.000
11,339,819 11,657,786
33,440.991
about 45%
own
86~190
265.014
.000.000
.......
....
Total
[The Solvay Process Co. is said to
Capital stock.]—V. Ill, p. 1089.
139,114
106.073
Insurance.......
Undivided profits.
Total
300.000
55,997
Split Rock acci'ts
Surplus
307,215
54,139
153,437
...
reserves'
Sundry
Res've for con ting.
Split Rock accident
7% per annum from July 1 1917, beginning of operations,
payable: July 1 1918, %H%, $779,187:
Oct. 1 1918,
1 Vi %, $373,182; Jan. 2 1919,1%%, $370,171; Jan.15 1919, 3H %, $740,341
a
39.350,401
of the company's
At the rate of
Dec.
to
■
325.514
Balance
Ltd., New York.
dation under title of Allied Chemical & Dye
15,000
339,490
Participation and special
bonuses, etc.
Year 1919.)
which is going into the pending consoli¬
Reserve for Fed.taxes &
'
earnings$l1,339,819 $11,657,786 $10,293,933
reserve
15 1918—
(Reports for Half-Year 1920 and Full Calendar
pages
1,644,578
2,000,000
Div. payable Feb. 20
Extra div. in stock Feb.
struct ion
appropriate title,
y
1.768.217
less depreciation and additions
and improvements written off to profit and loss,
c After deducting $6,214,600 held in treasury and $1,185,700 deposited with trustees for redemption
under stock retirement agreement,
d After deducting $23,896,900
held
in treasury,
e After deducting $1,484,000
held by trustees in sinking
fund^-~V. 110, p. 1528.
other
1,090,013
Div. pd May, Aug. Nov
Spec. div. pd. Apr. 1917
Includes additions and improvements,
company,
......
$12,358,229 $13,003,752 $13,893,925 $10,766,117
1.018,410
1,345,966
1,599,992
1,300.000
2.010.432
Fire ins. fund
This
229,507
8,487,845
»
for Federal taxes.*
2.088,779
ment A exten—
a
......
Correction of amort, aeet
not
Ins.. Ac., res've
.......212,472,350 215,251,400
—
Unused bal. 1917 reserve
Res. for enlarge¬
Total
9,627.906
186,098
.III—
3,300.000
(war taxes
estimated!
1.102
wttb trustees—
$3,761,502 $10,536,610
brought
earn,
fordward.—
409,858
Profit and loss..
cash
$2,099,735
11,303,349
....
.
$8,340,258 $10,983,918
99,974
28,986
1,178,782
418.322
Adjust, of inventories..
Other reserves—
fund
_
Int.
due.......
Pension fund...
Sink,
1916
$8,276,857
311,661
x5,565,461
300,000
Reserve for Fed, taxes..
un¬
claimed.—....
Acer,
ITcpald insur'ce.
-
1917
$2,133,849
203,758
800,211
75,000
.
.
21.419,046
6s..
YEARS.
Years-
War
■World
1918
$1,054,880
_
Depreciation
Contingencies
1,290.000
17,748.252
earnings
Interest
31,756,600
Ref.,e31.801.800
Col.
CALENDAR
FOR
Bellum
Accounts,drafts,
11.796.796
426,851
12,598,123
receivable
Gross
Rosita C. A C.
Co.
unsatisfactory year like the one just ended.
STATEMENT
1919
9.599,700
Am. 8. A
an
LOSS
Post
Bonds:
48.761.108
Gash———-—-
c9,599,700
Pref. "B" stock d3.103,100
hand and in
taxes,
through
AND
PROFIT
Amer. 8. 8. Co.:
1,826.615
Ore bullion, Ac.,
Secured
tion of dividends
pref. stock
A subsid.
cos., Ac
130.921.147
HCC8. ofoth. COS.
1.646,659
transit
'19.
Am. 8m. A Ref.
prop.
on
30.5%
earnings have gone into the assets of the company as surplus, thus strength¬
ening the company's financial position and making possible the continua¬
Liabilities—
8
$
Stock dividends to represent these investments to the extent of
of the company's net earnings were distributed.
The additional
ducts.
1919.
Secur. Co.)
June 30 *20. Dec. 31
June 30 '20. Dee. 31 '19.
Assets—
Coat of plants,
a
[VOL. 111.
CHRONICLE
THE
31
1918.
T.
CONDENSED GENERAL BALANCE SHEET.
June 30 1920. Dec.31 1919. Dec.31 1918
& equip't $17,315,712 $17,305,197 $10,064,278
Treasury stock at cost, $2,042,100;
3,334,866
other investm'ts, $1,292,766
3,689,855
3,582,632
3,143,161
Gash
2.275,977
2,838,817
1,133,670
U.^.Treasury certs. & Liberty bonds. 10,317,301
6,593,580
3,740,636
Notes and accounts receivable.
3,957,281
5,626,439
14,104,427
Inventories
14,709,066
12,474,910
164,948
Other assets: Prepayments—ins.,&c_.
229.212
163,476
189.702
Deferred charges—On leaseholds, &c.
115,937
147,130
9,573,548
Good-wiU, patents-..9,573,548
9,573,548
Assets—
Real est', bldg.s., machinery
H.
Symington Company.
Year ended Dec. 31
(Report for Fiscal
President C. J. Symington, New
in substance:
1919.)
York, March 9, wrote
...
—
...
...
....
$62,174,889 $58,310,759
Total
$45,452,236
Liabilities and Capital—
& all issued—
(1) Pref., 7%, par$100 per share..$23,524,700 $23,524,700 $23,524,700
(2) Com., 395,990 shares, without
1,979,950
1,979,950
par value, "stated" at$5p.s.
1,979,950
Capital stk., authorized
Mortgagee
Accounts payable
......
1,506,226
31,340
...
Employees'benefit funds
Prof,
10,000
370,170
dividends
(1) Depreciation, obsolesence, &c_.
10,248,090
(2) Contingencies & Federal taxes..
(3) State and local taxes accrued
(4) Royalties & other compensation
Surplus (Atorganiz. $2,403,013).
-
12,126,659
65,574
90,064
12,232,116
1,474,843
27,169
370,170
9,898,179»
10,939,691
55,250
339,796
9,701,011
2,640.157
17,113
1,110,511
9,188,774
42,154
401,288
6,537,589
Only 37,724 freight cars were ordered in the United States and Canada
19i9 as compared with a yearly average of 144,880 for the fivepenod prior to Jan. 1 1919.
Consequently, your Rochester Works
operated at an average capacity of only 36.4%.
Notwithstanding these
unfavorable conditions, net manufacturing profit for the year amounted
to
$222,318.
Depreciation charged to reserve account or written off
amounted to $525,680.
The Symington Corporation has been formed in Delaware to facilitate
the winding up of our war work subsidiaries.
All of its stock is owned by
your company.
This new corporation has taken over your corapanv's
stock interest in, as well as the assets and liabilities of, these subsidiaries,
in the year
year
which will be dissolved
ment
mate can
.$62,174,889 $58,310,759 $45,452,235
*
-rV. Ill, p.
1088, 1189.
as
be made of the further profits,
crease
cash
This
company,
which will participate in the pending
under title of Allied Chemical & Dye Corporation
(or other appropriate title)—see "Reports and Documents"—
reports through its President, H. H. S. Handy, as of Feb.
20, in substance:
merger
Results.—The
1919 has been characterized by the most difficult
situations that have occurred since the founding of the by-product coke
industry in this country.
The ending of the active war period necessitated not only the entire
readjustment of the marketing of many of our products for which there had
been an abnormal demand stimulated by the war needs, but brought about
also a most serious decline in prices during this readjustment, while on the
other hand unsettled labor conditions and advance in coal pricas produced
year
advance in cost of manufacture.
an
In addition the company
up
Dividends.—The net earnings of the year were nob sufficient to cover the
dividends declared, but the board, in its opinion, was warranted in con¬
tinuing the present rate, utilizing as much as was necessary of the surplus
earnings of previous years.
In the four years from 1915 to 1918, cash dividends were distributed
This amounted
amounting to 23.7% of the net earnings for that period.
to an average yearly rate of 22% upon the Capital stock.
A substantial
portion of the additional earnings was invested in the development of the
plants and in the securities of other companies whose lines of manufacture
were closely related to the Semet-Solvay Company's
activities and pro¬
if any, that may be anticipated
of your company.
but until
received
volume of this business will probably be
FOR
1919.
Net
1917.
1918.
Div. Symington Corp
Total income
$832,824
5.861
3,208
$379,969
$836,032
$13,539
25,992
154,992
25,515
.$1,416,389
...
442,935
Depreciation
Reserve for Federal taxes
Miscellaneous
1916.
$606,895
64,532
1,000,000
—
Interest (net).
$374,108
194,071
Other income
Preferred
YEARS.
CALENDAR
$222,318
profit
y
y
.
dividends_x(40%)600 000
(16)240.000
$373,454
$139,969
$495,995
$671,426
$42,086
27,016
3,759
(8)120,000
Balance, surplus
$598,565
paid against accumulated dividends and 8% for year
1919.
This cancels all preferred dividends in arrears, and on Jan. 1 1920
an initial dividend of 2)4%
($25,0j0) was paid on Common stock.
y No provision made for Federal taxes estimated
at $50,000, against
$42,200 in 1918.
x
Includes
suffered losses of about $750,000 caused by ohe
substantial increases in value in the stocks which we bold.
made during
Many inquiries for foreign equipment are
satisfactory credits can be arranged, the
small.
[As to reincorporation, see news item on a subsequent page.]
being
32%
CONSOLIDATED
nation-wide strikes which affected many of the plants of the Semet-Solvay.
Profitable Investments.—While the general results of our manufacturing
operations for the year have proved unsatisfactory, compensating advan¬
tages are shown by the very satisfactory earning power of some of tne cor¬
porations in which we have large investments.
In our actual earnings we
can only reflect this by the dividends received, whereas a proportion of the
total earnings of such companies may be considered a potential earning of
the Semet-Solvay Company although conservatively we do not include it
as such.
These earnings are showing very gratifying results in building
was
in cost of labor and materials, we have deemed it wise to conserve the
resources
INCOME ACCOUNT
1919.)
in this settlement
During the year, in addition to the payment of the current and all accrued
dividends on the Preferred stock, an initial dividend of
% was declared
on the Com. stock [and paid Jan. 1 1920 to holders of record Dec. 15.—Ed.]
On account of the uncertainty of the business outlook and the heavy in¬
Semet-Solvay Company, Syracuse, N. Y.
(Report for Fiscal Year ending Dec. 31
settlement can be made of their Govern¬
progress
from this source.
now
Total
as soon
Sufficient
contracts.
the past year to enable a substantial [$1,000,000] distribution of profits to
be made to your company, but, because of the uncertainty regarding taxes
and final settlement with the Government, not even an approximate esti¬
1919.
Assets—
Good-will,
1918.
785,230
1.154,332
al.000
rights, Ac
Raw A finished
51,000
528,263
Liberty bonds
Pref. stock
for
Total
payable
614,068
72,312
760,953
100,600
1 ,500,rt'0
73,195
Accounts payable-
Bills
1918.
1,500,000
467,549
750,000
55,000
Accrued taxes and
10,921
expenses
Depreciation, Ac..
Surplus
1,621,243
4,783
635,872
1,302,789
re¬
sale to empl'ees.
Sundry assets
699,613
188,617
1 ,082,782
terial (at cost)
Cash
1919.
stock...$1,000,000 $1 ,000,000
Dividends declared
ma¬
Accts. A bills rec.
Liabilities—
Common
Preferred stock
patent
Investments
U.S.
BALANCE SHEET DECEMBER 31.
$1 ,577,484 $2,213,891
Plant, Ac
60,000
26,029
5,177
$5,010,358 $4,910,993
Total
$5,010,358 $4,910,993
Represents the entire $1,000 stock of Symington Machine Corp., which
owns the entire capital stock of the Symington Chicago Corp.
(see v. 108.
p. 2626).—V. Ill, p. 800a
1
Oct. 2
1369
CHRONICLE
THE
1920.]
Connecticut
GENERAL INVESTMENT NEWS
Company.—Service Resumed in Bridgeport.
The company resumed service in Bridgeport on
Sept. 20 after the
Council
operating
RAILROADS,
ELECTRIC
INCLUDING
and Electric
Railroad
General
ROADS.
Railway News.—The
Champaign & Decatur Ry. & Lt. Co.—
Offered.—Emery Peck & Rockwood, Chicago, are offer¬
ing at 100 and int. yielding 8% $650,000 5-year 8% Bond
Secured Conv. gold notes.
Bankers state:
Danville,
following table summarizes recent railroad and electric rail¬
way news of a more or less general character—news con¬
cerning which detailed information is commonly published
preceding
on
Notes
under the heading "Current Events and
page
Dated Aug. 1 1920; due Aug. 1 1925.
Secured by deposit with trustee of
$1,000,000 Danville, Champaign & Decatur Ry. & Lt. Co. 5% Bonds, due
March 1 1938.
Unless earlier red. notes in denom. of $1,000 are convertible
Discussions'" (if not in the "Editorial Department"), either
in the week the matter becomes public or as soon thereafter
may be practicable.
Merger Plans.—Inter-State Commerce
sidering plans for merging the railroads
Commission reported to be con¬
of the country into a number of
N. Y. ,,Times" Oct.I, p. 20.
shopmen's wage demands adjusted. "Rail¬
Review," Chicago, Sept. 25.
(b) Short lines want equipment "per
diem" restored; "Railway Age." N .Y., Sept. 24.
(c) Kansas City outlaw
striking switchmen return; "Railway Review," Sept. 25.
(d) Stocks of
leading railways not watered; "Railway Review," Sept. 25.
(e) Wisconsin
roads about Sept. 14 obtain injunction against 2-cent fare; "Railway Re¬
view." Sept. 14.
(/) Indiana freight rates increased, effective Oct. 1.
(g) Utah P. U. Commission refuses to sanction higher freight rates on coal
and ores; "Engineering and Mining Journal" of N. Y., Sept. 11, p. 537.
Matters Fully Treated in "Chronicle" of Sept. 25.—(a) Loans from Railroad
Revolving Fund, difficulties, p. 1239.
(b) Electric Railway Credit, p. 1239.
(c) Benefits from Fedearl Control of Railroads, &c. (Harding), p. 1243.
groups.
Miscellaneous.—(a) Canadian
way
Railways.—Earnings—Balance Sheet
—
preceding
See National Properties Co. under "Financial Reports" on a
page.—Y. 111. p. 1277.
fj
:
i
Ann Arbor RR.—Government Loans Approved.—
Commission has approved the following loans:
(toaid carrier in making additions and better¬
ments to roadway and structures at a cost of $500,000 to expe¬
dite the movement of freight cars.
The carrier is to finance
$250,000 of the cost.
The proposed additions and better¬
ments include improvements and additions to facilities at
Toledo, O., at a cost estimated at $400,000, which will enable
Pennsylvania RR. to operate through the terminals of the
Ann Arbor RR. at that point to a connection with the Pere
Marquette Ry. at Alexis, O., making a through Detroit line).
Chicago Rock Island & Pacific (to aid road in meeting its 1920
maturities, the road to finance about $6,000,000)
—
Maine Central RR. (to purchase 10 locomotives, 6 caboose cars
and work equipment at a cost of $534,780 and make additions
and betterments costing $784,132, the road to raise $665,706
$250,000
Empire State RR. Corp.—Equip. Trusts.—
The
zone
1,372,800
of the Stone Mountain line and fares in the two zones
6 cts. in the
between Buck-
about 25%, raising the price from $1.25
small consumer.
Electric light
from $1.33 to $1.44 per k.w.h.
with proportional decreases for use in large
The increase in gas amounts to
r'K
\ ^
)
Northern RR.—To Issue Bonds.—
The company, it is stated, will issue $4,000,000 First Mortgage 6% bonds,
duo 1950, under the recently created $15,000,000 mortgage (V, lll.p.l 182).
The bonds to be presently issued will be used in part to secure existing bank
Mobile
Gulf
&
The existing bank loans, it is
from the revolving
shares of Capital
are
Cape Girardeau & Northern
The Missouri P. S.
Dec. $71,306
Dec.
8,993
$484,274
47,801
Dec. $62,313
Dec. 31,349
taxes,
74,209
...
$421,961
Surplus
;.....
Operating revenue..
is Chairman, has notified the
895. 588.
war
16,452
$405,509
.
Dec. $30,964
$436,473
-
Federal Statistics—
under the deposit agreement
certificates to the
the same, wiil
with the Nov.
annexed and-or scrip certificates for Refunding bonds.
...
$2,823,506
...
Other income.
130,270
44,655
Total deficit
$2,418,292
xl27,704
80,064
"$85,615
Deficit after taxes......
Interest, rentals, &c_........_
4,499
x$207,768
10,257
...I
$90,114
x$197,511
y
Net operating deficit
I
x
Income.—V.
Havana
Ill,
•
Inc.$405,214
t
Inc. 257,974
Dec.
Federal Judge George Carpenter
for a loan of $800,000 from railroad
RR.—To Seek Loan.—
compare
has authorized the receiver to apply
revolving fund.
The loan is to he for
6%.—V. Ill, p. 1182.
Inc. $287,625
1182.
p.
(Cuba) Electric Ry.—New Turbine.-
Electric & Mfg. Co. under "Industrials" below
Havana Elec. Ry. Lt. & Pwr. Co. in V. Ill, p. 1083.
Resumption of Divs.—
Felton says that he sees no Immediate possibility
resumption of the 4% dividend on the Preferred stock.
Pres. Felton
says: "We cannot tell where we are with the new rates until we have had
several months traffic trial.
We know Great Western will not be able to
earn 6%. It will be a long time before we will get back to pre-war conditions."
Con C. Krebs, General Auditor, has been elected Comptroller.—V. Ill,
President Samuel M.
a
692, 294.
Chicago & North Western
Ry.—Equip. Trust ApplicaVn.
has applied to the Illinois P. U. Commission for permission
$10,000,000 7% equipment trust certificates to be used in pur¬
The company
and
Huntington (L. I.) Traction Co.—Resumes Service.—
part of the line (formerly
110, p. 261) on Sept. 18.
According as other
Partial service was resumed by the company on
the
Chicago Great Western RR.—No
35,409
Inc.$293,383
Dec.
5,758
See Westinghouse
Chicago & Eastern Illinois
chasing additional
$567,476
83,202
$496,170
income.
Expenses prior to Jan. 1 1918
and interest by the Grand Trunk Ry. Co. of Canada.
Holders of certificates of deposit, upon surrender of their
15 years at
Dec. $84,553
Inc.
13,247
35,648
income
Net income
Girardeau
605.
Vermont
coupons
$545,075
22,401
Gross
depository or to the agent of the depository, which issued
be entitled to receive in exchange therefor Refunding bonds
—V. Ill, p.
Changes.
Dec. $53,787
Inc. 30,766
Interest,
Ry .—Bonds Ready for Exchange.—
dated March 5 1920, of
holders of certifi¬
Equitable Trust Co., New York, depository, and
by American Trust Co., the agent of the depository, for the 4% First Mort¬
gage Gold bonds, due May 1 1920, that said Committee has exchanged the
deposited bonds for 10-year 5% Refunding bonds, guaranteed principal
Central
The Committee
which Henry E. Cooper
cates of deposit issued by
$558,337
13,262
Net income----.$460,522
directing 3. W.
operations of the line between Cape
miles, not later than Sept. 27.—V. 105, p.
$504,550
44,028
Non-operating
cents cash.
RR.—Resumption Ordered.
Commission recently issued an order
Fristoe, receiver, to resume
and Jackson, 10
Income Account Year Ended Dec. 31.
Corporate Data—
1919.
1918.
Federal compensation
General expenses..
S.—Fare Increase.
15 fares were increased from 6 cents to a 10
sold at the rate of 4 for 30 cents.—V. 106, p. 1900.
stated, amount to $408,000 and the Govern¬
planned, it is stated, are (a) $515,000 running 15 years at 6%,
fund, which must be used for additions and betterments,
new locomotives, improvement on freight car equipment, ballasting, &c.
(6) $480,000 running for 10 years at 6%, to be applied as follows: a lump
sum of $100,000, due Government in final settlement of various accounts
arising from Federal operation; $330,000 to pay present loan from War
Finance Corporation: $50,000 cash.
The U. S. Mortgage & Trust Co. has been appointed trustee under the
$15,000,000 First Mortgage bonds.
.
ment loans
(par
issue
—
Commission has authorized the company, effective
RR.
loans and Government loans.
Cape Breton Electric Co., Sydney, N.
to
Georgia
for the first 10,000 k.w.h.
quantities.—V. Ill, p. 786.
2,460,000
Ann Arbor
authority to issue promissory notes aggregating $62,280 bearing
to be used in the purchase of additional locomotives.—V. Ill,
Effective Aug.
p.
1 double truck
and
double-truck snow sweeper
2657.
per 1,000 cu. ft. to $1.55 for the average
rates were increased slightly over 2%, or
$100) for the purpose of rehabilitating the road
transportation facilities).
$1,000,000
Belt RR. (to issue demand notes in order to
provide funds to take care of per diem payrolls, fuel, war
tax, &c.).
2,200,000
Maine Central RR. (to issue First & Ref. 6% bonds due Dec. 1
1935 as collateral for loans)......
4,000,000
Texas & Pacific Ry. (to issue short term notes to obtain funds
for purchase of additional equipment)
...
635,736
—V. Ill, p. 895.
./
v';".
-v,
of
p.
Oct. 1, to increase its car fares and gas and electric light rates.
Fares were raised from 6 to 7 cts. in Atlanta, and from 5 to
and necessary
Indiana Harbor
1920,
1
cars,
plow.—V. 110,
head and Camp Gordon are kept at 6 cents and at 5 cents on the Decatur
and College Park lines.
Books of tickets provide for rides at a somewhat
lower rate.
price of the locomotives, and has already
roads for permission to issue securities;
Arkansas & Louisiana Missouri Ry. (10,000
1
interurban
Georgia Railway & Power Co.—Rate Increases
2,000,000
& Louisiana Missouri Ry.—Applications.—
Applications have been made to the I. S. C. Commission by the following
Tickets
Tho company has asked the New York P. S. Commission for authority
issue $70,000 equipment trust notes to enable company to purchase 3
snow
Arkansas
stock
Ry.—Objection to Municipal Ownership.—
an opinion by the Corporation Counsel to the
had no power to change
routing of the municipal lines to streets other than those set forth in the
ordinance passed on April 5, a suit has been filed in the Wayne, County
Circuit Court by 110 residents of Clairmoimt Ave.
The petition asks for
an order to show cause why an injunction should not be issued restraining
the city from building the Clairmount-Owen Ilolbrook line.
Further information regarding the Detroit Traction situation are given
in "Electric Ry. Journal" of Sept.
5, p. 609 and 611.—V. Ill, p. 1083.
new
653,000
roadway and structures to promote the movement of freight
train cars, the carrier to finance on account of its 1920 shortterm maturities $1,200,000)
The Commission recently approved the application of the
for
Pacific RR. to protect so far as
appeal for such protection, stated to me that I should report to my com¬
mittee that he would, so far as it was in his power suggest to his associates
some salvation for the Denver stockholders. —V. Ill, p. 1278.
to
-
meet the loan)
int.
1082.
Board of the Western
of the
possible the vested property rights of the Common and Preferred stock¬
holders of the Denver & Rio Grande RR., and Mr. Krech, after hearing my
2,000,000
-
p.
Chairman
the
modern car floats at a cost of
$500,000)
—
Wheeling & Lake Erie Ry. (to aid road in meeting its 1920 shortterm maturities and in making additions and betterments to
RR.
.
Denver & Rio Grande RR. —Sale of Road.—
Denver dispatches state that through the decree authorizing the sale of
the road has been signed by Federal Judge Sanboin, it has yet to be signed
by Judge Lewis, who originally heard the case, bofore it becomes final.
In reference to this case Daniel W. Blumenthal, counsel for the Stock¬
holders Protective Committee states: "On the broad principles of equity,
justice and right, I asked Alvin W. Krech, I'res. of Equitable Trust Co. and
Following the delivery of
financed the purchase of two
6%
at
Detroit City Council to the effect that the Council
Virginian Ry. (to aid carrier in extending its facilities to handle
increasing traffic.
The carrier itself has financed large ex¬
penditures for equipment and other additions and betterments)
Western Maryland Ry. (to purchase 20 Mikado freight locomo¬
tives at a cost of $1,500,000 and make additions and better¬
ments to roadway and structures to promote the movement
of cars at a cost of $622,800, the carrier to finance $750,000
half of the purchase
March 1
Detroit United
The I.-8. O.
Ann Arbor RR.
to
and after Aug. 1 1922 at 100 and int. into 5% bonds of the company due
1938 as follows: at 80 and int. from Aug. 1 1922 to Aug.l 1923;
82H and int. from Aug. 1 1923 to Aug. 1 1924; at 85 and int from Aug. 1
1924 to Aug. 1 1925.
Net earnings for the 12 months ending June 30 1920 were about 3H times
interest charges on all outstanding bonds, and this issue of notes.—V. 103,
p. 1980.
'
•>./
on
as
American
Bridge¬
from
The
failed
passed an ordinance restricting all jitneys
in the principal thoroughfares served by the company.
company withdrew service from the town early in July when the city
to restrict the jitneys.—V. Ill, p. 1277.
Common
port
Huntington
RR.
(V.
parts of the line axe repaired service will be further
Indiana Harbor Belt R* R.
See Arkansas & Louisiana Missouri RR
Indiana Service
extended.—V. Ill, p.493.
-Note A pjplication
.
above.—V. 110, p.1970.
Corp.—Fare & Wage Increase.—
The Indiana P. 8. Commission,
finding that the company has been operat¬
ing the Fort Wayne c.ty lines at less than a far profit, has authorized a
temporary fare rate of 7 cents with 4 tickets for 25 cents, the new rates to
stand for a period of 60 days from Sept. 15, pending the final decision of the
Commission.
Pres.
Robert M. Feustel, states
that all the employees of the company
increase which will total about $150,000 a year.
The
operating the city cars will be given a new scale of 46 to 53 cents an
hour.
They formerly received 40 to 45 cents.—V. 110, pi 2192.
will be given a wage
rolling stock.—V. 110, p. 2657.
men
Chicago Rock Island
Clause in
& Pacific Ry.—Seeks to Change
Refunding Mortgage—Government
Loan.—
guifc
■fcThe company has filed a brief in the Federal Court at Chicago, in a
against the Central Union Trust Co., trustee under the Refunding Mortgage
4s of 1934, seeking to amend a clause of that mortgage which prohibits tne
from putting a mortgage on the road junior to the Refunding
under conditions declared to be impossible of fulfillment.
that the clause complained of prevents it from finan¬
cing its normal capital requirements and bonds issued under the mortgage
cannot be marketed under present conditions.
The suit is a friendly one and was Instituted because the Central Umon
Trust Co., which represents the road's refunding bondholders, is powerless
-to remove the clause in ciuestion excent
through legal channels.
See also Ann Arbor RR, abore.—Y. Ill, p. 989.
company
International & Great Northern RR.—Listed.—
The
Stock Exchange has admitted to the list $11,290,500
Money 1st Mtge. 7s, extended to Nov. 1 1922, and stricken from
Mtge. bonds, due Nor. 1 1919.—
New York
Purchase
the list $11,290,500 Purchase Money 1st
V. Ill, p. 895.
.
Mortgage, except
The company sets up
^
Interborough Rapid
I
Transit Co.—Extensions.—
The Webster Ave. extension of the Third Ave. Elevtaed Line about 1
%
miles in length, it is announced will be opened for traffic on Oct. 4.
The
extension embraces the territory between Fordham Sq. and the junction at
Gun Hill Road and White Plains Ave., and cost about $2,000,000 with
equipment^
.
1370
THE
CHRONICLE
Transit Construction
Commissioner Delaney has announced general
plans and studies for enlarging and extending the present Rapid Transit
The proposed routes would add about
system in all of the Boroughs.
830 miles of single track to the
for
present 616 miles and principally provide
eight-track double-deck line under Eighth and Amsterdam Aves.,
an
and
a
four-track line under Madison
Ave.
See
"Journal
of
Commerce"
Sept. 27.—V. 111. p. 1278.
Kansas
City Mexico & Orient Ry.—Receiver's Certificates.
The receivers on Sept. 29 filed application with the I. S. C. Commission
for authority to issue a receiver's certificate to the amount of $2,500,000,
bearing int. at 6% and maturing Dec. 1 1921, to pledge and hypothecate it
collateral security for a loan of like amount from the Government.
1278.
as
—V. 111. p.
Maine Central RR.—Government Loans, &c.—
See Ann Arbor RR. and Arkansas & Louisiana Missouri
Ry. above.
V.
Ill, P. 1083.
Michigan RR.—Increased Fare Continued.—
The Michigan P. U. Commission at a recent
hearing granted the company
permission to reta.n the 10-cent fare temporally.
The fare was raised by
agreement among the Comm.ss.on, the c.ty of Battle Creek, and
the
company last June but the city had sought to have the rate reduced.—
V. 110, p. 1849, 2292, 2568.
Middlesex &
Boston
St.
The employees have accepted
company.—V. 110, p. 1526.
Nashville
It
was
Ry
an
Ry.—Wage Increase.—
increase of 5 cents
an
hour offered by the
Ends.—
Co .—First
Assessment—Report.-—
The Bondholders' Protective Committee under date of
Sept. 20 1920,
notified the holders of the 4-6% Secured Gold Bonds the first
payment
of 50% of the $17 50 per $100 or bonds deposited by them, due under the
plan of reorganization (V. Ill, p. 189,483), must be made on or before
Oct. 5 1920, and payment of the remaining 50% on or before Nov. 1 1920.
Pres. Van Horn Ely has issued a letter to the bondholders endorsing the
reorganization plan and urging them to accept the plan of the Randolph
committee.
The
Vice-President Richard L.
—V. Ill, p.
Puebla Tramway, Light & Power Co., Ltd.—Interest.—
coupons Nos. 19-26, incl., will be satisfied by the issue to
bondholders
presenting such coupons of prior lien 5% 50-year gold bonds for 25% of
such unpaid interest in full settlement of their claims against the
company,
fractional scrip certificates being issued for amounts of less than $100.
Coupons Nos. 19-26 must be forwarded to the office of the company in
Toronto, Can., or 23 Hill St., Jersey, Channel Islands, together
with a
form of request provided for the purpose and prior lien bonds or fractional
scrip certificates will be forwarded by registered mail within 28 days from
receipt.—V. Ill, p. 390.
Portland Ry., Power & Light Co —Fare Increase.—
Effective Sept. 9, fare on the line of the company between Portland, Ore.
Vancouver, Wash., was advanced from 15 to 17 cents.
Jitneys have
maint ained a rate of 35 cents on the same route for several months.—V.
110,
The
special masters investigating the trolley problem, in their report to
District Court made the following recommendations:
(a) an
(b) a skip-stop system, (c) service-at-cost plan of operation;
(d) a maximum wage of 55 cents to conductors and motormen; (e) 7 % return
on invested capital, (/) recognition of the Amalgamated Association with
reservations, (g) a valuation of the railway property at $41,500,000.
The report of three masters, Charles J. Theard,
George H. Terriberiy,
and T.J. O'Leary goes to Judge Foster for his approval or
rejection.
If he
approves the servico-at-cost plan and the 8 cent fare, these provisions will be
passed on to the Commission Council for consideration.
In all other phases,
the judge's decision will be final.
the Federal
8 cent fare;
Interest due
July 1
on Gen. Mtge. 4}^s Paid Sept. 28.—
Ferrandon, Treasurer for the Receiver, made an announcement
that the coupons due July 1, 1920, on the 4j^% Gen. Mtge. bonds, would
be payable on and after Sept. 28.1
In addition to the amount of the coupons,
28 cts. per coupon (representing int.) would also be paid.—V.lll,p.494, 189.
A.
New York Rys.—Sale
of Realty.—
The certain
parcels of realty ordered sold by Judge Mayer on Sept. 17
Ill, p. 1279, will be sold at public auction by Francis M.
Scott, Special Master, at the New York County Court House on Nov. 9.
Further details may be found in the N. Y. "Tribune"
Sept. 28.—V. Ill,
p. 1279.
and noted in
V.
Conv. Gold bonds.
Due Oct. 1 1950.
Int. payable A. & O. without
normal Federal income tax.
Company agrees to
State or municipal taxes on account of principal or interest to an
amount not exceeding ^ of 1% of the
principal each year.
Callable all
or part at 125 on any int. date
upon 30 days' notice, unless previously con¬
pay any
verted.
The Town Council of Port
Colbourne, Ont., has adopted a resolution
Hydro Electric Power Commission to take over the railway
(1) That the Commission assume the obligations stated
to be outstanding against the company; (2) that a bond of
undertaking of
the Commission be given to the government in payment
of the proposed
purchase price and that this should constitute a first mortgage charge upon
the railway;
(3) that the Commission shall on behalf of the municipalities
enter into priority agreements for the interchange of traffic between the
railway and the Canadian National Ry.
The "Electric Railway Journal" on Sept. 25 states that the Dominion
Government's plan to dispose of the electric lines in Ontario to the
Hydro
Electric Commission is held in abeyance for the
present.—Compare V. Ill,
p. 294.
urging
the
these terms:
Northern Pacific
Ry.—New President.—
Charles Donnelly, Executive
succeeding J. M.
p. 896, 793.
Vice-President, has been elected President
Hannaford who will become Vice-Chairman.—V.
Carolina
Combined Statement
Calendar Years—
Public
Ill,
Data from
1919-20.
$889,520
1918-19.
1917-18.
$739,929
427,233
16,174
171,760
$641,270
360,803
12,894
168,492
$580,492
320,714
18,396
159,507
$134,229
$124,762
$99,082
$81,876
564,893
Interest charges
Balance, surplus.
-V. 108, p. 2635.
Ohio Traction Co.—Debenture Notes.—
The report of
W. C. Culkins, director of Street Railroads for the City of
was cited last week under
caption "Cincinnati Traction Co."
(p. 1273, 1274).
This report speaks of an authorized issue of $2,250,000
6% debenture notes which were issued in lieu,..of- the. accrued dividends
and payments allowed to the stockholders
under theplan," meaning it is
understood not any the Ohio Traction
stockholders, lout also the stock¬
holders of the Cincinnati Street Ry.
Co./and Cincinnati\& Hamilton Trac¬
tion Co.
(See table of capitalization iiy V. Ill, p. 127417 r
Mr. Culkins on Sept. 25, in reply to our
inquiry writes: 'MJf the $2,250,000
Debenture notes, $250,000 is set aside as the
company's payment in the
Reserve Fund.
The remaining $2,000,000 is to be held for future
disposi¬
Cincinnati
tion in
the interest of the stockholders.
At present it has been pledged as
additional security with the trustee for the purchasers of the
$2,350,000,
three-year notes to be released as the Sinking fund accumulates.
On Sept.
1 1920, the amount of debentures held by the trustee was
$1,976,195.'—
—V. Ill, p. 1279.
Pacific
Electric
include the transformation of the Southern Pacific Station at Colorado
St.
and Broadway, Pasadena, into a joint terminal for the use of both steam and
electric lines, a tunnel under Raymond Hill in order to shorten the distance
between Los Angeles and Pasadena and changes that will affect the service
between Los Angeles and Alhambra, San Gabriel, Azusa, Glendora, Arcadia
p.
(Electric Railway Journal).—V.
Ill,
1084.
Pittsburgh (Pa.) Ry.—Fare Litigation.—
The
fight of Allegheny County boroughs against the company for a 5-cent
so far has been a losing one for the boroughs, has been carried to
Court.—V. Ill, p. 990.
fare, which
the Supreme
.Pennsylvania RR.—Listing—Obituary.—
The New York Stock
10-Year 7%
Exchange has authorized the listing of $50,000,000
Secured Gold bonds, dated April 1 1920, due April 1 1930.
official notice of issuance in exchange for outstanding temporary bonds
(see offering in V. 110, p. 1527).
on
$500
1930,
Letter of Pres.
(c*).
Equitable Trust Co., N.
Y.,
aside from earnings
value of the bonds outstanding.
company shall set
par
William Minot,
Dated Sept. 7
1920.
an industrial terminal consisting of about 3,000
of which company owns 2,640, with railway and steamship connec¬
tions, on tidewater 6 miles from Savannah, Ga.
The terminal has 4
miles of harbor frontage on the main channel, and additional
frontage on a
secondary channel, and on it are 19 miles of industrial railway tracks, and
town facilities, including improved roads, streets, water,
sewers, electric
light, cheap electric power, 4 hotels, stores, schools, &c.
In addition to owning the terminal, the
company owns 14 miles of belt
railway on this property which serves the industries and is directly connected
with the Savannah & Atlanta Ry. and, through the latter, with all railroads
entering Savannah.
The industries following, reprinting an investment
of $18,000,000,
are located on the terminal, and own about 400 acres of land and
5 miles of
industrial railroad in addition to the holdings of the
Company:
Savannah Sugar Refining Corp., Port Wentworth Lumber
Co., Atlantic
Paper & Pulp Corp., Terry Shipbuilding Co., Savannah Creosoting Co.,
Globe Barrel Works, Savannah & Atlanta Ry.
Security.—A first mortgage on the entire property.
The remaining auth¬
orized $1,000,000 may be issued only for additions and
improvements.
Present value of the Port Wentworth Terminal, exclusive of the
property
owned by the industries Is appraised at $4,210,000.
Earnings.—Earnings of company are largely merged with those of the
Savannah & Atlanta Ry. which owns and operates the terminal.
Freight originating in terminal produces about $765,000 a year revenue
to the Savannah & Atlanta Ry. and it is expected that within 2
years this
amount will increase to $1,200,000 through the
operation of the coal export
terminals.
Profit Sharing.—Land may not be sold for less than the
stipulated price
different
parcels, which
are
respectively $200,
$750
and
$1,500
aggregating
per acre,
a
minimum price of $2,785,250 for the termianl pro¬
perty.
From the cash received from land sales an amount equivalent to
these values must be used for the calling of bonds by lot at
125%.
25% of the net cash received above these respective amounts shall be
distributed at the end of each fiscal
year pro rata among the bondholders,
of that day, which will be collected through profit sharing
bond.
Sales of land have been at consistently
advancing prices and recent sales have been at prices 30% in excess of those
outstanding
as
coupons attached to each
above mentioned.
Conversion.—Bonds are convertible on any int. day into real estate on
the basis of the principal amount of the bonds in real estate at the
prices
above mentioned for various parcels, the location of real estate to be at the
option of the company.
Capital After this Financing—
First Mortgage 8% bonds
x7% Cumulative Preferred stock
xCommon stock (without par value)
Authorized.
$2,000,000
Outstanding.
$1,000,000
500.,000
500,000
5,000 sh.
-
All owned by Savannah & Atlanta Ry.—V.
5,000 sh.
Ill, p. 1279.
The company has asked the New York P. S. Commission
to amend its
order of July 1919 authorizing the company to Issue $130,000 bonds so as to
allow it to issue $243,000 6% 1st Mtge. bonds, to realize not less than
$208,-
980 to be used for
Richmond
all
new
construction betterments, &c.—V. 109, p. 477.
Light & RR., Staten Id.—Grant Revoked.—
Resolutions were adopted by the Board of Estimate on
Sept. 24 revoking
the franchises of the company.
The resolutions were presented by
Commissioner Whalen of the Department of Plant and Structures, who
pointed out that the 90-day period required since the company and its
temporary receiver had been notified by the city of forfeiture of its fran¬
chises because of failure to provide adequate service had
expired.
Under an injunction of the Federal Court the
city is prevented from in¬
terfering with the company's cars, tracks, &c., but it is stated that the city
will now ask the injunction order be rescinded.—V.
Ill, p. 295.
St.
Louis
Southwestern
Ry.—$5,000,000
Impts.—
According to Pres. G. H. Herbert the company plans to spend $5,000,000
within the next 12 months as follows.
Equipment,
$1,250,000; new rails, $1,000,000; widening cuts and fills, $750,000; new
ballast, $750,000; new bridges, and betterments to existing bridges and cul¬
verts, $459,000; new sidings and passing tracks, $300,000; new water and
sta ion buildings, $575,000; besides sums for new cross-ties and
drainage.
The entire expense, it is said, will be met with
money on hand, and there
are no plans under
way for raisins: any new money, either for these improve¬
ments or for other purposes.—V. Ill,
p. 1178.
for improvement &c.
Savannah & Atlanta Ry.—Sub. Co. Bonds
Ry.—Improvements Planned.—
Vice-Pres. H. B. Titcomb, on Sept. 17 announced
plans calling for an
expenditure of about $3,500,000 for improvements covering virtually the
entire northern division of the company.
The improvements contemplated
and other Northern Division points.
1
3% of the
Poughkeepsie & Wappingers Falls Ry.—Bond Applic.—
1916-17.
15.905
174,493
expenses.
Taxes
and
acres,
Co.—Earnings.—
Profit & Loss Account Years ending Mar. 31.
Gross earnings
Operating
Service
$1,000
Beginning Oct.
annual sinking fund of
Company .—Operates
x
North
Denom.
trustee.
for
Niagara St. Catherines & Toronto Ry.—
on
Terminal
Dated Oct. 1 1920.
deduction for the 2%
report of the engineers, Day & Zimmerman,is given under reports
Ill, p. 1278.
Masters Recomr
$41,500,000.—
Wentworth
Corp —Bonds Offered.—
Co., New York, &c. are offering at 100 and int.
$1,000,000 First Mtge. Profit Sharing Sinking Fund 8%
above.—V.
II.
V
2568.
—Imbrie &
an
New Orleans Ry. & Light Co-Special
mend Wage and Fare Increase.—Valuation,
O'Donnell died Sept. 28 in New Yoik City.
1279,793.
Pursuant to a resolution passed at a meeting of First Mtge. Bondholders,
held Sept. 1 the unpaid interest on the First Mtge. Bonds,
represented by
Port
n^otormen and conductors who went on strike on
Aug. 22 returned to work on Sept. 23.
During the strike the company
restored partial service with the aid of strike breakers.—V. 110, p. 2193.
Properties
or retirement and cancellation of:
Philadelphia & Erie RR. Co. General Mortgage bonds..
$19,823,000
90% of maturing equipment trust obligations.
1,774,553
(&) Reimbursement for expenditures made for payment of Penn¬
sylvania RR. Consolidated Mortgage bonds, matured Sept.
11919.
4,983,000
Mortgages on real estate canceled and satisfied of record
772.000
(c) Extension or improvement of the facilities of the company.. 22,647,447
and
stated that the
National
Purpose.—(a) The payment
p.
& Light Co.—Strike
[Vol. 111.
See Port Wentworth Terminal
Corp. above.—V. Ill,
p.
Offered.—
1279.
Springfield (O.) Terminal Ry. & Pwr. Co.—Sale.—
George Whysall, receiver on Sept. 22 filed in United States District
Court his report of the sale of the properties of the
company to W. P.
Sturtevant, representing stockholders, for $300,000, the upset price fixed
by Court.
The decree of U.
S.
District Judge John E. Sater, confirming the sale,
with an order of Court authorizing the receiver
in receivers' certificates issued to meet operating
deficits, together with accrued interest.—V. Ill, p. 1084.
also was put on file along
at once to pay off $14,000
Southwestern
(Tex.)
Traction
Co.—Fare
Increase.—
The Texas RR.
Commission, effective Oct. 1, authorized the company
to increase passenger rates from 35c to 49c from
Temple to Bel ton and a
proportionate increase between stations.—V. 106, p. 87.
Stockton
(Calif.) ElectricfRR.—Wage Increase.—
The company has announced increases in the salaries of all
employees.
Advances range from $12 a month for new
platform men to $16 a month
for men who have seniority with the
company.
Other motormen and con.
Oct. 2 1920.]
THE
CHRONICLE
ductors will receive
an increase of $14 a month.
New men who have Deen
an hour will
now
receive
51 cents, second-year men
52 cents, third-year men 53 cents, while fourth-year men receive a
monthly
bonus of $5.
All motormen and conductors who have been in the employ
of the company for one year or more au*e allowed 12
cotton mills at New
close down.
receiving 45 cents
days vacation
—V. 108, p. 80.
Texas & Pacific Ry.—Note
Application.—
Union
Terminal
Co.
of
on pay.
Dallas,Tex.—Seeks
1271.
Note Ext.
This company has applied to the I. S. C. Commission for
authority
enter into an extension agreement with holders of the
company's
to
notes
aggregating $550,000 to postpone the maturity of the securities for
year from Oct. 10 1920—V. 107, p. 803.
Bedford, Mass., and at Passaic, N. J., temporarily
Matters Treated Fully in "Chronicle" of
Sept. 25.—(1) Labor troubles In
England (coal miners) and Italy, p. 1207. (2) Industrial co-operation in a
bleachery, p. 1218. (3) Live stock industry, financial needs, p. 1229,
(4) Cotton and wool, financing, p. 1230, 1234. (5) Packers' plan opposed,
p.
1236. (6) Coal outlook, priority orders, anthracite resumption and
rationing, p. 1237, 1238. (7) Mexican oil law upheld, p. 1238. (8) Jones
Shipping Act, p. 1238. (9) Electric light and power financing, p. 1239.
(10) Income tax returns for 1919, classified,'p. 1245. (11)
Delinquent taxes,
collection, &c., p. 1245, 1246.
Antony Gibbs & Co., of New York, incorporated, see p. 1225.
\
See Arkansas & Louisiana Missouri RR. above.—V.
Ill, p.
1371
Advance Rumely Co.,
one
Laporte, Ind.—New Director.—
Ralph Van Vechten, Vice-President of the Continental
National Bank of Chicago, has been elected
United
Co. of St. Louis.—Receiver's Certificates
Offered in Exchange for St. Louis RR. Bonds Which Matured
May 1 1920—Description of Certificates.—Rolla Wells, Re¬
ceiver, under date of Sept. 11 offered the holders of the $1,900,000 St. Louis RR. 1st Mtge. 43^% bonds which mat¬
ured May 1 1920 the right to
exchange their bonds before
Sept. 27 for Three-Year 7% Receiver's Certificates, par for
par, and to allow int. at rate of 4H% per annum for the
period May 1 to Oct. 1 1920.
Rys.
The
exchange is to be made in case the receiver decides that on Sept. 27
sufficient amount of above bonds has been
deposited with the St. Louis
Union Trust Co. to warrant the exchange.
a
Data
from
Circular
Issued
by
Receiver
Rolla
issued.
exhibits will be found under
ments"
In
for
(all of which has been
duly paid and cancelled) and only 14
miles mortgaged under the outstand¬
ing $1,900,000 St. Louis RR. bonds in exchange for which these certificates
Two
They are also to have a lien, subject to only $10,600,000 divisional bonds,
all maturing prior to this issue, on the remaining
property and franchises
of United Railways Co. of St. Louis,
including 184 additional miles.
Equity.—These certificates rank prior to $30,300,000 First General Mtge.
4% bonds and $9,790,000, St. Louis Transit Co. 5% bonds, upon which
interest has always been paid.
*
Additional Issue.—-The Court, in authorizing these Series "A" Certifi¬
cates, reserved the right to authorize additional certificates for the purpose
of retiring three issues of the above mentioned divisional bonds,
aggregating
$4,100,000.
These additional certificates will have a prior lien upon the
properties described in the respective mortgages securing the bonds so
retired, and will have the same lien and rights as these Series "A" Certifi¬
cates upon all the remaining property and franchises of United
Railways
Co. of St. Louis except the property of St, Louis RR. and Union
Depot RR.,
upon which these Series ' A" Certificates are always to have a prior and
paramount lien.
Right is also reserved by the Court to authorize the issu¬
ance of certificates to take up the two issues of St. Louis & Suburban
Ry.
bonds aggregating $6,500,000; but such issues may not displace the
prior
in
Wabash
each
Writs
case.
Boston "News
Breech of contract is alleged
returnable in the United States Court, Nov. 3.—
are
American Chicle
898.
p.
Co.—Earnings, Dividends, &c.—
W. G. Langley & Co., N. Y., have prepared an analysis of the American
dividends and market record of the Common
Chicle Co., showing earnings,
stock for the past ten years.—V. Ill, p. 495, 296.
American
Safety
Razor
Corp.—Foreign Subsidiary.—
The directors have voted to transfer all the company's foreign assets and
rights to
automatic machinery, titles, trademarks,
and copyrights to
Safety Razor Export Corp. (V. 109, p. 1611)."
George L. Storm is quoted as saying:
"This amalgamation has
made possible a standardized mass production.
The same brands and same
style of packing exists througnout the world, and practically the same
selling price to the consumer throughout the world.
Unlike any other
article for export, the trademarks on safety razors are practically all Ameri¬
use
the American
Pres.
can.
"The dollar
safety
razor
is the Ford of the safety
razor
business with the
added advantage of a world-wide demand—a necessity instead of a luxury—
a
instead of
1280.
r
money saver
—V. Ill, p.
a money
American
Safety
Foreign Holdings.—
i
spender.
Razor
The human
Export
race
is its market.' *
Corp.—To
Acquire
i
See American Safety Razor Corp. above.—V.
109, p. 1611.
American Seeding-Machine Co.—Dividend Increased.—
A
par
quarterly dividend of 1H % has been declared on the Common stock,
$100, payable Oct. 15 to holders of record Sept. 30.
Quarterly divi¬
dends of 134% have been paid from Oct. 1919 to July 1920, incl., prior
to which quarterly dividends were paid at the rate of 4% p. a. since 1911.
See
Ill, p. 1085.
property of the company
on
Bureau," Sept. 22.—Vol. Ill,
American Ship & Commerce
Virginian Ry.—Government Loan.—
The
Manufacturing Co.—Suits Filed.—
aggregating $2,600,000
by G. W. McNear, Inc., of San Francisco.
,
the rest of the system.—V. Ill, p. 1280,
attachments
filed Sept. 21.
One is for $2,500,000 and was filed by Adria Quick
Silver Mining Co., a Wyoming corporation while other is for $100,000 filed
offered.
This lien covers
See Ann Arbor RR. above.—V.
this plan should be studied (1) the annual reports
Semet-Solvay Company and the National Aniline & Chemical Com
were
some
on
connection with
the
descriptive and historical statement regarding General Chemical Co. published
in "Chronicle" of Nov. 8 1919, pages 1790 to 1792; also reports for
1919-20,
110, p. 557; V. Ill, p. 497.
(3) Annual report of Barrett Company,
V. 110, p. 1640, 1182;
V. 108, p. 1607 (showing principle products).—
V. Ill, p. 1085, 1185.
are now
more than 60% of the mileage of the
system, including
of the most productive lines and such
important trunk lines as tha
Olive St., Laclede Ave., Grand Ave., Fourth St., Jefferson
Ave., Broad¬
way, Bellfontaine and VVellston routes.
heading "Reports and Docu¬
of this issue of the "Chronicle."
page
V.
of
lien of above series of certificates
1184.
subsequent
on a
pany Inc., which are cited above under "Financial Reports;" also compare
Pref. stock offering of last-named in V. 108, p. 1169.
(2) The very full,
Security.—'These certificates
are to have a first and
prior lien on 277 miles
street railroad of which 64 Yt miles were
formerly mortgaged by the
Union Depot RR. under a bond issue of $3,500,000
Commercial
& Dye Corp —Merger Plan.—The full
plan of consolidation with accompanying financial
American & British
(Series "A"), for the
purpose of paying the above named bonds and refunding $2,300,000 tem¬
porarily used in taking up $2,300,000 One-year Certificates previously
&
director.—V. 110, p. 1411.
Allied Chemical
text of the
Wells.
Certificates Authorized.—The U. S. District Court and the Missouri
P. S. Commission have respectively authorized and
approved the issuance
of $4,200,000 Receiver's Three-Year
7% Certificates
a
Win.
Corporation.—
Cramp & Sons Ship & Engine Bldg. Co. below.—V.
Ill, p
1280,1185.
RR.—Application Approved.—
American Sumatra Tobacco
Co.—New
Officers.—
I.-S. C. Commission has authorized the conipany to continue the
issuance of its 5% profit sharing Pref. stock A, not to exceed $7,576,121
its common stock not to exceed $7,576,121, in exchange for its
5%
On account of the continued growth of the company, the directors on
Sept. 29 deemed it advisable to establish a more comprehensive organization
convertible preferred
of the board.
and
stock B, now outstanding, aggregating $15,152,242
of preferred stock A and $50 par value of common
value of preferred stock B.—V. Ill, p. 991.
at rate of $50 par value
stock for each $100 par
Western Maryland RR.—Government Loan,
See Ann Arbor
The
RR.
above.
$1,700,000 bonds to be used
&c.—
>
Maryland P. S. Commission has authorized the
as
company
t*o issue
collateral for Govt loans.—V. Ill, p. 590.
American Telephone
Wheeling & Lake Erie Ry.—Government Loan.—
See Ann Arbor RR. above.—V.
City of Bellaire in
a
suit filed in the Federal Court
on
Sept. 20 asks
that the company be compelled to remove all tracks from the streets, and
that the company be perpetaully restrained from operating a traction sys¬
tem in that city.—V. Ill, p. 590.
Wilmington & Philadelphia Traction CoEarnings.See National Properties Co. under "Financial Reports" on
page.—V. Ill, p. 1185.
a
preceding
I
INDUSTRIAL
AND
MISCELLANEOUS
General Industrial and Public Utility News.—The
following table summarizes recent industrial and public
utility news of a general character, particulars regarding
which are commonly to be found on a preceding page under
the caption "Current Events and Discussions" (if not in
the "Editorial
Department"), either concurrently or as
early as practicable after the matter becomes public.
British and Italian Labor Troubles.—See editorial and "Current Events."
Ex-press Rates Again Increased.—To meet the higher wage scale the I.-S.
C. Commission on Sept. 25 sanctioned a further increase in express rates
of 13.5% (15% was asked), making a total Increase during the past three
months of 26%.
Federal Inquiry into Building Prices.—See "N. Y. Times" Sept. 30.
Auto Prices.—Following the example of Ford and Franklin cos., substan¬
tial price reductions were announced this week by the Chandler, Cleveland,
Hudson (incl. Essex), Crow, Elkhart. Studebaker, Paige, Willys-Overland,
Maxwell, Chalmers, Stewart and other cos.
The Pierce-Arrow, Lexington
and Autocar announced increased prices.
See comparative prices Boston
"News Bureau" of Sept. 24 and 29.
Other Notable Price Changes.—(a, Refined sugar down to 13Mc. (b) Lead
reduced from 8 to 724d. (c) Wheat, flour, cotton and numerous other
commodities figured
in the downward movement.
See
"Commercial
Epitome" on a subsequent page. !
The American Wholesale Lumber Dealers' Association on Sept. 27 an¬
nounced reductions on lumber of from 23 to 34% under February prices.
Building material generally, however, along with rents and buildings, have
held
elected Chairman of the Board of
& Teleg. Co.—Sub.
Co. Bonds.—
American Thermos Bottle
Co.—20% Stock Dividend
Payable in Class "5" Stock—Common Stock Now on a Cash
Dividend Basis of 2% Quarterly.—
The directors on Sept. 23 placed the stock on a regular quarterly basis of
$2 per share or 8% p. a. by the declaration of a dividend of $2 per share,
payable Oct., 1, to all shareholders of record Sept. 27.
An extra stock dividend of $20 per share, payable in Class "B" shares
(from surplus) has been declared payable Jan. 3 1921, to holders of record
Dec. 20 1920.
(These dividends are numbered 19 and 20.]
Regular semi-annual dividends of 6% each have been paid in 1918 and
1919 and in April 1920.
A stock dividend of 30% was paid in Class "B"
stock in April last.—V. 110, p. 2194.
American Water Works &
Philip L. Rose
has
been
elected
Electric
Treasurer
Co.—Officers.—
and A. A. Adams has been
elected Comptroller, succeeding Cecil S. Ashdown.—V. Ill, p. 75.
Amoskeag
Manufacturing
Co.—Operations
—
The company started operations
in the worsted department which
employs 4,000 persons on Sept. 27 following a suspension lasting since July.
—V. Ill, p. 1280.
Armour Leather
Co.—Syndicate Closed.—
It Is stated that all the Common stock
remaining in the syndicate has been
privately at $15 per share net to the syndicate, thereby closing the
syndicate.—V. Ill, p. 992.
sold
Art Metal Construction Co.—New Stock.—
The stockholders of record Sept. 20
to Oct.
one new
are
given the right to subscribe up
in the ratio of
11 to 29,146 sxiares of stock at par ($10 per share)
share for each ten shares held.—V. 110, p. 2489.
Atlantic
City Gas Co.—Rate Increase.—
The New Jersey P. U. Commission has granted the company permission
to increase its rate for gas to
$1 60 per 1,000 cu. ft., with a 10% discount
of bills within 10 days.
The basic rate was 90c., plus emer¬
and other extra surcharges. The order makes the new rate a straight
charge, eliminating the emergency charges.—V. 110, p. 1292.
for payment
gency
Austin Machinery Co.—
Sec Linderman Steel & Machine Co., Inc., below.—V. Ill, p. 1185, 694.
firm.
Wages.—(a) New York milk drivers ask $10 a day, N. Y. "Times" Oct. 1.
(b) Journeymen plumbers at Youngstown, O., on strike since May 1 get
and return to work, (c) Tulsa, Okla., plumbers demand
$12 a day. (d) Iron workers at Youngstown Sept. 13 take wage cut. (e) Pier
workers at N. Y. on Sept. 28 vote to renew contract on wage scale of Nov.' 19.
Operators of Central Pennsylvania bituminous coal fields on Sept. 29
rejected the demands of miners for a 25% increase in wages of tonnage men,
which it is asserted would enlarge the scale $45,000,000 annually.
Miscellaneous.—(a) Canadian paper and pulp manufacturing companies,
see special supplement to "Financial Post" of Toronto for Sept. 24.
(bj
"Leather trade at a standstill," "Eve. Sun" Oct. 1. (c) British miners' strike
$10 per 8-hour day
order
was
See Bell Tel. Co. of Pennsylvania below.—V. Ill, p. 1185.
Ill, p. 794.
Wheeling Traction Co.—Ouster Suit Filed.—
The
Julius Lichtenstein
Directors, in addition to being President; William B. Joyce, Pres of National
Surety Co., was elected Chairman of the Executive Committee; and a
finance committee was created, of which William A. Tucker, of Tucker,
Anthony & Co., was elected Chairman.
The executive Vice-Presidents
include Fred B. Griffin, in charge of the company's Connecticut properties,
and Frank M. Arguibeau, in charge of its Georgia and Florida properties.—
V. Ill, p. 694.
suspended Oct. 1. (d) N. Y. State housing bills signed, (e) Various
Autocar
Co., Ardmore, Pa.—No Price Reduction.—
The company announces that, beginning Nov.
will sell Autocar chasses with tax and freight
Barrett
Company,
ferring to the
N.
|
15, all Autocar branches
charges added.—V. 111,
p.
1280.
Y.—Merger—Dividends)—Re¬
plan set forth under "Reports and Docu¬
subsequent page, President Wm. Hamlin
Childs, in circular of Sept. 27, says in substance:
ments"
on
merger
a
Preferred Stock.—The Preferred stock is to be exchanged for the Preferred
Dye Corporation at the rate of one and one-
stock of the Allied Chemical &
[Vol. 111.
CHRONICLE
THE
1373
stock
Prer. stock from 7% to 8 1-6% per share.
Only approxi¬
mately MO ,000.000 of Pref. stock is to be issued at present by the new
company, making the security even more safe than the security of the pre¬
$800,000 of the purchase price agreed to be paid for all of the shares of the
Capital stock of Thomas Potter Sons & Co., Inc., of Delaware, the sellers
of said shares having agreed to accept the 7,500 shares of 2d Pref. stock at
$80 per share, and the 4,000 shares of Common stock at $50 per share.
the present
on
Pref. stock.
exchanged for 2.29 shares of
value of Common stock of the Allied Chemical & Dye Corporation.
It is recommended by the Organization that dividends be paid upon the
new stock at the rate of $6 per share upon the Common stock.
The respective consolidated companies will be at liberty to pay extra
cash dividends on their respective Common stocks sufficient to equalize
tne cash dividends paid thereon from July 1 1920 on a basis of $6 per share
per annum on the new Common stock to be exchanged therefor.
And if,
and in so far as, the dividends on the Common stock of any consolidated
company shall not have been thus equalized, the difference shall be ad¬
justed on the deposited stock in new Common stock at such valuation per
share as the committee may determine for that purpose.
This would be
the equivalent of $13 74 per share as against $8 per share on the present
Common stock of The Barrett Company.
The assets behind the Common
stock of the new company are closely parallel to those behind the present
sent Barrett
stock
Common Stock.—The Common stock is to be
no par
Barrett Common stock.
The whole matter has been unanimously approved by your board of
directors, and they recommend prompt deposit of stock with the Guaranty
Trust Co.
for exchange.
[See also "Chemical Consolidation" below.]
—V. Ill, p. 1086, 694.
Bell
Telephone Co. of Pennsylvania.—Bonds Sold,-
(3)
yield about 7.45% $25,000,000 25-Year First &
7% Sinking Fund Gold Bonds Series "A".
I>ated Oct. 1 1920.
Due Oct. 1 1945.
(See adv. pages.)
Mtge.
Bankers Making Offering.—J. P. Morgan & Co., Kuhn, Loeb & Co.,
Kidder, Peabody Sc Co.; First National, New York; National City Co.,
York; Harris,
*
Interest payable A. & O. at office or agency of the company in N. Y.
City without deduction for the Penna. 4 mills tax.
Denom. $1,000 $500
and $100 (c* & r*) $1,000, $5,000 and $10,000.
Red. all or j>art, on any
int. date upon 60 days' notice, at 107H% and int.
Bankers Trust Co.,
N. Y., trustee.
Data From Letter of
Pres. L. H. Kinnard,
New York, Sept. 29 1920.
Purpose.—Proceeds will be used to repay current debt for funds advanced
for construction purposes and to provide funds for the construction program
Control.—Of the $60,000,000 outstanding capital stock, over 99.9% is
owned directly or indirectly by the American Telephone & Telegraph Co.
Earnings Calendar Years and Number of Telephones Operated.
1917
1918
1919
$4,835,900 $5,733,700 $4,887,100 $4,197,800 $4,514,600
15,000
692,800
763,500
593,600
533,300
Balance...
4,820,900
5,040,900
4,123,600
3,604,200
3,981,300
No. of 'phones.
418,271
472,187
546,321
564,342
617,848
x After deducting depreciation and taxes.
Rate Increase.—As of May 1 1920,
company put into effect throughout
Pennsylvania a new schedule of rates which, with a few modifications, was
approved by the P. 8. Commission on Sept. 14 1920.
The results from the
new rates
together with earnings from investments, should provide net
earnings at a rate not less than those for 1919, which amounted to more
than twice the anual interest charges, including interest on this issue.
Valuation.—The appraised value of the plant used for rate-making is
largely in excess of the book cost.
The book cost of the real estate and
plant (excl. working assets) as of Dec. 31 1919, was over $87,300,000.
To this will be added over $15,000,000 made available for future con¬
struction out of the proceeds of this issue, giving a total book cost of over
$100,000,000 as contrasted with a debt of less than $35,000,000.—V. 109,
p. 1701.
xNet earnings..
Interest
(E. W.) Bliss Co., Brooklyn, N. Y.—Extra Dividend.—
An extra dividend of 10%
was payable on the Common stock Sept. 29
Sept. 27, together with the regular quarterly dividend
The company paid extras of 10% each in the four quarters of
to holders of record
of 1 H%.
1919 and also in Jan. 1920.
The company recently occupied the plant of the Buckeye Engine Co.,
Salem, Ohio, which
manufactured
presses
for the Bliss
company.
Bliss Company purchased the plant some time ago.—V. Ill, p. 391,
The
694.
Brooklyn Borough Gas Co.—Court Fixes Rate.—
Justice Townsend Scudder in the Supreme Court, Brooklyn, on Sept. 27
charged by the company at $1 15 per 1,000 cu. ft.,
fixed the gas rate to bo
pending final decision.
cu.
ft. five months ago
The company raised the rate to $1 40 per 1,000
with the authorization of the P. S. Commission.
The decision is contained in
a
an
order issued in the suit of Gerald Morrell,
customer, which forbids the company from altering
according to the $1 40 rate, and requires
old rate of $1 15.—V. Ill, p. 192.
the
meter to register
it to be continued operating at the
Brooklyn (N. Y.) Edison Co.—New Turbine.—
See Westinghouse Electric & Mfg. Co. below.,—V. Ill,
p.
to convert their
California Packing Corp.—Fire
It is stated that the damage
Damage.—
by fire to the warehouse at Sacramento. Cal.,
about $500,000 and that the building and its contents were
fully insured.
The company, it is stated, contemplates building a much
larger warehouse in that city, work on which is expected to be commenced
shortly.—V. 110, p. 2389.
'
on
Sept. 23
was
Cement Securities Co., Denver.—Extra Dividend.—
A
quarterly dividend of 3% (said to be a regular of 2% and an extra of
1%) was payable on the outstanding $8,700,000 Capital stock, Oct. 1 to
holders of record Sept. 15.
In July last, a quarterly dividend of 3% was
paid.—V. IT0, p. 2570.
Certain-teed
Products
Corp.—To Increase Common
Stock from 100,000 Shared to 150,000 Shares—To Issue 7,500
Shares of 2d Pref. Stock and 4,000 Shares of Common Stock as
Part Payment for Potter Co., &c.—The stockholders will vote
Oct. 4 on the following propositions:
,
(1) To increase the authorized Common stock from 100,000 shares to
150,000 shares, no par value, so that the total authorized Capital stock
will consist of 100,000 shares of 1st Pref. stock (par $100), 50,000 shares of
2d Pref. stock (par $100), and 150,000 shares of Common stock (no par).
(2) To authorize the issuance of (a) 7,500 shares of 2d Pref. stock (which
shall have the ^ame right and privilege of conversion into shares of Common
shares into shares of Common stock.
(d) Not exceeding 16,000 shares of Common stock to be sold to employees
$40 per share; (e) not exceeding 33,250 shares of Common
stock at not less than $50 for each share thereof; and (f) provided that if
at not less than
and when required there may be issued, out of said 33,2.50 shares of Com¬
stock, and from time to time, such shares or lots of shares as may be
required to provide for any Iconversion privilege that may be conferred
upon the holders of any additional shares of 2d Pref. stock which may be
issued at any time prior to Jan. 1 1922, under "(b)" above: and (g) after
Jan. 1 1922. all or any part of the Common stock at any time authorised
for the conversion privilege attaching to or conferred upon the 2d Pref.
stock and which on Jan. 1 1922, shall not have been issued for such con¬
version privilege, at not less than $50 for each share thereof.
mon
After
the
Letter of Pres. Geo. M. Brown, St. Louis, Sept. 21 1920name of the company
was changed to the present title the
organization which
with our
overbuilt
the personnel of both our manufacturing and sales organizations and our
distributing facilities, so that to-day we have 7 well located manufacturing
plants, 39 sales offices, 40 warehouses, and jobbers distributing Certainteed Products to over 50.000 dealers from more than 900 jobbing points in
the United States, in addition to a creditable foreign distribution of Certainteed Products at least fairly started in practically every country in the world.
Our latest acquisition is that of Thos. Potter, Sons <fc Co., of Phila., estab¬
lished 1837, manufacturers of linoleums, felt base floor coverings and
oil
cloth.
The Potter Company's products will be sold and distributed by
our organization under the Certain-teed label.
The purchase of the Potter Company will be made on part 7,500 shares of
corporation
immediately
developing
commenced
an
could include any line of merchandise we felt would naturally go
lines.
Preparatory, to adding additional lines, we
established
10 equal
commencing July 1 1923.—V. Ill, p. 992,
2d Prer. and 4.000 shares of Common stock, and the balance in
annual deferred cash payments
1186.
Chalmers Motor Car
See Maxwell Motor
Co.—Merger Plan.—
Co., Inc., below.—V; 111, p. 899.
Chandler Motor Car
Co., Cleveland.—Prices Reduced.—
President Chandler announced on Sept. 29
that the price of all models of
had been reduced $200 per car and that all models of the
Cleveland Automobile Co. had been reduced $150 per car.—V. Ill, p. 796.
Chandler
cars
Chemical Consolidation.—-Directions for Participation.—
The
Guaranty Trust Co. of New York, as depository, is pre¬
pared to receive at its trust department, Mezzanine "A"
floor, 60 Liberty St., N. Y. City, deposits of stock of the
General Chemical Co., the Solvay Process Co., Semet-Solvay
Co., the Barrett Co. and Preferred stock (Voting Trust Pref.)
of National Aniline & Chemical Co. as called for in the plan
of consolidation outlined on subsequent pages under "Reports
& Documents."
Copies of the form, which must accompany
the deposits, may be obtained at the trust department.
National Aniline & Chemical Co. Common and Voting
Trust Common cannot be
deposited until Oct. 12 1920.
In order that depositors may receive prompt
delivery of the deposit cer¬
tificates, it is necessary that upon the deposit of stock certificates (or Voting
Trust Certificates) they be in negotiable form, i. e.: (1) Every certificate
should be properly executed in blank.
(2) The signature must be witnessed
and then guaranteed by a N. Y. city bank or trust company or a firm with
membership in the N. Y. Stock Excnange, or any local bank naving a
N.
Y.
correspondent.
(3) Administrators, executors, trustees, guardians
attorneys executing assignments must furnish proper evidence of their
authority.
(4) When the deposit certificates are to be Issued in any name
other than that in which the deposited stock is registered, State and Federal
transfer tax stamps mast be affixed at rate of 2c. for Federal tax and 2c. for
or
State tax for each sucn share
are
Otherwise
deposited.
no
transfer tax stamps
necessary.
Cheswick Power Co.,
See Westinghouse Electric &
Light Co., V. Ill, p. 298.
Pittsburgh.—New Turbine.—
:
Mfg. Co. below, and compare Duquesne
Chicago Pneumatic Tool Co —New Directors.—
Schmidlapp, a Vice-President of the Chase National Bank and
A. Ryan have been elected directors.
Mr. Schmidlapp succeeds
Cassidy.
President ilohn R. McGinley was quoted on Sept. 28 as saying: "the
company last month did the largest business in its history, both from the
viewpoint of sales and earnings".—V. Ill, p. 1282, 899.
Carl J.
Allan
A. F.
Cleveland
See
Chandler
Co.—Prices Reduced.—
Automobile
Motor Car Co.
Cleveland
above.—V.
Ill,
p.
76.
Co.—Pref.
Illuminating
Electric
Stock
Offered.—Wm. A. Read & Co. are offering at 100 and div.
$4,000,000 8% Cumulative Pref.
(a & d) stock.
(See
advertising pages.)
The stock offered is subject to
authorization of stockholders and stock¬
holders' rights, and to the approval of the Ohio P.
Redeemable as a whole at 110 and divs.
Divs.
U. Commission.
Q.-M.
No additional
maturing beyond one year may be created, except for
refunding, or at par for not exceeding 80% of the cost of additions and
improvements, and no Pref. stock can be issued having priority over this
issue.
A sinking fund, beginning 1921, of 2% per annum of the largest
amount of 8% Pref. stock issued, must be used to purchase stock in the
open market up to 105 and div.
bonds,
or
notes
Data from Letter of Pres. Harrison Williams,
1186.
exceeding
1,083 1-.3 shares of Common stock, said shares, together with the maximum
25,666 2-3 shares of Common stock already provided for, or so
much thereof as may from time to time be required, to be used by the
holders of 26,750 shares of 2d Pref. stock at any time prior to Jan. 1 1922,
amount of
and Canada.
1915
To authorize the issuance from time to time, of all authorized and
shares of the 2d Pref. stock at not less than $80 per share; (c) not
for the balance of 1920 and 1921.
Security.—A first lien on entire physical property of company in Penn¬
sylvania, with exception of plant in the territory serving Pittsburgh and
certain counties west of the Allegheny Mountains on which plant the mort¬
gage will be subject to $9,543,000 Central District Telephone Co. (closed)
1st Mtge. 5s, due 1943.
Additional Bonds.—Additional Bonds may be Issued for new property
acquired in connection with the company's business, but not in excess of
75% of the actual cash cost of such additional property; provided, (a) that
the amount of bonds issued together with the Central District Tel. Co.
bonds, do not exceed the amount of stock outstanding and its surplus;
(6) that annual net earnings after taxes, available for interest shall have been
not less than \% times the interest on bonds outstanding and proposed.
Additional bonds as may be issued in future will bo in differenet series and
with such interest rates, maturity dates &c., (not earlier than 1945, nor
later than 2020) as directors may determine.
Sinking Fund.—Company covenants to pay the trustee, $410,000 an¬
nually in semi-annual installments beginning April 1 1921 to be applied, to
the acquisition of the Series A Bonds at not exceeding redemption price
either by purchase or by call.
The bonds so acquired will continue to
bear interest, the amount thereof to be added to the sinking fund.
Company
Organized in 1879 in Pa. as Bell Telephone Co. of Phila.
Name changed to present title in 1907.
Owns and operates a comprehensive
system of exchange and toll lines located entirely in Pennsylvania, reaching
every part of the State.
Connects directly or indirectly for the interchange
of traffic with all other companies of the Bell system throughout this country
1913
the following consideration:
Data from
and int. to
New York; Bankers Trust Co.; Guaranty Trust Co., New
Forbes & Co., Lee, Higginson & Co.
for
unissued shares of the Capital stock, viz.: (a) not exceeding 65,000 shares of
the 1st Pref. stock at not less than $85 per share; (&) not exceeding 23,250
The bankers named below this week offered and sold at 95
Ref.
as
the
present'outstanding 2d Pref.) and (5) 4,000 shares of Common
In payment of a fixed part, viz.:
sixth shares of the new Preferred for one share of the Barrett Preferred,
both being 7% stocks.
This will be equivalent to increasing the dividend
Cleveland, Sept 23.
Company.—Operates in Cleveland and adjacent suburban territory/
serving with electric light and power an estimated population of 1,200,000.
Business is well diversified, including over 80% of the requirements of the
street railway system and the supplying of light and power to many varied
interests.
Serves
approximately
152,000
consumers,
including over
130,000 homes.
Street lighting is furnished to 16 municipalities, and
current for domestic and commercial purposes to 35 political
subdivi¬
sions comprising Cleveland and suburbs.
CapitaVn after this Financing—
Authorized.
7%
1st Mtge. Coll.
bonds, due 1935
(V. 110, p. 2659)
$8,000,000
1st Mtge. 5% bonds, due 1939 (remaining $11,500,000 pledged or will be necessary as collateral
for 7% bonds)
30,000,000
6% Cumulative Preferred stock
800,000
x8% Cumulative Preferred stuck
10,000,000
xOommon stock
19,200,000
x After proposed changes in capitalization.
Earnings Year ended Dec. 31.
Outstanding
15-vear
1916.
Operating
revenue
Gross income
Interest
charges_
Deductions & Fed. taxes
Bal.
a
for
divs., &c._
1917.
1919.
$6,863,886
2.270,901
2,202,524
401,983
576,923
937,203
14,119
18,975
205,652
$l,85i,799
$1,606,626
.
18.500,000
800,000
4,000,000
9.763,500
a
1920-
$9,389,941 $11,700,465
$5,109,738
12 months ending Aug. 31.
$5,000,000
3,743,295
$2,600,440
3.899,086
1,019,822
150,049
$2,729,215
.
OCT. 2
1920.]
income after taxes and
Net
reserves
and dividends
on
12
the
months to Aug.
to Dec. 31 1919.
interest charges available for depreciation
6% and 8% Pref. stocks was $2,729,215 for
1920 and averaged $1,992,890 for the 5 years
the
31
Valuation.—The Ohio P. U. Commission fixed the valuation at $20,071,569 as of July 1 1914.
After adding subsequent expenditures for
additions and extensions, and giving effect to present financing, total
value will be in excess of $41,000,000.
Funded debt outstanding amounts
to
$23,500,000, leaving net property value after deducting < the $800,000
Pref. stock of $16,700,000, which is over $417 a share for the 8%
6%
Pref.
lying bonds; (2) redemption or retirement of bonds of another series, and (3)
75% of actual and reasonable expenditures for permanent extensions, &c.,
provided the annual consolidated net earnings shall equal twice the annual
interest charges on all underlying bonds outstanding and Gen. & Ref.
Mtge. bonds, including those proposed.
Sinking Fund.—Annual sinking fund begins on March 1 1924, equal to
1% of all underlying bonds outstanding in hands of public and Gen. & Ref.
bonds issued and outstanding at the preceding Dec. 31, to be utilized in
acquisition or retirement of underlying bonds or Gen. & Ref. bonds of any
series as determined by directors.
General Reserve Fund.—Company beginning with 1920 is
stock.
Dividends.—Company has paid divs.
its 6% Pref. stock since issue in
($9,763,500 now outstanding)have
been paid since 1902 and at the present rate of 8% since 1904.
Purpose.—To provide funds for fixed and current assets, including
extensions.
These additions are necessary to meet the increased demands
for electric power and service chiefly from the manufacturing industries in
1893.
1373
CHRONICLE
THE
Cash
divs.
on
on
stock
Common
Cleveland.
Plants.—Property
includes 2 steam generating stations with present
capacity of 188,000 k. w.
Main generating station
present installed capacity of 178,000 k. w. and 25,000 k. w. in ad¬
ditional capacity is now being installed.
Part of the proceeds of the present
required either to
with trustee not less than 4% of the aggregate
outstanding and Gen. & Ref. bonds issued and
outstanding at Dec. 31 of each year, to be expended for maintenance, re¬
pairs, replacements and renewals, for the purchase of underlying bonds of
Gen. & Ref. bonds or for extensions, &c., on account of which no bonds
shall have been or may be issued.
For further details of Gen. & Ref. 7s, business &c., see Y. 110, P- 564;
V. Ill, p. 1282, 1086.
expend
or to deposit in cash
amount of underlying bonds
aggregate installed
has
issue will be used for this purpose.
available a total capacity of 213,000
With this addition company will have
k. w. or about 285,000 h. p.
Electric
energy is transmitted to 10 modern fireproof substation, advantageously
located.
High voltage transmission and distribution lines almost entirely
of underground conduit construction, connect with about 9.000 miles of
overhead lines for distribution over a territoty of more than 300 sq. miles..
Storage batteries are also installed in 3 of the company's substations as
insurance of the continuity of service in the main business district of the city.
Compare offering of $5,000,000 7% 1st Mtge. bonds in V. 110, p. 2659.
Cleveland Worsted Mills
in
Co —Reduces Prices.—>
The company on Sept. 24 announced a
wools.
V. 106, p. 1463.
Cluet Peabody & Co., of
See Cluett
price reduction of from 15 to 30%
Can., Ltd.
-Amalgamation.
Peabody & Co., Inc., below.
Cluett Peabody &
Co., Inc., Troy,
N.
Y.—Merger.—
The "Financial Post" of Toronto recently stated that the Cluett
Peabody
& Co. of
Canada, Ltd., and the Williams, Greene & Rome Co. Kitchener
Ont., have been amalgamated under the above name with a capital of
$2,500,000, all closely held.
The company will have six factories located
at St. John'-, Montreal, Sherbrooke, Kitchener, Gait and Preston, Can.
The goods that will be manufactured include laundered and soft collars,
white and fancy shirts, pyjamas, night robes, athletic underwear, boys'
waists
and
handkerchiefs.
The new directorate, with Canadians preponderating. consists of F. W.
Stewart, Vice-Pres. & Man. Director; F. S. Hodgins, V.-Pres.; A. Gillespie,
Treas.: E. H. Cluett, C. A. Culver, C. S. Dean, G. I. Miller, F. R. Caldwell,
L. Nash, J. R. Kirby, B. K. Robinson and H. J, Elliott.
See V. Ill,
p.
796, 592.
Colorado Fuel & Iron
Executive
Co—Officers.—
Assistant
to
President.
He will
continue
as
General
Counsel
and Secretary,
(b) A. H. Lichty, Vice-President in charge of all matters
bearing on employees' representation and conditions of emnloyment;
(c) E. S. Cowdrtck, Assistant to Vice-President Lichty.
He will continue
as editor of the C. F. & I. Industrial Bulletin.—V. Ill, p. 796.
Commonwealth Edison Co.,
See
Chicago.—New Turbine.—
Westinghouse Electric & Mfg. Co. below.—V. 110. p. 2660.
Consolidated Cigar
The stockholders
on
Sept. 30 ratified and approved
company becomes the owner of
a
contract whereby
all the Common stock of "44" Cigar Co.
and operate the8 factories of the "44"Cigar Co., located in
various parts of
Pennsylvania, with a capacity of 100.000,000 cigars a year, bringing the total
possible output of the Consolidated Corp. to
500,000,000 cigars an¬
nually.
President Gilbert stated that in his judgment "the present ac¬
quisition has fortified the company's position in the trade to an unusual
over
extent."
The stockholders also authorized
an
increase in the Common stock from
90,000 shares without par value to 150,000 shares without par value, which
enables the payment Nov. 1 to Common stockholders of record Oct. 15 of
the 15% stock dividend recommended by the Directors.(Tucker, Anthony
Co., 60 Broadway are interested.)—Compare V. Ill, p. 1187.
Consolidated Textile
See B. B. & R.
Power
Co.
of
p.
cally the
same as
the operations
will be practi¬
According to
why the present dividends should
for the corresponding period of last year.
daily, as com¬
pared with 150,000 six weeks ago.
The new big plant at Edgewater, N. J., which cost about $2,500,000, is
about completed.
The only remaining work on this plant Is the installa¬
tion of canning machinery, which work is now under way.
This plant
consists of a long pier extending into the North River over which a modern
two-story factory has been built, which will serve not only as an ideal dock
for caring for both incoming corn shipments and export business, but also
provides a large water-front canning plant.
The large piece of ground recently purchased by the company at Kansas
City, Mo., is being prepared for the erection of a large new plant which will
cost in the neighborhood of $7,000,000.
It will have a grinding capacity
of about 25,000 bushels.
When this new plant is completed it will bring
the total
grinding capacity of the company up to 175,000
—"Financial America." N. Y., Sept. 25.—V. Ill, p. 1282.
bushels daily.
(Wm.) Cramp & Son Ship & Engine Bldg. Co.—Div.—
A quarterly dividend of 1%
Common stock,
has been declared on the
payable Oct. 16 to holders of record Oct. 1.
Quarterly dividends of 1H%
have been paid from Oct. 1919 to July 1920, inclusive.
A stock
of 150% was payable in September last.—V. Ill, p. 1187, 796.
dividend
(The) Cupey Sugar Co.—Re-incorporation in Cuba.—
The shareholders of this Connecticut corporation
(incorp. June 10 1915)
asked to deposit their certificates with the National City Bank of N. Y.
depository under agreement of Sept. 1 1920. preparatory to re-incorpora¬
tion under the laws of Cuba, the $600,000 7% Cum. Pref. stock and $1,000,000 Common stock (par each $100), to ba exchanged $ for $ for stock
of the same classes respectively cf the Cuban Corporation.
The agree¬
ment of Sept. 1 further says in substance:
The Cupey Sugar Co. is engaged exclusively in the production of sugar
cane and the manufacture of sugar and other products therefrom in the
(eastern end] of Cuba, and it is deemed advisable that its assets be conveyed
to a corporation to be organized under laws of Cuba, with an authorized
Capital stock of the same amount and divided into the same number of
shares, Common and Preferred, as authorized, for The Cupey Sugar Co.
are
& J. in New
Denoms.
$100, $500 and $1,000 each (c*&r*) $1,000, $5,000 and $10,000 each.Red.
all or part on any int. date upon 60 days' notice at 105 and int. on or before
July 1 1925, at 103 and int. thereafter but on or before July 1 1930. and at
101 and int. thereafter but prior to maturity.
National City Bank, New
York, Trustee.
Tax refund in Penn., and tax exempt in Michigan.
July 1
1920.
Letter
of
Due July 1
Pres.
1935.
B.
C.
Cobb, dated September 23,
and
provide for
extensions
1920.
Includes $22,254,000 First Lien & Ref. Bonds, due
582,000 First & Ref. Mtge. Bonds of Michigan Light Co.,
and $2,726,500 representing several issues of underlying
bonds of each company outstanding in hands of public.
Jan. 1 1936; $2,due March 1 1946
(closed mortgage)
In addition, there
pledged under the General & Ref. Mortgage $901,000 of the first lien
1st & Ref. Mtge. bonds of Michigan Light Co.
& ref. bonds and $1,559,500
Earnings (Combined Statement Consumers Power Co. System) Year End July 31
1918
Gross earnings
Net after oper. exp., main. & taxes._
Ann. int. charge on $35,062,500 bonds
1919
1920
$8,935,251 $10,518,650 $13,074,634
2,995,564
3,823,773
4,191,854
1,903,125
Balance for debenture int., depreciation, dividends,
etd.__
$2,288,729
Security.—Secured on the entire electric property of company subject to
liens of underlying mortgages outstanding ($23,968,000b
Addi¬
the prior
tionally secured by pledge of $3,175,900 Common stock (entire issue), not
less than $2,645,800 Pref. stock (96% of entire issue) and $1,559,500 First
& Ref. Mtge. bonds of Michigan Light
Co., together with $901,000 ol
Cons. Power Co. First Lien & Ref. bonds.
This
Issue.—Authorized,
unlimited.
Additional
bonds
issuable
in
series as determined by directors for (1) acquisition or retirement of under¬
this week that Vice-Pres. C.
New Officers
and Directors.—
Willys, Pres.; J. E. Kepperly and W. B. Stratton, V.-Presidents
Harback and W. P. Chrysler, also directors, have
resigned.
The following have been elected officers: O. M. Keyes, Pres.;
F. H. Russell, V.-Pres.
Directors elected: If. G. Hotchkiss, C. R. Keys and
J. A. B. Smith.—V. Ill, p. 392.
'
John N.
Dome Mines
Co., Ltd.—Option Exercised.—
Secretary Alex. Fasken writing to the "Chronicle" under date of Sept. 25
"We have exercised our option to purchase the properties and assets of
The Dome Extension Mines Co., Ltd., the purchase price is 76,667 shares
says:
Capital stock which we are to deliver as directed by The Dome
Mines Co., Ltd.
As a matter of fact The Dome Extension
shares pro rata among their
Mines Co., Ltd., sharehold¬
er one share of our stock for every 30 shares of Dome Extcasion Mines stock
held.—V. 110, p. 2660.
of
our
Extension
Mines Co., Ltd., will direct us to deliver these
shareholders which gives every Dome Extension
necessitated by the heavy
x
announced
of the
and directors, and J. R.
Dort Motor Car
the system, especially in connection with electric light and
has sold locally since Sept. 1
was
company from
control involves the purchase of
Co., Flint, Mich.—No Price Reduction.
President J. D. Dort has issued a statement saying
power service.
Capital Outstanding after this Financing (Stk. $27,337,700; Bds., $35,062,500)
Common stock paying 8% dividends
__$14,425,900
Preferred stock paying 6% cumulative dividends
*12,911,800
7% serial deben. maturing Feb. 1 1922-27—V. 110, p. 565
3,000,000
General & Ref. Mtge. Gold Bonds, 15-year 7%, series*"B."
due July 1 1935 (this issue) $2,500,000; 10-year 7%, series
"A", due Jan. 1 1930 (V. 110, p. 585), $5,000,000.
7,500,000
Underlying and divisional mortgage 5s (in hands of public)
x27,562,500
♦Includes $110,000 reserved to issue for equal amount of Michigan Light
Co. Preferred stock.
Does not include 7% Preferred stock which company
Aeroplane & Motor Corp.—New Control—
H. Keys had acquired
the Willys-Overland Co.
The change in
about 100,000 shares of Common stock, it is
said, but the price paid was not made public.
It is understood that no
reorganization plan is involved.
It
control
1920.
Purpose.—Proceeds will reimburse company for the retirement of certain
underlying bonds
new stock will have the same privileges, priorities and voting powers
provided for the present stock, saving, however, that the Pref. stock
corporation at any time upon 30
days' notice at a premium of 5% thereon and accrued dividends to date,
and saving further that there may be authorized $1.000 additional Common
stock (par $100 a share), as may be requisite to qualify the directors thereof.
The properties shall be conveyed to the Cuban corporation subject to a
mortgage made to Guaranty Trust Co. of N. Y., as trustee, on Aug. 1 1919,
to secure an issue of First Mortgage 7% Sinking Fund Gold bonds, of an
authorized $2,000,000 and the Cuban corporation shall ssaume the said
mortgage indebtedness.
fOn Sept. 30 1919 only $1,300,000 of these 10year bonds due June 15 1929 were outstanding, and these were pledged as
part collateral for Sinldng Fund Gold 7s of the West India Sugar Finance
Corporation.
The entire control of the company is in the hands of the
last named corporation, which, together with friends, own the majority of
the Common stock; the Pref. stock having no voting rights.
See descrip¬
tion, output &c. in West India statement V. 108, p. 2440.
Thomas A.
Howell, Henry W.
Wilmot and Howard J. Pullum are the committee
having there-incorporation in charge.]—V. 108, p. 2440; V. Ill, p. 193.
be redeemable at the option of the
shall
Int. payable J.
Company.—Company has recently acquired all the Common stock, over
96% of the Preferred stock and certain bonds of the Michigan Light Co
which owns modern and well maintained plants and distributing systems
for the production and supply of artificial gas for both domestic and indus¬
trial purposes.
The combined properties serve one of the most important
and rapidly growing industrial sections of the country, comprising about
64% of the urban population of the lower peninsula of Michigan, outside of
Detroit.
Population served estimated, 775.000.
demands upon
at the time of transfer.
as are
Curtiss
York without deduction of the normal Federal income tax of 2 %.
are now
Co., N. Y.—Status.—The fol¬
is pronounced subst. correct:
officials of the company, there is no reason
not be continued during the remaining part of the year.
Plants of the company are now grinding 100,000 bushels
1282, 496.
Maine.—Bonds
Offered.—
National City Co., Cassatt & Co., and Graham, Parsons &
Co., are offering at 91 l/i and int. yielding over 8% $2,500,000
Gen. & Ref. Mtge. Gold Bonds, 15-year 7%, Series "B".
From
statement
Both from the viewpoints of profits and volume of business
of Corn Products Refining Co. for the three quarters of 1920
Corp.—Allied Company.—
Knight, Inc. below.—V. Ill,
Consumers
Data
published
The
Co.—Acquisition.—Capital Inc.—
established in 1893 in Phila. and incorporated in 1905, maker of the widely
advertised brands "44"and "Adlon."
President S. T. Gilbert, stated that the Consolidated Corp. will manage
Dated
lowing
as
Vice-President J. Chilberg having retired on account of ill health, the
following appointments became effective Oct. 1; viz.: (a) Fred Farrar,
the
Corn Products Refining
a
not reduce
prices.—V.
Eastern
.
Ill,
p.
that the company will
796.
Steamship Lines, Inc.—Pref. Dividend of 4%%.
The directors have declared a dividend of 4 \4 %
the Pref. stock pay¬
on
This, it is stated, is the balance
entitled to out of the net income of 1919.
initial dividend of 114% was paid.—Y. Ill, p. 77.
able Oct. 15 to holders of record Oct. 4.
to which the Preferred shares are
In March last
Elder
an
Corporation.—No Common Dividend—Earnings
The dividend usually due Oct. 15 on the Common stock, will be omitted.
In January last, an initial dividend of 75 cents per share was paid on the
outstanding 60,000 shares Common stock (no par value) and in April and
July last, regular quarterly dividends of 75 cents per share was paid.
President George 8. Elder says:
"Gross sales of the Elder Mfg. Go. for
the period from May 1 to Sept. 21 1920, were $2,706,157, against $1,986,000 for 1919, an increase of about 39%.
Net profits were $351,567, against
an increase of 374%.
in the volume of business done by the com¬
and the corresponding necessity for increased working capital, the
directors deemed it wise at this time to conserve the cash assets, and to
make no distribution to Common stocknolders,—V. 110, P- 1529.
$74,123,
t
,
"In view of the large increase
pany
Elder Steel Steamship
Co., Inc.—Bonds Retired.—
announced that $500,000 of the 7% Serial gold
1, the date of maturity.
These notes are
payable at the Guaranty Trust Co.
Compare V. 110, p. 1853, 1529, 1293.
The company on Oct. 1
would be retired on
notes
Oct.
Elgin Motor Car Corp.—Receives $1,500,000 Order.—
President C. 8. Rieman announces
receipt of a $1,500,000 order for Elgin
Gaston, Williams & Wigmore for shipment to
order, it is stated, necessitates plant expaasion for which
Sixes from
Capital
stock was recently increased.
nd 2390.
Europe. This
the company's
110, p.
Compare V.
*
'
1976, 2294
1374
THE
Elgin National Watch.—
Stock
Div.—Capital
Inc.—
The stockholders will vote Oct. 23: (1) on Increasing tne capital stock
from $5,000,000 to $7,000,000: of the increase $1,000,000 will be issued as
20% stock dividend and $1,000,000 will be sold to employees at not less
(2) On reducing the par value of the stock from $100 to $25.
"Directors have declared a 20% stock dividend, totaling $1,000,000.
The company's stock will be increased from $5,000,000 to $7,000,000
and the par value will shortly be reduced from $100 to $25 and 4 new shares
issued for each share outstanding. The remaining $1 .OOO.OOO of new capital
will be sold to employes at par.
Additionally, the employes have been
voted a bonus of 10% of their annual wages, payable in Jan." "Chicago
Herald and Examiner," Sept. 26.—V. Ill, p. 392.
a
than par.
*
(H.
H.) Franklin Manufacturing Co.—
Preparations, it is stated, are being made for
an
immediate return to
back to
full working conditions at the factory, meaning the plant will go
the 48-hour week.
The factory has been working but 4 days with an out¬
put of 16 cars per day.
Many men who have been recently released will
be taken back at their former positions.
The number of workers was
recently reduced from 5.000 to 2,400.
President H. H. Franklin says: "Necessarily, the Company will take a
temporary loss on materials on hand, purchased at figures out of line with
the new price schedule.
We shall endeavor to obtain readjustments of
existing contracts to meet the new conditions and place
figures below those which we are now paying."—V, 111,
General
Asphalt Co .—Fire Damage
contracts at
1283 , 797.
new
p.
—
A serious fire at the plant of the Barber Asphalt
Paving Co. at Maurer,
of the chief operating subsidiaries, occurred on Sept. 26, originat¬
used for storing heavy petroleum residue.
Owing
it is not possible to accurately determine the extent
of the damage, but it is estimated to run from $2,000,000 to $3,000,000.
The following units were not involved.
The plant utilized for manu¬
facturing asphalt cements for use as road binders, etc.: the laboratory and
experimental plants; the office building: the docks, bulkheads and ship dis¬
charging facilities and the barrel manufacturing plant.
The fire risk on the damaged portion of the plant it is stated, is amply
covered by insurance.-—V. ill, p. 899.
N. J.,
ing in
one
one of the tanks
to the nature of the fire,
General
Chemical
following
from 4,000 to 6,000 barrels of crude
per
The stockholders will vote Oct. 14
on
page.-—
Stock to Employees.—
Pref. stock and rentals
the authorized and unissued capital stock to employees. Pres. C. A. Coffin,
It has long been the view of the directors that
ownership of the stock by employees is greatly tb be desired both as a
means oflnvesting their savings and of creating a direct and personal interest
in the company's welfare.
Acquisition of such stock by employees in a large way is not practicable ex¬
cept through some plan permitting purchase upon installments.
Until
recently, it has not been possible for the company to adopt such a plan for
the reason that stock was not available for this purpose.
But under the
New York Stock Corporation Law as amended in 1919, a corporation now
may, with the consent of its stockholders, sell stock to its employees.
It Is proposed that the subscription price shall be substantially the market
price at the time the offer is made, payment for the shares to be made by
periodical deductions from payroll.
In order that all complexity and detail
shall as far as possible be avoided, there will be no allowance or adjustment
for interest either on payments made or on unpaid balances; but upon com¬
pletion of the subscription payments, company will give a credit to the
employee which shall represent approximately the net return had he been an
actual holder of the stock and had received the dividends thereon from the
date of his subscription.
It is proposed that an employee whose subscription is cancelled because of
illness, unemployment, or other reason, may receive back the money
deducted from his pay, with 6% interest.
o,
Acquires Substantial Interest in Locke Insulator Corp.—
An arrangement has been made whereby the company has acquired a
substantial interest in the Locke Insulator Corporation.
This arrangement
will result in full engineering and research co-operation between the two
companies with respect to insulator problems and will further extend the
The Locke
will now produce the well-known Hewlett high-tension trans¬
mission insulator, taking advantage of the additional facilities supplied by
the completion of its new plant at Baltimore, Md.
The directors of the Locke company are: G. E. Emmons, C. W. Appleton,
D. R. BuUen, J. W. Upp, George P. Baldwin, C. J. Symington, Walter T.
Goddard, Donald Symington (Pres.), John F. 8ymington (V.-Pres.),
F. II. Reagan (V.-Pres.), with W. G. Hoffman Jr., Treas., and J. F. Douty
Jr.
Sec V. Ill, p. 1283.
usefulness of the Locke Insulator Corp. in the electrical field.
company
_
Stockholders
were
Calif.—
Common.
notified Sept. 21 of proposed new financing in the form
of
a $1,000,000 additional Common stock issue to sell at $150 a share, and
that the company was to declare and pay to stockholders of record a 60%
Common stock dividend.
Following the issuance of this new finance the
capitalization of the company will, according to their report, be over
$12,000,000.
The sale to stockholders of $1,000,000 additional common stock at $150
per share will produce $1.500,000 of new money which will be used in part
to defray the cost of acquiring the Phoenix Milling Co. of Sacramento, and
will permit the extension and improvement of the company's Los Angeles
mill.
The book value of the .Common stock, based on June 30, figures is $191.40.
The common stockholders will be given a right to purchase 25% of their
present common stock holdings in the new issue at $150 per share.
At
present the Common stock or the company is paying 12% dividends.—
San Francisco "Chronicle" Sept. 22.-—v
108, p. 2245
uooayear Tiro co uUDDer Co.—New 'financing Reported.
Iff The "Financial America," Oct. 1, says: "It is understood that the com¬
pany has negotiated a loan with Chicago bankers for $25,000,000 to run for
three years and bear 7% interest.
According to reports in Wall Street
to-day, a syndicate will be formed, headed by the Continental & Commer¬
cial banking interests.
The company, it is stated, was in need of about
$10,000,000 for obligations falling due to-day, and between now and Dec. 1
additional amounts are needed covering the total to $25,000,000."—V. Ill,
p. 1087.
Great
Lakes
Transit
Corp.—New Directors, &c.—
James E. Davidson, Vice-President of the American Ship Building Co.
a director succeeding Ward Ames, Jr.
,
A dividend of
l%% on the Pref. stock, for the quarter ending Sept. 30,
dividend of $1.25 per share on the Common stock were payable Oct. 1
to holders of record Sept. 25.—V. Ill, p. 797.
'
a
Gulf States
Steel
Co.—Earnings, &c.—
Earnings for August, after taxes, depreciation, &c., were approximately
$92,580, and for the 8 months ending Aug. 31, $811,643.
This is at the
monthly rate of $101,455, after deducting taxes, depreciation and charges.
It is said that the company is booked five months anead and that practi¬
cally 50% of its business is for export; the foreign demand continuing good.
The Shannon shaft, it is stated, has been driven into a deposit of highgrade self-fluxing ore, which, it is claimed, will permit a considerable saving
for the company in the cost of producing pig iron.—V. Ill, p. 900, 498.
Home Oil Refining Co. of
Texas.—Reorganization Plan.
The stockholders' committee named below has adopted substantially the
following plan and depositing stockholders who do not withdraw on or
before Oct. 15 will be bound thereby.
Further deposits of stock will be
received within said period at Empire Trust Co., 120 Broadway, N. Y.,
Central Trust Co. of 111., Chicago, or Syracuse (N. Y.) Trust Co., as
depositaries.
Creditors who have agreed to take Pref. stock for their
claims and all creditors who desire to participate in the reorganization must
deposit their notes, claims, &c., with the depositaries on or before Oct.25
Condensed Statement by Stockholders' Committee. N. Y., Sept. 21.
Creditors Assent.—A very large percentage of the creditors, both secured
and unsecured, including those holding receivers' certificates, have already
agreed to accept Pref. stock in settlement of their claims.
Operations.—The Fort Worth refinery is a new plant, and with a com¬
paratively small expenditure can be operated as a topping plant handling
on
oil and gas leases,
will probably approximate
Marketing.—The Carson Petroleum Co., 208 South La Salle St., Chicago,
will become financially interested in the new company and market the
entire output of the refinery.
Time Pressing.—All of the properties are standing idle.
Prompt action
is therefore essential.
[Signed by committee: Arthur D. Wolf (Chairman), Charles Miller,
P. L. Kiernan, Adolph Kurz, Charles H. Sanford, William Churchill and
James A. Young.
Address, 50 East 42d St., New York City.]
Plan
of
Reorganization
Dated
Sept. 21 1920.
Old
Company .-—The $5,000,000 Common stock is all outstanding except
86,000 shares ($860,000) turned in by the promoters; a number of shares
still(outstanding,issued without consideration, will not be recognized. The
liabilities approximate $2,250,000, including receivers' certificates, part lien
claims, unsecured and contingent claims; $750,000 of the $2,250,000
is
disputed.
Estimated Cash Requirements.—$1,850,000 will be required for the pur¬
chase price of the property acquired, to provide working capital, Improve
the plant, pay part of the lien claims, meet receivership and reorganization
expenses,
&c.
Authorized Capitalization of New
Company—Proposed Present Issues (Subject
to Change at Discretion
of Committee).
Pref. Stock 7% Cum. (pref. a. & d.).
Callable by company at
par.
Convertible by holders on or before June 1 1926 at rate of
one share for 10 shares of Common stock.
Proposed auth.
$2,500,000.
This cannot be increased and no mortgage
other lien can be created
except on vote of a majority of
Pref. stock outstanding.
No voting power, unless Pref. divi¬
dend remains unpaid; exclusive voting power until the defaults
issue
cured, in
case
three successive semi-annual Pref. dividends
unpaid.
Sinking fund after third fiscal year:
(a) First
three years, to retire annually 5% of Pref. stock outstanding;
(6)
Next five years,
7%
p.
(c)
a.;
thereafter
10%
yearly.
Present issue to be given at par ($100 a share) to unsecured
settlement of the amounts due them and to be
creditors in
sold for cash
__________
$1,600,000
Common Stock.—No par value.
Proposed authorization 1,OOO.¬
OOO shares; proposed present issue, offered at $2 50 per share
to
shareholders.
present
Three-Year Notes
(or
a
_____________
____500,000 shares
greater or leas amount at discretion of
committee).
account
on
"Not exceeding $500,000" to be sold for cash
of cash requirements of plan
$500,000
Subscription Rights.—Every holder of present stock, assenting to this
plan, for each share held by him in the old company, has the right to sub¬
scribe to 1
shares of the new Common stock at $2 50 per share (or $3 12 H
for each 1M shares) upon surrender of his stock in the old company; and
may also, subject to allotment, subscribe within 40 days [from Sept. 22]
at $2 50 per share to any unsubscribed balance of said issue of 500,000 shares.
If all of said 500,000 shares is not subscribed to
by present stockholders
the committee may sell the unsubscribed portion at such price (but not less
than $4 per share) as it may think best.
Subscriptions arepayable to the depositary as follows: 30% on or before
Nov. 1 1920, 30% Dec. 1 1920, and 40% Jan. 1 1921, or in full at time of
subscribing or on any installment date.
Interest at 6% p. a. will be
allowed on all payments to date of delivery of new stock.
Three-Year Voting Trust for New Common Stock.—The trustees shall be:
Arthur D. Wolf, P. L. Kiernan, William Churchill, N. Y. City; Charles
H. Sanford, Syracuse, N. Y.; Charles Miller, Franklin, Pa.; Adolph Kurz,
James A. Young, Chicago, 111.; W. C. Stripling, C. H. Pattison, Fort
Worth, Texas.
,
Forecast of Balance Sheet of New Company
[Based
on
{Total Each Side, $5,182,718).
payment of $2 50 per share by present shareholders as per plan].
A. sscts
Liabilities—
Cash in banks._________ .$1,150,000
and
accounts
re¬
Notes
Preferred stock (issued)..$1,600,000
stock
(issued),
Common
ceivable, materials, &c_
227,943
500,000 shs., no par val. 3,032,718
Refineries, oil & gas leases,
Notes, three-year. ^___
500,000
tank cars, pipelines, &c. 3,804,775 Reserved for conting. liab.
50,000
Hudson Motor
Car Co.— Prices Reduced.-
Reductions ranging from $200 to $450 on various models of the Hudson
were announced on Sept. 28.—V. 108, p. 484.
and Essex motor cars
Hudson River Vehicular Tunnel.—Bids
Opened.—
Five contractors submitted bids Sept. 21 for the construction of two of the
ventilating shafts of the New York-New Jersey vehicular tunnel under the
Hudson River, the tender of Thomas B. Bryson, amounting to a total of
$650,802.50 being low.
The other bids were Booth & Flinn, Ltd., $695,000,
Patrick McGovern $922,000, Fredreick L. Cranford, Inc., $950,000, and
Rodgers & Hagerty, Inc., $1,244,000.—Compare V. Ill, p. 1087.
Hupp Motor Car Co.—
President Charles D. Hastings is quoted as saying "Our factory is being
operated at normal capacity and there are not enough cars on hand for one
day's shipments.
We see no possibility of immediate price reduction as
material and labor are 21.610% higher than a year ago.
Larger volume
and higher list prices gave us substantial net earnings this year.
"Companies manufacturing cars with established reputations if comfort¬
ably financed and represented by distributors and dealers who stand well
in their communities, should market their normal output next year."
See
Annual Report in V. Ill, p. 985.
Kay County Gas Co.—Amalgamation Plan.—
See Marland Refining Co. below.—V. 110, p. 2662.
Kelly-Springfield Tire Co.—Common Stockholders offered
right to Subscribe to 82^018 shares at $50 per share—
Underwritten—New Plant, &c.—The common stockholders
of record Oct. 15 are given the right to subscribe up to Nov.
10 at $35 per share for 82,018 shares of Com. stk (par$25).
the
has been elected
and
earnings accumu¬
$250,000 annually.
under date of Sept. 20 says:
Grain & Milling Co., San Francisco,
To Declare 60% Stock Dividend and Offer $1,000,000
as
go
authorizing the sale of 50,000 shares
Globe
Later,
tending to or near production.
It is also proposed to take over and gradu¬
ally develop a large prospective oil-producing acreage.
The property
includes promising holdings in the oil and gas fields of North Texas.
Earnings.—The Fort Worth refinery we believe can be operated with
crude purchased in the open market, to net annually from $500,000 to
$900,000, before Federal taxes.
The fixed charges, including dividends on
are
General Electric Co.—To Offer
day.
a wax and lubricating oil plant can be installed.
The company also
controls by ownership and lease a number of tank cars and has an interest
in a refinery at Yale, Okla., an Interest in a compounding plant at Franklin,
Pa., and in a tank farm at Iowa Park, Texas, with a 16-mile pipe line ex¬
late,
or
Company.—Merger Plan.—
See merger plan under "Reports & Documents" on a
V. Ill, p. 1087.
[VOL. 111.
CHRONICLE
Data from
Letter of V.-Pres.
*Rights, &c.—The directors
and
sale
any
time
of
on
F.
A.
Seaman
Sept. 24.
Sept. 24 authorized the immediate issuance
the above authorized but unissued Common stock by first
offering the same for pro rata subscription (up to 35% of their holdings)
to the Common stockholders of record; subscriptions are payable at Equit¬
able Trust Co., 37 Wall St., N. Y. City, as follows:
50% on Nov. 10. and
50% on Dec. 10 1920, with the privilege to pay the entire subscription at
on or
after Nov. 10 1920, but before Dec. 10
Transferable warrants will be mailed as soon after Oct. 15, as practicable,
specifying the number of shares of Common stock which the Common
stockholders will be entitled to subscribe for.
No fractional shares will be
issued but fractional warrants aggregating a full share may be exchanged
a fuU
fractional warrant.
Common stockholders who exercise their
for
subscription privileges will be entitled to receive the quarterly stock and
cash dividend payable Feb. 1 1921, on the Common shares.
Underwritten.—The company has requested H. P. Goldschmidt & Co.,
Goldman, Sachs & Co. and Lehman Brothers, to form a Syndicate to under¬
write the subscription.
For their obligations and services, the Under¬
writing Syndicate and bankers are to receive compensation.
New Plant, dec.—The new plant at Cumberland, Md., is approaching com¬
pletion.
Owing to the high cost of materials and labor as a result of war
conditions, and h substantial enlargement of the plant in order to meet
the requirements of the company, the cost of the plant and equipment has
increased over and above the original appropriations.
The Directors be¬
lieve that this additional cost should be fmanced with permanent capital,
and therefore have
expected that the
authorized the above issue of Common stock.
It is
new plant will start operations at the close of this year,
confidently believe that after the new plant is completed
and in full operation, the profits will be materially larger through increased
pr oduction and economies in operation.
and the directors
Oct. 2 1920.]
THE
CHRONICLE
Business, &e.—The business for the first 8 months of t.bia year ending
Aug. 31 1920 shows a gain In gross business and net profits over the same
period for 1919.
The inventories show only a normal increase over those
of last year, and its products continue to meet with satisfaction on
the part
of its customers.
Owing to the Company's well defined policy of carrying
only a normal stock of raw materials, it is now in a position to take advan¬
tage of current substantially reduced market prices for raw materials.—
V. Ill, p. 1284.
(B. B. & R.) Knight, Inc —Offering of $7,500,000 Bond
$2,500,000 8% Preferred Stock.—E. H. Rollins & Sons,
Harris, Forbes & Co., Naphen & Co., Parkinson & Burr,
Spencer Trask & Co., and Bond & Goodwin, are offering at
94 and int. to yield over 7.88% $7,500,000 First
Mtge.
10-year 7 % Sink. Fund Gold Bonds. (See advertising pages.)
and
Dated Sept. 1 1920.
Due Sept. 1 1930.
Optional all or part on any
int. date on 30 days' notice at the foUowing prices and int: 105 to Sept. 2,
1921; 104*6 to Sept. 2 1922; 104 to Sept. 2 1923; 103U to Sept. 2 1924;
103 to Sept. 2 1925; 102*6 to Sept. 2 1926; 102 to Sept. 2 1927; 101*6 to
Sept. 2 1928; and 101 thereafter.
Int. payable M. & S. In New York,
Boston or Chicago.
Company agrees to pay interest without deduction
for any normal Federal income tax not exceeding
2% which it may be
required or permitted to pay at the source.
Denom. $100, $500 and $1,000
(c*).
Chase National Hank, trustee.
Security.—Secured by direct first mortgage on all real estate, plants,
machinery and eqipment to be presently acquired by the company,
with
the exception of one mill previously sold, and all trade marks,
patents and
good will.
The remaining first mortgage bonds may only be issued under
conservative restrictions.
Sinking Fund.—The deed of trust provides
sinking fund, beginning
a
Dec. 1 1923, payable s-a in cash or bonds at the redemption rates,
equal to
3 % p. a. of the maximum amount of bonds at any time issued
plus an amount
equal to the int. which would have been payable on all bonds previously
retired by the sinking fund.
Sinking fund will retire over 25% of the
present issue before maturity.
$2,500,000
Pref. Stock Offered.—E. H. Rollins & Sons,
Naphen & Co., Spencer Trask & Co. and Bond & Good wan
are also offering at 96 and div.
yielding about 8.33% $2,500,000 Pref. (a. & d.) stock, 8% Cumul. par $100 (see adver¬
tising pages).
Dividends Q.-J.
on 4 weeks' notice.
Red. all
or
part on
any
dividend date at 110 and divids.
Preferred Stock Provisions.— (n) Entitled to $li0
a share and dividends
case of voluntary liquidation, and $100 a share and dividends in case of
involuntary liquidation over Common shares, and no more.
(6)
No
mortgage shall be placed upon the property, and no bonds or notes, having
more than one year to run, shall be issued or guaranteed without the consent
of 75% of the Pref. stock.
This does not apply to the present authorized
issue of First Mtge. Bonds or obligations issued to refund
them or to
Purchase Money Mortgages under conservative restrictions,
(c) No divi¬
dends shall be declared upon the Common shares which will reduce net
quick assets below $125 for each share of Pref. Stock outstanding.
Sinking Fund.—On or before Oct. 1 1923, and semi-annually thereafter,
company shall pay to the sinking fund an amount in cash or stock at cost
plus dividends equal to 1 *6 % of the largest amount of Pref. stock at any
time issued, and to this fund shall be added a sum equal to the dividends
on all Pref. stock which has
previously been redeemed by the sinking fund.
The sinking fund moneys are to be invested in the acquisition of stock by
purchase, at not exceeding 110 and dividends, or by call.
in
Data From Letter of Pres. F.K. Rupprecht, Providence, R. I. Sept. 25.
Company.—Incorporated in Mass., ept. 1920.
Successor to B. B. & R.
Knight, Inc. of R. I., one of the largest manufacturers of cotton cloth in the
Business successfully conducted since 1848.
Products are combed
yarns, print cloths, wide sheetings and twills, both gray and bleached.
The famous trade mark "Fruit of the Loom'' has been known throughout the
country for several generations as the hallmark of quality in cotton goods.
world.
Capitalization After this Financing—
Authorized.
Outstdg.
Mortgage 10-year Sinking Fund Gold Bonds.-$10,000,000 $7,500,000
stock 8%
Cumulative
5,000,000
2,500,000
Common Shares (no par value) shares
100,000
100.000
Earnings.—The average net profits from Jan. 1 1917 to Aug. 14 1920,
after deducting adequate maintenance but before depreciation and Federal
First
Preferred
...
taxes, have been $2,194,236 per annum, or over 4 times the annual interest
First Mtge. bonds.
The balance after deducting
Bonds amounts to $1,669,236, over 8 times
requirements of the Preferred stock.
In determining
these profits, all improvements and renewals have been deducted in lieu of
depreciation.
In 1921, the present capacity will be increased over 20%
by the completion of the Royal Mill.
requirements
interest
on
of the
the First Mortgage
the annual dividend
Properties, &c.—The 17 mills of the company located in Providence,
Woonsocket, Warwick, West Warwick, Westerly, Cranston and Scituate,
R. I., and Dodgeville, Hebronville, Sutton, Douglas and East Douglas,
Mass., have a floor space of 3,000,000 sq. ft. including warehouse space and
are equipped with 533,457 spindles and 13,310 looms as follows:
Name of Mill—
Spindles
Looms
101,648
2882
3000
1313
Centreville......... 44,112
1132
Arctic..
32,976
719
Pontiac....
30,032
520
Hebron (Yarn)...... 28,368
Dodgeville.
27,456
544
Name of Mill—
Spindles
Looms
Natick.
Clinton
25.672
608
Royal
96,000
Manchaug (3 mills).. 49,840
White Rock
24,064
22,928
18,880
15,616
704
620
506
400
10,272
242
x
Grant...
.....
Nottingham
Valley Queen
—
Lippitt....
Jackson
5,593
120
equipment of the Royal Mill is given as of its completion,
expected to be in complete operation early in 1921.
It is
.
x
.....
.
_
.
Aug.
14
1920, Adjusted to Give Effect to New Financing.
ASSETS.
Inventories, at cost, $10,662,714; Accounts
less reserve, $2,393,615; maturing commercial
assets:
$905,959; marketable securities at market, $588,432;
$2,065,942
paper,
cash,
Investments
Deferred
16,616,662
50,232
....
1,256,454
charges.;
LIABILITIES.
Preferred
:
value)
—.....
$2,500,000
18,434,707
7,500,000
Current liabilities; Notes payable, $3,950,000; accounts payable
and accruals, $868,670; Reserve for Federal and State income
taxes, $1,048,478
Reserve for inventory depreciation
——
Surplus
"Total
(each
side)
— —
$38,173,349
Laiiders, Frary & Clark Co., New Britain, Conn.—
stated, is to take over the Greenwoods Co. plant,
which will, when operated at capacity, give employ¬
about 2.000.—V. Ill, p. 1088. 1284.
The company, it is
New Hartford, Conn.,
Lanett
Cotton Mills.—Extra Dividena
An extra dividend of 5% has been declared on the stock along with the
regular semi-annual dividend of 5%, both payable Oct. 15 to holders of
record Sept. 23.
Like amount was paid extra in April last and in Oct. 1919.
—Y. 110, p. 1419.
,
an advance of $100 in the
price of its touring
See also united States Automobile
Corp. below.—V. Ill, p. 901.
Linderman Steel & Machine Co., Inc.—Stock Dividends.
The directors have declared a stock dividend on both the Common and
Pref .stocks of record Sept. 15
payable in common stock of the new Austin
Machinery Co. (V. Ill, p. 1185, 694) as follows: one-fifth of a share of
Austin stock, no par, for every share of Linderman
Common, $10 par, and
_
OI1v 1U7, Austin common for every share of Linderman preferred,
in? p. 19to.
V
.
Locke Insulator
See
par $100.
Corp.—Gere. Elec. Co. Acquires Interest.
General Electric Co.
above.
Massey-Harris Co., Ltd., Toronto.—New Fianncing.—
Co., New York, are forming a syndicate to
10-year 8% gold bonds.
Wm. A. Read &
underwrite $4,000,000
The .notes, it is stated, will be the joint obligation of the
company and of
the Massey-Harris Harvester Co.. Its U. S. subsidiary.—V. 110, p. 1753.
Maxwell
Motor Co., Inc.—New Plan for Reorganization
Merger with Chalmers Motor Corporation.—Announce¬
ment is made by advertisement on another
page of the
adoption by the committees representing all the various in¬
terests, of a plan prepared under date of Sept. 1 1920, by
Walter P. Chrysler and J. R. Harbeck, 120 Broadway, N. Y.
This plan is outlined substantially as follows:
and
Statement by Managing and Reorganization Committee Sept. 11920.
New Plan.—As a result of conferences between the three committees
the attached plan providing for the union of the Maxwell and Chalmers
properties has been formulated, and the undersigned union committee
has been appointed to carry it out.
As a result of existing conditions the receivables of the Maxwell
Company,
though believed to be good, cannot be collected with sufficient rapidity to
supply cash needs.
New money Is an essential matter.
This plan, while
providing for $15,000,000 of new money, provides for an Underwriting
Syndicate which, without commission or other compensation to the under¬
writers, has agreed to purchase additional new shares sufficient to provide
the new money, and the present stockholders, besides retaining an interest
in the new company, are permitted to acquire all or part of such new shares
which the syndicate is obligated to purchase at exactly their cost to under¬
writers.
,
In addition to obtaining new money it will be necessary to ask a compara¬
tively short extension by unsecured creditors of part of their claims pending
the conversion of receivables and inventories into cash.
According to the
consolidated balance sheet of June 30 1920, furnished by the Maxwell
Company, its assets, even apart from the new money provided by the plan,
are ample to pay in full all liabilities provided there shall be no forced liqui¬
dation.
Prompt action, however, is necessary.
New Management.—As the success of the continued operation must de¬
pend largely on management, arrangements have been made with Walter
P. Chrysler, formerly Vice-President of General Motors Co., and J. R.
Harbeck, Vice-President of American Can Co. to undertake the direction
of the
operations of the Maxwell and Chalmers Companies and deal with
questions relating to the management without awaiting the consumma¬
tion of the'reorganization.
Balance Sheet.—The attached estimated balance sheet, gives effect to the
provision of the new money and is made up on the assumption of the accept¬
ance of the plan by creditors and stockholders, and without taking into
account operations since June 30 1920, the date of the present consolidated
balance sheet, or expenses in connection with the plan.
[Signed by Managing & Reorganization Committee:
Walter P. Chrysler,
Chairman; J. R. Harbeck, Vice-Chairman; Eldon Bisbee. James C. Brady,
Harry Bronner, Leo M. Butzel, Hugh Chalmers, George W. Davison, B. F.
Everitt, Henry V. Poor, E. R. Tinker and Ralph Van Vechten, with Albert
Rathbone as Counsel, and A. A. Rost, Secretary, 11 Pine St., N. Y. City.
Extract
from
Statement
by
Messrs.
Chrysler
and
Harbeck.
Said plan we regard as just and equitable.
Without readjustment the
stockholders would probably receive nothing and the creditors a prob¬
lematical sum.
Under normal conditions the combined companies, after
readjustment, in our judgment can be made to show net profits of from
$7,000,000 to $8,000,000 per annum.
Condensed
Notice
to
Security
Holders
by
Bronner
Committee
Existing conditions having rendered Impracticable our plan of Aug. 30
1919, the attached plan has been adopted as the only effectual method o.
providing the necessary money while recognizing the stockholders' equity
Depositors of stock under our plan of 1919, who do not withdraw on or
within the prescribed
ers
of stock
time will become parties to the attached plan. Hold¬
heretofore deposited, may
(or v.t.c.) of either company, not
become parties to the attached plan by depositing their certificates on or
before Oct. 1 1920, with Central Union Trust Co. of N. Y.. as depository.
Holders of certificates of deposit for notes of Chalmers Motor Company
acquire no rights under the plan and at any time upon surrender of their
properly en lorsed to Central Union Trust Company
entitled to receive their notes which remain undis¬
turbed under the plan.
certificates of deposit
of New York will be
From Committee of Maxwell Banking Creditors, Q. W. Davison, Chair.
unsecured claims of the banks, If deposited with
Central Union Trust Co., 80 Broadway, on or before Oct. 1, will be paid,
one-third immediately and two- hirds with one, two or three year 7% notes.
By the receipt of $15,000,000 new cash,
and the funding of about $15,-
294,000 of indebtedness over three years, the current assets of the company
after the creation of additional reserves exceeding $5,000,000 will be in¬
creased from
approximately $54,455,000 to $56,683,000 (with the addition
and current liabilities will be
estimated of $7,353,000 cash in bank),
as
reduced from $33,166,000 to say $10,226,000.
Deferred liabilities will be
increased from about $3,921,000 to approximately $19,216,000 by the
addition of the notes.
liquidate the notes, provided continuance of the business is assured
1920, substantial liquidation has been accomplished and lia¬
Since June 1
bilities incurred, some of which cannot be deferred.
From Committee of Merchandise
Creditors, B. F. Everitt, Chairman.
Considering that one-third of the assenting claims are to be paid in cash
forthwith your committee believes that payments will, on the whole, be
received by merchandise creditors faster under the plan than would be the
case
in forced liquidation.
the plan, merchandise
Under
.
.
•
_
„
creditors will receive 33 1-3% of their
claims in cash and the remaining 66 2-3% in one, two and three-year notes,
equal amount in each of said three classes of notes.
Said notes will bear
payable at the maturity of said respective
claims, interest is to be figured on claims
to the date of the new notes at 6% unless otherwise stipulated.
interest at the rate of 7% p. a.,
notes.
In fixing the amount of
Merger Plan,
5,867,148
1,000,000
2,871,494
[Ford, Bacon & Davis, Engineers 115 Broadway, have made a report
regarding the properties of the company.]—V. Ill, p. 128
ment to
■
an
stock..:
Common stock (100.000 shares no par
First mortgage bonds..
„*
Lexington Motor Co., Connersville, Ind.—Price Adv. &c.
to
houses for employees, farms, etc., $5,000,000—I..,
$20,000,000
Good will, brands and trade marks, incl. "Fruit of the Loom"..
Deferred installments on property sold
250,000
receivable,
4
the price of its
The receivables and inventories are believed to be more than adequate
Fixed assets: Mill properties, inel. machinery and equipment,
$15,000,000; other fixed assets, incl. bleachery, water powers,
Current
Corp.—Price Reduced.—
The companyhas announced
car.
Under the plan, the
The bleachery connected with the Pontiac Mill, has a capacity of about
50,000,000 yards per annum.
The installed power capacity consists of
18,300 h. p. of steam and 7,700 h. p. of water power.
The properties also
include about 1,500 housesfor employees, 3 largefarms, and stores and other
community properties.
Sheet
Lee Rubber & Tire
The Company announced on
Sept. 30 a reduction in
entire line of tires from 15% to 20%.—V.
Ill, p. 594.
.
The
Balance
1375
Authorized
Dated Sept. 1 1920.
Capital Stock of Proposed New Merger Company.
(Preferred) Stock.—Par value $100 a share or without
par value as the committee shall determine.
Preferred over
Class B as to assets of $100 a share (in case of liquidation
voluntary or involuntary) and as to non-cumulative divi¬
dends at rate of $8 per share per annum, with right to partici¬
pate equally with the Common stock, share for share, in any
further dividends declared in any year after $8 per share has
been paid in that year on botn classes of stock. Also ]
wlrrVifo
nirifh
PlocQ
R
cf/V»k
equal voting rights with Class B. stock, share for share.
Total authorized
—-—
200,000 sh.
Class A
_
C
rr
_
,
-—
(а) To be sold along with 400,000 shares of Class B stock to
Underwriting Syndicate, with right to assenting stockholders
to acquire all or part
-1
--150,000 sh.
(б) To be used together with cash and 50,000 shares of Class B
«
stock in connection with acquisition of new management
3,000 sh.
(c) To be placed in the treasury except in so far as
purposes of plan or towards defraying expenses
used for the
4
47,000 sh.
Class B (or Common)
800 000 Sh&FfiS
Maxwell and Chandler
Total authorized.
Stock of bo par value.
P.
Walter
(a) Distributable to shareholders if participating in plan
170,179
(i>) To be sold with 150,000 shares of Class A to underwriting
syndicate (or shareholders)
400,000
(c) To be used with cash and 3,000 shares of Class A stock in
connection with acquisition of new management
...
50,000
and interest,
their date;
in amount
three years from their date; but all or any part redeemable at option of
new company at par and accrued interest upon due notice.
Issuable only to the amount required (in addition to the cash payment
provided by the plan) for delivery under terms of plan on account of claims
of merchandise creditors and unsecured notes of Maxwell company de¬
posited or otherwise subjected to the plan.
The principal amount of these
unsecured claims and notes is estimated at $22,941,000 (including interest
accrued to date of new notes) and if all become subject to the pi an it Is esti¬
mated that the new company will Issue $15,294,000 of the new notes, viz.:
One Year 7% notes subject to call at par and interest
$5,098,000
and interest
and interest
par
—
Chalmers Motor Co. 1st M. 6% Five-Year Gold notes maturing
Oel. I 1922 (see V. 105, p. 912), left undisturbed by the plan..
Treatment
reorganization committee,
an¬
price was $1,155 for each model.
Maxwell sedan is reduced from $1,895
to $1,695, coupe from $1,795 to $1,595, and Maxwell trucks are reduced in
sh.
Two and Three-Year 7% Notes.—Payable, principal
at
of the
sh.
substantially as follows: one-third in amount one year from
one-third in amount two years from their date; and one-third
Three Year 7% notes subject to call
Companies Reduce Prices.—
Chairman
nounced reductions in prices of Maxwell and Chalmers cars on Sept. 29.
Maxwell touring car and roadster will sell for $995 at factory; former
Erice been reduced $150 $140 each. Chalmers closed cars a lesser and chassis
on an average of each, and Chalmers open-type cars amount.—
ave
•
Two Year 7% notes subject to call at par
Chrysler.
sh.
(d) To be placed in treasury except as may be required for purposes of plan, expenses, Ac
179,821 sh.
In the discretion of the committee not exceeding 5,000 shares of Class A
stock and 13,333 1-3 shares of Class B stock may be set aside to be sold to
employees at a price not less per share than that at which the Underwriting
.Syndicate has agreed to acquire stock under the plan.
One,
[VOL. 111.
CHRONICLE
THE
1376
5,098,000
5,098,000
3,150,000
Ill, p. 901, 697.
V.
Marland Refining
Co.—Amalgamation Plan.—
At meetings held in PoncaCity, Okla. on Sept. 25 the directors of Marland
Refining Co. and Kay County Gas Co. acting on the information contained
in the report of expert Dr. I. C. White of Morgantown, W. Va., decided
to recommend to stockholders that they exchange their shares for shares
of a new consolidated Marland Company on the basis of 1 no par value
share in the new company for each 10 shares of Marland Refining Co.,
par $5 each, and one share in new company for each 20 shares of Kay
stock, par $1 each.
Aug. 31 1920 there were outstanding 4,929,344 shares of Marland,
$5, and 6,924,028 shares of Kay Co. Gas, par $1, requiring approxi¬
mately 850,000 shares of consolidated company s stock.
The authorized capital stock of Marland is $25,000,000 and Kay County
Gas $10,000,000.
The official circular regarding the proposed amalgamation will be ready
Company gas
On
par
in about two weeks.
.
Quarterly dividends have been declared payable Oct. 25 on stock of
Sept. 30, as follows, viz.: Marland Refining Co., the usual 12 H
cents a share or 2H%; Kay County dividend No. 2. 614 cents a share or
record
The initial dividend on Kay County paid July 25 1920 was 5%.
2483, 2081: V. Ill, p. 595.
[Vernon F. Taylor of Indiana, Pa., has been elected a director of the
Marland Co., succeeding Arthur L. Bogan, and William G. Lackey, for¬
merly Vice-Pres. of Mississippi Valley Trust Co., St. Louis, recently made
Vice-Pres. of Marland and Kay County Gas Co., has also been elected a
director of the Kay County Gas Co.]—V. Ill, p. 595.
614%.
—Compare also V. 110, p. 2662,
of Deposited Securities Under the Plan.
Amount
Will Receive in Exchange
Existing—
Outstanding.
Cash.
1 Yr. Nts. 2 Yr. Nts. 3 Yr. Nts
(1) Unsec.claims$22,941,000 $7,647,000 $5,098,000 $5,098,000 $5,098,000
2,000
2,000
2.000
I
3,000
Per $9,000(est¬
imated)
I 33 1-3% 22.22 + % 22.22 + % 22.22 + %
(Marwoll)
■New Class B Stock of No Par Value.
Stock of—
Holders of
-
Memphis Gas & Electric Co.—To Issue Receiver's Ctfs.—
also subscription rights described below.)
65,667 shares or 5
shares for $1,000 Maxwell
25,319 shares or 2Yi shares for $1,000 Maxwell
12,856 shares or 1
shares for $1,000 Maxwell
It is stated that the receivers will apply to the Federal Court shortly for
permission to issue $447,400 receiver's certificates, proceeds to be used for
necessary improvements.—V. 110, p. 2081.
pref
4,400,000 26,400 shares or 6 shares for $1,000 Chalmers
fcio par)Com. 399,364 sh. 39,937 shares or 1 share for 10 shares Chalmers
In determining the amount due on deposited notes and claims interest
will be figured thereon to the date of the new notes, and it is anticipated
thai notes and claims small in amount will be paid in full, and others will
has authorized the listing of $2,000,000
(authorized $16,000,000), par $10, on official notice
for outstanding stocks of the Texas Chief Oil Co.,
Dominion Oil Co., Peters Oil Co., and Ranger Texas Oil Co., making the
total amount applied for $10,000,000.
The company has increased its stock holdings of Dominion Oil Go. to
$4,218,400 and Texas Chief Oil Co. to $3,866,250V. Ill, p. 1088, 1284.
(Note
13,133,342
10,127,468
12,855,158
(2) Maxwell
1st prof
2nd pref
Common
Middle States Oil Corp.—Listing.—
Chalmers
...
reqmire adjustment or settlement.
Requirement's.
Estimated ($15,000,000) Cash
Fo» cash pa
ment lo creditors of
one-third of their claims, say_ J$7,647,000
For adjustment with secured claims and release of collateral, mis¬
cellaneous settlements and payments, expenses and additional
working capital, say
An Underwriting Syndicate has been formed, of.which Blair &
have consented to act as the managers, which has agreed to
7,353,000
Co., Inc.
purchase
shares of Class B stock of the
No commission or other compensation
The managers of the syndicate for their
such wlil be paid $250,000 as.part of the expenses of the plan.
company for $15,000,000.
will be paid to the syndicate.
sendees
as
depositors of Maxwell and Chalmers stock
given the opportunity to acquire for $15,000,000 all of the Class A and
Class B stock which the syndicate is obligated to purchase, receiving for
$150 so invested 1M shares of Class A stock and 4 shares of Class B stock,
and tor other amounts at the same rate.
dividend of $1
extra
B Stock which Depositors Have the
with Additional Amounts
Subject to Allotment.)
Jn Respect
*
Class A. Class B.
sh. 12
sh.
Maxwell 2d Pref__Maxwell Common
-
Chalmers Pref
Chalmers Common
ease
4.5
-2.25
.9
..5.4
.9
-
lsf Instal.
P'ym't.
$450
New Stock—•
of Each 10 Shares of
Existing Stock Deposited—
Maxwell 1st Pref.
Note.—In
Cash
of 10%.
$45 00
sh.
225
22 50
2.4 sh.
90
9 00
14.4 sh.
2.4 sh.
540
54 00
90
9 00
6
sh.
sh.
sh.
sh.
holders of all outstanding stocks of Maxwell and Chalmers
Companies shall acquire the minimum amounts shown by the foregoing
table, there will be deliverable to such depositors substantially 3,160 shares
of Class A stock and 8,427 shares of Class B stock in excess of the number of
such shares which the syndicate is obligated to purchase.
To meet such
contingency to the extent required, the committee will sell additional Class
stock at the same price per share, thus reducing cor¬
respondingly the stock contem lated to remain in the treasury.
Holders of certificates of deposit for stock assenting to the plan, upon the
presentation thereof to Central Union Trust Co.. 80 Broadway, N. Y. City,
on or before Oct. 16 1920, and upon payment, of 10% of the purchase price,
will be entitled to receive (1) Subscription warrants covering new stock in
the aforesaid proportion to the amounts desired by them respectively not
exceeding their minimum quota, and (2) application certificates for addi
ti n&l amounts subject to allotment not exceeding syndicates total.
Said
forms of application must be filed with said trust company before the close
of business on Nov. 1 1920, accompanied by a payment in cash equal inn
amount to $10 In respect of each share of Class A stock applied for.
After
allotment application certificates, to the extent of allotments must be
exchanged for subscription warrants.
The balance of the purchase price
will be payab e at such time or times as the committee shall determine.
The committee will not declare the plan to be operative unless and until
A slock and Class B
share has been declared on the
per
1920, inclusive.—V.
Narragansett
stock i*
share, both payable Nov. 1 to
holders of record Oct. 15.
Like amount was paid extra in
extras of 50 cents per share were paid quarterly from May
August last;
1919 to May
Ill, p. 698, 499.
Electric Lighting
Co., Providence.—
New Turbine.—
Westlnghouse Electric A Mfg. Co.
below.—V. Ill, p. 1189.
National Aniline & Chemical Co.,
are
Minimum Amounts of Class A and Class
Absolute Right to Acquire (Along
Refining Co.—Extra Dividend.—
Midwest
addition to the regular dividend of $1 per
See
Rights of Depositors lo Acquire Syndicate Slock.
On the terms herein stated,
of issuance in exchange
An
150,#00 shares of Class A stock and 400,000
new
The New York Stock Exchange
additional Capital stock
Annual
See merger
annual
and
Inc.—Merger Plan—
Semi-Annual Reports.—
'
plan under "Reports A Documents"
&
semi-annual
on a following page, and
under "Financial Reports" above.
authorized an increase in the Capital stock
reports
The stockholders on Sept. 29
554,386 snares.
The additional 158.396 shares will
stock dividend, after which the stock
exchanged for the stock of the new merger company.—V. Ill, p.
1189,1088.
from 395.990 shares to
be distributed in the form of a 40%
will
be
Northern States Power Co.
of Minn,—Bonds Sold.—
$1,500,000 1st A Ref. 6% bonds due April 1 1941
by H. M. Bvllesby A Co.. Bonbrigbt A Co.. Guaranty
Trust Co., New York, and Harris Trust A Savings Bank, Chicago, has
been sold.
Compare V. Ill, p. 1285.
It is stated that the
jointly
offered
North. Ontario Lt. & Pow. Co.—Municipal Ownership.
of Cochrane, Ont., will vote Oct. 2 on the acquisition by
the municipality of the company's lighting-system and the Cochrane Tele¬
phone Co's. system, a subsidiary of the lighting company.
The price
fixed for the lighting system is $65,000, and for the telephone system $32,000The money is to be raised by the issue of 20-yr. debentures.—V. 110,p.l094.
The ratepayers
Oval Wood Dish
Corporation (of Delaware).—Earns.
Consolidated Statement of Profits and Income for
(Including both the Corporation and Oval
Net
operating profits, $379,193; profits on
the Weeks Jan. 1 to Sept. 11 '20
Wood Dish Co., of Ohio.)
sales of land and timber,
$647,413
$268,320; total Income after operating expense
Deduct—Interest
Reserves—For
income taxes
- - - -
plant depreciation, $62,574; stumpage,
(estimated), $45,000
—
72,047
$112,488;
220,062
$355,303
Surplus net profits
such action has been assented to by the
On Sept. 11 1920 current assets, including cash, $121,246; inventories
($975,333), Ac., aggregated $1,279,832; current liabilities, $316,040, includ¬
ing reserve for 1920 income taxes, $45,000; bank loans ($156,500), Ac.
The Second Ward Securities Co. of Milwaukee, which in June brought
out the $600,000 ,8% Convertible Serial Gold Bonds, writes: "The company
and
has removed its
Merchandising
Creditors'
Stockholders', Banking Creditors'
Committees hereinbefore mentioned, by
respective members.
plant from Traverse City, Mich., to
Tupper Lake, N. Y.,
thoroughly settled in its new centre of operations,
gratifying progress."—Y. Ill, p. 596.
the concurrent action of a maj rity of their
and since becoming
Consolidated Balance Sheet (Inter-Co. Debts Eliminated) as of June 30 1920
mnd as Estimated for New Company on Basis of June 30 1920 Figures.
showing
Actual
Same
Actual
EH.
Liabilities—
Aft. Merg.
Same
Est.
June'6Q'20.
Aotte.ree.Oesflres.) 2.847.975
2,847,975
8.918.623
Accts.
$
Sundry cur. liab..
St. drafts on cust-
Aft. Merg
%
June30'20.
Assets—
8,918.623
10.225,860
accts
Notes receivable-.
1,044.958
1.044,958
Notes dep.on acpt.
3,529,915
2,312.844
3.529,915
Notes payable
2,312,844
Notes rec. (disctd.)
Notes dep. as coll.
10%
for
1.865,431
fosses
650,000
2,287,461
Inventories
Loadon
U. 8.
Customers deposits
3.172.175
488,100
account..
1.085,646
Total
1.460,777 b 1,314,700
assets54.455.093 56.682,956
Plant A equip
12,087.539 12.087.539
Inv, (realty Cos.).
Del. oper. exp
Sinking
125.003
592,241
133.603
fund
Goodwill
of
1st
cur.
M.
liab..33,166.860
mers
Motor Co.
3,150,000
752,000
15,294.000
752,000
10 724
592,241
133.603
3,150.000
Federal taxes
" 1Q 794
Mtges. A land contrnr>t.«
25.031.296
25,031,296
10,225,860
1.
2 A 3 years
C. stk. A net
woirth55,336!l90 65.2111053
Capital stock
see
plan
see
below
92,424.775 94,652,637
worth
Property account of $12,087,539 includes plant and equipment, $16,159,185 and $981,567 for improvements on leased property, less $5,053,213
for
depreciation reserves,
b Estimated value, after deducting 10% for
depreciation, adjustment, Ac.
The outstanding Capital stock of the new company will be about as fol¬
lows:
stock, 153,000 shares; Class "B" stock, 620,179 shares;
value.
Class "A"
no
par
from
30
$1,250,000
to
$1,750,000.
$1,400,446
Dividends
Surplus
1917-18.
$1,699,716
249,609
250,425
$103,530
$5,531,267
$5,412,075
144,025
125,440
157,344
(10%)750,000 (10)750,000(12^)937500
—
$252,869
$5,784,136
Profit and loss surplus
—V.
1918-19.
$1,220,579
253,552
1919-20.
Year—
income
Depreciation of plants
Income and excess profits taxes
$354,446
110, p. 76.
Perfection Tire & Rubber Co.—New Note Issue.—•
stated, have recommended the issuance of $1,000,000
be dated Oct. 1 1920, and to be secured on the
company's Port Madison, la. plant.
The funds are to be used for expan¬
sion purposes.
The notes are to be offered for subscription to the stock¬
The directors, It is
One-year 8% Gold notes to
President Roberts is
92,424,775 94,652,637
a
all of
capital
holders.
Total liab. A net
Total assets
stated
Pennsylvania Salt Mfg. Co.—Annual Report.—
5-yr.
gold notes Chal¬
Notes maturing
Co.—Capital Increase.—The stock¬
on
the
June
Total
233,391
6%
125,003
Max¬
well Co
Dividend warrants
b977.081
Govt claim
cur.
305,820
556,330
Ac
automobiles ranging from
Compare V. Ill, p. 1189.
Acc'd wages, taxes.
16,788.884
10.525.175
442,444
_29.594.0S0b26,634,672
(less reserve).._
Total
and
399.000
18.654.315
Balance
Cash
Liberty bonds
Cut.
announced,
Sept. 24 authorized an increase in the capital
stock from 250,000 shares to 350,000 shares, no par value,
Notes see. by Lib.
bonds
on
is
/
Sept. 29 reduced prices for
all models.—V. Ill, p. 699.
The company on
holders
515,093
Bank acceptances. 3.525,000
Coll. trust notes..
dividend on the Common stock, par $10, it is
Penn Seaboard Steel
14,392,997
Sight drafts disc..
Total reccivable8l8.654.315 18.654,315
J.ess say
Paige-Detroit Motor Car Co.—Div. Reduced—Prices
The monthly
has been reduced from 3 to 1 %.
$175 to $250
trade
..10,301.768
pay.:
a
credited with stating that this was only temporary
financing leading up to a large Preferred stock issue in the neighborhood of
$10,000,000 which will be submitted to the stockholders at the annual meet¬
ing in April.
Earnings for the first six months of 1920, it is stated, were
over $100,000 per month.
Philadelphia Electric Co.—Pref. Stock Sold.—Drexel &
Co., Brown Brothers & Co. and National City Co. have sold
Oct. 2
1920.]
at par
($25) and div. the unsold portion of the $6,000,000
8% Cum. Pref. (a. & d.) stock not subscribed for by stock¬
holders (see advertising pages).
Prest-O-Lite
45% of the $6,000,000 stock under the allotment.!
Convertible into Common stock par for par on any div. date on 30 days'
notice.
Red. as a whole on any div. date at $28 and div. but subject,
to the
privilege of conversion. Has the same voting rights as the Common
stock.
Div. Q-M.
Data from Letter of Pres. Jos. B. McCall, Philadelphia, Sept. 27.
.
Company.—Does the entire central station electric light and power busi¬
ness in city
and county of Phila.
Owns entire capital stock (excepting
directors' shares) of the Delaware County Electric Co., which does the en¬
tire commercial electric light and power business in the important manu¬
facturing and shipbuilding district extending southwest from Philadelphia
along the Delaware River for about 15 miles, through City of Chester and
continuing to the Delaware State Line.
Alto controls Bala & Merion
Electric Co. and Cheltenham Electric Light & Power Co., which serve
residential districts suburban to Philadelphia.
The
properties of the
company and its subsidiaries form a single inter-connectmg system which
serves a population estimated in excess or 2,000,000.
Pullman
1987.
____
}
J4%1
6% Sec.Gold notes due Feb.l 1922(V.110,p.367).
Delaware Co. Elec. Co. 1st Mtge. 5s 1939
Yrs.
300,000
Earnings (including Subsidiaries) 12 months ended June 30 1920.
Gross
earnings.
— _
$18,101,032
6,474,698
3,238,780
...
Net after Oper. Exps, maint., rentals & taxes...
Annual interest on funded debt, reserves &c
,
Applicable to divs. (pref. div. earned over
times)
8 % Div. on this issue of Pref. stock had it been outstanding
Balance surplus
Growth
$2,755,918
...
of Business during Past Thirteen Calendar Years.
Gross Revenue. No.Customers
Year— Conn.Load K.W. K.W.H.Sales
1907
76,306,618
1909
86,957,956
198,386,977
502,396,589
582,228,515
613,730,575
78,368
97,054
1913........182,973
309,689
...358,754
.404,472
Physical
$3,235,918
480,000
$4,984,350
5,489,903
7,815,615
12,160,769
14,503,851
16,279,239
Property.—System embraces
10
generating
22,962
,27,819
52.085
96,920
104,015
124,808
stations
(inel.
End.
July
31—
1920
1917
1919
1916
-
of
7,643
7,580
7,300
$138,949,086 $136,217,101 $132,180,374 $125,356,701
7,718
cars
Cars and equip ...
Res. for deprecia..
Repair shops
Res. for deprecia._
62,286,958
57.929,130
45,773,497
40,279,699
$76,662,128
$4,996,756
875,569
$78,287,971
$4,147,399
736,952
$86,406,877
$2,802,935
$85,077,002
$2,627,393
$4,121,187
Total
$3,410,447
$1,082,685
55,298
2,170,967
1,068,859
18,433
$2,007,369
$1,068,859
$1,050,426
6,651
$1,068,859
6,651
Total
Pullman bldg
Res. for deprecia..
Total
Other real estate
„
$1,084,042
73,731
$1,027,386
$1,010,311
$6,651
6,651
620,024
631,968
acct.
$81,800,277
$82,732,455
$89,634,921
$88,159,881
Note.—"Cars and equipment" as above include the company's one-half
Total prop.
12,500,000
300.000
Company.—Details of Property Account.—
number
Total
1,671,700
15,000,000
„
it is stated,
the erection
The annual report for the year ending July 31 1920 in conjunction with
the reports for 1916,1917 and 1919 (not 1918) permits a comparative analy¬
sis of the property account, as below:
.
CapitaVn After this Financing—
Authorized.
Outstanding.
8% Cumulative Preferred stock (par $25)-$15,000,000
$6,000,000
Common stock (par $25)
50,000,000
30,000,000
First Mortgage Sinking Fund Gold bonds \5% f .-$60,000,000 \$36,663,300
Co., Inc.—To Erect New Plant.—
The company, a subsidiary of Union Carbide & Carbon Co.,
has purchased a 7-acre site at New Orleans and will shortly start
of an acetylene gas manufacturing plant.—V. 105, p. 1903.
[The Phila. "News Bureau" states that the stockholders subscribed to
about
1377
CHRONICLE
THE
interest in Association cars, viz: In 1916, 131 cars; 1917 to 1920 incl.
The annual report for year 1919-20 was cited last week p. 1274.
Pullman
Segregation Possibilities
as
3 cars.
Seen in Wall Street.—
article by A. C. Penfield, published as the leading article in the
World" of N. Y. for Sept. 27, summarizes elements In the
Pullman situation as follows: (1) Manufacturing departments constitute
-
An
"Financial
properties, which may form separate corporation. (2) Action
thought possible owing to common carrier status of the company and the
consequent limitation of earnings under the new railroad bill. (3) Effect of
20% advance in Pullman rates on May 1 counteracted by recent 50% sur¬
charge which accrues to railroad companies. (4) Return on revaluation
figures to be compiled by Inter-State Commerce Commission expected to
more than meet current dividend requirements.
(5) Directors' assurance to
stockholders about 8% dividend, which has been paid for many years.
(6) Manufacturing activities developing on a larger, broader scale.—▼ ,111,
valuable
1274.
p.
Remington Typewriter Co.—New Officer.—
Cecil
S.
Ashdown
been elected
nas
Vice-President and ComptrdBer.—
V. Ill, p. 1286.
Beach and Palmer St. station), aggregate rated capacity of 322,484
k. w.
Current is distributed through 84 substations (46 privately owned)
new
12,452 miles of electrical conductors.
Underground system comprises
2,110 duct miles of conduit.
Meters in service 157,209, no. customers
134,106.
With the completion of the Beach and Palmer St. station, system
will include 3 of the largest central station plants in the country:
(1) at
Chester, on the Delaware River, with buildings completed for 120,000
k. w., having 60.000 k. w. installed capacity;
(2) one at Christian St.,
on the Schuylkill River, 156,000 k. w. installed capacity;
and (3) the Beach
and Palmer St. station, on the Delaware River.with buildings for 100,000
k. w.. having 60.000 k. w. Initial capacity.
Purpose.—Proceeds will be used to complete the Beach and Palmer St.
Station and the necesssy additional distribution facilities.
It is expected
that it« initial capacity of 60,000 k. w. will be made available toward
meeting the greatly increased demands on the company before the Win¬
ter season begins.
V. Ill, d. 79. 995.
Pierce-Arrow
Motor
Car
Co.—Prices
Advanced.—
has advanced its prices for passenger cars, effective Oct. 15,
Chairman Clifton says that there has been no
and that this advance is necessary to maintain
and improve Pierce-Arrow quality.
New prices, f. o, b. Buffalo, on
38 h. p. models range from $6,300 for chassis to $9,000 for vestibule landaulet.
On 48 h. p. models new prices range from $6,700 for chassis to
$9,700 for vestibule suburban.
Prices of truck models are unchanegd.—
V. Ill, p. 902.
The company
average of $250 a car.
reduction in production costs
on an
Plaza
Operating Co.—To Renew Mortgage.—
are informed that the $5,500,000 5% mortgage on the Hotel Plaza
by the Metropolitan Life Insurance Co. which becomes due Oct. 1
will be renewed at a large amount to include the Plaza addition which is
now undo* construction.—V. 96, p. 1560.
We
held
Public
Service
Co.
of
Northern
Illinois.—Notes
Offered.—Halsey, Stuart & Co., and A. B. Leach & Co.,
100 and int. yielding 8% $1,000,000 10-year 8% Coll. Gold Notes, Series "A".
Electric
Scranton
over
Bonds.
Dated 8ept. 1 1920.
Int. payable M. & S. in Chicago
hereafter deductible at
Due Sept. 1 1930.
source not in excess of 2%.
Denom. $1,000, $500 and $100 (c*).
Red.
purchasable all or part at any time upon 30 days' notice at 105 and
on or before Sept. l 1923, thereafter at 104 and int. on or before Sept. 1
1925, thereafter at 103 and int. on or before Sept. 1 1926, thereafter at
102Yi and int. on or before Sept. 1 1927, thereafter at 102 and int. on or
before Sept. 1 1928, thereafter at 101and int. on or before Sept. 1 1929,
and thereafter at 100 and int.
Illinois Trust & Sav. Bank, trustee.
the
or
int.
From
Data
Letter
of
Pres.
Samuel
Insull,
Chicago,
Sept.
25 1920
Company.—Operates in 15 counties in the northeastern part of minors
having a combined population, according to the 1920 census of 1,156,677,
excluding City of Chicago.
Supplies electric light and power, gas, water and
heat.
Consumers on Dec. 31 1919, numbered
172.483, an increase of
52.90% In the five yeras 1915 to 1919, inclusive.
The territory served sur¬
rounds the City of Chicago, and includes not only the entire suburban dis¬
tricts tributary to Chicago, but also one of the best manufacturing sections
in the United States.
Capitalization Outstanding Upon Completion of Present Financing.
Underlying Divisional Bonds, secured by mortgages on portions
of the property
x$l1,150,000
P. 8. Co. of Northern Illinois 1st & Ref.5s,due 1956--yl8,926,000
1 1930 (this issue)
1,000,000
3-Year 6% Coll. Gold Notes, due Sept. 1 1922
2,500,000
3-Year 6% Coll. Gold Notes, due Feb. 1 1923
1,750,000
6% Gold Debentures, due serially March 1 1921-1922
2,000,000
Preferred stock (paying 6% dividends)
z7,895,210
Common stock (paying 7% dividends) approximately
12,075,000
x Does
not include $3,466,000 Underlying Bonds deposited under the
First and Refunding Mortgage,
y Does not include First & Refunding
Bonds deposited as collateral security for the Collateral Gold Notes.
z In Dec.
1919, company inaugurated a campaign for the sale of a block
of Pref. stock to its customers and employes on the installment plan.
To
date over 19,300 shares of Pref. stock have been sold on a basis which is
expected to add 10,500 additional stockholders to the company.
Purpose.—Proceeds will becused to partially reimburse company for ex¬
penditures, for the retirement of obligations underlying its Refunding Mort¬
gage and for permanent improvements and additions.
Security.—Collaterally secured by pledge with trustee of $166 2-3 par
value of the company's First & Refunding Mortgage 5% Gold Bonds for
each $100 par value of notes issued, the bonds thus being pledged at 60.
Additional notes may be issued only upon pledge of said bonds in like ratio.
10-Year 8% Coll. Gold Notes, due Sept.
1919
1918
1917_
1916
$10,054,079 $9,218,884 $8,797,765 $7,783,15/
Account Cal. Year 1919 (Based upon New Classification of Accounts).
Years
Gross
Income
Ending Dec. 31—
earnings
„
$3,417,943
1,902,707
Gross income
Oper.iTev. (not includ¬
ing mdse sales)
$9,086,226 Int. on funded debt
Opei. exp. (incl. deprec.,
>130,660)
Other
-
charges
5,560,783
347,188
Net
outstand.
Net
oper.
income
$3,178,256
$1,346,207
income
Annual int. on the entire
incl.
funded debt
these
notes,
re¬
quires
1,963,860
Other income
239,687
P» Based upon the results for tne first 8 montns of 1920, and the increased
rates made effective Aug. 1 1920, it is estimated that operating revenues for
the calendar year 1920 will approximate $11,142,146 with net earnings about
_
the.same as reported for 1919.—Compare
V. 110, p. 367, 771, 2573.
Offered.—Edward
B.
(See advertising pages.)
Dated Oct.
York.
time
on
1
Due Jan.
1920.
1
1931.
Int. payable A. & O. In New
Denom. $1,000 and $500 (c*).
Callable all or part by lot
60 days' notice at 105 and int. during the first year and at a
at any
reduc¬
tion of H% from this price for each succeeding year.
Bankers Trust Co.,
N. Y., trustee.
Free of Pennsylvania 4 mill tax.
Company will agree to
interest without deduction for normal Federal income tax up to 2 %.
From Letter of Pres. R. E. Breed, September 24, 1920.
pay
Data
<
Company.--Organized in 1907 in Penria.
Supplies, under unlimited and
otherwise satisfactory franchises the entire commercial and
municipal
electric lighting, power and steam heating service in Scranton, Pa., and also
the entire electric lighting and power business in 28 nearby cities, towns and
townships.
Population served estimated at about 330,000.
Has a con¬
tract with the Scranton Railways under which the Railways company pur¬
chases from the company all the current necessary for the operation of its
system of over 100 miles of electric railway lines in Scranton and the Lack¬
awanna Valley.
Service is furnished through 3 steam electric generating
stations, having a total installed capacity of 28,750 k. w.
The distribution
system consists of 4 substations, 39 miles of transmission line3, and 470 miles
of service lines.
No. of customers, 32,266.
Capitalization After This Financing.
Authorized.
6% Cumulative Preferred stock (par $100 value).-$5,000,000
Outstanding
$2,069,100
Com. stock (par $100) all except directors' shares
owned by American Gas & Elec. Co
5,000,000
First & Refunding Mortgage 5% bonds, due 1937._ 10,000,000
2,500,000
5,803,000
Secured Gold Bonds, due Jan. 1 1931
1,000,00® 1,000,000
Purpose.—Proceeds will be used to pay off $613,000 3-year 69# notes
maturing Oct. 1 1920, and for other corporate purposes.
10-year 8%
Earnings Year Ended Dec. 31.
New York, are offering at
without deduction for Federal income taxes now or
Co.—Bonds
Smith & Co., New York, and Phila., are offering at 99^6 and
int. yielding over 8% $1,000,000 10-Year 8% Seoured Gold
1916
1918
1919
1920
,446,392 $2,159,327 $2,789,381 $3,174,445
808,547
875,215
975,309
1,014,730
255,648
331,981
350,195
355,330
552,899
543,233
625,113
659,400
1915
$1,257,000
769,912
Int. charges
247,832
Balance
522,079
x Year ended
July 31.
Gross
Total net
rev.._
Security.—Bonds are to be issued under a mortgage having a lien on the
properties of the company now owned or hereafter acquired, subject only
to the First & Refunding (now first mortgage) bonds.—V. 109, p. 1185.
Sears Roebuck & Co.—Closes Factory,
"Wall
The
Street
Journal"
<kc.—
Announcement
says:
by company of
the
permanent closing of their Holbrook, Mass., factory means that the com¬
pany will no longer be a manufacturer of men's shoes.
The Littleton, N. H.,
plant, which closed last spring, and the Holbrook factory were the only two
plants of the company engaged in the manufacture of men's shoes.
The
company will continue production of women's and children's shoes.
Pro¬
duction of these is at present reduced to about 50% of normal capacity.
Labor has also been reduced in like proportion.
Prices on these shoes have
been reduced about 20% from the highest price.
Wages have not been
reduced nor does company contemplate a reduction.—V. Ill,p. 1283.
Semet-Solvay Company.—Merger Plan.—
See
—V.
merger
Ill,
p.
plan under 4 Reports &
1089.
Company.—Merger Plan.—
Solvay Process
See
—V.
plan under
merger
111. p.
Documents" on a following page.
"Reports &
Documents" on a following page.
1089.
Southern New England
(Bell) Telephone
Co.—Div.
A quarterly dividend of 2% has been declared on the outstanding stock
payable Oct. 15 to holders of record Sept. 30.
Dividends have been paid
at the rate of 7% per annum l\%% quarterly) from April 1912 to July
last, incl.—V. 108, p. 1826.
Spanish River Pulp & Paper Mills, Ltd.—Initial Conv
mon
Dividend.—
The directors have declared an initial dividend of 1%% on the
stock, payable Oct. 15 to holders of record Sept. 30.
(Common
standing on June 30 1920, $8,000,000.}—V. Ill, p. 1181. 1089.
Studebaker Corp.,
South Bend, Ind.—Prices.—
The company, on Sept. 27, announced
from $125 to $200.
Pres. A. R- Erskine is quoted as saying:
"Our
orders
plants have operated
for
more
than
6,000
Common
stock out¬
reductions on its cars ranging
at capacity all year, and we have unfilled
Nevertheless, we believe it is highly
cars.
desirable that lowering of prices be encouraged, and we are anticipating at
this time our ability to purchase materials at lower figures during the com¬
ing year, to improve labor efficiency, and to increase our present volume of
business, all with the effect of lowering the production cost of automobiles.
"Existing wage rates will be maintained at all plants, which, at present,
are
000
employing 15,000 persons. Our sales are running at
a year,—V. Ill, p. 700.
Swift
&
Co.—Dissolution
ment of Justice on
Plan
the rate of $100,000,-
Rejecled.—The Depart¬
Sept. 28 rejected the plan of the meat
1378
THE
packers to dispose of their interests in 15 large stockyards
to a holding company to be organized by F. H. Prince & Co.
of Boston.
last week's
"Chronicle,"
p.
previous page of this Issue and compare
1236 and V. Ill, p. 996, 1190, 1286.
on a
New
Financing Reported.—It was reported on Oct., 1 that
the company has sola $40,000,000 5-year notes to the Illinois
Trust & Savings Bank and the First Trust & Sav. Bank, Chic.
It Is stated that
a syndicate Is being formed,
including the Merchants
Co., Continental & Commercial Trust & Savings Bank,
Savings Bank, Chicago, and Guaranty Co. and Chase
Securities Corp. of New York, which will offer the notes
shortly.—V. Ill,
p. 1286.
Loan
Trust
&
Harris
Trust
&
Superior Steel Corporation.—Balance Sheet.—
Assets—
June 30 *20 Dec.31 '19.
U. 8. Treas. Cert.
*
Liabilities—
June 30 '20. Dec.31 '19.
First Pref. stock..$2,379,300 $2,431,500
Second Pref. stock 1.817.100
1,847,500
Land.bldgs..equlp&c. (a)„_>
$1,984,245 $1,713,012
Good will
2,500.000
2,500,000
Cash._
712,016
499,051
Common
stock.
2.548,848
Sinking fund (b)__
1,250.515
1,215.833
........
101.701
Accounts payable.
623,668
645,650
Reserve for taxes..
876.798
650,507
429.087
459.065
Dividends payable
164,526
155,548
Materials & suppliesl,626.725
Bills & acc'tsrec.. 1,310.183
1.968,301
729,612
1.323.212
731.252
Fin,
&
semi-fin.
products
Investments
Deferred charges..
651,109
14,732
Empl. subscriptions
Treasury stock...
Surplus
505.356
635.092
22,611
15.580
284,280 Total (both sides).$9,733,452 $8,928,305
a Depreciation valuation.
bUsed to retire first and second Pref.stks.
Touching business for the second half year, President E. W. Harrison
says the company is taking many new orders, in spite of the decreased de¬
mand for steel.
Cancellations make a very small percentage of the amount
of orders on the books and President Harrison
predicts that there will be
radical decline in the price of steel products.
Earnings for the six months ending June 30 1920 and 1919 will be found in
no
Y.
111.
1286.
p.
[Vol. 111.
The purchase of the Boots business has added $40,000,000 volume, and
own growth has so continued this
year that we will add $20,000,000
our
here in the United
States, so that we will do this year, commencing with
business in excess of $10,000,000 per month.
year's time we have added 100% to our volume.
We have grown
from $60,000,000 to $120,000,000 in one year's time; we have doubled the
March,
See under "Current Events"
f
CHRONICLE
In
a
one
area of our manufacturing plants, so that by the close of this year we
should be able to manufacture twice the goods in our factories that we are
floor
manufacturing to-day.
Other Additions.—In this year's time we have not only built this St. Louis
plant, our New Haven plant, added to'our Toronto plant, acquired the
Columbus Ave. plant in Boston, and bought the Boots bjsiness, but we
have added four large stationery factories to our chain, two in Albany, one
in western Massachusetts, and one in Long Island City.
These have not been our only accomplishments in the year.
We have
optioned a business in France, wnich we have not taken over yet.
We
have actually doubled our perfume and toilet articles business; we have
trebled the capacity of our grape Juice factory; we have bought between
34 and 40 drug stores in the United States, and 25 in Canada.
To accom¬
plish all of this we have expended over $25,000,000, and now we have
come to the point where we have
prepared ourselves not only to take care
of our $120,000,000 business, but we are ready to increase it in the United
States, that is, 20 to 30 millions of dollars without further investment.
Future Policy.—We concluded to do this program of building and acquisi¬
tion and get it done.
During the first 18 months we have embraced many
new
things.
We shall now solidify them.
We have employed a vast
amount of new capital.
We shall now show returns on it, not by increasing
prices nor the percentage of gross profit but by reducing costs, accelerating
turnovers of merchandise and increasing volume to bring down the per¬
centage of overhead expense.
Earnings.—How far this shrinkage in price is going to go, no one knows.
The country is living on inflation, and, of course, it is not sound.
We must
get back to sound principles.
We cannot continue to export either our
raw materials or our finished products to Europe when they are compelled
to pay $1 40 in their money for a dollar's worth of our goods, and that is
what they are doing.
Our own manufacturing business went ahead almost 50% in August.
Our retail business had the largest increase in the month of July that it
ever had in the same month for any year.
It was good in August.
It is
stepping right out in September, so that we have nothing from our view¬
point to make us believe business is going to be bad with
(T. H.) Symington Co.—Reincorporated in Delaware—Ex¬
change of Securities—No Par Value Common Shares Created—
Annual Report.—The stockholders committee, consisting of
Robert I. Barr, Waldo Newcomer, Donald Symington, on
Aug. 23 announced that the plan submitted by them for the
stockholders under date of June 1 1920, has been consented
to by the holders of 96% and
99%, respectively, of the out¬
standing Pref. and Common stocks.
Accordingly a new
corporation, The T. H. Symington Co., was organized [Aug.
13 1920j in Delaware.
I
Capitalization of New Company after Exchange
of Securities.
Authorized.
Outstanding.
8% Cumul. Pref. (a. & d.) stock (par $100).
Red. from time to time at $115.
Each
share
entitled to
10 votes.
(To be ex¬
changed share for share for the $1,500,000
old Pref. stock)
...$1,500,000
Common stock (no par value) each share en¬
titled to
one
vote.
stock of the new company to be
for
share
one
exchanged
(par $100) of Common stock
100,000 sh.
100,000 sh.
Such dividends
as are declared
payable in Oct. will be paid by the old
and the new company's stock will be entitled to dividends de¬
clared subsequently.
company
Reasons for Plan
as
See Symington Machine Corp. below and annual
report
preceding page.—V. Ill, p. 800.
on
Symington Machine Corp.—Dissolution.—
We
assets
have been informed
and
liabilities
—V. 102, p.
have
that the company is in dissolution.
been assumed by the Symington
1167.
■
Texas Pacific Coal & Oil
The
should it
I
1090.
p.
United
Electric
Lt.
&
Pwr.
Co.,
New
York.—New
Turbine.——
See Westinghouse
United
Electric & Mfg. Co. below.—V. 80.
Electric
Light Co.,
p.
1856.
Springfield, Mass.—New
Turbine.—
■
See Westinghouse Electric & Mfg. Co. below.—V. Ill, p.
United
States
■
396.
Automotive
Corp.—Stocks Offered.—
Co., Chicago are offering $2,000,000
7% Cumul. Sinking Fund Pref. (a & d) stock (par $100)
and 20,000 shares Class A (no par value) Common stock (see
advertising pages).
H.
Dubiske
W.
&
stock.
Class A Common stock has priority as to assets in liquidtaion after
the Pref. stock up to $75 a share.
Class B will then receive $75 and any
balance will then be shared equally.
In addition thereto Class A stock has
priority as to dividends up to $3 per share in any one year, after which Class
B receives $3 per share, and then both classes share
equally.
Div. on
Class A and Class B shares are not cumulative.
Data
Outlined by Committee, Dated June 5 1920.
Company was incorp. in 1906 in Maine and has an authorized capital of
$2,500,000 of 8% Cumul. Voting Pref. stock ($1,500,000 outstanding),
and $1,000,000 or Common stock (all outstanding).
Par $100 each.
Since organization business and assets have increased to such an extent
that company's present comparatively small
outstanding capital does not
secure it the standing to which it is entitled.
In order to remove this
disadvantage and to increase the marketability of the Preferred and Common
stock, the plan (see above) of exchanging the outstanding Common stock
for a greater number of shares of Common stock of no par value, without
affecting the preferences of the Preferred stock, has been suggested, and
approved by the directors and by stockholders owning 71% of the out¬
standing Preferred stock and 92% of the Common stock.
Inasmuch as the laws of Maine do not permit existing companies to
change par value Common stock into no par value Common stock, a new
company is to be incorporated in Delaware with the name The T. H. Sym¬
ington Co. and with the Capital as outlined above.
[The stockholders were
requested to deposit their stock with the Chase National Bank, New York,
on or before July
1 1920 to effect the proposed exchange and the plan as
above stated has been approved by
96% of the Pref. and 99% of the Com¬
mon stockholders.] '
a
us, nor
of us in the drug business.
We are dealing with the necessities
[See full statement "Boston News Bureau," Sept. 28-]—V. Ill,
any
of life.
Pref. stock is red. all or part at $110 and div.
Pref. divs. payableQ-J.
A sinking fund begins with year ending Dec. 31 1920 of a sum equal to 1%
of all Pref. stock, then outstanding, to be used for the
redemption of Pref.
$1,500,000
Ten shares of Common
of the old company...
be with
All of the
From
Letter of
Ansted,
Connersville,
Capitalization After This Financing.
7% Cum. Sinking Fund Pref. stock (par $100)
Common stock (no par value)/Class A
Ind. Aug. 16
[Class
Authorized. Outstanding.
$10,000,000 $5,207,700
100.000 sh 40,000 sh
B
200,000 sh 100,000 sh
Earnings.—For
Sales and
the first 11 months of the current fiscal year,
operating corporations amounted to $11,033,722 and
net earnings, exclusive of Federal tax reserve to $856,694.
The Lexington Motor Co.'s separate earnings represent more than 1662-3% on its Common stock, all owned by the Corporation.
By the begin¬
ning of the next fiscal year. Sept., 1 the other units should be in production
on the new lines of work and the
corporation's monthly profit on the present
volume of business largely enhanced.
With the establishment of normal
conditions the annual sales of the corporation as a whole should exceed
$25,000,000.
Purpose.—Proceeds of present issue are to be applied to liquidate current
liabilities and to furnish additional working capital, for the reason that for a
long time in the past the only limitation on the volume of business done has
been the amount of working capital available.—Compare V. Ill, p. 903.
total
Company.
New York Stock Exchange has authorized the
listing on or after
10 of $162,400 additional Capital stock (auth. $10,000,000), par $10,
official notice of issuance as a 2% stock div., payable
Sept. 30 to holders
of record Sept. 16, making the total amount
applied for $8,282,400.—
B.
therefor. This it is planned to do through the acquisition and control of the
following operating companies: (a) Lexington Motor Co. (the central
figure in the group) which is engaged in the manufacture of Lexington
automobiles, its best known models employing the significant phrasing
The Minute Man Six."
(6) Teetor-Hartley Motor Corp.
(c) Ansted
Engineering Co. (d) Connersville Foundry Corp.
•
U.
sales
S.
of the
Mex Oil
.
Co.—Listing.—
Frank
Company.—Organized in Delaware in July 1919 to develop and manufac¬
a complete line of automobiles and
ultimately all of the essential parts
ture
Corp.—Notes Offered.—
This company, with offices at 26 Beaver St., N. Y. City, recently offered
$2,500,000 One-Year First Lien 8% Collateral Trust Gold Notes, dated
June 1 1920, due June 1 1921, but red., all or part, at any time on 4 weeks'
Oct.
notice at
on
Int.
V.
Ill, p.
1090.
Times
Square Auto Supply Co.—Dividend No. 3.—
The regular quarterly dividend of 62 H cents
per share has been declared
the outstanding Capital stock (no par
on
of record
Oct.
5.
A like amount
was
value) payable Oct. 27 to holders
paid in July last; and in April, an
102H and int. up to Jan. 1 1921, and at 100 and int. thereafter.
payable J. & D. at office of Guaranty Trust Co., N. Y., trustee.
Denom. of $100, $500 and $1,000 (c*).
The comnany was incorp. in Delaware in October 1919.
Capitalization
$25,000,000 (par $10).
The aggregate holdings of corporation through its
subsidiary companies will exceed 44,187M acres in Mexico, Oklahoma,
Kansas, Texas. Louisiana and New Mexico, appraised at $16,600,000.
Directors include E. Dean Fuller (Pres.), T. J. O'Gara (of O'Gara Coal
Co.,
Chicago), R. J. Mangold (Secretary).
initial dividend of 50 cents per share was paid.—V. Ill,
p. 301.
Titan Steel
United
Corp.—Trustee.—
No
The Empire Trust Co. has been appointed trustee of an issue of $500,000
First & Ref. Mtge. 3-yr. 8% Sinking Fund
gold notes dated
July 1 1920,
due July 1
1923.
Charges
of using the mails to defraud in connection with the sale of
the stock of the company (a concern already under Federal
indictment),
are contained in indictments presented in the U. S. District
Court on Sept.
24 against members of three brokerage houses.
The indicted persons are
James O'Brien, George F. Breen and Frank J.
Smith, members of James
St.; Alexander Low of Low Brothers, 44 Broad
St., and S. S. Campbell Nathaniel D. McCaffrey of S. S. Campbell & Co.,
20 Broad.—V. 107, p. 2104.
O'Brien & Co., 35 Broad
United
Drug Co., Boston.—New Plant in St. Louis—
of Business.—At the opening of the new plant in
St. Louis on Sept. 28 President Louis K. Liggett said in part:
Growth
new
plant will produce annually for
600.000.000 pills and tablets
our
exclusive
use:
6.000.000 pkgs. tooth paste
500,000 pkgs salves and ointments
2.500,000 lbs. hand-dipped chocolates
2.500,000 lbs. mech.-dipped chocolates
1.000,000 pkgs. fluid preparations
1.500.000 lbs. effervescent salts
3.000,000 lbs. hard candy
2,500,000 lbs. Jordan almonds
10.000.000 pkgs. dry powders. &c.
1,000.000 pkgs. milk of magnesia
$2,500,000 worth of perfumery
and there is sufficient space to double this output.
Business Doubled in 12 Months.—A year ago in Boston at our last con¬
vention I told the stockholders that I hoped we were going to do $125,000,000 business in the year 1924.
Rubber
Co.—New
Financing Denied—
Hand Sufficient.—
on
P. Colt says there is absolutely no truth in the
reports
purporting to come from Boston, to the effect that the company will pro¬
bably do extensive
Tuxpam Star Oil Corp.—Indicted for Stock Sales.—
New Plant.—This
States
Falling Off in Volume of Sales—Cash
Chairman Samuel
financing before Jan, 1 next.
He says the company is m comfortable
circumstances, has no difficulty
in obtaining such funds as it desires on current
borrowing, and has no nec¬
essity for any further financing.
He further says that the business of the company Is well balanced between
footwear, tires and mechanical goods, the former being its largest product
and tires being but about one-third of the total product.
Up to date there
has been no falling off in the volume of the company's sales taken as a whole.
The footwear business, which has been
exceptionally large this year,
owing to last year's severe winter, is a seasonal business, the due date for
all goods sold between April 1 and Nov. 1 being Dec. 15, which results in
very large cash receipts the last two weeks of the year.
The company takes advantage of all discounts in the payment of its
bills,
and its cash
on
hand Is ample to enable it
Velie Motors
so
to do.—V. Ill, p. 1090.
Corp.—Prices Reduced.—
The company has announced a reduction in price of $200 on the Velie
34 six-cylinder automobile and has added cord tires as
regular equipment,
thus
making the actual saving to the buyer nearly $300.—V. 110,
Vulcan
Detinning
Co.—Regular Pref.
p.
369.
Dividend.—
The regular quarterly dividends of
\%% on the Pref.
the Preferred "A" stock, have been declared
stock and 1^%
payable Oct. 20 to holders
disbursement of 1% on account of ac¬
cumulations was made on the Pref. stock in addition to the
regular quarterly
dividend of 1 % % which reduced back dividends to
31%.—V. 111, p. 200,80
on
of record
For
Oct.
other
14.
In
July last,
a
Investment News,
see
page
1382.
„
OCT. 2
1920.]
THE
1379
CHRONICLE
xprrrls and |)oxu uveitis.
CONSOLIDATION OF
GENERAL CHEMICAL COMPANY
THE SOLVAY PROCESS
SEMET-SOLVAY COMPANY
THE BARRETT COMPANY
and NATIONAL ANILINE & CHEMICAL COMPANY,
Neic
to
SEMET-SOLVAY
THE BARRETT
solidating Companies"),
by
trust certificates
Company)
for
undersigned
the
Committee,
composed
Consolidating Companies.
Plan
of
approved by the Board of Directors of each
and
contemplates
the holders
of
stocks*
common
the
the
(subject,
the
in
of
Consolidating
the
preferred
;
poration
Companies
any
Stock of
case
of
National Aniline
&
by some other appropriate name), as follows:
For Stock of
New Company
Exchangeable
on Basis of
Consolidating
Companies
com¬
•
-
• •
the existing funded debt of
of the Consolidating Companies.
It is the opinion of the Committee,
after
careful study
a
of existing conditions and future prospects in the chemical
the
Consolidating Companies will
the present
Preferred (7%)
Preferred:
In
time, enter
businesses
as
other lines of chemical and
upon
be deemed advantageous.
may
Committee's
the
by their
business of each Company and which will also,
time to
related
be best served
single organization, which will continue
a
by
(and to be knpwn as Allied Chemical & Dye Cor¬
or
the
•-
It is not proposed to disturb
consolidation into
below), for the stock of the "New Company" described in
the Plan
upon
Consolidating Company shall not have
any
pose.
Inc., to the stock dividend mentioned
Company,
Stock to be exchanged therefor as above
share as the Committee may determine for that pur¬
per
from
Chemical
thereon
annum on
industry, that the interests of the stockholders of each of
exchange
thereof, based on their present outstanding capi¬
talizations
share per
per
been thus equalized, the difference shall be adjusted on the
The
of the Consolidating Companies.
The
common
deposited stock, in New Common Stock, at such valuation
:
the accompanying Plan has (been
stockholders of each of the
Plan has been
voting
(herein and in the Plan called "Con¬
mentioned Companies
1920 to the basis of $6
of
stock
mon
their respective
on
equalize cash dividends paid
and, if and in so far as dividends
stated;
of effecting a consolidation of the above
For the purpose
formulated
of
holders
the last mentioned
of
stock
to
the New Common
COMPANY,
COMPANY, and of
NATIONAL ANILINE & CHEMICAL COMPANY, Inc.
(Including
sufficient
from July 1
PROCESS COMPANY,
cash dividends
extra
pay
stocks
CHEMICAL COMPANY,
SOLVAY
THE
Inc.
The respective Consolidating Companies will be at liberty
York, September 9 1920.
To Stockholders of:
GENERAL
COMPANY
opinion
each
of
the
Consolidating
Companies has demonstrated that it is the most efficient
existing
organization
in
its
chemical industry, viz., in
particular
field
of
domestic
brief:
General Chemical Company,
Acids,
The Solvay Process Company,
Alkalis,
General Chemical Company
(6%)--$100 par
$100.00 par
Semet-Solvay Company,
Coke and its By-Products
(7%)
—$100 par
$116.66 par
The Barrett Company,
Coal Tar Products,
National
Dye Stuffs.
The Barrett Company
National Aniline & Chemical Com¬
pany,
$100.00
$100 par
Inc., (7%)
Common
out
Common:
$100 par
Semet-Solvay Company
The
2.65786 shares
2.28876 shares
—$100 par
Barrett Company
& Chemical Com-
National Aniline
pany,
3.16083 shares
measure
of
Consolidating Companies from July 1 1920.
The above basis of exchange as
tional
Aniline
(1 share for 1
Inc.,
Chemical Company,
&
share) has been determined upon, on the assumption that
on
or
before
common
October 11 1920 there will be
stock
of that
derived from
porate action shall have been taken) a
common
stock of that Company, at
dividend, payable in
be paid, the
stock shall be 1 share
basis of exchange as to
such common
of Aniline common for 1.4 common shares
will
of the New Com¬
Aniline common shares
accepted by the Depositary, for deposit under the
Until October 12 1920 no
pany.
be
Plan, unless such stock dividend shall have been
of preferred
and common stocks of the Consoli¬
desiring
Companies,
to
participate
in
the
Plan,
deposit their stock certificates (or voting trust cer¬
should
tificates),
in negotiable form,
on
or
before November 1
1920, with Guaranty Trust Company of New York, Deposi¬
tary, at its office, No. 140 Broadway, New York, which will
issue
transferable
Deposit
said date no deposits
Certificates
therefor.
After
will be received by the Depositary, ex¬
cept upon such terms as may be approved by the Committee.
holders to
stock certificates
affixed by depositing stock¬
(or voting trust certificates)
deposited under the Plan.
Until the Plan
—not
to
mention the
on
It
of
*
the Deposit
will be paid over to the respective holders
Certificates representing such shares.
The terms "stock" or "stock
certificate," and "stockholder," (including
used herein and in the Plan .are intended respectively
to include, in the case of National Aniline & Chemical Co., Inc., voting
trust certificates for preferred and common stock and holders thereof.
the plurals thereof) as
requirements for
manu¬
various
economies in
operation ordi¬
is, however, in the future development of the chemical
industry
that the Committee
believes the greatest advan¬
tages of the proposed consolidation lie.
of the other major
most
is young.
spondingly
As compared with
industries, the chemical industry
Current developments in this industry
more
of industry,
lines
rapid
and important
the chemical
than
in
are corre¬
the
older
and will probably so continue for
many
For this reason,
—and will long
intensive
progressive research is
continue—an especially important feature of
manufacturing business.
Committee, the promotion of
such
In the opinion of the
research, through com¬
bination of the material and personal resources of the Con¬
solidating Companies, is alone
a
proposed consolidation.
believed
It is
compelling
reason
that
for the
the technical
skill, business ability and financial strength of the Consoli¬
dating Companies, if united, will definitely assure the de¬
velopment of a complete American chemical industry, such
is essential to the industrial independence of the country
and to the national
The
cash dividends
all shares of stock, preferred and common, deposited
under the Plan,
the
contemplated.
basis
and
security.
of exchange
stated above
was
arrived at
by
Committee only after the most painstaking considera¬
tion of all relevant
paid
di¬
narily available only to an organization of the scope here
the
is declared operative, all
are
facture of their derivatives; and greater financial strength
as
No transfer tax stamps need be
Greater
are:
business; closer adjustment of the production of basic
years.
Holders
consolidation
and intermediate materials to
previously
paid.
dating
a
versification of output and correspondingly greater stability
the rate of .4 of a share
share; and, in case such dividend shall not
per
such
paid upon the
(after the necessary cor¬
Company
well integrated and largely
Among the advantages which the Committee believes
of
to common stock of Na¬
great
that the proposed
fields of chemical manufacture and highly efficient in each.
1 share (without par) 1.00000 share
Inc
a
so
self-sufficient organization, operating in various important
t
adjustment of cash dividends on the Common Stocks
the
interdependent;
consolidation would constitute
to be
with
necessarily
2.59956 shares
--$100 par
The Solvay Process Company
These different lines of chemical manufacture are in
(with¬
par):
$100 par
General Chemical Company
Aniline & Chemical Company, Inc.,
par
past and
factors, including the assets, liabilities,
prospective earnings of each
Consolidating
Company, and is believed by the Committee to be fair and
just to all concerned.
For the information of stockholders there
are
attached:
Schedule 1—Combined Statement of Assets and Liabilities
of Consolidating Companies at December 31 1919 per their
1380
THE
Books, Eliminating Inter-Company -Accounts
and
CHRONICLE
showing
Proposed Stock Issues under Plan.
Schedule 2—Combined
of
Income of
Plan,
Schedules,
have
been
well
as
all
as
furnished
by
AND
Consoli¬
dating Companies for Six Months Ended June 30 1920,
their Books, Eliminating
Inter-Company Dividends.
These
PLAN.
SECURITIES
Statement
per
Arthur
Young
&
Stock
earnings should be substantially
the Committee believes they will
be, and if
of
such
ON
CHEMICAL
earnings in
the
on
expect
COMPANY:
dividend
NATIONAL
to
stock
of
the
New
favor, holders of such
receive
Company,
common
stock
regular
Deposit
Certificates
issued
under
the
members
of
their
stocks
holdings
agreed
will
act
without
com¬
that
of
all
the
under
holders
of
the
Consolidating
the
of
Plan
our
preferred
Companies
without
delay.
holdings.
own
and
deposit
We
have
(The
W.
Common
H.
NICHOLS,
E.
L.
R.
W.
H.
A.
object
ing out the Plan,
Inc.
the
SCHEDULE 1.
tive
#
♦
•
$10,521,177 68
Cars," Lighters",
6,424,222 86
2,468,615 42
_
♦$03,261,239'80
•
Investments in Outside Companies
Current Assets:
11,645,510 99
Cash in Banks and on Hand
$12,564,468 34
Accounts and Notes
Receivable, less Reserves
94,176,790 92
1
Deferred Charges to Operations—
Patents, Processes, Formulae, Goodwill, etc
111111"
307 mfi kO
1 479 156 03
21,981,945 55
Bonded Indebtedness
Current Liabilities:
Notes and Accounts Payable.
tq 403 074 qq
59,493,074 99
-
—
-$15,476,251 08
2J92;048
99
26
$177,761,225 98
The Preferred and Common Stocks
of the New
Company
if issued in the amounts stated
below, would represent on
the basis of the book Net Worth
of the
Consolidating Com¬
panies stated above—
Preferred 7%
,=
^
half consists of construction
bSore1915*
SCHEDULE
and not replace-
and acquisitions made
2.
1920
ELIMINATING
NeDeduc?C before dePreciatiort» taxes,
reserves
for
PER
INTER-COMPANY
etc., per books $22,381,649
depreciation, taxes, etc
Net income after depreciation,
taxes, etc
explanation
Agreement,
in
or
or
any
suggestion
con¬
notice, schedule
or which may hereafter be issued
by the
by the Depositary, or by anyone else, is in¬
tended, or is to be accepted as a warranty or as a condition
of deposit, assent or payment under the Plan or
Agree¬
ment, and no defect or error in the Plan or Agreement, or
in
any
or
notice,
be issued
schedule
or
circular issued
aforesaid, shall release
as
any
any
which
or
may
deposit under the-
payment made or action taken in pursuance thereof.
(or rights) represented by stock certificates(or voting trust certificates) deposited under the Plan will
be transferred into the
nee
of the Committee
name
or
Its nomi¬
nominees, and held and disposed of by or under the
control of the Committee, as provided in the Agreement.
or
The
form
and
of
terms
the
New
charters,
Securities
and
of
all
by-laws and other docu¬
ments
shall, in all respects not expressly
Plan, be determined by the Committee.
fixed
by
the-
It is proposed to effect the consolidation of the Consoli¬
dating Companies, either by the
Consolidating
corporation
&
Dye
The
Companies,
or
Corporation,
"New
term
such
use
of
one or more of the-
by the formation of a new
corporations, to be known as Allied Chemical
or
by
or
some
Company,"
other
appropriate name.
in the Agreement,
herein and
corporation or corporations
determine
so
as the Committeeto utilize for the purposes of the Plan,
corporation
corporations may be organized un-,
or States as the Committee
mayIt is contemplated that the New
Company shall
or
determine.
acquire, in such
control
as
the
manner
and in such form of ownership
Committee may in its discretion
or*
determine,
either
directly, or through ownership or control of all or*
part of the stock of any or all of the Consolidating Com¬
panies, the entire property of each of said Companies or*
such part of, or interest in, the
property of any or all of'
said Companies as the Committee may in its
discretion de¬
termine to be advisable for the
purposes of the Plan.
DIVIDENDS.
Estimated
statement,
circular issued
and such
OF
INCOME
OF
CONSOLIDATING
FOR SIX MONTHS ENDED JUNE 30
BOOKS,
as
der the laws of such State
STATEMENT
THEIR
as provided in the Agreement.
holders of Deposit Certificates shall be
138 386 925 98
depreciation,
certifi¬
conferred by the Plan and Agreement,
are
estimate,
Committee,
may
$177,761,225 98
This amount represents
original cost, less
trust
'
duly executed,
$39,374,300 00
par value
;•
certificates deposited must be either endorsed
transfer or accompanied by proper transfers-
only as
means
Cumulative—j
CoSlt—hareS °f a Par ValU6 °f 5100 eaCh
voting
NEW COMPANY.
25i333!464
Net Worth, per books
2,119,677 shares without
mentioned
'
13,685,594 79
$46,180,434 11
COMPANIES
above
including Fed-
'
COMBINED
the
agreements, certificates,
Minority Interests in Subsidiary
Companies
Sundry Reserves
*
Inc.,
stock
No
$223,941,66009
LIABILITIES
era1 Taxes.
PARTICIPATION.
The shares
Funds
Accruals and Miscellaneous,
CITY,
provided therein.
or
—
.
Sinking
YORK
Plan and Agreement or affect or release any assent thereto
27,256.990 58
35,948,419 54
18,406,912 46
Inventories
Marketable Securities
YORK,
the
as
tained in the* Plan, or
73 047 223 84
^
NEW
blank for
such
or
_
^
OF
issued
The rights of all
PLAN.
ASSETS.
1
COMPANY
BROADWAY,
Consolidating Companies for their respective stocks,,
includes, in the case of National Aniline & Chemical
in blank
Fixed Assets (Less Reserves):
...
of carry¬
by the Depositary, as provided in the
(The term "stock certificates" herein and in
the Agreement means the certificates issued by the
respec¬
ISSUES
Tank
appear at
purpose
Agreement.
All
COMBINED STATEMENT OF ASSETS AND
LIABILITIES OF CON.
SOLIDATING
COMPANIES
AT
DECEMBER 31 1919,
PER
THEIR
BOOKS,
ELIMINATING
INTER-COMPANY
AC¬
COUNTS, AND SHOWING PROPOSED STOCK
including
TRUST
cates.)
Autos, etc-.-—
Mines, Quarries, etc.
names
formed for the
Depositary (for all classes
Consolidating Stocks, including voting trust stock)
the accompanying Deposit Agreement, dated Sep¬
9 1920, (herein sometimes called the
"Agreement").
Certificates
in
Apparatus
Assets,
of
provided in said Agreement.
as
designated
Company,
LUTEINS,
Estate..T
consolidation
a
respectively with the Depositary, on or before Novem¬
1920, and will thereupon be entitled to receive Deposit
ber 1
and
Secretary of the Committee,
25 Broad Street, New York.
Fixed
been
them
WILLIAM H. NICHOLS,
Chairman of the Committee.
Real
been
CONDITIONS OF
MAT1IESON,
of National Aniline & Chemical Com-
UNDER
effect
Companies (herein and in the Agree¬
Iiegistered holders of shares of any of the Consolidating
Stocks may participate in the Plan and become parties tothe Agreement, by depositing the stock certificates held
by
Director
pany,
PLAN.
to
Company.
Barrett Company.
ORLANDO F. WEBER,
Chairman and President
of National Aniline &
Chemical Company, Inc.
•
OF
is
below, sometimes called the "Consolidating
the end hereof has
tember
HAMLIN CHILDS,
J.
\
.
Companies"); and the Committee whose
under
President of The
WM.
Plan
the
the above mentioned
of
HUDSON,
Vice-President of Semet-Solvay
Company.
EVERSLEY CHILDS,
Chairman of The Barrett
Company.
Other
of
NEW
W.
WM.
and
the
OBJECT
has
Company.
Solvay Process Company.
HANDY.
of Semet-Solvay
President
INC.:
"Consolidating
includes
Company.
JR.,
SWIFT,
S.
COMPANY,
mentioned
and
140
Solvay Process Company.
Treasurer of The
H.
CHEMICAL
and
DEPOSITARY.
PIERCE,
President of The
&
for
Stock.
Stocks," herein and in the
below, means the above mentioned
rights of holders of the above
mentioned voting trust certificates.)
stocks,
GUARANTY
President of General Chemical
Plant and
term
Agreement
COMMITTEE:
WM. H. NICHOLS,
Chairman of General Chemical
COMPANY
certificates
Stock
Preferred
Preferred Stock
Common Stock.
The
Committee
the
to deposit all
CLINTON S.
BARRETT
Stock
ANILINE
ment mentioned
recommend
common
THE
for
Plan
pensation.
We
Stock certificates for
Common Stock.
(and voting trust certificates issue
under Voting Trust Agreement, dated April 20 1918) for
representing listed stock.
The
STATED.
Stock certificates
re¬
as
PLAN
THE
SEMET-SOLVAY COMPANY
and
Stock certificates
Common Stock.
UNDER
THEREIN
maintained,
quarterly cash dividends
thereon at the rate of $6 per share
per annum.
Application will be made to list on the New York Stock
Exchange,
TERMS
THE SOLVAY PROCESS COMPANY:
substantially
of preferred
excess
common
the Committee would
may
DEPOSITED
THE
certificates for
quirements should be distributed in regular quarterly cash
dividends
BE
.
If current
half
MAY
Preferred Stock
Common Stock.
Company, after full investigation.
as
WHICH
AGREEMENT
GENERAL
figures throughout the
Messrs.
[VOL. 111.
NEW
SECURITIES.
51
9,545,407 84
$12,836,241 67
The
ferred
New
and
Company
common
will
stock
authorize
(herein
Preferred Stock" and "New
the
following
sometimes
pre¬
called "New*
Common Stock,"
respectively),.
OCT. 2
New Common
Committee may determine, at least
such amounts as the
in
of shares of such New Stock
of the Consolidating Stocks deposited hereunder,
sufficient to effect exchanges
for shares
1381
CHRONICLE
THE
1920.]
The
to be
are
Stock.
3,000,000 shares (maximum) of New Common Stock
disposed of
follows:
as
No., of Shares
of New Common
Stock (without
provided herein and in the Agreement, but in any case not,
as
than
more
follows:
as
$100
ing (excluding hold- par value) to
To Be Distributed to
$65,000,000
3,000,000 shares
(without par value)
wherever used in the Plan
Securities,"
"New
term
Agreement, means the New Preferred Stock
and
Amount Outstand-
cumulative—
value)
par
New Common Stock
The
(7%
Stock
Peferred
New
,
and New
Stock.
Common
General
$19,822,900 par
21,089,300
"
10,615,400
"
The Barrett Company
15,972,100
"
National Aniline & Chemical Co., Inc..
1290,063 shares
..
adjustments in common stock, if any).
Balance available for corporate purposes
(7% Cumulative).
New Preferred Stock
(1)
preferential
cumulative
7%
dividends thereon
the
at
the par value thereof, and no
more, payable quarterly,
as and when declared; and, if
dividends shall not be fully paid or set apart on the New
Preferred Stock for any quarter at the full rate aforesaid,
the amount of such deficiency shall thereafter be fully paid
of
rate
set
or
per
on
annum
interest) on such New Preferred
(or further dividends) shall be
(without
apart
Stock before any dividends
paid or set apart on the New Common Stock; but dividends
which at any time might be paid on the New Common Stock
of dividends on the New Preferred Stock, as
after payment
aforesaid, may be declared, set apart and paid at such time
with
concurrently
dividends
such
the New Preferred
on
Holders of the New Preferred Stock will have equal
Stock.
voting rights per share with holders of the New Common
Stock.
The New Preferred Stock will be subject to redemp¬
the option of the New Company
tion in whole or in part at
at any
mail
to
time, after thirty days notice, by publication, or by
the registered holders, at 120% of the par value
thereof, plus the amount of dividends then accrued thereon
(including all accumulated unpaid dividends for past quar¬
ters as well as the accrued
then current
tion
portion of the dividend for the
In the event of dissolution, liquida¬
of the assets of the New Company,
quarter).
distribution
or
voluntary or involuntary, the holders of the New
shall be entitled to be paid in full, out of
whether
Preferred Stock
the assets of the New
plus
all accumulated
Company, the par value of such stock,
of dividends accrued thereon
the amount
(including
unpaid dividends for past quarters as well
the accrued portion
as
of the dividend for the then current
quarter), up to the time of the distribution of said assets,
before any amount shall be paid out of said assets to the
holders
of
New
the
Stock,
Common
titled to any other or further
of
ers
the
Preferred
New
the New Common
for any and all
at any
not
be
distribution of assets.
en¬
Hold¬
Stock, together with holders of
Stock, shall be first entitled to subscribe
money
only,
time after the Plan shall have been fully consum¬
(excepting
ing),
shall
New Preferred Stock issued for
mated, at the price and
sue
but
pro
any
the terms governing such is¬
upon
reasonable compensation for underwrit¬
rata, according to the number of shares of New
Stock, Preferred
or
Common,
both, held by them respec¬
or
Holders of the New Common Stock, but not holders
tively.
of the New Preferred
to subscribe for any
and all New Common Stock issued for
money only, at any time after the Plan shall have been fully
Holders of the New Stock, Preferred or
consummated.
Common,
shall
have
prior
no
right to
2,119,677
subscribe
for
any
Common, except as above
'
880,323
3,000,000
Total authorized issue (maximum)...
"
t 290,063 shares, assuming payment, asprovided below, of stock dividend
of .4 of a share of common stock upon each share of common stock of Na¬
tional Aniline & Chemical Co., Inc., now outstanding (207,188 shares).
x Including
adjustment, if necessary, in New Common Stock (at such
valuation per share as the Committee may determine for that purpose)
of cash dividends paid after July 1 1920 on the common stocks of the
Consolidating Companies, deposited under the Plan, to the basis of $6
per share per annum on said New Common Stock to be issued in exchange
therefor.
.
'IklaYMENT
■
OF~STOCKS
DEPOSITED
THE
UNDER
PLAN
Depositors who shall have complied with the terms and
conditions of the Plan and Agreement shall be entitled to
consolidation and upon sur¬
Certificates properly endorsed in
receive
on
the completion of the
render
of
their
Deposit
blank for transfer, New
Preferred and Common Stock,
when
ready for distribution, as follows;
Chemical
General
Company.
Stock—For each share of Pre¬
ferred Stock of the par value of $100:
$100 par value of
New Preferred Stock, with adjustment, in New Preferred
Stock, at par, of dividends accrued and unpaid on said
existing preferred stock, up to the date when dividends on
Preferred
Depositors of
said New Preferred Stock shall begin to accrue.
of Common
Depositors of Common Stock—For each share
2.59956 shares of New
Common Stock, without par value, with adjustment, in
New Common Stock (at such valuation per share as the
Committee shall determine for that purpose), of cash divi¬
dends paid after July 1 1920 on said existing common stock,
to the basis of $6 per share per annum on said New Common
Stock for the period from July 1 1920 until the date on
which the Plan shall be declared operative, or such subse¬
Stock
of
the
par
of $100
value
:
quent date as the Committee may
f
determine.
The Solvay Process Company.
'
of Common
Depositors of Common Stock—For each share
3.16083 shares of New
Common Stock, without
par value, with adjustment, in
New Common Stock (at such valuation per share as the
Committee shall determine for that purpose), of cash divi¬
dends paid after July 1 1920 on said existing common stock,
to the basis of $6 per share per annum on said New Common
Stock for the period from July 1 1920 until the date on
which the Plan shall be declared operative, or such subse¬
Stock
of
the
par
value
of $100 :
Committee may determine.
quent date as the
Semet-Solvay Company.
Stock, shall be likewise first entitled
issue of New Stock, Preferred or
dividend
of New Com¬
pany. x___-
Holders of the New Preferred Stock shall be entitled to
receive
515,309 shares
666,598
282,143
365,564
'
>
290,063
Chemical Company.
Semet-Solvay Company
Total to be distributed under Plan (excluding
OF NEW SECURITIES.
DESCRIPTION
Exchange.
ing Companies).
The Solvay Process Company
be
Distributed in
ings of Consolidat-
Depositors
of:
of Common Stock
Depositors of Common Stock—For each share
of Common
2.65786 shares of New
Common Stock, without par value, with adjustment, in New
Common Stock (at such valuation! per share as the Com¬
mittee shall determine for that purpose), of cash dividends
Stock
of
the
par
value
of $100 :
stated; and the rights of subscription above described shall
paid after July 1 1920 on said existing common
be
stock, to the
basis of $6 per share per annum on
subject to
any
different provision which shall be author¬
ized with respect to any
ferred
or
each class of stock
(2)
particular issue of New Stock, Pre¬
Common, by vote of the holders of two-thirds of
then
outstanding.
the
Committee
may
value, and the New Company's stated capital shall be fixed
the
mon
basis of not
Stock
more
than
$5
per
share of New Com¬
authorized plus the aggregate par
New Preferred
determine.
The
New Common Stock.
The New Common Stock shall be without nominal or par
on
said New Common Stock
for the period from July 1 1920 uutil the date on which the
Plan shall be declared operative, or such subsequent date as
value of the
Stock authorized.
Barrett
Company.
Stock—For each share of Pre¬
ferred Stock of the par value of $100:
$116.66 par value of
New Preferred Stock, with adjustment, in New Preferred
Stock, at par, of dividends accrued and unpaid on said
existing preferred stock, up to the date when dividends on
Depositors of Preferred
said New Preferred Stock shall begin to accrue.
DISPOSITION
New
The
OF
NEW
SECURITIES.
Preferred
$65,000,000 (maximum)
Stock is to be disposed
of
as
Depositors of Common Stock—For each share
par
value of New Preferred
follows:
Par Amount Out- Par Amount
ing Holdings of
Consolidating
Companies).
of
New Preferred
Stock to Be
Distributed in
Exchange.
$16,333,000
$16,333,000
7,403,100
8,636,900
standing (exclude
To Be Distributed to
Depositors of:
General Chemical Company
6% Preferred Stock
__—_
14,404,400
14,404,400
Total to be distributed under Plan (excluding dividend
adjustments)
_
f__
ferred Stock shall begin to
accrue.
of $100 :
July 1 1920 on said existing common stock,
per share per annum on said New Common
Stock for the period from July 1 1920 until the date on
which the Plan shall be declared operative, or such subse¬
to the basis of
$6
quent date as the Committee may determine.
National
Aniline
&
Chemical Company, Inc.
Stock—For each share of Pre¬
$100 par value of
New Preferred Stock, with adjustment, in New Preferred
ferred Stock of the
par
value of $100:
....
Stock, at par, of dividends accrued and unpaid on said ex¬
isting preferred stock, up to the date when dividends on
said New Preferred Stock shall begin to accrue.
New Com¬
$65,000,000
Preferred Stock, at par, of dividends
accrued and unpaid on preferred stocks of the Consolidating Companies,
deposited under the Plan, up to the date when dividends on the New Pre¬
t Including adjustment in New
value
25,625,700
1_
Total authorized issue (maximum)
par
$39,374,300
;
Balance available for corporate purposes of
pany
the
Depositors of Preferred
National Aniline & Chemical Co., Inc.
7% Preferred Stock
of
dends paid after
The Barrett Company
7% Preferred Stock
of Common
2.28876 shares of New
Common
Stock, without par value, with adjustment, in
New Common Stock (at such valuation per share as the
Committee shall determine for that purpose), of cash divi¬
Stock
Stock.
Depositors of Common Stock—For each share of Common
One share of New Common
with adjustment, in New Com¬
mon Stock
(at such valuation per share as the Committee
shall determine for that purpose), of cash dividends paid
value:
Stock,
without
Stock,
without par value,
par
1382
after
THE
July 1
basis of
$6
1920
per
for the period from
Plan
shall
lias
may
determined
been
before October 11
the
pany,
upon,
1920
stock
common
operative,
determine.
basis of exchange
assumption
stock
common
of
that
that Company,
at
share per share; and, in case such divi¬
paid, the basis of exchange shall be: for
of such common
stock, 1.4 shares of New Com¬
Stock.
mon
a
National
Until
Aniline
October
12
1920
no
shares
common
of
&
Chemical Company, Inc. will be ac¬
cepted by the Depositary, for deposit under the Plan, unless
such
stock dividend shall have been
previously paid.
The above mentioned dividend
adjustments in New Com¬
mon Stock will be
necessary, in the case of each Consoli¬
dating Company, only if and in
not
have
paid
July 1 1920 in
cash
an
so
dividends
far
on
such
as
its
amount sufficient to
Company shall
common
stock
after
bring the aggregate
of such dividends up to the basis stated above.
Until the Plan shall be declared
operative, dividends paid
deposited under the Plan will be paid over to the
Depositors, as provided in the Agreement.
stock
on
Non-dividend
bearing
scrip,
exchangeable
in
round
amounts, will be issued for fractional amounts (nearest tenthousandth
of
a
share)
COMMERCIAL EPITOME
or
on
dend shall not be
each share
of New Preferred Stock and New
Common Stock.
Friday Night, Oct. 1 1920.
The lull in
ers
are
prices
ter
H.
NICHOLS.
I
Company.
NICHOLS. JR.,
President of General Chemical
E.
Company.
PIERCE,
President of The Solvay Process
Company.
L.
R.
W.
SWIFT.
Treasurer of The Solvay Process
Company.
H.'
H. S. HANDY,
President of
Semel-Solvay Company.
A. W. HUDSON,
Vice-President of Semet-Solvay Company.
,
EVERSLEY CHILDS,
Chairman of The Barrett
Company.
&
Chemical Company,
J.
Inc.
MATHESON,
pany,
others.
At
Inc.
has finally started.
But there is a
years
LUTEINS,
Secretary of the Committee,
pendulum, perhaps having swung too far upward, may
in the reaction swing somewhat lower than it
ought to go
downward.
However that may be, trade as a rule through¬
out the United States is either slow or on a moderate
scale,
and the general idea is that the decline in commodities has
not
yet culminated.
Warm weather until within the
24 to 48 hours has hurt business in
seasonable goods.
tailers have had but a slow
the wholesale trade.
resisting the downward trend of prices and the public has
The big industries of the
country are less ac¬
held aloof.
tive.
Iron and steel
with
so
buying slow.
prompt
prices
to have
seem
The company announces that it has received
within the past three months
orders from electric
power companies for over 500,000 h.
p. of turbinegenerators, the largest volume of power business ever
given to a manufactur¬
by private interests, notably:
Cheswick Power Co., Pittsburgh,
Pa., 1 compound unit of
60,000 k.w. "one of the largest egnines ever built.".
...80,000
Narrangasett Electric lighting Co., Providence, 1
compound
unit of 45,000 k.w
60,000
United Electric Light & Power
Co., New York, 2 compound
units of 35,000 k.w. each
96,600
Brooklyn N. Y. Edison Co., 2 single units of 25,000 k.w.
each.66,000
United Electric Light
Co., Springfield, Mass., a single unit of
25,000k.w
33,000
Commonwealth Edison Co., Chicago, one
compound unit of
35,000 k.w
48,000
Havana (Cuba) Electric
Ry. Co., 2 single units of 25,000 kw.
each.
66,000
—V. Ill, p. 1287.
er
h. p.
h. p.
h. p.
h. p.
h. p.
h. p.
h. p.
Temgorarily^-Prices.
said, are instructed to report Oct. 4, and will
be put back to work and the
plant will resume operations as usual.
The company announced on
Sept. 28 a reduction in the price of its
motor cars as follows: The Overland
touring and roadster from $1,035 to
$895:tbe coupe from $1,525 to
$1,425, and the sedan from $1,675 to $1,475.
The Willys-Knight
touring and roadster from $2,300 to
$2,195, the coupe
from $2,950 to
$2,845, ana the sedan from $3,050 to $2,945.
These
prices
at once.
crops
likewise is rather late.
three
late.
The cotton
season
p.
1090.
Still, they
wool
issuing in attractive
form
a
booklet
on
foreign securities, about which they comment as
follows: "The new
financing suggested by the World War and its
consequences has brought
into our markets larger amounts of
foreign government and municipal
bonds which were
previously unknown here.
The American investing
public has shown an ever-increasing interest in this
class
of securities and
the past few months have witnessed
field.
a
remarkable growth of
activity in this
These considerations have
prompted us to publish this little book of
reference in permanent form, in order to
furnish details of the
the
provisions of
important foreign government and
municipal issues.
The present
work does not pretend to cover the
entire field, but it presents all the main
acts in respect to foreign bonds that
have become of interest to the Ameri more
can
public."
—"Prices and Values"—"A Study of the
Conservative Ways to Take Ad¬
vantage of To-day's Offerings of Safe Securities," is the
title of a circular
which is being distributed by A. B. Leach &
Co., Inc.
The circular con¬
tains
interesting information concerning the present-day
yields of high-grade
government, municipal, railroad and industrial securities as
compared with
those of a few years ago, and sets forth the
facilities and advantages which
the firm.of A. B. Leach & Co. have to offer their
clients.
—Ford, Bacon & Davis, engineers, 115 Broadway, N. Y.
City, have
made a report regarding the properties of the B. B. &
R. Knight, Inc.
The
offering or $7,500,000 7% bonds and $2,500,000 8% Pref. stock is
noted
•lsewhere in to-day's columns as well as in the
advertising department.
two
or
with
Failures show
prices
est
is
slow at
record.
on
and
the
The
trend
of
Rubber is selling at the low¬
Cutting of prices is going
many kinds of
have fallen at the Stock
shares
cannot be blinked.
abroad
in
country
ton, grain, provisions,
also
home and
be downward.
seems to
prices
the
gaining and this fact
are
trade
on
merchandise.
all
over
Industrial
Exchange.
Prices for cot¬
and coffee have all declined;
sugar
automobiles, clothing and
a list of articles running into
catalogues of mail-order houses at the
the thousands in the
The lumber trade is dull.
active.
The general grocery trade
the other hand, wheat
exports have continued on a
large scale, exceeding 12,000,000 bushels.
The cost of
living has recently declined.
During September there was
a fall in prices on 35
commodities here, mostly
relating to
food and clothing.
Shelter is another matter.
The corn
the
weather
has
turned
the country.
And
through the United
over
colder
no
doubt sell rather
freely, although it is well enough to bear in mind that
the disposition of the
average buyer is to go slow.
One no¬
more
ticeable
factor, however, is the tendency towards
of money rates.
the
Time money is a trifle lower.
in prices of
decline
an
easing
And natur¬
merchandise, and the doing
away with frozen credits due to quicker
transportation fa¬
cilities throughout the
country is another factor making for
better conditions.
Dealers here and there will suffer from
the dulness of trade and the fall in
prices, but on the whole
the decline means lessened cost of
doing
greater
business, and
ease
a
in
obtaining credits, so that in the long run the
be beneficial to American business
generally.
there is a feeling of greater ease and confidence
outcome will
Certainly
as
to the monetary outlook.
large
vast
a
work
of
And
as
construction
regards the country at
is
population is to be fed and clothed.
to
be
Wages
done.
A
big
still high,
large element of
which means that the
are
buying capacity of a
the population is great and in fact is
increasing with falling
prices.
It is only a question of time when the reaction
in
trade will have
that time
is
reached its limit.
not
far
In the opinion of some
off, if indeed it is not, in some few
at least, close at hand.
The condiiton of the
country
whole tends to improve as prices move towards
a more
normal
level and away from the
strange, indeed almost
cases
times of the
following
NOTICE.
are
is
this week
over
uncanny,
—Abraham & Co., 27 William
St.,
are not
as
as a
Aeroplane.—;
Aeroplane & Motor Corp. above.—V. Ill,
CURRENT
downward tilt,
recently.
But that is not surprising,
trade slow and prices
falling.
The movement of the
ally
It. was reported on
Sept. 30 that about 4,500 employees at the company's
Toledo, Ohio, plant were made idle on that date by the
shutting down of the
works.
The employees, it is
Sells Control of Curtis
a
Collections, too, it must be said,
States and seasonable merchandise will
See Curtis
last
Re¬
trade, although it is relatively
Still, retailers have been
better than
now
Westinghouse Electric & Mfg. Co.—Turbine Orders.—
be effective
that
the
ought to make for cheaper meat all
25 Broad Street. New York.
a re; to
How far it
notion
crop is out of danger, and it is estimated at as
high as
3,213,000,000 bushels, or the largest on record.
Such a crop
CLINTON S.
Willys-Overland Co.—Plant Closed
Deflation af¬
is purely conjectural.
go
is
that
rate
any
reason.
very
Director of National Aniline & Chemical Com¬
WILLIAM H. NICHOLS,
Chairman of the Committee.
of
Buy¬
big declines in
On
Company.
WEBER,
Chairman and President
of National Aniline
WM.
herald
buyer is inclined to
is less
HAMLIN CHILDS,
President of The Barrett
F.
the
Recent
ever.
West.
,
WM.
ORLANDO
be
may
than
an increase over last week and
last year and in 1918,
though they are
smaller than in 1917 and very much smaller than in
1916.
COMMITTEE:
Chairman of General Chemical
cautious
delay of two
a
will
also
W.
American trade is still very noticeable.
more
how the average
weeks
New York, September 9 1920.
WM. H.
$irars.
subsequent date
dividend will be paid upon
National Aniline & Chemical Com¬
of
(&mxmxKvtwl
e
which the
on
stock
a
Inc., payable in
the rate of .4 of
This
the
on
such
or
[VOL. 111.
stock, to the
annum on said New Common Stock
July 1 1920 until the date
declared
be
the Committee
as
said existing common
on
share per
CHRONICLE
it.
The
war,
and
advance
in
for
a
considerable period
railroad
stocks
pressed unduly is not not unnaturally considered
cant feature.
Galveston reports that the first 800 head of
long
a
de¬
signifi¬
approximately
150,000 head of Texas cattle which will be
purchased and
shipped to Austria and Germany during the next six months
will be
000,000
shipped from Galveston this week.
will
be
spent
on
this
attempt
More than $10,-
to
rehabilitate the
dairy herds of the two former Central Powers.
A cut of 30% in the
price of finished lumber by retail
lumber dealers of
Chicago
was announced
Wholesale Lumber Association.
by the American
Other reductions are to be
effective to-day.
Oak and maple flooring will retail
from
$165 to $265, compared with $200 to $370
per 1,000 feet last
March.
The National
duced oak
Lumber
Co.
of
South
Bend
has
re¬
flooring $65 per 1,000 feet, shingles $3, and
yellow
pine flooring $25 a thousand.
It is pointed out that
the
general drop in prices of leading commodities
will
have
a
tendency to make the credit situation
considerably easier.
disapproval of profiteering, a
lessening demand
and the slowing down of
factories, have been big factors in
the decline of prices.
The public's
OCT. 2
1920.]
One
the
of
dealers in high-grade used ears of
announced a reduction of $250
largest
standard makes in Chicago
to
$1,000
on
important
panies
prices was
on
nounced
car
any
conference
an
average
It is understood that an
executives of automobiles com¬
held in Detroit to-day.
Buffalo an¬
reduction on motor trucks of 18%.
in stock.
of
claim that there has been an
Automobile dealers in Chicago
increase of
100% to 300% in sales since the manufacturers
began price cutting.
The average retail
stocked up with goods, for which the
distributors
and
store is said to be well
former high
of
Labor
50%
prices were paid.
Reports to the Department
prices of building materials could stand a
say
bottom.
industrial plants which had
been occupied by workmen were returned to the owners on
Monday.
Is Italy sobering up?
The 00,000 longshoremen
drop without touching
Italy,
Turin,
the Atlantic
on
that
reports
and
Gulf Coasts have voted
to
the
renew
the shipping interests and the
boss stevedores for a period of one year, dating from Oc¬
tober 1.
Boston taxi drivers, who went on strike last Fri¬
working
agreement
returned
have
day,
with
pending arbitration of their
work
to
41c. for consumers' wood barrels and 50c. for gas
Pennsylvania
Corning
Cabell
Somerset,
and
American
dispatch from Washington
Government is in possession of
says
that
"reliable
re¬
ports" of Japanese discrimination at Kobe against Ameri¬
can shipments to the Far East, according to a letter from
Alexander, of the Department of Commerce, to
Benson, of the Shipping Board.
These reports
tend to show that American shipments to Kobe in Japanese
Secretary
Chairman
bottoms for trans-shipment to
Chinese ports have been sub¬
jected to delays and excessive charges for handling and re-
sliipping, which in some cases amounted to 200% or 300%
more than the freight originally prepaid.
.
No check to the notable decline in cotton yarns is yet seen
Germany, it is said, is import¬
Philadelphia market.
in the
ing 33%
receipts, or at the rate of
Owing to strikes, lockouts, shortage
of her former cotton
1,000,000 bales
a year.
of coal and lack of export
ton is
LARD
orders,
even
this amount of cot¬
than the mills can use.
more
Continent
easier; prime western 20.10@20.20c.; refined to
23c.; South Smerican, 23H<?.; Brazil in kegs
Futures declined with grain and hogs.
Packers
bought.
Last week's shipments of cured and
fresh from Chicago were 65,166,000 lbs. against 53,757,000
the previous week and 60,196,000 a year ago.
Lard ship¬
ments were 6,316,000 lbs. against 6,478,000 in the previous
24
He.
have latterly
11,679,000 a year ago.
they end lower for the week.
week
and
and
DAILY
CLOSING
PRICES
Sat.
September delivery_.cts.19.60
October delivery_____.19.60
Jan. delivery
17.80
PORK
closed
at
dull;
mess
$23 05,
a
OF
LARD
Man.
To-day prices declined
FUTURES
Tuis.
Wed.
IN
CHICAGO.
Thvrs.
19.62
19.05
19.22
19.60
17.70
19.07
16.87
19.40
17 30
19.32
17.30
Fri.
19.10
20,613
$31 @$32; family $43 @$51.
October
decline of $1 35 for the week.
Beef
mess
a year ago.
the spot lower and quiet; No. 7 Rio 7H@8c.;
12%@13%c.; fair to good Cucuta 12@12Hc.
Futures declined partly in sympathy with the fall in sugar.
The demand for the actual coffee is slow.
Everybody seems
to feel that everything must decline further.
Cutting of
prices of merchandise is reported all over the United States.
Later there was some recovery partly owing to colder weather
in Brazil and fears of frost.
To-day prices declined and they
COFFEE
on
No. 4 Santos
end lower for the week.
.
Wooster
4 05
3 73
3 73
South
March..
|May_
8.19@8.20|
8.39 @8.401 July
ISeptember
__8.57@8 60
@ ...
SUGAR quiet and easier; centrifugal, 96-degrees test,
Cuban and Porto Rican, 10.03c.
Futures fell, owing to
declining prices for refined.
General cutting of merchan¬
dise prices in this country had a certain effect also.
October
and December on the 27th inst. dropped 100 points.
Export
denjand has fallen off.
Cuba cost and freight was supposed
to be obtainable at 9J^c., with buyers none too ready to take
hold.
Willet & Gray put the receipts of raw sugar Atlantic
week at 16,756 tons, against 20,331 a week ago
and 52,046 last year; meltings 20,000 tons, against 34,000
the week previous and 62,000 last year.
To-day prices
were lower and they end at a sharp decline for the week.
Closing prices were as follows:
ports for the
October
Lima
651 March
7-45^ 7-501 May
7.45@7.50l
7.60tf? 7.701 December _._7-60@7
November—7.65@7.70J January
I February
7.45@7.50
7.55@7.60
OILS.—Linseed quiet and lower; carloads $1 14; less than
carloads $1 17.
Coeoanut oil, Ceylon bbls. steady at 17@
18c.
Cochin
16Hc.
Olive, $3@$3 15.
Cod, domestic
Newfoundland 93@95c. Lard, c. a. f. prime
Spirits of turpentine $1 40. Common to
good strained rosin $13 25.
I
PETROLEUM active and steady; refined in barrels
24.50@25.50c.; bulk 13.50@14.50c.; cases 26.50@27.50c.
Gasoline in brisk demand and firm at 33c. for steel barrels,
90@92c.
$1 55@$1 65.
$3 00
3 00
]
3 00
Henrietta
Okla¬
3 50 Caddo, La., light.
homa
2 75
3 00
3 98 Moran
&
Kansas
2 60
Ragland
North Lima.
Corsicana, light
Corsicana, heavy.
3 00 Caddo, crude
1 75 De Soto
Electra
3 50
2 50
3 50
quiet but steady.
3 40
There has been no material
change in the market.
Many in the trade continue to hold
aloof, awaiting further developments.
Offerings are light.
Some sales were reported at 24He. for smoked ribbed sheets,
while
October
was
quoted at 24c., October-December
24%c-» and January-March 29He.
Para-upriver fine lower
at 26c.
Central, Corinto, steady at 19c.
London cabled
lately: "In order to raise the price of raw rubber, drastic
steps are contemplated by the
Rubber Growers' Association,
which represents about one-third of the owners of the 3,000,000 acres of rubber under cultivation.
The association sug¬
gests to members and to
so
reduce their
in the output
other plantation owners that they
tappings of rubber trees as to effect a reduotion
of 25%.''
OCEAN FREIGHTS are rather
quiet
as a
With the
rule.
export trade rather slow it could not well be otherwise.
The supply of available tonnage too is increasing.
New
service has been or soon will be started between New York
and
Shipments to the
foreign ports.
America
small
east coast of South
To the west coast-they are
Atlantic, though from the Pacific
said to be fair.
are
from
the
North
they are of pretty good volume.
Coal
Europe tend to increase at fairly steady rates.
is a sort of silver lining to the cloud.
coast
shipments to
This traffic
Atlantic range to Rotterdam at $12.75 Sept.$12.50: to Trodjeim-Malmo $15.
October-Nov. from
Sebastopol $19. prompt to Rio Janeiro $14.75; grain from
Buenos Ayres to Avonmouth $16.50 and $2. extra if upper river loading
October: to Marseilles Rotterdam range, $16. @ 2. extra if up-river ports
loading-Oct .-Nov.; coal from Philadelphia to Santos $14.50
prompt;
from Atlantic range to Marseilles $15.25 prompt; to Narvik
kroner; Oct.;
oil cake from a Gulf port to three ports In Denmark 97.50 kror
Den
coal from Atlantic range to Port Said $16. Sept.-Oct.; to Bordeaux $13.50;
Atlantic range
Nantes $14 or Marseilles, $14.50 October; deals from Canada to United
Charters included coal from
Oct.; to
Antwerp
Virginia
to
prompt; coal
_
Kingdom 200s. prompt.
TOBACCO has been comparatively
quiet.
Recent heavy
Wisconsin, 1920 crop, has, it
Everything is going down. General
buying of New England and
seems,
subsided.
Not unnaturally, this fact has more or less
tobacco business. There is a disposition to
proceed more cautiously.
In other words, not a few buyers
are
playing a waiting game.
They are inclined to expect
lower prices.
They fail to see why tobacco should be an
exception to the general rule.
New Java tobacco is now an
attraction.
It is inferred that the demand will be good.
Recently American concerns took about 4,500 bales of
Sumatra at Amsterdam, or pretty much all that was suitable
for the American market.
Considerable Havana tobacco is
passing into consumption.
But there seems to be less snap
in the trade in Porto Rican.
Domestic stripped fillers in
barrels recently sold1 pretty well.
Pennsylvania and Ohio
1920 tobacco has not yet begun to sell very freely.
trade is slow.
effect in
the
COPPER in small demand and
,
Closing quotations follow:
December. ._7.70@7.71
4 25
above
,
19.00
17.25
$19 @$20; packet $21 @$22; family $25 @$28;
extra India mess $42@$45; No. 1 canned roast beef $3 40;
No. 2, $6 50.
Cut meats dull but steady; pickled hams, 10
to 20 lbs., 29^@31%c.
pickled bellies, 26@28c. Butter,
creamery
extras,
60H@61c.
Cheese, flat, 20@29%c.
Eggs, fresh gathered extras, 64 @65c.
Canned meats shipped
were 25,645 cases, against 23,214 in the previous week and
quiet;
32
$3 63 Strawn
3 77 Thrall
3 77 Healdton
$6 10 Indiana
4 25 Princeton
4 17 Illinois
Plymouth
deg.
RUBBER
An Associated Press
machine.
Exports of crude and refined petroleum during August fell
off 28,162,346 gallons as compared with last month.
They
were 248,648,814 gallons, against 276,811,160 in July; valua¬
tion, $48,670,856, against $51,243,933.
The biggest reduc¬
tion was in fuel oil, which is attributed to the continued re¬
striction of supplies.
France was a big factor in our gasoline
exports.
She took more than half of last month's total,
i.e., 22,629,412 gallons.
The shipments to England during
August were very small, being only 2,461,413 gallons.
The
completion of a 1,200-barrel well was reported near Breckenridge, Tex., early in the week.
At Goose Creek No. 4 Freeland on submerged land was brought in flowing at 2,000
barrels a day.
A 7,300 producer was brought in in the Hull
pool.
demands.
the
1383
CHRONICLE
THE
lower; electrolytio 18 @
18He.
Large dealers would readily accept sales at these
prices but naturally must give up new business to smaller
agencies who are shading prices.
Lead easier in sympathy
with London and expectations that imports will continue.
Exports continue light.
Spot New York was
7H
7He.
Tin dull and easier at 43He.
and lower at 7.70e.| for spot St. Louis.
PIG IRON has remained
quiet and to not
a
quoted at
Zinc quiet
few it looks
though prices must decline in harmony with other com¬
modities.
Coke is lower.
Pig iron is hard to sell.
It is
as
only wanted to supply
immediate and pressing needs.
The
largely nominal.
No price test can be applied
in a situation where iron on new orders is simply not wanted.
With cars more plentiful consumers are getting all the iron
market is
they
London is weak.
can use.
STEEL evidently has a downward tendency. That is most
if not all of the surface indications point that way. Trade is
bring plenty of business.
That is the
The country, indeed the world, is far
behind on construction work.
But consumers in the U. S.
at
least hold aloof now; they want lower prices.
They
think steel prices should be readjusted to the falling scale of
all commodities.
Producers it would seem will have to com¬
dull.
The future may
belief of not
a
few.
pete sharply for new business.
Consumers are getting a
good deal of steel on old orders through better railroad
transportation.
There is the big output to be reckoned -with
and it is estimated 1,500,000 tons which piled up at the mills
1384
CHRONICLE
THE
during the railroad paralysis and which
The
going for¬
are now
ward to their destination.
[VOL. 111.
following table shows the week'# total receipts, th#
Aug. 1 1920 and the stocks to-night, compared
total since
with last year.
WOOL has been weak with only a fair business at best.
In London the auction sales show lower prices with reluetan
1920.
buying. Boston has reported sale of South American low
crossbreds for carpet purposes at around 25c. clean basis
A scoured pulled wools at about $1 10 and some A supers
about
at
85
to
1919.
Stock.
Receipts to
.Oct
This
1.
Since Aug
Week.
1
This
Since Aug
1 1919.
Week.
1920.
lSlt.
1920.
90o.;
good
Galveston..
good scoured B supers in another
93,357
188,563
11S,033
338,307 37.242
182,001
Texas City
430
*.83#
5,674
2,951
5,894
market at 60c.;
4,593
warp Australian 1.65@1.70c.;
choice
Houston, &c
274
13,202
2,296
71,158
combing fine Cape at $1 35@$1 40, clean basis and French
New Orleans
16,761
250.015
16,651
80,332
72,607
206,460
642
8,842
1,384
2,674
9,077
1,211
combing Cape at about $1 15@$1 20; fine and fine medium Mobile
Pensacola
i
4,038
and half-blood combing territory about SI 20 for good halfJacksonville
"is
"""300
450
10,600
4,356
"1,544
Savannah
blood and $1 25@$1 35 for good fine and fine medium
27,922
181,042
93,119 39,132
211,850
96,623
Brunswick
574
800
32,800
845
8,500
wools; Noils at 55@60c.;
very choice possibly at 65c.;
Charleston
1,239
6,331
6,546
18,615
24,843
2^5,558
low quarters 28c.;
1.610
Wilmington
1,778
5,206
14,867
35,013
28,805
high 32c.; three eights at 37@38c.
Norfolk
2,781
12,189
5,556i
25,115
22,197
59,532
In London on Sept. 27, at the wool sale the demand con¬
27
N'port News, &c_
377
62
547
tinued restricted.
Half of the offerings were withdrawn.
New York
442
2,553
6,275
50,
25*594
91",397
346
Boston...
183
10,808
1,637
13,558
5,242
Prices easy.
Sydney, 3,378 bales;
best greasy merinos
Baltimore
234
3,288
1,042
3,676
4,200
3,253
offered at prices ranging from 21d. to 46d.; Tasmania 893
30
Philadelphia
489:
1,272
4,584
3,496
6,265
—.2——.
bales: best greasy merinos, ranging from 35d. to 53d. re¬
Totals
159,041
630,734 118.018
570.863
816,826
844,20#
spectively; New Zealand 2,407 bales; mostly withdrawn.
Best greasy crossbred, 26Yd.; scoured 61 d.
In order that comparison may be made with other
years,
Manufacturing wool plants used a total of 38,000,000 lbs. we give below the totals at leading ports for six seasons:
of wool, grease equivalent in the U. S. during August.
1920.
This is an increase of 1,000,000 lbs. over the preceding month,
Receipts at—
1918.
1917.
1916.
lfli.
| 1919.
but 18,000,000 lbs. less than the amount used in Aug. 1919,
Galveston
93.357
37.242
61,186
139.735
72,996
100.082
Texas City.&c
13.632
3.225
according to the Bureau of Markets.
The consumpi "
138
2,419
11,911
20,331
New Orleans.
16,761
16.651
32.930
35,352
67,395
34,546
during August of the different grades of wool expressed in Mobile
642
1,384
1.396
2,292
2,204
2,144
Savannah.
percentages of the total consumption with comparative
27,922
39,132
39.922
41,516
50,635
55,508
Brunswick
800
2,000
6.000
2,500
4,000
figures for Feb. 1920 was as follows:
Fine, August, 27%; Charleston, &c
"1~239
6,546
6,291
10,639
8,749
18,770
February, 32%; Yi blood, August 16%; February, 18%; Wilmington..
1,610
5,206
4,555
4,342
7,176
13,376
Norfolk
2.781
5,556
8,918
7,946
28,461
2t,441
blood, August, 15%; February, 18%; )4 blood, August,
N'port N.,&c.
27
62
137
67
132
20%; February, 18%; low, August 3%; February 3%; carpet, All others
1,070
2,214
2,028
23.759
"5", 455
13,445
August, 19%; February, 11%.
These figures show a
Tot. this week
159,041
118,018
159,431
208,398
324,221
282,775
gradual tendency for increases in consumption in the lower
Since Aug. 1.
630,734
grades of wool, while fine Y? blood and % blood are some¬
570,863
854,772 1,203,756 1.574,596 1,314,813
what below the February figures.
The largest percentage
The exports for the week ending this
evening reach a
increase is shown in carpet wools.
The amounts used, ac¬
total of 109,498bales, of which 24,932 were to Great
Britain,
cording to conditions were:
Grease wool, 26,901,071 lbs.;
34,652 to France and 49,914 to other destinations. Below are
scoured, 4,832,686 lbs. and pulled, 1,116,199 lbs.
Le exports for the week and since Aug.
1 1920:
In London on Sept. 29, the sales showed reluctant buying;
hardly half of the offerings were sold.
Sydney, 2,196 bales;
Week ending Oct. 1 1920.
From Aug. 1 1920 to Oct. 1 1*2#.
best greasy merinos 24^d. to 51 d.; pieces, 20d. to 34d.;
Exported to—
Exported to—
Exports
greasy comeback 14J^d. to 37d.; cross bred 20d. to 31d.
Great
from—
Great
Britain. France. Other.
Total.
Britain.
France.
Queensland, 967 bales; greasy fleece, 21 Yd.; scoured merino
other.
Tetel.
pieces, 24^d. to 47d.
Victoria, 952 bales; scoured cross¬ Galveston
14.719 23.878 22,560 61,157
90.580
47,583
97,746
235,909
bred, mostly withdrawn.
Westralia, 1,188 bales; a fair Texas City.
1,673
1,673
1.673
5,165
9.547
2,709
Houston
"i, 725 10.235 12,960
34.115
24.883
10.235
69.233
proportion was sold; greasy fleece 18d. to 24d.; comeback San
Antonio
84
14
24p£d. to 29I^d.; crossbred 16^ (5}27d.
El Paso
Tasmania 1,148
2
2
463
966
""503
22.401
"5.193
38.498
66,192
bales; New Zealand, 1,952 bales; greasy crossbreds were New Orleans
Mobile
1,502
1.502
2.218
2.218
mostly withdrawn by the latter; scoured crossbred fetched Savannah
7 .902
6,633
14,619 29,154
13,915
7,902
19,230
41.047
41 Yd. to 64d.
Wilmington.
At the Boston wool sale there were 27 bidders
5.500
5.500
...
"
,
_
.
..
'
"
..
for the army offerings of 572,000 lbs. of odd lots of wool.
The bids it is surmised ranged fully as high
apparently
at
as
the
preceding sale.
For the wools suitable for carpet
the Government will hold an open auction in
October, when about 3,000,000 lbs. of wool will be offered
ranging in grade from 44 to 46s. down, of which about twopurposes
thirds
will
be
30th ultimo
South American
the best merino
wool.
sold
In
London
well, but
greasy
on
the
merino
Norfolk
108
New York..
224
Boston.....
1,391
147
324
4,281
3,029
13.249
2#.559
4.054
72
477
4.603
325
1.146
Baltimore..
Philadelphia
108
"
695
1.391
567
N
2,038
303
-----
San Fran
303
404
404
Seattle
3
Total
24,932
34.652
4.925
Total
1919.
58.832
Total
1918.
49.914 109.498
31.730
3
177.162
92.617
187.971
457,750
45,117
104,235
349.265
759.173
231.462
637.021
11.546
75.303
364,791
13,078
44.808
301,394
and scoured
crossbred, as well as comeback of which the
offerings were largely composed, were withdrawn.
Follow¬
ing are the details of the sale: Sydney, 3,348 bales; greasy
merino combings brought 16d. to 44d.;
pieces bellies, in
large supply, were bought chiefly by Continental buyers,
bringing 103^d. to 32d.
Victoria, 543 bales; New Zealand,
2,277 bales; greasy crossbreds were mostly withdrawn.
Westralia, 2,710 bales; greasy merino commanded from 21 Y
to 36J^d.; greasy comeback
brought 20d. to 29Yd. most of
the latter being withdrawn.
Tasmania, 904 bales; greasy
comeback, only the best parcels sold at 38d. to 47Yd.
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named.
We add similar figure# for
>
New
York.
*
On
Shipboard, Not Cleared for—
Great
Oct.
1
Ger¬
Britain. France.
at—
Galveston
8,672
New Orleans
1,516
5,000
Savannah
Other
Coast¬
many.
Cont't.
wise.
4,790
1,901
3,000
7,540
1,746
^,000
Charleston
31,763
9,388
4,500
Leasing
Total.
431
400
1,000
Stock.
56,774
14,982
14,900
1,000
4,000
125,227
191,478
81,723
124,558
Mobile
Other
Friday Night, Oct. 1 1920.
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
159,041 bales, against 128,899 bales last week and 77,434 bales
the previous week, making the total
receipts since Aug. 11920
630,734 ba^es, against 570,863 bales for the same period
of 1919', showing an increase since
Aug. 1 1920 of 59,871,
THE MOVEMENT OF THE
bales.
Receipts at-
Sat.
Galveston
Texas
14,280
Mon.
Tues.
Wed.
14,065
30,962
15,901
Thurs.
8,073
Fri.
Total.
2*725
&c
3,473
1,445
3,674
5,307
163
Mobile
264
94
Wilmington
12,960
242
904
121
642
~~18
4,762
6.960
3,896
4,768
2,998
27,922
""241
196
71
265
"336
1,379
1,929
181
"""76
"248
"361
1,239
1,610
2,781
27
57
New York
292
Boston
150
75
107
442
Philadelphia
30
21,966
22,617
43,431
164
346
234
Baltimore
234
30
24,044
21,587
1920..
26,296 159.041
"200
Total
1919..
Total
1918..
"300
9,891
14,799
11,795
46.551
16.000
1,300
2,800
600
82,715
*
"500
2,200
17,688
28,033
92,056
96,067
724,770
748,133
27.300 H2.8T5
862.451
6,131
6,500
46.735
16.850
Estimated.
Speculation in cotton for future delivery has been
on
a
fairly large scale; sometimes, indeed, on quite a good scale.
Prices, after breaking sharply, turned upward, but fell
again.
In the fore part of the week it was a story of
steadily falling markets here and at the South as well as
n
Europe.
Liverpool was conspicuously weak, owing to
hedge selling and general liquidation.
Manchester had been
selling there.
Manchester's reports, too, were in the main
gloomy, although lately it has experienced
for cloths from
India and China.
indeed, in
some
a
better demand
The German mills have
operating at only about 40% of their
ieen
It is said,
pre-war
reports that they
are
capacity.
taking only
about one-third of the annual imports previous to the war.
That would make their present yearly imports at the rate
27
50
110
ports*..
Total
16,761
130
N'port News, Sec
Totals this week.
10,235
4,538
Brunswick
Norfolk
430
""18
Pensacola
Savannah
93,357
242
1,958
Jacksonville
Charleston
10,076
430
City
Houston
Port Arthur,
New Orleans
"300
New York*
1,211
21,897
24,294
54,382
"300
"300
Norfolk
COTTON
of
not
had
over
another
lave
1,000,000 bales.
2c. per pound in
fell
300 points
general
In
fact,
Cotton yarns in Japan have
The spot sales at Liverpool
Spot markets at the South dropped
decline.
sharp
fallen off sharply.
a
single day.
on
the 27th
merchandise
has
Augusta, indeed, it
instant.
continued
wa# said,
Cutting of prices of
all
over
the
the tendency throughout the mercantile
country.
world
is
to be towards lower
believed
a
The South has been
prices.
steady seller of cotton here for hedge account.
In
of the time been on a large scale.
its sale® have much
1920 _c
25-00
19"2_c
11:45
1904 _c
10.50
1919
32.25
34.30
1911
10.35
1903
10.23
1895
6.8$
• -06
1918.,
8.88
1894
6.25
25.25
16.00
13.75
13.55
9.30
1902
1917.,,
1916..
1910
1909..
1908
8.19
1893
8.00
11.90
1907
11.80
1906.
10.25
1898.
10.88
6.88
5.38
1892
1915
1900
1899.
1905
10.75
1897.
6.50
fact,
Liv¬
South have been the chief sellers.
Wall
Street and the West have also sold now and then quite
freely.
And the weather in the main has not been bad.
The Government report on the 29th instant was for the
and the
erpool
It noted the fact that the week was
of the belt, and
that the rainfall was moderate or light in the central and
easterm portions.
It also said that worm and weevil had
been lew active in Oklahoma.
In Texas insect damage was
said to be small and decreasing.
The recent tropical storm
did no damage to cotton except in Louisiana and no very
serioui damage there.
Improvement is reported in the lateplanted cotton in North Carolina. Warm weather and the
absence of excessive rains have had a beneficial effect in
Arkansas and a fairly good advance has been made in
Texas.
Bolls are all open in central and southern Georgia,
and picking has been completed in many localities.
Unseasonably warm weather hurt wholesale and retail
favorable.
most part
the western portion
of
much
in
rainlesa
1914
1913
14.20
1901
1896.c
7.60
8.6§
1891
1890
—
18892
MARKET AND SALES AT NEW YORK.
The total sales of cotton
week at New York
which show at
closed
are
convenience
the
For
the reader
of
waiting j for still lower prices.
They
think that the downward movement has still a good way
Cotton clung for a long time with desperate tenacity
to its old level, or as near to it as possible.
It was defying
Fate.
And the crop is of better quality.
Squeezes on ac¬
count of the scarcity of contracts, such as made last season
add
columns
SALES!
Market
Closed.
Contr't.
Spot.
50 pts. dec.. Weak
200 pts. dec. Weak
unchanged.. Barely steady.
unchanged.. Barely steady.
50 pts. dec.. Steady
50 pts. dec.. Easy
Quiet,
Quiet,
Quiet,
Quiet,
Quiet,
Quiet,
Friday
also
Futures
Spot
Closed.
Saturday
Monday
Tuesday
WednesdayThursday
we
glance how the market for «pot and future
days.
a
same
on
on the spot each day during the
indicated in the following statement.
Market
People are
trade.
1385
CHRONICLE
THE
O^r. 2 1920.]
Total.
_____
_
_
Total
FUTURES.—The highest,
lowest and closing price* at
week have been as follows:
New York for the past
to go.
memorable, seem
very
unlikely to occur this season.
And
prices down in a single day $10 to $15 a bale, as
with spot
will not the mills hold off?
That
Grain markets have been falling
sharply.
That has undoubtedly had at times a psychologi¬
cal effect.
It accustomed the speculative world for one
they were on Monday,
the fear of many.
was
thing to sensational breaks in prices, breaks of a size which
would once have seemed impossible.
The trouble was that
Saturday)
Monday. Tuesday, Wed'day, Tliurtd'y,
25. Sept. 27. Sept, 28. Sept. 29. Sept. 30.
Sept.
Friday,
Week.
Oct. 1.
October—
25.50-.90 23.65-145 23.45-/45 24.20-.75 23.55-175 23.001.15 23.901.9$
25.65-.90,23.65 — 25.00 — 24.40-.45 23.80-.85 23.10-.15
Range
Closing
November—
Range
.....
Closing
....
23.80-.85
23.75
—
_
—
22.00
—
—.
_
23.00
—
23.40
—
23.45
—
23.15
—
22.75
—
—
—
22.60
23.15-.S5
—
December—
Range
.....
23.25-.80 21.30-/05 21.48-/00 21.95-.90 21.95-/05 21.85-.55 21.30/. SO
23.25-.33.21.40-.50 22.40-.45 22.75-.80 22.15-.20 21.85-.95
—
Closing
_
_
January—
22.70-.20 20.70-150 20.65-125 21.15-123 21.30-140 21.48-.07 2O.05/.20
Range
Closing
....
22.70-.75 20.80-.90 21.70-.75 22.10-.15 21.70
—
21.48-.50
—
21.28
—
_
—
February—
moving more rapidly and that until within a
Range
day or two there has been little foreign or domestic demand
for it.
That meant that unless the often execrated specu¬
March—
the crop was
Closing
....
22.55
—
20.70
—
21.50
21.95
—
21.50
—
—
21.21
—
lator
into
steps
The
here.
breach cotton might decline further.
the
speculator was afraid to buy.
Operators tried buying
Their answer on the 27th inst. was a decline on most
to the
months
by
significant,
limit, 200 points, allowed in one day.
that
the way,
It is
this limit nearly two years
after the armistice has not been removed.
for 600
viz.
after showing
cotton,
be sent here
would
But later
bales.
good deal
a
on
it was
said
that cotton
Memphis and Georgia points for
from
And the Southwest has been
delivery on October contracts.
inquiring about the cost of laying down cotton in New York.
But the market became oversold.
Fears of another tropi¬
This storm seemed to be mov¬
storm caused covering.
cal
ing north to northeastward.
Bains were predicted for the
eastern belt.
And on the 29th instant frost was forecast
for the Panhandle of Texas and parts
It
kansas.
would
be
of Oklahoma and Ar¬
early
remarkably
for
killing frost
considerable portion of the cotton belt, but the
market was sensitive to anything like bullish news after a
over
any
decline of about
recent
$25
a
bale.
Moreover there were
signs as the week advanced of a better demand from the
trade both at home and abroad.
And spot markets became
Dallas ad
vanced in two days 110 points.
The sales both at Dallas
and Houston were large.
Norfolk's business increased no
ticeably.
Some think that there will be a good deal of cov¬
ering before the issuance of the Bureau report next Mon¬
day.
The Southern Products Co. put the condition at 57.8,
with an acreage abandonment of 2.4% and a crop of 11,640,Offerings at the Southwest fell off.
steadier.
000
bales
peal"
and
without linters.
gave
a
crop
The
Memphis "Commercial Ap¬
its report as 61.3%, against 68% last month,
of 12,600,000 bales, against 13,039,000, a month
The National Ginners Association puts the
ago.
conditidn
Others were 56.7 to 63.9,
against a 10-year average of 63.
The 10-year average de¬
terioration in September is 5.2.
Some private reports have
latterly made it 6 to 11%.
To-day prices were irregular,
ending lower.
Contradictory reports were in circulation
as
—
Range
—
22.15
Closing
,—
21.00
—
20.47
—
—
20.40
—
21.20
—
—
21.65
_
.—
21.20
—
2O.47-.00
—
21.00
—
—
May—
22.00-.33 20.25-100 20.30-.25 20.60-/60 20.65^80 20.80-.50 20.251.00
22.00-.05 20.25-.35 20.90-.00 21.38-.45 21.05 — 20.80-.90
Range
Closing
June—*
.—
21.70
Closing
—
—
—
21.55
,
20.10
—
20.60
—
21.10
—
—
20.70
—
21.65
20.50
—
—
July—
21.S0-.70 19.90-/50 19.90-.67 20.18-.00 20.20-/25 20.25-.88 19.9O/.50
Range
Closing
....
21.50
—
19.90-.95 20.40-.50 20.85-.90 20.45
—
20.25-.30
—
19.95
August—
_
20.00
—
Op-sing
125c.
124c.
122c.
/23c.
—
20.35
—
Range
—
—
—
20.75
__
—
—
20.00
20.00
—
—
.7 21c.
OF COTTON to-night,
THE VISIBLE SUPPLY
as
made
by cable and telegraph, is as follows. Foreign stocks, as
well as the afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
up
(Friday),
we
add the item of exports from the United States,
including in it the exports of Friday only.
1920
860,000
12.000
October 1—
1919
1918
1917
789,000
150,000
329,000
12,000
103,000
19,000
33,000
19,000
44,000
951,000
15,000
71,000
904,000
202,000
392.000
107.000
5,000
O39.000
25,000
176,000
7,000
71,000
87,000
122,000
1,000
18,000
142,000
8,000
62,000
22,000
9,000
262,000
341,000
163,000
216,000
stocks
1,213,000 1,245.000
23.000
India cotton afloat for Europe—
112,000
182,053
American cotton afloat for Europe 220,929
36,000
Egypt .Brazil ,&c. ,af loatforEurope
35,000
91,000
Stock in Alexandria, Egypt
88,000
758,000
Stock in Bombay, India—
1,103,000
.365,000
628,000
42,000
338,000
48,000
65,000
bales.
Stock at Liverpool
Stock at London
-
79,000
Stock at Manchester
Total Great Britain.,
Stock at Ghent
Stock at Bremen
Stock at Havre
Stock at Rotterdam &c...
Stock at BarcelonaStock at Genoa
Stock at Trieste —
Total Continental
stocks.
Total European
Stock in U. S. ports
816,826
920.155
—
interior towns
S. exports to-day
Stock in U. S.
U.
39,658
844,200
799,810
13,125
18,000
205,000
80,000
165,000
*675,000
1,005,316
866,570
*780,000
575,494
439,165
47,434
60, against 69 a month ago.
about the London coal
had
been
called
off;
situation.
One said that the strike
others that it had
merely been de
layed and that the outlook was not good.
prices were
of Texas.
on
Closing
April—
Range——
of strength,
suddenly turned downward, although very few notices were
issued on either the 28th or 29th instant.
September 28
was
the first notice day, and only six notices appeared,
October
—
22.35-.80 20.35-120 20.50-/80 20.88-/95 21.05-113 21.10-.75 2O.S51.S0
.—■
22.35-.50 20.40-.60 21.30 — 21.83~.85 21.35-,40 21.10-.18
Range
And some low
reported for spot cotton in the Houston section
Prices end much lower for the week.
Middling
closed at 25c., a drop of 350 points for the week.
Cotton Exchange has received an official announce¬
the spot
The
ment
from
Washington that the ginning and
condition re¬
Monday, Oct. 4, instead of Saturday,
announced.
The ginning figures will
appear at 11 a. m., New York time, and the condition re¬
port at 12 m., New York time.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
ports will be issued
Oct.
2,
as
at first
Sept. 25 to Oct. 1—
Middling uplands...
Sat.
Mon.
Tues.
Wed. Thurs. Fri.
_26-00
26-00
26-00
26.00
25-50
25.00
Total visible
Of the above,
American—
Liverpool
NEW YORK
QUOTATIONS FOR 32 YEARS.
quotations for middling upland at New York on
32 years have been as follows:
Oct. 1 for each of the past
'
508,000
U
S. port
stocks
stocks
223,000
9,000
*150,000
205,000
35,000
* 86,000
338,000
844.200 1,005,316
799,810
866,570
13,125
439,165
920,155
U. S. interior
U. S.
50,000
71.000
298,000
182,053
816,826
Continental stock
American afloat for Europe
572,000
€8,000
190.000
220,929
stock.,,..bales.
Manchester stock
39.658
exports to-day.
575,494
47,434
2,763,568 2,780,188 2,285,886 1,844,093
Total American
Uracil, &c.—
stock..
East Indian,
Liverpool
London stock
352,000
12,000
11,000
72,000
112,000
-
Manchester
stock
Continental stock
India afloat for Europe
Egypt; Brazil, &c., afloat
Stockin Alexandrik, Egypt
SUM* in Bombay, iidia..
Total East India, &c
Total American
Total visible
supply
i
.
35,000
88,000.
1,103.000
117,000
12,000 /
32,000
43.000
23,000
36,000
91,000
758.000
100,000
19,000
24,000
*13,000
18,000
106,000
19,000
80,000
165,000
*675,000
48,000
65,000
*780,000
9,000
*30,000
42,000
1,785.000 1,212,000 1,094.000 1,099,000
.....2,763,568 2,780,188 2,285,886 1,844,093
—
.,4,548,568 3,992 188 3.379 886 2,943 093
19-37d.
23.43d.
Middling upland, Liverpool....,
Middling upland, New York
i_.
19-l7d.
sakel, Liverpool....
Peruvian, rough good, Liverpool.
Broach, fine, Liverpool....
Tinnevelly, good, Liverpool
+ Estimated.
a Revised.
56.00d.
Egypt, good
The
4,548.568 3,992.188 3.379,886 2,943,093
totals of American and other descriptions are as follows:
supply
25-OOc.
32-OOd.
16-35d.
17.bOd.
I9.68d.
31.20c.
32.50d.
28-50d.
18.20d.
18.45d.
33.35c.
33.13d.
28-50d.
24.50d.
24.75d.
26.75c.
33.00d.
27.50d.
19.00d
19.78d.
1386
THE
CHRONICLE
Continental imports for past week have been 68,000 bales.
figures for 1920 show an increase over last week
The above
of
100,646 bales,
of
gain of 556,380 bales over 1919, an excess
over 1918 and a gain of 1,605,475 bales
a
1,168,682 bales
1917.'
over
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
corresponding period of the previous year—is set out in
below.
detail
Movement to
1
Oct.
Receipts.
1920.
Movement to
Ala., Eufauia..
Ship¬
Slocks
ments.
Week.
Oct.
Week.
1.
Season.
3
Oct.
Receipts.
me
Week.
1919.
Stocks
Shtp-
Oct.
is
Week.
Season.
3.
648
1.358
182
1.193
37.5
1,231
150
Montgomery
3.905
10.149
1.316
10,833
5,899
Selma
2,544
5.974
1.200
3.449
3,682
17,721
10,898
2,401
285
375
69
2.539
1,000
2,001
400
1,896
3.366
5.956
1.346
18.015
8,549
17,856
2,871
21,291
24,852
900
1,630
200
12,700
3.272
1,000
6,744
500
5,007
3,400
23,437
7,349
31,639
__
Little Rock__
Pine Bluff.
2,694
__
Ga., Albany___
1.148
Athena
4,700
1.474
Atlanta
3
2.531
760
12.961
7,490
4,062
17,509
2,273
22,583
12,546
1.023
7.531
1.035
11.352
15.522
39,545
20.283
52.553
5.277
114.138
1,032
7Z.2Z2
3.811
35,226
418
50
18,775
6.695
1.785
10.290
52j
70
2.816
42,003
5,421
4,000
1,100
45,033
38
1,125
10,000
2,200
6,100
2.844
Augusta
4.892
12,540
1.590
31.233
2,996
6,876
643
36,705
2,168
18,012
Columbua
Macon__
Rome
La., Shreveport
Miss., Columbus
Clarkudale
79
24,344 152,239
183
76
687
635
1,124
7.456
1.000
46.300
8,648
24,450
679
5.140
__
8.930
180
24.210
7.9(H)
15,438
3,900
200
609
1,198
282
1,590
800
2.538
1.433
3.034
2,468
2,602
5,238
158
453
w
.5.682
963
2,207
Yazoo Clty..
821
1.5.52
83
5.475
3,499
6,809
*223
Mo., St. Louis.
3.407
27.916
3,433
9.472
6,603
46,927
6,446
N.C.,Gr'nsboro
145
1.030
86
2,518
900
6.288
400
8.5
472
__
Raleigh
143
619
*»
4,485
13
m
411
66
Okla., Altus.__
Chickasha
•»
100
10
•m
m
4,802
-
2,000
_.
2,600
400
1.711
4,785
S.C., Greenville
Greenwood
430
•
_.
-
.
6,574
1.002
3,438
7.408
•
-
•
w
»
4*135
7.014
838
16,478
3,575
1,125
5,342
33,811
17,820
491
7,742
3,808 134,882
89
601
95.5
-
2,125
2,152
1,027
1.186
Clarksville
4,400
10,536
1,696
Brenham
1,645
3
'
Tex., Abilene..
QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.—Below are the closing quotations of
middling
cotton at Southern and other
principal cotton markets for
each day of the week:
5,626
916
Closing Quotations for Middling Cotton
Week ending
Oct.
1.
Galveston
25.75
26.00
2,565
*400
1,041
*100
2*811"
3,957
7,948
257(30
Savannah
277(30
Charleston
Norfolk
Baltimore
Philadelphia
28725
Augusta
Memphis
26.75
Dallas
29.00
23.95
Houston
24.50
Little Rock
26.50
23.00
23.00
23.00
22.75
23.00
25.50
22.00
24750
24700
25.00
26.25
24.00
28.00
23.05
23.00
25.50
22.50
23.75
28.00
24.50
257(30
26.25
24.50
25.00
25.00
25.75
25.25
23.50
23.50
27.00
22.45
22.00
257(30
21.00
26.00
22.25
900
5.200
2,675
11,093
3,307
19,242
1,992
5,870
967
800
3.499
1,264
6,570
89.367 270,910
2.985 15.501
38,307
141.450
NEW ORLEANS CONTRACT MARKET.—The
closing
4,843
26,007
5,672
9,738
quotations for leading contracts in the New Orleans
cotton
markets for the past week have been
2.300
3,700
473.366
5.971
8.052
3,598
13,598
3,423
3.449
J,793
7,607
3,268
2,047
Fort Worth*.
1.137
4,646
186
10,973
900
6,200
500
22,400
____
1,119
Total, 41 towns
900.686'
736.239 132.358 920,155 200.256
Worth.
Fort
1,677
28,868 116,280
1
668,981 118,266799,810
The above totals show that the interior stocks have in¬
creased during the week 68,328 bales, and are
more
at all the
than at the
same
period last
to-night 120,345
The receipts
year.
towns have been 430 bales smaller than the same
week last year.
OVERLAND
MOVEMENT
FOR
give below
WEEK
-19201—
-1919Since
Shipped—
Week.
Via St. Louis
Aug.
»:
924
Via Virginia points
Via other routes, &c
834
5,112
Total gross overland
1.
Week.
Aug. 1.
a6,446
3,892
a53,465
40,887
20,248
1,258
4,279
8,085
23,362*
_____
Via Louisville
Since
32,652
3,433
3,161
-
Via Mounds, &c
Via Rock Island
101
431
198
7,435
2,218
8.030
5,463
49.419
13,464
18,318
159,667
17,921
1,764
101
267
15,084
4,732
3,104
2,056
20.727
2,962
34,593
4,257
Inland, &c., from South
89,884
1,052
Deduct Shipments—
Overland to N. Y., Boston, &c
Between interior towns
Leaving total net overland*
40.704
4,993
54,409
49,180
13,325
105,258
9,207
a
Revised.
1920" *
Since
Sight and Spinners'
Takings.
Week.
Receipts at ports to Oct. 1
Aug. 1.
630,734
118,018
13,325
69.000
570,863
105,258
591,000
200,343
81,990
1,267,121
22,177
9,207
49.180
629,000
.236,248
68,328
excess
Came into sight during week..
Total in sight Oct. 1
EGYPTIAN
20.60-.80
20.50-.53
20.2l-.33
19.80 —
1,308,914
60,214
-304,576
These
i
—
206,321
36,979
predominant.
No forecast can be made, with any accuracy until about
end September or early October, of the grades whicn will be
produced as
this depends on the opening of the bolls and the extent of the
pink boll
worm
attack.
It seems certain however that the latter is much lighter
than last year.
Upper Egypt: Conditions are not as favorable as a fort¬
There is an average delay in maturity of about ten days which
the plant to some serious dangers.
Boiling is quite good but
places the plantations have suffered from shortage of water.
There
shedding and, so far, the percentage of bolls attacked by the pink boll
may expose
in
is
some
no
is very small.
The predominant variety planted is Zagora but
unfortunately it is not all pure, as owing to the restricted supplies of real
Zagora sowing seed, Ashmouni seed has been mixed with it by unscrupulous
dealers
and this mixture has undoubtedly deteriorated the quality.
As
approximate estimate of the yield per feddan of the Upper Egypt dis¬
tricts the figure of 4.55 Cantars may be given—the official acreage being
feddans 449,000—the probable production may therefore be put at about
2.050,000 Cantars.
Forecasts about proportion of qualities, although yet
f>remature point to a lower percentage of extra grades in comparison with
ast year.
EXPORTS
OF
COTTON
BRITAIN.—Below
GOODS
FROM
GREAT
give the exports of cotton yarn,
goods, &c., from Great Britain for the months of August and
since Aug. 1 1920 and 1919, as compiled by us from the
we
British Board of Trade returns.
It will be noticed that
we
have reduced the movement all to pounds.
Yarn & Thread.
Cloth.
Total of All.
000's
1920.
1919.
1920.
1919.
1920.
1919.
1920.
lbs.
lbs.
yards.
yards.
lbs.
lbs.
lbs.
_
lbs.
366,541
331,182
68,513
61,903
83,030
79,471
14,517
17,568
Sundry articles
figures
are
consumption;
takings
1919.
years:
Bales. |
Since Aug. 1—
338,52111918—Oct. 4_
8,603
5,462
91.636
84,933
not
Bales
1917—Oct.
5
1916—Oct.
2 178 454
585,23011916—Oct.
6
:._::2,936,525
1.926,688
REPORTS BY
TELEGRAPH.—Advices
by telegraph from the South this evening indicate that
the temperature has been much lower
during the week, but
no injury by frost is reported.
Little or no rain has fallen
except in Atlantic sections.
The crop is beginning to move
Steady.
Commercial
299,090
402,041
freely.
CROP.—The
growth of
August
27,090
sight in previous
us
Nom.t
Steady.
Steady.
the plant is better than last year; boiling may be
slightly more numerous
but early formation bolls, which are the best, are fewer than in
previous
seasons; maturity is normal or just under.
The Sakellarid'es variety is
1,264,944
1918—Oct. 4
1917—Oct. 5
WEATHER
Steady.
Steady.
Our agricultural expert has been touring, this week, the areas under cotton
in Egypt and his impressions on the present state of the
crop may be sum¬
marized as follows:
Lower Egypt:
It is yet too early to form an opinion
on the final yield of these districts but it
may be said that the
Total
6
Quiet.
Steady.
282,333
1,369,128
.
available.
Week—
Quiet.
Steady.
Company of
Egypt, Inc. Boston, has the following by mail from Alex¬
andria under date of Aug. 20:
omitted.
North, spinn's'takings to Oct. 1_.
a
Since
Week.
consumption to Oct. l_a 68,000
Total marketed
-1919-
Aug. 1.
159,041
Net overland to Oct. 1
Movement into
21.08-. 13
night ago.
The foregoing shows the week's net overland movement
this year has been 9,207 bales,
against 13,325 bales for the
week last year, and that for the season to date the
aggregate
net overland exhibits a decrease from a
year ago of 56,078
bales.
1.
Quiet.
Steady.
Options
an
♦Including movement by rail to Canada.
Aug.
Oct. 1.
worm
Total to be deducted
than
May
July
AND
from telegraphic reports Friday night.
The results for
Aug. 1 in the last two years are as follows:
Less
March
21.80-.90
a
the week and since
Interior stocks in
December
January
Friday,
23.77-.80 21.77 — 22.48-.50 22.75 — 22.15-.25
22.30-.35 20.30-.34 21.20-.30 21.70-.72 21.15-.23
21.74-.75 19.74-.75 20.64- .70 21.34-.35 20.76 —
21.43-. 52 19.43 — 20.42 — 21.00 — 20.48-.50
21.02-.12 19.08-.20 20.18-.21 20.65 — 20.17-.18
20.50 — 18.70 — 19.93 — 20.15-.20 19.80 —
October
Hoot
THE
statement showing the
overland movement for the week and since
Aug. 1, as made
Southern
follows:
Tone—
SINCE AUG. 1.—We
October
as
22.00
Saturday, Monday, Tuesday, Wed'day, Thursd'y,
Sept. 25. Sept. 27. Sept. 28. Sept. 29. Sept. 30.
♦Last year's figures are for Cincinnati.
more
23.00
2.777
San Antonio.
to
22.75
7.654
108,623
x
Friday
23.75
3.800
Paris
Houston
In
26.50
25.50
29.00
26.35
23.75
28.50
21.95
22.50
26.50
22.00
28.50
23.75
23.00
23.00
24.75
2,600
_
Honey Grove
up
24.00
23.75
23.00
23.50
24.50
26.00
25.00
26.00
6.089
-
Dallas
bales
23.75
26.00
Orleans..
New
on—
Saturday. Monday. Tuesday. Wed'day. Thursd'y,
Mobile
2.711
•»««»<-
30,178
Nashville
307
1J97
4.423 250,161
_
3.125
Tenn..Memphis
_____
____
""*26
2,534
4,409
3,733
6,998
4,772
6,023
400
1,230
5.926
»
4,065
Hugo
Thermometer
1 day
1 day
_______
6,405
20
1,417
Natchez,...
Oklahoma.
Rainfall.
dry
high 94
low 49
mean 72
0.08 in.
high 96
low 52
mean 74
Dallas
0.02 in.
high 93
low 42
mean 68
Henrietta
dry
high 96
low 40
mean 68
Lampasas
1 day
0.90 in. high 100
low 42
mean 71
Luling
dry
high 97
low 46
mean 72
Nacogdoches
*
dry
high 98
low 39
mean 69
Paris
1 day
0.15 in.
high 97
low 42
mean 70
Weatherford
1 day 0.15 in.
high 96
low 41
mean 69
Ardmore; Okla
1 day
0.20 in. high 100
low 40
mean 70
Altus
dry
high 96
low 41
mean 69
Oklahoma City
1 day
0.09 in.
high 97
low 37
mean 67
Eldorado
dry
high 91
low 36
mean 64
Little Rock
dry
high 90
low 44
mean 67
Alexandria, La
dry
high 92
low 43
mean 68
Shreveport
trace
high 91
low 46
mean 68
Columbus, Miss
dry >
high 96
low 38
mean 67
Okalona
dry
high 96
low 38
mean 67
Vicksburg
dry
high 89
low 45
mean 67
Mobile. Ala.—Crop in this section not
turning out well.
Too much weevil
and rain
2 days
0.56 in.
high 92
low 48
mean 70
Montgomery.
2 days
0.21 in.
high 92
low 46
mean 69
Selma
2 days
0.12 in.
high 92
low 39
mean 66
Madison
4 days
2.73 in.
high 90
low 61
mean 76
Augusta
5 days
4.57 in.
high 92
low 47
mean 70
Columbus
3 days
0.17 in.
high 95
low 43
mean 69
Savannah
4 days
2.32 in.
high 86
low 57
mean 72
Charleston, S.C
3 days. 2.83 in.
high 86
low 48
mean 67
Columbia
—_3 days
2.72 in.
high 91
low 45
mean 68
Charlotte, N. C
5 days
1.77 in.
high 90
low 42
mean 66
Weldon
4 days
1.80 in.
high 93
low 49
mean 71
Memphis
1 day
0.04 in.
high 87
low 42
mean 65
Brownsville
16,500
6.415
1,308
Meridian
Vicksburg.
8,011
4.000
__
Greenwood
Rain.
Brenham, Texas
—
T991U.
Ark., Helena
[Vol. 111.
exports
of cotton
manufactures.
The foregoing shows that there was exported from the
United Kingdom during August 91,636,000 pounds of manu¬
factured cotton, against 84,933,000 pounds last
year, an
increase of 6,703,000 pounds.
DOMESTIC
EXPORTS
OF
COTTON
MANUFAC¬
TURES.—We give below a statement showing the exports
of domestic cotton manufactures for July and for the seven
months ended July 31 1920, and for purposes of comparison
like
figures for the corresponding periods of the previous
are
also presented:
year
Oct. 2
Liverpool, 2.05c.
of
1919,
1920.
Cotton Exported.
Piece goods
Wearing apparel—
Knit
4,302,395
2,387,563
value
goods
All other
value
2,414,030
1,048,207
8,272,664
11,057,202
31,261,989
value
880,432
value
All other
value
1,658,579
4,055,316
16,778,028
1,082,328
Yarn
2,474,564
Waste
cotton
,„.r
19,540.341
9,348,184
5,523,898
9,307,826
23,149,158
36,010,181
735,615
Bremen,
Lisbon, 2.25c.
Ghent, via Antwerp, .90c.
351,822,676
$81,480,361
Oporto. 2.25c.
Havre, 70c.
Barcelona direct,
Christiania, 2.25c.
Stockholm, 2.25c.
2.02^c.
Danzig,
Libau, 2.25c.
Riga, 2.25c.
1.50c.
Shanghai, 1.50c.
Bombay, 1.50c.
Japan.
Genoa, 1.25c.
1.50c.
Venice, 2.02>$c. asked.
1.25c.
asked.
Rotterdam, 1.25c.
1.50c.
Gothenburg, 2.00c. asked.
asked.
.85c.
Antwerp,
1919.
1920.
48,338.045 547,990,296
$9,482,206 $151,978,933
yards 60,258,334
value $20,040,812
Piece goods
Fiume, 2.02
Vladivostok,
Trieste, 1.50c.
Manchester, 2.05c.
7 Mos. ending July 31.
Month ending July 31.
Manufactures
1387
CHRONICLE
THE
1920.]
Reval, 2.25c.
LIVERPOOL.—By cable from Liverpool we have the fol¬
lowing statement of the week's sales, stocks, &c., at that port:
\
value $33,325,097 $17,236,950 $255,358,997 $148,349,768
Oct. 1.
19,000
WORLD'S SUPPLY AND TAKINGS OP COTTON.—
brief but comprehensive statement indicates
glance the world's supply of cotton for the week and
since Aug. 1 for the last two seasons, from all sources from
which statistics are obtainable; also the takings, or amounts
The following
at
Sales of the week
Sept. 10.
26,000
Sales,
Total manufactures of
American
Actual export
16,000
4,000
Sept. 17.
27,000
19,000
5,000
Sept. 24.
16,000
11,000
Forwarded
48,000
51,000
44,000
892,000
561,000
872,000
531,000
508.000
43,000
860,000
508,000
24,000
31,000
26,000
55,000
21,000
117,000
64,000
13,000
109,000
57,000
13,000
429,000
96,000
42,000
Of which American
American in sight to Oct. 1
Bombay receipts to Sept. 30
282",333
1,264,944
215,000
6,000
3,000
22,000
44,000
69,000
2,000
22,000
4,793,498
Other supply to
6,646,385 4,316,802
6,406,962
4,548,568
4,548.568 3,992,188
3,992,188
2,097,817
324,614
225,614
2,414,774
1,684,774
99,000
730,000
Sept. 29
-
day of the past week and the daily closing prices of
12:15
P. M.
Dull.
Quiet.
Friday.
Fair
business
{
Thursday.
business
doing.
f
{
Wednesday.
Tuesday.
Monday.
Saturday.
Market,
follows:
Fair
Spot.
,
854,000
Liverpool market for spots and futures
spot cotton have been as
4",792",018
4,956,257
1,369,128
188,000
83,000
25,000
25,000
620,000
64,000
613,000
64,000
Sept. 30__
Alexandria receipts to Sept. 29_-
Of which American
4,001,469
304",576
Other India ship'ts to
Season.
Week.
4,447,922
Visible supply Sept. 24
Visible supply Aug .1
Amount afloat
each
1919.
Season.
Week.
week
The tone of the
1920..
Takings.
and Season.
Cotton
Week
Total imports for the
Of which American
period.
out of sight, for the like
gone
stock
Total
a
13.000
12,000
7,000
doing.
Quiet
20.83
19.03
19.14
19.13
19.17
4,000
Mid.Upl'ds
3.000
5,000
5.000
8,000
HOLI¬
Total supply
Deduct—
Visible supply Oct. 1__
DAY
Sales
Futures.
Market
244,930
172,930
72,000
Total takings to Oct. la
Of which American
Of which other
1,590,817
507.000
receipts in Europe from Brazil, Smyrna, West Indies, <fcc.
total embraces the estimated consumption by Southern mills,
♦Embraces
This
a
629,000 bales in 1920 and 591,000 bales in 1919—takings not being avail¬
able—and the aggregate amounts taken by Northern and foreign spinners,
1,468,817 bales in 1920 and 1,823,774 bales in 1919, of which 961,817 bales
and 1,093.774 bales American,
b Estimated.
MANCHESTER
MARKET.—Our
to-night from Manchester states that the market is
steadier after the recent weakness.
India is buying cloth.
table
give prices for to-day below and leave those for
comparison.
We
Market,
P. M.
The
32s Cop
Twist.
d.
d.
s.
d.
d.
to
Twist.
Upl's
d.
8.
32s Cop
Mid.
Oct. 1.
12H
d.*
d.
s.
d.
70
39
6
@42
0
27.10 42
@
45-
27
0
52 H
©
69
38
6
@41
0
27.19 40 J4
@
43 M 27
0
@
45
27
0
@
43 H 27
20
50
@
67
38
0
@40 6
24,82 41
27
46 K
@
64
37
6
@40 0
22.49 40
18.53
@31 6
@31 6
18.40
Sept.
0
@
43 J4 25
6
@30 0
42 J4 25
3
@29 9
@
9
@31
0
H
44
@
56
35
24
46
@
56
35 0
@37 6
21.35 40
@
44 X 27
0
@31 6
4144
@
52
.32
@34
19.17 41
@
45
0
@31 0
19.68
Oct.
6
27
the
past week have
detail as made
SHIPPING NEWS.—As shown on a previous page,
exports of cotton from the United States the
reached 109,498 bales.
The shipments in
telegraphic returns, are as follows:
Bales.
224
28— Rimouski, 224
Havre—Sept. 25—Messonier, 147__
Bremen—Sept. 24—Susquehanna, 34
Rotterdam—Sept. 27—Yaka, 100
Barcelona—Sept. 24—Belvidere, 40—Sept. 30—Monte¬
NEW YORK—To Liverpool—Sept.
To
To
To
video, 150
GALVESTON—To Liverpool—Sept.
147
34
100
160
28—Professor, 8,007_._8ept.
3,231
-Hamburg—Sept. 29—Alfred,
To Rotterdam—Sept.
To
To
Antwerp—Sept. 25—Andalusia, 2,600
Ghent—Sept. 25—Andalusia, 50
To Genoa—Sept.
—
—
27—Nocalula, 100
To Manchester—Sept. 24—West Wauna, 322
To Rotterdam—Sept. 29—Kosciusko, 500
To Guayaquil—Sept. 29—Heredia, 3
i—
MOBILE—To Liverpool—Sept. 28—Metonian. 1,502
SAVANNAH—To Liverpool—Sept. 30—West Gotomska, 6,633--To Havre—Sept. 25—Chassie Maersk, 7.902
To Bremen—Sept. 24—Bjomstjerne Bjorstson,
12,738
To Hamburg—Sept. 24—Bjornstjerne Bjorason, 250
To Ghent—Sept. 24—Schenectady, 81
To Stockholm—Sept. 30—Eastern Star, 300
To Gothenburg—Sept. 30—Eastern Star, 100
;
To Copennagen—Sept. 30—Eastern Star, 1,150
BOSTON—To Manchester—Sept. 17—Caledonian, 1,391
To London—Sept.
The particulars of the foregoing shipments for
arranged in our usual form, are as follows:
New
York...
Galveston
Texas
34
6.990
Bel.,Ac Spain.
100
4,750
6,158
Italy.
„
1,150
1.391
dor.
4",662
61,157
1,673
12,960
966
500
1,502
24,932 34.652 31,920
6,981
29,154
1,391
l~63l"
6,348
4,662
3 109,498
FREIGHTS.—Current rates for cotton from
furnished by Lambert & Burrows, Inc., are
follows, quotations being in cents per pound:
COTTON
New York, as
15.28
15.83
15.48
Oct. 1 1920.
Buyers are reluctant.
quiet.
Prices fell
than wheat. It has come
that buyers will not buy even Canadian
flour freely.
It may go lower.
Everything they seem to
think is to be gained by waiting; nothing by hastily load¬
they claim, is relatively cheaper
however,
about,
ing up.
The mills in the meantime are said to be buying
American mills may have to face
Canadian wheat freely.
flour before long.
Meanwhile,
falling.
Price-cutting is still
sweeping over the country.
It has more or less effect in
the flour trade.
The statistical position of wheat is strong.
But for all that buyers of flour are cautious, even though
Europe may require this year some 400,000,000 bushels of
prices for Canadian
other commodities
wheat from the United
Wheat declined,
sold market.
are
States and Canada.
though
now
But the export
and then it rallied in an over¬
demand was rather smaller.
Country offerings increased somewhat.
Hedge selling was
noticeable.
Canadian competition, too, present or pros¬
pective, was considered a sort of skeleton at the feast.
Besides, prices of merchandise have been cut all over the
is in the air.
Other grain declined.
gained last week 1,478,000 bushels,
against, it is true, 3,698,000 bushels in the same week last
year.
But the total is creeping upward.
It is now 26,543,000 bushels against 81,683,000 bushels a year ago.
But
cash premiums early in the week were well sustained.
Fair
sales at least were made for export.
On the 27th inst. 750,000 bushels were sold for export, two-thirds American and
one-third Canadian.
The technical position has recently
been strengthened.
There have been too many bears
country.
Deflation
The visible supply
The short interest has become
Total.
----
7,902 12,988
Savannah
Boston
the week,
695
190
2,725 10,235
463
1,502
6,633
1,391
Orleans.
Mobile.
as
many.
1,673
City
Total.
3
1,502
6,633
7,902
12,738
250
81
300
100
Ecua¬
Ger- Holl.A
224
147
14,719 23,878
Houston
New
.
6,158
4,662
1,673
2,725
10,235
41
100
322
500
109,498
Total
France
15,63
16.13
barrel recently.
too,
„
24—Tekoa, 6,158
25—Monte Grappa, 4.662_
TEXAS CITY—To Bremen—Sept. 25—Peekskill, 1,673
HOUSTON—To Havre—Sept. 30—Lake Stavi, 2,725
To Bremen—Sept. 30—Minnewawa, 10,235
NEW ORLEANS—To Liverpool—Sept. 30—Bedouin, 41
a
lower
6,485
505
2,100
2,600
50
-
505
23—Clark Mills, 2,100--
Great
16.28
Buyers ask, what "if they should do
it again?
Wheat has been falling.
Mills, it appears, are
not operating at their maximum capacity, or anything like
it.
Mill feed, too, has dropped.
That makes bad worse.
The costs of production increase correspondingly.
Flour,
$1
23,878
To Barcelona—Sept.
Britain.
16.45
15.99
Friday Niyht,
Flour has been
14,719
29—Quistconck, 400
Sept. 30—Student, 6,312
To Havre—Sept. 25—Bavington, 9,l7v4—Sept. 30—Cheniston, 14,704
To Bremen—Sept. 23—Clark Mills, 3,254—Sept. 29—Alfred,
To
16.63
16.88
BREADSTUFFS
19.88
To
A.
17.23
16.99
18.58
@39
from mail and
d.
17.85
6
44 a 26
@39 0
0
17
up
4
p. m. p. m, p. m, p. m, p. m. p. m. p. m. p. m.
1921..
18.15
@
6
36
0
12J*
19.10
21.68 39
36
1
4
15.40
August
19.05
21.65 39
60
58
@37
12 H
4
16.51 16.11 15.40 15.62 15.49 15.42 15.72
16.31 15.95 15.24 15.46 15.37 15.30 15.56
...
@31 6
@31 6
20.96 39 H
@
@
0
Frl.
Thurs.
Wed.
12H
16.81 16.40 15.70 15.92 15.80 15.68 16.03
16.66 16.26 15.55 15.77 15.65 15.55 15.88
July
6
46
46
3
4
17.15 16.67 15.96 16.17 16.05 15.88 16.27
16.98 16.53 15.83 16.04 15.92 15.78 16.15
March
d.
Sept.
10
DAY
June
@
given
17.53 17.01 16.26 16.43 16.30 16.16 16.57
17.33 16.84 16.11 16.30 16.18 16.02 16.42
May
.
54
13
February
d.
8.
advance.
17.94 17.41 16.52 16.65 16.49 16.34 16.86
17.78 17.26 16.40 16.55 16.44 16.30 16.74
HOLI¬
January
Upl's
12H
4
d.
d.
d
d.
d
a
18.83 18.69 17.03 17.20 17.14 16.93
18.31 17.71 16.87 16.90 16.76 16.46 17.09
d
April..'
Aug.
6
Cot'n
12 X
p. m. p. m. p. m. p. m
d.
Mid.
finest.
Tues.
Mon.
Sat.
12 M
to
November
814 lbs. Shirt¬
ings, Common
Cot'n
Qu'et,
2@21 pts-
Sept. 25
December.
8X lbs. Shirt¬
ings, Common
to finest.
advance.
prices of futures at Liverpool for each day are
September
1919.
decline.
below:
October
1920.
STady,
7@14 pts.
advance.
decline.
decline.
decline.
previous
weeks of this and last year for
Quiet.
25@39 pts.
Quiet,
Barely st'y, Irregular,
Easy,
67@117 pts. 48 @149 pts. 16@44 pts. 16@56 pts.
f
<
(
4
decline.
decline.
[
Steady,
7@14 pts.
advance.
Easy.
Easy,
35@43 pts. 75@93 pts.
(
{
by
received
report
opened
swollen.
Broomhall's cable advices from India:
An official cable
received in England states that the situation in the
sula had further improved but that the weather
Penin¬
in the
Punjab is still too dry for the successful sowing of the new
crops and may result in a reduced acreage.
In Argentina
the weather in the central and southwestern districts is hot
and dry but rains are predicted, which if they come will
greatly benefit the growing wheat and linseed and improve
the ground for the sowing of the new corn crop.
Liverpool
cabled: Canadian offers were lower at the opening but later
advanced in
sympathy with other markets and the strengtn
1388
THE
CHRONICLE
m
toarse grains.
Cable reports from Italy state that this
country is planning to utilize larger quantities of corn and
ryt as substituted for wheat in the making of flour for home
consumption.
In the United Kingdom wheat supplies are
large. Weather
good for late harvest, but complaints are heard that some
yields are disappointing.
In France he import requirements
still estimated at
a
comparatively small figure considering
reports of the home crop.
In Germany the weather has been
favorable and there is considerable
scepticism in some quarters
regarding the reeent low official outturn estimates.
In
Italy unfavorable weather has prevailed.
Ottawa wired:
"There was nearly twice as much wheat on hand in Canada
at the end of the
crop year on Aug. 31 as at the close of the
preceding year, according to the report of the Dominion
Bureau of Statistics.
The total for 1920 is 9,086,838 bushels,
compared with the 1919 total of 5,454,000 bushels.
This
was divided as follows:
2,186,500 bushels in farmers' hands;
1,603,811 bushels in terminal elevators; 4,316,527 in public
as
elevators in the East, and 980,000 bushels in the
country
The total does not.include grain in transit in
was
or
FLOUR.
premiums asked shecked business.
No. 2 winter f. o. b.
was quoted for the first half of October at
37c. over
Chicago; Dec. last half 36 over; all November 33 over;
first half Des. 31 over; and last half 29c. over.
Prices are
Gulf
lewer for the week.
DAILY
PRICES
OF
WHEAT
Sat.
N®.
8
rod
DAILY
Mon.
cts.249
CLOSING
PRICES
Sat.
delivery
delivery
NEW YORK.
Wed. Thurs.
Fri.
2543^
25834
FUTURES
Mon.
218 K
IN
Tues.
253 ^
WHEAT
OF
Doc ember
March
Tues.
Wed.
22334 223
11734 217
21134
245
IN
252
CHICAGO
Thurs.
Fri.
22434 216
21134
220
21034 207
Indian Corn declined and then rallied
owing to covering
a
short market.
Light frosts occurred in Colorado.
in
They disturbed the shorts.' Frost was predicted for Wiscon¬
sin, Minnesota, Iowa, the Dakotas, Nebraska and Kansas.
This had a noticeable effect.
Besides there was a fear of
reduced receipts.
All this caused covering and other buy¬
ing.
With the technical speculative conditions rather
has
$2 5234
spring
No. 1
No. 2 white
Nominal
Corn—
No. 2 yellow
$1 3034
96@67
1 95
become
105 @106
-115@116
The statement of the movement of breadstuffs to market
indicated below
prepared by
are
from figures collected by
The receipts at Western
ending last Saturday and
since Aug. 1 for each of the last three
years have been:
us
the New York Produce
Exchange.
lake and river ports for the week
t
Flour.
Receipts ai—
Wheal.
Corn.
.•"
oats.
Minneapolis..
3,395.000
Duluth
Argentine corn has
been offered in the New York market in
large quantities
at $1 a bushel
spot.
The same was offered by New York
exporters to the United Kingdom ports at SI 40 a bushel c.i.f.
But on the other hand commodities in
general have been
declining.
This has affected sentiment in the corn trade.
Besides the receipts early in the week were
large.
Farmers
are still to all
appearance selling their old corn.
The visible
supply increased last week 1,818,000 bushels against an
increase in the same week last
year of
Rye.
164,000
1,052,000
451,000
566,000
139,000
112.000
786,000
363.000
1,003,000
300,000
150,006
65,000
429,000
574,000
40,000
s4.000
194,000
25,000
9,000
1.368,000
1,200.006
.
2.208.000
Milwaukee
23.000
60.000
35.000
23,000
142.000
72.000
1.015,000
382.000
36.000
93,000
244.000
1,710,000
76,000
179.000
809.000
277,000
254,000
Toledo
St.
■
Barley.
bbls.imbs bush. 60 lbs. bush. 56 lbs. bush. 56 lbs. bushA8lbs. bush Mlbs.
169.000
576.000
3.726.000
1,657,000
325,000
92,000
Chicago
137.000
Louis....
Kansas City.
Omaha
.
Indianapolis..
296,000
608,000
357.000
5.928,000
2,432,000
6,292,000
4,596.000
1,004,000
987,000
442,000
10.334.000
16,007,000
17.680.000
4,781.000
5,934,000
2,460,000
1,308.000
2.055,000
71.196,000
Total
wk.
Same
wk.
'19
448.000
Same
wk.
'18
'20
300.000
Since Aug. 1—
1920
25.150.000
52,121,000
7.468,000
1919
6.770,000
3.744.000 152,783.000
23.689.000
52.249.000 18,761,000
7.707,006
1918.......
3,012,000' 161,891.000
39.840.0001 79,270,000 11.331.000'
5.769.000
Total
receipts of flour and grain at the seaboard ports for
the week ended Sept. 25 1920 follow:
Receipts at—
Flour.
New
Wheat.
Corn.
vats.
Barley.
Rye.
Barrels:
cautious.
more
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
York
182,000
2,412,000
45,000
"
244,000
49,000
655.000
Philadelphia..
Baltimore....
N'port News.
732,000
1,285,000
20,000
74,000
33,000
34,000
45,000
121,000
15.000
New Orleans.*
~io9~.666
120,000
2.451.000
"ho'.ooo
79.000
84,000
Galveston.
Montreal
919.000
~~77~.66o
1,040,000
250,000
Y.666
502.000
9,209,000
Since Jan. 1'20 17,904.000 165.485.000
257.000
633.000
15,156,000
20,260,000
____
Boston
Total
16,000
wk.
Siwe Jan.1'19 28.063,000 164,981.000
In
72,000
33.600
38,000
43,000
'20
only 300,000 bushels.
The total is now
5,105,000 bushels against 2,050,000 a year
ago.
That begins to look like a difference worth while.
'
87,000
736.000
7.326.000 39.962,000
on,through bills of lading.
Chicago the stock is 1,470,000 bushels.
This causes
To-day prices were easier early, but advanced
later on
covering of shorts.
They end lower than last
Friday.
Week 1919.
*
DAILY CLOSING PRICES
OF CORN
Sat.
cts.135
^
N®. 2 yellow
Mon.
Sat.
__
Mon.
IN
NEW
Tues.
.
September delivery
December delivery
_._cts„12134
126 34
9334
■___
Tues.
Wed.
126 %
9534
9834
96
May delivery
Fri.
315.000
Com.
Flour,
Oats.
Eye,
Bushels. Barrels. Bushels. Bushels.
Bushels.
New York
1,397,375
34,405
89,090
Boston.
118,000
9334
9534
\
95^ 99^
100
95
Oats declined and then advanced with other grain. Be¬
sides the market had become short.
That plainly counted.
220,000
273.000
Barley,
Peas,
Bushels.
Bushels.
50,499
223.514
5,000
Philadelphia.
25,000
Baltimore
12934
9234
9734
1,174,600
58,769,000 54.270,000 25,170,000
Fri.
Thurs.
129
126,000
9.491.000
passing through New Orleans for foreign ports
ending Sept. 25
Exports from—
Thurs.
139 H 138
136
129
13034
DAILY CLOSING PRICES OF
CORN FUTURES IN CHICAGO.
.
6,215.000
Wheat.
VORK.
Wed.
839,000
__
Receipts do not include grain
The exports from the several seaboard
ports for the week
are shown in the annexed statement:
comment.
1,215,000
39,000
7,000
Newport News.
New Orleans...
120,000
1.399,000
32,000
21.000
16,000
Montreal
2.125,000
44.000
67.000
126,900
24.000
3,900
364.000
f
There
was
less pressure to sell.
^
oats
are
commodities of any
declining.
^
For pretty much everything is
of oats again increased heavily
sort.
The visible supply
last week, i.
e., 3,816,000 bushels, as contrasted with
crease in the same week
"ast
is
DAILY
CLOSING
PRICES
52* i
ets_
N®. 2 white
70
.
.
S®pUmber
December
OATS
Mon.
70
IN
Tues.
70
NEW
Wed.
.
OF
,.
delivery.
delivery
cts_
71
Thurs.
69
5434
53^
53J4
57^
62%
61J4
55
5314
6234
5234
56D
5712
61
ol 1! mSmllt rose 5 t0 9 cents after
That was
25th.
due to
position in
rye
extent.
?aU of 5 to 7c-
On
on
heavy covering.
There has been
some
it appears
tendency however
the week.
.
.
Stptanbev
D®c«mber
Since
Week
Sirce
Week
Since
July 1 'o—
Sept. 25
July 1
Sept. 25
July 1
Sept. 25
July 1
1920.
1920.
1920.
1920.
1920.
Bushels.
Bushels.
Bushels.
Barrels.
United
Kingdom.
.
..
d®Ur®*y
OF
RYE
Sat.
cts.195
16054
FUTURES IN CHICAGO
Mon. Tues. Wed. Thurs.
Fri.
204
165
Barrels.
Bushels.
75,089
74,001
733.353
3.487,887
43,743.156
2.405,524
50,738.169
13,000
261,976
2,964,102
8,000
8,000
258.007
2,000
3.000
21",000
"568",808
185",386
1.034,037
191,090
Continent
4,227,668
6,853,547
6.647.375
4,803.803
...
So. & Cent. Amer.
West Indies.
Brit.N0.Am.C0l8.
Total
294.228
34,405
36.004
Vl'.OOO
485,160
96.884,416
75.405
857.004
47,669.278
131.000
1,021.403
1,366,060
29,270
"
Total 1919....... 351,346
The
12.342
world's
shipment of wheat and corn for the week
ending Sept. 25 1920 and since July 1 1920 and 1919 are
shown in the following:
Wheat.
Exports.
1920.
Week
Sept. 25.
Bushels.
204
209
209
16834
170
170
__
166
Corn.
•
01919.
Since
July
1.
Bushels.
1620.
July
1.
1919.
Week
Since
Since
Sept. 25.
July 1.
July 1.
Bushels.
Bushels.
Bushels.
Since
Bushels.
North Amer. 12,408,000 122.459,000 101.779.000
Russia
248,000
886,000
586.000
...
Danube
"635",000
"
Argentina
372,000
36,857,000
44,193,000
Australia
536,000
10.246.000
26,071,000
3.682,000
*9.115.000
31.698.000
India
"
Oth. countr's
Total
delivery
Corn.
Week
Also
only 3,889,000 bushels against 15,137,000 bushels a
year
ago.
To-day prioes advanced but they wind
up lower for
DAILY CLOSING PRICES
Wheat.
d Since
a
the
s©Pt-
to exaggerate the sales to
foreign buyers.
The
visible supply increased
295,000 bushels last week against
an increase last
year of 771,000 bushels.
The total is still
„
Flour.
Exports for Week
As in other grain
there was a
Germany is said to have bought
had become short.
better demand for
export.
some
a
below:
6134
Rye, like other grain, fell and then advanced.
to
69
FUTURES IN CHICAGO.
Mon. Tues. Wed. Thurs.
Fri.
57^
60H
1
as
Fri.
OATS
Sat.
5234
...
May delivery
the
July 1 1920 is
Other Countries..
YORK.
69@70 57@69 67@69 68@ 70 67@68
67@68
DAILY CLOSING PRICES
a
OF
Sat.
...
......
The destination of these exports for th§ week and since
now
ago.
m
.
6,647.375 105,405 191,090 133,499 128.000
611.514
4.803,803 131,000 351.346'568.875'2061.509.896
1919.
The
25,100,000 bushels, against 20,260,000 bushels
To-day prices declined early and rallied later
sympathy with other grain.
They end practically un¬
changed from last Friday.
year
Week
1920.
de¬
a
of 675,000 bushels.
year
total
a
Total week
And again, it is insisted that
cheap as compared with other grain—perhaps too
cheap. But, on the other hand, the
receipts have been
pretty large.
People look askance at attempts to "bull"
*
<
67@68
Barley—
Feeding
Malting
Rye—
No. 2
M
No. 3 whit®
No. 1
strong
selling
Oats—
No. 2 red
Peoria
CLOSING
6 90
GRAIN.
Wheat—
in retail hands.
Today prices declined.
There
export inquiry, but lighter offerings and the high
fair
a
closing quotations:
are
Spring patents
$11 75@$12 50 Barley goods—Portage barley:
Winter straights, soft 10 50@ 11
No. 1
00
$6 75
Kansas straights
11 50 @ 12 25
Nos. 2,3 and 4 pearl
7 00
Clear
9 50 @ 10 50
Nos. 2-0 and 3-0.
6 75®
Rye flour
9 75@ 10 50
Nos. 4-0 and 5-0—
7 09
Corn goods, 100 lbs.:
Oats goods—Carload
Yellow meal
3 65 @
3 80
spot delivery
8 29
Corn flour
3 85 @
4 05
elevators.
flour mills
following
—
is
are
The
[VOL. 111.
The
1.130.660
13,316.000 169,562,000 173,173,000
864 ,000
3.930,006
1.383~666
41,500,000
33,667.000
visible
granary
at
supply of grain, comprising th$ stocks in
principal points of accumulation at lake and
seaboard ports Sept. 25 1920
was as
follows:
0«r. 2
GRAIN STOCKS.
•,891.000
New York
693.000
Bostoa
Baltimore
84.000
10.000
9.828.000
48.000
183,000
23.000
Detroit
2.343.000
186,000
1,525.000
Buffalo
Toledo
1.438.000
774.000
53.000
278.000
J.
119.000
2.000
11.000
749.000
74.000
Galveston
Chicago
Milwaukee
Duluth
City
Peoria
431.000
54.000
18.000
237.000
1.102.000
16.000
302.000
770,000
On Lakes
and
retailers
that
577,000
2,000
3.145.000
1.166.000
453.000
545.000
19.000
697.000
15.000
70.000
3,889.000
3.594,000
3.419.000
3.237.000
River..
Total Sept.
18 1920
Tota^ Sept. 27 1919..^_81.683,000
Total Sept. 28 1918
90.601.000
5.105.000 25.200.000
3.287.000 21.334.000
2.050.000 20,260.000 15,137.000
5.055.000
5.511.000 26,157.000
2,679.000
3,829.000
Mote.—Bonded grain not included above: Oats. 10.000 bushels New York: total.
10,000. against nil in 1919: barley. New York.
5,000: Duluth. 1,000;
151,000
508.000
394.000
2,280.000
6.183.000
151.000
154,000
272.000
150.000
741,000
549,000
1.565.000
341,000
5,105,000 25,200,000
210,000
508,000
3.889,000
151,000
3.419.000
741,000
25.708.000
4,040.000
21.728,000
3.748.000
22,540.000 15,409.000
32.340,000
3.979.000
4,160.000
3,786,000
6,620,000
3.020,000
699.000
19 80
Sept. 18 1920
210,000
276,000
15,000
125.000
9,293 ,000
1,124.000
8.192,000
Total Sept. 27 1919
Total Sept. 28 1918
193,000
548,000
1.000
235,000
254,000
19,000
8,137.000
Total Sept. 25
Total
210,000
5.457.000
Other Canadian
3.854.000
Summary—
26.543,000
9.293,000
American
Canadian
1920
35.836,000
1920
83.189.000
1919
87.875,000
Tstal Sept. 28 1918—^94,455.000
Total Sept. 25
Total Sept. 18
Total Sept. 27
5.315.000
3.563.000
2.065.000
5.636.000
PROVISIONS, COT¬
TON AND PETROLEUM.—The exports of these articles
during the month of August and the eight months for the
past three years have been as follows:
EXPORTS OF BREADSTUFFS,
action to stop the
that
lines
August.
tUos.
August.
8 Mos,
August,
8 Mos.
Wheal.bu.
27.589,982
Flour, bbls
1,106,707
99,651,041
18,255,468
12,940,581
1,637,688
92,673,999
19,912.244
15.119,873
21,838,948
972,470
17.469,290
'
Corn..bu.
32,550,163 168,300,647
781,271 19.509,710
20,310,087 182,279.097
6,627,032
716,142
19,495,988 100,450,753
1,850,413 32,394,199
Total bu.
33,331,434 178,810,357
21.026,229 188,906,129
21,346,401 132,844,952
S
Values.
Provisions
24,257,578 882,379,770
75,116,684 638,099,532
85,969,713 905.029,985
Cotton
28,051.552 820,201.689
48,679.856 347.627,254
576,616 24.611,708
81,342,841 674,979,433
26,594,885 214,612,963
1,997,833 32,187,566
Cot's'd oil.
Tot.
*
S
$
$
8
8
Breadst'ffs 115.988.889 634,962,508
Petrol.,Ac.
68.067,166 482,370,064
78,314,698 663,088,894
46,166,498 385,295,352
32.919,914 227,470,152
719,648 18,060.272
value 217,553,991 2209782929 271,021,956 2464909479 226,187,924 1776284734
Including flour reduced to bushels.
WEATHER BULLETIN FOR WEEK ENDING SEPT.
summarized
in the weather bulletin issued by the Department of Agri¬
culture for the week ending Sept. 28 were as follows:
28.—The influences of weather
on
the
crops as
COTTON.—The week was rainless in much of the western
ootton belt and rainfall in the central
portion of the
of a
and eastern portions was mostly
light character.
The temperatures were considerably above
portions of the belt.
Under the influence of these con¬
made good progress in all sec¬
tions, although some labor snortage was reported from localities.
The
crop made fair to excellent progress in Oklanoma and fair to good advance
in Texas.
A fair top crop is indicated in Oklahoma
and also in many
sections of Texas.
The warm weather and mostly light to moderate rains
in Arkansas were favorable in that State.
Although the crop continues in
moderate
or
the normal in all
ditions cotton opened rapidly and narvest
poor
condition in the southern portion and on
lowlands in most other sec¬
tions, but is fair to very good on uplands except in the South; the yield
is most disappointingThe crop made very good progress in Tennessee
but elsewhere east of the Mississippi river, the condition in general at
the close of the w*ek showed no material change from that reported last
week.
The bolls are all open in the central and southern counties of
and picking has been completed in many localities, but in the
portion the crop is still blooming.
Some improvement was
in late cotton in North Carolina, but no material change was
indicated in South Carolina.
Weevil are doing much damage in the
central and southern portions of the latter State and are increasing north¬
ward to Lancaster county.
Boll worm and weevil are less active in Okla¬
homa, however, and insect damage is small and decreasing in Texas.
The
tropical storm that passed inland early in the week over the central portion
of the belt caused no extensive damage to open cotton, altnough some was
Georgia
northern
reported
spoiled in parts of Louisiana.
CORN.—The week averaged warm, with abundant sunshine in the
greater part of the principal corn producing States, and as a result the crop
matured very rapidly.
The greater part of corn is now safe from frost
damage, except in Illinois, where the bulk of the crop needs about ten
days more.
From 10 to 25% of the crop in Kansas will need almost two
weeks more for proper maturity, while the late fields in the lower Ohio
Valley should have from ten days to two weeks more of favorable weather.
Harvesting and silo filling progressed rapidly under favorable weather con¬
ditionsThe work of pulling and curing a fair to good crop of dwarf broom
corn was in progress in Northwestern Oklanoma.
WINTER GRAIN!.—The seeding of winter grains continued to make
satisfactory progress under mostly
favorable weather and soil conditions,
although soil moisture is insufficient in some sections, principally in the
western Lake region, the extreme lower Great Plains, including the western
counties of Kansas, and in some central Rocky Mountain plateau dis¬
tricts.
The recent rainfall in Montana and other districts of the Far
Northwest have greatly Improved soil conditions in those sections, although
some delay to late harvest and threshing was reported.
Seeding winter
wheat is being delayed in portions of the upper Mississippi and Ohio Valleys
to reduce the danger from hession fly.
have
THE DRY GOODS TRADE.
Mew York,
The
bids
are
opinion
of
demand.
retail
cancellations that
already been
of price drops are
far as
as
can
a
In
the
in
by
trade
reductions and
of
parti
some
are
being attempted in
repriced and
fair basis of value.
are
for
ready
Losses because
larger in wholesale than in retail circles,
Be¬
be learned with any degree of accuracy.
of discussions that
are
arising
the downward
over
price tendency, relations between wholesaler! and retailers
said to be approaching the breaking
are
on
cotton goods,
point.
Price cuts
somewhat in line with the reduction! an¬
prominent mills, are being
retailers in nearby cities.
Commercial paper
remain unchanged at 8% for the best known name! and
made by some
rates
%% to y8% higher for names not io well knowm.
from
GOODS.—Buyer!
COTTON
DOMESTIC
have
deserted
Conditions in gray goods are decidedly
the cloth markets.
Order! are few and
slow and the market shows weakness.
During the week 15 cent! was
paid for spot 39-inch 68x72s, 14c. for spot 33%-inch C4x60s,
and ll%c. for spot 38%-inch 64x48s.
Sale! of 5-yard fheet-
buyers want lower prices.
ings at 12c. and 5.50s at 11c. were reported.
Sheeting! have
about lost the slight gains of a week ago and an being
bought in small lots only for immediate shipments.
Drills
again, 3-yard goods being available at 18%c.
interest reported for drills or twill!, and iateens
have weakened
There is
no
Some print cloth manufac¬
almost entirely neglected.
are
is
tion
The price ques¬
of the hosiery market, and
pegged their prices at 85c. a pound.
turers
unsettling feature
the
mentioned.
Print cloths:
Current price! during the week
27-inch, 64x60s, 9%c.; 28-inch, (HxOOs,
9%c.; 28-inch, 64x64s, 10c.; Gray goods,
S8y2-inch, C4^64s,
15c.; 39-inch, 80x80s, 18c.; Brown
sheetings, 3-yard, 19c.;
4-yard, 56x60s, 16c.;
Southern
standards, 20c.; tickings, 8-ounce, 40c.; denimi, 2.2Qi, 44c.;
Standard staple ginghams, 20c.; dress ginghams, 28c. to
27%c.; standard prints, 23c.
WOOLEN GOODS—The wool goods industry ia report¬
ed
impeded by the attitude of clothiers in
as
textile markets
Friday Night, Oct. 1 1920.
showed no improvement during the
firm
preferred customers, and the primary markets
Manj fcovete are refusing to quote except on
from
expected to eeetinue to
be dominated for some time
propagating
that must prevail this fall and winter.
It is remarked that reports of large business done in woolen
ideas of high prices
goods for future delivery are not
well founded.
In men's
there is little of the usual interest in spot goods for
the current fall.
In certain overcoating lines buyer! have
wear,
At retail there are to be
price sales despite the fact that it ia atill
picking up all they can get.
been
noted already cut
early in the retailer's fall season.
Tropical worsted! made
for the summer clothing trade are about the most active
fabrics
the
in
present
market
for
and the
satisfactory.
piece goodi,
business put through is said to be
volume of
one-half and nine-ounce all-worsteds are gener¬
There is a better feel¬
ing in the worsted yarn market, as inquiry from weavers is
improving.
Spinners are said to be asking around $3.15 for
40s two-ply half-blood worsted yarn, but $2.75 to $2.90 has
been mentioned as possible.
On 50s two -ply quotations run
from $3.50 to $3.85.
FOREIGN DRY GOODS.—Linens had rather a quiet
week and prices were well maintained by all sellers.
In
the light of the high prices that are being adhered to, dis¬
tributors are not encouraged to hope that they can do as
Eight and
ally priced at $3.25 to $3.50 a yard.
large
came
a
business as they have in the past.
More buyers
purchased more
into the market last week and many
of months,
What the im¬
liberally than they have heretofore for a number
the
levels of prices notwithstanding.
high
porters have been saying all along to the
effect that linen
absolutely true,
prices cannot depreciate is turning out to be
according to linen buyers returning from Belfast, who are
the liberal buying of linen goods re¬
Western buyers in the market say they
strong advocates for
gardless of price.
believe stocks of
linen
throughout
the
country
are
not
large, and that because the supply is short, higher rather
than lower prices will come.
Mill men in Belfast report
a conservative tone in the market abroad, and the belief is
expressed that only inferior grades of linen! can go lower.
There is no change in the raw flax situation.
Cables from
the other side are to the effect that Irish flax grower! and
manufacturers are reported as petitioning the British Gov¬
ernment
the
for
ous
permission to export Irish
impression that there is perhaps
than is being
week.
purchaees.
new
14y2c.; 39-inch, 68x72s,
Quantities
WheaHbu.
the
delivery on
were:
from
U. 3.
making
goods trade it is becoming necessary to taka firmer
the dry
little activity is
1918.
1919.
1929.
Exports
consensus
nounced by Amoskeag and other
Canadian—
Ft. William & Pt. Arthur.
the
stimulate
total, 6,000
bushels, against 42,000 bushels in 1919.
Montreal......
delaying
that the retailer should make corresponding
cause
26.543.000
25,065.000
Total Sept. 25 1920
still
are
it is
wholesalers,
future
346,000
332,000
.
dry goods buyers are in the
many
prices have been brought down, particularly
39.000
48.000
1,183.000
1.096.000
Omaha
A good
market, but most of them are operating only in a small way,
thereby
3.064.000
842.000
148.000
Indianapolis
212.000
>
320.000
221,000
1,478.000
St. Louis
103 000
1.000
7.000
27,000
317.000
68,000
1.890.000
Minnsarxjlis.
in inventories.
2,000
1.067,000
421.000
8.252.000
1,942.000
634.000
147.000
31,000
New Orleans...
On Canal and
Barley.
bush.
147.000
443.000
Newport News
Kansas
1
Now
1.837,000
t.729.000
Philadelphia
off
by the unavoidable losses that will have to be marked
Corn.
Oats.
Rye.
bush.
bush.
bush.
501.000
1.628.000
1.249.000
5.000
24.000
69.000
273.000
137.000
419.000
' 306.000
720.000
Wheat,
bush.
United State*—
1389
CHRONICLE
THE
1920J
ways
talked about.
flax again, giving
more
flax available
Cotton fabrics finished in vari¬
to suit them to the uses of lineng are said to be
making progress on the domestic market.
Not much busi¬
ness
was done in
burlaps through the week, the market
stagnant condition.
The few commitment! ten¬
for meagre quantities.
The nominal bastg of
values remained unchanged.
Spot lights were offered at
being in
dered
a
were
8c., afloat lights at 7.90c., and spot heavies at 10.50c.
1390
THE
CHRONICLE
[Vol. 111.
July 3
as 5s—V. Ill, p. 310—are being reoffered at 6%
proposals are to be received by L. A. Mason, Village Clerk.
Jftale attxl City
Date
Aug.
ITEMS.
New York State.—Special
Session of Legislature Ad¬
journed.—The special session of the New York Legislature
adjourned at 9 p. m. on Sept. 24.
SCHOOL DISTRICT
NO.
16
(P. O. Artesia), Eddy
Mex.—BOND SALE.—The $50,000 6% 10-20-year (opt.)
in V. Ill, p. 1105, have been sold to Percival
Coffin of Chicago.
Denom. $500.
Date Aug. 1
1920.
Principal and
semi-ann. int. (F. & A.) payable at the Cnicago Title & Trust Co., Cnicago.
bonds mentioned
Financial Statement.
Assessed
Norway (Kingdom of).—Bonds Offered in United States.-
syndicate of which the National City Co.,
preceding
In
an
Kingdom of Norway 20-Year 8% Sinking
a
Further details will be found
a
under "Current Events and Discussions.
preceding
page
the offering of these bonds to investors
matter of record.
Texas.—Legislature
Convenes
in
Special
Session.—The
Texas Legislature convened in special session on Sept.
at
the call of Governor
Hobby.
The Governor in
recommended the
message
women
to vote in
passage
21
his
of laws permitting the
the November election wthout paying a
Apportionment of the
Proceeds of the
West
Virginia Debt
Settlement.
(1) Messrs. Brown Brothers & Co. have received $624,143 87 in cash
$12,190,857 03 par value State of West Virginia 3K%, 20-Year Gold
and
with
the
Jan.
1
1921
and
subsequent coupons attached, for the
in accordance with the agreement
under which the original certificates were deposited
benefit of holders of their deposit receipts
July 28
1898,
and under the terms of the decree of distribution dated July 22 1920, in the
suit entitled "Commonwealth of Virginia ex rel Virginia Debt Commission
Eugene Delano and others," in the Circuit Court of the Dity of Rich¬
vs.
mond.
(2) The West Virginia Debt Settlement Committee has in accordance
with the deposit agreement dated July 28 1898 assessed the commission of
the committee for their charges and expenses of settlement at 5% in cash
on the
par of each certificate deposited under the agreement, but because
the amount of cash realized on the settlement is insufficient to
provide in
full for the commission so assessed, the West Virginia Debt Settlement
Committee
has
agreed
to
West
accept
Virginia 3
gold
coupons dated Jan. 11921, and subsequently attached at par for
of the commission in excess of the cash realized.
bonds with
the balance
purchase Buck Lake
1882,
suit
and
is as follows: 1871, .958949824; 1879, .926947728;
1892, .718119068; scrip, .218683662.
After deducting the commission of the West Virginia Debt Settlement
.802542281;
(5)
Committee, each of the holders of Brown Brothers & Co.'s receipts, repre¬
senting Virginia deferred certificates, shall receive the following amounts in
West Virginia 3^% gold bonds, with Jan. 1 1921 and
subsequent coupons
attached: 1871, .008949824; 1879,
.876947728; 1882, .752542281; 1892,
.668119068; scrip, .168683662.
(6) Wherever holders of Messrs. Brown Brothers & Co.'s receipts are
entitled to fractional amounts of lass than $100, Messrs. Brown Brothers &
Co. shall issue fractional interest certificates in
form as follows
this
an
election held
were defeated
Sent. 23
$100,000 bonds to
by-833 to 60.
ASHTON, Fremont County, Ida.—BOND SALE.—The Benwell, Phil¬
lips, Este & Co. of Denver have purchased the $50,000 6% 10-20-year
(opt.) water bonds which were offered on July 9—V. 110, p. 2693—at par
and interest.
Dated July 1 1920.
Denom. $1,000.
Financial Statement.
Actual valuation
Assessed
$1,100,000
557,887
122,500
valuation
Total bonded debt
(including this issue)
Less water debt
67,500
$55,000
ATLANTIC
HIGHLANDS,
Monmouth
County,
N.
J.—BOND
OFFERING.—Proposals will be received by Harry A. Kridel, Borough Clerk
until 8 p. m. Oct. 18 for $2,5,000 5% floating indebtedness bonds,
Denom.
$1,000.
Date Oct. 1 1920.
Interest semi-annual. Due $3,000 Dec. 31
1921 and $2,000 yearly on Dec. 31 from 1922 to 1932, inclusive.
Certified
check on an incorporated bank or trust company for 2
% of amount of bonds
bid for, payable to the Borough Clerk, required.
ATTLEBORO,
Bristol
County,
Mass .—TEMPORARY
LOAN.—
On Sept. 30 a temporary loan of $50,000 dated Oct. 1 1920 and maturing
Apr. 1 1921 was awarded to Bond & Goodwin of Boston at 5.96%discount
AUDUBON SCHOOL DISTRICT (P. O. Audubon), Camden County,
N. J.—BOND OFFERING.—Geo. N. Hoffman, District Clerk, will receive
proposals until 8 p. m. Oct, 12 for $182,000 6%. school bonds.
Denom.
$1,000.
Interest semi-annual.
Due serially for twenty years.
BASIL, Fairfield County, Ohio.—BOND OFFERING.—I. P. Torrence,
Village Clerk, will receive bids until 12 m. Nov. 3 for the $3,000 6% coupon
street-improvement bonds which were offered but not sold on Sent. 21
(V. Ill, p. 1106).
Denom, $300.
Date Sept. 1
1920. Interest semi¬
annual.
Due $300 yearly on Sept. 1 from 1921 to 1930. inclusive.
Certi¬
fied check for 4% of amount of bonds bid for, payable to the Village Treas¬
urer, required.
|
BATH, Steuben County, N. Y.—BOND OFFERING.—Proposals will
Oct. 13 by John W. Taggart, Village Clerk, for
coupon or registered gas-lighting-system bonds.
Denom. $500.
Date Nov. 1 1920.
Prin. and semi-ann. int. (J. & J.) payable at the
Village Treasurer's office.
Due $2,000 yearly on July 1 from 1921 to
1940, incl.
Certified checks for 5% of amount of bonds bid for, payable
to Wm. H. Simmons, Village Treasurer, required.
be received until 7 p. m.
$40,000
BEAVER UNION SCHOOL DISTRICT, Sacramento County, Calif.
OFFERING.—Proposals will be received by Harry W. Hall,
Board of County Supervisors, (P. O. Sacramento) for $60,000 6%
—BOND
Clerk
school bonds until 2 p. m. Oct. 4.
Denom. $1,000.
Date Sent. 1 1920.
Int. semi-ann. payable at the office of the County Treasurer.
Due $3,000
1 from 1922 to
yearly on Sept.
1941 incl.
Cert, check
or
cash for
10%,
required.
Purchaser to pay accrued interest.
Bonded Debt, none.
As¬
sessed Value, exclusive of operative property of public utilities, $1,658,660.
This item appeared in advertently under the caption of "Beaver Union
High School District, Calif." in V. Ill, p. 1296.
BELVIDERE SCHOOL DISTRICT (P. O. Belvidere),
Warren Coun¬
N. J.—BOND SALE.—The isuse of $17,000 5% school bonds, offered
on Aug. 12—V. Ill, p. 812—has been
disposed of at private
sale.
Due $2,000 yearly beginning 2 years from date.
ty,
but not sold
BESSEMER
TOWNSHIP
SCHOOL
DISTRICT
(P.
O.
Bessemer),
Gogebic County, Mich.—BOND SALE.—The Peoples State Bank and the
First National
(3) The total amount of certificates deposited under the agreement dated
July 28 1898 has been ascertained and determined in said distribution suit
and is as follows: 1871, $11,787,036 57; 1879, $462.786 95;
1882, $826,857 87; 1892, $277,175 70; scrip, $1,006,985 54; total, $14,360,842 63.
(4) The relative value of the certificates has been determined in such
distribution
of the
ASHLAND, Jackson County, Ore.—BONDS VOTED.—A water bond
issue amounting to $100,000 bearing 6% interest and maturing in 30 years,
was authorized by a vote of 582 to 122 at a election held
Sept. 18.
Net bonded debt
Virginia West Virginia.—Debt Settlement Receipts to be
Exchanged for Bonds.—Among the advertisements on a pre¬
ceding page Brown Brothers & Co., depositary of the West
Virginia Debt Settlement Committee, give notice to the
holders of the firm's deposit receipts, that in accordance
with the findings rf the Distributing Tribunal and a decree
of the Circuit Crur: of the City of Richmond, Va., they
may exchange their receipts on and after Oct. 4 for the State
of West Virginia 20-Year 33^% bonds dated Jan. 1 1919
with Jan. 1921 and subsequent coupons attached after de¬
ducting the 5% commission due the West Virginia Debt
Settlement Committee.
The percentage cases on which the
various issues of certificates will be exchanged are:
For
certificates representing principal under the Act of 1871,
90.8949824%; 1879, 87.6947728%; 1882, 75.2542281%;
1892, 66.8119068% and for all certificates for interest,
including sterling scrip (sterling amounts being figured on
the basis of $4.7625 to the £ sterling) 16.8683662%.
We quote in full the announcement and report of the
distributing tribunal as follows:
daUd
4,000.
The constitutional limit of indebtedness for school districts is 6%
valuation.
assessed
poll tax.
Bonds
•
BONDS DEFEATED.—At
page
advertisement on
appears as
Population,
$1,750,000
3,000,000
74,000
(estimated)
Total indebtedness
P.
have sold the entire issue of
are managers
Fund External Gold bonds.
on a
and J.
valuation
valuation
Actual
the $20,000,000
Denom. $500
N.
County,
school
Morgan & Co.,
Oct. 4 when
on
1920.
Prin. and annual interest payable at the Citizens
Due $1,000 yearly on Aug. 1 from 1921 to 1935, incl.
ARTESIA
NEWS
A
2
Bank of Arcade.
Bank, both of Bessemer, were on Aug. 23 awarded at par
an
issue of $300,000 6M% school bldg. bonds.
Denom. $1,000.
Date
Sept. 1 1920.
Int. M. & S.
Due $25,000 yearly on Mar. 1 from 1922 to
1933, incl.
BOONE
(P.
O.
Lebanon),
Ind.—BONDS AWARDED
each six months from May 15 1921 to Nov. 15 1930, incl.
There were no bids for $500 C. M. Abbitt et al Union and Eagle Twps.
on the same day.
bonds offered
BOSTON, Mass.—TEMPORARY LOAN.—It is reported that a tempor¬
loan of $2,500,000 has been sold to the First National Bank, of Boston,
ary
at
6%.
BRACKEN
[we omit
form],
COUNTY
IN PART.—On Sept. 23, Breed, Elliott & Harrison of Indianapolis, were
an issue of $8,000 \
% Simon S. Acton et al Harrison Twp. road
bonds.
Denom. $400.
Date May 4 1920.
Int. M. & N.
Due $400
awarded
COUNTY
O.
(P.
Brooksville),
Ky.—BOND SALE.—
$50,000 5%
The First National Bank of Brookville has purchased at par the
(7)
This apportionment and distribution of the proceeds of the settleroent of the West Virginia debt is ascertained and
established for the
different classes of certificate holders by this
Distributing Tribunal at the
City of New York in the State of New York on the 16th day of
September
1920, and distribution among the different certificate holders shall be in
accordance therewith.
(Signed)
11-17 year serial road bonds which were offered on Aug. 14—V. Ill, p. 409
BRISTOL COUNTY (P. O. Taunton), Mass .—NOTE OFFERING.—
Proposals for the purchase at discount of an issue of $40,000 tax-free
tuberculosis-hospital notes will be received until 9 a. m. Oct. 6 by Edgar L.
Crossman, County Treasurer.
Date Oct, 6 1920.
Due April 6 1921.
WILLARD
V.
NEWCOMB
3
INDEPENDENT
SCHOOL
DISTRICT
(P.
O.
Caddo Mills), Hunt County, Tex.—BOND SALE.—The State of Texas
recently obtained $28,000 5% school bonds at par.
4
KING,
.
CARLTON.
Distributing Tribunal under the Plan for
the Settlement of the West Virginia Debt
dated December
MILLS
CADDO
J. S. Alexander
"
1902.
CALDWELL,
Canyon
County,
Trust Co. of Denver has purchased
Ida.—BOND SALE.—The Bankers
$23,500 6% 10-20-year (opt.) funding
bonds, which were offered unsuccessfully on Aug .2—V. Ill, p. 714.
Dated
Assessed valuation $3,067,000; total bonded debt (Including
$250,000, of which $89,000 is water.
July 1 1920.
this issue),
BOND CALLS AND
CALLAWAY COUNTY (P. O. Fulton), Mo.—BOND SALE.—Recently
purchased $37,500 6% hospital bonds at
REDEMPTIONS.
Stern Bros. & Co., of Kansas City
Montrose, Montrose County, Colo.— Bonds Called.—
Paving bonds Nos. 7 to 11, inclusive, in denomination of
$500 each, have been called for payment.
Interest to cease
after Oot. 10.
BOND
PROPOSALS
this week have been
as
AND
NEGOTIATIONS
par.
Date June 1 1920.
Denom. $500.
Due June 1 1940, optional 1925.
SCHOOL DISTRICT
(P. O.
Cambridge),
Ohio.—BOND SALE.—The local banks have pur¬
chased at par and interest the $25,000 6% bonds.
Due $1,000 each six
months from Sept. 5 1921 to Sept. 5 1933, incl.
CAMBRIDGE
CITY
County,
Guernsey
CASPER, Natrona County, Wyo.—BOND ELECTION.—On Nov. 2
$830,000 6% 20-yr. bonds to be used for water and sewer extension, storm
drainage ditches, fire station and city cemetery improvementswill be voted
upon.
follows:
CASS
COUNTY
(P.
O.
Linden),
Tex.—BOND
ELECTION.—On
Oct. 26 the voters will decide whether they are in favor of issuing
AMSTERDAM,
Montgomery
County,
N.
Y.—BOND
SALE—On
Sept. 27, the 566.000 540-year school building
bonds, offered on that
date V. Ill, p.
1296^-were awarded to Geo. B Gibbons & Co., of New
York, at 107.13 a basis of about 5-08%.
Date Sept. 1 1920.
Due Sept. 1
1960#
CASS COUNTY (P. O. Logansport), Ind.,—NO BIDS.—No bids were
received for the four issues of 4>S % road bonds,aggregating $120,700 offered
on
Sept. 22—V. Ill, p. 1198.
BOND OFFERING.—N. S. Hoffman, County Treasurer, will receive bids
ANDERSON-COTTONWOOD
IRRIGATION
DISTRICT (P. O.
Anderson), Shasta County, Calif.—BOND OFFERING.—On Oct
12
tl1?lDi^J^Firlectoi'^1 wU1 8611
18 stated, $100,000 6% bonds, being part
of the $200,000 bond issue
recently approved by the State Bond Commission
as reported m V. Ill, p. 1296.
APACHE COUNTY (P. O. St. Johns),
Ariz.—BONDS
TO BE REOFFJBRED.—The $175,000 5% road bonds
recently offered unsuccessfully—
V, 111, p. 1105—will be reoffered about Dec. 1 1920.
ARCADE, Wyoming County, N. Y.—BOND OFFERING.—The $15,000
electric light
$1,500,000
5H % 40 year serial county bonds.
and power plant extension bonds, offered
unsuccessfully
on
until 10
a.
m.
Oct. 5 for $10,200 George W. Calloway et al Jefferson Twp.
road bonds.
CLATSOP
COUNTY
An issue of $100,000
(P. O. Astoria), Ore.—BOND ELECTION.—
6% 15-year bridge bonds will be voted upon Nov. 2.
CLAYTON, Union County, N. M.—BOND SALE.—It is reported that
20-30-yr, (opt.)
J. L. Arlitt of Austin Tex., has purchased the $60,000 6 %
water works bonds,
CLOVIS,
which
were
offered
Curry County, N.
on
June 7.—V. 110, P- 2313.
M.—BOND
SALE.—Sidlo, Simons Fels
20-30-yr. (opt.) water
& Co. of Denver, have purchased the $115,000 6%
bonds mentioned in V. Ill, p. 1010.
,
OCT. 2 1920.]
COLLIN COUNTY COMMON SCHOOL DISTRICT
COLUMBUS, Franklin Coun
y,
Ohio.—BOND OFFERING WITH¬
grade crossing bonds, proposals
DRAWN.—The offering of the $200,000
have
been
opened on Sept. 28—V.
Ill,
p.
1198-—has
been rescinded.
COLUMBUS, Franklin County, Ohio.—BOND SALE.—On Sept. 30
the $900,000 6% 323^-year (average) flood-protection bonds (V. Ill, p.
1297) were awarded to Ames, Emerich & Co., of Chicago, for $1,005,478
(111.719) and interest, a basis of about 5.24%.
Date Sept. 1 1920.
Due
$100,000 yearly on March 1 from 1949 to 1957, inclusive.
DELPHI,
Carroll
County,
Ind.—BOND
HAINES
NO. 12, Tex.—
BONDS REGISTERED.—The State Comptroller registered $80,000 5M%
bonds on Sept. 21.
serial
for which were to
1391
CHRONICLE
THE
SALE.—On Sept.
28
CITY, Polk County, Fla.—BOND, SALE.—O* Sept. 27
20-year street impt. bonds, dated July 1 1920—V. Ill,
the $60,000 7 %
&614—were awarded to thejointly.Bank of Haines City and the Atlantic
ational Bank of Jackson,
State
HAMILTON, Butler County, Ohio.—BOND SALE.—The $80,000 6%
5-14 year serial coupon general street impt. bonds, offered
on
V. Ill, p. 814—were awarded to the Provident Savings Bank
for $80,245 (100.306) and interest, a basis of about 5.95%.
1920.
were
Due $8,000 yearly on Jan. 1 from 1925 to 1934, incl.
the bids received:
v
Provident
Savings Bank_$80,245.00IPrudden
Silverman, Huyck & Co._ 80,137.501
/
HAMILTON
the
Sept. 22.—
of Cincinnati,
Date Jan. 1
The following
COUNTY
(P.
&
Noblesville),
O.
$80,020
Co
Ind.—BOND SALE.—
On Sept. 23 $4,500 4H% A. G. Osborn et al Washington Twp., road bonds
awarded to Ramsey & Joseph at par and interest.
Date Sept. 23 1920.
Int. M. & N.
Due $225 each six months from May 151921 to Nov. IS 1930,
$7,000 6% funding bonds, offered, on that date—V. Ill, p. 1297—were
awarded to William H. Bradshaw, of Delphi, for $7,000 10 equal to 100.001.
Date Oct. 1 1920.
Due $2,000 on Oct. 1 in 1921, 1922 & 1923, and $1,000
were
Oct. 1
incl.
1924.
DELTA COUNTY SCHOOL DISTRICT NO. 1 (P. O. Delta), Colo.—
BOND ELECTION.—On Oct. 19, $50,000 6% school building bonds are
to be voted upon.
DELTA SPECIAL ROAD DISTRICT (P. O. Delta), Cape Girardeau
County, Mo.—BOND SALE.—The $25,000 road bonds voted on May 8—
V.
110,
2411—have been sold to Friedman-D'Oench & Duhme of St.
p.
Louis.
HANCOCK COUNTY (P. O. Findlay), Ohio.—BOND SALB.—It is
reported that the Buckeye National Bank of Findlay has been awarded an
issue of $28,700 6% road impt. bonds.
HARRIS
COUNTY
DRAINAGE
DISTRICT
NO. 6, Tex.—BONDS
REGISTERED.—An issue of $60,000 6% serial bonds was registered with
the State Comptroller on Sept. 22.
'
HEMPSTEAD (Town)
DICKINSON, Stark County, No. Dak.—BONDS LIQUIDATED.—
UNION FREE SCHOOL DISTRICT NO. 15
County, N. Y.—BOND OFFERING.—
By the unanimous consent of the City Council of Dickinson $38,000 in
(P.
bonds originally issued to contractors as the price for installing water
Proposals for $105,000 6% registered school bonds will be received until
works
liquidated.
were
DORMONT BOROUGH SCHOOL DISTRICT, Allegheny County
Pa.—BOND ELECTION.—At the elections to be held on Nov. 2 the School
Directors will ask the electors to approve a bond issue of $305,000 for school
building, school furnishing and funding purposes.
ECORSE, Wayne County, Mich.—BOND SALE.—On Aug. 24 the
following issues of bonds, aggregating $200,000 4.47 (V. Ill, p. 714) were
awarded to the Detroit Trust Co., and the First National Co., for $203,004.47 (101.49) for 6s, a basis of about 5.90%: $80,000 water system extension,
$36,223.20 Mill Street paving, $25,000 High Street sewer; $25,000 Cicotte
Street sewer; $15,000 pumphouse sewer: $12,000 High
Street
opening;
$4,412.87 Public Sewer; and $2,368.40 Public Sewer bonds.
Denom. $1,000
and odd.
Date Sept. 1 1920.
Int. M. & S.
Due Sept. 1 1950.
SCHOOL DISTRICT,
ELMWOOD
San Joaquin County, Calif.—
BOND OFFERING.—Until 10 a. m. Oct. 5 proposals will be received by
Eugene D. Graham, Clerk Board of County Supervisors (P. O. Stockton)
for $11,500 6% school bonds.
Denom. $500.
Date Sept. 7 1920.
Prin.
and semi-ann. int. (J. & D.), payable at the office of the County Treasurer.
Due yearly on Dec. 1 as follows: $1,000, 1925 to 1935, incl.; and $500
1936.
Cert, check for 10%, payable to the Chairman Board of County
Supervisors, required.
.
ENTERPRISE, Wallowa County, Ore.—BOND
Construction Co.
was
SALE.—The Warren
Sept. 20
the successful bidder at par and interest on
for the $88,486.41 6% coupon impt. bonds—V. Ill, p. 1190.—Date April 1
1920.
Due in 10 years, optional at any semi-annual coupon date after 1 year
from date.
EVANSTON,
the
County, Wyo.—BOND OFFERING.—Bids, for
water bonds recently voted—V. lll,_p. 1297—will be
William Cook, Town Clerk, until 8 p. r
$500.
Date Feb.
1
Prin. and semi-ann. int. (F. & A.), payable
Treasurer.
Due in 30 years, optional at any
Cert, check for 2%, required.
1921.
the office of the Town
at
time after
15 years.
FARMVILLE TOWNSHIP SPECIAL TAX
SCHOOL
DISTRICT
NO. 3, Pitt County, No. Caro.—BOND OFFERING.—Sealed proposals
Oct. 4 by J. G. Gaskins, Clerk Board of County
will be received until 2 p. m.
Commissioners (P. O. Greenville), for $40,000 6% coupon (with privilege
of registration) bonds.
Denom. $1,000.
Date Aug. 1 1920.
Int. semiDue Aug. 1
ann.
trust company
1950.
Cert, check or cash on an incorporated bank or
for 2% of the amount of bonds bid for, payable to the above
scnool district, required.
The successful bidder will be furnished with the
opinion of Shaffer & Williams of Cincinnati that tne bonds are valid and
binding obligations of said School District No. 3.
The bonds will be pre¬
pared under the supervision of the U. S. Mtge. & Trust Co., N. Y., which
will certify as to the genuineness of the signatures of the officials
seal impressed thereon.
Purchaser to pay accrued interest.
and the
Lawrence),
Nassau
3 p.m. Oct. 6 by Newman J. Pettit, Clerk of Board of Education.
Denom.
$1,000.
Date June 15 1920.1
Prin. and semi-ann. Int. payable at the
U. S. Mtge. & Trust Co. of New York.
Due $5,000 yearly on Dec. 15
from 1925 to 1945, incl.
Cert, check on an incorporated bank or trust
company, fpr $2,000 required.
Purchaser to pay accrued interest.
.Successful bidders will be furnished with the opinion of Reed, Dougherty
& Hoyt of New York, that the bonds are valid and binding obligations of
said school district.
The bonds will be prepared under the supervision of
the United States Mortgage & Trust Company, New York, which will
certify as to the genuineness of the signatures of the officials of the Board of
Education of said school district and the seal impressed thereon.
Bonded
I
Statement.
debt, including this issue
$526,740
Assessed valuation taxable property--11,955,120
This District includes the incorporated villages of Lawrence and Cedarhurst and the unincorporated village of Inwood in Nassau Oopnty.
The
present population is estimated to be 8,000.
(
DISTRICT NO. 21 (P. O.
Center), Nassau County N. Y.—BOND SALE.—'The $8,000
coupon or registered school bldg. bonds, offered on Sept. 28—V. Ill, p.
1298—were awarded to the Nassau County National Bank of Rockville
Center, at par for 5.74s.
Date Oct. 8 1920.
Due $5,000 Jan. 1 1922, and
$3,000 Jan. 1 1923.
The Bank of Rockville Center submitted a bid of par
HEMSTEAD
UNION
FREE
SCHOOL
Rockville
for 6s.
i
HOPKINS COUNTY (P. O. Sulphur Springs), Tex.—BOND ELEC¬
TION PROPOSED.—It is reported that a $2,000,000 county road bond
is to be voted upon this fall.
Uinta
$290,000 6%
received by
O.
IDLEWOOD,
Issue
Cuyahoga
County,
Ohio.—BOND
OFFERING.—
Clerk, will receive bids until 12 m. Oct. 25 for the
W. A. Horky, Village
following 6% coupon special assessment bonds:
$64,000 Belvoir Blvd.
sidewalk bonds.
Denom. $1,000.
Due $1,000
Oct. 1 1920 and $7,000 yearly on Oct. 1 from 1921 to 1929, incl.
50,400 Belvoir Blvd. water main bonds.
Denom. 1 for $400.50 for $1,000.
Due $400 Oct. 1 1920, $2,000 Oct. 1 1921, and $6,000 yearly on
Oct. 1 from 1922 to 1929, incl.
17,836.03 Friedel Road sanitary sewer bonds.
Denom. 1 for $336.03, 1
for $500, 17 for $1,000.
Due yearly on Oct. 1 as follows; $336.03,
1920; $1,500, 1921; and $2,000, 1922 to 1929, incl.
Auth. Sec. 3914 Gen. Code.
Date Oct. 1 1920.
Prin. and semi-ann.
int. (A. & O.) payable at the Garfield Savings Bank of Cleveland.
Cert,
check on some bank other than the one making the bid, for 10% of amount of
bonds bid for, payable to the Village Treasurer, required.
Bonds to be
delivered and paid for at the Village Clerk's office within 10 days from date
of award.
Purchaser to pay accrued interest.
INDIANAPOLIS, Marion County, Ind.—BOND OFFERING .—Robert
Controller, will receive bids until 12 m. Oct. 15 for $150,000
coupon park bonds.
Denom. $1,000.
Date Oct. 15 1920.
Prin.
and semf-ann. int. (J. & J.) payable at the Union Trust Co., of Indianapolis.
Due $6,000 yearly on Jan. 1 from 1923 to 1947, incl.
Cert, check on some
responsible local bank, for 2H% of amount of bonds bid for, payable to
Ralph A. Lemcke, City Treasurer, required.
Bonds to be delivered and
paid for within 30 days from date of award.
Purchaser to pay accrued
H. Bryson, City
4%
FORK TOWNSHIP, Warren County, No. Caro .—BOND OFFERING.
12 m. Oct. 22 by C. C. Hunter, Chairman
(P. O. Warrenton), for $25,000 20-year road bonds at not exceeding 6%
—Bids will be received until
interest.
Int.
semi-ann.
payable at the office of the County Treasurer.
Cert, check for $500, required.
.FORT
WAYNE, Allen County, Ind.—BONDS OFFERED BY BANK¬
ERS.—The
Fletcher Savings &
Trust Co. of Indianapolis, is offering to
price to yield 5 % % an issue of $107,000 4 %% fire department
bonds.
Denom. $1,000.
Date June 1 1920.
Int. J. & D.
Due $59,000
June 1 1925 and $48,000 June 1 1930.
investors at
a
interest.
IOWA PARK, Wichita County, Tex.—BOND ELECTION.—On
55,000 water, sewer and sidewalk bonds are to be voted upon.
Oct. 4
Calif.
ISLETON UNION SCHOOL DISTRICT Sacramento County,
hand relative to the offering
Ill, p. 1298—Bids for these bonds
by Harry W. Hall, Clerk, Board of
BOND OFFERING.—Further details are at
FREEWATER, Umatilla County, Ore.—BOND OFFERING.—George
P. Sanderson, City Recorder, will receive sealed bids for $31,348 96 6%
impt. bond, until Oct. 4, it is stated.
Date Aug. 1 1920. Due Aug. 1 1930
optional Aug. 1 1921.
Cert, check for 5%, required.
FULTON
COUNTY
(P. O. Rochester), Ind.—BOND OFFERING —
Sealed bids for $12,000 5% C. C. Thompson et al road bonds will be received
by H. B. Kumler, Countv Treasurer, until 10 a. m. Oct. 7.
Denom. $600.
Date Mar. 1 1920.
Int. M. & N.
Due $600 each six months from May 15
Oct. 4 of the $100,000 6% bonds.—V.
will be received until 2 p. m. on that day
on
County Supervisors (P. Q. Sacramento).
Denom. $1,000.
Date Sept, 1
1920.
Int. semi-ann. payable at the office of the Country Teasurer.
Due
on Sept. 1 as follows: $1,000 1922 and $3,000 1923 to 1955, incl.
Cert, check or cash for 10%, required.
Purchaser to pay accrued interest.
Bonded Debt, none.
Assessed value, exclusive of operative property of
public utilities, $4,228,050.
yearly
JAMES
1921 to Nov. 15 1930. incl.
FULTON COUNTY (P. O. Rochester), Ind.—NO
were received for the two issue? of 5% road
—No bids
BIDS RECEIVED.
bonds, aggregating
$46,000, offered Sept. 29.—V. Ill, p. 1298.
IRRIGATION
DISTRICT, Fresno County,
bonds.
Denom. $1,000.
Date May 15 1920.
Int.
J.) payable at the First National Bank, San Joaquin, or
National Bank, N. Y.
Due $50,000 yearly on Jan. 1 from
coupon
semi-ann. (J. &
at the Chase
Nov. 30 the voters will be asked to vote
1943 to 1947 incl.
These bonds are part of an
5%
$750,000 have
FULTON COUNTY (P. O.
Hickman), Ky.—BOND ELECTION.—On
on the proposition to issue $400,000
3-30-year bonds.
GARFIELD, Bergen County, N. J.—BOND SALE.—On Sept. 28 the
issue of 6% gold coupon (withl privilege of registration) school bonds—Y.
Ill, p. 1107—was awarded to B. J. Van Ingen & Co., ind Outwater &
Weels, who bid $235.149 30 for $227,000—the price thus being 103.59,
a
basis of about
5.70%.
Date Aug. 1
1920.
Due yearly
on
Aug. 1 as
$4,000,
Calif.—BOND
SALE.—The Blankenhorn-Hunter-Dulin Co. has purchased $250,000 6%
tax-free
already been sold
,
,
,
5
.
^
■
authorized issued of $1,000,000 of which
as reported in V. Ill, p. 109.
JEFFERSON,
Ashtabula
County,
Ohi o.—BOND
SALE.—The
$55,000 6% coupon municipal light plant bonds, offered on Aug. 16—
V. Ill, p. 614—have been sold at par to the First National Bank, and the
Jefferson Banking Co., both of Jefferson.
Date July 1 1920.
Due yearly
on Aug. 1 as follows: $1,000, 1921 to 1923, incl.; and $2,000, 1924 to 1949,
follows: $5,000, 1921 to 1925, incl.; $6,000, 1926 to 1958, incl.; and.
1959.
inclusive.
GARFIELD HEIGHTS. Cuyahoga County, Ohio.—BOND OFFER¬
ING.—Herman Bohning, Village Clerk, will receive bids until 8.30 p. m.
the $22,000 6% 10-2O-year (opt.) registered
1920—V. Ill, p. 1199—were sold to Stix &
,
26 for $5,604.11 6% coupon special assessment Orchard Ave. Impt,
bonds.
Auth. Sec. 3812 Gen. Code.
Denom. 5 for $1,000 and 1 for $604.-
Oct.
Date Sept. 1 1920.
Int. M. & S.
Due $1,000 on Sept. 1 in 1922,
1924, 1925, 1927, 1928, and $604.11 Sept. 1 1929.
Cert, check for 1% of
payable to the Village Treasurer, required.
Bonds
11.
amount of bonds bid for,
to be delivered and paid
to pay
for within 10 days from date of award.
Purchaser
accrued interest.
GIBSON
COUNTY
(P. O. Princeton), Ind.—BOND OFFERING.—
receive proposals until 10 a. m.
et al Johnson Twp. road bonds.
Denoms. 5 for $640, and 40 for $500.
Date July 15 1920.
Int. M. & N.
Due $2,640 on May 15 and $2,000 on Nov. 15 in each of the years from 1921
27
funding bonds, dated Sept. 1
Co. of St. Louis for $22,039
(100.17) interest and blank oonds and attorney's fee.
The following is a
complete list of bids received.
•
Stix & Co., St. Louis, par accrued interest plus $39 and blank bonds and
JEFFERSON CITY, Cole County, Mo.—BOND SALE.—On Sept.
attorney's fee.
William R. Comptron Co., St. Louis, par accrued interest plus $5 attorney s
I00 stud blank bonds.
Stern Brothers & Co.,*Kansas City, par accrued interest plus $221.
Guaranty Trust Co., Kansas City, par accrued interest less $96 and blank
bonds.
S. Witherspoon, County Treasurer, will
Oct. 7 for $23,200 4H% Daniel Busing
Paine, Webber & Co., Chicago, $21,765 accrued interest and blank bonds
to
Commerce Trust Co., Kansas City, par accrued interest less
bonds furnished.
The Casady Dodd Co., Des Moines, par accrued interest less
bonds furnished.
1925, incl.
GOLDSBORO, Wayne County, No. Caro .—BOND OFFERING.—
Sealed bids will be received until 8:15 p. m. Oct. 14 by C. M. Grantham,
City Clerk, for $325,000 6% coupon (with privilege of registration) street
improvement bonds offered unsuccessfully on June 1—V. 110, p. 2566—
Denom. $1,000.
Date April 1 1920.
Prin. and semi-ann. int. (A. & O.)
payable at the Hanover National Bank, N. Y.
Due yearly on April 1
as follows:
$17,000 1923 to 1927, incl., and $40,000 1928 to 1933, incl.
Certified check or cash on an incorporated bank or trust company for 2%
of the amount of bonds bid for, payable to the city of Goldsboro, required.
The successful bidders will be furnished with the opinion of Reed, Dougherty
& Hoyt of N. Y. that the bonds are valid and binding obligations of the City
of Goldsboro and the bonds will be prepared under the supervision of the
U. S. Mtge. & Trust Co., N. Y.t which will certify as to the genuineness
of the signatures of the city officials and the seal impressed on the bonds.
furnished.
„
$525.
Blank
$500.
Blank
,
Kaufmann-Smith-Emert & Co., St. Louis, par accrued interest plus
Blank bonds furnished.
City to pay attorney's fee.
$23.
DISTRICT (P. O. Jerome), Yavapai County,
high school and $85,000
school bonds mentioned in V.~lll, p. 516—were voted almost
unanimously.
JEROME SCHOOL
Ariz.—BONDS VOTED.—On Sept. 8, the $205,000
grammar
JERUSALEM SCHOOL DISTRICT (P. O. Jerusalem),
Monroe
County. Ohio.—BOND SALE.—On Sept. 25 the $4,500 6% school bonds
on that date (V. Ill, p. 1199), were awarded to the Monroe Bank,
of Woodsfield, for $4,505 (100.111) and interest.
Date Oct. 1 1920.
Due
Oct. 1 1935, subject to call Oct. 1 1925.
The First National Bask of
offered
Woodsfield bid par.
1392
THE
KANSAS CITT, Mr.—NO BIDS.—On Sept. 23
for the $25,078 23 Series "A" and $37,782 40 Series
certificates.—▼. Ill, p. 1199.
KANAWHA COUNTY (P. O.
CHRONICLE
no bids were received
"A 12** 6% park-fund
Charleston), W. Va.—BOND SALE.—
year
KENMORE,
Erie
County,
»
bonds were
2,250 00
1,650 00
2,500 00
1.500 00
OFFERING.—Frank
C.
serial villages share paving bonds.
Denom. $100.
5-9 year serial lighting system bonds.
Denom. $450.
5-9 year serial water bonds.
5-9 yaar serial sidewalk bonds.
Denom. $500.
';
5-9 year serial fire alarm bonds.
Denom. $300.
village's share sewer bonds.
Denom. $500.
5-8 year serial lighting system bonds.
Denom. $500.
year
2,500 00
2,000 00
5,500 00 5-15 year serial water bonds.
Denom. $500.
Cert, check for 2% of amount bid, required.
If the successful bidder
so desires, these issues will be
consolidated into one issue, provided, however
that the maturities shall remain the same as if
they were of separate issues.
KENMORE, Summit County, Ohio.—BONDS NOT SOLD.—The $2,300 6% street impt. bonds offered
Sept. 20 (V. Ill,
on
sold.
p.
mated.
MEEKER COUNTY (P. O.
Litchfield), Minn.—BOND OFFERING.—
O. Palmquist, County Auditor, will receive sealed bids until 1 p. m.
13 for $17,000 public drainage bonds at not exceeding 6% interest
Date July 1 1920.
Int. annually.
Due $1,700 yeaily on July 1 from 1921
to
Moore, Village Clerk, will receive bids until 8 p. m. Oct. 4 for the following
6% bonds, aggregating $30,130.25:
$4,258 00 1-5 year serial
assessment
sewer
bonds.
Denom.
$851 60.
7,372 25 1-5 year aerial assessment paving bonds.
Denom. $1,474 45.
600 00 5-10
1011)
$1,250,000
Oct.
,
Y.—BOND
N.
IRRIGATION DISTRICT (P. O. Medford),
Jackson
Ore.—BOND SALE NEVER CONSUMMATED.—The sale of
6% gold irrigation bonds on May 15 to the Rogue River
Valley Canal Co., of Rogue River—V. 110, p. 221$—was never consum¬
A.
KARNES COUNTY COMMON SCHOOL DISTRICT NO. 32,
BONDS REGISTERED.—On Sept. 20, $6,000 5% 10-20
registered with the State Comptroller.
MEDFORD
County,
the
S. E. Childress, President of the County Court, advises us that $85,000
road hoods will be taken by the State of West Virginia as 5s, at par.
were not
1930, incl.
Cert, check for 10% of the amount ef bonds bid for,
County Treasurer, required.
MERIDIAN
Calhoun
KENMORE SCHOOL DISTRICT (P. O.Kenmore), Summit County,
Ohio.—BOND ELECTION.—On Nov. 2 according to reports, the voters
a proposition to issue $200,000 school bldg.
will have submitted to them
bonds.
KEYSER SCHOOL DISTRICT (P. O.
Keyser), Mineral County,
W. Va.—ROND OFFERING.—Proposals will be received
by L.B.McCool,
Secretary Board of Education, until 5 p. m. Oct. 11 for $75,000 6% school
building bonds.
LA
CROSSE, La Crosse County, Wise.—BOND OFFERING.—M. A.
Birnbaum, City Clerk, will receive bids until 2 p. m. Oct. 8 for all or any
»ct. of $75,000 6% coupon Hogan School bonds.
8art 20 1920. Principal and semi-annual interest (A. Denom.payable at the
$500. Date
& O.)
City Treasurer.
Due
$37,500 April 20
1921
and $37,500
April 20 1922.
True value of all taxable property (estimated)
Assessed valuation of real and personal
property
Total bonded debt including this issue
Sinking
$45,000,000
____
equalized, 1920 39,947,686
1,049,000
above
526.000
„„„
fund
439,800
_
Population, U. S.
census,
DISTRICT
O.
(P.
Pittsboro),
will be received
until
Denom. $500.
MIDDLETOWN, Orange County, N. Y.—BOND
OFFERING.—It is
reported that I. B. A. Taylor. City Treasurer, will receive proposals until
2 p. in. Oct. 7 for $60,000 4% 1-30-year serial tmprevement bonds.
Int.
semi-ann.
Cert, check for 2% required.
MILWAUKEE,
Wis.—BOND
SALE.—A
syndicate
composed
of
the
First Wisconsin Trust Co., Second Ward Securities Co., and the Marshall
A
Bank,
Ipsley
all
of Milwaukee,
and
Halsey, Stuart A Co., and the
Mercnants Loan A Trust Co., both of Chicago and Wiliaim R. Compton
Co., Guaranty Trust Co., A. B. Leach A Co., and Stacy A Braun, all of
N. Y., were awarded on Sept. 29 the following 6% 20-year serial tax-free
bonds—V. Ill, p. 1299—at 102.10.
$400,000 6% electric lighting bonds.
Denom. $1,000.
Date Jan. 11920.
120,000 6% grade crossing and abolition bonds.
Denom. $1,000.
Date
1
1920.
350,000 6% park bonds.
Jan.
500,000
800,000
2,200,000
400,000
400,000
Denoms. 340 for $1,000 and 20 for $500.
Date
1920.
1
6% harbor impt. bonds.
Denom. $1,000.
Date Jan. 1 1920.
5% school bonds.
Denom. $1,000.
Date Jan. 1 1920.
6% sewerage system bonds.
Denom. $1,000.
Date Jan. 1 1920.
5% school bonds.
Denom. $1,000.
Date July 1 1920.
6% vocational school bonds.
Denom. $1,000.
Date July 1
200,000 6% street opening bonds.
Denom. $1,000.
Date July 1 1920.
MINNEAPOLIS, Minn.—BOND SALE.—The
Wells-Dickey Co. of
Minneapolis, submitted the only proposal on Sept. 27 for the $131,900
20-year parkway impt. bonds, dated Sept. 1 1920—V. Ill, p. 1299—The
proposal was for 5% bonds at par and interest and was accepted.
MISSISSIPPI
(State of).—BOND SALE.—The Merchants Bank A
of Jackson on Sept. 28 purchased the $500,000 5H% impt.
Series "C" and "D"—V. Ill, p. 1012—at par.
Due $20,000 of
each series Nov. 1 1922 and $10,000 of each series Nov. 1 1922 to 1945. incl.
Trust
Co.,
bonds,
•
■
•
iii'Trrsaar
MONTGOMERY COUNTY (P. O. Dayton), Ohio.—BOND SALE.—
issue of $70,000 6% improvement bonds has been purchased by the
An
Fifth-Third National Bank,
of
Cincinnati which ia
now
offering them to
investors at prices to
Financial Statement.
Water bonds included In
DRAINAGE
reported, for $29,500 6% 20-year drainage bonds.
1920.
KENTON, Hardin
County, Ohio .—BOND SALE.—The
Kenton
Savings Bank of Kenton has purchased at par the $34,000 6% refunding
bonds, offered unsuccessfully on Aug. 16—V. Ill, p. 912.
of the
CREEK
County, Miss.—BOND OFFERING.—Bids
Oct. 9 it is
Jan.
bonds.
pay¬
able to the
BOND ELECTION.—It Is reported that at the November 2 elections the
voters will pass ©n a proposition to issue $200,000 water works extension
office
[VOL. 111.
1920, 30,500.
LA JUNTA, Otero County, Colo.—BOND SALE.—An issue of
$67,761 20 5K% Storm Sewer District No. 1 bonds has been purcnased
by
yield from 5%% to 5>6%.
Denom. $1,000.
Date
Sept. 15 1920.
Principal and semi-annual Interest payable in Dayton.
Due serially from March 15 1926 to Sept. 15 1927, inclusive,
f *"•»-r? -
BOND OFFERING.—F. A. Kilmer, Clerk of Board of County Commit
sioners, will receive proposals until 12 m. Oct. 7 for $47,500 6% InterCounty Highway No. 64 bonds.
Denom. 1 for $500, 47 for $1,000.
Date
Nov. 1 1920.
Principal and semi-annual interest (M. A N.) payable at the
County Treasury.
Due $2,500 Nov. 1 1921 and $5,000 yearly on Nov. 1
from 1922 to 1929, inclusive.
Certified check for $1,000, payable-to the
County Treasurer, required.
Purchaser to pay accrued interest.
Proposals will also be received by the Clerk until 10 a. m. Oct. 15 for
Benwell, Phillips, Este & Co, of Denver.
Date June 1 1920.
Prin. and
semi-ann. int. (J. AD.) payable at the office of the Ctfv Treasurer or at the
$200,000
banking house of Kountze Bros., N. Y., at option of holder.
$1,000.
LAMAR
COUNTY
COMMON SCHOOL DISTRICT NO. 6,
Tex.—
BOND SALE.—An issue of $3,300
5% bonds has been awarded to the State
of Texas at par.
LF.MMON, Perkins County, So. 'Dak.—BOND OFFERING POST¬
PONED.—-The offering of the $22,000 6% sewer bonds which was to have
taken place on Sept. 27 (V. Ill,
p. 1199), has been postponed until 8 p. m.
Oct. 4.
LEXINGTON,
$300,000
Fayette
County,
Ky.—BOND
bond issue will be voted
sewer
on
Nov.
ELECTION.—A
were
on
no
bidders
Sept.
27.—
1299.
p.
LOGAN,
Hacking
County,
Ohio.—BOND
SALE—The
deficiency funding bonds offered on Sept. 20—V. Ill,
awarded to the National Bank of Logan at
par and interest.
1920.
Due $1,500 yearly on Sept. 15 from
$7,500
6%
1011—were
Date Sept. 15
1921 to 1925, incl.
There were
p.
other bidders.
no
LOU*^VIL!,E,
Winston
County,
Miss.—BOND
OFFERING.—An
$36,000 impt. bonds will be offered for sale on Oct. 4, it, is reported.
issue of
Due Oct.
made.
MADISON COUNTY (P. O. London), Ohio.—BOND
OFFERING.—
Davis, County Auditor, will receive bids until 12 m. Oct. 18 for
the following 6%. coupon ditch improvement
bonds, aggregating $58,500:
$3,800 Van Wagener Ditch bonds.
Denom. $190.
8,200 Kent Ditch bonds.
Denom. $410.
7,500 Barrett Ditch bonds.
Denom. $375.
15,000 Headier Ditch bonds.
Denom. $750.
24,000 Bragg Joint Ditch bonds.
Denom. $1,200.
Date Nov. 1 1920.
Principal and semi-annual interest
Will H.
(M. & S.) payable
1
1950.
Certified
check
MONTICELLO,
John
for
H.
Jefferson
solvent bank,
a
oh
$6,000, payable to the County Treasurer, required.
•
:
-
•
Fla.—BOND
County,
Shuman, Town Clerk, will receive bids until 8.30
for
j
OFFERING.—
p. m. Oct. 5,
the
following 6% bonds.
$36,000 bonds.
Date April 1 1920.
April 1
14,000 bonds.
Oct.
LIMA, Allen County, Ohio.—NO BIDDERS.—There
the $224 P00 6% Askins relief-sewer
notes, offered
Ill,
be
to
2.
for
V.
6% Mt. Auburn Water Supply improvement bonds.
Denom.
Date Oct. 1 1920.
Principal and semi-annual interest (A. A O.)
payable at the County Treasurer's office, where delivery to the purchaser is
Denom.
1
1925.
Date Oct.
1
1920.
Due $9,000
every
5
years
beginning
Due $2,500 every 5 years .beginning
1925.
$500.
Prin.
and
semi-ann.
int.
payable at the office of the
Town Treasurer.
Cert, check for 5% payable to the above Clerk, required.
Said bids may be for the whole or any portion of the above bonds bids to be i*
hands of said Clerk, by 8 p. m. of said 5th day of October.
MORGAN COUNTY (P. O. Martinsville), Ind.—BOND OFFERING.—
John H.
Sehafer, County Treasurer, will receive bide until 2 p.
414% road bonds:
m.
Oct. 4
for the following
$22,140 Edward Crone et al Adams Twp. bond*.
Denom. $1,107.
Due
$1,107 each six months from May 15 1921 to Nov. 15 1930, incl.
9,800 Ernest Lambert et al Gregg Twp. bond*.
Denom. $490.
Due
$490 each six months from May 15 1921 to Nov. 15 1930, inclusive.
15,360 Elmer Stierwalt et al Adams Twp. bond*.
Denom. $768Due
$768 each six months from May 15 1921 to Nov. 15 1930, inclusive.
8,000 T. J. Lewis et al Ashland Twp. bonds.
Denom. $400.
Due $400
each six months from May 15 1921 to Nov. 15 1930, inclusive.
Date Oct. 1 1920.
Int. M. AN.
i. 1
,
vt
*
K
■
■ 1
-.■*"* *
MORGAN
COUNTY
(P.
O.
Connelsville),
Ohio.—BOND
SALE.—
On Sept. 25 the First National Bank of McConnelsville, was awarded at par
and interest an issue of $20,000 6% bridge repair bonds.
Denom. $500.
months from March 1
Date Sept. 1 1920.
Prin. and semi-ann. int. (M. A S.) payable at the
County Treasury.
Due $1,000 each isx months from Mar. 1 1921 to Sept. 1
1930, incl.
t^ADJtS0^C0UNTY (p- °- Virginia City), Mont.—BOND OFFERS
?
^P- m- Oct. 11, Geo. E. Gohn, County Clerk, will receive
bids for
"News" reports that an issue of $50,000 fire apparatus bonds has been
awarded to Breed, Elliott A Harrison of Indianapolis, for $50,127 (100.254)
and interest.
at
the
County Treasurer's office.
Due
one
bond
of each issue each
six
1921 to Sept. 1 1930, inclusive.
Certified check for
10% of amount of bid, payable to the
County Treasurer, required.
Pur¬
chaser to pay accrued interest.
the whole
bonds.
Denom.
or
any part of $105,000
$1.000.
Date July
1
5H%. 5H% and 6% highway
Principal and semi-annual
1920.
interest (J. A J.) pftyable at the office of the
County Treasurer, or, at option
of holder, at the Mechanics A
Metals National Bank, N. Y.
Due $7,000
on
n" 1 from 1926 to 1940, inclusive, and each bond redeemable
option of county on the interest payment date occurring one
year
prior to maturity.
Each bid must be for some multiple of $15 000 and
must be without condition or
qualification, and all bids other than by or on
behalf of the State Board of Land
Commissioners of the State of Montana,
must be accompanied
by a certified check equal to 2% of the face value
«
at thr
°
bonds bid for, payable to the County
,
printed and furnished by the county and
*
of the
T?
made
County Treasurer,
Treasurer.
The bonds will be
delivery of and payment for the
twenty days from the date of sale at the office
or at any financial centre at
purchaser's option
s expense.
The approving opinion of Caldwell &
Masslich,
City, as to the legality of the bonds, will be furnished the
purchaser without charge.
Bidders are required to state rate of interest in
and purchaser
of New York
their
bid.
MAHONING COUNTY (P. O.
On
Sept.
27 the
ffm.
R.
261°(L5 eou^°to fo(To35*
Youngstown), Ohio.—BOND SALE.—
Compton Co. of Cincinnati, was awarded the
r0ad b°ndS' aggregating S84.231.05, for $84,-
$28,309.75 Columbiana-New Buffalo Road No. 125 Sec. "J"
impt. bonds.
Denom. 1 for $1,309.75 and 27 for
$1,000.
Due
$1,309.75
Sept. 1 1919 and $27,000 Mar. 1 1930.
5«,921.30 South Range Centre Road No. 26 Sec. "O"
impt. bonds.
$1'000Date
Oct.
1920.
Prin.
and
semi-ann.
int.
(M.
County Treasury.
MECHANICSBURG,
Champaign
County,
Due $921-30 Sept-1
A
S.) payable at the
Ohio.—BOND
OFFER¬
ING.—Proposals will be received until 8 p. m. Oct. 18 by W. W McCoy
Village Clerk, for the following 6% bonds:
y
y'
$4,000 motor fire apparatus bonds.
Denom. $400.
Due $400 yearly
Oct.
from 1921 to 1930, incl.
5,000 town hall bonds.
Denom. $500.
Due $500 yearly on Oct. 1 from
1921 to 1930, incl.
on
1
Date Oct. 1 1920.
Int. A. A O.
Cert, check for 5% of amount of bonds
bid for, payable to the Village Treasurer, required.
•r-MUNCIE, Delaware County, Ind.—BOND SALE.—The Indianapolis
__ij
^
NASHUA, Hillsborough County, N. H.—BOND SALE.—On Sept. 21
the $18,000 5% high school bonds offered on that date—V. Ill, p. 1299—
were awarded to E. H. Rollins A Sons of New York at 98.67, a basis of
about 5.23%.
Date Sept. 1 1920.
Due yearly on Sept. 1 as follows:
$2,000 1921 to 1923, incl., and $1,000 1924 to 1935, incl.
NEWBURGH, Orange County, N. Y.—BOND OFFERING.—Wm. J.
McKay, City Manager, will receive bids until 12 m. Oct. 11 for $17,600
5% registered fire dept. bonds.
Denom. 17 for $1,000 and 1 for $600.
Date Oct. 1 1920.
Prin. and semi-ann. int. (A. A O.) payable at the
City Treasurer's office or in New York Exchange, at holder's option.
Due
$2,000 yearly on Oct. 1 from 1921 to 1928, incl.; and $1,600 Oct. 1 1929.
Cert, check for 2% of amount of issue, required.
t.
NEW CARLISLE VILLAGE SCHOOL
lisle), Clark County,
DISTRICT (P.
months from March 1
O. New Car¬
school(V. Ill, p. 1107),
Due $1,000 each six
Ohio.—BOND SALE.—The $45,000 6%
house-erection bonds, offered unsuccessfully on Sept.
have been sold.
Date Sept. 1 1920.
Int. M. A 8.
1930 to March 1
1
1952. iaclueive.
NEW
HAVEN, New Haven County, Conn.—BOND
SALE.—Oh
Sept. 27 Blodget A Co. of Boston and Roy T. H. Barnes A Co. of Hart¬
ford, jointly, were awarded three issues of 5% ceupon (with privilege
of
registration) bonds as follows:
$125,000 highway grading bonds at 102.23, a basie ef about 4.82%
Date
Sept. 1 1920Due Sept. 1 1940.
100.000 city park impt. bonds at 102.495, a basie ef about 4.82%.
Date
Sept. 1 1920.
Due Sept. 1 19-43.
200,000 street pavement bonds at 102.367, a basis of about 4.82%.
Date
April 1 1920.
Due April 1 1940.
Denom. $1,000.
Prin. and semi-ann. int. payable at the City Treas¬
.
urer's office.
NEWPORT
BEACH, Orange County,
Calif.—BOND OFFERING.—
Alfred Smith, City Clerk, will, on Oct. 11 at 7:30 p. m., receive bids for the
$50,000
6% coupon municipal bonds recently voted—V. Ill, p. 1200.
Denom. $1,000.
Date Oct. 1 1920.
Int. A. A O., payable at the office
of the City Treasurer.
Due $2,000 yearly on Oct. 1 from 1921 t© 1945,
incl.
Cert, check for 2% of the amount of bid, required.
Total bonded
debt (including this issue) Sept. 24 1920, $363,0WAssessed value 1920,
$3,724,428.
NEWTON COUNTY (P. O.
Kentland), Ind.—BOND OFFERING.—
will receive bids until 2 p. m. Oct. 5 for the
r«ad bonds:
$20,000
G. Barker et al Jackson Twp. bonds.
Denom. $500. Due
$500 each six months from May 15 1921 to Nov. 15 1940, incl.
16,680 iarl H. Keasler et al Beaver Twp. bonds.
Denom. $417.
Due
$417 each six months from May 15 1921 to Nov. 15 1940, incl.
8,800 Conrad Kufner, Washington Twp. bonds.
Denom. $440.
Due
$440 each six months from May 15 1921 to Nov. 15 1930, inch
3,200 Phillip R. Duclos et al Beaver Twp. bonds.
Denom. $320.
Due
$320 each six months from May 15 1921 to Nov. 15 1925, incl.
John J. Sell, County Treasurer,
following
4
M.
NORFOLK, Litchfield County, Conn .—BOND SALE.—An issue of
5% refunding railroad bonds has been purchased by Thomson,
offering them to investors at a price
to yield 4.80%.
Date Oct. 1 1920.
Due Oct. 1 1940. r
$30,000
Fenn & Co., of Hartford, who are now
NORTH ADAMS,
Berkshire County, Mass .—TEMPORARY
Sept. 28 the temporary loan of $50,000,
Nor. 17—V. Ill, p. 1300—was awarded to
on a 5.89% discount basis.
,
On
1393
CHRONICLE
THE
Oct. 2 1920.]
LOAN.—
dated Sept. 28 and maturing
Bond & Goodwin, of Boston,
ROCHESTER,
N.
Y
NOTE
SALE.—The following notes were
on Sept. 24 to the National Bank of Commerce, ef Rochester, en
6% interest basis: $100,000 school bonds, payable feur months from
Sept. 29; $20,000 Plymouth & Brooks Ave. sewer metes, maturing four
months from Oct. 3.
Payable at maturity at the Central "llnion Trust Co.
awarded
a
of New York.
RITZVILLE,
Adams
County, Wash.—BOND OFFERING.—Bids
Oct. 19 by J. C. Kittel, City Clerk, for
$50,000 water extension bonds, at not exceeding 6% interest, authorized
by a vote of 347 to 71 at an election held Sept. 14 1920.
Denom. $500.
Date of bonds not yet determined.
Prin. and semi-ann. int. payable at
the office of the City Treasurer or at the. Fiscal Agency of the State of Wash¬
ington in N. Y.
Due yearly on Jan. 15 as follows: $3,600, 1925 to 1934,
incl.; and $4,000, 1935 to 1939, incl.
Cert, check for 10%, required.
Official circular states that no previous issues of bonds have been contested
and the interest and principal of all bonds previously issued have
been
will be received until 7.30 p. m.
promptly met at maturity and that there is no controversy or litigation
pending or threatened, affecting the corporate existence or the boundaries
of said city, or the title of its present officials to their respective offices, or
the validity of these bonds.
Financial Statistics (as of Aug. 31 1920.)
OREGON (State of).—BOND SALE.—On Sept. 28 Stacy & Braun
Eldredge & Co., Kissel, Kinnicutt & Co., Ralph SchneelochCo., and Anglo
and London Paris National Bank, were awarded the $2,000,000 4H%
14^-year (aver.) gold highway bonds, dated Oct.
and interest a basis of about 5.38%.
1 1920—-V. Ill, p. 1200
—at 91.11
OSHKOSH, Winnebago County, Wise.—BOND SALE.—Recently
$55,000 6% cemetery-impt. bonds were sold, it is stated, to the WellsDickey Trust Co. of Minneapolis for $55,389, equal to 100.70.
Denom.
$1,000.
Int. semi-anm.
Due Sept. 1 1926.
PADUCAH, McCracken County, Ky.—BOND SALE.—The
Harris
Savings Bank of Chicago has been awarded $65,000 6% refunding
of bonds.
Trust A
bonds at 100.92 and expense
PAINESVILLE, Lake County, Ohio.—BOND OFFERING.—Proposals
m. Nov. 1 by N. Lord, City Auditor, for the follow¬
will he received until 12
ing 6% assessment sewer bonds:
Due $500 yearly on Oct. 1 from
$3,500 Stage Ave. bonds.
1925 to 1931,
inclusive.
Due $500 yearly on Oct. 1 from
5,000 Gillett Street bonds.
1923 to 1932,
inclusive.
Denom. $500.
Date Oct. 1 1920.
Int. semi-ann.
Cert, check
of amount of bonds bid for, payable to the City Treasurer, required.
to be delivered and paid for within 10 days from date of award.
for 10%
Bonds
River
offered
DISTRICT NO. 16 (P. O.
local banks.
PARMA TOWNSHIP RURAL
SCHOOL DISTRICT (P. O. Cleveland)
Cuyahoga County, Ohio.—NO BIDS.—No bids were
$150,000 6% coupon school-site and building
—V. Ill, p. 815.
submitted for the
bonds, offered on Sept. 1.
figures not available)
Total bonded debt: This issue
Balance due on Water Revenue bonds
Sept.
County,
1935.
1
__
PEEBLES, Adams County, Ohio.—BOND OFFERING.—H. B. Hunter,
Village Clerk, will receive bids until 12 m. Oct. 9 for $2,000 6% refunding
bonds.
Denom. $200.
Date Sept. 1 1920.
Int. annually.
Due $200
yearly on Sept. 1 from 1921 to 1930 incl.
Purchaser to pay accrued int. -
AGRYL, Northampton County,
Pa.—BOND OFFERING.—Borough Secretary, will receive bids until 6 p. m. Oct. 11
PEN
J. Irwin Weiss,
for $35,000 street impt. and $10,000 general impt. 5%
The street bonds are dated Aug. 1 1920 and the general
1920.
Int. semi-ann.
tax-free gold bonds.
impt. bonds Sept. 1
Cert,
Due in 30 years; optional at end of 20 years.
of amount of bid, payable to the "Borough of Pen
Purchaser to pay accrued interest.
check for 5%
required.
Argyl,"
Warrant debt: Current expense
Indebtedness fund
PIKE
,
7,685 64
4,810 07
fund
•
fund..
6,247 40
Local improvement bond debt
14,000 00
No sinking funds.
Interest and $500 semi-annual payment on Water
Revenue bonds are made out of water works fund.
Population U. S. census 1910, 1,859; 1920, 1,000.
Predominant nati¬
vity, German and Russian-German.
Municipal water works:
Net earnings 1919 (after deducting operating
expenses), $3,475 39.
Water works
....
RIVERHEAD COMMON SCHOOL DISTRICT NO. 2 (P. O. Manorville), Suffolk County, N. Y.—BONDS SOLD IN PART.—Of the twelve
school bonds offered Sept. 27—V. Ill, p. 1300—eleven of the
bonds were disposed of as follows:
Bonds No. 9 & 10 to Fred W. Meyer at $515 each.
Bonds No. 11 & 12 to Fred W. Meyer at $520 each.
Six bonds to Mrs. Lila T. Kelley at $504 each.
One bond to J. H. Carter at $503.
The only other bidder was tne Riverhead Savings Bank, which offered par.
$500 6%
ROCK
HILL, York County,
SoJ Caro.—BONDy OFFERING.—S.
George Moore, City Clerk and Treasurer, will receive sealed bids until
11 a. m. Oct. 20 for all or any part of $100,000 6% street impt.bonds.
Denom. $1,000.
Date Jan. 1 1920.
Prin. and semi-ann. int. payable in
New York.
Due vearlv on Jan. 1 as follows: $6,000 1922 to 1931 incl.,
$8,000 1932, $3,000 1933 to 1936 incl., and $4,000 1937 to 1941, incl.
Cert, check for 2% of the amount of bonds bid for. required.
Bonds
prepared under the supervision of U. S. Mfcge, A Trust Co., which
as to the genuineness of the signatures of the City officials.
purchasers will be furnished without charge the approving
opinion of Caldwell & Masslich of N. Y.
Bonds will be delivered on
Nov. 1 1920 or as soon thereafter as the bonds can be prepared.
certify
The purchaser or
ROOSEVELT (P. O. Cartaret), Middlesex County. N. J .—BOND
OFFERING.—Proposals will be received by Walter B. Quinn, Borough
Clerk, until 8:15 P. m. Oct. 4 for $22,000 5% registered fire apparatus
bonds.
Denom. $1,000.
Date Nov. ,1 1920.
Principal and semi-annual
interest (J. & D.) pavable at the Borough Collector's office; interest on
tered bonds will, if requested, be remitted in New York exchange.
Due
regis¬
yearly on Nov. 1 as follows: $2,000 1922 to 1928, inclusive; $4,000 1929 and
1930.
Certified check on an incorporated bank or trust company for 2%
of amount of bonds bid for, payable to the Borough Collector, required.
Bonds to be delivered and paid for at the Borough Collector's office.
Bids
are desired on forms furnished by the Borough.
Purchaser to pay accrued
interest.
•
#
-
HEIGHTS INDEPENDENT SCHOOL
REGISTERED.—The State Comptroller on
$12,000 5% 40 year bonds.
ROSEN
BONDS
(P. O. Waverly), Ohio.—BOND OFFERING.—Pro¬
posals will be received until 12 m. Oct. 11 by C. W. Penn, County Auditor,
6% Inter-County Iluighway No. 504 bonds.
Denom. 1 for
$250 and 20 for $1,000.
Date Sept. 1 1920.
Prin. and semi-ann. int.
(M. & S.) payable at the County Treasury, where bonds are to be delivered
and paid for as soon as prepared.
Due $1,250 Mar. 1 1921 and $1,000 each
six months from Sept. 1 1921 to Sept. 1 1930, incl.
Cert, check for $200,
payable to the County Treasurer, required.
Purchaser to pay accrued int.
.
$50,000 00
17,000 00
67,000 00
will
Westmoreland
1,250,000 00
.......
will be
Pa.—BOND OFFERING.—
Proposals will be received until 8 p. m. Oct. 19 by J. M. Wallace, Borough
Secretary, for $40,000 5M% tax-free coupon bonds.
Denom. $1,000.
Date Sept.
1 1920.
Int. semi-ann.
Due Sept. 1 1950; subject to call
PARNASSUS,
(exact
valuation of all property, equalized 1920
Assessed
„
Parkdale), Hood
County, Ore.—BOND SALE.—The $25,000 6% school bonds
without success on June 21—V. Ill, p. 218—have been taken by the
PARKDALE SCHOOL
$2,500,000 00
Estimated actual value of all taxable property
COUNTY
for $20,250
DISTRICT, Tex.—
Sept. 25 registered
SCHOOL DISTRICT NO. 8 (P. O. Royal
County, Mich.—BOND SALE.—Whittlesey, McLean
purchased and are now offering to investors at a
price to vield 5.75%, an issue of $32,000 6% school bonds.
Date Oct. 1
1920.
Due Oct. 1 1933.
ROYAL OAK TOWNSHIP
Oakland
Oak),
& Co.,
of Detroit, have
RUSH
A.
COUNTY (P. O. Rushville), Ind.—BOND OFFERING.—Chas.
County Treasurer, will receive bids until 2 p. m. Oct. 8 for
Frazee,
Jackson Twp. road bonds. Denom.
& N.
Due $1,358 each six months
inclusive.
County,
N.
Y .—BOND
SALE.—On
Sept. 23 an issue of $23,000 6% street and bridge bonds was awarded
to Thayer, Drew & Co. of New York, at 100.03 a basis of about 5.995%.
Denom. $500.
Date Sept. 1 1920.
Due $1,000 yearly on Sept. 1 from
1921 to 1939, incl., and $4,000 Sept. 1 1940.
$27,160 4Yi% William A. Powell et al
$679.
Date Aug. 15 1920.
Tnt. M.
from May 15 1921 to Nov. 15 1930,
POCAHONTAS COUNTY (P. O. Pocahontas), Iowa.—BOND SALE.
—The McCartan State Bank of Pocahontas has purchased $400,000 6%
court-house bonds at 100.50.
Date Aug. 23 1920.
Int.
Redeemable at the option of Treasurer.
PORTLAND, ORE.—BOND OFFERING.—Proposals will be received
until 2 p. m. Oct. 19 by CharlesB. Moore, Chairman of the Commission of
Public Docks, for the whole or any part of $2,000,000 5% harbor impt.
bonds.
Denom. $1,000.
Date Nov. 1 1920.
Int. M. & N.
Due yearly
on Nov. 1 as follows: $70,000 1923 to 1946 incl., and $80,000 1947 to 1950
incl.
Cert, or cashier's check on some responsible bank in the City of
Portland for 2K% payable to Wm. Adams, City Treasurer, required.
Unqualified bids only will be received and the successful bidder will be
furnished with an original copy of the opinion of Storey, Thorndike, Palmer
& Dodge of Boston, covering the legality of the bonds.
Bonds will be
delivered Nov. 1 1920 or as soon as practicable thereafter in the City of
Portland by the City Treasurer at such bank as may be designated by the
successful bidder.
An alternative bid may be made by each bidder, upon
the basis of delivery of one-half of said bonds Nov. 1 1920, or as soon there¬
after as practicable, and delivery of the remaining half on or before March 1
1921 at such times and in multiples of $100,000 as the successful bidder may
be received by A.
PLATTSBURGH,
Clinton
request.
will receive proposals
(opt.) assessment collection bonds until 11 a. m.
Prin. and ann. int. payable at the City Treasur¬
er's office or at the fiscal agency of the State of Oregon in New YorkCity,
N. Y.
Cert, check or cash on some responsible bank in Portland for 5%
of the amount of bonds bid for, required.
Legality approved by Storey
Thorndike, Palmer A Dodge, of Boston.
BOND OFFERING.—Geo. R. Funk, City Auditor,
for $25,000 SM % 7-10 year
Oct. 5.
Date May 1 1920.
BOND
land,
SALE.—On Sept. 25 the Northwestern National
was
Bank of Port¬
awarded the $200,000 5H% construction bonds.
RICHMOND, Va.—BIDS.—The following bids were also received on
Sept. 21 for the two issues of 6% 10-year coupon (with privilege of regis¬
tration) gas works and public-improvement bonds aggregating $1,350,000
awarded as reported la v. Ill, p. 1300.
Amount Bid For.
($100,000 Gas Works
Price Bid.
l$100,000 Public Impt.
Name.
99.2596
Gas Works
Life Insurance Co. of Virginia
I
100,000
\
100,000 Public Impt.
Bank Commerce amd Trusts
I
The National City Company
E. H. Rollins & Bono
( 750,000 Gas Works
[ 600,000 Public Impt.
Field, Richards A Co
Scott A Stringfellow and Associates
[
i
600,000 Public Impt.
99.2596
100.319
Calif.—NO BIDS SUBMITTED.—'There were no
23 for the $15,568.41 7% bonds.—V. Ill, p. 1201—
J. & J.
Due yearly for 10 years.
SALISBURY, Chariton County, Mo .—BOND OFFERING.—Bids will
L. Sutter, City Clerk, for $20,000 6% 5-20-year (opt.)
pumping station and water pipe bonds until 7:30 p. m. Oct. 4.
8500.
Date Oct. 15 1920.
Interest semi-annual.
Certified
$200, payable to the above Clerk, required.
Denora.
check for
■
SANDERS COUNTY (P. O. Thompson Fall*), Mont.—BOND
TION.—On Nov. 2 $75,000 bridge bonds are to be voted upon.
ELEC¬
Ida.—BOND OFFERING.—To retire
funding bonds will be offered for sale, it is
SANDPOINT, Bonner County,
outstanding warrants $43,000
reported.
„
_
.
,
_
SANDUSKY, Erie County, Ohio.—BOND SALE.—The $51,000 5H%
harbor impt. bonds, offered on Sept. 28—V. Ill, p. 1201—were
awarded on that date to the W. R. Compton Co., of Cincinnati, at par and
interest.
Date Aug. 1 1920.
Due yearly on Aug. 1 as follows: $2,000
1921 to 1929 incl.; $5,000 1930 to 1934, incl.; and $8,000 1935.
coupon
SANDUSKY COUNTY (P. O. Tremont),
Ohio.—BONDS NOT
SOlJT.
road impt. bonds, amounting to $60,000, were
bids were received.
Denom. $500. ' Date Sept. 15 1920Int. semi-ann.
Due serially to Sept. 15 1930.
The County Auditor is now trying to arrange a private sale of the bonds
—Five issues of 6% county
not
sold,
SAN
stated
Nov.
as
no
JOSE, Santa Clara County, Calif.—BOND ELECTION.—It is
plans are being formulated for a $700,000 bond election on
used to build a civic centre.
that
10, the money to be
SCHENECTADY, Schenectady County, N- Y.—BOND OFFERING.—
Dibble. City Comptroller, will receive bids until 11 a. m. Oct. 8
the following coupon (with privilege of registration) bonds, to bear
interest at a rate not to exceed 5}4%:
for
$200,000 school bonds.
Denom. $1,000.
Date July 1 1920.
Due $10,000 yearly on July 1 from 1921 to 1940, incl.
120,000 sewer bonds.
Denom. $1,000.
Date July 1 1920.
Due $6,000 yearly on July 1 1921 to 1940, incl.
40,000 sewer bonds.
Denom. $1,000.
Date July 1 1920.
Due $2,000 yearly on July 1 frdm 1921 to 1940, incl.
99.19
Int. J. A J.
Int. J. k J.
Int. J. A J.
50,000 park bonds.
Denom. $2,500.
Date Aug. 1 1920.
Int. W. k, A.
Due $2,500 yearly on Aug. 1 from 1921 to 1940, incl.
60,000 school bonds.
Denom. $1,000.
Date Aug. 1 1920.
Int. V. h A.
Due $3,000 yearly on Aug. 1 from 1921 to 1940, incl.
Prin. and semi-ann. int. payable at the City Treasurer's office; at regis¬
tered holder's request, will be remitted in New York Excnange.
Cert,
of amount of bonds bid for, payable to the City Treasurer,
required.
Purchaser to pay accrued interest.
•
The legality of issue of these bonds will be examined by Caldwell A Ray¬
mond, of New York, whose favorable opinion will be furnished to the pur¬
chaser, and the bonds will be delivered to the purchaser at the offices of
the firm, 115 Broadway, New York, on Oct. 19, or a* soon thereafter as
completed.
'
cneck for 2%
SCOTT
COUNTY
(P. O.
Scottsburg), Ind.—BOND OFFERING.—
will receive bide mat! 10 a. m. Oet. 15
Int. semi-anm
T. H. Everitt, County Treasurer,
750,000 Gas Works
I
Denom. $500.
Leon G.
TOWNSHIP RURAL SCHOOL DISTRICT (P. O. Reily),
Butler County, Ohio.—BOND OFFERING.—Sealed bids will be received
by H. J. Weaver, Clerk of Board of Education, until 12 m. Oct. 13 for the
following 6% school bonds:
$2,500 bonds, maturing $500 yearly on Sept. 1 from 1926 to 1930, incl.
2,000 bonds, maturing $500 yearly on Sept. 1 from 1931 to 1934, incl.
Denom. $500.
Date day of sale.
Prin. and semi-ann. int. (M. & 8.),
payable at the- Firet National Bank of Hamilton.
Cert, check for 5%
of amount of bonds bid for, payable to the Board of Education, required.
REILY
First National Baak
SACRAMENTO,
bids submitted on Sept.
for $17,800
5% road impt. bonds.
1394
THE
CHRONICLE
SELBY, Walworth County, So. Dak.—BOND SALE.—'The $18,000
5% 10-year sewer, dated June 1 1920, mentioned in V. 110, p. 2414—have
teen sold to Mobridge Plumbing & Heating Co. of Mobridge at par.
SILVERTON, Hamilton County, Ohio.—BOND OFFERING.—Pro¬
posals addressed to O, W. Bennett, 711 Fourth National Bank Bldg.,
Cincinnati, will be received until 12 m. Oct. 19 for $2,500 street repair and
$2,500 fire engine 6% coupon bonds.
Denom. $100 & $500.
Date Oct. 1
1920.
Int. semi-ann. Due Oct. 1 1940,
Cert, check for 5% of amount of
bonds bid for, payable to the Village Treasurer, required.
[Vol. 111.
VALATIE,
Columbia County,
N. Y.—BONDS
$2,500 5% 2-9 year serial bonds dated Oct.
issue of
Sept. 23.
NOT SOLD.—An
1 1920 offered on
not sold.
was
VALLEJO GRAMMAR SCHOOL DISTRICT, Solano County,
Calif.
—BONDS NOT YET SOLD.—No sale has yet been made of the $250,000
534% school bonds offered without success on June l4 (V. 110, p. 2698).
This district is endeavoring to sell the bonds in small lots.
VALLEJO
HIGH
SCHOOL
DISTRICT,
Solano
County,
Calif.—
SMITHVILLE, Do Kalb County, Tenn.—NO BIDS.—At the offering
on Sept.
20 of the $30,000 6% electric-light and power bonds—V. Ill,
p. 1108—no bids were received.
BONDS NOT YET SOLD.—The $250,000
534% school bonds which were
on June 14 (V. 110,
p. 2698), but failed then to receive a bid, have
not been sold as yet.
The district is trying to dispose of the bonds in
small portions.
SOUTH
DAKOTA
(State of).— WARRANT
OFFERING.—G.
H.
Helgerson, State Treasurer (P. O. Pierre), offers for sale to the lowest
bidder,
$400,000 emergency hall
warrants.
Denom.
$10,000.
Date
Nov. 1 1920.
Due May 1 1921.
VAL VERDE COUNTY (P. O. Del
Rio), Tex.—BOND SALE.—Re¬
cently J. E. Jarratt & Co. of San Antonio purchased a 30-year serial road
bond issue amounting to $250,000 and
bearing 534% interest.
Denom.
$1,000.
Date Sept. 1 1920.
Int. M. & S.
SOUTH DAKOTA (State of).—BOND SALE.—A syndicate managed
by the Continental & Commercial Trust & Savings Bank, Harris Trust &
Savings Bank and Halsey, Stuart & Co., has purchased the following taxfree coupon bonds (registerable as to principal):
$2,500,000 6% rural credit bonds.
Due yearly on Oct.
1 as follows:
$100,000 1933 to 1936, inclusive, $200,000 1937 to 1939,
inclusive, and $1,500,000 1940.
1,250,000 5% State highway bonds.
Due $250,000 yearly on Oct. 1 from
1924 to
1928, inclusive.
Denom. $1,000.
Date Oct. 1 1920.
Principal and semi-annual interest
A. & O.) payable at the Continental & Commercial Trust & Savings Bank,
Chicago, or First National Bank, New York.
Financial Statement.
Assessed valuation or taxation.
Total bonded debt, including these issues
—$2,257,853,656
*33,950,000
Population 1918, estimated, 735,000.
*
Including the proceeds of this issue of rural credit bonds, the State will
hold in trust for the payment of rural credit bonds outstanding, $30,535,000
farm mortgages and cash.
Deducting this amount from the total bonded
debt, the balance remaining would be but $3,415,000, or less than one-sixth
of 1% of the assessed valuation.
One of the State's great assets is the School Fund, consisting of $27,434,983, invested in farm mortgages and bonds; and 2.700,843 acres of unsold
school lands, officially valued at over $100,000,000.
SOUTH
ST.
PAUL, Dakota County,
(P. O. Springfield), Windsor
County, Vt.—BOND OFFERING.—Additional information is at hand
relative to the offering on Oct. 6 of the $85,000 5% school bonds—V. Ill,
p. 1300.
Proposals will be received until 4 p. m. on that date by Fred
W.
Wheeler, District Treasurer.
Denom. $500.
Int. A. & O.
Due
$8,500 yearly on Oct. 1 from 1921 to 1930, incl.
Umatilla
County,
Ore—BOND
OFFERING.—At
Hazen, City Recorder, will receive bids for
$19.895.41 6% coupon improvement bonds
it is stated.
Date May 1
1920.
Prin.
and
semi-ann.
int.
(M, & N.), payable at the Fiscal
Agency of the State of Oregon in New York City, N. Y.
Due May
1 1930, optional on any semi-ann. int. paying date after May 1 1921.
Cert, check for 10% of the amount of bonds bid for, required.
p.
m.
Oct.
Chas.
5
R.
STEARNS COUNTY SCHOOL
DISTRICT NO. 152, Minn.—BOND
SALE.—This district on July 26 awarded $10,000 6% school bonds at par
to
the Merchants Trust
Date Dec.
1
1919.
Int.
&
Savings Bank of St.
J. & D.
Due Dec.
1
Paul.
COUNTY
(P.
Denom.
$1,000.
1934.
STEPHEN, Marshall County, Minn.—BOND
$30,000 electric bonds has been sold.
STEUBEN
$147,000
Date
bonds,
SALE.—An
issue
of
O.
Angola), Ind.—BOND SALE.—Local
parties have purchased the issue of $3,300 5% Ray Terry et al Jackson Twp.
road bonds, which was offered unsuccessfully on Sept. 9—V. Ill, p. 1300.
Denom. $165.
Due $165 each six months from May 15 1921 to Nov. 15
1930, incl
STROMSBURG, Polk County, Neb.—BOND OFFERING.—A. E.
Rodlne, City Clerk, will receive bids until 8 p. m. Oct. 20 for the following
price thus being
Due $3,000 yearly
~VICKSBURG,
PONED.—We
Warren
County,
100.171, a basis of about 5.98%.
May 1 from 1921 to 1969 incl.
on
Miss.—BOND
ISSUANCE
VOLGA, Brookings County, So. Dak.—BOND OFFERING.—Pro¬
posals will be received by W. M. Henry, City Auditor, until 8 p. m. Oct. 4.
$25,000 6% electric light bonds.
Due in 20 years.
Cert, check for
2% of the, bid, required.
for
WALLA WALLA COUNTY
BOND
SALE.—This
bonds—V.
Ill,
district
SCHOOL DISTRICT NO. 35,
on
1201—to the
p.
Sept.
State
$1,000.
Wash.—
18 sold the $30,000 534%school
of Washington at par.
Denom.
"
WARREN
CITY
SCHOOL
DISTRICT
(P. O. Warren), Trumbull
OFFERING.—Proposals will be received until
Hepner, Clerk of Board of Education, for
$84,000 6% school bonds.
Denom. $1,000.
Date Oct. 1 1920.
Interest
semi-annual.^ Due $10,000 yearly on Oct. 1 from 1932 to 1939, inclusive,
and $4,000 Oct. 1 1940.
Certified check for $500, payable to the Board of
Education, required.
Purchaser to pay accrued interest.
Ohio.—BOND
County,
12 m. Oct. 6 by
WARREN
submitted
Ruth Dillon
COUNTY
an
to
(P.
O.
Bowling Green),
election to be held Nov. 2, $200,000
Ky.—BOND ELEC¬
hospital bonds will be
the voters.
WARRENTON,
Warren County,
No.
Caro.—BOND OFFERING.—
Until Oct.
15 at 12 m. bids will be received for $75,000 6% bonds by
Frank H. Gibbs, Mayor.
Denom. $500.
Date Oct. 1 1920.
Principal and
semi-annual interest payable at the office of the City Treasurer or in
New York City, N.
Y.
Due yearly on Oct. 1 as follows; $1,009 1921 to
1925, inclusive; $2,000 1926 to 1930, inclusive, and $3,000 1931 to 1950,
Certified check for 2% of the amount of bonds bid for, payable
to the City Treasurer, required.
inclusive.
WASHINGTON COUNTY
(P. O. Hagerstown), Md.—BOND OFFER¬
County Commissioners are re-advertising for sale on Oct. 5
5% 5-24-year serial Hancock School bonds, offered
unsuccessfully on Aug. 18.
Date July 1 1920.
Due $1,000 yearly on
July 1 from 1925 to 1944, inclusive.
ING.—The
at
12
the $40,000
m.
WATKINSVILLE
nee
SCHOOL DISTRICT (P. O. Watkinsville), OcoCounty, Ga.—BOND SALE.—This district recently sold $25,000 6%
school bonds to the Robinson-Humphrey Co. of Atlanta.
Denom. $1,000.
Date May 1 1920.
Prin. and semi-ann. int. (M. & N.) payable at the
Park
Bank, New York.
WATAUGA COUNTY (P. O. Boone), No. Caro .—BOND OFFERING.
—Sealed bids will be received by W. R. Gragg, Clerk Board of County
Commissioners, for $25,000 5-30-year serial
check for
1 %
road bonds until
Nov. 1.
Paving District No. 1 bonds.
Due in 20 years optional on
any interest paying date.
44,500 6% Intersection Paving bonds.
Due in 20 years optional on any
interest paying date on and after 10 years.
Denom. $500.
Date Aug. 3 1920.
Prin. and interest payable at the
Fiscal Agency of the State of Nebraska.
Bids open on both issues, either
issue separately or any part thereof.
SYLVAN SCHOOL DISTRICT, Sacramento County, Calif.—BOND
OFFERING.-— Harry W. Hall, Clerk Board of County Supervisors (P. O.
Sacramento) will receive bids until 12 m. Oct. 4 for $6,000 6% school bonds.
Denom. $500.
Date Sept. 1 1920.
Int. semi-ann. payable at the office of
the County Treasurer.
Due $500 yearly on Sent. 1 from 1921 to 1932,
incl.
Cert, check or cash for 10% required.
Purchaser to pay accrued
interest.
Bonded
debt, none.
Assessed
property of public utilities, $609,700.
value,
exclusive
of
operative
118th Street improvement bonds offered
on
Sept. 21 (V.
Ill, p.
Co.,
Denom. $1,000.
of Atlanta has purchased
Date July 1 1920.
$40,000
5%
paving
bonds.
SWEET GRASS COUNTY (P. O. Big Timber).—BONDS NOT TO BE
OFFERED AT PRESENT.—The $60,000 (unsold
portion of a $125,000
road bond issue of wnich $65,000 were sold as
reported in V. Ill, p. 315)
will not be offered until next spring.
SWISSVALE BOROUGH SCHOOL DISTRICT (P. O. Swissvale),
Allegheny County, Pa.—BOND OFFERING.—George L. Pyle, District
Secretary will receive proposals until 8 p. m. Oct. 13 for the purchase of
$200,000 tax-free school bonds, to bear interest at a rate not to exceed 5.60%
Denom. $1,000.
Due $8,000 yearly on Mar. 1 from 1926 to 1950, incl.
Cert, check for $5,000 payable to the District
Treasurer, required.
Pur¬
chaser is to pay the cost of printing the bonds.
/
,
TEANECK
TOWNSHIP
(P. O. Hackensack R. F. D), Bergen
County, N. J.—BOND OFFERING.—Proposals will be received by Robert
J. Lewis, Township Clerk, until 7 p. m. Oct. 21 for an issue of
6% coupon
or registered fire
bonds, not to exceed $40,000.
Denom. $1,000.
Date
July 1 1920.
Prin. and semi-ann. int. (J. & J.), payable at the Palisades
Trust & Guaranty Co., of Englewood.
Due yearly on July 1 as follows:
$3,000, 1921 to 1928, incl.; and $2,000, 1929 to 1936, incl.
Cert, check
for 2% of amount of bonds bid for,
payable to the township, required.
These bonds will be prepared under the supervision of the U. S.
Mortgage
& Trust Co., of New York, which will
certify as to the genuineness of the
issue.
Bids are desired on forms furnished by the
city.
THORNTOWN SCHOOL DISTRICT (P.
O. Thorntown), Boone
County, Ind.—BOND OFFERING.—A. C. Spivey, Secretary of School,
Board, will receive bids until 10 a.m. Oct.16 for $12,000 6% school bonds.
Denom. $500.
Int. A. & O.
Due $4,000 on Oct. 1 in 1923, 1924 and 1925.
Cert, check for $500 required.
TILLAMOOK
ING.—Up to 10
bids for $30,000
COUNTY (P. O. Tillamook),
Ore.—BOND OFFER¬
a. m. Oct. 4 Homer Mason, County Clerk, will receive
53^% road bonds.
Denom. $1,000.
TORRINGTON,
Bankers
sewerage
which
Trust
Co.
system
were
Goshen
County,
SALE.—The
Wyo .—BOND
Denver has purchased $31,500 10-20-yr.
(opt.)
$15,000 15-30 yr. (opt.) water works 6% bonds
Aug. 2.—V. Ill, p. 518.
Dated July 1 1920.
Inter¬
of
and
offered
on
est J. & J.
Financial
Assessed
Statement
valuation
$1,118,000
110,000
50,000
Total bonded debt
Water
Net
debt
bonded
debt
$60,000
Population, 20,000TUCSON SCHOOL DISTRICT NO.l (P.O. Tucson), Pima County,
STILL ON THE MARKET.—The $350,000 6%
school
Ariz.—BONDS
bonds offered without
Sept. 14—V. Ill,
private sale or they
success on
market and may be sold at a
»
ater date.
p.
1301—are still on the
be re-advertised at
may
1013).
WHITE COUNTY (P. O. Monticello), Ind.—BOND SALE.—The State
of Monticello was awarded at par and interest the $8,000 4H%
J. L. Ackerman et al. Union Tsp. road bonds offered on Sept. 28—V. Ill,
Bank
p.
to
1302.
Date Sept. 7 1920.
Nov.
15
WICHITA
Due $800 each six months from May 15 1921
1925 inclusive.
FALLS
INDEPENDENT
SCHOOL
DISTRICT( P.
O.
Wichita Falls), Wichita County, Tex.—BOND SALE.—This district
recently sold $150,000 5% school bonds to the State of Texas at par.
WILD WOOD,
Cape
May
County,
N.
J.—BONDS NOT SOLD.—A
joint bid of $50,200 was received from the Marine National Bank and the
Wildwood Title & Trust Co. for the $50,000 6% gold registered boardwalk
impt. bonds offered on Sept. 28—V. 110, p. 1109.
however, due to the fact that litigation nas arisen
This bid was rejected
the legality of the
over
issue.
WILSON COUNTY (P. O. Wilson), No. Caro.—BOND
SYLVESTER, Worth County, Ga.—BOND SALE.—The RobinsonHumphrey
Cert,
required.
WEST PARK, Cuvahoga County, Ohio.—NO BIDS.—There were no
bids submitted for the $15,219 5H % couoon special assessment West
bonds:
$21,500 7%
POST¬
advised by A. M. Paxton, City Clerk, that the Mayor
are
and Aldermen have postponed the issuance of $625,000 bonds, indefinitely.
National
,
County, N. J.—BOND SALE.—On Sept. 27
the
May 1 1920.
TION.—At
SPRINGFIELD SCHOOL DISTRICT
STANDIELD,
VENTNOR CITY, Atlantic
the issue of 6% beach park and water front bonds—V. Ill,
p. 1201—was
to Geo. B. Gibbons & Co. of New York, who bid $147,251 for
awarded
Minn.—BOND ELECTION.—
At the fall election $3,000,000 water bonds will be voted upon.
8
offered
OFFERING.—
Additional information is at hand relative to the offering on Oct.
11 of the
$43,000 county home and hospital bonds at not exceeding 6% interest—
V. ill, p. 1302.
John R. Dildy, Clerk Board of County Commissioners,
will receive bids for these bonds until 12 m. on that day.
Due yearly
on Jan. 1 as follows: $9,000, 1922 and 1923; $3,000, 1924 to 1930, incl., and
$4,000, 1931.
The form of bonds, the denom. of each, and the place for
the payment of principal and interest, which shall be in New York, are to
be hereafter agreed upon.
Each bidder must name the rate of interest,
which must be not more than 6%, at which he or tney will buy at par or at
a premium and accrued interest and the bonds will be alloted and sold to
the bidder which will offer the lowest rate of interest and
the highest pre¬
mium, provided that the rate of interest shall be multiple of one-quarter
of
1%,
per
annum.
COUNTY (P. O. Buffalo), Minn.—BOND OFFERING.—
Anderson, County
Auditor, for $49,000 ditch bonds at not exceeding 6% interest.
Denom.
$1,000.
Date Nov. 1 1920.
Int. J. & D.
Due yearly on Dec. 1 as fol¬
lows: $4,000, 1921 and $5,000, 1922 to 1930, incl.
Cert, check for 10%
of the amount of bonds bid for, payable to the County Treasurer, required.
WRIGHT
Bids will be received until 1 p. m. Oct. 12 by Ernest R.
YONKERS, Westchester County, N. Y.—NOTE SALE.—Ail issue of
on
a 6% basis
Due $93,000 March 12 1921 and $500,000 May 29 1921.
$593,000 tax notes has been awarded to Bond & Goodwin
plus $30 premium.
YOUNG COUNTY COMMON SCHOOL DISTRICT
NO. 20, Tex.—
REGISTERED.—A 5-10 year bond issue amounting to $700 and
bearing 5% interest was registered on Sept. 24 with the State Comptroller.
BONDS
YOUNGSTOWN, Mahoning County,
Ohio.—BOND
OFFERING.—
Separate sealed bids will be received until 12 m. Oct. 18 by A. H. Williams,
City Auditor, for each of the following issues of 6% coupon (with privilege
of registration) bonds:
$817,577 deficiency bonds.
Date Oct. 25 1920.
Due Oct. 25 1928.
Date Oct. 25 1920.
259,000 deficiency bonds.
Due Oct. 25 1928.
16,995 Cambridge Ave. paving bonds.
Date Sept. 1 1920.
Due $3,399
yearly on Oct. 1 from 1921 to 1925, inclusive.
12,605 Detroit Ave. paving bonds.
Date Sept. 1 1920.
Due $2,521
yearly on Oct. 1 from 1921 to 1925, inclusive.
27,335 Southern Boulevard paving bonds.
Date Sept. 1 1920.
Due
$5,467 yearly on Oct. 1 from 1921 to 1925, inclusive.
6,495 Belden Ave. paving bonds.
Date Sept. 1 1920.
Due $1,299
yearly on Oct. 1 from 1921 to 1925, inclusive.
Indianola Ave. paving bonds.
Date Sept. 1 1920.
Due $3,096
yearly on Oct. 1 from 1921 to 1925, inclusive.
19,725 Aberdeen Ave. paving bonds.
Date Sept. 1 1920.
Due $3,945
yearly on Oct. 1 from 1921 to 1925, inclusive.
27,525 Boston Ave. paving bonds.
Date Sept. 1 1920.
Due $5,505
yearly on Oct. 1 from 1921 to 1925, inclusive.
14,700 Highland Ave. paving bonds.
Date Sept. 1 1920.
Due $2,940
yearly on Oct. 1 from 1921 to 1925, inclusive.
Principal and semi-annual interest payable at the office of the Sinking
Fund Trustees, where delivery is to be made to the
purchaser by Oct. 25.
Certified check on a solvent bank, for
2% of amount of bonds bid for,
required.
15,480
ZANESVILLE, Muskingum County, Ohio.—BOND OFFERING.—
City Auditor, will receive bids until 12 m. Oct. 25 for $14,500
6% water-main-extension bonds.
Denom. $500.
Date May 1 1920.
Int. semi-ana.
Due $2,000 each two years commencing May 1 1922,
and $500 May 1 1935.
Certified check for 3% of amount of bonds bid for,
payable to the City Treasurer, required.
Bonds to be delivered and paid
for within 10 days from date of award.
Purchaser to pay accrued interest.
S. M. Smith,
SAANICH, B. C.—DEBENTURE OFFERING.—An issue of $25,000
5H % 10-year war memorial debentures is being offered locally, according
to
reports.
AMOS, Outs.—DEBENTURE OFFERING.—Tenders will
Oct. 4 by C. A. Lafrance, Secretary-Treasurer, for
funding, fire and sewer debentures.
Denom. $100 and $500.
1920.
Due yearly on Aug. 1 from 1921 to 1940, incl.
until
be received
$55,000 6%
Date Aug. 1
list
of tenders received
10 Years
20
Years
Pay .in Can.Payable in
.
LOCALLY.—
sell to its local citi¬
TOWNSHIP, Ont.—DEBENTURE SALE.—
Toronto have purchased, it is stated, $95,000 5H%
CHARLOTTENBURGH
A. E. Ames & Co. of
debentures.
20-installment
Wood Gundy and Company
A. E. Ames & Co. & Dominion Securities Corp., Ltd.
! CHATHAM, N. B
.—DEBENTURES OFFERED.—A
6% 38-year serial school refunding debentures is being
Int. M.feS.
Due $1,000 yearly.
block of $38,000
offered for sale.
$1,500,000 6% debentures, term 20 years, payable in Canada.__.94.901
Wood, Gundy & Co., $1,500,000 6% debentures, term 10 years, pay¬
able in Canada and U. S. A. and $1,500,000 6% debentures, ten
20 years, payable in Canada
W. A. MacKenzie & Co., and R. A. Daly & Co.,
'
reported
6% gold
SCHOOL
Canada
Corp., Ltd__96.39
Wood, Gundy & Co
*
Harris, Forbes & Co., Boston
National City Company, Ltd., Hanson Bros.,
Matthews & Co., Harris,
Forbes & Co.,
Ameilius Jarvis & Co., Ltd., and the Home
of
-*
W. A.
Mackenzie
& Co.
Waddell
Miller
& Co. and R. A.
and
—--$6.64
94.59
-86.50 N.Y.funds
Man.—DEBENTURE SALE.—The Province of Manitoba
according to reports, $200,000 5M% 20-year housing
giving In exchange $100,000 5H% 1933, and $100,000 5%, 1937, Victory bonds.
DEBENTURES OFFERED LOCALLY.—It is reported that the city is
offering to local citizens, at 96.63, an issue of $1,500,000 6% 30-year
hydro-electric debentures.
WINNIPEG,
purchased,
Inc.,
Bank
has
debentures of the city,
9uiv7
*»'■'
■■ *•
94.17
92.07
& 115 years 81.67 (New York
(20 years 81.62(funds
-
*
Gordon
Brandon,
TRAIL, B. C.—DEBENTURE SALE.—'The $9,000 7% 10-year cement
debentures offered on July 26 (V. Ill, p. 220) have been sold
locally at 98, a basis of about 7.28%.
Due in 1930.
I
sidewalk
R. C.
Daly & Go
(10 years 85.07 f
[30 years 79.251
ThelUnited Financial Corporation, Ltd.,
Trust Co. of New York, E. H. Rollins &
ton, and Nesbitt, Thomson & Co., Ltd
Que.—DEBENTURE OFFERING.—Proposals will be
Amos.
Hochelaga,
Only.
United States.
<
and Dominion Secur.
YORK
Guaranty
TOWNSHIP, Ont .—DEBENTURE OFFERING.—An issue of
$185,280 53 6% 10-installment water-main, paving and local-improvement
debentures will be offered for sale on Oct. 4, it is reported.
Sons, Bos-
97.29
FINANCIAL
NEW LOANS
$100,000
WE FINANCE
established meritorious industrial
Bethlehem, Pa.,
Water
Due Jan.
1,
5.20
as
on
and
4y2
enterprises under longtime contracts
financial interest, representation
committee, control of finances,
right of audit and inspection without notice.
sole fiscal agents with permanent
board of directors and executive
WE OFFER
1925 to 1928
bankers and investment
dealers
a
constant supply of proven industrial
securities and profitable underwriting opportunities, together with
financial assistance on their own local underwritings and the
basis
assistance
of all
our
affiliated
sales organizations in distribution of
security issues too large to handle locally.
We also
and finance small investment houses everywhere.
Correspondence Solicited
Biddle & Henry
104
Sbuth
C. Gratien,
$150,000 5%
received by A. Grenier (P. O. Amos) until Oct. 4 for $24,500 6% debentures.
Denom. $500.
Date May 1 1920.
Due May 1 1945 at the Bank of
Payable in
in
Canada and
Name—
A. E. Ames & Co.
SHERBROOKE, Que.—DEBENTURE OFFERING.—E.
Secretary-Treasurer, will receive tenders until Oct. 4 for
1925.
Int. semi-annual. /;/
debentures maturing June 1
TEMISCAMING,
Payable
91.03
DISTRICTS,
Sask.—DEBENTURE
SALES.—The following, according to the "Financial Post" of Toronto
is a list of debentures, aggregating $110,250, reported sold from Aug. 26 to
Sept. 10: Cupar, $27,000, Harris & Read, Regina; Peveril, $1,250, Nay &
James, Regina; Clunie, $1,200; Morton, $2,000; Onward, $1,000, C. M.
Gripton, Niagara, Ont.; Odessa, $7,000; Regina Public Schools Sinking
Fund; Moorland, $1,000, Alex. Murray, Bethune; Westerlund, $5,000,
Waterman Waterbury Co., Regina; South Valley, $5,000; Galloway, $4,000.
Waterman Waterbury Mfg. Co., Regina; Ardath, $36,500, Harris, Read &
Co., Regina; Coolidge, $4,000, C. N. Beedy, Birch Hills; Summer, $4,000;
Corn Valley, $4,800, Waterman-Water bury Mfg. Co., Regina ;Ellsridgehill,
$6,500, H. J. Birkett & Co., Toronto, Ont.
The following, according to the same paper, is a list of authorizations
granted by the Local Government Board from Aug. 26 to Sept. 10: Watrous,
$9,000; Patten, $4,400; Tetlock, $6,500; Hayward, $1,500; Crocus Vale,
$4,900; Eigenheim, $6,000; St. Joseph de Dauphinais, $16,000; Trombley,
$1,200; Hamona, $2,500; Rothbury, $1,000; Slawa, $1,200; Pleasant Point,
$5,800; Jamieson, $5,000; Findlater, $15,000; Southviile, $5,000; North
Regina Village, $3,500; Three Hills, $4,300; Lawtonia, $6,200; Neepawa,
$4,200; Invermay, $12,500; Cabri, $3,500; St. Jerome, $3,800; Hyas,
$15,000; Bern, $4,200; Grain Belt, $4,275; Granby, $6,000.
.
,
.95.57
Toronto, $1,500,000
6% debentures, term 20 years, payable in Canada.
ELECTION.—The voters on Oct. 4
fire-hall-erection debentures.
OTTAWA, Ont.—DEBENTURE SALE.—On Sept. 28 the Guaranty
Trust Co. of New York, was awarded at its bid of 97.29, payment to be in
U. S. Funds the following 6% coupon
(with privilege of registration)
installment
debentures:
$85,307.31
10-year debentures/
$357,562.68
15-year debentures, $448,362.14 20-year debentures, $1,409,000 30-year
received:
93.32
received far parts of
Securities Corp., Ltd., $1,500,payable in Canada and U.S.A__96.831
000 6% debentures, term 10 years,
by-law to issue $15,000
Date July 1 1920.
following is a list of the tenders
94.21
...
In addition to the above the following tenders were
OAKVILLE, Ont.—DEBENTURE
The
A. Daly and
the issue:
privilege of registration) debentures.
Denom. $1,000.
Date Oct. 1 1920.
Principal and semi-annual interest payable in gold at
the Provincial Treasurer's office or the Bank of Montreal at Montreal or
New York, at holder's option.
Due Oct. 1 1923.
debentures.
buy half interest in
I
Central National Industrial Finance Corporation
Capital $1,000,000
Fifth Street
National Association Building
28
PHILADELPHIA
WEST 44TH
STREET,
NEW YORK
Private Wire to New York.
Call Canal 8437.
MUNICIPAL BONDS
Underwriting and distributing entire i»»ue»
of City, County, School District and Road
District Bonds of Texas.
Dealer's inquiries
and offerings solicited.
Circulars on Request.
Government,
Railroad
Municipal,
Industrial
Public Utility
HAROLD G.WISE ^COMEAOTT
fcaw
^ 14*
m n
i
v*
INVESTMENT BONDS
1iSB
IIOUSTOQf.TcXAS
A. B. Leach & Co., Inc.
$550,000 COUNTY OF BUTLER, PA., Road
Imp. 5Ms, maturing Sept. 1,1927 to 1944 incl.,
optional after Sept. 1,1935.
To return 5.20%
to 5.15%, after opt. period to return 5.50%.
$82,000 CITY OF NEW CASTLE, PA., School
5Hs, maturing 1935 to 1938. To return 6.15%
M. M. FREEMAN &
4X1
CO.
Philadelphia
Telephone, Lombard 710
Chestnut Street
v
A. E. Ames & Co. and The Dominion
(with
will pass on a
■
94.288
Rollins and Sons.
Ont.—DEBENTURES VOTED.—On Sept. 15, according
favorably on a by-law to issue $9,000
(Province of).—DEBENTURE OFFERING.—It is
calling for tenders for Oct. 7 for $3,000,000
'
1
Company, Toronto
Cyrus Pierce & Co., Bond and Goodwin and E. H.
reports, the ratepayers voted
hydro-plant debentures.
ONTARIO
94.631
Ltd., Montreal, CarEarles, Seattle and Girvin and Miller, San
W. A. MacKenzie and Company and R.
EDMONTON, Alta.—NOTE SALE.—An issue of $2,075£00 6% gold
Morris Bros, of Portland, at 97.20.
Denom. $100,
Date Sept. 1 1920.
Prin. and semi-ann. int. (M.& S.)
payable in United States gold coin in New York, Portland, Seattle and San
Francisco".
Due $825 Sept. 1 1922; $750,000 Sept. 1 1923; and $500,000
Sept. 1 1924.
■/.
coupon
94.68
Financial Corporation
sten &
notes has been sold to
that the Province is
Canada.
95.52
94.61
Seattle National Bank and Blyth, Witter & Company
United
$500, and $1,000.
NEWBURY,
96.21
96.831
City Company
SASKATCHEWAN
to
& U.S.A.
Drake-Ballard Co., Harris Forbes & Co. and National
OFFERED
Ont.—DEBENTURES
CAMPBELLFORD,
1302;
debentures, the details of the sale of which are published in V. Ill, p.
Francisco..
Kirkf ield),Man.—-DEBENTURE OFFERING
—Frank Ness. Secretary-Treasurer, will receive bids until 12 m. Oct. 5 for
$277,925 6% 20-year installment water-main and sewer debentures.
ASSIN1BOIA R. M. (P.O.
Newspaper reports say that the municipality expects to
zens an issue of $7,000 6% 30-year school debentures.
(Province of).—BIDDERS.—The following is a
at the offering on Sept. 21 of the $3,000,000 6%
SASKATCHEWAN
m
and Municipalities!
Provinces
its
CANADA,
1395
CHRONICLE
THE
r Oct. 2 1920.]
Investment
62 Cedar
Philadelphia
Baltimore
St., New York
Boston
Scran ton
Securities
105 So. La Salle St., Chicago
Buffalo
Pittsburgh
Cleveland
Detroit
Minneapoli
Milwaukees
THE
1396
[Vol. 111.
CHRONICLE
Jffttatuial
engineer*
LLOYDS BANK LIMITED.
A
STONE & WEBSTER
incorporated
Head Office: 71, LOMBARD ST., LONDON, LC.3
<45
Capital Subscribed
Capital paid
-
-
£1.)
FINANCE
industrial and public
utility properties and conduct an
S 353,356,900
investment
70,679,380
up
Reserve Fund
DESIGN
49,886,410
Deposits, &c.
-
1,621,541,195
Advances, &c.
-
821,977,505
THIS BANK HAS ABOUT 1,500 OFFICES IN ENGLAND & WALES.
Colnial aad
power
stations,
hydro-electric developments,
transmission lines, city and interurban railways, gas and chemical
plants, industrial plants, ware¬
houses and buildings.
CONSTRUCT
Foreign Department: 17, CORNHILL, LONDON, E.C. 3.
The Agency of Foreign & Colonial Banks is undertaken.
Affiliated
banking business.
steam
designs
own
other
either from their
or
engineers
from designs of
architects.
or
Btnki:
THE HATI01UL BANK OF SCOTLAND LTD.
LONDON & RIVER PLATE RANK LTD.
Auxiliary:
■.
MANAGE
dustrial
i'.i.'
public utility and in¬
companies,
REPORT
on
geing concerns,
proposed extensions and new
projects.
LLOTDS AND NATIONAL PROVINCIAL FOREIGN BANK UNITED.
.
NEW YORK
BOSTON
National Bank of Commerce
CHICAGO
THE
J. G. WHITE ENGINEERING
New York
in
CORPORATION
Constructors
Engineers
Buildings—Industrial Units
Public
Utilities
Reports—Valuations—Estimates
43 EXCHANGE PLACE, NEW YORK
Capital, Surplus And Undivided Profits
Over Fifty-five Million Dollars
iHt'ning engineer*
H. M. CHANCE & CO.
Mining Engineers and Geologists
COAL AND MINERAL PROPERTIES
Examined,
Approved Investment Issues
Long and active association with so many of the leading
business enterprises of the Pittsburgh District causes
us to be
thoroughly familiar with opportunities for safe
and profitable investment.
Bids for and offers of bonds originating in this district
are
Managed, Appraised
Drexel BIdg.
PHILADELPHIA
MFG.
AMERICAN
CO.
solicited.
CORDAGE
Mellon National Bank
Pittsburgh
NILA, SISAL, JUTE
Pennsylvania
Nobel A West Streets, Brooklyn, N. Y. City
sBank
1919 Numbers Wanted 1919
CHRONICLES
La Salle at Jackson
Chicago
Januarr 4
| Capital and Surplus
Pays Interest
September •
September 13
September 26
November 1
BANK & QUOTATION SECTION
an
Time
Deposits, Chmrent and Reserve
Aosounts.cDeals in Foreign Ex-
change.
$15,000,000
•
Th. Sign of Srntct-
January IS
July IV
August 2
SVaoeaots
a
Has
on
hand at all times
cellent securities.
a
variety of
ex*
Buys and sells
Government, Municipal and
General Trust Business.
Corporation Bonds.
January
May
July
RAILWAY EARNINGS SECTION
February
January
ELECTRIC RAILWAY SECTION
Maroti
Oct. 2
1920.1
THE
I
fflntton
Paul Schwarz
Cbas. O. Corn
Frank A. Kimbal
August Schierenberg
& Co.
Schwarz
Corn,
The NEW
SURPLUS, $2,000 000
Deposit Vaults
as
Executor, and to receive and hold
DIRECTORS
Edward D. Pearce
William L.
money or property In trust or on deposit from Courts of
Law or
Equity. Executors. Administrators. Assignees.
Guardians. Trustees. Corporations and Individuals.
Also acts
MEMBERS OF
Rhode Island
Hospital Trust
Company
BOSTON, MASS.
CAPITAL. $1,000,000
Authorized to act
New York
15 William Street
ENGLAND
TRUST COMPANY
Safe
MERCHANTS
XXXIII
Crtiitf Companies
•
COMMISSION
CHRONICLE
as
Trustee under Mortgages and
as
Herbert J. Wells
Lyman B. Goff
Howard O. 8turges
Transfer
Agent and Registrar of Stocks and Bonds.
Interest Allowed
Cotton
York
Exchange
New Orleans Cotton Exchange
New York Produce Exchange
New York
Coffee Exchange
New
on
npRirpRQ
Robert H. I. Goddard
Henry D. Sharpe
COTTON MERCHANTS
*
BOARD
OF
American, Egyptian and
Foreign Cottons
Adams
J. D. Cameron
Augustus P.
*
Frederic Zerega & Co.. Liverpool.
Naamloeze Vennootschap McFadden's
„
Cle Voor
Import En Export, Rotterdam.
d'Importation et de Commission, Havre.
Seclete
Fachiri & Co., Milan.
Ernest
Roger
Charles H. W. Foster
James M. Pendergaat
Frank H. Gage
Morris Gray
Henry H. Proctor
Henry Hentz & Co.
85 Congress Street
BOSTON, MASS.
NEW YORK
Assistant Secretary
Ralph S. Richards
Secretary
Lovering
Gilbert A. Harrington
Pierce
Atst. Trust Officer
Walworth Pierce
Edwin
Herbert
M.
Arthur R.
James R. Hooper
Henry
Secretary
Secretary
Providence, Rhode Island
Sears
Sharp
L. Shattuck
GnimTrustCompany
OF ILLINOIS
Assistant
Ralph W. Bowen
Assistant
M. Richards
Franklin W. Hobba
Peru.
Assistant Secretary
George H. Capron
G. Burton Hlbbert
Loring, Jr.
Francis W. Fabyan
Frederick P. Fish
Sydney Harwood
Co., Alexandria, Egypt.
Geo. H. McFadden A Bros. Agency, Lima,
Asst. Trust Officer
Henry B. Hagan
Vice-President
Robert A. Leeson
Bradley
Harry W. Simmons
Vice-President
John H. Wells
George H. Davenport
FOREIGN CORRESPONDENTS.
22 William Street
Trust Officer
David P. Kimball
S. Parker Bremer
Asst. Trust Officer
Henry L. Slader
DIRECTORS
George Wlgglesworth, Chairman
Arthur
Asst. Trust Officer
Robert T. Downs
Vice-President and
Manager Safe Deposit Vaults
Street
in
Reinhart &
Vice-President
Preston H. Gardner
GEORQE H. BOYNTON,
67 Worth Street
Dealers
OFFICERS
ARTHUR F. THOM A 8, Asst. Trust Officer
SEWALL E. SWALLOW, Asst. Tr. Ofrr
YORK
Broad
25
Charles D. Owen, Jr.
Herbert J. Wells, Chairman ef the Board
Thomas H. West. Jr., President
Horatio A. Hunt
Ernest A. Harris
MORRILL, Asst. Treaa.
Secretary
LEO WM. HUEGLE, Asst.
PHILADELPHIA
NEW
HART, Trust Officer
FREDERICK O.
Henry F. Lippltt
Isaac B. Merrlman
Alfred K. Potter
FISH, Vice-President
EDWARD B. LADD, Asst. Treasurer
JOHN W. PILLSBURY, Asst. Treasurer
H. M Fadden & Bro.
Geo*
Horatio A. Hunt
Thomas H. West, Jr.
Frederick A. Ballon
Albert W. Dlmlck
Benjamin M. Jackson
Frank W. Matteson
FREDERICK W. ALLEN, Treasurer
CHARLES E. NOTT, Secretary
ORRIN C.
J. Arthur At wood
William C. Dart
Walter R. Callender
James E. Sullivan
JAMES R. HOOPER. President'
ROGER PIERCE. Vice-President
FREDERICK P.
Royal C. Taft
Stephen O. Metcalf
Deposits Subject to Check.
Hodgm
Frank H. Swan
Rowland Hazard
The United States Life
CHICAGO
COMMISSION MERCHANTS
Members
Insurance Co.
Under National, State and
Clearing House Supervision
BROKERS
AND
of
New York Stock Exchange
IN
Accounts
of banks
bankers received
New York Cotton Exchange
Organized 1850.
Correspondence invited
New York Produce Exchange
Chicago Board of Trade
Associate
THE
Efficiently
Members of
handle all
Liverpool Cetton Association
equipped
OF
NEW
YORK.
Non-Participating Policies only.
Over Forty-Five Million Dollars Paid to Policy¬
holders.
to
business pertains
ing to banking, and offer
a
JOHN
complete service to accounts
Hubbard Bros. & Co.
CITY
and
New York Coffee A Sugar Exchange
of banks, corporations, firm
and individuals.
Good
P.
MUNN, M.
territory
open
for
D.t PRESIDENT
high
class
persona
NEW YORK
under
Company.
Capital & Sur¬
plus $7,000,000
SQUARE
HANOVER
producers,
BUILDING
EXCHANGE
COFFEE
Address Home Office, 277 Broadway*
New
York
direct
contracts
with
the
City.
Deposits,
$60,000,000
COTTON MERCHANTS
Liberal
Advances
Made
Cotton
on
CHARTERED 1853
Consignments
GWATHMEY & CO.
PLACE, NEW YORK
20-24 EXCHANGE
FIFTH
475
NEW
AVENUE.
45-47
WALL
STREET
YORK
MEMBERS
COTTON EXCHANGE
STOCK EXCHANGE
COFFEE EXCHANGE
PRODUCE EXCHANGE
NEW ORLEANS COTTON EXCHANGE
NEW YORK
NEW YORK
NEW YORK
NEW YORK
ASSOCIATE
United States Trust Company of New York
MEMBERS
LIVERPOOL COTTON ASSOCIATION if
Capital, »
m
m
m
Surplus and Undivided Profits,
-
-
$2,000,000,00
$14,616,928,30
This Company acts as Executor, Administrator, Trustee, Guardian, Com¬
mittee, Court Depositary and in all other recognized trust capacities.
It receives
deposits subject to check and allows interest
on
daily balances.
It holds and manages
Stephen M. Weld & Co.
MERCHANTS
COTTON
82-92
BeaverStreet, New York City
PHILADELPHIA,
UTICA. N. Y„
BOSTON.
FALL RIVER.
WELD & CO.,
LIVERPOOL.
PROVIDENCE.
NEW BEDFORD.
securities and other property, real and personal, for
estates, corporations and individuals, and acts as Trustee under corporate mort¬
gages, and as Registrar and Transfer Agent for corporate bonds and stocks.
EDWARD W.
SHELDON, President
WILLIAMSON PELL, Vice-President
FREDERIC W. ROBBERT, Asst. Secretary
CHARLES A. EDWARDS, Asst. Secretary
ROBERT S. OSBORNE, Asst. Secretary
WILLIAM C. LEE. Assistant Secretary
THOMAS H. WILSON, Asst. Secretary
WILLIAM G. GREEN, Assistant Secretary
William M. KINGSLEY, 1st Vice-Pres.
WILFRED
J.
WORCESTER,
Secretary
TRUSTEES
ROBERT
MOORE
Mills
&,
COf
Building
15 Broad
Street, N. Y.
MERCHANTS
COTTON
JOHN A. STEWART, Chairman of the Board
EDWARD W. SHELDON
CORNELIUS N. BLISS, JR.
CHAUNCEY KEEP
HENRY W. de FORES'*
JOHN J. PHELPS
ARTHUR CURT 188 JAMES
WILLIAM VINCENT A8TOR
LEWIS CASS LEDYARD
WILLIAM M. KINGSLEY
WILLIAM SLOANE
LYMAN J. GAGE
WILLIAM STEWART TOD
PAYNE WHITNEY
OGDEN MILLS
WILLIAM ROCKEFELLER
FRANK LYMAN
Members New York Cotton Exchange
STEINHAUSER A CO.
Successors to
WILLIAM RAY & CO.
COTTON
BROKERS.
26 Cotton Exchange
New York
Orders for future delivery contracts executed on
the New York and Liverpool Cotton Exchanges.
Hopkins, Dwight & Co.
L. F. DOMMERICH & CO.
FINANCE
ACCOUNTS
OF
MANUFACTURERS AND
MERCHANTS, DISCOUNT AND GUARANTEE SALES
COTTON
Y
and
COTTON-SEED OIL
COMMISSION
Bno— 60, Cotton
NEW
MERCHANTS
General
Offices, 254 Fourth Avenue
NEW YORK
Exchange Building
YORK.
Established
Over
80 Years
THE
XXXiV
fimhtial
TERliil
LONG
MaturitA
Assessed
MUNICIPALS
Central Bond & Mortgage
1946
—APopulation
PRICE ON
SECURITIES
CHICAGO
5s,
AMES,
recommends to conservative investors
1965.
to
the
$94,942,024
value
Bonded debt
INVESTMENT
Co.
208 South La Salle St.
Tacloma, Wash.,
Port of
^financial
^financial
OFFER
WE
[TOL. 111.
CHRONICLE
EMERICH
purchase of
&CO.
190,000
BROTHERS
BUTLER
les^\than
1M %.
Has large
APPLICATION
111 Bread way,
undistributed surplus
Rev York
105 So. La Salle St., Chicago
Statistical
Free
Analysis Sent
Request.
on
1 si RatBaok Bldg^Mihwaokea
Bolger, Mosser & Willaman
29 South La Salle Street
Chicago
Dodge &
GERMAN
Ross
Bonds
(INCORPORATED)
BONDS
MUNICIPAL
INVESTMENT
BANKERS
and
Our* circular
Marks
application.
on
111 West Monroe Street
in
Specializing
high
grade
isBues of Municipal Bonds
the
we
and
South
invite
curities
this
of
from
in
se¬
C. F. Childs &
character.
Mortgage Trust
(Company
ST. louis
er
Mid-West,
inquiries
interested
investors
CHICAGO
of
105 So. La Salle St.
CAPITAL $500,000
NEW
120
208 So. La Salle St.
YORK
Broadway
Caldwell & Company
SOUTHERN MUNICIPALS
INVESTMENT
Cumberland Tel. & Telep. Co. 5s
Nashville Chattanooga & St. Louis By.
Nashville & Decatur Ry.
SECURITIES
We
purchase and underwrite entire issues of
bonds and stocks of established corporations.
We offer
high-grade investment opportunities
in the securities of municipalities,
CHICAGO
U. Se Government Bonds
CHICAGO
Radon. French & Co.
INVESTMENT BANKERS
Company
Specialists
missouri
/VT PINE
BROADWAY
& Co.
PRINCE & CO.
H.
F.
BANKERS
'
•
.
I
"
.
:
•
Nashville Railway & Light Co. Securities
BOSTON,
ST. LOUIS, MO.
NASHVILLE, TENN.
MASS,
$17 Security Bldg.
214 Union Street
public util-
'
Ity, and well established industrial corpora
tions.
G. SOUDERS & CO.
W.
*
HIGH-GRADE
INVESTMENTS
Correspondence Invited.
WEST MONROE STREET
Ill
INVESTMENT SECURITIES
CHICAGO
Members of New York & Boston Stock Exchange
South La Salle Street,
208
CHICAGO
Detroit
New York
McClellan &
ENGINEERING
&
Campion
NEW
A
MANAGEMENT
BROADWAY
141
Grand Rapids
Milwaukee
YORK
P. W.
CITY
-
:
Chapman & Company Day & Zimmermann, Inc.
engineers
INVESTMENT SECURITIES
EMERY, PECK & R0CKW00D
NEW YORK
CHICAGO
LONDON
INVESTMENT SECURITIES
Continental
&
Commercial
Bank
58 William Street
118 South La Salle St.
Building
CHICAGO
Railway Exchange Building
Engineering, Construction, Reports
Henry S. Henschen&Co.
INVESTMENT
MILWAUKEE
108
So.
La
Appraisals, Audits, Management
in connection with
BANKERS
Public Utilities & Industrial
Salle St.
Properties
CHICAGO
CHRISTIAN & PARSONS CO.
HOME OFFICE
Chestnut St.
Philadelphfaj
611
Buy and Sell High-Grade Bonds
Commercial Paper
CHICAGO OFFICE
Harris/Trust Bldg.
NEW YORK OFFICE
2 Wall Street
Collateral Loans
Investment Securities
208 S.La Salle SI
Chicago, III
NATIONAL
FIRST
BANK
John
W.
C.
-
Established
Dealers in
$3,000,000.00
M.
Miller, Jr., President
M. Addison, Vice-President
R.
Burnett, Vice-President
Alex. F. Ryland, Vice-President
S. P. Ryland, Vice-President
Jas. M. Ball, Jr., Cashier
1870
115IBROADWAY
YEAR OBLIGATIONS
3
RICHMOND, VA.
Capital and Surplus,
Dominion & Dominic*
BOND SECURED
Security ample under all conditions.
Interest earned
rower
over
5 times.
INVESTMENT
Bor¬
SECURITIES
Members New York Stock Exchange
successful corporation.
thoroughly established and
very
Business
growing.
Correspondence Invited
Municipal
ALLIED CHEMICAL AND DYE CORP'N
Ask
for
Circular
G2010.
'Are
from
Exempt
Bonds
Federal Income Taxes.
Yielding from 4^% to 6%.
7% Prefersed
Stock
■
71
SEAS0NG00D, HAAS & MACDONALD
Members New York Stock Exchange
60
Broadway
Send
for List
ELST0N & COMPANY
Circular on application
New York
West
Monroe Street
CHICAGO
Milwaukee
THE HANCHETT BOND CO.
Incorporated 1910
Minneapolis
39 South La Salle Street
CHICAGO
@FedFRASER