Full text of Commercial and Financial Chronicle : October 25, 1919, Vol. 109, No. 2835

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fittanrial

Tfj?
ommpraH
Bank & Quotation Section
Railway Earnings Section
VOL. 109.

I N C L U D I N G
R a ilw a y &

S e c tio n

SATURDAY, OCTOBER 25, 1919

tt

©Itrmiiclc

NO. 2835
Week ending Oc$ber 18.

Clearings at-

PUBLISHED WEEKLY.
_

Electric Railway Sectioi
State and City Section

In d u s tr ia l S e c tio n

________ B a n k e r s ' C o n v e n t i o n

Inc. or
Dec.

T e r m s o f S u b s c r i p t i o n — P a y a b l e in A d v a n c e

For Six Months.......
................................................................ $10 00
92
European Subscription (including postage)";.'............................... .......

In New York funds.
Subscription includes following Supplements—
w ? ? ^ ANr>^ UOTATION (m°htlily) | R a i l w a y a n d I nd u str ia l (semi-nnmitllvi
^ T M T ^ ivrw ^ i^ w 08 (monthly)
E lectric R a il w a y (semi-annually) ' 7
S t a t e an d C ity (semi-annually) | B a n k e r s ’ C onvention (yearly)

Y

T e rm s o f A d v e r tis in g — P e r I n c h S p a c e
Transient matter per inch space (14 agate lin es)................................ $ 4 op
( Two Months
(8 times).................... . . ” 38 00
Ordinary Business Cards <
Months (13 times).......................... 4 1 00
) Six Months
(26 times).......................... 75 00
n TwelveMonths (52 times)....................... ..130 0 0
C hicago Office—39 South La Salle Street, Telephone Majestic7396.
L on don O ffice — Edwards & Smith, 1 Drapers’ Gardens, E. C.
W I 1LJ <,AOT B ’ D A N A C O M P A N Y , P u b l i s h e r * ,
____________ F ro n t, P in e an d D e p e y ste r S ts., N ew Y o r k .
Published every Saturday morning by W ILL IA M r tvaata
Jacob Seibert Jr., President and Treasured; Arnold G Dan a V k i p ^ M e n t a m !
Secretary. Addresses of both, Office of the Company.
vi
rresklent and

CLE AR IN G HOUSE RETU RN S
the corresponding week last year.
Clearings—Returns by Telegraph.
Week ending October 25.

aim

,0 3 4 ,410 ,222

1919.

1918.

Per
Cent.

Chicago_____
Philadelphia..
Boston______
Kansas City..
St. Louis........
San Francisco.
Pittsburgh__
Detroit_____
Baltimore___
New Orleans..

84,452,712,064
558,955,057
413,011,230
341,640,224
219,807,693
159,310,556
142,213,824
139,076,126
*85,000,000
75,976,901
78,527,320

83,420,985,952
459,093,376
372,413,430
315,012,965
188,729,892
142,933,041
109,785,057
143,819,007
62,778,010
69,923,582
52,612,535

+ 29.9
+ 21.8
+ 10.9
+ 8.4
+ 16.5
+ 11.5
+ 29.5
—3.3
+ 35.4
+ 8.7
+ 49.3

Eleven cities, 5 days..
Other cities, 5 days____

86,666,230,995
1,251,274,893

85,314,086,847
1,005,009,992

+ 25.4
+24.6

Total all cities, 5 days.
All cities, 1 day_______

87,917,505.888
1,571,278,946

86,319,096,839
1,315,119,383

+ 25.3
+ 19.5

Chicago __
Cincinnati
Cleveland.
Detroit___
Milwaukee.
Toledo
Peoria
Grand Rapids
Dayton...
Evansville
Springfield, 111..
Fort Wayne.
Youngstown
Lexington
Akron__
Rockford
Canton..
South Bend
Quincy___
Bloomington .
Springfield, O ...
Decatur .
Mansfield
Jacksonville, 111..
Danville
Lima__
Lansing ........... .
Ann Arbor
Adrian
Owensboro

TotalMid.West ,087,188,740
San Francisco__
Los Angeles____
Seattle________
Portland__
Spokane__
Salt Lake City.
Tacoma__
Oakland__
Sacramento__
San Diego . .
Stockton___
Fresno____
San Jose___
Pasadena__
Yakima___
Reno______
Long Beach.
Total Pacific

Kansas City
Minneapolis.
Omaha____
Total all cities for week___
*9,488,784,834 87,634,216,222
St. Paul___
* Estimated.
Denver____
wJ
U(.<*etalN or<.the weel£ covered by the above will be given next Saturday
Duluth____
•1't
JUrma,h them to-day, clearings being made up by the clearing houses St. Joseph____
afl C^es
^ 1m Ufrdj*yas
’ and
the above
Iast day of the week has to be In Des Moines.
all
cases estimated,
we honce
go to lnpress
Fridaythe
night.
Sioux City..
Detailed figures for the week ending Oct. 18 follow:
Wichita___
Lincoln____
Topeka____
Week ending October 18.
Clearings alCedar Rapids . .
Fargo..........
Inc. or
Colorado Springs
1918.
Dec.
Pueblo........
Fremont___
8
%
New York__
4,072,285,35- + 18.5 4,096,088,120 3,903,781,942 Hastings___
Philadelphia___
476.096.87C —4.4 401,248,397 326,966,812 Aberdeen__
Pittsburgh___
Helena____
153,909,872
+ 1.9
86,476,186
75,235,508 Waterloo__
Baltimore____
88,446,061
+ 5.3
51,725,179
40,590,600 Billings____
Buffalo______
23,344,578
+
72.1
21,861,211
21,085,835
Albany______
6,145,18? —5.6
7,097,844
7,226,223
Tot. Oth.West
Washington____
13,959,141 + 22.3
11,800,000
9,619,696
Rochester______
9,788,035
+ 9.5
8,694,377
6,556,908 S t . L o u i s ________
Scranton_______
4,047,011 + 10.9
3,327,841
3,904,587 N e w O r le a n s ___
Syracuse_______
4,800.00C — 13.9
5,407,425
4,030,075 L o u i s v i l l e ________
Reading_______
3,309,277 + 2 .6
3,294,620
2,607,274 H o u s t o n .................
Wilmington____
3,889,844 + 35.9
3,678,210
3,254,557 G a l v e s t o n ________
Wilkes-Barre___
4,056,018
1,855,787 + 11.9
2,375,883
2,267,312 R i c h m o n d ______
■Wheeling______
6,614,075
4,411,880 + 50.0
4,406,270
3,914,488 A t l a n t a ___________
Trenton.............
3,516,984
2,883,988 +21.9
2,935,527
M e m p h i s ________
2,139,456
York...................
1,511,998
1,209,003 + 25.0
1,449,828
1,152,138 S a v a n n a h ________
Erie___________
2.383,083
2,175,265 + 9.6
2,060,487
F o r t W o r t h _____
1,486,884
Greensburg____
1,000,000
1,050,000 —4.8
1,061,140
1,030,142 N a s h v i l l e ________
Binghamton____
1,123,300
691,400 + 62.5
902,100
1,041,700 N o r f o l k ................... .
Chester________
1,750,060
2,084,820 — 16.0
1,962,482
A u g u s t a __________
1,311,617
Altoona_______
1,097,022
1,180,253 —7.0
875.520
745,476 B i r m i n g h a m ___
Lancaster______
3,026,943
3,012,297 + 0.5
2,853,975
L it t l e R o c k _____
2,004,574
Montclair______
402,343
428,530 — 6.1
642,021
600,736 J a c k s o n v i l l e ...........
Total Middle.. 5,652,067,863 4,881,004,459 + 15.8 4,722,224,643
4
4,422,554,540
404,160,999 392.446.91S + 3.0 312,255,935 256,308,384
15,859,100
16,743,600 —5.3
15.809,100
16,479,400
10,275,537
8,407,232 + 2 2 .2
7,576,044
9,313,086
6,720,793
6,257,380 + 7.4
6,091,252
5,011,161
5,073,245
4,651,576 + 9.1
4,785,239
4,365,159
3,000,000
2,997,546 + 0.1
2,500,000
2,700,000
5,786,405
4,457,893 + 29.8
4,866,621
4,672,787
2,661,449
2,276,011 + 16.9
2,769,627 • 2,100,351
1,961,843
3,095,123 —36.6
2,283,006
1,971,580
1,500,000
1,589,495 —5.6
1,580,355
1,129,407
800,000
8.50,000 —5.9
992,815
1,147,412
856,615
658,304 + 30.1
931,033
692,564
Total New Eng. 458,655,986 444,431,077
+ 3.2 362,441,027 305,911,291

Boston________
Providence___
Hartford_______
New Haven____
Springfield_____
Portland_______
Worcester______
Fall River_____
New Bedford___
Lowell_________
Holyoke_______
Bangor...............




S
639,012,952
66,495,536
132,661,890
100,466,516
33,995,330
17.326.000
17.015.000
15,847,297
4,913.310
7,258,651
4.500.000
5,456,208
2,507,117
1,807,512
5,842,331
600,000
10.311.000
2,562,909
3,000,000
1.600.000
1,768,720
1,821,725
1,869,527
1,516,218
1,621,618
551,705
650,000
1.233,788
1.200.000
481,007
75,872
535,801

C h a t t a n o o g a _____
C h a r l e s t o n ___
K n o x v i l l e _________
M o b i l e ..............
O k l a h o m a ___
M a c o n ____________
A u s t i n _________
V i c k s b u r g _________
J a o k s o n ______
T u l s a _________
M u s k o g e e _____
D a l l a s ........... .....
S h r e v e p o r t ____
T o t a l S ou th ern
T o t a l a i l ________

Outside N. Y__

165,811,348
54.266.000
44,323,307
42,356,191
13.900.000
19,616,558
4,769,622
10,015,679
6,501,012
2.700,000
2,656,855
6,785,210
3,578,172
1,655,999
2,048,741
1,069,191
2,104,401

%
+6
+ 2.

600,258,913
64,774,513
98.106.997 + 35
78,578,820 + 27.
34,038,944 — 0
17.351.000 —0.
15,033,400 + 1 3 .:
11,007,223 + 44 .0
4,385,208 + 12.0
5,936,644 + 2 2 .3
4,431,134 + 1.3
5.389.997 + 1.2
2,337,270 + 7.3
1,665,059 + 8 .5
3,870,112 + 51.0
840.000 —28.6
4.536.000 + 127.3
2,012,146 + 27.3
2.200.000 + 36.4
1,488,635 + 7.5
1,537,576 + 15.0
1,399,772 + 30.0
1,164,255 + 60.6
1,07o,106 + 40.6
1,172,198 + 38.3
492,750 + 12.0
626,120 + 3.8
1,121.863 + 10.0
988,678 +21.3
309,073 +55.3
100.000 —24.1
857,412
37.6

1917.
576,416,990
48,375,979
95,273,608
57,660,500
29,099,172
15,009,132
11,945,000
12,679,454
3.500.000
4,974,309
3,435,766
3,316,724
1,820,902
1,467,775
3,747,077
700,000
4.948.000
1.841.733
2.500.000
1,294,552
1,380,551
1,255.373
1,337,437
687,867
1.033.733
033,044
640,533
917,793
1,072,410
309,190
134,909
637,264

484,172,592
41,113,600
64,152,058
55,027,823
25,209,664
11,858,985
12,246,900
12,820,069
4.500.000
4,913,836
4,226,406
2,424,244
1,595,278
1,809,687
3,326,239
662,447
6.041.000
1,303,162
3,035,790
943,884
1,022,905
909,826
1,020,077
619,430
1,021,773
285,700
557,206
840.806
1.139,185
307,139
108,819
362,098 -

969,090.418 + 12.2

889,946,777

749,638,634

140,688,566 + 17.4
39,280,000 + 37.9
53,985,629 — 17.9
41,880,398 + 1.1
11.283,965 + 24.1
15,368,722 + 27.6
6,569,578 —27
7,500,000 + 33
4,786,895 + 35
2,533,824 + 6
2,090,268 + 27
3,489,656 + 94
1,309,996 + 173
1.018,582 + 62
1,366,612 + 49
605,000 + 76
1,171,728 + 78

117,274,585
34,029,000
31,649,088
26,260,972
9,000,000
17,000,000
4,581,491
6,270,559
4,283,924
2,939,984
1,970,816
3,450,918
2,167,305
1,127.656
1,023,977
550,000
817,855

83,670,813
28,208,012
19,990,121
19,338,932
7,258,073
12,110,663
2,347,370
4,659,677
3,220,982
1,984,278
1,645,622
2,392,355
1,418,275
954,545
850,121
528,989
602,088

384,158,286 334,929,419 + 14
204,398,130 191,188,116
247,978,843 214,648,075 + 15
186,675,757 125,812,371
58,934,753
65,321,454 —9
42,552,868
37,347,558
65,691,610
66,998,805 —2
48,610,772
32,618,818
22,364,170
20.35S,180 + 10
17,109,929
16,592,033
27,233,100
18,748,951 + 45
23,685,962
17,147,285
9,274,120
20,727,064 —55
8,602,950
8,659,140
17,226,940
16,484,171 + 4
16,265,692
11,499,280
12,419,308
9,575,774 + 29
8,867,040
6,878,065
11,815,445
9.948,530 + 18
8,754,053
5,641,274
14,351,802
9,876,173 + 45
8,014,691
5,443,416
6,758,197
4,502,783 + 50
4,814,700
3,320,544
4,399,873
4,422,934 —0
3.274,834
2,582,613
2,636,985
2,049,405 + 28
2,993,376
1,714,490
4,534,254
3,804,157 + 19.:
2,586,440
1,943,204
1,127,989
868,816 + 29
871.648
1,017,771
837,968
901,555 — 7.
682,942
585,957
820,131
574,571 + 42
653,362
626,778
926,691
762,537 + 21
563,300
495,585
2,000,000
2.073,242 —3.
1.587,897
1,063,038
2,426,426
2,535,749 — 1
2,996,365
2,309,128
2,230,978
1,664,640 + 34
2,493,739
2,092,586
1,565,731
1,599,376 —2.
1,881,540
1,098,612
517,5o5,314 478,446,942 + 8.
394,539,863 286,489,546
183,319,222 167,231,374 + 9.6 159,281,001
130,095,625
68,358,413
58,419.028 + 17.0
40,797,772
38,445,027
16,184,541
23,515.712 —31.2
21,337,870
20,121,227
31,932,330
18,001,868 + 77.4
19.000.
000
16,248,790
7.777,777
7,952,431 + 00.0
7.100.000
7.494,314
81,930,156
55,159,801 + 48.,
37,358,950
24,792,000
96,129,492
75,694,192 + 27.0
53,123,771
32,024,644
34,327.868
21,869,706 + 56.9
18.289.328
15,007,635
15,226,568
10,711,553 + 42.2
14,688,443
10,103,010
19,843,706
15,034,592 + 32.0
17,741,139
15,629,059
19,110,816
18,853,465 + 1.4
14,711,599
10,175,723
12,102,685
8,643,248 + 40.0
6,223,253
6,258,256
8,655,573
5,007,993 + 72.8
6,854,360
4,166,363
19,233,913
17,410,037 + 10.5
3,895,090
3,155,802
14,387.780
7,849,532 + 83.3
7.100.000
5,400,039
9,523,629
7,171,569 + 32.8
4,724,137
3.500.000
7,271,021
6,196,767 + 17.3
5.483.328
2,751,066
5.600.000
5,500,000 + 1.8
5,264,178
2,994,061
3,550,941
2,849,098 + 24.6
2,704,316
2,358,928
1.600.000
1,539,477 + 3.9
1,452,441
1.350.000
19,304,922
12,409,786 + 55.6
11,945,466
7,059,848
5,500,000
3,096,155 + 77.7
3.000. 000
8,733,125
1,865,766
2,755,578 —32.3
2.100.000
2,000,000
678,665
570,218 + 18.9
487,168
375,414
955,937
865,630 + 10.4
759.497,
590,184
13,642,522
9,689,036 +40.8
7,620,165
4,113,764
4,964,SOt
3,425,832 + 44.9
3,051,012
1,800,179
46,823,364
33,000,000 + 41.9
29,034,533
18,163,783
4,498,552
4,270,562 + 5.3
3,200,000
757,474,016 604,694,246 + 25.3 514,129.483
857,100,205 7,712,596,561 + 14.8 147,679,923 395,479.272
6,351,256,403

029,409,283 3,640.311,203

+ 10.7

051,591,863 2,447,479,401

[Vol . 109.

THE CHRONICLE

1548

FEDERAL RESERVE BANK OF NEW YORK.
N O T IC E — C O N T IN U E D
DELAY
BECAUSE
P R IN T E R S ’ S T R IK E .

OF

T h e t r o u b le s in t h e p r in t in g tr a d e s s till c o n t in u e
a n d h a v e a g a in c o n s id e r a b ly d e la y e d t h e is s u e o f o u r
p a p er.
A s t h e s tr ik e a n d lo c k o u t a f fe c t th e w h o le o f
t h e 25 0 o r m o r e e s t a b l i s h m e n t s e n g a g e d i n b o o k a n d
m a g a z in e a n d j o b w o r k t h r o u g h o u t t h e c it y a n d i n ­
v o lv e a ll t h e p r e s s m e n a n d a s s is t a n t s a n d t h e p r e s s
fe e d e r s e m p lo y e d in th e s e e s t a b lis h m e n ts , it w ill r e a d ily
b e r e c o g n i z e d t h a t i t is o n l y w i t h t h e u t m o s t e f f o r t
a n d a t h e a v y e x tr a o u t la y s t h a t w e fin d it p o s s ib le t o
c o n t in u e p u b lic a t io n a t a ll.
O n ly s m a ll n o n - u n i o n
p la n t s a re a v a ila b le fo r o u r p u r p o s e , a n d th e s e a re
b e in g c lo s e d u p o n e a fte r a n o th e r .
T h e u n c o m p l e t e d p o r t i o n o f o u r e d i t i o n o f S e p t . 27
s t ill r e m a in s t ie d u p in t h e p re s s r o o m .
O u r d iffe r e n t
S u p p le m e n ts w e fin d o u r s e lv e s o b lig e d t o o m it a l t o ­
g e t h e r f o r t h e tim e b e in g .
T h e c u r r e n t is s u e s o f o u r
“ E le c tr ic R a ilw a y S e c t io n ,” o u r “ B a n k a n d Q u o t a t io n
S e c t i o n ” a n d o u r “ R a i l w a y E a r n i n g s S e c t i o n ” a r e a ll
re a d y fo r th e p ress, b u t w e a re u n a b le to g e t th e m
p r in te d .
O u r “ B a n k e r s ’ C o n v e n t i o n S e c t i o n , ” t o o , is
n o w h e ld u p in t h e sa m e w a y .
THE

F IN A N C IA L

S IT U A T IO N .

A highly significant event in the history of the
Federal Reserve Banking system, and more par­
ticularly the history of the Federal Reserve Bank of
New York, has passed wholly unnoticed the present
week. For some time past the ratio of gold holdings
to the deposit and note liabilities of the twelve
Federal Reserve banks combined has been steadily
falling, while the ratio of the New York Federal
Reserve Bank has on at least two occasions diopped
very close to the legal minimum. Last Friday
(according to the return issued on Saturday) this
ratio of gold to deposits and Reserve notes in the
case of the Federal Reserve Bank of New York
a c tu a lly d r o p p e d b elo w
the legal m i n i m u m .
The
Federal Reserve Act requires a minimum of 35%
gold against deposits and a minimum of 40%
against Federal Reserve notes. Following the prac­
tice of the Reserve authorities at Washington of
allowing in the first instance 35% of gold against
the deposits, it is found that the remaining gold
constituted only 39.9% of the Federal Reserve note
issues in circulation. As the minimum reserve re­
quired in the latter case, as already stated, is 40% ,
the percentage fell slightly below the required figure.
In other words the reserve position of the New
York Federal Reserve Bank last Friday was ac­
tually impaired, according to legal standards. I he
impairment was slight and we may suppose that
the deficiency has since been made good, but the event
is nevertheless momentous as showing that for the time
being at least the end of the Reserve Bank’s ability to
accommodata the member banks has been reached.
The circumstance when appreciated in its true light
will come as a distinct shock to the community which
ever since the inauguration of the Federal Reserve
system has been educated to think there never
could be any end to the discounting facilities of any
one of these Reserve banks. But changes have come
with marvelous swiftness the last two years.
As against last Saturday’s ratio of 39.9% the
ratio on Sept. 19, only four weeks before, was 57.2% .
In these same four weeks the ratio of gold against
deposits and note liabilities combined has declined
from 47.7% to 37.5% . At the end of June the per­
centage was 50.9; at that time the ratio of gold to
Reserve notes after allowing 35% against deposits
was as high as 68% .
The following is the weekly
record of the figures since M ay 29:




Net
Deposits
s

Reserve Notes
in Circulation.
S

Total Gold
Reserve.
5

■Ratio of Gold---To Notes
To
aft. 35%
Dep. tfc
on Dep.
Notes.

%
%
May 29 822,577,715 742,389,900 751,487,990 48.0 62.4
Juno 6.792,184,821 736,673,920 766,149,538 50.1 66.4
13.770,262,013 736,288,450 737,356,587 48.9 63.5
20.774,416,612 735,225,675 771,514,949 51.1 68.1
27.800,001,963 737,436,625 782,981,949 50.9 68.2
July 3.769,601,063 762,914,860 656,095,602 42.8 50.7
11.814,053,067 751,780,870 615,348,822 3 9 .3 4 4 .0
18.713,164,398 742,980,305 614,174,243 42.2 49.1
25.730,257,243 739,164,845 642,194,640 43.7 52.3
Aug. 1.770,844,008 745,917,670 696,744,265 45.9 57.2
8*722,080,472 745,722,695 645,930,410 44.1 52.7
15*643,503,712 748,166,225 582,503,236 41.9 47.8
22*598,747,338 749,975,055 557,161,174 41.3 46.4
29*590,730,023 752,282,890 527,446,852 3 9 .3 4 2 .6
Sept. 5*620,946,473 758,794,205 562,836,120 40.8 45.5
12*615,944,965 752,893,560 592,477,800 43.3 50.1
19*558,271,187 747,239,436 622,885,846 47.7 57.2
26*636,108,44-4 753,134,970 640,130,454 46.0 55.4
Oct. 3*720,992,448 761,704,655 633,955,296 42.8 50.1
10*694,010,497 759,829,860 556,746,549 38.3 41.3
17*714,132,090 758,190,685 552,495,772 3 7 .5 3 9 .9
After deducting "gold in transit or in custody in foreign countries.
In view of the foregoing the easier condition of the
money market the present week is difficult to under­
stand. Possibly the lower rates for both call loans
and time accommodation were based on the seem­
ingly improved position of the New Y ork Clearing
House institutions, as reflected by theCleiaring House
return of last Saturday. The improvement, how­
ever, in the position of these institutions was more
apparent than real. It was due entirely to increased
borrowing on the part of the Clearing House members
at the Federal Reserve Bank. But this is only an­
other way of saying that the member banks have
been shifting considerable portions of their burdens
to the central institution. The latter, too, has been
in a very accommodating mood, notwithstanding its
own position was becoming steadily weaker. If
the published figures may be accepted as any guide,
it had been allowing its discount facilities to be
drawn upon with great freedom— and this, moreover,
whether the collateral offered consisted of war obliga­
tions or of commercial paper— up to the very time
when disclosure came by the official figures that its
gold holdings had dropped below the legal minimum.
According to last Saturday’s Federal Reserve
Bank statement (portraying the condition of the
Bank the previous day, as already stated), the Bank’s
portfolio of bills had been swelled during the week
by over $17,500,000 more bills. It now holds
$900,636,308 bills, against $883,039,864 Oct. 10,
$834,270,407 Oct. 3, $741,945,419 Sept. 26, and
no more than $602,113,087 Sept. 19— that is,
in four weeks the New York Reserve Bank has
taken on nearly 300 million dollars more bills.
In these four weeks the Reserve Bank’s discounts
based on war obligations have risen from $483,052,­
304 to $698,653,022, the discounts based on mer­
cantile paper from $45,539,464 to $116,668,261,
and the holdings of acceptances bought in the open
market (relieving the Clearing House banks to that
extent from the necessity of making purchases) from
$73,521,319 to $85,315,025. The first two weeks
of September the Reserve Bank succeeded in ef­
fecting a considerable reduction of its bill holdings,
the total in these two weeks being cut down from
$796,038,761 to $602,113,087, but almost imme­
diately new lines of these bills began to flow in and
the increase has continued uninterrupted week by
week since. The following are the figures in tabular
form:

O c t . 25 1919.]

THE CHRONICLE

FEDERAL RESERVE BANK OF NEW YORK.

1549

The foreign trade figures of the United States for
Sept. 1919, issued yesterday, disclose a total of export
values smaller than for the preceding month, but mod­
erately greater than for the corresponding period a
$
$
$
$
Sept. 5..672,070,751 52,790,518 71,177,492 796,038 761 year ago and, consequently, a new high record for the
1 2 .. 611.441.289 49,692,127 70,955,903 732,089 319 particular month covered. At the same time, how­
1 9 .. 483.052.304 45,539,464 73,521,319 602,113 087 ever, imports were by a considerable amount the
2 6 ..
617.837.258 47,706,832 76,401,319 741 945 419
Oet. 3..674,010,182 72,577,778 87,682,447 834,270*407 heaviest in our history for a monthly period, exceeding
1 0 .. 697.763.110 104,876,757 80,399,997 883,039 864 any export total reported up to and including April
1 7 ..
698.653.022 116,668,261 85,315,025 900,636i308
1916. The favorable balance in the export movement,
The important, the significant, feature connected therefore, showed marked contraction as compared
with this great increase in the bill holdings of the with any recent month and, moreover, is the lowest
New York Federal Reserve Bank is that it has been since July 1917. For the nine months ended Sept. 30,
coincident with a marked expansion in the loan item however, the outflow of goods from the country as
of the New York Clearing House banks, suggesting represented by value, which was naturally much in­
the inference that the augmented borrowings at the flated by the high prices prevailing generally, ex­
Reserve Bank have been for the purpose of supporting ceeded the inflow by approximately 3 % billion
the growing volume of loans of the Clearing House dollars, an amount more than 400 millions greater
institutions to their patrons. Last Saturday the than the total imports for the period, indicating the
loan item of the Clearing House banks was contracted enormous credit balance which has accrued in favor
in amount of $60,546,000, the reduction following the of the United States.
drawing down of Government deposits with the
The Sept, exports this year reached a value of
banks, but even after this reduction the volume of $593,308,722, contrasting with $550,395,994 last
loans still stood at $5,372,457,000, as against only year and $454,506,904 in 1917. For the nine months
$5,085,678,000 Sept. 13, and no more than $4,990,­ since Jan. 1 1919 values were $5,866,456,422 compar­
270,000 Aug. 30. Thus it is made plain that the ing with $4,559,104,289, and running ahead of the
facilities of the Reserve Bank have been availed of commodity exports of 1917 by 1,263 million dollars.
more and more by the Clearing House institutions In the enormous expansion indicated this year over
and other banks in the New York Federal Reserve last most articles have shared, but notably so, breadDistrict in order to help carry their own steadily stuffs, provisions, automobiles, raijroad cars, cotton
growing load. The following is a summary of the and manufactures, fruits, leather and manufactures,
weekly Charing House figures since early in Sep­ vegetable oils, paper, wood and manufactures, and
tember:
last, and most important of all in quantitative in­
NEW YORK CLEARING HOUSE INSTITUTIONS.
crease, sugar. The outflow of that commodity for
T
,
Bills Payable,
the nine months, in fact, was no less than 1,129 mil­
Loans and
Surplus
Rediscounts,
Discounts.
Reserves.
Acceptances.
lion pounds, against less than 200 million pounds in
Sept. 6------------$5,095,870,000 $32,026,200 $844,523 000 the
like period of 1918 and 800 million pounds in 1917.
13---------- 5,085,678,000 45,681,280 788,244 000
20- 5,328,662,000 def53,186,140
675 504 000 This undoubtedly is one factor accounting for the
2 7 . ------- 5,297,474,000 18,422,880 809!916’000 serious shortage of the article now. Up to the break­
Oct. 4 .---------- 5,391,817,000 39,605,740 882,352 000 ing out of the war in Europe sugar was in no sense an
11--.......... 5,433,003,000 37,065,150 932,659,000
article of export. On the contrary, the
18----------- 5,372,457,000 48,598,940 943,677,000 important
outflow rarely reached or exceeded 100 million pounds.
It will be noted from the foregoing that as against
The merchandise imports for the month were $435,­
a deficit b elo w the required reserves in the huge 446,652, or some 128 millions more than those for
sum of $53,186,140 on Sept. 20, the New York Aug., 9 1 % millions above the high mark established
Clearing House institutions last Saturday showed in July and 174 millions in excess of Sept. 1918. The
a surplus a b o ve the requirements in the sum of $48 - result for the nine months, moreover, sets a high
598,940 and yet the total of loans Oct. 18 stood record by a good margin, an aggregate of $2 697 larger than on Sept. 20 and was heavily in excess
035,246 comparing with $2,322,553,250 a year ago
of the loans of previous weeks. The figures in
and $2,282,794,503 in 1917. The net result of our
the last column indicate how this apparently anom­ foreign trade for Sept, was a balance of exports of
alous achievement was effected.
In brief, in
$157,862,070. Last year the month’s showing was
the four weeks from Sept. 20 to Oct. 18 the aggre­
an excess on the same side of the account of 288*^
gate of “ Bills payable, rediscounts and acceptances,,
million dollars, and in 1917 the balance was 218
(in which item the borrowings at the Federal Re­
millions. For the nine months of 1919 the exports
serve Bank are concealed) increased from $675 run ahead of imports by $3,169,421,176; the 1918
504,000 to $943,677,000, being an addition of $268 balance was $2,236,551,039 and that, for 1917 a little
0 0 0 ,000.
Thus these figures tell the same story as over 2,321 millions.
the figures already cited further above with respect
The movement of gold in either direction in Sept,
to the bill holdings of the Federal Reserve Bank
was smaller than in either o f the three preceding
namely that the Clearing House banks have been
months and netted an outflow of $27 578 838 in­
leaning more and more upon the central institu­
creasing to $169,667,878 the net efflux since Jan. 1
tion for support. As the latter has now reached
$, M
7 1 ’6 2 8
and the exports 829,­
the limit of its ability to help, the Clearing House
050,466. Of this latter amount much the larger
banks will hereafter have to rely upon their own
part went to Japan, China, India, South and Central
resources (unless indeed there should be a con­
America and Spain, but there were also small ship­
siderable accession to the Reserve Bank’s stock
ments to England, France, Belgium, Sweden, Can­
of g old ), and the fact should be recognized and
ada, M exico and the West Indies. For the nine
liquidation enforced.
° f 1918 there was a net gold import of
$22,239,985 and for 1917 net imports of $179,363,Secured by
War Obligations.




-Bills DiscountedSecured by Bills Bought
Commercial
in Open
Paper.
Market.

Grand Total
of
Bills

1550

THE CHRONICLE

928. Silver exports for the month were of moderate
proportions as compared with most recent similar
periods, reaching $12,927,941, increasing to $177,­
104,404 the total for the nine months. Against this
latter aggregate there were imports of $63,984,155,
leaving the net silver exports $113,120,249 against
$110,548,511 in 1918 and $29,183,560 in 1917.
Building operations in the United States in Sep­
tember, while showing a decline from the high record
mark in contemplated expenditure established in
August, continued to furnish evidence of the preva­
lence of activity in construction work in all sections
of the country. The falling off from the preceding
month, moreover, is of no significance as it is the
usual course of building operations to contract with
the coming of fall. A gratifying feature of the
situation is that the prevailing labor unrest and
high cost have not served as a material check.
The returns of building operations for September
1919 from 160 cities furnish a total of contemplated
expenditure of $140,149,268, this comparing with
only $36,011,593 in September 1918 and 54% mil­
lions in 1917. The various boroughs of Greater
New York, due to labor unrest, &c., all exhibit
important losses from August, Manhattan in paiticular, but there are large gains over a year ago,
notwithstanding the friction with labor this year
in various branches of the building trades. The
estimated cost of construction work under the per­
mits issued in the city as a whole reaches $19,254,­
197, against only $3,566,272 a year ago and $8,­
895,985 in 1917. Outside of New York the ex­
penditure arranged for under the month’s contracts
total $120,895,071, against only $32,395,321 last
year and approximately 453^2 millions two years
ago. Heavy percentages of increase are exhibited at
nearly all importantjcities as well as hosts of places
of lesser prominence, while the declines to be noted
are few in number and of negligible importance.
For the period since January 1 the aggregate is
very much larger than a year ago— in fact the best
on record for the period covered— the outlay ar­
ranged for reaching $886,517,419, against 373 mil­
lions in 1918 and about 790 millions in 1916— the
latter the previous high mark. Greater New Y ork’s
figures are 170 millions, 48 millions and 187% mil­
lions respectively in the three years, and for the
other cities collectively the aggregates are 716 1-3
millions, 325 millions and 600 millions. Needless
to say all the various groups into which our returns
are segregated make an excellent showing for the
elapsed portion of 1919, with the Middle West anc
South standing out most conspicuously in that regai d.
Probably Russia figured more prominently than
any other country in the European news cablegrams.
A week ago yesterday Stockholm received a dispatch
saying that the army of General Ludenitch hac
entered the suburbs of Petrograd the day before. Up
to an early hour Saturday morning the British
authorities in London had received no confirmation
of the report. During the day the following notice
was posted on the Paris Bourse: “ Official— Petro­
grad has been taken.” As the days passed the
rumors of the fall of the city continued to come from
one source and another, but nothing was received,
either in London or New York, that tended to show
more than that General Ludenitch and his army
had come nearer than seven miles of the city. In




[V ol . 109.

that vicinity it appeared that they had met with
stubborn opposition from the Bolshevik forces.
Nearly all the advices stated that Petrograd had been
cut off from communication. M onday the British
War Office announced that “ the white flag was
misted over the Russian fortress of Kronstadt last
Friday.” Colonel Avaloff-Bermondt, Commandei of
the Russian-German forces in the Baltic States, was
quoted in a cablegram from Mitau as having said
that “ nothing can prevent a coalition of Russia and
Germany. America ought to see clearly the ad­
vantage of winning Russia’s sym pathy.” He added
“ We are not reactionaries. We consider a Constitu­
tional Monarchy, such as England’s, to be the best
Government for Russia.” London heard that the
various anti-Bolshevik forces continue their crushing
pressure upon Trotzky’s armies on all fronts of their
rapidly narrowing territory.’ About mid-week Gen­
eral Ludenitch was quoted in a dispatch from
Stockholm as having told Nelson Morris, the
American Ambassador, that during the day lie
expected to enter Petrograd, and urged M r. Morris
to ask the United States “ to aid the starving popula­
tion of the city .” In a Washington dispatch Thurs­
day morning Secretary Lansing was reported to have
said that our Government was considering furnishing
food to the people of Petrograd.
Henry Morgenthau, Chairman of The American
Commission to Investigate the Treatment of Jews in
Poland, returned from Paris a week ago and urged
the acceptance by the United States “ of a mandate
for Constantinople, Armenia and Anatolia.” Thurs­
day morning a cablegram from the Turkish capital
stated that a majority of the Harbord Mission, which
has been investigating conditions in Armenia and the
Middle East for seven weeks, recommended that the
United States should decline to accept a mandate for
Armenia or Turkey because America’s duty lies closer
at home.” Premier Lloyd George, in a speech at
Sheffield, was quoted as attributing “ the delay in the
conclusion of the Peace Treaty with Turkey to un­
certainty as to the attitude of the United States.”
He declared also that “ it is impossible to settle the
destiny of Turkey before knowing whether the United
States is going to share the burdens of civilization out­
side of the United States.”
As an indication of the changes that are taking
place in the thoughts and deeds of the English people,
it is interesting to note the suggestion made in London
a few days ago that “ the main burden of paying off
the present war debt should be placed upon the
Church of England.” The “ Statist” said editorially
that “ there is no reason why the Church of England
should be supported by the whole population. It is
not believed in by some; therefore it has lost the right
to exact support from those who do not attend its
services. What is wanted now is that the whole
property of the church should be used for freeing the
country from debt.” It was even suggested that West­
minster Abbey be disposed of as a part of this plan.
The British Parliament re-assembled on Wednes­
day. The Government program as announced em­
braced a large number and a wide variety of matters,
among which were a Government industrial council
of capital and labor with extensive powers; a maxi­
mum working week of 48 hours and a new Home Rule
Bill. The financial position of Great Britain was

O ct . 25 1919.]

THE CHRONICLE

given very briefly as follows: Expenditures to Oct. 11 ,
£794,082,609; revenues, £482,481,978; deficit to date,
£312,200,691; currency note issue on Oct. 15, £338,­
435,094; national debt nearly £8,000,000,000. The
most important development at Thursday’s session
of the House of Commons was the defeat of the
Government by a vote of 185 to 113 on an amend­
ment to the Alien Bill providing for a modification of
the provision which would withhold pilotage certifi­
cates from all aliens. It appears that only about
half the members of the House were present . Upon
motion of Andrew Bonar Law adjournment was
taken until next M onday to enable the Government
to consider what course it should adopt. Announce­
ment was made that the formal discussion of national
finances will occur next Wednesday. Arthur J.
Balfour resigned as Foreign Secretary and exchanged
positions with Earl Curzon as Lord President of the
Council. This exchange was agreed upon some weeks
ago.

1551

words Treasury bills outstanding continue to expand
in volume, and now aggregate £976,621,000, in com­
parison with £930,963,000 a week ago, although net
temporary advances outstanding have again been
reduced, this time £56,000,000, to £317,082,000. A
recent statement by the Chancellor of the Exchequer
shows that revenues from April 1 to Oct. 18 have
amounted to £503,576,000, with expenditures at
£812,994,000. It is also stated that while the heavy
sales of Treasury bills during the past two weeks have
made possible a reduction in temporary advances,
which are simply bank overdrafts, the floating debt
still stands at £1,284,703,000.

N o change has been noted in official discount rates
at leading European centres from 5 % in London,
Paris, Berlin, Vienna and Copenhagen; 5 % % in
Switzerland, 6% in Sweden, Norway and Petrograd,
and 4 % % in Holland and Spain. In London the
private bank rate continues to be quoted at 4% @
4>2% for sixty days and 4 % @ 4 % % for ninety days.
On M onday the Supreme Council of the Peace
M oney on call in London remains as heretofore at
Conference voted “ to hold the first meeting of the
2 V s % • N o reports, so far as we have been able to
Council of the League of Nations in Paris on the
ascertain, have been received by cable of open
day when the formal deposit of the ratifications of
market discount rates at other centres.
the Peace Treaty is made.” Wednesday the state­
ment was made in a special Paris cablegram that
The Bank of England announces a further loss in
“ after deciding that it would fix the date for the
its gold holdings, this time £41,977. Note circula­
deposit of ratifications on Thursday, the Supreme
tion, however, was again reduced; hence total reserves
Council has now decided that it will not fix a date
were expanded £250,000, although the proportion of
then for the coming of peace. Thus a new delay is
reserve to liabilities suffered a sharp decline to
announced.” Announcement was made in Paris that
13.80%, as a result of a sensational advance in the
“ the Ambassadorial Council for execution of the
deposit items. I his compares with a percentage of
Peace Treaty, which will replace the Supreme Coun­
18.70% a week ago and 1 8 % % last year. The
cil as soon as the latter is dissolved, will be made up
lowest thus far recorded in 1919 was 11% on Jan. 2.
as follows: Longara and Pagliano, Italy; Pichon and
Public deposits gained £185,000, other deposits no
Berthclon, France; Derby, Great Britain, and M atless than £44,854,000, and Government securities
sui, Japan.” It is explained that the new Council
£44,288,000. Loans (other securities) showed an
will act only as a clearing house and will have no
expansion of £541,000. Threadneedle Street’s stock
real and important powers. Secretary of State Lan­
of gold on hand aggregates £88,040,395, in compari­
sing has informed the Italian Government that
son with £73,408,960 a year ago and £55,530,056 in
Baron Romano Avezzano, recently appointed Am­
1917. Reserves total £23,078,000, as against £28,­
bassador to the United States to succeed Count V.
462,280 in 1918 and £32,379,306 the year preceding.
Machi di Cellere, who died in Washington suddenly
Circulation has reached a total of £83,410,000. Last
this week as he was about to undergo an operation,
year it was £63,396,680 and in 1917 £41,609,750.
will be acceptable to the United States Govern­
Loans now stand at £83,143,000. This compares
ment.
with £95,380,933 the previous year and in 1917
£90,635,003. Clearings through the London banks
The British Treasury statement for the week end­
for the week were £630,610,000, against £674,860,000
ing Oct. 18 showed that expenses and outgo had again
a week ago and £416,663,000 in the corresponding
slightly exceeded income, with the result of a decline
week of 1918. We append a tabular statement of
in the Exchequer balance of £ 220, 000, which brings
comparisons:
the total to £4,183,000, against last week’s total of
B A N K O F E N G L A N D ’S C O M P A R A T IV E S T A T E M E N T .
£4,403,000. Expenditures for the week were £ 1 8 ­
1919.
1918.
1917.
1916.
1915.
O ct. 2 2 .
O ct. 2 3 .
O ct. 2 4 .
O ct. 2 5 .
O ct. 2 7 .
312,000 (against £26,967,000 for the week ended
£
£
£
£
£
Oct. 11 ), while the total outflow, including Treasury C ir c u l a t io n -------------- 8 3 ,4 1 0 ,0 0 0 0 3 ,3 9 6 ,6 ,8 0 4 1 ,6 0 9 ,7 5 0 3 6 .6 S 6 .0 2 0 3 2 .7 9 4 8 6 0
P u b li c d e p o s i t s ........... 2 2 ,4 1 2 .0 0 0
3 2 ,0 4 3 ,8 8 3
4 0 .0 5 5 ,0 0 6
5 2 ,5 4 3 ,2 1 3 3 9 ,8 8 5 ,3 6 7
bills, advances repaid, and other items, was £136,­ O t h e r d e p o s i t s ........... 1 4 4 ,7 2 0 ,0 0 0 1 2 0 ,1 3 1 ,7 4 5 1 2 4 ,2 4 4 ,0 2 5 1 1 2 ,1 7 1 ,7 2 1 9 9 ,6 7 0 ^ 3 4 1
G o v t , s e c u r it ie s ------- 8 0 ,7 6 7 ,0 0 0
4 5 ,9 9 1 ,0 2 4
5 8 .Q C 5 .8 7 0
637,000, against £145,252,000 the previous week. O t h e r s e c u r it ie s -------- 8 3 ,1 4 3 ,0 0 0 9 5 ,3 .8 0 ,9 3 3 9 0 ,6 3 5 ,0 0 3 1 40 22 ,1,4 48 27 ,7,8 55 72 91 68 ,5,8 69 55 ,,52 00 20
Receipts from all sources equaled £136,417,000, R e s e r v e n o t e s & c o i n 2 3 ,0 7 8 ,0 0 0 2 8 .4 6 2 .2 S 0 3 2 ,3 7 9 ,3 0 6 3 7 ,8 2 7 ,4 4 0 4 1 ,8 8 5 8 4 9
C o in a n d b u llio n . .
8 8 ,0 4 0 .4 0 1 7 3 ,4 0 S ,9 6 0
5 5 ,5 3 9 ,0 5 6
5 0 ,0 6 3 ,4 6 6 S o ’ 2 3 0 % 9
which compares with £145,937,000 in the week’ pre­ P r o p o r t i o n o f r e s e r v e
t o li a b i l i t i e s ...........
1 3 .8 0 %
1 8 .7 0 %
1 9 .7 0 %
2 2 .9 7 %
3 0 .0 1 "
ceding. Of this total, revenues added £21,094 000
R a n k r a t e ......................
5%
5%
5%
6%
goagainst £15,196,000, and other debt £51,000, against
£ 100, 000. Savings certificates contributed £1 100 ­
The Bank of France continues to report small
000 against £1,000,000. A total of £9,700,000 was gains in its gold item, the increase this week bding
received from the new funding loan, against £ 2, 000, 317,306 francs.. The Bank’s total gold holdings now
while victory bonds yielded £ 1 , 100,000, against aggregate 5,575,148,481 francs, comparing with 5,­
£300,000. Advances brought in £ 1 , 000, 000, in con­ 441,870,689 francs last year and with 5,326,083,948
trast with £18,000,000 the week before. Sales of francs the year before; of these amounts 1,978,278,416
Treasury bills were again heavy, totaling £102,372,­ francs were held abroad in 1919 and 2,037,108,481
000 (last week the total was £ 111 ,339,000). In other francs in both 1918 and 1917. During the week,




Treasury deposits gained 8,678,023 francs, while
general deposits were augmented to the extent of
267,977,263 francs. On the other hand, a decrease
of 1,036,356 francs was recorded in the silver item.
Note circulation took a favorable turn, a contraction
of 30,691,060 francs being registered. The amount
outstanding now totals 36,768,734,575 francs, con­
trasting with 30,721,054,545 francs last year and
with 21,705,268,575 francs the year previous. Just
prior to the outbreak of -war, in 1914, the total out­
standing was only 6,683,184,785 francs. Compari­
sons of the various items in this week’s return with
the statement of last week and corresponding dates
in 1918 and 1917 are as follows:
BAN K

[Vol . 109.

THE CHRONICLE

1553

OF

F R A N C E 'S

C O M P A R A T IV E

STATEM ENT.

C h a n g es
--------------------------------- S ta in s a s o f - — --------------------—
fa r W eek .
O ct. 2 3 1 9 1 9 . O ct. 2 4 1 9 1 8 . O ct. 2 8 1 9 1 7 .
G old H o l d ln a s —
F ra n cs.
F ra n cs.
F ra n cs.
F ra n cs.
J n Z c f . W!:.I n C .
3 1 7 ,3 0 6 3 . 5 ? « . 8 7 0 , 0 6 5
3 . 4 0 4 .7 6 2 ,2 0 4 3 ,2 8 8 ,9 7 5 .4 6 3
A b r o a d _____________
N o ch an ge
1 ,9 7 8 ,2 7 3 ,4 1 6
2 ,0 3 7 ,1 0 8 ,4 8 1
* ,0 3 7 ,1 0 8 ,4 8 4
T o t a L ............................................3 1 7 ,3 0 6
S i l v e r ........................... D e c .
1 ,0 3 6 ,3 5 6

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

SKST'*’- ...............................

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

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

“ :S?7 iX.fri.fi?

N o t e c ir c u la t io n . - D e c .
3 0 .6 9 1 .6 o 6 3 6 ,7 '6 8 .7 3 4 ,5 7 5 3 0 ,7 2 1 ,0 5 4 ,5 4 5 2 1 .7 0 5 ,2 6 8 ,5 7 5
T re a s u ry d e p o s it s .I n c .
8 ,6 7 8 ,0 2 3
7 9 .3 5 6 ,5 6 7
3 o , 2 0 1 .5 9 5
5 1 ,5 6 6 ,6 9 0
G e n e r a l d e p o s i t s . . I n c . 2 6 7 ,9 7 7 ,2 6 3
3 , 1 0 8 ,8 2 5 ,3 8 4
2 , 9 0 9 ,1 3 0 ,9 4 9 2 , 8 3 3 ,5 0 7 ,0 6 9

Last week’s bank statement of New York Clearing
House members, issued on Saturday, made a better
showing, in that loans were reduced and reserves
substantially added to, but the improvement was
■effected through increased borrowing at the Federal
Reserve Bank.
Government deposits fell from
$362,089,000 to $279,380,000, and this forced a con­
traction in the loan item, which was reduced by
$60,546,000. There was an increase of $18,882,000
in net demand deposits, bringing that total to
$4,212,273,000 (Government deposits of $279,380,000
deducted), while net time deposits were expanded
$1,355,000, to $275,150,000. Cash in own vaults
(members of the Federal Reserve Bank) declined
$3,455,000, to $95,271,000 (not counted as reserve).
Reserves in the Reserve Bank of member banks
registered an increase of $14,041,000, to $585,754,000,
and reserves in own vaults (State banks and trust
companies) a gain of $310,000, to $11,282,000, al­
though the reserves in other depositories (State banks
and trust companies) fell off $292,000, to $11,854,000.
As to aggregate reserves, the gain amounted to
$14,059,000, thus carrying the total to $608,890,000.
Surplus reserves expanded $11,533,790, and this
brought the total of excess reserves up to $48,598,940.
Reserve requirements were augmented $2,525,210.
The above figures for surplus are on the basis of 13%
legal reserves for member banks of the Fede'’al ^ e"
serve system, but not including cash in vault held by
these banks, which amounted last Saturday to
$95,271,000. Circulation is now $35,627,000, a de
cline of $25,000 for the week. The bank statement
will be found in more complete form on a later page
of the “ Chronicle.”
The predictions in banking circles late last week
o f easier money this week were fully realized. Al­
though the rates were rather high at the start, the
general tendency was downward for both call and
time accommodations. The easier tone of the local
money market was about as pronounced in respect
to one class of loans as it was for the other. Yes­
terday afternoon call money was quoted at 4 )^ % ,
while the bids for time funds were lowered from the
71^ and 8% rates noted last week to 6 Y i and 6 % .
The tremendous speculation in stocks at this centre
did pot appear to have much, if any, effect upon the
rates for money. There were sharp breaks in the




prices of speculative securities on both Wednesday
and Thursday, but they were not of long duration,
and it is doubted that the liquidation was sufficiently
large to be reflected to any great extent in brokers’
loans. It may be noted that the periods of reaction
were followed by new buying movements that must
have rather more than offset the liquidation. Pro­
vision for meeting the maturing French cities bonds,
the offering of $250,000,000 Three-Ten-Year 5 ^ %
bonds by J. P. Morgan & Co. for the British Govern­
ment, and arrangements for a loan of $40,000,000 to
the Kolchak Government in Russia, about half of
which is to be taken by the United States, naturally
attracted considerable attention. Apparently it is
only a question of a short time until substantial
financial aid is extended by the United States to
Belgium. The offerings of domestic securities con­
tinue on a large scale. Many companies whose se­
curities have never been offered publicly are now
bringing out new issues through their bankers.
With regard to money rates in greater detail,
loans on" call for both mixed collateral and all-in­
dustrials alike have ranged during the week at 4 @
8 % , as against 6 @ 1 5 % a week ago. On Monday
the high was 8 % , the low 4 % and 6% for renewals.
This is the lowest rate quoted in quite some time.
Tuesday there was no range, 6% being the only rate
quoted and the high, low and ruling for the day.
On Wednesday 6% was still the maximum and also
the renewal basis, but the low was reduced to 5 )^ % .
There was a further slight easing to 4 ^ % for the
minimum; the high was again 6 % , though renewals
were negotiated at 5 % . Friday’s rates were 5 %
the high, 4 )^ % low and 5 % the ruling rate. In
time money a firm undertone has been noted, es­
pecially during the earlier part of the week, when
7% was bid for mixed collateral loans. Later in the
week, with an increase in the supply of available
funds, rates relaxed and 6 % was quoted for sixty
and ninety days and four months and 5 % @ 6 % for
five and six months for mixed collateral loans, com­
paring with 6 X
A % last week for all maturities.
All­
industrial money was negotiated in small amounts
at Q } 4 @ 7 % for the shorter periods. Trading was
light, borrowers showing a disposition to await
easier monetary conditions.
Mercantile paper rates have ruled steady, at the
levels previously current, with sixty and ninety
days’ endorsed bills receivable and six months’
names of choice character ranging at 5 )4 @ 5 H % >
unchanged, and names less well known at 5 ^ % *
Illore activity was discernible in commercial paper
than has been the case for a number of weeks and
brokers take the view that manufacturers and mer­
chants are beginning to borrow in anticipation of
an expansion in general business in the near future.
Banks’ and bankers’ acceptances were in fairly
good demand, but transactions in the aggregate
reached only moderate proportions. With the eas­
ing in the call market, however, bankers look for
improvement in this direction also. The market
was steady with rates still without change. De­
mand loans for bankers’ acceptances remain as
heretofore at 4 }4 % . Quotations in detail are as
follows:
Spot

Ninety
D ays.
E li g ib l e b ills o f m e m b e r b a n k s ...................... 4
E l i g i b l e b il ls o f n o n - m e m b e r b a n k s ---------- 4 y «< ® 4 'A t
I n e lig ib le b i l l s .......................................................... 5 H @ * H

D e li v e r y

D e li v e r y
S ix ty
D ays.

•X,
4 ‘X . © 4 J i
5 H @ 4 «

T h ir ty
D ays.
4 % ,® 4
4 % ,@ 4
6 «@ 4 H

w ith in
30 D ays.
4 % b id
4 M . b id
6
b id

O ct . 25 1919.

Referring to quotations in greater detail, sterling
~
° y *ne federal Reexchange
on Saturday of last week was somewhat
1 re vailing rates for various classes
+ dcm.ancl a shade easier at 4 1 4 ^ @
t 15% , cable transfers at 4 1 5 % @ 4 16% hnd s b tv
days at 4 1 2 % @ 4 I 3 % . M on day’s d ea lin g ^
- —
* UJXJr*X\.ALi I tU S B J R V
marked by a better undertone and although trading;
j e
CLASSBS
•
was quiet, rates moved up to 4 1 5 V @ | 5 /
OF
o 1 ’r
R
R
o
o
o’
DISCOUNTSANDWANS
s
demand
4 16@ 4 16% for cable t r a n s d @ and V l 3 @
R
c
*2
s
•R
2
4.13% for sixty days. There was a sharp upward
5
1^
s
D isc o u n ts—
|
1
movement on Tuesday, due mainly to the Morgan
W i t h in 15 d a y s , i n c l . m e m b e r

^K

wf„e
g:different Rede-

b a n k s ' c o ll a t e t a l n o t e s . . J 4
4
14
16 t o CO d a y s ' m a t u r i t y ”
!4V
14 %
61 t o 9 0 d a y s ’ m a t u r it y
j4;
4 4% ' ^ h
A g r i c u lt u r a l a n d li v e - s t o c k i '
p a p e r , 9 1 t o ISO d a y s in c l
5
5
5
S ecu red b y U . S . c e r t ific a t e
o f in d e b t e d n e s s —
W i t h i n 15 d a y s , in c lu d in g )
m e m b e r b a n k s ' c o ll a t e r a l
n o t e s __________
.
4
4
S e c u r e d b y L i b e r t y b o n d s 'a 'n d
V ic t o r y N o te s —
W i t h in 15 d a y s , in c lu d in '*
m e m b e r b a n k s ’ c o ll a t e r a l
4
„
n o t e s .....................................
4
4
S ecu red b y U . S . G overn m en t
w a r o b li g a t i o n s —
16 t o 9 0 d a y s ’ m a t u r i t y . .
4 % 4% 4%
T ra d e A cce p ta n ces—
1 5 d a y s ’ m a t u r i t y ........................ 4
4
1 6 t o 9 0 d a y s ’ m a t u r i t y ______ I 4 % 4>$ 4
4% '

in . T n /
N ori l

u h iu u u w u

^ ’

„

4%
4%
4%

4.%
4%
4%

5%

5

5

5%

4

4

4

4

4

4

4%

4

4%

4

4%

4%

4%

4%

4

° f thre arran« cmcnt
a new British
|loan to take up maturing notes in this country and

Ii T t o ' S r

the°Edr° V R u n ' p 1 m'° f i.nanci"S ’ also to the fact that
the Edge Bill had boon favorably reported out to the
louse, and demand bills were advanced to 4 1 6 % @
4 18, cable transfers to 4 171^(5)4 iq o,lfi • + j
to 4 1 4 % @ 4 15%
On
d ^ li
and" m t t ° 'd
4

4%
4%

4%
4%

4%
4%

4%
4%

1 7 < a 4

1

7

V

r
?

u f
b i

° 7 the undert° " e "'as easier
,

“

@

4

I f%

fO T

d e m

a n d ,

4 l / @ 4 173^ for cable transfers and 4 1334(5)4 14i%
or sixty days. Dulness was the chief e
f f i

4
4

u a n sers a ccep ta n ces m aturim

V\ % ' a n “ W U W n 61 t0 90

n .t ..

4% 4%
4% ' 4 %
4% 4%

------- PW

umrsei, minimum rate 4%.

V
; r? m e \ r th th° range for demand
1 5l %Z @ 4l 15%
, for cable transfers 4 I 6 % ® 4 ] f i i /
4 1 3 % @ 4 13%.
ia- y ° 'e ,3 - W h e n e v e r a p p l i c a t i o n is m a d e b y m e m b e r
« ■ £ ? &
o< a - p . ,
pS
a pS
er v
o fK
t httK
e s a m e! c25T
la s s . * ■” “ »*■ y’ c n a r g e a r a t e n o t e x c e e d in g t h a t f o r 9.......
0 -d a y
" a s quiet but steady, and a fractional advance , v l
o l C'lrrt-apjQfllri.'pLanplu^I'' ' luve becn m" H" ' w,th 'P om for commercial paper locorded, to 4 15% @ 4 16% for demand, 4 16 1i(a 4 17
for cable transfers and 4 I2 % @ 4 13% for sixtv days
A more hopeful feeling pervaded sterling exchange Closing quotations were 4 13% for sixty days'
dealings tins week, and following advices from 4 l a % for demand and 4 16% for cable transfers
Washington that tho Edge bill, designed to permit U m in em a l sight bills finished at 4 15% , sixty days
banking associations to invest part of their capital n !™
w ■ "! y , d V
at 4
documents for
stock
corporations engaged in foreign commerce payment (sixty days) 4 13, and seven-day main
had been favorably reported to the House Committee bills 4 14% . Cotton and grain for payment cfosed

Note

Note 2o
ban o n r

A

and for sixty days

on Banking and Currency, also tho announcement by
J. I . Morgan & Co., that a neiv $250,000,000 British
loan had been arranged, to be used partly for the
paying off of maturing notes and partly to finance
future requirements of Great Britain in this country
quotations responded by an advance to 4 18 for
demand bills, or 3 % points above tho low point estab­
lished on Saturday last; later, renewed s e lL g o f t r g e
q antities of cotton bills caused a slight recession and
tho close was under the best.

Friday’s market

« i i u n i g et h e ; r k no 8old expor,s "

In the Continental exchanges considerable ir■egulanty has been shown, with French, German and
Austrian exchange all ruling at or near the low levels
of a week ago. Italian exchange was again spec­
tacularly weak and lire quotations established an­
other new low record of 10.44 for sight bills
This is
a loss for the week of 30 points and constitutes a
discount of more than 50% from the normal pre-war
a n l mand
S l°
L “ l Cho. C.p° nTf i dreX
n C C , is “
r o s s e d * m o n g
iguic of 5
o 1!%
19%. Continued heavy offerings of bills
bankers
exchange
r r t h a tP X
r : , am0” g f,gUre
of the Edge bil, can fie accmnphshed before the^eace Jtifis market 'U'ge t l T
°f
W a rd ed 7s
a dede­ bm a” f p r i Z
aT ^ a y is actually ^ratified,
ed’ this *is regard«d
as a
^
*» the
cidedly important forward step, and as such created break in prices, It^y’s^nfavo^rleormirand6
a good impression. It is taken to indicate that the tiade position rendering these hills undesirable from
Washington authorities are at last fully aroused to
buy” mketGenendr nt “ ?• there
a dem-thM
the urgent need of some sort of support for export
□77 ?
f ly spJ!aklnK. the chief market in­
trade and are making strong efforts to push legislation fluences at work a week ago were still in evidence
Summed up, these may be said to include the unm tins direction. As to the British financial p
this came as a genuine surprise i„ the financial dis­ cer ainties still surrounding the international trade
trict which had been confidently predicting that no
new financing would be undertaken at this time
a c t o
S ta te
a n d
1 he announcement was well received, however, and is
com
plete
stoppage
of
shipping
facilities
as a result
regarded as likely to constitute an important factor
of the longshoremen’s strike at this port. In the

ad onam’ r T “ e formulati°» of an assuredly
fatto jv si of the President’s
r?77n 18 health
concerned, the
thealmost
unsatis-

lu t S ^ S

"6

° X C h an g0

“

“

-

e

Bankers here are as averse as over to making pre­
dictions upon the immediate course of sterling ex­
change. Trading has, of course, been considerably
hampered especially as regards demand and com­
mercial long and short bills—by the tying up of sliim
pms on account of the dock strike. According to
latest advices, however, this is in a fair way of being
settled and should soon ccaso to be a factor in
market calculations.
•
n




rm° 'l f 1C,. attcr’ however, indications are that
normal conditions will soon be restored and latest
reports from the White House give ground for hopes
that before long Mr. Wilson may be able to resume
some of his executive duties.
Among the important news features of the week
was the announcement of negotiations for the ex­
tension of a credit to the Omsk Government repre­
senting hat portion of Russia now under control of
the Kolchak forces. The amount is estimated
variously at from $25,000,000 to $40,000,000 and will ’

1554

he handled, it is understood, j°m tly by a syn
of British and American bankers. Defim
‘
>
however, are still lacking, though the belmf is that
the transaction will be along the same lines as those
already arranged with the Kolchak representative^
A good deal of comment has been caused b> the “
that t h e n e g o t i a t i o n s f o r a l o a n t o Belgium >
'
b a n k e r have been broken off, |he statement now
being made that the Belgian authorities fin
>
arc not in immediate need of this a cco m m oa t o
but that negotiations will likely be r e s u m e d abou the

first of the new year. This is the

Neutral exchange continues in n e g l e c t and tradmg
was again featureless with tiansactior • \ \ arrow
ume. Consequently, movements were within narrow
limits and without specuil sigmfican . ^ fr£
al_
were somewhat easier, as also v-e
finished at a
though pesetas were
ancl
fractional advance.
Stockli
,
lower at
Copenhagen remittances weie aU a ^
re]athc close, though earlier in the week t >
rw ch
ttively
ivolv steadv
It isi reported
that
of Dutcti
steady. ±
i
, a lsgroup
Handelsmatsbankers headed by tl
000 000 for
chappy has granted a credit of about $2 5 ,0W,OOt>
?he purchasf of raw materials for German industry,

more

as according to previous statements all arrang
ments had been practically concluded for the act
placing of the loan upon the market at one .
a statement issued by Kuhn, Loch & C o., , > is eai ^
that funds have been deposited with 0 c
’ ; u
French Treasury for the repayment ° f outstanc g
maturing bonds on the cities of L y o n s , E orfeaux and
Marseilles, and that these bonds will b^ e p uieliased
at 100% and accrued interest to date.
«
for a new issue of bonds of these cities are under
consideration, but no settlement has » !
reached. Some interest has been displayed i
Publication of statisti“

[V o l . 109.

THE CHRONICLE

\

e L l a - e » f trade is

P!£

S

rZ T o n
Amsterdam closed_^at
a g a i n s t 38; cable transfers at
3 /L
S i cc_l6 and
commercial sight at 37 9C 6 , agam
37 9-16
s " f f . “ £ 3 v ; i “
ers' sight I n l a n d , 5 6 2 fr r ' ^ ^ “ “

i o , i» .* cop en -

hagcPn rchocks closed at 2 1.20 “" ‘1 c a b le ^ n n s ers
at 21.35, against 21.50 and ^ transfcrs 23.95,
S w e d e n tom hed at 23.85 .
Qn Novway
a g a i n s t 24.30 and 24^
,
fers 22.80, against

was 19.07
" S o u t h American e x c lu d e
has been noted and the check rate o

ssr

srrs

U
°"® %
r c'
quarter bUlion francs per month, while .mportat.ons
oi ' he first eight months of the current year total
approximately 18,500,000,000 francs, or about four
r h a n g t ^ n fr im e s
an d fiu P e ru 4 81® 4 82,
1,1 ion francs in excess of the same period of 1.118.
,,
03®
This easily explains the enormous procure upon the same as a week ago.
Far Eastern rates are as follows.
8 , G
French exchange rates, especially m view of t
9 3 ® , against 8 9 K @ 8 9 ® ; Shanghai 140® 11 /2 ,
that France's exports for the same period amounted against 137@ 137® ; Yokohama, 50M @ 51. a 6 4 ,
t o t n l y “ lightly over four billion francs. A recent 5 0 M @ S l; Manila 4SM @ 49 C m b w * ^
disnatch from Paris states that to presort e spec e 5 0 \ £ @ j 5 0 lA
(unchanged), Bombay,
V o i/^
circulation from raids by individuals seeking to profit against 4 3 ® @ 4 3 K , and Calcutta (cables), 4 3 ® ©
by the difference between the bullion va no of coins 4 ‘6 A > against 43f^@4344
and the exchange value of circulation, a law is to be
The New York Clearing House banks, in their
passed penalizing the melting and recoinage oi w t
operations with interior banking institutions^ have
drawal from circulation of national m oney, punish gained 85,948,000 net in cash as a lesult, oi tnt
ment to be imprisonment of from ten days to six currency movements for the week *
Their receipts from the interior have aggregated
months or fines up to 5,000 francs. I ‘ gurcsfm m s
on oac . ono while the shipments have reached $3,by M . Klotz, the French Minister of Finance, b. f
^ Q 8 000 Adding the sib-Treasury and Federal
■ the Chamber of Deputies, show that it will be nertisReserve o p e S n s and the ¥ «
sarv for France to borrow something like two billio
together occasioned a loss ot $111,(M1,UUU, tnc
francs in the course of the next few years in Older to combined result of the Row of money into and out
balance its budget.
’
. t> v:0 Pin«pd at of the New York banks for the week appears to have
The official check rate on London in I ai is closed a been a loss of 8105,083,000, as follows:_
Net Change in
Out of
Into
36 25, against 36 49 a week ago. In New Lork sig
IVcek erultno Oct. 24.
Bank Holdings.
Banks.
Banks.
bills on the French centre finished at 8 66, agams
S9,34G.OOO *3,398,000 Gain $5,948,000
interior movement— ■8 69; cable transfers at 8 G4, against 8 6/ , conimercia trunks’
Suth-Trensary and Federal Reserve
30,013,000 141,044,000 Loss 111,031,000
sight at 8 68, against 8 71, and commercial sixty days operations and gold exports--------- 839,3.V1.00o! $144,442,000 LoB8$105,083,000
Total------at 8 72, against 8 75 on Friday of last week. Belg
th e a m ou n t o f
francs which have ruled a shade firmer, closed at 8 60 in the principal European banks:
for checks and 8 58 for cable transfers, as compared
Oct. 24 1918.
with 8 72 and 8 70 a week ago. Final quotations
Total.
Silrer.
German reichsmarks were 3 53 for chec s mu o
£
,408,900
............73
12,760.0001148 ,950,487
for cable transfers. This compares with 3 0Cla
5.602.3001133 ,007,760
3 62 last week. Austrian kronen finished at 01.0o toi
12.375,0001142 ,025,000
2,289,000- 13,297,000
checks and 01.08 for cable remittances, in companson
25,817,000,114 ,004,000
3,070,000] 35 ,709,000
with 00.88 and 00.92 the week before. Exchange on
000,000 59 ,500,000
600,000 15 ,980.000
15 ,200,000
Czechoslovakia closed at 2 90, against 2 90; on
14 ,079,000
130,000 10,455,000
Bucharest at 4 85, against 4 85; on Poland at 2 )0
0 ,748,000
ISOrway — 1 -. **— ’----;■_____
____ —------ ------- -— ■— ■—1------------‘
against 2 90, and on Finland at 4 10, against 4
I------------- 102 247 720,056,847 03,243,360 783,300,207
o t. week 674,410,847 o9,7 .1 ^ j W ; * •
|, 821719,843,820| 63,475.210-783,319,030
the week previous. Closing quotations for lire weic TPrev.week074.<
h)7,7a*.
--------------------- _— -------------------- —
the Rank of France this year are exclusive oi £79.131,137
10 38 for bankers’ sight bills and 10 36 for cable trans­
fers. Last week the close was 10 16 and 10 14. Creek ht £ S 3r
"British Board of Trade Journal- lor Dec.
exchange has not been changed from 5 77 for checks 7 F H ’
1018 are those of August 6 1914.
-a n d 5 7 5 f o r cable transfers.




Oct . 25 1919.1

t h e c h r o n ic le

1555

THE INDUSTRIAL CONFERENCE AND THF
Soviet
T . ? PPrraCh *° his idc;l1 "'•>« tba Russian
1- w. W. MOVEMENT.
Soviet, and the effort of himself and his companions
The split in the Labor Conference at
+
was to encourage establishment o f a Soviet system in

this country, which should replace all exilng fZ s

o f government.

His purpose was to underline the

colic r T
° f th° " '0r,ling Hf a res°lution’ regarding
co ectlve bargaming. We discuss this p h n s fo f h f to
o Z T h Z i t t y T X n t g° TontMsn t’
matter m a subsequent article. It is difficult n o t pressure, was to be exerted on the Am erhLnlaborer!
L a b o r e r f ° OUtcome with some impatience. The
Labor Conference was called to meet a general
situation, not to settle the general theory of collective
bargaining. President Wilson, in his letter to the
Conference from the sick room, expressedThe situ
ation with entire correctness in saying-

than

izedhv!Ze,I dhby.,abor
thC-Wumonsay of encouraging
strikes
unauthorWhen what
he <-alled
"proper
industrial conditions” should have been estabLhed
all government would be abolished.
Now this is nothing new.

During considerably

^ “ proTth Halft a cen.t ury' ‘ be doctrine enunciated
by Proudhon at the time of the social agitations of
1 8 4 8 have had their adherents anil advocates.
But.

y mind when this conference was called that von witho
would concern yourselves with the discovery of those beg n o t e
methods by which a measurable co-operation within an S T -

,°s ar W° rW " 'Hhout government and
r‘B ° P” Vate propcrty " ™ from ‘ he
T g“ 2eT’ WCn by 0Xtreme Socialists, as

T T

civilized life
WaS S‘mply a ne
life, andT was so understood by saneUpeople

m a l walks o f life

Its propagandists

the p qt'h *0 V'"? d,stmct classes— mere talkers like
Pittsburgh lawyer who testified this week at
Washington and who were usually classed merely as
of The Spemr t0 US faiWV t0 sum “ P the natural task
of the Conference. But that body had not vet brain-crazed enthusiasts, and dangerous conspirators
whose professed belief in the downfall of goverT*°nUCt ! ! ; nr
‘ S t a n c e , *he urSCQt question of keeping
up the volume of production necessary in this eco­ i n t o n a n d *b e . a b o l i t i o n 0 f p r o p e r t y w a s t r a n s i t e d
.t o p e rs o n a l v io la tio n o f la w a n d p e rs o n a l d e s tr u e nomic crisis of the whole world. It had not touched
tio n o f p r o p e r ty c o m m o n ly fo rtifie d b y s u c h u s e
the question of the relation of highr wages to hirrl,
cost of living. Instead, the steel strikeTas L s t o n t o f b o m d s a s m a d e m e m o r a b l e t h e e p i s o d e o f t h e
dragged m , as if the Conference had been bound to Lliicago a n a r c h i s t s a s l o n g a g o a s 1 8 8 6 .
The influence of these agitators on society at large
express its judgment on the merits of anv pending
abor controversy. Clearly, if that were to be done was precisely as great and as small as the'influenee
the Conference would have no time left for anythng ot preachers of occult religions or of the advocates
o f social practices in which precepts of common
world understands it. are discarded.
morahty, as
this conference is not, and w h lh n o l d y p T o fe s'e l 'U iat is extraordinary about the present propa­
ganda is not that Soviets and anarchy,
of
“ to be, IS a formal court of arbitration
government and abolition of property, should be
C on ferm L
SUPP° SC *hat the 'lib e r a tio n s of the
Present
I’
T
SUcb not‘ ons should in their
d r a t of heT
by the with!
at s i t V
Labor group. Too many interests are present loose form have pervaded so widely the serious
channels o f life. Margolis himself testified to the
? ' *?e f
ieof the bab«r Union leadconferences
of the present steel strike leaders with
he side of the employers, to render it i
anarchist associations of this sort* The “ T* •
Foster, Secretary of the Steel Strike n 5 ° * ° ™ “
as a “ borer from within” on the labor’ u n lo n T '^ h e
wide-spread effort to foment strikes and v io la tio n ^
contracts and any disobedience to union orders has
whether officers of a union ’
W1° r d s > of seelnS been in line with this propaganda
’
and whether labor can d o a ^ ^ 11 T t r ° \ l t s members> „ „ y . h i!e, t h i s s t r a n g e a n d i n t e l l e c t u a l l y d e g e n e r a t e
ers t
an doal honestly with the employth e

the

overthrow

a*xasa: it

£

c u t ,s t h u s s t i r r i n g

Organized labor, which i*

th e ra n k s o f th e p ro le ta ria t

j -u

mes t h „ T y n° ‘ SS SingUlar a P^nom enon of the
times that young persons of a very different. cIa^
calling themselves reformers of society, should have
adopted similar general ideas, and should to-day be
preaching them gravely and publicly, in weekly
p t t t . hT heaT1: w t i e t t: ri'T11f sT ' t - ' :[V"F^^
government was frankly p h c c d ^ h f ^ °t w ° r and journa's professing to address the intellectual reader
United States Senate Committee
K 0re the The very well known attitude which serious people
gating the United States Steel str k t b T ‘ " T
dozen
dacob Margohs, of Pittsburgh, described iT th e T T ago s replaced among these people bv what can
hardly be described as anything less than ardent
mony as an attorney for the I W W TT» f ^
questions of the Senators h.iV
, 1,
• ,Cr cross‘ admiration for the I. W . W . precepts. The anarchist
need of pressure to extoft’
" ently :v,thout the awyer who described his views at Washington verv
plained that he w L T W
^ 7 “ ’
man e5£v in c ed T P " ' VOTy l0giC a" y deClared h i“ 6elf a COll"showed what had been the
wneed believer m the Plumb plan for the railways
thizers and associates on the Steel strike
^
7
7
^
“ intel,ectual” Journals of the day
to
Tnh;
deVOtad
f
j
Ur
° r five articles in a Single, issue
unions ' a<He
r’ -and without
n° intCrCst
in- Iab»r to an impassioned outburst
unions.
He believ'd*
believed inf°society
government.
of enthusiasm over the in
sistence on that extraordinary idea by the four union




held toward the I. W. W. less than half a

ye^s

[V ol . 109.

THE CHRONICLE

1556

from the labor group and from the employers a n d rte
leaders. It was another of these publications which, public group agreed in recognizing 1
g
defending the strike of the Boston p o l i c e , concluded to organize, to bargain collectively, to be hear
by asking, why should “ loyalty to the State take through representatives of their own choosing, and
precedence over loyalty to o n e ’ s fellow-craftsmen, o in disclaiming any limitation of the right of a wagean economic organization?”
earner to refrain from joining any ysam zation
That labor as a body concurs in such fanta
to deal directly with his employer.
This seems
views, we (lo not believe is any more true or probable concession by the employers, anc a
lovers
than that society as a whole concurs m them.
the desired common ground; but the emj j
theless, insidious p r o p a g a n d a continues, a
wished to also affirm “ the right of the e m p ^ t o
labor is perfectly well aware that, unless su
1 P‘
deal or not to deal with men or groups of men who
a and a is checked and defeated, the union leadc s are not his employees and chosen by and among
will be out of a job at the hands of their ownimagined them ” Some verbal changes were attempted, but
supporters. This is a situation which* soo
the point of difference remained, for the issue was
later, will compel some sort ot intcl igen
the issue of control the ^
^
gible conference between all the interestcc p
•
the stand
would be to
THE

CAUSE

OF

THE

COLLAPSE

OF

THE

mTke a com pete surrender, and is so considered by
the representatives of 27 State assoc.atmn^of manu­
The Industrial Conference in Washington sum­ facturers and employers who wired^ «n Wednesday
marily ended on Wednesday evening, on the our
teenth day, by a bolt of M r. Gompcrs and h «foU o'V r
any
ing directlv after an appeal from the lrc
definition or declaration on collective b a m m in g
which had more of the tone of entreaty and less of which does not give equal recognition to a 1 forms o
the tone of command than is usual wit i m n .
collective agreement, to the equal nght of employ
Probably this does not surprise anybody who and employee to deal individually when they mu
recognized at the start the futile character of the tually desire, or which would compe an employer
attempt. On the most favorable supposition, any to deal with others than ins own employees throug^
result reached could not be binding upon any person, representatives chosen by and from amo «
class, or interest; it would be only advisory, while
Judge Gary did not make himself personally prom
on the other hand, the result persistently soug t inent, but Mr. Rockefeller strove earnestly f
(the result whose hopelessness caused the break-up) a harmonious result. His conduct in the Colored^
could have exerted a most pernicious influence
mining trouble was wholly credits >c
nrso the
Nor was the body a representative one m any^strict too much praise cannot be given to the course the
sense; its members were not electei ,
’ Standard Oil is taking towards an “ m dustriaW e
and by a single person whose competence: to s p e k mocracy;” his right to speak is amp tion
authoritatively for all the people is not ent re y ground. It is true, as he said, that the s
accepted. The make-up of the conference was of the industrial problem can be broug it a >ou
itself defective in repeating and emphasizing
by the introduction of a new spirit into the relation
fallacy that there are or can be classes
ship between the parties in industry, a spirit ot jus­
country and there can be opposing interests. W hen tice and brotherhood.” He is perhaps right in
persons really one in necessity and interest come thinking that what men want even more than larger
together, to argue and contend as ifth e y
^
wage is “ recognition as men.” While the man is
rate, it is somewhat as if the o r g a n s of the hu
regarded “ as a number on a payroll, a cog m a wheel,
body should hold a meeting to see if they could not he is naturally not an enthusiastic worker; he wants
sink their separate interests and work together for “ to be treated as a human being and not as a ma­
the common good.
,.
three chine ” M ost surely, and M r. Rockefeller s con­
duct agrees with his words; yet there is a reciprocal
The meeting was one of “ groups
omnlovers labor, and the public; the farm
,
duty
If the worker would be treated as a man
b "ty
brotherhoods, and two others came in and not as a cog, he must behave like a man and not
however, but the other divisions which some
like a cog
He must consider the employer and the
employment; he must keep his contracts; he must
imagined (the producers, the consume , * ^ P
not fail, as the cog fails, without regard to consepie,” and “ the common people ) had
P
IN D U S T R IA L

CONFERENCE.

spokesman present,
attempt manifested
'* M r. Gompcrs was frequently on Ins feet, and very
The uncertain character ot the attemi
voluble, at the conference. He repeated Ins mis­
itself immediately, when these men who met■oste
statement about collective bargaining, a right which
sibly to get together proceeded to segregate
“ groups,” to adopt the method of the caucus, to con- is not denied anywhere, and lie charged the employ­
suit (with their own members) se p a ra te ly ,jn d to ers’ group with refusing to admit “ the right of wage
vote each as a unit by a single leader. Getting
earners to organize for collective bargaining.
bo,
having repeated his warnings that employers do not
gether thus began by going apart.
, f
S The most fatal defect was that instead of «
know what they do, he washed his hands of respon­
clusively aiming to clear up m.sunderatandings, sibility and bolted. Having failed to win the sinis­
indhee a broader concept of the m du stm l problem , ter “ recognition” sought, he consistently resorted
and try to replace dissension by agreements made to a personal strike and walked out.
and kept, the Gompers following dragged^.n^a bur •
The public group remained on the scene to con­
ing brand by trying to intervene m the steel str
, sider the possibility of still accomplishing something.
which had already settled itself b y faihng. This at The employers’ group issued a statement before
tempt was unsuccessful, but the irreconcilable dif­ departing, that it discovers these three definite
ference became even clearer when the subject of gains” accomplished; that failure of such efforts
collective bargaining was reached. I he propositions




I

Oct. 25 1919.]

the

c h r o n ic l e

•is inevitable when preliminary organization of the
component elements is lacking and an orderly
plan of procedure including all known factors has
not been reached; that collective bargaining as a
desirable basis has been brought more prominently
before the country; and that this policy or principle
cannot be used in a broad and loose sense, but must
o M n d ift
C T ] f app ,y.to the vary inS conditions
of industry and the varying relations between emZ
Z
employee. The statement further points
out that only where there is a definite and final re­
sponsibility, lived up to scrupulously as is required
in other contractual relations, can collective bar­
gaining, m any form or under any interpretation
be successful.” The “ shop industrial council ”
the right of the employer “ to deny representation
unworthily sought,” tfie equal right of the wage
earner “ collectively to place before his own employer
ns needs and his aspirations and his interest in the
establishment,” are endorsed in this statement
which declares that they have been aided by the
conference and are left prominently and finally on
public record.

1557

appear. Organized labor is understood to look with
tittle favor on the scheme. But before considering
any of the plans proposed is it not well to settle the
principle involved, first ? Is labor, so-called, e n title d
to a share in the profits? If so, on what grounds?
Are we not in this doctrine of “ proper relations”
still seeking the easiest way out? D o we not un­
consciously assert that labor
entitled to a share
m profits when we talk of adopting this measure of
seeming relief. If under a wage system an employee
sells his labor to an employer is not that the end of
the transaction?

In so far as any relation in industry is based on
sacrifice of lawful and rightful interest, it may be
accepted or tolerated so long as it does not surrender
Principe. If labor is entitled to the highest wages
it can reasonably and peacefully secure from capital
is not capital entitled to the largest profits it can
secure to itself by the rightful conduct of business?
W h y then give a part of profits to labor more than to
give a part of wages to capital? And since profits
alone sustain an industry that it m a y be enabled to
pay
wages, if we suppose the sacrifice to be equable
Ih e particular events now before us in this strug­
gle and the time they will consume cannot be fore­ on the part of labor and of capital, the result would
seen, yet the end is sure. When one Saul of Tarsus amount to an offset, and what would be gained?
was journeying to Damascus he was authoritatively And still the question remains unanswered what
reminded that it was hard for him to kick against right has labor to share in the profits of capital
the pricks. It was, it still is, and yet the labor since it is not part owner of the capital involved’
malcontents of to-day are attempting it. They are does not share in the responsibility of management’
fighting laws not made by man and made before and is not expected to bear any of the losses?
Is it not a fact that we have slipped over into an
man. They will encounter hunger and will be over­
acceptance
of the idea that labor is entitled to a
come by it, if they persist, for they are too many to
share
in
profits,
without having established its moral
accomplish the magic by which the Reds subsist
right
thereto,
and
because we have listened so long
somehow on the labor of others. The epidemic
to
the
pleas
and
denunciations
of those who harp
has run so far that men who formerly struck when
on
what
they
call
the
“
human
side”
of things? Let
ordered, though unwillingly, now strike without
us
keep
to
the
principle.
If
it
is
applicable
of right
orders and against orders; the Frankenstein mon­
ster now disobeys its constructors. The radical to manufacturing enterprises, it is applicable in like
elements in the Federation now menace the shrewder degree, somewhat varying in kind, to all forms of
anc more politic; the Fitzpatricks, the Fosters, and business. The merchant, big or little, should share
ie others who aptly describe themselves as “ boring his profits with his clerks; the farmer with his hands'
m are claiming the control themselves; after beina the newspaper with its writers and reporters' the’
a ies and volunteer followers they are threatening surgeon with his assistants at the operating table
to become leaders. The natural law that excess for he alone owns the instruments of his skill- the
works its own cure by reaction will have its wav lawyer with Ins scrivener since he alone owns the
ere, regardless of the impassioned mouthings of library; and the housewife with the servants and the
i . Gompers, whose warnings can hardly outdo cook, since she owns the furniture and the kitchen
those the railway brotherhoods gave in 1916
T e and alone is able by economy of management to
sky would fall unless they had their way; t h e y had save something out of her stipend
it, and now the fall is said to be as imminent as U
was then. N ot much good could have been expected
from sitting down to treat with a man who has for
years been defying the courts and has openly de­
clared that he will not respect decisions he does not
approve, and will violate any laws which he thinks
interfere with liberty. The liberty he stands fn
includes liberty to deprive others of liberty
That
course is approaching its end, and we can take
courage m being sure of so much, although we can­
not know just the manner and the time.

It is a poor principle in industrial'relations that is
not susceptible of general application. There is no
trouble about the principle that the “ laborer is
worthy of Ins hire;” the real trouble, it may be re­
marked parenthetically, is that he thinks he is worthy
of more hire and still more, making his demands
arbitral lly and enforcing them by strikes. The point
of importance, however, is whether the laborer
the wage earner, has any
moral, equitable’
economic, to a share in the profits of any industry
employing capital directly or indirectly ? it is necesMea t0 eXam’ ne f° r a moment the growth of this

T I I E RIGHT o f PROFIT-SHARING.
I heories of profit-sharing are to have a hmro
share of attention at the Labor Conference.' Many
plans are being suggested and strong hopes are entertamed by some that in granting
“labor” a
larger share in profits a partial remedy for unrest is
to be found. Objections are offered, and difficulties

ri




to

Labor has recently openly contended that it
created wealth and should therefore own it
Of
course if it really owns wealth, or capital, it'm a v
have ground for demanding a share of profits
But
taking a single moment of time in the present as a
s acting point, it must be assumed that the labor of
yes erday created the wealth of to-day. It did so
toil and saving or accumulation if it did it at all

[Vol . 109.

THE CHRONICLE
1558
labor has no more inherent right to these earnings,
And it did it under a progressive system of private than to the pocketbook of the frugal wage earner or
ownership in the past wherein and w ieie)>
business man on the street at nig ■
savers became the capitalists, under liberty and law. saving
There m
ay be profit sharing. Gratuities may be
Workers of to-day, either because their ancestors granted. Incentives to good work may be offeret •
were spenders, incompetents, or unfortunate in t io But profit-sharing can never morally or economically
vicissitudes of life and trade, cannot now assume occur through the’ force of labor sitting in in the
to have title to that wealth or capital, even though management. And here this method of relief ends
it be the product of all labor, unless it be right that in a blind alley. Unless labor can dictate its share
the workers of to-day be given what their ancestors through participation in management it ™ '»
did not save; workers in to-day therefore are clear y nothing and had better stick to wages. The diffi­
not entitled, because of the relations that obtai culties of an equitable system of distribution of th ,
to-day, to own a part of the wealth, or all, which shared profits are well nigh insurmountable It
all, in the past, created. And if they do no own matters not. Once the principle is safeguarded in
any of the capital (stored-up labor) of this past, American industrial life that profits, the earnings
handed down legally and rightfully to present «wucrs> of capital, belong of right to owners, and not in any
they can have no consequent claim to a share in the degree to organized’ bands bf non-owners, we may
profits of its operation. They are simply demanding leave industry to proceed as it has in the past, con
something for nothing. As a matter of fact, as we scious that well-paid contented workmen do the
have said, we understand organized labor does not
make this claim, though much is demanded on the bCAnd bckit remembered that it is never beyond the
bald assertion and assumption that labor created power of the laborer and the wage earner to acquire
all wealth. S o much for'this claim.
a share in the ownership of the company to which
Now to the proposition that labor in to-day earns he is selling his labor at an ever-increasing price,
the profits as well as the wages. This is an equally and through such ownership become legitimate*
false assumption. The trouble seems to start with entitled to a corresponding share in the Profltsmanagement-with a few officials drawing huge are not now discussing the employee in smal private
salaries. Dismiss this, for these men also are la­ establishments. When we refer to the labojc
borers, and boards of directors representing stock­ the wage earner we have in mind those large bodies
holder^ establish salaries, their wages Coming of employees who do definite g r a d e s of work, skilledor
to the stockholders, admittedly the real owners, unskilled, in accordance with standards fixei .
they have been getting too much and should divide- custom and experience, such as the steel workem,
give a share in profits. Why? What right has a the coal miners, the railway employees, and other
wage earner to a part of the profits in a manufac similar classes, and who do not hesitate to onto
turing industry the stock of which is scattered among extravagant demands for wage increases y s r
those voting stock directly in management and those or threats of strike intended to paralyze all mdu.
known as non-participating owners—men, womenand trial activities and starve and freeze the popu­
estates, throughout the country? What moral right lation. It is on behalf of these classes oi work­
has a wage earner, who has pressed his demand for ers that the theory of a right to participate in pro! its
high wages to the limit of bankruptcy for the com­ (or even to take all profits) is advanced. Plant and
pany to demand a share of profits that good man­ facilities in all these cases is owned by large corpora­
agement may eventually produce? What motive tions whose shares of stock are actively dealt m in
can there be but insatiable avarice? It is uigeu, the trading markets of the country, and can therefore
weknow, that thestockholdersof the railroads should
be purchased at will.
.
.
.
have a fixed percentage, small of course, with
Let the wage earners in these industries who aspire
chance to get more, and the rest should be give
to a share in profits save a portion of their earnings,
the employees and the people (by lower freig instead of indulging in reckless spending by buyingrates). But why? Has a
employee ob­ motor cars and making the department store rich,
taining, through his right to work
satisfactory practice frugal living, and use the resultant savings
pay, a reasonable wage, any more right to the pro t in acquiring some of the shares of stocks of the com­
of a railroad company he does not own
panies to whom they are selling their labor and
to a share in the profits of a steel compa y
services. In this way they become genuine owners
not own? Has a farm hand any more right to a and legally and morally entitled to a share in the
share in the profits of the sale of crops he does not profits. In this way, too, they gain a right of owner­
own on a farm he does not own, t nin 1 1
ship in capital, the stored-up and saved-up labor
profits on a cigar store he does not own? Is it not that constitutes the fructifying agency without
like saying what’s mine (wages) is mine, and wliats which reproductive enterprise for the further em­
yours (profits) is mine also? Why not demand a ployment of labor cannot be carried on-in this
share in a man’s pocketbook as well as bis pro ., way the wage earner gains a right of ownership
and be done with it?
which by inheritance can be passed down to his
Now there may be profit-sharing. A man . J children benefiting them as well as himself. 1he
give what he owns to whom ho pleases. But wor - opportunity is open to everybody. This is one of
ers do not own the machinery and equipment wine i the advantages conferred upon the individual through
constitute capital. And mark the truth, t ns ma private ownership of property, in sharp distinction
chinery is the potential working of the savings o from State socialism where the State owns every­
the past, and a power in earning profits by means thing for the supposed good of the whole, where the
of the transfer of saved-up-labor from past to present , individual becomes merged in the mass, where there
and from one form to another, just as other power is no incentive to personal savings or personal gain,
by pulley and cogwheel may be transferred m direc­ and where one and all are reduced to a dull, dead
tion and multiplied in energy—and belongs to t
stockholdersof to-day. Utoo works and earns- and level of mediocrity.



r a i l r o a d

Oct. 25 1919.]

THE CHRONICLE

THE TEST OF OUR IN D U S T R IA L IS M IS
H U M A N SERVICE.

“ 1 st ba free- and that therefore our commerce be­
comes the greatest active agency of what we term
oui civilization, when we do reiterate these truths we
thereby enjoin the duty of work upon every man
which he cannot shirk save as an enemy of society
and we lay upon accumulated wealth as canital the
responsibility and obligations of a c fe e use that
cannot be evaded without loss to itself and detriment
and danger to the community. Therefore, in considenng strikes and lockouts, there is a more p r i m a l ,

Ill the present saturnalia of "strikes,” instituted
o secure wage advances and recognition of union
aboi oigamzations, it will accomplish little or nothing
perhaps to restate the purposes and uses of our in
dustrial effort as a whole. Those who seek to secure
for themselves power and emoluments; those who
are endeavoring to operate their industries in the
•ice of overt difficulties and discouragements that
hey continue to live and function; those who stand a h ig h er l a w , c o n tr o llin g th e n a tu r a l m a n a n d c itiz e n
between owners and workers m industries and voca­ Ind r T T ,
V r °fu S- -If the f b"rtioning of labor
tions of their own choosing, halting, doubting, won- f e l L t 1,1 -a 1,1 combination constitutes industry, or
idustriahsn, then its first law is human service.
CGnng’ wIlere ‘ "all this is to end,” centre their thought
upon current conditions and theories, and to a large
<ogree give little heed to the underlying urge the
real and abiding meaning, the principles a n d ’ pre­
science of this great combined endeavor we call management, primarily in their own interests?
■.oppose, on the other hand, that so-called capital
commerce or business. It will be said, no doubt
hat we know why we work— that is to sustain life’ be a thing apart. Suppose that, because in comem g comfort and jo y to those who earn them, build g m l Vef
r-.Pe-f ? H Can,,ot set a« arbitrary
up the waste places and energize the collective wis­ gauge of profits, it adopt a series of shut-downs or
dom of man in his natural environment, and through lockouts to compel higher prices by curtailed pro­
the helpfulness of physical agencies to release the duction and thus larger profits, would it thus obey
refinements of the spiritual that we may erect above the law of its being, would it contribute its share to
our own personal cultivation of taste and desire the human happiness, fulfill its responsibility? As we
common benefits of civilized society and civil govern­ look at conditions in to-day, is it n ot'tru e that
capital- is eager to take its chances in a competi­
ment
But do we keep these truths uppermost in
tive world at large, knowing its inability to arbi­
considering the problems of to-dav?
If, for instance, we know
wo work, how can trarily control profits, while labor sulks in its tents
we escape knowing that cessation of work is a shirking and refuses to work unless it can set its own scale of
wage ?
of duty to ourselves and a'positive injury to the
M ore than tins, if the individual is to remain free
community, reg a r d less o f o u r d iffe r e n c e s o f o p i n i o n
does
he not accept the responsibility to work for
o s to the w a g e s w e e a r n a ,id a s to w h eth e r o r n o t o u r
some
good and to operate capital for some worthy
c la ss u n io n s g a in a n d e x e r c ise p o w e r hy o r g a n iz a tio n ?
If “ understanding” is over to come about between purpose in production? If he does must he n ot
so-called capital and labor, how can it ever he saved answer to society and the State for a cessation o f ‘
by a full recognition that each is indispensable to the labor and a prevention of the functioning of capital?
other and to the whole, free and independent accord­ And if capital m any given country, under any given
ing to their functioning, having separate interests Government, must function in a competitive world
* c°mmon ajms and ends, and the instrumen- oi tree endeavor, must not labor do the same? And
, f " natura! individual men engaged in sustain­ it profits cannot inure to any given enterprise save
ing life, and maintaining the State as a protective at the permission of world prices then must not
power generated out of the consent and bv the will wages submit to the same general law? And when
° the f.ree ? The necessity of industrialism is thus each does so submit is there not a natural harmony
imperative. Its form must be shaped by the capaci­ m their joint .elation? And is not the man who
ties of men and the laws and conditions of envfron- ofuses to work (save upon a proffer of an arbitrary
nn n ,. Man must eat his bread by toil in the fields- "a g o set by himself) upon the same level as the
and though he talk of panaceas, indulgences and miser wo refuses to invest his capital in productive
enterprise because he cannot save himself from the
injustices until doomsday, he cannot grow f i g ™
risk
incurred? Each retards the general advance
thistles. But he essays in his time and p l a c e t X
Each
sets up the law of selfishness for that of service'
his wants, and even needs, increase with his progress:
he is master of himself in that he obeys the dhdne th e result of inactive capital and inactive labor'
coin,,,and to go forth and dominate, to use, to cmate as far as production is concerned, is the same.
Labor, we doubt not, would be the first to cry out
b y knowledge and combination of natural fe c e s - and
in the result of the physical and mental efforts of against a systematic series o f “ lockouts by capital”
° enhance profits, yet demands the right to “ strike”
countless thousands, there is production, distribution
when, where and for what it pleases, and especially
and consumption the commerce, business, f e “
tnalism, under which we live.
s tor wages arbitrarily set by itself.
Now the individual and citizen is face to face with
And it follows inevitably that in the diversity of
t us problem of duty and responsibility, however
it tie it may be in the mind at the present moment
m T r , k ‘ a t T c :ony f
One may be a capitalist and another a laborer it is
Jy virtue of our laws and constitution, yet somehow
we seem to have forgotten our duty to each other

to
7 bC*?
human set
mindtheir
^enown
menwages
refuse
to 11
work1 when
theyth°cannot
when they demand a share in the profits, a voice in

- t

that u n d e r ^ t r ^ u e / r Z l l

Respectively. , Tho cllar£e is> of course, that capital
IAnd
n d lh
e u g H it
t ?may
Ctl° n,beb°trite
th into« uaIi*
a° d the
luantH
y! has forgotten first, and that labor has rights or inter
though
say that
thing
embodies the thought, that, whatever be the owner csts it is bound to respect. Capital would seem to
The
ship and circulation of things their uses are and counter on laboy in like manner and degree
inescapable fact in that by the mere act of functioning



[V ol . 109.

THE CHRONICLE
1560
a similar request concerning “a magnificent descrip­
capital shows its willingness to take its chances
tion of the visit of the President to the Pacific Coast
profits, while labor would take none, demanding 1 taken from a Los Angeles daily. The next (and
own set wages first and even a share of profits, if most remarkable of all) was a request to reprin
there be any, afterwards. Which, at the bar of sermon delivered in a Massachusetts town in Juiy
public opinion, shows willingness, which recognizes on “Nebuchadnezzar’s Image,” the same being
the law of service through endeavor and operation.
aimed at the President. Then said a Senator It
T he further inescapable fact is th at capita mus this is the hour of the exchange editor, I ask that an
adventure first. (W e can change this only by Social­ article by Mr. Simonds on the breakdown of the
ism , confiscating all capital and putting a or
• principles embodied in the Covenant be added to the
A dventuring first, capital can pay only such wag sum total of literary provender supplied the printer.
as dem onstrable profits will allow. There naay not
The first of these granted interpolations occupies
be in the mind or heart of a given capitalist, an mclus 1U pages of this issue of the “Record;” the secon
tr ill enterprise, a potent sense of th e duty to abo , occupies a half page; the third, three-fourt is o c
but th e d u ty m ust be exercised none th e less since it page; the fourth, only a quarter page; the filth
m ust seek out labor in order to function, M idhi m ust Nebuchadnezzar) occupies three pages; the sixt
pay the m arket rate for labor, or, under a free n
occupies two pages. This does not include a couple
vidualism , it cannot obtain it. But it cannot adven­ of pages taken in reprinting a London Times
t u r e , initiate, operate, or conduct or control u
sketch of the text of the Bulgarian treaty draft, this
ownership, if wages be first arbitrarily set by a being fairly within the line of important material,
labor organization outside, and itself m cap ab e o nor a few columns of telegrams pro and con as to the
actual productive process, unable in the natu League, since in nearly every instance those were
of its being to make and execute contracts for speci ied reacf to the Senate and thus became constructive y
production, if in a word it m ust subm it to collective a part of the proceedings. In the other instances,
bargaining outside rather than inside the plant.
the matter was merely crammed into the publica­
The individual and citizen, we say, faces a pei- tion by consent, each being prefaced by the formula
sonal duty. I f he is a laborer, without a dollar "there being no objection, the matter referred to
laid by it may be, he can join a union, become the was ordered to be printed inthe ‘Record,’ as follows
slave of its dictation, and refuse under its orders to
How could there be any objection, since any
work I f he be a capitalist, one of the tens and Congressman who raised one would expose liimse o
hundreds of thousands of non-participatmg stock­ the reminder that he asked and obtained the same
holders, he can, if dissatisfied with profits, order on the day before or would want to ask it on the day
his plant , to shut down and become inoperative following? The Constitution provides that eacn
Production is dead in either case, anc c aw o house shall keep a journal of its proceedings an
life of civilization, of service, is admittedly p
from time to time shall publish the same, exc P
duction, ever more and more various production. such parts as are deemed to require secrecy,
We say unitedly as a people we want unity, a a Congressman remarks, from the floor, tha i
mony, and understanding. Who then is chiefly at just read a very able and timely article in such
fault! the toiler who will not work because lie can­ such a publication and thinks it would have interest
not get all the wages he wants, or the capitalistic and value for his fellows and ventures to commend
non-participating stockholder who will not invest it to their attention, this remark is clearly a part oi
own and operate because he cannot name his
the “proceedings” and may be reported and printed;
profits under universal competition. While t, ise or if he remarks that he would like to have printed
classes are not in fact as distinct as they »re alleged in the journal the 25th Chapter of Matthew s Gospel
to be, which is chiefly at fault at the present time. or the second act of “Hamlet” his request is a part
And if it is true that capital must take its chances of the proceedings; but stuff which is not spoken
true that profits, though subject to s°me degree o or read, but is merely referred to in the customary
wages, must first maintain capital, must not labo
request for leave to print is not any part of the pro­
this huge controversy, while maintaining t ie P°rson ceedings. Should time be consumed in having it
freedom of the individual, yield to capital, and co read? Hardly; how about consuming material
cede its prior right to name the wage-scale.
and wages and postage in printing it?
Now that Congress is seriously considering the
installation of a national budget, should not thought
WASTE IN PRINTING—THE CONGRESSIONAL be given to eliminating at least some of the waste
RECORDAGAIN.
embodied in the Congressional practice of unlimited
The Congressional “Record” of Oct. 8, consisting leave to print. ________________
of 64 quarto pages, measuring 7^x9^ inc^es
area and having broad margins all around and well ENGLAND AND AMERICA IN THE NEW
printed on a good grade of paper, is Presumably
RELATIONS.
about an average issue, but seems to have unusual
Admiral Sir David Beatty, in reply to a question,
interest in some respects, especially as beanng
said in a recent address that comradeship is the chief
the talk about economy and a budget, in cours , lesson learned in the war.
,
of the morning session of the Senate on tlia cay, a
He dwelt upon it as marking a new relationship
Senator asked unanimous consent to put in o o between individuals and classes developed by the
“Record” the report of a debate between a member experiences of the war. Its truth is widely re
of the Federal Trade Commission and a represen­ cognized and was not questioned. There arc many
tative of the Chicago packers. Another followed indications that it may be used in a wider con­
with the same request as to a petition asking ratiti- nection. We hope it will be found not too strong
cation of the League without change. The next a term to characterize the new relations that the
request was for reprinting “a magnificent article wnr has established between England and America.
from a Philadelphia daily. Another followed with



O ct. 25 1919.]

,

THE CHRONICLE
There has always been oneness of blood with
oneness of speech, of history, of traditions, ’of n
tercourse; the existence of bonds which have united ^ seem ed incredible,
us as with no other nation. But this has not suf
flood to prevent a certain alienation which at times
has ripened into hostility and has kept alive certain
t t t e n X : t0 minSk * * “
thoJtwo°S “" f m‘SUnd.erstandings which have held
the two peoples consciously apart, have interfered
with intimacy and confidence, and have on occasion

1561

-

IfTC

English lines were so thin it seemed as
'
not hold, and France was fast bleeding whHe T h e
plored but which was not markedly diminishing Germans were almost in Amiens
,
through the years. The war has wrought a change of concentrated drive which crushed th ” 7 r '™
to winch attention m ay be called, as real as it Is on the W o was preparing T t t 7 t n e tT
’ T 16
ightful, and full of promise to the world, for it Americans were now thrown in and it
rt was to be to the last man a i d Y h e T 7 *
has promise of permanence.
‘ doliar lf
The Fremeh are discussing a similar change in it should prove necessary.
Then the great stream'of commingled blond „
e relations of France and America. Maurice
. ? ! ’ " hlch
Barres the distinguished
in his recent flowed from Chateau-Thierrv to R edf„
the
armistice,
flooding
the
Western
front
00
J0Ugbt
book ^
says “The
the
past
and
changed
Eng&h
hearts
a
s
T
^
^
wo civilizations often move in different lines, but
have
only
begun
to
learn.
M
l
B
r
S
I
f
s
T
™
their actual co-operation has revealed to them a

recognzeci
ize! on
o f bboth
o th ^sides
'd 6rU
° irritationitcogm
asPtiV
more
or less toa e la tioa n

litterateur,
Les Etats-Unis dans La Guerre”

relationship of ideal alongside of which the accust­ had ht o b y a famii,y Was without its dead. T h e “rar
,
omed organization of life counts for little.” The had to be won, but to the knowing ;+ 1 a
+• PaSSed
proof is that “despite occasional passing clouds, the beyond human probability and thp
sky never entirely darkens between the two coun­ gathering itself in suppression of both Its So r r o 7
sorrows
ties.
America understands France and is drawn and its fears with a heroism t h a t T
;vith
its
silence
and
self-contlol
to her because better than any other nation she
appreciates that, like herself, France has been the battle turned and the Americans were in i with
melting pot in which diverse human elements have
been used; “but ” he says, “ah Franks aware
that if there are Americans,’ if there is a ‘United
States, it is by v,rtue of a social bond stronger than
mere rae.al traits; a people so heterogeneous and elasp; English prejudices disappeared- and the th n
which nevertheless presents such marked char­ of jo y that stirred the island from lan d- w 7
acteristics is the best possible evidence of the power the Orkneys when we declared w a r A T , 8 7 7 °
tT
of an active national principle." Not to a ppeal tears that flowed in thanksgiving t T c o d T
g
^ od for the
however, to racial traits, or similar historic fu„e victory and for us.
,
t.ons, or even the presence of a common nat onal Among all classes in England thm.„ i. a
ideal, he declares “That which our nation at war same expression of feeling because in nil h '™ l ? 6
mows well is that the community of poured-out same great sorrow, the same grave distress n 7
v u 1
y
blood binds henceforth and for good the peop les those Americans who have been within
of the two Republics.”
peoples holds since last summer know the depth 7
10use'
the tenderness of this C l i n T

H

~

to tho'hW hS thC discovery of *he trend we turn change; it is the bond of the co m m iJ l T 7

w h oe n1 aa ss kf ee dd ii nf i 1o 9 m0 3 Ct°
t o n gwCr ni teer 8o- n tLh eec kp >'o s s^ i hb lies taol lri ii na pn p,

0 . ngland and America, declined on the ground tint

s u c h a llia n c e w a s n o t in t h e lin e o f e ith e r c o u n t r y ^

7

7
, ,slIy

which the French speak, in the s w i f f T
’ °f
>fe of nations as of men begins
The 7
neW
longer divide; as a little Frefich 'm r T t h o T T T ” n°
Americans written in her school book w

feelings. He said, “On the whole the unity of the
Enghsh speaking race is likely to depend much more though a bird can cross it with one stroke of 1
fh
on the increasing power of common sympathies is infinitely broader than the o c e 7 7

-lser’

ngs’
Of which the sea-gull must have d ’ !'° great spaces

Comradeship
if to be ,fT0t i new^ fact> ”the
new
experience
between’thneo
bas flowed together, notablvlP+eoples whose blood
America.
EngI?nd and
not realize it, the
the vouurrprthe
IV , generations
do
both lands will have a ^ i e w ' the cIliIdren of
inheritance than their fathers ?n(| ^ar more Preci°ns
W
ill iswith
better
than’dis
WIfVr
d d <i.’Jna?nuch
as good
deal
the
great
tasks
!ands
acr°ss”
can
held back.
S°f llfe far better than hands

r a d T th e ™ '68 ^
When the war burst and Belgium was over-run
Trance devastated, the world fast aflame a n ew
If
domination threatening all, England coild no
m Zi T
understand our neutrality. Some thousands of our
young men enlisted with the Cumdion* ( 7
their way to the front in
7 /« T d
r
the French, ranks; but the nation remained ap'art"
Meanwhile the Lusitania was sunk and the sf!
and the tale of the submarine destruction steadily dressed l i f e Constitutional|®r great- presl(lent, admoved upward toward the eight hundred t l 7
j Poem beginning w i t h T l Convention of 1787 in a
tons a month which eventually was to become'the tinence in our Senate C h f m b T t o T f ^
P6r'
oveTtm7.nct’sPeat itu1 1918'

bawild™

England I T ^ d h t t l ^
in
President’s decision in
F e Z L th 'TAmiga,
7
OtTmT
1 ,f °fappealed
War forGermany
oth
1917. TheeA
The Allies
500,000 men, even greaternto-da7thfnIn'I787nwhthat ''7™ is
hesitated and faltered.
1 8 ' " hen Sreat States



[V ol . 109.

t h e ch r o n ic le

1563

T he security is undoubted, the
1 confidently appeal to the Canadjan^i» P

(Cuvvcnt i n c u t s am i H isc u ssto n s
CO N T IN U E D ... OFFERING

OF

BRITISH

t h e ^ m o ^ u l l incisure o f
tationSi which have heralded

to^Hm worid Canada’^'capacfty^and standing •’ ’
Purposes of Loan.

.

. .

.

TREASURY

vert^m l^s^^litC Tatm ^o^th^e^am paigm are^^cilbe^in^eneral'tcnns

The usual ottering ot "inot> ^ ay ,Bri,i5V c r Son ad!l™ f ^ o t ^ I t f u - ,o wh ie h Z arattwas-aavaneed
7 o m 5 H%) S
The bills in this week's offermg
are dated Oct. 20.

in the prospectus as follow s.
H„btedness incurred, and
T he proceeds o f the lo a n 'm ^ q e in*connection with dem obilization (in­
to meet expenditures to be m ade
to our soldiers, land .settle
eluding the authorized war serv ite> K > ^ tb their ro-estabiishment into
ment loans and other purposes eo
Dbuilding and other national under­
civil life), for capital outlay upon sm pouuiu s nstruction program , and
takings form ing part o f C a n a d a s indu _ ... for tbe purchase o f grain;
for the e stablish m en t of a n y n e c ^ g * d ill b(, spcnt wholly in Canada.
tim b e r an d o th e r products, a n a w m

CONTINUED OFFERING OF FRENCH TREASURY
^
b il l s

appears in
The following as to previous war loans also appea
the “Globe” of Toronto;
.
_

foodstuffs,
First

offered in the m a r k u p

*

Z

X

i

Decem ber , , j » .

j * ; *»

«

-

S

^

S

c r 'm

, 8 S

6000.000

5. .0 cm. »

a tSecond—November 1918. $300,000,000 M % . 5 - d

*5,000,000. These French
posed ot on a discoun basts of 6%. he «u e
rate was advanced last week, i he oms m i
ing are dated Oct. 24.

X h

of[er.

H

i

SSS3SSSfT.{7” . i S S S S S S w . » » — ■ *— - M-

Another block ot the French Treason.- bills

at 100.

«

—
»««•■ l“ u“ 1

~

KJKr
RING

1TRFRT

t

R E C E IV E S I N V E S T M E N T B A N K E R S '
A L l l Z : G A Tl„NPROPOSED C R E D I T .

At the banquet tendered to King
St. Louis, where he[ j ^ t m e S t Bankers' Association,
tion representing the
bankers who were also re« * —
0F ™
were among the guests,
were William G. Baker,
lenders were this week asked up to O e,
eeived
by
the
King
in
his
e
am
•«
ociati0n; Vice-PresiJr., of Baltimore, President of the Association,
ot immediate ‘e'egraphiejransfers
F enton or
Smith of ‘ J ’ d financing by a group of American
1he proposea i
.
referred to m
f
average bid of the Chicago.
bankers of a loan in behalf of Belgmm
bUc» in
St. Loms Kep
successful bidders was .42&4S
p^ nipee woTdd the conversation entered into.
stipulated that no tender under A M
to in(Ucate its account of what w a s S®'1C| lr^
hoping at no dLstant date
One of the party said to Albert.
We
country of the great
whettar payment of rupees allotted was desired in Calcutta,
Bombay or Madr a s . ________________

u , , r . . m,
distant date.”

NEW CREDIT TO ITALY.

A n c w c r e d i t o m . ~ w - extended
loans to all the AUies to $9,647,410,4U4.
OPENING

OF M U M S

„.,,i,„Qiu«tic wav;

js ir e r r is s

Belgium’s requirements ° [ " ^ llf
ably reduced recently
tiations for a largeloan^said t ^

h

country hivs :ibout closed negn$5 0 ,0 0 0 ,0 0 0 , with
and bccause it ls understood, there

i S i e t o k o f unanlmRyamong

a Canadian press dispatch from Ottawa,
appearing in the Toronto Glo^e
a cholce of maturity.

S

S S t ef X s ° i n

As in previous
15_ycar bonds duo N ov. 1 1934. Tho
five-year bonds due N ov. 1,19-4 or 10-J
annum, payable May 1

Ten per cent on application; 20% D^ ; c°Ul^ ’payment of3 1.21 % covers
Feb. 10 1920; 31.21% M archS 21% representing accrued interest at 5H %
m o « * .<• mo
M - ^ ^ thfl time of applica, payment subscribers to
S o f t e r , with accrued

For Smoll S * * * * ” '

t(>r th0 „ urcl„ So

Arrangements have M e l" boon
c„rd system. sprawling
of bonds by small subsctiberson thie iia ]p ^
,ty tUo banks will also
the payments over ten months
Up
fig without charge, for a
accept bonds from small investors lor
period of one year.
available through the banks for delivery
As in 1918, bearer bonds w.ll be available mr b
m t in fuU. Bonds
at the time of application l ° su )s
; t‘0 principal and interest, in un­
registered as to principal only. ° rJ > othJ
subscribers making payment in
thorized denominations will he denvered to
_ Bonds with coupons
full as soon as the required registration ca
and $11000, and may bo

SJm,„dS n ^ ^ r mT„” s500y

The subscription U.U will open on Oct. .7

and close on or before N ov. 15 1919.
Not Exempt from Tax.
As previously Intimated by the Mln“ “
^ “ mcu ’ w L “ ti .clied to
,Suo win n„«
the issues made during the
• ^
securities who is subject to the tax
on income tax the hoh
intcrcst as part of his taxable income.




E

I

-

S

^ e °o M h o p"op<^wl

operation will b.rdly com . to maturity during tbo

remainder of the current calendar’ J W j
tQ internatIonai bankers, that
It does not follow, , h
wer here in the not remote future. For tho
Belgium will not be a iarge bo
r&
with her present balances, which
time being, she is CTPected^ g
acceptance credit which was arranged
were derived from tho
fo r a year, and through tho sale here
for her last March and whichis }
advanccs made by the United States
of Belgian Treasury bills, as w
^
^ ^ acccptanco crodit ncars us
Treasury. ®ut
available for United States Treasury advances
S , m i e S a u s t e S. H is expected that Belgium will have to apply to the

Terms of Payment.

As a full half-year’s interest will be>pakl
bonds will be 100 and interest. I f Pajm cnt
S l h o price will PC

That is

- T t o S S E l >»au, tho amount ot which 3 wan under­
stood, was originally to have
bo floated,
th 0 t o t a l
^ ! n g Pto 'to
York ' Times'' ot the ISth inst. until
V IC T O R W A Nafter
B « the'ltat
™ . of.the jjaar.. T h « ^ ^ " v f b f n « —

The Canadian Victory L ^ d r iv e
with a subscription o f * ^ •
t ot S300,000,000 is

s r t

“ Oh.

. « ^ * - “ **«“

States on board the transport
George Washington, on Sept. 24, King Albert in a talk with
correspondents was quotedl a « W
llo„0 TOrk In
t a , .

The situation in Belgium »sjn
CQUntry sori(nlsly affected by the
greater P ^ U o n than 1 P Jorward ,n a most gratifying manner But
war, and reronstrartlon L go B ^
Q ^ greatcst nccd ls crctm. W o do
thero must be further Impr
American busin0ss men to understand our
not seek gifts of
w e S S t h a v e . if wo go forward,
needs and extend us the cred t
t‘ advance us these credits, and wo
America is the'
J ftt* \ 0 dosiro is an opportunity to borrow the
want Americans
i Jnned ate development. As to the actual result.
money necessary for our immed
lo wlU accomplish that, I feel sure,
th e industry and tlmft of tho 11 k
I
&
countryi capablo o f
Wo have a great aaset in th
B tha, the young men who absorbed now
wonderful a^Y^^C.7r bv c<mtact wi h other peoples will take up this question
will mean p rofit for Belgium and Belgian credit.

OFFERING OF $250,000,000 CONVERTIBLE ISSUE OF
U N IT E D KINGDOM OF GREAT BRITAIN
AND IRELAND.

In accordance with tho announcement made by J. P.
Mortran & Co. on Oct. 20 that thoy had been authorized
Bvr tho British Government to place a loan in tins country,
^ p S ih c o fS n g of $250,000,000 United Kingdom of 0 ™ t
Britain and Ireland securities, was announced on Oct 23
f
cvTwlieata headed by tho firm. Tho proceeds of tho
loanwiU be used in part to retiro about $135,000,000 British

1563

Government 5V 2% notes, maturing N o v T A A T
temporary o b lig a b S n ^ r ^ th e ^ thG deflnitlve

t s

^

year

5^%

s

^ : ^ Z T Z T L mZ s1
1^

co n vertible-go ld bonds, due A u g

of J. P. Morgan8'

th?l=
ooq

? *“

■«**?

zscnption

?

boots. Both the bonds and notes
?
a
in coupon form in denominations of S I M 5 m * j V , ssued
the bonds are r e f e r a b l e as te S r f * 5<S h! “ d $ ll0 0 ° ;
are direct obligations of the British Government Z
^

9 6 M a n d i n t e ^ , ? y i e , ? oev e r r 7 ; i d t h ? t h r° ° * " d at
\ertible at the option of the holder at 100 «nd
S

&

S

t t X
1a“

d

ra te T S

te ,he° T

T

"issassr,'

^

three-year 5 * , % convertible gold io t e s , i e N o v f lo T o
• both issues will be dated N o v . 1 19 19 and i n + 1 V
p ayable F e b . 1 and A n n . 1
The
lnterest will be

“

s

t s

this country since Aug. A ^ L i."price pal^Tand3
haVe b6°n pIaced
2. B y whom said bonds or sew ltiJ s'
t hey bear‘
the present time.
ere plac°d and by whom held at
3. The kind of securities or hnnric
<•
,
4. All data and facts, in other words
at C0Untriessecurities in this country since Aug 1 1 0 1 4 tu S tQ the placblg o f foreign
p °e ^ r „r

'

S U D A N L O A N

7

madc at any timo Prior
tbne prlor
pt' * ^ 2 2 of conversions to

bondholder or noteholder « , be

s s r t,M0

105’ and the - ~

■

^TSSS

n

dr r t ^ s

“

-

Rate of
17
*m U S *
iVole*—
Exchange.
National War Bonds at 100. Maturity Valffof i05.
4.30
4.40
02
$110077. 446B
4.50
11 0
4 . 63 74
4.60
106.99
J“ ®
4.70
....
! h .™
4.80
4.8665 (parity)
118 IQ
117.22
.
JIO QK

T h e “ atl0DaI

s s n

a

I S S U E D

J T IZ ^ r E N G L A N D

issued at 95J^; it wiU h
drawings at 105 beginning in 1930. f ^

™?'
annuaI

IN C R E A S E I N FR E N C H IN C O M E T A X

Under date of Oct, 12 Paris cablegrams said- * *

a^thfomce o f S B a n S f E n g fa n d ^ ^ d “‘ " “ “ S at

a T p ^ n T a ^ V ^
hold to maturity about 5 70%
Tho f o S ^ n . Z 7 ! 7 prfce they yield *
which a holder of bonds or notes of this issue would rear Sh?w® tbe co u n ts
ing that such National War 5%
aSSUm'

,s

;

z z r r th e h°id- « « »

to Fob. 1 1929. Conversion of8 voar A
to Nov. 1 1922. notice to be given prior to
bo made on or after that date

A

beW- d b ° la hereby redata as may be in his possession

b° nds’ Fo,,rth seri“ -

: : w: s

105%°ona^ T f S

w ar.

or available, showing:

Which are payable a t m atu rity a t
O n this p oin t S
ojrcuiar describing the offering says in p art:

^

r s z r

‘
Ch
I to W a S r r S S ' f i r
nsent and agreed
I Secretary of the Treasure « f
information from the
1
Placed in this country since Aug T f ? 14 ™ tu ™ seedrities
offered by Senator Borah readS as Ml
^ resolution
th e

105.

0 n ,Lf f “

obligations,

" ‘mSt TOeiiltS

b°nds are exempt from all British taxa

a

s

a r -

•—

i

^

s

£

»* ■ ^ ■ ^ ■

s

^

~

=

s s s s s l t s

y e a r s ^ w p e r t S I ^ n d the T O n v S r p r i ^ w W ^ t a ^

7*

f° r ten

The tax on industrial and commercial
francs, and that on salaries to 5 9 600 0 0 0 fm n ^ an?P“ nted to 184.000.000
tural profits footed up only 1,800,000^WarZs7' Whil° ‘ he UlX on agTicul-

Press advices from San Salvador Oct. 16 stated-

Banking institutions of this city have asked tha c
C ateathe moratorium, the time limit of which exp £ 2 Jmy 28 l ™ ^ S “ ta“ d
the Government does not do this the banks are L t i l u '
the event
V 0 »,d be n e < w for them u, c i i ,11 iS S . m 5 S j f ‘J S L . Jed ‘ r,d “

D R.

ALONZO

E. T A Y L o F ~ ^ C 1 ^ M
GERMANY.

A statement to the effect that “the attitnrln tb Antthat
S t C‘1‘every
;anged one
t0Ward
in tie
now Germa“y
real zes that
if last six m. ontS'^and
ins’ and
to pay her bill she has got to be ll „ w T ? „ 7 *S 6V?r g°i,lg
eern.” was made by Dr AIoL o F t I vL ^ - C " ? COn*
search Division of the United States FnrJ A^lef- °-f the Re~
who recently returned to the United Staton ^ dmilBstratlon»
where he had, at the instanee o^ tlfe ^
Germaa5-.
Council of the Allies, undertaken a n t i rem1!e ^Eeonomio
economic conditions. The New Ynfk “qS1S -?f Germany ’s
quoted Dr. Taylor as sayXg:
^
Sun °f 0 et' ^

The present German Government is imt »
Government: it is about as Conservative a I Z
harum-scarum, wUd-eyed
in matters of trade
ton-year bond.
5eara and threo “ onths o f the life o f the and industry as its predecessor, and lust
at
its
command
the
ablest
men
in
Germanv
UT
e3f
<?.ever> because it has
The proceeds o f the new loan wv»ir»v» wrin
tions to commodities secured in one of fivn
Is llmiting the importabo used in part to retire the outstanding L b n T n f 0 .S250-000,000, will
First. they will not permit a mark to be oFfirla «•
,
Jiritish Government 5>$% notes which m!t n
v
f about *135.000.000 man
boundary, but if marks are purchased^offered for sale outside the Gerwill h . available to th l B r , S o “ « T f o ” t o L 0",11 ,he
country or for those o f British merchants t T l l lu «HR»h-ements in this sell commodities. If the mark f a ^ S S J L ? ^ W“ V aga,nst thes« marks,
rise, as is occurring here every day this
tu a distance and held for a
may sell the dollar exchange. In effect thprefnr ♦^)Britlsb Government
to influence the price of exchange upward
, u® double effect of tending
o ff the market the exchange which might o t W i s e hav h®” n<3t ° nly lifts of carrying that mark out o f trade and uZ m
VGry much greater value
the November maturity, but also gives an i n c h e d
GOn sold to “ eet
Britain for American exports.
creased buying power to Great paper currency. If the Americans will b ^ V ' 2 L ^ vrtunle of German
day
nothing
will
please
the
German
GovefnmL
'
0
?
0,,’0
0 0 WOrth of marks a
Wo aro taking steps to form a countrv-wid„ ,n„t ,
handle this issue and letters to participants
dlf ributing syndicate to I in return for that goods which will be shinn^ d^ ^ bet^e^• They w il1 buy
[n German marks, and they will take t h & ^ r A Hamburg and be paid for
full details o f the issue covering offering price y f e l d L T , t° ' n,ght- Th°
will be announced to-morrow.
’ yleld and conversion right Bank in Berlin and get a paper on a N e v Y n r t 'T ? marks 10 the Deutsche
n the form of dollars, dollars paid for G * ™ ^ ' and the money is here
investment.
German marks on a speculative
The syndicate offering the bonds consists ofJ. P. Morgan & Co.. First National Bank n I v
Z
The second method is the use o f credit
tt„,
Co., New York. Guaranty Trust Co. of New Y ^ ™ ^0 National City attached to an import slip he doesn’ t get it
& ™an has a credlt sbp
The third method is
The Chase National Bank. National Bank Tf o k' Bankers Trust Co., by sale of foreign securities in their hands
securities now. As Melchier puts it thov
dCn,t care t 0
their
rhe Liberty National Bank. The Equitable Tmlt Cn
7 NeW YorkUnion Trust Co. of Now York. Tho Farmed r^S ? ^ CW York- Central not dissipate them now in a period when t h e v ^ A A Z ^ te them- must
Forbes & Co.. Wm. A. Read &
n.. ann<;FS Loan & Trust Co.. Harris
going to secure anything or not. NeverthriL
4 teU whether they are
Kidder. Peabody & Co.. J. & w . Sellgman^°nherST& C° ” Lazard Freres’ ° f lbis busi" es's going on a«d it is one of t h o X I
3 Certain am°unt
The fourth method is an exchange of inH:fVC meth°ds permitted,
Halsey. Stuart & Co.. Kissel. Kinnicutt & C ,f Wh.fL°°V Higgins« n & Co.,
nontal & Commercial Trust & Savings Banlf n h?Vhlte’ Weld & C o " Conti- for imported commodities. Of these G e S T ^ Gf man commodities
Ulinois, Chicago. First Trust & S ^ i n S Bank
' Centr;l1 Trust Co. of speaking, coal and potash. At present shTis nnt i ° nly tw o’ PFacticaUy
ot in a Position to offer any
Savings Bank. Chicago. The First National B ^ W f n 80; IHnols Trust & large amount of potash or p0al at all
Shawmut Bank of Boston. Old C o L v T r l ! ^ ° f Boston, The National
The last method is the exchange method f., ,
Bank In St. Louis. Tho Union Trust c j oT pittch°" u ° ^ ° n ' Flrst National trying to press. I f you will ship to G e ^ v A , 0™ of trad® hoy are
t0DS 3 f ^ tto n
Cleveland, First National Bank Ci?cinnit Fir«<rgi.1' ^ ^ NationaI Bank- she will return to you 2 1 0 tons of fabricatX \
Bank. Detroit. Tho Anglo & London-ParS w SSn f n W. Detrolt National more success with this method in dealing w^th I
° Way’ Sheil having
Holland and Sweden.
ng wltb Scandinavia. Switzerland
andlthe Whitney-Central Trust




i

Some further remarks of Dr T ovi..

r‘ layIor ape quoted

erewith

N
G
W IT H

[V ol . 109.

THE CHRONICLE
1564

Article 1— Branches ot foreign banks .hall pay a tax o f 20% on aU pronto

Those of us who have been in Genmanyo” ®

G

«

“ S

S

'

W

t

b

i

t

T e m T of

» * • indemnities, win she

not at once again become
‘
hat the Allies will have and
“ That is a very dangerous line 0
• staKKCring under huge debts
have had to face; on the one band. Germa y 1 t gg
S bc made to pay
that are the fault of Germany, and I t h i n k s h e o ^ ^ ^
may compel
On the other hand, if you make them p y
trongest, industrial nation
her to be again one of the strongest,
ideas, guided by
of the world. It 1S
‘ ' society as men thoroughly competent
men whom you qould accept ,y .
economic problems. It is comto talk upon any technical enpneenng
but they can do nothing at
posed of the best economic brains in Genxmny^n
^ startcd yet.”
present in a concrete sense, beca^ s®^hJ . in tbe same situation as our
P “ Now, as a matter of fact, Genj^S^c^ n fcW sbS ? ta r t will occur (the
allies. She is waiting to see in whi
the big start occurs, in which
present starts are all small starts).
French dislike the Germans,
direction will it go? Now, as much as thi
tbat with that franc he
when the Frenchman looks at aJ ra“ ® f “ d
erchandise in Germany, and
can buy three and one-half marks wor h f m
nQ matter hoW great
ten cents' worth of merchandise.in the>Un. d
fellow, he is going to
his love for us. and how great his hatred J o r t ^ ^ & perfectly ciear way.
snend it in Germany. W e have got
■ are depreciated more
Every nation will buy in the market whose currencies arede,p ^ EngUnd
Than the currencies of any other conn ry So
rather than
going to France and you are g o ^ toS®® Germany if possible, go to Russia

they make in the country.
countries of origin the law
Article 2— Banking establishments in ^ desirous of opening there the
confers upon branches of Arg
iyate banks and docs not levy any
same privileges as are enjoy
,. „o % tax.
special tax upon them are exempted ^
“ t 0 the branches of foreign
Article 3 -E ^ m p t .o n stoll bhew.se
^ ^ republic as banks o f
banking establishments v b c
Argentine joint-stock companies,
deposit, or which are constituted^ A g
1
law shall bo collected
Article 4— The ^ c .e d tax crea ed b y ^
businesscs a r 0 liable m the
without prejudice to other taxes m
“ S S m y Martinez Zuvlria, who » mainly responsible for three proposals,

thus elucidates and defends tbe“ ' ablished among us foreign companies.
“ Every day there w e
of the stupendous liberality of our law
especially banks availing them v
ituation to carry on business, without
and the judges place them i T S f t r y of origin the Argentines enjoy the
ascertaining whether in their coun y
same liberty.
• c to swarm among us these sympathetic
“ In this m a n n e r we see com m encing^ ^
hustUng> and s0 sure of themNorth American national hanks
hand bchind and the other stretched
selves that they come almost w ith °
us naturally, in applying for
out, to till our vineyard, without
thatgn ot’long ago, when one of our
authorization to establish themseiv
North Americans
great banks wished to open a branch in New xor ,
slammed the door in its face.
market. The National Constitu­
t e wish to exclude no one 1*
lnitiatives of capital, of labor and
tion has opened the country
of tbe world. But it is not just, and it
of the ingenuity of men from all P
compcnsation for the stupendous
is ridiculous that we should not ‘ establishing some differences in favor
advantages we grant, aV ® , \
ta£resto Argentine traders, and against
of tho nations which accord liko ad‘ blyBagainst them without prejudice to
those who close their doors
' , it our inexcusable liberality,
-:P c o u r s 0 t 0 be complemented by genera
only thing they can do, with the their sending their scouts
“ This project of law ought in
But in the meantime it will
possibilities of increasing this
banking
and
joint-stock
^
^
t
t h u s i a s m of bankers in all parts of
^
currcndre were more greatly
olJ e to „ » k o both ends meet. And

£ -» » » - —

lines come out and say tha
give no cause for offense because
HmitatLon in their own
buying power by going to a
J

....... .

skins, suices auu z.w.n ,

z ts s
GERMANY’S “ CAPITAL LEW

•

The New York “Evening Post” ofOcO
lowing special correspondence to it from /mnen u
Of Sept.
*
6:
.
.
U n d e r t h e p r e t e x t o f s w e e p in g a w a y t

f l o a t in g d e b t o f t h e G e r m a n
t h o r a r lia m e n t a

E m p k e . th e n e w M in is t e r o f E i n . n c e “ « h “ ^
le w c a lle d t h e " R e l c t e n o t o p f e r
T h e^ d re «>
d u r i n g t h e w a r in E n g la n d u n d e r t h e h e a d g

S

. - »
p r o p . S« c d
o n c a p it a l."
The
'
d e s t r u c t io n o f th e

o n l y s u c c e s s o t t h i s la w
fin a n c ia l in d e p e n d e n c e o f th e F e d e ra te d
B u t th e flo a t in g d e b t ca n n o ttb e s w e p t a w a y

« » m u n l c ip a ii t ir e .
, b e c a u s e i t is p e r m a n e n t l y
• ^ d e l l v e r y o f SUc h a h ig h

i n c r e a s in g , a n d , s e c o n d l y , f o r t h e r e a s o n *

t e i s p r a c t ic a lly im p o s s ib le ,

R IT E ON B A N K m N r f o ^ O V R T I I l I K E R T \
* "
SUBSCRIBERS RAISED W o ,o -

With the expiration of the tweB^ m onths^cnod dun g
which the banks had agocs 0 '
renewals are being
Fourth ^ j ^ ^ t T h ^ ^ r r a . 0 which loans
made at 5%, because 01 i
b
York “Evening
P O ^ " " 2 2 h a d T h c S o w in g to say anent the advance
in Banks
the Liberty
Loan rate:
money to subscribers to the
which last October agreed t o
™ tyclling their clients that
Fourth Liberty Loan at 4 * % for a
Jear's time 5% will be
if these loans are renewed at the ^ pl.r^ i0tarm^ ation of the period agreed

r S i t ‘r

p e r c e n t a g e o f e a c h i n d i v id u a l f o r t u n e a f o r t u n e w il l b e l i a b l e t o g i v e is 1 0 %
T h e m in im u m w h i c h e a c h o w n e r o f a f o r t u
^ ^
m l u i o n m a r k s w il l

- s r s s s s s -

LOAN

» X J S 3 £ S - & h. £ ! 2 £

‘ ‘ R e i c h s n o t o p f e r .’ ’
o n t r .m r is e s w h i c h c a n n o t s p a r e
I t m i g h t h a p p e n t h a t t h o s e p r o d u c U v e <m t e r p •
f o r m t h e m s e lv e s

mu

,»kW aw

m? o “
Loan o ,
May .ha hauh. m
to lend money to would-be subscribers f0^« ® ™ ^ eemeat8 will generally

s r . hm

i

s

n

=

by ,h0

*
*
r
r
s
i
win »a 1.
Reserve Bank in the m^ I)ti^ a " 1.pfalm(!|rcies that the Reserve Bank redisrather generally expected in
.
directors of the Reserve Bank met to. i»
count rates will be raised so •
_ate schodule. It was reported in
had sont a ••(1ucstlonnaire’
an interest o f 5% of the an» ° ™* f l
t directly or indirectly, from his day. but did not make a change In
°matl()n rcgarding tho amount of
Any one who derives a higher interest,
.
„diately instead of post­ Wall Street that the Reserve Ban
fortune than only 5% would be sil y o H
Those peoplo, tho for- to member institutions as
gGovCrnment collateral, and how much of It
, t officers of national banks declined
poning payment until the asJ
h
a
V
e
to pay anything at all money they had borrowc
tunes of whom yield more than 8 % , will no
interest and the was used for loans to the stock market, o n ic
S r T h e “ Reichsnyotopfer,” for they co«ldi easily pay the 5 , ^
^
tho to
confirm
IU LU
IUUm this
—report^
r
—
3% amortization out of the income o f th
P
small interests
rnAxr<i TO CATTLE GROWERS CALLED
we 1 “ do middle class and all the modest perote bvm s »
„ , 8ht yield
derived from their capital, will have R> pay
That means
FAYMZ
b y T a r f i n a n c e c o r p o r a t io n .
10 or, according to optimistic estimatio ,
Empire,
t iw V n v 15 of the loans made to cattlo growers in
less than ono-thira of the present f loathig debt o h
of paylng in in- -n

r A X ^ T S y ^ u a i^ —

®

m tv

The owners of big fortunes wl“ ^
® T e n t J ^will certainly transform
stallments, and in this manner their payment
^ 0 German
ttmmsclves In the course o f tint. inR, ordlna r y jn c ^ e ^
0 a p lt t r „ m
budget consumed for ordinary exp
floating debt,
thus bo a quite inefficient means o f repaying the
J hras0, for people
Now tho repayment of the floating
circulation of more than 40,have conceived the idea that infiiition with a c k c 1^ ^
^
..Reichsno000,000.000, is the chief rcasOTi of h gh Pr‘ c^ u
ding Treasury bills

•'“« >“ rly ‘”sta,"n“ ,s "

worse than just high income tax.
obliged to increase the
Tho owners of large fortunes will
,.nnsumCrs of goods. There is no
percentage of profit, thus damaging the ^nsum cr
^ infl tion of
issue from this vicious circle. T heordy
obtaining a loan is having
a f l o a t i n g d e b t is a b i g l o a n , a n f
° “ L3C o n f i d e n c e is l a c k i n g in G e r m a n y .
t h e c o n f i d e n c e o f t h e p u b l i c , a n d j u s t t h is c o n t ic ic m _

ARGFNTINE CONGRESS CALLED IN SESSION LEO
A"
s e d t a x a t io n o f f o r e ig n f i f t h s -

A special session of the Argentine
° ari„us
was summoned by
Irigoyen to conMde^
questions, including, it is said, loans t
According
health, social laws and tho national ?“ g- th(, ‘•Journal
to Buenos Aires adv,eesSepU 15, appear
in the
^ "
—
o? D e itie s, supported by several mem£
be imposed
bers of tbo
the Chamber
cnamoer, under
umxci which a___tax wouldThese
advices
on foreign banks operating in the Rcpubl .
P r e s i d e n t

S t T h e p r in c ip a l p r o v is io n s o f th e m e a s u re a re a s fo llo w s :




b e e n arranged. A statement issued in tho matter by tho
War Finance Cor^ratlonMysj, ^ ^
that lt wlsl,re
The corporation gives a
as oarly as practicable to t o
ness- It calls attention t o '

loans and close up its war-timo busi‘ tboso ioans were made in tho first
^ to h a to ^ ^
nl(>asur0 to conserve tho

u m b o r ? h ° ; r . W for the benefit ot .he nrmy dor,ns the nc.ual nroze-

“ it™ ?,mh° r”

n m re M t h ..

^ S 'c S k f r i ?

°™“

S “ ? ^ rd T “ l o S “ u n M

X">'
J
T
« t—

1.

effort ..cu re tho money

elsewhere.
the corporation states further that if, for
In a letter mailed to borrowers the
I turity ,9 imp0ssiblo, a brief in­
any good reason, prompt payment
dlscrction of tho corporation, be
dulgenco may, on request X L V d l T o v S b y the Cattle Loan Agency
granted upon application mad
[ d dP bowever, that in any ovent a subS r r e d u ^ o n ' ° i n t C m o u n t of the loan will be expected, including the

meet their obHgati" " aT i s wiU bo considered by tho Corporation from
national, that applicati
% f tho amount, advanced by
approved banks for
o k a y in g o ff the loans due tho Corpora­
tism to cattlemen for t p
tho noto 0f tho banks secured by tho
tion. Such advances to be made upon .
cattle paper as collateral.

O ct . 25 1919.]
q u e s t io n n a ir e

THE CHRONICLE
on

l ib e r t y

lo w s

sfn t

TO

BANKS A T IN ST A N C E OF FEDERAL RESERVE
BOARD.

A questionnaire seeking information as to loans made to
customers based on Liberty bonds and other Government
paper, has been sent to the more important banks of the city
by the Federal Reserve Bank. The information is asked for
dtt e 2 CV ~4’ bnd n 18 understood that it will be presented
to the Federal Reserve Board at the regular meeting ho
coming month. Some of the data which the bank? are
asked to supply includes, it is said, the amount of Liberty
bonds, Victory notes and certificates owned by the institu
tions individually, and the amount held by them as LllaW H
for loans, the rate charged for such loans, the rate which will
apply on extensions of loans, &c.
J 11

1565

Your committee on permanent organization begs to rennrt that ie r.
given careful consideration to the subject referred to it and T that 1* has
a c t™
^the r o llo w ,„r r
U“ ” 'm0US
1 . a hat the need of more comprehensive organization o f +v,«
. i
and financial Intcrc,la „r the carton, n a S T ? , '
present international trade conference should
’ and tllat
Which to construct a uermanen. “ S n S a ”l „ „
th°
»”
2 . 't our committee has adopted and recommends the following statement
of general purpose of the organization: "T h e purpose o f the n J e t b fv f
is to promote international commerce, to facilitate the
course of nations, to secure harmony o f action on all international q u c S n s
involving commerce and industry, and to promote peace p r o ^ e s f and
cord)ai Fdat.ons between the countries and their citizens
the coopera­
tion of business and the,r associations devoted to the development of
commerce and industry.
ueveiopment ot
shouidOe:r COmmittee beUeVeS that the specific a^ s of the organization

“ (a) To create a permanent international headquarters which will
centralize all data concerning economic subjects and social conditions the
facts relating to respective needs, present productions and future possL
bilities of each country.
e possi“ (b) To act as an instrument of co-ordination which will sug-cst ro!ril
lations and legislative measures to facilitate and encourage tlm devel™ EDGE BILL CREATING FOREIGN BA N K IN G CORPORA ment
of economic intercourse.
op
TIONS REPORTED TO HOUSE
LURP0RA‘
“ (c) To inform public opinion through publication o f facts concerning
business conditions and through dissemination o f the views of technical
a
o ™ t f aV° ? H le 1r° POrt ° n the E dse bil1* Providing for the experts and business men.
.
*
of bankmg corporations to engage in foreign bank
“ (d) To put at the disposal of all official organizations the renorts and
mg business, was ordered by the House Banking and Cur­ conclusions prepared by those experts and business men.
"4. Organization— Your committee presents the following tentative
rency
ommittee on Oct. 20, and in accordance therewith the
suggestions as the basis for a plan of organization.
bill was presented to the House on Oct.
by Representative
“ (a) This organization shall consist o f the following elements1
“ 1. A board of directors consisting of two members selected hv - . . i ,
J V Ckairman of the Committee. The bill was passed by
nation
In the event of the inability of such directors to attendthe nmet
c Senate on Sept. 0, as indicated in our issue of Sept. 13
ings, they shall be represented by an equal number o f alternates
page
and a report embodying recommendations a« to
‘The board of directors shall have general charge of the business of the
amendments was made on Oct. 0 to the House Committee organization, supervision of its policies and direction o f the TctRities
or the international headquarters and its staff. It shall determine the
on Banking and Currency by a sub-committee of the latter, questions to be placed upon the agenda for all meetings.
teferenee to the sub-committee’s proposals appeared in our
2. An international headquarters shall be located at the seat o f the
issue or Oct.
page
pointing out that the bill organization. One representative of each member nation shall be attached
o t lie international headquarters, who shall be resident at the seat o f
its present form is much changed from the measure as
hn^rd1^ 1™ and may have such necessary technical assistance as the
passed by the Senate, the “ Journal of Commerce” of Oct.
Board of directors may determine.”
SclKl I
sba11 be a corresponding national bureau in each country which
be in constant relations with the international headquarters. * *
(b) This organization may include all countries that are members o f tin*
Nations,
k m ™ , K.wcrv,, IIm M , am,
ZTISuSSZSS?
Z T but subject to election by the board of directors
amount o f their unpaid stock subscription.
b
y t 0 the
(c) The membership of tho organization shall consist of members of
An amendment prohibiting price fixing o f anv mmmndit • . .
Z £ 0Z OtCT m0rt? ' C°mT rCial orKan*zat*ons. banking associaUomand
proposed foreign financing corporations may engage i ™ £ a L ! n g ^ a s V *16 Firm"
° ClatK!nS’ tbe vote of whlch shall determine all questions of policy
placed on tho bill and provision is made that directors in anv sm t r be° n e S ; tCn° rp° rati? nS and individuals, bankers or business men shall be
financing corporation may be a director or other officers or with t h T ^
un
i
" 1? , 0" 35 aS'\°01ate members by vote of the board of directors
proval o f the Federal Reserve Board may be a director or officer f lh
t 0 be prescribed by the directors.
Sucli associate
similar corporation.
ector or offlcer of another I n l r
zatloliq1"8 Z l bn f ntitled to receive the reports and bulletins of the organi­
zations and shall be privileged to attend meetings
The committee to-day, however, voted to offer on the
..
amendment which would forbid interlocking directorates
a" ° thcr „ “ (d), In any nation having a national board or organization of its com­
mont adopted by tho committee to-day after the reprint o f the h m 1, amend* mercial interests the members of the board of directors shall he ehnsen hv
that organization. In countries where such national h L rd l
, chose° .b>
provides that dividends may only bo paid out o f earning v m h n r
d o ,, no, « „ t tho plan o f
oreaS S K f t
Reserve Board shall have the power to determine v X t deductions
bo made from gross earnings and what fair earnings are
to Sha” f°cotnniend some equitable methods for choice o f directors
(e) The regular meetings o f the general membership
, 1,
' . ..
I f any corporation shall not have its capital stock paid un within th.
iT * "”*
months after beginning business on notice from the Federal Rreerv e n l ^ ° shall be held at intervals of two years, except S a t S - i = f .
the stockholders are required to complete their stocP
r ' 0 Hoard,
for the calling of special meetings when necessary. .\t simh inter™tw,d l
stockholder who fails after notice lo do so is iiablo to
conferences each organization represented in the membership nVi01] ? 1
sold to indemnify tho corporations
The forth, r nm
a%0 bis holdings
entitled to send not more than five delegates, who shall have tvfe
be
of discussing all questions presented to the congress.
‘
ht P Vdege
(f) In taking a vote at the congress each delegate shall be en title *
vote. The vote shall be taken in the first instance b ^ a h o w o h ^ 3
the questions shall be decided by a majority of t h e v o t e r T r S S ■ b . S

23

1030,

in

11,

1414. In

21

,,«“ £ < £

PLA N S OF INTERN A TIO N A L TRADE CONFERENCE
^
FOR PER M A N EN T ORGANIZATION.
~ "

a vote h lW&V+7' that de^ B? teS rRpresentin- any tw'o countries m a v t k t o
a \ote by nations, in which case any decision previously recorded shall
final if the resolution proposed by the majority of the delegates^ raUfiJd
by a majority o f the countries.
^i-iegares is ratified
(g) In all countries having a national board or organization
merciai and financial interests, the applications^
international organization shall be passed unrm -,nri
J , m tbe
national board or organization.
P
and approvcd by the
(h) The committee on permanent organization shall consider and if

4 he International Trade Conference, which assembled
?lty this week in response to the call of the
° 0 United States Chamber of Commerce, was formally
^ Ct',2/?.by A> C- Bcdford’ Chairman of the Board
°‘ 10 5,tandard 0d Company of New Jersey, and Chairman
of the Executive Committee of the Trade Conference The
in
r “,lo”onalpermanent
'iuo‘,‘o,,siorganization
n,bc c’liii“" _S . X
formal opening of the sessions had been preceded by the !?(i)“ The committee
reception on Oct. 17 of tho foreign delegates representing
«»
U » local.OP
the
hea "q uS ; r rt * rOCO'1,•
(J) Temporary organization— It is the ri'cramr,™ i,tip „
Great Britain, I ranee, Belgium and Italy, to whom a bin mitteo
that the nations represented in t i T Z ^ n k ! y ° ur comchcon was tendered on that day at the Hotel Travmoro" Britain, France. Belgium, Italy and the U n it T States Z u / '
A banquet at tho same hotel was given in the evening at a temporary organization and that a joint committe-> he ™ ! • RO" stltute
winch among others, the speakers were Mr. Bedford and sentative of these nations to prepare^a p l a n Z ™ aPPomtcd reproLew,., It. Pierson, Chairman of the Board of the IrjTng S o n r fT haS praCtiCa.bl.° a mecftin« b e called by the committee on orgam
Rational Bank. There was also an executive meeting "f (hRermine
S S J S t“ “ W
be presented for adoption in final form
p™ P Rnt organization
Saturday morning, and on Monday and Tuesday of tids shall
committee recommends that the delecatos in tin*
,
week preliminary to the official opening of Ihc conference each“ Your
of the five countries shall select
Z Z
there were meetings of the various subcommittees On committee
on permanent organization to present a complete plan of organ­
organthe 21st a report proposing the organization of a permanen isation for submission as provided above.”
international trade conference to perpetuate the work under­ Delegates from all the countries represented in the con
taken by the conference was approved. The plan was drew, ferenee signed the report. A speech of Dwight W Morrow
up by a special committee of ten, two representing each ol at the conference is referred to elsewhere in to-day’s issue of
our paper and'there is also a reference to the remarks of
or
r “ ? n 8 V “ f ™ S “““ m o-sly adopted by a vote A.
C. Bedford.
of Vo™,
350 delegates
to the conference. John II. Fahov of Bos!
ton and John J. Arnold of Chicago represented the United COM M ITTEE ON ACCEPTANCES N A M E D BY R c
States on the committee. The proposal calls for the ore / / A l l LS OF AM ERICAN BANKERS' ASSOCIATION
gamzation of the commercial interests of the various Z
tions, membership therein being restricted to the countries Richard S. Hawes, President of the American Bankers’
in e League of Nations. Tile report sets out its reeom- Association and President of the First National Bank of
mendations as follows:
St. Louis, has appointed for the ensuing year the following
V At




10

0

8

Committee on Acceptances for the Association:

[Vol. 109.

THE CHRONICLE

1566

T h e g r e a t g r o w t h o f o u r fo r e ig n tr a d e d u r in g th e p a st■
J e r o m e T h r a lls , S e c r e ta r y -T r e a s u r e r o f th e D is c o u n t C o r p o r a t io n o f N e w
J

w l S t a le y , P r e s id e n t o f th e P e o p le ’s S ta te B a n k o f D e t r o it .

E . R . R o o n e y , V ic e -P r e s id e n t o f t h e F ir s t N a t io n a l B a n k o f B o s t o n .

This committee is charged with the responsibility of pre­
paring and distributing to the entire membership of the Asso­
ciation a pamphlet setting forth in clear and understandable
terms:

obscu re.

‘
s

i

1910

RATIFICATIOE ■

1911

RESOLUTIONS.

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

1912
1913
1914

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

I t is n o t , h o w e v e r , t h e g r o s s a m o u n t o f o u r e x p o r t s , b u t ^ e « c p o r t b a l a n c e
w h ic h v it a lly c o n c e r n s t h o s e w h o a re s tu d y in g th e p r o b t a n c *
c r e d it s .

B y th e e x p o r t b a la n c e , w e m e a n t h e e x c e s s o f e x p o r t.

P

T h e fig u r e s fo r e a c h o f t h e s a m e fis c a l y e a r s , a r e a s fo llo w s ;
1 9 1 5 . . . .................................$ 1 , 0 9 4 , 4 1 9 , 6 0 0
1910
$ 1 8 8 ,0 3 7 ,2 9 0
191g
2 ,1 3 5 ,o 9 9 ,3 7 5
1 9 1 l I I . H H ........................... 5 2 2 , 0 9 4 , 0 9 4
3 ,6 3 0 ,6 9 3 ,2 0 9
1 9 1 7 ................
1912
_________________ 5 5 1 , 0 5 7 , 4 7 5
1918
.............................. 2 , 9 7 4 , 0 5 5 , 9 6 8
1913
_________________ 6 5 2 , 8 7 5 , 9 1 5
, 914
S
E
i i
1 9 1 3 ............. ............................ 4 . 1 2 9 . 2 0 7 6 7 5

I I ..

h A - r ^ i i t t a 't w t e u

t h e fin a l b a la n c e « r

I , r e a c h e d t h a t b a la n c e m u .t h o a o tt c d In g

S
i S
S
i f f i S
g
: ~
\ " h
S
?
e n o r m o u s t o t a l o f $ 1 4 ,5 8 0 ,0 0 0 ,0 0 1 ),
o r a n oth er.
H o w w a s th a t b
a
l

» r

f J L i vantage b y other nations; and that the

nhc S S tS ;n = ^ ° fo ” mprovina and «.bUU« fmcW -change »ho„.d
■ " ^ " ^ r o d i t facilities to Russia is proposed in
another resolution, viz.:

s till

........ .$2,768,589,340

$ 11,97 1454 , 9 8_________________________
4 ,7 2 0
iq ifi
‘
. . . 4 ;3 3 3 ,6 o 8 .8 6 5
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2 ,2 0 4 ,3 2 2 .4 0 9
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2 .4 6 5 .8 8 4 ,1 4 9
1 9 1 9 I I ...................i .............. 7 . 2 2 5 , 0 8 4 , 2 5 7

_

ASSOCIA­

Another resolution in which it was urged that the neces­
sary machinery for improving and stabilizing exchange should
be immediately provided, was also adopted as follows by the
cou ntry should encourage

y^

pon

.

EXPORT

T h a t t h e d e la y in r a t ify in g p e a c e h a s c o n t r ib u t e d t o in d u s tr ia l

«

, ,

U1 T h e m e r c h a n d i s e e x p o r t s f r o m t h e U n i t e d S t a t e s t o a l l
b y t h e o ffic ia l p u b lic a t io n s o f th e G o v e r n m e n t , fo r th e p a s t te n fis c a l > ca r

A resolution urging early action by the Senate on the peace
treaty with Germany was adopted by the American Manu­
facturers’ Export Association at the concluding session, on
Oct of toanaual convention held at the Waldorf-Astona.
The resolution follows:
R e s o lv e d

'

.

— OTHER

‘ .. .
.r e .M l

I t w il l b e e a s ie r t o d e v e l o p t

— t h a t is , t h e y e a r s e n d e d J u n e JO , w e r e a s fo llo w s .

TREATY

y g b

M a n y o f t h e fa c t s a re c o m p le x a n d c a n n o t h e g r a s p ^ ^ u i c ^

w h ic h w e d is a g r e e i f w e fir s t t a k e o u r b e a r in g , fr o m t h e f

URGES

c S lits ,

J

T h e r e a re s o m e fa c t s , h o w e v e r , t h a t a r c in d is p u t a b le .
w e ll t o s ta r t w it h th o s e f a c t ..

T h ir d , W h y t h e y s h o u ld b e u s e d ; a n d
F o u r t h . T h e d a n g e r s t o b e a v o i d e d in t h e ir u s e .

TION

ta U j a f-

~ fr r s h s ta rt
N la n v m e n h a v e m a n y a n s w e r s t o t h e p r e s s in g ]
tg S U E S i J U S T U S , O f .h o f o e w h ic h u n d e r lie t h e p r o h l m

S econ d , H o w th ey m a y b e u sed;

MANUFACTURERS’

,

r„ a io n l

e r n m e n t o ffic i a ls , b y le g is la t o r s , b y le a d e r s " V ^ n M
h fT v o n e t S u g h
m e r c h a n ts a n d m a n u fa c tu r e r s a n d b a n k e r s .
T h e w ° r ld b a
ri
fo r
fo u r y e a rs o f u n p re ce d e n te d d e s tr u c tio n ,
i t is n o w g e t t i n g it a b c a r i n ^ i o ^

F ir s t, W h a t a c c e p ta n c e s are;

AMERICAN

« « ) « «

t o t h e f r o n t i n A m e r i c a a n e w k i n d o f p r o b l e m a P rof b ’ X
fe c t s a ll t h e p e o p le o f t h is c o u n t r y - t h e p r o b l e m o f
T h i s p r o b l e m U n o w b e i n g d i s c u s s e d b y p e o p l e in a ll li n e s "

w a s p a id b y n e t im p o r ts o f
c o v e r e d b y c r e d its .
O f t h e s e c r e d it s

o

a

d
a

l

d

w

fr o m

b t ' ' s
2 5 = r r ' w
t ”
\ n n r n x im a t e ly $ 9 4 0 ,0 0 0 ,0 0 0
n
c
e
000, 000 w as

$ 9 ,6 1 5 ,0 0 0 ,0 0 0

by
*

w a s io a i

th e

_

O
,
T h a t o f f i c i a l s u p p o r t in t h e f o r m o f e c o n o m i c a s s i s t a n c e a n d
R e s o lv e d , T h a t o ttiu a i s u p y
* n f m t r io t ic R u s sia n s, e n d e a v g e n e r o u s c r e d it fa c ilitie s b o g v u n °

. c o u n t r y - t h a t in t h a t p a r t o f R u s s ia

w i t h d i f f e r e n t o u t l o o k s u p o n l i f e w i l l d r a " ' a [ ‘ " g “ £ Cl p b m o s t o f u s w il>
fs e ts
B u t th e r e a re s o m e c o n c lu s io n s u p o n w h ic h 1 th in k m o s t u i «
h e in s u b s t a n t ia , a g r e e m e n t

Trading with the Central Powers likewise forms the sul j< A
of- one of the resolutions, as follows:
R w o lv c d ,

That

w

h

T r e a t y , t h e p e a c e s o c o n c lu d e d s h a ll

e
•

SS

n

t r a d e w ith t h e p e o p le

A m e r ic a n m a n u f a c t u r e r s s h a ll f ®
o f t h e C e n t r a l P o w e r s in t h e m a n n c r t h a t t

in d iv id u a l in t e r e s t s m a y d ic c .r m d n a
t gen erou s

t a l e ; b u t t h a t i n t h e a l l o c a t i o n o f o u t p u t a n t^ ‘ h ® ® ^ f' L t u r e r s o f t h e U n i t e d
c o n s id e r a t io n s h o u ld a lw a y s b e g iv e n b y th e 1
b e e n a s so c ia te d
S ta te s t o t h e n e e d s o f t h o s e p e o p le s w ith w h o m t h e y n a \ u

With regard to the extension of facilities for the rehabilita

Su

Y r t T

^
Z
' Z
t t J
Z
S
£
s e v e n m o n t h s o f t h e c u r r e n t c a le n d a r y e a r w a s 8 2 .8 7 3 .0 0 0 .0 0 0

te a
. £

w ith $ 1 ,6 9 3 ,0 0 0 ,0 0 0 fo r t h e s a m e p e r io d in 1 9 1 8 .
.
fig u r e s .
T h e y in d ic a t e t h a t th e fir s t d e m a n d u p o n A m e r ic a f o r

th a t th e tu rn h a s n o w c o m e .

1 b e lie v e th a t t h e

' “

2

3

t h o KOo d >
th e g o o i

r e q u i r e d b y a w o r l d e n d e a v o r i n g t o p u t i t s e l f b a c k u p o n ‘ a *j ‘
f u ll y a s g r e a t a s th e d e m a n d w h ic h t h e w a r i t s e lf m a d e .

fa ct

h ow ever,

S

u

exp ort

S
ln t o t h is

S ta te s t o E u r o p e m u s t g r a d u a lly d im in is h a n d t h a t t h
P
r o s u it s
c o u n t r y f r o m E u r o p o m u s t g r a d u a ll y in c r e a s e .
N e ith e r o f
•
,,
f
Z S b e d e p lo r e d P T h e w o r ld w ill b e b e t t e r o f f w h ^
he^w heat f i e ^ o f
R u m a n ia a n d o f R u s s ia a r e m a d e p r o d u c t i v e a g a in fo r th

p . 1

M oro-

a n d t h is c o u n t r y w ill b e b e t t e r o f f a s a p a r t o f t h a t
o v e r , a t a tim e w h e n w e a r e c o m p la in in g o f th (' b lg h 3
K u ropo can m ako
w e lc o m e a n in c r e a s e in o u r I m p o r t s o f t h o s e t h in g s t h a t E u r o p o c a n m
fo r u s b e t t e r t h a n w e c a n m a k e t h e m fo r o u r s e lv e s .
T h e n e t r e s u lt o f t h o g r a d u a l d e c r e a s e in o u r e x p o r t s a " d

« «

cradu al
^ ra d u

l n i e a s e l n o u r i m p o r t s m u s t b e t h a t t h e b a l a n c e o f t r a d e in f a v o r o f t h i s
4 , w m e rro fin i l l v d e c r e a s e .
H u t e v e n w ith s u c h a g r a d u a l d o c r e a s o
co u n ry
*
s o m e t im e t o c o m e a s u b s ta n tia l e x p o r t b a la n c e

th a t

after s u p p l y i n g

i m m e d i a t e a n d esse

•

l

s e llin g e ffo r t s c h ie fl y

S
i
w m en

t

S

h

l

”

or M o th e r.
W o » » r o ly u p o t, .h o fu r M o r
a lim ite d e x te n t.
J u s t n o w It is v i t a l t o t h o

t

e ~ £ l . .b r e a d .0

Labor is admonished to increase its productive effo» *
ihe onlv possible means of maintaining the present standar .
of U v S iu o - "f the resolutions adopted by the American
Manufacturers’ Export Association, which reads.
R e s o lv e d , T h a t A m e r ic a n m a n u fa c tu r e r s s h o u l d ‘ ^ e ^ d J m S ^ e v e l o i ^
p r e se n t fr e e d o m fr o m s e v e r e c o m p e titio n . t o : J ^ ^ e r i c a n
m e n t . in te r r u p te d b y w a r . t o
t o e q u i p A m e r i c a n f a c t o r i e s w i t h t h e ,< l“ ^

^
an<

w o r k m a n s h ip ,

. e ffic ie n t m a c h in e r y , to
a d m in is tr a tiv e e ffic ie n c y

i n s t a l l t i m e a n d l a b o r - s a v i n g d e v i c e s , l ° ‘ “ “ “ I®
r e s e a r c h a n d in v e n t io n ,
a n ti t h e p r o d u c t i v it y o f A m e r ic a n la b o r M o d u l a t e ^
tra n sp o rta t o d e v e lo p fa c ilit ie s f o r g r e a te r q u a n t it y p r o d u c t i o n .!L v e c o n d it io n s r e tu r n
t i o n a n d h a n d l i n g s y s t e m s in o r d e r t h a t w h e n c « m p e t l t i v e c o n a
tQ
t h e y .s h a ll b e a b l e t o h o l d t h e i r o w n i n h e m a r k e t s o f
a c c o m p lis h t h e d e s ir e d r e s u lts la b o r o n it s p a r
boul
in c r ^
e ffo r t as th e o n ly

p r o d u c tiv e
()f

_

■ ■■

U

S

’ f o ! ^ V i o l e n t c h a n g e 1,; I h d u . t r l a l c o n d i t i o n . I n t h t o c o u n t r y I n . t o a d

o f h a v in g a g ra d u a l
I h e s it a t e e v e n tc, g u e ^ .a s M e

^

w ill b e r e q u ir e d

m o n t h t o m o n t h , r is in g fr o m

“

‘ ^

T

E u rop o are
* '" “ T
how ove

h
,

a v e ^

W.

MORROW

in t e r n a t io n a l

ON

'**.

PROBLEM

c r e d it s .

m o n th

OF

$ 2 1 ,8 0 0 ,0 0 0

I n n o o n e o f th ese m o n th s .

I f w e assu m e th a t E u ro p e ca n

s h e w ill s t ill o w e t h e U n it e d
* 2 , ^ 0 , 0 0 0 .0 0 0 ^

a p p r o x im a te ly

red u co her p u r-

®

m e r c h a n d is e b a la n c e
^

N o on e can

t ie s s t ill h e ld a b r o a d w ill h e - 1
h o w m u c h m o n e y w ill b o

S ta tes o n

n ert sum m er

H o w w lll th te M a n c e b e s e U l ^ ^

^

™

o

com e

or

ln t ll0 U n i t e d S t a t e s t o p e o p l e
‘

a b lo b y G e r m a n y a n d A u s tr ia

f

an d oth er E u rop ea n
^
hQW m u c b t b e

t h e E u r o p e a n c o u n t r ie s w ill b e o f f s e t

L y ^ i^

Dwight W. Morrow, of J. P. Morgan &
'/
the International Trade Conference at Atlantic ‘ y^1
• ^
23 on “The Problem of International Credits ri tein d
" I t excess of exports over imports which
course of our foreign trade and expressed th .b elet that the
turn of the tide has now come—that the expo •
United States to Europe must gradually diminis 1, *
the imports into this country from Europe must gradually
increase. Neither of these results, he declared should be
deplored; indeed, he said, “at a time when we are complaining
O UK high cost of living we should welcome an increase m
^ .im p orts of those things that Europe can make; for us 1^ ter than we can make them for ourselves. Mr, Morrow,
in part, had the following to say:



9 90 In J u ly .

t h e U n it e d S t a t e s p r o g r e s s iv e ly b y $ 1 0 ,0 0 0 0 0 0 e a c h m o n t h a n d
t h e U n i t e d S t a t e s p r o g r e s s i v e ly b y $ 1 0 ,0 0 0 ,0 0 0

c o u n t r ie s t o u s e ln t h ?

DW IGHT

i

c r e d ih , t h a t
t h e lm p o r t« fr o m

O
T
t V
f o b e e n ^1c s s t h a n $ 3 7 0 , 0 0 0 , 0 0 0 a n d i n
t o j u jy h a s t h o e x c e s s o f e x p o r ts o v e r im p o r ts b e e n

W
u

c h a s S S im
cn ases i

n

<jr o

000 0 0 0

no m ont

each

o

'

^

in E u r o p e , or h o w m u c h o f t h e “
f ^ ^ B e g i u L
w i h be a v a i l a b t e f o r E n g l a n d U F r a n c e . I t . l y . ^

p o s s ib le m e a n s o f m a in ta in in g t h e p r t .e

liv in g .

S

„

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The extension of long term financial credits to Europe wa«
urged anew by Frank A. Vanderlip in an address before theAmerican Manufacturers’ Export Association at the WaldorfAstoria on Oct. 17. Mr. Vanderlip in this address again pic­
tured a winter of “very great privation” for Europe, “of the
sort of privation that breeds political trouble.” A similar
presentation of conditions abroad was detailed by Mr Van­
derlip before the Economic Club in this city on May 20* as
was noted herein at the time, and again, in speaking before
the Pan-American Commercial Congress at Washington on
June 5 he referred to the aid “which can and must be given.”
Europe and at that time proposed the formation of a °roup
of nations made up of the Latin-American republics’, the
United States and some of the European neutrals to lend aid
to the afflicted countries of Europe in the form of materials
machinery, equipment and food. He also declared in his
speech at the Pan-American Commercial Conference that
the American Government should not make further loans to
other Governments, adding that there was a general idea in
Europe that the United States ought to forego the loans made
during the war. In speaking before the American Manu­
facturers’ Export Association last week Mr. Vanderlip was
preceded by Senator Robert L. Owen of Oklahoma, and the
following account of the remarks of both is taken from the
New York “Tribune” of Oct. 18:

f

n o t h a v e t h e s y m p a th e tic a tte n tio n o f th e A d m in is tr a tio n .
n o t im p r o v e d th e s it u a t io n .”
R e c a llin g th e d a r k p ic tu r e o f E u r o p e a n

c o n d it io n s w h ic h h e p a in t e d

S a t
l

g a r d t o t h e s e r io u s n e s s o f i t .

E u r o p e is g o i n g i n t o a w i n t e r o f v e r y g r e a t

p r iv a t io n , a n d o f th e s o r t o f p r iv a t io n th a t b r e e d s p o lit ic a l t r o u b le
is n e e d f o r v e r y im m e d ia t e a c t i o n . ”

.1 n .

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h o m e a n d h e r c o m m e r c e a b r o a d h a d m a d e h e r e a s ily t h e le

^

nv 1fl it/ITl nf T P X f <5rnron tr fT„

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S‘ n g l ® m a n =

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- —

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a f t la , d tQ p u r c h a s e b ° n d s g u a r a n t e e d b y t h e E u r o p e a n g o v e r n m e n t s

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t h a t b y 1815 t h o t a x e s h a d r i s e n t o m o r e t h a n ? 7 %
lo n g w a r w a s h a r d ly o v e r b e fo r e th e g r o w th o f

on

'I t e l l y o u t h a t I h a v e n o t h i n g t o r e t r a c t a t a ll o f w h a t I h a v e s a id iu re -’

s r s r - * u“d- - * • *•—

e x a m p le .”
I t w a s a lm o s t t e n y e a r s ^ T t T o r e
y e a r s o f v a r y in g fo r tu n e a n d tr e m e n d o u s l

has
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h is r e tu r n fr o m a b r o a d m o r e t h a n fo u r m o n t h s a g o , M r . V a n d e r lip d e c la r e d -

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B etw een

F. A. VANDERLIP ON EX TEN SIO N OF CREDITS TO
EUROPE.—SENATOR OW EN'S VIEWS.

f a v o r a b l y a c t e d u p o n w e r e b e t t e r w h ile t h is p r e s s u r e r e m a in e d

S t a t e o f M i s s o u r i in p o p u l a t i o n s m a l l e r t h a n N e w E n g la n d — h a d a f o r e i g n
c o m m e r c e m 191 3 e q u a l t o a b o u t 5 5 c t o f- th a t n f
, a l r i" n
7 0 % o f t h a t o f th e W h o le U n ite d s V a te ".
G erm a " y . a" d to a b ou t

a s t h o u g h N a p o le o n m ig h t a c c o m p lis h ' h is s u p r e L p u ™
t o r n w it h d is s e n s io n s , h e r le a d e r s h ip d is t r a c t e d
Ih it w h e n

o f n a t io n s .

h a v e b e e n p la n s s t a r t e d , b u t t h e y h a v e a d v a n c e d s lig h t ly b e c a u s e t h e y d id

c a l e n d a r y e a r b e f o r e t h e p r e s e n t w a r , H o l l a n d ’s f o r e i g n t r a d e a m o u n t L w
a b „ » . t h r e e b illio n d o lla r .
H o l l a , a r e . no. M
„

m ilit a r y g e n iu s o f h e r g r e a t c h ie fta in

th e w orth

a p p a r e n t ly b e c a u s e a c t io n w a s n o t w a n te d u n til th e t r e a t y w a s d is p o s e d o f

*

w h k ^ t

In th e y e a r 1913

w ill ju d g e

1 t h in k t h e t r o u b le ,” h e s a id , “ in la r g e m e a s u r e is n o t ly in g w it h C o n

l S

th e w h

p e o p le s

n o m o v c is b e in g m a d e t o w a r d t h e f l o t a t i o n o f a n a ll - E u r o p e a n lo a n .

A s y e t it se e m s a s t h o u g h

th e m s e lv e s o v e r

c iv iliz e d

g re s s b u t w ith th e A d m in is t r a t io n . T h e r e h a s b e e n n o d e s ir e f o r im m e d ia t e
a c t io n ; in d e e d , t h e A d m in is t r a t io n h a s p u t its .h u m b o n i m m e S Z S , ?

w eak!

t h e i n g e n u i t y o f S p a n i s h c r u e l t y h a d b u t r e le a s e d in t h e D u t c h p , ™ i e
c o u r a g e a n d in it ia t iv e w h ic h n o o b s t a c le c o u ld s t o p .
W ith a n e w S
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w h ic h

A ft e r p le a d in g th e c a u s e o f p r o s t r a t e E u r o p e , w h ic h h e s k e t c h e d a s o n t h e

A n d th e r ig o

w it h w h ic h S p a m p u n is h e d H o lla n d h a s n o t y e t b e e n m a t c h e d .
th r e e g e n e r a tio n s

c h a r a c t e r a n d c a p a c i t y a n d s k ill in o r g a n iz a t io n w ill s t ill b e t h e

v e r g e o f r u in , t h e f o r m e r p r e s id e n t o f t h e N a t i o n a l C it y B a n k in q u i r e d w h y

T h r e e h u n d r e d y e a r s a g o , th e lit t le p r o v in c e o f H o lla n d w a s b e in g r a c k e d
b.v a w a r w h i c h h a d a l r e a d y l a s t e d f o r m o r e t h a n a l i f e t i m e .

t h a t h is t o r y h a s fu r n is h e d m a n y in s ta n c e s o f g r e a t b u r d e n s u p o n a
la t io n c a llin g fo r t h g r e a t p o w e r s .
A n d w h e n w e th in k o f a E u r o p e w it h

q u a litie s b y

P u rch ased U b e r ty B o T d s'
or n ot w e do n ot yet know
1

t h is w a s t r u e .
B u t t h e h ig h ly p r o g r e s s i v e T c o ^ ta x e s ^ 7 t o
e x t e n t a p p r o p r ia t e d th a t f u n d .
W e m u s t r e lv f o r t h e in c r e a s e n f

a d tr
b e tt. f '
T b e t r a g e d y o f t h e h u m a n r a c e h a s b e e n t h e c o s tlin e s s o f
p rogress.
B u t w e m a y b e p e r m i t t e d t o r e c a ll t o o u r s e lv e s in t im e s lik e

w ar over

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t h . s c o u n t r y h a s h a d s o m e e d u c a t i o n in s a v i n g d u r i n g t h e p a s t t w o v e a r s '
at r
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1567

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at

h m g s S e n a t o r O w e n h a d s a id , p a r t ic u la r l y in r e f e r e n c e t o t h e n e e d o f t h e

a n d c o m m e r c ia l n a tio n o f t h e w o r ld
m e e t in g t h e f n S r e ^ n g ln d u s t r ia l
[“
^ c e o f th e g o v e r n m e n t in t o t h e w o r ld m a r k e ts a s a m o n e y le r d e r a J d
m o u n ta in o f n e w d e b t m e n , „ , „ « i „ . . . U
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1
7
D1 I ^ r u s s i " ° f f f a e r 'r ,d e b t m o r e e a s i l y t h a n s h e h a d m e t t h e c h T r g e i q m n t h e o l d * *
o f e x t e n d in g la r g e c r e d it s t o E u r o p e .
seenn ^ te l
° d iS a S t l'r o f J e n a «*•
and th e T re a ty o f T i Z t i f 2
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M o r e o v e r , t h e b a n k e r d i s a g r e e d w i t h t h e S e n a t o r ’s s t a t e m e n t t h a t c o n d i ­
s e e m e d t o h a v e r e a c h e d a lm o s t th e d e p th s o f ig n o m in y
H e r b e , m i 8 ®7 ’
w e r e c u r t a ile d , h e r a b le s t m in is te r s b a n is h e d , h e r t r e a s u r v
!
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l t has

fif OVtfin/limrlorrrnerorl 4e4-e T'___

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^
i SP T k ®
w o n d e r f u l r e v i v a l o f P r u s s i a in t h „
....... .. . u - „ - , ,
. e r . ln S te m .
The

o n ly g o n e o n — o n th e w h o le , g e t t in g w o r s e .

18 ° f p e a c e - o n p m i g h t

n i t y h a d b e e n p a i d ; t h e f o r e i g n t r a d e o f ' F r a n c e in
t h a n i n 1 8 6 9 ; a n d t h e f i g h t i n g g e n e r a t i o n w ? ,, f

lk T ^ V
0 n ™ in d < ’ m ~
18 ^ ^ a s 2 0 % la r g e r

t h r i f t y F r e n c h p e a s a n t w a sl h
h ee ll p
p ii n
ng
g y
y oo u
u b
b tu. ii il .dl y o u r W e X i m
T h e r e a r e n o e x a c t p a r a lle l s in h i s t o r y .
T h e g row th n f n
in t h o 1 6 th a n d 1 7 t h c e n t u r ie s a s p r o f o u n d l y f
t r a d e r o u te s w h ic h t o o k a w a y fr o m th e I t a liin
w h ic h

th ey h a d

s o lo n g

h e ld .

Tho

f

vovave c f ^

f

to

th e co m m e rce n f

° u Ch C O m m e rce
b y t h e n e w w o r lu

pr,tugU0se

0 S t r a ,e * i c P o t i o n

^

V a s c o d a G a i n a , a r o u n d t h e C a p e o f G o o d T t .m r , t P ° -1
m ore perm an en t dam age

r a n b e f,? r e t h o
^ lr o a d s -

n a v ig a to r ,

in it s c o n s e q u e n c e s

t h e S p a n is h in v a s io n s b r o u g h t t o H o lla n d
w , ,C
a n d G e n o a t h a n a ll
a c y a f t e r t h e N a p o l e o n i c W a r s w is d .m n ,T
g la n d s c o m m e r c ia l s u p r e m r e v o lu tio n

w rou gh t

g e n iu s o f a

W a tts, a

by

new

in v e n t io n s

lla r g r e a v e ^ 7 ,r

<r g e m e a s u r e t o t h o in d u s t r ia l
J

* ^

n a tio n

‘ b e , in v e n t iv e

m u c h o f it s m a te r ia l c a p it a l
B u t al t hough' ' , ' g h t ’
l t m a y " e11 s o a r P
m a d e th e n e w o p p o r tu n iH e s , th e f u n d ^ e n H
, f ir c P m s t a n c « m a y h a v e
tu n it ie s w e r e g r a s p e d b y a n e o n lo
V a t t r e m a ln s t h a t t h o s e o p p o r -

■„,crUy
,>^ r r s ^ r ^ s ^ ; r . T , re~
b y g a i n s in c h a r a c t e r a n d c a p a c i t y
^

m a y b e o u t w e ig h e d
a

b

l

^

w h ic h c o u ld

t

^

not have

‘ ba‘ - r s




*

141 c /

W e have

but

t h e " e n a t io n s

f j c , l/U l , I

a m e e t in g o f t h e N a t io n a l I m p o r t A s s o c ia t io n ,
t o n e e d .”
V a n d e r l i p 's a i t b ‘ H ^ o v r ° s h b T ® " ' 8! , p r o p o s a l f o r a g o v e r n m e n t c r e d i t . M r .
s a id ’
N ° " ’. hha11 w e h a v e g o v e r n m e n t c r e d i t ?
W e a re g e ttin g
d o f g o v e r n m e n t t h in g s , o f h a v in g t h e g o v e r n m e n t d o a lm o s t T v e m h n g

fo

t h a t is t o b ® d o n e — a n d i t h a s d o n e s o m e o f t h o s e t h i n g s

very w e -l l n d s o m e

is a n m v K

o f c r e d it , a n d th e r e

r

in w o r M

a ff

in te r n a tio n a l g o v e r n m e n t
c r a d iiT t^
8 2 5 'O 0 0 ' 0 0 0 '0 0 0 o f
t o th e A llie s c r e d it s t h a t
i f
° ? r g o v e rn m e n t h a s gra n ted
g r a n tin g
c r c d ik
E n g l a n d h a s g r a n l p d t o t h e A l l i e s a n d is s t i l l
_
Tr h
h ee ss ee g
a t^ d
d u r in g t h e ^
P art o f th e w a r.
g rr ec a
d ee h
b tf ss , t h a t a lr i
e r sr ^a g^r e^e a n n ^ v e n ^ ^ 0 ^ 1^ ^ ° U g h t n<5t t 0 b e P a i d ’
a n d a l l t h e b o rr ar o w ’p
c a n n o t e t e n h a v e th e in te r e s t p a id fo r t h e p r e s e n t - a t le a s t,
“ S o 1 am o n e o f th ose i
c n o u g li p a r tic u la r ly th a t
' “
'
p o s s ib le t o d o i^ s n j l
w
h
n o t fn rn 2 , t
& fr r e a t

l r

r

t

*

b c b e v e th a t th e g o v e rn m e n t h as g o n e fa r
g o v e r n m e n t h a s g o n e f a r e n o u g h w h e n i t is

r W ayjllr o p e

N o w - i f t h e r e w a s n o o t h e r w a y . i f it c o u l d
m u s t h a v e , i f it is t o b e s a v e d f r o m

W e c a n n o t l i v e t*
’
T ' b y a b n le a n s le t ’s g i v e t h e m
" o c a n n o t li v e t o o u r s e lv e s a lo n e .”

g o v e r n m e n t c r e d it.

a re e v e r p r o fit

been

s e lv e s w e r e o n ly d iffe r e n t , i f m e n

O n e e x c e p tio n is B e M u m

i! ti l e o n I y CXCCU i o n -

i . .—---- ° '“ucuuui-y, torn by thp
B u t m h is s t h a n l h ^

w e ll h a v e d e s p a ir e d o f F r a n c e .

LAAOiliallcl

™
th e m s e lv e s o n ly u n d e r s t o o d

each

o

C

F ace

W o r ld

C r is is .

c J a m B r“ ? h i s 1| r i nJ
* !\ h i - ° W n W a y K u r o P c ’s m a l a d y . S e n a t o r O w e n d e
in t h e l i f J n f n n l
d CnS1S W e f a c e : 14 i s a ‘ h i n g w h i c h w i l l n o t o c c u r a g a i n
in t h e li f e o f a n y m a n p r e s e n t a n d I h a v e t h o u g h t t h a t u n d e r t h e s e e x t r a o r d i-

O.McADOO A N D
V A L I D I T Y OF F E D E R A L F A R M

17.

June:

.
o r e

E u ropean s

as

s e r io u s m d e « i

y e t.

E u rop e

th a n

has

has

been

grasp ed

r e c e iv e d

su ch

a

f

by

a

The validity of the act creating the Federal Farm Loan
banks and the Federal Joint Stock Land banks is upheld
by William G. McAdoo, former Secretary of the Treasury
and Director-General of Railroads. Mr. McAdoo, in c
junction with George W. Wickersham, Attorney-General
under President Taft, both acting as counsel for the Amen
can Association of Joint Land Banks, has rendered an opin­
ion, made public at Chicago on Oct. 16, wh“ h ho\ds ®°“"
stitutional the tax exemption provision of Federal iarm
Loan bonds issued by Federal Land banks and Joint Stock
Land banks. The Federal Farm Loan Act, as on^nally
passed by Congress in 1916 and amended in 19 , P
that all bonds, securities and mortgages issued by the Federa
Land Bank and Joint Stock Land banks in accordance
with the provisions of the Act, shall be exempt from Federal
State, municipal and local taxation. The Act a!so exempt
the income frem such securities. This exemption pro­
vision has been attacked in a suit brought m the United States
District Court at Kansas City, but the opinion of Messrs
McAdoo and Wickersham, it is stated,_is rehed upon by
those interested in the success of the Farm Loan Act as

...

T h e s it u a t io n in E u r o p e is m o r e s e r io u s t h a n h a s b e e n g r a s p e d o n
c o n in t m

th is

J o o d j-W

1^

h a s n o t b e e n m e a s u r e d b y t h o s e w h o h a v e s e e n it
n o t t h a t d ir e c t s h o c k th a t c o n c e r n s m e n c a r l y a s m u c h a s a

g rea ter^ h u rt.

it is t h e h u r t o f d is o r d e r , in d u s t r ia lly , o v e r t h a t C o n t in e n t , a
r d «
g r e a t t h a t in d u s t r y is in a la r g e m e a s u r e p a r a ^ ^ .
T h e ^ ^ lt le e o r
r e s t a r t in g t h e in d u s t r ia l c y c l e a r e a lm o s t
t h i t w ill f l o w f r o m c o n t in u a l id le n e s s a n d

S
w ant and

h

r e l
,

o

G. 1 7 . W I C K E R S H A M
L O A N A CT .

S

T l e " » of
i°nc“

m e o f th e E u rop ea n n e u t r ^ >an d i n U

A t le a s t t h e lo a n s o f th is G o v e r n m e
s o co m e to b e rega rd ed .
T h e r e is

J r

J jg g * ? S

gen eral

id e a

o r £ 't h e

s u r p r is in g ly
in th is

a

g e n e r a l id e a , t h a t w e o u g h t t o fo r e g o
g o o d b e c a u s e it s h o u ld
w ar.
I b e lie v e a s e c u r ity c a n b e s e a t e d t h a t w ill b e ^ " X ^ t i o n s a n d
b e a fir s t c la s s m o r t g a g e ^ ° h
th a t

su ch

a

s e c u r it y

can

be

th e cu stom s ° j £

flo

a l bc o u n t r i e s

t h a t s h o u ld

F u r o n e a n in d u s t r y , t h a t t h o s e

sI H £ i s r r - &

h pxDre=setl the view that we are going to bo the finan
SS eentTof tht worid. We quote the following from his

mpnt in defending the constitutionality of the Act. ni t .
“p i l "romtered by them Mr. Wickerkham and Mr McAdoo
call attention to the extensive invest!gallon oamod on by a
Congressional committee before the pas ago of tho Act
The investigation, it is pointed out, revealed hatthe aver
aee rate of interest on farm loan mortgages m the United
States ran from 5.3% in New Hampshire to 9 %
cvel
10% in certain Southern and Western States, ^nd further
that these mortgages were rarely of a sufficient le ^
time to permit the borrowers to accumulate enough^ money
to nay them off at maturity. In comparison with Luro
pean countries, the opinion says, the United S a es
found far backward in rendering Government aul and
encouragement to facilitate farm credit. The Giucago
office o S w , Jones & Co. also gives the following informa^ The^pinlon^es rLny legal

tho Kansas City sruit parried to bo

8P«

-

“ S

S

t

' « : S. T d ‘ U

hl s 5

S

.

-

h

i

-

d o IS

b u r d e n o f g iv in g h e r h e lp w il l b e w it h w t.

m e .™ t n d u t y a n d

tru e a b o u t th e

E u rop ean

<•— “ • - s!“ t Euro,>c tac,<

j 2 s
o p in io n

o f th e op p ortu n ty

A m e r ir a

.

g ^

g

re C o m p e n s e - i f

s

r

s

j s

vaDdity.

i r

s

t

e t o ^ r . 0/ , r v S S

you

% ‘,°n a L t o
between five and tbirty-si*

s u r e t h a t K u r o p e is g o i n g

to „ . d . for ony loosth of .too
Fcdci.al Land banUs may bo desig-

m f r f t o p S o H * " f tobto f»»ds “ d ^
of the Government.
a,lt,hnrized to buy and sell United States bonds

js s s n s ^ s s s is ^
S

Z

S

Z

S

G

S

. t Z

Z

'

t 'd o n 't t h in k , e it h e r . U

«

“ to fto

(h 0 c t o n „ c i« o f w o r ld

m a t t e r th o s e a re n o t fr e e ly r e d e e m a b

•

A “

“

^

p

b a la n c e th a t

a t h o r o u g h ly s o u n d g o ld b a s is , J a p a
;
t m e t h a t w it h o u r c o m m a n d
o t h e r c o u n tr ie s ;
^ e a k t o g .it ^ i^ t ^
tQ thL, c l t y , p r o v i d -

b u t broadly

i n j f ' w e ’ a r e p T e p lT e d ^

r e c e iv e i t .

A nd, you

know . J J ^ ^ ^ h a v e

not

— - -'»
t o c o n s is t o f .

W e s r e s o in g t o t o v e .. w o • * « * “

d S S T r S r ° .'r ~ iX —

— -* *— ■

State, municipal and local taxation.

R

T o - d a y S p a in is o n
and a num ber o f

"

r ,S o ™

b a n k b a la n c e

th e o n ly g o ld

b o a g o l d b a la n c e , a n d is g o i n g t o b e p o
y
th e ban k s o f a n y ^ e a t c ^ e a n p e r m a n ^ t y

“s s t a a w j r s s a s s t s r -i f s y -

and as a p ra cfca l
V o r k is g o i n g t o

h i g o ld i f in te r n a tio n a l d e p o s ito r s w a n t i t s o p a l d ^
^ E n g l a n d is o f f t h e g o l d b a s is
in E n g la n d is p a y a b l e in b a n k n o t e s o r c i n j e n c y ^ ^

^ — —■»■*— >“

»

C° I ! o o d o n h a r b e e n S o I t o a S c « t r e o t t h e . w o r i d I
w e ll d is c h a r g e d h e r o b l i g a t l o n s t o t t o w o e l d t a jj>

*«**»indefending lt°

. . n that congress did not exceed its powers in the

o p tim is tic c r o w d o f m e n m a t

h e r s e lf t o g e t h e r a n d s t a r t b a c k t o w a r d a

al, ^ dy formed, under

i n

c

A L L S

O N

H O U S IN G

B A N K
^

P L A N S

A S S O C I A T I O N

V E N T U R E S

O F

B E F O R E

G O V E R N M E N T .

I V , w it h t h e ir 1 ,7 3 3 .3 0 2 d o p o s i-

« £ £ £ £ «

s o m e th in ,

T h ° l0 S iy 2 6 2 ° 3 4 8 5 3 4 2 7 a s s e t s i n t h e a g g r e g a t e , a r e a b l e t o g e t i n t o u c h
t o r s a n d $ 1 .2 6 2 j3 1 » .b
a n d h e lp t h e m r e a llz o t h e ir d e s ir e s ,
w it h n u m e r o u s h o m e s e e
p o w e r t o b u y a n d s e ll m o r t g a g e s o n r e a l
T h o s a v i n g s b a n k s h a ^ 0 ^ 7^
^
m o r t g a g e s a s c o lla t e r a l, b e s id e s
csU te

n a t io n

m e t h o d o f T e p a y m e n t f s o t h e y n e e d n o t a w a it n e w

fin d

o th e r p e o p le w ith

good.

f l o o d s m u s t i n t h e m a m b e p a i d f o r in g o o d

^ \ n a c c u m u la tin g
,

th a t.

g o ld o r a c c u m u la t in g s e c u r itie s , a n d ^ “ ^ o n °
S e n o u r m a rk ets so th a t oth e r
t h e th in g s t h a t t h e y

and °thCr C°StS °f

o p e r a t io n in c r e a s e d th a t^
N o w . I b e lie v e th e s e M
S

J

L

S

K

s h e lm u s t n o w

5 f S

E n g la n d h a v e b e e n a b s o lu te ly n e ce s£

l : . S

S

b e tte r p a y la b o r .




t

th is

o n r w l e s ta te fo r a n y s h o r t o r lo n g te r m

^^

t h e in d a s t r ia l m a r k e ts o f t h e w o r ld

»

s h e t o . fo s . . t o . d iffe r e n tia l b e c a u s e

w ork .

o r w ith a n y

la w s b e fo r e b e g in n in g

ft d e p a r t m e n t o f f a r m s a n d h o m o s , o r a d e -

L e t e a c h s a v h ig s

have.

m o r e t o r u n h e r r a ilr o a d s th a n

iu

aIl f f u o a n s

^Ve m u st

o p p o r tu n ity t o p a y fo r

an

Y O R K

Tn a discussion of housing plans before Group IV of the
wr York Savings Bank Association, at the Hotel Astor
N Oct 17 R Ingalls, Director of Research of the Bankers
Smnstics^ Corporation, euggested the foHowing p.an of
action:
kg of GroUp.

le a r n o n e t h in g — t h a t fo r e ig n b e c o m ia g a g r e a t in t e r n a t io n a l t r a d in g
v o u h a v e g o t . a n d o u r n e c e s s i t y in^ b « : o r a i n g a g i •
ep ared to b u y .
is t o

N E W

S O C IA L IS T IC

p a rtm en t o
a tT ho
a ssets.

f S

e c o n o m ic s .
,.

i

of The

d ep a rtm en t

s h o u ld

be

seg reg a ted

fr o m

th e

gen eral

h o u s e h o ld e c o n o m ic s , t o b e u s e d a lik e b y a ll s a v -

^SE“£ » S £ £ “ loM-“rn
v a n ta g e s o f o w n in g h o m e s o r fa r m s .

j

P la c e a c o m p e t e n t w o m a n

f t b o la t t e r d e p a r t m e n t .

loa“ ‘nd“ ,h0*“•

U

THE CHRONICLE

O ct . 25 1919.]
B y

p r e fe r e n c e , u s e t h e a n n u it y p la n o f a m o r t iz a t io n .

■of l o n g t e r m s .

M a k e th e te rm

D o n ’t b e a fr a id

5 0 o r 7 5 y e a r s s o a s t o r e d u c e t h e s iz e o f

t h e p e r i o d i c p a y m e n t , a n d b e a t t h e G o v e r n m e n t ’s o f f e r s .

G iv e th e b o r ­

r o w e r th e r ig h t t o p a y in a d v a n c e o n a n y d u e d a t e , s o a s t o r id h im o f fe a r o f

s t it u t io n .

T h is p o in t o u g h t t o b e s e t t le d

used

m o d e l.

b e t w e e n t h e in te r e s t r a te s o n t h e lo a n a n d o n th e

b o r r o w e r s c r e d it s in t h e f u n d , a s a s t o b e s u r e o f m a k i n g e x p e n s e s .

fo r m

a

The

or

t w o -fa m ily

and

c o m p a n y ’s d ir e c to r s

T h e secon d

p u rch a se

be

h ou ses.

s e le c te d

b e h e ld b y

The

am ong

th e co m p a n y

b o o k , w ith
best

R e n t e n -R e c h n u n g ,”
D ’ln t e r c t s

tw o

& c.

C om p oses

o ffic e r s

and

e ith e r a s a n

T h e p u rch aser
of

t a b le s , o n

are:

(G e r m a n )

et

t h e p r in c ip le s a n d

“ T a b e lle n
by

fu r

S im o n

D ’A n n u it ie s ,”

& c.

d ie

Z in s e s -

S p itz e r ,

(F re n ch )

and

by

F.

In dilating upon the plan of amortizable loans which is
best for savings banks Mr. Ingalls in pronouncing the an­
nuity plan as the best ordinarily, stated that where the object
is to help the borrower to acquire a small home or farm,
the sinking fund plan with equal payments should be care­
fully considered. While plans, however, he said, are im­
portant “there is likewise an urgent need of immediate
action, as no delay should occur in making selection.”
“The need,” he added, “arises not only from the dangerous
tendencies of the Government to enter into savings banking
and the real estate mortgage business.” Continuing he
said:
G o v e rn m e n t,

th rou g h

th e

U n ite d

S ta te s r e c la m a t io n

s e r v ic e ,

has

s u n k w it h o u t in t e r e s t $ 1 4 8 ,9 9 0 ,9 1 7 in la n d d e v e lo p m e n t a n d o t h e r s o c ia lis ­
tic v en tu res.
th e
to

T h e s e r v ic e 's d e b t o r s , h o w e v e r , f e ll s o b a d l y in a r r e a r s t h a t

G overn m en t

years.

e x te n d e d

th e

p e r io d

fo r

th e ir

p a y m e n ts fr o m

10 t o

20

Y e t la s t y e a r t h e ir p a y m e n t s w e r e o n l y $ 8 5 1 ,2 9 0 w h e n t h e y o u g h t

h ave been

$ 2 ,6 0 3 ,7 8 5 .

F u r t h e r m o r e , t h e s e r v ic e ’ s r e v e n u e s le s s t h e s e

p a y m e n t s w e r e o n ly $ 3 5 0 ,8 4 6 , w h ile t h e c o s t o f it s m a in t e n a n c e a n d o p e r a ­
t io n s w a s $ 1 ,2 7 5 ,0 8 4 ; a n d s o C o n g r e s s g a v e it $ 2 1 ,0 0 0 ,0 0 0 o f s p e c ia l a p ­
p r o p r ia tio n s

to

keep

it

a liv e .

The

F ederal

s o r b e d $ 1 7 2 ,7 6 0 ,5 7 0 m o r e o f p u b lic fu n d s .

F arm

L oan

sy stem

T h is e q u a le d 7 0 %

has

ab­

o f a ll m o r t ­

g a g e s h e ld b y t h e F e d e r a l L a n d b a n k s o n J u ly 31 la s t , in d ic a t in g t h a t th e
sy stem

b ill c o u ld b e lo a n e d o n r u r a l a s w e ll a s o n u r b a n re a l e s ta te .

in t h e fo u r t h y e a r o f its e x is t e n c e

is

u n a b le t o s t a n d o n it s o w n

fe e t , d e s p it e its t a x e x e m p t io n a n d m a n y o t h e r p r iv ile g e s .

d ie r

S e t t le m e n t

T h u s th e s e t w o c o n c e r n s h a v e r e c e iv e d
la r s ; a n d t h e F e d e r a l F a r m
th e

b ill.

M oreover,

it

is

th e

la t t e r

bonds

th a t

are

t o t a l w ill p r o b a b ly

b e rem oved .

L oan

sy stem

G ov ern m en ta l

exceed

w h ic h

n e a r ly o n e -th ir d

O n t h e la n d a c q u ir e d b y c o n d e m n a t io n o r v o l u n t a r y s a le t h e G o v e r n m e n t
prepare,
p ow er,

p la n t

and

stock

c o m m u n ic a t io n ,

fa r m s ,

and

put

tr a n s p o r ta tio n

in

and

and

op era te

m a r k e tin g

sew er,

w a ter,

s y s te m s — in

b r ie f,

e s t a b lis h c o m p le t e s o c ia lis t ic c o m m u n it ie s , a n d a ll w ill b o e x e m p t f r o m ta x e s
o ld

d e b t s , th u s a ffo r d in g a r e fu g e fo r d e a d b e a t s .

lo a n s o n fa r m s m a y e q u a l 9 5 %

t o w n lo ts a n d h o u se s m a y e q u a l 1 0 0 %
n o t b e a w a r v e te ra n .

The

G overn m en t

o f t h e v a lu e , w h ile lib e r a l lo a n s w ill b e m a d e

f o r im p r o v e m e n t s , liv e s t o c k , a n d e q u ip m e n t .

T h e G o v e r n m e n t lo a n s o n

o f th e v a lu e , a n d th e p u rch a se r n e e d

T h e in t e r e s t w ill in n o c a s e e x c e e d 4 %

per annum ,

y e t n o lim it w h a t e v e r is s e t f o r t h e s iz e o f r e a l e s t a t e lo a n s .

N E W YORK STOCK E X C H A N G E 'R E P O R T E D A S CON­
SID ERIN G P L A N S FOR F A C I L I T A TIN G Q UOTA TIONS.

According: to the New York “Herald” of yesterday (Oct.
24), the Governors of the Stock Exchange, prompted by
complaints that the stock ticker service is inadequate to
meet requirements of the public, are considering suggestions
to improve the facilities for quoting transactions executed
on the floor. The “Herald” also says:
T h a t t h o p r e s e n t m a c h in e r y o f t h e E x c h a n g e fa lls fa r s h o r t o f g iv in g s a t is ­
fa c t o r y s e r v ic e h a s b e e n d e m o n s tr a te d a lm o s t e v e r y d a y o f t h e p r e s e n t p e r io d
o f 1 , 5 0 0 , 0 0 0 t o 2 ,0 0 0 ,0 0 0 - s h a r e d a y s .

It fe ll d o w n e s p e c ia lly h a r d y e s t e r ­

d a y , w h e n b u s in e s s r e a c h e d t h e la r g e s t v o lu m e s in c e t h e E x c h a n g e r e s u m e d
o p e r a t io n s fo ll o w in g s u s p e n s io n o n t h e o u t b r e a k o f t h e w a r .
T h e tic k e r ta p e a t
b e h in d

th o

a ctu a l

s a t is fa c t io n
N u m erou s

to

t im e s y e s t e r d a y

m a rk et.

cu sto m e rs

T h is
in

[O c t. 23] w a s tw e n t y -fiv e

cau sed

great

brok erage

in s ta n c e s w e r e c it e d

c o n fu s io n

o ffic e s ,

a ls o

and

m in u te s

m u ch

c o n s id e r a b le

w h ere b rok ers ex ecu ted

th e ta p e .

“ m arket ord ers”

I n t h o g r e a t m a j o r i t y t h e s e w e r e o r d e r s t o s e ll a n d w e r e e x e c u t e d

m u c h b e lo w t h e p r ic e s q u o t e d o n t h e tic k e r a t t h e t im e th e o r d e r w a s p la c e d .
O n e c a s e in p o in t w a s t h a t o f a c u s t o m e r w h o in s t r u c t e d h is b r o k e r s t o s e ll
U n i t e d S t a t e s R u b b e r w h e n t h e t i c k e r q u o t e d i t a t 1 2 5 Y tw as m ad e, h ow ever, at 121H .
N o w a n d t h e n t h e r u le w o r k e d
b e t t e r p r ic e s

th a n

th e y

th e oth er w a y a n d

ex p ected .

T h e e x e c u tio n

c u s to m e r s r e c e iv e d

O n e ord er to

b illio n

o f d o l­

c u t e d a t 1 0 2 , o r a b o u t n in e p o in t s h ig h e r .

s e ll L a c k a w a n n a

in s t r u m e n t s .
u n le s s

W ith in
th e

ta x

a

d ecade

e x e m p tio n

o r 3 6 y e a rs, a n d th e sh o rte st o f th e m o rtg a g e s

can n ot

B u t s u c h in s t a n c e s w e r e r a r e .

R e c e n t ly t h e tic k e r s e r v ic e w a s im p r o v e d b y t h e s e g r e g a tio n o f th e b o n d
q u o t a t io n s th r o u g h in s t a lla t io n s o f a s e c o n d t ic k e r .

T h is a ffo r d e d th e s to c k

t ic k e r p a r t ia l r e lie f, b u t h a s fa ile d a s a p e r m a n e n t r e m e d y .

I t is n o w s u g ­

g e s t e d t h a t t w o s t o c k t ic k e r s b e in s t a lle d w h e r e n o w t h e r e is o n e .

O n th e

s e c o n d t ic k e r t h e in a c t iv e s t o c k s c o u ld b e q u o t e d w h ile t h e fir s t tic k e r r e ­

y i e ld w it h in 2 0 y e a r s m o r e t h a n $ 3 5 6 3 2 f o r e v e r y $ 1 ,0 0 0 o f p r in c ip a l t h e n

cord ed

g r o u p e d a c c o r d in g t o c la s s , w it h r a ilr o a d a n d c e r ta in o t h e r s t o c k s o n

lo w

T h e o n l y r e m e d y is t o r e f u n d t h e b o n d s a t t h e ir s a m e

in te r e s t r a t e .

T h i s , h o w e v e r , is p r o b le m a t ic , s in c e m o n e y w ill p r o b ­

n e v e r a g a in

b e a s c h e a p a s it w a s w h e n

th e b u lk

t h e y c o n t r a c t lik e t h is a b o n d e d

d e b t in

e x c e s s o f in c o m e , u s u a lly h a v e p le n t y

o f s u r p lu s o r

fr e e

c r e d it o r s t o

F ed eral L a n d

ban ks’ bon ds

95%

of

fa ll b a c k

th e

upon.

m ortg a g es.

B u t th e

The

r e m a in in g

5%

secu res

a sse ts fo r th e ir

borrow ers’

cover

sh ares;

t r a n s a c tio n s

in

th e

a c tiv e

sh ares.

P o s s ib ly

in c r e a s e d .

Ju st

now

fo u r

o p era tors

have

th e

ta sk

of

s e n d in g r e p o r ts o f a ll tr a n s a c t io n s t o t h e t ic k e r o p e r a t o r .
in s u ffic i e n t t o h a n d le t h e e n o r m o u s b u s in e s s o f t o - d a y .

w o u ld

be
th e

r e c e iv in g

and

T h i s n u m b e r is
A n oth er op era tor

m a y b e a d d e d t o th e flo o r fo r c e .
T h e B o a r d o f G o v e r n o r s r e a liz e s t h a t t h e e x p a n s io n in S t o c k E x c h a n g e
b u s in e s s is li k e ly t o c o n t in u e b e c a u s e o f t h e p r o b a b i l i t y t h a t a la r g e a d d i ­

t h is a n d a s m a ll r e s e r v e w ill p e r h a p s b e a ll t h e fr e e a s s e ts t h e y w ill h a v e

t io n a l n u m b e r o f fo r e ig n is s u e s w il l b e l i s t e d , w h ile n e w

w h en th e b o n d s m a tu re.

show

T h e b lu n d e r o f is s u in g b o n d s w it h a t e r m s h o r t e r

stock s

I t a ls o is s u g g e s t e d t h a t t h e n u m b e r o f t e le g r a p h o p e r a t o r s o n t h e f l o o r
be

P r iv a te m o n e y e d

th e

o n e a n d t h e in d u s t r i a l is s u e s o n t h e o t h e r .

o f th e b on d s w as

is s u e d .
T h e r e fu n d in g m ig h t a ls o e n c o u n t e r a n o th e r d if f ic u l t y .
c o r p o r a t io n s o r r a ilr o a d s , w h e n

d is ­
lo s s .

w h ic h w e r e w id e ly a t v a r ia n c e w ith th e m a r k e t a s r e c o r d e d a t t h e t im e o n

h a s is s u e d $ 3 2 1 ,2 5 5 ,0 0 0 o f t a x -

$ 3 ,0 0 0 ,0 0 0 ,0 0 0

A l l t h i s is

o th e r w is e w o r th le s s la n d .

d u e o n th e b o n d s .
a b ly

th e

Y o r k , fo r c o n d e m n in g p r iv a t e

S t e e l, e n t e r e d w h e n t h e m a r k e t w a s q u o t e d a t 9 3 }£ o n t h e t i c k e r , w a s e x e ­

A ll t h e b o n d s h a v e a 2 0 -y e a r t e r m , w h ile t h e s y s t e m ’s m o r t ­

g a g e s r u n f o r .3 4 H

b ill t h r o u g h

T h e c o n c u r r e n t S t a t e le g is la ­

1 in N e w

ta n a , N e v a d a , O regon , S o u th D a k o ta , U ta h , a n d o th e r S ta te s.
a n d e x -s a ilo r s o r t o r e c la im

m u ch

Federal Farm Loan Bonds.

ex em p ted

T h e G overn ­

is t o la y o u t t o w n s ite s , e r e c t a n d fu r n is h d w e llin g s a n d o t h e r b u ild in g s ,

in ­

V in te jo u x .

The

th e

th e ir

The M ondell Bill.

and
a good

u n c o n s titu tio n a l,
b o n d s is s u e d in

T h o m o n e y o b t a in e d t h r o u g h G o v e r n m e n t in s tr u m e n ts u n d e r t h e C a ld e r

F ir s t m o r t g a g e s t a k e n b y t h e c o m p a n y , o r it s

a m o r tiz a tio n .

th e

b e in g d o n e u n d e r th e fa ls e c la im t h a t t h e s o le o b j e c t is t o h e lp e x s o ld ie r s

fr o m

p r ic e .

T r a n s la te a n d p u b lis h

“ N o u v e lle s

to redeem

b e h a lf.

p r o p e r t y h a s r e c e n t ly b e e n e n a c t e d in C a lifo r n ia , M a in e , M is s o u r i, M o n ­

fo u r -fa m ily

m o r tg a g e s w o u ld

c o u r t s b e f o r e t h o b a n k is

real

v e s t m e n t Or a s c o lla t e r a l f o r a d is t in c t iv e c la s s o f b o n d s .

Z in s e n -n n d

th e

d e c la r e d

b u y a n d im p r o v e a n d s e ll o r h o ld

■of a d w e l l i n g o r o t h e r h o u s e s h o u l d b e r e q u i r e d t o p a y i n c a s h 5 o r 1 0 %

of

b e c o m p e lle d

by

be

t io n , s im ila r t o A m e n d m e n t N o .

s h o u ld

tr u s te e s o f s a v in g s b a n k s .

p r a c tic e

s h o u ld

and

b o n d s s e c u r e d b y s u c h m o r t g a g e s , m ig h t b e p u r c h a s e d b y s a v in g s b a n k s .

th e

la w s

bond

T h e s p e c ia l o b j e c t o f t h e c o m p a n y s h o u ld b e t o e r e c t a n d s e ll s in g le

d w e llin g s

I f th e

G o v e r n m e n t h o p e s t o n a t io n a liz e t h e la n d .
p e r s o n s , c a p a b le o f a s s u m in g t h e r is k , t o

m o r t g a g e c o m p a n y w it h p o w e r t o
esta te.

a

m e n t p la n s a ls o t o e x t e n d c r e d it in t h e s a m e w a y u n d e r t h e N a t i o n a l S o l­

L e t t h e la r g e r h e lp t h e s m a lle r s a v in g s b a n k s b y t a k i n g m o r t g a g e s o f f t h e ir
h an d s.
U rg e r ic h

as

a s s o c ia t io n s c o u ld n o t

lo n g te rm s.
I f t h e s in k in g fu n d p la n b e u s e d , a llo w th e s a v in g s b a n k a s p r e a d in its
fa v o r o f a t le a s t y 2 o f 1 %

1569

d o m e s t ic lis tin g s

n o s ig n s o f d im in is h in g .

.

th a n t h a t o f t h e m a r itg a g e s v io la t e s s a n e la n d -c r e d it p r in c ip le s a n d s e e m s
a ls o t o v io la t e t h e F a r m L o a n A c t its e lf.

S o m e o f t h e la n d b a n k s b o a s t t h a t

th e b o r r o w e r a c t u a lly p a y s o n ly

in t e r e s t a y e a r .

t r o u b le

m ay

3 .9 6 %

c o m e s o o n e r th a n e x p e c t e d , s in c e

th e

I f th is b e t r u e ,

bonds

bear 4 H %

in ­

te re s t.

Harm Done By Bad Precedents.
T h e b illio n s o f d o lla r s o f t h e G o v e r n m e n t ’s c a s h a n d c r e d it m a d e o r t o b e
m ade

a v a ila b le

fo r

have,

to g eth er

w it h

s tim u la te d

la n d

th e

r e c la m a t io n

th e ir

ta x

s p e c u la t io n

in

s e r v ic e

e x e m p t io n s
ru ral

and

th e

and

re g io n s.

F arm

oth e r
The

Loan

s p e c ia l

F ed eral

S y stem

p r iv ile g e s ,

F arm

L oan

N . Y . STOCK E X C H A N G E R U L IN G ON C O M M IS S IO N S
TO S E C U R IT Y S A L E S M E N .

The Governing Committee of the New York Stock Ex­
change announced on Oct. 22 the adoption of the following
ruling:
T h a t S t o c k E x c h a n g e m e m b e r s o r fir m s m a y a llo w t o s e c u r it y s a le s m e n a
c o m m is s io n

on

s a le s o f lis t e d

bonds

w h ic h

th ey

ow n,

p r o v id e d

th a t th e

B o a r d , w h ic h is p a r t ly t o b la m e f o r t h is w il d c r a z e , a d m it s t h a t a s lu m p

p r o f it t o s a id m e m b e r s o r f ir m s , a f t e r p a y m e n t o f s a id c o m m is s io n , is n o t

w ill o c c u r " i n

le s s

t w o o r th r e e y e a r s , i f n o t s o o n e r ;”

a p p r o v e lo a n s .

b u t it s t ill c o n t in u e s t o

S o m e o f t h e d o in g s o f t h e s e r v ic e a n d o f t h e s y s t e m

a re

th a n

s p e c ifie d

th e
in

am ount

of

th e

A r t ic le X X X I V

c o m m is s io n

o f th e

on

b o th

p u rch ase

and

s a le

as

C o n s titu tio n .

d u o t o t h e f a c t t h a t n e it h e r o f t h e s e t w o c o n c e r n s is s u b je c t t o im p a r t ia l
o ffic i a l s u p e r v is io n o r h a s e v e r h a d a n o u t s id e a u d it o f it s a c c o u n t s .

The

m a n a g e r s in t h e m a in a r e s o c ia lis t ic , t h in k t h e y a r e ju d g e s o f t h e la w , a n d
do

p re tty

m u ch

as

th ey

p le a s e .

B u t s i n c e t h e G o v e r n m e n t is m o r a l l y i f n o t l e g a l l y r e s p o n s i b l e f o r t h e i r
a c t s . C o n g r e s s a n n u a lly f o o t s t h e b il l; a n d in s o d o in g s e t s p r e c e d e n t s fo r
fu r t h e r r a d ic a l le g is la t io n d a n g e o u s a lik e t o s a v in g s b a n k s a n d t h e c o u n t r y .
T h e m o s t n o t o r i o u s o f t h i s Is t h e S t a t e l a w s f o r n a t i o n a l i z i n g t h e l a n d , l i k e
A m endm ent N o.

1 o f th e N e w

Y ork

C o n s titu tio n ,

u n d e r w h ic h

p r iv a te

p r o p e r t y m a y b e c o n d e m n e d i f t h e G o v e r n m e n t w a n t s it f o r a g r ic u ltu r a l
o r oth er p u rp oses.

O t h e r v i c io u s le g is la t io n is p r o p o s e d b y S e n a t o r W . M .

C a ld e r ’s F e d e r a l B u ild in g L o a n b il l a n d b y H o n . F . W . M o n d e l l 's N a t i o n a l
S o ld ie r

S e t t le m e n t

b ill.

Senator Calder's Bill.
T h o C a ld e r b i l l a im s t o d o in c it i e s w h a t t h e F a r m L o a n S y s t e m d o e s in
r u r a l d is t r ic t s , b u t t h r o u g h F e d e r a l b a n k s fo r m e d lik e t h e N e w Y o r k L a n d
Bank.

A n y n u m b e r o f s u c h b a n k s m a y b e fo r m e d o u t o f b u ild in g a n d lo a n

a s s o c ia t io n s .

OFFICE OF A S S I S T A N T M A N A G E R OF BUFFALO
BR AN CH OF N . Y. FED E RA L RESERVE
B A N K D IS C O N T IN U E D .

Under date of Oct. 18 the Federal Reserve Bank of New
York announced that the office of Assistant Manager of the
Buffalo branch having been discontinued, I. Ward Waters
had been relieved of the duties of that office and is no longer
authorized to sign for the branch in that capacity, but will
continue to sign as Manager of the service department of this
bank k's authorized in the Reserve Bank’s circular of Sept.
2 1919.
_____________________

A g a in s t t h e m o r t g a g e s o f t h e a s s o c ia t io n s t h e y w ill is s u e t a x -

e x e m p t e d G o v e r n m e n t a l in s t r u m e n t s o r b o n d s a t 4 H %
th e m o n e y o v e r to

t h e a s s o c ia tio n s t o

b e r e lo a n e d b y

T h .s w o u ld e n a b le th e a s s o c ia t io n s t o p a y 1 5 %

in te r e s t, a n d t u r n
th em

a t a n y ra te.

d iv id e n d s , b u t it w o u ld a ls o

e n t ir e ly d e n a tu r e t h e m , a n d e v e n t u a lly d r iv e m a n y in t o b a n k r u p t c y .
t h e m e a n w h ile p r o p e r t y v a lu e s w o u ld b o o m

fr o m

In

ch eap and easy m on ey ,

a n d t h is w o u ld d e m o r a liz e t h e r e a l e s t a t e b u s in e s s .
T h e r e is a b e l i e f t h a t t h e la w s c r e a t in g a n d t a x - e x e m p t i n g t h e N e w Y o r k
L a n d B a n k a r e in v a lid a s b e in g s p e c ia l a c t s a n d c o n t r a r y t o t h e S ta te C o n ­




P RE S ID EN T W IL S O N IM P R O V IN G — SIGNS FOUR
BILLS.

The condition of President Wilson during the past week
hasjjbeen one of steady improvement. The early part of the
week he wrote from his sick bed a message to the members of
the^National Industrial Conference, which appears elsewhere

1570

THE CHRONICLE

[V ol . 109.

in these columns to-day. On Oet. 22 the President was per­ in which we found ourselves.” Continuing, Mr. Volstead
mitted to sign four bills including that amending the food said:
*
control act, providing penalties for hoarding and profiteering
in food and clothing, and three other measures of minor
importance.
It was announced on Oct. 17 after consultation between
Dr. Hugh Young, a specialist who had been called from
Johns Hopkins University and the other physicians attending
President Wilson that the operation which it had been
thought might possibly have to be performed would not be
necessary.
I b e lie v e t h a t i f a p e r s o n

w ill e x a m in e th e r e p o r t c a r e fu lly

h e w ill f in d

t h a t in n o in s t a n c e h a s t h e r e b e e n a n a t t e m p t t o d r a g in n o w m a t t e r , b u t

s i m p l y t o c a r r y o u t t h e p u r p o s o h a d in v i e w b y t h e H o u s e i n p a s s i n g
The

one

roa l

d iffic u lty

th a t

we

t im e , I b e lie v e , w e h a v e w r itte n
m a k e near beer.

e n co u n te re d

w as

in t o a p r o h ib it io n

t h is :

P’ o r

th o b ill

th o

fir s t

b ill t h e p e r m is s io n

to

I n p r a c t ic a ll y e v e r y S t a t e in t h o U n io n w h e r e t h o y a r o

a t t e m p t in g t o p r o h ib it t h o s a le o f in t o x ic a t in g liq u o r t h e y a b s o lu t e ly p r o h ib it
a n y t h in g lik o b e e r , a le , o r w in e .

W e p e r m it it e x p r e s sly

u n d e r t h is b il l,

b u t w e p e r m i t it u n d e r t h o l i m i t a t i o n t h a t i t m u s t c o n t a i n lo s s t h a n o n o - h a l f

of 1%

o f a lc o h o l.

G re a t d iffic u lty

m u s t r e s u lt fr o m

th e a tte m p t to

d is ­

t in g u is h b e t w e e n t h e k i n d t h a t h a s o n e - h a lf a n d t h e k i n d t h a t h a s le s s t h a n
o n e -h a lf o f 1 %

o f a lc o h o l.

I t h in k w o h a v e s o lv e d it in a p r a c t ic a l f a s h io n .

W o h a v e t r ie d h o n e s t ly t o d o s o .

W e d o n o t fe e l a s th o u g h

p u rsu e th o p o lic y th a t h a s b e e n p u rsu e d b y

P R E S ID E N T

WIL S O N

SIGNS

FOOD

CONTROL

BILL.

The bill amending the Food Control Act of Aug. 10 1917,
and providing penalties for profiteering in wearing apparel,
containers of food, feeds and fertilizers was signed by Presi­
dent Wilson on Oct. 22. It is noteworthy that this bill
was among the first the President has signed since he suffered
a nervous breakdown, which has confined him to his bed
for some weeks. Besides providing penalties for pro­
fiteering in foods and wearing apparel, it also authorizes
the appointment of a commission to prevent profiteering in
rents in the District of Columbia.
The final conference report on the measure was adopted
by the House and Senate on Oct. 11.
The rent profiteering feature of the bill, was an amendment
made by the Senate, previous to the passage of the measure
of that body on Sept. 12 (“Chronicle” Sept. 20, page 1139).
Considerable delay in obtaining agreement of the two
Houses on this amendment interfered with the earlier adop­
tion of the conference report, the section finally was carried
through the House under a special rule, the conference
report including it being adopted by a vote of 209 to 8.
The Senate on Oct. 3, agreed to the report of the House
and Senate conferees; the House however, on the following
day failed to sustain the report sending it back to con­
ference. After further consideration of the bill the con­
ferees reported the measure out in a form acceptable to
both Houses, and the report was adopted on Oct. 11.
In explaining the main differences between the first and
second conference reports, Senator Smith of Georgia pointed
out that “the original conference report continued the
operation of the bill for three years, and we have now re­
duced it two years. The original bill had rather broad
language about land, but it has been so changed as to cover
only buildings and lands appurtenant thereto.” The term
of the commissioners to serve on the board to be constituted
to carry out the provision aimed at extortionate rents in
the District of Columbia, was also changed in the second
conference report to two years, the term originally being
set as three years.
The bill is H. R. 8624. The measure embodies in main
the recommendations made to the Senate and House Agri­
cultural Committees by Attorney-General Palmer who
is conducting the Government’s campaign against the
high cost, of living and profiteering.

la w ; t h a t h a s

been

t h is c o u n t r y .

W e

s a n c tio n

The bill providing for the enforcement of the war-time and
Constitutional Prohibition Acts was delivered at the White
House on Oct. 16, the conference report on the measure
having been adopted by the Senate on Oct. S and by the
House on Oct. 10. The bill was passed by the House and
Senate on July 22 and Sept. 5, respectively, and was in
conference for more than three weeks thereafter. Final
agreement on the bill by the House and Senate conferees
was reached on Oct. 1. Their report was adopted by the
Senate without a record vote. The vote in the House was
230 to 69. In the course of the debate on the report in the
House, Representative Igoe (Mo.) made a motion to re­
commit the measure to the conferees with instructions to
eliminate the provision permitting State officials to issue
search warrants. This motion was defeated by a vote of
218 to 83. For expenses in enforcing the bill, the conferees
reduced the Senate appropriation of §3,500,000 to §2,000,000.
With reference to the report, Representative Volstead of
Minn., author of the bill, in the House on Oet. 10 said:
“It has been suggested that the conferees have made many,
or at least a number of changes that are outside their province
and not permitted under the rule.” He pointed out “that
many of the changes were resisted very strenuously by the
Senate conferees, and that as a consequence we (the House
conferees) had to accommodate ourselves to the circumstances



d id

th a t co u rse .

th a t' has been

n o t b e lie v e
W e

t o s e ll it in v i o la t io n
p u rsu ed

o f tlio -

p r a c t ic a ll y a ll o v e r

th a t th e N a t io n a l G o v e r n m e n t s h o u ld

b e lie v e th a t w e s h o u ld s p e c ify in

th e la w

ju s t

w h a t m ig h t b o s o ld a n d n o t p la c e a p e r s o n w h o s e lls n e a r b o o r o r a n y o t h e r
s o f t d r i n k in a p o s i t i o n w h e r e h e i s a t t h e m e r c y o f a c r a n k o r a n e n e m y .

A petition to President Wilson to disapprove the prohibi­
tion enforcement bill as passed by Congress was sent to tho
White House on Oct. 15 by the U. S. Brewers’ Association.
The brewing interests suggested a new bill providing for
enforcement of the Constitutional Prohibition Aot; the war­
time law, which came into effect July 1, they hold, is illegal.
With reference to their communication to tho President,
Washington press dispatches of Oct. 15 said:
In

th o

a c c o m p a n y in g

b r ie f th e

brew ers

ren ew ed

th e ir

c o n t e n t io n

th a t

C o n g r e s s h a d “ n o C o n s t it u t io n a l a u t h o r it y t o e n a c t a n y p r e s e n tly e n fo r c e ­
a b le

p r o h ib it io n

n e c e s sity ,
E lih u

la w , e x c e p t a s a

m c a s u r o d ic t a t e d

as th oro w as n o w n o w ar em erg en cy .

I t o o t , W illia m

D . G u t h r ie a n d W illia m

by

w ar em ergen cy

or

T h o o p i n i o n is s i g n o d b y

L . M a rb u ry , o f cou n sel fo r

th e b r e w e r s , a n d m a in ta in s t h a t b e e r c o n t a in in g 2 .7 5 %

o f a lc o h o l b y w e ig h t

is n o t i n t o x i c a t i n g .

G O V E R N M E N T F I X E S PRICE OF BEET SUGAR— BILL
TO C O N T I N U E E Q U A L I Z A T I O N BOARD.

Attorney-General A. Mitchell Palmer, who is directing
the Government’s campaign against high food costs, took
action on Oct. 20 to stop the alleged hoarding of beet sugar
by refiners. Mr. Palmer as a result of information received
by him from the U. S. Sugar Equalization Board asked all
beet sugar refiners to make their price announcements to
wholesalers for the new crop on the basis of 10 cents cash,,
less 2%, seaboard basis. This figure represented an increase
of 1 cent over the old price, but the price might have gono
much higher in the face of a countrywide sugar shortago*
this fact having prompted fixing the price at 10 cents. It
was announced on Oct. 22 that producers representing 90%
of the beet sugar output of the country had wired their con­
currence in the 10-cent figure. In his telegram to beet
sugar refiners on Oct. 20, Mr. Palmer said:
A fte r

th orou gh

in v e s t ig a t io n

by

th o

t h e U n ite d S ta te s S u g a r E q u a liz a t io n

r e c o g n iz e d

a u t h o r it ie s

on

su gar,

B o a r d h a s n o tifie d th o D e p a r tm e n t

o f J u s tic e o f t h e fo llo w in g fa c t s :
•
“ A s a c o n s id e r a b le p a r t o f t h o c o u n t r y g e n e r a lly s u p p lie d a t t h is t im e o f
th e y e a r w it h b d e t s u g a r m a y

be

em barassed

b eca u se o f th e b eet su gar

f a c t o r ie s ' f a il u r e t o s e ll b e e t s u g a r a s p r o d u c e d , a n d t h is c o n d i t i o n in t u r n
is d u e t o

t h e u n c e r t a in t y r e g a r d in g p r ic e , o u r j u d g m e n t is t h a t n o h ig h e r

p r ic e t h a n

1 0 c e n t s c a s h , le s s 2 % , s e a b o a r d b a s is , is j u s t i f ie d a n d w e h o p o

t h a t y o u w ill d e c id e a t o n c e t o b e g in m a r k e t in g y o u r s u g a r o n t h is b a s is a n d
r e lie v e t h e v e r y s e r io u s s it u a t io n .

T h o p r ic e o f 1 0 H

te n ts n et ca sh , f. o . b .

p la n t , w h ic h h a s b e e n o f f e r e d b y t h e S u g a r E q u a li z a t io n B o a r d f o r s u g a r s in
e x c e s s o f r e q u ir e m e n t s in y o u r t e r r it o r y , a s s h o w n b y y o u r 1 9 1 7 d e liv e r ie s a s
a

CONGRESS A DOPTS CONFERENCE REPORT ON
P RO H IB IT IO N E N F O R C E M E N T BILL.

th e p o lic y

w o ought to

S t a t e s g e n e r a l ly , t o m a k e th e-

m a n g u i lt y i f h e s e lls n e a r b e e r a n d s u ffe r h im

m in im u m

up to

5 0 ,0 0 0 t o n s f o r N o v e m b e r a n d D e c e m b e r s h ip m e n t s t o

r e lie v e a n a c u t e s h o r t a g e a m o n g t h e m a n u fa c t u r e r s E a s t , is n o t t o b o c o n ­
s id e r e d a p r e c e d e n t o r b a s is f o r lo c a l p r ic e s .”
I a s k y o u t o m a k e y o u r a n n o u n c e m e n t o f p r ic e s b a s e d

on

th e

above.

T h e D e p a r t m e n t o f J u s t ic e w il l t r e a t a s a n u n ju s t c h a r g e a n y p r ic e in e x ­
c e s s o f t h i s , a n d c o n s i d e r s u c h a c h a r g e a v i o l a t i o n o f S e c t i o n -1 o f t h e L e v e r
F o o d C o n tra ct A c t. as a m en d ed.

P le a s e w ir e t o - d a y y o u r c o n c u r r e n c e in

Explaining how the above would affect the sugar markot,
Washington dispatches of Oct. 20 to tho Associated Press
said:
th e a b o v e .

T h e p r ic e t o t h o w h o le s a le r h e r e t o fo r e h a s b e e n 9 c e n t s , s o t h a t t h o n e w
p r ic e m e a n s a n in c r e a s e o f o n e c e n t a p o u n d .
R e t a il e r s h a v e b e e n a ll o w e d t o c h a r g e 11 c e n t s a p o u n d
sugar

under

th o

o ld

sta te w h a t th e new

p r ic e s .

W h ile

th e

D ep a rtm en t

s u g a r r e ta il p r ic e w o u ld

of

fo r c o n tr o lle d

J u s t ic e

d id

not

b e , it w a s a s s u m e d t h a t th e -

in c r e a s e w o u ld n o t b e g r e a t e r t h a n t h o w h o le s a le a d v a n c e .
T h o b e e t -s u g a r r e fin e r s h a v e b e e n w it h h o ld in g t h e ir p r o d u c t s fr o m
m a r k e t u n t il th e p r ic e s it u a t io n b e c a m e m o r e s t a b iliz e d .

th o

T h e ir c o n c u r r e n c e

in t h e 1 0 -c e n t p r ic e w o u ld m e a n t h a t t h e y w o u ld p u t t h e ir s u p p ly o n

th e -

The sugar factories in Nebraska, Colorado and Wyoming
began grinding beets Oct. 6.
The action of tho Attorney-General in fixing tho price
which the sugar factories should receive for their product
was the first definite and decisive stop taken to roliovo a
situation which he described as “very serious.” On Oct. 16
Arthur Williams, Federal Food Administrator for Now York,
had announced that ‘‘the city will be placed upon a tem­
porary ration, almost identical with the rationing of tho
Federal Food Administration of 1918.” Mr. Williams
further stated that “tho city is to bo supplied with about
25,000 tons monthly, and this supply is to be distributed
m a r k e t im m e d ia t e ly , t h e r e b y r e lie v in g t h e p r e s e n t s t r in g e n c y .

)

.

equally between homes and manufacturers, as was done a
year ago. In his statement on Oct. 16, Mr. Williams set
forth the causes of the sugar shortage and his rationing plan
as follows:
T h e p r e s e n t s h o r t a g e in s u g a r is d u e la r g e ly , i f n o t e n t ir e l y , t o e n o r m o u s ly
in c r e a s e d u s e .

The

s u g a r p e o p l e s a y t h a t it is t h e r e s u lt o f p r o h ib it i o n ,

p o o p l o n o w c o n s u m in g t h o s o -c a lle d s o ft d r in k w h ic h t a k e s a g r e a t d e a l o f
s u g a r , a n d e a t in g c a n d y a s n e v e r b e fo r e .

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

y e a r is e s t im a t e d a t 5 0 0 ,0 0 0 t o n s .
/
T h e s i t u a t i o n h a s b e e n a g g r a v a t e d b y t h o l o n g s h o r e m e n 's s t r i k e .

Y ester­

d a y m o r n in g t h e r e w e r e 2 0 v e s s e ls a t t h e d o c k s o f r e fin e r ie s fille d w it h th e
n e w p r o d u c t , w a itin g t o b e u n lo a d e d .

I t is h o p e d t h a t t h e r e q u ir e d h a n d lin g

w il l b e g in a lm o s t a t o n c e a n d w ill r e lie v o t h e s it u a t io n .
T h e c i t y w ill b e p la c e d u p o n a t e m p o r a r y r a t io n a lm o s t id e n t ic a l w it h th o
r a tio n in g o f t h e F e d e r a l F o o d

A d m in is tr a tio n o f S e p t. 1 9 1 8 .

T h e c i t y is

t o b e s u p p lie d w it h a b o u t 2 5 ,0 0 0 t o n s m o n t h ly , a n d t h is s u p p ly is t o b e d is ­
tr ib u te d p r o p o r tio n a te ly b e tw e e n th o h o m e s a n d th e m a n u fa c tu r e r s a s w a s
done

a year ago.

W h ile t h o fo r m e r r a tio n in g m e a n t a c e r t a in

e c o n o m y , it s o b s e r v a n c e in v o lv e d n o h a r d s h ip t o a n y o n e .

degree o f

T h e a d v a n ta g e

i s a n e q u a lit y o f d is t r ib u t io n b y w h ic h a ll o f o u r p e o p l e w ill g e t a n e q u a l
s u p p ly .
D e a le r s a r o j u s t i f ie d in li m it in g t h e ir s a le s s o a s t o d is t r ib u t e t h e ir o w n
s u p p ly a s g e n e r a lly a n d fa ir ly a s p o s s ib le , b u t t h e y m u s t n o t o ffe r
c o m b in a tio n

sugar

in

s a le s , w h ic h w il l i n e v it a b ly le a d t o t h e s u s p ic i o n o n t h e p a r t

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

The

d e a le r s c a n n o t

a ffo r d

to

th u s en dan ger

th e ir r e p u t a t io n

w ith

th e p u b lic .
I t is a ls o u r g e d t h a t p u r c h a s e o f s u g a r b e m a d e in o n e c u s t o m a r y s t o r e ,
a s d e a le r s a r e a ls o ju s t ifie d
m e a s u r e o f p r o v e n tin g

in r e f u s i n g t o s e ll s u g a r t o

s tr a n g e r s a s a fa ir

s u g a r h o a r d in g .

It was stated that under the new plan all families would
bo allowed eight pounds of sugar during each of the three
months, October, November and December. Meanwhile
investigations of the sugar shortage and the responsibility
therefor were authorized by both the House and Senate. A
bill (S. 3191) to extend the powers and functions of the
United States Sugar Equalization Board and which would
authorize tho Board “to exercise all the powers as have here­
tofore been exercised by the United States Food Adinistrator, including tho making of such contracts or agreements
with producers and refiners of sugar, or other persons, as
may be necessary” was introduced in the Senate on Oct. 9
by Senator McNary of Oregon. The bill was prepared at
the Senator’s request by W. A. Glasgow, former counsel for
the Food Administration, who is now connected with the
Equalization Board. The President would be authorized
by the bill to license the importation, manufacture, storago,
sale and distribution of sugar until Dec. 31 1920. No con­
cern could handle sugar without a license. “Unreasonable,
discriminatory or unfair” charging of prices would result in
having the license revoked. Senator McNary is Chairman
of tho Sonato Agriculture Sub-Committee, appointed on
Oct. 1 in accordance with a resolution introduced in the
Sonate on Sept. 27 by Senator New of Indiana and adopted
on that day. The sub-committee had hearings for one day
and heard representatives of the Sugar Equalization Board.
Then tho McNary bill was drafted and agreed upon by the
sub-committee as the solution. At subsequent hearings it
was intimated that Government control was thought re­
sponsible for increased prices. Opposition to renewing the
licensing powers of the present Sugar Equalization Board
led Chairman McNary of the Senate sub-committee to an­
nounce on Oct. 22 that he would introduce a new bill au­
thorizing tho President to retain the present board or ap­
point a new one, but containing no licensing provision.
On Oct. 23 Mr. McNary introduced his new bill in the Senate.
Tho other members of the sub-committee aro Senators Keyes
and McKellar. It developed in the course of its hearings
on Oct. 3 that President Wilson, notwithstanding the
recommendation of the Sugar Equalization Board had taken
no action to authorize the purchase by the Board of the
1920 Cuban sugar crop. This fact was brought out in
reports of tho hearings contained in Washington press dis­
patches of Oct. 3, which said:
T o ld t o -d a y b y G e o r g e A . Z a b r is k ie , p r e s id e n t o f t h e S u g a r E q u a liz a tio n
B o a r d , it w a s p r a c tic a lly
ta k e n

im m e d ia te ly

• c o m m it t e e

1571

THE CHRONICLE

O ct . 25 1919.]

c e r t a in

t h a t u n le s s s o m e le g is la t iv e a c t io n

s u g a r p r ic e s w o u ld

in v e s t ig a t in g

th e

sugar

in c r e a s e

sh o rta g e

a fte r

Jan.

req u ested

W .

1,

th e

A .

w as

S en a te

G la s g o w ,

In

th e

3 0 0 ,0 0 0

fir s t n in e m o n t h s

o f t h is y e a r

th e

A m e r ic a n p e o p le

con su m ed

to n s m o r e s u g a r th a n n o r m a lly , th e c o m m itte e w a s to ld .

P r o h ib i­

t io n w a s s u g g e s te d a s a p r in c ip a l c a u s e , s in c e t h o s e a c c u s t o m e d t o a lc o h o lic
d r in k s h a d tu r n e d t o s o ft d r in k s , c a n d ie s a n d c o n fe c t io n s .
B o t h M r . Z a b r is k ie a n d M r . G la s g o w

p r o t e s t e d a g a in s t fu r n is h in g th e ir

c o r r e s p o n d e n c e w it h t h e P r e s id e n t r e g a r d in g t h e 1 9 2 0 C u b a n c r o p , s a y in g
it w o u ld n o t b e p r o p e r fo r t h e m t o m a k e t h e c o m m u n ic a t io n s p u b lic .

Sen­

a t o r M c N a r y (O r e .), c h a ir m a n o f t h e S e n a te c o m m it t e e , in s is te d , h o w e v e r ,
th a t th ey

s u b m it c o p ie s o f t h e le t t e r s s e n t t o t h e P r e s id e n t , t h e fir s t o n

A u g. 14.

I n t h a t t h e P r e s id e n t w a s t o ld o f a n o ffe r b y t h e C u b a n G o v e r n ­

m e n t t o e n t e r in t o n e g o t ia t io n s f o r t h e 1 9 2 0 c r o p o n t e r m s s im ila r t o t h o s e
o f p r e v io u s y e a r s a n d t h o r e c o m m e n d a t io n t h a t h e a u th o r iz e it s a c c e p t a n c e .
A d i s s e n t i n g r e p o r t w a s m a d e t o t h e 1‘ r e s i d e n t b y D r . F r a n k W . T a u s s i g , a
m e m b e r o f th e b o a r d , w h o a d v o c a t e d a r e tu r n t o a fr e e m a r k e t.
M r . Z a b r i s k i e s a i d h e a g a i n w r o t e t o t h e 1‘ r e s i d e n t A u g . 2 0 w a r n i n g h i m
o f t h e d a n g e r t h a t th e C u b a n G o v e r n m e n t m ig h t w it h d r a w it s p r o p o s a l a n d
a s k in g f o r a d e fin it io n o f h is p o lic y .
T h e e x e cu tiv e se cre ta ry a t th e W h ite H o u s e w r o te u n d e r d a te o f A u g . 22
t h a t h e w o u ld c a ll t h e m a t t e r t o t h e a t t e n t io n o f th e P r e s id e n t o n S e p t . 2 2
t h a t t h e C u b a n G o v e r n m e n t w ith d r e w it s o ffe r .
On

S e p tem b er 23

a cop y

o f th e le tte r

Z a b r is k ie in a n o t h e r le t t e r t o l d h im

w as sent to

th e

P r e s id e n t, a n d

t h a t h e r e g a r d e d t h e s itu a tio n a s n o w

o u t o f h a n d a n d t h a t h o h a d a d v is e d th e r e fin e r s o f t h e n e w s it u a t io n .
M r . Z a b r is k ie t o ld t h o c o m m it t e e t o o m u c h a la r m s h o u ld n o t b e c r o a t e d
by

t h o s it u a t io n s in c e t h e p r o p o r t i o n a t e in c r e a s e in t h o p r ic e o f s u g a r h a s

n o t b e e n n e a r ly a s g r e a t a s t h a t o f o t h e r c o m m o d it ie s .
C h a ir m a n M c N a r y in q u ir e d a s t o t h e p r o b a b ilitie s
Cuban

c r o p , a n d M r . Z a b r is k ie s a id

of yet

g e ttin g

th e

it w a s p o s s ib le t h a t a w a y m ig h t b e

fo u n d i f le g is la tiv e a c t io n c o u ld b e h a d in t im e .
E x p la in in g th e o p e r a t io n o f t h e b o a r d , M r . Z a b r is k ie t o ld t h e c o m m it t e e
it h a d

a c c u m u la te d

a roserve

of

a p p r o x im a te ly

$ 3 0 ,0 0 0 ,0 0 0 ,

w h ic h

u lti­

m a t e ly w o u ld g o t o th e n a tio n a l T r e a s u r y .

The new resolution referred to above reads as follows:

R e s o lv e d ,
h ereby
su gar

That

th e

in s t r u c t e d
in

th e

S en a te

to

U n ite d

S ta te s,

r e s p e c t fu lly re q u e s te d
c u lt u r e a n d

C o m m it t e e

in v e s t ig a t e

F o re stry

to

th e

and

on

A g r ic u ltu r e

sh orta g e

th a t

th e

c o -o p e r a t e w it h

and

o f sugar and

Sugar

F orestry
p r ic e s

of

E q u a liz a tio n

B oard

is

th e S e n a te C o m m it t e e o n

A g r i­

in t h is in v e s t ig a t io n .

R e s o lv e d fu r t h e r . T h a t t h e S e n a t e C o m m i t t e e o n A g r i c u lt u r e a n d

F o re stry

is d ir e c t e d t o r e p o r t t o t h e S e n a t e a t t h e e a r lie s t p o s s ib le t im e it s
s io n s ,

is

th e

c o n c lu ­

e s p e c ia lly o n th e fo llo w in g :

(a )

T h e rea son s fo r th e s h o rta g e o f su g a r.

(b )

I n fo r m a t io n r e g a r d in g th e p r ic e s o f s u g a r , a n d

w h eth er a n y

u n ju s t

o r e x o r b it a n t p r o fits h a v e b e e n m a d e o n s u g a r a n d i f s o , b y w h o m .
(c )

T h o p r o s p e c ts fo r r e lie f fr o m

th e su ga r sh o rta g e .

(d )

F ix in g th e r e s p o n s ib ility fo r th e s h o r ta g e o f s u g a r .

(e )

A d v i c e a s t o w h e t h e r l e g i s l a t i o n t o p r e v e n t s p e c u l a t i o n i n s u g a r is

d e s ir a b le .
( f) A V h e th e r

th e

Sugar

E q u a liz a tio n

B oard

s h o u ld

bo

c o n tin u e d

w ith

it s p r e s e n t c a p a c it y .

The House of Representatives on its part on Oct. 1
adopted a resolution ordering the Federal Trade Commis­
sion to make an immediate investigation and report to the
House on sugar prices, both wholesale and retail. Repre­
sentative Tenkham, of Mass., was the author of this reso­
lution.
An embargo against the export of sugar for the next six
months, under penalty of ten years’ imprisonment and
$10,000 fine, was proposed in a bill introduced in the House
on Oct. 16 by Representative Dallinger, Republican, Mass.
He also introduced resolutions calling on the War and Navy
Departments to report whether any sugar held by them
could be placed on the market. The bill was referred to
the Committee on Inter-State and Foreign Commerce.
It was announced the early part of October that supervision
of the distribution of sugar in the eastern territory had been
undertaken by a sub-committee of the American Refiners’
Committee, consisting of Frank C. Lowry, chairman; Charles
Bruyn, Edward Y. Crossmore, J. McCarthy and Edward
Wemple.
In a statement issued on Oct. 10 the U. S. Sugar Equali­
zation Board said:
T h e W e s t s h o u l d s e c u r e i m m e d 'a t e r e l i e f f r o m

t h e h a r v e s tin g o f a n a v e r ­

a g e d o m e s t ic b e e t c r o p w h ic h , w it h in a w e e k , w ill b e In f u ll s w in g .
t io n a l s u p p lie s w ill b e f o r t h c o m in g fr o m
t h is c r o p
to

s u p p ly

is d is a p p o in tin g , a m o u n t in g t o
th e

sou th ern

te r r ito r y

is a v a ila b le n e x t J a n u a r y .

A d d i­

L o u is ia n a a ft e r N o v . 1 , a n d w h ile
o n ly

u n til th e

1 0 0 ,0 0 0 t o n s , i t w il l s e r v e

new

crop

W est

I n d ia n

su gar

T h e e a s te r n t e r r it o r y fo r t h e b a la n c e o f t h e y e a r

is d e p e n d e n t u p o n t h e r e m a in in g o ld c r o p C u b a n s u p p lie s , t h e r e fo r e , c o n ­
s e r v a t io n w ill h a v e t o b e p r a c t ic e d , a n d t o m e e t t h is c o n d it io n a d is t r ib u t in g
c o m m it t e e , w it h M r . F r a n k C . L o w r y a s c h a ir m a n , h a s b e e n a p p o in t e d a t
th e

request o f M r.

S u g a r E q u a liz a tio n
r e fin e d

sugar b y

G eorge A .
B oard , to

th e

Z a b r is k ie , p r e s id e n t o f t h e U n ite d

S ta te s

s u p e r v is e a n d d ir e c t t h e d is t r ib u t io n

o f a ll

e a s te r n r e fin e r s .

W h i le t h e c o m m it t e e in c h a r g e o f d is t r ib u t in g t h e r e m a in in g E a s t e r n c a n e
sugar h as n ot y e t h a d

tim e t o

c o m p le t e it s p la n s , r o u g h ly

th e

s it u a t io n

A d m in is t r a t io n , t o fo r m u la t e le g is la t io n d e s ig n e d t o

a p p e a r s t o b e t h a t , f o r t h e r e m a in d e r o f t h is y e a r a b o u t t h e s a m e q u a n t it y

a ll e v ia t e t h o s it u a t io n a n d t o m a k e p o s s ib le n e g o t ia t io n s f o r p u r c h a s in g th o

o f c a n e s u g a r w ill b o a v a ila b le f o r O c t o b e r , N o v e m b e r a n d D e c e m b e r d is tr i­

1920 C u ban sugar crop .

b u t io n t o t h o t r a d e in t h e t e r r it o r y t o b o c o v e r e d , a s w a s d is t r ib u t e d
A u g u st, S ep tem b er a n d O cto b e r, 1918.

co u n s e l fo r th e F o o d

T h o c o m m it t e e m a d o it s r e q u e s t a ft e r M r . Z a b r is k ie h a d te s tifie d th a t
d e s p i t e u r g in g b y t h e S u g a r E q u a liz a t io n B o a r d P r e s id e n t W ils o n h a d fa ile d
t o a u t h o r iz e p u r c h a s e o f t h o C u b a n c r o p a n d a ft e r h e , a t C h a ir m a n M c N a r y ’ s
in s is t e n c e ,
C uban

had

p re se n te d

h is

G o v e r n m e n t w ith d r e w

Z a b r is k ie s a id .

corresp on d en ce
its o ffe r

o f th e

w ith
sugar

th e

P r e s id e n t.

crop

H e a d d e d , h o w e v e r , t h a t m e a n s m ig h t b e

S ep t.

23,

fo u n d

o b t a i n t h o C u b a n s u g a r i f le g is la t io n c o u ld b e h a d im m e d ia t e ly .

The
M r.

y e t to

I t w o u ld

•bo n e c e s s a r y a l s o , h e s a i d , t o m a k e p r o v i s i o n f o r c o n t i n u a t i o n o f t h e S u g a r
E q u a liz a t io n B o a r d , w h ic h a u t o m a t ic a lly g o e s o u t o f e x is te n c e D e c . 3 1 .
T h e p r e s e n t s u g a r s h o r t a g e , th e b o a r d p r e s id e n t s a id , w a s d u e t o

som e

■ ex ten t t o t h e r e c e n t m a r in e s t r ik e b u t m o r e la r g e ly t o t h o u n u s u a l d e m a n d ,
t h o A m e r ic a n p e o p l e h a v i n g c o n s u m e d 3 0 0 ,0 0 0 t o n s m o r o s u g a r u p t o O c t . 1
t h a n n o r m a lly .
M r . Z a b r is k io s a id t h e p r e s e n t a p p a r e n t s h o r t a g e w a s t h e r e s u lt o f a n
A b n o r m a l d e m a n d , c o m p lic a te d t o s o m e e x te n t b y th e e ffe c t o f th e r e c e n t
m a r in e s tr ik e .




In

t h e A V est a n d

S o u th

fr e e r d is t r ib u t io n

Id

is p o s s ib l e a s t h e b e e t s u g a r

in t e r e s t s s h o u ld b e a b le t o d is t r ib u t e b y J a n u a r y 1 , 4 0 0 ,0 0 0 t o n s o f s u g a r .

It Avas announced on Oct. 22 that sugar available in the
markets of the United States for the year 1918-1919 had
been estimated by the Department of Commerce at 9,855,­
000,000 pounds.
The net amount retained for consumption in the United
States after deducting exports and re-exports was put at
8,790,000,000 pounds, in a report issued by the department.
This gives an average per capita consumption of eighty-two
pounds in 1919, says the report, as against eighty-six pounds
in the fiscal year of 1914.

1572

THE CHHROINLE

An increase in the price of imported sugar of 1G3% in
1919 over 1914 was shown. The import price in 1914 was
2 cents a pound, and in 1919 5.3 cents a pound. The ex­
port price for 1919 was put at 7.3 cents a pound.
NATIO N AL IN D U ST R IA L CONFERENCE ADJOURNS
FOLLOWING WITHDRAW AL OF LABOR
DELEGATES.

The National Industrial Conference which opened at
Washington on Oct. 6 at the call of President Wilson ad­
journed on Oct. 23 as a result of the withdrawal from the
meeting of the group of delegates representing organized
labor. The labor delegates left the Conference on Oct. 22,
soon after a message from President Wilson to the conferees
had been read by Secretary of the Interior Lane, the Chair­
man of the Conference. The President’s message appealed
to the members of the Conference—representatives of capital
labor and the public—to “stand together” until a program
should be worked out which would be acceptable to all the
delegates and to the country at large. “I renew my appeal,”
said the President, “with full comprehension of the almost
incomparable importance of your tasks to this and to other
people, and with full faith in the high patriotism and good
faith of each other that you push your task to a happy
conclusion.” Following the reading of the message a rising
vote of thanks was given to the President by the conference.
John Spargo, a member of the public group, said a vote of
that nature was insufficient, and moved that the conference
vote power to the Chairman to notify the President that out
of deference to his wishes the body would pledge each mem­
ber and each group to “continue our efforts to find a pro­
gram.” Harry A. Wheeler, of the employers, seconded
the motion. Objection to the form and manner in which the
Spargo resolution was introduced was raised by Samuel
Gompers, head of the labor group, and the resolution was
withdrawn. Thereafter a resolution offered by Mr. Gompers
was defeated by the employers’ group and the labor group
left the conference. Mr. Gompers’ resolution follows:

The right of wage-earners to organize without discrimination, to bargain
collectively, to be represented by representatives o f their own choosing in
negotiations and adjustments with employers in respect to wages, hours
of labor and relations and conditions o f eomployment are recognized.

The public group voted for the resolution as did the labor
group, and the vote for rejection of the motion in the em­
ployers’ group was by a majority of one. In his statement
to the conference preceding the withdrawal of the labor
delegates Mr. Gompers said:
I feel it incumbent upon me at this juncture to ask that I may be heard
in connection with the present situation. As I stated upon our convening
early this afternoon, the group of which I am a part felt impressed very
deeply with the urgent request of the President, and under its influence
prepared for submission to this conference a resolution which by the vote
of the employers' group has been rejected.
The situation thus created can bring satisfaction to no man. It is
regrettable, far beyond what words can express. It is regrettable from
every viewpoint. It is not only regrettable from the standpoint o f labor; it
is not only regrettable from the standpoint of the public, but it is regrettable
from the standpoint of employers, and how regrettable it is and will be
will be developed more sharply and keenly as time goes on.
Earlier in these proceedings I took the opportunity o f stating that the
employers, by the attitude that they have assumed in this conference, are
placing themselves exactly in the same position as the I. W. W. in the
United States. The I. W. W ., in its propaganda and in its documents, in
its literature, in its declarations, has taken the position that workers should
not enter into agreements with employers. The position in which the
employing group has placed the employers of America is not an enviablo one:
The preamble o f the I. W . W. organization has for its sentence this.
“ The working class and employing class have nothing in common.” Having
nothing in common, they do not seek agreement, they do not seek a
conciliation, they do not seek collective bargaining.
The declaration which we have proposed is rejected and repudiated by
the employing group. They want shop organizations, the employers’
union. I f they can get away with it, why, that is their job; but they are
building upon quicksand. They are resting their hope upon a flimsy ground
and one which will not take long to turn upon them in their benevolent
and solicitous attitude toward the workers in their employ.
The shop organization, the employers’ union o f workers, never brings
anyone anywhere. It may be held by employers that their workmen are
contented. Perhaps in so far as they aro concerned, they know tlio workers
are contented; but they are content just like the pcoplo o f Poland were
content. They were content at the point o f tho bayonet there, and in the
industrial plants they are content at the point of starvation. I do not mean
the starvation that brings about the want o f food. Hunger is a relative
term, after all.
There is no man so thoroughly starved as tho one who has his aspirations
destroyed.
M y associates and I in this labor group in this conference aro not here
by sufferance; we are here, as are the employers, at the direct request of tho
President for our representation, and tho group representing tho public was
appointed by the President directly. I would like, at this juncture, without
reading the invitation extended by the President, to refer to It, for the pur­
pose of saying that he asked that fifteen representatives o f tho American
Federation o f Labor be selected for the purpose o f participating in this
conference.
Is it imaginable that we, as the representaives o f the organized workers
of America, representing, with the representatives o f the railroad brother­
hoods, four and a half million wage workers in the United States, can en­
ter into this conference and reamin members o f it, with a refusal on tho
part o f the employers’ group to admit the right o f the wage workers to or­




[V ol . 109.

ganize for collective bargaining ? Is it possible that such a construction can
be placed upon the President’s call? I doubt it.
Tho word spoken here by the vote of the employers’ group settles noth­
ing. You have defeated labor in its declaration hero, but wo will meet you
again, and wo will moet you in conference, and you will bo just as glad as
wo shall be to meet you in that conference for collective bargaining.
The longer the rights o f labor are denied, the more difficult will bo the
job o f the employers.
Gentlemen, I have sung my swan song in this conference. You have, by
your action, the action of the employers’ group, legislated us out of this
conference. We have nothing further to submit and with a feeling of regret
that wo are not enabled with a clear conscience to remain here longer. Wo
have responsibilities to the millions of workers and those dependent upon
them. We must fulfill these obligations. Our regret is that the rejection
of any thing like a fair proposition on our part has occurred. It has been
done and the die is cast; and we were endeavoring by all means within our
power to comply with the request made by that great man, now stricken
on a bed of illness, tho President of the United States, for whom we have an
admiration and a love inexpressible.
M r. Chairman, and gentlemen, for the courtesy which you have extended
to us wo are profoundly grateful, but we cannot longer remain with you.

On the following day, Oct. 23, Chairman Lane announced
the National Industrial Conference as originally constituted
had adjourned and that the presence of the employers was
no longer necessary. The President had requested the public
group to remain and try to formulate a program upon which
capital and labor might agree. The events leading up to
the withdrawal of the labor delegates followed in rapid
succession, the first three days of this week’s session of the
conference. On Monday, Oct. 20, Judge Elbert II. Gary,
head of tho U. S. Steel Corp. and a member of the public
group, returned from New York and announced it was his
opinion that the conference should take no action looking
toward settlement of the steel strike. A resolution proposing
arbitration of the steel strike had been introduced previously
by the labor group (“Chronicle,” Oct. 11, page 1418).
Judge Gary’s statement on Oct. 20 was as follows:

I desire to make a brief statement in relation to the question under dis­
cussion as well as others submitted to this conference. Further explanation
of any vote I may register will probably be unnecessary.
Like other members of the Conference, I recognizo that tho public interest
must always be considered as the first importance, and that all private
interests must be subordinated. I am heartily in accord with tho desire
of tho President firmly to establish proper and satisfactory relations between
all groups of citizens connected with industry, including, o f course, what
has been designated as capital and labor.
I believe in conciliation, co-operation and arbitration whenever practi­
cable, without sacrificing principle. I am of tho fixed opinion that tho
present strike against tho steel industry o f this country should not bo arbi­
trated or compromised nor any action taken by the Conference which boars
upon that subject. Also that there should be maintained in actual practice
without interruption the open shop as I understand it— namely, that every
man, whether he does or does not belong to a labor union, shall have the
opportunity to engage in any line of legitimate employment on terms and
conditions agreed upon between employee and employer.
I am opposed to a policy or practice which unnecessarily limits produc­
tion, increases costs, deprives tho workmen from receiving the highest wage
rates resulting from voluntary and reasonable effort, hinders promotion or
advancement in accordance with merit or otherwise interferes with the
freedom of individual action.
As unorganized labor, which embraces the vast majority of working
people, has no special representation in this Conference, I deem it appro­
priate to say that all labor should recoivo duo consideration and that it is
the obligation and ought to be the pleasure of employers at all tunes and
in every respect to treat justly and liberally all employees, whether unorgan­
ized or organized.

Members of the labor group expressed disappointment at
Judge Gary’s attitude. The following day, Oct. 21, the
labor group was defeated on the two vital issues for which it
had been fighting.
These two issues were the Russell-Endieott resolution (of
the public group), recognizing the right of wage-earners to
bargain collectively through representatives of their own
choosing and the Gompers’ resolution calling for appoint­
ment of a committee to settle the steel strike. The former
appeared in the “Chronicle” Oct. 18, page 1591.
Both tho employer and the public groups voted against
labor on these two propositions. Three substitutes for tho
Russell-Endieott resolution on collective bargaining, includ­
ing that offered by the employers’ group, also were defeated.
Before the daily adjournment on Oct. 21, Charm in Lane
addressed the conferees, saying:

This conference has produced nothing.
Its action has been entirely negative. It seems to me, if I may be allowed
to speak frankly to you, that there is necessity for presenting to tho con­
ference not any one single plank in a platform, but an entire program. It
seems to me that it must bo manifest to you after tho discussions of tho
last ten days, that you have to havo before your minds not any ono singlo
proposition, but to have that proposition before your minds in its relations
to a number of other propositions.
I wish, gentlemen, that you would prepare for tho consideration o f this
proposition; that we appoint committees, giving them subjects with which
to deal, and tako an adjournment for a definite number of days, during
which these committees will work, and at the end of that period they bring
in a co-ordinated report.

On Oct. 22 the labor group quit the conference.
The opposition of the employers’ group to the resolution
offered on Oct. 22 by Samuel Gompers (given further abovo)
was voiced by Frederick P. Fish, head of the employers
group. He said:

W o cannot road this resolution without reference to tho history of tho last
two weeks and the events of yesterday. This matter of collective bargaining

O ct . 25 1919.]

THE CHRONICLE

1573

was interjected into the affairs o f this conference to take the place of the attention to the character o f the weather this morning. It looks gloomy.
resolution as to the arbitration o f the steel strike with a purpose, and that It is a change from the bright and cold and hard sunlight o f yesterday, in
purpose has clouded this conference from that time to this. The matter of which things were more tense and less soft than they are this morning, but
collective bargaining can only be properly considered after there has been this is the kind of weather which we in the West call “ growing weather.”
established a background which displays the conditions throughout this In this immediate neighborhood it is the rule among the farmers to get in
their seed on the 21st or 22d o f October. Then if rain falls, that seed has
country with which we are to deal.
. It has been perfectly clear that the sum and substance o f the resolutions its chance, so that the kind of weather that greets us this morning is not
with reference to collective bargaining that have been presented heretofore, as unkind as it may appear to be.
It wish to thank all of the gentlemen of this conference for their courtesy
excepting the substitute from the employers’ group, the Chadbourne resolu­
tion and the substitute offered for it by the employers’ group, meant this to the chair, and express the hope that those of you who may continue this
and nothing else—that this conference is asked to take action in industries work, who may desire to go on until some arrangement has been made,
throughout the country to recognize the labor unions whether they will or by which w c can see a more happy relation between contending elements
will not, and to force their organizations to deal with the labor unions against in this country may be brought about, that you regard one thing above
all, and that is the spirit of this land.
their will.
You have met in sight of a great monument that has been erected to
Now tho labor men produce this resolution, which as a matter of words
does not go as far as that, but words do not count. I f this resolution should President Lincoln, and in sight o f a monument that has been erectedto
Washington.
Those two men Incorporate in themselves the very essence
be adopted by the employers’ group it would go out to the world as a con­
cession on tho part of the employers’ group that they recognize the neces­ and spirit of our country. They regarded no class; they regarded no in­
terest as at all comparable with the interest o f the whole public. Wash­
sity o f the unionization o f all industrial establishments.
Therefore, I shall personally feel obliged to oppose this resolution unless ington was, to my mind, the very incarnation of political democracy. He
there is a plain definition as to what is meant by bargaining collectively and represented the struggle of the last century, the freeing of men from political
the reservation upon which the employers’ group insisted in its substitute bondage, the giving to them an opportunity to manage their own affairs
resolution that the employers in the industrial establishments in this and make their own destinies as a political unit.
Discussion which we have begun in my opinion, more truly represented
country shall not be required and forced against their will to deal with
men chosen as representatives by their own employees who are not o f the by the other monument to Lincoln, the man of patience, the man of for­
bearance
the man of charity, the man of insight and o f understanding,
number o f their own employees.
and of long suffering and love for mankind. That was the spirit that will
characterize this country and that must be the spirit that prevails in any
conference which makes real way toward the solution of the problems that
we ought to deal with.
,, ^ .
,
Gentlemen, again I thank you, and I announce now that this conference
as at present constituted is adjourned.

On the motion of Mr. Chadbourne, the labor head’s
resolution was taken up immediately, the rules having been
suspended to permit this procedure. As before stated, the
resolution was defeated.
President Wilson’s message urging the conferees to con­ In an interview with representatives of the press on Oct.
tinue their deliberations until a complete program had been 23, Samuel Gompers set forth the position of the labor
formulated, in full, was as follows:
delegates as follows:
To the Ladies and Gentlemen of the Industrial Conference:
I am advised by your Chairman that you have come to a situation which
appears to threaten the life o f your conference, and because o f that I am
presuming to address a word o f .very solemn appeal to you as Americans.
It is not for me to assess the blame for the present condition.
I do not speak in a spirit o f criticism o f any individual or o f any group.
But having called this conference, I feel that my temporary indisposition
should not bar the way to a frank expression o f the seriousness of the posi­
tion to which this country will be placed should you adjourn without having
convinced the American people that you had exhausted your resourceful­
ness and your patience in an effort to come to some common agreement.
At a time when the nations o f the world are endeavoring to find a way
to avoid international war, are we to confess that there is no method t o b e
found for carrying on industry except in the spirit and with the very method
of war? Must suspicion and hatred and force rule us in civil life? Are
our industrial leaders and our industrial workers to live together without
faith in each other, constantly struggling for advantage over each other,
doing naught but what is compelled?
M y friends, this would be an Intolerable outlook, a prospect unworthy
of the large things done by this people in the mastering of this continent—
indeed, it would be an invitation to national disaster. From such a pos­
sibility m y mind turns away, for my confidence is abiding that in this
land we have learned how to accept the general judgment upon matters
that affect the public weal. And this is the very heart and soul of democ-

^ It is my understanding that you have divided upon one portion only of a
possible large program which has not fully been developed. Before a
severance is effected, based upon present differences, I believe you should
stand together for the development of that full program touching the main
questions within tho broad scope o f your investigations.
It was in my mind when this conference was called that you would con­
cern yourselves with tho discovery o f those methods by which a measurable
co-operation within industry may havo been secured and if new machinery
needs to bo designed by which a minimum of conflict between employers
and employees may reasonably be hoped for, that we should make an
effort to secure its adoption.
It cannot be expected that at every step all parties will agree upon each
proposition or method suggested. It is to be expected, however, that as a
whole a plan or program can be agreed upon which will advance further its
productive capacity o f America through the establishment o f a surer and
heartier co-operation between all the elements engaged in industry. The
public expects not less than you shall have that one end in view and stay
together until the way is found leading to that end or until it is revealed
that the men who work and the men who manage American industry are so
set upon divergent paths that all efforts at co-operation are doomed to
failure.
I renew my appeal with full comprehension o f the almost incomparable
importance o f your tasks to this and to other people, and with full faith in
the high patriotism and good faith o f each other than you push your task
to a happy conclusion.
WOODROW WILSON.

In stating that the conference was adjourned, Mr. Lane
said:

I have been in communication with the President and have received a
memorandum from him as to his desire regarding the conference. This body
was called together primarily for the purpose o f seeing if it was not pos­
sible to frame a platform upon which labor and capital, co-operatively,
could work together. By the going out o f the group o f labor the nature of
' the conference necessarily has been changed, because it is impossible for
labor and capital in this conference to work tgether and create a program
upon which they can both stand.
Therefore, it is tho President’s desire that I should express to the gentle­
men o f tho employers’ group who have expressed their willingness to stay,
his desire that tho nature o f the conference itself should, because of the
chango o f conditions, bo changed and that the work should be carried on by
the public group inasmuch as the burden o f these quarrels that exist in in­
dustry falls ultimately upon the public.
It seems proper that the group representing the mass o f the people at
large should undertake to find that machinery by which there can be recon­
ciliation or adjustment , or peace, or a way to solve any o f these problems,
or all o f them in tho interests o f the great body o f otir people, recognizing
tho fact that the people of the United States are greater than any part of the
people, that we are first a liody o f Americans, and, as a body, wish to
move forward no matter what the clash between interests may be.
And so gentlemen, the public group will be asked to make a report and
give advice and suggestions as to the industrial policy o f this country, these
to be presented to the President, and in dismissing you, I want to call your




W e are not jumping jacks. W e are patient and have been patient and
have been both complimented and criticised because we have been so pa­
tient. There was no ambiguity in the declaration made before the con­
ference yesterday. It was authorized and directed by the conference of
the labor group that if the last proposition was not adopted I was to ad­
dress the members of the conference as to our position and to announce our
withdrawal from the conference. That was the unanimous vote of the
members of the labor group, including the representatives of the American
Federation o f Labor direct, as well as the representatives of the railway
brotherhoods.
I don’t know whether you have seen or recall the last proposition which we
authorized. It was moderate and was more generous, as we wanted to meet
the view o f the President. T take it that you have been furnished with a
copy o f the proceedings of the various meetings. You just look at the
statement of the employers’ group for their reason in voting against the
declaration for the collective bargaining and you will find that all through
it runs every phase of the questions that are ill controversy— the open shop—
compulsory arbitration— as the reasons why they have voted against the
resolution which had been approved by the Committee o f Fifteen, ap­
proved by the labor group representing the public.
That so-called Russell-Endicott declaration, with that Endieott conces­
sion we agreed to, and finally, under stress of the influence of the Presi­
dent’s request, declared the right of the wage earners without discrimina­
tion to organize without discrimination.
I f employers cannot as a group agree to the declaration that the workers
without discrimination have a right to organize, it is worse tnan useless to
sit in conference further with such men.
I have said time and again I have always been willing to meet with men
who will be willing to meet with me and even with men who have been ene­
mies and opponents. Some have changed their minds and modified their
views.
W e have withdrawn, and until the conditions are changed of course we re­
main withdrawn, and that ends it as far as we are concerned. As I said in
the beginning wo are not jumping jacks. W e are not only men responsible
as citizens but responsible for millions of workers.
The representatives of the public group, made up largely of employers and
people who have been antagonistic to the labor cause and labor movement,
yet voted in favor of our declaration.
Information has come to me that the employers’ group, in their con­
ference, voted against the declaration by a majority of one. I am quite
convinced t hat those employers in that group who voted against the declara­
tion are unrepresentative of the intelligent, fair-minded employers o f this
country.

The employers’ delegation on Oet. 23 issued this statement:

The adjournment of the National Industrial Conference as originally con­
stituted brings up sharply the question of whether tin weeks of controversy
over one phase only of industrial relations leaves tho situation without a sin­
gle gain. The employers’ group soberly reviewing tho work of the con­
ference discovers three definite gains:
1. It has been demonstrated that fault is inevitable where preliminary
organization of the elements composing such a conference is absent, and
where no preparation is made for tho orderly plan of a program which shall
include all of the known factors upon which industrial relations are based.
2. Collective bargaining an achieved and desirable policy in industry has
been brought more prominently before the country and will influence a sin­
cere effort on tho part of innumerable manufacturers to find an acceptable
medium upon which this collective relationship may be secured and main­
tained in the industrial situation.
3. Collective bargaining as a policy of principle cannot bo safely used in
tho broad and general sense with which the public has been accustomed to
express it, but must be defined clearly as to its applicability to the varying
conditions of industry and the varying relations that exist between wage
earner and the employer.
Fundamental to the whole question o f collective bargaining is the re­
sponsibility of those who bargain, and this is directed quite as much at the
employer as at the wage earner or the organization of which the wage earner
is a member. Only where thero is a definite and dual responsibility, lived
up to as scrupulously as is required in other contractual relations, can col­
lective bargaining in any form or under any interpretation be successful.
Then it must be remembered that the industrial life of the country in its
employment relations divides definitely along certain lines. No one will
deny the right of the individual wage earner and his employer to negotiate
terms of employment for industrial relations acceptable in both, but aside
from this there is the dealing between the employer and his employees by
means of the shop industrial council, dealing through a trade or labor union,
dealing through a trade union, and all of these methods are acknowledged
and practiced by employers.

1574

THE CHRONICLE

It may bo charged that the employers’ group in defeating the Gompers
resolution denied the right of organization and of collective bargaining. But
the conference learned definitely that the right of organization and of colectne bargaining are interpreted by the labor group in one way and one
■way only, organizing and bargaining through trade and labor unions. It
would be unfair to make any pronouncements on these two principles, which
would convey as the belief o f this conference such an interpretation.
r^'^le Purpose of the resolution through cunning phrases coined to carry
ouble meaning, was to commit the conference to support the only brand of
collective bargaining ever offered by the group presenting it and the em'
pioyers were bound to resist to the end.
The employers group could not deny the right that it so freely and fully
conceded in its own substitute resolution which tho conference defeated, and
stands to-day with the adjournment of tho conference upon the record o f its
substitute and its interpretation, confident that the sober judgment of tho
American people will come to understand that tho position taken was in
the defence of the open shop, an American institution that shall not be under­
mined and destroyed by any organized combination seeking to threaten its
life. Our social and industrial fabric is not in danger. Km pi oyer and wage
earner will live and work together, but the conference had demonstrated that
the right of the employer to deny representation unworthily sought, shall
not be abridged; nor shall the right of the wage earner collectively to place
before his own employer his needs and his aspirations and his interest in tho
establishment be abridged.
^ e are leaving upon the record of the conference this declaration of true
American principles and upon this declaration the employers’ group and the
employers o f the nation will stand in fair dealing with the wage earner
through the critical days of readjustment just ahead.

The conference, including the day of adjournment (at
Tthich the labor delegates were not present) was in session
13 days.
JU D GE GARY’S STAND ON LABOR U NIONS
ENDORSED BY N . Y. BOARD OF TRADE
AND TRANSPORTATION.

Endorsement of the position of Judge Gary with respect
to the demands of the labor unions was given in a resolu­
tion adopted on Oct. 8 by the New York Board of Trade
and Transportation. We quote the resolution herewith:
Tho Now \ ork Board o f Trade and Transportation records its approval
and endorsement of tho position of the United States Steel Corporation
(repressed by its Chairman, Judge E. II. Gary, as to the demands of labor
unions through representatives who instigated aqd led the striko of work­
men employed by that corporation. The Board commends this position
as a courageous and patriotic one in the interest of all workers, employers and
employees alike, and o f the people o f tho United States, especially at this
crisis o f unrest and unsettled conditions growing out o f the world war.
Tho Board of Trade and Transportation disclaims emphatically any
antagonism to trade unions, so called. On the contrary, it believes such
organizations have been, and may be, o f great benefit when and if carried
on with due regard to the right o f any workman to join in their member­
ship, or not, as he may choose. It believes it a violation o f tho vital princi­
ples of American citizenship to endeavor to enforce membership of their
body or to foreclose by strike or other arbitrary or violent means the em­
ployment o f any workman in any establishment because o f non-member­
ship.
In brief, tho New York Board o f Trade and Transportation believes
that the so-called “ closed shop” is un-American and subversive of tho
independence and welfare of the American workman himself and of tho
progress o f American industries at large. It believes that the attempt
to impose limitations on the individual liberty o f workmen through the
instrumentality o f agitators euphemistically called “ organizers” and
walking delegates,” who extort or collect money from workmen, often
under threat, for the privilege o f employment, should bo prohibited by law
and made a penal offense.
We call upon the workmen o f America, who we believe are in tho main
loyal and patriotic, to repudiate these so-called leaders and to join in tho
efforts now being made to promote harmony and co-operation in industrial
relations, without which the expansion o f American trade, now opening
to as on a world-wide scale, will be impossible, and for tho higher object
of the best interests o f American citizenship.

DEPARTM ENT OF AGRICULTURE NOT TO N A M E
FA IR PROFITS FOR PHOSPHATE ROCK OR
BULK ACID PHOSPHATE.

[Vol . 109.

above. We quote the following from Judge Gary’s observa­
tions:

In the Conference there was no objection offered by any one to a form
of collective bargaining as between employees and employers, provided
both were free from outside representation and direction.
The Labor Group, so called, was made up of union labor leadors, leaving
unorganized labor without special representation
The same mistake
scorns to have been made by a large portion of the public which was made
throughout the war, namely, that organized labor represents the workmen
or wage earners generally, notwithstanding, as a matter of fact, that at
seems to have been made by a largo portion of the public which was made
throughout the war, namely, that organized labor represents tho workmen
or wage earners generally, notwithstanding, as a matter of fact, that at
least 85% of tho total are non-union— not members of any union organiza­
tion. Tho Employers Group, in which were men. first class in overy re­
spect, included men connected with largo and important lines of industry,
and also included several others some of whom at least should have been
with the Labor Group. In selecting tho Public Group there were overlooked
thousands of vocations, professors, artisans and other lines of industry, all of
r 1? r? ar<‘ more or less affected by the cost of production, the oxpe'nse
o f living and, therefore, tho control and conditions of both labor and capital.
However, it would seem there were many objects which might appro­
priate^ have been considered by tho Conference and conclusions for re­
commendations arrived at by unanimous consent which would be advan­
tageous to tho public good, and therefore, to all mankind, such as working
hours, living and working conditions, women’s work, child labor, recreation,
medical and surgical treatment, pensions, relief in times of stress, rates of
compensation, schools, churches and other educational facilities. With
the right disposition and intelligence the Public Group, sole survivor of
the Conference, can agree upon recommendations to tho industrial world
which should be of substantial benefit. All of us are in favor of these prin­
ciples and of any others that may be suggested which we believe will bo
of real benefit to the wage earners and to the general public.
I conceive it to be proper in this family of industrial workers consisting
of 2,000 members of the most important industry, to claim that wo have
demonstrated in practice wo are upon a plane which is higher and better
than ever before occupied by this industry in this country; that wo have
been striving to deserve the approval of all who aro interested in our business
and decisions; that wo have sought tho confidence of our employees; our
customers, our competitors, our principals who own tho proportios wo
manage, and the general public.
And yet it would be unfortunate if wo could not discover opportunities
for further improvement; if we failed to read or to liston to tho criticisms
of others; if we let pass the requests or suggestions of our workmen for
changes which thoy beliovo would bo proper concerning their employment;
if we neglected to give our employees; individually or in groups, oppor­
tunities to discuss with tho managers all questions of mutual interest:
if we minimizo in any degreo the well recognized fact that tho public good
is of prime importance and that prlvato interests must bo subordina ted. It
is a pleasure to mo to know from long experience that I am appealing to a
sympathetic audience in behalf of a continued effort on our part to be
more worthy of tho respect and confidence of every right thinking porson
who is familiar with our industrial life.
Considerable has been said In public o f late concerning the attempt to
spread tho doctrino of Bolshevism in this country. All of us have known
or some time that this disease Is persistent and that thero has been some
inoculation even in this best of countries. Still wo.deny that thero is
anger of serious trouble. There is only one way to treat this disease
and that is to stamp it out, to meet it boldly wherever it can bo found to
expose it and give it no chance for development. In this free country, with
ts reasonable laws wisely administered, its golden harvests, healthful
c imate, peace-loving inhabitants who are generous in contributions for
relief and protection, schools, churches and hospitals, there is no room
except in tho prisons for tho anarchist, the bolshevist or other Individual
w io seeks to substantiate the rule of force for the rule of law and reason
If there are slinking, desperate, murderous bolsheviki in this country, even
in small numbers. I believe the Secret Service Department of tho Gov­
ernment should detect and exposo them and that the iron hand of justice
should punish them as they deserve, and as I have faith in this country and
in its institutions, I believe this will bo dono and dono promptly. Any
one who doubts tho ability o f the proper authorities to protect the prsons
and property of our people against bolshevism and other similar doctrines,
fails to appreciate tho courage of our citizens and the terrible force and
strenght of subdued calmness when they are surrounded by threatened
danger.
For ourselves, let us be fair and just, considerate and determined, hope­
ful and complacent. We shall emerge from the waves of unrest which
naturally follow tho demoralization and terrors of war and as a poople will
be better and stronger than ever.
.

Following Judge Gary’s speech, the following resolution
was
presented at the gathering of the steel men, and unani­
I1ollowing a conference held with the producers of rock mously
adopted endorsing his stand at the Industrial Con­
phosphate and acid phosphate at Washington, D. C., on ference:
Oct. G, the Department of Agriculture announced on Oct. 17 Whereas Elbert II. Gary, president of the American Iron Sc Steel In­
that after due consideration it has reached the conclusion stitute, has rendered to tho American peoplo and to the American steel
industry a service of inestimable valuo by his stand at tho con­
that, in the circumstances, it would not be warranted at and ironbetween
representatives of capital and labor at Washington.
the present time in naming a fair profit for phosphate rock ference
Be it resolved, that the American Iron & Steel Institute assembled in
or bulk acid phosphate. The announcement also says:
its sixth general session, hereby accords its unqualified approval of Judge
Tho department, however, will continue fully to exercise its own powers
under the licensing system against profiteering as well as in conjunction
with the Department o f Justice. Tho amendment to the Control Act,
roccntly passed by Congress, carries a provision to the effect that any ono
who violates the Act by profiteering or otherwise shall on conviction be
mod not exceeding $5,000 or bo imprisoned for not moro than two years,
or both. Any act o f profiteering under the law or any other violation
o f the law may be prosecuted criminally after the licensing provisions
thereof are terminated by a formal declaration o f peace.

JU D G E GARY ON THE IN D U STR IA L CONFERENCE
— H IS STAND ENDORSED BY THE STEEL M E N .
^ It is interesting to record what Judge Elbert H. Gary,

Chairman of the Board of the United States Steel Corpora­
tion, and President of the American Iron & Steel Institute,
had to say at the semi-annual meeting of the Institute
here in this city yesterday (Oct. 24) at the Hotel Commo­
dore, with regard to the Industrial Conference at Washton, which has been brought to an abrupt end as stated




Gary’s stand against the infringement on the rights of tho individual both
in the ranks of labor and in management, and for the service which he has
rendered in placing himself against the radical tendencies of trado unionism,
which aro especially dangerous under present conditions and threaten to
undermine the whole structure on which American prosporty has been
built

SOFT COAL M IN ER S AND OPERATORS REJECT GOV­
ERN M EN T PROPOSALS.

President Wilson on Oct. 24 through his Secretary, Mr.
Tumulty, sent a message to Secretary of Labor Wilson,
urging him to exert his fullest efforts to bring about an
agreement between the soft coal miners and operators of
the country, to prevent the nation-wide strike scheduled
for Nov. 1. His message came to Secretary Wilson after
tho Secretary had held a conference with the representatives
of the miners and operators, at which no basis of agreement
or compromise on the miners’ demands was reached. After
tho conference on Oct. 24, Secretary Wilson said:

THE CHRONICLE

O ct . 25 1919.]
T h e m in e r s a n d

o p e r a t o r s s t ill o c c u p y

th e s a m e p o s it io n

a s la s t n ig h t.

I m a d e a s u g g e s tio n a s a n e w b a s is o f s e t t le m e n t w h ic h w a s r e je c t e d , t h e

a s t a t e m e n t is s u e d y e s t e r d a y f r o m

t h e I n d ia n a p o lis h e a d q u a r te r s o f

t h e U n it e d M in e W o r k e r s , i t is c h a r g e d t h a t t h e o p e r a t o r s a r e t a k in g a d ­

o p e r a t o r s r e fu s in g t o a c c e p t , a n d t h e m in e r s s a y in g t h a t w h ilo it w a s n o t

v a n ta g e

s a t is fa c t o r y ,‘ t h e y w e r e w i l i n g t o c o n s id e r it.

e m p h a t ic a lly .
T h e m in e r s a r e t r y in g t o c lo u d t h e is s u e a n d d iv e r t p u b lic a t t e n t io n fr o m

Mr. Wilson outlined the terms of his proposition as follows:
T h a t t h o p ic k m in in g p r ic e b e a d v a n c e d 15 c e n t s p e r t o n .
T h a t m a c h in o m in in g , y a r d a g e , d e a d w e ig h t a n d d a y ' w a g e s b e

in t h e s a m e r a t io .
T h a t t h e d a y w o r k s h a ll b o e ig h t h o u r s f r o m

ad van ced

M a r c h 31 1 9 2 2 .
T h a t w h ile t h e

le g a l t e r m in a t i o n

o f th e

w ar

w ill n o t

ta k e

p la c e

u n til

The President’s message was embodied in the following
letter sent by Mr. Tumulty to Secretary Wilson:
P r e s id e n t d e sire s m e

to

say

th a t h e

has been

w a tc h in g

w it h

th e

d e e p e s t in te r e s t y o u r e ffo r t s t o b r in g a b o u t a n a d ju s t m e n t o f t h e p e n d in g
th e b itu m in o u s fie ld s o f t h e c o u n t r y a n d w a s g la d

to h ave

your

r e p o r t o n t h e s t a t u s o f t h e n e g o t ia t io n s n o w b e in g c a r r ie d o n u n d e r y o u r d i ­
r e c t io n .
H e r e q u e s te d m e t o c o n v e y t h e fo llo w in g m e ssa g e t o y o u :
I h a v e b e e n w a t c h in g w it h d e e p a n d s in c e r e in te r e s t y o u r e ffo r t s t o b r in g
a b o u t a ju s t s e ttle m e n t o f t h o d iffe r e n c e s b e tw e e n t h e o p e r a t o r s a n d c o a l
m in e r s in t h e b it u m in o u s c o a l fie ld s o f t h e c o u n t r y ,

i t is t o b e h o p e d t h a t

t h e g o o d ju d g m e n t t h a t h a s b e e n e x e r c is e d b y b o t h o p e r a t o r s a n d m in e r s in
y e a r s g o n e b y in t h e a d ju s t m e n t o f th e ir d iffe r e n c e s w ill a g a in p r e v a il in
th e
presen t
c r is is .
A l l o r g a n iz e d s o c i e t y is d e p e n d e n t o n t h e m a in t e n a c e o f it s fu e l s u p p ly
f o r t h e c o n t in u a n c e o f its e x is te n c e .
T h e G o v e r n m e n t h a s a p p e a le d w ith s u cce ss t o
to

p ostp on e

a r r iv e d

a t.

th e p e r ilo u s s itu a tio n

s it u a t io n

w h ic h

to

p r o fit e e r .

has been

T h is

d e lib e r a t e ly

th e

op era tors

deny

brou gh t abou t b y

th e

m in e r s th e m s e lv e s .
. T h e r e a l i s s u e is t h e r e p u d i a t i o n b y t h e m i n e r s ’ r e c e n t c o n v e n t i o n o f a n

do

t h e ir b e s t t o f r e e z e t h e p e o p l e i n t o s u b m is s io n u n le s s t h e ir im p o s s ib le

d e m a n d s , in c lu d in g a t h ir t y -h o u r w e e k a n d a w a g e a d v a n c e o f 6 0 %

over a

p r e s e n t g e n e r o u s w a r tim e w a g e s c a le , a r e in s t a n t ly g r a n t e d .

i n g f a c t , t h e r e f o r e , t h e s e c h a n g e s w ill g o i n t o e f f e c t a s o f N o v . 1 1 9 1 9 .

s tr ik e in

p resen t

t h o m in e s a n d , c o n s e q u e n t ly , a ll t h e o t h e r in d u s tr ie s o f t h e c o u n t r y , b u t t o

s o m e u n k n o w n t i m e i n t h e f u t u r e , t h e i n c r e a s e i n t h e c o s t o f l i v i n g is a n e x i s t ­

The

o f th e

e x is t in g w a g e c o n t r a c t a n d th e ir o r d e r t o c lo s e d o w n o n N o v . 1, n o t o n ly a ll
ban k to ban k.

T h a t t h e r e s h a ll b o a S a t u r d a y h a l f h o li d a y .
T h a t w it h th e s e c h a n g e s th e e x is t in g a g r e e m e n t c o n t in u e s in e f f e c t u n til

•

In

1575

s im ila r
W ith

q u e s tio n s

u n til

t h e p a r tie s t o

a

A statement issued the same day by Mr. Lewis said:

T h e c la im

o f t h o o p e r a t o r s t h a t t h e m in e r s a r e g u i lt y o f r e p u d ia t io n o f

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

T h e W a s h in g t o n

w a g e a g r e e m e n t re a d t h a t it w a s t o c o n t in u e in fo r c e a n d e ffe c t “ u n til t h e
e n d in g o f t h e w a r o r u n t il M a r c h 3 1 1 9 2 0 .”
has ended.

In s u b sta n ce a n d fo r m th o w a r

T h e m in e w o r k e r s h a v e n o c o n t r a c t ; t h e c o n t r a c t e x p ir e d u p o n

t h e 1 1 th d a y o f N o v e m b e r 1 9 1 8 , w h e n h o s tilitie s c e a s e d .

It was reported on Oct. 23 from Knoxville, Term., that
officials at the biennial convention there of District No. 19,
United Mine Workers of America, with a membership of
over 15,000, had stated that coal production will not cease
at the mines in that district, which have been signed under
the Pineville (Kentucky) award, even if a nation-wide strike
of the bituminous miners becomes effective Nov. 1. These
mines have been signed on the agreement to continue the
production of normal coal output during the time the ne­
gotiations are pending.

o t h e r c la s s e s o f w o r k e r s

r e a s o n a b le

a d ju s t m e n t

c o u ld

be

th is c o n t r o v e r s y r e s ts t h e r e s p o n s ib ilit y

o f s e e i n g t h a t t h e f u e l s u p p l y o f t h e n a t i o n is m a i n t a i n e d .

A t th is tim e ,

w h e n t h e w h o le w o r ld is in n e e d o f m o r e s u p p lie s , it w o u ld b e a c r u e l n e g l e c t

M E CH A N ICS IN
SH IP RE PA IR
Y A R D S R ECEIVE
G R E AT E R W A G E S T H A N COLLEGE PROFES­
SORS A N D B A N K P R E S I D E N T S .

According to Henry C. Hunter, counsel for the local shiprepair yards, there are in the repair yards to-day “great num­
bers of carpenters drawing more pay than college professors,
of pipe fitters with greater incomes than bank presidents, and
of machinists better paid than many Ambassadors and high
officials in the service of the Government.” Mr. Hunter
’ites figures taken from the payrolls to show that the in­
creases already given to the men have been greater than the
advances in the cost of living. To grant the new demands
jf the men, he states, would check the development of Ameri­
Following conferences between representatives of the soft can shipping and foreign trade. In his statement he says:
coal miners, the operators and Secretary Wilson of the Labor
Department the latter part of last week and this week, for
the purpose of bringing about an agreement to avert the
nation-wide coal strike scheduled for Nov. 1 Mr. Wilson
on Oct. 23 issued the following statement:
to

o u r h ig h d u t y

to

h u m a n it y

to

fa il th e m .

1 h a v e r e a d w it h in te r e s t t h e s u g g e s tio n m a d e b y y o u t h a t th e w a g e s c a le

c o m m it t e e s o f t h o o p e r a t o r s a n d m in e r s g o in t o c o n f e r e n c e w it h o u t r e s e r v a ­
t io n fo r th e p u r p o s e o f n e g o tia tin g a n a g r e e m e n t a s t h o u g h n o d e m a n d s h a d

b e e n m a d e o r r e je c t e d , h a v in g d u e r e g a r d t o t h e in te r e s ts o f th e ir r e s p e c t iv e

grou p s,
i a m in a c c o r d w i t h t h a t s u g g e s t io n .
N o b o d y o f m e n k n o w s b e t t e r t h e d e t a ils , in t r ic a c ie s a n d te c h n ic a lit ie s

th a n

do

t h e m in e r s a n d

op era tors.

N o

body

o f m en

d e ta ils o f a w a g e s c a le o n a m o r e e q u it a b le b a s is .

u n d o u b te d ly

be

b a s t 'd

on

th e

s o le

tota l

of

k n o w le d g e

W h a t e v e r th e ir d iffe r e n c e s m a y b e , n o m a t t e r h o w

v ie w p o in ts m a y b e fr o m

to m a k o an

can

w ork

out

th e

T h e ir ju d g m e n t w o u ld
of

th e

in d u s t r y .

w id e ly d iv e r g e n t th e ir

e a c h o t h e r , i t is a d u t y t h a t t h e y o w e t o s o c i e t y

ea rn est e ffo r t t o

n e g o t ia t e t h o s e d iffe r e n c e s a n d

to

keep

th e

m in e s o f o u r c o u n t r y in o p e r a t io n .

A

recen t

sta tem en t

th a t

th e

w orkm en

in

th e

s h ip -r e p a ir

yard s

w ere

b e t t e r p a id th a n t h o s e in a lm o s t a n y o t h e r in d u s t r y h a s b e e n c h a lle n g e d b y
re p re se n ta tiv e s o f la b o r o n t h e g r o u n d

th a t a fe w

in s ta n c e s o f a b n o r m a l

eai n in g s b y w o r k e r s h a d b e e n t a k e n a s t y p i c a l o f t h e w h o l e b o d y
D lc v e e s

o f em -

T h e p a y -r o ll r e c o r d s o f t h e r e p a ir y a r d s fu r n is h t h e b e s t e v id e n c e

o f t h e s it u a t io n t o - d a y w h e n t h e w o r k m e n fo llo w in g th r e e u p w a r d a d ju s t ­

T h o m in e r s r e je c t e d m y
a c c e p t e d n o r r e je c te d it .
s u b m itte d

to th e m

r e s e r v a tio n s .

The

p r o p o s a l o f la s t n ig h t .

T h e o p e r a t o r s n e ith e r

T h e y a r e n o w c o n s id e r in g a p r o p o s it io n w h ic h I

th a t th ey g o
m in e r s

are

in t o

w illin g

c o n fe r e n c e w it h
to

do

th a t

e a c h o th e r w ith o u t

and

th e

op era tors

are

w illin g , p r o v id e d t h e s t r ik e o r d e r is w it h d r a w n .
I p r e v io u s ly h a d s u b m it t e d t o t h e m in e r s , a t t h e s u g g e s t io n o f t h e o p e r a ­
t o r s , a p r o p o s a l t h a t t h o q u e s t io n o f a n in c r e a s e o f w a g e s b e s u b m it t e d t o
a b o a r d o f a r b i t r a t i o n f o r a d ju d i c a t i o n , n o n e o f t h e o t h e r q u e s t i o n s a t is s u e
to

b e c o n s id e r e d .
On

m y

ow n

T h is p r o p o s itio n w a s r e je c te d

in it ia t iv e

I

th e n

p resen ted

to

by

th e

t h e m in e r s .

c o n fe r e n c e

t h a t a ll q u e s t io n s a t is s u e b o s u b m it t e d t o a r b it r a t i o n .

a

proposal

B o t h s id e s r e je c t e d

The proposal of Secretary Wilson, which the miners
leaders rejected was made public on Oct. 22 as follows:
t h is a n d I b r o u g h t u p t h e p r o p o s it io n n o w u n d e r c o n s id e r a t io n .

T h a t w a g e s b o in c r e a s e d a t t h e e x p ir a t io n o f t h e p r e s e n t c o n t r a c t in a n
a m o u n t e q u a l t o t h e d if f e r e n c e b e t w e e n in c r e a s e s in w a g e s r e c e iv e d b y m in e
w o r k e r s s in c e J u ly 1 9 1 4 a n d t h e in c r e a s e in t h e c o s t o f li v i n g s in c e t h a t d a t e .
T h a t t h o in c r e a s e b e e f f e c t iv e f r o m
m e n t u n til M a r c h 31 1 9 2 0 .
T h a t o n th e s e c o n d itio n s

t h e te r m in a tio n o f t h e p r e s e n t a g r e e ­
w it h d r a w n , a n d

th a t th e

t h a t n e g o t ia t io n s b e e n te r e d in to

a t t h e u s u a l t im e fo r m a k in g t h e n e w s c a le e ffe c t iv e a ft e r M a r c h 31 1 9 2 0 .

The first conference was held on Oct. 17 at Washington,
with John L. Lewis, acting President of the United Mine
Workers of America representing the miners, Thomas T.
Brewster, President of the Coal Operators’ Association,
representing the operators and Secretary Wilson the Gov­
ernment. This conference having failed to attain an agree­
ment, Secretary Wilson asked the miners’ and operators’
representatives to call their full scale committees to Wash­
ington to meet with him on Tuesday, Oct. 21. This meeting
was unsuccessful in trying to effect a settlement. The
miners’ and operators’ committees were composed of 32 and
30 members, respectively. The miners’ demands include a
60% wago increase, a 6-liour day and 5-day week. The
miners’ organization, as noted in these columns last week,
has ordered a strike for Nov. 1 to enforco these demands.
Between 500,000 and 600,000 men are affected by this strike
order. Secretary Wilson had conferences with the miners’
and operators’ representatives on Oct. 21, 22, 23. Following
the conference on Oct. 23, at which Secretary Wilson’s first
proposal was rejected, Mr. Lewis, head of the miners’
organization, was quoted as having said:
In

t h e la n g u a g e o f J u d g e E lb e r t

I I . G a r y , I c a n n o t d is c u s s a r b it r a t io n

A statement issued on Oct. IS by the Chairman of the
operators’ scale committee read in part as follows:



a fu r t h e r in c r e a s e o f 2 5 %
w o r k in g h o u r s .

f o r a ll e m p lo y e e s , a n d a s h o r te n in g o f t h e r e g u la r

A t p r e s e n t t h e w o r k in g s c h e d u le s c h e d u le w e e k is 4 8 h o u r s .

I n s p e c t io n o f w a g e a c c o u n t s a t t h e v a r io u s y a r d s in N e w Y o r k a n d v i c in it y
s h o w s t h a t n o t s c o r e s , n o r h u n d r e d s , b u t t h o u s a n d s o f t h e m e n a r e r e c e iv in g
fr o m

d o u b le

t o t r e b le t h e m o n e y t h e y e a r n e d f o r t h e s a m e c la s s o f w o r k

o n ly a little o v e r tw o y e a r s a g o .

T h e ir p a y h a s m o r e t h a n k e p t p a c e w it h

t h e r is e in t h e c o s t o f li v i n g , b u t d e s p it e t h is t h e y a r e s e e k in g t o s a d d le t h e
e x p e n s e o f p r o d u c t io n w it h a n a d d it io n a l in c r e a s e , w h ic h , if g r a n te d , m u s t
in e v it a b ly c h e c k t h e e x p a n s io n o f t h e A m e r ic a n m e r c h a n t m a r in e a n d o f t h e
c o u n t r y ’s in t e r n a t io n a l c o m m e r c e .

The

im p o r t a n c e o f t h e s h ip -r e p a ir in g

in d u s t r y ’s c o n t r ib u t io n t o t h e n a t io n ’ s p r o s p e r it y m a k e s t h e s it u a t io n o n e
o f c o n c e r n t o e v e r y A m e r ic a n .
I t is n o e x a g g e r a t io n t o s t a t e t h a t in t h e r e p a ir y a r d s t o - d a y , t o m e n t io n
o n l y t h r e e c la s s e s o f la b o r , t h e r e a r e g r e a t n u m b e r s o f c a r p e n t e r s d r a w in g
m o r e p a y th a n c o lle g e p r o fe s s o r s , o f p ip e fit t e r s w it h g r e a te r in c o m e s t h a n
b a n k p r e s id e n ts , a n d

o f m a c h in is ts b e t t e r p a id

.

th a n

m a n y A m bassa dors

a n d h ig h o ffic ia ls in t h e s e r v ic e o f t h e G o v e r n m e n t .
T o c it e f o r t h e p a y -r o lls c a s e a ft e r c a s e o f m e n d r a w in g r e g u la r ly $ 1 0 0 a n d
u p w a r d p e r w e e k w o u ld b e a n e a s y m a tte r .

t h e s tr ik e o r d e r b e

m in e r s c o n t in u e a t w o r k o n th e s e t e r m s ,

a t t h is t im e .

m e n t s o f t h e w a g e s c a le a ffe c t in g a ll c la s s e s o f la b o r , h a v e b e e n d e m a n d in g

T h e r e a r e m a n y o t h e r s , i t is

t r u e , w h o a re m a k in g c o n s id e r a b ly le s s , b u t in n o in s t a n c e c a n it b e s a id t h a t
a n y e m p lo y e e w h o ta k e s a d v a n t a g e o f t h e o p p o r t u n it ie s o ffe r e d u n d e r th e
p r e s e n t w a g e s c a le , w il l f a i l t o e a r n c o n s id e r a b ly in e x c e s s o f h is o w n a n d
h ts fa m ily ’s n e e d s.

T o

show

th a t

th e

c la im

t h a t h ig h

e a r n in g s a r e n o t

g e n e r a l, b u t a b n o r m a l, is u n f o u n d e d , d a t a c o n c e r n in g a g r o u p o f t h e s a m e
e lg h * m e n in t h e p i p e - f i t t i n g d e p a r t m e n t , w o r k i n g t o g e t h e r in o n e o f t h e
y a r d s th r o u g h o u t th e p e r io d c o v e r e d , m a y b e c ite d .

T h e p a y o f th ese m en

i s a f a i r a v e r a g e o f t h a t e a r n e d b y o t h e r c r a f t s in o t h e r y a r d s .
O f t h e e i g h t in q u e s t i o n , t h r e e a r e h e l p e r s , o n e o f t h e l o w e s t p a i d a n d l e s s
s k ille d c la s s e s o f l a b o r , a n d in m a n y in s t a n c e s h a r d ly m o r e t h a n b o y s , a n d
o n e is a p ip e - c u t t e r , s o m e w h a t , b u t n o t g r e a t l y , b e t t e r p a id .
fo u r ,

c o m p r is in g

a

p ip e -fitte r ,

p lu m b e r ,

c o p p e r s m ith

a m o n g th o m o r e h ig h ly r e m u n e r a te d g r a d e s o f la b o r .

and

The

oth e r

tin s m ith ,

are

J u st b e fo r e th e w a r,

t h e s e e ig h t m e n t o g e t h e r w e r e r e c e iv in g , o n t h e b a s is o f a n e ig h t -h o u r d a y ,
$ 2 5 0 5 p e r d ie m .

In

1 9 1 7 , ju s t a fte r th e e n tr y o f th e U n ite d S ta te s in to

t h e w a r , t h e y w e r e b e in g p a id , o n t h e s a m e b a s is , $ 2 7 4 0 , a n in c r e a s e o f
9% .

T o - d a y t h e y a r e g e t t in g f o r e ig h t h o u r s ’ w o r k $ 4 9 6 6 , o r 9 8 %

t h a n in 1 9 1 4 .
t h e y w o u ld

I f t h e a d d i t io n a l in c r e a s e o f 2 5 %

r e c e iv e $ 6 2 0 7

a day,

an

m ore

n o w d e m a n d e d w ere g iv e n ,

ad van ce o f 147%

o v e r t h e p r e -w a r

fig B u t t h e d a t a g i v e n is c o n f i n e d t o t h e e a r n in g s o f t h e m e n in e ig h t h o u r s
d a ily o n ly , a n d t a k e s n o a c c o u n t o f e x tr a w o r k a n d t h e e x tr a p a y m e n t fo r
o v e r t im e , a m o u n tin g t o

d o u b le

t im e

and

a h a lf fo r

o u ts id e w o r k e r s a n d

d o u b le t im e fo r s h o p w o r k e r s .
_ ,
, , ^
T h e a c t u a l a v e r a g e c o m b in e d w e e k l y e a r n in g s o f t h e e ig h t m e n in
a m o u n t e d t o $ 1 5 0 3 0 , in

1917 to

t o $ 4 0 4 0 5 , a g a in o f 1 6 8 %

over 1914.

W ith th e d e m a n d e d 2 5 %

t h e y w o u ld r e c e iv e $ 5 0 5 0 6 . a n in c r e a s e o f 2 3 6 %
or about 125%
of

,
1914

$ 1 6 4 4 0 , a n d a t p r e s e n t t h e y h a v e r is e n
ad van ce

o y e r th e p r e -w a r a v e r a g e ,

in e x c e s s o f t h e r is e in t h e c o s t o f li v in g s in c e t h e b e g in n in g

th e w a r.
.
.
B y t a k in g t h e a v e r a g e w e e k ly a n d y e a r l y e a r n in g s p e r m a n , t h e e x t e n t

o f t h o in c r e a s e is b e t t e r s h o w n , t h u s :
1Q 14
W e e k l y e a r n i n g s . ..................$ 1 8 7 8
Y e a r l y e a r n i n g s ___________ 9 7 6 5 6

n -«ft d em a n d ed
1917.

N ow .

$20 55
1 ,0 6 8 6 0

o fo e , o n
2 ,6 2 6 0 0

25%

a d va n ce.
3 ogo - f
3 , 2 8 2 <6

1576
H ow

THE CHRONICLE

t h e a d v a n c e h a s b e n e f i t e d a ll e ig h t w o r k e r s a n d n o t m e r e l y o n e o r

! Z ^ d lV ^
' SJ n , t h ° g r o u p m a y b e d e m o n s t r a t e d b y c o n t r a s t i n g t h e
e a r n in g s o f t h e h ig h e s t a n d lo w e s t p a id m e n o f th e g r o u p .
F o r th e se tw o
P e r D i e m R a te—
1 9 1 4 ________________
1 9 1 7 . .....................

Low

M an.

H ig h M a n .

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

N o w __

W ith a d v a n c e d e m a n d e d

9 80

P . C . I n c r e a s e O ver 1 9 1 4 —
1 9 1 7 . ..............................

5 .5 %

Now

W ith a d v a n c e .

1 1 /./

A c t u a l W e e k ly E a r n in g s —
1 9 1 4 ____________
__ ___________________
1 9 1 7 _____________

/o

Now _
W ith

23. The men had voted unanimously to return to work the
preceding day, after hearing the report of a delegation of
their leaders which had been sent to Washington to confor
with the Director-General of Railroads, Walker D. Hines.
The men agreed to return to work on the promise of tho
Director-General that he would make an immediate decision
on their wage and hour demands after the report of tho
^ ago Adjustment Board on Nov. 4. Reporting tho action of
the men on the vote to end the strike, the N. Y. “Sun” of
Oct. 23 said:

ad van ce.

A s s o o n a s th e m e m b e r s o f th e c o m m it t e e r e a c h e d N e w
uay

. P ■ C . I n c r e a s e O ver 1 9 1 4 —
1 9 1 7 ............. ..

Now

a fte rn o o n

th ey

c a lle d

a

Y o r k la t e y o s te r -

m e e t in g o f t h e s tr ik e r s , w h ic h

m o u s y t o r e tu r n t o w o r k a t o n c e a t t h e o ld s c a le o f w a g e s .

_

v oted

a n a n i-

A ll n ig h t m e n

w h o d o n o t r e p o r t f o r d u t y b e f o r e 6 o ’c l o c k t o - n i g h t a n d a l l d a y m e n w h o a r e

2 1 6 .2 %

.

V V ith a d v a n c e

[Vol. 109.

n o t o n th e j o b b e fo r o 0 o ’c lo c k t o -m o r r o w m o r n in g w ill b e d r o p p e d f r o m t h e
c o m p a n y r o lls .

A v e r a g e Y e a r ly E a r n in g s —
1 9 1 4 _____________ .
1 9 1 7 _____________
_______ _________
Now - .
W i t h a d v a n c e ____

T h o m a s J . L y o n s , b u s in e s s a g e n t o f lo c a l N o . 6 4 5 , t o ld t h o s t r ik in g te a m ­

—
—
—
—
—
—
—
—
—
—
—
—
—

ste rs a n d c h a u ffe u r s o f th o u lt im a t u m o f D ir e c t o r -G e n e r a l H in e s .

UitjtjX UU

UU

A s a n in s t a n c e o f t h e f a c t t h a t t h e lo w e r p a id c la s s e s o f la b o r h a v e b e e n
fa ir ly d e a lt w ith , it n e e d o n ly b e n o t e d t h a t a t t h e p e r d ie m r a t e t o -d a y

th e

l o w m a n ’s a d v a n c e o v e r t h e 1 9 1 4 f ig u r e is 5 2 . 1 % g r e a t e r t h a n t h e h ig h m a n ,
w h ile o n t h e b a s is o f p r e s e n t w e e k l y e a r n in g s i t is 2 8 . 1 % m o r e .
T h e m a rk e d ex cess o f th e p e r c e n ta g e o f a d v a n c e o n p re se n t a ctu a l earn
in g s o v e r t h a t o f t h e p e r d ie m r a t e is m a n if e s t a t a g l a n c e .
A d v a n c e in A c tu a l E a r n in g s —

Low

M an.

H ig h M a n

— A d v a n c e i n a c t u a l e a r n i n g s ...................
244 3^ " '
P e r d i e m r a t e _____________________ _________________________ _ l o f i ' w
*118%
E x c e s s o f a c t u a l e a r n i n g s _____________________ " I I I ”

5£?n ’

7d o w

H e t o ld u s h o a lr e a d y h a d s e e n th o A t t o r n e y -G e n e r a l a n d w a s r e a d y t o
c a ll f o r t r o o p s ,” s a id L y o n s .
“ H e to ld u s th a t if w e w e n t b a c k t o w o r k th e
r e p o r t o f t h e W a g e B o a r d w o u ld b e h a n d e d in o n N o v . 4 , a n d t h a t h o w o u ld
m a k e a n im m e d ia te d e c is io n o n o u r d e m a n d s fo r a $ 2 5 a m o n t h in c r e a s e , a n
e ig h t h o u r d a y a n d t im e a n d a h a l f o v e r t i m e .”
L y o n s p o in t e d o u t t h a t s in c e th e R a ilr o a d A d m in is t r a t io n h a d ta k e n
o v e r th e e x p re s s c o m p a n ie s t w o y e a r s a g o th e e m p lo y e e s h a d o r g a n iz e d 1 0 0 %
s t r o n g , s o m e t h in g t h e y h a d n e v e r s u c c e e d e d in d o in g b e f o r e .

142%

H o s a id

lm i t t e ° h a d b e c n in c o n f e r c n c o w it h M r . H in e s f o r t w o h o u r s , a n d
t h a t th e r e w a s n o d o u b t t h a t t h o D ir e c t o r -G e n e r a l m e a n t w h a t h e s a id .

O n D e c . 31

t h e e x p r e s s c o m p a n ie s w ill b e r e t u r n e d t o th e ir p r iv a t e o w n e r s a n d it w o u ld

I n t h is e x c e s s is s h o w n s o m e m e a s u r e o f t h e b u r d e n p la c e d u p o n p r o d u c t i o n
c o s t s b y t h e n e c e s s ity o f h e a v y e x tr a p a y m e n t s fo r o v e r t im e a t t h e d o u b le
t im e a n d d o u b le t im e a n d a h a lf r a te s .
T h o r e p a ir y a r d s b e lie v e t h a t th e fig u r e s g iv e n , w h ic h c a n b e v e r ifie d b y

n o t p a y , M r . L y o n s s a id , t o r u n t h e r is k o f h a v in g th e ir u n io n d is r u p t e d b y
a fig h t w ith th e G o v e r n m e n t .

H e h in te d t h a t t h o p r iv a t e e x p r e s s c o m p a n ie s

w o u ld lik e n o t h in g b e t t e r t h a n t o s e e t h o o r g a n iz a t io n b r o k e n u p b e fo r o re ­
s u m in g c o n t r o l o f t h e s e r v ic e t h e fir s t o f n e x t y e a r .

n v e s t ig a t io n , n o t o n l y s h o w t h a t l a b o r is m o r e t h a n a d e q u a t e ly p a id f o r t h e

L y o n s s a id f u r t h e r t h a t D ir e c t o r - G e n e r a l H in e s w a s in s y m p a t h y w it h t h e

w o r k d o n e , b u t t h a t a n y d e m a n d f o r s t ill h ig h e r c o m p e n s a t i o n a n d a r e d u c ­
t io n o f h o u r s , is s o u n f a ir a s t o b o u n w o r t h y o f c o n s id e r a t io n .

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

1913 OREA T­

STEEL WORKERS IIA VE R ECEIV ED S IN C E
ES T H O U R L Y W A G E IN C R E A S E .

According to a statement made public on Oct. 20 bythe
Bureau of Statistics of the U. S. Labor Department the
increase in earnings per hour of employees in eleven principal
industries during the last six years was greatest in the iron
and steel industry. While in some departments tho pay
was greater than others, in all departments collectively, the
Bureau reports, the hourly wage and steel and iron mill
■ workers in 1919 was 221% of the hourly wage in 1913, or
2 1-5 times as great. The smallest increased earnings were
those in the mill work industry, where the increase of 1919
over 1913 was only 51%. In the nine other industries for
which figures were given the increases varied from 52 to 94%.
These include cotton, woolen, silk, clothing, underwear,
shoes, furniture and cigar factory workers.

e v e r y t h in g h e c a n t o m a k e it r ig h t .

O t h e r m e m b e r s o f t h e c o m m it t e e b a c k e d u p L y o n s ’s s t a t e m e n t s .

t h e e x te n t t o w h ic h

o r g a n iz e d la b o r

h a s g o n e in it s a t t e m p t t o r e g u l a t e b u s in e s s a c c o r d in g t o t h e d e s ir e s , t h e o r ie s
o r w h im s o f t h o s e lf-a p p o in t e d r e g u la t o r s m a y h a v e t o r e a d t w ic e t h e s u b ­
jo in e d c ir c u la r b e fo r e t h e y w ill b e lie v e th e ir e y e s .

I t is a l e t t e r a d d r e s s e d

t o t h e n e w s p a p e r p u b lis h e r s o f t h is t o w n b y P h o t o E n g r a v e r s U n io n N o . 1 :
“ N E W

Y O R K

PH O TO

E N G R A V E R S

U N IO N

N U M B E R

O N E.

“ 5 0 2 P u lit z e r B u ild in g , N e w Y o r k , O ct. 9 1 9 1 9 .
P u b lis h e r s A s s o c ia tio n o f N e w Y o r k C ity , P u litz e r B u ild in g , N e w Y o r k C ity :
G e n tle m e n :

A

m en ace

to

th e

p h o to -e n g r a v in g

in d u s t r y

e x ists

in

th e

g r a n t in g o f e x te n d e d c r e d it s b y c e r t a in e m p lo y e r s t o p u b lis h e r s , a d v e r t is in g
a g e n c ie s a n d o th e r u sers o f p h o to -e n g r a v in g s .
“ \V o r k

su ch

a s o u r m e m b e r s p r o d u c e w h ic h

is m o s t l y

p e r s o n a l s e r v ic e

a n d la b o r s h o u ld b e p a id w ith in a r e a s o n a b le p e r io d a n d t h is o r g a n iz a t io n
r e c e n t ly fo u n d it n e c e s s a r y fo r t h e p r o t e c t io n o f it s m e m b e r s t o s e t a d e fin it e
t im e lim it o f n in e t y d a y s fr o m t im e o f r e n d e r in g s e r v ic e , in w h ic h e n g r a v in g s
p r o d u c e d b y t h e m s h a ll b e p a id f o r .
“ O n a n d a ft e r O c t . 15 o f t h e p r e s e n t m o n t h , t h is r u lin g w ill b e e n fo r c e d .
A ft e r t h is d a t e , o u r m e m b e r s n o m a t t e r w h e r e o r b y w h o m

e m p lo y e d w ill

r e fu s e t o g r a n t fu r t h e r s e r v ic e t o a n y p u b lis h e r , a d v e r t is in g a g C n c y o r o t h e r
u s e r s o f p h o t o -e n g r a v i n g s w h o h a v e n o t p a id f o r s u c h f o r m e r s e r v ic e w it h in
t h e t im e lim it a b o v e s ta t e d .
* B e assu red
te rm s o f o u r

t h a t t h is fu r t h e r a c t io n

M in im u m

“ V ery

in c a r r y i n g o u t a n d

e n fo r c in g t h e

S e llin g B a s e f o r P h o t o E n g r a v in g s ’ is f o r t h e f u t u r e

p r o te c tio n o f o u r m e m b e r s
g r a v in g in d u s tr y .
tr u ly

and

th e

gen eral

b etterm en t

of

th e

p h o to -e n ­

you rs,
“ E .

J.

V O LZ.

P r e s id e n t,

“ N e io Y o r k P h o to -E n g r a v e r s U n io n N o . 1 . "
I t is r e a s o n a b le , a n d o n l y j u s t t o t h e u n io n , t o a s s u m e t h a t c o - o r d i n a t e
n o t ic e h a s b e e n s e r v e d b y th e u n io n o n its m e m b e r s ’ e m p lo y e r s , t h e e n g r a v ­
in g h o u s e s w h ic h s u p p ly g o o d s

t o t h o p u b lis h e r s w h o a re w a r n e d ,

in t h e

le t t e r q u o t e d , t h a t t h e y m u s t n o e x p e c t a n y c r e d it e x c e p t th a t w h ic h th o
u n io n d e c r e e s .
W e s u b m it t h e d o c u m e n t a s o n e o f t h e m o s t in t e r e s t in g p ie c e s o f e v id e n c e
o f th e s y n d ic a lis tic d r ift th a t h a s c o m e t o th e s u r fa c e .

S h a u n e s s y o f B o s t o n , w h o a ls o a t t e n d e d t h e H in e s c o n fe r e n c e , s a id
D ir e c to r -G e n e r a l h a d

e m p h a siz e d

th o s e m e n w h o d id n o t r e tu r n t o
d r o p p e d fr o m t h e c o m p a n y r o lls .

th e fa c t

w ork

th a t if it c a m e

w it h in

a

lim ite d

The strike of more than 10,000 chauffeurs, teamsters,
helpers and stablemen employed in the New York district
by the American Express Co. (which is under the control of
the U. S. Railroad Administration) was terminated on Oct.



t im e

to

a

fig h t

w o u ld

be

A s t o t h o t h r e a t m a d e b y s t r ik e le a d e r s r e c e n t ly t o s p r e a d t h e s t r ik e t o
e v e r y c i t y in t h e E a s t ,
S ta tes A r m y
d e c la r e d .

H in e s s t a t e d

if n ecessary to

t h a t h e w o u ld u s e t h e w h o le U n ite d

ca rry on

th e e x p re s s s e r v ic e , M r .

S h au n essy

Denial was mado by Director-General Hines on Oct. 23
t lat lie had decided to use troops to take tho place of tho
striking employees of the American Railway Express Com­
pany in the New York district as reported by certain news­
papers of that dato.
In his statement Mr. Hines said:
A r e p o r t w a s p u b lis h e d t h is m o r n in g in c o n n e c t io n w it h t h e v o t e t o r e t u r n
\°™W° r
° £ c h a u ffe u r s , te a m s te r s a n d fr e ig h t h a n d le r s e m p lo y e d b y th o
A m e r ic a n R a il w a y E x p r e s s C o m p a n y in N e w Y o r k C it y a n d v i c in it y , t h a t
to h a v e th e A tto r n e y -G e n e r a l sen d tro o p s to N e w

o ta k e t h e s t r ik e r s ’ p la c e s
E xp ress C o m p a n y .

t e m p o r a r ily

and

op era te

th o

w agons

Y ork
of

th o

T h is r e p o r t is e n t ir e ly w it h o u t f o u n d a t io n a n d t o a v o i d m is u n d e r s t a n d ­
u s e o f t r o o p s , e it h e r in

T h e r e w a s n e v e r a n y m e n t io n o f th e

m y d is c u s s io n s o f t h is m a t t e r w it h t h e A t t o r n e y -

G e n e r a l o r w it h th e r e p r e s e n ta tiv e s o f t h e e m p lo y e e s p r e v io u s ly o n s tr ik e .

The expressmen’s strike started on Oct. 12 (see “Chroni­
cle” Oct. 18, page 1502).
The longshoremen’s strike, which was partially broken
by tho action of six unions voting to return to work on
Oct. 14, is still in progress, notwithstanding tho predictions
which had been mado by tho heads of the international
union (cited in these columns last week) to tho effect that
the strike would be over before Monday. Secretary Wil­
son of the Department of Labor announced tho appoint­
ment on Oct. 18 of Mayor Hylan.F. Paul Vaccarolli of Now
York, and James L. Hughes, Immigration Commissioner
at Philadelphia, as a Special Conciliation Commission to
attempt to sottlo tho longshoremen’s strike.
The strikers have refused to deal with Mr. Vaccarolli,
whilo tho efforts Mayor Hylan has mado during tho past
week to settle the issuo have proved unsuccessful. Tho
men furthermore havo refused to heed the orders of tho
president of their international union. Their action in this
respect is analagous to that of tho striking compositors in
the local printing plants who have refused (contrary to tho
edict of their international President) to arbitrate tho 44
hour week.
The following statement was issued by the employing
shipowners and stevedores on Oct. 23 after a meeting of
their standing committee.
b
T o t h e m e m b e r s o f t h e I n t e r n a t io n a l L o n g s h o r e m e n ’s
t h e a ffilia t e d lo c a ls o f th e P o r t o f N e w Y o r k :

S T R I K E OF A M E R I C A N E X P R E S S WORKERS E N D S —
M A R I N E S TR IK E CO N TIN U E S .

A lb e r t

t io n , a n d " c o u ld p r o v e i t ” w h e n t h o p r iv a te o w n e r s t o o k c h a r g e .
th e

in g , I d e s ir e t o d e n y it im m e d ia t e l y .

[ F r o m t h e N e w Y o r k “ S u n ” o f O c t . 1 2 .J
P e r s o n s w h o a re n o t fa m ilia r w ith

m a il

P o s s s a id i f t h e m e n “ s a t t i g h t ” t h e y w e r e g o i n g t o h a v e c o n t r o l o f t h o s itu a ­

i h a d th rea ten ed

A LABOR U N I O N DECREES W H A T C R E D IT A N E M ­
PLOYER S H A L L E X T E N D .

M r . L y o n s th e n r e fe r r e d t o th e

h a n d le r s s t r ik e w h ic h t h e G o v e r n m e n t b r o k e . F if t e e n o f it s le a d e r s a r e n o w
s e r v in g s e n t e n c e s in t h e F e d e r a l P r is o n a t A t la n t a , h e s a id .

The

s te a m s h ip

lin e s

and

e m p lo y in g

stev ed ores

fe e l

c o m e w h e n w e s h o u ld m a k e a fr a n k d e c la r a t io n t o y o u
t o th e ir a t t it u d e in t h o p r e s e n t c o n t r o v e r s y .

A s s o c ia t io n

th a t th e

tim e

and
has

a n d t h o p u b lic a s

T h e y d e s ir e t o b e c le a r ly u n d e r s t o o d t h a t w h ilo t h e y e n t e r t a in t h o h ig h
e s t r e s p e c t a n d r e g a r d f o r t h o M a y o r o f t h o C i t y o f N e w Y o r k a n d w h ilo t h e v
r e c o g n iz e t h a t h is m o t iv e s in e n t e r in g t h is c o n t r o v e r s y w o r e o f t h o h ig h e s t
a n d e n t it le d t o e v e r y c o n s id e r a t io n , t h e y h a v o d e fin it e ly d e c id e d a n d b o u n d
th e m s e lv e s in a r g u m e n t t o s t r ic t ly o b s e r v e a n d m a in ta in t h o a w a r d o f t h o
N a t io n a l A d ju s t m e n t C o m m is s io n

in

Its e n t ir e t y

and

th a t u n d er n o

c lr -

•

c u m s t a n c e s w h a t e v e r w ill t h e y

b e in flu e n c e d

to

v a r y fr o m

c e n t iv e t o

th a t p o s it io n .

C o m m is s io n w a s a r r iv e d
and

th e

a t m u tu a lly b e tw e e n

s te a m sh ip

in t e r e s t s .

The

of

th e

th e U n ite d S ta te s G o v e r n m e n t.
B o t h s id e s in t h o c o n t r o v e r s y b o u n d

th e m s e lv e s in o p e n

c o m m is s io n

The

p le te d

and ap proved b y

a b id e

by

th e

aw ard

in

any

p a r tic u la r

th e

th o

con trov ersy ,

and

th ey

d e sir e

c o n fu s e d

th e r e fo r e

m ake

is im p r a o t i c a b l e .

a t th e o u tset, n o t

th e

u n d e r ly in g

p r in c ip le

t h e b ill p r o v id e s

of

th e

le g is la tio n .

fo r t h e c r e a t io n

T o

o f a r a ilw a y

T h is

board

s h a ll im m e d ia t e ly

o f o r g a n iz in g t h e

road s

th o sch em e o f sy stem

in

on

o r g a n iz a t io n

sy ste m s.

o r g a n iz a t io n

W hen

th e

ta k e

up

p r o je c t

m u s t b e s u b m itte d

th e

is c o m "

to

and

in t o th e s e p r e s c r ib e d s y s te m s .

Any

r a ilr o a d

ap­

com pan y

t o t h e p e r f e c t e d s c h e m e o f c o n s o lid a t io n a s o u t lin e d in t h e m e a s u r e .

T hese

v o lu n t a r y c o n s o lid a tio n s m u s t b e a p p r o v e d b y th e R a ilw a y T r a n s p o r t a t io n
B o a r d a n d b a s e d o n v a lu a t io n s fix e d b y p u b lic a u t h o r it y , t h e a im b e in g t o

b y th e d e ­

to

w a s r e je c te d

t io n s m u s t h a r m o n iz e w it h t h e g e n e r a l p la n s o t h a t t h e p r o c e s s s h a ll le a d

m e n a r o a t a ll t im o s w illin g a n d r e a d y t o p e r fo r m th e ir o b li g a t i o n s a n d c a r r y
in

o w n e r s h ip

Is c o n v i n c e d t h a t

o w n e r s h ip

m a y a p p ly fo r c o n s o lid a t io n w it h a n o t h e r , b u t a ll th e s e v o lu n t a r y c o n s o lid a ­

a n d u s e le s s .
T h o s t e a m s h i p li n e s a r e c o n v i n c e d t h a t t h e g r e a t b o d y o f t h e l o n g s h o r e ­

v e lo p m e n ts

sta te s

t a r y c o n s o lid a t io n

w h o le

o f a r b it r a t i o n in a n y d is p u t e s o r c o n t r o v e r s ie s b e c o m e s in o p e r a t iv e

o u t t h e ir a g r e e m e n t s , b u t in t h e p r e s e n t in s t a n c e a r e

C o m m itte e

p r iv a te

p r o ^ved b y t h e I n t e r - S t a t e C o m m e r c e C o m m i s s i o n .
A p e r io d o f s e v e n y e a r s f r o m t h e p a s s a g e o f t h e A c t is a ll o w e d f o r v o l u n ­

I t m u s t b o a p p a r e n t t o e v e r y m a n t h a t i f t h e s t e a m s h ip in te r e s ts o r t h e
r e fu s e t o

The

under

u n d e r p u b lic

it in o p e r a t io n

per annum .
q u e s t io n

t h o S e c r e t a r y o f W a r a n d 't h e U n i t e d S t a t e s S h i p p i n g B o a r d .

sy ste m

s e r v ic e .

sy stem

t r a n s p o r t a t i o n b o a r d o f f i v e m e m b e r s a p p o i n t e d b y t h e P r e s id e n t a t $ 1 2 ,0 0 0

s e s s io n b e fo r e

w a s r e n d e r e d a ft e r lo n g a n d m o s t p a t ie n t h e a r in g a n d m a t u r e d e lib e r a t io n

lo n g s h o r e m e n

p o s s ib le

s in g le

fo r e g o in g

a c c o m p lis h

t h e c o m m is s io n t o a b id e b y t h e a w a r d o f th e c o m m is s io n , a n d t h is a w a r d
b y th o c o m m is s io n , a n d it h a s b e e n o ffic i a lly c o n fir m e d

best
a

m o r e th a n o n e m e m b e r o f th o C o m m itte e fa v o r in g it.

w e r e n o m in a t e d , a s a g r e e d b y b o t h s id e s , a n d th e C h a ir m a n w a s a p p o in t e d
by

in

w h ile u n ific a t io n

th e m em b ers o f y o u r asso­

m em bers

th e

u n ific a tio n

T h e a g r e e m e n t t o p la c e t h e c a s e in t h e h a n d s o f t h e N a t i o n a l A d ju s t m e n t
c ia tio n s

1577

THE CHRONICLE

O ct. 25 1919.]

s e ttle

t h is

fo re v e r

th e

q u e s tio n s

of

v a lu e

and

c a p it a liz a t io n

and

in s u r e

th a t

fin a l s ta te m e n t t o t h o m e n a n d t h e p u b lic t h a t w ith e v e r y p o s s ib le r e g a r d

h e r e a f t e r t h e c h a r g e t h a t r a il w a y c a p it a li z a t i o n is e x t e n s iv e ly w a t e r e d m a y

a n d r e s p e c t f o r h is H o n o r t h e M a y o r t h e a w a r d o f t h o N a t i o n a l A d ju s t m e n t

b e p u t a t rest.
U n d e r th e s e v o lu n ta r y

C o m m is s io n m u s t b e liv e d u p t o .
T H E S T A N D IN G C O M M IT T E E
STE V E D O R E S.

OF

L IN E S

A N D

to

E M P L O Y IN G

_____________________________________ _

m ust b e
by

equal

th e

In ter­

T h u s w h e n it is c o m p le t e t h e t o t a l o f a ll s e c u r it ie s w ill e x a c t l y
T h e s a m e r u le s

w ill a p p l y in m a k in g t h e c o m p u ls o r y c o n s o lid a t io n s w h ic h a r e p r o v id e d f o r

T h e b i l l Is o n e o f t h e m o s t v o l u m i n o u s l e g i s l a t i v e m e a s u r e s b r o u g h t b e ­

a ft e r t h e e x p ir a tio n o f t h e s e v e n -y e a r p e r io d , i f n o t a ll t h e r o a d s h a v e b e fo r e
t h a t b e e n in c lu d e d in t h e v o l u n t a r y c o n s o lid a t io n s .
N o c o n s o l i d a t i o n m a y b e c a r r ie d o u t u n le s s t h e
F e d e r a lly
W hen

in c o r p o r a te d ,

th e

g iv in g

p e r io d o f s e v e n

th e

U n ite d

S ta te s

y e a r s h a s e x p ir e d

o w n in g

fu ll

and

t h o o n t ir o t r a n s p o r t a t io n p r o b le m In a m o r o in c lu s iv e m a n n e r t h a n h a s e v e r
th e e n tir e r e o r g a n iz a t io n

o f t h o r a ilr o a d s y s t e m s o f th e c o u n t r y , p r o v id e s f o r c o -o r d in a t io n o f t h e r a il

com pan y

a u t h o r it y

is

over

th e t im e c o m e s f o r

it .
th e

c o m p u ls o r y c o n s o lid a t io n t h e r a ilw a y t r a n s p o r t a t io n b o a r d w ill h a v e p o w e r
t o s e c u r e th e in c o r p o r a t io n o f c o m p a n ie s r e q u ir e d t o c o m p le t e t h e s c h e m e
o f c o n s o lid a t io n .

B a c k o f a ll t h is is t h e p o w e r o f c o n d e m n a t i o n o f e it h e r

t h e r a ilw a y p r o p e r tie s o r th e ir s e c u r it y .
M e a n t im e , p e n d in g t h e c o m p le t io n o f th is s c h e m e , in

ord er to

p ro te ct

t h o p u b lic a n d a ls o th e w e a k e r r o a d s , t h e I n t e r s t a t e C o m m e r c e C o m m is s io n
is r e q u ir e d t o d iv i d e t h o c o u n t r y in t o r a t e m a k in g d is t r ic t s .
of

tr a n s p o r ta tio n

r e g u la tio n

en ters

h ere.

The

A

new pow er

c o m m is s io n

is

r e q u ir e d

t o s e e t h a t t h e r a t e s p r e s c r ib e d f o r e a c h r a t e d is t r ic t s h a ll b e , a s n e a r ly a s
p o s s ib le

o n ly s u ffic ie n t t o p r o d u c e a n e t o p e r a t in g in c o m e

t h a t d is tr ic t o f 5 A %

in

m in e d b y
n iz o d

a n n u a lly o n

o f a ll t h e r o a d s

th e v a lu e o f th e p r o p e r t y a s d e te r ­

t h e I n t e r s t a t e C o m m e r c e C o m m is s io n ’s v a l u a t io n .

I t is r o c o g -

t h a t t h e r e w ill b o d i f f i c u l t i e s in a s c e r t a in in g t h is v a l u a t i o n , b u t t h e

c o m m is s io n is r e q u ir e d t o m a k e t h e b e s t p o s s ib le a p p r o x im a t io n .
T h is p la n o f v a lu a tio n

and

lim ite d

m o r e p r o fit a b le r o a d s , w h ic h
lik e w is e
th e
in

d is p le a s e d

a u t h o r iz e d
it s

retu rn

d is c r e tio n

h a lf p e r

som e

cen t,

to

is

w ill

be

in c r e a s e

to

be

e a r n in g s h a s n o t a t a ll p le a s e d

in s is t t h a t t ljo r e t u r n

im p o r ta n t
to o

th o

u sed

s h ip p in g
h ig h .

fix e d

fo r

is t o o

in te r e s ts ,

The

retu rn

lo w

C o m m is s io n

th o

a n d it h a s

w h ic h

in s is t

is

th a t

a u th o r iz e d

6 % , b u t th e a d d itio n a l

to

“ n o n -p r o d u c tiv e ”

im p r o v e m e n ts

in

th e

p r o p e r t i e s ; o r e x a m p l e , a r o a d h a v i n g a d e p o t t h a t r e p r e s e n t s $ 1 0 ,0 0 0 i n ­
v e s t m e n t , d e s i r i n g t o r e p l a c e i t w i t h o n e c o s t i n g $ 2 0 ,0 0 0 , w i l l b o a l l o w e d
to

pay

th e

$ 1 0 ,0 0 0 f r o m

a d d itio n a l

t h is

fu n d ,

but

a m o u n ts

ta k e n

fr o m

t h is f u n d a r e n o t t o b e c a p i t a l i z e d n o w o r in t h e f u t u r e .
N o w c o m e s th e fe a tu r e w h ic h t h e c o m m it t e e fo u n d m o s t d if f ic u l t .
s c h e d u l e o f r a t e s w h i c h w ill p r o d u c e a n a v e r a g e o f 5 A %

T h o p r in t c o v e r s 1 0 8 p a g e s a n d d e a ls w it h
It covers

th e c a p it a liz a t io n

e q u a l t h e v a lu e o f a ll t h e p r o p e r t ie s a s t h u s d e t e r m in e d .

The CumHiins railroad bill perfected by the Senate Inter­
State Commerce Committee, was reported to the Senate on
Oct 23, by a vote of 14 to 1, Senator La Follette (Repub­
lican) who is opposed to the anti-strike provision, having
cast the dissenting vote. The bill which would reorganize
the railroad systems of the country provides for the co­
ordination of the rail and water systems, and for intimately
co-relating the railroad with the maritime transportation
system. Proposing Government control but private owner­
ship and operation the bill provides for the unification of
the railway properties into not less than twenty nor more
than thirty-five regional systems. The Cummins bill had
previously been submitted to the Senate on Sept. 2 by
Senator Cummins as Chairman of the Sub-Committee of
the Senato Inter-State Commerce Committee which had
drafted tho bill and it was at that time referred by the
Senate to the full Committee on Inter-State Commerce.
Reference to the bill as drafted by the sub-committee was
mado in our issue of Sept. G, page 938. In explanation
of tho provisions of tho bill, in its present form, Senator
Cummins on Oct. 22 issued a statement saying:
b e e n a t t e m p t e d in a s in g le m e a s u r e .

c o n s o lid a t io n s

a g g r e g a te v a lu e o f p r o p e r tie s c o n s o lid a t e d , a s fix e d

in f o r c e .

C U M M I N S RAIL ROAD BILL A S PERFECTED B Y
S E N A T E C O M M I T T E E REP0RTR1) TO SENA TE.

fo r e C o n g r e s s In r e c e n t y e a r s .

th e

S ta te C o m m e r c e C o m m is s io n u n d e r t h e r a ilw a y v a lu a t io n le g is la tio n n o w

A

o n a ll t h e r o a d s

6 to
8°
t h e b ill fix e s a m a x im u m , i f a c o m p a n y g e ts a n o p e r a t in g in c o m e a b o v e 6 % ,
o n e - h a l f o f t h e e x c e s s b e t w e e n 6 a n d 7 % s h a ll b o p l a c e d in a c o m p a n y r e ­
w ill

e n a b le

th e

m ore

p rosp erou s

c o m p a n ie s

to

earn

a n y w h e re fr o m

p e r h a p s 1 5 % , w h i l e le s s f o r t u n a t e o n e s w i l l e a r n m u c h l e s s t h a n 5 H % •

a n d w a t e r t r a n s p o r t s y s t e m s in s id e t h e U n it e d S t a t e s , a n d f o r in t i m a t e ly
c o -r e la t in g th o r a ilr o a d s y s t e m w it h t h o m a r it im e t r a n s p o r t a t io n s y s t e m

s e rv o fu n d

w h ic h , u n d e r th o A m e r ic a n fla g , r e a c h e s t o th o e n tir e w o r ld .

a s a g e n e ra l r a ilr o a d c o n t in g e n t fu n d .
A b o v e 7 % t h e c o m p a n y w ill p l a c e o n e - f o u r t h o f t h e e x c e s s i n i t s r e s e r v e

a im

is’ n o t h i n g l e s s t h a n

In sh ort th e

t o o r g a n iz e t o g e t h e r in o n e g i g a n t ic u n i t y u n d e r

a n d t h o o t h e r h a l f w ill g o

e ff e c t iv e F e d e r a l c o n t r o l a ll t h o in s t r u m e n t a lit ie s o f r iv e r , c a n a l, r a il a n d

fu n d

ocean

W h e n th e re se rv e fu n d h a s a c c u m u la te d t o a n a m o u n t e q u a l t o 5 %

tr a n s p o r ta tio n , a n d

to

s u b je c t th e m

to

F e d e r a l a d m in is tr a tiv e

au­

and

th r e e -fo u r th s

w ill

go

to

t o th e r a ilw a y t r a n s p o r t a t io n b o a r d

th e

gen eral

r a ilr o a d

c o n tin g e n t

v a l u e o f t h e p r o p e r t y , it s a c c u m u la t i o n m u s t c e a s e , a n d

fu n d .
o f th e

o n e -th ir d o f th e

t h o r ity .
T h o b ill r e p e a ls th e A c t o f M a r c h 21 1 9 1 7 , e x c e p t a s t o t h e p r o v is io n s fo r

o p e r a t in g in c o m e a b o v e 6 % s h a ll t h e r e a ft e r b e r e t a in e d b y t h e c o m p a n y , a n d

s e t t lin g u p t h o p r o b le m s in v o lv e d in F e d e r a l c o n t r o l .

t w o th ir d s p a id in t o th e g e n e r a l r a ilw a y c o n t in g e n t fu n d .
T h e c o m p a n y re se rv e fu n d m a y b e d ra w n u p o n t o p a y

T h o G o v e r n m e n t is t o

c a r r y fo r a p e r io d n o t e x c e e d in g te n y e a r s th e in d e b t e d n e s s o f t h o r a ilr o a d s
t o it o n a c c o u n t o f m o n e y s a d v a n c e d , c h a r g e a b le t o c a p ita l a c c o u n t .

That

is , a d v a n c e s b y t h o G o v e r n m e n t t o t h o c o m p a n ie s d u r in g th e p e r io d o f F e d ­
e r a l c o n t r o l w h i c h w e r e e x p e n d e d in a d d i t i o n s a n d b e t t e r m e n t s w il l n o t b e r e ­
q u ir e d t o b o r e p a id im m e d ia t e ly , b u t th o G o v e r n m e n t w ill t a k o e v id e n c e s
o f a n d s e c u r itie s f o r t h e c o m p a n ie s in d e b t e d n e s s t o it .
ch a ra cte r

am ou n t to

about

$ 1 ,2 0 0 ,0 0 0 ,0 0 0 .

Tho

A d v a n c e s o f t h is

fig u r e

m ay

p rove

le s s ,

b u t t h o a c c o u n t s a r o n o t n e a r ly u p t o d a t o a n d o n l y a p p r o x im a t io n is n o w
F rom

c r e d it.

T h e g e n e r a l r a ilw a y c o n t in g e n t fu n d w ill b e u s e d fo r t h e g e n e r a l

a d v a n c e o f r a ilw a y in te r e s ts , s u c h a p r o v is io n o f n e w fa c ilit ie s , n e c e s s a r y
e x te n s io n s a n d th e lik e .

I t m a y a ls o b e u s e d t o b u y e q u ip m e n t w h ic h m a y

b e r e n te d t o w e a k e r r o a d s , o r it m a y b e lo a n e d in c a s h t o t h e m .
I t is a ls o p r o v i d e d , a s t o t h e m a x i m u m a n d m in im u m e a r n in g p r o v is io n s ,
th a t a t th e en d o f fiv e yea rs fr o m

t h e e s ta b lis h m e n t o f th e n e w s y s t e m a n d

t h is a m o u n t o w e d b y t h o c o m p a n ie s t o t h e G o v e r n m e n t w ill b e d e ­
a m o u n t s w h ic h th e

G o v e r n m e n t o w e s t o t h o r a ilw a y s f o r s e r v ic e s

th o s it u a t io n , a n d i f t h e 5 A
l o w , in

v ie w

and 6 %

t h o G o v e r n m e n t , a m o u n t in g t o p r o b a b l y a b o u t $ 3 0 0 ,0 0 0 ,0 0 0 , w ill b e c a r ­

in c r e a s e o r r e d u c e t h e p e r c e n t a g e .
T h e is s u e o f a ll s e c u r it ie s is p u t
p r e v e n t w a te r in g th e m

ren d ered.

I n a d d itio n

m e n tio n e d

fr o m

t o th e s e a m o u n ts c e r ta in o t h e r a d v a n c e s m a d e b y

advan ces

rep resen t

expenses

th a t

w o u ld

have

T hese

been

p a id

A ls o t h e b ill p r o v id e s f o r r e t u r n o f t h e w o r k in g c a p it a l t h a t w a s t a k e n o v e r
I t is n o t y e t p o s s i b l e t o s t a t e w h a t t h o a m o u n t I s , b u t t h e

e x c lu siv e

e x e r c ise d

by

fu n c tio n .

r a ilw a y

e x c e e d th e c o s t o f o p e r a tio n o f a r o a d fo r a m o n t h .

T h o c o m m it t e e 's in ­

t h e ir p r o p r ie t a r y c o m ­

p a n ie s a t m id n ig h t o f t h e la s t d a y o f t h e m o n t h in w h ic h t h o b ill s h a ll b e ­
la w .

It

u n d erta k es

to

re o r g a n iz e

th e

r e g u la tio n

sy stem

o llm in a to t h o d iffic u lt ie s o f th e o ld s y s t e m o f r a ilr o a d c o n t r o l.

so

as

to

U n d er th a t

pow ers

now

In te rsta te
e x e r c ise d

to

A r o a d w it h a la r g o e a r n in g p o w e r , in c o m p e t it io n w it h a n o t h e r h a v i n g a

C om m erce
by

co n tro l

th e

of

board .

C o m m is s io n

of

tr a n s p o r ta tio n
Tho

a im

som e

of

has
th e

w ill

be

been

to

m a n ifo ld

A c c o r d in g ly th e fo llo w in g fu n c t io n s a n d

In tersta te C o m m e rce

C o m m is s io n

are

a ls o

tr a n s fe r r e d t o t h e b o a r d :
A d m in is t r a t io n o f t h e C a r S e r v ic e a c t o f 1 9 1 7 .
T h e le g is la t io n

r e la t in g

s w it c h c o n n e c t io n s a n d
A d m in is tr a tio n

s y s t e m d iffe r e n t r o a d s h a d w id e ly v a r y in g e a r n in g c a p a c it y .

T h is

tr a n s p o r ta tio n

d u tie s h e r e t o fo r e im p o s e d o n it .

f o r m a t i o n is t h a t t h e a g g r e g a t e o f t h e s e a m o u n t s w i l l b o a b o u t $ 3 0 0 , 0 0 0 , 0 0 0 .

th e

F ederal
th o

r e lie v e

com e

F e d e r a l a u th o r ity

t o o m u c h r e g u la tio n ; S t a t e c o m m is s io n s o r o t h e r a u th o r itie s w ill h e r e a fte r
an

b ill s t a t e s t h a t t h e a m o u n t t o b e r e t u r n e d o n t h is a c c o u n t s h a ll in n o c a s e

T h o b ill p r o v id e s f o r t h e r e t u r n o f t h e r o a d s t o

u n d e r a b s o lu te

a n d a ls o t o p r o t e c t th e r a ilr o a d s a g a in s t th e e v i l o f

h a v e a b s o lu t e ly n o c o n t r o l o v e r c a p it a liz a t io n o f r a ilw a y s , w h ic h b e c o m e s

c u r r e n t in c o m e i f th e in c o m e h a d b e e n s u ffic ie n t .

w ith th e r o a d s .

a llo w a n c e s a r e fo u n d t o o h ig h o r t o o

o f t h o g e n e r a l c o n d it io n s p r e v a il in g , it s h a ll h a v e p o w e r t o

r ie d b y t h o G o v e r n m e n t o n d e m a n d n o t e s o f t h e c o m p a n ie s a t 6 % .
la s t

or

e a c h f i v e y e a r s t h e r e a ft e r t h e I n t e r s t a t e C o m m e r c e C o m m is s io n s h a ll r e v ie w

p o s s ib le .
d u cted

d iv id e n d s

in t e r e s t w h e n t h o c o m p a n y ’s in c o m e fa lls b e lo w 6 % , t h u s in s u r in g s t e a d y

s a fe ty

o f b o th

to

c o n s t r u c t io n , m a in te n a n c e a n d

o p e r a tio n

of

s id e t r a c k s .

o f th e s a fe ty

a p p lia n c e a n d

oth er a cts t o

p ro m o te

th e

t r a v e lle r s a n d r a ilw a y e m p lo y e e s .

o n its in v e s t m e n t , w h ile t h e p o o r e r

A d m in is t r a t io n o f t h e le g is la tio n r e la tin g t o t h e h o u r s o f s e r v ic e o f r a il­

r o a d , o n e x a c t ly th e s a m e s c h e d u le o f ra te s , w o u ld e a rn p e r h a p s 3 o r 2 o r

w a y e m p lo y e e s .
A d m in is t r a t io n o f t h e le g is la tio n r e la tin g t o t h e tr a n s p o r t a t io n o f e x p lo ­

s m a ll e a r n in g p o w e r , m ig h t e a r n
1% .

The

c o m m itte e

fa ilu r o b e c a u s e

has

15%

c o n c lu d e d

o f th e d is c r e p a n c ie s

th a t th e
in

o ld

r e g u la to r y

t h e e a r n in g c a p a c it y .

p la n
Tho

w as

a

p o lic y

o f t h e b ill r e c o g n iz e s t h a t th e o n ly w a y t o r e m o v e th o s e d is c r e p a n c ie s w a s

A d m in is tr a tio n

o f t h e le g is la tio n

fo r e s ta b lis h m e n t o f b lo c k

s ig n a l s y s ­

o f a d ju s t in g r a te s w o u ld b e p e r fe c t ly s im ­

tem s.
T h e p o w e r s o f t h e I n t e r s t a t e C o m m e r c e C o m m is s io n a r e g r e a t ly e n la r g e d

T h a t p la n w a s r e je c t e d , a n d t h e n t h e a lt e r n a t iv e w a s t o c o n s o lid a t e

a s t o d e a lin g w it h th e d iv is io n o f jo in t r a te s a m o n g t w o o r m o r e c o m p a n ie s ,

th rou gh

c o n s o lid a tio n .

s in g lo c o r p o r a t io n
p le .

s iv e s a n d o t h e r d a n g e r o u s a r tic le s .

If

a ll

th o p r o b le m

th e

road s

c o u ld

be

c o n s o lid a te d

under

a

t h o r o a d s in t o a f ix e d n u m b e r o f s y s t e m s , e a c h b e in g a b le in t h e a g g r e g a t e

in o r d e r t o e n a b le t h e s h o r t lin e s t o e a r n li v in g r e t u r n s .

t o s u s t a i n i t s e l f , a n d a ll b e i n g a b l e t o e a r n a b o u t t h o s a m e r e t u r n o n t h e ir
c a p ita l.

b e c a m o c o n v in c e d t h a t t h e s h o r t lin e s h a v e n o t b e e n g e t t in g a fa ir d iv is io n

A c c o r d i n g l y t h o b i l l p r o v i d e s t h a t t h e r o a d s s h a ll b e d i s t r i b u t e d in n o t le s s
th a n 20 n o r m o re th a n 35 sy ste m s.
a c a r e fu l in q u ir y in
in te r e s ts a n d

T h is d is t r ib u t io n s h a ll b e m a d e a fte r

w h ic h t h e c o m p a n ie s , in v e s t o r s , t h o

e v e r y o t h e r in te r e s t c o n c e r n e d

w ill b e

S t a t e s , b u s in e s s

e n title d

to

h e a r in g s .

t h e y m u s t b e tr e a te d m o r e g e n e r o u s ly o r t h e y c a n n o t s u r v iv e .
T h e p r o c e d u r e in s e ttlin g d is p u te s w h ic h in v o lv e S ta te a n d I n t e r -S t a t e
r a t e s is s e t f o r t h w it h m u c h d e t a il a n d i t is b e li e v e d a p la n h a s b o o n p e r f e c t e d
w h ic h w ill in s u r e t h e e n d o f c o n f li c t in g a u t h o r it y in t h is r e g a r d .

T h o p la n w ill p r e s e r v o c o m p e t it io n in s e r v ic e , w h ic h t h o C o m m it t e e h a s b e e n

S ta te

c o n v in c e d

I n te r -S ta te C o m m e r c e C o m m is s io n

ex p ected

is v e r y n e c e s s a r y .

T h u s b e tw e e n N e w

th e r e w ill b o fo u r o r f iv e




c o m p e tin g

Y ork

a n d C h ic a g o it is

s y s t e m s p r e s e r v in g t h e in ­

T h e c o m m it t e e

t h a t t h e y h a v e b e e n c o m p le t e ly in t h e p o w e r o f t h e lo n g lin e s , a n d t h a t

ra te

d is c r im in a te s

a g a in s t

In te r-S ta te
is g i v e n

com m erce

or

W hen a

lo c a litie s

th e

th o c o m p le t e a u th o r ity t o d e ­

t e r m in e t h e m a t t e r a ft e r h e a r in g t h o S t a t e a u t h o r it ie s a s t o S ta te in te r e s ts .

1578

THE CHRONICLE

[V o l . 109.

as fully as they had in the past and they ought to resort
to it unless they choose to stand on the rates as they are.”
Mr. Hines’ statement is in reply to the resolutions of the
Association (published in our issue of Saturday last, page
1504) objecting to the position taken by the DirectorGeneral to the effect that the Railroad Administration ought
not to undertake to increase railroad rates. We quote here­
with what Air. Hines has to say in reply thereto under date
of the 17th:

The Inter-State Commerce Commission and the State public utility com
missions concerned in such cases may sit together during their investlgations but the members of the State commissions will not participate in
eciding the issue. The Inter-State Commission is given in this connec­
tion the power to substitute a specific new rate for tho rate which it finds
unreasonable. It has never had this power heretofore.
The Inter-State Commission is given power to name minimum as well as
maximum rates. For many years it has had tho maximum rates power, but
not authority to name minimum rates. Tho broadest powers are con­
ferred as regards the use o f railroad property. The Commission may
order the common use o f terminals, thus unifying the service and pre'
venting waste. In all these regards, the committee has sought to secure
the benefits o f complete unification such as would be produced under
The suggestion of the railroad executives.that the Railroad Administra­
•overnment ownership, whilo avoiding the many disadvantages o f Govern­
tion mako increases in rates can mean only one thing, and that is that the
ment ownership.
Railroad
Administration should make these increases during Federal con­
One o f the most important features is the advance in dealing with water
ransportation. It is declared the rational policy to encourage water trol for tho solo and exclusive benefit of tho railroads under private manage­
transportation, and accordingly the Inter-State Commission is required ment after the end of Federal control. This is true because the conclusion
o anuliarizo itself with facilities for w'ater commerce and given power to has been reached with the approval of the President that it is'not in the
bring about the co-ordination of water and rail facilities. This goes even public interest to make an immediate increase in rates for the purpose of
to the extent of investigating types of boats adapted for various services, increasing the revenues of the Railroad Administration during Federal
control.
requiring establishment of water terminals where they will be convenient
A fundamentally wrong conception is involved in tho claim that tho
also to tho railroads and of co-operating with communities which desire to
President ought to exercise the emergency rate, making power conferred
establish water terminals, concentrate their dock facilities and the like.
upon
him for the purpose of deciding as between the railroads and tho public
Another very important advance concerns relations o f the railroads with
maritime shipping. The Shipping Board is about establishing a large what the former shall charge and what the latter shall pay after Federal
number of routes for siting ships in foreign commerce. Heretofore interior control shall end. The theory of the Federal control was that tho move­
communities have had no touch with and practically no knowledge of the ment would guarantee a rental during Federal control but not afterwards;
conditions o f overseas shipments. The committee has undertaken to the idea of course was that after Federal control the permanent statutory
make it as easy for the interior shipper to get overseas service as for com­ revisions and procedure would be looked to by the railroad companies to
munities on the seaboard. Every ocean carrier under the American flag secure for themselves adequate compensation, the resolution of tho railroad
must file a schedule of the routes, sailing dates, rates and charges of every executives In effect takes the position that they are not willing to resort
boat it operates with the Inter-State Commerce Commission. The Com­ to the permanent statutory provisions to protect their interests, but instead
mission shall publish the substance o f all these schedules and provide this they want the President to use his emergency power so as to provide for
their compensation after Federal control in addition to having guaranteed
publication to all agents o f the railroad companies.
'The cost of the transfer from rail to boat is hereafter to be absorbed by tho them their return during Federal control. There is no duty whatever either
legal
or moral resting upon tho Railroad Administration to institute for the
railroad carriers under rules fixed by the Commission. The railroad shall
issue a through bill of lading, showing the cost o f the rail and water services benefit of tho railroad corporation rates which it believes to bo inexpedient
separately. The railroad is required to deliver tho freight on board the to initiate for its own benefit. On the contrary, the railroad companies
have tho power to protect their interests in this matter just as fully as they
boat.
The legislation dealing with settlement of labor troubles undertakes to had in the past and they ought to resort to it unless they choose to stand
create by permanent law substantially the same machinery for handling on the rates as they are.
With regard to the position suggested by railway executives that the
these disputes that is now in effect for the period o f Federal railway opera­
tion. The Kailway Transportation Board is given the final determina­ Railroad Administration ought to increase rates because of the Railroad
Administration’s
action in creating the expense; this could not be true as
tion in case o f disagreement. This is complete authority as to all disputes
over wages, working conditions and the like. The plan of boards o f adjust­ to the increase in expenses which would have taken place if the Railroad
ment and committees on wages and working conditions now operating Administration had not been in existence. In view of the extraordinary
under the Railway Administration is continued for handling these disputes increases in expenses of all forms of industry under private management,
in the future. These boards are composed of equal numbers of representa­ there is no basis for demonstrating that tho increase in expenses of the Rail­
tives o f the unions o f employees and the companies. They will consider road Administration was due to any cause other than that which affected
all disputes and if possible settle them by agreement; if they fail the Rail­ all forms of industry and hence no basis for claiming that a temporary
emergency power of rate making during Federal control should be em­
way Transportation Board has final authority.
ployed for the exclusive purpose of meeting them after Federal control
The Anti-Strike Provision.
shall have ended. If the Railroad Administration deemed it expedient
The anti-strike provisions make it unlawful for two or more employees in
to increase rates for its own benefit it would still be true that the increases
connection with a dispute over anything that is subject to settlement
it would make to defray expenses of Operations of all the railroads in the
through this plan to agree together to prevent tho operation of trains and
country might be very different from tbo increases which would bo necessary
railway service, or to hinder the operation o f these. This applies to officers,
to protect the separate railroads or separate territorial groups of railroads
directors, managers, agents, attorneys or employees o f the carriers. To aid, in different parts of the country.
abet, induce or procure any act looking to the hindrance o f railway service
W ALKER D. HINES.
in tiiese circumstances is made a misdemeanor punishable by $500 fine or
six months imprisonment, or both. The committee takes tho view that
it should not prohibit strikes without at the same time providing a method
T. D E W I T T C U Y L E R ON P L A N OF R A I L W A Y
y which the Government will assume the responsibility for tho just settle­
E X E C U T I V E S ' M I N I M U M R A T E PROPOSAL
ment of disputes which may lead to strikes.
A N D PLUMB PLAN.
The long and short haul clause was tho subject o f long discussion in tho
committee. Senator I’oindexter (Wash.) urged an amendment absolutely
^
forbidding a higher charge for a shorter than for a longer haul, the shorter
haul being entirely included within the longer. This was voted down, and
the committee substituted a provision that the Interstate Commerce Com­
mission may authorize the greater charge for the shorter haul after proper
hearing and determination, but that in granting this privilege no charge
shall be made for a haul to or from the more distant points that is not fairly
compensatory. In the past it has been the practice o f the roads to haul
tho long distance business, when necessary to meet competition, at a rato
merely sufficient to meet the out o f pocket expense of tho service. Tho sub­
stitution for this practice o f the requirement that the rate charged shall be
fairly compensatory will to a considerable extent overcomo tho objections
which intermediate points have in the past raised.
It is also provided that when a circuitous and longer route is permitted to
When the roads passed under Government control on Jan. 1 1918 tho
mako between two terminal points the same rato that is made by a direct
and shorter route between tho same routes the longer route shall not bo per­ general assumption was that the great issue at this time would be as to
whether
they would remain permanently under tho control of tho Govern­
mitted to make rates to intermediate points on its lines within tho distance
ment through public ownership or whether they should under proper regu­
o f the shorter route higher than its terminal rate.
lations return to their owners. For reasons that need not be entered into
now, that is not now an issue.
Overwhelming public sentiment demands that they shall be returned to
their owners, and the only issue is under what plan that return shall bo
made. A census of the press of the country has recently been taken by
the Association of Railway Executives, of which I am Chairman, and 83%
of the 6,000 Editors answering the questionnaire have stated that the
public sentiment in their communities is opposed to Government ownership
and in favor of the return of the roads to their owners. This would seem
to settle the question for the present, and I am qulto convinced from a some­
what familiar knowledge of the situation that the only issue before the pres­
ent Congress is as to the form of return.
The plan submitted by our Association proceeds on the American prin­
ciple that private initiative and enterprise must bo preserved and that a
fair
return must bo made to those who own the properties. We have in
W A L K E R I). H I K E S I N A N S W E R TO R A I L W A Y
our plan provided for what is known as a transportation board, tho object
E X E C U T I V E S CO NCE RNIN G I N I T I A T I O N
being to obtain men of tho very highest character and ability for this Im­
portant position.
OF R A T E IN CREASES.
It shall be their duty to keep themselves Informed of the transporta don
needs and facilities of tho country and from time to time certify to the
Inter-State Commerce Commission the amount of earnings necessary to
enable tho roads to provide adequate facilities to maintain their properties
to meet their operating expenses, their dividends and the interest on their
indebtedness, and sufficient to attract new capital for the future needs
of the railroads.
This is a fixed statutory rule of rate-making, binding alike on the transporation board and the Inter-State Commerce Commission. It has been
said by Inter-State Commerce Commissioner Clark that this rule has been
practically followed by the Commission in tho past. Wo tako issue with
him in this statement. It cannot be the case because as the public well
knows many of the roads have been hampered almost to the verge of bank­
ruptcy by lack of adequate rates, and railroad credit has reached its lowest

A discussion of the plan of the Association of Railway
Executives for the future of the railways was entered into by
T homas De Witt Cuvier, Chairman of the Association, before
the American Academy of Political and Social Science at
Witherspoon Hall, Philadelphia, on Oct. 18. Air. Cuyler
also referred to the minimum rate suggestions and to tho
Plumb plan for the nationalization of railroads, stating as tothe latter that in effect it is public ownership, and ‘‘of tho
very worst character.” Concerning the Railway Executives
plan Air. Cuyler said:

Senator Cummins gave notice that he would call up the
bill as soon as the Peace Treaty is disposed of. ire read a
letter from Walker D. Hines, Director-General of Rail­
roads, pointing out the need for early legislation; the Senator
also stated that he would present a detailed report with in a
few days and that a minority report would also be filed.
The House bill for railroad reorganization, now being framed
by a sub-committee of the House Inter-State Commerce
Committee, is expected to be reported out shortly.

In a statement issued at Duluth on Oct. 17 in answer to
tho contentions of the Association of Railway Executives
that rate increases should be initiated by the Railroad Ad­
ministration, Director-General of Raiiroads Walker D.
Hines states that there is no duty whatever either legal or
moral, resting upon the Railroad Administration to institute
for the benefit of the Railroad Oorporation rates which it
believes to be inexpedient to initiate for its own benefit.”
On the contrary, says Air. Hines, “the railroad companies
have the power to protect their interests in this matter just




THE CHRONICLE

O ct . 25 1919.

ebb
Whether in the opinion of Commissioner Clark and his associates
such a rule has been followed or not, it has not been under any statutory
provision. Under the rule proposed by the railway executives there could
be no excuse for the Commission not giving adequate rates for all the pur­
poses indicated.

Of the minimum rate suggestions, Mr. Cuyler remarked
that such a program would “be accompanied by a maximum
rate that will take from the successful and prosperous roads
for the benefit of weaker roads, or in other words, establish
a statutory rule that the property of one shall be confiscated
for the benefit of another.” He added: •

Wo believe this not only to be unsound economically but absolutely
illegal, and wo are justified in this belief by the opinion o f our counsel and
Judge Hughes, who has recently rendered an opinion on the subject. It
may bo (hat some rule of taxation could be adopted of a character that
would place a tax upon excess profits of roads that earned an undue amount,
but that is a different proposition from the one contained in any of the
above plans. There can be no such thing as an unreasonable rate for
one road as against another road where all the shippers are treated alike
as to rates; and if by reason of fortunate management or territory one road
makes more than another road under the same rates, that is no reason for
penalizing those who are so fortunate.
,
, ,
.
The Inter-State Commerce Commission under our plan is chargixl Avith
the duty of carrying out the rate policies as determined by the Hoard of
Transportation and to perform all the other duties that are now v^ ted
in them. In order that the rate-making may be intelligently acted by
the Board of Transportation, the country is divided into regions, with
regional boards whose duty in the first instance shall bo to advise the Board
of Transportation o f the needs and necessities of their particular sections. _
It is provided that the roads in times of emergency, as during the 1 odcral
control shall have a right to pool their traffic, have joint terminal facilities
for freight and passenger service, and. in other words, to give a law that,
while providing for a proper and watchful Federal control of the roads for
the protection of the public, will give such latitude to the roads as will
onablo them to meet the requirements of our great country.
M y own judgment is that this is a sounder plan and. as I ha\e said
a more American plan than any that has been devised and that
the roads can prosper and the public be adequately, efficiently and eco-

1579

upon

ference Avith the Director General the executives agreed
the folloAving statement, a copy of Avhich Avas left with the
Director General:
Following the recent correspondence between the Director General of
Railroads and the Chairman of the Association of Railway Executives, a
conference was held today between the Director General and a Committee
of Railway Executives for tho purpose of considering the request of the
executives that the Director General reconsider his decision not to make a
general readjustment of rates during Federal control. The Director General
having after discassion announced that he felt obliged to adhere to the
conclusion ho had already reached, he reiterated his offer to place at the dis­
posal of the railroad companies all the information in the possession of the
Railroad Administration bearing on the subject and to provide the aid of
tho traffic experts employed by the Railroad Administration in studying
the problem and bringing it to a conclusion.
It was thcreuiion resolved that the above mentioned offer o f the Director
General be accepted and immediate steps be taken by the railroad companies,
with such aid, to ascertain the pertinent facts and to prepare their proposal;
for a readjustment of rates in such way and to such extent as will establish
a proper relationship between the expenses and revenues of the railroad com­
panies, in order that their financial needs may be adequately provided for
and they be put in a position to perform efficiently their transportation dutlw
after their properties are returned to them.

AboAre we give the statement of Mr. Hines with regard to
the initiation of rate increases.
HENRY

E V A N S ON “ E X C E S S ” PROFITS PROVISION
OF C U M M I N S R A IL R O A D BIL L.

In a criticism of the Cummins railroad bill, Henry Evans,
President of the Continental Insurance Co., the American
Eagle Fire Insurance Co., and the Fidelity-Phenix Fire
Insurance Co., states in a circular letter under date of Oct. 15
that it “will haA'e the effect of confiscating railroad earnings,
derived from Government established ‘reasonable rates’.”
With regard to the proposal to fix rates upon a basis of 5}^%,
plus Yi of 1% for maintenance, Mr. Evans points out that
nomicallj^s ether p^jprai incorporation shall be compulsory or not is an besides protecting the shipper’s right to just and equal rates
open question and minds differ. In regard to consolidation, the executives and securing the bond holders' right to reasonable security
believe that ample provision should be made under the supervision of the and interest, there must also be fair treatment of existing
Inter-State Commerce Commission and the Transportation Board for con­
solidation or properties when it is clearly to the interest not only of the stockholders and.encouragement of investors to put their
money in new issues of railroad securities. “The public, will
roads themselves but o f the public.
With regard to the Plumb plan, Mr. Cuyler had the follow not in these times,” he states, “invest in new railroad stocks
for a possible return of 0% or loss, Avhen the risk of loss will
ingThisto insay:
effect is public ownership and in my judgment of the very worst be theirs but the profits of success Avill be taken from them” .
character
It is proposed that the roads of the country shall be bought by
the public and operated by a board under Government control, in which Mr. Evans’s observations as to the unfairness of the proposed
labor would have been so predominant a control as to practically make legislation are contained in a circular in ivhieh he urges that
railroad labor tho real owners of the roads. In other words, it is proposed Senator Cummins and all the members of the Senate Inter­
that the rest of tho people shall contribute to the support of some two
millions of railroad employees— a very small minority o f the people of state Commerce Committee be petitioned to eliminate the
the country. Tho labor leaders have frankly stated that the first considera­ provisions of the bill “for the recapture or confiscation of the
tion would be tho wage of the employee, irrespective of the general condi­
so-called ‘excess’ earnings.” The circular folloAvs.
tions of the country or the wage paid labor in other occupations. Of
course working rules would be adopted, many of them of a most onerous
k There would be but one end to such a plan. Sooner or later an indignant
iiublic would demand private ownership, as they are demanding it now,
but meanwhile the country would have received a most expensive and
appalling object lesson, and, as I have had occasion to say, I do not believe
the great body of railroad employees understand M r. Plumb s proposition
or would support it if it was squarely and intelligently put before them.
I believe that this railroad issue is fighting out a principle that applies
to every industry in every walk or life. The railroad situation is not solely
at issue; all branches of industry or private enterprise are at issue. The
solo question is as to whether we propose to stand by tho principles that
havo built up this country and made it in days gone by so prosperous or
whether we propose to seek new goals and new methods untried, or which
where they have been tried have led to disaster and catastrophe.
1 believe the American people are going to settle this question rightly.
There is every evidence that the people are now aroused and are now think­
ing deeply. Congress shows this in its attitude. l o r the first time in
many years wo find both Houses in a constructive frame of mind and both
parties earnestly desirous of settling the railroad question on a reasonable
and proper basis. I believe that the force of public opinion now aroused
will settle this question rightly, and I hope for all time.
r a il w a y

ex e c u t iv e s

take

steps

R E A D J U S T M E N T OF FARES.

to

secure

A. conference between Director General of Railroads
Walker D. Hines, and the committee appointed last week by
T. De Witt Cuyler, Chairman of the Association of Railway
Executives was held in Washington on Oct. 2d to discuss the
announcement made by the Director General in a letter dated
Oct. 7 to Mr. Cuyler, to the effect that after careful con­
sideration he had concluded that the Railroad Administra
lion should not establish any general readjustment of rates
prior to Jan. 1 1920. After some discussion of the position
of tho executives which was reaffirmed by them, that the
Government itself should initiate a revision in rates prior to
Jan. 1 1920, and a reiteration by the Director General of
his previously announced position, the Executives advised
the Director General that they would take advantage of his
offer to place at their disposal all of the information in the
possession of the Railroad Administration bearing on this
subject and also tho services of the traffic experts of the Rail
road Administration and would proceed themselves to make
a study of the question with a view to filing with the Inter­
state Commerce Commission requests for revision of existing
railroad rates. At a separate meeting following the con­



October 15 1919.
Tii,. “ Cummins Bill” now pending in Congress (Senate Bill 2906) will have
the effect of confiscating railroad earnings, derived from government estab­
lished “ reasonable rates.
The bill provides that rates shall be “ just and reasonable.
It is now proposed by amendment to fix rates upon a basis of a 5,47c
(plus 4 of 1 % for maintenance) return on the value of property used or
held for the, service of transportation. Rates so fixed are. determined to be
‘ ‘just and reasonable” charges for the transportation services rendered by
the railroads.
It is then proposed to take away from each railroad its earnings derived
from services rendered and paid for at just rates, to the extent that a Trans­
portation Commission may determine that the profit exceeds a fair return
on tho company’s property used in transportation service.
The carriers that lose money as the result of performing service at govern­
ment rates are not to bo reimbursed for the loss. The carriers that make
money by performing similar service at government rates are to be deprived
of part of their earnings. Private property can fairly be taken from its
owner only in return for just compensation or by an orderly system of taxa­
tion. It would seem that earnings derived from rates legally established as
being fair compensation for transportation service rendered would become
the private property of the company.
It is clear that if such earnings do not have the constitutional protection
of private property, the power of government rate making is carried to an
extreme not generally comprehended.
The proposal involves a re-rating of “ just and reasonable” charges to tho
end that the product of a company's competent management is transferred
from the company to the government. This may be legal but it is not wise.
The good of the country requires that its railroads be rehabilitated and ex­
tended. The prosperity of the country has followed its railroad building.
Under private management, with government assisting instead of hinder­
ing. farm lands havo been reclaimed, cities built and the products of farms
and factories have found profitable markets. A few years ago the United
States had the best and cheapest railroad service in the world. Legislative
Intervention, in the process of correcting minor wrongs, has almost wrecked
the structure and today has brought high rates and poor service.
It is well to protect the shipper's right to just and equal rates. It is proper
to secure the bondholders right to reasonable security and interest. But
this is not enough. As a matter of constructive policy for the country there
must be fair treatment of existing stockholders and encouragement of in­
vestors to put their money in new Issues of railroad securities.
The public will not, in these times, invest in new railroad stocks for a
possible return o f 6 % or less, when the risk of loss will be theirs but the
profits of success will be taken from them. The money urgently needed
for our railroads will go into private enterprises where the reward o f success
may be commensurate with the risk of loss.
If you want the country to prosper use your influence in support of fair
and wise treatment of railroad security holders. AA'rite Senator Cummins
and all members of the Senate Committee on Interstate Commerce as well
as your own Senators and Representative and demand:
( 1 ) That railroads be allowed a return o f not less than 6 % on the value
of the railroad properties of all the roads in the rate district.
(2) That the provisions of the Cummins Bill for the recapture or con1 fiscation of so-called "excess” earnings be eliminated.

1580

THE CHRONICLE

RA IL R O A D S A S K I N T E R -S T A T E C O M M E R C E COM­
M I S S I O N FOR HIGHER RA TE S ON SUGAR SHIP­
M E N T S .— OTHER IN C R E A S E S A S K E D .

It was announced on Oct. 18 that increased rates on sugar
in carload shipments from Baltimore, Boston, New York and
Philadelphia to E a s t M ississippi R ive r crossings have been
asked of the Interstate Com m erce C om m ission b y railroads
serving tn a t territory.
A pp lication was filed b y various railroads asking the revicirm rtf r»1noo
^ • , •
, , ,
, .

sion of class rates from points in central territory to points in
eastern trunk line and New England territories, including
Virginia cities and points in Canada to points in New Eng­
land. It is claimed by the revision of rates to restore the rate
relationships and differentials in class rates existing prior to
June 25 1918.
Increased imports rates on classes and commodities from
Gulf ports to various points in the country also were asked.
“ CO M M ITTEE

OF E X P L O I T A T I O N ”
TO
R A IL RO A DS I N FRANCE .

CONTROL

Cablegram advices to the daily press from Paris Oct. 20
said:
A decree instituting the “ Committee of Exploitation” to have control of
the railroads in France will appear in the Journal Officiel to-morrow. This
is in accordance with the plan of M . Clavielle, Minister o f Public Works,
which provides for the collaboration o f representatives from the different
classes o f railway workers with the heads o f departments and directors in
the management of the roads.
The committee will comprise a high official o f each line as president, the
operating managers o f all the lines, three representatives o f commerce and
Industry designated by the Minister o f Public Works and three representa­
tives o f the employees, also designated by the Minister.
A technical committee has also been instituted to supervise the rolling
stock. This is composed o f the chief engineers o f all the lines, three manu­
facturers o f railroad material and three representatives o f the employees
appointed by the Minister of Public Works.
A representative o f the Government will attend the meeting o f the com­
mittees and his assent will be necessary for the execution o f exceptional
measures.

NEW

YORK

CE NTR A L PROPERTIES W O R TH
T H A N CAPITALIZATIO N .

MORE

T h e N e w Y o r k Central this w eek m ade public the follow ­
ing:
An authoritative statement that may surprise many readers accustomed
to hearing the frequent reckless assertions made about Railroad capitaliza­
tion is contained in the following item published in the monthly “ Nows
Bulletin” issued by the National City Bank o f New York for October:
‘ • I?a recent discussion o f the value o f railroad property we expressed
£“ ?. belief that the carriers as a whole are not overcapitalized- A similar
vo*ced in the hearings beforo the House Committee on Interstate
and foreignCom merce by one who served twenty years with the Inter-State
Commission ana later as a member of the Public Service Commissaid- t*ie ®tate
^ ew York, M r. Martin S. Decker, who in his testimony
capitalizedally’ 1 think very few roads> as they stand to-day, aro over®r*e road used to be called a horrible example. That road has
made so many contributions from income to capital account in the past
d°™u y e a r s -p a y in g .o f course, no dividends—-that it may be said t o have
Property’ 31’ changed the water in its capitalization into actual tangible
_ "
know that roads like the New York Central and Pennsylvania are
not overcapitalized. The Commissioners who have dealt with thoso roads
know they are not overcapitalized.
‘I kn°w that the New York Central line from New York to Albany
a‘ °do, on the east side o f the Hudson River, with all its great terminal
in New York and its three and four tracks to Albany and its
terminal-—I ^know you could not reproduce that property to-day
the total capitalization o f the New York Central before it took in the
Eake Shore. I make that statement advisedly, and I am suro it can be
proven. It would take ten years to build it, in the first place." ”

GERMAN

R A IL W A Y

WORKERS
P L A N .”

DEMAND

“ PLUMB

An Amsterdam press cablegram of Oct. 14 said:
According to German newspapers, 20,000 railway men in Frankfort-onthe-Main recently demanded for a labor commission the right to take part
in the regular meetings o f the railway board o f directors.
Their demand, it is stated, was agreed to, with the reservation that
the final decision would rest with the Government Ministry. Similar
demands by the men have previously been refused.

P A I N T E R S O B T A IN F I V E - D A Y W E E K A N D DOLLARA N - H O U R SCALE.

A strike of approximately 12,000 painters and paperhangers m progress in this city for nine weeks, wns brnucht t.n

[V ol . 109.

Brotherhood o f Painters, all o f the conditions and demands of the men
being complied with, including the one-dollar-an-hour scale of wages.
At a final conference between the Executive Committee of the Master
Painters’ Association and Joseph Kelly, General Vice-President of the
brotherhood, and Philip Zausner, Secretary of the New York District
Council, the employers announced their willingness to sign in a body.
The association still comprises fifty-five members. Their decision was
construed by union organizers as the only alternative acceptable, in view of

______ ___________________ _______ _ _

^ S S S tS S ^ V V S S S S S i - r e i ™ . ™ , * . strite
in the beginning. The majority of them have been back at work under
un‘on, conditions agreed to by independent comployers
It is expected that the establishment of the five-day
five-day week, will cause a
shortage of workers in the trade for a time.
NEW

AND

OLD

W A G E S CALE OF INTERBOROUGH
R A P ID T R A N S IT .

In referring to the 25% increase in wages granted on
Aug. 18 to the employees of the Interborough Rapid Transit
Co. over the wage scale in effect Aug. 1, before a voluntary
increase of 10% was announced by the company, the New
York “Sun” of Aug. 19 printed the following:

The following table showing the rate of wages per hour received by
Interborough employees as o f Aug. 1 , the new rate, including the 25% in
crease, and the rate per hour for the 50% increase demanded:
Present Rate
25% Rate
50% Rate De­
Motormen—
Per Hour.
Granted. manded by Men •
$.50
$.62y.
First year.................................
$.8214
Second yeur------------------- -------- . . .53 H
.6 6 2-5
.88
Third year...................................... .56 M
.70 3 -1 0
.98
Fourth year..............................
.59 J4
.74 2-10
1.0314
.78 1-10
Fifth year----------------------------------- .62 H
1.0314
Sixth to tenth year............................ 62 >4
.78 1-10
1.03H
After tenth year_______ _____ ___ .62M
.78 1-10
1.0314
Conductors—
First year................._......................... 43
.5324
.71
Second year______ . _____________ .44
.5 5
.72 3-5
.56 M
After second year....................... ._ .45
.7414
Guards—
First year..........................................39
.48 %
.64
Second year______________________ .4 0
50
.66
Third year------------------- ------------- .41
.51M
.72 3-5
Fourth year------------ -------- ----------.4 1
,5 i u
.72 3-5
Towermen (First-class)—
First year..............................................46
.57 J4
.76
After first year_________________ .4 9
61K
.81
Towermen (Second-class)—
.5 5
First year______________________ .4 4
.72 3-5
After first year____. _____
.46
.57)4
.76
Switchmen__
(Ono day off per month with pay.)
.4 4
First year.......................... ......
.72 3-5
.55
After first year_________________ .4 6
.76
.5714
Station Masters—
. 4 6 . 6 2
First year (10-hour d a y ) ............. .3714
_ Agents—
7*
First year..............................
.31
.39 1-10
.51 5-16
" 31 A
Second year________
.39 1-10
.51 5-16
Third year___________
.31 U
.39 1-10
.51 5-le
After third year_______ .33)4
.55
.41 2-5
First year.................
(S"P"Jclal
tours’> .41 2-5
.55
Second year.
.55
.41 2-5
Third year.........I ” : " .................
.55
.41
2-5
Fourth year______
* ’ 3 s**
.58
.4314
Galemen—
First year_________________
.2714
.4514
.3414
After first year_____
2Qi{
.48 21-80
.36 3-5
Special Officers—
*
'
First year________
35
.58
.4314
After first year_____
_______ 3 6
.59 2-5
.45
Platform Men—
First year__________
.3 4
.4214
.56 1-10
After first year_______
.3 5
.4314
.58
Elevator Men—
First y e a r ..,___________
.26
.3214
.43
Second year__________
.2 6
.3214
.43
Porters—
First and second year_____________ .26
.3214
.43
Recreation Room Clerks— *
Ten hours per d a y ....................
.35
.4314
.58
Women Cleaners—
One day off per month with pay. . .25
.3114
•4114

E N G IN E E R S P A I D

MORE T H A N

GOVERNORS.

The following is taken from the New York “Evening
Post” of Aug. 20:
Which would you rather do, be the Governor of a State or work on the
railroad? There may be more glory in the Governorship, but there’s
more money in engineering a freight train— at least, in thirteen States of
the Union. Not the original thirteen, o f course. Their Governors come
rather high. But, according to figures submitted to the Houso o f Repre­
sentatives yesterday by R . L. O’Donnell, General Manager of the Pennsyl­
vania Railroad, freight engineers are now getting $392 a month, or $4 704
a year, which is more than can bo said of the Governors of the following
States:
°
State—
Governor’s Salary.
State—
Governor's Salary.
Arizona....................................... $4,000 South Carolina______________ $3,000
Delaware____________________ 4,000 South D akota............................. 3^000
Maryland..................................... 4 , 5 0 0 Tennessee-----------------------4*000
Nebraska____________________ 2,500 T ex a s........................................... 4 ,0 0 0
New Hampshire______________ 3,000 Vermont....................................... 3 , 0 0 0
Oklahoma................................... 4,500 W yom ing..................................... 4 , 0 0 0
Rhode Isla n d ........................... 3,000
The samo is truo of passonger-train engineers, whoso salary— $4,520__

These were the five-day week of 44 hours and a dollar-an- | Island, South Carolina, South Dakota and Vermont,
hour scale. The strike started on Aug. 13. Many of the
smaller employers, it was said, had granted the union de- I
SHOE WORKERS EARN $120 A WEEK
UnuanVea|w |° w th
Io^ t0n dispatehcs °f A"«’ 20 «
f°r
issue,
the
New
York
Times”
on
Get
10
c-nViuw
ug'
The five-day working week became an estahiuhti
!>•*'. < xr
v , I InT dry Into the high cost o f shoes by the Suffolk County Grand Jury
City for the first time last week
. ®stab ‘ ked condition in New York
anTpaperhangers^^ X e d un the Tnt? e ^ ®rot^ hood o f Painters <Dcc°rsu!L ePtharhaTiastTd nine w e e lT
^
AsSOC,atl° n ’ ■“ *

to-day developed that some shoe workers havo been earning $120 a week
These instances were said to be few, but it was testified that many made
* » a week, while the average was about $10. Unskilled help, formerly

Capitulation o f the master painter followed within a day after the secesployers’*organizationarges<1 contractInK flnns ln the count ry from the emA t^tal nf cAvpn
, ..
.,

s i ? , wLk° $15 * ^
haV° Pr° fit0d
,aSt' b° yS gett,ng “ mUCh a9
it was said that a pair of shoes sold by a manufacturer for $5 50 was dlsplayed in a store 400 yards from the factory marked at $12.

ing the progress of th’e Jrike




I

^

“ * * MPCCted

O ct . 25 1919.]

IN V E S T M E N T

1581

THE CHRONICLE
B A N K E R S ’ A S S O C IA T IO N — A N N U A L

C O N V E N T IO N .
1

on credit; not all of it on credit, but a reasonable share. The farmer wil
extend that credit, not as to a single shipment of a hundered bushels, but
through the method of investing in a thousand dollar bond of some solvent
European country that may offer her promise to pay for sale here, so that
with the credit which she establishes here people can buy American wheat.
And the same formula applies to all manufacturers, the same to all
merchants. In other words, if Europe is to be fed and clothed, if she is to
continue to be the excellent customer of the United States that she has in
the past, we must all get into the same co-operative frame of mind. We
must feel a responsibility on our own shoulders and not be ready to shift
it to some one else. It is all an attitude of mind. When this country as
a whole, when you and I and each of our neighbors, wake up and say: “ I
don't want the people of Europe to go hungry and cold; I will help lend
them tho money to buy America’s wheat and cotton” — then, and then
only, shall we be doing our part in tho reconstruction of Europe.
Had tho disposition of our whole country been co-operative, yet, even so,
it would have been impossible to have done much in the way of concrete
There has probably never been a period in the history of the world when
credit measures, pending the ratification of the Peace Treaty by the United
there were more loose Ideas hurled about than the present, and these
States Senate. No adequate credit plans are possible until the business
ideas are getting the publicity. Somehow or other there has gotten abroad
community knows that peace is assured. Exporters are timid, manufac­
a feeling that the millenium can be attained without work and without
turers hold back, bankers cannot move until they know that peace and
thrift. W e need to speak in no uncertain tones those sound principles of
business economy and thrift without which no country can prosper. It stabilized conditions are actually in sight.
Of necessity at present our activities must be largely of a preparatory
seems to me the investment banker is in a unique position t ° take this character. It seems to us that one of the most important steps which wo
stand in defense o f those principles which are fair to all sides of the con­ could take at this time would be the establishment in New York of a great
troversy. Ho is, broadly speaking, neither an employer nor an employee; financial library. The American Bankers’ Association and the New 1 ork
ho numbers among his clients every class of the community; he is interested fStock Exchange will both, we believe, be glad to co-operate with us in
in the success of every legitimate business enterprise, because on most o establishing this library and sharing with us the expense of its maintenance.
them he has sold securities-but he is none the less interested in everj thing
In addition, B. S. Cutler, Director « f the Bureau of Foreign and Domestic
which maTces for the weal of the great industrial class of the country. Vou Commerce of the Department of Commerce and Labor, has indicated that
well remember those thrilling days when the great fortrees o f V e r d ^ was the trade attaches of the Department, scattered all over the world, will send
under attack, when it seemed almost impossible to withstand the onslaughts financial information, reports and literature of all kinds to such a library*
of the Teuton armies. The fall of that citadel would have meant much It is Mr. Cutler’s belief, expressed to us, that the other departments of the
more than the passing through o f the Germans to Pans it would have Government also will be glad to co-operate in this work. It is the idea of
involved the failure of those principles o f civilization which we have been your committee that this library could be used as a centre for the dissemi­
taught to bo sacred. And then there came those never-to-be-forgotten
nation to our members upon request of information concerning both do­
words of the French, “ They shall not pass” — and they did not pass. And
so I believo this great citadel o f civilization represented by the American mestic and foreign securities.
We believe that we can get foreign Governments to supply us regularly
Republic and the institutions for which it stands, the opportunities it offers
with statistics and other publications, and from time to time contribute
to mankind will not fall before the onslaught o f propaganda now being
special statisticians and special funds for the preparation of additional litera­
hurled against it— because I know the great mass of the American public
ture regarding their finances and their particular problems. With this
will say— “ They shall not pass.”
.
library we hope to enlist the co-operation of the responsible newspapers of
the country and to make available for publication by them from time to
time such statistical artieles dealing with the more important foreign coun­
tries, in order to assist in educating the American public to the value of
Your Connnitttecs on Fraudulent Advertising and Legislation for a period foreign investments.
Your committee recommends tho establishment of a fmancial library
o f years have given earnest and careful thought and study to the subject.
such as I have outlined, in co-operation with the American Bankers’ Asso­
That we are vitally interested in the problem Is obvious. That every dol­
ciation and tho New York Stock Exchange, and to this effect requests the
lar that is lost is a swindling proposition is patent. You are asking, and
_
_ ..
very properly, what is the remedy. Does it not lie in our constant en­ approval o f the Association.
In line with this suggested work and at tho suggestion of Mr. Calder,
deavor to have enforced the fraud laws now on the statute books of the
this committee has put in direct touch with the Bureau of Foreign and
various States, supplemented, if need be, by such sound legislation by the
Domestic Commerce such members of the Association as desired to receive
Federal Government as m#y be possible of enactment? The question
the leaflets issued by the Bureau from time to time, specifying opportunities
for us to decide, it seems to me, is whether as investment bankers we
that were available for American capital abroad, and which have been called
should not advocate national legislation covering the question. This, of
to tho attention of the Bureau by its representatives.
course, is a broad question o f policy, and when the matter is reached for
It may be o f interest to the members of the Association to learn that
discussion in tho order of business, I hope it will have the earnest and care­ while I was at Paris the committee addressed certain inquiries to me as to
ful consideration of every delegate present.
whether it would not be possible to unify the tax laws of the nations of the
It was hoped not only by the Government but by all thoughtful citizens
world so that holders in any one country o f foreign securities would be
that tho millions o f new bond holders created by the flotation o f the Liberty exempt from all except the taxes of their own country. I have discussed
Loans would become permanent holders o f Government securities. These this matter at some length with tho financial representatives o f the principal
young investors are being persuaded literally by the millions to exchange
powers of the world, and feel that at the present time it will be impracticable
the finest security in the world for a promise o f 100% annual income. It to take any such action; but I also feel that it will be quite possible for
is the duty of every Investment Banker to meet these attempts with a American investors, when they buy foreign securities authorized for issuo in
blow from the shoulder. I assume that on our own initiative we will not
this market, to receive specific tax exemptions, that is to say, exemptions
persuade Liberty Bond holders to exchange their Liberty Bonds for stand­
from foreign taxes for each specific issue. I believe in that way the Ameri­
ard securities, but we should go much further than this and use our utmost
investors will at present bo amply protected.
endeavors individually and collectively to prevent their being swindled canYour
committee desires to report on a situation which has arisen In
by unscrupulous sellers o f so-called securities.
connection with the placing in this country of substantial amounts of
foreign securities issued in foreign countries. M ost of these securities are
THOMAS W. LA MONT REPORTS AS CH A IRM A N OF issued in the language of the country of their origin; are frequently in crude
printed
form and the opportunities for counterfeiting are considerable. It
FOREIGN SECURITIES COM M ITTEE—N EED OF
has been suggested that without any marks of proper identification, there is
EX TEN SIO N OF EUROPEAN CREDITS.
considerable risk to American investors in their purchase, both because of
the possibilities for counterfeiting and for other reasons. It seems to your
committee, therefore, that there might very well bo established, possibly in
connection with the proposed financial library, a department authorized
to register foreign securities offered by American houses for distribution
among American Investors.
The co-operation of the American Bankers’ Association and the New
York Stock Exchange might well lead to such a custom becoming general.
Moreover, any securities of this class not registered would probably in time
sell at a discount, as compared with the registered securities, and any such
distinction would tend to bring about universal registration. As an addl
tional safeguard, it might be stipulated that the authenticity of any such
securities so registered would be vouched for by the European correspond­
ents of the American houses importing them. Possibly, also, at least
in tho case of foreign government securities, the respective governments
Much has appeared in the public prints as to tho necessity of extending
issuing them might be willing, through their accredited agents here, to guar­
credit to European countries, but few steps have been actually taken to this
antee the authenticity of the certificates. It is the belief of your com­
end. Of course, the extension o f credit abroad implies the purchase of
mittee that some action along these lines might well be undertaken.
foreign securities. Government, private or both, by American investors.
I should also like to draw your attention to an interesting suggestion
As a wliolo, this country has not yet wakened up to the necessity of extend­
which the committee received some weeks ago from T . Stockton Matthews,
ing credit in order to maintain America’s export trade. Wo talk glibly of of Robert Garrett & Sons, Baltimore, and which is in line with the activities
“ the necessity o f extending credits to Europe,” in order to assist good
of this committee. He requests our views as to whether it would be ad­
customers (who, by the way, in the last five years, have together with other visable to have some supervision over foreign loans that are floated in this
foreign markets, bought $26,000,000,000 worth o f products from America). country M r. Matthews feels that certain classes of foreign loans are being
W e all say— “ Yes, we must extend credit" and then straightway forget all
floated in this country which would appear to have little if any relation
about it. “ Passing tho buck" Is the slang phrase that describes the situa­ to our normal interests and the exigencies of our present financial situa­
tion. Some people say— “ Let tho bankers extend the credit,” as if bankers, tion
He believes that the chief argument in favor of foreign loans has
who must return on demand the money deposited with them, had any right been that they are intended to offset in part the large balance of trade
to tie that money up in long term loans. Other people seem to think that
in our favor, and to establish credits for the purchase of goods in this
extending credit to Europe is purely a technical matter, having to do with
country
He feels that foreign financing which is not thus reciprocal
Wall Street or with foreign exchange, &c.
houid at least be held in abeyance until the more pressing requirements,
It is not. The extension o f credit, the rendering of help to Europe, is a
work for every thrifty and solvent citizen o f the United States. I f we foreign as well as domestic, are met.
To this suggestion I pointed out specifically that such supervision is
don’ t do our share, nobody else will. Europe wants to buy wheat. Our
now being exercised in the person of the Secretary of the Treasury, who
farmers have wheat to sell. Very well, the farmers must sell that wheat

PRESID ENT BAKER SEES FAILURE OF ONSLAUGHTS
OF PROPAGANDA.

In his address opening the three-day session (Oct. 20-21-22)
of the Investment Bankers’ Association of America in St.
Louis this week, William G. Baker, Jr., of Baltimore, Presi­
dent of the Association, referred to the present period of
unrest through which we are passing, and while declaring
himself to be “a profound optimist as to the ultimate out­
come,” advanced the opinion that “if the industrial situation
is to be saved from the dangers now threatening it, we must
have not only clear thinking, but fearless speaking.” Mr.
Baker added:

President Baker also had something to say on the question
of “how best to curb the activities of the unscrupulous stock
promoter,v speaking thereon as follows:

The fact that the United States has not yet “wakened up
to tho necessity” of extending European credit “in order to
maintain America’s export trade” was pointed out in the
report of the Foreign Securities Committee of the Invest­
ment Bankers’ Association, presented on Oct. 21 by Thomas
W. Lamont of J. P. Morgan & Co. and Chairman of the
Committee. “The extension of credit, the rendering of
help to Europe,” said the report, “is a work for every thrifty
and solvent citizen of the United States. If we don’t do our
share, nobody else will.” In part the report follows:




1582

THE CHRONICLE

has been consulted with respect to each one o f the foreign issues in this
market, and in most Instances he expressed the opinion that funds result­
ing from such loans improve the general exchange situation. It is of vital
Importance at the present moment, to the United States at least, that the
foreign exchanges should be supported at least, if not brought back to
norma . If this is not done, Great Britain, France and other countries
a roa will find it most difficult to continue their purchases from America
American manufacturers and exporters will suffer and the reaction
America will be severe.
Moreener, it must be borne in mind that the present discount on foreign
exchange rates acts as an outright export premium to the foreign merchant
. .I3.3 ’ es
foreign producer to selihisgoods in our markets and in com
* l\C mi r^ Ptf! at Prices with which our own manufacturers cannot
mpe e. I his is the general reason, and I believe a valid one, for the
making of such loans as those of the cla.ss to which Mr. Matthews refers
, which I think we shall see more rather than less. We shall also see
large issues to foreign governments specifically to enable their nationals
° P° n^ rUIf! ,their trade with America. As yet we cannot foretell just
wnat those issues will be, but undoubtedly I believe they will include
Belgium, Great Britain, France and Italy.

[V ol . 109.

the time overwhelmingly against it.” On tho question ot“
credit the report says:

_ The question of railroad credit is of such momentous and all-embracing
importance that Its proper solution may be said to be a sine qua non to tho
development and preservation of the prosperity of tho country and to all its
individual citizens. The committe therefore feels that thero must be in­
corporated in any plan which is finally adopted such conditions as will
enable the railroads confidently to appeal to the general public for new
money necessary to the development of the situation by the sale of stock
as well as bonds, and it is well known that stock cannot be sold except where
the opportunities exist for a satisfactory return on the investment com­
mensurate with the risks involved.
A number of bills have been introduced into Congress basod upon tho
plans prepared by some of tho associations referred to above, but it does
not seem probable that any o f these bills will be enacted int<j legislation
without material revisions and changes for opinions ore still at variance
on some questions which are of fundamental importance.
These questions have particularly to do with methods o f rate-making.
They bring up for consideration the relative advantages of incorporating a
definite, fixed rule of rate-making in tho legislation itself or of incorporating
a clear and well-defined statement o f principles only, leaving the application
0 . B. WILLCOX REPORT ON DESTRUCTION OF STREET of
these principles to the commission which will have jurisdiction over rates,
RAILW AY CREDIT.
and further to be applied in accordance with tho facts and circumstances
as they may exist from time to time.
The question, therefore, is whether Congress shall at this time determine
some fixed minimum rate of return on some unknown value as a measure
of a fair return, or whether it will place the responsibility of sustaining credit
upon some Governmental commission, indicating more clearly than here­
tofore the principles which the commission will be expected to follow in
reaching its conclusions in regard to rates which will be adoquate to sus­
tain credit.
A further matter to be considered in connection with the method of rutomaking is the question of limiting the income of all carriers alike to tho same
fixed return on some value to be established and making provision for tho
‘recapture,” as it is called by some, or “ confiscation,” as it has been termed
by others, of the excess income above tho established return, whether such
excess arises from foresight and good business judgment or from superior
management and more efficient operation.
The differences in point of view in rega.-d to these matters are indicated
Municipal ownership will be adopted generally as the solution of the by the provisions for rate making and disposition of so-called excess earnings
set
forth in the several nills which have been prepared embodying tho sug­
street railway problem, it is safe to say, only if no means can bo found under
private ownership, financing and management, to divide with the public gestions o f tho Railroad Executives, the Transportation Conference, tho
generally or that part o f the public specially benefited, the costs of the National Association o f Owners o f Railroad Securities and the Senate Com­
adequate efficient service required for community and industrial welfare mittee on Inter-State and Foreign Commerce.
Tho Association of Railway Executives, which is understood to represent •
and growth above the returns from the rate o f faro decided on as the
the management of over 90% of the Cla.ss 1 railroad of tho country, has
maximum safe contribution to these costs to be imposed upon tho riders
On no other basis can municipal ownership or operation be justified, if prepared a bill which, as stated by its counsel, represents the legal expres­
sion of the principles advocated by the Railway Executives. This bill hasresorted to in certain cases, it is also safe to say that the public conscience
unless debauched by demagogues, will approve fair compensation to the not been introduced into Congress but was incorporated as a part of the
testimony
of the Association submitted to the House Committee on Inter­
private investors whose property may be taken over. Municipal efficiency
State and Foreign Commerce.
and credit cannot be built upon municipal dishonesty and confiscation.
Senator Underwood has introduced a bill which is understood to represent
., The street railway systems o f the country have been built upon the theory
tho views for the most part of the National Association o f Owners of Railroad
that the street car riding public should and would pay all costs of operation
taxes special assessments, maintenance, depreciation and returns on capital ’ Securities. This Association represents many of the largest fiduciary
and that the benefits to riders were sufficient to justify that theory regard­ associations of tho country including life and fire insurance companies,
less o f the enbrmous benefits to others, directly resulting from the operation savings banks and trust companies, as well as individuals. This bill is
the expression of the principles of the plan commonly known as the War­
of tho street car lines and their use by the public. Upon that theory also
towns have been laid out, industries established, resident districts defined’ field plan.
Senator Frelinghuysen has introduced a bill which embodies largely the
the financia!, retail and industrial sections o f cities built up, and suburban
districts created. While the attempts to maintain the integrity o f some six suggestions of the National Transportation Conference and represents tho
l ions o f dollars invested in the street and interurban railways upon the five views of tho United States Chamber of Commerco.
A sub-committee of the Senate Committee on Inter-State Commerce,
cent fare have resulted in the present failure and approaching disaster and
Investors in street railways have faced first diminishing returns and now tho after public hearings extending over a period of several months, prepared
and
introduced into Congress a bill known as the Cummins Bill. The
possibility o f total loss, other investors in real estate, in buildings and in
industries, utterly dependent upon local transportation and which would primary purpose of the hearing? o f this Committee was to consider the
instantly become valueless if deprived o f it, have doubled and trebled enor­ proposal of tho Railroad Administration for an extension of Federal control
mous capital. Traffic statistics Indicate that, notwithstanding the enor­ for a period of five years. In the consideration given to this matter all
mous increase in automobiles, the street cars in almost all cases are carry- phases of tho railroad situation were discussed and many plans for tho
ng more passengers than they did ten years or even five years ago, and more final solution of the railroad problem were presented.
Tho House Committee on Inter-State and Foreign Commerce has jus;
striking still, they are carrying more passengers per thousand o f population.
’ as ic figures indicate, the trolley cars are doing more business per capita closed its public hearings. A sub-committee has been appointed to draw
a
bill
but it is too early to make any statement in regard to what its recom­
than ever before, it is obvious that they are performing an increasingly useful
and necessary public service; and it follows that some solution must be found mendations are likely to be.
Other bills have also been introduced including tho "Esch” Bill, which
for the difficulties precipitated by fixed fares and depreciated nickels.
About $15,000,000,000 capital, representing a considerable part of all of represents the point of view o f tho Inter-State Commerco Commission and
the
Plumb Bill which is largely in the interests of labor.
the savings o f the people o f tho country, are invested in public utilities.
The four bills to which special reference is made are the ones which
The securities representing these savings are held by thousands o f investors,
large and small, and by nearly every bank and financial institution of the have been given the most serious consideration and the Committee in its
coun ry an In endowment funds o f churches, colleges, schools, hospitals, report will confine itself largely to a discussion of the provisions contained
and in other trust funds. The integrity o f these investments is of direct in theso bills. Theso bills all recognize the same fundamental difficulties
° r n rec consequence to every citizen; and the maintenance o f the service and differ substantially only in the methods of meeting these difficulties.
They agree that successful railroad policy must first of all creato conditions
e exf ans,,on, °,f the time- and money, and labor-saving devices of public
utilities is incalculably important to every man or woman with an industrial which will assure the extension of railroad facilities to meet the industrial
and commercial needs of the country. To meet the conditions, they
n tJl®.country whether as investor, employer or wage-earner,
utuit es which are economically sound and which have successfully recognize that the credit o f the railroads of the country generally, indi­
vidually and collectively must be placed on a sound and satisfactory basis.
Tu the strcss
the war and early reconstruction periods; regulated
It is natural under the circumstances that much of tho controversy in
i
o avowed effort on the part o f commissions to encourage efficient
connection with the various plans should enter upon the proposed method
ser\ ce, provide good credit, and promote reasonable extensions in tho
of rato making and the determination of a standard by which an adoquate
interest o f the public through the exercise o f the right and tho power to return be measured.
f
<s ,ln Pr°Per cases, as well as to lower them; such public utilities offer
A study o f the essential provisions of these bills taken as a wholo seems
investment in all essentials second to none.
to indicate that the future railroad policy of the country is likely to be
developed along lines which will bring about greater unification of owner­
ship and operation resulting in tho consolidation of many existing linos now
RAILROA D COM M I TTEE VIEWS GO VERNMEN T
in competition, these consolidations being undertaken not only for the
purpose o f simplifying ratemaking through the equalization of conditions
OW NERSHIP IMPRACTICABLE.
o f competition but also for the purpose of eliminating wasto in operation
and preventing unnecessary duplication of facilities. With this in view
the proposed legislation universally provides for permissive consolidations
and in some cases, after a lapse of a stated period, for compulsory consoli­
dations. T o facilitate consolidations the bills all contemplate tho removal
of restrictions imposed by the Sherman Anti-Trust Law, the majority or
them also contain provisions for compulsory Federal incorporation in order
to removo some of the difficulties occasioned by tho conflict o f Federal
and State laws. As a further indication of the tendency toward greater
unification it may be pointed out that the proposed legislation quito gen- erally provides for greater common use of terminals, equipment and other
facilities, as well as the pooling of traffic under proper restrictions when
not incompatible with the public interest.
In tho matter of supervision over issues of securities as well as in tho
matter of control over tho expenditures of the proceeds of these securities
thero is little difference of opinion, the bills providing that such super­
vision and control shall rest with the Inter-State Commerce Commission

The destruction of street railway credit has, according to
the Committee on Public Service Securities of the Invest­
ment Bankers’ Association, “effectually checked expansion,
and the deadening influences will be increasingly felt in
every branch of industry throughout the country, until some
new foundation for credit and investment has been found
which will permit the profitable operation and the renewed
and continuous expansion of street railway systems.” The
report of this committee was presented at Tuesday’s session
by the Chairman, O. B. Willcox, Vice-President of Bonbright & Co., Inc., of New York. Besides the part quoted
above, the following extracts are taken from the report-

^
The Association’s special committee on Railroad Securities
of which Allen B. Forbes, of Harris, Forbes & Co., is Chair­
man, stated in its report presented at Tuesday’s session,
that the result of the consideration and study given by the
Committee to the subject “confirms the position taken by
the Association in connection with the original appointment
of t ic Committee that Government ownership or operation
is both impracticable and unwise, and is not in the permanent
interest of the railroads, the general public, the shippers
or labor”; the Committee also advances the opinion that
this conclusion is shared by an increasing number of people
and that it can be safely said that public sentiment is at



O ct . 25 1919.]

THE CHRONICLE

1583

called an International Congress of Business—a conference
in conception and potentiality probably without precedent.”
In part lie also said:

It is obvious that a railroad program cannot be complete or successfu
which does not insure continued and uninterrupted railroad service and in
order to accomplish this, conditions surrounding labor must be satisfactory,
wanes o aid for labor must bo as liberal and working conditions as attractive
At this moment, although Germany has been vanquished, civilization
ns in other lines o f industry. Settlement o f labor grievances must bo de­
termined promptly by a fair and impartial consideration of the circum­ is still threatened by insidious forces, not from without but from within.
Strange
doctrines are abroad. The serious deprivations of war have given
stances without resort to strikes and the proposed legislation accordingly
iirovides for boards o f arbitration on which labor interests will have proper rise to counsels of despair; the reaction from the spirit of unselfishness and
renrosmtation. It may bo said if the point of view and the attitude of the comradeship of war has been toward suspicion and expectations that can­
railroad employees is fairly represented by the Plumb bill which is pro- not bo fulfilled. W e find people who speak as though the destruction of
narod in the interests o f labor and which seeks to nationalize the railroads our whole moral and social fabric was impending. Not for a moment do
and establish a policy of complete domination o f transportation by the in­ I sympathize with such pessimism, and yet Cardinal Mercier beforo the
terests it seems very doubtful if any of the provisions for arbitration pro­ Chamber of Commerco of New York a few days ago. spoke significantly
posed in the bills which have been discussed will be satisfactory from the o f the sinister and destructive ideas which were falling on fruitful soil in
his own native Belgium. The same condition prevails throughout Europe
labor standpoint.
.
.... .
. , _
While the arbitration provisions o f the various bills have not been the and evidences of its inroads are not lacking in the United States. The
subject of much public discussion, the question is ono which will requiro nations of the world face a common foe—an enemy within us, a parasite
clear and straight thinking and frank and open discussion before any born of the war, and the destruction of which depends upon our prompt
resuscitation from the devastation of war.
satisfactory legislation can be enacted.
_,
Upon the business men of the world rests the duty to see to it that these
In considering those bills, in so far as they relate to a permanent railroad
policy there appears but little substantial difference except in the method prophecies of despair shall not be verified, and that out o f the waste and
destruction
of war there is reared a new world and a new prosperity which
o f rate-making and the disposition o f the so-called excess income which
have already been considered at some length. It may be said therefore, shall insure for all time the welfare and happiness of mankind. Upon
when a satisfactory agreement is reached in regard to these matters a long these business men rests the opportunity and the obligation to pursue a
o f such sympathy and enlightenment that this new cancer in our
step will have been taken in the direction o f establishing a fair and reason- policy
social and business life have no opportunity to grow.
.
a lX Astern of railroad regulation which will protect the interests of the
T
o
accomplish
this re-construction o f the world, the bnited States must
public and the security holders alike and which will also through the control
exercised over the issue of securities prevent a recurence o f most of the co-operate primarily with these key nations, whose representatives meet
errors of financial mismanagement which have been possible heretofore here which, just as in war the protection of these nations represented the
safety of the world, so to-day their re-vivification and prosperity represents
. .
.
""w hitoT ho^rogross which has been made during the past ^ r t o w a r d a the salvation of civilization.
Tho American people have a direct, and. if you please, ^ lfish interest
sound permanent-policy of railroad regulation may be viewed with some
" a c u T there is, nevertheless, serious danger that adequate provision in bringing about the promptness possible return to prosperity of England,
may not bo made for the stabilization of credit during the time ^hich must France, Italy and Belgium. There is, however, no desire on our part
necessarily elapse before the permanent policy can 'become effective; to be other than helpful and no wish to undertake, but rather, to refrain
from participation in the shaping of policies in matters purely Europea .
The early discontinuance of the guarantee of.
tta
This return of prosperity can be accomplished:
First of all by co-operation between our business men. The petty je.
ousies, the short sighted efforts to obtain temporary ad^ntages through
questionable methods— anything else than whole hearted mutual confi­
dence and co-operation— cannot endure against the obligations of the ne
tivo but their business generally has been seriously disarranged and t
day. We shall be competitors, but let us be friendly competitors.
somo extent diverted to other systems
of comSecond, by a return by our people to a realization of the dignity of labor.
Furthermore, the policy of the administration in the matter ot com
nensation o f employees will render it difficult for many roads to regain No nation that puts a minimum of its strength into labor can hope to com­
thek fSnOT position. While rates can be established which will offset pete with another that works at full blast; “ to live, the world must produco
»
the total increase in wages when applied to the railroads as a whole, t e more and talk less.”
The spread of electricity and improvements in communication, the aeeffect of tho policy of equalizing wages will render it difficult to distribute
velopmcnt
of
transportat.on,
the
opening
up
of
opportunities
for invest­
the benefits arising from the increase in rates proportionately among tho
ment in every part of the world, the activities of security markets m a l l
systems to accord with the increase in wages in individual cases.
It “ obvious that under these circumstances that the increase in wages the great commercial capitals— all are tending to make trade less and less
which has taken place will prove a greater burden to some systems than regardful of national lines. Just as labor is coming to see that the per­
manent welfare of labor in one country lifts the lot of the working man
t0
should be understood that before the railroads were taken over by the throughout the world, so business men are seeing that the development
Government, railroad wages were made with relation to the cost of living of their own interests cannot be confined within mere geographical Umitamd wagos for similar employment in different communities The demand of
the raUroad employees that the same kind of work shou d be equally com­ tl0Thts conference, if it accomplishes nothing else, will, I hope, result in
pensated regardless of the cost or living and wages for similar employment giving to the business men of the great nations here represented more than
n different communities was acceded to by the administration and the rail­ ex er before a world point of view. A realization that business in the future
roads will doubtless be returned to their owners with this method of deter­ will call for tho highest standard of efficiency and co-operation, will make
Tor the destruction of ignorant selfishness and merely personal profit and
m in in g wages in force. As the responsibility for this situation is the result
pf » wane policy adopted by the Railroad Administration, the Government will be recognized to have succeeded just to tho extent that it makes me
should assume the responsibility for sustaining the credit of the roads af- of all nations realize their interdependence one upon the other, and acts
until tho owners of these properties have had an opportunity to adjust upon the faith that an intelligent self-interest commands upon the part
them*dves to the conditions created by this policy It is evident that this of each of us an active regard for tho happiness and welfare of ev erj land
___________
adjustment can take place only by return of the policy of determining wages on this small earth.
as heretofore based on the cost o f living and the average wages for similar
employment in tho communities served or by averaging the cost for the REPORT DEALING W IT H SUPPRESSION OF FRAUD IN
railroads as a whole, which would in part bo accomplished if consolidations
SECURITY OFFERINGS— NEW YORK STATE
or properties took place in line with tho permanent policy proposed.
It seems probable that it will take a much longer time than the few
INCOM E TAX LAW.
months proposed to bring about these adjustments, whichever method is
adopted, not only as a measure of justice, but also because o f the importance
o f maintaining railroad credit generally, consideration should be given to
continuing the standard return as the simplest way o f guaranteeing credit
until it is assured that conditions pertaining to the railroads not only as a
w hole but to the railroads individually have approached more nearly to those
which prevailed prior to Federal control or until the new relationship, which
aro to bo established between tho railroad lines with tho permanent policy
proposed are more nearly completed.
. . . . .
, ,
In brief, it may be said that the credit of many railroads during the period
of Federal control has been dependent entirely upon the guarantee of income
provided by the standard return and a discontinuance o f this guarantee
under circumstances which will render it impossible for a considerable num­
ber o f railroads to maintain themselves in independent operation will con­
tribute to the further unsettlement and lack of confidence in railroad secur­
ities generally. It is further likely also to bring direct losses to the Govern­
ment which might be avoided if credit generally were sustained and capital
were thus made available with which to liquidate the many millions of obliga­
tions due the Government.
.
.
.
While it is desirable from all points of view that the financial relationship
betwoon tho Government and the railroads should be terminated as promptly
as possible after the relinquishment o f Federal management, at the same
time if tho policy toward railroad rates and revenues is carried out as pro­
The most Important subject up for attention during the past year is tho
vided in the legislation the income derived from transportation from the matter of tho suppression of fraud arid misrepresentation in the offering of
railroads as a whole should be sufficient to guarantee the Government against stocks and other investment securities. Both the Federal Government
any loss occasioned by the continuance o f tho standard return. If the rates and tlie individual States have been impelled to consider the matter and to
are not sufficient to guarantee tho Government against loss, income would introduce, and in some cases pass, what has generally been regarded as
iiot be sufficient to provide the necessary Income for the railroads to sustain “ Blue Sky” legislation due to the flood of offerings of securities which are
their credit and it would thus lie clearly demonstrated that the proposed either on their face fraudulent or at least open to suspicion. The U. S.
legislation had failed to meet its most important objective. It furthermore Treasury Department has stated positively that a great many of t le
provides tho simplest method o f disposing of tho problem o f the so-called objectionable offerings aro designed to part unsophisticated owners ,°
excess income during the time which will elapse before normal conditions Liberty bonds from their holdings, and that something radical should be
aro restored.
done to protect them in their ignorance o f what constitutes a desurabe
business investment as distinguished from propositions which can be
nothing more than rank speculations at their best.
A . C. BEDFORD ON N EED OF CO-OPERATION OF
This Association has always been in sympathy with the move to stamp
out fraud and misrepresentation in the offering of securities wherever 1
BUSINESS M EN AND LABOR'S PART.
could be found, and has offered its services and worked with many of the
States in the preparation of their laws, and in the attempts to enforce them.
Its experience,gained by such activities has convinced it that up to the
present time such acts as have been passed and put into effect have been
fundamentally wrong in the way they have sought to go about the solving
of the problem, and it has only been after the most careful consideration
on the part of your Committed and a submission of its conclusions to your

In the Legislative Committee Report, presented by the
Chairman, Howard F. Beebe, referred to the New\orkState
income tax law, stating that it is “so crude in its provisions
that it is hard to see how the State Comptroller’s Depart­
ment, which is called upon to administer it, can possibly do
so.” “Already,” he said, “there is evidence that the cost
of administering the Act is going to be very heavy in pro­
portion to the amount collected. It is certain that many
amendments will be required before the statute can be re­
garded as a really workable one. The chief objection to this
kind of taxation, which comes from intelligent citizens who
have the best interests of the State and its subdivisions at
heart, is its inquisitorial features and the very heavy expense
in the collection of revenue under it.”
Turning to the main subject of the Committee’s report,
Mr. Beebe said in part;

Informally opening the International Trade Conference
at Atlantic City on Wednesday last A. C. Bedford, Chair­
man of the Board of tho Standard Oil Company of New
Jersoy, and Chairman of the Executive Committee of the
Conference, stated that the gathering might “property be




1584

THE CHRONICLE

[V O L . 1 0 9 .

Board of Governors, that a definite policy was decided upon. The Board
has concurred in the suggested policy of advocating legislation looking to deal or to pay tho additional cost of putting it through tho moro dosirablo
t7 <LCr€!lti,0n ° f a maf hine which under proper laws would suppress offerings channels. There seems to bo lacking in tho bills anything to indicato that
of fraudulent and misrepresented securities at their very outset rather than a bank making a collateral loan on a comparatively small block of stock
might not be seriously hindered in marketing that stock for tho account o f
to at tempt to punish those responsible for their perpotration upon the public.
o that end it is believed that a machine will have to be set up at large the borrower or for its own account if it should have to take the stock to
expense and much more effective in its operation than anything which the protect its loan. An amendment might easily be incorpoated which would
take such transactions definitely out of the control of tho bill but then there
several States have evidently deemed necessary, for it can be safely stated
that the amount of good accomplished by any or all o f the so-called “ Blue would be nothing to prevent unsrupulous persons from accomplishing their
purposes
by a clever juggling o f the original capitalization into tho hands
Sky acts in the thirty odd States which have such statutes on their books,
is infinitesimal in comparison with the amount of expense and annoyance of a third or even a fourth party, thus defeating the intent of the bill in
respect
to
such issues.
which they entail upon legitimate business. The theory o f licensing reput­
able dealers in investment securities has proved to be worse than useless,
in that reputable people do not need to be controlled, and certain others who
S E C R E T A R Y F E N T O N URGES F O R M A T I O N OF LO CA L
should not be allowed to offer securities have, because they have had no
CHAPTERS.
actual criminal record, been granted licenses which they have adroitly
used to create the impression that what they were offering had in some
F . R . F en ton , in liis report as Secretary of the Investm ent
measure received the approval o f the legally constituted authorities. It
can be readily understood that a person already violating the law, and Bankers Association, stated that the organization is “ well
being subject to criminal penalties, would not be deterred from his ways entrenched as a N ational A ssocia tio n ,” adding:
by the placing o f one more additional statute on the books.
Tho assistance and counsel which has been freely given to tho various
As a war emergency it will be remembered there was organized a Capital departments of tho Government and State by our committees, the willing­
Issues Committee, operating practically as a Bureau of the United States ness of the membership to serve the country when called upon to do so,
Treasury Department. The Liberty Loan organization o f the Treasury then- answer to every appeal for help of a just and righteous cause, and the
Department soon ran into evidence o f organized schemes to fleece people enc eavor to safeguard the securities o f the investors o f this country, has
through trading their Liberty bonds, and sought the aid of the Capital Issues placed this Association on a firm basis.
Committee in finding some way to stamp out, or at least control the evil.
As long as we continue to have high ideals and endeavor to conduct our
The officials of your Association, as has been previously reported, consulted
usiness on sound principles, so that we are in a position to render service
the C apital Issues Committee in an effort to find a solution to the problem, ot value to the investment public, just so long will our Association succeed
and the result was that in the early part of this year we were called upon to and continue to occupy a conspicuous place amongst the national asso­
attend a conference in 'Washington and a hearing before the Federal Trade ciations o f this country.
Commission. Counsel for the Commission felt that they had the power
T h e form ation of local chapters was urged b y Secretary
under the law under which they derive their existence, to suppress fraud
and misrepresentation in the offering of stock and other security issues on F en ton , from whose report we take the follow ing w ith respect
the theory that such offerings were “ unfair competition.” While they were thereto:
not equipped and were lacking in sufficient funds to comprehensively handle
For some time past I have felt the interests of the national association
the situation, they have exerted such powers as they had, and have, we could bo brought nearer to the membership by tho formation of local chap­
understand, started prosecutions in a number o f cases. Their idea was not ters of the investment bankers who are members o f the Association. The
to call for the filing of an immense mass of material and from that cull what object for those chapters existing and having frequent meetings might be
they believed to be the most objectionable cases for action but to issue an summed up—
order against anyone who had come under suspicion by attempting fraud
First. For the handling of local legislative situations as they arise.
or deception, which order would act as a prohibition against their doing
Second. For keeping in closer touch ■with the policies and work carried
business until they had shown to the satisfaction of the Commission that on by the national organization.
their offerings were meritorious. Failing to convince the Commission of
In practically all of the larger cities we have an officer or Governor who
that fact the order becomes a permanent one. Your Committee can see no could report to these local chapters and keep them advised o f the inner
reason why a properly organized machine with reasonable authority under workings of the Association. No doubt there are many members at times
the law to enforce its conclusions could not be successfully operated by one who feel somewhat out of touch with the work whose only contact with the
o f the government departments, preferably the Treasury Department, along Association Is through the reading o f tho bulletins and attending the annual
these lines. Through co-operation with the various members o f the Federal conventions, and that these members may have a better and more intimate
Reserve System, the American Bankers Association, the Investment
’nowledge of what the committees are doing, I strongly urge the formation
Bankers Association o f America and the stock exchanges o f the various of local chapters.
cities such a department should be able to promptly reach anyone attempt­
Secretary F enton presented the follow ing figures to show
ing to put out securities which were cither fraudulent or misrepresented.
Those in charge of the work should be clothed with authority to requiro that the grow th in the paid m emberships of the association.
pertinent information be filed at the time o f offering the securities, and at
lAug- 31 1014-356 IAug. 31 1916-3611Aug. 31 1918.399
such subsequent times as they might require it for their needs, when upon A?,Pt‘ o?
individual complaints they could readily check up on any particular offer­ Aug. 31 1913.354 IAug. 31 1915.340 IAug. 31 1917-407 >Aug. 31 1919-433
ing and determine whether or not there was a basis for action. If a Federal
In addition to the 4 33 m ain offices, he said, “ we also have
system o f this kind could be operated in conjunction with the various listed 186 branch offices.” Our m em bership, he added, now
state commissioners or commissions, operating along similar lines, the com­
bined action would be very much more effective than could otherwise be stands at the highest point in the history o f the A ssociation .
the case and it would stop one o f the present evils o f driving a swindler from
one part of the country to another but never actually debarring him in his
REPORT OF G O V E R N M E N T B O N D C O M M I T T E E —
activities from the entire country.

CO M M I S S I O N S R E C O M M E N D E D FOR L I B E R T Y
There has also been voiced by a number o f persons who should be com­
petent to express an opinion, a doubt as to the authority o f the Federal
BOND D E ALIN G S.
Government to control purely intra-state transactions, and as by far a
A ccording to the report of the G overnm ent B ond C o m ­
large majority of objectionable issues are of a local nature, it is hard to
see, if such is the case, how Federal control could be very effective with­ m ittee of the In vestm en t B ankers’ A ssociation (presented in
out a close working arrangement with the officials o f the respective States. the absence of Clarkson P o tter, C hairm an, b y Sewell S .
Furthermore, it has become almost impossible for the investment banker
to comply promptly with the statutes o f the various States and if the Federal W atts ot B altim ore) tho follow ing schedule was recom ­
Government in conjunction with the authorities o f the several States m ended b y the C o m m ittee as a fair com m ission or profit for
would enter into a close working arrangement, it would permit o f informa­ transactions in L iberty bonds:
tion when required, being filed in one place, preferably Washington, and
Up to and Including—
Up to and Includingwould save a great multiplicity o f work and expenso on the part of the
600____ _____
individual States. As it stands to-day it is easily conceivable how the SI 00
1 00
200
700...................
citizens o f one State might be unable to obtain securities o f a desirable
1 10
300
800................
issue which were being offered, because o f their being absorbed in other
1
15
400
900...........
sections o f the country before technical compliance with the statutes of
1 20
500
1,000______________ _________ 2 25
their narticular State could be made.
Tho basis for determining tho market value for all transactions "to be
There is before Congress a bill, n . R. 188, known as the Federal Stock
Publicity Act, which is in effect a Federal Blue Sky Act. A bill intro­ the current quotation on tho New York Stock Exchange or, after the close
duced by Senator Simmons in the Senate is practically identical and tho of business, the closing price on that clay.
House bill is now in the hands o f tho Judiciary Committee which is hold­
T h o report also said:
ing hearings in regard to it. Your Committee through counsel, has ex­
Your
Committee feels that every member of this Association should
pressed its opinion o f these bills and while appreciating the desirability
continue to render his urgent support to all past and future Government
o f promptly setting up some sort o f a machine to meet the situation, it
financing, believing that we can all be of great further service and value
feels that the bills will not accomplish their purpose in a satisfactory way.
by assisting to the utmost of our ability in the ultimate and permanent
It is felt quite sure that Congressman Taylor and Senator Simmons who
have introduced the bills in the House and Senate respectively will bo 2 “
i „ 1 2 r mcnt SeCUritl0S t0 th0 Widnumber of
convinced after getting the opinions o f the many people whom they have
Wo are further of tho opinion that any efforts on tho part of members
asked to appear at the hearings, that much more effective bills can be of this Association or others, directly or indirectly, to Induce owners of
drawn and your Committee has reiterated its previous offer o f its ser­ securities to dispose o f them are detrimental to t h e o f t t o l S t i
vices in connection therewith. Tho chief objections to the bills now under
States Government, as well as to tho desirability of the widest possible
consideration are that they seek to control fraud and misrepresentation permanent distribution of Government bonds.
° po
>0
in issues o f Capital Stock only, whereas it is the belief of your Committee
Hiat the samo offenso in other forms o f securities should also be controlled.
They seek to require the deposit o f an immense amount o f matter o f which REPORT OF M U N I C I P A L S E C U R I T I E S C O M M I T T E E .
only a negligible part will ever be o f any possible value and they would also
R o b y R ob inson, of A tla n ta , in his report as Chairm an o f
requiro the duplication of this information and a filing system to take care
o f it in many o f the States and under some conditions In every Stato. Un­ tho M u n icip al Securities C om m ittee, stated that according
der one of the provisions what is virtually a guarantee of information would
be required on the part o f the party offering securities without regard to to tho best inform ation obtainable, the volum o of sales of
the fact that those on whom he had relied in good faith might have de­ S tate, C ity , C o u n ty and M unicip al bonds during tho past
frauded him. The natural result would seem to be that those having year had alm ost doubled that of the preceding" y o a r for
little or no moral or financial responsibility would not hesitate to accept
the burdens imposed by tho act and that the transactions would gravitate the year ending O ct. 1 1918 ho gave tho totals as $ 2 8 5 ,­
toward the undesirable factors in the business instead of away from them, 1 5 1 ,0 9 0 , whereas for the year ending O ct. 1 1919 they reached
for those on whom tho obligation would heavily weigh would either refuse $ 5 8 4 ,6 8 3 ,4 5 3 .
T em porary loans, ho noted wero not in­
to do the business at all or upon such terms as would compenstae them
for the unknown risks which they were forced to take. Tho net result cluded in these totals. M r . Robinson pointed w ith prido
would be to hamper legitimate business concerns in tho raising o f capital in to “ the advantages of tho adm irable laws in G eorgia, which
either forcing them to do it through those with whom thay had rather not safeguard tho bond issues,” and quoted som e of tlieso safo-




Oct.

25 1919.]

THE CHRONICLE

guarding provisions.
In reviewing the w ork of the C o m ­
m ittee of which he is Chairm an, M r . R ob in son stated that
the conclusion had been reached th at the greatest need is
the working ou t of a plan th a t will aid in bringing ab ou t
the prom pt p aym en t of interest and principal b y C o m ­
m unities th at are slow in forw arding the funds to the de­
signated place of p ay m en t.
Som e of these defaults he said,
are casual and som e are chronic; som e are brought about
b y indifference on the part of the officials and som e are
deliberate, tho latter class h aving in view the idea of forcing
the holder of the coupons or bonds to send them to the
local bank for p ay m en t.
T h is brings ab ou t delay and in­
volves in m a n y instances collection charges whcih the dealer
usually has to stan d , and causes a justifiable irritation on
the part of the innocent holder and frequently prejudices
him against the value of the security.
T h e C o m m ittee, he said, believed that this m atter of de­
faulted bonds should be thoroughly discussed and som e plan
adopted w hereby each m em ber of the A ssociation should
have before him a list of the Com m unities that are in de­
fault and a history of each case.
It was furthermore sug­
gested th at the Secretary’s office should have a form letter
which w ould be sent ou t and later followed up to each C o m ­
m u n ity which has not paid its interest or principal p ro m p tlj'.
A resolution em bodyin g this proposal was finally adopted.
In his report M r . R obinson also said in part:
We are advised that some twenty years ago when there were a great
many defaults in Kansas, a law was passed which made it compulsory
for the Treasurer o f various Counties, Cities and Districts to forward their
funds to the fiscal agency in New York at least ten days before their obli­
gations were due.
It may also be of interest to our members to know that an attempt was
made at the last meeting o f the Legislature of North Carolina to have a
similar measure passed, but you can readily appreciate that a measure
o f this sort is bound not to be very popular with the ordinary Legislator
unless a great deal o f influence is brought to bear. The bill failed of pas­
sage but it made its imprint and later it may be possible to pass this bill
In North Carolina, and if taken up in the various States by our members,
wo might be able to get similar measures passed and they would, in our
opinion, be o f great benefit in the way o f correcting defaults made by a
great many small Communities.
Another suggested remedy which would overcome the difficulty to a
largo extent, would be putting a provision in the final ordinance or reso­
lution authorizing a bond issue specifically providing not only for tho
prompt remittance of the funds to tho designated place o f payment but
setting out tho actual compensation to the Bank at which the funds were
payable and requiring the issuing Community, as a part o f the considera­
tion for the sale o f tho-bonds, to transmit their funds promptly. The
experience o f some o f our members in cases where this clause was inserted
in tho legal proceedings has been beneficial and the requirement has been
complied with even where new Treasurers have come into offico and have
been disposed to insist upon requiring the holder to forward his bonds to
them for local payment.

R E P E A L OF E X C E S S P R O FIT S T A X URGED.
A resolution in which it recorded itself in favor of the
repeal of the excess profits ta x, and urging the G overnm ent
to appoint a “ non-partisan bo d y of practical and represen­
tative m en to revise tho tax laws to supply an y revenue lost
b y the appeal of tho t a x .” was adopted b y the In vestm ent
B ankers’ A ssociation a t its concluding session on O c t. 2 2 .
T h o association also recommended th at the com m ittee be
appointed as soon as possible, and th at it m ake recom m en­
dations to sim plify and readjust the laws along the lines
o f the least injustice and discrimination betw een classes of
taxpayers.
T h e opinion that a general effort to do aw ay
w ith the excess profits tax should be m ade, as well as to
obtain relief from the surtax on profits realized from the
salo of capital assets was expressed in the report o f the T a x
C o m m ittee, of which R o y O . O sgood is C hairm an.

NEW

O FF ICER S

OF I N V E S T M E N T
ASSOCIATION .

BANKERS

T h e follow ing are the newly elected officers of the In ­
vestm en t Bankers A ssociation :
President, George W . Ilodges, New York; Vico Presidents, John E.
Oldham, Boston, Howard F. Beebo, New York; Roy C . Osgood, ChicagoGeorgo It. Reilly, Philadelphia; and J. Hugh Powers, St. Louis; Secretary,
Frederick R. Fenton, Chicago: Assistant Secretary, Clayton C. Schray'
Chicago; Treasurer, A. W . Bullard. Chicago.

1585

of the Pacific D evelop m en t C o ., and G . L . S ton e, chairm an
of the board of the Pacific D evelop m en t C o .

A t a m eeting of the directors of the A m erican International
C o rp . on O ct. 2 3 , General G u y E . T rip p , Chairm an of the
W estinghouse Electric & M an u factu rin g C o ., was nam ed a
director to succeed J . O gden A rm o u r, resigned. M r .
A rm o u r retires ow ing to the press of other duties.
General
T rip p has been Chairm an o f the W estinghouse Electric &
M an u factu rin g C o . for over seven years.
D uring the war
he w as chief of the P roduction D ivision of the Ordnance
D e p a rtm e n t. H e was connected with Stone & W eb ster
for over ten years, at first in charge of their accounting di­
vision and later in entire charge of all the Stone & W eb ster
properties in Texas and the southwestern district and also
the P uget Sound district.
General T rip p was one of the
original directors of the A m erican International C orp . and
resigned on entering the U . S . A r m y .

T h e E xecutive C o m m ittee of the board of directors of the
G u a ra n ty T rust C o . of N e w Y o r k on O c t. 23 appointed
L . M ich o u d to be assistant m anager and B . A . Baker to be
Treasurer o f the Paris office o f the co m p an y. M r . M ichoud
was for 12 years sub-m anager of the B anque P rivee, Paris.
M r . B aker, after a service of six years w ith the L ondon
C o u n ty B a n k at their m ain office, spent six years a t the Paris
office of the same bank as sub-m anager in charge of foreign
exchange.
A t a m eeting of the directors of the C olum bia T ru st C o m ­
p an y of this city W illia m E . D o b b in , form erly A ssista n t
Cashier of the Irving T ru st C o m p a n y , was elected an A s­
sistant Treasurer w ith headquarters at C olu m bia T ru st
C o m p a n y ’s branch at T h irty-fo u rth Street and F ifth A v e n u e.
T h e M ercantile B a n k of the A m ericas announces the
opening of a branch in M a d r id , Spain. T h is is in addition
to its present branch a t B arcelona. A t a m eeting o f the
directors o f the bank on O ct. 2 2 W illiam T od d was appointed
A ssistan t Secretary.
A t a meeting of the shareholders of the Citizens N a tio n al
B a n k of N e w Y ork on O c t. 2 2 it was voted to increase the
capital from $ 2 ,5 5 0 ,0 0 0 to $ 3 ,0 0 0 ,0 0 0 , the new stock to be
offered at par to shareholders of record O c t. 3 1 .
In addi­
tion to the increase of the capital, the directors recom m ended
an increase in the surplus fund to $ 3 ,0 0 0 ,0 0 0 b y transferring
the sum of $ 5 5 0 ,0 0 0 from undivided profits.
T h e co m ­
bined capital and surplus of the bank will then be $ 6 ,0 0 0 ,­
000.
T h e deposits of the Citizens N a tio n a l have prac­
tically doubled during the past five years— the recent re­
port of the bank to the C om ptroller show ing deposits of
approxim ately $ 4 8 ,0 0 0 ,0 0 0 w ith total resources approach­
ing $ 7 0 ,0 0 0 ,0 0 0 .
T he Citizens is located in the heart of
the dow ntow n wholesale district a t 3 20 B road w ay.

C . P . H u n t, Cashier of the B a n k of N e w Y o r k , N . B . A .,
of this city has been elected to the dual office of V ice -P re si­
dent and Cashier, and W . J . K en m ore, F . W . Ziegler and
George S . Butler have been appointed A ssistant Cashiers
of the institution.
Samuel Sloan C olt has been appointed A ssistan t Secre­
tary of the Farm ers’ L oan & T ru st C o m p a n y of this c ity .
M r . C o lt was in the em p loy of the com pany a t the tim e of
the outbreak of the w ar, b u t left to enter the arm y .
W ith
his return from overseas service he was discharged w ith the
rank of M a jo r . M r . C o lt is a Y a le graduate. .

\\ illiam L . C low has been elected A ssistan t Secretary of
the Irving T ru st C o m p a n y of this city.

&

I ore;} R . 1 \ ne, 2 n d , of this city and F . D onald son Brow n

O n ly ten shares of bank stock were sold a t auction th
week and none were sold at tho Stock E xch a n ge.
The:
wero no transactions in trust com p an y stocks.

have been elected directors of the E m pire T ru st C o m p a n y
of this city . M r . B row n is Treasurer of the D u P on t de
N em ou rs P ow der C o m p a n y of W ilm in g to n , D el

IT E M S

ABOUT

BANKS,

TRUST

YorkLow10 Iirst National Bank of N . Y__ 953

C O M P A N IE S ,

M oh- close. Last previous sa,
953
953
Oct. 1919— 976

A . I I . W ig g in , chairm an of tho board of the Chase N a ­
tional B a n k , left this week for an extended vacation in the
Orient. M r . W ig g in ’s party includes E . B . B ru ce, President




A t the regular m eeting of the directors of the C o m m on ­
w ealth B a n k of this city ’ on O c t. 2 1 , George F . A . O lt,
formerly A ssista n t Cashier, was appointed Cashier to suc­
ceed A lb ert C . F u ch s, deceased. M r . O lt has been w ith the
bank for the p ast 2 8 years and for 16 years was M an ag er

THE CHRONICLE

1586
of the B ron x branch .
pointed

A ssistan t

Julius R . von Sternberg was ap­

Cashier.

'

T h e N e w Y o rk agent of the Y o k o h a m a Specie B a n k , L t d .,
announced on O c t. 7 that T o k u ji M izu n o has been author­
ized to sign per procuration as A g e n t in the N e w Y o r k office
of this ba n k , his authorization dating S ep t. IS 191 9 .
A t C a n to n , C h in a , the A sia B an kin g Corporation has ju st
opened its seventh branch in the F ar E a s t.
T h e other
branches are a t Sh agh ai, H a n k o w , P ek in g, T ien tsin , H o n g­
kong and M a n ila , P . I .
A t a m eeting of the directors of the W e s t E n d B a n k of
B rook lyn on O c t. 9 the follow ing were elected officers of
the new in stitu tion : Solom on F ro m m , President; Peter
Rinelli and D r . Selden I . R ain forth , V ice-P residents; A rth ur
J . Stern, A tto rn e y . A tw o-story building will be erected
a t 2 0 th avenue and 8 6 th street for the proposed institu­
tion which as announced in our issue of A u g . 3 0 is to have a
capital of $ 2 0 0 ,0 0 0 and surplus of $ 1 0 0 ,0 0 0 .
T h e State B a n k D ep artm en t has approved the plans to
increase the capital o f the B a n k of C on ey Island of B rook ­
lyn from $ 1 0 0 ,0 0 0 to $ 2 0 0 ,0 0 0 .
T h e plans to increase the
capital of the institution were referred to in our issue of
O c t. 1 1 .
T h e officials have also been authorized to open a
branch a t 2 5th Street and Surf A ve n u e.
A new banking institution was opened on O c t. 15 in
H em p stead a t F u lton and M a in streets under the nam e of
the Second N a tio n a l B a n k .
T h e new bank has a capital
of $ 1 0 0 ,0 0 0 an d a surplus of $ 2 5 ,0 0 0 .
T h e follow ing are
directors fo the institution: George H . B a u k n e y , Louis
C o h en , A lb ert H . Jennings, C linton W . L u d lu m , Elias J.
P ra y , A lfred M . R e d m o n d , George D . S m ith , Lewis J.
S m ith , A d rian I I . C ourtenay and W illia m B . D a v is.
T he
other officers of the institution are George H . B aukney,
President; Lewis J . Sm ith and Elias J . P ra y , V ice-P resi­
dents and C lin ton W . L u d lu m , Cashier.

T h e F irst N a tio n a l B a n k of Jersey C ity is ab ou t to erect
a ten -story building on E xchange P lace, directly opposite
the entrance of the H u d son T u be S tation .
T h e new build­
ing will have a frontage of 8 0 feet 9 inches on Exchange
P la ce, 162 feet 9 inches on H u d son Street and 8 0 feet 1 inch
on Y o r k S treet.
I t w ill, m oreover, have protection for light
and air on the fourth side.
T h e bank will occupy the ground
and mezzanine floors and the remaining storeis will be given
over to rented offices. T h e new building will bo fitted
throughout w ith every convenience of the latest ty p e .
An
adjoining building will provide a com plete pow er-house,
storago facilities, and dining facilities for all the employees
of the b a n k .
T h e cost of the structure will be ab ou t $ 1 ,­
0 0 0 ,0 0 0 .
E . I . E dw ards is President of the First N a tio n al
Bank.
A

Tho immediate future requires tho most cautious banking untU the present
period o f unrest and inflated prices ends. We expect then, we aro preparing
for, a number of unusually good business years.
About twenty-five years ago there was an epidemic of new banks. Com­
petition became extreme. A number of banks—both jiew and old showed
poor judgment. They did business at a loss; they took improper risks. Tho
natural, inevitable result was a number of bank failures. Then for some
years, common sense prevailed until past experience was forgotten. To-day
we are in the midst of a similar period of insane competition. As yet every
bank and trust company in Buffalo is sound. What the end will be, no one
can tell. It is probable that conservative warnings will not be heeded, that
tho disease must run its course, and that nothing but bad results will chock it.
Diming its entire existence, the Bank of Buffalo has adhered to its sound
policy of conservative banking. Its active executive officers are not per­
mitted to speculate nor to have active outside interests. So far as business
is concerned, they are expected to be bankers and nothing elso. The true
banker feels that he is a trustee for others and that he must deny himself
many opportunities for profit that for the average man would be perfectly
legitimate. He believes in competition in service but not in doing business
for nothing or in taking improper risks, no matter how severo tho competi­
tion of his rivals. It is a pleasure to report that for years this bank has not
had from tho Banking Department a single letter of criticism. W o are con­
fident that our conservative policy is the right policy. While the present
administration lasts, that policy will continue.
_
The Bank of Buffalo cannot promise its stockholders extraordinary profits.
Such profits aro not to be had in legitimate banking. Extraordinary profits,
and dividends involve extraordinary risks. It can promise only gradual
steady growth in business and in the value of its stock in tho future as in tho
past.
Our ambition is not to be the largest bank in Buffalo at whatever cost,
but to be the soundest and best. N o greater good could come to Buffalodepositors than to have every bank and trust company in the city strive to
be sounder and better than all others.
You are now stockholders in a very large bank. Its future is established.
The writer earnestly hopes that you will insist that no matter who the next
president may be, he must adhere to the steady-going, conservative policiesthat this bank always has followed. Beware of brilliant men.^ Conserva­
tism, square-dealing and common sense, even without exceptionally able
management, will insure the future growth of this bank and the stab.lity of
its dividends on the soundest possible basis.
The central location of our head office is second to none. When the leases
on the rest of the property on Main Street, North Division Street and Wash­
ington Street expire, our head office will be enlarged to four times its present
size, with a large entrance hall, a broad handsomo staircase and unusuallj
ample safe deposit vaults and coupon rooms. The uptown location of our
Market branch is unrivalled. That branch has recently obtained control of
the corner of Main and Chippewa Streets. At tho earliest possiblo moment,
its quarters will be much enlarged. These two locations, takon together,
are tho very best in Buffalo and thoroughly cover the business centre.
By doing their banking business with us, and by constantly sending their
friends and acquaintances to us, our stockholders can increaso the value o f
their stock, and Insure the permanency of their dividends. Wo hope, too,
that their interest in this bank is moro than mercenary, and that they will
take genuine pleasure in co-operating with its officers and directors in their
efforts to increase its business.
ELLIOTT C . M cDOUGAL, President.
T h e issuanco of a charter for the Falls N a tio n al B ank of
N ia ga ra F alls, N . Y . , is announced b y the C om ptroller of tho
C urrency.
T h e bank has been form ed w ith a capital of
$ 1 0 0 ,0 0 0 .
A le x . Zaleski is President and A . R . C u m m in g,
Cashier.
On account of the success attending the Citizens N a tio n al
B a n k of B o ston since its opening on Juno 18 last (see our
issue of July 5 ) the stockholders of the institution have
unanim ously decided to increase the capital from $;>0 0 ,0 0 0
to $ 1 ,0 0 0 ,0 0 0 and surplus from $ 2 5 0 ,0 0 0 to $ 5 0 0 ,0 0 0 .
T h e stock is offered to present shareholders a t $ 15 0 per share
and new subscribers to stock not taken b y the present
shareholders will pay $ 15 3 a share. P aym en t is called for
N o v . 5 b u t it is stated th a t it m a y be N o v . 15 before the
final closing.

circular letter addressed in S eptem ber to the sto ck ­

holders of the B a n k of B u ffa lo , at B u ffa lo , N . 5. •» advising
the continuance of the conservative policy w hich has m arked
the course of the ban k ’s existence, has ju st com e to our
atten tion .
T h e letter points ou t th at “ the im m ediate
future requires the m ost cautious banking until the present
period of unrest and inflated prices ends. ’
D uring its
entire existence, the stockholders are rem inded, the bank
“ has adhered to its sound policy of conservative banking,
and the hope is expressed b y President E llio tt C . M c D o u g a l
th a t “ no m atter who the next President m a y b e, he m ust
adhere to the steadygoin g, conservative policies that this
ban k has alw ays follow ed .”
T h e developm ent of the bank
since 1910 is shown in the follow ing figures which are em ­
bodied in the letter and are taken from the official reports
to the B anking D ep artm en t:
Capital, Surplus
and Profits.
Deposits.
Aug. 31 1910................. $1,231,712 07
$8,787,989 77
Sept. 25 1 9 1 5 ---........... 2,517,790 13
16,742,627 37
Sept. 12 1919......
5,302,646 27
39,777,929 71
W e also quote the letter herewith:

Resources.
$10,016,439 81
19,403,438 96
47,980.575 98

Buffalo, N . Y ., Sept. 12 1919.
To the Stockholders of the Bank of Buffalo:
Your officers and directors hope that they have so amply provided for the
future that no further increase in capital stock will be necessary for at least
five years to come.




[Vol . 109.

A t a special m eeting of the stockholders of the L ogan
T ru st C o . of P hiladelphia, held on O c t. 15 1 91 9 , the capital
stock of the com p any w as increased from $ 1 ,0 0 0 ,0 0 0 to
$ 2 ,0 0 0 ,0 0 0 .
T h e new stock , w hich consists of 1 0 ,0 0 0 shares
of the par value of $ 1 0 0 , is offered to stockholders of record
O c t. 15 1919 at $14 5 per share; the premium of $ 45 per
share, o r $ 4 5 0 ,0 0 0 , is to be added to surplus account, m aking
the sam e $ 9 0 3 ,2 7 1 .
A t a m eeting of the directors of theinstitution a sem i-annual dividend of 4 % was declared, an
increase of 1 % , and the announcem ent mado that hereafter
dividends would be declared quarterly. T h e deposits of the
com p any havo increased largely during tho past year and
now stand at approxim ately $ 9 ,4 0 0 ,0 0 0 .
T h e Logan T ru st
C o . is a m em ber of the Federal Reserve system .
George F lin t, L . T . Brehra, T hom as M a y Pierce, J r ., and
H arry Brocklehurst have been elected Directors of tho B road
Street B a n k of Philadelphia, P a . T h o bank is erecting a now
building a t B road and D iam on d Streots.
I t is now tem ­
porarily located at 2 03 4 N o rth B road Stroet.
T h o bank
m akes public the follow ing figures:
Deposits Oct. 1 1919, $1,101,509 09: deposits Oct. 1 1918, $690,848 69;
Gain during y*ar, $410,660 40: surplus and undivided profits, Oct. 1 1919,
$39,734 52: surplus and undivided profits, Oct. 1 1918, $26,343 78: gain
during year, $13,390 74.

O ct . 25 1919.]

THE CHRONICLE

J. E. Wiley Company, Inc., of Baltimore, are offering
§300,000 7% cumulative preferred stock of the Guaranty
Company of Baltimore. The latter has an authorized capi­
tal of §506,500, composed of 5,000 shares (par S100) of
preferred stock, and 6,500 shares (par §1.00) of common
stock. The E. J. Wiley Co., Inc., furnishes the following
information regarding the Guaranty Company, summarized
from a letter of Thomas A. Marshall, President of the
latter:
T h is
ers

com p an y

n o te s fr o m

buys

open

c o m m e r c ia l a c c o u n t s r e c e iv a b le

and

National Bank. For the past fourteen years he was identified
with the Chicago Savings Bank & Trust Company having
worked through all departments to the position of assistant
cashier, from which he resigned to join the Great Lakes
organization. The board created three new positions for
assistant cashiers and elected to them Roy J. Birkle, formerly
auditor, and F. Marvin Austin and Henry R. Gross, both
of whom have been identified with the new business de­
partment.

cu stom ­

r e s p o n s ib le m a n u fa c tu r e r s a n d jo b b e r s , a d v a n c in g S 0 %

Application has been made to the Comptroller of the Cur­
rency for a charter for the Wilson Avenue National Bank of
Chicago. Capital $200,000.

of

t h e fa c e v a lu o t h e r e o f— t h e 2 0 % b e in g h e ld u n til th e fin a l p a y m e n t o f th e
fa c e v a lu e o f th e a c c o u n t s h a v e b e e n p a id .
T h o c o m p a n y s t a r t e d b u s in e s s M a y 1 1 9 1 7 , u n d e r t h e n a m e o f t h e B a n k ­
ers
S e c u r itie s C o r p o r a t io n , w it h a n a u t h o r iz e d
w a s f u lly p a id in b y O c t . 1 1 9 1 7 .

1587

c a p it a l o f $ 2 5 ,0 0 0 . w h ic h

The directors, officers and employees of the Continental &
Commercial Banks of Chicago had an afternoon and evening
of enjoyment on Oct. 13. A special performance of “Oh,
Look” brought to the Auditorium Theatre an audience of
4,000 composed entirely of employees of the banks and
members of their families. Dinner for 1,900 was served in
the Elizabeth and gold rooms of the Congress. George M.
Reynolds, Arthur Reynolds and B. A. Eckhart made short
addresses and dancing followed. President Reynolds an­
an additional bonus of 10% for the entire Con­
Advices from Washington state that a group of local busi­ nounced
tinental
&
Commercial family.
ness men, represented by the law firm of R. G. Donaldson
and C. C. Tucker, on Oct. 14 purchased from Frank P. Har­ Application has been made to the Comptroller of the
man and associates, approximately 1,350 shares of stock of Currency for a charter for the American National Bank of
the Commercial National Bank of Washington thereby ob­ Fargo,
N. D., capital $100,000.
taining control of the institution. The price paid, it is said,
was between $190 and $200 per share. The only change re­
sulting from the purchase, we understand, was the election A change in the title of the State National Bank of Okla­
at ft, meeting of the board on Oct. 18 of three new directors, homa City to the First National Bank in Oklahoma City is
namely, Harrington Mills, Fred S. Hardesty and Capt. announced by the Comptroller of the Currency.
Charles Conard, to represent the new interests. At this
meeting Frank P. Harman resigned as a director, all his stock The Comptroller of the Currency announces the issuance
in the institution being disposed of. Major Guy T. Scott, of a charter for the Southwest National Bank of Oklahoma
President of the Continental Trust Co. of Washington, re­ City, Okla., capital $250,000. The institution is a con­
cently resigned as a director because of the ruling of the version
the national system of the Southwest Reserve
Federal Reserve Board against interlocking directorates be­ Bank of toOklahoma
City. L. T. Sammons is President and
tween competing banks. Rolfe E. Bolling is President of the C. T. Abell, Cashier.
The proposed conversion of the bank
Commercial National Bank and is also a Vice-President of the was
referred
to
in
our
issue
of Aug. 23.
Chatham & Phenix National Bank of this city.
The directors of the First & Old Detroit National Bank The capital of the Fourth National Bank of Wichita,
announced recently the organization of a company to bo Kans., has been enlarged to the extent of $600,000, the
known as the First National Company with capital of $1,000,­ amount, it is learned from the weekly bulletin of the Comp­
000 and surplus of $200,000 to engage in general corporate troller of the Currency, having been increased from $400 000
and municipal financing and trading in investment securities. to $1,000,000.
The following officials havo been chosen for the new company:
Leo M. Butzel, President; William J. Gray and J. H. Simp­ The Columbia National Bank of Kansas City, Mo., an­
son, Vice-Presidents; William L. Davis, Manager of Sales; nounces the absorption by it of the firm of Thornton Cooke
D. Dwight Douglas, Secretary and Stanley H. Wilkinson, & Co., the business of which will be conducted by the bond
Treasurer. Mr. Butzel is a member of the law firm of department of the bank H. R. Bailey, formerly a partner
Stevenson, Carpenter, Butzel & Backus and one of the prom­ of Thornton Cooke & Co. will be Manager of the Bond De­
inent attorneys of Detroit. He has been associated with the partment.
First & Old Detroit National Bank for many years. Mr.
Gray is a Vice-President of the First & Old Detroit National Miss Mary J. Scherrer has been made Assistant Trust
and Mr. Simpson a former manager of its bond department. Officer of the National Bank of Commerce in St. Louis, and
Mr. Davis was at one time a manager of sales for the National is the first person, it is claimed, to be appointed Assistant
City Company of this city in the district of Detroit and Trust Officer of any national bank in the country. The
Southern Michigan.
trust department of the National Bank of Commerce was
organized a year ago. Miss Scherrer was formerly Secre­
An increase of $300,000 in the capital of the Hackley tary to the Trust Officer, Virgil M. Harris. In addition to
National Bank of Muskegon, Mich., raising the amount her appointment as an officer of the institution Miss Scherrer
from $100,000 to $400,000.
has been awarded a cash prize of $125 for her success in
bringing new business to the institution within a certain
Announcement was made on Oct. 10 by the National period.
City Bank of Chicago of the organization of a securities
corporation entitled the City Securities Co. as an auxiliary An application to increase the capital of the Central Na­
of the bank. The new company is incorporated under the tional Bank of Richmond from $350,000 to $500,000 and to
laws of Illinois. Its charter will enable it to engage in increase the surplus to $175,000 has been made to the Comp­
financial operations of many kinds which are more advan­ troller of the Currency. The new stock will be sold at $135
tageously handled by such a corporation than by a bank. per share and the enlarged capital will become effective on
Tho officers and directors of the new company are: II. E. Nov. 1 1919.
Otto, President; R. U. Lansing, Vice-President, and W. G.
McLaury, Secretary and Treasurer, and David R. Forgan,
a
' *“Va., the amount thereby
me central
Robert R. Forgan and F. A. Crandall.
NationalT Bank
of‘ Richmond,
being
raised
from
$350,000
to
$500,000,
is
announced
by
the
rhe directors of the Great Lakes Company have promoted
William A. Nicol, assistant cashier to the position of cashier; Comptroller of the Currency.
Charles C. Willson, who has been acting as vice-president
and cashier, relinquishes the latter title. Mr. Nicol began According to the Comptroller of the Currency the Dothan
his banking experience with the old National Bank of North , ° ^ L Bank 0f Dothan’ Ala., has increased its capital
America which was afterwards absorbed by the Continental from $200,000 to $400,000.
In

ord er

b u s in e s s a

to

e n a b le

th e

ch a n g e fr o m

com p a n y

to

ta k e

th e n a m e o f th e

care

o f it s r a p i d l y

B an k ers

S e c u r itie s

in c r e a s in g

C o r p o r a t io n

t o t h o G u a r a n t y C o m p a n y w a s m a d e o n M a r c h 1 1 9 1 8 , w it h a n a u th o r iz e d

c a p i t a l s t o c k o f $ 5 0 5 ,2 5 0 , a t w h ic h t im e $ 1 0 0 ,0 0 0 o f P r e fe r r e d s t o c k w a s
o f f e r e d fo r s a le , s a m e b e in g f u l l y p a id in b y J u ly 1 1 9 1 8 .
O n A p r i l 1 2 1 9 1 9 , i t b e c a m e n e c e s s a r y t o s e ll a n a d d i t i o n a l $ 1 0 0 ,0 0 0 o

t h o p r e fe r r e d s t o c k , w h ic h w a s p a id in b y J u ly 1 1 9 1 9 .

T h e com p a n y has

p a id f i v e d iv id e n d s a n d th e s ix t h w ill b e p a id o n J a n . 1 1 9 2 0 .
T h e g r o s s v o l u m e o f b u s in e s s f r o m

$ 1 ,8 7 4 ,1 7 3 8 4 ,

< $ 1 2 8 ,0 0 0 )

r e p r e s e n tin g

Jan.

th o t u r n in g

14 2 -3 tim e s in e ig h t m o n t h s .

1 1919, to

of

our

S ep t.

average

10

1919, w as

c a p ita l

e m p lo y e d

T h e n e t e a r n in g s f o r s a id p e r io d

a b o v e a ll e x p e n s e s a n d lo s s e s w e r e a t t h e r a t e o f 3 7 J 4 % .




xt

<-•

,

1588

[V ol . 109.

THE CHRONICLE

In commemoration of its fiftieth anniversary the Union
& Planters Bank & Trust Company of Memphis has issued
a book in most attractive appearance bearing the title,
“The Story of a Memphis Institution.” The publication is
gotten up in so ornate a form, embodying in formation per­
tinent to the city itself as well as to the institution, as to make
it worthy of preservation. In its exterior and interior makeup
the book is equally attractive, being printed on heavy glazed
paper with numerous etchings, and bound in brown, the cover
bearing a reproduction in gilt of John W. Farley’s design,
“The Heart of the Mississippi Valley.” The bank’s semi­
centennial was formally celebrated on Sept. 2, as was reported
in these columns Sept. 27. It was established in 1869 and
has grown to an institution with a capital of $1,800,000, sur­
plus and profits of $570,000 and deposits of $23,500,000.
Frank F. Hill, who has been President since 1915, was Vice­
President from 1908 and a director since 1897. He is the
oldest director in point of service.
A charter for the Exchange National Bank of Shreveport,
La., capital $100,000, has been applied for to the Comp­
troller of the Currency.
Emmet Jones, Auditor of the Pan-American Bank & Trust
Co. of New Orleans and President of the New Orleans
Chapter of the American Institute of Banking, has been
appointed Cashier of the Pan-American Bank & Trust Co.
He assumed his new duties Oct. 17. Mr. Jones has been
associated with the Pan-American Bank & Trust Co.
(formerly the Metropolitan Bank) for the past nine years.
He has been President of the New Orleans Chapter of the
American Institute of Banking for the past year and was
Chairman of the Convention Committee which recently
entertained the 17th annual convention of that organization.
Edgar R. Lanng has been appointed manager of the new
business department of the Whitney-Central Bank of New
Orleans. Mr. Lanng was formerly connected in a similar
capacity with the Hibernia Bank & Trust Co. of the same
city

Vincent, Vice-President, is the only officer now identified
with the bank who was on the pay roll when the bank
started. Three years later, J. A. Yeomans, now Cashier,
ente.ed the bank’s employ as bookkeeper.
Collman & Co. of San Francisco announce the opening of
a branch office in Southern California at 305 Merchants
National Bank of Los Angeles. Robert E. Stack has been
placed in charge of the Southern California office of Collman
& Co. which is the largest commercial paper house west of
the Mississippi. Messrs. Collman & Co., in addition to
handling the paper of many large Western concerns, repre­
sent in the Twelfth Federal Reserve District, a half dozen of
the larger Eastern commercial paper brokers. Mr. Stack
was for 11 years connected with the National Bank of Com­
merce in New York and recently resigned as Assistant .
Cashier of that bank.
The Royal Bank of Canada (head office Montreal) an­
nounces the opening of a branch at Rio de Janeiro, Brazil,
and one at Port-au-Prince, Haiti. The Rio de Janeiro
branch will be under the management of G. V. Long, form­
erly Manager of the bank’s branch at San Jose, Costa Rica.
The bank also announces that arrangements to open
branches at Sao Paulo and Santos, Brazil, Buenos Aires,
Argentine, and Montevideo, Uruguay, are nearing comple­
tion. C. C. Pineo, formerly Manager of the branch in
Havana, Cuba, and who for the past four years occupied an
important banking position in Brazil, has been appointed
Supervisor of Branches in Brazil, Argentine and Uruguay,
with headquarters at 68 William Street, New York. Mr.
Pineo is at present in Rio de Janeiro, and will remain in
South America for some months, but inquiries regarding
South American business may be addressed to the New York
Agent of the bank.
In addition to the 540 branches of the bank located in
every important city and town in Canada and Newfoundland
it has 67 branches in the West Indies, Central and South
America.
_________
THE ENGLISH GOLD A N D SILVER M A RK ETS.

The directors of the Hibernia Bank & Trust Co. of New We reprint the following from the weekly circular of
Orleans recently announced their intention to organize a Samuel Montagu & Co. of London, written under dato of'
.
company with capital of $1,000,000 to engage in the business Oct. 2 1919:
of financing imports and exports, underwriting, dealing in
preferred stocks, &c. The new company is to be an entirely
independent institution, but its common stock amounting to
$400,000 will be owned and controlled by the stockholders of
the Hibernia Bank & Trust Co. One-half of this amount
($200,000) will be provided by the declaration of a special
dividend of 10% out of the undivided profits of the bank,
one-half of which will be payable as soon as the new company
is ready for business and the other half as soon after Jan. 1
1920 as the new company shall call for it. The additional
money required in order to bring the subscribed capital of
the new company immediately up to $500,000, we under­
stand, will be raised by the sale of $300,000 7% cumulative
preferred stock, which will have no voting power and will
be subject to call at 105. For the present all the officers of
the new company will be chosen from the bank’s executives.
S h ip m e n t s

N ew Y ork .

of

g o ld

a m o u n tin g

G O LD .
t o $ 2 ,4 1 9 ,0 0 0

have

been

arran ged

in .

O f t h is $ 1 ,1 5 2 ,0 0 0 is f o r C h in a , $ 6 0 0 ,0 0 0 f o r I n d i a , $ 4 6 2 ,0 0 0

f o r S o u t h A m e r ic a , $ 1 0 0 ,0 0 0 f o r S w e d e n , $ 9 5 ,0 0 0 f o r C a n a d a , a n d $ 1 0 ,0 0 0 '
fo r C e n tr a l A m e r ic a .

O n t h e o t h e r h a n d , n e a r ly fo u r m illio n d o lla r s h a v e

b e e n r e c e iv e d fr o m L o n d o n .
S h ip m e n t s o f g o l d h a v e b e e n m a d e t o I n d i a , c o m p r is in g t h e b u lk o f t h e

s e c o n d c o n s ig n m e n t o f a b o u t £ 1 ,5 0 0 ,0 0 0 o f S o u t h A fr ic a n g o l d s o ld in t h is
m a rk et.
It w as an n ou n ced

d u r in g

th e

w eek

im p o r t e d g o ld h a d b e e n r e d u c e d fr o m
A t th e e x ch a n g e o f 24 l i d .

th a t th e ra te

p a y a b le

in

In d ia

fo r

R p s . 1 1 .1 1 t o R p s . 1 1 .9 p e r s o v e r e i g n .

(th e r a t e a t w h ic h d e fe r r e d tr a n s fe r s w e r e s o ld ,

b y t h e I n d ia C o u n c il) a n d a llo w in g f o r fr e ig h t a n d In su ra n ce e x p e n s e s a n d

lo s s o f in t e r e s t , t h is is a p p r o x im a t e ly e q u iv a le n t t o
a b o u t w h ic h

p r ic e t h e a b o v e -m e n t io n e d g o l d

In d ia '

9 9 th e fin e o u n c e , a t

w a s b o u g h t f o r s h ip m e n t t o -

S IL V E R .

T h e t o n e o f t h e m a r k e t h a s b e e n s o m e w h a t u n c e r t a in .

T h e c e s sa tio n ,

t h o u g h t e m p o r a r y , o f in q u i r y f o r t h e E a s t , f o ll o w e d b y a fa llin g o f f in t r a d e
d e m a n d , o w in g t o t h e r a ilw a y s t r ik e , c a u s e d p r ic e s t o fa ll h e a v i ly , 6 2 l i d .
f o r c a s h a n d 61 l i d . f o r fo r w a r d d e liv e r y b e in g q u o t e d o n th e 2 9 th u lt .
r e s u m p tio n
next d a y

A new bank was opened in Portland, Ore., on Oct. 15
under the name of the Broadway Bank. The institution,
which will conduct a commercial and savings bank business,
has a capital of $100,000 and a surlpus of $10,000; 4% inter­
est will be paid on savings deposits and 3 % on special savings
accounts, subject to check where the minimum monthly
balance is not less than $500. The officers of the bank are:
Will B. Haines, President; II. H. Haynes, Vice-President;
Creed C. Hammond, Cashier; and Chas. B. Crake, Assistant
Cashier.
The $20,000,000 mark in deposits has been passed by the
Old National Bank of Spokane, Wash.; these figures, reached
by the bank on Oct. 2, represent an addition of $10,000,000
since 1913; the doubling of the deposits of the bank since
its organization in 1892 is shown in the following figures
furnished by the bank
1 8 9 2 ............. - ..................................... $ 1 0 0 , 0 0 0
1 8 9 5 - - - .............................................
2 0 0 ,0 0 0
1 8 9 7 ......................$ 1 0 0 , 0 0 0 a n d $ 5 0 0 , 0 0 0
1 9 0 2 ____________ _______ - .............. 1 , 0 0 0 , 0 0 0
1 9 0 4 . ....................................... ........... 2 , 0 0 0 , 0 0 0

1 9 0 5 ......................................................$ 4 , 0 0 0 , 0 0 0
1 9 0 6 ...................................................... 5 , 0 0 0 , 0 0 0
1 9 1 3 .......................................................1 0 , 0 0 0 , 0 0 0
1 9 1 9 _______________ ______________ 2 0 , 0 0 0 , 0 0 0

The capital, originally $250,000, was raised to $500,000
in 1906; in 1910 it was increased to $1,000,000 and in 1918
it was increased to the present figure, $1,200,000. W. D.




r e c e d in g

o f b u y in g fo r th e E a s t, h o w e v e r , o c c a s io n e d

and

c a s h s ilv e r

y esterd a y

to

w as q u oted

63 l i d .,

th e

6 4 d .; fo r w a r d

cash

q u o ta tio n

A

a s h a r p r is e t h e

w a s fix e d

r e m a in in g

a t 63 l i d .,

u n ch an ged .

T o - d a y , o w in g t o c o n t in u e d s c a r c it y o f s p o t s u p p lie s , th e m a r g in b e tw o o n th e c a s h a n d fo r w a r d q u o t a t io n s w id e n e d t o
fix e d

at

64 lid .,

th u s c r e a t in g
IN D IA N

l l i d . ; th e p r ic e fo r c a s h w a s

a n oth er re co rd

C U R R E N C Y

p r ic e f o r

th e m e t a l.

R E T U R N S.

(I n la c s o f r u p e e s )—
N o te s in c ir c u la tio n .
S i l v e r c o i n a n d b u l l i o n i n I n d i a -----------

S e p t . 7 . S ep t._ 1 5 .
16843
16918

S ep t. 2 2 .
16883.

5037

5064

5039

G o l d c o i n a n d b u l l i o n i n I n d i a -----------G o ld c o in a n d b u llio n o u t o f I n d i a ..

1939
9

1890
II

1880

S e c u r i t i e s ( I n d i a n G o v e r n m e n t ) -----------

1608
8250

1703

1703­

8250

8250

S ilv e r c o in a n d b u ll io n o u t o f I n d i a -

S e c u r i t i e s ( B r i t i s h G o v e r n m e n t ) -----------

11

T h e c o in a g e d u r in g t h e w e e k e n d in g 2 2 d u lt . a m o u n t e d t o 9 2 la c s o f r u p e e s .
T h e s t o c k in S h a n g h a i h a s r is e n c o n s id e r a b ly .
s is te d o f a b o u t
bars,

as

com p ared

d o lla r s a n d
The

1 9 ,6 0 0 ,0 0 0 o u n c e s in s y c e e ,
w ith

180 bars on

about

1 8 ,8 5 0 ,0 0 0

ou n ces

in

sycee,

1 2 ,5 0 0 ,0 0 0

th e 2 0 th S e p te m b e r.

S h a n g h a i e x c h a n g e is q u o t e d

S ta tis tic s f o r

O n th e 2 7 th u lt . it c o n ­

1 1 ,8 0 0 ,0 0 0 d o lla r s , a n d 4 ,8 0 0

th e m o n th

a t 6 s . 3 d . t h o ta e l.

o f S ep tem b er are a p p en d ed :

I l i e h e s t p r i c e f o r c a s h ...........6 4 d .
H i g h e s t p r i c e f o r 2 m o s --------- 6 3 l i d .
L ow est
........................................... 5 9 d .
;L ow est
“
“
"
---------5 7 j | d .
A verago
........................................... 6 1 . 6 8 6 d . [ A v e r a g e
..........................
6 0 .4 2 7 d ,
Q u o t a t io n s fo r b a r s ilv e r p e r o u n c e s t a n d a r d :
S e p t.
••
••
O ct.

C a sh .
1 6 .............................. 6 3 l i d .
2 7 . ........................6 2 l i d .
2 9 ............................ 6 2 l i d .
3 0 _______________ 6 4 d .
1 __________ ____ 6 4 d .

C a sh . 2 M o s .
2 M o s .'
6 2 lid .
6 3 M d . O c t . 2 .................................6 4 l i d .
A v e r a g e . . ................ 6 3 . 3 9 5 d .
6 2 .6 6 6 d .
6 2 lid .
B a n k r a t e _______________________________ 5 %
61 l i d .
G a r g o l d p e r o z . f i n e , a b o u t _____ 9 9 s .
63 li d .
63 !i d .

T h e q u o ta tio n s t o -d a y fo r ca s h
J id . a b o v e a n d

l i d . b e lo w

and

t h o s o fix e d

fo r w a r d

d e liv e r y a r e . r e s p e c tiv e ly ,

a w eek ago.

O ct. 25 1919.]

THE CHRONICLE

By Messrs.
R. L. Day
& Co., Boston:
Stocks.
$ per sh.

ENGLISH F IN A N C IA L MARKETS—PER CARLE.

The daily closing quotations for securities, &c., at London
as reported by cable, have been as follows the past week:
L ondon,

O ct. 1 8 .

W e e k e n d in g O c t. 2 4 —

S a t.
. d . 63
63 a

S ilv e r , p e r o z .....................

O ct. 2 0 .

O ct. 2 1

O ct. 2 2 . O ct. 2 3 .

M on.

T u es.

W ed .

64 X

64 H

o lio dl iadya y 5 2
C o n s o l s , 2 'A p e r c e n t s ..............H H
B r it i s h , 5 p e r c e n t s ______ _____ H H
o lii
o l i d a y 9 5 )|
B r it i s h , i ' A p e r c e n t s _________ HH
o lii
o lid a y 87

95 M
87 M

63X
52

52

52

95

95 ) i
87 M

_____

_____

118X

118J*

.- -_ _

6 0 .9 5

6 0 .8 5

9 0 .5 4

9 0 .7 5

9 0 .8 0

2 6 L u d l o w M f g . A s s o c i a t e s ..............1 5 0
1 N a s h u a M f g . , c o m m o n _________ 3 0 0 M
5 D w i g h t M f g . , $ 5 0 0 e a c h - 1 3 5 5 -1 3 6 2 A
5 N a s h a w e n a M i l l s .......................
172
3 0 S h a r p M f g . , p r e f ____________ . . H I M
3 M a s s a c h u s e t t s C o t t o n M i l l s . .1 4 8
1 M e r r im a c k M f g . , p r e f . . . . . . 8 2
2 5 T r e m o n t & S u ffo lk M i l l s ............. 2 7 0
2 5 A r li n g t o n M i l l s _______ __________1 4 8 )1
3 5 N a u m k e a g S t e a m C o t t o n ___ -2 1 7 J ^
15 M e r r im a c k M f g . , c o m . . . _ 1 0 8 K
9 0 U . S . W o r s t e d , 2 d p r e f --------------- 8 7
2 N o r w i c h * W orce s te r R R ., p r e f. 8 8 M
5 P e t e r b o r o u g h R R -----------------. 60
3 B o s to n A th e n e u m , S300 e a c h .4 2 5
2 2 S u lli v a n M a c h in e r y _ _________ 16 0
1 C o lu m b i a n N a t . L if e I n s u r a n c e .1 1 5 )^
10 S a c o - L o w e l l S h o p s , p r e f ................. 100

F r i.

87M

F ren ch W a r L o a n (in P a r ls ),fr .—
_____

Shares.

O ct. 2 4

95
87M
6 0 .6 5

F r e n c h R e n t e s ( in P a r i s ) , f r .

T h u rs.
63 M
52

64 M

The price of silver in New York on the same day has been

S ilv e r in N . Y „ p e r o z - . c t s . 1 1 7 J*

118H

120M

1 1 8 )1

TRADE AND TRAFFIC MOVEMENTS.
ANTHRACITE COAL SHIPMENTS.—The shipments
of anthracite coal for the month of September 1919, as re­
ported to the Anthracite Bureau of Information at Phila­
delphia, Pa., totaled 5,687,401 tons, comparing with
movement of 6,234,395 tons in September 191S. Compared
with the same month in 1916, the latest normal year, the
current returns show an increase of 143,325 tons. The
Bureau says:
“ T h i s r e c o r d w a s a c c o m p lis h e d n o t w it h s t a n d in g l o c a l s t r ik e s in t h e L a c k a w a n n a
r e g i o n t h a t t ie d u p m o s t o f t h e m in e s o f t h e D e la w a r e L a c k a w a n n a & W e s t e r n R R . ‘ .
C o . fo r a b o u t a w eek a n d th o s e o f th e H u d s o n C o a l C o . fo r a b o u t tw o w e e k s ”
‘ T h e s h i p m e n t s o f d o m e s t i c s iz e s ,” t h e B u r e a u c o n t in u e s , “ w e r e w it h i n 2 % o f
t h e r e c o r d m a d e o n t h o s e s iz e s in S e p t e m b e r 1 9 1 8 , w h e n t h e t o t a l s h ip m e n t s e x c e e d e d
6 ,2 0 0 , 0 0 0 , o n e o f t h e la r g e s t S e p t e m b e r r e c o r d s in t h e h i s t o r y o f t h e i n d u s t r y . "

The shipments for the coal year (beginning April 1) to
date aggregate 34,440,100 tons, as against 40,623,391 tons
for the same period last year.
Below we give the shipments by the various carriers for
the month of September 1919 and 1918 and for the respective
coal years to Sept. 30:
R oad —
P h il a d e l p h i a

&

C e n t r a l R a il r o a d o f N e w J e r s e y . . ...........
D e la w a r e L a c k a w a n n a & W e s t e r n . . .
D e la w a r e & H u d s o n ........... ..... ...................
P e n n s y l v a n i a .............. .................. .. . . .
E r i e .......... ................................................................
N e w Y o r k O n t a r io & W e s t e r n _______ .
L e h ig h & N e w E n g l a n d . _______________

--------- S ep tem ber1919.
1918.
1 ,2 3 1 ,4 3 5
1 ,1 6 7 ,7 8 4
5 5 1 ,7 2 4
5 7 1 ,1 4 7
7 5 8 ,9 4 0
9 2 7 ,6 0 8
5 5 3 ,1 4 9
7 3 6 ,4 9 7
4 3 1 ,5 1 4
4 3 3 ,0 6 8
6 4 0 ,4 4 4
7 0 3 ,3 6 3
1 7 6 ,4 9 2
1 5 7 ,3 8 7
3 1 1 ,5 8 8
3 0 6 ,1 0 6
6 ,2 3 4 ,3 9 5

6 .1/ o s „ C o a l Y r .,S e p t3 0
1919.
6 ,6 9 9 ,8 3 7
6 ,3 4 3 ,0 4 9
3 ,1 4 5 ,2 3 0
5 ,3 7 8 ,0 7 4
3 ,9 3 3 ,5 6 4
2 ,4 6 1 ,0 7 1
3 ,8 0 2 ,0 2 0
1 ,0 1 5 ,0 5 2
1 ,6 6 2 ,2 0 3

1918.
7 ,9 9 6 ,0 2 9
7 ,6 9 4 ,1 5 7
3 , 5 7 4 ,7 4 5
6 ,0 7 1 ,5 7 4
4 , 7 7 5 ,0 4 9
2 ,8 6 6 ,5 5 6
4 ,5 8 7 ,6 5 3
1 ,0 4 5 ,0 2 6
2 ,0 1 2 ,6 0 2

A il p r i c e s n o w d o l l a r s p e r s h a r e .

UBIIAO u io * nw u

change this week.
arEx-rlghft*

* I n c lu d e s

o n e -h a lf sh a re

A sk
T r u s t C o ’s
|l N e w Y o r k
365
B an kers T ru st
500
C e n tra l U n io n
280
C o l u m b i a _____
230 C o m m e r c ia l..
_____E m p i r e ________
2 4 5 IE q u i t a b l e T r
215 F a rm L & T r
--------F i d e l i t y _____
2 1 0 |F u l t o n .............
1 4 5 I jG u a r a n ty T r .
470
H u d s o n ________
I r v in g T r u s t .
760
L aw T it A T r
L in c o l n T r u s t
M e r c a n t il e T r
425
M e tr o p o lita n .
16 0
M u tu a l (W e s t­
130
c h e s t e r )..
192
N Y L ife In s
A T r u s t ___
N Y T ru st.
T itle G u & - r i
U S M tg * T r
U n ite d S ta te s
W estch ester. .
B r o o k ly n
B r o o k ly n T r .
F r a n k l in _____I
H a m i l t o n _____
K in g s C o u n t y
M a n u fa c t u r e r s
P e o p l e 's . . .

T w a ie a t a u c t io n
Ir v in g T r u s t C o .

| B id
490
460
380
14 0
295
480
430
220
245
418
135
/ S ee
\N at
125
175
235
340

A sk
495
470
390
14 5
305
490
440
230
252
425
145
I r v in g
Bank
130

350

105

125

785
615
395
430
890
13 0

800
625
405
440
920
140

505
245
260
650
185
300

t N ew

255
270
700
205
310

stock .

New York City Realty and Surety Companies.
A ll p r ic e s n o w d o lla r s p e r s h a r e .
A ll ia n c e R 'l t y
A m er S u re ty .
B ond A M O .
C i t y I n v e s t in g
P r e fe r r e d ..

B id
60
74
248
37
80

A sk
70
80
258
42

86

L aw yers M tg e
M tg e B o n d ..
N a t S u r e t y ..
N Y T it le &
M ortg a g e. .

B id
125
92
245

A s*
130
97
255

128
13 2

*

R e a lty A s so c
(B r o o k ly n ).
|U S C a s u a l t y .
iU 8 T i t l e G u a r
W est & B ron x
T itle & M G

Auction Sales.—Among other securities, the following,
were recently sold
at auction in New lork, Boston and PhiladelphiaH. Muller & Sons
Sons. New v™
By Messrs. Adrian H.’
York
not usually dealt tn at the Stock Exchange,

S h a res.
S to ck s.
p er cen t —
S h a r es.
S to ck s.
p e r ce n t
$ i o lo t
4 0 0 K n l c k . - W y o . O i l , p r e f _____
2 ,9 0 0 F u r n a c e V a l l e y C o p p e r ............. $1 l o t
40 0 K n ic k .-W y o .0 1 1 .c o m . .
$3 l o t
f i rst1N a .t- U k - o f N - Y . 8 9 5 3 p e r s h .
2 8 0 F e d . P a r q u e tr y M f g ., v .t .c .$ 3 8 lo t t
1 ,2 0 0 M a x i m M u n i t i o n s C o r p ____ $86 l o t




S h a r es.
S lo ck s.
$ per sh .
6 U n i o n T w i s t D r i l l , p r e f ................ 9 7
1 0 U . S . E n v e l o p e , c o m ____________2 4 5
3 C on verse R u b b e r S h oe, p r e f ... 8 5 M
10 C o ll a t e r a l L o a n C o ______ _______. 1 0 2 ) 5
1 B o s t o n W h a r f ........... ............... . . . 8 6 )£
4 B e a c o n F a ll s R u b . S h o e , p r e f . . 9 9 ) 4
10 P l y m o u t h C o r d a g e ........................... 2 3 1
2 0 D r a p e r C o r p o r a t i o n ______________1 4 8
1 Q u i n c y M k t . C . S . & W ________ 17 0
2 M e r r im a c C h e m i c a l ......................
92

B onds.
P er
.
$ 5 ,0 0 0 I m p l . R u s s i a n G o v t . 5 M s ,
1 921 ( D e c . 1 9 1 9 c o u p o n o f f ) . . . 4 6 f l a t
$ 3 ,0 0 0 I m p l . R u s s i a n G o v t . 6 M s ,
r e c t ------------------------------ ------------------------4 6 f l a t
$ 1 7 ,0 0 0 I m p l . R u s s i a n G o v t . 5 M s ,
r u b le s .......................... 1 0 3 f l a t p e r 1 ,0 0 0

By Messrs. Wise, Hobbs & Arnold, Boston:

S h a r es.
S to ck s.
$ p er sh .
1 W e b s t e r & A t la s N a t . B a n k . . 2 2 5
4 0 U . S . W o r s t e d , 1 s t p r e f ________ 9 5 H
3 2 L a n c a s t e r M i l l s ..................... ....... 1 4 2 M
19 M e r r im a c k M f g . , c o m ___ 1 0 8 ^ - 1 0 9
10 L a w r e n c e M f g .................................1 8 5 M
13 N a u m k e a g S t e a m C o t t o n ____ 2 1 7
3 2 M a s s . C o t t o n M ills , c x - d i v . . l 4 8
5 0 B a y S ta te S t. R y . , 1st p r e f . . 1 4 H
5 0 D r a p e r C o r p o r a t io n . . .
.1 4 8 H

S h a r es.
S to ck s.
$ per sh .
5 0 M e r r im a c C h e m i c a l , $ 5 0 e a c h 93
7 H o o d R u b b e r , c o m ____________1 5 7
15 M a s s . L i g h t i n g C o s . , p r e f . . . 7 1
1 L u d lo w M f g . A s s o c ia t e s . . .1 4 8
1 ,1 4 8 C o s t ill a E s t a t e s D e v e l o p m e n t ,
c o m , . 6 0 8 s h s . p r e f ., $ 1 4 ,0 0 0
S e r . B b o n d s a n d $ 6 0 ,0 0 0
S e r . A b o n d s *_
............. .$ 3 0 , 0 0 0

By Messrs. Barnes & Lofland, Philadelphia-

S h a r es.
S to ck s.
$ per sh .
13 W a y n e T i t l e & T r u s t . . ........... . . 1 1 0
141 B e r g n e r & E n g e l B r e w in g , c o m .
7
1 0 0 T h e W e l lin g t o n M in e s , $1 e a c h . $1
1 P h il a d e l p h i a N a t i o n a l B a n k . . . 4 7 5
21 D ro v e rs
&
M e rch a n ts N a t.
B a n k , $ 5 0 e a c h __________________6 0
11 L a n d T i t l e & T r u s t ____________ .5 0 2
5 L o g a n T r u s t ..........................................1 4 3 M
2 C h c lt e n T r u s t _______ ..................... . 1 4 0 ) £
7 G r e e n & C o a t e s S t s . P a s s . R y . . 90
2 J o h n B . S t e t s o n , c o m ______ __ .3 3 7
11 G i a n t P o r t l . C e m e n t , p r e f . , S 5 0
e a c h ................ .......................................1 6 ) 4
4 0 0 A m e r . P i p e & C o n s t r u c t i o n _____1 0 )4
3 C a f e d e s A m b a s s a d e u r s ( W a s h .,
D . C . ) p r o f, a n d 1 sh a re c o m . $ 3 lo t
1 0 5 U n i t e d G a s & E le c . C o r p . , c o m . $1
6 0 W h i t e h a ll C e m e n t M f g . , p r e f .,
50
„
$ 5 0 e a c h _______________
3 P h il a d e l p h i a T r u s t ----- ------------------6 4 5

S h a r es.

S tock s

2 3 5 W h i t e h a ll C e m e n t M f g . , c o m . ,
$ 5 0 e a c h . . ............................. ..... . 45
4 0 C o l o n i a l T r u s t . . . . . . . . . . . ..1 1 2
•
P er ce n t.
5 1 .0 0 0 C a m d e n & S u b u r b a n R y . 1st
5 s , 1 9 4 6 ............. ..
. _________ __
8 9 )4
$ 2 0 0 C r e w L e v i c k C o . 1s t 6 s , 1 9 3 1 . . 9 7 )4
5 1 .0 0 0 A m e r ic a n G a s c o n v . 7 s , 1 9 2 8 9 1
$ 1 0 0 ,0 0 0 M o n t r e a l , C i t y , 5 s , 1 9 5 6 . . 8 3 5 4
$ 1 0 0 ,0 0 0 T o r o n t o H a r b o r C o m m i s ­
s io n e r s 1 s t s e rie s 4 ) 4 s , 1 9 5 3 . . . . 7 9 ) 4
$ 3 3 ,3 3 3 .3 3 P i t t s b u r g h R y s . g e n . 5 s ,
1 9 4 5 , g u a r . e x - O c t . c o u p o n ____4 0 ) 4
$ 5 0 0 M a n u f a c t u r e r s C l u b o f P h il a .
6 s , 1 9 4 0 ...................................................... 8 1
$ 1 2 ,0 0 0 U n i t e d G a s & E l e c . c o l l . 6 s ,
1 9 4 5 . . . .......................................................5 7 ) 4
$ 1 0 ,0 0 0 A t l a n t i c C o a s t & S h o r e R R .
1st & c o ll , tru s t 5 s , 1 9 4 5 , a n d 50
s h a r e s c o m m o n s t o c k . . . . ____ $ 7 0 0 l o t

Canadian Bank Clearings.—The clearings for the week
ending Oct. 16 at Canadian cities, n comparison with the
V/eck in J918> show an increase in the aggregate of

2 3 .7 % .

W e e k e n d in g O ctob er 1 6 .
C le a r in g s at—

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

© 0 m m e r c ia la n c U H i5 c c U a iie o u s ^ je x t r s
New York City Banks and Trust Companies.
A sk
B anks
i B id
B id
Banka— N Y
630
t l r v l n g (t r u s t
A m e r ic a * ------- . 6 1 0
_____
A m e r E x c h .... 300
c e r t if i c a t e s ) 3 5 5
A t l a n t i c ______ 2 0 0
"
'
1450
2*2*5 '
B a ttery P a rk . 215
270
B o w e r y * ______ 4 2 5
222
160 "
B r o a d w a y C en1 1 40
440
B ro n x B o r o * . 105
125
235
B ro n x N a t . . . 150
160
205
B ry a n t P a rk * 145
155
425
B u tch A D ro v
30
35
200
C en t M e r c ... 175
190
140
C h a s e _________ 6 1 0
620
:
450
C hat & P h en . 320
330
]
135
C h e ls e a E x c h * 1 3 0
140
1
750
C h e m i c a l _____ 5 8 0
590
]
400
C i t i z e n s ______ 2 5 5
265
]
300
C i t y ................... 4 2 7
437
l
600
C oa l & I r o n .. 245
_____1
400
C o l o n i a l * _____ 3 5 0
_____ i
15 0
C o l u m b i a * ___ 2 0 0
115
C o m m e r c e ___ 2 5 2
255” 1
185
C o t n m 'l E x * . 3 9 5
410
1
200
C om m on ­
1
275
w e a lt h * ... 220
230
1
17 0
C o n t in e n t a l* . 115
340
C orn E x c h * .. 425
C osm op ’ta n * .
95
100 "
B r o o k ly n
C u b a (B k o f ) . 177
182
(
140
E a st R i v e r . . . 150
_____1
200
E u r o p e .............. 1 1 0
130
C
15 0
F ifth A v e n u e * 9 0 0
_____I
110
F i f t h .................. <150
165
I
80
1025
J
F i r s t ................... 9 5 0
83
G a r f i e l d ........... 2 0 0
215
b
85
G o t h a m ______ 1 9 0
200
I
205
G r e e n w ic h * . . 3 8 0
_____r
115
H a n o v e r ........... 8 1 5
825
If
195
H a r r lm n n _____ 3 6 5
3 8 0 |I
137
Im p & T r a d .. 585
600 1

1589

1919.
Canada—
M o n t r e a l .................................. 1 1 5 ,7 8 7 ,7 6 0
T o r o n t o ....................................
7 4 ,5 0 2 ,4 2 1
W i n n i p e g ___________________ 5 9 ,9 1 3 ,3 4 9
V a n c o u v e r ...............................
1 2 ,3 8 8 ,5 5 3
O t t a w a . . ..................................
8 ,7 4 9 ,6 3 0
Q u e b e c ______________________
5 ,5 9 3 ,1 1 7
H a l i f a x ........................ .. ............
5 ,0 2 3 ,4 7 4
H a m i l t o n ..................................
5 ,5 4 0 ,4 3 9
S t . J o h n .....................................
2 ,5 2 6 ,3 8 2
C a l g a r y ....................................
8 ,5 8 9 ,5 2 8
L o n d o n ____________________
2 ,8 6 2 ,9 9 6
V i c t o r i a . ..................................
2 ,4 7 8 ,0 2 9
E d m o n t o n ................................
5 ,5 2 7 ,4 8 8
R e g i n a ........................ ...............
5 ,4 2 8 ,4 2 3
B r a n d o n ___________________
7 0 0 ,0 0 0
7 1 0 ,4 0 3
L e t h b r i d g e ____________
2 ,2 5 4 ,9 2 2
S a s k a t o o n _________________
1 ,8 8 7 ,0 0 2
M o o s e J a w ________________
1 ,1 7 0 ,8 1 2
B r a n t f o r d ................................
F o r t W i l l i a m _______ _______
8 7 8 ,4 6 5
5 4 3 ,6 4 1
N e w W e s t m in s t e r ........... ..
5 5 2 ,7 8 4
M e d i c i n e H a t _____________
7 5 6 ,2 5 2
P e t e r b o r o u g h _____________
9 9 2 ,5 0 1
S h e r b r o o k e ________________
K i t c h e n e r ................................
1 ,0 0 1 ,2 1 6
W i n d s o r .................................. ..
2 ,2 4 9 ,1 8 9
4 3 9 ,8 1 1
P r i n c e A l b e r t ........................

1918.

I n c . or
D ec.

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

T o t a l C a n a d a ................... 3 2 9 ,0 4 8 .5 8 7 2 6 5 .9 9 2 ,4 4 8

1916.

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

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

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

National Banks.

The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department;
A P P L IC A T IO N S F O R C H A R T E R
F o r o r g a n iz a tio n o f N a t io n a l b a n k s :
*
rn^ U nt
T h e L in d e n N a t io n a l B a n k , L in d e n . N . J
• “ F aaa"
C o r r e s p o n d e n t : H a r o l d D e p e w , L i n d e n . .............................. .. ....................® < so,uu u
T h e T in k e r N a tio n a l B a n k o f E a s t S e ta u k e t. N . Y
ok on n
C o r r e s p o n d e n t : E d w a r d L . T i n k e r . E a s t S e t a u k e t " ” ...................
T h e F ir s t N a t io n a l B a n k o f M o t o r d a le , M in n
’
ok o n o
C o r r e s p o n d e n t : N . P . M c G r e g o r , M i n n e a p o l i s . " " " .........................
'
T h e C r y s t a l F a lls N a t io n a l B a n k , C r y s t a l F a lls M ic h
Kfl non
C o r r e s p o n d e n t : R . B . W eb b , C r y s t a l F a lls .
......................
,w u
T h e W i l s o n A v e n u e N a t i o n a l B a n k o f C h i c a g o 111
onn non
C o r r e s p o n d e n t: E . M . H e id k a m p , C h ic a g o .’
W .U U U
T h e E x c h a n g e N a tio n a l B a n k o f S h r e v e p o r t, L a
.
.
lo o 000
C orre sp o n d e n t: W a d e E . H a m p to n , S h re v e p o rt L a
’
T h e G u a r a n ty N a tio n a l B a n k o f T a h le q u a h , O k la ’
.!
25 000
T o s u c c e e d T h e C e n t r a l N a t i o n a l B a n k o f T a h l e q u a h ................................
C o r r e s p o n d e n t: T . R . E d m o n d s o n , T a h le q u a h .
F o r c o n v e r s io n o f S ta te b a n k s :
T h e F i r s t N a t i o n a l B a n k o f W i l l i t s , C a l i f __________________ _________
s o 000
C o n v e r s io n o f T h e W illits C o m m e r c ia l B a n k .
"
’
C o r r e s p o n d e n t: W illit s C o m m e r c ia l B a n k .
_____________
T o t a ! ..................................................................................................... $500,000
C H A R T E R S IS S U E D .
O r ig in a l o r g a n iz a tio n s :
T h e G u a r a n t y N a t io n a l B a n k o f T a h le q u a h , O k la
P r e s id e n t,
C . P a r m e n t e r ; C a s h ie r , A . T . E d m o n d s o n .
T h e E x c h a n g e N a t io n a l B a n k o f W i c h it a F a lls , T e x
P r e s id e n t , R . B . F a r r is ; C a s h ie r , H . L . Q u ie t t .
T h e F i r s t N a t i o n a l B k h k o f C o a t s , K a n . . . ........................
P r e s id e n t,
I . N . S h r iv e r ;
C a s h ie r ,J .R . T r u e x .
T h e C i t i z e n s N a t i o n a l B a n k o f M o n e s s e n , P a __________
P r e s id e n t , G . F . W r ig h t : C a s h ie r , J o h n S . D u v a U .
T h e F a l l s N a t i o n a l B a n k o f N i a g a r a F a l l s , N . Y __________
P r e s id e n t ,A le x . Z a le z k i; C a s h ie r , A . R . C u m m in g .

L.

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

'

$25 000
1 0 0 OOO

30 000
,w u

1 0 0 OOO
i n n OOO
.u u u

$355,000

C H A R T E R S E X T E N D E D .

The First National Bank of Lansford, Pa.
close of business Oct. 18 1939.

Charter extended until
extended until

THE

1590
INCREASES OF CAPITAL.

Total...................- ............... - ..................................... ..................$3,610,000
CONSOLIDATIONS.
The American National Bank of Vincennes, Ind., and The Second
National Bank of Vincennes, Ind., under the charter and corporate title
of “ The American National Bank of Vincennes,” with capital stock of
$325,000 and surplus of $325,000. Combined capital of banks prior to
consolidation, $300,000. Amount of increase, $25,000.
VOLUNTARY LIQUIDATION.
Capital.
The National Bank of Billings. Okia--------------------------------------------$25,000
Liquidating agent: H. C. Jones, Billings. Absorbed by the Citizens
Bank o f Illinois._____________________________________ _______ ’______
D IV ID E N D S .
O w in g t o o u r in a b ilit y t o p u b lis h t h e u s u a l size
p a p e r , w e f in d it n e c e s s a r y to leave o u t t h e c y s t o m a r y
d e t a ile d s t a t e m e n t o f d iv id e n d p a y m e n t s , a n d p r in t
h e re m e re ly t h e n e w d iv id e n d s a n n o u n c e d t h e p r e s e n t
w eek.
Per
When
Cent. Payable.

Books Closed.
Days Inclusive.

Railroads (Steam).
2K
Atlantic Coast Line RR., preferred -----------Central RR. o f New Jersey (quar.) ............. . 2
Norfolk & Western, common (quar.) -------- * i k
75c.
Pennsylvania (quar.) ---------------- --------------- -

Nov.
Nov.
Dec.
Nov.

1C
1
19
29

Oct. 30
to
Nov. 10
Holders of rec. Oct. 30a
'Holders of rec. Nov. 29a
Holders of rec. Nov. la

Street and Electric Railways.
American Railways, preferred (quar. ) -----Connecticut Ry. & Ltg., com. & pref. (qu.)
Montreal L .,
& Pow., Cons. quar
Tampa Electric Co. (quar.) ---------- ------------Union Street Ry., New Bedford (q u a r .)...
West Penn Trac. & W . P .. pref. (qu a r.)..

♦IK
IK
1M
2K
IK
IK

Nov.
Nov.
Nov.
Nov.
Nov.
Nov.

15
15
15
15
1
15

‘Holders of rec. Nov. 5
Nov. 1
to
Nov. 16
Holders of Coup.No.13z
Holders of rec. Nov. la
Holders of rec. Oct. 16a
Holders of rec. Nov. 1

Banks.
American Exchange National ------------ ------Bowery Bank of New York (quar.).
Extra _________ _______ ______ __ Chemical National (bi-monthly)-------- ---- Commonueallh —
- ------------ ---------------Lincoln National (quar.) ---------------- --------- -

7
3
3
3K
5
2K

Nov. 1 Holders of rec.
Nov. 1 Oct. 28 to
Nov. 1 Oct. 28 to
Nov. 1 Oct. 26 to
Nov. 1 Oct. 22 to
Nov. 1 Holders of rec.

Trust Companies.
Farmers’ Loan & Trust (quar.) -----Hamilton, Brooklyn (q u a r.).. . ...............
Extra. . . . - ------------------------ -------- Kings County, Brooklyn (quar.) ....................
Lincoln (quar.) -------------- -----------------

5
3
2
7
1

Nov.
Nov.
Nov.
Nov.
Nov.

H.

(

.)..

1
1
1
1
1

Fire Insurance.

Pacific Fire (extra)............... .

62KC. Oct. 22

Miscellaneous.

Amalgamated Sugar, preferred.
American Brass (quar.)-----Extra........... - .............. American Glue, common..........
American Soda Fountain (quar.).
Brill (J. G.) Co., preferred (quar.).
Preferred (quar.)-----Brooklyn Edison (quar.).
Butler Brothers (quar.).
Extra........- ............
Preferred (quar.).
Emerson Shoe (quar.).
Gair (Robert) Co., pref. (quar.)----General Chemical, common (quar.).
dGoodrich (B. F.) Co., com. (quar.).
Preferred (quar.)__
Great Northern Paper.
Idaho Power, pref. (quar.).
Kayser (Julius) & Co.,
First and second pref. (quar.)------------Kellogg Switchboard <fc Supply (quar.)...
Lehigh Coal & Navigation (quar.) .
Michigan Stamping (monthly).
Municipal Service, preferred (quar.).
National Carbon, com. (quar.).
Preferred (quar.)--------- Extra. . . --------- ------- ------------Ontario Steel Products, pref. (quar.).

1K
2
$1
*2
15c.
12KC.
2
*75c.
♦2
IK
*75c.
$1
2
IK
1
IK
»K

IK

Plant (Thomas G.) Co. (quar.).
Pressed Steel Car, com. (quar.)
Preferred (quar.)------ ------Common (quar.).
Preferred (quar.)............... ...
dSierra Pacific Elec. Co. (quar.)




SI
IK
IK
2
IK
2
IK
2K
IK
IK
d lK

24a
31
31
31
31
29a

of rec. Oct. 20a
of rec. Oct. 23a
of rec. Oct. 23a
to
Oct. 31
of rec. Oct. 25a

Holders of rec. Oct. 21

1
15
15
1
1
15
25
3
1
1
1
1
1
15
1
1
16
15
20
20
1
1
1
1
1
1
16
1
1
1
29
1
15

Holders of rec.
Holders of rec.
Holders of rec.
to
Oct. 19
to
Oct. 19
Holders of rec.
Holders of rec.
Holders of rec.
to
Oct. 23
to
Oct. 23
to
Oct. 28
to
Oct. 28
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
♦Holders of rec.
Holders of rec.
Holders of rec.
to
Oct. 28
Holders of rec.
to
♦Oct. 25
♦Holders of rec,
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
'Holders of rec.
Holders of rec.
Holders of rec.

Oct. 25
Oct. 31a
Oct. 31a
Nov. 1
Nov. 1
Nov. 1
Nov. 1
Oct. 15
Oct. 31
Oct. 31
Oct. 31
Oct. 31
Nov. 20
Nov. 5
Oct. 22
Oct. 22
Oct. 31
Oct. 31
Nov. 5
Nov. 5
Oct. 25
Oct. 25
Nov. 1
Oct. 25a
Oct. 31
Nov. 20
Feb. do
Oct. 20
Oct. 20
Oct. 25a
Nov. 20a
Oct. 21
Oct. 31

Nov'. 1
Oct. 31
Nov. 29
Dec. 1
Nov. 1
Nov. 1
Nov. 15
Nov. 1
Nov. 1
Nov. 1
Dec. 1
Nov. 1
Nov. 1
Jan. 2
Jan. 2
Nov. 15
Nov. 15
Nov. 1
Nov. 10
Nov. 1
Oct. 31
Dec. 3
Nov. 26
Nov. 15
Dec. 31
Nov. 15
Nov. 1
Nov. 1
Nov. 1

Holders of rec.
Holders of rec.
Holders of rec.
'Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
'Holders of rec.
'Holders of rec.
Holders of rec.
'Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec
Holders of rec,
Holders of rec
Holders of rec
Holders of rec

Oct. 20
Oct. 27
Oct. 31a
Nov. 15
Oct. 16
Oct. 16
Oct. 31
Oct. 28
Oct. 28
Oct. 28a
Nov. 15
Oct. 21a
Oct. 21a
Dec. la
Dec. la
Oct. 31
Oct. 31
Oct. 22
Nov. fa
Oct. 23a
Oct. 17
Nov. 13a
Nov. 5a
Oct. 31
Dec. 2 ta
Nov. l !‘a
Oct. 25a
Oct. 25a
Oct.dl7a

Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
h2H Nov.
Nov.
2
I K Nov.
Dec.
2
*1K Nov.
*2K Nov.
*K Nov.
I K Nov.
K Nov.
♦75c. Nov.
Nov.
♦2
IK Nov.
IK Nov.
IK Nov.
Nov.
3
*1K Nov.
Dec.
♦2
Feb.
1
K Nov.
IK Nov.
IK Nov.
Nov.
♦1
IK Nov.
IK NoV.

2
IK
IK
5
15
IK
IK
S 1.25
1

Holders
Holders
Holders
Oct. 26
Holders

Oct.
Oct.
Oct.
Oct.
Oct.
Oct.

........
J
Books Closed.
Days Inclusive.

Per
When
Cent. Payable.

Name of Company.

Amount.

The Liberty National Bank o f New York, N. Y . Capital in­
creased from $3,000,000 to $5,000,000----------------------------------$2,000,000
The First National Bank o f Caldwell, Idaho. Capital increased
from $50,000 to $100.000__________________________________
50,000
The Hackley National Bank o f Muskegon, Mich. Capital increysed from $100,000 to $400,000------------------------------------- 300,000
The City National Bank o f El Paso, Tex. Capital increased
from $300,000 to $500,000----------------------------------------------- 200.000
The Bannock National Bank o f Pocatello, Idaho. Capital in­
creased from $50,000 to $100,000----------------------------------------50,000
The Central National Bank of Richmond, Va. Capital in­
creased from $350,000 to $500,000------------------------------------- 150,000
The Dothan Nytional Bank, Dothan, Ala. Capital increased
from $200,000 to $400,000________________________________ 200,000
The First National Bank o f Christopher, III. Capital increased
from $250,000 to $60,000__________________________________
35,000
The National Bank o f Ordsi, Calif. Capital increased from
$25,000 to $50,000------------------------------------------------- ----------- 25,000
The Fourth National Bank o f Wichita, Kan. Capital increased
from$400,000 to $1,000,000_______________________________ 600,000

Name of Company.

[V o l . 109

C H R O N IC L E

Miscellaneous (Concluded) .
Sloss-Sheffield Steel <6 Iron, com. (quar.). IK Nov. 10 Holders of rec.
Nov. 15 ♦Holders of rec.
Stewart-War cr Speedometer (quar.). .. .. *3
to
Taylor-Wharton. Iron & Steel, pref. (qu.).
IK Nov. 1 Oct. 24
Texas Pouer & Light, pief. (quar.).........
IK Nov. 1 Holders of rec.
Tobacco Products Corp., com. (quar.) —
IK Nov. 15 Holders of rec.
Oct. 25 Holders of rec.
Tre-lon, Potteries, von-cum. pref. (quar.).
United Electric Securities, pref. . . . .
3 K Nov. 1 Holders of rec.
lK c . Dee. 1 Holders of rec.
United Profit Sharing. . . ....... ----3K c. Dec. 1 Holders of rec.
Extra... . . . .................. .... *30c. Nov. 15 ♦Nov. 1 to
Warwick Iron & Steel......... ............ - . .
1
Nov. 10 Holders of rec.
Wire Wheel Corp., pref. (mthly.) .1 .. . . .

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

31a
30
31
21
31
16a
20a
10a
10a
16
1

* From unofficial sources, a Transfer books not closed for this dividend.
a Correction, h On account of accumulated dividends, l Payable in Liberty
Loan bonds, z Payable to holders of record Oct. 31.
S ta te m e n t

o f

N e w

Y o r k

C ity

C le a r in g

H o u s e

B a n k s

The following detailed statement
shows the condition of the New York City Clearing Houso
members for the week ending Oct. 17. Tho figures for the
separate banks are the averages of the daily results. In tho
case of totals, actual figures at end of the week are also given:
a n d

T r u s t

C o m p a n ie s .—

N E W Y O R K W E E K L Y CLEARIN G HOUSE R ETU R N S.

(Stated in thousands of dollars—that is, three ciphers 1,0001 omitted.)
Loans,
Net
CLEARIN G
Capital. Profits. Discount
HOUSE
Invest­
M EM BER S
(.000 omitted.) Nat’l, Sept. 12 ments,
&c.
W eek en dlngS tate, Sept. 12
Oct. 17 1919. Tr.Cos, Sept.12
Members of
Fed. Res. Bank
Bk of N Y ,N B A
Manhattan C o.
Merchants’ Nat
Mech & Metals.
Bank of America
National C lty ..
Chemlcal N a t ..
Atlantic N a t ...
Nat Butch & Dr
Aracr Exch Nat
Nat Bk of Comm
Pacific B a n k ...
Chath & Phenlx
Hanover N at_.
Citlzens N a t .. .
Metropolitan...
Corn Exchange.
Imp & Trad Nat
National Park..
East River NatSecond N at-----First National..
Irving National.
N Y County Nat
Continental-----Chase National .
Fifth Avenue..
Comm'l Exch_.
Commonwealth
Lincoln N a t ...
Garficld N a t ...
Fifth NationalSeaboard N a t ..
Liberty N a t ...
Coal & Iron Nat
Union Exch Nat
Brooklyn Trust
Bankers Tr Co.
U S M tg e& T r.
Guaranty Tr Co
Fidelity T rust-.
Columbia Tryst
Peoples T rust..
New York Trust
Franklin Trust.
Lincoln Trust-.
Metropolitan Tr
Nassau N , Bkln
Irving Trust Co
Farm Loan & Tr
Columbia Bank

$
2,000

s

N at'l
Bank
Circu­
lation

Average. Average Average Average. Average Avge.
$
*
S
S
* I $ I

390 6,533
56,138
83,528 1,968 11,079
602 3,570,
37,522
165,595 9,580 22,062
6.000
1,028 3,892
35,205
1.500
577,558 14,300 77,282
25.000
95,814
1.656 9,107
3.000
342 2,155
20,851
1.000
652
5,085
90
122
300
1.656 12,715
5.000 6,943 130,961
25.000 27,899 404,125 2,772 36,200
1,174
22,783
1.213 3,310
500
7.000
6,951 127,671 5,419 13,948
3,000 18,513 147.438 4,265 17,042
46,420
1,032 6,664
2,5501 3,443
2,000, 2,674
46,889 2,189 5,488
4,200 8,627 165,212 6,338 21,956
43,969
1,500 8,378
756 3,092
5,000 20,978 210,060
1,435 21,846
1,532
10,400
1,000
633
314
1,000 4,268
22,309
883 2,709
10,000 33,395 353,643
1,067 25,570
6,000 7,845 128,430 3,933 17,348
12,235
1,000
482
855 2,027
1,152
8,164
692
1,000
140
10,000 20,479 409,589 6,881 41.273
21,602
500 2,316
1,217 2,668
926
8,760
1,027
200
325
1,164
400
794
9,089
418
1,000 2,128
18,637
1.417 2,523
1,000
13.914
1,911
1,465
380
10,500
1,303
250
448
330
1,000 4,248
64,727
998 7,359
3,000 4,037 103,772
446 10,414
1,665
1,500
1,511
27,579
807
1,000| 1,389
16,929
643 2,470
1,500 2.634
42,121
949 4,729
15,000I 18,786 318,057
1,138 32,659
2,000 ! 4,808
68,317
642 6,763
25,000 29,637 608,498 3,898 64,455
14,631
1,000 1,348
1,332
329
93,926 1,233 10,486
5,000 7,262
31,112
1,200 1,628
1,172 3.115
92,351
3,000 11,129
466 8,428
27,482
1.000 1,350
655 2,464
22,450
1.000
783
425 3,128
46,680
572 4.417
2,000 4,460
16,773
1,258
348 1,182
1,000
58,818 2,273 8,962
1,571
3,000
5,000 11,982 132,561 4,291 14,462
2,594
853
20,337
741
1,000
2.500
3.000

6,099
7,982
3,279
13,027
7,141
55,345
10,059
1,068

38,516
78,520
23,736
153,833
26,845
♦611,639
64,133
15,507
3,878
93,025
273,523
20,966
97,996
132,379
42,799
38,444
152,331
23,377
165,600
10,798
17,698
185.723
117.724
12,727
6,648
298,132
19.1S6
7,754
9,030
18,737
12,987
9,956
51,664
75,405
14,824
18,968
28,645
244,041
51,065
*516,298

10.888

78,194
29,809
61,456
19,110
20,419
33,173
11,579
62,689
♦141,132
18,560

2,887
70
1,658
3,761
......
31,402
7,471
541
............
5,985
5,100
50
10,597

784
..........
1,803
1,175
1,421
435
137
294
4,744
3,714

100

981
465
4,000
4,971
51
1,107
3,620 4,843
49
454
031
7,608 8,020
3,678 1,570
196
513
25*559

i*,ioo

210
15
394
47
250
397
67
500
13,047 1,951
418
1,541
396
410
6,679
13,746
6,531
65,414
477
6,800
2,003
2,368
1,989
1,224
1,287
50
871
1,365
7,634
436

207,600396,2665,247,217 97,217 571,884 c4.076,687 252,282 35,784

Average .

Totals, actual co ndltlon loct. 17,5,196,889
Totals actual condition Oct. 10 5,257,899
Totals, actual condition ,Oct. 3 5,219,218
Totais, actual co ndltlon Sept .27 5.125,463
S ta te B a n k s .

1,674
836
1,328

1,201

17,196
5.280
25,365
59,743

3,750

5,040

Totals, actual co ndltlon
ndltlon
Totals, actual co---------Totals, actual condition
Totals, actual coindttlon

Oct. 17
Oct. 10
Oct. 3
Sept .27

Average.

1,000
2,000

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

Title Guar & Tr
Lawyers T & Tr

95,271 585,754

,083,197 252,119|35,627
,064,778 251,14935,652
,081,571 246,141 36,052
,000,764 242,021 35,852

9 8 ,7 2 6 571,713

93,219 576,408
96,144 544,801

Not Members of Federal Re serve Ba IH
500
250

Greenwich Bank
Bowery B ank..
N Y Prod Exch.
State Bank

Average.

Reserve
Time
with I Net
Cash
De­
in
Legal Demand
Vrult. Deposi-\ Deposits, posits.
tories.

1,002

2,391
620
2,862
3,368

308
2,153
2,743

17,931
5,125
68
27,355
32,955 21,544

107,584

9,241

6,206

83,366 21,612

107,909
107,704
106,260
105,332

9,330
9,147
8,836
9,281

7,209
6,823
7,192|
6.520

85,016
83,943
84,048
83,734

21,757
21,419
20,981
20,487

27,473
16,580

819
411

N ot Mem bersofFcd eral Res erve Bank

5.000 12,825
4.000 5,529

42,431
25,272

1,007
840

3,107
1,685

9,000 18,355

67,703

1,847

4,852

44,053

1,230

Oct. 17
Oct. 10
Oct. 3
Sept .27

67,659
67,400
66,399
66,679

1,952
1,825
1,764
1,722

4,645
5,323
5,038
4,982

44,060
44,670
43,438
43,007

1,274
1,227
1,199
1,421

Totals, actual co ndltlon
Totals, actual co ndltlon
Totals, actual co ndltlon
Totals, actual co ndltlon

H
Gi'd
- agg* . avge
— 220,350 419,662 5,422,504 108,305 5 8 2 ,9 4 2 d 1 , 2 0 1 , 1 0 0 2 7 5 , 1 2 4 35,784
+ 1,857— 1,516 + 7,2211 + 15,088| + 4,666 — 273
Comparison, pre v. week
Gr’d aggr, act'l cond’n Oct. 175,372,457106,553 597,608 e4,212,273 275,150 35,627
— 60,546 — 3,145+13749 + 18,882j + 1,305 — 25
Comparison, prc v. week
Gr’d
Gr’ d
Gr'd
Gr’d

aggr.
aggr,
aggr,
aggr,

act’l cond'n Oct. 10 5,433,003
5,391,817
act”I cond'n
act’ 1cond’n Sept .27 5,297,474
act’ 1cond’n Sept .201 >.328,662

109,698 583,859
103,819 588,638
107,1471556,303
105,886'495,886

4,193,39l!273,795 35.052
4,209,054:268,321 36.052
4,127,5051203,920 35,852
4,210,677|259,109 36,481

* Includes deposits in foreign branches not Included In total footings, as follows:
National City Bank, $107,746,000; Guaranty Trust Co., $55,138,000: Farmers' Loan
& Trust Co., $32,495,000. Balances carried In banks In foreign countries as rt serve
for such deposits were: National City Bank. $23,736,000: Guaranty Trust Co.,
$21,075,000: Farmers’ Loan & Trust Co., $5,042,000. c Deposits In foreign
branches not Included, d U. S. deposits deducted. $328,645,000. c U. S. deposits
deducted, S279.380.000. Bills payable, rediscounts, acceptances and other lia­
bilities, $943,677,000.

O ct . 25 1919.]

THE

STATEM ENTS OF RESERVE POSITION OF CLEARING HOUSE
AND TRUST COMPANIES.

C H R O N IC L E
B ANKS

Cash
Reserve
Reserve
in
Total
inVault. Depositaries Reserve.

Totfil Oct. 10..........
Total Oct. 3 ____
Total Sept. 27____
Total Sept. 20____

a

Reserve
Required.

Surplus
Reserve.

S

$
S
S
S
571.884,000 571,884,000 537,537,770 34,346,230
9,24V,666
6,206,000 15,447,000 15,005,880
441,120
1,847,009
4,852,000
6,699,000
6,607,950
91,050
11,088,000
10,833,030
10,881,000
10,977,000

582.942.000
575.721.000
567.446.000
556.025.000

594.030.000
58.6.554.000
578.327.000
567.002.000

559,151,600
557,050,350
555,947,570
552,630,510

34,878,400
29,503,650
22,379,430
14.371,490

Actual Figures.

Cash
erve
Reserve Resin
Total
in Vault. Depositaries Reserve.
S

Members Federal
Reserve Bank____
State ban ks*............
Trust companies*___

9,330,666
1,952,000

Oct. 10— —
Oct. 3 ____
Sept. 2 7 ____
Sept. 20____

11,282,000
10.972.000
10.600.000
11,003,000

Total
Total
Total
Total

b

Reserve
Required.

Surplus
Reserve.

$
S
S
S
585,754,000 585,754,000 538,379,180 47,374,820
7.209.000 16,539,000 15,302,880
1,236,120
6,597,000
4.645.000
6,609,000 def.12,000
597,608,000.608,890,000
583,859,000; 594,831.000
588.638.000 599,238,000
556.303.000 567,306,000

560,291,060
557,765.850
550,632,260
548.883,120

48,598,940
37,065,150
39,605,740
18,422,880

* Not members of Federal Reserve Bank.
a This Is the reserve required on net demand deposits In the case of State banks
and trust companies, but In the case of members of the Federal Reserve banks In­
cludes also amount of reserve required on net time deposits, which was as follows:
Oct. 17, S7.568.460: Oct. 10, S7,740,510: Oct. 3, $7,269.450: Sept. 27, $7,214.940.
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 In­
cludes also amount of reserve required on net time deposits, which was as follows:
Oct. 17, $7,563,570: Oct. 10, $7,534,470: Oct. 3, $7,384,230: Sept. 27, $7,260,630.
S ta te

B a n k s

a n d

T r u s t

C o m p a n ie s

N o t

in

C le a r in g

— 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:
H o u s e .

SU M M A R Y OF STATE BAN KS AN D TRUST COM PANIES IN G REATER
N E W YO R K , N OT INCLU D ED IN CLEARING HOUSE ST A T E M E N T .

Figures Furnished by Stale Banking Department.
Differencesfrom.
Oct. 17.
previous week.

Loans and Investments........... .......................................... $802,860,700 Inc.
S866.900
Specie.......................
9,204,900 Inc.
564,300
Currency and bank notes..............
17,660,300 Dec.
90,300
Deposits with Federal Reserve Bank ofNew Y o rk ..
74,630,500 Inc. 20,728,800
Total deposits..........................
858,320,700 Inc.
8,239,200
Deposits, eliminating amounts due from reserve de­
positaries, and from other banks and tsust com­
panies in N. Y . City, exchanges and U. S. deposits 791,520,900 Inc. 27,150,000
Reserve on deposits-------------------------143,107,000 Inc.
2.748A00
Percentage of reserve, 20.6% .
RESERVE.
---------------—
Cash in vaults--------- ------------$24,925,500
15.11%
$76,660,200 14 53%
7.80%
28,650,600
5.43%
Deposits In banks and trust cos------ 12,870,700

Stale Banks

Total -------------------- --------------------- S37,790,200

—Trust Companies

22.91%

$105,310,800 19^96%

The
averages of the New York City Clearirg 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:
B a n k s

a n d

T r u s t

C o m p a n ie s

in

N e w

Y o r k

C it y .—

C OM B IN ED RESULTS OF BAN KS AN D TRUST COM PANIES IN
G REATER N EW YO R K .
L oans and
I n v estm en ts.

W eek E nded—

26...................
3___________
10___________
17.................
23.................
31....................
7...... ........ .....
1 4 ............. .....
me 21....................
me 2 8 ...................

prll
[ay
[ay
[ay
[ay
[ay
me
me
lly
ily
ily
ily
ug.
ug.
ug-

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

12....................
19....................
26....................
2....................
9....................
16........... ........
ug. 23....................
ug. 30....................
spt. 6 _____________

•pt.
ipt.
•Pt.
ct
ct.
ct.

13....................
20___________
27....................
3....................
10....................
17..........- ........

5.694.610.000
5.735.152.000
5.817.606.300
5.830.948.700
5.750.364.000
6.708.665.600
5.877.228.200
5.029.099.200
6.817.958.200
5.732.766.300
5,804,258,400
5.820.469.000
5.804.893.200
5.698.786.600
5,690,625,100
5.785.809.200
5.741.263.800
5.819.688.000
5.754.798.300
5.864.168.300
5.902,292,900

6.021.666.000
6.119.282.200
6.148.637.600
6.222.640.800
6.225.364.700

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

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

4.730.482.100
4.773.617.400
4.822.202.600
4.873.611.200
4.861.515.200
4.885.307.200
4.904.243.900
4.880.382.900
4.846.699.100
4.759.196.800
4.860,090,300
4.804.154.700
4.872.061.700
4.810.097.600
4.819.601.900
4,842,504,500
4.827.551.800
4.829.754.600
4.783.893.000
4.848.125.200
4.938.470.000
5.088.541.400
4.935.788.100
4.959.036.000
4.953.355.900
4.995.626.900

R eserv e in
D e p o s ita r ie s .

$
136,428 .700
139,041 .500
134,432 .800
141,466 .900
136,791 .200
133.474 700
136,878 .600
137,891 .300
134,955 .500
134.566 .800
131,398 .300
144,478 .700
142.504 .200
145,451 .400
133,989 .100
132,963 .800
133,444 .000
134,568 .000
132,595 ,200
131,288 ,390
134,273 .500
131,534 .900
132,190 ,500
133,183 .600
136,302 ,200
135,260 .200

682.036.200
665.625.800
677.399.900
071.089.000
689,984,100
876.577.800
691.657.300
671.663.300
679.994.600
665.490.300
684.431.000
649.207.500
688.989.600
658,572,506
674.886.200
696.304.800
685.210.500
658.155.000
649.535.200
678.190.000
685.555.900
744.346.600
667.665.200
670.761.900
689,598,400
699.093.500

* This item Includes «old, silver, legal tenders, national bank
notes and Federal
Reserve notes.

N e w

Y o r k

C ity

S ta te

B a n k s

a n d

STATE BANKS A N D TR U ST COM PANIES IN N E W Y O R K C IT Y .

StaleBanks.
Trust Companies.
Oct. 17. Differencesfrom- Oct. 17. Differencesfrom
1919.
previous week.
1919.
previousweek.

WeekendedOct. 17.

Averages.

Members Federal
Reserve Bank____
State banks*----------Trust companies*___

1591

T r u s t

C o m

p a n ie s .-

S

Capital as of June 30Surplus as of June 30Loans & investments
Specie.......................... .
Currency & bk. notes
Deposits with the F.
R . Bank of N. Y —
Deposits......... ............
Reserve on deposits—
-P. C. reserve to dep. -

S

$

69,392,600llnc. 3,883,600 233,700,400 Inc. 22,645,700
860,636,200! Inc. 30,627,100 2,292,565,200 Inc. 7,815,800
126,949.800 Inc. 6,978,500 314,986,000 Inc. 3.25S.800
2Q.9%llnc.
0-0%
17.6% llnc.
0.2%

N o n -M e m b e r
B a n k s
a n d
T r u s t
C o m p a n i e s . — Follow­
ing is die report made to the Clearing House by clearing
non-member institutions which are not included in the
“ Clearing House Return” on the following page:
.

R E T U R N OF N ON -M E M BE R INSTITUTIO N S OF N E W Y O R K CLEARING
HOUSE.
1000

(Slatedin thousands of dollars—that is, three ciphers
omitted.)
Net
s
Capital. Profits. Loan
CLEARIN G
Dis­
e Net Net Nat’l
counts Cash Reserv
with Demand Time Bank
Nat.bks.Sep.12 Investin
L
eg
a
l
De­ De­ Circu­
State bksSepl2 m
erits, Vault. Deposi­ posits.
W e e k e n d in g
posits. lation.
c.
O ct. 17 1919. Tr. cos. Sep. 12 &
tories.

M em b ers o f
F e d ’ l R e s. B an k .

$

Battery Park Nat
Mutual B a n k ____
New Netherland..
W R Grace A Co’s
Yorkville Bank . .
Pirst Nat’l, Jer Cy

1,500

Total....................

AverageAverageAverage Average AverageAverage

$

350
654

13,409
10,787
7,123
5,569
6,739j
6,143

6,037 66,085

1,724

7,898

49,770l

7,026

457 2,969
1,192 13,199
259 7.001
244 5,663

342
1,431
776
440

174
1,142
595
312

2,879
14,421
6,990
5,077

356
320

2,154 28,832

2,989

2,223

29,3671

549
272

336
298

400
3,400

100[
6001
500
200

a 600
500

200

$

S
2,031
1,548
1,283
1,089
1,147
800

1,630 17,163
623 11,453
a676 8,927
997 7,718
728 11,772
1,382 9,052

200

240
263
197

20

$
126
376
134
949
5,441

180

390

S ta te B a n k s

Not Members of the
FederalReserveBank

Bank of Wash Ht3
Colonial Bank____
International Bank
North Side, Bklyn
Total..............

1,400

T r u s t C om p an ies

Not Members ofthe
FederalReserveBank
HamutonTr,Bklyn
Mech Tr, Bayonne

500
200

Total..............

1,089
435

8,607
8,287

1,524 16,894

6,727
3,730

1,015
4,502

10,457

5,517

Grand aggregate.-! 5,500 9,717111,811
Comparison previous week ........... +2,606

5,534 10,755 a89,594 13,219
— 82 + 928 + 3,091
+ 183

570
— 13

Gr’d aggr,
Gr’d aggr,
Gr’d aggr.
Gr’d aggr.

5,616 9,827 86,503 13,036
5,285 9,701
84,763 13,000
5,439 10,142 ♦85,428 12,957
5,538 10,2571 86,700i 12,967

583
587
590
581

Sept. 27
Sept. 20
Sept. 13
Sept. 6

5,200
5,200
5,200
5,200

9.370
9.370
8.889
8.889

109,205
107,249
106,837
109,241

♦ U . S. deposits deducted, $999,000.
Bills payable, rediscounts, acceptances and other liabilities, $8,209,000.
Excess reserve, S316.210 increase,
a As of Oct. 11 1919.
B o s t o n
C l e a r i n g H o u s e B a n k s . — W e give below a sum­
mary showing the totals for ail the items in the Boston
Clearing House weekly statement for a series of weeks:

BOSTON CLEARIN G HOUSE M EM BERS.

Oct. 17.

Changesfrom ct. 10.
previousweek. O1919.

1919.

S
4,154,000
569.818.000
467.119.000
125.551.000
12.718.000
21.344.000
27.778.000
56.940.000
78.648.000

Circulation_________________
Loans, dlsc’ts A Investments.
Individual deposits, lncl. U.S.
Due to banks_______________
Time deposits
____________
United States deposits*-------Exchanges for Clear. House..
Due from other banks----------Cash In bank A in F. R. Bank
Reserve excess in bank and
Federal Reserve Bank------ 30.471.000

5

Inc.
Dec.
Inc.
Inc.
Inc.
Dec.
Inc.
Inc.
Inc.

40,000
636,000
17,231,000
7,154,000
1,101,000
3,618,000
5,711,000
9,258,000
9,176,000

S
4.114,000
570.454.000
449.888.000
118.397.000
11.607.000
24.962.000
22.067.000
77.682.000
69.472.000

Inc.

8,201,000

22.270.000

Oct. 3.
1919.

$
4,404,000
551.955.000
427.943.000
114.156.000
11.439.000
25.077.000
20.408.000
76.379.000
65.935.000
21.062.000

' Formerly Included under the head ol ’ ’Individual Deposits.”
P h i l a d e l p h i a B a n k s . — The Philadephia Clearing House
statement for the week ending Oct, 17 with comparative
figures for the twro weeks preceding, is as follows. Reserve
requirements for members of the Federal Reserve system
are 1 0 % on demand deposits and 3 % on time deposits, all
to be kept with the Federal Reserve Bank. “ Cash in
vaults” is not a part of legal reserve. For trust companies
not members of the Federal Reserve system the reserve
required is 1 5 % on demand deposits and includes “ Reserve
with legal depositaries” and “ Cash in vauts.”

WeekendingOct. 17 1919.

Two ciphers (00) e m itte d . M e m b e r s o f
In addition to the returns of “ State banks and trust comF .R . S ystem
pam osin Now Vork City not in the. Clearing H o m e ," furnished
$30,275,0
by the State Banking Department, the Department also Capital.........................
8 urplus and profits______
84.320.0
presents a statement covering all the institutions of this Loans, dlsc'ts A lnveetm'ts 778.896.0
class in the City of New \ ork.
Exchanges for Clear.House 28.556.0
Due from banks________
For definitions and rules under which the various items Bank deposits__________ 142.262.0
153.718.0
Individual deposits-------- 530.856.0
are made up, see “ Chronicle,’ V . 98, p. 1661.
Time depoetta__________
5,999,0
Tho provisions of the law governing the reserve require- Total
deposits.................. 690.573.0
inents oi State banking institutions as amended M a y 22 U.S.dsposltsCnot Included)
Res’vs with Fed.Ree.Bank 56,in ',6
1917wore published in the “ Chronicle” M a y 19 1917 (V . 101, Ren've
with legal deposit’s
p. 1 9 /o ). The regulations relating to calculating the amount Cash In vault*_________
13.467.0
of deposits and what deductions are permitted in the com­ 1 otal reserve A cash held. 69.638.0
Reserve required...____
51.554.0
putation of the reserves were given in the “ Chronicle” Excess ree. A cash In vault 18.084.0
April 4 1914 (Y . 9S, p. 1045).




S

25,000,000
....................
105,550,000
....................
45,708,300
.................... 1 175,548,400
.................. ..
710,S17,000iIne. 7,207,300 2,212,137,100!lnc. 13,197,000
6,961,600 Inc.
111,500
12,526,400'lnc.
451,200
29,437,100.Inc.
160,900j
22,240,200 Dec.
291,300

T r u st
C os,

T o t a l.

Oct. 10
1919.

Oct. 3.
1919.

$3,000,0
8,145,0
30.327.0
642.0
17,0
272.0
21.388.0

$33,275,0 533.275.0 $32,275,1
92.465.0 • 92,465,0
92.449.1
809.223.0 814.036.0 815.075.1
29.198.0
26.777.0
28.371.1
142.279.0 122.216.0 123.857.1
153.990.0 145,459 iO 144.585.1
552.244.0 539.222.0 537.795.1
5.999.0
6.027.1
6.039.0
21,660,6 712.233.0 690.720.0 688.407.1
39.760.0
41,000,1
32.016.0
54.028.1
53.663.0
56.171.0
3.082.0
3.207.1
2.829.0
3.082.0
824.0
13.651.1
13.970.0
14.291.0
70.886.1
3.906.0
70.467.0
73.544.0
54.304.1
3.150.0
54.826.0
54.704.0
16.582.1
756.0
15.641.0
18.840.0

• Cash In vault Is not counted as reserve for Federal Reserve bank members.

THE

1592

[V o l . 109

C H R O N IC L E

M e m b e r B a n k s of t h e F e d e r a l R e s e r v e S y s t e m . — Following is the weekly statement issued by the Federal Reserve
Board giving the principal items of the resources and liabilities of the Mem ber Banks. Definitions of the differen items
in the statement were given in the statement of D ec. 14 1917, published in the “ Chronicle” D ec. 29 1917, page 2523.

STATEMENT SHOWING PRINCIPAL RESOURCE AND LIABILITY ITEMS OF MEMBER BANKS LOCATED IN CENTRAL RESERVE AND OTHER
SELECTED CITIES AS AT CLOSE OF BUSINESS OCT. 10 1919
An increase o f 120.5 millions in loans and investments, other than loans banks, compared with 21.1% the week beforo. For the New York City
secured by U. S. obligations and by stocks and bonds, offset in part by banks a decline in this ratio from 26.2 to 25-8% is noted.
Government deposits show an increaso of 7.8 millions, though a decline or
declines in U. S. security holdings, is indicated in the Federal Reservo
Board's weekly statement o f condition on Oct. 10 o f 776 member banks in about 11 millions is reported for the New York City banks. Other demand
leading cities. Accommodation extended by the Federal Reserve banks to deposits (net) went up 39.9 millions, New York City banks showing a de­
cline under this head also, and time deposits increased 24.9 millions. Re­
reporting member banks also shows a material increase for the week.
During the week, holdings o f Treasury certificates declined 15.2 millions, serve balances (all with the F. R. banks) show an increase for tho week of
and o f U. S. bonds, 4.1 millions, while a nominal increase (.6 millions) is 6.3 millions, and cash in vault, of 16.7 millions. Accommodation by the
shown in Victory notes held and an increase o f 2.2 millions in war paper F. R. banks through the discount of the reporting banks 'own notes and cus­
on hand. Loans secured by stocks and bonds show a liquidation of 19.1 tomers’ paper shows a further increase of 55.3 millions. The ratio o f these
millions. New York City banks alone reporting a much groater reduction discounts and government deposits combined to holdings of U. S. war
under this head. All other loans and investments went up 120.5 millions, securities and war paper works out at 70% , as against 67.7% the week
all classes o f banks participating in the increase. Aggregate holdings of war before. For the New York City banks this ratio shows an increaso for the
securities and war paper declined from 3,247.2 millions to 3,230.7 millions, week from 65.1 to 68.5%.
and constitute 20.9% o f the total loans and investments o f all reporting
I.
T h ree cip h e rs

(000) o m U ted .

Data for all reporting banks In each district.
Neu> Y o r k P h t l a i e l . C lev ela n d . R lc h m 'd .

B o sto n .

Number ol reporting banks________
U . S. bonds to secure circulation...
Other U . S. bonds*________________
U . 8 . Victory notes_______________
U . S. certificates ot Indebtedness..

46
$14,023
16,608
9,231
40,616

Total U . 8. securities........... ..........
Loans secured by U . 8. bonds. A c ..
Loans secured by stocks and bonds.
All other loans and Investments____
Reserve balances with F . R . bank..
Cash In vault_______________________
Net demand d eposits.......................
Time deposits_____________________
Government deposits______________
Bills payable with F. R . bank............
Bills rediscounted with F. R . bank.

$80,478
60,684
205,891
649,596
80,220
24,346
782,677
118,266
33.746
24.747
64.931

111
$48,223
277,232
125,012
496,488

56
$11,262
30,735
17,533
54,176

on
$41,851
62,126
32,600
75,689

A t la n t a .

82
$25,821
37,100
15,857
21,313

$946,955 $113,706 $212,266 $100,091
109,033
39,968
724,510 159,950
105,611
1,521,215 207,545 314,632
3,259,011 476,615 781.759 324,630
67,764
85,115
35,949
690,482
32,035
16,984
17,122
127,029
805,689 343,093
5,103,364 677,051
300,358
22,221
93.865
420,295
45,170
49,121
11,712
383,787
97,633
51,819
553,590 140,513
28,693
177.205
19.789
20,157

Three ciphers (000) omitted.

C h ic a g o .

S t .L o u t s . M i n n e a p . K a n . CUu

Dallas.

San F ra n .

56
$34,605
41,124
10,491
54,392

T o ta l.

776
$269,539
611,714
305,181
992,791

100
$20,898
47,038
52,145
108,229

35
$17,154
15,294
8,321
23,347

35
$7,120
11,812
5,485
25,072

76
$14,467
24,474
11,351
27,171

43
$19,203
19,515
4,898
31,619

$90,504 $228,310
100,983
27,985
44,938 325,709
322,419 1,267,220
30,879
175,428
15,215
68,269
263,194 1,305,434
119,447 462,066
7,379
43,013
76,861
56,460
25,044
37,539

$64,116
29,793
142,111
273,654
45,827
10,331
318,262
103,761
12,267
32,805
30,409

$49,489
17,502
28,751
260,846
23,785
9,282
259.420
58,212
7,948
22,120
16,391

$77,463
20,858
67,635
456,383
45,404
16,423
443,306
83,257
6,046
55,002
21,526

$75,235 $140,612 $2,179,225
22,806 1,321,061
7,009
27,888 111,553 3,103,479
181,282 619,101 8,872,516
65,229 1,369,653
23,571
370,745
23,462
10,247
202,153 550,762 11,059,405
31,224 214,531 2,027,503
612,268
3,731
8,348
29,269
40,576 1,181,395
18.514
467.704
7,456

47
$14,912
23,656
12,257
34,679

2. Data for Banks In Federal Reserve Bank and Branch Cities and All Other Reporting Banka.

Threeciphers (000) omitted.

NewYork.
Oct. 10. Oct.

3.

Chicago.
Oct. 10. Oct.

Other
F.R.BankCities. F. R. BranchCities. RepAH
ortingBanks.
Oct. 10. Oct. 3. Oct. 10. Oct. 3. Oct. 10. Oct. 3. Oct. 10.

3.

71
$38,526
246,765
108,790
469,196

71
$38,166
248,833
108,399
474,120

44
$1,438
14,207
25,746
57,924

Total U . 8. securities................
Loans secured by U. 8. bonds, Ac.
Loans secured by stocks and bonds
All other loans and Investments..
Reserve balances with F. R . bank
Cash In vault____________________
Net demand deposits.......................
Time deposits-----------------------------Government deposits------------------Bills payable with F. R . bank____
Bills rediscounted with F. R . bank
Ratio of U . 8 . war secure, and war
paper, total loans A lnvest’t, %
* Including Liberty bonds.

$863,277
686,903
1,390,180
2,910,062
654,140
112,881
4,678,258
339,066
379,553
496,965
159,155

$869,518
690,676
1,421,914
2,821,775
649,386
106,941
4,684.470
329,529
390,564
475,752
124,347

$99,315
75,786
248,423
698,206
119,616
39,619
862,499
172,051
29,353
37,852
23,769

$99,226
73.483
247,782
682,051
117,447
36,984
857,577
170.262
25,123
40,930
26,271

$1338462
1,066,991
2,340,088
5,604,131
1,033,609
215,216
7,869,448
909,203
526,212
826,136
336,605

25.8

26.2

15.5

15.5

22.3

F e d e r a l R e s e r v e

B a n k s .—

Apr. 11.

776
$269,539
611,714
305,181
992,791

773
776
$269,656 $268,950
647,493
615,624
304,608
1,008,046 2,109,440

$1350538 $411,820 $415,751 $428,943 $431,645 $2,179,225
117,499 1,321,061
131,751
121,061
133,009
1,069,694
384,076 386,374 379,315 383,371 3,103,479
2,352,869
5,510,744 1,576,611 1,566,632 1,691,774 1,674,574 8,872,516
168,828 1,369,653
1,022,634
169,006
171,975 167,038
86,519
370,745
64,302
63,571
91,227
203,860
7,840,227 1,498,910 1,493,352 1,691.047 1,685,907 11,059,405
575,775 539,999 529,303 2,027,503
897,517 578,301
612,268
27,867
51,293
51,446
34,763
525,172
165,597 1,181,395
187,642 183,667
819,310
167,617
467,704
294,933
70,540
60,859
59,748
70,240

$2,197,934 $3,025,883
1,318,944 1,110,132
3,122,614
8,751,950 10,237,377
1,363,437 1,252,477
356,145
353,950
11,019,486 10,047,102
2,002,595 1,698,117
723,775
604.485
1,168,574 1,210,425
293,428
425,221

44
261
261
$1,438 $102,205 $102,555
14,266 352.693 355,310
24,368
177,664
177.693
59,154 705,871 715,009

Number ol reporting banks______
U . 8 . bonds to secure circulation.
Other U . 8 . bonds*........................
U . 8. Victory notes_____________
U . 8 . certificates of Indebtedness

T h e

Total.
Oct. 3.

AH

172
$63,229
118,015
64,220
166,356

22.5

19.2

343
172
343
$63,229 $104,105 $103,872
140,895
141,006
119,419
61,132
63,268
65,812
120,564
125,746
167,291

19.4

17.0

17.1

21.1

20.9

___ 26.9

Following is the weekly statement issued by the Federal Reserve Board on Oct. 17:

Substantial additions to bill holdings, including both discounted and pur­
chased paper, accompanied by continued increases in government and re­
serve deposits, and in note circulation, are indicated by tho Federal Reserve
Board’s weekly bank statement issued as at close o f business on Oct. 17,1919.
War paper holdings show an increaso for the week o f 26.1 millions, other
discounts on hand went up 21.8 millions, and acceptances, 16.1 millions.
Total war paper holdings o f the Chicago and Minneapolis banks include
53.7 millions o f paper discounted for other Federal Reserve banks, as against
50.3 millions the week before, while o f the total acceptance holdings of the
San Francisco bank 13.7 millions, as against about 11 millions tho week
before, were bills taken over from other Foderal Reserve banks. Treasury
certificates on hand increased 1.9 millions, or 0.6 million less than the

increaso in the banks' aggregate liabilities on Federal Reserve bank note
circulation.
Government deposits show an increaso for tho week o f 53.6 millions, mem­
bers' reserve deposits, an increaso of 63.2 millions, other depositsi including
foreign government credits, an increase of 4.2 millions, and tho rioat car­
ried by tho Federal Reserve banks, an increase of 68.7 millions, wet de­
posits figure out 52.3 millions larger than the week beforo, and Federal
Reservo note circulation shows a further growth of 10.9 millions. No
material changes aro shown in tho distribution of tho gold held abroad, while
net gold withdrawals totaled 2.9 millions, and aggregate cash rosorvos de­
clined by about the same amount. As a result, tho banks’ roservo ratio
shows a further decline from 49.1 to 48.3% .

The figures for the system as a whole are given in the following table,and in addition we present the results for seven preceding
weeks, together with those of corresponding week of last year. The second table shows the resources and liabilities separately
for each of the twelve banks. The Federal Reserve Agents’ Accounts (third table following) gives details regarding transactions
in Federal Reserve notes between the Comptroller and Reserve Agents and between the latter and Federal Roservo banks.
C o m b in e d R e s o u r c e s a n d L i a b i l i t i e s o f t h e F e d e r a l R e s e r v e B a n k s a t t h e C l o s e o f B u s in e s s O c t . 17 1919.
Oct. 17 1919. Oct. 10 1919- Oct. 3 1919. Sept. 26 1919. Sept. 19 1919. Sept. 12 1919. Sept. 5 1919. Aug. 29 1919. Oct. 18 1918.
RESOURCES.
Gold coin and certificates...... ........ ........
Gold settlement fund, F. R. Board_____
Gold with foreign agencies_____ ______

$

251.954.000
461.193.000
106.917.000

S

245.485.000
496.904.000
108.123.000

8

242.405.000
516.335.000
108.892.000

$

239.168.000
502.506.000
79,370,000

$

230.047.000
512.080.000
45,479,000

$

231.609.000
537.723.000

$

$

243.238.000 $244,231,000
542.310.000 563,640,000

$

382.160.000
416.413.000
5,829,000

Total gold held by banks___________ 820.064.000 850,512,000 867.632.000 821.044.000 787,606,000 769.332.000 785.548.000 807.871.000 804,402.000
Gold with Federal Reserve agents______ 1,201,302,000 1,186,697,000 1,166.393.000 1,196,325,000 1,208,961,000 1,190.769,000 1,172,168,000 1,142,589,000 1,173,521,000
57,390,000
94,119,000 101.252.000 100.485.000
95,399,000 108.766.000 109.336.000 116.328.000
Gold redemption fund............................. 107.077.000
Total gold reserves_________________ 2,128,443,000 2,131,328,000 2,135,282,000 2,117,854,000 2.091,966,000 2,068,867,000 2,067,052,000 2,066,788,000 2,035,313,000
52,372,000
69,632,000
70,229,000
70,772.000
69,818,000
69,651,000
70,091,000
69,188,000
Legal tender notes, sliver, Ac.... ........ .....
70,742,000
Total reserves______ ______________ 2.199.185.000 2,202,100.000 2.205.511.000 2.187.505.000 2.162.057.000 2.138.499.000 2.136.870.000 2.135.976.000 2.087.685.000
Bills discounted:
1.383.896.000 1.524.521.000 1.635.233.000 1.609.296.000 1.262.757.000
Secured by Govt, war obligations____ 1.698.885.000 1,672,797,000 1.654.166.000 1.572.503.000
309.779.000 261.985.000 230.317.000 212.185.000 205.838.000 425.799.000
All other........... ................... .............. 422.842.000 401.058.000 361.771.000
342.491.000
326.667.000
353.817.000 362.005.000 354.667.000 363.138.000 370.136.000
326.852.000
Bills bought In open market___________ 342.938.000
2,224,773,000 1,999,698,000 2,116,843.000 2,202,085,000 2,178,272,000 2,058,692,000
Total bills on hand_________________ 2,464,665,000 2,400,707,000 2,342,604,000
27,096,000
28,205,000
27.095,000
27,006,000
27,097.000
27,095,000
27,096,000
27,096,000
27,097,000
U. 8. Government bonds...... ............ .....
192,000
136,000
137,000
192,000
197,000
198,000
133,000
87,000
U. 8. Victory Notes...... ............ ............
*67,738,000
341,655,000
263,148,600
251,081,000
322,986,000
250,223,000
243,411.000
267,551,000
U. 8. certificates of indebtedness........... 269,414,000
197,000
All other earning assets_______________
2.349.971.000 2,485,786,000 2,479,601,000 2,448,977,000 2,154,832.000
Total earning assets.. . . . ___ ___ __ _ 2.761.263.000 2,695,487,000 2,632,983,000 2.503,088,000
13.143.000
13.146.000
13.146.000
12.815.000
42.796.000
13.184.000
13.319.000
Bank premises............. .........................
13.336.000
Gold in transit or In custody In foreign
80.246.000 114,138,000 163.232.000 107.119.000 107.119.000
46.355.000
46.355.000
countries__________________ ______
46.355.000
Uncollected items and other deductions
1.025.122.000 873.066.000 827.845.000 816.613.000 803,517,000
from gross deposits...____ ________ 1.115.812.000 853.658,000 861,955,000 827,404,000
3,425,000
11.289.000
11.343.000
11.160.000
11.503.000
11.580.000
11.897.000
12.636.000
12.331.000
6% redemp fund agst. F. R. bank notes
13,757,000
9,995,000
10.886.000
11.007.000
9,511,000
8,998,000
10.246.000
8,494,000
13.530.000
All other resources.................................

Total resources__________________ _ 6,161,812,000 5.832.049.000 5.782.131.000 5.631.890.000 5.686.609.000 5.691.076.000 5.684.921.000 5.435.837.000 5.063.216.000
LIABILITIES.
79,057,000
85.140.000
84.926.000
85.208.000
84.996.000
85.296.000
85.350.000
85.391.000
Capital paid In______________________
85.540.000
81.087.000
81.087.000
1,134,000
81.087.000
81.087.000
81.087.000
81.087.000
81.087.000
Surplus------------------------------------ ------81.087.000
54.494.000
179.868.000
33.584.000
59.110.000
78.134.000
61.276.000
78.832.000
80.067.000
Government deposits_________________ 133.639.000
1.802.791.000 1.757.641.000 1.729.950.000 1.506.727.000
Due to members, reserve account______ 1,841,101,000 1.777.859.000 1.765.863.000 1.731.413.000 1.651.426.000
643,194,000 563,387,000 585.090.000
Deferred availability Items...................... 882.156.000 688,734,000 691,968,000 653,381,000 802.715.000 679.013.000
98.479.000 112.634.000
99.136.000
95.654.000 106.899.000 134.096.000
97,913,00
97.203.000
Other deposits, Incl. for. Govt, credits.. 101.430.000
2.446.310.000 2.384.319.000
Total gross deposits------------------------ 2.958.326.000 2.643.863.000 2.634.576.000 2.541.724.000 2.639.174.000 2.649.514.000 2.559.081.000
2.611.697.000 2.580.629.000 2.502.488.000
F. R. notes In actual circulation_______ 2.752.569.000 2.741.684.000 2.708.186.000 2.655.354.000 2.621.258.000 2.621.228.000
219,815,000
228,169,000
223,565,000
55.666.000
232,594,000
239,451,000
241,937,000
247,176,000
F. R. bank notes in circulation—net liab. 249,675,000
23,070,000
24,495,000
25,938,000
40.552.000
27,288,000
28,978,000
30.995,000
32,848,000
34,615,000
All other liabilities...................................

Total liabilities..................................... 6,161,812,000*5,832,049.000 5,782,131.000 5,631,890,000 5,686,609,000 5,691,076.000 5,584.921,000 5,435,837,000 5,063.216,000
* Includes One-Year Treasury Notes.




THE CHRONICLE

O ct . 2 5 1 9 1 9 .]
O ct.

17 1919. O ct. 10 1919. O ct.

Ratio ot gold reserves to net deposit and
Ratio of total reserves to net deposit and

1593

3 1919. S e p t. 26 1919. S ep t. 19 1919. S e p t. 1 2 1919. S e p t. 5 1919. A u g . 29 1919. Oct. 18 1918.

46.1%

47.0%

47.7%

48.4%

49.4%

47.0%

47.8%

48.2%

50.6%

48.3%

49.1%

49.7%

51.0%

52.5%

50.4%

50.4%

50.7%

5 1 .1 %

58.1%

59.1%

60.8%

62.5%

60.0%

60.1%

60.7%

6 1 .3 %

Ratio of gold reserves to F. R . notes In
circulation after sotting aside 35%
against net deposit liabilities-------------

57.1%

$
$
$
$
$
S
S
95,517,000 \ 1 3 4 3 3 2 0 0 0 0
99,259,000
104,417,000 108,414,000 101,631,000
87,511,000
95,228,000
95,063,000
market..
1,777,863,000 1,756,690,000 1,657,457,000 1,532,058,000 1.317,455,000 1,443,535,000 1,547,106,000 1,519,814.000
1 1 ,4 0 2 ,0 0 0
24,743,000
89,703,000 121,321,000
20,856,000
28,686,000
14,158,000
23,605,000
32,290,000
1-15 days U. 8 . certlf. of Indebtedness..
33,000
79.732.000 1 249,254,000
60,772,066
69,704,000
108,119,000
85,982,000 104,085,666 108,054,000
59,443,000
16-30 days bills bought In open market..
53.870.000
68,299,000
49,019,000
54.S03.000
77,632,000
117,639,000
109,132,000
120,183,000
6 ,0 2 2 ,0 0 0
12,066,000
9,000,000
11,659,000
16,850,000
10,536,000
15,500,000
4,999,000
10,000,000
16-30 days U. 8. certlf. of Indebtedness..
31-60
31-60
31-60
31-60
61-90

S

$

D is t r ib u ti o n b y M a t u r i t i e s —
1 -1 5 days bills bought In open

days bills bought In open market..
days bills discounted---------------------days U. 8. certlf. of Indebtedness..
days municipal warrants--------------days bills bought In open market..

131.462.000
162.437.000
18,227,000

129.186.000
167.147.000
13,497,000

116.849.000
167.570.000
9,499,000

112.931.000
154.918.000
12,500,000

102.724.000
190.393.000
19,706,000

111.087.000
166.970.000
19,676,000

103.354.000
147.354.000
24,777,000

56.248.000
63.495.000
19,769,000

41.144.000
64.444.000
24,177,000

34.904.000
65.320.000
28,229,000

34.371.000
68.568.000
25,537,000

44,584,666
62,922,000
23,972,000

43.605.000
88.579.000
18,032,000

40.663.000
91.790.000
15,532,000

722,000
8,800,000
194,129.000

522,000
7,942,000
200,221,000

793,666
7,951,000
187,714,000

793,000
6,555,000
179,439,000

" 793,666
6,812,000
180,605,000

* *6,735,666
170,967,000

15,020,000
6,365,000
170,692,000

61-90 days U. 8. certlf. of Indebtedness..
Over 90 days bills bought In open market
Over 90 days certlf. of Indebtedness-------Over 90 days municipal warrants..............

137.296.000 j 2 6 5 ,5 9 9 ,0 0 0
152.545.000
163.000
21,999,000
7,000
45.577.000 | 188,485,000
79.889.000
8,851,000
16,034,000
5,000
5.016.000 | 12,034,000
9.016.000
41,300,000
168,569,000
1 0 ,0 0 0

F e d e r a l R eserv e N o t e s —

2,970,132,000 2,949,244,000 2,899,122,000 2,875,259,000 2.S51.622.000 2,830.146,000 2,794,100,000 2,767,166,000 2,667,024,000
164,536,000
190,936,000 219,905,000 230,364,000 208,918.000
182,403 000 186,537,000
217,563,000 207,560,000
Held by banks__________________________
2,752,569,000 2,741,6S4,000 2,708,186,000 2,655,354,000 2,621,25S,000 2,621,228,000 2,611,697,000 2,580,629,000 2 , 5 0 2 ,4 8 8 , 0 0 0
F ed . R es. N o te s (A g e n ts A c c o u n ts) —

3,488,640,000
Received from the Comptroller________ 5.511.620.000 5.461.940.000 5.380.120.000 5,328,000,000 5.260.280.000 5.195.610.000 5.122.941.000 5.077.520.000 557,446,000
Returned to the Comptroller___________ 2.154.160.000 2.122.288.000 2.085.335.000 2,040,819,000 1.998.416.000 1.962.997.000 1.937.783.000 1.906.862.000
Amount chargeable to Fed. Res. agent 3,357,460.000 3,339,652,000 3,294,785,000 3,287,181,000 3,261,864.000 3,232,643,000 3,185,158,000 3,170.658,000 2,931,194,000
387,328,000 390,408,000 395,663,000 411,922,000 410,242,000 402.497,000 391,058,000 403,492,000 264,170,000
I n hands of Federal Reserve agent-----2,667,024,000
Issued to Federal Reserve banks-------- 2,970,132,000 2,949,244,000 2,899,122,000 2,875,259,000 2,851,622.000 2,830,146,000 2,794,100,000 2,767,166.000
H o t o S ecu red —
201,239,000
243,248,000
236,248,000
242,248,000
245.40S.000
236,248,000
244,248,000
247,248,000
By gold coin and certificates------------------ _ 242,248,000
1,768,830,000 1,762,547,666 1,732,724,000 1.678,934,000 1.642,061,666 1,639,377,000 1,621,932,000 1,62*4,577,665 1,493,503,000
78,053,000
93,090,000
101.921,000
94,160,000
93,608,000
144,217,000
88,108,000
99,933,000
91,949.00C
867,105,000 854.341,000 830,542,000 849,144,000 861,632,000 854,431,000 791,703.000 812,181.000 894,229,000
With Federal Reserve Board.— ----------2,851,622,000 2,830,146,000 2,794,100,000 2,767,166,000 2,667,024,000
Total.............................................................. 2,970,132,000 2,949,244,000 2,899,122,000 2,875,259,000
2,264.643,000
2,312.574,000
2,134,553,000 1.913.595.000 *2.025.994.000 2.107,324.000 2,095,561,000 2.012,927,000
Eligible per delivered to F. R. agent------ 2,371,047.000
W EEK LY STATEM ENT OF RESOURCES AND
T w o cip h e rs

(00)

B o s to n .

o m itt e d .

N ew

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

Y ork .

P h ila .

C lev ela n d . R ic h m o n d

A t la n t a .

C h ic a g o .

S t. L o u is . M l n n e a p . K a n .C i t y

D aU as.

S a n F ra n .

S
S
7,041,0 14,556,0
5,133,0 48,342,0
2,780,0 4,918,0

17 1 9 1 9 .
T o t a l.

G o l d w i t h F o r e ig n A g e n c i e s --------

7,489,0
57,884,0
7,805,0

S
$
S
S
$
$
S
149,0
1,018,0 15,321,0 2,232,0
160,809,0
7,801,0 24,213,0 3,050,0 8,275,0
43,171,0 35,346,0 52,375,0 27,758,0
8,505,0 120,408,0 16,283,0 14,290,0 31,698,0
39,239,0 8,553,0 8,767,0 5,239,0 >3,849,0 12,723.0 5,025,0 2,887,0 5,132,0

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

73,178,0
70,382,0
17,281,0

243,219,0 44,917,0 76,463,0 35,229,0 20,155,0 157,344,0 24,358,0 25,452,0 36,979,0 14,954,0 67,816,0 820,064,0
284,406,0 78,795,0 133,120,0 40,786,0 49,619,0 282,128,0 66,857,0 37,823,0 35,233,0 21,497,0 100,656,0 1,201,302,0
1,079,0 107,077.0
737,0 7,600,0
24,872,0 10,007,0
6,139,0 19,836,0 6,080,0 5,520,0 4,588,0 3,338,0

T o t a l g o l d r e s e r v e s _____________
L e g a l t e n d e r n o t e s , s ilv e r , & c —

1G0,841,0
5,501,0

552,497,0 133,719,0 210,320,0 83,615,0 75,913,0 459,308,0 97,295,0 68,795,0 76,800,0 39,789,0 169,551,0 2,128,443,0
63,0
380,0 1,751,0
255,0
70,742,0
53,374,0
239,0
903,0
1,254,0 5,734,0
191,0
1,097,0

166,342,0
121,104,0
12,877,0
46,078,0

605,871,0 133,958,0 211,223,0 83,806,0 77,010,0 460,562,0 103,029,0 68,858,0 77,180,0 41,540,0 169,806,0 2,199,185,0
698,653,0 181,508,0 122,463,0 83,178,0 71,530,0 179,599,0 56,966,0 37,203,0 53,524,0 38,129,0 55,028,0 1,698,885,0
116,668,0 25,061,0 24,960,0 18,013,0 35,923,0 46,155,0 26,059,0 21,823,0 48,645,0 23,677,0 22,981,0 422,842,0
521,0
1,100,0 90,205,0 342,938,0
85,315,0
618,0 36,240,0 5,577,0
8,564,0 42,006,0 7,444,0 19,270,0

180,059,0
539,0
50
21,670,0

900,636,0 207,187,0 183,663,0 106,768,0 116,017,0 267,760,0 90,469,0 78,296,0 102,690,0 62,906,0 168,214,0 2,464,665,0
116,0 8,868,0 3,966,0
2,633,0
27,007,0
1,153,0
1,257,0
1,385,0
1,094,0
1,234,0
375,0 4,477,0
27,0
87,0
50,0
72,465,0 29,182,0 24,714,0 11,360,0 14,464,0 39,872,6 17,099,0 8,914,0 12,366,0 8,200,0 9,108,0 269,414,0

202,273,0
2,211,0

974,408,0 237,754,0 209,471,0 119,362,0 130,861,0 312,109,0 108,721,0 87,353,0 123,924,0 75,072,0 179,955,0 2,761,263,0
359,0
402,0
691,0
400,0
13,336,0
3,994,0
500,0
890,0
463,0
490,0 2,936,0

9S,011,0

287,801,0 100,822,0 S7,240,0 87,816,0 45,330,0 136,171,0 72,034,0 20,548,0 76,154,0 55,710,0 48,175,0 1,115,812,0

S

RESOURCES.

T o t a l r e s e r v e s ----------------------------B il ls d is c o u n t e d : S e c u r e d b y G o v -

B lils b o u g h t In o p e n m a r k e t ( b ) .

U . S . G o v e r n m e n t b o n d s -------------u ! S ! c e r t if i c a t e s o f I n d e b t e d n e s s
T o t a l e a r n in g a s s e t s .....................
G o l d In t r a n s it o r In c u s t o d y In
U n c o lle c te d Ite m s a n d o th e r d e d u c t lo n s fr o m g ro ss d e p o s i t s ..
6%
re d e m p tio n
fu n d
a g a in s t
F ed era l R eserv e b a n k n o t e s ..
A ll o t h e r r e s o u r c e s ________________
T o t a l r e s o u r c e s ................ ...............
L IA B IL IT IE S .
C a p i t a l p a id I n _________ ___________
S u r p l u s ______________________ ________
G o v e r n m e n t d e p o s i t s _____________
D u e to m em b ers, reserve a cco u n t
D e f e r r e d a v a i l a b i l i t y I t e m s ______
A ll o t h e r d e p o s i t s __________________

F . R . n o t e s In a c t u a l c i r c u l a t i o n .
F . R . b a n k n o t e s In c ir c u l a t io n
— n e t l i a b i l i t y ____________________
A ll o t h e r li a b i l i t i e s __________________
T ota l

li a b i l i t i e s _____

Memoranda— C o n t i n g e n t l i a b ili t y

s

s

46,355,0

46,355,0

1,071,0
318,0

2,769,0
5,286,0

S

251,954,0'
461,193,0
106,917,0

1,450,0
1,371,0

1,086,0
749,0

375,0
939,0

699,0
911,0

1,944,0
1,220,0

635,0
624,0

334,0
162,0

511,0
512,0

892,0
511,0

565,0
927,0

12,331,0
13,530,0

470,226,0 1,926,484,0 475,855,0 510,659,0 292,761,0 255,301,0 914,942,0 285,734,0 177,255,0 279,063,0 173,704,0 399,828,0 6,161,812,0
7,034,0
5,206,0
12,285,0
122,372,0
78,773,0
5,682,0

3,050,0 3,906,0
3,325,0
7,774,0
5,121,0
85,540,0
22,048,0
9,419,0 4,317,0
3,436,0 12,078,0 4,032,0
2,320,0
3,957,0 2,029,0 4,578,0
32,922,0
5,311,0 5,860.0 3,800,0
81,087,0
9,710,0 2,589,0
2,805,0
7,159,0 4,250,0 10,067,0 133,639,0
45,907,0 10,251,0 13,322,0
1,148,0
5,412,0 12,974,0 6,123,0 4,741,0
752,519,0 104,546,0 133,838,0 56,784,0 47,366,0 258,688,0 63,970,0 53,755,0 85,452,0 51,400,0 110,411,0 1,841,101,0
205,982,0 91,929,0 73,784,0 78,965,0 41,715,0 102,967,0 59,308,0 18,409,0 59,111,0 38,570,0 32,643,0 882,156,0
2,197,0
3,638,0 2,128,0
43,878,0 6,875,0
6,153,0
9,524,0 101,430,0
3,636,0
2,718,0 11,350,0 3,651,0

133,052,0 79,102,0 155,360,0 96,348,0 162,645,0 2,958,326,0
219,112,0 1,048,286,0 213,601,0 227,097,0 140.533 n
215^09210 758,191,0 219,271,0 243 >18,0 131,7913) 137i215,0 462>97,0 128,315,0 83,979,0 96,490,0 61,143,0 214,767,0 2,752,569,0
21,270,0
2,512,0

52,675,0 27,251,0 22,088,0
12,362,0
2,647,0
2,477,0

10,783,0
1,537,0

13,202,0 40,847,0 16,439,0
1,307,0
1,432,0 3,731,0

7,758,0 17,578,0
1,046,0
1,772,0

9,731,0
1,128,0

10,053,0
2,664,0

249,675,0
34,615,0

410,226,0 1,926,484,0 475.855,0 510,659,0 292,761,0 255,301,0 914,942,0 285,734,0 177,255,0 279,063,0 173,704,0 399,828,0 6,161,812,0
as endor ser on:

D i s c o u n t e d p a p e r r e d is c o u n t e d

19,410,0
(b ) in c lu d e s b a n k e r s ' a c c e p ta n c e s
W i t h o u t t h e ir e n d o r s e m e n t ___

bought fr om other F. R . b a n k s:
..............
...............
...........

15,250,0

10,000,0

( a ) I n c lu d e s b il ls d is c o u n t e d fo r

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

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

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

..........

53,720,0

5,000,0

48,720,0
...........

...........

53,720,0
...........

...........

13,668,0*

13,668,0

S T A T E M E N T O F F E D E R A L R E S E R V E A G E N T S A C C O U N T S A T C L O S E O F B U S I N E S S O C T . 17 1 9 1 9 .
T w o cip h e rs

(00) o m itt e d .

B o s to n .

N ew Y ork .

P h ila .

C lev ela n d

R ic h m o n d

S

A t la n t a .

$

C h ic a g o .

S t. L o u is . M l n n e a p . K a n .C it y .

%

$

$

D aU as.

San F ra n .

T o t a l.

t

S
S
Federal Reserve notes:
S
S
S
$
S
Received from Comptroller___ 432.900.0 1,812,440,0 466.860.0 434.060.0 271.260.0 263,960,0 759.080.0 264,120,0 145,480,0 186,020,0 126,820,0 348.620.0 5.511.620.0
Returned to Comptroller_____ 161.031.0 845,758,0 212.698.0 146.812.0 111.980.0 77,361,0 235.977.0 95,148,0 47,351,0 74,090,0 42,814,0 103.140.0 2.154.160.0
Chargeable to F. R . Agent___ 271,869,0
In hands of F. R . Agent______ 44,300,0
Issued to F. R . Bank, less amt.
returned to F . R . Agent for
redemption:
227,569,0
Collat'l security for outst'g notes:
Gold coin and ctfs. on hand..
Gold redemption fund_______ 11,382,0
Gold Set'm't Fund, F. R. B 'd. 59,000,0
Eligible paper, mln'rn required 157,187,0

966,682.0 254,162,0 287,248,0 159,280,0 186,599,0 523,103,0 168,972,0
124,000,0 22,160,0 29,180,0 22,588,0 45,355,0 32,200,0 19,910,0

98.129.0 111,930,0
12.630.0
9,190,0

84.006.0 245,480,0 3,357,460,0
20.415.0
5,400,0 387,328,0

842.682.0 232,002,0 258,068,0 136,692,0 141,241,0 490,903,0 149,062,0

85.499.0 102,740,0

63.591.0 240,080,0 2.970.132.0

13.052.0
3,971,0
20.800.0
47,676,0

242.248.0
8.831.0
91,949,0
3.182.0 15.539.0
9.484.0 85.117.0 867.105.0
42.094.0 139,424,0 1.768.830.0

30.125.0
183.740.0
10,666,0 13.406.0 12.995.0
90,000,0 65.389.0 90,000,0
55S ,276,0 153,207,0 124,948,0

1,786,0
39,000,0
95,906,0

2.500.0
9,103,0
3.119.0
44,000,0 273.025.0
91,625,0 208.775.0

4,000,0
3,927,0
58.930.0
82.205.0

2,873,0
32.360.0
67.507.0

227,569,0
Amount of eligible paper deliv­
ered to F. R . Agent__________ 180.059.0
F . R . notes outstanding___
227.569.0
F . R . notes held by b a n k .._____
12,477,0

842,682,0 232,002,0 258,068,0 136,692,0 141,244,0 490,903,0 149,062,0

85,499,0 102,740,0

63,591,0 240.0S0.0 2,970,132,0

900.059.0 154.645.0 180.488.0 100.966.0 105.793.0 267.399.0 90.399.0
842.652.0 232.002.0 258.068.0 136.692.0 141.244.0 490.903.0 149,062,0
84,491,0 12,731,0 14,350,0
4,901,0
4,029,0 28,306,0 20.747.0

70.516.0 102.690.0
85.499.0 102.740.0
1,520,0
6,250,0

62.906.0 155.127.0 2.371.047.0
63.591.0 240.080.0 2.970.132.0
2,448,0 25,313,0 217,563,0

R. notes In actual circulation. 215,092.0

758.191.0 219.271.0 249.718.0 131.791.0 137.215.0 462.597.0 128.315.0

83.979.0

96.490.0

61.143.0 214.767.0 2.752.569.0

F.




1594

THE CHRONICLE

So. Pac. 5s and some of the Balt. & Ohio’s. On the other
hand, the local tractions have been decidedly weak, led by
Inter. R. T. 5s with a drop of nearly 3 points. Some of the
standard rails are also lower, including New York Cent.,
Rock Island, St. Paul and Atchison.
United States Bonds.—Sales of Government bonds at
tho Board are limited to $1,000 4s coup, at 106^ and a
liberal movement of the various Liberty Loan issues.

■IBaiikccs' (lai&elte.
Wall Street, Friday Night. Oct. 24 1919.
Railroad and Miscellaneous Stocks.—The stock market
was strong during the earlier part of the week on a decidedly
easier money market and hopes for favorable results from the
Labor Conference at Washington. Under these influences
the speculative element renewed their now familiar tactics
to force prices to a higher level with considerable success.
Several issues registered an advance of from 10 to 15 points,
fortunately, railway shares were not included in this move­
ment and therefore escaped the reaction which followed the
withdrawal of the labor section from the conference, which
caused a decline in some of the recently erratic stocks to a
level substantially below last week’s closing prices.
N To-day’s market was, like its predecessors, decidedly
irregular but with the railway list generally strong. Several
in this group closed from 1 to 2 points higher than yesterday,
including Balt. & Ohio, Can. Pac., Northern Pacific, South­
ern Pacific, Texas & Pacific and Reading. Moreover, these
and others have made a net gain for the week. The range
covered by some industrial issues during this period is not
often exceeded. In the case of U. S. Ind. Alcohol it is 53
points, Gen. Motors 34, Cruc. Steel 17, Mex. Pet. 15, Bald.
Loc. 11, and many others 8 to 10.
The money market has been relatively easy throughout
the week. On some days call loan rates did not get above
6%, and most of the business has been at 4 A. and 5%, and
opinion prevails that the high rates of the season have been
recorded.
The following sales have occurred this week of shares not

DailyRecordofLibertyLoanPrices. Oct.. 18
18 O
ct. 20.■ Oct. 21 \oct. 22 \oct. 23 Oct. 24.
First Liberty Loan
( High 100.56
33$s, 15-30 year, 1932-47 (Low.) 100.51
iClose 100.56
Total sales in 51,000 units______
211
Second I lberty Loan
( High 93.78
4s, 10-25 year conv, 1942 { Low.
93.64
» [Close 93.66
Total sales in SI ,000 units......... .j
105
Second Liberty Loan
[ High 95.36
4s, convertible, 1932-47
{Low.j 95.20
[Close, 95.36
Total sales in 81,000 units______ j
(.7
Third Liberty Loan
( High 95.40
4 34s of 1928
<Low.| 95.28
l Close 95.40
Total sales in $1,000 units............
2,062
Third Liberty Loan
( High 95.50
s of 1st L L conv,’32-'47{ Low.
95.30
(Close 95.30
_ Total sales in SI,000 units______
56
Third Liberty Loan
(High 93.86
of 2d L L conv,’27-’42 (Low.
93.70
[Close 93.82
Total sales in $ 1,000 units______
796
Fourth Liberty Loan
( High1 93.64
434s of 1933-38
6Low.I 9.3.44
[Close 03.56
Total sales in $1,000 units______
3,053
F’ourth Liberty Loan
(High
_ _
434s,lst LL 2d conv,’32-47< Low.
[Close
—
Total sales in $1,000 units______ ;
Victory Liberty Loan
(High 99.6,8
conv gold notes,'22-23 4Low.
99.46
[Close 99.64
Total sales in $1,000 units______
2,041
Victory Liberty Loan
( High 99.72
s,conv gold notes, '22-23 4Low.
99.56
(Close 99.68
Total sales in $1,000 u n its ..____I
430

434

4343

II
Sales
Rangefor Week.
(1 R
angesince Jan. 1.
4343
for
Week Lowest.
Highest. j| Lowest. Highest.
Par Shares $ pershare. S pershare. S pershare. $pershare 334
Am Brake S & F pref. 100
300 169J-J Oct 22 170
Oct 24160
Jan 176
Sept
American Express___100
500 88
Oct 21 S8
Oct 21 j 76 Y
i Sept 103 May
Ann Arbor R U ______ 100
317 8
Oct 24
STOCKS.

WeekendingOct. 24.

8J$ Oct 20!i 1
Baldwin Locomo pref 100
2 0 0 104 01 Oct 22 104A» Oct 20402
Barnet Leather. _
3.000 97
Oct 23 99 H Oct 23 971$
Preferred______
500 91
Oct 23 92
Oct 25 91
Buff Susq pf v t o _ _ 100
100 50
Oct 18 50
Oct 18 50
Cent & So Am Teleg. 100
100 120
Oct IS 120
Oct 18 107
Central RR of N J___ICO
200 200
Oct 20 2 0 0
Oct 20 170
Col Graphophone prel
800 951 Oct 22 951 Oct 21 9514
Continental Candy rts.. 1 .0 0 0
Oct 21
Oct 18
16
Detroit United R y . . . 100
150 103
Oct 20 103
Oct 20 80
Eisher Body pref___ 100 2,600 jT07}$Oct 23 1093$ Oct 22 91
General Chemical___100
600 185
Oct 21 187
1631$
Oct
Gen Cigar doben pref 100
400 95K Oct 24 97
Oct 24 95
Homestake Mining.
100 62
Oct 22 62
Oct 22 60
Kelsey Wheel pref___100
100 99 >$ Oct 20 99>$ Oct 20 89
Marlin-Rock v t c
Oct 21 70
100 70
Oct 21 611$
Mathleson Alkali Wks 5s
Oct 22 41
100 41
Oct 22
Mullins B od y..
30,400 47
Oct 18 53
Oct 20 471$
Nat Rys of Mex 1st pf 100
1(M) 19
Oct 24 19
Oct 24 16
Norfolk & West pref. 100
100 69
Oct 22 69
Oct 22 69
Otis Elevator.........
4,800435
Oct 24 1411 Oct 24 135
Owens Bottle, pref.. 100
4601001* Oct IS 101
Oct 22 1001-4
Pierce Oil. pref. .
100'10514 Oct 24 10514 Oct 24 10514
Punta Alegre Sug rights. 4,850 o>$ Oct 18 6
Oct IS
Remington 1st pref .100
100 101
Oct 23 01
Oct 23 96!
Royal Dutch Am shares.
100 109
Oct 21 09
Oct 21 703
Sinclair Oil rights..
64,300
Oct 18
•4 Oct 22
So Porto Rico Sugar. 100
2 0 0 190
Oct 18 01
Oct 23 132
Standard Mill rights____
Oct 22 14
525 13
Oct 22
9
Tex Pac Land Trust. 100
60 300
Oct 23 10
Oct 24 180
U S Indus Alcohol rights. 19,200 38
Oct 24
Oct 20 37
Vulcan Detinning_._100 1,800 181$ Oct 20 291$ Oct 23 12
Preferred......... ........ 1001 400 85
Oct 20 95
Oct 23 40

Yi

&

.ioo

.nopar
,ro par

H

46Y

Apr 81$ Oct
Jan 1111$ June
Oct 991$ Oct
Oct 92
Oct
Apr 53
June
Jan 120
June
Sept 213
Aug
Oct 951$ Oct
Sept
1$ Sept
F efc 105
May
E e l 11014 Oct
Fet 197
June
Oct 101
Aug
Oct 100
Feb
Jan 1001$ Oct
July 801-$ Apr
Mar 43
Oct
Oct 53
Oct
Sept 19
Oct
Aug 76
July
Oct 1411$ Oct
Oct 104
May
Oct 105 >-4 Oct
Sept
61$ Oct
June 101
July
Jan 1201$ July
Oct
11$ Oct
Jan 231
Sept
Oct 14
Oct
Jan 470
May
Oct 4614 Oct
Jan 29
Oct
Jan 95
Oct

Y

TRANSACTIONS AT TH E N E W YO R K STOCK E X C H A N G E
D A IL Y , W E E K L Y AN D Y E A R L Y .
W e e k e n d in g
O c t. 24 1919.

S to ck s.
S h ares.

Saturday...................
Monday____ _______
Tuesday______ __ . .
Wednesday________
Thursday___. . . ____
F riday____________

R a ilr o a d ,
dkc..
B onds.

P a r V a lu e .

785,250 $64,443,500
1,815,745 155,373,500
1,804,365 164.090.000
1,826,125 168.686.000
2,274,050 203,666,000
1,552,027 140.957,200

$880,000
2.553.000
1.847.000
2.126.000
2.698.000
3.684.000

Total_____ ______ 10,057,562 5897,216,200

$13,818,000

S a le s a t
N e w Y o r k S to ck
E xch a n g e.

W e e k en d in g O ct.

1919.

24.

1918.

S ta te, M v n .
& F oreig n
B onds.

$82,000
850.000
959.000
1.091.000
1.058.000
768.000

U n ite d
S tates
B onds.

$8,820,000
11.531.000
12.012.000
11.566.000
12.446.000
11.217.000

$4,808,000 $67,592,000
Jan.

1 t o O ct. 24.
1918.

1919.

Stocks— No. shares...
253,350,616
10,057,562
113,970,515
5,637,659
Par value___________ $897,216,200 $532,711,500 $23,088,301,780 $10,656,627,190
Bank shares, par_____
817,700
$47,200

[V o l . 109.

100.50 100.70 101.00 100.88 100.80
100.40 100.2-! 100.56 100.60 100.42
100.40, 100.46 100.90 100.60 100.70
264
766 . 026
329
318
93.76i 93.74
93.70 93.80 93.68
93.64 93.58 93.56 93.56 93.54
93.66 93.66 93.76' 93.56 93.54
147
261
26(>
309
330
95.20 95.30 95.30
95.30, 95.36
95.20 95.20 !>5.20 95.20 95.30
95.30 95.30 95.20 95.30 95.30
56
14
87
51
116
95.46( 95.46 95.52 95.46 95.30
95.36 95.32 95.30 95.34 95.40
95.44! 95.40 95.50 95.42 95.38
3,032 2,237
2,698
1,806
1,741
95.50 95.50 95.44
95.42 95.36
95.30! 95.36 95.36 95.36 95.30
95.36! 95.50 95.36 95.42 95.30
77
40
18
31
56.
93.86 93.82 93.90 93.88
93.86)
93.70| 93.70 93.70 93.70 93.58
93.82 93.76 93.88
93.76 93.76)
2,650
851
040
1,316
2,218
93.58; 93.56 93.62 B3.82 93.82
93.46 93.36 93.36 93.02 93.66
93.50 93.48 93.62 93.74 93.70
5,114 4,360 4,064 6,311
3,775
100.96
100.90
100.96>!
100.96
100.90
100,96|
—
—
—
99.66
99.56
99.56
1,670
99.64!
99.60
99.00
740

99.64 99.64
99.54 90.58
99.60 99.68
1,647
1.308
99.66 99.64
99.60 . 99.60
99.64 99.60
1,280
804

99.68
99.58
99.60
1,080
99.70
99.60
99.66
1,168

99.64
99.60
99.64
1,149
99.68
99.60
99.66
634

Foreign Exchange.

— Sterling rates showed somo im­
provement this week and the undertone was relatively
steady. In 'the Continental exchanges movements were
irregular with the tendency still downward and Italian lire
at another low record. Neutral exchange continues in its
former rut. Trading was dull and rate variations slight.
K ( F r i d a y ’s ) a c t u a l r a t e s f o r s t e r lin g e x c h a n g e w e r e 4
r, s ' x t y 4 a y s * 4 1 5 H @ 4 1 0 34 f o r c h e c k s a n d 4 1 6 3 $ 544 17 f o r
f i I i $ . n h , T ' , lc r c la l^ n ,b a n k s ' s i g h t , 4 1 5 3 $ @ 4 1 6 34; s i x t y d a y s , 4 1 1 %
a io
s
x
4 * 1 y* @ 4 1 2 , a n d d o c u m e n t s f o r p a y m e n t ( s i x t y d a y s ) ,
m e n t 4 1 5 }/< W 4 1 6 ° “ ° “ f ° r p a y m e n t > 4 15 34 (" 4 1 6 3 4 , a n d g r a in f o r p a y ­
a

-

L ® * d a y s ( F r i d a y 's ) a c t u a l r a t e s f o r P a r is b a n k e r s ’ f r a n c s w e r e 8 7 0 @ 8 7 2
^ i> 6 @ 8 6 8 f o r s h o r t .
G erm a n y b a n k ers' m ark s arc n o t y e t
I S
1 1
1 a tu s ^ o r t b i ll s . A m s t e r d a m b a n k e r s ' g u i l d e r s w e r e 3 7 3 $
@ 2 / 3 -1 6 f o r lo n g a n d 3 7 3 $ (« 3 7 9 -1 6 fo r s h o r t.
qc o r . a n ^ ° a t p a r is o n L o n d o n , 3 6 . 2 5 f r . ; w e e k ’s r a n g e , 3 6 . 0 0 f r . h i g h a n d
o b .2 5 ir . lo w .
T h e r a n g o f o r f o r e i g n e x c h a n g e f o r t h o w e e k f o ll o w
„

S ter lin g A c tu a l—

H ig h f o r t h e w e e k ......................................
L o w f o r t h e w e e k ____________________________

s i r / ,, r t n n

4 1534
~~a i o P

P a r is B a n k ers' F ra n cs—

H ig h f o r t h e w e e k __________________________
L o w f o r t h e w e e k _____

1

8 69
8 78

G erm a n y B a n kers' M a rk s—

H ig h f o r t h e w e e k _______________________________
L o w f o r t h e w e e k _____~
A m s te r d a m B a n k e r s ’ G u ild ers—

H ig h f o r t h e w e e k _______________________________
L o w f o r t h e w e e k _________ ” ______________ " I I

3 7 9 -1 6
3 7 1 -1 6

t.
C h eck s.
4 18
4 14%

C a b les.
4 19
4 1 5 Yx

8 63
8 72

8 61
8 69

3 60
3 52

3 65
3 54

38
373$

38 %
3 7 1 1 -1 6

D o m e s t ic E x c h a n g e .— C h ic a g o , p a r .
S t . L o u is , 1 5 (3 )2 5 c . p e r $ 1 ,0 0 0
is 9SJJ.n t '
B ,o s t o n , p a r .
S a n F r a n c is c o , p a r .
M o n t r e a l, $ 3 6 ,2 5 0 p e r
! 1 ,0 0 0 p r e m i u m .
C in c in n a t i, p a r .

Outside Market.—There was a broad and active market
securities this week with considerable irregularity in
rice movements. On Thursday a sharp break resulted in a
)ss of from 2 to 10 or more points though there was a subsquent partial recovery. General Asphalt Com. after an
dvanee of 2 points to 149 fell to 132 and closed to-day at
363/4. Allied Packers was strong advancing from 59 to" 63,
the
close to-day being at 62. Amer. Safety Razor improved
|
from 17 A to 19K but reacted finally to IS. A.. T. Securities

J
1
1
i

1 curb

1
‘
]

B onds.

Government bonds___
State, muk., &c.,bonds
RR. and misc. bonds..

$67,592,000
4,808,000
13,818,000

$28,034.000
6,6S0,500
17,916,500

$2,020,753,800
228,130,500
429,779,000

$945,761,000
209,070,000
252,506,500

$86,218,000

$52,631,000

$2,678,663,300

$1,407,337,500

BALTIM OR E EXCH A N G ES.
B o s to n .
W e e k e n d in g
O ct. 24 1919.

S h a res.

B o n d S a le s.

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

B o n d S a le s.

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

B o n d S a le s.

Saturday . . . ___
M onday........... ..
Tuesday.................
Wednesday _____
Thursday......... .. .
Friday ..................

36,586
79,047
57,219
45,873
49,881
30,381

$51,800
60,850
171,400
88,300
107,200
32,000

12,733
28,854
17,389
44,626
12,695
7,518

$8,700
31,000
15,950
69,500
32,500
23,000

834
9,078
5,182
3,394
8,207
4,435

S70.300
13,500
13,900
23,000
38,000
44,000

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

298,987

$511,550

123,815

$180,650

31,130

$202,700

State and Railroad Bonds.—Sales of Stato bonds at
the Board are limited to §21,000 Virginia 6s at 01 }A to 62.
The market for railway and industrial bonds has been moro
active than in the recent past and in several important cases
prices have advanced. Conspicuous among the latter are




J
1
r

Mendee Mfg. sold up from
Loft, Inc. was an active issue.
1
9 7Cit ran up to 343£ and fin_
..
Motors lost almost 5 points to
38 K the close to-day being at Z8A - Otis Steel fell from 43
to 39 ?4 and ends the week at 403m. Swift Internal, was off
at first from 60 to 57 hut advanced to 65 and sold finally at
63. Vanadian Steel was heavily traded in down from 60 ^
to 58 then up to 65. It again reacted, dropping to 59 tho
close to-day being at 59 % . A feature in oils was tho initial
trading in Carib. Syndicate, new stock “when issued” up
from 28 to 46 and at 45 A finally. Siinm Petroleum was a
strong feature, recording a gain of over 7 points to 45 with
the final figure at 43. Shell Transport & Trad, moved up
from 7 7 A to 84 and receded to 80 XA finally. Intermit. Pet.
after a decline from 35 to 333/6,sold up to 4 0 A - In bonds
Interboro. R. T. 7s lost 5 points to 72 and sold finally
at 723U. The new British Govt. 53^s were traded in to-day
for the first time, the three-year bond at 98 and the ten-year
issue at 9634*

New York Stock Exchange— Stock Record, Daily, Weekly and Yearly

1595

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

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*6

PER SH ARE
R a n g e S in c e J a n . 1
O n b a s is o f 1 0 0 -s A a re lo ts

STOCKS
N EW YORK STOCK
EXCHANGE

L ow est
R a ilr o a d s
Par
A t c h T o p e k a & S a n ta F e . . l 0 0
Do
p r e f ___________________ 1 0 0
A t l a n t a B ir m & A t l a n t i c . . 10 0
A t l a n t i c C o a s t L in e R R . . 1 0 0
B a l t i m o r e & O h i o ---------------- 1 0 0
Do
p r e f ........... ....................- 1 0 0
B r o o k ly n R a p id T r a n s i t .. 100
C a n a d i a n P a c i f i c . . ................ 1 0 0
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C h i c a g o & A lt o n R R ------------1 0 0
P r e fe r r e d
................1 0 0

7

900
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27% 28%
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44
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65
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77
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C h ic a g o G r e a t W e s t e r n .. . 1 0 0
Do
p r e f ___________________ 100
C h i c a g o M l l w & S t P a u l . . 100
Do
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C h ic a g o * N o r th w e s t e r n .. 100
Do
p r e f ___________________ 100
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Do
p r e f ........... ...............— 100
C o l o r a d o A S o u t h e r n ----------100

D e l a w a r e A H u d s o n _______ 10 0
D e la w a r e L a c k A W e s t e r n ..50
D e n v e r A R i o G r a n d e ------- 1 0 0
Do
p r e f ___________________100
D u l - i t h S S A A t l a n t i c --------10 0
E r i e ...................................................10 0
Do
1 s t p r e f ............... ..........100

86*4

200
Do
2 d p r e f ........... ...............100
12,100 G r e a t N o r t h e r n p r e f ..............100

44%

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$ p e r sh a re
S p e r sh a r e
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2 7 U 2 7 78
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S a les
fo r
th e ,
W eek--

S A L S P R I C E S - -P E R S H A R E , N O T P E R C E N T

H IG H A N D t o n

38
4 S 78
9 ’, IOC
73%
96
1 1 ,8 0 0
2% 1 5 ,0 0 0
2
4 ,6 0 0
483; 4 0 ,7 0 0
95
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103
400
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11 6
301
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140*4 3 1 ,0 0 0
43 %
700
66 3 ;
400
1 2 4 % 1 4 8 ,1 0 0

I r o n O re p r o p e r t ie s -.N o par
G u lf M o b A N o r tr c t f c - . . 1 0 0
P r e f e r r e d ______ ____________ 100
I l l i n o i s C e n t r a l ........................ 100
I n te r b o r o C o n s C o r p .-W o P ar
Do
p r e f ___________________ 100
I o w a C e n t r a l .............................100
K a n s a s C i t y S o u t h e r n ------- 100
Do
p r e f _________________ 100
L a k e E r ie A W e s t e r n ........... 1 0 0
P r e f e r r e l ..................... ............ 1 0 0
L e h ig h V a l l e y ............................... 50
L o u i s v i l l e A N a s h v i lle ------- 100
M a n h a t t a n R v g u a r ------------ 100
M l n n e a p A S t L ( n e w ) --------100
M i n n S t P A 8 8 M ............. 100
M i s s o u r i K a n s a s A T e x a s . 100

N a t R v s n f M e x 2 d o r e f ___ 100
N e w O rl T e a A M e x V t C --1 0 0
N Y C h i c a g o A S t L o u i s . . 100

N Y N H A H a r t f o r d ------- 100
N Y O n ta r io A W e s te r n . . . 1 0 0
N o r f o l k A W e s t e r n _________ 100

P i t t s C l n C h i c A S t L o u i s . . 100
P i t t s b u r g h A W e s t V a ------- 100

Do

1st

p r e f _______________5 0

S t L o u ls - 8 a n F r a n t r c t f s _ - 1 0 0
S t L o u is S o u t h w e s t e r n --------100

Do
p r e f ................................- 1 0 0
S o u t h e r n P a c if i c C o ------------100
S o u t h e r n R a i l w a y ---------------- 100

T o l S t L A W tr u s t r e c e i p t s . .
P r e fe r r e d c e r t ifi c a t e s d e p . .
T w i n C i t y R a p id T r a n s i t . . 10C

W a b a s h ......................................... 100
Do
p r e f A .......................... - H *
Do
p r e f B _______ ________ 10<
W e s te r n M a r y la n d ( « « £ ) - - 1 0 0
Do
2d p ref
......................10(

W h e e l in g A D i k e E r ie R y .1 0 1
W i s c o n s in C e n t r a l ---------------- 100

15
23%
16*4
84%
31*4
7
31%
90
3%
11%
2%
16*4
48
7
16%
46*4
104%
58
9%
z84%
4%
8%

A ug21
A ug21
A tlg lS
Aug 8
Jan 2
S ep t2 0
J a n l6
A ug21
M ar24
M ar29
F e b l3
Jan30
O ct2 0
F eb26
A p r 21
O ct2 4
A u g l9
O ct2 4
Jan21
S e p t 19
F e b 10
J a n 13
22*4 J a n 2 1
45*4 A u g 2 0
5% F e b 6
28*4 A p r 10
69% Jan21
23*4 S e p t 2 4
62
O ct 1
42% A p r l9
25*4 F e b l 3
18% Jan21
14
O ct 5
98% S ep t2 2
84
Aug 8
42% A u g 2 7
4*4 M a r 2 6
12% J an 21
56
M ar27
39
Apr 7
44
A p r2 9
30% A ug21
78% A u g lS
74% A u g 8
34% A u g l9
36
A p r3 0
10*4 J a n 2 1
22
Jan27
14 % A u g 13
25
A ug28
7 % F e b 13
15*4 F e b 3
92% A u g 8
23
Aug 8
59-% A u g 21
27% Jan21
1 3% J a n 4
5
M ay 1
10
M ar 4
38
J a n l6
119% A u g 8
06% O ct2 4
7% J a n 9
15
J a n tS
7*4 J a n 2 0
2 8 % 8 e p t3 C
19
Jan23
9% A p r21
20
S e p tlJ
17
F eb 3
52% F eb20
7*4 M a r 5
17
Jau3C
30
S e p tl8

Industrial & Miscellaneous
A d v a n c e R u r a e l y ......................100
A j a x R u b b e r I n c ------------------- 5C
A la s k a G o l d M i n e s ................... 1(
A la s k a J u n e a u G o ld M in 'R . 1(
A ll la -C h a lm e r s M f g ................ 10<
Do
p r e f ___________________ 100
A m e r A g r i c u lt u r a l C b e m _ . 1 0 f
Do
p r e f . . _______________10C
A m e r ic a n B a n k N o t e ------------ 6C
P r e f e r r e d . .................................. 5C
A m e r ic a n B e e t S u g a r ----------10C
Do
pref
...........................IOC

Do
p r e f .................................. 10C
A m e r ic a n C a r A F o u n d r y . 10C
Do
p r e f ___________________10C
A m e r ic a n C o t t o n O H ------------10C
T)rt nw»f
. _
IOC
A m e r D r u g g is t s S y n d i c a t e . 10,
A m e r ic a n H i d e A L e a t h e r . 1 00,
Do
p r e f .................................. 1 0 0
A m e r ic a n I c e ________________ 1 0 0
Do
p r e f ...................................1 0 0
A m e r I n t e r n a t io n a l C o m . . 1 0 0

§ L ess th a n 100 s h a re s,

a E x - d t v . a n d r ig h t s ,

|

S p e r sh a r e
88
Aug 8
79% O ct2 0
6
M ar31
90% Sept 0
38% S ep t2 5
49 3 4 S e p t 2 7
18% Jan 27
1412 S e p t 3 0
148% S ep t2 4
53% A ug21
7% J a n l3
10% M a v 9
6 ~ O c t 22
9% O ct2 2
7% Jan21
2 2 % A u g 21
3 4 % F e b 15
60% A ug21
89
S ep t2 3
12 3
O ct 4
22% Jan21
68% A u g 8
55% A u g2 1
6 5 % M a y 12
32
F e b 17
63
S e p t 11
19st J a n 2 2
48% Jan 3
45
Feb 4
lo o
O ct2 3
172 % M a r l 8
384 J a n 8
6% Feb 3
284 F e b l l

29%
21
56%
66
2%
I 84
30
81%
87
94
33
42
62
84*4
84 i f
42%
98%
84%
113
39%
Kft
10%
13%
71%
37%
5 4 «i
52 %

H ig h e st
5 per sh a re
104
M ay 27
89 Jan
4
15% J u ly 24
107 M a y 2 9
55% M a y 2 7
59% M a y 2 7
3 3 % J u ly 2 3
2 8 U J u ly 23
1 7 0 % J u l y 10
6 8 % M a y 17
12% M a y l 5
17% J u ly l7
1 3 U J u ly 2 3
1 7 % J u ly 2 4
12
J u ly l7
3 0 % M a y 19
52*4 J u l y l 7
76
J u ly l7
105 M a y 2 6
1 3 3 J a n 17
32% J u ly l7
84 June 6
73
J u l y 17
82
Jan 7
54% Ju n e 6
74
J u ly l2
31*4 M a y 5
581* J u ly 2 4
5112 M a y 2 9
116 M a y 2 9
217
M ay 7
15% J u ly l4
24
J u ly 14
6*8 J u l y l 5
1178 J u ly 2 1
2 0 % M a y 19
33
J u ly lO
23*4 J u l y l 7
100% M a y 2 7
52*4 J u ly lO
1 2% J u ly 2 5
40% J u ly l8
104 M a y l 6
9% J u n e 2
3 1 % J u n e l2 |
9*4 J u ly 2 1 |
25% M a y l9 j
57
M a y 21
14
J u ly 2 ll
25
M a y 19
60% Ju n e 2
122*4 M a y l 7 ,
88
Jan25
2 4 % J u l y 17 i
98% M a y 2 9
1 6% J u ly 2 2
25% J u ly l8 |
3 8 % J u ly 9
58*4 J u n e 7
14
M a r lO
50
S ep t2 4
83*4 J u n e 6
3 3 % J u ly lO
70
Apr 2
5 3 % J u ly 7
40% J u ly l7
24% J u ly l8
20
M ay29
1 1 2 % M a y 19
99% M a y2 7
4 8 % M a y 19
20
J u ly l7
2 6 % J u n e 11
67*4 J u l y l 5
49
M a y 21
72
S e p tl5
44*4 J u n e 9
84% J u n e 7
93% June 6
38% F eb
4
3 9 % M a y 16
27*4 J u ly 17
37
M ay 2
23% Ju n e 9
3 7 % J u n e lO
12
J u ly 2 3
23*4 J u ly 17
115 June 2
33
M a y 19
72% M a y2 7
7 0 % J u ly 2
2 5 % J u ly 2 3
13% J u ly 2 9
2 5 % J u ly 2 5
60 June 3
138% M ay29
7434 M a r 5
15% J u ly 1
34*4 J u l y 1
13*8 J u l y 2 3
38
M a y 19
2 5 % J u ly 9
14% J u ly l7
3 0 % J u ly 9
26
J u ly l4
61% Jan
9
18% S e p t 2 4
28*4 8 e p t 2 3
4 1 % M a y 18

64
M ay23
A p r2C
Jan21
5 8 % J u ly 3
76 June 9
Jan2C
113
J u l y 14
J a n l3
Aug 9
4 % J a n 15
Jan 2
3 % J u l y 14
51% O ct 8
Ja n 2 1
Jan23
97
S e p tl6
S e p t 2 H 334 M a y 1
O c t A 108
M a r 15
Jan25
65
J u ly l5
49
O c ;is
Jan 2
IO IS 4 O c t 2 1
Jan ;
95
M ay29
J a n i:
M a y 7 131
O ct2 1
68% S ep t3 0
F e b ll
J a n 6 1 0 7 % J u n e lC
F o b lt
138% S e p t 4
J a n lS
119
J u ly ll
6 7 % J u ly l4
Jan 2
Jan :
93
Apr 3
14% M a r 7
Jan24
4 3 % J u ly 3 1
Jan '
Jan :
142*8 O c t 2 2
76% J u n e 6
A ug2l
76% J u n e 6
Jan2(
F eb 8 c l2 S % O c t2 0

x E x -d iv id e n d .

r F u ll p a id .

PER SH ARE
R a n g e f o r P r e c io u s
Y ear 1918
L ow est

H ig h est

$ p e r sh a re
81
M ar
80
Jan
5
D ec
893g A p r
48% D e c
53
Apr
2 5*g D e o

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

135

M ar

49*4 J a n
7
10%

Apr
D ec

5

Jan
Apr
Apr
Apr
Apr
M ar
J u ly
Apr
Jan
Jan
S ept
F eb
M ay
Apr
Apr

6
18%
37%
66%
89%
125
18
56*4
46
69
28
58*4
18
47

100% A p r
160
Apr
2% Jan
5
Apr
21* F e b
4*8 M a y
14
Apr
23% Jan
18% J a n
86
Jan
25% Jan
8
M ar
27
M ar
92
Jan
4*4 D e c
17% D e c
2% Jan
15% A p r
45
Jan
7% O ct
18
Apr
53% D e c
110
Jan
80
D ec
7% A p r
80% Jan
4% Jan
6% Jan
20
Jan
41
Jan
4% M a y
17
Apr
6 7 t2 J a n
1 3% O c t
55
J u ly
40
O ct
27
Apr
18% J a n
14
N ov
102
Jan
81% Jan
43% J u n e
4% A p r
9% M a y
52% Apr
30
Apr
25% J une
22% Jan
61
Jan
70% Jan
35
Jan
35
M ar
9% A p r
21
Apr
19
O ct
28
O ct
7
Apr
15% A p r
80% Jan
20% A pr
57
Jan
14
M ay
1 2% D e c
4
June
8% M a r
32
D ec
109*4 J a n
69
Jan
434 J a n
10% A p r
7
Apr|
307s D e c
19% D e c ,
10
D ec ;
20
Jan
13
Jan '
46
Jan;
8
Apr
17% A p r
29% D e c
42
11
25%
49
1%
1%
17%
72%
78
89%
31%
41*4
48
x82

174% O ct
62% N ov
11
N ov
IS
NOV
9
11
32
54%
86%
107
137
32%

M ay
N ov
N ov
S ept
N ov
N ov
Jan
N ov
88
N ov
75
N ov
82
D ec
40
N ov
70
N ov
27% N ov
55
N ov
48
D eo
119*4 N o v
185
Sept
7
N ov
13 % J a n
4*4 O c t
8% N o v
23% N o v
36% N o v
27% N o v
10612 N O V
34% N o v
10 M a y
35% D e c
105% N o v
9% Jan
47% Jan
5% N o v
24% N o v
59% N o v
11 % N o v
25
O ct
65% N o v
124*4 N o v
100% D e o
15% N o v
97% .N o v
6*4 N o v
13 % N o v
31% N o v
62
N ov
10% N o v
36 t? D e o
84% N o v
34
N ov
65
N ov
48
N ov
45% M a y
24% N o v
21% D e c
112% N o v
105
N ov
50% N o v
6% N o v
18% N o v
64
N ov
50
N ov
58% N o v
40% N o v
82
N ov
96% O ct
39
M ay
40
J u ly
17% D e o
33% N o v
25
N ov
40% Jan
12
N ov
25% N o v
110
N ov
34% N o v
75% N o v
29% D e c
21*4 J a n
7% A u g
16
Aug
65% Jan
137% O ct
76*4 N o v
12
June
20
M ay
11*4 J u ly
44% Jan
26 % J u n e
17*4 F e b
32
June
24*4 N o v
66
June
12*4 N O V
26
N ov
39*4 O c t

D ec
Jan
Jan
Jan
A pi
Apr
Jan
Jan
Jan
Jan
M ar
June
N ov
Sep

80
26*4
62%
72%
5%
3%
37
86%
106
101
35%
42%
84
91%

3 4 % Jan
8 9 % Jan
6 8 % Jan
106
Jan
25
Jan
78
M ay

99
93
115
44*4
88

11% Jan
50
Jan
1 1 % Jan
38*4 J a n
5D * S ept

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

60*4 M a y
D ec
D ec
D eo
O ct
D eo

22% S ept
94% A u g
49
O ct
61
O ct
60 % O ct

1596

New YorK Stock Record— Continued— Page 2
For record of sales during the week of stocks usually Inactive, see second page preceding.

HIGHANDLOWSALEPRICES—PERSHARE, NOTPERCENT.
Saturday Monday
Thursday
Oct. 18.
Oct. 20.
Oct. 23.
S per share S pershare
79% 80%
78*4 80l2
*95% 97
*95i2 96I4
111 112
110 112
*105 IO6I4*10578 10718
55
56
56
56
4512 46%
45*8 47

*84
74 ig
102
*125
42%

87
*84
74%
74
102
102
129% *126
42%
42*4
95l
*941
142 142% 141
*117 119 *117
10778 109% 110518
*92
95
*92
99% 100
9978
308 3115s 306ig
*99
99
139% 144
144
*106 107 *106
*4
21*4
*4 *58*2
*4
3*8
57
*75*8
*75*2

*9414

2

*8

66

4378
96
143*4
119
10578
95*8
100
308ls

68*8

149%
107
67*2
23
60
70*:
3%
57
77
79

143*2 147%
106*2 106*2

66*4 68*2
21*4 22*2
60
68*4 70
*234 3*4
56^4 56*4

120 120

22

101*2 104
112 106*2 108
100 105 *100 103
112 117 115% 115*2
17% 18
18
18*2
*98 101
*98 101
107
106

*70
103

2

107% *

72
108

3714

20*8 21
*100 110 ►100 110
88*8

*102

*100 102

43
76*4
85
65*4
61%
26%
82%
144
118
62*2
115%
29*4
64%
76*2
23
70
36
151*2
110*4
107
35*4
71*8
83%
50

2
2

2

2

2

2

49l2
64ls
65*4
63*4
65*8
*54
57
71
*S31
97
98l2 99*4
191
93
93
95
100
13*4
14%
14
*75
93
97*4
107*2 108*2
246 261
%
%
41*8 41%
82%
82
320 329

2
2

*100

99l
35
60
105*8
110l
59*4
46
135*8
104
23U
42*4
65
73*4
56
72*4
84
99
20*2
93
....
1414

88*2

43*4
89lg

"631*4 65%
61
6212
*2014 26*4
83l2
141 144l2
115 110 ”
62
6314
115 I I I
30i8
647s 6778

8314

2914

152*4
107*2
108'2
34
70*2
84
*45

78

64

43*4
83l2
85
63l2
61l2
25's
83
141*8
'115
637g
114*4
28l2
67l2
76l2

157
110*

110%
109
36
35
7212 69lg
851
85
50
*45

112

2

43*4

88

85
65
6212
26*8
83
1441
118

2

66

116*8
29*8
69
7612

llOU
111
35t
7278
87*4
50

2

88
88

86*8

88*4

68

42 lg
78
*83
62*8
60
28
90
140%
115l2
61*2
11214
281S

66

76
277g
*67
337g
155*4
109
109
34%
65%
90
*45

Less than 1
Fof n u T t ia S rn 'H g h ^ s^ ^ Z ^ p a g e V c U n
g “ “ 10°




No par
100

'4

100
100
100
No par
par
par
100
5

par
100
par
100 *.’8
6
100 100*2
Nopar 10*4

No par
100
150
100 93*4

100
50
100
73
Nopar 93
100
No par
No par
No par
100
100
100

88*2

*68

&

&

86

43
78

59*4

No par

&

14
35*4
♦40
33
*92*2
135
106

86

42*8
831

88

2

63
60*4
28*4
90*8
142
116
62*8
113*8
29
671
76
30
72
33*8
157%
110
109
34*4
68*4
95
55

99*2

114

100 102

102
42*4

*100 102

14
38*8
41
33
92*4
138
106
89*2
106% 109*4
*14
17
3212 33
153 153
49% 52*2
46
48*4
31%
29
83*8
16S*4 171*4
330 336
90*4 90%
% 87
83*4
*104% 104*2
69
42
42*4
76
*83
62% 63*4
60
61
25*2 28%
90
140*4 142*2
*115*2 116
60*4 62*2
112% 114
28
29
64*4 69*4
76*2 77
27
27
70
72
34
34
150 155*2
109*2 109*2
107*4 112
34% 34%
65
%
103
45*8 45%

No par

>

142
13lg
29126l2
36
81
52l2

46*4
64*4
62
57

102 102

103
41*4 42%
83*4 83*4
►*310 320

*42*4
76*4
*83
64
60*2
26%
82
140*2
*115
61*2
115%
2S*4
64
76*2
22*4
*65
36
152*4
*107*2
103
35
69*2
83
*45

>2

73
105

99l
____
*46
103U
*1071
58*4
*42
131
*101
2214212

*4314

2
2

*70
105

142
1178
*28
29
26l4 26
35*8
79*4
51%

100

68 68

0'.t2'2

97*4

20*2

2

*32*2
153%
50*2
4S%
31
84
168*2
305
*90*4
87
82*4
*104%

71*4

*2

10*4 11*8 10 1012

*11

53*2

20*4

*58*2

68*2 6 2

14
35
43
38*i
94
138%
104*2
91*2
107*4
17
33
153%
52
48%
31%
84%
16S*2
308
91
87
84%
105

44ig Mar 1 84
Occ 8
27
Jan
47i2 Deo
Do pref__________________ 100
85 Mar 1 98*s Apr 15
92
Deo
69*4 Jan
American Locomotive_____ 100
58
Jan21 117*2 Oct 7
May
Jan
Do pref__________________100 100
Janl4 10934 July 2 *95
Jan 102*8 Deo
Amer Malt & Grain____
52*4 Sept26
63 Aug 3
Am Ship & Comm Corp.no
35
Oct
47l2
Am Smelt Secur pref aer A . 100
84
Oct 8
94*2 Junel2
89 May
96 Nov
Amer Smelting & Refining. 100
62ig Feb 6
89*4 Julyl6
73 May
94*4 Oct
0 Do pref_________________ 100 101
Oct23 109*8 Julyl7 103 Sept 110*4 Nov
0 American Snuff___________ 100 105
Janll 140 SeptlS
85
Oct 107
Deo
0 Am Steel Found tern ctfs-33'j
47 July 7
MaylO
0
Pref temp ctfs______
94 SeptlO
96% Augl4
0 American Sugar Refining.. 100
Jan21 145*4 Sept30
98
Jan 116 May
0 Do pref........................ ... 1 0 0 113% Jan 6 119 May 2 4 108*4 Mar 114*2 Dec
0 Amer Sumatra T o b acco ... 100
73 Aug21 120*2 Junel2
60*4 Jan 145 May
0 Do preferred___________100
92*2 Augl9 100 M ayl2
81
Jan 103 June
) Amer Telephone
Teleg._100
96*4 Augl4 108*8 MarlO
90*8 Aug 109*4 Feb
3 American Tobacco________ 100 19178 Feb 4 314i2 Oct24 140*2 Jan 198*4 Deo
3 Do pref (
) __________ 100
96*8 M ayl4 106 Jan
92*8 Sept 100*2 Deo
3 Amer Woolen of Mass_____ 100
45U Janl6 14978 Oct20
6078 May
4478 Jan
3 Do pref________________ 100
94*8 Feb 8 110*4 June 5
96*4 Deo
92
Jan
) Amer Writing Paper pref.. 100
27*8 Jan 2
69
Oct 2
39*8 Aug
Apr
) Amer Zinc Lead & Smelt___25
11
Jan31
29 Julyl4
21*8 July
11
Dec
) Do pref__________________ 25
40 . Jan21
65 July24
53*4 July
38*4 Dec
) Anaconda Copper M in in g..50
56% Feb 6
7778 Julyl6
59
Dec *74% Oct
) Assets Realization__________ 10
1
Jan 2
5*4 Augl2
2*2 Nov
Dec
) Associated Dry Goods____100
17*4 Jan 6
60
Oct 8
12 May
18*8 Dec
.
Do 1st preferred_______ 100
61 M arl9
82 Augl4
63
Dec
51 May
) Do 2d preferred_______ 100
5818 Feb 8
SOU M ayl3
36*8 Jan
36*8 Jan
) Associated Oil____________ 100
68
Jan 2 124*8 Octl5
64
Apr
71
Oot
92
Feb 8 191*2 Oct 17
> Atl Gulf & W I SS L in e ...100
Jan 120*4 Feb
) Do pref_____________
100
64
Jan29
76*2 May 8
58
Jan
67*8 Nov
15*2 Oct 18
>Autosales Corporation_____ 50
20*2 Oct 20
* 6% pref temp certlfs_____ 50
3U 2 Oct 20
29*8 Oct 20
6478 Jan29 156*4 Oct
* Baldwin Locomotive W ks.100
56*8 Jan 101*4 May
Jan 2 145 July 7
1 Barrett Co (The)_________ 100 103
Deo
85
Jan 110
* Do preferred___________ 100 110
FeblO 119 May29
June 107*8 Deo
* Batopilas Mining___________ 20
2*8 M ayl3
Jan20
*Bethlehem Motors____
45 Oct 16
26 Sept22
Bethlehem Steel Corp____ 100
55i2 Jan20 107*4 Julyl5
96 May
60
Dec
Do Class B com m on.. 100
Oct23
55*8 Jan21 H 2
94 May
Nov
Do preferred__________ 100
90'2 Jan30 108 July21
94 Sept
84
Dec
Do cum conv 8% preflOO 101*8 Jan22 116 Sept30
96*2 Jan 1067s Apr
Booth Fisheries_______
16*8 Oct 1 25 July24
28*2 Sept
21
Jan
Brooklyn Edison, Inc_____ 100
97
Aprl6 102 Aug 1
1Brooklyn Union Gas______ 100
92 May29
6812 Oct20
93% Nov
78
Aug
Brown Shoe, Inc__________ 100
71
Feb 5 112*2 July 16
62 June
74 Nov
Do preferred__________ 100
97 A'JglS 101 M ayl4
98
Apr
95
Jan
500 Brunswick Term & Ry Sec. 100
8% Mar22
17
Oct 6
6*8 Jan
16*8 June
Burns Bros________________100 125 Sept22 166 Apr 23
108
61% Oct
Feb
Butte Copper
Zinc v t c._5
5'g Feb20
17
Oct 6
5*8 Dec
12% July
Butterlck_________________100
16
Jan27
39*4 July30
18*2 Nov
7*2 May
Butte & Superior M ining..10
1678 Feb 11
37*2 Julyll
61*2 Jan
33% May
Caddo Central Oil & R e f.. 100
30
Aug21
54U May27
California Packing____
4S% Jan 2
83
Oct20
3612 Jan
50 Nov
California Petroleum_____ 100
20*8 Jan 2
•5678 Oct20
12
24% Nov
Jan
Do pref.............................
64% Jan 2
86*s Sept 17
36
70*2 Dec
Jan
Calumet & Arizona Mining. 10
56*4 M arl5
86*4 July24
61
71 May
Dec
Case (J I) Thresh M pf ctf.100
91*2 Janl4 101
Augl9
73
92*2 Dec
Jan
Central Foundry__________
20i2 June20
45 July28
18 Nov
41% Apr
Do preferred__________100
27
Apr 5
74U July28
53
Apr
33 Nov
Central Leather___________
56i2 Feb 8 116*2 July24
73% Fob
54*4 Dec
Do pref.............................
l'J4% Jan 7 114 Julyl6
10H2 Dec 108 Nov
Cerro de Pasco Cop___
31
Jan22
39 Nov
67*2 Julyll
29*4 Mar
Certain-Teed Products.,Vo
30*4 Aprl2
5178 Julyl6
40*2 Nov
30
Oct
Chandler Motor Car ..V o
121
Oct 14 139*2 OctlO
Chicago Pneumatic T o o l..
68
AprlO 106'2 Octl6
70% June
68 June
Chile Copper______________ 25
17>8 Jan21
24*4 Oct
29*4 Julyl4
14*2 Apr
Chino Copper_______________
32 ig Feb 6
47 May
5078 July 16
31% Dec
Cluett, Peabody & Co___IlOO
60*8 Feb27
65*4 Nov
95*2 July 2
45
Jan
Colorado Fuel & Iron_____ 100
34*4 FeblO
56 Julyl4
54 May
34*4 Jan
Columbia Gas & Elec_____ 100
39U Feb 1 69
O ctll
44% Deo
28*4 Mar
Columbia Graphophone.no
50*4 Oct 18
73*4 Oct 24
37*4 Jan 4
Computing-Tab-Recording
63*4 Julyl4
30
39% July
Jan
Consolidated Cigar____ Vo
54
Augl8
75 June27
Do preferred__________
Angl 5
86*8 Julyll
Consolidated Gas (N Y )._100
87'g Jan27 106*8 Julyl5
82*4 July 105% Nov
Cons Inter-State Call M g .. 10
7s Apr23
23
O ctll
13 June
7*2 Sept
Continental Can, Inc_____ 100
65% FeblO 103*4 June 7
65*2 Oct
95
Feb
Do preferred__________
Oct 18 110 Junel7
99 July 107
Deo
ContlnentalCandyCorpIT
Sept20
15*g Oct20
Continental Insurance_____ 25 58
Jan 3
75*4 Octl8
44
Feb
60
Deo
Corn Products Refining..100
46
Jan2l
99
Oct22
2978 Jan
50*8 Nov
Do pref..............................
Jan23 1097s July25 *90*2 Jan
04
Deo
5218 Feb
Crucible Steel of America. 100
261
Oct23
52
Jan
7478 May
Do pref...................
100
91
Jan 2 105 July 3
86
Jan
91*4 June
Cuba Cane Sugar_____
20*8 Jan27
45
Oct 6
27*2 Apr
34 Nov
Do pref________________
69i2 Mar 1
87*2 July 2
77*4 Dec
83
Feb
Jan
Cuban-American Sugar___100
329
Oct23 136 Aug 152
Jan
Deere
Co pref__________
Feb 17 103 July 28
90 June
96
Feb
Dome Mines, Ltd_________ 10
10*8 Jan31
16*4 May 12
6 June
15 Nov
Elk Horn Coal Corp________50
27
Jan23
43 Julyl6
22
Jan
31*4 Nov
40 Sept 5 49 July23
Do preferred___________ 50
37 Mar
43*2 Nov
28lg Aug
Emerson-Brantlngham____
43 j une27
Do preferred__________ 100
92
OctlO 101 June26
Endlcott-Johnson__________
80 June30 141*2 Oct20
Do preferred__________
10178 Aug21 106
Oct23
Fairbanks Co (The).............. 25
Septl9
94
OctlO
Famous Players Lasky
Aug21 123 July 17
Federal Mining & Smelting 100
918 Feb20
23*2 Julyl5
9
15
Oct
Dec
Do preferred__________
30U Sept
48*4 Julyl4
27
44% Oct
Jan
Fisher Body Corp_____
38*4 Jan
173
Oct 8
26
43 June
Jan
Fisk Rubber________
25
42*8 Aug21
55
Oct 9
Freeport Texas C o ____
42*8 Augl8
64*8 Julyl4
Gaston W
W Inc___
25*8 Jan
38*4 Julyll
25»i Oct
39
Feb
General Cigar, I n c _______
47
Jan
957g July23
34
58 June
Jan
General Electric__________ 100 144% Feb 3 176
Oct
127*4 Jan 158% Oct
General Motors Corp_____ 100 llS 'a Jan21 340
Oct21 106*4 Jan 164 AUg
Do pref....................... ... 1 0 0
82
Jan 6
95 June 3
75% Oct
Fob
88
Do Debenture s to c k ...
82i2 Feb 17
94*4 Aprl4
Goodrich Co (B F )________100
56% JanlO
91
Oct24
38
59% Oct
Jan
Do p r e f.._____ ________
102 Aug
109*2 Apr 16
95% Dec 104
Deo
Granby Cons M S * P____100
64
Apr21
80 Jan 3
74
86
Oct
Jan
Greeno Cananea Copper.. 100
3878 Apr25
47*8 Julyl4
38*2 Jan
58*4 Nov
Gulf States Steel tr c tfs .. 100
49*2 Feb 8
89% Oct20
58% Dec 111% Apr
Hartman Corporation_____ 100
54% Jan 8
96*4 July 16
37 Mar
55
Deo
Ilaskel & Barker Car___
40
Feb 6
71*8 Ju!yl4
34
Jan
49*4 July
Inspiration Cons Copper___20
42'g Feb 6
6878 July 16
41*8 Dec
68*2 Oct
Internat Agricul Corp____100
10*2 Jan 2
37*4 Julyl4
10
19 June
Jan
48
Jan 4
Do pref________________ 100
91*8 Julyl4
38
Jan
65 June
Inter Harvester
____100 110*8 Jan21 149*8 July 7 104
Oct 121 Nov
Do Preferred,
____100 114U Aug21 120 June23 107
Oct 114% Deo
Int Mercantile Marine____100
Jan31
67*4 Julyll
21
Jan
33
Oct
Do pref________________100
92*4 FeblO 128*2 May28
83% Jan 125*2 Nov
International Nickel (Th e).25
24*2 Feb 3
337» June26
27
Jan
35 Nov
30*4 Jan 3
International P aper..____ 100
71*8 Oct22
24*2 Jan
45*2 May
62
Jan 13
Do stamped pref______ 100
80 July22
58
Jan
65*2 Jan
18 Sept30
Jewel Tea, Inc______ ______100
48 M arl5
27
Dec
40*2 Nov
Oct
Do preferred__________ 100
91 Mar 6
88
Apr
97*4 Jan
31 June26
Jones Bros Tea. Inc______ 100
44 Julyl6
Jan21 157*2 Oct24
Kelly-Sprlngfield Tire......... 25
41
Apr
72
Deo
Temporary 8% preferred 100 10278 Aug21 110*4 Oct21
Kelsey Wheel, Inc_________ 100
Oct22
39
Jan24 114
24% July
35
Oot
Kennecott Copper____
29 lg Feb 13
43 July 15
29 Mar
41*4 Nov
Keystone Tire * Rubber . .10
48U Sept22 126*2 Julyl4
Lackawanna Steel_________ 100
Oct23
62% Jan21 103
65*2 Dec
91% May
Laclede Gas (St Louis)____100
45ig Oa*23
83
Jan21
82 July
90 Mar

&
new

8 1*8 1*8 1*2 1
1
101 101
8
*100

14
35
*37
37*4
*91
135*4
104*2
91
107

PERSHARE
Rangefor Previous
Year 1918
Lowest Highest
$ pei share 8 persh
are

No par 3314
11114

*75% 77
*75*2 79
118 119
186*2 189*4 184*4 187
*71
73
*72
73
15*2
17*4 19%
4 29*8 3112 30
31%
142*8 145*2 145% 153
131*2 133*4 130*4 132*4
*115*2 118
114% 115
*
*
%
40
41*4
40*8 42
102% 103*2
103*2 106*8 105*8 107*4
105 *100 105
*114 115*2 115*2 115*2
1712 18
17*4 18
17*4 18
*99 101
*98*2 101
*98*2 101
7234 7234l
69*4 69%
SI
*105 110
106 109*4 106 109
*99 101
*97*2 101
*99*2 101
*
%
137 138
137 145
14
13
13
14%
2978 29%
29*2 29*4
26
25%
26
27
26
27*4
35*4 3614 36*4 371
36*8 371
36l2
81
83
81
80% 82
83*4
80
81l2
51*4 52
51*4 5678 53*4 54%
81
81l2 81
81*2 8134
81*2
*75
78l2 *75
78*8 *76*2 78
98l2 98*4 *99
99*2 100
39
39
*____ 29 *
64
64
____
63*2 63*2
104'g 105
105 106*2 105% 107*4
*107 108
107
107*4 *106*4 107*2
59*8 60l2 60
62*8
60*4 61%
*44
47
*44
47
*44
46
136
139
13618 138
133 137*4
101l2 101i2 104*2 105
102 104*4
23'2 23*8
23*4 24*23% 24*8
43i2 43*8 44*8
43*4 44
84
85
83*4 83*4
*80
84
44i2 44i2 45*4 45*4 44*4 47*45*8 48*8
65*4 66*8 65t| 6578 65*8 65%
65
65*8
5378 64
50*4 52%
60*4 631
61*4 65
*55
5814
57
57
*54
571 *55
57
*7012 71l2 71
71
71
71
71
7434
*8312 84
*83*2 84'g *83*2 84*4 *83% 84
94l2 95
94*4 95*4
95*2 9612 95*4 100
20i2 20*4
20
21
20*4 21
94
94
95%
93l 96l2
94*8
* 100 110
14% 15%
14*4 15%
141 15
*74
75
*73*2
75
...
89*4
95
99
90*4 95*2
107 107
108% 108*8

*8
2
2
2

PERSHARE
Range Since Jan. 1
Onbasisof 100-sharelots
Lowest
Highest
Indus. & Mtscell. (Con) P
ar $ pershare $ pershare
American Linseed_________ 100
STOCKS
N E W YO R K STOCK
EXCHANGE

Nopar
par

4

2

8

Sales
for
the
Week

7

8

8

28
8
21
3

20

7

Nopar

(new)
new

2

21*4

59*2
68

1

No par

§ Ex rlghts- « Ex-dlv. and rights.

5 80% paid. . Full paid,

stock, *
xEx-dlvldend
Ex-divtdend
n Old stock.

1597

New York Stock Record— Concluded— Page 3
For record of .ale* durlnij the week of stocks usually Inactive, see third page preceding.
HIGHANDLOWSALEPRICES-—PERSHARE, NOTPERCENT.
Saturday Monday Tuesday Wednesday Thursday Friday
Oct. 21.
Oct. 20.
Oct. 18.
Oct. 22.
Oct. 23.
Oct. 24.
$ per sh
are S pershare S pershare S pershare S pershare S pershare
35% 38%
38% 40
39%
38
35 38 37% 39%
34% 35%

Sales
or
the
Week
Shares

29,500
*220 235
227% 227% *228 240
150
•111 112 *110 112 *108 111
100
78% 78%
76% 79
76
77
3,200
*109 115 *109 115 *112 113
100
229% 230% *228 229% 230 2321.
1,900
*110 112 *110% 112 *110% 112
100
*75% SO
*75% 80
*75% 80
64
64
64
64
*64
64%
300
34
34
33
34% *31
32%
1,100
52% 53%
50% 51%
50% 5334 71,500
78
79%
77% 78%
78
80% 15,000
42
42%
41
42
41
43
8,600
123% 120 122
119% 121% 120 122
5,900
109 *106% 109 *106% 109 *106% 109
25S34 25S 264
252% 262% 252% 256% 138,700
*107 111
*107 111
273* 27%
26*4 2034 27% 27%
27% 27%
27
27%
26% 26%
2,400
245-% 57%
42% 45
45% 47
48% 52
53
56
55
56
80,900
52% 53
53% 53%
53
53%
52% 55%
53% 57
% 54 153,000
64
65
65
65
65%
65
65
65
65
♦64
65
65
900
37% 38%
37% 38%
37% 38
37% 37%
37% 39%
38% 3S%
6,800
62
62
63
61
63
63
60% 61
60
61
59% 60
7,700
90% *90% 90%
90% 91
90% 90%
*00
90% 90%
90% 90%
700
►128 130 *127 130 *128 130
128% 128% 128 128 *127 128
200
►110 116% 116 116
116 116
115% 115% 116 116 *114 115%
670
*84
8234 S3%
85
84% 84%
84% 85
84% S47g 83% 83%
1,500
►106 107 *106 107 *106 107% *106% 108
106% 103% *103% 107
100
15
15
15
15% 15-%
1534 15‘*
15%
15% 15*2
15% 15%
2,800
82% 82%
82% 84
82
82
82
83%
82
82%
82% 83
5,200
►101 103 *101 103 *101 103 *101 103 *101 103 *101 103
88% 94%
85% 86%
91% 9334 35,500
87
88
85% 87%
87
87%
*102 107 *103 108 *103 108 *103 108 *107% 108 *107% IDS
17% 17% *17% 17%
17% 17%
173* 17%
1,500
17% 17%
17% 17%
137 138% 32,100
134 137
136% 140% 140% 142% 141 145% 136 143
7,600
61%
56% 57
56*2 58
*56
59
59
60
57
61%
58
69
*64
65
67
67
1,700
*64
63% 64%
68
68
65% 68%
62
*59
62
59
59
400
62
*59
*58
60
62
*59
*59
80% 87
81 s4 83
81% 83
81% 83% 19,900
80% 82
81% 83%
54
56%
56r>8 57%
51% 55% 103,300
565* 57%
50%
56% 57%
56
S4U *51*-» 53
*5H . 53
9% 10%
9?8 10%
10% 11 138,800
10*8
8
8%
8
8
8
8% 21,600
8%
*7%
8
*7%
8%
8%
73
14,900
7234 74
68% 70
68
9%
67
69% 7t
70% 7334
76
73
75
1,500
77
73
75
77
so
77
65
2,100
65%
65
65%
65
65*4 65%
65lo
* 39
*37% 39
37
37%
38
38
1,000
% *
*37% 40
34
32
32
*31
*31
34
200
*31
34
*31
34
*31
136 140% 131% 137% 13234 13434 126,500
132 133% 131 133% 13234 135
41% 42%
41% 45%
42% 25,600
42%
11
41%
41
40% 42%
46%
44
44
45
43% *44% 45%
*44% 45
45
45%
3,100
36% 37%
35% 36"g
36% 36%
35
*35% 36
35% 35%
4,600
35
88-% 91 <8 83
90%
85% 92% 228,700
95
99
88% 95
80% 97%
109 109% 108% 109 *108% 110
108 109% 109% 111
109 110
3,900
21% 22
21
22
21% 21%
21% 21% 12,200
21% 22%
21% 22%
6134 63
63% 64%
63
64%
64%
63% 65
64% 65
64
11,200
96
*93
*93
9
*93
96
94
*93
96
*04
96
94
100
28% 29%
26% 28
28% 30%
29
30%
27% 29
20
31%
38,200
106% 108*4 105% 107% 102 100% 101 103
99% 104% 105% 109
40,500
106 *101 106 *101 196 *101 106
*101
106 *101 108 *101
____ ____ *70
73% 75
*74
75
75
73%
75
81
*75
300
128% 130% 12S 129% 12S 129% 125 128
127 127% 11,100
129% 131
76% 7934 70% 78
76% 78%
74% 78%
76% 82% 37,100
73% 74
1013* 103
101% 10234 101 103% 101% 107
102% 104
99% 101
28,700
108 108
—
*104% 110
—
108% 108%
300
*103 109 *108 109
233* 23%
23% 23%
23
23%
23% 23%
23
23
7,300
23% 23%
91
9 i *>4 100
94
96% 100
97% 105% 33,900
94% 96}4 91% 95
% 120
% 103%
108 118% 110 11434 270,100
99% 103
99
103% 104% *104 105
500
*103% 105% *103 104% 104% 104% 103 103
55
53
55
60%
52*2 53
51% 53
60% 63%
62
63
55,100
103% 101% 104% 106% 107% 111% 110% 113% 107 109% 107% 10.83.1 306,400
14% 14%
15
15%
1434 1434
14% 14*8
15% 15%
* 14% 15%
8,700
88
89
87% 90
91% 93
91%
87% 93
89
89% 90%
8,400
24'% 26%
24*8 2578 24% 25%
23% 24%
23% 24-% 18,600
25
26%
20934 210
% 212 224% 218 219
•207 210
215 215
5,900
13% 13%
13% 13%
*13% 14
13%
13% 14
1334
*13
13
1.400
5934 61%
60% 62%
59% 60
59% 60
61% 63
61% 6134 252,500
*66
68
70
73
67
70%
70
71"
743, 31,700
73
70% 73
*91
*90
96
100
*91 100
*91 100
96
*90
*92% 9434
•105 115 *105 115 *105 116
115 115 *100 115 *100 115
100
160 160 *155 175 *156 175 *155 166 *155 165 *155 165
100
93
*89
93
*89
93
*89
*89
93
*89
93
*89
93
156% 160
143% 143% 148 149
158 161
159 161%
157 158
2.900
91% 100%
99% 102
101% 103% 101% 106
94
101% 101%
96% 31.400
134 140
131 135% 135 145
134% 139% 327,400
140% 147% 140% 144
1013* 1013* 102 102 *101% 102% *101% 102% *101 102% 102% 103
3,000
126*4 131
137 140% 138 140% 133 139% 134 155
125 129
12,300
*45% 46
4634 47
4678
% 46% 48%
45% 46%
46
47%
7,400
12% 13
12's 12%
12% 13
12% 13%
12*4 12%
12-14 13
6,900
28334 286
305 311
284 290
288 299
310 315
305% 310
51,500
-248 *210 248 *210 248 *240 21S *242 248 *240 249
% 105% 104% 105% 104% 105% 105*8 106*2 102% 106% 103% 106
30,500
*104 106
104
103 103
104 104
103'8 HUM ---- - ____
1,200
58
583* 61
57
583* 61
60
56*2 5S34 57
58
58% 151,800
70
70%
%
65% 68
67% 72
68% 69%
65% 67
24,900
*170 182 *178 182 *178 182
181 1?>1 *170 181*2 *178 1,82
100
92
92
96%
92
95
96
95
95
2,500
42 '* 4312 43
4234 4334 42% 43
%
% 44*4
% 44%
79,100
54%
54
52
5534 52% 54
53^2 55'2
% 54*4
53*2 54*2
30,800
*1C0
150 153 *153 155
164*2 155
151*2 153
1,000
52 % 53
53
.53
*5234 53
53
*5234 53
52% 5234 1,600
*146
------ *146
* 150
192 193
*192 193
193 193% 192 195
189 190
191 191
3.100
1123* 113% 114 116% 114% 117% 116% 118% 213,200
113 114%
114
32*4
3134 32
31% 32
31
33%
30*4 31>2 31
31% 32%
9,500
65
*62
64
64
64*2 64*2
64
64*2 54*2
64% 61%
700
28
*25
28
26
26
28
*25
26
26
*25
28
200
87% 89%
87% 88%
89%
88% 89%
85% 88
85% S63.i 33,200
159% 161*4 158 161 1113% 116% 112 115% 107% 114
108 110
109% 107 107 *101 108 *104 107 *104 107
*107 11U'2
100
48
49'*
%
%
47
47
*47
46
46
*45% 47
.o
l
'4
122% 123% 122 127% 126% 129% 126% 12S% 121% 126
125 127% 78,000
115
*114
115
115
*115 115%
114 <8 114'8 113% 113% 1131. 114%
2,000
121% 124
125
7134
72%
%
%
*72
%
74
75%
% 763, 34,800
% 49
% *48'g
48% 49% *48%
% *48
49%
48% 48%
1,000
% 110%
108% 109’* 1U8»8 110*4 109%
% 108 111% 10,8% 10934 780,600
116
116 116% 116 116
*115 116
115*2 116
1153.1 116%
4,400
84
84
86
84% 85%
84
84% 84%
83% 84
84% 10,400
82
15%
*12% 1512
12*2 13*2
12% 12% *12% 13%
12% 12%
2,100
% 79 <8
% 81%
79%
OI
81 ‘8 81%
80
82%
80% 81%
5,700
114*2 114*2 114% 114% 114% 114% *114% 115 *114% 115
►113 115
300
69
70
%
73%
75
74%
65'%
78%
76
77%
82
74
6,100
60
00
58
*57% 59*4
___- ____ *57% 58
59
58
1,340
*84
84*2 85'2 85*2
85*2 85%
86
86
86% 86% *85
86%
500
114 114*4 114% 120% 117% 119
114 115
116% 117% *116 116%
4,500
% 5534 65*8 5812
583* 5834 56% 57%
56
57%
68,200
55% 57
80
86
74*2 80%
78
83%
77% 80
70% 78
72% 78% 202,100
35^2 37*2 x37% 3S-% 36% 38%
36
37%
34% 36%
35
36% 233,700
% *94
95%
95
*94
95
*94% 95%
95
94% 94%
400
86% 88%
87
87
88%
8434 8,400
85% 86%
83% 85%
84
*95
*95 100
100
*95 100
*95 100
*95 100
129% 130
127 130
130 130
129% 133
130% 131 *127% 130%
1,70
114 116 *114 116 •111 116 *114
116 *114 116 *114 116
107'% 108% 108 1091. 106% 109% 106% 109% 104% 108
105% 106% 14,000
98
*97% 98
98
*96% 97% *97
*97
97% *96
98
97%
100
82
*80
82
*80
♦SO
82
81
80% S0% *80
80 _ so
700
225 240
►111 112
79% 80
►113 115
23334 23334
►110% 114
*74% 75
64%
*64
32
32
40% 53%
80
81%
42
45
122% 125
►10634 100
250% 253

*225
111
80%
114%
2301.1
110%
*75
*64
33%
54%
813*
45
1223*
*106%
249

240
111
81
114%
230%
110%
80
64%
33%
571*
82%
45%
124%
109
254

*220
*111
781*
*110
229
*110%
*75
64
33%
53
80%
42%
122
*106%
254

240
112
80%
115
229%
112
80
64
33%
56%
82%

4434

53

39 39
34

373

4314

101

101

100

210 211

PERSHARE
Range Since Jan. 1
Onbasisof 10O-*Aare lots
Lowest
Highest
Industrlal&Mlsc.CCon.) P
ar $ pershare t pershare
Jan22
Lee Rubber &Tire...No par 21
40
Oct2l
STOCKS
N E W YOGK STOCK
EXCH A NG E

Liggett & Myers Tobacco. .100
Do preferred----------..1 0 0
Loose Wiles Biscuit tr ctfs.100
Do 2d pref____________ 100
Lorlllard (P ).......................... 100
Do preferred__________100

201
Aprl5
107
Jan27
40% Febl7
94
Feb 5
147% Aprl5
107
Jan28
70
Jan22
Do pref________________100 z63 June 6
28
Aug 5
26% Jan22
Maxwell Motor, Inc--------- 100
50% Jan22
Do 1st pref___________100
19% Jan 2
Do 2d p r e f........... ........ 100
May Department Stores.. 100
60
Jan 4
lo t
Jan 2
Mexican Petroleum----------- 100 163% Jan23
105
Feb 7
IS Feb 7
Miami Copper______________ 5
32 Oct 9
Middle States Oil Corp_____ 10
40% Feb 7
Midvale Steel & Ordnance..50
61% Aug29
Montana Power___________100
29% Jan 2
National Acme_____________ 50
45% SeptlS
Nat \nillne & Olicm
87% Sept23
Aug20
National Biscuit__________100 107
Do preferred__________100 115 Augl9
70
Jan22
National Cloak
Suit------ 100
Do preferred_________ 100 103% Feb26
14
Feb 8
Nat Conduit & Cable.No
45% Feb 8
Nat Enam'g & Stamp'g — 100

24

vtc.no var

par

National Lead____________ 100

64

Janll

Nevada Consol Copper----------5
New York Air Brake------ 100
New York Dock___________ 100
Do preferred_________ 100
North American Co----------100
Nova Scotia Steel <fe Coal--100
Ohio Cities Gas (The)......... 25

15%
91%
19%
44%
47
46
a35%

M arl8
Feb 3
Feb 7
Marl3
Janll
Jan30
Feb 14

8
Feb 3
5% Marl8
46 Mar 3
73 Oct 23
64
Oct 8
29% Feb 8
Pacific Mall S 3 . . . ..................5
22
Jan2l
Pacific Teleph & Teleg------ 100
67
Jan2l
Pan-Am Pet & Trans--------- 50
27% AprtO
39
Aug21
People s G L & C (Chic) ..1 0 0
30
Jan 3
Philadelphia Co (Plttsb) . .. 5 0
38% Jan22
101% Jan 3
16
Jan 2
Pierce Oil Corporation_____ 25
45
Feb 3
8512 Marl7
12% Feb 5
z59
Feb11
100 Mar 3
73% Oct22
111% Feb 14
51
Apr 4
68% FeblO
104
Feb 4
19 Mar 4
68 AuglS
71% Janl8
100
Janl3
44% Sept 8
84
Aug27
13% May 3
53% Jan24
6% Mar21
168% Febl3
10
Febl9
58% Sept29
46% FeblO
Sloss-Sheffleld Steel * Iron 100
85 M arll
Jan27
So Porto Rico Sugar pref.. 100 107
124
Jan 14

Ontario Silver Mining------ 100
Owens Bottle______________ 25

86% Janll

47

101

*101

73

74

44

43

159

53

43
53

Tenn Copp & C tr ctfs.No

Tobacco Products C orp..100
Transtie & Williams St

8734

...no par
Nopar

Do

8 2 79

73
49
111

73 74
49
111

U S Cast I Pipe A Fdy------ 100

United States Rubbet ...1 0 0

74

79

74

1st preferred----------- 50

17,700 U S industrial AlcoholU. ..1 0 0

47 49

7134 74
49

.No par

Union Bag A Paper Corp. 100
Union Oil ..................
United Alloy Steel.........

*157

*25

par

59

United States Steel C o r p ..100

Vlrginla-Carolina Chem.__100
Wells, Fargo Express--------100
Western Union Telegraph. 100

55

*94 95
100

86*2
*95

* Bid and asked prices; no sales on this day.




i Less than

100 shares.

Wool worth (F W ) ................ 100
.

Do
Do

§Ex-r!ghts.

pref A ........................ 100
prefB_____________ 10(

aEx-div.

and rights,

45%
92
42%
32
12%
184
207
72%
99
42%
37%
115
75
41%
37%
90%
50

Jan22
Jan22
Feb 14
Jan21
Mar 17
Jan 2
Jan 3
Jan29
July21
Aug21
Janll
Jan 8
Jan 3
Oct 9
Janll
Jan 6
JulylS

157
80%
14
42%
16%

FeblO
Aug21
Janl5
JanlO
Feb 5

97% Jan22
96% Jan 2
17% Jan 3
73
Jan21
109
Jan20
1IS
Oct 3
43% Jan21
45
JanlS
88% FeblO
113% FeblO
65% Feb 7
12% Oct 4
51
FeblO
110
Jan 7
54 Mar31
53
Apr29
82 Sept22
94% Janl5
40% Jan21
45
Jan 3
23% Jan22
87% Jan 7
65% Jan20
96% Febl7
120
Feb 7
114% June26
50
Febl3
88
Jan 9
66
Jan 3

z Ex-div.

250% Aug 8
115 Julyl6
81 Julyl4
120 June20
245 July 23
115 July 29

66 July 11
38% July 17
61 July2S
84% July28
46% June 3
125
OctlS
110 May 2
264
Oct22
32% Julyl7
67 Oct 24
62% Julyl4
83 July29
43% Julyl2
66% Oct 1
91% Oct 7
139
Oct 7
zl21 Mar 14
92 J uly26
108% May26
24% July 15
88% June 7
104 May27
94% 03123
112 July 18
217g Julyl7
14534 Oct22
70% July30
75 July29
67 July28
97 June 2
617S July 10
55 July25
13% MaylO
10% M ayl4
74
Octl7
80 Oct 18
75% July24
42% July 11
40% Augl5
140% Oct22
58 July 18
57 May26
43 Apr 28
99
Ocl20
111
Oct20
31% Apr 17
74% July29
98 May28
31% Octl8
109
Oct20
106 Julyl6
9134 Jan 7
132% Jnlyl7
82% Oct24
107
Oc„23
112 June 3
27% Julyl7
105% Oct24
120
Oct22
105% July28
66% Oct 16
121 Julyl7
17 July 14
94% o c tl7
29
Aug 6
22434 Oct22
19% July25
63
Oct22
78
Oet23
97% July 8
117 Sept 6
160
OctlS
161% Oct24
109% OctlO
147% Oct21
103 July28
1447g Oct 14
54% June 3
17% May 5
315
Oet22
250 May 12
115 June30
120 June30
61
Oct20
74% Oct20
187 May27
100 JulylO
45% Oct 14
58% July28
175% July29
58% May 9
165 July29
197 Sept29
119% O ctll
28-4 Aug 7
7434 July 7
3234 May24
91% Oct 1
167 May27
111 May23
50% June 6
138% JuneSO
119% JulylO
1277g Oct 24
Oct24
50 Mar 2
115% Julyll
117% Julyl7
97% Julyl6
21% Junell
92% Julyl4
115% Oct 7
82
Oct24
79 May23
92% May26
126 July 7
59% June 9
86
Oct20
40% June 2
98% May 9
104% July 2
104% Junel6
136% M ayl9
117% July25
117
Oct 7
98% Oct 15
81
Oct 8

7684

PERSHARE
Rangefor Precious
Year 1918
Lowest Highest
$ pershare a pershort

12
Apr
24
Deo
164% Aug 210
Deo
100% June 110 N ot
17% Jan
45% Deo
53
Feb
96
Deo
144% Aug 200 Mar
98
Jan 110 Nov
781* Feb
57
Jan
65 May
23%
50
19
19

Jan
Dec
May
May

79

Jan

42%
69%
32%
323g
194

Nov
Nov
Nov
Nov
Oct

22% Dec

33% Jan

41
Dec
64 June
26*4 Jan

61 May
81% Nov
33 May

90 |Aug
106% Sept
55 Sept
100
Jan
13 Nov
37% Jan
88 Nov
43% Jan

110% Deo
114 Mar
67% Deo
104
Deo
21% July
54% May
99*2 Feb
69*4 Deo
105% May
217g May
139 May
27 May
481* Deo
57% Nov
70
Aug
48
Oct
46% Juno

16%
9S%
18%
42
37%
52%
35%

Dec
Dec
Jan
Jan
Aug
Dec
Mar

4% Jan
44
Dec

13 June
70% Aug

231* j an
18% Dec
63% Oct

40
Deo
27
Oct
72% Oct

39%
21
34
89*4
15
42
7934
15
55%

Jan
Apr
Jan
Jan
Sept
Jan
Jan
Nov
Nov

85

Oct

45% Jan

61 Nov
35% Oct
Nov
104
Deo
19% Oct
58*4 Feb
857g Dec
20 June
73
Aug
100
Aug
109% Mar
132% Nov

51*4

19% Dec

78% Deo
105% Deo
26% May

92% Jan

96 May
102% Sept

51% Dec
zl3

Dec

81
102

Feb
Jan

80

June

37

Oct

80%
18
76%
18%

May
Nov
Deo
Feb

71% May

12S4 Dec

x87% Mar
100

Apr

110
120
89

Nov
Dec
Jan

727*
100
65
45%
21
203

Nov
Nov
Dec
May
July
Oct

82*g Deo
1047g Dec
42
112
80

May
Deo
May

44% May
907g Dee
50% Nov
166% Dec
19

14i* Apr
x96
94
8
51
x95

Dec
Oct
Mar
Jan
Jan

May

47*4 Feb
16% May

137
99
26
80%
110

May
Mar
Oct
Dec
Deo

321*
42%
86%
108
71%
11

Apr
50% Oct
Apr
47*4 Dee
Mar 116% Aug
Mar 113% Deo
Dec
93
Oct
Sept
16*4 Nov
jan
60% Nov
98
Jan 113% Dec
50
Jan
73% July
63*4 Sept
83% Jan
77% Aug
95% Apr
95
Dec
95
Deo
381* Jan
47% May
36*4 Jan
49 Nov
15% Jan
30 Nov
75
Jan
89% Nov
45% Jan
77% Deo

3384

110
111
34
85%
59

Mar
Oct
.Tan
Feb
Jan

108%
115
69
91
70%

Oct
fled
Aug
Apr
July

p For fluctuations in rights see p. 1591.

N ew

Y ork

S to ck E x c h a n g e — B o n d

R e c o r d , F r id a y , W e e k ly a n d

Y e a r ly

Jan. 1909 theExchange methodof quotingbonds was changedandprices are now—"andinterest”—exceptfor interest anddefaultedbonds.
Interest
Period

1598

BONOS
N . Y . STOCK EX C H A N G E
Week ending Oct. 24

U. S. Government.
First Liberty Loan
3 ^ 8 1st 15-30 year..1932-'47
Second Liberty Loan
4s
1st L L conv___ 1932-’47 J
4a
2nd L L________1927-’42 M
Third Liberty Loan
4)^8 1st L L conv___1932-’47 J
2nd L L conv__ l927-’42 M
3rd L L.................... 1928 M
Fourth Liberty Loan
4*s
1st LL2nd conv 1932-’47 J
4*3
4 th L L ................1933-’3S A
Victory Liberty Loan
conv g notes__ 1922-’23
3*8
conv z notes__ 1922-’23
2s oonaol registered________<11930
2s oonaol coupon_____ ____ <11930
4s registered...................
1925
4s coupon___________________1925
Pan Canal 10-30-yr 2a_____ *1936
Pan Canal 10-30-yr 2a reg— 1938
Panama Canal 3a g_________1961 Q
Registered________________1981 Q
Philippine Island 4s......... 1914-34 Q

ilia
ilia

4*3

Foreign Government.
Anglo-French 5-yr
Ester loan
Argentine Internal 5a ol 1909___
Bordeaux (City of) 3 -y rd a ..l9 19
Chinese (flukuang Ry) 5a o! 1911
Cuba— External debt 5a of 1904.
Exter dt 5a of 1914 ser A . .1949
External loan 4 * s _______ 1949
Dominion of Canada g 6a.— 1921
do
do
...1 9 2 3
do
do
...1 9 3 1
Japanese Qovt— £ loan 4 * 3 .1 9 2 5
Second aertea 4 * s _______ 1925
do do "German atamp".
Sterling loan 4a...............1 9 3 1
Lyons (City of) 3-yr a-------- 1919
Marseilles (City of) 3-yr s . 1919
Mexloo— Exter loan
1899
Gold debt 4s of 1904.......... 1954
Faria (City of) 5-year a------ 1921
Tokyo City 5a loan of 1912_____
O K of G t Brit A Ireland—
-year 5 * % notes________ 1919
5 year 5 * % notes________1921
20-year gold bond 5 * a ..l 9 3 7

5a

6
6
£ 5aol
6

Price
Week's
Range
Friday
Rangeor
Since
Oct. 24
Last Sale l a Jan. 1
Bid AskLow High
Low High
100. <0 Sale 100.24 101.03 2309 93.20 101.03

D 95.30 Sale 95.20
N 93.54 Sale 93.54

2 95.42 102.05
D 100.96 ____ 109.93 100.95
91.82 27535 93.00 95.72
O 93.70 Sale 93.36
99.64 Sale 99.46
99.63 Sale 99.56
99
100
403*
106
105'g 103 * 103*
99S
93
991*
99
M
88 ‘s
*
83 >g
M
83*
F
100
97*
737g
93*
61
92*
90*
79*
93
95*
95*
82*
t 8334

Sale!
76*
100
61
Sale
91*
Sale
Sale
96*
Sale
Sale
84*

97
9 7 * 1760 9 5 %
6 74
77
77
77 9 8 *
99*
99
61 Oct '19
53
92*
92*
92*
9 0 * Oct ’ 19
90*
5 79*
79*
79*
41 9 6 *
93
93*
17 94
95
93*
41 9 3 *
953g
96
19 8 1 *
82
84
83*
10 82*
83*
3234
84*
81
J t 6 3 * ’ Sale 6 3 *
69
3
*
41' 9 7 *
N
99*
99*
119! 98ii
N 100
Sale 9 9 *
100
5 43*
49* 43*
43*
J J 48
D 45
52* 49 Sept’ 19
49
9 6 * Sale 9 3 *
O
97*
95
'5 ! i i 69
72
78
S
72
72

t

66

M N 9 9 * 100
93*
M N 9 7 % Sale 9 6 *
93
Sale 92
A
t P h ese a r e p r ic e s o n th e b a s is o f $5lo£

f tat* and City Securities
■ Y City— 4 * s Corp stooJk-1960 M
4 * s Corporate stock____ 1964 M
4 * s Corporate s to c k ____1986
4 * s Corporate stock July 1967
4 * s Corporate stock_____ 1985 J
4 * s Corporate stock____1933 3d
4% Corporate stock......... 1959 «
4% Corporate stoc*_____ 1958 M
4
Corporate stock_____ 1957 *
4%Corporate stock reg— 1956 M
N»w 4 * s ..............................1957 M
4 * % Corporate s t o c k ... 1957 1*1
S * % Corporate stock___1954 i*1
II Y Stats — Is......................... 1951 M
Canal Improvement 4 s . . . 1931 J
Canal Improvement 4s___1982 J
C »nal Im orovement 4 s. — I960
Cinal Improvement 4 * 3 .1 9 6 4 J
Canal Improvement 4 * 3 .1 9 6 5 J
Highway Improv’t 4 * 3 ..1 9 6 1 M
Highway Improvt 4 * 3 — 1965 1*1
Virginia funded debt 2 -3 a ..1991 J
0a deferred Brown Bros ctfs

97*
97*
9 7 * Oct ’ 19
9 7 * Oct ’ 19
102
102
101 g 102* 101*
101*
102* Sale 101*
102*
9 2 * 93* 9 2 *
92*
92* 9 4
9 2 * Ost ’ 19
9 2 * ____ 9 2 * Oct ’ 19
9 2 * ____ 93 Oct '19
101* 102 101*
101*
1013 102 101*
102
83 ____ 82 Sept’ 19
9 3 * AU? ’ 19
9 9 * ____ 99 Sept’ 19
9 9 * ____ 9 8 * Aug ’ 19
9 9 * ____ 99 Sept’ 19
109* 110 109* Oct ’ 19
102* Dec *13
103 . . .
103 Sept’ 19
'____ 104
103 J i n 13
73 ’. Dec 13
62
65
61*
62
52*

57*

21

54

61

74*

51*

53

7 9 * Sale 7 9 *
76
85*
80*
76* 82
* ------- 8 0 *
77 Sept’ 19
72* 73* 73*
7 0 * 80*
71*,
7 3 * June'13
70* 79*
7234 73* 7 3 *
73*1
W
41»'3
. U1*2 UUb AJ
, 90 102*
9 0 * •913, 90
90*
92*
9 0 * 91
90*
90',;
71
70
80
74 Juty’ U 1„ . - - 74
7 6 * 76*i 7 5 *
76*
6 7 5 * 81
l 85
25
8 2 * 85
85 M ay'14
8 4 * 95
95
95
95 June' 19
‘ *19 76
85*
80
Sale: 80
79
82*! 84 Oct ’ 19 ____ 80
96 . . . 9 3 * June' 19
9 0 * 9.8*
82
80
86
80 Oot ’ 19 * 1 ..' 80
I297g A.U? ’ 15 *• 1
i
63* 78*
75
76* 76*4 Oct ’ 19
"
*
l
105 107*
105 ____ 105 Aug ’ 19
____ ___ _
9 5 * _ _ _ 105 July’ 15
27, 8 3 * 8 9 *
8 5 * SUe 8 5 *
85*
___ 85ix 87 Feb ’ 19 ____ ! 37
87
95 6 9 * 8 2 *
70'; Sile 70
72 *
7* *‘Z
tie
'4. ivfir’
1VA-H 17*
80
*70* Sale 7 0 *
73* 141 69
55
* 82*
6 9 * SUe 69
70*
96* Sale 96
90* 163 9 5 * 9 1 *
112 Jan ’ 12 . . . - ___ _ ____
87*
* 82’ * 8 4 * Sept’ 19 . . . J 82
14
* 78
62* 64
63*
64
23 80
*
8 1 * Sale 81
82
87*
87* 89*
8 7 * Sept'19
9 3 * ____ 9 5* July’ 19 . . . J 9 5 * 9 5 *
0.5* 90
9 5 * 93* 96 Oct ’ 19 . . . .
8 5 * 91
91*
83 Aug ’ 19 . . . J
9 9 * M ir’ IS _ . - « ____ ___ _
92
57
53
5 3 * Oct ’ 19 ____ ■ 55
95
99
9 5 * 101
95 Sept’ 19
*
8 5 * - - - 8 4 * Sept’ 19 - - -• 8 4 *
84* 84*
76* 833 8 4 * July'19
941*
103's Fen 16
*
*
* 100* Sept’ 19 ____
*
103 100* Aug ’ 19
* 95*
90
9 2 * 90
90
____ 74* 75 A u g’ 19
75
82
92* .
9 7 * 100*
973g Aug ’ 19 ___.
6 85
*89 ‘ 83
94*
9 3 * 97
95* 99*
97*
97*
7.3* 82
74* 75*
7 4 * May’ ltf
89* .
90 M t /'i a
97^3 J 1Q<5 l 7
90 ____ 9 1 * Jan *19
91* 91*
85 .. _ __ 87 Scpt’ 19 ____ 81
90
SUe
105
*
*
*
31 9 3 * 100
9 3 * 99 8i 9 3 *
98*
___ .____
90*
100 A o r ’ ta
84* .
100* Jan ’ 13 ------ ' - - - .—

1

1 88

81

J 11410
J
H
O
O
J
J
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i

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98
98
99*
103*
102*
102*
93*
93*
93*
93*
102*
102*
83*
93*
90
99*
<39
103*

106* 103*

1

Rallreed.
A an Arbor 1st g 4s_________41995 <3 J
Atchison Topeka A Santa Fe—
Qsn g 4s...................
1995 A O
Registered______________ 1995 A O
Adjustment gold 4s_____ 41995 Now
Registered.......................41995 Nov
Stamped_______________41995 M N
I•
1 D
__ 192> : M S
__ 1935 , J J
J
Is. 1958 J
A” 1962 IV! s
...1942 M s
..41952 VI s
J D
— 1928 M N
Is. 1938 J
rg
dJ
.01952 M
-1 9 3 4 A
-1 9 3 4 A
..1 9 2 5 J
.41925 q
-M94S A
Q
-.19 33
4.1995 j " D
. . 1929 J J
J
..1922 J
is 1925 M N
.1941 M N
J
S.1925 J
-1 9 3 0 M S
-1 9 3 3 A O
-1 9 3 0 J D
-1 9 3 7 A O
-1 9 2 2 A O
,.1959 J J
-1 9 3 7 M S
N
.1998 A O
J
.1943 j
.1921 F A
J O
..1962 A O
D
■5s’38
.01945 F A
M N
) 1929 _ . _
,s 1951 J D
..1940 J J
-1 9 4 7 J J
..1940 J J
1.1937 M N
..1987 J J
.41987 q J
J
..1921 j
J
1.1920 j
.1941 M 5

97*
93
102*
72*
100
93*
85
99*
98*
98*
92*
93
89
80*
102*
102*
79*
61
109*
83

9 3 * 100%
93* 99%
92 101*

96
96
96
100*
100*
100
90*
90 *
90*
90*
100*
100*
81*
98
96*
98*
96*
106*

4

J

193

»!
99*
9 3 * 1239
9 6 * 934'

9 7 * 97*
9734 ____
97* 97*

6

1

101

4
88

8

7o

99.63 8913j 93.46 100 OS
99.72 5056 93.46 100.43
Sept'19
9 7 * 99*
98 100*
Aug ’ 19
Oct ’ 19
104* 106*
103*
* 106*
Mar’ 19
9 8 * 93*
Julv’ 13
Aug ’ 19
8 7 * 91
Oct ’ 19
8 3 * 91
Fsb '15

>4
4

t

A
M

95.50 237 93.70 96.60
91.90 8771 92.78 95.36
95.52 13576 94.70 96.60

D 95.30 Sale 95.30
N 91.70 Sale 93.58
S 95.33 Sale 95.23

A O
m
a
M N
J D
M S
F A

M
M
Q

95.36 291 92.50 96.00
91.80 1413 92.10 95.10

ar1

88

1

t

Osnt Vermont 1st gu t « —<1920
Oaeaa A O fund A Impt 5 * .. 1923
1st eonsoi gold 5e_______ 1939
Reg iscere 1_____________ I93s
General gold
_______ 1992
Registered_____________ 1992
20-year convertible 4 * ..1 9 3 0
30-year conv secured 58— 1916
Big Sandy 1st 4s................ 1944
Coal River Ry 1st gu 48— 1945
Craig Valley 1st g 5s......... 1940
Potts Creek Br 1st 4s____19 46
R A A Div 1st con g 4 s . . . 1939
2d consol gold 4s_______1939
Greenbrier Ry ls tg u g 43.19 40
Warm Springs V 1st« 5s— 1941
Calc A Alton RR ref g 3 s . . .1940
1st lien 3 * s .......... 1050
Chicago Burlington A Quincy—
Denver Div 4 s___________ 1922
Illinois Dlv 3 4 4 s ... . . .1940
Illinois Dlv 4 s.......................1940
Iowa Dlv sinking fund 58.1919
Sinking fund 4s...............1910
Joint bonds.
Great North.
Nebraska Extension 4 s ...192 7 M
Registered_____________ 1027 M
General 4s________________ 1953 M
Ohio A E 111 ref A Imp 4s g . . 1955 J
IJ S Mtg A Tr Co ctfs of d e p ..
1st cornel gold rti_________ 193 a
General consol 1st 5s_____ 1937
U 8 Mtg A Tr Co ctfs of dep.
Guar Tr Co otfs of dep_____
Purch money 1st coal 5 s .. 1942
Chic A Ind C Ry 1st 5 s . . . 1930
Chloago Great West 1st 4s — 1959
Chic Ind A Loulav— Ref 08.1947
Refunding gold 5s_______ 1947
Refunding 4s Series C ____ 1947
Ind A Loutsv 1st gu 4s___195'
Ohio Ind A Sou 50-yr 4s____ 1956 J
Chic L S A East l s t 4 ^ i ____ 1969 J
Ch M A StP gen g 4s ser A.el939 J
Registered____________ *193 <J
Gen’l gold 3
Ser B____ el939 J
General 4 His Series C ____ «19S9 J
Gen A ref Ser A 4 Vis____ 12014 A
Oen ref oonv Ser B 5s___ i2014 F
Convertible 4 * 8 _________ 1932 J
Permanent 4s____________ 1925 J
25-year debenture 4s_____ 1934 J
Chic A L Sup Dlv g 5s____ 1921 J
Chic A Mo Rlv Dlv 5 s ...193 0 J
Chic A P W 1st g ,5s............1921 J
C M A Puget Sd 1st gu 4s. 19 43 J
Dubuuue Dlv 1st s f 6 a ...1 9 2 0 J
Fargo A Sou assum g 61..I91 4 J
Mllw A Nor let ext 4 * 3 — 1931 J
Cons extended 444s____ 193 4 J
Wls A Minn Dlv g 5s___.1921 J
WIs Valley Dlv 1st 0 s .. .1910 J
Chic A N'west Ex 4s . . . lSS6-’26 F
Registered. . . ...1 3 3 0 1926 F
General gold 3 * s _________1937 M
Registered____________ pl937 Q
General 4s_______________
M
M
Stamped 4s______ _____
General 5s stamped__ I ""l9 8 7 M
Sinking fund a_____ 1879-1929 A
Registered_______ 1379-1929
Slaking fund 5 s _____1879-1929
Registered..............1879 1929
Debenture 5 s . . . . . . . ____ 1921
Registered_________ 1 — 1921
Sinking fund deb s— . .1933
Registered______ .
Das Plaines Val 1st gu 4 * » '47
Frem Elk A Mo V 1st s . 1933
Mao G B A V W 1st 3 44s. 1911
Mllw A S L 1st gu t s. .1941
Mil L S A West 1st g s ._ .1911
Ext A l m o s t gold 5 s . . . 1929
Ashland Dlv 1st g s . _ . 1925 M
Mich Dlv 1st gold s
J
Mil Spar A N W 1st gu 4s. 1947 M
t L Peo A N W 1st gu s 1913 J
Chicago Rock Isl A Pao—
XUtway general gold 4 a ...1938
Registered______________l98->
Refunding gold 4s............... 1934
20-year debenture os_____ 1932
R I Ark A Louis l s t 4 * s — 1934
Burl C R A N tat * 5s____1934
O R 1 F A N W 1st gu 5 s . . 1921
Cho Okla A G geu g 5s..yl91 9
Consol gold 5 s ________ 1952
Keok A Des Moines 1st 5s 1923
St Paul A K C 3h L 1st lt4i'41
Ohio St P M A O cons s ____1930
Cons 0s reduoed to .344s .1930
Debenture 5s_____________1910

02

4

See

..--1

19*7
1937

6

88

101
101
100 101 101
5

88

101
101

05
93*
99*

23

72*

83*

8

—2003
.1921
.1923
C instruction 5s.
.1923
Warren tar r«f gu g a me .3000
.2000

J
J
F
F

99*
76*
85*
99*
99*

2

91*
91*' i
90* 93*
9 0 * Oct ’ 1!
90* 9 0 *
83*
81
82
'*27 70
27 Aug 'll __.
36
25
26*
23*
36*
2 22
93 Ji
....
98 104
*75'| 72 O
____ 72
80
72
____ 7 0 * 80
7 7 * 71 O
75 | 78 A ____ —
78
75
9 7 * Feo ’ lli
32 Mar'17!,
57
Sale 57
57*
36 5 0 * 6 3 *
9 8 * 101 I
....
9 8 * 103*
___
80
—
85* 85*
66*
------‘ ed* "63 ‘
_ _ - - 7 6 * 81
77
77*
____ 8 3 * 80
8 2 * 88
86 Oct
72
72*' 7 1 *
20 6 3 * 7 6 *
72*
9 2 * Feb '16
64
62
03
57
84*
78
79 | 7 7 *
7 9 * “ iS 75
0 1 * Sale
82 6 1 * 7 4 *
63
81*
71
Sale 74
70*' 54 73
74
144 7 1 * 8 1 *
Sale 74
77
79
85
83* 79*
81*' 111 75
___. ' 63
73*
67 | 08
98*
97*
98 Oct *io —
93
93
95 | 92 Ost ’ 16 _
9 8 * Sale 9 8 *
98*
4 97
99*
67
69
11 65
00 1
I 09
74
99*
99*
99*1
1 9 9 * *00
99 102*' 102 Sept’ 19 . . . .
9 9 * 102
79
89 May’ 1 9 ____ 88* 89
82
84
82
82 I
3 80
9 7 * 99* 9 7 *
97*
10 9 6 * 9 3 *
99*
99* __.
9 9 * Oct ’ 1 9 -----1)9
03
92
93 Aug ’ 1 9 ____ 39
92
91*
92
92
10 92
7 0 * 81
70*
70*'
3 63* 71
70*
6 4 * __ _ 70'i Apr ’ 1<)|------ 69
79* 80
82*
73*
8 0 *'
8 75
93
8 1 * Oot ’ 18
9 3 * Sale 9 8 *
95‘j 101
99*
103 100 1101 Mav’ 19
101* 104
l|
97
96* 97 *
93*1
95 ,—
90 N o v ’ 18
9 7 * 9.3*
9 6 * 98
97*
97*
97
98
93
98 Mar’ 19,
9 2 * Sale 9 2 *
90
96*
92*'
91* .
97 N )V ’ l3
80*2 .— . 10 1 * Oct ’ 16
0 7 * June’ 19
106* 109
88 Jan ’ 17
■fiile "*“ - L
100* .____
97 .
Sopt’ 19
1
Sept’ 19
*
*
73
84*
—
9 3 * 9 3 * Oct ’ 19

__

1

1

..

1

100 161 1
73-4 7 6 *

7 5 * Oct ’ 19
7 6 * M ay'19
70
Sale 6 7 *
7 0 * Mar’ 19
*63 ” '
* 62*
63
9 1 * 95
90 Sept’ 19
* .
9 7 * Feo ’ 19
80
89* 97 Vfiv’ 18
93 Mav’ 18
6 9 * Sale 6 9 *
69*
6 3 * 67
66*
67
105 107 *05*
I05*
84 . .
8 3 * Oct ’ ll)1 . .
------- 91
91 Oct ’ 1 9 ____
104
*18 Nov'Id'
•- - - 95 M iV IS ____ ;
—
80
6 7 * June'lh II - J
401* Scpt'19
SUe O'
62 1’ ~i5
ni
8 0 * 90 M iy ’ 47
. . . 81
M tr-u II 1
8 7 * 80 Sept’ 19'
iiii
07* 67* 67*
67*
7 3 * 79
73*
80 I
8 1 * 8 1 * 8 2 * SpptllO
76 . . . . 76 Sept*9 ____
66 ____ 0 0 *
60*
*6
6 9 * 70* 73 Oct ’ 10
70 ____ 7 4 * Jan 'U)j
71
. . SI N ./ 'l d . . . .
. . . . 101 lot
101 |
84 . . . . 81 Oct ’ 19
82* 84
8 2 * Sept’ 19 ____
91* - - _.
' f'l Mav’ 19
102* ” I
* . . . . 102*
70*
76
52
SUe .52
52 ,
2 5 * 27* 2 5 *
27*
8 0 * ____ 8 1 * Oct ’ ll)
80
Silo 86
86*
80
Sale 80
80
9 7 * 99
9 8 * Oct ’ 19 . . . .
67*

01

02

1
1

07*
58
102* 104*
65
61

1
” 15 " 6s o0 *"
12 70

I 101

S

Del Lack % Western—

95*
71*
80*
99*
99

1

0

q

1
3
1 .1

7 5 * 1- - j
8 3 *'i
___

91*
90 ____
81
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20
23

__

ri

1st gold 4 s

75*
83*

10
21

__

N
F
N
N
N
O

I.C1930 Vf 0
.1900 J O
M
.<1911
J
..195 2 j
J
-1 9 1 7 J
1921 M N
(a 1931 J J
— 1093 J D
-1 9 3 1 J J
— 1903 J D
— 1930 J J
— 1001 J J
— 1000 M
— 1940 M S
1
..m o J
N
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Q F
.*191) q F
J
-1 0 2 3 j
-1 9 3 4 j
.1940 A O
J
.dl93S
a. 1940 A O
-1 9 9 0 Apr
— 1001 A O
-1 9 2 9 F A
-1 0 1 5 Y!
-1 9 2 1 J D
..1943 A O
1
..1952 J

i

99
75* , *7<r
8 3 * 84

....

6

q

67*l - - - 74
77*
69
71
70
81*
48*i Sale
33
Sale

75
82*
96*
69
76
70*
88<*
113
46*
33

‘ *53 * 7 7 * "S 5 *
69 8 3 * 9 1 *
85
5 75
78*
75
May 19
82* 8 2 *
Feb '10
09
June'19
89
80
Sept
75
L----•
Oct
70* 7 0 *
Sept’ 16
Fob ’ 15
43
46* 53*
34
40
32

J
1
1

1943
6
34
6
6
6 .1924
5

2

'8 100 1
1 100 102

59
85
93*

~72~

5

100 101
100 102
2 86

100 102
101

N
N
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J

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88

4

78

Railway

86

68
88

) ____
5
23

41*8

68

81

Range
Since
Jan. 1
|l N
o. Low High

BONDS
N . Y . STOCK E X C H A N G E
Week ending Oct. 24

*80"
72*
84*
8 2 * 87
81*
76
6 0 * 70
76*
67
71* 7 4 *

"li l * 101
82* 84
82* 8 2 *
93*
93
102* 107

” 4 "s o '
21 12
83
17 83
1 11 77*

70

8 2 * ' 8 5 * Sepf 19 —

"fid*
31
89
89*
81*
9 8 * 90*4
85

85*

2 70
1 100*

O ____ 7*2*2 7 2 *
72*
J 100 ____ 100*
103*
A
95 ____ | 9 8 * June’ 19, . . . .
N
9 2 * 99^8 9 3 * Aug ’ 19
A
102* Fob 03

73
100*
9 5 * 101
9 2 * 92

* No price Friday; latest this week, a Due Jan. d Due April, c Due May. a Dae June. fiDaeJaly. it Dae Am. q Dae Oct. p Dae Nov. r Dae Dec. s Option sale




Delaware & Hudson—

j
J
1st <&ref 4s______________ 1943 M N
20-year conv s __________193J A O
A o
M N

6

J
Consol gold 4 X s . . ......... -193( J
Improvement gold 5s____ 192> J
1st & refunding 5s..........--195J F
J
J
J
Rio Or West 1st gold 4 s ...1939 J
Mtgo * coll trust 4s A _. 1949 A
J
Gold 4a
_______ 1995 J
Det RivTun Ter T u n 4 X s.-1 9 P l M
Dul Mlssabe * Nor gen 5 s ..1941 J
Dill & Iron Range 1st 6s------1937 A
A
Dul Sou Shore * Atl g 5 s .-.1937 j
Elgin Joliet* East 1st g 5 s .. 1911 M
Erie 1st consol gold 7s----------1920 M
M
M
3rd ext gold 4 X s ________ '923 M
A
J
N Y L E A W 1st g fd 7 s ..1920 M
Erie 1st cons 4a prior___199fi J
J
1st consol gen Hen g 4s. 1996 J
J
Penn coll trust gold 4 a .. 1951 F
50-year conv 4s 3er A . . 1953 A
do Series B _________1963 A
Gen conv 4s Series D ___1953 A
Chic * Erie 1st gold os— 1932 r.1
J
J

88
74*2
102 101
65 4 Sale 65

J
79
J 70
D ___ - 78
Sale
A
59
D
J
39*2
J
J 65
551* 59
O
D
50
78
D
50
78*s 82
N
J
91*8 ____
O
90% —
0
83
75
J
93% 95
N
5
%
99*2
N
81‘8
s
s
91% - - - 0
96%
D
98
5
Sale
61
J
J
Sale
49
J
43% 55
J
85*2
82
A
Sale
43
O
Sale
43
0
47% Sale
o
N
86*2 89*2
91%
94*2 Sale
J
1)5
97
109%
A o
N
coal * UR 1st cur gu 6 s .. 1922
J 90*8 . . . .
N Y * Green L gu g 5s— 1946
J
64*4 69
55
F
497g
X8
N
72
55*2 62%
WUk & East 1st gu g 5 s ..1942 j D
j
97
96
J
Evansv <& T H 1st cons 6 s .. 1921 j
70 —
1st general gold 5s----------- 1942 A O
A O

99

100

g

93

J

Florida E Coast 1st 4J 4 -.--195 9

j

D
J

J
O

Great Nor C B * Q coll 4 s .. 1921
1st '* ref 4X 6 Series A ------ 1961
St Paul M A Man 4s--------1933
1st consol g 6s---------------1933

Mont ext 1st gold 4 s ...1937
E Minn Nor Dlv 1st g 48..194S
Minn Union 1st g 6s......... 1922
Mont C 1st gu g 6a--------- 1937
W ill'* S F 1st gold 5s .1938
Green Rav A W deb etfn " A " ____
DcbentureHfs "R ” ....... ............
Gulf A -t I 1st ref A t g 6 s ..61952
Ilocklng Val 1st cons g 4 X r 1999
Col A H V 1st ext r 4s____1948

1st gold3V<s.........................1951

Registered_____________ 1951
Collateral trust gold 4 s . .. 1952
1st refunding 4s....... .......... 1955
Purchased lines 3% a_____ 1952
L N O A Texas gold 4 s ...1953
15-vear secured 5%s_____ 1934
Cairo Bridge gold 48.........1950
Litchfield Dlv 1st gold 3s. 1951
Eoutsv Dlv A Term g 3 %B 1953
Registered_____________ 1053
Middle Dlv reg 5s..............1921
Omaha Dlv l«t gold 3»___1951
St l.outs Dlv A Term g 3s. 1951
Gold 3 X 8 ........................ 1951
Registered.................... 1951
Springf Dlv 1st g 3 X e ___ 1951
Western Lines 1st g 4H ....1951
Registered............ .......... 1951
Bel lev A Car 1st 6s ......... 1923
Carb A Shaw 1st gold 4 s ..1932
Chic St L A M O gold 6.S..1951
Registered______ _____ .1951
Gold 3 X 8 ...................... 1951
Registered . ______1951
Joint 1st ref 5s aeries A 1963
Memph Dlv 1st g 4s__ 1951
Registered___________1951
St f ouls Sou 1st gu g 4 s .. 1931
Ind 111 A Iowa 1st g 4s............I960
1st A Great Nor 1st g 6s____1919
James Frank A Clear 1st 4s. 1959
Kansas City Sou 1st gold 3s. 1950
Ref A Tmpt, 5 s ............Apr 1950
Kansas City Term 1st 4 s . . . I960
Lake Erie A West 1st g 5a.. 1937
2d gold 6 s ...... .................1941
Nurth Qhlo 1st guar g 5 s ..1915
Loh v*l N Y 1st gu g 4 X » -. 1940
Regis ;ered------------------------1040
Lehigh ' rsl 'Pal <'«"s 4s.. 2003
Oervrjil
4 *4* .

g

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J J
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Feb
Feb
J
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F A
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73
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70%
80
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81
73
71
73
71
72%
81
66*2
72*2
95*»
79
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92
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78*2
87*2
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97
85%
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6412
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75*8
45

75%
76*2
80
60*2

03%
53

73*2
60

—
76%
---- - ____
—
91

84%

66% 112
17

71
Oct ’ 19 —
53
60
Nov’ 16
Apr ’ l l
July’ 17

66

56% Oct ’ 19
82 D e c ’ 16
75i» July’ 16
77 Oct ’ 19
96% June’ IS
93*2 Sept’ 19
105*2 Mar’08
83 June’ 19
89*8 Sept’ 19
99*2
99%
7S% Oct ’ 18
92 Sept’ 19
99*2 July’ 17
94% Nov’ 15
98*2 Aug’ 19
61
62
84 Dec ’ 16
48*2
50
73 June’ 16
82
Aug’ 19
43
43%
42 <8
43*2
46%
47*8
90*2 Oct ’ 19

—

2

—
----

S3
84*2
89*8 96
98% 100%

------ j 91%

98*2 98*2
60% 70*2
--—
47, 4S% 57*2
---34
—

77% 83
43
52
42% 52
45
55
84
95%

69*4 Sept’ 19 ____
100% Dec ’06
97
10S
55*4
23%
95%
70*4
108

Deo ’ 18
Jan *17
Oet’ 19
Jan ’ 17
Aug’ 19 —
Aug’ 19 . . . .
Nov’ 11

80%

81*2

55*4 72
95
98
70*4 70*4

19

80%

88*2

4

3

1

75*2 743i
95%
83
82
69
71
73% 73i8
66
96*8 95%
79
____ 01
68
83
102
65
58%
62
65*8

10

j

j
M
M
Long laid 1st cons gold 5s__ftl931 Q
1st consol gold 4s_______ ftl931 Q
General gold 4s___________ 1938 J
M
Gold 4s
'
________ 1932 j
M
Debenture gold 5s----------- 1934 j
20-year p m deb 5s----------- 1937 M
M
N Y B A M B 1st con g 58.1935 A
N Y A R B 1st gold 5s------ 1927 M
Nor Sb B 1st con g gu 6s.cl932 Q
M
Louisville A Nashv gen 6 s ..1930 j
Gold 6s................................. 1937 M
Unified gold 4a___________ 1940 J
J
M
L CIn A Lex gold 4 X s — 1931 M
J
J
Paducah A Mem Dlv 4S..1946 F
St Louis Dlv 1st gold o s ..1921 M
M
Atl Knox A Cln Dlv 4 s . . .1955 M

J

Hender Bdge 1st s f g 6S..1931
Kentucky Central gold 4s. 1987
Lex A East 1st 60-yr 5s gu 1965
L A N A M A M 1st g 4 X s 1945
L A N-South M Joint 4 s . . 1952
N Fla A S 1st gu a 5s------ 1937
Pensac A Atl 1st gu g 6 s ..1921
S A N Ala cons gu g 5s— 1936
Gen eons gu
-year 5a. 1963

50

85
60*2
97%
90%
89

88*2

108%
95%

88%
80
81
74%
99
108%
99*2

20
3

76
Sept’ 12
82
Alig’ 19 - - - 5
73 is
Aug T9
27
96*o
Oct’ 19
Aug’ 19 ____
Scpt’ 19 ____
Aug T2
June’ 16
8ept’ 18
Oct ’ IS
Oct T8

72%

70
84*4
71
75
09
77%
60
91% 97U
79
79 ’
61
68

01
00

79% May’ 19 ____
92 Nov’ lC

79%

73
Mar’ 19 ____
92 Oct T9 ____
95*8 Feb T9 ____

73
91
99-%
95*2 95*8

8S*s
70*8
65
75*4 81
77%
80% ____ 81
____ 95
95
78*4 80% 80*4
58% Sale 50%

2
88*8
Oct T8
Nov’ 17
Aug’ 19 ____
10
81
Oct T
Aug’ lS
26
60*8

85

95

77*2
80
93
80%
50**

79%
82
96
82
64%

81
80
80
74% Sale 74%
88
90
82
78
65
80%
60
75
65
87*s ____ 81%
78
____ ____ 72*2
80*2
80% 82

80
7
76
17
Oct T9
Feb T7 —
Aug T9 . . . .
8
81%
Sept’ 19
1
72*2
Oct’ 19

75% 88
73*t 81
83** 90

9

65
85%
80
92
78
78
71
80*2
80% 90

Bonds

73

70

2

93l
83%
71% ___ _
931c
73
72
70% 74%
72% 74
72*2 75

88

s

s
J

88 ____
85
91
81&8

D
N
J

98 100
84% Sale
811*
90U
93
90
N
J
103%
J 95*4
78
84%
A
99% 101
8
51% 52%
8
74*4 77*4
N
95% 100
D
s 100%
75
77
J
90
92
o
80
s
J 65*4 68'
J
A ____
82%
A 100*4 lot
98
A
Bale
89% 91%
O
67% 09
N
s

J

rn

M
Kan City A Pac 1st g 4 s ..1990 F
M o K A E 1st gu K 6«------ 1942 A
M K A Okla 1st guar 6 s .. 1942 M
M
j
M

Pac R of Mo 1st ext g 4 s .. 1938

Rlv A G Dlv 1st g 4 s . . .1933
Mob A Ohio new gold 6s------ 1927

Nashv Cbatt A St L 1st 5S..1928
Jasper Branch 1st g 6 s . . .1923

F
F
F
M
M
M
M
F
J
F
J
A
A
J
J
M
fVl
J
Q
M
F
j
j
A
J
J
A
J
A
J
J
A

N
A
O
N
s
D
s

F
Ref A Imp 4 X s “ A” ......... 2013 A

95*4

\
a

J
J
(V»
M
F
F
F
F
J
J
J

j
N
N
A
A
A
A
O
J
J

Registered-----------------1936 J
Beech Cr Ext 1st g 3X8-61951 A
Cart * Ad 1st gu g 4s____1981 J
J
Moh A Mai 1st gu g 4s. .1991 M
N J June R guar 1st 4s___1986 F
N Y * Harlem g 3 X s ____2600 M
N Y * Northern 1st g 58.1923 A

J
o
D
D
s
A
N
o

M1"h Cent ooll gold 3 X s . .1998
Battle Cr A Stur 1st gu 3s. 1989
Beech Creek 1st gu g 4 s .. 1936
Registered.-------------------1936

j

Sept’ 19
Oct T3

70

July’ lS

92*2 Sept’ 19
Aug’ 19
74 Sept’ 19
92 Oct T9
99% Oct ’ 00
69 Oct T9
81 June'19
74*2
74%
74 Oct T9
95 Jan ’ l l
92
Aug'19
92 Apr T9
90*8 Junj'19

86

09% Scpt’ 19
98
98
84%
84%
811g Sept’ 19

95
73
79%

77

i
19

84 '
77*2
77

76
72
67

94

92
92
90*8
82
99%
97
82
8112
97
93*8
103*«
100
79*2
99%
51U
72%
951*
101%
73
91
85%
62

92
91
881*
108
100*2
88%
81*2
100
94*4
105%
100
79%
101%
57
79
95*2
101%
80%
95%
87*2
73

94%

95

99%
40
49

15 42
45
10
06% July'10
96%
02 Jan T7
92% Oct T9 ____ 1 92
____ 1

48%

96%

97%

1|
65
Sale 65
36
9
34%
36*2
32
20% Aug’ 19 ___
431c
44
44
1
Sale 30
30
35% 27 July’ 19
Apr T7
Oct’ 19
July’ 19 ____
Apr T9 ____
Aug'19
Dec T6
July’ 19

94*x

69
62
38
29
20*4 30
4S1*
41 * 46*2

34
27

11

53

53
40% 50
70
71%

83t» Oct T9 ____ 1
2
92%
92%
10
89
89*2
188
83
99*2 99*8
99%
86
58 Oct '18
82 Apr T7
100 Feb T 3
84U
80% Aug’ 19
92
95

81%
90%
84%
565t
9S

87%
94%
02
631*
100 "

80%

68
82

79

73

83%
93
90

74%

80% Oct T7
74*4 Oct T9

Sale 161% ' 101%
98*2 96*2
96*2
68
68 July’ 19
86

91

4
82%

77%
on
1 100% 105%
1 98
98*2
68
68
69%

87
98*2 99
104% 110%
50
49% 35
96%
21
69
96
Sale 55%

80

Oct TO
Mar'17
Aug *16
Feb T3
Aug T8
56

73

73 ”
80

80

70%

71*2

083.
50

6
8
43
174
31
8
31

83

54%
72

Nov’ 16

49

Nov’ 18
63%
Mar'17

80 May’ 19
89*2 Feb ’ IS

* No prloc Friday; latest bid and asked tills week, a Due Jan. ft Due Feb. g Duo June, ft Due July, n Duo Sept, o Due Oct. s Option sale.




____
_______

86 86
74
80
86% 92
66 75U

Mar’ 10

Aug’ 19
Nov’ 16
M ay’ 16

74
961c

___
5

9212 98*2

101% July’ 19 ____ 101% 101%
4 96*4 98
98
98
93
88
Aug’ 19
88
70
70 Oct T9

70
66
61
63% Sale 63 %
75
46
83%
82
95%
—
88*8 — --- 104

74

____

Sale 43%

70*2 71%
80*s

97% 100

04*8 July'10
101 Sept’ 19
100 Jan *19
79*2 Jan T9
100
Oct’ 19 ____
3
52%
52%
4
77*4
77%
9512 Sept'19
101% Oct T9
8
75
75
1
92
92
86% July’ 10 ____
28
65%
66
95 Feb ’05
04*2 Sept’ 10 ____

69%
53
55
53
40*8 50
40%
67*2 07% 70
55
551*
74
51
40
50

81
A
92
A
85
A
8
58%
N
99
8
N *71
A
D
A
81%
J 91*2
o
94
o
J 78'
Jl
73%
N
8
90*8
O 101%
J 96%
s
A
84
D
J 78
97
o
J 100
J 40
o
35
J
o
J 68
D
o
55*2
N

100
105

97
97% Apr T9 ____ 97%
3
79
41 41%
Sale 43
43
42% 44 Sept’ 10 ____
44
55
601* Feb *15

J

79*2

73

6

95

Q

76%
80
88

79

M
J
A
M
J
()
F
J
F
F
A

j
J
J
s
S
J
J
D
s
D
s
D
N

70
101
94
Paclflo Ext 1st gold 6s------1921 A o
7S
M
43
1st A refunding gold 4s — 1949 M 8
F ___ .
Ref A ext SO-yr 5s Her A . . 1962
Des M A Ft D 1st gu 4 s . . 1935
75”#
43%
8
Refunding gold 4a--------1951
83U
93%
88
M N
J 92%
M 8 S M A A 1st g 43 lnt gu.’ 26 J
SO
J
Missouri Kansas A Texas—
65
J D
34%
2d gold 4 s _____________ 01990 F A
22%
M N
43%
M s
40
30
St Louis Dlv 1st ref g 4s. .2001 A O

66
15%
82*2
83

76

Week's
Price
Range
Friday
Rangeor
Since
Jan. 1
Oct. 24
Last Sale
Bid AskLow High Xo. Low High
O
99
99% 9S Sept’ 19
98 102%
O
113 Mar* 17
101*2 Sale 101% 101% 32 101 102%

M
M
M
J o

July’09

80% Nov’ 16

81
77

Leh V Term Ry 1st gu 9 5 s ..1941 A
A
Leh Val RR
-yr coll 6a ..n l928
Leh Val Coal Co 1st gu g 58.1933 }

04*4 78*4

95)4

94%
73*s - - - 94% ____
90*8 ____

92

.. - -

60*2 Juiy’ 19 ____ 60*8
81
80 Deo ’ 18 ____
Sale 95*2
95% 300 94%
95%
95^4
91
23 82*2
Sale 86
87
96 June’ 16
—
Juue’ 19
88
2 104
—
106
106
118 Apr ’ 17
92% Ooc ’ 19
91
99 102*2 M ay’ 16
8518 Oct *19 ____ 84
80 Sept’ 19
80
77
77
77
74*4 Oct’ 19 —
81
741*
Aug’ 19 ---- - 99
___ - 99
. . . . 104% Sept’ 19
103
—
Sale 95*2
953i
93%
10934 Aug ’ 16
57 Sept’ 19
57
51
11
30
9%
10
6%
7612 73*2 Aug’ 19
73*2
<5
Sale 741o
2 71
73*2 June’ 18
____ 73*2 Oct ’ 18 —
76*4 Apr T9
76%
80
80
90
80
85*2 85*4 June’ 19
85*4
92 Hept’ 17
____ 75*8 July’ 19 —
74
84 Nov’ 15

77
85

95

6 91*2 101
941»
95
95% 101
96
97
108*2 Sept’ 19 —
107 109
103 Jan ’ 18
102*2 July’ 17

80

J 67%
J ._ .
A 73*4

J
J
J
J
J
J
J

70
75*8
58*8
87%
61*4
39

66 66

m
J
3

15,
5
18

Sale 97
97
97
84
82% 84% 83*2
Sale 87*2
89*2
74% 76
Oct ’ 19
102% Apr ’ 19
%

BONDS
N . Y . STOCK EX C H A N G E
■AVeek ending Oct. 24

__ Sold

Week’s
Price
Range
Rangeor
Friday
Since
Last Sale
Oct. 24
Jan. 1
Bid AskLots High Xo. IjOw High

Interest
Period

^
2
3

1599

1
|

BONDS
N . Y . STOCK EXCH A NG E
Week ending Oct. 24

Bonds
Sold

New York Bond Record— Continued— Page 2

1919.]

Interest

25

1

O ct .

12

50

100
59

6212

781*
77*8 86 ~
68

73

78

88

eos»

70

82

82

80

80
98li

1600

[V ol . 109

Price
Friday
Oct. 24

Week's
Range or
Last Sale

3 s
§3

1

Range
Since
Jan. 1

BONDS
N . Y . STOCK EX C H A N G E
Week ending Oct. 24

(
i

BONDS
N . Y . STOCK E X C H A N G E
W e e k en din g O ct. 24

Interest
Period

Jtiteresl
Period

New York Bond Record— Continued— Page 3

Bid

A s k Low
Illy i No . Low High
77
. . . - 78U A p r ’ 1 . . .
78
80
1033* — . 113 M a y ’ l 5 . . .
98ig . . . . 99>8 J u ly ’ l 9 . . .
99
93%
75 .
. 76
77
77%
>, 87
59
. . . . 60 A u g ’ 13 . . .
60
61%
54
_
67 F e b ’ 1 . . .
67
67
1 82% 85
101
NoV I >...
t
__________
103
N ov’l 5 . . .
95
.
96 A u g ’ 1 . . .
95% 96
t
72
73
72
73
69% 74
J L'
7012 721
) ...
M
87
881
8612 87?
84% 90
D eb en tu re g o ld 4 s _____ 192
7
S558 861
8 5 i2
831
■* 82i
89
2 5 year g o ld 4 s _________ 193 IY1 Is
9 3 :g N o v ’ l —
M IN _____ 87
92
.
J
J
J
93
____ 104H D e o ’ 1»
___
_
103 M a y T ____
A C
J
J 1 0 2 1 2 ____ 130’s Jan ’ OS ____
123 i4 M a r ’ L
J
J ___ _ _
9 4 % ____
M e
99% A u g ’ 1" _
9 2 3 * ____
G m
981* N o v ’ l.1 —
82
831
81 O c t ’ IS —
81
84
.
4 s .............................................194C J
. . . . ....
87 F e b ’ 1 ____
J
.
M S
7112 ____
72 % 741
74>« A u g IS ____
703a 74%
1st g o ld 3 H a ____________ 19ES IV! N
76
793
79'%
793
! 79
85
2 0 -y e a r d eb en tu re 4 s . .192* A G
17 78% 84
81
Sal
80%
81
N i C h i A St L 1st g 4s . . 1 9 3 A 0
_____
______
A (
85
N o v ’ l"
75
75
75
Sal
2 71
76%
D e b en tu re 4a___________ 193 51 N
4 i 70
75% Sal
75%
76
81%
W est S hore 1st 4s g u a r ___ 238 J
.
7 2 > 2 ____
72%
72 *<
R eg istered _______________ 238 J
2 70% 7834
9912 ____
99% F e b ’ ll ____
99% 99%
N Y C Lines eq tr 6 s . . 1919-2'. M N
931J 102
J
.
98% J u ly ’ l "
813;
81^4 Saif 8 D 4
8634
IT T C o n n e c t 1st gu 4 H s A ..1 9 5 C F 4
•!j 73
n Y N H A H a rtfo rd —
55 s A u g 'IS ____
«
e ___________
53
51%
51
____
M g ___________
50
____
A O
50
52% 55
55
”55
j
53
55 %
W o n -co n v d eb eu 4a _______ 195E j
52% Sale 52%
5 2 1.
2 49
59%
N o n -o o n v d eb en 4 s _______ 195f 51 b
48
497; 50
S e p t'll! ____
49% 52
.
C o n v deb en tu re 3 H 8 ______195C J
52 75% 83
77
7 6 '2 Sale 75%
I
C o n v deb en tu re 6 s ________ 194x J
50 O ct ’ 17
F A
51
_____ 91% J a n ’ 12
J
J
60
J u ly ’ IS . . .
J
J
A O
49 O c t ’ is ____
49
50%
J
J
70
73
733* D e c ’ 18 ____
M N
70 _____ 79% D e o ’ 17
F A
59-34 . . . . . 59 O c t ’ 03
j
58
C e n t N ew E n g 1st g u 4 s . .1 9 6 1 j
62%
M S
80
_____ 103% M a y ’ 15
M N
65
_____ 87
J u ly ’ 14
M N
8 0 l2 _____ 83 A u g ’ 43
A O
13 42% 54
43% sa le 43 %
45%
j
T g Y W ’ c h e s A B 1st ser I 4 H n ’ 40 j
A C
J
J
67" _____ 70
S e p t ’ 17 ____
j
C on sol 4 s _______________1945 j
35
40
40 J u n e '19
40
40
P ro v id e n ce Secur d e b 4 s . . 1957 M N
80 _____ 99% D eo '13
J
J
M 8
6 7 3 s _____ 88% F e b '14
J
J
30 62% 70
62% Sale 62%
68%
N Y O A W ref 1st g 4 s ____ 01992 M H
M 9
5 60% 62
61
G eneral 4 s _________________ 1955 J D -------- 60% 61
2 60
61
00
64% 61
89%
N o rfo lk Sou 1st A ref A 5 s . .1 9 6 1 F A
87
S
e
p
t’
19
84
84%
89
87
N o rf A S ou 1st g o ld 5a_______ 1941 M N
109%
N o r f A W est g en g o ld 6 s ____ 1931 51 A 105 107l2 109% J u n e'19 ____ 103
1051c 108% 122
N o v 'lr t
N e w R iv e r 1st g o ld 6 s ____ 1932 A O 106l2 . . . J 103% A u g ’ 19 ____ 106% 108%
28 77
7934 Sale 7934
80%
86%
N A W R y 1st co n s g 4 a . .1 9 9 8 A O
79
78
_____ 79 O c t ’ l ’J
79
R eg istered _______________1996 A O
17 74% 82
81%
81
Sale 80%
D lv 'l 1st lien A gen g 4 s . 1944 J
J
84% F eb '1 9
841*
84
J D
117% M a y ’ 19
M S
100 A u g '1 9
100 104%
M S
10534 Sale 10534
106%
110%
1 0-year c o n v 6s (w 1)___ 1929
65| 103
8212 8334 84 O c t ’ 19
D
82 >4 36
P o ca h C A C Joint 4 s___ 1941 J
97
98
_____ 97 A u g ’ 19 ------- 97
J
C C A T 1st guar g o ld 5 8 .1922 J
81
76
S a p t’ 19 —
76
81
76
S clo V A N E 1st gu g 4 s . . 1939 M N
N orth ern P a cific prior Hen rail93 76
86
80
78% Sale 78%
w a y A land g ra n t g 4a____ 1997 G
J
5 76% 82
7 8 % _____ 78%
78%
R eg istered _______________1997 G
i
61%
56
Sale 56
57% 1051 56
G en era l Hen g old 3 s ______<*2047 G F
57% 57%
57% M a y ’ 19
Q F
J
86
8812 86 O c t '1 9 ___ 82% 90
R e f A Im p 4 H s ser A ---------2047 J
76
76
76
80
76 M a y ’ 19 . . . .
D
St P s u l-D illu th D lv g 4 S . . 1996 J
100% 104%
100% O ct ’ 19
St P A N P gen g o ld 6 s . . . 1923 F A 100l2 102
100% 100%
R eg istered c e r tific a te s . .1 9 2 3 Q A 100 _____ 100% M a y ’ 19 —
97
2
95 l2 _____ 97 F e b ’ 19
3 t P a ul A D u lu th 1st 5 s . . 1931 F F
1 76% 76%
76%
76
7 9 is 76%
1st c on sol g o ld 4 s_______ 1983 J D
60 _____ 37*2 D e o ' In . . . . _____ - ----J M
W a sh C e n t 1st g o ld 4 s ___ 1943
J 1 0 6 % _____ 106% O ct ’ 19 ____ 106% 107>g
N o r P a o T e r m C o 1st g 8 s . . 1933 J
13. 69-4 79%
73
Sale 73
75
J
O re g o n -W a s h 1st A ref 4 s ___ 1961 J
84% S e p t’ 19
84% 88
P a cific C o a s t C o 1st g 5s___ 1948 J D _____ 84
_____ 93
95% 95 %
95% A p r '1 9 . . . .
P e n n sy lv a n ia R R 1st g 4 S ..1 9 2 3 M N
99% 9 9 %
997g A p r '1 9
M £
99% 99 %
99% F e b ’ 19
Q M
87% 88
83
95
87% J u n e’ 19 ____
C o n so l g o ld 4s____________ 1943 M N
8912
82
85'>g Sale 85 %
88
C o n so l g old 4 s ____________ 1943 M N
96%
17; 91
93%
91
Sale 91
C o n so l 4 H s ______________ 1930 T A
89 '8
110 81
86
8434 Sale 84%
G eneral 4 H a ______________ 1985 1 D
94% 210 39% 9 7 %
93 i2 Sale 93%
D
G en era l 5 s _________________ 1963
8333 _____ 87% A u g ’ 19 —
88% 87ift
A lleg V a l gen gu ar g 4 s ___1942 VI S
8 5 ’ 4 _____ 84% S e p t ’ 16
D R R R A B ’ g e 1st gu 4s g 1936 f A
87*2 87%
82
_____ 87% Jan ’ 19 . . . .
P h lla B a lt A W 1st g 4 s . .1 9 4 3 VI N
102 Jan '9 3
3 o d u s B a y A 8 o u 1st g 5 s . 1924
J
N v C e n t A H R R R (C ob ) —
N Y A P u 1st c on s gu g 4 s . 199 3 A
2 J
R W A O o on 1st e x t 5S..& 19 2 2 A
R u tla n d 1st c o n g 4 H e ___ 194 l J
O g <fc L C ham 1st gu 4a g . 194 3 ■»
R u t-C a n a d a 1st g u g 4 s . l 9 4 J J
>J
2 d g o ld 69_______________199 A
U tica A B lk R lv gu g 4 s - .1 9 2 J
J
L a k e 3 h ore g o ld 3 H a _____ 199

U NT J R R A C a n g en 4 S ..1 9 4 4 *
P e n n sy lv a n ia C o —
G u a r 1st g o ld 4 H a ______ 1921 .

»
l'
(>

e
j

j

8 1 % -------

92

9734 9812

97
9734
9 734
95%
95 >8 ()Ct *19
87
F e b 1 ? ____ ___ _
78
78 Jan ’ 19 - - 77%
77% O c t ’ 19 . . . .

77%

8334
85%
81%

86%
87
8 2 3g

G u a r 3 H s coll tru st reg A . 1937 vl s
A
G u a r 3 H s coll tru st ser B . 1941 1
O
G u a r 3 Ha trust otfs C ___ 1942 .

73
73
73

O u a r 1 5 -2 5 -y ea r g old 4 s . .1 9 3 1
4 0 -y ea r gu ar 4s c t fs Ser E .1 9 5 2
C ln L eb A N or g u 4s g ___1942
Ol A M a r 1st gu g 4 H s ___1935
C l A P gen gu 4 H s ser A . 1942

837g 93
85
86
8 1 '2 ____
83U 95
9 1 7 g _____

4
1d
1A
1
.

O
N
N
N
J

_____
_____
80

D e o ’ 17

85
85**
81%
96%
9634

O ct ’ 19
F e b ’ 19
81*2
M a y '17
M a y '18

88%
79%
79%
87
83i*

F o b '17
O c t ’ 19
M a y ’ 19
Ju n e'1 9
A o r 19

...
1

---

A M
E rie A P itts gu g 3 H * B . -1 9 4 0 j
j
aeries C _________________ 1940 .
j
O r R A I ex 1st gu g 4 H s .1 9 4 1 .
j
O h io C o n n e c t 1st gu 4 s ___ 1943 1 s
P itts Y A Ash 1st oon s 5s 1927 1 I N
j
T o l W V A O gu 4 H s A . .1 9 3 1 J
J
Series C<4s_________ __ .1 9 4 2 >1 s
o
P O C A S t L gu 4 H 3 A . . 1940
Series B g u a r ___________ 1942 i > o

76
84
76
_____
80
_____
853* . . . .
9714___ _
9 U 4 93
_ 92ift
9134
91%

92
96

___

87
83%

10

91%
92

94%
92 s4

a

90
00

90%
90

7934

48*4 A y r *17
91% O c t ’ 19
92
92

I N 8834 _____ 99 June* 17
Series D 4s g u a r ________ 1945 J 1 N ......................1 90% O ct '1 9

Series E 3 H s guar g old 1949 F

73%

79%
7934
87
83%

---

90

O c t ’ 10

.-J

P. C. C. A St. L (Con.)—

Week's
Price
Range
Friday
Range or ■Ss | Since
Oct. 24
Last Sale j a i Jan. 1
Bid As kLow Hlg'i No Low High
i ________

s ____
1J 1
M t _________
J ____ 8 8 9 1
F
____ 85
91 Apr '1 ___ 1 91
91
A t
99% 100% 101 June’ l > ____ 101 102
90
93 100 June’ l 7 ____
Q :
2d gold 4 Ha____________6192 M b : _________ . 87 M ar'l ) ____
34 83
85% Sale 85%
87
90
Pere Marquette 1st Ser A 5a. 1951 —
60% 701
63 Oct '1 * ____ 66
72%
1st Series B 4s___________ 195 i . . .
47
Sal e 47
10 45
47
55
Philippine Ry 1st 30-yr s f 4s 193" J
96% . . .
99 Jaa 13 ____
Pitts Sb A L E 1st g 5s
.194f A <
J
91% . . .
97% Dec '1 ____
84% 843 84%
8634
84i*
99 80
Reading Co gen gold 4a_____ 1997 J
J
. _________
78 Aug T >____ 78
81%
78*2 831 83%
83*
85
Jersey Central coll g 4a___1951 A C
4 80
J
. _______. . .
60
64
59% Sept'l' ____ 59% 68
StJosAGrand Isl ls tg 4 s ..1947 J
St Louis A San Fran (reorg Co)—
59
Sal
.
53*2
591 22C 57
64
Prior Hen Ser A 4s_______ 1956 J
31 70
70% Sal
70%
713
.
79
Prior Hen Ser B 5s_______ 1950 J
142 60
60
61
713,
Cum adjust Ser A 6s____6195) A G s60% Sal
42% Salt 42
43V 206 40% 56
Income Series A 6s______ M90O Oct
. 101 ____ 10134 Sopt'l! ____ 10134 108
St Louis A San Fran gen 6 a .1931 J
J
93% 95
92% Sept'IS ____ 91% 98*2
General gold oa________ 1931 J
J
. __________
78 May li ____
A O
-T
90 M ay’ 17
4 9912 103%
Sale 100%
101
K G Ft S A M cons g 6a.1928 l» N lu l
66% Salt 60%
43 63% 75**
67
K C Ft S A M Ry ref g 48.1936 A O
8.3% 90
90*2 Oct 'l l ____ 88% 90**
K C A M R A B 1st gu 59.1929 A O
65
Salt 65
64
74
6612
St L S W 1st g 4s bond ctfs..1939 M N
6* Sept’ l'.
57*4 63
2d g 4s Income bond ctfa.pl9S9 J J ____ 59?|
58
8ak 58
593j !
57*2 65*8
Consol gold 4 s . . . ..............1932 J D
62
Salt 6134
62 | 32 58% 64*2
1st terminal A unifying 59-1952 J J
J G
62
64
62 Oct ’ 19 '
- 62
68
S A A A Pass 1st gu g 4s____1943 J J
66*4 70
66 Sept 19;____ 66
72
Seaboard Air Line g 4s_____ 1950 A O
66*2 681, 66% Oct ’ 19
64
74
Gold 4s stamped________ 1950 A O
47
Salt 47
21 44
47%
53*4
Adjustment 5s__________ol949 F A
50
Sale
49%
50%
9 49** 60
Refunding 4s____________ 1959 A O
71
73
73% Oct ’ 19
73*4 80
Atl Blrm 30-yr 1st g 4s_.el933 M S
70 ------- 76 Apr ’ 19
76
78
Caro Cent 1st con g 4s___1949 J J
J _____101% 100% Apr ’ 19 —
100‘4 10034
Fla Cent A Pon 1st ext 6s. 1923 J
101 Deo '15
J
J ____ 100
87*2 87*2 Oct '19
87*2 92*2
Consol gold 5s________ 1943 J J 85
J ____ 92*2 93 July'19 —
91% 93
Ca A Ala Ry 1st con 5 s ..01945 J
------9
2
%
94
J
J
91*2 Apr '19 . . . .
94
Oa Car A No 1st gu g 5 s . . 1929
95% 96%
J 95% 95*2 95*4 M ay’ 19 . . . .
Seaboard A Roan 1st 5s-.1926 J
Southern Pacific Co—
73% Sale 73*4
27 63
74
79%
Cold 4s (Cent Pac c o ll)..*1949 J o
J D
90 Feb ’ ll
81% Sale 83%
M S
84*4 120 32
87%
111*2 741 99*4 115
20-year conv 5s___________1934 J D 110% Sale 107%
77
Sale 77
78*2 132 72*4 83
Cent Pac 1st ref gu g 4 s ..1949 F A
F A _ ___ HJU
87% Sept’ 16 ____ 1
27 82
83%
85»,
Mort guar gold 3 H a ..*1929 J D 83% Sale 83
74
74% 74% Oct '19 ____ 74% 80
Through St L 1st gu 4a.1954 A O
93 101 loo Oct ’ 13 ____ 1
M N
____ 99
9034 Jk ’ 18
J
rtl N
92% 100
8 7 % ------- 92% July’ 19 . . . .
92% 9238
Hous E A W T 1st g 5s.IIl933 M N
M N
8 7 % _____ 100 Oct ’ 10
91
9/
J
94 Sept’ 19
94
93*4
H A T C 1st g 5s lnt g u ...l9 3 7 J
92% 94
94%
'93 Sept’ 19
93
Con gold 4s lnt guar____1921 A O
90
91
94
94
94 Mar’ 19 . . . .
Waco A N W dlv 1st g 6s '30 IH N
87% 95
J
i
93 Nov’ 13
J
J 9 9 % _____ 100*4 Oct ’ 17
J 93% lbO
99% Aug ’ 19 . . . .
99% 99%
Morgan’s La A T 1st 6s 111920 J
A O
9 5 1 -____ 102% Oct ’ 13
1 92% 99%
J
94*2
94%
Ore A Cal 1st guarg"5sIIIis>27 J
....
M N
97&g 97%
92% 93
90*2 92% 92*2 June’ 19
So Pao Coast 1st gu 4s g .1937 J J
753^ 76U 74%
34 72
80%
San Frau Terml 1st 4 s ...1 9 5 0 A O
85
85
88 ____ 85 July’ 19
Tox A N O con gold 5 s ...194 3
i l l 76
83**
79*4 Sale 79%
So Pac RR 1st ref 4s_____ 1955 J J
81
54 87*2 96%
Southern— 1st cons g 5s____1994 J J 88% Sale 88%
89%
85% Sept’ l 9 ____ 85% 85
Registered_____________ 1994 J J ____ 92
45, 62% 69
01% Sale 64
Develop A gen 4s Ser A . . . 1956 A O
65*4
63
64% 64% Oct ’ ll* . . . . 03% 68%
Mob A Ohio coll tr g 4 s . . . 1938 M S
88% 89
90% July’ 19 ____ 98% 91%
Mem Dlv 1st g 4H a-5a._.1996 J J
71
74
09% 74%
St Louis dlv 1st g 4 s .. ..1951 J J
71 Oct ’ 19
86
89% 92% July’ 19
Ala C t Sou 1st cons A 5a. .1943 J D
92% 93
Atl A Chari A L 1st A 4 Ha 1944 J J 8*12
June’ 19
87% 83%
92
93
J
1st 30-year 5s Ser B ____1944 J
92
93
8, 90*4 97*8
71% 70 Oct ’ 19 ___ 70
J 66
Atl A Danv 1st g 4a______ 1948 J
74
2d 4 s ___ ____
. 1948 J J 6 4 ____
67 ------- 68 Oct ’ 19 ____ ' 63
Atl A Ya ! 1st g guar 4 s ..1949 A O
63
93% 96
95 Sept’ 19 ___' 95
97
E T Va A Ca Dlv g 5 s ...193 0 J J
91
92% 90% Sept’ 19 ___ 1 89% 97
Cons 1st gold 5a..............1956 M M
92 July’ 19 ___
95%
92
E Term reorg Hen g 5a____1938 M Sj
50% 57 j 52 Jan ’ 19 ____1 52
52
Ca Midland 1st 3 s .. . ..194 6 A O
99 101 |100*2 A u g ’ 19 ___J
Ca Pac Rv lat g 6s............1922 J
J 9 7 % ------- 100 Oct 18
|
J 85% 97
91% Oct ’ IS
Mob A Blr prior Hen g 5s 1945
60
66
65 A u g ’ 19
Mortgage gold 4 s ..“ ...1 9 4 5
65
65
92 <8
95% July’ 19 ___J 95% 95%
Rloh A Dan deb 5sstm pd.l927 A O
63 ------- 69 June’ 19
Rich A Mack lat g 5a____1948 M N
69
71
99*2 Apr ’ 19
So Car A Ca 1st g 5s_____ 1919 M N
99 100
Virginia Mid Ser D 4-5S..1921 VI H 95% 99 |102*2 Juno’ ll
9634 100 | 96% July’ 19
Series E 5a______
_ .1926 VI 8
93*g 96%
. 1
9 0 % ------- ' 104% Dec ’ 16
Series F 5s________ __ .1926 M S
9 4% 95
General 5s______ _ _ .1936 VI N
93 July’ 19
97
96
Va A So’ w'n 1st gu 5 s ..2003 J J 82% 90
81% Hept’ 18
67*2 75
1st cons 50-year 5e..t958 A O
07*2
67*o
2 67*2 71
85%
95
|
F
A
W O A W lat oy gu 4s____1924
93's M ar'17
70
78% 75% Aor '19 b 1 75% 75*2
J
Spokane Internal 1st g 5 s .. 1955
85
8 8 's 89 M ay'19 . ,1 75
o
Term Assn of St L 1st g 4H s 1939
91%
9012
| 93
1st coos gold 5s......... 1894-1944 F A
93
98%
93
%' 75 Oct '19
J
Cen refund s f g 4s_____ .1953
69
77
\
O
83
92%
St L M Bridge Tor gu g 5S.1930
92 June’ 19
92
92
D
87
Sale 87
Texas A Pao 1st gold 5 s .. .2000
90
93
87
52 lp ___ - 41 Sepc’13
2ud gold Incoma 5s______ j2000 Mar
—
.
La Dlv B L 1st g 5 s .. . .1931 1 J
65 ------- 06*2 N JV’04
W Min W A N W 1st gu 5sl930 F A
8934 98
J
Tol A Ohio Cent 1st gu 5 a ..1935
92 Apr ’ 19
92
92
80% 96
83
83
Western Dlv 1st g 5s . ..193 5 5 O
S3
87
D
70
Ceaeral gold 5a___________1935
70 Oct ’ 19
73
70
68%
70%
Kan A M 1st gu g 4s_____ 1990
73 Oct ’ 19
70*2 76*2
1
89'% 90% 92 8opt’ 19 . 1 83
2d 20-year 5 s ............ ..1937
92
J ____ 50
Tol P A W 1st gold 4 s ...........1917
36 Feb ’ 19
36
36
J
75% . . . . 75*2 Sopt’ 19 _ j
Tol St L A W pr lien g 3H «-1925
76*2
O
46% 523g 52%
50-year gold 4s___________ 1950
52%
56
45
Coll trust 4s g Ser A _____ 1917 * A . . . . -M'8 18% Mar’ 16 _

J

Series I cona gu 4 Ha___198
C St L A P 1st cons g 5 s ..193

4

1

m

9

J

9
312
95

7534

J J

‘4

88*4

J
J
J J

100*2 101

\

75 75

0

00

4
*1
1

88*4

\O
\

4
.1

7 iJ4 80 Apr ’ 17
D G5
Tor Ham A Buff 1st g 4 s ..61946 .
80% 85% 80% Deo ’ 18
Ulster A Del 1st oons g 5 s ..1923 1 D
V O ____ 85
J
84
Sale 84
Union Pacific 1st g 4s............1947
86*2
i ____ 84%
J 85% Sale 85%
87
20-year conv 4s__________1927 •
79
79% 79
80%
1st A refunding 4 s........... »2008 VI 8
J
Sale, 1023a
%
10-year perm secured 6 s .1928
80
»aiej 80
D
80
Ore RR A Nav con g 4 s ..1946
Ore Short Line 1st g 6s___1922 F A 100% 100% 100% Oct ’ 10
J 94% 95
9 4*2 Oct ’ 19
1st consol g 5 s_________ 1946
S334 Sale 83*4
D
84%
Ouar refund 4s________ 1929 .
94
97% 93 Sept' 19
Utah A Nor gold 5s____1926
81% 88
89 Feb ’ IS
A
80*2 Apr '19
Vand.alla cons g 4s Ser A ____ 1955
1 N
J
35 M ay’ 19
Vera
* A P 1st gu 4H s 1934

10234

F

Or

J
J

102

105
. _
139
15
57
5,
___ !
...'

8234 89%

82
76*2
02
76%
99%
93
17iI 80%
___
93

....

80*2 80%

....

35

* No price Friday; latent bid and asked, a Due Jan. 6 Due Feb. t Due June, h Due July k Due Aug. o Due Oct. p Due Nov. t Duo Deo. , Option sale.




89*2
83*2
108
86
101%
98%
88
93

35

New York Bond Record— Concluded— Page 4

O ct . 25 1919.]

P r ic e
F r id a y
O ct. 2 4

BONDS
N . Y. STOCK EXCH AN G E
W e e k e n d in g O c t . 2 4

V ir g in ia n 1 s t 6a s e r ie s A ____. 1 9 6 2
1939
W a b a s h 1st g o l d 6 a . . . . . . .
1939
2 d g o l d 6 a _________________
D e b e n t u r e a e d e s B -------- . 1 9 3 9
1 s t H en e q u ip s I d g 6 a — . 1 9 2 1
1954
1 s t lie n 6 0 - y r g t e r m 4 a .
D e t A C h E x t 1 st g 6 a . . .1 9 4 1
D e a M o ln e a D l v 1 s t g 4 a . - 1 9 3 9
1941
O in D l v lB t g 3 44a
T o l A C h D l v 1 s t g 4 a ___ . 1 9 4 1
W a sh T e rm l la t gu 3 H a ..
1945
1 s t 4 0 y r g u a r 4 a ______ _
1945
W e s t M a r y la n d 1st g 4 s . . .1 9 5 2
W e s t N Y A P a la t g 6 a . . . .1 9 3 7
.1 9 4 3
Q e n g o l d 4 a ____________
I n c o m e 6 a ___ ____________ P 1 9 4 3
W e s t e r n P a o l a t aer A 6a , . 1 9 4 6I
W h e e l i n g A L E l a t g 5 a ____. 19 2 6
W h e e l D lv la t g o ld 5 a . . . -1 9 2 3
E x ten A I m p t g o ld 5 a . . . .1 9 3 0
R e f u n d i n g 4 H a s e r ie s A . 1966
1949
H R 1st c o n s o l 4a__
W l n s t o n - S a lo m 8 B l a t 4 a . . 1 9 6 0
W l a C e u t 5 0 y r l a t g e n 4a_ _ 1 9 4 9
S u p A D u l d l v A t e r m la t 4a *36

M
M

N
Nl

J
J
J
O
s
A
A
O
J
O
N ov
I* S

D
N
O
J
J
F
N
J
J
8
S
D
A
N
O
O
O
8
J
O
N
C
D
A
J
A
N
J
A
8
O
S
J
j
N
N
N
D
D
J
8
S
N
J
A
J
J
D

A sk
S a le
S a le

97*
67
—
83*
75*
66* —
74*
794
55
93*
65
82*
91*
—

S t r e e t R a ilw a y
B r o o k l y n R a p id T r a n g 5 e . . l 9 4 5 A
O
l a t r e f u n d c o n v g o l d 4 a ___ 2 0 0 2 J
J
3 - y r 7 % s e c u r e d n o t e a . . h 1921 J
i
C e r t i f i c a t e s o f d e p o s i t .............. ..
C e r t i f i c a t e s o f d e p o s i t a t m p 'd
B k C i t y 1 st c o n s 5a . 1 9 1 6 19 41
B k Q C o A 9 c o n g u g 5 s . . 1941
B k l y n Q C o A 9 l a t 5 s ____ 1941
B k ly n U n E l la t g 4 -6 a ._ .1 9 5 0
S t a m p e d g u a r 4 -5 a ______ 1 95 0 . F
K in g s C o u n t y E la t g 4 8 ..1 9 4 9 F
S t a m p e d g u a r 4 a _______ 1 9 4 9 F
N a s s a u E le c g u a r g o l d 4 a . 1951
C h i c a g o R y a la t 5 a . . . .............1 9 2 7
C o n n R y A L 1st A r e f g 4 4 8 1 9 5 1
S t a m p e d g u a r 4 H a ..............1951
O e t U n ite d la t c o n s g 4 H a . .1 9 3 2
VX S m it h L t A T r la t g 5 a . . . 1 9 3 0 m
H u d A M a n h a t . 6a a er A _ . . . 1 9 5 7 i F
A d j u s t I n c o m a 5a _________ 1 9 5 7
N Y A J e r s e y la t 5 s ........... 1932 F
C n t e r b o r o - M e t r o p c o l l 4 H a -1 9 5 0 A
C e r t if i c a t e s o f d e p o s i t _________ L S n te r b o r o R a p T r a n la t 6 a . .I 9 6 0 J
M a n h a t R y (N Y ) coua g 4 a .1990 A '
S t a m p e d t a x - e x e m p t ______ 1 9 9 0 A
M a n i l a E le c R y A L t a ( 5 a . 1 9 5 3 M
M e t r o p o lit a n S tre e t R y —
B w a y A 7 th A v la t o g 5s 1943 J
C o l A 9 t h A v 1 st g u g 5a . 1 9 9 3 M
L e x A v A P F 1 s t g u g 6e - 1 9 9 3 M
M e t W 8 E l ( C h i c ) la t g 4a . 193S F
fa ftlw E le c R y A L t c o n a g 5a 1 9 2 6 F
R e f u n d in g A e x t e n 4 H 8 . . 1 9 3 1 U
M o n t r e a l T r a m 1 s t A r e f 6 a . 1941 J
I f aw O rl R y A f.t g en 4 H a -1 9 3 6 J
N Y M u n l c l p R y l a t a f 5a A 1 9 6 6 J
I f Y R y a 1st R E A r e f 4 a . . - 1 9 4 2 , J
C e r t if i c a t e s o f d e p o s i t ..............................
3 0 y e a r a d j I n c 5 a ______ 0 1 9 4 2 J A
O
C e r t if i c a t e s o f d e p o s i t . . ------- ----------I f Y S t a t e R y a la t c o n a 4 H « 1 9 « 2 ; M N
P o r t l a n d R y l a t A r e f 5 a ------- 1 9 3 0 M N
P o r t l d R y L t A P l a t r e f 6a 1 9 4 2 , F
A
P o r t la n d O e n E le c l a t 5 a . 1 9 3 5 ,J
J
a t J o a R y L H A P l a t g S a _ . 1 9 3 7 ;M N
f l t P a u l C i t y C a b c o n a g 5 a . . 1 9 3 7 1J
J
J
T h i r d A v e l a t r e f 4 a . . ------------ 1 9 * 0 \
AdJ I n c o m e 5a ------------------ . a l 9 * 0 A
O
T h i r d A v e R y l a t g 5 a — — 1 9 3 7 ,J
J
T r i- C it y R y A L t l a t a f 6 s ._ 1923 A
O
U n d e r g r o f L o n d o n 4 H » ___ - 1 9 3 3 J
J
i n c o m e B e ------------------------- . . 1 9 4 8 - - . .
U n i t e d R y a I n v 5a P it t a l a a . . 1 9 2 6 , W N
U n i t e d R y a S t L l a t g 4 a _____1934 J
J
S t L o u is T r a n s it g u 5 a _____1 9 2 4 1A O
U n i t e d R R s 8 a n F r a f 4 a . . .1 9 2 7
U n i o n T r ( N Y ) o t fa d e p _______
E q u l t T r ( N Y ) I n t e r o t f a _____
V a R y A P o » 1 st A r e f 6 a ___ 1 9 3 4
Q a a a n d E le c t r ic L ig h t
A t l a n t a Q L C o l a t g 5a . . . 1 9 4 7 J
B k l y n U n C a s l a t o o n a g 5 8 .1 9 4 5 M
O t n o ln Q a a A E le o l a t A r e f 5a 1 9 5 6 A
C o l u m b i a G A E l a t 5 a ______ 1 9 2 7 J
C o lu m b u s Q a a la t g o ld 5 a . . 1 932 J
C o n s o l Q a a c o n v d e b 6 a ___ 1 9 2 0 Q
D o n a Q a a E L A P o f B a l t 5 y r 5 s '2 1 M
D e t r o it C it y Q a a g o ld 5 s . . .1 9 2 3 J
D e t r o i t E d is o n l a t c o l l t r 5a 1 9 3 3 J
l a t A r e f 5a aer A .................4 1 9 4 0 M
K q Q L N Y la t con a g 5s .1 9 3 2 M
Q a a A E le o B e r g C o o g 5a . 1 9 4 9 J
H a v a n a E le o c o n s o l g 5 a ____ 1 9 5 2 F
H u d s o n C o Q a a la t g 6a _ . 1 9 4 9 M
K a n C it y ( M o ) Q a a la t g 5 8 .1 9 2 2 A
K in g s C o E l L A P g 5 a _____1 9 3 7 A
P u r c h a s e m o n e y 0 a _______ 1 9 9 7 A
C o n v e r t i b l e d e b 0 s _______ 1 9 2 5 M
E d E l III B k n la t e o n g i s 1 9 3 9 J
L iC * O a s L o f S t L R e f A e x t 6 s ’ 3 4 A
M il w a u k e e G a s L la t 4 a ____ 1 9 2 7 M
N e w a r k C o n Q a a g 5 s ..............1 9 4 8 J
U Y Q E L H A P g U a ........... 1 9 4 3 J
P u r c h a a e m o n e y g 4 a _____ 1 9 4 9 F
E d E le o 111 la t n o n e g 5a . 1 9 9 5 J
N Y A Q E l L A P l a t c o n g 5a 1 9 3 0 F
P a c ific G A El C o — C a l G A E —
C o r p u n if y in g A r e f 5 a _____1 9 3 7 M
P a c i f i c G A E g e n A r e f 5a . 1 9 4 2 J
P a o P o w A L t la t A re f 2 0 -y r
5a I n t e r n a t io n a l S e r le a ___ 1 9 3 0 F
P a t A P a s a a lc O A E l 5 a ____ 1 9 4 9 M
P o o p G a a A C l e t o o o a g 6a 1 9 4 3 A
R e f u n d in g g o l d 5 a .............. 1 9 4 7 M
C h O - L A C o k e la t gu g 6s 1937 J
C o n O C o o f C h la t g u g 5*1930 J
I n d N a t G a a A O il 3 0 y r 5a 1 9 3 6 M
M u F u el G aa la t g u a 5 a .. 1947 M
P h il a d e l p h i a C o c o n v g 5 a . . 1 9 2 2 M
S ta n d G a a A E l c o n v a f 6 a ._ 1926 J
S y r a c u s e L ig h t in g l a t g 5 s . 19 5 1 J
S y r a c u s e L ig h t A P o w e r 5a . . 1 9 5 4 J
T r e n t o n O A F.1 l a t g 5a . . . 1 9 4 9 IR
U n i o n E l e c L t A P l a t g 5a . 1 9 3 2 M
R e f u n d i n g A e x t e n s io n 5 a . 1 9 3 3 FR
1936 J
1944 F
1950 J
U t i c a Q a a A E le o r e f 6 a . . . 1 9 5 7 J
1950 J

B id
89
93*
82*

77
S a le
S a le
65*
83
95
95

5 •“
60
67*
71
72*

60 '
91*
75
72
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32
30
65
64
55
71

35
32
03
65
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76
70

—

70
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55
72
70
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26*
26*
56*
75
50
57

S a le
72*
00
61
40
S a le

77,4
77 ; .
72
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16
90
S ile
27*
S a le
64*
65
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51*
53 3
68

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00
40
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36
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8
58
76

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33*
90*
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70
70
73
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95*
90
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100*
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_
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—

89
90
84
73
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95*
87
_____

W e e ’c 's
R a ig e o r
L a st S a le

81*
84*
88
57
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S a le
S a le
S a le
60
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91
94
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S a le
S a le

8212
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971*
65
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H ig h
8 9 *4
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A u g *18
J u ly ’ 19 — ; 9712 97>2
S e p t '18
F e n 19
*88* ‘ 83*
A u g ' 12
F e h 19 -------67
67
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72
74
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A u g ‘ I S -------57 1
7
55
63
9 4*
2
92
1 00
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98 .
F e b ’ 1 7 ------M a r ’ 1 7 -------S e p t '19
5 6 * 04
00 I
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J u n e 1 9 ! ------75
76
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77

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71 , j
71 *2
84
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55
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1578
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79
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57
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351*
37
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9
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60
7 5 >8 O c t *19
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9 0 2 F e b *17
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33
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91*
93*
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78
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73
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50
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29
29
29
30
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30
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73*

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82
100
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87*
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87
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99
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83

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c ^
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86
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S e p t ’ 15
O c t ’ 19
J u l y ’ 19
88
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S e p t ’ 19
96*
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89*
F e b ’ 13
F e b ’ 13
S e p t ’ 19
S e p t ’ 19
M a y ’ 19
A u g 19
95
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87*
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88*
68*
99
A u g ’ 17
93*
84*
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J u ly '1 7
A u g ’ 19
67*
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A p t *17
M a r ’ 17
M a y '1 9
90
S e p t* 19
M a y ’ 17
S e p t ' 19
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88*
J u l y 'I V
S e p t ’ 19
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J u n e ’ 17|
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70
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57
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50
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77
70

79*
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54
14
90
20*
26*
55*
62*
64*
75

65
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4334
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75*
72*
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77

52
53
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72
68
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68
62
55
81
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79
61
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49
45
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62*

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6 5 >»

49*
25
89
93*
73
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70
43*

59*
42*
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97
73
78
76*
55

22
22

36*
36*
30*
79

22
73*

85
95
43
93
82
92*
87
87
9 9 * 10534
9 6 * 99
90* 93*
94
96*
88* 94

86
87
90
91
92* 92*
85
91
95
105
90
98
79
84
83*
97
87
89
8 6 * 94 *
08
74*
1 05
98

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83

96*

88

97
101
67*
77*
7 8 * 88

75
87*
89*

75
94
96*

*74* ’ 7 4 *

8814
82
94
85

92 "
82
98
90
95
92

BONDS
N . Y . STOCK EXCH AN G E
W e e n e .id in g O c t . 2 4

1 1 2

I

< •n 0* 1

1601
P r ic e
F r id a y
O ct. 2 4

B id
M is c e lla n e o u s
A d a m a E x c o l i tr g 4 a ________1 9 4 8 M
A la s k a G o l d M d e b 6 a A _____1 9 2 5 M
C o d v d e b 6 a a e rie s B ______ 1 9 2 0 'M
A m 3 S o f W V a l a t 5 a ..............1 9 2 0 ,M
A r m o u r A C o 1s t r e a l ea t 4 H a '3 9 , J
B o o t h F is h e r ie s d e b s f 0 a ___ 1 9 2 6 : A
B r a d e n C o p M c o l l t r a f 6 a . 193 I F
B u s h T e r m i n a l l a t 4 a ________1952| A
C o n s o l 5 a ..................................... 1 9 5 5 J
B u il d i n g s 5a g u a r t a x e x . . I 9 6 0 A
C h i c C A C o n n R y a 0 f 5 a . . . 19 2 7
C h ic U n S ta t’ n la t g u 4 H a A 1903 J
C h i l e C o p p e r 10- y r c o n v 7 s . 1 9 2 3 M
R e c t 8 ( p a r t p a id ) c o n v 08 aer a A
C o l l tr A c o n v 6 a aer A ___ 1 9 3 2 A
C o m p u t ln g -T a b -R e c a f 0 3 ..1 9 4 1 J
G r a n b y C o n a M S A P c o n 6a A 2 8
S t a m p e d ____________________ 1 9 2 8 M
G r e a t F a lla P o w 1st a f 5 a . . . 1 9 4 0 M
I n t M e r c a n M a r in e a f 6a ___ 1 9 4 1 A
M o n t a n a P o w e r la t 5a A ------- 1 9 4 3 J
M o r r i s A C o la t a f 4 H a _____1 9 3 9 J
M t g e B o n d s ( N Y ) 4a aer 2 . . i 9 6 0
1 0 - 2 0 - y e a r 5a s e r ie s 3 --------1 9 3 2 J
N Y D o c k 5 0 - y r la t g 4 a _____1951 F
N i a g a r a F a lla P o w e r l a t 5 e _ .1 9 3 2 J
R e f A g e n 6 a ........................ a 1 9 3 2 A
N la g L o ck A O P o w la t 5 a ..1 9 5 4 M
N o r S t a t e s P o w e r 2 5 - y r 5a A 1941 A
O n t a r i o P o w e r N F la t 5 a . . 1 9 4 3 F
O n t a r i o T r a n s m is s i o n 5 a _____ 1 9 4 5 M
P a n - A m P e t A T r l s t c o n v 6a * l 9 - ’ 2 7 J
P u b S erv C o r p N J gen 5 a ..1 9 5 9 A
T e n n e s s e e C o p la t c o n v 0 8 . . 1 9 2 5 M
W a s h W a t e r P o w e r la t 5s _ . l 939 J
W l la o n A C o l a t 2 5 - y r a f 60 . 1 04 1 A
1 0 - y r c o n v a f 6a ___________1 9 2 8 J

C o a l, Ir o n A S t « l
B e t h S t e e l la t e x t 0 f 6a — . . . 19 2 0 J
1 s t A r e f 5e g u a r A -------------- 1 9 4 2 M
2 0 - y r p m A Im p a f 5 a ___ 1 9 3 6 J
B u f f A S u a q I r o n 8 f 5 a ------- 1 9 3 2 J
D e b e n t u r e o s ........... ............. a l 9 2 0 M
C a h a b a C M C o 1st g u 6 a . . 1 9 2 2 J
C o l o F A I C o g e n a f 5 a ------- 1 9 4 3 F
C o l I n d u s l a t A c o ll 5a g u _ _ 1 9 3 4 F
C o n a C o a l o f M d l a t A r e f 5a 1 9 5 0 J
E l k H o r n C o a l c o n v 6 a ---------- 1 9 2 5 J
I lli n o is S t e e l d e b 4 H a .............. 1 9 1 0 A
I n d i a n a S t e e l la t 6a ................... 1952 M
J e f f A C le a r C A l 2 d 6a . . . 1 9 2 6 J
L a c k a w a n n a S te e l l a t g 5 s . . l 9 2 3 i A
l a t c o n a 5a serlea A -------------1 9 5 0 M
M i d v a l e S t e e l A O c o n v a f 5 a l9 3 6 M
P le a a a n t V a l C o a l la t 0 f 5 a . . 1 9 2 8 J
P o e a h C o n C o ll ie r 1st a f 5 s . l 9 5 r
R e p u b I A S 1 0 -3 0 -y r 5a a f . 1 9 4 0
S t L R o c k M t A P 5a a t m p d .1 9 5 5
T e n n C o a l 1 A R R g e n 5 s . . 1951
U S S teel C o r p — Jc o u p — 4 1 9 6 3 M
a f 1 0 - 6 0 - v e a r 5 a | r e g _____d 1 9 6 3 M
U t a h F u e l l a t a f 5 a ...................1931 M
V i c t o r F u e l l a t « f 5 s ..................1 9 5 3 J
V a Ir o n C o a l A C o k e la t g 5s 1949 M

A sk L ow

S a le
S a le
80
S a le
80*

81=4
90
9 4*
77
80*
80*
58
83%
113*
89%
88*
87*
96
93
93*
97
89
86
S3
94
68*
96

84*
F e b ’ 18
94%
O c t ’ 19
82*
81 I
M a r ’ 18
84*
115 r
O c t ’ 19
90 I
88*'
96 |
S e p t ’ 19 .
A u g ’ 19 .
97*'
90 I
86
A p r *14 .
J u n e ’ 16 .
O c t *19 .
J u l y ’ 19 .

94
85*
86
82*
155*
64
94*
90*
99*
97*

O c t ’ 19 .
86 |
O c t ’ 19 .
O ct* 1 9 .
M a y ’ 19 .
65 |
91*
J u ly ’ 19 .
99*
98

93
101*
91
86
89
SO
175
65
94*
91*
99*
97*

T e le g r a p h & T e le p h o n e
A m T e l e p A T e l c o l l t r 4 s . . . 19 2 9
C o n v e r t i b l e 4 a ................ ........ 1 9 3 0
2 0 - y r c o n v e r t i b l e 4 H a _____ 1933
3 0 - y r t e m p c o ll t r 5 a . . ____ 1 9 4 6
7 - y e a r c o n v e r t i b l e 6 a _______1 9 2 5
C e n t D in t T e l l a t 3 0 - y r 5 s . . 1 9 4 3
O
C o m m e r c ia l C a b le la t g 4 a . . 2 3 9 '
J
R e g i s t e r e d ___________________ 2 3 9 7
J
C u m b T A T 1st A g en 5 a . ..1 9 3 7
J
K e y s t o n e T e le p h o n e 1st 6 8 ..1 9 3 5
J
M i c h S t a t e T e le p h l a t 5 a . . . 1 9 2 4
A
N Y A N J T e l e p h o n e 5a g — 1 9 2 0
N
N Y T e l e p l a t A g e n a f 4 H a .1 9 3 9I M N
3 0 - y r d e b e n a f 6s . . . F e b 1 9 4 9
P a c i f i c T e l A T e l l a t 5 a .............1 9 3 7 y ‘ j
S o u t h B e ll T e l A T la t a f 5 a . 1941 j
j
W e s t U n io n c o ll tr c u r 5 a . . . 1938 j
j
F u n d A r e a l ea t g 4 H i _____ 1 9 5 0
N
M u t U n T e l g u e x t 5a _____ 1941
N
N o rth w e s t T e l g u 4 H a g . . 1934 J
J

68*
96
S a le
95
S a le
90
84*
S a le
S a le
S a le
S a le

in *

R ange
S lic e
Jan. 1

N o . L ow

94*
78
80*
80*
40*
83
114*

....

N
N
N
J
8

H ig h

84*

83*
S a le

|
?

03

56
21
2,

8 8 * S a le
S a le
88
1 02
96
98
96
94*
94
9 7 * S a le
S a le
89
84*
—

J
N
J
D
e*
D
A
A
D
D
O
N
D
O
8
S
J

-g t j

57
21*
2d

50
20
20*

M a n u fa c tu r in g
& I n d u s tr ia l
A m A g r l c C h e m la t c 5 s _____1 9 2 8
C o n v d e b e n 5 a ......................... 1 9 2 4
A m C o t O il d e b e n t u r e 5 a . . . 1931
A m H i d e A L la t a f g « a _____ 1 9 1 9
A m 8 ra A R lB t 3 0 - y r 5a aer A ’ 4 7 A
A m T o b a c c o 4 0 -y e a r g 6 a . . . 1 9 4 4 *
G o l d 4 a .........................................1 9 5 1
A m W r i t P a p e r > f 7 - 6 s _____ 1 9 3 9
1 s t a f 5a c t fa o f d e p o s i t ______
B a l d w L o o o W o r k s 1st 5s . . 1940
C e n t F o u n d r y la t a f 6 a _____1931 *■
C e n t L e a t h e r 20 - y e a r g 5 a . . 1 9 2 5 A
C onaol T o b a cco g 4 a _ .----.l9 5 1 F
C o r n P r o d R e r g a f g 5 a _____1931 M
l e t 2 5 - y e a r a f 5 a ....................1 9 3 4 M
D i s t i l S e c C o r c o n v la t g 5 a . 1 9 2 7 A
E I d u P o n t P o w d e r 4 H® - - -1 9 3 6 J
O e n e r a l B a k i n g 1s t 2 5 - y r 0 8 .1 9 3 0 J
Q e n E le c t r i c d e b g 3 H a _____1 9 4 2 F
D e b e n t u r e 5 a . . . - - ________ 1 9 5 2 M
I n g e r a o ll - R a n d la t 5 a.............. 1 9 3 5 J
I n t A g r l c C o r p 1st 20 - y r 5 a . . 19 3 2 M
I n t P a p e r c o n v a f g 5 a ------- 1 9 3 5 J
l a t A r e f a f c o n v 5a aer A . 19 4 7
L i g g e t t A M y e r s T o b a c 7 a . . 19 4 4 A
5 s ...................................................... 1951 F
L o r ll la r d C o ( P i 7 a ................... 1944 A
5 e ...................................................... 1951 F
N a t E n a m A S t a m p s 1st 5 a . 1 9 2 9 J
N a t S ta r c h 2 0 -y e a r d e b 5 a ..1 9 3 0 J
-»
N a t i o n a l T u b e la t 6a .................1 9 4 2 M N
N Y A ir B r a k e l a t c o n v 6 a . . l Q 2 3 M N
"
P i e r c e O il 6 - y e a r o o n v 6 a _ . f l 9 2 0 J
1 0 -y e a r c o n v d e b 6 a --------- 51924 J
S in c la i r O il A R e fin i n g —
l a t a f 7a 1 9 2 0 w a r r a n ts a t t a c h F
do
w it h o u t w a r r a n ts a t t a c h F
S t a n d a r d M il lin g la t 5 s _____193<> “
T h e T e x a s C o c o n v d e b 0 9 ..1 9 3 1
U n i o n B a g A P a p e r l a t 5 a _ .l 9 3 P
193°
S t a m p e d __________
U n i o n O il C o o f C a l la t 5 a . .1 9 3 1
U S R e a l t y A I c o n v d e b g 5a 1924
U S R u b b e r 5 -y e a r s e e 7 a ___ 1923
l a t A r e f 5a s erlea A ------------ 1947
U 8 S m e lt R e f A M c o n v 6 s .1 9 2 0
V a - C a r o C h e m la t 1 5 -y r 6a .1 9 2 3
C o n v d e b 6 a _______________ « 1 9 2 4
W e s t E l e c t r i c l a t 6« D e c _____1 9 2 2

TFeeJfc*
R a ig e o r
L a s t S a le

56
211*
21 I

ion*

1
2
1

55
20*
|

20

H ig h
67
35
35

23
83
88*
__
70
9 2 * 97
_ J
83
77
24
85%
80
2
79*
83
. . .1
24! 8 2 *
h9
35 1 0 5 * 128
8 2 * 95
12 3| 8 1 * 9434
8 2 * 89
16
96
9S*
95
93
93*
90
95* 105*
87* 95*
83
88*

68
93*
100*
91*
84*
86
82*
112*
64
91
90
10
96%
1 70
95*

72
97
101*
94
90
91*
82*
155*
80
96
95
101%
104*

S a le 9 7
IS
97*
97
101
1 04
3
101*
1 02
98* 112*
b9
1
88
89
87
89*
100
A u g ’ 19 . . . .
99* 100*
53
8 7 * S a le 86**
87%
84*
93
_____ 1 1 9 * A u g '1 9 —
1 19
1 19
119*
..
75
S e p t ’ 19 . , ,
2*
80
87*
87
12
87
90*
8 7 -4 '
90*
9 0 * J u l y ’ 1 9 _____! 5 6
1 0 0 * 1 0 0 * O c t ’ 19
100
101*
87*
8 6 * S e p t ’ 19
86*
78
87*
97*
97
97*
97*
95*
98*
80*
75
7 3 * D e c ’ 18
1 0 0 * 101
102
S e p t* 19 _____ 1 9 9 * 1 0 2
100*
1 0 0 * O c t '1 9
9 ™ ; 100 *
9J
89*
89*
16
89*
85*
92*
100
94
9 3 * S e p t ’ 19
9 2 ’ ** 9 4
89
92
8 3 * J u l y ’ 19 . . . .
88
88*
70
7 D , 70
3
71
70
77
9 5 * 97
95
95*
9
9 3 7 . 101
96
N o v ’ 18
S a le 8 3 *
84
84*
27
76*
85*
9 3 * _____
93
S e p t* 19
98
98
39*
87
A t lg ’ 19 _____
90
85*
S a le 1 I 0 '„
n o *
111
6 109
1337*
92% 9 l
90
5
93
90
95
S a le n o
n o
5 109* 113*
111
9 0 * S ile 9 0 *
4
92
90
94
y
7
*
96
96
S e p t ’ 19
98
95
93*
94
94*
94*
90
94*
10
9 3 7f 9 9 *
9 9 * S a le 9 9 *
3
100*
9 6 * 103
10 >* n o
106
1 10
1 0 0 * 145
104*
23
105
8S * 112*
97
1 02
83

123*
99*
*93*
92
S a le 1 0 2 *
101
89
86*
86
87
95
94*
94*
S a le 7 7 *
78
1 0 4 * S a le 1 0 4 *
8 7 * S a le 8 7 *
S a le 1 0 6 *
107
9 5 * S a le 9 5 *
104
S a le l u l l ,
97* 97*
97*

1 98*
A u g '1 9 . .
J u l y '19 _ . . J 9 5
1
92
91
104*
So 1 0 0 *
O c t '1 9
81*
D e c '1 8
94*
937*
A
OO 6 0
78*
104*
6 102*
105
88*
85%
112
107*
87*
33
95*
95*
6 100*
1 04
97*
lli

97
977J 9 6 *
90 I 8 8 *
86*
88
87
___ • 9 3 *
87
91* —
90
- - . _
101
87* 90*
75
77=, 77%
84
86 I 8 3 *
98
8 8 * * 8 9 * ' 85
93*
95 I 9 4*
90
S a le 9 6
90
9 5 * S a le 9 4
87
S a le 8 7
80
S 3 * 84*1 88
S a le 9 3 *
U‘ 1
77
SO i
89*
92
89*
lo o
S a le 9 9 *
9 9 * S a le 9 9 *
.1
86*
5)
68 | 70
83
85*
84*
I

97
837*
83
J u l y ’ 19
S e p t ’ 19
D e c ’ 14
A u g ’ 19
O c t *19
S e p t* 19
F e b ’ 19
8512
95
_________
'•7
100*
87*

"92”

82
85
85*
100*
90*

80*

"85*
98*
87
99*
99*
89
87*
84*

s a le 81%
7 # V 80
80*
85
S a le 8 5 *
S a le 1 0 0 *
93
90*
73
68*
88*
89%
88
9S
90
81*
98*
S a le 8 7
S a le 9 9 %
91
89*
90*
89*
88
84*
101*
94

152*
100
95
104*
89*
94*
78*
1047*
89*
1 0 7 's
98*
105*
99*

a'
4
24
----1
J

95*
87
80
93*
90

93
92
89*
90*
91

_____

88
73*
82*
95
82*
94

92
81
90
98*
86*
98*

_____ |
_____ i
11
11
27
99
nu

96
86
86

98
100*
91

J u n e '1 9 . . .
33
94*
1
77
O c t ’ 19
129
100*
99*

87* >8*
92*
96*
70
80*
87
93
98* 101*
99* 100*

M a r '19
84*

70
84*

2

70
87%

•>7 8 0
S2S,
86
M a y ' 10 . . . j
77
80
86*
9
85
91
1S i, 8 5 *
87
94
125
99% 104%
101*
O c t ’ 19
96
98*
N o v ’ 17
J a n ’ 18
O c t ’ 19
89% 94
A o r ’ 16
S e p t ’ 19
81*
921*
A p r *19
98*
98*
55
83*
84% 9 1 *
3
5
100
98% 1 0 1 *
7| 8 7
95%
9 0 "s
6
90*
85
93*
857*
88*
6
94
O c t ’ 19
S 4 ', 92
S e p t ’ 17 ___ .]
N o r * 16 --------1 —
—

• No price Friday; latest bid and asked, a Due Jan. ft Due April. « Due M «r. , Due June, ft Due July. * Due Aus. o Due Oct „ Due Nov. j Due Dec. s Option sale




BOSTON STOCK EXCHANGE— Stock Record

1603

SHAREPRICES—NOTPERCENTUMPRICES.
Monday Tuesday Wednesday Thursday
Oct.
Oct. 23.
Oct. 20.
Oct. 21.

Saturday
Oct. 18.
*123 124
67
67
*87
881
80
*79
32% 33
*40
46
*130 138
*.60
4%
*3
*
19
*132
*85

123 124
*123 121
67
67
67%
67*2
*87
89
88%
89
*79
80
79
SO
32H 33
32% 32*2
*40
*40
45
*130 138
138 138
*.60
*3
4%
4%
*3*4
* ’
19
*132
*132
*85

*101

*101
104 *100 105
*50
49
50%
50
*104% 106 *104*2 106

2

*104l2 106
*66
32*8
•so

32%
!K)

*87
*17
♦SO
*41
*49

19*4
41%
....

*ll4
*S
100
*140
*8012
*1912
221*
10%
8
I I

1%
9
100%
141
81
20
221*

167s
*62
144
32
91
30*4
47*2

167s
68
145
32*4
91
31
48%

1014

62
14

♦41*
*22%
5534
8

8%
16%

23
8%

*9
9%
*96
73
73
63
63
*139 142
62
61
433s 49’ 4
86'2 86%
188 188
49
47
*9514
*1512
56>2 57%
561 57Vt
136G 137%
69%
*69
1*4
51*4 52
25% 26
19'4 19%
18*4 20%
343,
*33
*20'g 21

2

*114

68%
• _

2

712

8*4
67
*3>2
25
*9
*22
85
11'4
18
*1'8
*2
*41
57
67
*58
21
*2
*2%
*.2l
61
*3l2
*1%
*1%
8
*912
*3%
8*2
*d 2
•23

2

67
33
96

87
*17
♦SI
41
*49

87
87
1934 *17
00
41
41
49
....

*1%
*8
99*4
140
81
20
*23
10%
8%
16%
534
16%
*62
142
32%
91
*31
48

100
10

64

48%

67
32%
*80

1

3
2
7
7
9

334

1*4

45

15%
9
.50
409*2
27*->
17
5334
3*2
14%
17%
4%
7
5
1%
48
85
36%
3*4
5*4
3*2
3
7
8*4
9%
6S*4
4
25*2
934
27
85
11%
19%
1%
21°
42
68
60
21
2%
2*2
.25
7
3*4
1*4
1%
3
10*2
4
4
1*4
24
1%

123
68

80
32%
*40
*130 138
*.60
*3
4*2
*
19
.
*132
*85
*67
*
50
*104*2 103

67
33
96

67
32*2
*80

67
32*2
96

87

20

89
*17%

89
20

41*2
49

* ii
*49

42
....

*4
*22
55*2
8
31*4
*9
96
71
*60
*140
60
49%

*1%
*78
*.50
*42
14%
8%
*.40
405
26*,
*15
52*4
3
13*,
16*4
4*2
7
*4*4
*1*4
46*2
*84
35*2
3*4
*1%
*5*8
3*4
*3*4
♦7*4
7*2
*8%
67
*3*2
24%
*9*2
♦22
86
11*8
17%
*1%
♦2
♦41
*58
67*2
57
20
2*8
1
2*»
*2%
*2*8
*.21
.25 *.20
*6*2*
7*4
3%
3*2
3*2
1*,
*1*4
1%
1*4
1%
1%
2% 2%
2%
9*4
10
10*2
4
3%
3*2
*3*2
4
*3*2
♦1
1%
1%
•24
25
25
*1
*1
1*8

1*4
*1%
82
82
*.50
.75
45
45
*15
15*4
*8
9
*40
.50
405 410
26*2 27%
*15*2 16
53
53*2
*3
3*2
13% 14
17*2 17*4
5
*4*2
6%'
43,
4*4
1%
1*4
*46*2 47**84
85
35*2 36*2
33,
3*4
*1%
5*4
5*4
*3%
3*4
*21*
3*2
7%
7*2
7*4
9
9
*66
69
3*4
3*4
24*2 25*4
♦9
27
*85
11% 11%
19%
18
1%
1%
2lg
2*8
44
*42
*58
60
*67*2 68
60
60
20
20*4

7

8*4

9*4

%

6*4

______
5

—

53
95

863
______

Last SUe

—

2
1% OCt’ 19
8*2 Scpt’ 19
9
99*2 100
100
99% 100
138 138
140 *136 140
81
81
SI
*80% 81
____ ____
20
*18*4 19
23% 23%
*22% 25
25
10% 11
11
10*4
%
8*2
8%
8%
8*2
15
16*8
15
15
15
6
5*4
5*4
■5*4 5*4
16*2 16*2 ------ -----16*2
66
62*8 Oct’ 19
138 139
140
140 141
35%
33*4 35*8
33*4 35
88
8S%
90
83
89
31
30*2 30*2
*30*2 31
43
47
47*2 48*4
48*2
3*2 Aug’ 19
3*4
4*2
4%
4*2
25
30
23
2212 23
5511 57*4
55*2 53
58*2
8
8
8
8*,
8*4
31
31%
33*,
30*2 32
*9
9*2
9*->
9*2
9*2
96%
96
93
96
96
71% 72
72
72
71*4
03
62
63
73*2
62*2
140 Oct’ 19
62
60*2 69*2
66
63
48
49
51
48*4 49*2
87
87*2
87%
87
___- ____
188 188
54
55%
52% 55
54*2
97
97
____
97
97
*15*2 ____ * 1 5 * 2 ____
58% 59*2
59*2
58*2 59*2
58*2 59*4
57% 53%
57
142*2 137 1411, 137*4 138*2
72
72
72
72
70*2
1
1
1
1*4
1
51*4 53
52
51*2 52
25*i 25*4
26
25*2 25*4
18*4 19
18%
18*2 18%
19
19
19%
19*, 19*2
41
43
38% 43
40
20*4 21
21
20*2 21
____ ____
79
80 ♦
------ -----69
71
67
78
Oct’ 19
80

Last Site
4

Last SUe

86*2

Last Sale

Last Sale 1*2*80 Sept’S319

1*4
80
80
.75
*.50
42
44
14*4
14*2
*8
8%
.50
405
405
27
25*2
16
16
53
51
*3
3
12*,
13*4
16%
17*2
4
4*2
*
7
5
4*4
1*2
*1%
*46*2
47
85
36
35*4
3%
3*4

80
.75
42
15*8
9

65
1,427
9

Range SinceJan. 1.

STOCKS
BOSTON STOCK
EXCHANGE

Lowest.

6*4

10
50

*.50
.75
41
41
440
14*2 14*2
1,486
♦8
9
100
.40 Oct’ 19 ______
402 405
47
405
25% 26*4
3,435
26
*15*2 16
40
16
52*2 52*4
1,159
53
*3
3*2
100
3*4
12*2 13
12,281
13%
16% 17
2,465
17
4*2
4*2
815
4*2
*6*2
7
137
7
*4*4
5
790
5
1*1
1*4
550
1*2
265
47% *46*2 47*2
84
Oct’ 19
35*2 36
1,017
36
♦334 4
1,650
Oct’ 19
510
115
5*2
900
3
Oct’ 19 ......... 185
7*4
7*4
7%
2,400
7*4
8
7*4
*S'8
9
9*4
270
67
635
4
4%
4
1,816
23*4 23*4
24*2
20
9«4
934
9*4
28
Oct’ 19 —
55
*83
85
86
1•107
11*8 11%
11*2
17*4 17%
18*8
775
1*8
1%
1*8
2*2
40
40
140
41
58
58
142
58
292
08
*58
60
285
58
*20
21
315
20
2*4
2*4
1,913
2%
*1*4
2*2
100
2*8
700
.20
150
*6*2
7*2
7
807
3%
3*2
3*c
518
1%
1*4
1%
1*4
1*4
925
1*)
*2*4
3
1,110
2%
9*2
9*2 2,881
9*2
3*2
3*2 4,900
3*2
*3%
3*2
500
3*2
375
*1*2
1*4
1%
*24
25
25
25
1
Sept’ 19 ______

Isist Sale

M in in g
A d v e n tu r e C o n s o lid a t e d .. 25

Do

Do

1
1
25
5
25
25
25
5
25
25
25
25
25
5

pref.

pref

8,297

66 66*2

Ex-dlvldend and rights. « Assessment paid,

t

Lowest.

10

77*2

20

July
Sept
Aug
Jan
Jan

40
4
90*4
60*2
76

1

Highest.
N ov
Nov
Nov
Nov
40 Sept
60 Nov
170 Aug
3 June
15 Juna
30*4 Nov
Apr
147
85*2 Dec
Feb
80
125 Nov
Jan.
65
116% Jan
Feb
81
Nov
46 May
95 Nov
% Nov
Deo
Jan
25
Oct
90
50 July
Apr
62
146
80
98

101

88

100
11212

2

% Mar
15% M ar
109% O ct
92 Nov
82 June

' n " Fob Zl9‘ ' Dec-

10% MN ly>v

11% Deo
17*2 May11*2
Jan
5*4 May
4
13 Mar
N>v
58 M ar
Oct
39
134 Juue 186 Nov

6

" 27% Juno ' 64% Nov
35 Allg
27 Aug
3*2 M ir
4*2 Oct
Apr

3*2 Aug
7*2 Oct
23 Nov

“ 3% Aug

->;% Dec-

12

ay
7*4June ' 10 MNov
88 Sept 93
91% Nov
i77% Jan
71 N ov
02 June 147
Nov
June

107

"82**2 July
Feb
130

100% Oct
160 Nov

9 l " Aug
Jan
11

fori" Feb
13% Mar

*27 " *Oct
102 Aug
- Jan
c Deo
38i2 July
Aug
Jan

"4"f Nov
146% Aug

6
8
57*4
8*4

8

Ei-dlvldend. to H*lf.pald.

Deo

45
2434
5
17

25 Sept
12i2 Feb
42
Apr

Nov
Feb
Deo

9

.50
Apr22
62)2 Mar22
10c Apr.30
33)2 May 1
1034 Feb28
7
Apr 9
20c Jan30;
350 M arl4
12U May 5]
12 Mar2l|
39 Mar 5,
2 Marl 11
Febl3
8
Feb28
l% M a y 9
4 May 1
20c Feb2)
50c Mar 8
Aprl6
42
Aprl2
78
Jan 2
24
3*2 Octl6
99c Mar 4
Jan25
3
Aprl6
2
2*8 Apr23
Feb 7
4
Janl.3
2
2*2 Feb24
49*2 Feb 7
1 Mar 8
14*4 Mar 5
% M ay 2
% Feb 11
Mar 1
Jan 15
9
Feb20
25c Apr22
75o Marl 5
30)2 Mar 5
45 M arl7
52 Mar22
40 Mar 4
13
Jan22
1 MarlS
40c Janl3
c Janll
4 Mar
1 Mar28
1 Sept 9
74c Apr 1
M ay 9
* Janl8
II Jan28
1U Marl3
50c Jan 9
15 Mar 5
40c M arl3

>2

55

35

<2
1*4
71
4

Ex-rights,

Ringe for Previous
Year 1918.

Jan
37
91%! Doc
Jan
80
Jan
19
Feb
27
Ab“
150
Doc
50
% Mar
25 July
138 July
82% Apr
73 Nov
Fob
104
Jan
53
106 Sept
O :t
70
June
Feb
27
O t
84
Jan
95
£38% June
J in
80 Aug
Fob
37
Jan
47

)2
8

h

[V o l . 109.

122*;• Apr

434

Last Sale

d

Highest.

M ls c e 'la n e o u s
A m er P n e u m it lc S e r v i c e .. 25
Do
p r e f__________________ 50
1,65 i A m er T e l :p & T e le g ............. 100
76 A m o d te a g M a n u fa c tu r in g ------103
Do
p r e l____________________
61 A n g lo -A m C o m m l C o r p .n o par
12 A r t M e t a l C on stru e I n c ___ 10
5,271 B ig h ea rt P rod * R e f g -------10
1,225 C e n tu ry S teel o f A m er I n c . 10
1,595 C u b a n P o -t la n d C e m e n t . . 10
315 E ast B o s t o n L a n d --------------- 10
225 E a stern S S Lines I n c ---------25
D o p v f ................................. 100;
75* E d ison E le it r ic I liu m _____ 100
31,916 E l i o : C o - p o r a t in n ------- no p ir
1,454 F a irb a n k s C o m p a n y -----------25
135 G o rt o n -P e w FIs leries...........50
16,941 G ra y & D a v is L ie -----------------25
In tern a t B u tto n h o le S M . . 10
SO) In tern a t P o rtla n d C e m e n t . 10
S10
D o p r e f___________________50
13,728 In tern a t P r o d u ct s ---------no par
1,520 Isla nd O il & T r a n s C o r p . . 10
4,588 L ib b y , M c N e ill & L i b b y . . . 10
10 L o e w ’ s T h e a t re s ............. — 10
62 M c E lw a in (W H ) 1st p r e f. 100
453 M a ssa ch u setts G a s C o s ___ 100
136
D o p r e f.........................
100
........... M erg en th a ler L i n o t y p e . . .1 0 0
1.525 M e x ica n In v e stm e n t In e__ 10
13,15) M u llin s B o d y C o r p . . . n o par
258 N ew E n g la n d T e l e p h o n e .. 100
127 P a cific M ills .....................................
36,512 P a rish A B ln g iiom C o r p .n o par
17 P lant (T h o s G) p ro f_______ 100
75 R e c c e B u tt o n -H o le __________ 10
18,959 R o o t A V a n D e r v o o r t C lass A
10,180 S tew a rt M fg C o r p /r a t io n ____
3,353 S w iit A C o ....................... . . . . 1 0 0
2.32 T o r r ln g t o n ........ ...................
25
125 U n io n C o p p e r L A M _______ 25
4,883 U n ited S h o e M a c h C o r p . . . 25
1,310
D o p r e l........ ...................
25
5,985 V en tu ra C o n s o l O il F ie ld s . 5
1.362 W a ld o r f S y stem I n c _______10
6,7.38 W a lth a m W a t c h ___________ 100
2,280 W a lw o r th M a n u fa c t u r in g . 20
20 W a rren B i o s ________________ 100
113
D )
1st p re f____________ 100
Do
2 d p r e f........................100
...........

Last Site
s 1*4
•> List SV
ale
512
5*2
5*4
.3*4
4 312 312
*3*2
Last Sale
3*,
7%
7%

7*2
7*2
9
9
66
67*8
4
♦3*2
24*4
23*2
9*4
*9*2
27
86
*81*2
11
11%
18%
17%
1%
1*4
2U
*2
41
42
58
59*4
68
67*2
53
57
20
20*2
2*8
2*4
2U
2*8
.25
.20
7
7
3*2
*3*2
*1*4
1*4
1*4
1*4
2%
2%
9*2
9*4
3%
3%
*3
4
4
1%
*24
25
1*2

|

R a il r o a d s
B o s t o n & A lb a n y --------------- 100
B o s t o n E le v a t e d ___________ 1001
D o p r e .......... ...................... 100
B o s to n & L o w e ll___________ 1 0 )
B o s to n & M a in e ____ ______ 100
Do
p r e f_ _ ........................... 1 0 )
B o s t o n & P r o v id e n c e _____ 100
B o s t o n S u b u rb a n E l e c . . n o par
Do
p r e f___ __________ no par
B ost & W o r e E le c pre no par
C b ie J u n o R y A U S Y ____ 100
Do
p r e f_ _ ...................... . . 1 0 )
C o n c o r d & M o n t class 4 . . 100
C o n n e c tic u t R iv e r __________ 100
F itc h b u r g p r e f______________100
G e o rg ia R y & E le c 3 ta m p d . 100
D)
p r e f...............................100
M a in e C e n tr d _____________ 1001
N Y N H & H ar l o r d .. ..1 0 0
N orth ern N ew H a m p sh ire . 100
N o r.v ich & W o rce ste r p r e f . 100
O ld C o l o n / ................................. 100
R u tla n d p ref_______________ 100
V erm o it & M assa ch u setts 100
W est E n d S treet____________ 50
Do
p r e f__________________ 50

Last Sale

• Bid and asked prlcee. 6 Ex-stock dividend,




141
1,099
14
30
1,130
------- -2

List Site

List Sale

86*4

____
53*8
*95*4
*15*2
57*2
59%
56*2
57%
141*2 141
70*8
70
*1%
1*4
51*4
52*2
26
25*4
18*4
19*2
19%
20*8
34*4
34*4
*20*2
21
*75
80
69
*68
78 *

List Sue
Last Stic
List Stic
Last SUe
Last SUe
Last Sale
Last Sale
List S
Last Stic:

10
8*4

512

4*2
22%
55%
8*8
34*8
9*2
96*2
73
63
142
61
51
86%
188
53*2

123 123
67
69
S3
88
*75
80
33
35*4
41
O ’119
____ ____
*130
%
Sept’ 19
4*2 Sept’ 19
18 June’ 19
132 Oet’ 19
____ ____
85
85
70 Aug’ 19
102 Oct’ 19
49*2 49*2 49*2 49*2
ifc|103*4 Oct’ 19
72% Aug’ 19
67
67
67
67
35
35*2
33*2 35
99*2 Aug’ 19
100 Aug’ 19
86% 87
*82
8.3
16% OCt’ 19
83
S3
*80
89
40*2 42
40*2 41
____
*49
. . . . *19
123 123*,
67
67
*86
80
*75
31*2 33

Last SUe
Last Sale

2
*1%
*8
9
100
99*2
135 *136
81
81
20
20
*23
25
10* •> 10*2
8%
8%
15
16*2
*5*4
5*2
*16
17
16*2
*62
*62
63
139
140 142
35
36%
35
89*4
90*2 91
31
*30*2 31
47*.,
48
49*4
*1*4
*8
99*2
135
*80*4
20
*25
10*8
8*2
16*2

*4
4%
*4
22*4
*22% 23
55
56
53
8
8
8%
32
321J 35
*9
91*
*9
96
96
96*2
73
72% 73
62
63
63
*139 142 *139%
62
60
63
54
50
48*4
86*2
86% 863,
188
49
50%
53%
*95%
*95*4
16
16
*15*2
57
57*4
59*2
56*4
56*4 57%
137 140
139*4
70
69% 70
1*4
*1*4
*1-4
5134 52
51*4
26
25% 20
18%
19% 19%
20
19%
2034
34*,
34% 35
21
20% 21*4
SO
69
70
70
80

1*4
*1%
82
•SO
.75
.50
42
42
15
15%
*8
9
.50 .*40
410
409%
27%
2634
17
17
52%
52%
3
*3
13%
12%
17%
17
43,
7
7
4?a
%
1%
48
48
85
♦84
36
35%
3%
3%
2
*1%
*5U
4
* %
3%
7%
8
%
9%
67
67
4
♦3%
25
24%
9*4
*9
*22
27
85%
11%
11%
18
181,
1%
1%
2%
*2%
42
43
58
57
67%
68
58
60
21
20%
2%
*2%
2%
.25 *.21
7
6%
3%
3*4
13,
1%
1%
1*4
8
234
10
9%
3%
3%
8%
2
1*4
25
24
*1

5*4

2
i)
%
141
81
20
25
%
s%
17
534
I I
68
143
35%
92

N
OO

*H4
*80
*.50
♦ 10
15>s
*7*4
♦.40
*405
26
*1512
52i
3
12U
*16*4
*4'2
7
*4*4
*1'4
48
*84
351*
3%
*1%
*5'4
*3'2
♦2*2
7*2

69
78

67
32%
♦SO

123
*67
*87

Salesfor
Friday Week.
Oct. 24. Shares.

BONDS
See Next Page

60c M at
4312
ay
26% M
M ay
9 Nov

4 Jan.

is
t2 June
69
Dec
45c
15c July
40)2 Deo; 54
I I
11
Jan
9 Nov|
48c
20o Oct
425 Dec 470

86

Nov
M ay
Feb
Aug
May
NovDec

64
10*4

10*4
2
4*4
82
434

June
40 Dec;
11 Apr
Doc
i Mar
3 June
Dec
15c Mar
40 July
44% Deo
79i Oct
19'2 Jan
5
Jan
80c Sept
S Dec
2
Jan
Deo
Sept
65c Mar
40c June
50*2 Dec
1'4 Aug

2

»4
2«4
334
934

Dec
12 Aug
6312 Dec
8
Jan
10*2 Dec
25c Feb
t June
32
Deo
4612 Juno
59 Dec
38 Deo
7
Jan
Dec
Sept
10c Dec
4
Feb
H Aug
2 Sopt
73c Dec
l% M ay
7 Deo
1 Dec
1% Dec
i2 Nov
18 Dec
40c May

‘X,

2

2*4
12

4
>2

1412 Feb
5U2N ov

3 Sept
6%' Mar
12 Nov
6
Feb
10'g Jan
30c Sept.
Jan
70 May
84
Feb
29 July
i Oct
s May
May
Mar
Feo
7
Jan.
Nov
Oct.
May
s July

1

62
14
8*4
314
6
412
4*2
14
66
21

17U Mar
20
Jan
80
Jan.
9% Apr
17*8 May
95c Mar
lfy Dec
45<2 Jan
65
Jan
78 May
57
Jan
15’ 4 Dec
Jan
Jan
2
20c Jan
878 NOV
4*4 Sept

534

4 '2

Feb

1 % Aug

4>a Nov

12
3 '/,
3
2
36
1

Jan
Apr
Jan
Jan
Jan
Mar

THE CHRONICLE

O c t . 25 1919.]

Outside Stock Exchanges

—Transactions in bonds at Boston
iStock Exchange Oct. 18 to Oct. 24, both inclusive:
B o s t o n

B o n d

R e c o r d .

rnuag
Sates
Last Week’s Range for
Sale. of Prices. Week.
Price. Low. High. Shares.

Bonds.

100.14 100.54 523,700
17 050
93.44 93.54 21.65C
95.04 95.14 13.101
93.54 93.84 26.65C
95.14 95.52 87,250
93.14 93.84 167,100
99.34 99.68 56,300
2,000
97
97
83
83 X 27,000
83 X
85
85 X 19,000
5,000
73
73
1,000
95 X 95 X
1,000
90
90
5,000
86 X 86 X
6,000
77
76X 77
5,000
87
87
4,000
80
80
80
1,500
95 X 95 X
3,000
102
123 X
7,000
934
92 X 93 X
2,000
100
100
6,000
107 X
107 X 107
1,000
88
88

U S Lib Loan 3 X s . 1932-47
2d Lib Loan 4s „ 1927-42
1st U b Loan 4 X S1932-47
2d Lib Loan 4 X s. 1927-42
3d Lib Loan 4 X s. _. 1921
4th Lib L’n 4 X s . 1933-31
Victory 4 X s ____1922 23
Am Agrlc Chem 5 s .. . 1921
Atl G
W I SS L 5s . 1959
Chic June t U S Y 5s. 1940

97

&

General Electric 5s . . . 1952
Mass Gas 4 X s . . . ..1929
4 X s _______ . . 1931
Miss River Power 5s . . 1951
N E Telephone 5s. - 1932
New River 5s . - ___ 1934
Pond Creek C >al 6s— 1923
Punta legre Sugar 6s. 1931
Swift & Co 1st 5 s ____ 1944
United Fruit 4 4 s ___ 1925
U S Smeltg. R
M conv 6s
Western Tel & Tel 5s. 1932

A

&

Range since Jan. 1.
Low.
High.
98.04
91 64
92.04
93.24
92.64
94.40
92.84
99.34
96
79
84 X
72 X
95 X
89 X
83
73
87
77
92
87
92 X
100
99
87

Feb

100.54 Oct

Jan
94.80June
Jan
96.50 Jan
AUg
95.90 Jan
Mar
96.58Sept
Aug
90.50 Jan
AUg 100.04 June
Aug 100
Mar
Fet,
84
May
Oct
94 X Jan
Oct
77
Mar
Oct
95 X Oct
Apr
94
Mar
Apr
87 X Mar
Oct
80
May
Oct
93 X Feb
May
82
June
Jan
98 X May
May 123 X Oct
Oct
9SX June
Mar 100
Mar
Feb 107 X Oct
Sept
91
Mar

—Record of transactions at
Chicago Stock Exchange Oct. 18 to Oct. 24, both inclusive,
compiled from olfieial sales lists:
C h ic a g o

S t o c k

E x c h a n g e .

Sales
b'riaay
Rangesince Jan. 1.
for
Last Week's Range W
.
Prices. Sheek
Sale. Loof
High.
Par. Price. w. High. ares. Low.

Stocks

A Decker & C o------- - - Preferred ........... ..............
American Radiator___ 101
Amer Shipbuilding------10(
Preferred. ...................10C
Armour & Co, preferred- ..
Booth Fisheries—
Common..new (no par)
Brisc e ....................— . - ■Preferred
. . . . ----Butler B r o s ____________ Bunte.com-------- - -- - - ­
Chic C & C Ry pref____(*)
Chic Pneumatic T o ol-.10*
Chic Rys part ctf " 2 ” . . .
Commonwe .lth-Edlson.l<X
Cont Motors, com _ . - Ed J o n es.......................... ..
Cudahy Pack Co, com. IOC
Deere
Co, pref------ »-100
Diamond M atch---------101
Great Lakes D & D ----------Hartman Corporatl
_ lot.
Hart Shaft & Marx.com 100
Haskell & Barker Car, Inc.
Hollan 1-Amer Sugar . .10
HUPP Motor. . . ------------ 10
.100
Illin >ls Brick . . J 1 Case. .............
First preferred. .
Second preferred
Ltbhy (W I ) ------------------- }0
Linds >y Light .
JO
Preferre i_____________ 10
Middle West Util. pref. 100
Mitchell Motor C o .. - - (*)
Natl >n..l Leather. --------20
•Quaker Oats Co, pref. _ IOC
R ei Motors------------- .--( * )
Republic Truck. _ . . _ ( * )
Setrs-Roebuck, c o m ...101
Shaw W W , com______ IOC
Stewart Mfg . ________(*)
Stew Warn Speed, com. IOC
Swl't
C o. _____ . .100
Rights..............
Swift International_____ 25
Tentor C & F .._ . . . ..( * )
T h jm p son.com -. _____ 25
Un Curb & Carb (no par)
Unit Pap Board, com -10(
Wahl Co . ..........
(*)
Ward, Montgom & Co, pre.
Wilson & Co, com .. - . 100
Preferre 1_________ .1(H)
Wrigley Jr, com------- _ .25
Bonds—
Chicago Rys 5s Series " A ”
Chicago Telep 5s . . _ 1923
Commonw-Edls m 5s. 1943
Peop G L & C ref g 5s. 1947
Swift Co 1st g 58. . 1944

&

:a.

&

103
18X
57
12
io o x
107
13X

122
97
63 X
14
79
27 X
97
98 X
31X
10X
8H
53
20 X
98 X
34
52 X
218
239 >4
58 X
160
138
20
61X
50
42 X
83 X
27 X
35
108 X
84
86

&

4 5 X 48 X
98
98)4
295
295
126
130
50 >A
102 X 103 H
55
88
254
11
9X
io o x
6
107
12 X
39
110
100
118X
95
85
88 X
63 X
18
12X
79
20 X
97
98 X
30 X
10
8X
53
48 X
19X
98 X
33
52 X
209
205
55 X
146 X
136X
18X
59 X
54
42 X
80 X
26X
31X
108
84
100
77 X

1,091
55C
51

16(

3,409

4,12(
58
1L
88
254
25
185
12
73
10
310
104
150
6X
448
109
1 3 X 25,500
1.225
40 X
1,041
113
100
1-J
200
122
76
95
395
85
97
1,645
03 X
200
105
18 X
1 4 3»
9 ,920
390
80
11,640
27 X
900
97 X
1.881
98 X
36 X 53,60£
1,010
io x
10(.
8X
75
53
2,785
53
22 X 108,900
795
99
6,375
35 X
740
63 X
1,255
225
1,113
250
8,276
59
16,965
163X
21,830
142
22 X 4 4,675
65 X 52,055
455
50
1,183
43
25,740
84
635
27 X
2,44(
36
375
108X
61
87 X
10
100
3,690
89

53
96 X
90 X

53
96X
90 X

68

68

93

93 X

$9,000
3.000

1.000

5,000
14,000

48 X Oct
Oct
98 X Oct
Oct
July
Apr 325
Oct
Feb 138

38 X
98
275
100
98 IS
53
254
9X
ox
60 X
5
107
8X
39
io o x
78
101
82
54 X
68
63 X
12 X
io x
56
20
97
98 X
19 X
10
8
49
33
16X .
98 X
28 H
44
168X'
112X
45
84
115X
5X
41X
49
34
56
17X
19 X
105
81X
95
74X

AUg

105 X

Aug

O ct

25
60

J u ly
O ct

254
15
18 X
109
10X
118
13X
40 X
123
105
122
96
97
97
63 X
21X
17
80 X
27 X
97 X
98 X
36 X
17
io x
65
55 X
25
105
35 X
65
225
250
59
163 X
149X
22 X
65 X
50
43 X
85 X
29X
40
112X
104
104
89

O ct
J u ly
Aug
O ct
Aug
J u ly
J u ly
O ct
M ay
.J u ly
O ct
O ct
J u ly
J u ly
O ct
O ct
Aug
S ep t
O ct
O ct
O ct
O ct
Aug
Apr
M ay
J u ly
Aug
M ay
O ct
O ct
O ct
O ct
O ct

Oct
June
M ar
Feb
Apr
All*:
Apr
O ct
F eb
Apr
June
O ct
Feb
Feb
O ct
AUg
Sept
FeL
O ct
O ct
O ct
Jan
O ct
June
M ar
Apr
Sept
O ct
M ay
Sept
Feb
M ay
Apr
Jan
Jul\
Jan
O ct
Aug
Jan
Jan
Sept
Ju ly
Sept
Feb
Sept

53
Oct
96
Feb
90
Aug
68
Oct
92X Sept

M ay
O ct
O ct
O ct
O ct
J u ly
J u ly
O ct
Jun e
J u ly
J u ly
O ct

63
May
97
June
94 X Jan
87 X Jan
98 X Jan

—Record of transactions at
Baltimore Stock Exchange, Oct. 18 to Oct. 24. both in­
clusive, oompilod from official sales lists:
B a lt im o r e

S t o c k

Alabama Co 2d preferred...............
Arundel Sand & Gravel.
Allan Coast L (Conn) . .
Atlantic Petroleum-----Baltimore Tube, ...........
Preferred.. . - - - - - ­
Boston Sand
Gravel.
Preferred......................
Celestine OH v t ----------Cent Teresa Sugar------Preferred ....................
Chalmers Oil & G pref.
Commercial Credit—
Preferred B. - . . ------Consol G, E L * P o w ..
Consolidation Coal. . _
Cosden
C o. . _____
Preferred----------- . . .
Davison Chemical ..n o
Elkhorn Coal Corp. .
Houston Oil pref tr ctfs.
Hurst (John E )......... ....
1st preferred.........._.
InMahoma Refining__

&

&




Mer&Miners Trans V T 100
59 X
Monon Vail Trac----------- 25 _____

M t V-Woodb Mills v t r 100

Preferred v t r ........... 100
Northern Central--------- 50
Pennsyl Wat
Power. _ 100
Poole Engineering & M 100
Robinson O i l ...................10
Preferred . ................. - 10
United Ry & Elec.. - .50
Wash Balt & Annap------50
Wayland Oil <Sc Gas........... 5
Bonds—
Atlan & Charlotte 1st 5s '44
A C L(Conn) ctfs 5-20 4s’25
Balt Spar P & C 4 4 s -1953
Canton Co deb 5s____1920
Chicago Ry 1st 5s . - 192
Cons G, E L & P 5% notes
6% notes------- -------------7 % notes--------- -----------Consol'n Coal conv Cs. 1923
Cosden & Co Ser A 6s. 1932
Series B 6s_________1932
(Old Co) refund 6 s .. 1926
Davison Sulphur 6s. -------Elkhorn Coal Corp 6s. 1925
Fla Cent & Penln exten 6s.
Georgla
Ala cons 58.1945
Ga Caro & Nor 1st 58.1929
Georgia Pacific 1st 5s. 1922
G-B-S Brew income 58.1951
Maryland Dredge 6s .
Mary'd Elec Ry 1st 5s.1931
M t V-Woodb notes 6s. 1921
Pennsyl W & P 5s___ 1940
United Ry A El 4s___ 1940
Income 4s_______ .1949
Funding 5s . _____ 1930
do
sm a ll... -1936
Wash Balt & Annap 5s 1941

&

&

4X

67
88 X

21X

' 3.95

104X

'iix'
30X

11X

90
72
41X
90
3X
67
88 X

90
72 X
42
90
4X
67
88 X

21

21

52
52
3.80 4.1C
10X 10X
10
10X
3X
3X
45
45
25
25
104
105
84
84 X
10X 11X
4X
4X
30 X 31X
35
38
94 X 95
40
40
98
98
11X 12 X

46
25
43
183
5,104

Range since Jan. 1 .
Low.

69
Feb
60
Feb
3 4 X Jan
89
Maj
2
Jan
61
65
Sept
20
71X Feb
6
Apr
40
44
A pi
31
1.00 Mar
12,325
9
Oct
50
10
Oct
1,538
5
3 X Sept
40
July
25
1C 24 X Aug
444 103 X Apr
198
78 X Apr
2,998
6 X Feb
4
Jan
29
1,095
30
Aug
470
27
Mar
62
7 2 X Jan
1
40
Oct
98
Oct
20
3,100
5 X June

High.
96
Aug
76
June
49
July
97
June
4 X July
90
May
93
June
21X Oct
52
Oct
4.90 July
10 X Oct
10X Oct
3 X Sept
46
Oct
26
July
11I X May
92
June
12 X May
5 • May
40 X Feb
43
July
101
May
40
Oct
98
Oct
12 X Oct

41X
69 X
83
34
_____
15
20

4X
_____
90
97
- _

59 X 59 X
10

40
94
69
83
37 X
3X
64
15

10

41X
94 >,
70 X
84
39
3X
6X
15 X
20
22 X
4,4 4.X
92
90
84
97
72 X
97
97 X

101

3
84
104
15
61
385
321
45
50
650
972
35

92
$1,000
91
20.000
84 X 10,000
97
2.000
72 X 12.000
98
12.000
98
2 ,000
101

1.000

99
99
99
3,000
103H 103 X 104
5.000
103,4 103 X 104
34,000
- - - - 104' . 104 X 3,000
96
.........
66
3.000
98 X 98 X 3.000
100 X 100 X 1.000
90
90
1.000
—
92 X 92 X
1.000
100
100
7.000
3
3
5.000
100

87

—

100

87
100 X
88X
69 X 70
51
51
69 X 69 X
69
69
78
78

100 X
88 X

-. _ _
- - 78

2 .0 0 0

4,000

1.000
2 .000
6 ,000
1,000
10,000
1.000
1,000

Range since Jan.
Low.
54 X
9X
16
71
69
77 X
37 X
3X
6X
15

Mar
July
Jan
Fe‘,
Sept
Jan
Oct
Oct
Aug
Mar
20
Oct
3X Feb

91X
89 X
84
97
72 X
95 X
97
100X
99
84 X
85 X
91
95
93
100

90
90 X

100

IX
99 X
87
ioox
88 X'
68 X

48

66 X
66 X

78

Oct
AUg
Oct
Mar
Oct
Jan
Mar
June
Oct
Mar
Jan
Jan
Aug
Fel
Apr
Aug
Sept
Oct
May
Mai
Oct
Sept
Oct
Aug
Apr
Aug
Aug
Oct

1.

High.
72 X May
10X June
51X AUg
Aug
Feb

100

80

88 X May

48
4
7X
20 X
29X
4X

May
Oct
July
Jan
June
Aug

94 X
91
90
97X
79 X
99 X
98 X'
ioi
ioox
105 X
105 X
104 X
96 X
99 X

Mar
Oct
Feb
Oct
Jan
June
Feb
July
July
Sept
Sept
Oct
May
June
Feb
Jan
Jan
Jan
May
Aug
May
Oct
June
Jan
Mar
Mar
Mar
Jan

x

101

95 X
96 X
101 X
3X

100

89 X
ioo x
91
76 X
55 X
76
76
83 X

—Record of transactions at
Pittsburgh Stock Exchange Oct. IS to Oct. 24, both in­
clusive, compiled from official sales lists:
P it t s b u r g h

S t o c k

E x c h a n g e ,

Friday
Sales
Last Week's Hanoi
for
Sale.
Week.
Par. Price. Low.
High. Shares.

S tock s—

A m e r W in d G lass M a ch 100 133
99
P r e fe rre d ........................ 100
A rk a n N a t G a s, c u m . .1 0 0 _ _ _ _
100
P r e f e r r e d . ................... 100
48
4
C a rb o -H y d r o g e n C o ,co m _ 5
4)4
P re fe rre d ........................ -6
C a rn eg ie L ea d & Z in c ------ 5
9X
C o lu m b ia G as & E lec,-1 0 C
22
C o n so lid a te d Ice , p r e f— 51
C r u c it le Steel, p re f------ 101. .............
H a r b -W a lk R efra c, p reflO l
4
In d e p B rew in g , c o m ------ 5,.
P re fe rre d ........................-5 l
L a B elle Iron W k s, c o m .100 - - L o n e S tar G a s . . . . . . - 10L 175
M fr s L ig h t & H e a t -------- 5C
8
M a rla n d P e t r o le u m ......... -5
N a t F irep roofin g , c o m . -50
18
P referred ........ ............. - . 5 0
O h io F u el O il_____________ 1
26 X
53
O h io Fuel S u p p ly ---------- 25
O k la h om a N atu ral G a s . .2 5
41 X
O k la h om a P rod & R e fg - - -5
IO X
P ittsb B rew in g, com - .5 0
6X
____
P r e f e r r e d .............. . . -50
P ittsb u rg h C o a l, c o m . -100
62 X
3 2c
P itts b -J e ro m c C o p p e r ------ 1
58c
P itts b & M t Shasta C o p _ . l
..........
P itts b O il & G a s ______ 100
P itts b P la te G lass, c o m .100 146
6
R iv e r s id e E a st O il, c o m . .5
R iv e rsid e W est O il, c o m . 25
38 X
R o s s M in in g & M illin g .. - 1
S a n T o y M in in s ______ -1 _ ___
U n io n N a tu ra l G as _ .1 0 0 ______
58
U S G la s s ......................... 100
U S Steel C o r p , com ..1 0 0 _ _ _
W e s t'h o u s e A ir B rak e . -50 .............
W e s t ’hou se E lec & M fg -5 0 ____ W e s t P en n R y s , p r e f . . . 100
78 X
W e s t P en n T r & W P , pflOC ..........
B on ds—
C e n t D ls t T e le p 5s ..1 9 4 3 ..........
M o n R lv C o n C & C 6sl9 4 9 107
P itts b M c K e e s & C on 5s ’ 31 —

131X
98
169X
100
45
4
4X
9X
65
22
103
100
4
11
109
170
58

Lou

High.

79
77 4
53
75
32
24
34
6
39 X
15
91
99
14
54
944
170
484
6X
5
10
10.
4 2 .4
28 X
8 .4
2
7
45
8c
21c
8
110,

37 X
6c
8c
128 X
51
109.X
114
56
78 X
65

65 X
24
103
100
4X
11
115
175
5 8 )4
8
8 ,4
18
28
54
43 X
io x
7h
16
62 « ,
35c
60c
14 X
146 X
6 ,4
40 X
6c
9c
129
63
111
120
58 X
784
65

2 ,5 7 5
630
1.41k
440
6.274
3 ,3 9f
2.820
4,145
21
4?
F>
20
815
315
35
6C
832
25,699
610
2,723
880
667
2,590'
790
31C
250
150
42.100
13.300
655
2*20
13.162
870
1.500
6,600
120
3 ,7 5 5
505
725
1,209
10
10

Jan
Jai;
J u ly
M ay
Jun e
Au,
Aug
Sep i
Fe'
Fet
Jan
Jar.
Jan
Jan
Fe'
Jan
Jan
A up
Jan
Jan
Jan
F el
Jan
M ai
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
9
M ay
Jan
Feb
6c
122
Jan
30
Fel
884
F el
93
Jan
Jan
40 X
75 X Ju ly
60
M ay

103 4
ISO
120
50 4
4X
4U
13 4
67 4
29
104
102 4
7
16
1234
300
60
8X
11X
24
31
54 X
45
13 4
104
20
73
67c
70c
184
150
64
40 X
9c
13c
135
63
1144
1 2 4 ,4
68
80 4
66

97
107
86

97
107
86

$1,000
2,000
2 ,0 0 0

9 5 4 M ay
106
M ay
80,
O ct

99

Jan

107 4
86

Aug
O ct

7U

8
16
26 X
52 X
41X
9X
6X
14 X
62
32c
57c
13 X
144

5Ji

137
103 X
175
IOOX
50 X
4X
4X

Range since Jan. 1.

11

x

O ct
O ct
S ep t
O ct
O ct
O ct
O ct
O ct
June
J u ly
J u ly
M ay
M ay
J u ly
M ay
O ct
O ct
M ay
M ay
M ay
J u ly
O ct
M ay
J u ly
Ju n e
J u ly
Aug
S ep t
Ju n e
O ct
O ct
O ct
S ep t
M ay
M ay
O ct
J u ly
June
O ct
J u ly
June

—Record of transactions
at Philadelphia Stock Exchange, Ocl. 18 to Oct. 24, both
inclusive, compiled from official sales lists:
P h ila d e lp h ia

S t o c k

E x c h a n g e .

Pildag
Sales
Last H'eeifc's Range for
Sale.
of P> ices.
Week.
Par. Price. Low. High. Shares.

E x c h a n g e .

tales
t'ridag
Last Week's Rangt for
Week.
of Prices.
Sale.
Price. Low. High. Shares

Stocks—

1603

Priaag
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Stocks (Concluded) Par. Price. Low.
High. Shares.

Stocks—

Alliance Insurance----- .10
100
American Gas
Amer Shlp&Commerce
American Stores____no par
First preferred------Baldwin Locum, pref.. 100
Cambria Iron................. .50
Elec Storage Battery.. 100
Elmira
W ’msport, pref..
General Asphalt............. 100
Preferred-__ - - - 100
Hunt
Broad Top, pref _
Insurance Co of N A . -1C
J G Brill C o ................... 100
.50
Keystone Telephone
Preferred................... .50
Lake Superior Corp----- 100
Lehigh Navigation . . .50
Lehigh Valley________ .50
Little Schuylkill------ , - .50
Midvale Steel & Ord . . . .50
Minehill & S H -------- .50
Northern Central------- .50
Pennsylvania Salt M fg. .50
Pennsylvanla__________ .50
Philadelphia Co (Pitts). .50
Pref (cumulative 6%) .50
Phlly Electric of Pa____ .25
Fnila R T vot trust reels.50
Philadelphia Traction.. .50
Phila & Western, pref.. .50

&

&
.

1

____
40

148 '
.........
137
202
_____
_____
12,4
46
23
68
47X
. .. ..

___

. . ..
. ,
80
43X
36 X
34 X
254
29

___ _
—

22
48
46 X
38 X
90
104
394
1414
55
134
201
7X
31
60
10
46
22 X
67 X
47 X
42
53 X
50
70

SO

43 X
36X
344
25X
28
65
284

22
49
464
42
90
104
39 X
1504
55
148
222
74
31X
62 X
124
46
25
68 X
484
42
564
50
70
81
43 X
374
35
254
29
66
284

Range since Jan. 1.
Low.

High.

79
19
Jan
2 3 4 May
211
48
Oct
74
100
31
Aug
4 6 4 Oct
13,676
42
Oct
2 0 4 Apr
4
88
Aug
96
July
1 100,4 Jan 109 X June
1 3 8 4 Oct
41.X Feb
8,467
51X Jan 153
Oct
5
55
Oct
55
Oct
1,223
39
Jan 155
Oct
2,259
76
Jan 230
Oct
2
19
Feb
7 4 Oct
619
34
25 X Jan
June
840
19 4 Feb
64 X July
853
8
Mar
18X July
25
46
Oct
59
July
30,735
17
Jan
25 X July
754
67
Apr
73
Jan
540
46X Sept
60 X June
'28
40 X June
45
Mar
360
41
Jan
61X July
10
50
Jan
57 X Sept
51
75
Jan
69 X Sept
78
80
July
84 X Feb
2,297
4 2 4 Aug
48 X May
110
30
Jan
42 X July
574
3 1 4 Jan
37 X Apr
3,508
24 X Jan
26 X May
6,889
23
Apr
29 X June
135
65
Oct
71
Jan
100
27
Mar
30
May

1604

Reading . . . __ ______ 50 *83% 81 \i 84%
663
Tono-Belmont Devel___ 1
2% 3 1-16 2,815
Tonopah Mining_____ .1
2%
3
2,720
Union Traction___ _ .50
38
38 %
710
United Cos of N J____ 100
196% 196%
13
59 % 12,233
United Gas Impt______ 50 57 % 57
U S Steel Corporation.. 100 109
107.% 111% 4,550
West Jersey & Sea Shore. 50
40! 2 41
37
Westmoreland C «d ____ 50
74
74 %
57
Wm Cramp & Sons___ 100
190 220
575
York Railways___ __ -.50 ........
245
9
9%
Bonds—
U S L L 4th 4%s .1933-38
93.20 93.64 $48,350
Amer Gas <fc Klee 5s__2007
So *^ So \^i 2 ,000
do
small....... 2007
84
86
800
Elec & P o p tr ctfs 4s. 1945 67
67
67% 6,000
do
small___ .1945
68
68
500
Harwood Electric 6s..l942
97% 97% 4,000
Lake Superior Corp 5s. 1924
66
67
12,000
do
small.. . .1924
65
65
500
91
I-chigh C & Nav 4s__ 1948
91
91
3,000
Lehigh Valley coll 6 s .. 1928 ioi h 1 0 1 % 1 0 1 % 5,000
Leh Val Coal 1st 5s.-.1933
100
100%
2,000
Penn RR gen 5s___ .1968
94
94
10,000
Pa&Mfl Steel cons 6 s. 1925 100
100
100
1,000
Phila Electric 1st 5s .1966 94
94
95
54,000
do
small_____ 1966
94
95 % 3,000
First sinking fund 4s 1966
75
75
10,000
Reading gen 4s........... 1997
84 % 84% 84% 7,000
Spanish-Amer Iron 68.1927 - _ - 100 100
1,000
United Rys gold tr ctf 4s '49 —
54
54
2 ,000

Range since Jan. 1 .
High

Low.
76
2%
2%
37
185
57
88%
40%
72%
75
7

Aug 93% June
Jan 3 15-16 May
4 May
Sept
Jan 41 May
Feb 197
Oct
Oct 74% Jan
Feb 115% July
Oct 46
Jan
Apr 75
Jan
Feb 220
Oct
Mar
9% June

92.90 Sept
84
Sept
83 June
65
Mar
65
Mar
97
Sept
58
Jan
58
Jan
91
Oct
101% Jan
99% July
90% Aug
100 Sept
93
Sept
93% May
75
Feb
80% Aug
100
Aug
54
Oct

95.70May
8 8 % Jan
8 8 % Jan
71
Jan
75
Jan
98% Apr
74
Aug
68
Sept
91
Oct
1 0 2 % Jan
1 0 0 % Mar
98
Jan
1 0 2 % Jan
96 July
97% Jan
76% Jan
8 6 % Jan
102
Aug
57
Jan

Below we give a record of
the transactions in the outside security market from Oct. 18
to Oct. 24, both inclusive. It covers the week ending
Friday afternoon.
N e w

Y o r k

[V o l .

THE c h r o n ic l e ;

Friday
Sales
Last Wee*’* Range for
of Prices.
Sale.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.

“ C u r b ”

M a r k e t .—

Friday
Sales
Last H’refc's Range for
Week ending Oct. 24—
Sale.
Week.
Stocks—Par Price. Low. High Shares
Aome C oal.r................1
Aetna Explosives.r(no par;
Air Reduction r__ (no par
Allied Packers.r_____ (t)
Amalg Tire Stores.r___ (t)
American Engineering . . .
Amer Safety Razor.r__ 25
A T Securities Corp w i.(t)
Amer Writ Paper, com_10(
Beaver Board Cos com_r(*)
Benford Auto Products.r.5
BriscoeMotorCorp.comr(t)
Brit-Am Chem Corp__ 1(
Brlt-Am Tob ordinary..£1
Ordinary bearer.........£1

1%
10%

1%

1%
10%

9%
55% 57
63
57
15% 17
7
714
17% 19%
74% 78%
15
16%
47
51
3% 4
55
58
9% 9%
26% 27%
26% 28
27
27
9% 9%
45% 28
46
Carib Syndicate new w i —
Carib Syndicate old.. . 25 4,500 3,500 4,500
4
4%
Carbo-Hydrogen Co com .5
4% 4%
Preferred. --------------- 5 . . . _
3%
3%
2%
Car Ltg & Power r ------ 25
25%
Case (J I) PlowWks com(t) 24 /~2 24
9
8%
Chalmers Motor Corp.r (t)
9%
400 400
48 (tl 47% 49%
Cities Serv Bankers shs
40
42
Cllnton-Wrlght W ire.r.(t) _____
39% 43
Coca-ColaCo v t c r(no par) 43
21%
16% 2 2 %
Colonial Tire & R ub.r..(t)
96
96
ColumbtaGrapb Mfg.pflOO
Consol Textile Corp.r. (t) 32% 31% 35
Cramp (Wm) & Sons Ship
& Engine Bldg.r. ..la _____ 175 200
13
12 % 14%
Dafoe-Eustice Co Inc._(t)
14
Delatour Beverage.r ..10 __ _ _ 14
52
56
DurhamHosiery comB ,r. 50 55
37
40%
Edmunds &Jones Corp. r (*)
8
Emerson Phonograph . ..5
e 7% 8 %
58
64
Farrell (Wm) & Son.Inc(t) 63
60 120
General Asphalt oom.r 100 136% 132 149
Preferred. r._ ........... 100 _ _ _ 218 220
35
39%
Godchaux Sug com.r .(f) ____
95
Trust A preferred r .100 - - - 93
Grape Ola common____ 1 9-16
%
%
1
1
Preferred______ . . .1
1%
4
3% 4%
HavanaTobacco com. r. 100
15
13
19%
Preferred.r. . ......... 100
59% 50% 62
Hendee Mfgcom.r___ 100
9
9%
Heyden Chemical r(no par)
9%
Hocking Valley Prod r 100 14
13% 14
12 % 14%
Hupp Motor Car Corp. 10 14
16
Imper Tob of G B & I ..£ l
14
16%
27% 29%
Indian Packing Corp r (t) 28
Intercontinental Rubb.100 22
21
25
56
58%
Internat Products.r _.(t)
3
3
3%
Kay County Gaa.r_____ 1
32
36
Kirby Lumber com.r. 100
Knickerbocker Mot. r. 100
5% 5%
5%
36
32
Libby, McNeill & Lib.r. 10
91
Lima Locom com. r . .100 91
90
35% 38%
36
Loew’s Incorp___ (no par)
Loft Incorporated r(no par) 33% 29% 34%
75
75
MadlsonTireARub.com (t)
12%
1 2 % 14%
Maibohm M oto-s.r___10
7%
MarconiWirel .Tel .ofAmer5
7%
6%
68%
61
Maxw-Chalmers.r.new stk 68
Mercer M otois.r..(no pao 38% 38% 43
13%
12
Motor Appliance Corp.. 10 13
16
16
Nat Fireproofing pref.r.50 16
69
69
National Ice A Coal. r .100
20
22%
National Leather.r.. . 10
53
60
N Y Shipbuilding-. (no par) 58
4%
Nor Am Pulp A Paper . (t)
4% 5%
Otis Steel com.r. (no par) 40% 39% 43
Overland Tire...............10 31% 27% 32
Packard Mot Car pref.rlOO 98
97% 98
31%
Parry (Martin) Corp.r.(t) 30% 30
Patchogue-Plym Mills, (f) 42% 39% 42%
Peerless Tr A Mot Corp.50
47% 48%
Perfection Tire A Rubb.r. 1 _____
% 15-16
Philllps-Jones Corp com r t
84
90
Preferred .r ............. .100
95
96%
Pyrene M fg.r________ 10
14% 15%
Republic Rubber r (no par)
7%
7% 8 %
Roanoke Coal A Iron-----% 1
10
10%
RockawayRolIing Mills r(t)
10%
Rolls-Royceof Am Inc pf 100 _ _ _ 98% 101
56
60
Root A Van Dervoort r 100 59
Shell Transp A T ra d.r..£2 80% 77% 84
Snow’s Fount Hold Corp 10
9%
9% 11
98 100
Spicer Mfg com--------- 100
37
Stand Gas
El com .r.50 ___ __ 32
61
Standard Parts, com .r.100 61 | 56
64% 70
8 tewart-Warner w 1-------4i%l 39
43




55 H
62
15%
7%
IS
78%
15%
47
3%
58
9%
26%
27

7,800
16,600
1,700
12,100

Range since Jan.
Low.
1%
6%

51
50
15%
7
16%
74%
2%
47
3
53
7%
20%

16,50(
1,500
71,300
40,0(X
2,600
1,990
2,9(X
2,300
3,200
1,500
6,600 20
8 <X
12%
1,575
7%
73,5(X
28
85 3,500
7,300
2%
5,300
3%
10,700
2
1,400 24
10,200
4%
12 145
10,200
35
2,400 30
51,700 38%
13,600 13%
100
96
13,300 31%
2,500
32,900
800
700
2,300
1,400
29,700
2,000

20,900
225
1,500
1,200

1,500
900
1,400
3,200
22,400
15,700
200

21,400
2 ,000

7,750
4,800
2 ,200

19,200
1,300
1,600
8,2 0 0

170
92,000
79,200
300
7,300
70,000
5,200
17,300
700
200
100

11,900
3,100
4,800
89,000
1,600
1.050
2,600
6,850
800
12,300
640
675
1,000

36,500
6,100

4,000
600
6,100

56,200
23,600
300
200
1,200

1,655
3,000

High.

Oct
3%
Jan 1 2 %
June 65
Oct 67%
Oct
17
Oct
7%
Oct 2 0 %
Oct 80
Jan 18
Oct 51
Sept
4%
Oct 60
Sept 1 1 %
Aug 27%
July 28
Mar 30
Sept
9%
Oct 46
Oct 4,500
Sept
4%
Sept
4%
Feb
5%
Oct 25%
Mar 15%
400
Feb 50%
AUg 42
Sept 45
June 45
Oct 96
Oct 35

Jan
Sept
11
Oct
14
Aug
38
Oct
37
Feb
2
54 June
Oct
60
Jan
39
83% Jan
Sept
25
Sept
93
9-16 Apr
1 1-16 Apr
1 % Jan
2 % Feb
Oct
48
May
6
Apr
9
4% Jan
13% Oct
24% Oct
1 0 % Jan
30% July
2 % Oct
Jan
18
5% Oct
Jan
19
27% Feb
Oct
32
Oct
17
Aug
45
1 2 % Oct
Jan
4
Sept
57
37% Oct
Oct
12
13% Jan
Jan
47
17% Sept
Jan
25
2 % Jan
AUg
34
14% Atig
Oct
07
Aug
25
37% Oct
Jan
18
% Feb
Aug
55
Sept
94
Ailg
12
5% Aug
% Oct
9% Sept
98% Oct
Aug
37
Aug
66
9% Oct
56% July
Aug
24
51% Sept
Oct
51
Oct
39
82

1.

July
July
May
July
Oct
Oct
Sept
Oct
July
Oct
Sept
Oct
July
May
May
Apr
Oct
Oct
Oct
Oct
Oct
July
Oct
May
Oct
Sept
Oct
Aug
July
Oct
Oct

July
14% Oct
25
Aug
56
Oct
40% Oct
9% May
64
Oct

220

120

155
Oct
228
Oct
39% Oct
*98
July
15-16 Aug
1 7-16 Aug
6 % July
29
July
62
Oct
1 0 % Aug
14 Sept
14% July
25
Aug
50% July
35 May
58% Oct
3% Oct
38 June
1 0 % July
36
Oct
98
Sept
38% Oct
34% Oct
80
Oct
16
Oct
7
Oct
Oct
68
Oct
43
15% Aug
24 May
81% June
Aug
25
78
July
7% Apr
46
July
32
Oct
99% Oct
34% July
42% Oct
49% July
1 % Apr
90
Oct
97
Aug
20
June
July
11
1
Oct
12
Sept
101
Oct
60
Oct
84
Oct
11
Oct
105
Oct
44% May
61
Oct
70
43
Oct

Frida
Sales
for
Last Week's Rang
Sale.
of Prices.
Week.
Stocks (Concluded) Par Price. Low. High Shares
Submarine Boat v t c ..(t
Sweets Co of America r li
Swift International.r__1.
Temtor Corn & Fr pf A. (f
Tobacco Products Exp (t
Union Carbide A Garb r (t
United Eyeglass Shops . r.£
United Motors.r_.(no par
Untd PlctureProd Corp. r (t
United Profit Sharing..25c
Un Retail St's Candy.r. (t
United Zinc&Smelt(no par)
U S Distributing com__ 5(
U S Lt & Ht Corp, com.r 1(
Preferred _r_________ It
U 8 Steamship________ 1(
Vanadium Steel of Am r(t]
V Vivadou. Inc.r.. (no par)
Waltham Watch com r 1Of
Warren Bros_r______ 100
Wayne Coal__________ 5
Weber & Hetlb com.r .(t)
Willys Corp com. r. (no par)
Second preferred.r .100
Wright-Martin Airpf.r 10C

18%
12%
50
34%
83
7H
24
3%
22 3i
56
7%
59%
29%
78
5

Rights
Famous Players-Lasky___
4
Pan-Amer Petrol & Trans.
Texas Co................. . . .. 72
Former Standard Oil
Subsidiaries
Anglo-American Oii.r. £1 29
Illinois Pipe Line.r . . . 10C
Ohio Oii.r.................... 25
Prairie Pipe Line.r___ 100 278
Standard Oil (Calif) .r . 100
Standard Oil (Indiana)rlOC
Standard Otl of N J.r-.IOO
Pfandard Oil of N Y.rlOO
Swan & Finch.r__ ___ IOC

302
730
420
135

Vacuum Oii.r ____ .100
Other Oil Stocks.
Alliance Oil & Ref.r........5
8a
Allied O ii.r___________ 1 1 1-16
Alto Gasoline & Oii.r___ 5 ____
Amalgamated Royalty.r.l
1%
%
ArlUX Oii.r.................... 1
%
AllLobos Oil com .r...(t)
Atlantic Petroleum.r__ 5
4%
Barnett OH A Gas.r........1
3-16
Bell Petroleum.r________
2%
Boone Oii.r___________ 5
8%
Boston-Mex Petrol..........1
Boston-Wyomlng O ii.r..]
75c
Brazos Oil Corp r (no par) 26%
Burknett Van Cleav Oil..5
Can-Araer O A G .r____ 1
%
Central Oil Develop.r..10 2 0 %
Commonwealth Petrol.r(t)
Continental Refining__ 10
Cosden A Co. eom.r___ 6
Cushing Petr Corp com .r.5
Elk Basin Petrol.r.........5
Ertel Oii.r...................... 6
Esmeralda Oil A Gas.r__ 1
Federal Oil Corp.r_____ a
Glenrock Oil Corp. r___50
Guffey-GIllesple Oii.r. (t)

48
11%

5%

5
5-16
2%
4
27%

Hercules Petrol Class A r 10
Horae Oil A Refg . r ___ 10
18
Home Petrol of Denver. 10c 42c
Houston Oil com.r___ 100 150
HudsonOll.r___ ______ l
%
Indlahoma Ref C o.r___ 5
Internat Petrol.r_____ £1
40%
Invincible Oii.r............. 50 46%
Island OH A Transp.r._ 10
7%
Lance Creek Royalties.r.l
%
Livingston Oil Corp.r__ 1
2%
Manhattan Oil.r .(no par)
Margay Oil Corp. r. (no par)
8%
25%
Merritt Oil Corp.r........10
Metropolitan Petroleum.25
2%
Mexlcan-Panuco Oil___ 10 25%
7
Mid States Oil Corp.r.old 1
Midwest Refining.r
.50
Morton Pet of Me.r____ 1 _____
National Oii.r___
.10
5H
North American Oii.r___ 5
6%
Northern Texas Oii.r___ 5
6
Ohlo-Ranger Oii.r........... 1
1
Omar Oil A Gas new.........
12%
Orient Oil A Gas.r..........1
8%
Osage Nation Oil Synd.r.l
1%
Panh Prod A Ref com.(*) 27
14%
Pennok Oii.r______ ___10
Phillips Petrol com.r ..(t )
79%
Plttsb-Toxas O A G .r . . . 6 _____
Producers A Ref.r____ 10
8%
Ranger Oii.r...................l
7-16
Rickard Texas Co.r........5
Ryan Petroleum.r_____ 1
5%
Salt Crk Producers, r __ 26 52%
Salt Creek Cond..........
21
8
Sapulpa Refining.r_____ 6
8 equoyah Oil A Ref____ 1
9-16
Simms Petroleum r(no par' 43
Skelly Oil C o .r ...
10
13%
Southern Oil A Trans, r. 10
South States Cons Corp r 1 1 7-16
Spencer Petrol Corp___ 10
19%
Stanton O ii.r .................1
2%
Star-Tex Pet.r............1 0
14%
9-16
Texana Oil A Ref.r____ 1
Texas Company new. . . . 62
Texas Nat Petrol.r..........1
%
Tex Pac Coal A Oil w 1.. 10 178
Tcxas-Ranger Prod A R ..1
1%
%
Texas 8 tecr Oii.r--------- 1
4%
Tex-Ken Oil Corp.r........5
Texon OH A Land.r____ 1
1%
Trinity OH Corp.r......... 1
1%
United Textbook.r--------1
M
Valverde Oil P rop .r...(t) ____
i%
Victoria Oii.r.................10
8%
Vulcan O ii.r...................5
West States OA L and.r..1
1%
Whelan Oii.r....................
1%
White Eagle Oil A Ref r . t 26%
36%
White Oil Corp-----(no par)
9
Woodburn Oil Corp.r.wl(t)
Wyoming Cons Oii.r___ 1 39c

17%
12 %
57
49
33
81
6%
60
18
3
19%
%
55
3%
4%
7%
58
27
33%
78
4%
22%

4

2%

4%

2%

70

73

29
182
370
278
340
302
730
714
418
125
131
445

30'I
182
375
280
343
302
730
720
424
140
131
450

10 H
8 "
1

2 0 ,8 (H

Range since Jan. 1.
Low.

Fel
5,50 i
Jul)
12,80
40% Jar
Oc
6 ,2 0
49
3,80
25 Jun(
2,50
60% Fet
11.40
8
5
Oct
63 % 1.50C 33% Jar
24,% 11,60
Sept
11
7-16 Jan
3% 20.10C
22.60C 19% Aug
23
2,30
li
% May
56
1 0 ,2 0
55
Oct
4% 8,90
1 % Jan
5% 3,500
2 % Feb
8 % 110,50(
2
Mar
65 111,60
37% Aug
Ocl
29% 16,10
27
43
2,251 32
Oct
90
42% May
60
5% 21,90)
3% May
22%
101
15% Juin
20
29
1 0 ,2 0
17 Sep)
95% Oc)
95% 96% 1,50
98
98
30
65
Jan
93
93
30C 93
Oct
18%
14
65
50
35
84

1,50
5,30(
6 ,0 0

5
i%
y%
A
h
%
%
79
82
3% 4%
% 3-16
2%
2%
9
8%
4
4
73c 75c
24
26%
2%
1%
% 1
2 0 % 22
5
5H
47% 51%
5% 6
10% 11%
3% 5%
9
9
4% 6 %
5-16 7-16
2%
3%
3% 4%
27
28%
10 Yi 12
16% 17
13% 19
32c 42c
150 160
%
12
12 %
33% 40%
44
49%
7% 8 %
%
%
2%
2%
40%
35
9%
8%
25
26%
2%
2%
2 0 % 25%
4% 5%
170 17”
3
2%
5
6
6%
5% 6 %
% 1
12
13%
7% 8 %
1
1%
26
30
97
97
14% 15%
76
81
17
17
8
8%
5-16 %
8
9%
4% 5%
54
52
2 0 % 23
7% 9
%
%
38% 45
12 % U%
7
8
1% 1 7-16
19
20
2%
2%
14
14%
% 9-16
60
66
%
%
174
78
1%
1%
%
%
4% 4%
1%
1%
1%
1%
20
17
%
%
8%
8%
1%
1%
8%
8%
2%
1%
1
1%
26
27
34% 36%
9%
8%
35c 40c

10
6%

4

2%

70

16%
164
315
30 264
3( 292
10 258
5 710
80 668
178 310
140 98
1C 107
22 395

1 2 ,1 0
20
8<

8,400
12
6,800
8%
110,000
1%
3,600
6
1 % 13,900
50)
4,50)
1,625
5,100

6,200
20,100
20,200
1,200

62,500
80)
12,70)
14,200
1,200

S(M)
8.300
70)
13,30)
18,50)
100

14,100
32,200
9,200
9,900
12,000

800

6,200

8,300
37,20)
1,600
6,200

2,000

11,000

59,000
88,70)
5,600
12,300
18,300
80,400
2,750
3,100
3,700
20,000

6,400
13,200
2,000

1 ,0 )0
61,500
9,200
7,300
74,700
1,600
7,500
4,20)
7,700
12,90)
6,80)
96,800
17,40)
29,10)

Oc)
Oct
Oct

6

4%
%

2

3%
18
1014
10
10

300
75
650

Oct
Oct
Oct

12

Oct
Oct
Sept
Sept
Apr
Oct
Sept
Sept
July
Jan
Oct
May
Aug
Sept
July
Oct
May
Oct.
Oct
June
June
Sept
Oct
May
July
Aug
Apr
Apr
Oct
Oct
July
May
Oct
Oct
Apr
Oct
Oct
Oct
Mar
May
July
Oct
Oct
May
Mar
Oct
Oct
May
Apr
Apr

%
1%
7%
2%
%
2%
8

88

4%
5-16
2%
16%
4%
83o
32%
2%
1%
23
5%
Mar 63
Sept *16%
Jan 12%
5
Sept
Jan 11%
Oct 11
Sept 1 1-16
4
Jan
8%
Mar
Aug 30%
12
Mar 23%
Feb 40%
Aug 42c
Jan 167
5%
Feb
12%
Jan 40%
Aug 49%
Jan
9%
Sept
2%
June
4%
Oct 43
Oct
9%
Aug 36
Sept 4 5-16
May 29
May
5%
Jan 190
Mar
5%
Aug
7
Sept
Oct
6 % Oct
Sept
2% May
Oct
Sept 15
Apr
7 % Oct
Sept
2 % May
30
Oct

22

Aug
Aug
Oct
Apr
Oct
July
Mur
Sept
Jan
Oct
Sept
Oct
Oct
Sept
July
June
Aug

Juno
June
Sept
Oct
1% Sept
1
Oct
2 0 % Aug
35% Oct
8 % Oct
35c Sept
6
1%
8

4%
2%
73

86
8

May
May
July
Apr
July
Oct
Oct
July
May

Feb
Aug
Fet)
Aug
Oct
6
Mar
2 % Apr
38

7
7-16
28%
12%
2%
1%
13%
%
13%
Ho
60
3-16
174
%
%
3%
%
1%
15
50c

63 %
28
3%
30%
%
56
4%
5%
8%
66 %
33
46%
90
6%
26
46
96%
98
93

July
July
Mar
Oct
July
July
July
Oct
Oct
July
Aug
Oct
Oct
Oct
Oct
Oct
Oct
Sept
May
Oct
July
July
Sept
Oct
Oct
Oct

Mar 317
350
Jan 319
Sept 820
Apr 798
Jan 440
Feb 140
138
Jan 490

AUg
4% Apr
% July
4% Oct
Aug
1
% Oct
% Oct
73
Sept
2 % Jan
% Aue
2
Oct
Mar
3
4% Sept
Jan
180
Oct
24
Sept
1
% Aug
1 1 % May
37
5%
6%
3%

High.
20%
15%
65%
51%
40%

Jan 30% Oct
Jan 197 May

10

80)
23,400 16%
60,000 30%
15,200
6%
8,500
%
104,80)
1%
7,900 35
34,000
8%
6,600 20
9,100
1%
12,700 1 0 %
3,000
1%
1,050 124
5,50)
1
3,000
2%
13,800
5%
24,900
5%
10 ,0 ) 0
%
11,70)
5%
18,300
1%
11,200
%
15,400 27
3(H)
5,70) 1 1 %
15,000 58
100
8%
9,40)
7
8,800 5-16
46,200
5,80)
2 ,2 0 )
23,400

109

17% Apr
81
Oct
17% Oct
9% June
2% May
24% June
7% May
65% July
23
Oct
9% May
% May
45
Oct
14% Oct
9
Oct
1 7-16 Oct
21
Oct
*2% May
14% Sept
1%» June
66
Oct
1% May
178
Oct
6
June
1% May
6 % Aug
1% Oct
1% Aug
% Aug
10% Sept
6
Apr
13% Aug
10% May
l % Oct
27
Sept
36 % Oct
10% Ana
40c Sept v

THE CHRONICLE

O ct . 25 1919.]
IFre*

Sales
Friday
Last Week's Range for
Sale. of Piices. W e e k .
Price. Low. High. Shares.

ending Oct. 24.

’ar.
Mining Stockv
Alaska H r I t C o l M e ta ls .
America M ines.r.

1
.1
..1
..1
..1
..1

10c
10c
.. 6
-.1
. _5

..1

1A

1?'8
IK

1 3-16 1 9-16
l'A
1 'A
l 1-16 1 3-16

A
42c
45c

A
80c

A

A
v%

3c
39c
2Sc
9-16
6c
78c

4c
48c
51c

A

'A

A
8c
80c

38c

45c
5-16
l)s
13-16
15-16 1 1-16
13
18
7c
8c
1 1-16 l'A
3A
4A
2
2>
1 15-16 2 7-16
4A
4A
1 Vi
VA
2 'A
A
3H
2
2M
17c
20c
12c
13c
5(>c
60c
4c
4 Me
64c
70c
60c
70c
3Mc
4c

73.700
3.700
12,050
3.1(H)
13.800
14.500
34.600
26.700
11.900
4.700
4.000
3.800
21,450

39c'
—i
1 0 ,0 0 0
r .l
7,050
. . 5 111-10
26.150
1
Candalaria Silver.r----- )
8 .0 0 0
10c
18
8 ,0 0 0
..1
8c
Cash B o y .. .
5.000
..5
2.450
r_ .5
4
6,600
M .l
2 'A
97,400
2
Divide Extension.r.
8 .0 0 0
. .. 1
40.750
. .1
34.490
. .. 1
2A
2 ,2 0 0
_5
Gadsden.r . .
10.800
r .5
2A
16.500
20c
15.500
-10c
3,350
Goldfield Florence.r. . . . 1
50c
8.500
. .. 1
32.350
- .1
65c
9,550
...1
4.500
...1
Great Bend.r.
400
A
A
...1
12c
15c
11.900
_ - -l
5 3-16 5M
6,650
.25c
5*^
5-16 7-16 15.700
Imperial Consolidated
5-16 5-16
500
. 10c
5-16
26c
28c
9.000
...1
27c
9c
11c
10,300
..1
10c
11.600
A
4
4
Kerr L a k e ______
4c
5c
8.400
i
Kewanus.r...........
20c
23c 28.750
10c
20c
5-16 A
2 ,2 0 0
...5
6c
2.500
___1
9-16
27.500
Louisiana Cons'd--------------1
A
35c 38.000
32c
35c
MacNamara Crescent.r..l
64c 94.200
58c
60c
MaoNamara M in in g ..r ..l
M 14,100
M
Magma Chlef.r--------------- 1
14
15 M 26.350
Marsh Mining----------------- 1 "
3
3 A 4.200
Mason Valley...................- .5
70c
68c
4.400
McKinley-Darragh-Sav . . I
68c
2.400
Mother Lode ncw.r--------1
7
400
National Tin C o rp .r..-50c
7
30c 2 1 .0 0 0
25c
30c
Nevada Ophir M ln .r..lO c
10
A
1
1
)
7.200
11)1
Nlplsslng Mines--------------6
22c
20c
2,600
Nixon Nevada----------------- 1
3A ■l'A 13.500
Onondago Mines C orp.r.l
1A
1M
3.000
Ophir Silver Mining Co r 1
15c
14c
1 .2 0 0
Rex Consolidated Min— 1
7-16 44,600
Roper Group M Co......... 1
'A 3.800
Rt Croix Cons M ines.r— 1
M
A 5-16 13.200
5 16
Seven Metals M ln .r--------1
1
1
200
Silver Dollar M .r .............. 1
11-16
11.700
Silver King of Arizona...1
20c 2 0 .2 0 0
16c
Silver King Divide.r------ 1
8c 10.450
7c
Silver Pick Cons’d .r ......... 1
8A
9A
5.000
South Am Gold A'Plat r 10
3-16 'A
3,250
Btandard Silver-Lead------ 1
5c
4Mc
5.000
Success......... ............ — - - 1
42c
29c
42.150
38c
Toggery Divide .r ......... 10c
2A
3a
4,120
3
Tonopah Belmont D e v .r .l
7
8A
52.450
7)1
Tonopah Dlvlde.r------ - .1
2 13-16 3
12.500
3
Tonopah Extension--------1
2
3 1-16
6,170
3
Tonopah Mining--------------1
3 15-16 4
8,770
4
United Eastern_________ -1
10c 28,000
9c
9c
U S Continental Mines.r 1
8M
2,400
8A
Unity Gold Mines.............. 5
8
30c
27c
9,500
Victory Dlvlde.r.................1
99c
98c
6,200
Washington Gold Quartz. 1 99c
1A
I A 17,200
West End Consolidated..6
1A
4c
3c
8,800
White Caps Extension.. 10
17c 15,500
14c
White Caps Mining___10c
1M
1,100
lA
White Knob Cop pref.r.10
7Mc 20,500
6c
Wilbert Mining...................1
300
A
Wilson Silver M in es.!___1
A
34c
25c
8,000
Yankee John_____ _______ 1 31c
Bonds—
89
90
139,000
90
Allied Pack conv deb Gs ’29
99
99
170,000
Amer Tel A Tel 6s (new) ’22
99
98)1 98 A 10,000
6 % notes.r_________ 1924
98
98 M 98 A 32,000
Anaconda Cop Min 6s r ’29
98 M
7,000
A
Beth Steel serial 7 s.r. 1922 101 A 1 0 1 «
101)* 101?*
2,000
Serial 7s. r__________ 1923
97 M 98
147,000
Canada Dom o f5 M -r __ 29 "97
95
95 M 20,000
C C C & St Louis 6 s .. 1929
86 'A 87 M 31,000
Copenhagen (City) 5Ms ’44
86 M
1,000
Cudahy Pack 7% notes r’23
101M
83
85
20.000
Frch Gov 4s (per 1,000 fr.)_
105 'A 107 A 25,000
Etch Gov 5s (j>er 1,000 fr.).
100M 100 A 10,000
General Elec 6% notes 1919
G B A I (Un Kingdom of)
179,000
96 A 96
Conv g 5M s.............. 1929
96)
98
98
175,000
Conv g 5 Ms...............1922
98
72
77
170,000
Interboro R T 7s_____ 1921
72
99
5,000
99
Kan C Term Ry 6 s ...1923
99)
Laclede Gas Lt coll 7s. 1929
99 M 99-H 2,000
96 H 96)j
1,<KX)
Phlla Elec 6 s .r ________
46
48
40,000
Russian Govt 6M s.r._1919
47
2,000
5 M 8 .r ........................1921
47M
96 A 96 A
5,000
Southern Ity 6% notes 1921
98
97
83,000
Swedish Govt GsJ’ne 15 ’39
62,000
93M 94
Swltzerl’d, Govt of, 5Ms’29

Caledonia Mining.

\i
1

4v,

-

3

..10

3,-0

3

% 5c

15'A

'A
Y%
A

Rangesince Jan. 1.
Low.
High.
31c May
I
May
M May
Mar
July
2 Mo Oct
30c Sept
22c Aug
Mar
42c Sept
6c
Feb
May
27c
Jan
’ s Aug
1 9-16 Sept
52c
Jan
II
Aug
5c
Feb
1
Feb
2M Oct
1
Sept
1
Sept
1
Mar
1
Aug
June
3
Feb
2
Oct
11c July
lie July
35c Mar
3Mc Aug
35c
Aug
60c
Oct
2 Me Aug
41o
Jan
lie June
4 1-16 Jan
5 16 Oct
Sept
25c Sept
9c Sept
Oct
2Mc July
15c June
15c
Apr
5c
Feb
11-16 Apr
24c June
34c Mar
22c
Feb
3c
Feb
2
Apr
45c
Jan
3 He Mar
M Mar
15c
Apr
8
Jan
17c
Apr
3
Jan
1
Oct
9c June
3-16 Oct
Oct
Aug
Sept
13-32 Feb
12c Sept
4c
Apr
8
Sept
M Jan
4c
Jan
29c
Oct
2 9-16 Jan
5
Aug
Jan
2
Jan

'A

'A

A

191

H

101A

A

A

A

A

A
A

A

A
A

•A
A

A
A
A

3A

A

A

H
A
A
A

1H
A

Jan
4 ,4 Mar
24c
Aug
71c
Apr
1
Mar
2c
Jan
10 c
Jan
1.4 Jan
5c
Jan
Aug
4
24c
Oct
60

88
Oct
99
Oct
9 8 4 Oct
9 7 4 Feb
101
Jan
1004 Jan
9 0 4 Aug
94
Aug
S
Oct1
101
Sept
S3
Oct
104
Oct
100
Mar

64

964
98
72
994
99
954
34 4
37
96
974
934

Oct
Oct
Oci
Oct
July
Fct)
Sept
Sept
Aug
Aug
Sept

e w

Y

o r k

C

i t y

A

A

M

2A
4

ug
4H AApr
47c

6M June
7-16 Oct
Jan
53c
44c
Feb
16c Mar
May
6
Sc
Jan
37c July
Oct
A
30c Mar
A Oct
49c July
1M May
A May
15 mc Oct
4M July
75c Sept
5McSept
Sept
50c May
15
May
48c
Jan
Oct
4 )i
Oct
1A
23c July
1 M Aug
1
Aug
July
1H June
1
May
37c Mar
14c
Apr
14 M June
May
7c
Jan
42c
Oct
4
May
•12
Aug
May
4M May
5
Mar

A
A

As

3A
A

19o M a y

Oct
94
53c June
99c
Oct
3

M ay

7c
35c
14
134c

Apr
Apr
Jan
Aug

14

June

50c

Sept

94

Sept
Oct
May
May
May
May
Oct
Aug
Aug
Aug
Ott
Oct
May

994
1004
100
1024
1024
984
98
934
no

88
10 9 4
1004
964
98
92 4

101
101
964
72
65
994
1004
964

N

e w

Y

o r k

x
k

C U R R E N T

v

C

i t y

a n d

T r u s t

C

o m

R

e a l t y

a n d

S u r e t y

C

o m

p a n i e s .

p a n i e s .

Q

u o t a t i o n s

f o r

S u n d r y

S e c u r i t i e s

All bond prices are “ and In terest" except where marked
Standard Oil Stock*

Shar
Bid Ask

29
294
1500 1550
•3’
37
108 JO
Borne-Scrymser C o.. — 100 470 190
98
Buckeye Pipe LIdo C o— 50 •95
Chesebrough Mfg new — 100 305 J15
Continental Oil__________ 100 595 615
37
Crescent Pipe Line Co___60'
165 175
Cumberland Pipe Line___100j 165
Eureka Pipe Line Co____100 160 164
Galena-Signal Oil com— 100 96 100
Preferred old__________ 100 107 112
104 108
Preferred new______
Illinois pipe Line________100 ISO 185
*97
99
Indiana Pipe Line Co------ 60
International Petroleum. £1 *394 404
37
National Transit Co___12.50 •36
New York Transit Co___100 178 183
Northern Pipe Line C o. 100 105 110
•367 3/3
86
Penn-Mex Fuel Co______ 25! •84
Prairie Oil A Gas________100 715 725
Prairie Pipe Line________100 278 282
Solar Refining___________ 100 380 400
Southern Pipe Line C o .. 100 163 167
South Penn Oil.................. 100 340 345
Southwest Pa Pipe Lines. 100 98
Standard Oil (California). 100 300 305
Standard Oil (Indiana).. 100 770 780
Standard Oil (Kansas)...1 0 0 580 600
Standard Oil (Kentucky) 100 475 485
Standard Oil (Nebraska) .100 515 530
Standard Oil of New Jer.100 717 722
Preferred______________100 113 11312
Standard Oil of New Y ’k.100 417 420
Standard Oil (Ohio)......... 100 525 540
Swan * Finch........... .........100 115 130
Union Tank Car Co____100 130 132
Vacuum OH______ - ______100 445 455
45
Washington Oil_____ _— - 10 •40

Anglo-American Oil new. ill

•34

101

Per S

hare.
Ordnance Stocks—
Aetna Explosives pref— 100 63
Atlas Powdor common___100 145
Preferred______________100 93
Babcock A Wilcox______ .100
Bliss (E W ) Co common. 60 •420
Preferred_______________50 • 60
Canada Fdys A Forgings.100 170
Carbon Steel common— 100 114
1st preferred__________ 100 98
6S
Colt's Patent Fire Arms
*62
M fg............ ..................... 26
duPont (E I) de Nemours
A Co common____ - — 100 350
86
87
25
Preferred______________100 67
Hercules Powder com— 100 218
Preferred______________100 106
Nlles-Bement-Pond com. 100 116
Preferred______________100 95
250
8covill Manufacturing— 100 400
*30
400
95
61
2nd preferred
52
Woodward Iron.
80
Preferred____

120

Public Utilities
Preferred.

67
149
96
123
450
75
185
117
105
75
65
360
92
92
30
71

222
no
120
100
270
415

35

“t.'

—PtrCl Basis.

R R . Equipments
Baltimore A Ohio 4 Ms____
Buff Rocb A Pittsburgh 4M<
Equipment 4s___________
Equipment 6 s ___________
Canadian Pacific 4 Ms_____
Caro Clinchfleld A Ohio 5s.
Central of Georgia 4 Ms____
Chesapeake A Ohio________
Equipment 5s____________
Chicago A Alton 4M s______
Equipment 5s____________
Chicago A Eastern 111 5 M b..
Chic Ind A Loulsv 4 Ms_____
Chlo St Louis A N O 5s.........
Chicago A N W 4 Ms.............
Chicago R I A Pao 4MB_____
Equipment 5s____________
Colorado A Southern 5s___
Erie 6s..... ..................................
Equipment 4M s__________
Hocking Valley 41*8_______
Equipment 5s____________
Illinois Central 6s__________
Equipment 4M s_________
Kanawha A Michigan 4MB-Louisville A Nashville 5 s ...
Michigan Central 5s_______
Equipment 6s..... .................
Minn St P A S 8 M 4 Mb____
Missouri Kansas A Texas 5s.
Missouri Pacific 5s__________
Mobile A Ohio 6s....................
Equipment 4 M 8 -. ______
New York Central Lines 5 s ..
Equipment 4 Ms......... ........
N Y Central R R 4 4 s ______
N Y Ontario A West 4 M s ...
Norfolk A Western 4 M b____
Pennsylvania RR 4 M b_____
Equipment 4s____________
St Louis Iron M t A Sou 5b. .
St Louis A San Francisco 5s.
Seaboard Air Line 5s_______
Equipment 4 M b. . ............
Southern Pacific Co 4 M b. . .
Southern Railway 4M «_____
Equipment 5s__________ _
Toledo A Ohio Central 4b___

5.85
6.80
6.SO
6.80
6.00
6 50
6 50
5.87
5.87
7.00
7.00
7.25
6.25
5.85
5.60
6.50
6.50
6.50
6.50
6.50
6.25
6.25
5.60
5.60
6.25!
6.65!
5.87
5.87
5.85
7.00
6.75
6.25
6.25,
5.85
5.85
5.95
6.25
6.60
6.55
5.55
7.00;
7.00|
6 50,
6.50!
6.75|
6.12
6.121
6.50

5.55
6.50
6.50
6 50
5 65
5 75
6 00

5.50
5.50
6 .0 0
6 00

6.50
5.87
5.40
6.30
5.75
5.75
6 .0 0
6 .0 0
6 .0 0

5.70
5.70
5 35
6.35
5.65
6.65­
5.35
6 .0 0
6 .0 0

5.70
6.70
5.60
5.60
6.70
6.75
5.30*
5.20
6 .2 0

5.75

Tobacco Stock* — P*r 8h are.

Par

Bid. Ask.

American Cigar common. 100 13S
86
Preferred______________100
Amer Machine A F d ry ..l0 0 110
Brltish-Amer Tobao o r d ..£ l •264
Ordinary, bearer______ £1 *27
Conley Foil_____________ ICO 215
Johnson Tin Foil A M et. 100 112
MacAndrews A Forbes.. 1001 162
97
Preferred_____ _____ ..1 0 0
Reynolds (R J) Tobacco.100 520
B common stock______ 100 495
Preferred______________100 113
99
A dividend scrip__________
99
B dividend scrip__________
Young (J S) Co.................. 100 130
98
Preferred_____________ 100

141
90
130
274

2712-

170

116
105
105
140
110

450
98
64
56
....

SLort Term Notes — PtT Ceml.
Am Cot Oil 6s 1924..M A S 2 984
Amer Tel A Tel 6s 1924.FAA 9841
6% notes 1922............A&O
984
Anaconda Cop Min ’29.J&J
9 84
•1294 131
Canadian Pac 6s 1924 .MAS 2 9S4
*40
404 Del A Hudson 5s 1 9 2 0 ..FAA
994
221 225
Fed Sugar Rfg 6s 1 9 2 0 ..JAJ
994
96
94
General Elec 6s 1920____ JAJ 1004 10012
55
564
6% notes (2-yr) 1919 JAD
994 lOOig
74
72
Great North 5s 1 9 2 0 ..-M A S
994 9 94
K C Term Ry 4Ms 1921.JAJ
9 6 4 98
30
20
6s Nov 15 1 9 2 3 ..M AN 15 994 1 0 0
36
38
LiggettAMyersTob6s’21JAD
994 1004
462 466
N Y Cent 6s 1 920 ..M A S 15 994 1 0 0 lg
764 76^2 Penn Co 4M s 1921..J A D 15 974 98
15
Pub Ser Corp NJ 7s ’22.MA6
914 93
Sloss-Shef S A I 6s ’ 2 9 .FAA
954 9534
23
Southern Ry 6s 1923___MAE
964 964
51
48
8wlftACo 6s 1921___FAA 15
994 lOO's.
95
<192
89
Utah Sec Corp 6s '22.MAS 15
88
11
8
44
47
86
83
12
10
Industrial
and Miscellaneous
494
763*
American B rass_________100 231 235
22
*<120
American Chicle com____ 10C
9S 1 0 2
64
60
Preferred................ ........ 10C
82
88
63
66
American Hardware_____ 100 155 158
92
90
Amer Typefounders com. 10C
47
50
57
53
Preferred_____________ 10C
93
88
74
70
Borden's Cond Milk com .100 109 11 2
90
88
Preferred______________100
99
96
12
10
Celluloid Company
100 138 145
56
52
s4
Havana Tobacco Co____ 100
8
Preferred_________ ____ 100 slo
16
____ 46
1st g 6s June 1 1622..J -D /54
92
90
Intercontinen Rubb com. 100 22 '2 3 4
102 - ___ Internat Banking Co____100 160
*32
324 International Salt..............
55 '58*
*414 424 I 1st gold 6s 1951............A-O
72M
71
43j jInternational Silver prel.100
34
95
92
____ 1 H2 Lehigh Valley Coal Sales. 50 •90
91
____
145
____
99
96
190 192
45
42
4U
Singer Mfg L t d __________£1
71
73
Texas Pac Coal A Oil____ 100 1700 1800*
24 [W'hougeChurehKerrACo 100
23
60
50
76 1 Preferred_______ _____ 1(K
74
82

10

20
97 100
21

Oct
Oct
Feb
June
Mar
Mar
Feb
Feb
Mar
June
July

2

N O T I C E S

— Carl I f. Pforzhcimer & C o ., 25 Broad S t., N . Y ., who specialize in
oil stocks, have issued a circular containing inform ation on the stock o f the
A tlantic Lobos Oil C o ., which they believe is an attractive purchase at
present prices.
— T he C orporation Trust C o. has been appointed transfer agent for the
Fulton Shoals C oal C o. and tho Salt Creek Consolidated Oil C o .; also
appointed registrar o f the stock o f the H ow e R ubber C o . and the M aibohm
M otors C o .
— American Trust C o . has been appointed transfer’ agent for Preferred
and C om m on stocks am ounting to §1,400,000 for M cSherry M fg . C o .,
manufacturers o f farm m achinery and grain drills, Springfield, 111.
— Hem phill, N oyes & C o ., members N ew Y ork Stock Exchange, an­
nounce tho opening o f a Baltim ore office at 634 E quitable Building under
the m anagem ent o f R ow land M organ.
— T he Lincoln Trust C o . has been appointed registrar for the capital
stock » f 90,000 shares issued b y the General Phonograph C o .




a n k s

For statements usually given here see page 1589.

• Odd lots, t No par value. < Listed as a prospect. 1 Listed on the Stock
Exchange this week, where additional transactions will be found. 0 New stock,
r Unlisted, t When issued,
Ex-dividend,
Ex-rights.
Ex-stock dividend.
X Dollars per 1,000 lire. flat,
Correction.

v

B

For statem ents usually given here see page 1589.

2
June
1M June

1 9-16 Feb
Mar
1M May
6 Mo Mar
84c July
51
Oct
15-16 Jan
36C
Apr
93c July
Oct
45c Sept
M
Jan
2 >i Feb
2 3-16 June
15 Aug
15MC Mar
1 9 16 J n
4
Oct
5 m Ja
3M July
5M May
May
2 M Oct
6M Feb
a May
24c
Jan
24c
Jan
75c Mar
8c Mar
Apr
1H
July
1
6C
Jan

A

N

1605

Republlo Ry A Light—
Preferred____________

11

100

d3U

b

• Per share,
Basis, d Purchaser also pays accrued dividend, s New stock
/ Flat price, n Nominal. * Ex-dividend.
Ex-rigbts.
(t) Without par value

v

THE CHRONICLE

1606

\nwz$tmmt
r

[V o l . 109.

ami |£ailtmcl In U llig z n tt.

RAILROAD GROSS EARNINGS

T h e follow ing table shows the gross earnings of various S T E A M roads from w hich regular weekly or m onthly returns
<?an be obtain ed . T h e first two columns of figures give the gross earnings for the latest week or m onth, and the last two
colum ns the earnings for the period from Jan. 1 to and including the latest week or m on th . The returns of the electric railways

are

brought together separately on a subsequent page._____________
L a te st G ross E a r n in g s .
W e s tfc o r
M o n th .

C u rren t
Y ear.

P rev io u s
Y ear.

Jan. 1

"

to L a te st D u e .

C u rren t
Y ea r.

P rev io u s
Y ea r.

$
A la b a m a & V ic k s b . A u g u s t
213.60S 213.537 1,809.9511 1.518,520
A n n A r b o r ____
2d w k O ct
95,536
73,925 3,3 40,933; 2,655,384
A t c h T o p e k a Sc S F e A u g u s t
15673078 15161214 10892354 41102780780
G u lf C o lo & S F e . A u g u s t
2.126,609 1,617,091 12,723,579 12.090.288
P a n h a n d le & S F e A u g u s t
691,693 530.198 3,749.806 3 . 8 8 0 , 6 9 . 3
A t l a n t a B i r m Sc A t l . A u g u s t
403,484 420.372 3.255.676 2 , 8 4 3 . 6 8 0
A tla n ta & W e s t P t . A u g u s t
228.576 213.122 1,779,545 1 , 5 3 8 . 4 6 4
A t l a n t i c C i t y _________ A u g u s t
717.180 708.092 3,213.774 3 . 6 8 6 . 2 7 1
A tla n tic C o a s t L in e . A u g u s t
4,050,710 5.441,023 41.522.311 3 6 , 6 1 5 , 3 9 5
B a lt im o r e & O h i o .. A u g u s t
17821467 19559118 113901884 1 0 6 2 2 5 1 9 3
B & O C h T e r m .. A u gu st
191,223 187,928 1,201.013 1 , 1 9 9 . 1 5 9
B a n g or & A roostook A u gu st
311.114 430,640 3 . 2 7 1 , 9 7 0 3 , 0 3 7 , 8 4 1
B e lle fo n t e C e n t r a l.. S e p te m b e r
11.033
74,755
7,339
6 5 ,0 3 8
B e lt K y o f C h ic a g o . A u g u s t
375,874 395,026 2,319.103 2 . 6 0 4 . 7 6 2
B essem er & L E r ie .. A u gu st
1,519,337 1,589,825 8,641,402 8 . 2 9 7 , 3 4 1
B i n g h a m & G a r f i e l d July
669.221 1 .9 5 3 . 7 6 1
85.925 360.848
B ir m in g h a m S o u th - A u g u s t
42,661 128.713
390,114 1 . 0 4 9 , 8 1 0
B o s t o n & M a i n e ____ A u g u s t
6,746.511 7.613.677 45.310.558 4 4 , 6 5 8 , 2 7 6
B u ff R o c h & P itts b . 2 d w k O ct
313,669 398,991 1 1 , 1 9 8 , 3 5 9 1 5 , 1 3 2 , 5 6 8
B u f f a l o Sc S u s c i . ____ A u g u s t
213,934 220,907 1 , 4 7 5 . 0 3 1 1 , 5 9 4 , 9 6 5
C a n a d i a n N a t R y s . 2 d w k O c t 1,974,750 1,715,665 6 8 , 6 4 6 , 1 6 8 6 0 , 0 2 3 , 6 9 7
C a n P a c L in e s in A le A u g u s t
159.1361 138.451 1 . 8 6 2 . 5 2 5 ! 1 . 5 8 5 . 5 3 9
C a n a d i a n P a c i f i c ____ 2 d w k O c t 4,029,000 3,521,090 1 2 9 1 7 0 0 9 0 , 1 1 1 5 1 2 0 0 0
C a r o C lin c h & O h io . A u g u s t
513,170 4 6 6 , 7 5 5 3 . 8 1 9 , 3 6 5 2 , 9 3 5 , 1 0 1
C e n t r a l o f G e o r g i a . . A u _g u s t
1,847,237 1 . 8 3 8 , 0 6 5 1 3 , 8 8 2 , 0 2 0 1 1 3 , 2 0 4 , 5 8 1
C e n t r a l R R o f N J . . .A u g u s t
4,214,641 4,913.656 28.764.109 2 8 , 8 4 2 ,1 1 9
C e n t N e w E n g la n d . [A u g u s t
5 2 8 ,1 4 5
612.572 4 . 1 7 9 . 8 7 6 4 , 0 0 4 , 8 4 4
C e n t r a l V e r m o n t ____j A u g u s t
517,568 457.970 3,680,136 3 , 2 5 8 , 9 8 1
C h a r l e s t o n A: W C a r A u g u s t
233,809 237.377 1.932,817 1 . 7 9 2 , 6 0 6
C h e s & O h io L in e s . . A u g u s t
5,683,518 7,546,976 47.126.901 4 4 , 5 6 0 , 7 8 9
C h i c a g o Sc A l t o n ____ A u g u s t
1.974.805 2,752.476 16,276.672 1 5 , 2 3 4 , 0 9 4
C h ic B u rl & Q u in c y A u g u s t
15163627 1 459219 4 96,717,098 9 0 , 0 1 5 , 5 0 8
C h i c a s o & E a s t 1 1 1 .. A u g u s t
2,244,754 2.841,803 15,909,698 1 6 , 6 9 1 . 9 9 2
C h ic a g o G r e a t W e s t A u g u st
2,234,316 2.092.818 13,903,946 1 2 . 2 1 6 , 1 3 8
C h ic I n d & L o u is v .. A u g u s t
1.170,604 1.199.781 7,827,003 6 , 8 6 0 , 8 6 1
C h ic a g o J u n c t io n .. A u g u s t
354.213 325.474 2,368,090 2 , 1 8 4 , 3 0 1
C h ic M ilw & S t P a u l A u g u s t
13414256 13502610 95,125,159 8 2 , 1 9 0 , 8 3 3
C h ic & N o r th W e s t. A u g u s t
11736338 1 3 3 3 41 4 7 1 8 7 ,6 0 8 ,2 5 9 7 8 , 0 8 2 , 1 3 2
C h ic P e o r ia & S t L . A u g u s t
134,440 2 2 1 . 7 5 4 ) 1 . 0 2 9 . 6 1 1 1 . 4 5 6 , 2 6 7
C h ic R I & P a c if i c .. A u g u st
1008397.3 1 0 1 5 4 7 9 6 6 9 . 0 1 9 , 1 0 1 6 2 . 8 6 1 , 4 6 2
C h ic R I & G u l f . . A u g u s t
413,482 417,350 2,964,579 2 , 8 6 5 , 2 6 4
C h ic S t P M & O m . A u g u s t
2.231.43.3 2,367,356 17.223.825 1 5 , 3 3 2 , 7 0 0
C h ic T e r r e II & S E . A u g u s t
.397,925 557,255 2,58 4,415 3 . 1 0 5 . 8 9 9
C in e I n d & W e s te r n A u g u s t
321,655 311.295 1,959,512 2 , 0 2 7 , 5 0 0
C in N O & T e x P a c . A u g u s t
1,197.136 1,761,507 10,669.226 9 , 8 1 9 . 0 4 4
C o l o Sc S o u t h e r n ____! 2 d w k O c t
502,962 480,118 19,464,467 1 6 .3 3 3 , 6 0 1
F t W Sc D e n C i t y . A u g u s t
1.012,623 722,018 6.980,027 4 , 8 1 9 , 9 4 9
T r i n & B r a z o s V 'al A u g u s t
90.446
809.655
12.3,632
7 2 8 .3 7 3
C o l o & W y o m i n g ____ A u g u s t
745,297
91,879 117,756
7 5 1 ,9 8 8
C u b a R a i l r o a d _______ A u g u s t
976,50 4 1,017,027 9,246,681 9,186,710
D e l a w a r e Sc H u d s o n A u g u s t
3,360,810 3,821,7:56 22,558,368 2 2 . 3 1 3 . 6 5 5
D e l L a c k & W e s t ____ A u g u s t
6,256,837 6.900,082 46,761,203 4 3 ,1 9 5 .6 5 1
D e n v Sc R i o G r a n d e A u g u s t
3,105,753 3,096,024 20,045.011 1 9 . 0 6 1 , 4 9 7
D e n v e r Sc S a l t L a k e , A
a uuKg uu.-.
s t.
295.296 2.37.143 1,795.205 1 , 3 7 4 . 9 3 1
D e t r o i t Sc M a c k i n a c j A u g u s t
153,173 159,081 1.034,379 1 , 0 1 6 , 0 6 2
D e t T o l Sc I r o n t o n . . A u g u s t
348.831 426,068 2,378,809 2 , 0 1 2 . 4 0 2
D e t & T o l S h o r e L . .1 A u g u s t
219.S99 166.554 1,550,571 1 . 2 6 9 . 3 1 6
D u l Sc I r o n R a n g e . . A u g u s t
1 . 0 2 9 ) 5 3 9 ! 1 . 5 6 L 6 40 5,688,112 6 , 0 6 1 , 0 2 5
D u l M i s s a b o Sc N o r . |A u g u s t
1,858,609 3,757.830 13,501.525 1 3 , 3 2 7 , 6 1 5
D u l S o u S h o r e Sc A t l 2 d w k O c t
113,254
9.8,306 3,718,113 3 , 7 5 9 , 4 9 5
D u l u t h W i n n Sc P a c J u l y
148.679 128.105 1.113.163
9 7 7 .0 3 3
E a s t S t L o u is C o n n A u g u s t
121,239 1.32,836
797.795
723,324
E lg in J o lie t & E a s t - A u g u s t
1,323,037 2.07.3,583 13,276, 499 1 2 . 2 3 3 , 1 9 5
E l P aso & So W e st. A ugust
1.001.062 1,262.875 8,136,649 9 . 8 4 4 , 8 6 5
E r i e R a i l r o a d _________ A u g u s t
8---------------------------. 7 1 6 , 3 7 3 9 , 8 1 8 , 5 1 7 58.446.831 5 3 , 8 5 7 , 1 1 5
6,717.796 6 , 6 4 3 , 2 0 6
C h ic a g o & E r i e .. A u g u s t
9 0 9 ,9 5 0 1 .0 9 3 ,3 0 6
6,743,664 6 , 2 1 4 , 1 4 9
F lo r id a E a s t C o a s t . A u g u s t
6 4 9 ,4 0 0
5 9 5 ,6 0 7
F o n d a J o h n s & G lo v A u g u st
126,991 109,738
830,482
726.689
F t S m ith & W e s t e r n A u g u s t
139,188 114,806
973.304
8 1 0 ,6 8 8
G a l v e s t o n W h a r f ____ A u g u s t
72.539
51,705
556,582
7 1 7 ,6 1 2
G e o r g ia R a ilr o a d ..
A u gust
452,677 569,708 3.891.876 3 . 9 4 6 , 9 4 7
A ugust
G e o r g i a Sc F l o r i d a .
81,542
84.696
639,074
6 4 7 ,0 5 8
G r d T r k L in N e w E A u g u s t
171,512 155.592 2,455.738 1 . 3 1 6 . 9 0 0
--------------G r a n d T r u n k S y s t . . 2 d w k O c t 1,619,110
1,433,788 52,182,461 4 4 , 3 6 0 . 5 5 8
• G rd T ru n k W est- A u gu st
2.06 4,22 4 1,649,552 14,175,304 1 1 . 4 9 9 , 6 1 8
G r e a t N o r th S y ste m A u g u st
8,659,020 9,087,418 66,157,951 5 7 , 5 9 8 , 9 0 8
G u lf M o b ile & N o r . A u g u s t
W 228,296 1,751.938 1 , 5 4 6 , 8 5 5
256,559|
G u l f Sc S h i p I s l a n d . A u g u s t
223.491 258)667 1,591,584 1 , 7 4 8 , 4 8 7
H o c k i n g V a l l e y _____ A u g u s t
1.349,661 1,606,675 7,199,903 8 , 3 3 2 , 7 6 5
I l l i n o i s C e n t r a l _____ A u g u s t
9.675.739 102 46823 69.055,672 6 8 , 4 2 2 , 0 5 5
In te m a t & G rt N o r . A u gust
1,152.181 1,172,264 9,082.135 8 , 4 4 9 , 3 8 5
K a n C ity M e x & O r A u g u st
8 0 5 ,3 2 1
148,934 118,827
832,205
K C M ex & O o f T ex A ugust
7 7 2 ,6 0 8
112,385
97,147
697,664
K a n s a s C ity S o u th . A u g u st
1,321,801 1,226,966 9,564.996 9 , 5 6 1 . 8 4 1
T e x a r k Sc F t 9 m . . A u g u s t
7 9 0 .3 5 5
132,487 108,998
924,633
K a n sa s C ity T e r m .
A u gust
8 0 4 ,9 7 0
132,709 113,720
881.399
L e h i g h Sc H u d R i v e r A u g u s t
250,948 237,030 1,670,261 1 , 5 2 1 . 3 1 9
L e h i g h Sc N e w E n g . A u g u s t
446,808 607,294 2,351,045 2 , 8 3 1 , 0 7 1
L e h i g h V a l l e y _______ A u g u s t
6.036.877 7,051.975 41.093.755 4 0 , 9 7 7 , 9 6 0
L o s A n g & S a lt L a k e A u g u s t
1.331,819 1,309,733 11,031,122 9 , 1 9 6 , 8 7 4
L o u is ia n a & A r k a n . A u g u s t
160.636 145,428 1,355.384 1 , 1 2 7 . 2 5 9
L o u is ia n a R y & N a v A u g u s t
304,262 317,031 2.284.129 1 . 9 8 4 . 7 1 2
L o u i s v i l l e Sc N a s h v . A u g u s t
9,392,578 108736S6 68,746.669 6 3 , 3 7 7 , 2 0 2
L o u i s v H e n d Sc S t L A u g u s t
232.541 270,708 1.900.522 1 . 7 6 0 . 7 1 2
M a i n e C e n t r a l _______ A u g u s t
1,570.275 1.72S.257 11,249.297 1 0 , 4 8 1 , 2 5 8
M i d l a n d V a l l e y _____ A u g u s t
349.364 302,847 2.538,208 2 . 1 9 4 , 2 4 2
9 0 3 .6 8 1
M i n e r a l R a n g e ............. 2 d w k O c t
14,241
22,902
605.3 45
M i n n e a p Sc S t L o u i s A u g u s t
1.169.878 1,127,1 44 8,320,563 7 , 4 8 1 , 4 1 9
M in n S t P & S S M . A u g u s t
3,638.153 3.529.864 26,493.728 2 0 , 3 7 6 , 4 5 1
8 4 8 ,0 2 5
M is s is s ip p i C e n t r a l. A u g u s t
85,0731 129,081
663,589
M i s s o u r i K a n Sc T e x A u g u s t
3.224,549 3,175,056 21,801.5 49 2 0 , 3 0 7 , 2 8 3
M o K & T R y o f T ex A u gu st
2,290.968 1,769,620 15,688.182 1 2 , 2 9 4 . 4 6 4
9 6 3 .9 9 4
M o & N orth A rk a n . A u gu st
147,033 154,9531
985.190
M o O k l a & G u l f _____ A u g u s t
139,804 158,6871
880,997 1 . 1 8 8 . 8 0 4
M i s s o u r i P a c i f i c _____ A u g u s t
8,608,823 8,507.546!58.390,072 5 6 . 3 3 4 . 0 0 1

L a te st G ro s s E a r n in g s .
ROADS.

C u rren t
Y ea r.

W eek or
M on th .

Jan. 1

P r e c io u s
Y ear.

to L a ' e s l D a t ?

C u rren t
Y ear.

P rev io u s
Y ear.
~ 5

M o n o n g a h e l a _________A u g u s t
M o n o n g a h e la C o n n . A u g u st
M o n t o u r _______________ A u g u s t
N a s h v C h a t t Sc S t L A u g u s t
N e v a d a -C a l-O r e g o n 2d w k O ct
N e v a d a N o r t h e r n .. A u g u s t
N e w b u r g h Sc S o n S h A u g u s t
N e w O rl G re a t N o r . A u g u s t
N e w O rl & N o r E a s t A u g u s t
N O T e x a s Sc M e x . . A u g u s t
B eaum 3 L 4 W . . A u gu st
St L B row n s & M A u gu st
N e w Y o r k C e n t r a l.. A u g u st
In d H a rb o r B lt .lA u g u s t
L a k e E r ie & W e s t A u g u s t
M ic h ig a n C e n tr a l. A u g u s t
C l e v C C Sc S t L . . A u g u s t
C n c in n a t ' N o r th . A u g u st
P it t s & L a k e E r ie . A u g u s t
T o l Sc O h i o C e n t . A u g u s t
K a n a w h a Sc M i c h A u g u s t
N Y C h i c Sc St, L o u i s A u g u s t
N Y N 1 I 4 fla r t f.. A u gu st
N Y O u t & W e ste rn A u g u s t
N Y S u s q Sc W e s t A u g u s t
N o r f o l k Sc W e s t : : r n . A u g u s t
N o r fo lk S o u t h e r n .. A u g u st
N o r th e r n A la b a m a . A u g u s t
N o r t h e r n P a c i f i c ____ A u g u s t
M i n n Sc I n t e r n a t . A u g u s t
N o r t h w e s t e r n P a c ific A u g u s t
P a c i f i c C o a s t ________ A u g u s t
P e n n s y lv a n ia R R . _ A u g u s t
B a lt C h e s & A t l . . A u g u s t
C i n e L e b Sc N o r t h A u g u s t
C u m b e r la n d V a il. A u g u s t
L o n g I s l a n d _______ A u g u s t
M a r y D l4 & V a . . A u g u s t
N Y P h ila & N o r . A u g u s t
T o l P eor & W est. A u gu st
W J e r s e y & S e a sii A u g u » t
P e n n s y l v a n i a C o ___ V u g u s t
G r a n d R a p Sc I n d A u g u s t
A u gu st
P i t t s C C Sc S t L
P e o r i a Sc P e k i n U n
A u gu st
P a r e M a r q u e t t e _____ A u g u s t
P e r k io m e n
_______ A u g u s t
P h ila B o th & N E . _ A u g u s t
P h i l a & R e a d i n g ____ A u g u s t
P it t s b & S h a w m u t .. A u g u s t
P itts b & W e s t V a ._ A u g u s t
P i t t s S h a w Sc N o r t h A u g u s t
P o r t R e a d i n g ________ A u g u s t
Q u in c y O n & K C . . A u g u s t
R ic h F r e d & P o t o m . A u g u s t
W a sh S o u t h e r n .. A u g u st
R u t l a n d _____________
A ugust
S t J o s Sc G r a n d I s l ’ d A u g u s t
S t L o u ls -S a n F r a n .. A u g u s t
F t W & R io G r a n . A u g u s t
S t L -S F o f T e x a s A u g u s t
S t L o u is S o u t h w e s t . A u g u s t
St L S W o f T exas A ugust
S t L o u is T r a n s f e r .. A u g u s t
S a n A n t Sc A r a n P a s s A u g u s t
S e a b o a r d A ir L i n e . . A u g u s t
S o u t h B u f f a l o _______ A u g u s t
S o u t h e r n P a c i f i c ____ A u g u s t
A r iz o n a E a s te rn . A u g u s t
G a lv H a r r is & S A A u g u s t
H o u s Sc T e x C e n t . A u g u s t
H ou s E & W T e x . A u gust
L o u is ia n a W e s te r n A u g u s t
M org L a & T exas A u gu st
T e x a s Sc N o . v O r l . A u g u s t
S o u th e rn R a ilw a y .. A u gu st
A la G r e a t S o u t h . A u g u s t
M o b i l e & O h i o ____ A u g u s t
G e o r g i a S o u Sc F l a A u g u s t
S o u t h R y .n M i s s . A u g u s t
S p o k a n e I n t e r n a t .. A u g u s t
S p o k P o r t l & S e a ttle A u g u s t
S ta to n Isla n d R T _ _ A u g u st
T e n n A la & G e o r g ia 2 d w k O c t
T o n n e sse o C e n t r a l.. A u g u st
T e rm R R A s s n o fS tL A u g u st
S t L M e r B r id g e T A u g u s t
T e x a s & P a c i f i c _____ 4 t h w k S e p t
T o l e d o S t L Sc W e s t . A u g u s t
U lste r & D e la w a r e .. A u g u s t
U n i o n P a c i f i c ------------- A u g u s t
O r o g o n S h o r t L in e A u g u s t
O r e - W a s h R R Sc N A u g u s t
U n io n R R ( P e n n ) . . A u g u s t
U t a h ____________________ J u l y
V ic k s S h r e v e & P a c . A u g u s t
V i r g i n i a n R R _______ _ A u g u s t
W a b a s h R R ................... A u g u s t
W e ste rn M a r y la n d . A u g u st
W e s t e r n P a c i f i c _____ A u g u s t
W estern R y o f A la .. A u g u st
W h e e l Sc L a k e E r i e . A u g u s t
W i c h i t a F a l l s Sc N W A u g u s t
Y a z o o Sc M i s s V a l l e y A u g u s t

2.312,678 1,961,905
1,133,292 1,545.961
831,538
839,513
12.517,503 13,438,395
223,005
2 44,453
8,770
6,475
979,357 1.720,1)15
27,146 290.684
8 42,204
98 4,617
35,579 167.213
226,547 219,249 1.521,767 1,453,777
549,244 697,620 4,235,301 4,155,302
185,604 145.890 1,246,242 1,313,235
918,626
846.435
128,085 121,609
463.285 560.593 3.456.271 2.714,349
29525184 31102237 199523825 18011 4566
597,454 527.282 4.182,832 3,523.862
926,972 942.295 6.1 49,154 5,925.171
7,472,777 7,111,089 49,210.577 42,918,126
7,057.217 7.933,326 45.617,372 44.319.038
2 42,955 287,476 1.897,338 1,722,698
2,589,628 3,415,46 4 18,612,933 20,660,673
958.835 1,116.478 5,858,278 6.315.507
418,955 649.353 2.787.418 3,663,731
2,005.262 2,341.172 15,640.289 13.403,856
9,364,108 11113939 66,511,821 65.695.038
1,459,120 1,303.077 7,438.489 7,393,590
.
375.616 546.922 2.546,967 2,740,337
6,910.649,8,610.301 48.674.71 4 51,310,742
597.171) 488.380 4,096.919 3,633,267
732.996
835.658
99,839 136,533
8,553.553 9.894.524 62.8 )3.513 60,302.798
722,324
715.545
88.228
71.301
724,349 682,398 4.160,636 3,732.457
423,5 45 528.405 3,207.840 3,724.202
37587579 3 7 0 5 3 6 8 7 2 459 47508 2270 46213
857,014
227.468 197,934 1,057,535
708.285
667,837
95,478
100,939
535,243 699,903 3.680.072 3,484,421
2,616,921)2,628,652 16.771,375 14,742.531
881,022
6 45,033
184,350, 149,767
810,385 775.210 5.328,0571 4.631.075
153.759 163.281 1,035.778 1014,279
1.930,075 1,710.450 8.2 49,2651 6.976,484
10217573 9.832,155 68,182.032 57,670.585
865,346 744.922 5,159,259 4.607.411
7,910,3 47,8,806,668 59.909,971:54.856,567
767,517
828.354
85,7841 102.471
3,39 4.815 2,758,665 22,094,390 17.624,281
712.46 4
656.121
99.855! 121,592
540.6141 987,625
67,2.59) 1 41.560
5,673,390 7,601,215 45,925.510 52,010.621
745,989
89 >.970
115,90 4 1 43.0 44
877,150 1,244,026
129,578 178,719
831,922
712,779
99,8 43
112,092
227.0.51 242.031 1,684.179 1,653.784
69 4,380
711,731
119,73 4 125.543
627,368 709,606 5,328.681 4.127.793
393.008 402,228 3.191.418 2,298,510
453,463 452,078 3.075.592 2,9 48,241
255,088 217,851 1,893,254 1,744.759
7,016,816 6,791,511 49.2 48,660 43,462.857
734,678
954.591
162,046 120.115
935,998
179,573 102,336 1,009,708
1,221,070 1,2 46,813 8,379.988 8,520.941
635.931 650,580 4.151,858 4,496.880
733.331
679.859
107,553 143,385
411,833 385.223 2.753,18.5 2,599,811
3,081,681 3,724,774 27,137,718 24,633,261
84.271 150,679
720,938 1,050.790
1 442911.3 15745886 105165812 96,710.305
251,779 352,414 2,459,58 4 2 , 9 3 0 , 8 0 6
1,955.842 2,062,18 4 13.997.824 1 3 , 8 2 9 , 6 2 3
818.313 944,615 5.676.679 5 , 8 1 2 , 7 2 0
206.407 203,726 1.501,079 1 . 3 1 8 . 4 8 0
321,175 420.857 2.659,5 44 2 , 8 3 3 , 0 5 7
627,038 802,349 4.948.405 5 . 3 0 1 , 9 7 8
730.232 680,61
5,192,5/6 4 , 8 7 1 , 4 2 3
11736143 13213911 82.108,693 7 9 , 7 1 5 , 7 5 5
836,564 997,653 6,690,105 5 , 7 4 9 , 5 7 5
1,347,709 1,491,895 9,725.180 9 , 5 3 3 , 7 5 1
362,478 308,200 2.830.424 2 , 2 8 3 , 0 2 3
150.650 136,618 1.101,867
8 6 7 ,3 7 7
107,428
6 5 1 ,5 2 2
87,344
685,441
668,438 787,7061 4,730,457 5 . 3 3 2 . 0 1 6
231,334 219.32 4! 1,522,747 1 , 7 9 9 . 4 1 5
4,427
1 0 7 ,4 8 4
3,265
103.850
226.422 384,4261 1,666,088 1 , 9 2 4 . 8 9 0
310,562 397,765 2.4 41.836 2 . 1 6 0 . 0 1 7
293.537 412,876 1,850,626 2 , 3 5 4 . 9 2 4
927.651 713,158 25,950,938 18,959,541
852,468 897.67* 4,9 >3.713i 5,244,515
151,065 129,183'
735,010l
679,693
10771)694 10570268 69,293,409 59,330,927
3,606,336 3,306,033 23.815.263 21,334.800
2,792,983 2,728,087 17,989.768 16,685.085
731.858 6 7 8 . 7 6 3 , 5 . 1 8 8 , 5 1 3 4,310,173
98,663 1 2 9 . 0 2 4
731,302
6 1 4 .5 0 8
293,29 4 2 1 9 , 9 3 2 ! 2 . 1 1 1 , 7 4 0 1,617,168
1.2)7,198 1 .2 5 8 ,4 4 8 1 7 , 3 4 3 , 1 7 3 7,499,156
3,147,358 5 , 1 6 0 . 0 0 9 3 0 . 0 9 2 , 9 2 5 29,801,083
1,378,495 1 , 5 0 7 , 6 1 6 9.3 46.881 9,554,107
1.477,042 1 . 2 8 8 , 6 7 9 7.932,228 7.311.474
19 4,0 41 192,908 1,690,787 1,512,110
1,191,011 1,488,966 8,230.918 8.558.729
211,341 10 4.353 1.3 40,399
653.235
2.53 4,56 4 2 . 1 5 5 . 5 6 8 1 5 . 5 3 8 , 6 3 1 13,824,571
4 1 6 ,1 6 8
3 1 3 ,6 5 8
1 6 5 ,5 8 1
2 4 3 ,6 1 1 )
1 4 3 ,6 0 7
1 5 5 ,7 8 8
1 , 7 7 8 , 1 8 4 i 2 ,2 6 4 ,7 3 8

A G G R E G A T E O F G R O S S E A R N I N G S — W e e k ly a n d M o n t h ly .

* W eek ly S u m m a ries.

C u rren t
Y ea r.

P rev io u s
Y ea r.

In cr ea s e dr
D ecrea se.

%
S
S
July (11 roads)____ 1 1 . 2 9 7 , 6 2 4
+ 1 .7 2 6 ,2 0 7
9 .5 7 1 ,4 1 7
Aug ( 1 4 roads)____
+ 9 9 0 .4 9 1
8 .3 0 6 .9 1 5
7 ,3 1 6 .4 2 4
Aug (11 roads)____
7 ,6 3 3 ,4 9 8
+ 9 4 1 ,0 0 1
6 ,6 9 2 .4 9 7
Aug ( 1 1 roads)____
7 .6 8 3 ,1 0 2
7 ,0 5 7 ,1 1 1
+ 6 2 5 .9 9 1
Aug ( 1 4 roads)____ 1 2 , 4 9 3 , 8 5 3 1 1 , 5 3 7 , 1 1 6
+ 9 5 6 ,7 3 7
Sept ( 1 4 roads)-----+ 9 4 8 ,1 3 0
8 .4 8 7 ,4 5 7
7 ,5 3 9 ,3 2 7
Sept ( 1 4 roads)-----9 ,1 1 2 ,0 5 4
+ 1 ,5 9 4 .1 3 9
7 .5 1 7 ,9 1 5
Sept (8 roads)-----+ 1 .6 1 7 ,3 0 0
7 ,5 2 6 .4 5 2
5 ,9 0 9 ,1 5 2
Sept ( 1 4 roads)------ 1 3 , 5 5 4 . 3 3 7 1 0 , 9 9 2 . 2 5 1 + 2 . 5 6 2 , 0 8 6
1st w e e k lO c t
( 8 roads)-----8 ,5 1 2 ,7 2 6
+ 9 6 4 ,7 7 8
7 ,5 4 7 ,9 4 8
2d w e e k • O c t .. ( 1 3 roads)___
8 .7 0 5 .7 4 9
+ 9 1 6 .3 1 4
7 .7 8 9 .4 3 5
* We no longer include Mexican roads In any o f our totals.

4th
1st
2d
3d

week
week
week
week
4 c h week
1st week
2d week
3d week
4 t h week




%

* M o n th ly
M ile a g e .

1 8 .0 3
1 3 .5 4
1 4 .0 6
8 .8 7
8 ,2 9
1 2 .5 8
2 1 .2 0
2 7 .3 7
2 3 .4 2
1 2 .7 8
11.61

S u m m a ries.

C u r r .Y r .

October . . ..230,184
November ..232.274
December ..232,774
January. . ..232.655
February. ..232,957
March___ ..226,086
Apiil . . . . . 232,708
May_____ ..233.931
J u n e ..___ ..232,169
J u ly ......... ..226,65 4
August . . 9 3 3 . 4 9 3

P r e c .Y r .

230.5/6
232.259
232,390
233.199
233.266
225.631
233,251
234,339
232.682
226.934
9 3 3 .9 0 3

C u rren t
Y ear.

P r e c io u s
Y ear.

In crea se or
D ecrea se.

$
484.824.750
438,602,283
438,365.327
395.552,020
351,048,747
375.772.750
388.697.894
413,190,468
424.035.872
454.588.513
469.868.678

$
377,867,933
356.438.875
335,607,571
284,131,201
289.392.150
365,096,335
370,710,999
378,058.163
393.265,898
469,246,733
502.505.334

•$
4 106956,817
+82,163,408
+102757756
+ 111420.819
+61.656.597
+ 10,676,415
+ 17,986,895
+35,132,305
+30.769.974
— 14,658,220
—32,636.656

O ct .

L a t e s t G r o s s E a r n in g s b y W e e k s .— In the table which
follow s we sum up separately the earnings for the second week
o f O ctober.
T h e table covers 13 roads and shows 1 1 .6 4 %
increase in the aggregate over the sam e week last year.
S econ d

W e e k o f O cto b er .

Ann
A r b o r ----------------------- ---------------B u f f a lo R o c h e s t e r & P itts b u r g h
C a n a d ia n N a t io n a l R a i l w a y s ..
C a n a d ia n P a c ific
—
----------D u lu th S o u th S h o re & A t la n t ic .
G r a n d T r u n k o f C a n a d a ------------- )
G r a n d T r u n k W e s t e r n ------------- }
D e tr o it G ra n d H a v e n & M il .
C a n a d a A t la n t ic ..
----------------j
N e v a d a -C a lifo r n ia -O r e g o n .. . .
T e n n e s s e e A la b a m a & G e o r g ia . .
T o t a l ( 1 3 r o a d s ) ---------------------------N e t i n c r e a s e ( 1 1 . 6 4 % ) -------------------

In crea se.

1919.

1918.

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

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

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

1 ,6 1 9 ,1 1 0

1 ,4 3 3 ,7 8 8

1 8 5 ,3 2 2

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

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

2 ,2 9 5
1 ,1 6 2

8 ,7 0 5 ,7 4 9

7 ,7 8 9 ,4 3 5

D ecrea se.

$
1 9 ,6 4 1

5
5 5 .3 2 2
________
................
________

8 ,6 6 1

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

6 3 .9 8 3

N e t E a r n in g s M o n t h ly to L a t e s t D a te s l— T h e table
follow ing shows the gross and net earnings with charges and
surplus of S T E A M railroad and industrial com panies re­
ported this w eek:
------- C r o s s E a r n i n g s C u rrcn t
P r e c io u s
Y ear.
R oa d s.
Y ear.
£
G r a n d T r u n k R a ilw a y C o
£
1 .2 5 3 .8 0 0
o f C a n a d a _________________A u g 1 , 3 8 0 , 8 0 0
7 .8 0 1 .8 0 0
J a n 1 t o A u g 3 1 _________ 8 , 6 9 6 , 4 0 0

B d le fo n t e C e n tra l
R a ilr o a d

E L E C T R IC

S e p t '1 9
’ 18
9 m o s '1 9
'I S

G ross
E a r n in g s .
$
1 1 ,0 8 3
7 ,3 3 9
7 4 ,7 5 5
6 5 .0 3 S

R A IL W A Y

AND

N e t a fter
T axes.
S
2 , SO S
1 ,2 5 8
8 ,0 3 9
1 0 ,7 5 0

P U B L IC

L a te st G ro ss E a r n in g s .
N a m e o f R oad
or C om pany.
M o n th .

C u rren t
Y ea r.

P r e c io u s
Y ea r.

--------- N e t E a r n i n g s --------C u rren t
P rev io u s
Y ea r.
Y ear.
£
£
3 4 4 ,4 0 0
3 6 5 ,4 0 0
8 9 4 ,6 0 0
7 8 1 ,0 0 0
B a la n c e ,
S u r p lu s .
$
2 .7 1 4
1 ,0 4 8
6 ,9 9 1
8 ,9 6 0

F ix e d
C h a rges.
94
210
1 , 0 48
1 ,8 9 0

U T IL IT Y
Jan.

1 to L a te s t D a te .

C u rren t
Y ea r.

L a test G ross E a r n in g s .
N a m e o f R oad
or C om pany.

P r e c io u s
Y ea r.

] C u r ren t j P r e c io u s
| Y ea r.
| Y ea r.

M o n th .

T h ir d A v e n u e S y ste m .
D D E B & 11 R R 42d S tM & S tN A vR y
U n io n R y C o (N Y C ).
Y o n k e rs R a ilr o a d ..
N Y C it y In te r R y .
B e lt L in e R a il w a y .
T h i r d A v e n u e _______
T w in C it y R a p T r a n .
V ir g in ia R y & P o w e r .
W a s h B a lt & A n n a p ..
W e s tc h e s te r E le c tr ic .
Y o u n g s to w n & O h io .

A u gu st
June
Juno
June
June
June
June
June
A u gu st
S ep tem b er
June
June
A ugust

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

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

Jan.

1 to L a te st D a t e .

C u rren t
Y ear.
$
7 ,3 9 3 .3 0 9
2 8 6 ,3 1 3
8 7 9 ,2 3 1
1 ,4 0 7 ,6 6 1
4 7 9 .7 9 5
3 6 7 .3 0 0
2 9 2 ,7 7 6
1 ,9 9 9 .9 1 7
7 .2 6 5 .6 3 7
6 ,6 8 5 .7 1 5
1 ,1 7 5 .0 5 2
3 0 6 ,4 3 5
3 1 4 .2 5 4

P r e c io u s
Y ear.
$
6 .5 9 9 .S 0 3
2 4 0 ,8 0 5
7 9 9 .1 2 6
1 ,3 0 2 .8 6 9
3 9 5 .5 9 8
3 3 8 .6 4 2
2 9 8 .4 7 0
1 .9 0 9 .8 5 2
6 .4 7 2 ,7 5 6
5 .9 4 4 ,8 6 6
1 ,1 9 9 ,6 6 8 ­
2 7 2 .2 1 4
2 7 3 ,8 6 0

a I n c lu d e s M ilw a u k e e I .ig h t , H e a t & T r a c t io n C o .
ft I n c l u d e s a ll s o u r c e s .
/ E a r n i n g s g i v e n in m i l r e i s .
g I n c lu d e s c o n s t it u e n t o r s u b s id ia r y c o m p a n ie s .
h S u b s id ia r y c o m p a n ie s o n ly ,
j L e w i s t o n A u g u s t a Sc W a t e r v i l l e S t r e e t K y .
e a r n in g s , e x p e n s e s , & c ., n o t in c lu d e d in 1 9 1 9 .
it I n c l u d e s T e n n e s s e e R y . .
L ig h t & P o w e r C o ., th e N a s h v ille R y . & L ig h t C o ., th e T e n n e s s e e P o w e r
C o . a n d th e C h a t t a n o o g a R y . & L ig h t C o .
I In c lu d e s b o t h e le v a te d a n d
s u b w a y lin e s ,
j O f A b in g to n a n d R o c k la n d (M a s s .).

E le c tr ic R a ilw a y a n d O t h e r P u b lic U t i l i t y N e t E a r n ­
i n g s .— T he follow ing table gives the returns of E L E C T R I C
railway and other public utility gross and net earnings w ith
charges and surplus reported this w eek:
------- N e t E a r n i n g s - ------- ——— G r o s s E a r n i n g s ------C u rren t
P rev io u s
C u rren t
P rev io u s
Y ea r.
Y ear.
Y ear.
Y ear.
$
$
$
$
2 ,2 2 3 ,7
1 ,2 1 6 ,2 8 5 .
W e s t U n io n T e le g C o _ b - A u g 8 ,9 8 5 ,8 9 0
7 ,4 0 3 ,0 6 1
1 2 ,0 7 2 .4 2 4
J a n 1 t o A u g 3 1 ________ 6 5 , 4 9 1 . 2 2 5 5 6 , 2 2 7 , 8 5 9 1 6 , 3 3 4 , 6 4
b N e t e a r n in g s h e r e g i v e n a r e b e f o r e d e d u c t i n g t a x e s .
B a la n c e .
( G ross
N e t a fter
F ix e d
S u r p lu s .
E a r n in g s .T a x e s .
C h a rges.
S
8
S
‘
S
2 6 ,6 6 8
2 6 ,4 2 6
S e p t '1 9
1 4 6 ,8 9 7
5 3 ,0 9 4
A d ir o n d a c k E le c
d
e
f
1
,
9
97
2
1
,
1
6
9
T
8
1
5
9
,
1
2
4
1
9
,
1
7
2
P ow er C orp
3 1 2 ,6 0 t
2 8 5 ,7 2 1
1 2 m o s '1 9
1 ,7 4 1 ,7 9 7
5 9 8 .3 2 2
5 1 ,1 0 7
2 5 6 ,0 0 8
'1 8
1 ,7 7 9 ,9 7 1
3 1 0 ,1 1 5
C o m p a n ie s .

C it ie s S e r v ic e C o

COS.

s
*
$
%
1 ,2 2 2 ,5 9 1
1 ,3 4 1 ,8 7 1
1 4 6 ,8 9 7
1 5 9 ,1 2 4
A d ir o n d a c k E l P o w C o S e p t
1 ,8 3 0 ,1 0 7
1 .8 8 4 .5 5 7
2
6
9
,0 4 9
2
3
6
,
8
3
0
A
u
g
u
s
t
A la b a m a P o w e r C o . .
1 2 0 ,5 4 4
1 2 1 .8 6 3
2 7 ,5 1 5
2 3 ,2 6 2
A t la n t ic S h o r e R y . . . A u g u s t
6 8 4 ,2 4 6
9 5 .8 4 3
8 2 ,6 6 6
6 0 1 ,7 6 5
B a n g o r R y & E le c tr ic A u g u s t
2 3 4 ,3 3 2
3 0 .5 4 4
1 7 1 ,2 3 5
2 3 ,4 1 3
B a t o n R o u g e E le c C o A u g u s t
1 9 7 ,6 1 2
1 ,6 4 2 ,0 0 8
2 1 8 .9 6 5
1 ,5 2 9 ,9 1 8
B la c k s to n e V G & E l. A u g u s t
1 9 7 3 4 0 0 0 1 9 4 9 1 0 0 0 (7 3 7 6 7 ,0 0 0 (6 8 6 4 9 ,0 0 0
ft B r a z ilia n T r a c . L & P A u g u s t
3 2 6 0 .1 5 7 2 7 7 4 ,3 3 3 1 7 ,5 1 4 ,6 6 2 1 5 ,2 4 0 .9 0 7
p B k ly n R a p T r a n S y s J u n e
5 0 ,9 2 7
4 4 ,7 1 6 1
3 2 3 ,1 7 7
3 7 7 ,0 8 9
C a p e B r e to n E le c C o . A u g u s t
3 4 .3 8 0
2 9 ,3 7 2
2 6 8 ,6 0 2
2 1 9 ,4 0 9
C e n t M is s V E l P r o p . A u g u s t
1 6 4 ,0 6 3 ' 1 ,2 1 2 ,0 7 1
1 6 1 ,6 8 8
1 ,1 7 4 ,4 3 1
C h a tta n o o f^ a R y & L t A u g u s t
1 4 6 0 ,9 2 1 1 9 0 7 , 1 5 5 1 7 , 1 0 8 , 1 7 0 1 6 , 8 6 8 , 7 1 8
C it ie s S e r v ic e C o - - - - S e p t
5 2 ,0 3 6
7 5 ,2 0 3
4 5 5 ,7 5 1
3 6 5 ,8 8 5
C lo v e P a in e s v & E a s t A u g u s t
1 0 3 .5 4 8
8 5 ,5 6 6
6 5 2 ,7 2 6
7 3 3 ,4 1 3
C o l o r a d o P o w e r C o - - J u ly •
8 0 1 ,0 7 1
7 7 9 ,6 8 7
7 ,7 0 9 ,1 1 4
7 ,6 6 0 ,9 7 7
p C o lu m b ia G a s & E le c A u g u s t
1 0 1 ,5 5 5
9 7 ,8 0 6
7 1 2 ,0 7 1
6 8 9 ,8 3 4
C o lu m b u s (G a ) E l C o J u ly
2 1 4 4 ,8 5 7 1 9 2 0 ,9 0 8 1 8 ,6 3 9 ,8 1 1 1 5 ,9 1 6 ,3 6 4
C o m ’w ’t h P , R y A L t S e p t
8 6 ,5 6 3
1 0 6 .0 4 2
8 0 2 ,7 3 9
6 2 6 .6 8 8
C o n n e c tic u t P o w C o - A u g u s t
5 3 6 ,7 0 8
5 ,1 7 4 ,4 0 9
6 5 1 ,2 1 3
4 ,1 0 9 ,7 9 0
C o n su m P o w (M ic h )- A u g u st
3 3 6 ,5 2 4
1 ,7 7 5 ,8 1 2
2 ,1 1 6 ,5 4 1
2 7 3 ,3 5 7
iC u m b C o (M e ) P & L A u g u s t
1 8 5 ,1 5 3
1 ,8 2 3 ,5 5 0
2 0 8 ,9 2 1
1 .4 8 2 ,3 1 0
D a y to n P o w & L ig h t. A u g u s t
9 ,7 9 5 ,6 6 9
p D e t r o it E d is o n - - - - - S e p t e m b e r 1 3 0 2 ,2 2 9 1 0 6 2 ,0 4 5 1 1 ,5 9 1 ,5 2 9
2 4 1 6 ,6 9 1 1 7 0 0 ,3 9 0 1 5 ,5 3 1 .9 6 9 1 2 ,3 9 3 ,5 6 0
^ D e t r o it U n it e d L in e s A u g u s t
1 4 3 ,3 0 2
1 ,2 7 5 ,2 9 3
D u lu th -S u p e r io r T r a c A u g u s t
1 7 2 ,0 6 0
1 .1 3 2 ,8 6 9
3 7 2 ,4 6 2
2 ,6 7 6 .3 9 2
2 ,6 6 5 ,8 9 9
2 6 6 ,0 6 6
E a s t S t L o u is & S u b ­ A u g u s t
9 4 ,5 8 9
7 3 8 ,5 8 9
1 1 9 ,7 6 8
8 8 9 ,5 4 8
E a ste rn T e x a s E le c .. A u g u st
6 3 ,2 0 9
8 6 .3 8 0
6 9 5 ,7 0 8
5 0 9 ,8 2 6
E d is o n E l o f B r o c k t o n A u g u s t
2 1 ,4 9 7
2 6 ,1 1 3
1 8 1 ,3 8 0
1 4 0 ,5 0 3
j E le c L ig h t & P o w C o A u g u s t
9 9 ,0 2 2
8 2 9 ,2 2 4
1 ,0 0 0 ,7 9 1
1 2 6 ,7 3 6
p E l P a s o E le c t r ic C o . A u g u s t
5 8 ,2 9 4
4 5 8 ,7 8 2
4 7 4 .4 6 8
6 8 ,4 9 9
F a ll R iv e r G a s W o r k s A u g u s t
2 8 3 ,0 8 8
2 ,5 1 2 ,3 7 8
2 ,2 8 9 ,8 8 6
3 0 3 .9 3 1
F e d e r a l L ig h t & T r a c . A u g u s t
1 0 7 ,8 9 6
9 2 2 ,4 2 2
1 1 0 ,3 3 7
8 4 5 ,4 5 5
F o rt W orth P ow & L t A u gu st
2 5 4 ,3 5 4
2 9 0 ,4 3 2
1 .7 4 3 ,3 7 5
2 ,0 4 5 .3 3 5
G a lv -I lo u s E le c C o . A u g u s t
4 5 2 ,1 9 3
2 ,9 6 1 .6 3 8
4 8 0 ,2 1 5
3 ,4 1 0 ,2 4 6
g G reat W est P ow Sys A u gu st
1 2 3 ,4 7 4
1 .0 4 8 ,1 8 9
1 3 8 .6 4 8
8 6 5 .9 2 0
H a r r is b u r g R a il w a y s . A u g u s t
7 1 3 ,6 3 7
5 ,9 3 2 ,5 3 0
5 .3 2 7 .8 1 1
8 1 5 ,8 6 9
H avana El R y, L & P A ugust
2 6 ,0 9 6
3 2 ,1 7 2
2 3 7 ,3 1 2
2 1 3 ,0 0 1
H a v e r h ill G a s L t C o . A u g u s t
5 8 ,3 5 7
6 4 .1 7 8
4 9 6 ,9 5 0
4 6 3 ,1 8 2
H o n o lu lu I i T & L a n d A u g u s t
3 2 ,2 3 4
3 2 ,0 1 2
2 8 2 ,6 5 1
2 6 7 ,8 3 7
H ou g h ton C o E l L C o A u gu st
2 7 ,5 4 4
2 5 ,5 0 8
1 9 8 .7 4 6
2 2 1 .6 5 9
H ou g h ton C o T ra c C o A u gu st
3 8 5 ,0 2 4
4 7 0 ,2 9 3
3 ,4 8 4 ,8 3 6
H u d s o n & M a n h a t t a n J u ly
2 .8 4 4 ,7 3 2
A ugust
1 4 1 6 ,1 9 1 1 2 6 7 ,3 4 6 1 1 .0 1 2 ,1 0 5
9 ,5 5 0 .7 6 3
ft I l l i n o i s T r a c t i o n —
3 6 3 9 ,3 8 6 3 2 2 7 .9 8 9 2 6 .8 9 3 .4 3 5 2 4 .0 5 6 ,7 0 0
1 I n t e r b o r o R a p T r a n J u ly
8 4 .2 5 5
8 3 ,0 4 8
6 7 4 .4 6 9
J a c k s o n v ille T r a c C o . A u g u s t
5 8 4 ,9 7 1
1 8 0 ,6 8 3
1 5 0 ,2 9 0
1 ,6 8 9 ,9 8 3
K a n s a s G a s & E le c C o A u g u s t
1 .3 3 0 ,5 7 6
2 3 ,3 3 0
2 6 ,0 4 1
K e o k u k E le c t r ic C o . . A u g u s t
2 0 2 .6 9 2
1 7 2 .0 6 9
1 7 ,9 7 0
1 9 .5 7 6
1 5 1 ,5 7 1
K e y W e s t E le c t r ic C o A u g u s t
1 2 3 .9 9 8
2 3 8 ,5 8 7
2 6 5 ,5 7 7
L a k e S h o re E le c R y . . A u g u s t
1 ,7 0 8 ,1 1 8
1 ,4 1 7 ,6 9 8
2 6 ,6 0 2
2 7 ,9 6 0
L o n g Isla n d E le c t r ic . J u ly
1 4 1 ,1 4 0
1 2 9 ,4 8 7
3 1 4 ,4 3 2
3 4 6 ,5 6 5
2 ,0 1 4 ,5 9 3
L o u is v ille R a ilw a y —
June
1 ,7 8 0 ,1 6 1
8 0 .5 4 3
7 6 ,5 8 7
6 3 4 ,5 0 3
I ,o w e ll E le c t r ic C o r p . A u g u s t
5 4 1 ,5 9 6
1 2 ,3 0 1
1 2 .8 4 3
9 0 ,0 9 1
M a n h a t B d g o 3 c L in e J u ly
8 1 ,9 4 2
1 2 0 1 ,6 7 0 1 0 0 6 ,6 7 6
9 ,4 3 4 .5 8 2
a M ilw E l R y & L t C o A u g u s t
7 .6 2 6 ,7 2 0
1 9 2 ,7 0 3
1 9 4 .9 6 5
M is s is s ip p i R iv P C o . A u g u s t
1 ,5 0 3 .5 0 8
1 .4 7 6 .8 4 5
2 4 9 ,9 3 5
2 5 2 ,8 8 0
N a s h v ille R y & L ig h t A u g u s t
2 ,0 9 2 .1 9 5
1 .8 1 0 .1 5 7
3 3 3 ,6 6 5
3 9 3 ,9 9 3
N e w E n g la n d P o w e r . A u g u s t
2 .5 3 9 .7 5 1
2 ,1 6 2 ,3 2 2
2 1 3 ,0 9 1
2 3 3 ,5 6 3
1 ,5 7 8 ,9 4 9
N e w p N & H I ty , G & E S ep tem b er
2 ,0 7 9 ,0 7 5
4 1 1 ,1 6 2
4 7 0 ,2 2 1
N ow Y o rk D o ck C o .. A u gu st
3 .5 2 9 ,0 7 5
3 .4 4 3 .1 2 1
5 5 ,0 6 6
5 4 .2 5 5
N Y & L o n g I s la n d . . J u ly
3 2 4 ,2 1 7
2 6 4 ,8 7 0
1 4 ,4 3 1
J u ly
1 5 .8 3 8
N Y & N o rth S hore
8 8 ,6 1 9
8 4 ,1 8 6
1 0 1 ,7 8 7
9 1 ,6 4 1
N Y & Q u e e n s C o u n t y J u ly
5 3 5 ,2 8 2
6 2 2 ,4 4 3
1 0 7 7 ,8 9 6
N e w Y o r k R a ilw a y s . J u ly
9 0 5 ,8 3 0
6 ,5 1 9 ,7 5 7
8 ,3 4 2 ,6 6 3
2 0 ,4 7 0
N orth a m p ton T r a c .. June
1 0 8 .9 9 9
1 9 ,6 1 5
1 2 5 .9 7 7
7 8 3 ,8 7 3
N o r t h e r n O h io E l e c . . S e p t
6 5 9 ,9 3 4
5 ,4 1 2 ,1 2 1
6 ,7 3 1 .3 3 7
N o r th T e x a s E lo c tr ic . A u g u s t
2 9 7 ,9 4 2
2 ,0 3 6 .8 4 9
2 2 4 .3 8 3
2 .1 3 4 .5 8 7
3 9 ,4 2 9
8 5 ,3 4 7
O c e a n E le c t r ic ( L I ) . . J u ly
3 0 ,3 3 6
1 1 2 ,1 9 6
1 ,2 0 2 .9 5 2
P a c ific P o w e r & L ig h t A u g u s t
1 9 7 ,0 8 6
1 .3 8 0 ,5 9 8
1 6 7 ,3 1 6
P e n s a c o la E le c t r ic C o A u g u s t
3 1 8 .9 2 1
4 5 ,1 2 8
3 6 9 ,6 7 5
4 8 ,7 7 9
P h i l a k W e s t e r n ............. A u g u s t
1 0 0 ,6 4 2
6 9 ,1 3 0
4 7 6 ,8 2 5
5 9 ,2 6 8
P h ila R a p id T r a n C o . S e p t e m b e r 3 0 3 0 .9 3 1 2 6 7 9 ,0 0 1 2 5 ,9 9 5 ,4 3 1 2 3 .1 2 3 .5 5 7
P o r t l a n d Gas & C o k e . A u g u s t
1 .1 1 9 .8 1 2
1 ,3 8 5 ,5 8 9
1 5 5 ,6 5 6
1 7 1 ,0 6 4
P o r t ( O r e ) R y . L & P C o . August
5 ,6 6 9 ,6 1 5
4 ,9 8 8 .0 8 5
6 7 1 ,0 6 7
7 0 1 ,5 9 5
3 .7 0 6 .7 9 7
4 ,0 1 4 ,2 3 0
Republic R y & Lt C o . A u g u s t
4 4 5 ,6 4 9
5 2 0 .0 6 2
2 5 7 ,1 1 4
3 1 0 ,4 8 7
R ic h m o n d L t & R R . . J u ly
5 3 ,9 5 1
4 7 ,9 0 3
3 ,8 4 8 ,3 7 0
2 ,6 5 5 ,6 3 6
4 6 7 ,8 2 5
S t L R o c k y M t & l’ a c A u g u s t
3 6 8 ,3 0 5
4 4 0 ,5 0 7
4 9 5 ,6 5 8
S a n tia g o E l L t & T r . _ A u g u s t
5 7 .8 3 9
6 4 ,3 6 7
1 0 3 ,4 7 8
9 1 1 ,5 8 1
7 5 6 ,6 8 3
Savannah Electric C o August
1 1 8 .5 4 8
4 7 2 ,4 7 1
5 0 2 ,3 1 7
8 0 ,7 1 8
8 8 ,5 6 1
S e c o n d A v e n u e (R e c ) J u ly
9 9 .4 0 0
1 1 7 .8 9 8
1 6 ,3 9 0
Southern Boulevard.. June
2 2 ,9 0 0
6 ,8 5 6 .6 2 6
5 ,7 3 9 .7 5 9
8 3 4 ,0 0 7
Southern Cal Edison. August
9 7 2 .9 7 5
1 6 3 .8 3 9
2 0 0 ,0 2 3
3 1 ,5 3 9
4 2 ,0 2 8
S ta te n Is la n d M l d l 'd . J u ly
6 9 3 .6 7 3
8 1 3 ,1 5 1
8 9 ,5 6 7
Tampa Electric C o . . August
9 9 ,2 9 5
1 .4 4 2 ,3 0 2
1 ,4 0 4 ,0 7 9
1 9 1 ,7 4 3
1 5 9 ,4 6 1
Tennessee Power___ August
3 ,9 2 0 ,6 3 6
5 4 0 .8 9 2
4 .1 4 4 ,2 2 6
4 9 4 ,9 9 6
JtTenn Ry, Lt & P Co August
1 .9 7 2 8 1 3
2 .1 4 7 .0 2 7
2 5 7 .7 5 (1
2 6 6 .5 1 9
Texas Power & Lt Co August




1601

THE CHRONICLE

25 1919.]

S e p t '1 9
1 ,4 6 0 ,9 2 1
1 .4 0 2 ,0 1 3
18
1 ,9 0 7 ,1 5 5 1 ,8 5 2 ,3 0 3
1 2 m o s '1 9 2 0 , 5 1 9 , 5 1 9 1 9 , 8 2 8 , 1 8 7
'1 8 :2 1 , 9 7 3 1 4 8 0 2 U 5 2 4 J 2 0

C le v e la n d P a in e s v ille & E a s te rn
R R S y ste m

A u g '1 9
'1 8
8 m o s '1 9
'1 8

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

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

C on su m ers P ow er
Co

S e p t '1 9
'1 8
12 m o s '1 9
'1 8
A u g '1 9
'1 8
8 m o s '1 9
'1 8

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

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

H a r r is b u r g R a il­
w ays C o

A u g '1 9
H a v a n a E le c tr ic
Co
'1 8
R y , L t & P o w e r• C
8 m o s '1 9
'1 8
S e p t '1 9
K e y s t o n e T e le ­
'1 8
phone C o
9 m o s '1 9
'1 8
A u g '1 9
L a k e S h o r e E le c ­
'1 8
tr ic R y S y s te m
8 m o s '1 9
'1 8
i p S e p t '1 9
'1 8
R y G a s & E le c C o
9 m os ' i 9
'1 8
d S e p t '1 9
'1 8
T r a n s it C o
9 m o s '1 9
'1 8
t A f t e r a llo w in g fo r o t h e r

C o m m o n w e a lth
P ow R y & Lt C o

S e p t '1 9
18
19
'1 8

9 m os

1 3 6 ,6 4 8
6 2 ,5 9 4
1 2 3 ,4 7 4
3 5 ,1 6 5
1 ,0 4 8 ,1 8 9
4 2 7 ,5 6 3
8 6 5 .9 2 0 • 2 8 3 ,3 2 4
8 1 5 ,8 6 9
4 2 8 ,1 7 6
7 1 3 ,6 3 7
3 7 7 .6 4 1
5 ,9 3 2 ,5 3 0
3 ,0 0 0 ,6 3 5
5 ,3 2 7 ,8 1 1
2 ,8 8 5 .7 0 5
1 4 7 ,3 1 1
5 2 ,3 4 8
1 3 1 ,3 3 5
5 1 ,7 0 5
1 ,2 0 8 ,3 3 3
3 9 7 ,3 4 0
1 ,1 9 8 ,8 9 3
4 9 5 ,0 2 7
2 6 5 ,5 7 7
9 1 ,3 4 9
2 3 8 ,5 8 7
7 8 ,3 5 3
1 ,7 0 8 ,1 1 8
4 7 6 ,0 7 8
1 ,4 1 7 ,6 9 8
4 0 5 ,7 4 6
2 3 3 .5 6 3
5 4 .2 5 7
2 1 3 ,0 9 1
5 7 ,8 6 3
2 ,0 7 9 .0 7 5
5 3 1 ,0 2 1
1 ,5 7 8 ,9 4 9
4 4 0 ,7 1 4
3 ,0 3 0 ,9 3 1
9 7 5 ,6 3 2
9 9 2 ,5 3 9
2 ,6 7 9 ,0 0 1
8 ,1 0 6 ,8 0 1
2 5 ,9 9 5 .4 3 1
2 3 ,1 2 3 ,5 5 7
8 .0 3 4 ,5 0 8
in c o m e r e c e iv e d .
N et
G ross
E a r n in g s .
E a r n in g s .
S
2 .1 4 4 ,8 5 7
8 4 2 ,8 8 1
7 4 5 .8 8 0
1 ,9 2 0 ,9 0 8
7 ,6 7 3 ,5 1 6
1 8 ,6 3 9 ,8 1 1
1 5 ,9 1 6 ,3 6 4
6 ,1 2 0 ,2 3 2

1 ,2 4 1 ,2 3 8
1 6 0 ,7 7 5
1 .8 0 3 .6 7 5
4 8 .6 2 8
1 ,6 1 6 ,0 7 3 1 8 ,2 1 2 ,1 1 4
’ l0 0 !6 4 2 2 1 .4 2 3 .4 7 8
1 6 ,6 9 1
1 2 ,9 9 6
6 ,4 7 9
1 1 ,7 7 7
4 1 .9 5 0
1 1 6 ,0 2 7
2 7 ,7 3 4
9 2 ,4 8 8
1 6 8 ,6 0 0
1 6 3 ,6 3 0
2 ,2 7 4 ,1 0 7
1 ,7 7 3 ,1 4 5
3 6 ,6 1 1
3 4 ,8 7 2
2 8 6 ,9 0 7
2 7 2 ,9 9 3
1 5 1 ,5 7 0
1 6 4 .0 5 0
1 ,2 1 6 ,6 0 4
1 ,2 9 2 ,5 0 8
3 0 ,2 1 5
2 9 ,1 2 9
2 6 4 ,0 0 0
2 5 8 ,3 1 1
3 5 ,5 4 1
3 6 ,2 9 1
2 8 6 ,5 0 1
2 8 9 ,4 0 2
2 6 ,3 8 9
2 0 ,8 7 2
2 1 7 .8 0 0
1 8 4 ,9 4 7
8 1 2 ,2 7 9
8 0 4 ,S 0 4
7 ,2 9 5 ,9 4 4
7 ,2 1 1 ,0 6 3

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

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

A u g |19
18
19
'1 8

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

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

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

3 0 8 ,1 5 4
S e p t '1 9
7 7 0 ,1 5 1
2 3 6 ,3 1 8
18
6 9 9 .2 0 0
3 m o s '1 9
2 ,2 9 3 ,1 9 8
9 1 9 ,2 3 1
--------------'1 8
2 ,0 7 1 ,6 6 6
7 2 8 ,9 2 5
x A ft e r a llo w in g f o r o t h e r in c o m e r e c e iv e d .

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

Sept
9 m os

P h ila d e lp h ia &
W estern R R C o

8 m os
V ir g in ia R y & P o w
C o

2 5 ,9 8 *
293
1 4 0 ,6 5 6
1 0 .3 3 1
Z 2 8 0 .9 9 3
1 2 1 7 ,2 6 5
z l ,8 5 5 .3 9 0
z l .6 8 5 ,6 9 1
2 2 ,1 3 3
2 2 ,5 7 6
1 3 3 ,3 4 0
2 3 6 ,7 1 6
5 5 .8 0 8
4 2 ,0 6 2
1 8 9 ,5 7 7
1 1 6 .3 4 4
z 2 9 .H l
z 3 7 ,3 7 0
z .3 2 0 ,4 9 3
Z 2 6 2 .6 9 3 Z 2 0 5 .3 5 9
Z 2 3 7 .6 2 1
z l . 2 0 6 ,9 5 3
z l .2 9 3 ,7 2 2

F ix e d C h g s.
B a la n c e ,
S u r p lu s .
A T a xes.
S
S
1 5 2 ,1 1 1
6 9 0 ,7 7 0
9 9 ,3 2 4
6 4 6 ,5 6 1
1 ,5 5 8 ,3 6 9
6 ,1 1 5 ,1 4 7
5 9 1 ,1 7 3
5 ,5 2 9 ,0 5 9

19
18
19
'1 8

N o r t h e r n O h io
E le c t r ic C o r p

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

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

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

New York Street Railways

tossEarnings

N e t E a r n in g s C u rren t
P rev io u s
Y ea r.
Y ear.
$
S
1 7 9 ,9 3 0
1 5 S .9 3 S
1 ,2 1 2 ,9 7 5
1 ,3 6 9 ,4 1 5

C u r tr e n t
Y ea r.
$
4 7 0 ,2 9 3
H u d so n & M a n h a t t a n ..J u ly
J a n 1 t o J u l y 3 1 ................ 3 , 4 8 4 , 8 3 6

~ r e c io u s
P
Y ear.
%
3 8 5 ,0 2 4
2 ,8 4 4 ,7 3 2

I n te r b o r o R a p id T r a n s it C o
2 ,1 4 9 ,0 8 7
( S u b w a y ) ------------------— J u l y
J a n 1 t o J u l y 3 1 ................ 1 6 , 1 5 3 , 0 2 1

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

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

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

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

3 3 1 ,8 0 1
2 ,5 1 9 ,6 3 0
d e f 2 5 ,0 9 6
2 ,2 9 6

Roads.

I n t e r b o r o R a p id T r a n s it C o
M e v a t e d ) ------------------------J u l y’ 1 , 4 9 0 , 3 0 0
J a n 1 t o J u l y 3 1 -------------- 1 0 , 7 4 0 , 6 1 2
, 077 7 , 8 9 6
N e w ' Y o r k R a i l w a y s -------- J u l y • 11,0
8 ,3 4 2 ;6 6 3
J a n 1 t o J u ly 31
8 8 ,5 6 1
S e c o n d A v e n u e -------------------J u l y •
J a n 1 t o J u l y 3 1 ...............
5 0 2 ,3 1 7

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

2 3 ,6 7 1
2 5 ,7 2 7

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

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

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

d c f8 ,7 4 3
d e f6 8 ,2 4 5

d e f6 ,6 4 3
d e f 1 2 3 .9 8 3

L o n g I s l a n d E l e c t r i c _____ J u l y
J a n 1 t o J u l y 3 1 ................

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

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

6 ,0 2 1
d e f6 ,0 2 3

5 ,0 5 7
1 2 ,6 9 4

O c e a n E l e c t r i c ........................ J u l y
Jan 1
t o J u l y 3 1 ________

3 9 ,4 2 9
1 1 2 ,1 9 6

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

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

N ew

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

1 .9 2 8
1 2 ,2 3 6

N

Y

& Q u een s C o u n t y ..J u ly
J a n 1 t o J u l y 3 1 ...............

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

2 3 ,5 0 3
4 1 ,2 4 9
Q 71
d e f t ,731

M a n h a tta n B r id g e 3 c L in e J u ly
Jan 1
t o J u l y 3 1 ................

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

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

668
6 ,5 3 1

R i c h o m n d L t & R R -------- J u l y
Jan 1
t o J u l y 3 1 ................

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

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

5 ,4 4 1
d e fl9 ,4 3 9

4 .9 6 1
1 6 .1 3 5

S t a t e n I s l a n d R T ................J u l y
Jan 1
t o J u l y 3 1 ................

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

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

d e f7
d e f 5 3 ,2 6 9

d e ft ,717
d e f 1 5 ,5 1 8

Y o r k & N o S h o r e ..J u ly
Jan 1
t o J u l y 3 1 ................

N Y & L o n g I s l a n d ____i . J u l y
J a n 1 t o J u l y 3 1 ................

2 ,1 0 5
3 .1 8 7

5 5 ,0 6 6
5 4 ,2 5 5
1 4 .5 5 3
1 1 ,6 9 8
3 2 4 ,2 1 7
2 6 4 .8 7 0
3 2 ,9 1 0
1 5 .7 0 7
N o t e .— A l l t h e a b o v e n e t e a r n i n g s h e r e g i v e n a r e a f t e r d e d u c t i n g t a x e s .

1608

THE CHRONICLE
F IN A N C IA L R E P O R T S

B A LA N C E

—The index to annual reports of
steam railroads, street railway and miscellaneous companies
which have been published during the preceding month,
generally given on the last Saturday of each month, has
been necessarily omitted this week due to the congestion of
matter resulting from the printers' strike. The latest index
will be found in the issue of Sept. 27. The next will appear
in the near future.
F in a n c ia l

P a c k a r d

R e p o r t s .

M o to r

C a r

C o .

a n d

S u b s id ia r y

C o m p a n ie s .

31 1919.)
The financial statement for the late fiscal year which will
l)e found in the advertising department of to-day’s “Chron­
icle,” permits the following comparison:
{Report for the Fiscal Year ending Aug.

IN C O M E

ACCO U N T

FOR

YEARS

E N D IN G

- •
1 9 1 8 -1 9 .
N e t i n c o m e _______________________________
$ 5 ,4 3 3 6 3 4
P r e f e r r e d d i v i d e n d s ( 7 % ) __________ I
$560 000
• C o m m o n ( c a s h ) d i v i d e n d s __________ ( 1 3 ) 1 , 5 3 9 , 2 4 5
B a l a n c e , s u r p l u s ....................................
T o t a l s u r p l u s .............

t e r l y a2n5

% .

V .1 l O

Q

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

^ p .^ O

AU G .

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

$ 3 ,9 3 0 ,0 5 5
$ 9 ,3 1 1 ,5 4 1

. ^ . r 11 b ° P a ‘ d W ‘ t h t h ° r e g u l a r q u a r "

C O N S O L ID A T E D B A L A N C E S H E E T A U G U S 31.
D e tr o it
B ra n ch
1919.
1918.
A s se ts—
F a cto ry .
P ro p erties .
T o ta l.
T o ta l.
P la n t & e q u ip . S e p t. 1 ..$ 1 2 ,0 3 4 ,3 1 6
$ 4 ,0 5 8 ,6 6 6 $ 1 6 ,0 9 2 ,9 8 3 $ 1 4 ,8 1 4 ,0 2 9
A d d — E x p . d u r in g y e a r .
1 ,3 4 2 ,3 6 6
2 8 0 ,9 9 9
1 623 366
4 ,3 4 3 ,5 8 3
C h a r g e d o f f , a e p r . , & c . d e ft. 1 , 4 » 0 , 0 i 6 d e ft .2 4 0 , 9 4 1 d e ft i l > i 9 5 7 d e ft .3 ,0 6 4 ,6 3 0
B a la n c e a t A u g . 3 1 - . . $ H , 8 9 5 ,6 6 6
$ 4 ,0 9 8 ,7 2 5 $ 1 5 ,9 9 4 ,3 9 1 $ 1 6 ,0 9 2 ,9 8 3
B ig h t s , p r iv ile g e s , fr a n c h is e s a n d in v e n t io n s
1
1
C a s h in s in k in g fu n d f o r r e t ir e m e n t o f p r e f. s t o c k "
270 000
I n v e n t o r ie s a t fa c t o r y a n d b r a n c h e s —
M a t e r i a l s , s u p p l i e s , & c _____________________________________ $ 1 2 6 2 8 0 1 3
$ 1 9 ,7 4 5 ,4 4 5
F i n i s h e d m o t o r c a r r i a g e s a n d t r u c k s _______
5 423 736
2 ,6 5 3 ,7 2 4
A c c o u n t s r e c e i v a b l e ( n e t ) __________________________
4 ’ 4 9 1 '7 1 8
5 .7 0 1 ,1 7 8
D e fe r r e d in s ta llm e n t n o t e s a n d b il ls r e c e iv a b le
’ 3 3 8 ’ 163
7 2 0 ,8 7 1
M i s c e l l a n e o u s i n v e s t m e n t s __________________________
1 7 3 ’9 7 8
2 1 6 ,8 8 4
L ib e r t y b o n d s & U . S . c e r tfs . o f in d e b t e d n e s s !T il 19 583*668
4 ,1 1 7 .5 8 2
L i b e r t y b o n d s e m p lo y e e s , le s s a m o u n t s r e c e iv e d
3 1 3 158
1 8 0 ,3 8 8
C a s h i n b a n k s a n d o n h a n d __________
o 4 0 0 ’2 4 8
3 ,1 5 8 ,5 1 0
P r e p a i d e x p e n s e s ........................................................I ! ! ! ! ! ! ! !
5 6 2 :1 4 2
2 9 1 ,5 2 0
T o t a l ..................... ...................................................... .. .................. $ 6 3 , 0 9 8 , 2 1 5
L ia b ilitie s —

$ 5 2 ,8 7 9 ,0 8 5

C a p i t a l s t o c k is s u e d — 7 % C u m u la t i v e P r e f . s t o c k . $ 1 5 .5 0 0 ,0 0 0
C o m m o n s t o c k .................................................................................. 1 1 , 8 4 0 . 9 3 0

$ 8 ,0 0 0 ,0 0 0
1 1 ,8 1 3 ,4 3 0

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

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

L e s s — R e s e r v e d fo r e m p lo y e e s a n d h e ld b y t r u s te e

..
„
J
^
$ 2 7 ,3 4 0 ,9 3 0 $ 1 9 ,6 5 6 ,9 3 0
T h r e e - Y e a r 5 % g o l d n o t e s d u e O c t . 1 5 1 9 1 9 _____
5 ,0 0 0 .0 0 0
5 ,0 0 0 ,0 0 0
D e f e r r e d p u r c h a s e m o n e y o b l i g a t i o n s ........................ ...
633 8 7 0
6 3 3 ,8 7 0
’
1 ,0 6 0 4 3 2
N o t e p a y a b l e t o U . S . G o v e r n m e n t _____
A u d i t e d v o u c h e r s a n d p a y - r o l l s ...........................................
4 ',8 4 6 " ,3 7 0
4 , 1 7 l ’, 7 3 8
M is c e lla n e o u s lia b ilitie s , in c lu d in g p r o v is io n fo r
I n c o m e a n d w a r p r o f i t s t a x e s . . . .....................................
8 ,2 8 4 ,7 9 5
8 ,6 9 8 ,2 5 4
S u n d 1 1 8 ........................................................................................................... 1 6 , 9 9 2 , 2 5 0
1 3 .6 5 7 ,8 6 1
T o t a l ............................................................ ............................... ........... $ 6 3 , 0 9 8 , 2 1 6 $ 5 2 , 8 7 9 , 0 8 5
I n J u n e 1 9 1 9 t h e c o m p a n y s o ld $ 7 ,5 0 0 ,0 0 0 o f a d d i t io n a l 7 % P r e f. s t o c k
(s e e V . 1 0 9 , p . / 8 ) , b r in g in g t h e o u t s t a n d in g is s u e
u p t o $ 1 5 ,5 0 0 ,0 0 0 a s
n e r e s h o w n in o r d e r t o in c r e a s e w o r k i n g c a p it a l a n d p r o v i d e f o r t h o r e t ir e ­
m e n t o f t h e $ 5 ,0 0 0 ,0 0 0 T h r e e - Y e a r n o t e s , a b o v e I n c lu d e d , d u e a n d p a id
O c t . 1 5 1 9 1 9 .— V . 1 0 9 , p . 1 5 3 0 .

T h e

P u llm a n

C o m p a n y .

(Report for Fiscal Year Ending July

31 1918 and 1919).

N o a n n u a l r e p o r t h a v i n g b e e n is s u e d s in c e t h a t f o r t h e y e a r e n d in g
- j n n o 3 0 1 9 1 7 , t h e s t a t e m e n t s n o w g iv e n o u t c o v e r t h e la s t t w o f is c a l y e a r s ,
1 9 1 7 -1 8 a n d 1 9 1 8 -1 9 .
T h e r e p o r t c o n t a in s n o t e x t .
A s t o p r o p o s it io n t o e n la r g e s c o p e o f
c o m p a n y ' s o p e r a t i o n s a n d t h e c o n t r a c t f o r m a n u f a c t u r e o f a u t o m o b le
b o d ie s , see a su b se q u e n t p a g e .
T h e D ir e c t o r -G e n e r a l o f R a ilr o a d s o n J u ly 3 1 9 1 8 , t o o k p o ss e s sio n o f
t h e s le e p in g a n d p a r lo r c a r b u s in e s s o f t h e c o m p a n y a s o f J a n . 1 1 9 1 8 , a n d
■ th e o n l y i n c o m e f r o m t h a t d e p a r t m e n t s i n c e t h e l a t t e r d a t e h a s b e e n t h e
F e d e r a l c o m p e n s a t i o n o r r e n t a l o f $ 1 1 , 7 5 0 , 0 0 0 p e r a n n u m b a s e d , i t is
u n d e r s t o o d , o n t h e a v e r a g e a n n u a l e a r n in g s fr o m t h a t d e p a r t m e n t fo r
t h e t h r e e y e a r s e n d e d J u n e 3 0 1 9 1 7 .— V . 1 0 6 . p . 2 3 4 9 ; V . 1 0 9 . p . 8 9 3 .
U n d e r t h e o r d e r o f t h e D ir e c t o r -G e n e r a l in J u ly 1 9 1 8 , t a k i n g o v e r t h e
P u ll m a n c a r s e r v ic e , s o m e 1 9 ,0 0 0 e m p lo y e e s , i t w a s r e p o r t e d , r e c e iv e d a
■ to ta l in c r e a s e in w a g e s a g g r e g a t in g $ 4 ,7 5 0 ,0 0 0 d a t i n g b a c k t o J a n . 1 1 9 1 8 .
I n S e p t . 1 9 1 9 r e a d ju s t m e n t o f t h e w a g e s o f s le e p in g a n d p a r lo r c a r c o n ­
d u c t o r s w a s m a d e b y t h e R R . A d m in is t r a t io n w h ic h g a v e th e s e m e n n u m b • e rin g . It w a s t h e n s a i d , a b o u t 2 2 ,0 0 0 a f u r t h e r i n c r e a s e o f f r o m $ 1 0 t o
S ] 5 a m o n t h , r e t r o a c t i v e t o M a y 1 1 9 1 9 . in a d d i t io n t o a g e n e r a l r a is e
o r $ 2 5 w h ic h w a s g r a n t e d u n d e r g e n e r a l o r d e r N o . 2 7 (A p r il 14 1 9 1 9 ), th e
■ o b je c t b e in g t o p la c e t h e m o n a p a r w it h o t h e r r a ilr o a d e m p lo y e e s ( V . 1 0 7 .
,P -8 6 : ^
1 0 8 , p . 1 5 7 2 ).
A n in c r e a s e in fa r e s w a s p u t in t o e f f e c t in J u n e
1 9 1 8 .— V . 1 0 6 , p . 2 4 5 7 , 2 3 0 5 ; V . 1 0 7 , p . 2 1 0 3 .
IN C O M E

ACCO U N T

FOR

YEARS

E a r n i n g s o f c a r s , e n t i r e y e a r _____
5 m o n t h s e n d n g D e c . 31 1917___I
♦ F ed era l co m p e n sa tio n —
7 m o n t h s e n d in g J u ly .
1918
Y e a r e n d i n g J u l y 3 1 1 9 1 9 _______
R e t u r n s fr o m m f g . in te r e s t, & c
t * G r o s s i n c o m e ____________________
O p e r a t in g e x p e n s e s . & c ., 5 m o n t h s " !
Y e a r e n d i n g J u l y 3 1 1 9 1 7 ____________
C o r p o r a te exp en ses & ta x es, 7 m os
Y e a r e n d i n g J u l y 3 1 1 9 1 9 ________
N e t e a r n s , p d . t o o t h e r in te r e s ts (5 m .)
Y e a r e n d i n g J u l y 3 1 1 9 1 7 ..................._
^ D e p r e c i a t i o n i n g e n e r a l __________
D i v i d e n d s ( 8 % ) ________________ - ! ! ! ! ! ! !
B a la n c e ,

E N D IN G

o r u lc c l J u n o * 3

0

1919.

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

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

3 ,2 1 6 ! 7 6 0

1 .7 2 0 ,2 5 5

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

u n d er co n tra ct
*

31

$ 2 C ,2 8 7 ,2 5 2

s u r p l u s . . ....................................... $ 3 , 1 3 0 , 2 6 5

W * F e d e r a l co m p e n sa tio n

J U L Y
1 9 1 7 -1 8 .

1 9 1 8 -1 9 .

w it h

$ 3 ,8 0 2 ,4 1 4

$ 4 ,0 3 2 ,6 2 8

D ir e c t o r -G e n e r a l o f

R a il-

n e t o p e r a t *n g i n c o m e f o r t h r e e y e a r p e r i o d

x jT h e p r o v is io n s f o r d e p r e c ia t io n d u r in g F e d e r a l c o n t r o l a c c r u e s u n d e r
t h e c o n t r a c t w ith t h e D ir e c to r -G e n e r a l o f R a ilr o a d s , a n d h e n c e d o e s n o t
3 1 P1918

th e

nC O m e a c c o ’ ,n t




fo r

1 9 1 8 -1 9

or

th e

7

m on th s

1919.
Assets —
$
Cars and eau!;)..x78.287,971
Repair shops_____ 3,410,447
Pullman building . 1,927,3S7
Other real estate..
6,651
Operating supplies,
linnen, & c ......... 2,468,994
Unespired insur___
1,848
Securities________ 8,660,900
Car leases................ 6,522,004
Cash-------------------- 8,907,851
Bills & acc'ts rec.. 3,629,578
M fg. dept, plants
& investments..20,136,408
*U. S. Govt. (U .S.
RR. Admin). ..38,194.511
* Includes depreciation,
control.

e n d in g

J u ly

SHEET

1918.

-JU L Y

31.

|

1919.
1918.
Liabilities—
S
$
84.839.168 i Capital
stock...120,000,000 120,000,000
•
3,427.728 Acc'ts payable.. 5,017,507
2,946,925
1,041,436 Accrued dlv____ 2,399,948
2,399,948
6 ,6511Ini. & other res. 2,342,071
2,315,282
U. S. Govt. (CJ.
2,212,999
S. RR. Adm) 21.130,641 15,187,997
30,876 Net surplus____ 20,364,382 17,234,117
8,085,554
6,684,824
y
10,423,722
$

\

20,136,408
23,194,904
Total eachsidel71.254,548 160,084,270
subject to adjustm ent at the end o f Federal

x I n c lu d e s a m o u n t in v e s t e d in o n e - h a l f in t e r e s t in t h r e e A s s o c i a t io n c a r s ,
y " B y r e a s o n o f th e ta k in g o v e r o f c a s h b y th e U . S . R R . A d m in ., a n d
p a y m e n t o f c o r p o r a t e in d e b t e d n e s s , t h e n e t c a s h b a la n c e s a s o f J u ly 3 1
1 9 1 8 is r e f le c t e d in t h e U . S . G o v ’ t , it e m o f $ 2 3 , 1 9 4 , 9 0 4 . ” — V . 1 0 9 , p . 8 9 3 .
C a lifo r n ia

R a ilw a y

&

P o w e r

C o m p a n y .

30 1919.)
Pres. Mason B. Starring, Sopt. 19 1919, wrote in subst.:
(6th Annual Report— Year ended June

31.

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

xt

[V ol . 109

U n ite d R a ilr o a d s o f S a n F r a n c is c o .
S t a t u s a n d P l a n .— A s t h e r e o r g a n i z a t i o n o f U n i t e d R a i l r o a d s o f S a n F r a n ­
c is c o h a s n o t y e t b e e n c o n s u m m a t e d , t h a t c o m p a n y h a s b e e n u n a b le t o p a y
e ith e r in te r e s t o r d iv id e n d s t o t h is c o m p a n y , a n d t h e p o lic y o f n o t t a k in g
i n t o t h e c o m p a n y 's a c c o u n t s t h e i n t e r e s t o n U n i t e d R a i l r o a d s o f S a n F r a n ­
c is c o n o te s h a s b o o n c o n t in u e d .
T h e c o n s u m m a t i o n o f t h e [ r e c e n t l y a m o n d e d l p l a n w i l l r e s u l t In a r e d u c ­
t i o n o f a p p r o x i m a t e l y $ 1 ,0 0 0 ,0 0 0 in t h e f i x e d c h a r g e s o f t h e s u c c e s s o r c o m ­
p a n y a s c o m p a r t 'd w i t h t h o s e o f U n i t e d R a i l r o a d s a n d s h o u l d p u t i t i n a
s t r o n g p o s it in fin a n c ia lly (s e e p la n , V . 1 0 9 , p . 1 3 6 7 ).
E a r n i n g s , d c .— T h e g r o s s e a r n i n g s o f U n i t e d R a i l r o a d s f o r t h e y e a r
a m o u n t e d t o $ 8 ,0 3 5 ,6 4 7 , a n in c r e a s e o f $ 5 7 7 ,5 0 5 a s c o m p a r e d w it h t h e y e a r
1 9 1 6 -1 7 , a n d $ 1 ,7 7 3 ,6 4 8 a s c o m p a r e d w it h 1 9 1 7 -1 8 .
O p e r a tin g
expenses
a s c o m p a r e d w ith 19 1 8 in c r e a s e d o n l y $ 3 8 ,8 9 7 , b u t a s c o m p a r e d w it h 1 9 1 7
t h o y in c r e a s e d $ 8 4 7 ,0 1 8 , o f w h ic h a m o u n t $ 7 0 2 ,8 1 7 w a s d u e t o in c r e a s e in
w ages o f ca rm en .
T h e o p e r a t in g r a t io , in c lu s iv e o f t a x e s , w a s in c r e a s e d
f r o m 7 0 . 4 2 % in 1 9 1 7 t o 7 5 . 2 5 % in 1 9 1 9 .
T h e p r o p e r t i e s h a v e b e e n w e l l m a i n t a i n e d ; in a d d i t i o n t o o r d i n a r y m a i n ­
t e n a n c e , a p p r o x im a t e ly 2 0 ,0 0 0 f t . o f t r a c k h a v e b e e n r e c o n s t r u c t e d w ith
s t a n d a r d 9 - in c h r a il; a b o u t 2 6 m ile s o f t r o ll e y w ir o h a v e b e e n r e n e w e d ; 2 6 5
c a r s w e re c o m p le t e ly a n d 2 8 1 p a r t ia lly o v e r h a u le d o u t o f a m a x im u m .d a ily
s c h e d u l e o f 6 7 0 c a r s in o p e r a t io n .
A ls o 17 lig h t-w e ig h t p r e p a y m e n t c a r s
w e r e b u ilt a t th e E lk t o n s h o p s .
N e w C o n s t r u c t i o n .— W i t h t h o a i d o f t h e U . S . G o v e r n m e n t a p e r m i t w a s
s e c u r e d t o b u i l d 1 0 , 3 4 0 f t . o f s i n g l e t r a c k o n A r m y S t . f r o m 1’ o t r e r o A v e . t o
T h ir d S t ., t o a llo w a d ir e c t s e r v ic e t o th e s h ip y a r d s a n d m a n u fa c t u r in g
p la n ts o f th o P o t r e r o D is t r ic t .
T h e c i t y h a s a n o p t io n t o p u r c h a s e th is
t r a c k a t t h o c o s t o f c o n s t r u c t i o n , le s s d e p r e c i a t i o n , a n d u p o n p a y m e n t o f
o n e -h a lf o f s a id c o s t , m a y u se th e t r a c k jo in t ly w ith th e U n ite d R a ilr o a d s .
T h e U . S . G o v e r n m e n t a ls o r e q u e s t e d t h e c o n s t r u c t i o n o f a te r m in a l lo o p
a n d lo a d in g s t a t io n a t th e y a r d s o f th e B e th le h e m S h ip b u ild in g C o r p o r a t io n ,
th e la r g e s t s h ip y a r d s o n th e P a c ific C o a s t , e x p lo y in g a p p r o x im a t e ly 2 0 ,0 0 0
m en.
T h o c o s t o f c o n s tr u c tio n w a s fin a n c e d b y th e G o v e r n m e n t , a n d th e
c o m p a n y c o n s t r u c t e d a n d p l a c e d t h e t e r m in a l in o p e r a t i o n iu O c t o b e r 1 9 1 8 .
Its o p e r a t io n h a s p r o v e d s u c c e s s fu l.
A t t h e m a in te r m in a l o n t h e K tn b a r c a d e r o a t t h e f o o t o f M a r k e t S t . a
t h ir d lo o p w a s c o n s t r u c t e d a t jo in t e x p e n s e w ith t h e M u n ic ip a l R a ilw a y .
G e n e r a l .— J i t n e y c o m p e t i t i o n h a s b e e n r e d u c e d , a n d l a b o r c o n d i t i o n s h a v e
c o n s id e r a b ly Im p r o v e d .
O n J u n o 2 6 1 9 1 9 W illia m v o n P h u i, t h e r e t o fo r e V ic e -P r e s id e n t , w a s e le c t e d
P r e s id e n t , t o s u c c e e d t h e la te J e s s e W . L llle n t h a l. a n d G e o r g e I ). W i ilc u t t .
t h e r e t o fo r e S e c r e ta r y a n d C o n t r o lle r , w a s e le c t e d V ic o -lT e s ld e n t .
M u n i c i p a l R a i l w a y .— D u r i n g t h o y e a r t h e c i t y e x t o n d e d t h o o p e r a t i o n o f
th e M u n ic ip a l R a ilw a y o n M a r k e t S t. fr o m T w in P e a k s t o th o F e r r y a n d
th r o u g h t h o tu n n e l t o a n d o v e r O c e a n A v e . t o B r ig h to n ; a ls o , t h r o u g h t h e
S u n s e t D is t r ic t w e s te r ly o n T a r a v a l S t . t o 3 3 d A v e .
O n M a r k e t S t. t h is
e x te n s io n o p e r a te s o v e r th e t w o o u t e r tr a c k s c o n s t r u c t e d b y th o c it y , a n d o n
O c e a n A v e . a n d T a r a v a l S t. o p e r a t e s u n d e r a n a g r e e m e n t w ith t h e c o m p a n y
o v e r t r a c k o w n e d a b s o lu t e ly b y th e c o m p a n y .

S ierra & S an F ra n c is co P ow er C o.
R e s u l t s .— T h e g r o s s e l e c t r i c e a r n i n g s o f $ 2 , 1 7 7 , 5 1 9 s h o w a n i n c r e a s e o f
$ 5 2 9 ,5 8 0 , o r a p p r o x im a t e ly 3 2 % , a n d t h o g r o s s w a t e r e a r n in g s ( $ 1 8 ,1 6 4 ) , a n
In cre a se o f $ 5 ,6 9 9 , o r a p p r o x im a t e ly 1 3 % o v e r th e y e a r e n d e d J u n o 3 0 1 9 1 8 T h e in c r e a s e in th e S a n t a C la r a D iv i s i o n w a s 5 7 % , In t h e S a n J o a q u in D i v i ­
s i o n 3 3 % , i n t h e S a n F r a n c i s c o D i v i s i o n 3 1 % , a n d in T u o l u m n e D i v i s i o n
3% .
O p e r a t in g e x p e n s e s , t h r o u g h c a u s e s o v e r w h ic h t h o o ff ic e r s h a v e
b e e n u n a b le t o e x e r c is e c o n t r o l , in c r e a s e d $ 5 1 4 ,5 0 3 .
T h e i n c r e a s e in o p e r a t i n g e x p e n s e s w a s d u e i n p a r t t o t h e g r e a t I n c r e a s e
in c a s t o f m a t e r i a l s a n d l a b o r , b u t a l s o i n a v e r y s u b s t a n t i a l a m o u n t t o t h e
fa c t t h a t th e lo a d h a d g r o w n b e y o n d t h e c a p a c it y o f t h e h y d r o -e le c t r ic
g e n e r a tin g p la n ts , a n d th e a d d it io n a l e n e r g y h a d t o b o g e n e r a te d b y s t e a m .
L o a d .— O n J u n o 3 0 1 9 1 9 t h e t o t a l c o n n e c t e d l o a d w a s 7 3 , 0 6 3 k . w . , e q u i v ­
a le n t t o 9 7 ,9 4 0 e le c t r ic h . p . , w it h 7 ,2 8 6 e le c t r i c a n d 9 9 1 w a t e r c u s t o m e r s ,
a s c o m p a r e d w ith a c o n n e c t e d lo a d o f 6 1 ,2 9 8 k . w ., e q u iv a le n t t o 8 2 ,1 6 9
e le c t r ic h . p . , w it h 6 ,6 5 9 e le c t r ic a n d 1 ,1 1 8 w a t e r c u s t o m e r s o n J u n o 3 0 l 9 l 8 .
E l e c t r i c E n e r g y .— T h e t o t a l a m o u n t o f e n e r g y d e l i v e r e d i n t o t h e s y s t e m ,
g e n e r a t e d a n d p u r c h a s e d , w a s a s fo llo w s F is c a l
K . IF . H o u r s
Y ea r—
D e liv e r e d .
1 9 1 8 - 1 9 ........................ 2 4 8 . 6 6 8 . 1 0 1
1 9 1 7 - 1 8 . ...................1 9 1 , 4 4 8 , 3 1 4

— G en era ted by C o m p a n y —
H y d r o -E le c tr ic .
S tea m .
1 7 5 ,6 0 6 ,0 1 3
5 6 ,2 8 0 ,1 8 0
1 4 8 ,3 0 6 .6 6 5
3 9 ,8 8 0 ,9 9 0

P u rch a sed
f r o m O th er s.
1 6 ,7 8 1 ,5 7 8
3 ,2 6 0 ,6 5 9

T h e i n c r e a s e in s a le s o f e l e c t r i c e n e r g y w a s 4 7 ,5 0 7 ,2 0 1 k . w . h . , o f w h i c h
th e in c r e a s e d c o n s u m p t i o n o f U n it e d R R s . a m o u n t e d t o 3 0 ,2 6 5 ,1 3 2 k . w . h .
D u r in g t h e p a s t y e a r c a p it a l e x p e n d it u r e s h a v e a m o u n t e d t o $ 2 2 7 ,1 4 9 .
C o s t o f O i l .— D u r i n g t h o y e a r e n d e d J u n e 3 0 1 9 1 8 t h e c o m p a n y u s e d
2 5 1 ,5 7 5 b b ls . o f fu e l o il , a n d d u r in g t h o p a s t y e a r 3 3 3 ,6 4 7 b b ls .
P r io r t o
J u ly 1 1 9 1 8 t h e o il w a s p u r c h a s e d u n d e r a n o ld c o n t r a c t a t 6 6 c e n t s p e r
b b l ., b u t u p o n th o e x p ir a t io n o f t h is c o n t r a c t , th e p r ic e I n c r e a s e d t o $1 6 3
p e r b b l.
E s t i m a t e o n N e w P l a n t .— A t a p o i n t n e a r S p r i n g G a p , a b o u t 3 m i l e s a b o v e
t h e S a n d B a r D a m , t h e c o m p a n y c a n i n s t a l l in l e s s t h a n a y e a r a t a n e s t i ­
m a t e d c o s t o f n o t e x c e e d in g $ 7 5 0 ,0 0 0 , a n a d d it io n a l p la n t w ith a c a p a c it y
o f 9 ,0 0 0 k . w . a n d a n e s t im a t e d e n e r g y o u t p u t o f 4 9 ,0 0 0 ,0 0 0 k . w . h o u r s
a n n u a ll y , w h ic h w o u ld b e e q u iv a le n t t o a p p r o x im a t e ly 2 4 5 ,0 0 0 b b ls . o f
fu e l o il , w h ic h a t p r e s e n t p r ic e s w o u ld s h o w a s a v in g o f a p p r o x im a t e ly
$ 4 0 0 , 0 0 0 p e r y e a r f o r o i l a l o n o in o p e r a t i n g e x p e n s e s .
P la n s w e r e c o m p le t e d
s o m e t im e a g o , b u t fin a n c ia l a r r a n g e m e n t s h a v e y e t t o b o m a d e .
I t is e s t i m a t e d t h a t b y e x p e n d i n g $ 2 , 2 5 0 ,0 0 0 , in a d d i t i o n t o t h o $ 7 5 0 ,0 0 0
r e f e r r e d t o a b o v e , in t h e d e v e l o p m e n t o f a d d i t i o n a l h y d r o - e l e c t r i c p o w e r
a n d t h e e x t e n s i o n o f d i s t r i b u t i o n f a c i l i t i e s p a r t i c u l a r l y in t h o S a n J o a q u i n
v a l le y , a n a d d i t io n a l 1 0 0 ,0 0 0 ,0 0 0 k . w . h o u r s o f h y d r o - e le c t r i c e n e r g y c a n
b e m a d e a v a ila b le a n n u a lly , in a d d i t io n t o t h o 4 9 ,0 0 0 ,0 0 0 k . w . h o u r s
r e fe r r e d t o a b o v e .
T h e c o m p a n y is s e r v i n g , w i t h o u t c o m p e t i t i o n , a l a r g e a n d g r o w i n g t e r r i ­
t o r y , a n d it s p r o s p e c t s a r e g o o d , p r o v i d e d t h o a d d i t i o n a l f u n d s f o r e x t e n s i o n
c a n b e o b ta in e d .
C o a s t V a lle y s G a s & E le c t r ic C o .
R e s u l t s .— A t J u n e 3 0 1 9 1 9 t h e e l e c t r i c a l c o n n e c t e d l o a d a n d n u m b e r o f
c u s to m e r s w e re a s fo llo w s :
S a le s —
F is c a l
E l . L o a d — N o . C u s t o m e r s -------------------- T o t a l
G as, cu . ft .
Y ea r—
K . IF .
E lec.
G as.
W a te r . E lc c .k .w .h .
4 7 ,8 4 8 ,2 0 0
1 9 1 8 - 1 9 ........................... 1 0 , 6 8 7
4 ,7 3 9 2 ,5 4 0
1 ,3 7 2
1 0 ,3 1 6 ,5 0 2
4 1 ,8 5 3 ,8 0 0
1 9 1 7 - 1 8 ................................ 8 , 7 7 9
4 ,3 7 4 2 ,2 9 4
1 ,3 3 1
9 ,3 8 6 ,5 5 8
C a p it a l e x p e n d it u r e s d u r in g t h e y e a r a m o u n t e d t o $ 1 0 6 ,0 8 2 .
T h e g r o s s e a r n in g s fr o m o p e r a t io n fo r t h e y e a r w e r e $ 3 6 7 ,1 7 0 , o f w h ic h
$ 2 6 0 ,8 9 3 w e r e e le c t r ic e a r n in g s , $ 7 7 ,5 4 9 g a s e a r n in g s , a n d $ 2 5 ,7 9 5 w a t e r
e a r n in g s , t h e s e v e r a l d e p a r t m e n t s s h o w in g in c r e a s e s o f 1 0 % , 2 3 % a n d 6 % .
r e s p e c t iv e ly .
,
.
T h e i n c r e a s o o f $ 4 8 , 6 4 2 i n o p e r a t i n g e x p e n s e s w .a s d u o In p a r t t o t h e
in c r e a s e d c a s t o f m a te r ia ls a n d la b o r , b u t t o a v e r y c o n s id e r a b ly g r e a te r
e x t e n t t o a n in c r e a s e in c a s t o f e n e r g y p u r c h a s e d f r o m S ie r r a & S a n F r a n c is c o
P o w e r C o . b y r e a s o n o f th e s u r c h a r g e im p a s e d u p o n th e c o m p a n y b y o r d e r
o f th e R a ilr o a d C o m m is s io n o n O c t . 2 2 1 9 1 8 .

&

THE CHRONICLE

O ct. 25 1919.]

B o n d s .— D u r i n g t h e p a s t y e a r t h e c o m p a n y s o l d a n a d d i t i o n a l $ 1 2 5 , 0 0 0
1 s t M . b o n d s t o r e im b u r s e th e tr e a s u r y fo r c a p it a l e x p e n d itu r e s a lr e a d y m a d e .
O u t l o o k .— T h e p r o s p e c t f o r i n c r e a s e d b u s i n e s s b e t w e e n S a l i n a s a n d K i n g
C i t y d u r i n g t h e n e x t t w o y e a r s is v e r y p r o m i s i n g .
I t is e s t im a t e d t h a t
w it h o u t d i f f i c u l t y t h e lo a d c a n b e in c r e a s e d a t le a s t 2 0 % , b u t t o in s u r e
u n i n t e r r u p t e d s e r v i c e , t h e r e s h o u l d b e e x p e n d e d n o t le s s t h a n $ 2 5 0 ,0 0 0 in
t h e n e x t t w o y e a r s in d u p l ic a t in g t h e p r e s e n t t r a n s m is s io n lin e b e t w e e n
S a lin a s a n d K in g C i t y , t o r e b u il d i n g t h e S a lin a s s u b s t a t i o n , a n d in c r e a s in g
s u b s ta tio n a n d d is t r ib u t io n fa c ilitie s .
C A L IF O R N IA

R A IL W A Y

J u n e 30 Y ea rs—
T o t a l i n c o m e ...........................
E x p e n s e s , t a x e s , & c _____

A

POW ER

1 9 1 8 -1 9 .
$131
2 8 ,6 6 0

C O .— I N C O M E

1 9 1 7 -1 8 $222
1 0 .2 7 8

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

$ 1 8 ,5 4 4
x $ 2 8 ,0 0 0

$ 1 6 6 ,3 8 0
x $ 1 9 6 ,0 0 0

d e f .$ 9 ,4 5 6

d e f .$ 2 9 ,6 2 0

N e t i n c o m e _____________ d e f . $ 2 8 , 5 2 9 d e f . $ 1 0 , 0 5 6
________
D iv id e n d o n p r io r p r e f . .
_________
B a la n c e , s u r . o r d e f . _ d e f .$ 2 8 ,5 2 9

d e f .$ 1 0 ,0 5 6

x D iv id e n d s w e r e d e d u c t e d b y th e c o m p a n y fr o m
C A L IF O R N IA

R Y .

A

POW ER

T ota l

p r o f it a n d lo s s s u r p lu s .

C O .— B A L A N C E

1919.
1918.
A ssfts~~~
$
§
a S e c u r it ie s o w n e < 1 4 7 ,7 3 8 ,2 2 9 4 7 ,7 3 9 ,4 6 9
N o t e s r e c .. U n ite d
H R s. o f San Fr
1 ,9 2 5 ,0 0 0 1 ,9 2 5 ,0 0 0
C a s h o n d e p o s it . .
2 ,3 1 2
1 ,3 9 4
U n .H R s .o f S . F r
3 9 ,8 9 0
4 1 ,9 8 2
M i s c e l l a n e o u s _____
69
184
P r o f i t & lo s s , d e f - .
3 4 ,0 2 6
5 ,4 9 8

AC CO U N T.

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

SH EET

JU N E

30.

1919.
1918.
L ia b ilitie s —
$
S
P r io r p r e f . s t o c k . . 2 ,8 0 0 ,0 0 0
2 ,8 0 0 ,0 0 0
P r e fe r r e d s t o c k . . 6 ,8 7 4 ,4 0 0
6 ,8 7 4 ,4 0 0
C o m m o n s t o c k . . 4 0 , 0 0 0 , 0 0 0 4 0 ,0 0 0 ,0 0 0
R R s. * Pow er D e­
v e lo p m e n t C o . .
3 1 ,0 0 0
5 ,0 0 0
U n a d j u s t , c r e d it s
3 4 ,1 2 7
3 4 ,1 2 7

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

T ota l

1609

1918.
1917.
1918.
1917.
A s s e ts —
$
S
L ia b ilit ie s —
S
$
R o a d & e q u i p t ____ 3 9 ,3 8 0 ,7 4 1 3 9 ,0 1 7 ,4 7 4 C o m m o n s t o c k . . . 3 0 .0 0 0 ,0 0 0 3 0 ,0 0 0 ,0 0 0 *
M ls c . p h y s . p r o p ..
8 ,6 7 7
8 .6 7 7 l s t M . 5 s ( A . & B . R y . ) 4 , 0 9 0 , 0 0 0
4 ,0 9 0 ,0 0 0
O t h e r ln v e s t m ’ t s . .
8 9 ,6 1 9
9 5 ,3 1 2 5 % i n c . M . b o n d s . 4 ,5 4 3 ,9 0 7
4 ,5 4 3 ,9 0 7
C a s h ________________
2 0 ,4 0 5
1 ,1 2 0 ,6 1 9 T r a f f i c , & c . , b a l . .
2 0 ,7 7 0
6 5 6 ,6 8 J
S p e c ia l d e p o s it s —
1 2 0 .3 4 2
1 2 5 ,3 0 1 A u d .a c c t s . & w a g e s
1 3 ,2 0 9
4 7 0 .6 1 1
L o a n s & b ills r e e ’ le
3 ,5 4 0
1 8 ,1 9 9
M i s c e l l a n e o u s _____
2 ,5 6 9
T r a ffic , A c ., b a l ..
3 ,7 0 1
1 0 9 ,6 7 3 I n t . m a t 'd u n p a i d .
1 2 4 ,5 6 4
1 1 9 ,5 7 9
A g e n ts & c o n d u c t1 0 7 ,4 6 5 O p e r a t in g r e s e r v e s
2 7 ,0 2 5 M i s c e l l a n e o u s _____
5 5 .3 1 6
3 0 4 ,9 9 3 A c c r u e d d e p r e c 'n .
2 9 7 ,9 6 4
2 8 9 ,4 0 6
M a t e r i a l & s u p p 's .
7 7 6 ,8 8 4 U n m a t ’ d i n t .a e c r 'd
1 1 9 ,6 2 5
9 ,8 1 1
D e f e r r e d a s s e t s ___
1 ,0 7 7
1 ,2 8 9 O t h . c u r r e n t l i a b 's
3 3 ,0 4 7 "
1 2 1 ,2 1 8
U n a d ju s t, d e b i t s ..
3 6 5 ,0 7 5
6 6 ,9 5 1 L o a n s & b il ls p a y . .
6 0 0 ,0 0 0 5 6 5 ,0 0 0
In terest
&
d iv i1 1 7 ,6 1 3
I t e m s in s u s p e n s e .
1 ,8 4 1
d e n d s r e c e iv a b le
1 ,2 7 6 U .S . G o v .d e f .l i a b . . 2 ,0 4 3 .0 6 1
U . S . G o v t . d e f.
T a x l i a b i l i t y ________
4 ,0 2 9
2 ,5 4 3 ,6 2 2
O th e r u n a d j. c r e d .
1 4 9 ,0 4 8
2 ,0 1 0 *
A d d ’n s t h r o . s u r p .
1 .9 3 0
6 3 4 ,6 6 6
P .& L .b a l.,s u r p .
6 3 4 ,6 6 6
T o t a l ........... ......... 4 2 ,6 0 8 ,2 7 0
— V . 108, p . 266.
B e lle fo n t e

4 1 ,7 3 5 ,9 1 4

C e n tr a l

G r o s s r e c e i p t s _____________
O p e r a t i o n ____________________

R R .-M o n th o f
1919.
$
1 0 ,3 7 7
8 ,1 3 5

N e t _________________________
I n t e r e s t a n d T a x e s -----------

2 ,2 4 2
94

3 ,9 2 2
210

5 ,2 3 1
954

9 ,4 9 2 1 ,6 8 0 '

2 .1 4 8

3 ,7 1 2

4 ,2 7 7

7 ,8 1 2

S u r p l u s ___________________

IN C O M E

A C C T . FOR

YEARS

S

E N D .

JU N E

30-

S . F . P . C o . C o a s t V.G.A E l
1 9 1 7 -1 8 . 1 9 1 8 -1 9 . 1 9 1 7 -1 8 .
-

— U . R R s . o f S . F . ------ S i e r r a A
1 9 1 8 -1 9 .
1 9 1 7 -1 8 .
1 9 1 8 -1 9 .

S

$

S

S

s

G r o s s e a r n in g s .8 ,0 3 5 ,6 4 7 6 ,2 6 1 ,9 9 9 2 ,2 2 5 ,1 6 0
O p. exp. &
t a x e s 6 ,0 4 6 ,9 7 0 6 ,0 0 6 ,8 2 3 1 ,2 4 3 ,3 8 9

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

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

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

9 8 1 ,7 7 1
1 1 ,2 1 3

1 ,0 1 0 .1 1 0
2 0 ,8 3 1

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

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

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

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

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

1 ,6 7 7 ,6 9 2 c

1 2 9 ,4 1 7

N e t e a r n in g s . 1 ,9 8 8 ,6 7 8
O th e r in c o m e ..
1 6 7 ,3 5 5
G ross
B o n d in
O th e r in
R e n ta ls

i n c o m e .2 ,1 5 6 ,0 3 3
t e r e s t . b l ,5 8 1 ,0 3 1
t ., & c _ .
3 1 8 ,3 3 0
& le a s e s
1 7 8 ,2 0 0

B a l . , s u r . , ................7 8 , 4 7 2

1 7 1 ,5 8 4

6 9 ,1 5 0

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

5 3 ,8 5 1

b I n c l u d e s in 1 9 1 8 - 1 9 . i n t e r e s t o n U n i t e d R a i l r o a d s 4 % b o n d s , $ 9 1 0 , 0 0 0 ,
a n d o n u n d e r ly in g b o n d s , $ 6 4 1 ,0 3 1 , a g a in s t $ 9 4 0 ,0 0 0 a n d $ 6 5 1 ,8 6 3 r e s p e c ­
t iv e ly , in 1 9 1 7 -1 8 .
c T h is is a d e f i c i t in 1 9 1 7 -1 8 f o r U n i t e d R a il r o a d s .
* I n t e r e s t c lia r g e s in 1 9 1 8 -1 9 in c l u d e in t e r e s t o n F ir s t M o r t g a g e b o n d s
$ 3 7 5 ,0 0 0 , a g a in s t $ 3 7 5 ,0 0 0 ; in t e r e s t o n 2 d M t g e . S e r ie s " A ” b o n d s , $ 6 0 ,6 0 0
y e a r l y ; in t e r e s t o n 2 d M . S e r ie s “ B ” b o n d s , $ 4 2 3 ,1 5 0 , a g a in s t $ 4 2 3 ,1 5 0 .
U N IT E D

RRS.

OF

SA N

1919.
S

F R A N C IS C O — B A L A N C E

A s se ts—
R a ilr o a d s , p r o p e r ­
t ie s & fr a n c h is e s .S O ,9 4 8 ,2 1 4 8 1 ,2 4 7 ,3 4 1
6 7 0 .4 6 8
7 0 0 ,4 6 8
T r u s t e q u ip m e n t ..
2 ,3 1 8 .8 7 0
M t g e . s in k in g f d s
2 ,4 5 7 ,8 8 3
8 5 9 ,7 0 0
7 9 9 ,9 2 5
I n v e s t , in s e c u r ’ s
2 7 ,4 0 0
2 6 ,4 0 0
F d s. fo r red . o f bds
F o r a c q u ir e m e n t o f
o u ts td g . s tk s . o f
1 .8 3 4
1 ,8 3 4
u n d e r ly i n g c o s . .
4 2 8 ,4 3 7
C ash
_____________ 1 , 0 7 8 ,7 8 4
4 ,3 0 5
5 ,4 0 8
N o t e s r e c e iv a b le . .
5 7 6 .2 S 1
4 3 3 ,2 3 1
A c o o u n t s r e e e iv ’ le
4 1 ,6 0 5
2 6 ,0 0 2
M i s c e l l a n e o u s -------5 5 3 ,6 7 0
6 6 1 ,3 0 7
D is c , o n fd . d e b t . .
5 5 3 .6 9 2
M a te r ia ls & s u p p
4 5 1 ,8 2 6
4 6 ,2 2 3
A c c r u e d in t e r e s t .6 4 ,0 4 7
P r o f i t & lo s s , d e f . . 1 ,7 9 7 ,4 6 2
1 ,2 6 9 ,3 6 8

T ota l

SH EET

JU N E

30.

1918.
1919.
L ia b ilitie s —
S
S
F ir s t p r e f . s t o c k . . 5 ,0 0 0 ,0 0 0
5 .0 0 0 . 00 0
P r e fe r r e d s t o c k . . 2 0 ,0 0 0 ,0 0 0 2 0 ,0 0 0 ,0 0 0
C o m m o n s t o c k . . 1 7 .9 4 8 ,6 0 0 1 7 .9 4 8 ,6 0 0
M o r t g a g e b o n d s c 3 6 ,1 5 2 ,0 0 0 3 6 ,1 5 2 ,0 0 0
E q u ip m e n t tr u s ts
1 2 0 ,0 0 0
9 0 ,0 0 0
5 o p r o m i s ’ y n o t e s 1 ,0 0 0 ,0 0 0
1 .0 0 0 . 0 0 0
I n c o m e d e f 'd n o t e s
7 4 0 ,0 0 0
7 4 0 ,0 0 0
N o t e s p a y a b le C a l.
lty . & P ow . C o
1 ,9 2 5 .0 0 0
1 ,9 2 5 ,0 0 0
N o t e s p a y a b l e _____
9 5 ,1 2 0
6 5 ,1 2 0
A c c o u n ts p a y a b le
3 5 1 ,4 5 3
6 4 9 ,4 9 2
1 3 5 ,3 1 4
W a g e s & s a la r ie s ..
1 0 8 ,5 1 2
A ccru e d in t e r e s t ..
4 9 5 ,6 8 8
4 5 9 .8 7 5
A c c r u e d t a x e s _____
1 6 9 ,3 8 0
1 9 1 ,0 3 0
B o n d in te r e s t d u e
a n d u n p a i d _____2 ,8 5 1 ,2 1 5
1 ,9 1 4 ,1 6 0
In te re st on n o t e s ..
5 2 7 ,6 4 3
D e p o s i t s r e c 'd . A c .
6 2 ,7 9 2
6 4 ,4 0 0
M t g e . s k . f d . r e s 'v e
5 2 3 ,6 7 7
5 4 6 ,9 0 7
D e p r e c ’ n r e s e r v e . . 1 ,4 8 7 ,1 3 1
1 .4 0 0 ,9 9 6
O t h e r r e s e r v e s _____
8 1 ,8 3 4
1 2 9 ,0 4 8

1918.

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

T o ta l

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

c I n c lu d e s s in k in g fu n d 4 % b o n d s , $ 2 3 ,8 5 4 ,0 0 0 , a n d u n d e r ly in g b o n d s
a s s u m e d , $ 1 2 ,2 9 8 ,0 0 0 .
N o t e .— T h e c o m p a n y g u a r a n t e e s b o t h p r i n c i p a l a n d i n t e r e s t o f $ 1 , 4 1 6 , 0 0 0
S a n F r . E l . R y s . b o n d s a n d $ 4 5 ,0 0 0 G o u g h S t . C o . b o n d s .— V . 1 0 7 .p . 1 3 8 0 .
BALAN CE

SHEETS

A sse ts—

JU N E

30

OF

OTH ER

S U B S ID IA R IE S .

-S ie r r a A 5
1919.

2 d S I . * 'B ” b d s . in t r e a s .
2 d M . * 'B " b d s . & s c r ip
fo r m a tu r e d in t . o n 2 d
M t g e . ‘ ' B ” b o n d s _____
B o n d s o f a f f i l . c o s _________
C a s h ___________________________
N o t e s & a c c t s . r e c e i v ____
M a t e r ia ls a n d s u p p l i e s ..
U n a m o r tiz e d d is c o u n t &
e x p e n s e o n s e c u r itie s . .
M i s c e l l a n e o u s _____________
S i n k i n g f u n d _______________

F . P o w . C o .- -C o a s t V a l. G
1919.
1918.
$ 3 6 ,5 7 4 ,7 2 6
$ 5 ,9 7 4 ,3 3 1
3 7 ,0 0 0
3 7 ,0 0 0

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

T o t a l ........................................$ 3 8 , 0 4 4 , 9 4 2
L ia b ilitie s —
C a p i t a l s t o c k ............................ $ 2 0 , 0 0 0 , 0 0 0
7 ,5 0 0 ,0 0 0
F i r s t M o r t g a g e b o n d s ____
2 d M . b o n d s . S e r ie s “ A "
1 ,0 0 0 ,0 0 0
2 d M . b o n d s , S e r ie s " B "
8 ,5 0 0 ,0 0 0
A c c o u n ts p a y a b le , & e ._ _
2 0 8 ,2 6 0
M a t 'd in t . p a y . in c a s h .
2 6 7 ,4 5 5
A c c r u e d in t ., ta x e s , & c .
2 0 6 ,1 7 8
M a t 'd in t . 2 d M . “ B ”
p a y a b l e i n b o n d s _______
5 0 ,0 8 4
D e p r o c ’n , & c ., r e s e r v e s .
2 3 1 ,3 3 1
M i s c e l l a n e o u s --------------------3 1 ,4 9 3
P r o f i t a n d l o s s --------------------5 0 ,1 4 1

A E . C o .—
191S.
$ 5 ,8 6 8 ,3 5 0

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

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

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

1 4 3 ,1 7 4
5 3 ,4 8 3

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

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

$ 3 7 ,8 3 6 ,0 3 4

$ 6 ,4 0 7 ,0 6 4

$ 6 ,2 8 2 ,1 9 3

$ 2 0 ,0 0 0 ,0 0 0 k $ 5 ,0 0 0 ,0 0 0
7 ,5 0 0 ,0 0 0
1 ,0 2 5 ,0 0 0
1 ,0 0 0 ,0 0 0
8 ,5 0 0 ,0 0 0
1 7 4 ,7 4 6
3 7 ,9 8 0
2 6 3 .6 7 5
420
1 9 0 ,3 2 6
3 8 ,2 4 2

$ 5 ,0 0 0 ,0 0 0
9 0 0 ,0 0 0

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

5 0 ,0 8 4
1 5 6 ,2 4 2
960

$ 3 7 ,8 3 6 ,0 3 4

1 4 6 ,2 6 7
480
3 2 ,2 9 7

8 4 ,2 0 9

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

1 1 8 .8 7 9

$ 6 ,4 0 7 ,0 6 4

$ 6 ,2 8 2 ,1 9 3

n d $ 3 ,0 0 0 ,0 0 0 c o m .— C o m p a r e V . 1 0 3 ,
p.

1299.

G E N E R A L IN V E S T M E N T N E W S
R A I L R O A D S ,

IN C L U D IN G

E L E C T R IC

R O A D S .

A t la n t a B ir m in g h a m
&
A t l a n t i c R y . — Bal. Sheet.—
N o a n n u a l r e p o r t h a s b e e n Issu ed fo r th e y e a r 1 9 1 8 b u t th e “ C h r o n ic le ”
h a s b e e n fa v o r e d w ith t h e b a la n c e s h e e t o f D e c . 3 1 1 9 1 8 c o m p a r in g a s fo llo w s ;




A u g .1918.
$
9 .0 S 7
5 ,1 6 5

------- J a n . 1 t o A u g . 3 1 1918.
1919.
$
$
5 7 ,6 9 7
6 3 ,6 7 2
4 8 ,2 0 5
5 8 ,4 4 1

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

a I n c lu d e s (1 ) U n it e d R R s . o f S a n F r a n c is c o s t o c k , $ 5 ,0 0 0 ,0 0 0 fir s t p r e f..
$ 2 0 ,0 0 0 ,0 0 0 p r e f . a n d $ 7 ,9 5 0 ,0 0 0 c o m . ; (2 ) S ie r r a & S a n F r a n c is c o P o w e r
C o . . $ 1 9 ,9 9 9 ,0 0 0 c a p it a l s t o c k : (3 ) C o a s t V a lle y s G a s & E le c . C o . s t o c k ,
$ 2 ,0 0 0 ,0 0 0 p r e f. a n d $ 2 ,9 9 9 ,5 0 0 c o m ., a n d (4 ) S a n F r a n c is c o E le c . R y s .,
$ 9 ,9 9 7 ,5 0 0 c a p it a l s t o c k .
S U B S ID . C O M P A N IE S

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

B r o o k ly n

C ity

R R .

— Effect of Court Order.—

T h e p r i n c i p a l c h a n g e s a f f e c t i n g t h e s u r f a c e li n e s in B r o o k l y n f o l l o w i n g t h e
r e t u r n o f t h e lin e s in a c c o r d a n c e w i t h t h e o r d e r o f J u d g e M a y e r a r e ( a ) T e n
c e n t s fa r e is b e in g c h a r g e d o n n o le s s t h a n n in e lin e s w h e r e a s in g le 5 -c e n t
f a r e w a s i n e f f e c t , ( 6 ) 2 0 l i n e s a r e r e r o u t e d , ( c ) 11 c h a n g e s i n t h e r o u t e s o n B . I t . T . l i n e s , ( d ) d i s c o n t i n u a n c e o f s e r v i c e o n t h r e e l i n e s , (e ) a l l t r a n s ­
fe r s b e t w e e n lin e s o f B r o o k l y n C i t y R R . a r e a b o li s h e d e x c e p t 1 5 , w h ic h
a r e fr e e , ( / ) 4 5 0 tr a n s fe r p o in t s b e t w e e n B . R . T . lin e s a n d B r o o k ly n C i t y
a r e a b o lis h e d e n t ir e ly .— V . 1 0 9 , p . 1 5 2 7 , 1 3 6 6 .
C a p it a l T r a c t io n
C o . — Fare Increase.—
S e e W a s h in g to n R y . & E le c t r ic C o . b e lo w .— V . 1 0 9 , p . 1 2 7 2 , 1 0 7 9 .
C h ic a g o
S u r f a c e L i n e s . — Court Ruling.—
T h e I llin o is S u p r e m e C o u r t h a s a ll o w e d t h e C h ic a g o s u r fa c e lin e s t o a p p e a l1
f r o m t h e r u lin g o f C ir c u i t C o u r t J u d g e S m it h , w h o h e ld t h e c h a r g e o f 7
c e n t s w a s ille g a l.
T h is a p p e a l w ill a ll o w t h e p r e s e n t r a t e o f 7 c e n t s t o b e
c h a r g e d u n t il a d e c is io n is r e n d e r e d u n le s s t h e P . S . C o m m is s io n r e d u c e s t h e
r a t e in t h e m e a n t im e .— V . 1 0 9 , p . 1 4 6 1 .
D a lla s
(T e x a s )
R a i l w a y . — Business.—
P e r i o d s f r o m O ct. 1 1 9 1 7 t o —
S e p t. 3 0 '1 9 . A p r . 3 0 '1 9 .
T o t a l p r o p e r t y v a lu e , d e t e r m in e d in t h e m a n n e r
p r o v i d e d b y t h e f r a n c h i . s e . ................. ............................. ..
$ 8 ,5 6 0 ,4 3 0
$ 8 ,0 8 2 ,6 8 5
A u th o r iz e d retu rn — 7 %
p er a n n u m on p ro p e rty
v a l u e .................. ......................... - ....................- ..................
$ 4 9 ,7 8 0
$ 4 5 ,8 9 9
G r o s s i n c o m e , a l l s o u r c e s , i n m o n t h s n a m e d ................
$ 2 1 3 ,5 8 3
$ 2 0 2 ,2 3 9 '
O p e r a t i n g e x p e n s e s ...............................
$ 1 8 0 ,5 6 8
$ 1 6 9 ,6 0 2
N e t e a r n i n g s ................................ - ...................... - ......................... ...
S h o r t a g e i n p e r m i t t e d r e t u r n .....................................................
A m o u n t a v a ila b le fo r d iv id e n d s o r s u rp lu s r e s e r v e .
T o t a l s h o r t a g e o n p e r m i s s a b l e r e t u r n .................................
— V . 109, p . 1079.

$ 3 3 ,0 1 5
$ 1 6 ,7 6 5
N one
$ 4 3 0 ,7 1 3

$ 3 2 ,6 3 6
$ 1 3 ,2 6 2 '
N one
$ 3 5 5 ,2 8 6 ­

Co.-

D e n v e r T r a m w a y
— 6-Cent Fare Ordinance Defeated.—
T n e e le c t o r s a t a s p e c ia l e le c t io n h e ld O c t . 2 2 v o t e d d o w n b o t h t h e e la s tic 6 -c e n t fa r e a n d s e r v ic e -a t -c o s t p la n .
T h e c o m p a n y w ill r e v e r t t o a 5 - c e n t
fa r e o n O c t . 2 9 , w h ic h m a y m e a n th e r e je c t io n o f th e w a g e d e m a n d s o f th e
e m p lo y e e s a n d p r o b a b ly a s t r ik e .— V . 1 0 9 , p . 1 4 6 1 , 1 0 7 9 .

Co. of

G e n e r a l O m n ib u s
N . J . — Court Decision.—
T h e S u p r e m e C o u r t a t T r e n t o n o n O c t . 21 u p h e ld t h e o r d in a n c e o f th e C it y o f N e w a r k , p e r m ittin g th e c o m p a n y t o o p e r a t e jit n e y s o n d e s ig n a te d
rou tes.
T h e P u b lic S e r v ic e R y . c o n t e s t e d t h e r ig h t o f th e J it n e y C o . to o p e r a t e u n d e r th e fr a n c h is e a c t .
R a ilw a y .—

Buy Stock.—Hon.

Proposition that Canadian Govt.

Arthur Meighen, who on Oct. 10
introduced a resolution authorizing the Canadian Govern­
ment to acquire the company’s entire capital stock, except
the 4% guaranteed stock, explained, in doing so, that it had
been found impracticable for the Government to effect
lease of the property, hence this proposal. He also saidr
G r a n d

Should

T r u n k

a

T h e f in a l u n d e r s t a n d i n g a s b e t w e e n S ir A l f r e d S m it h e r s , r e p r e s e n t i n g
t h e G r a n d T r u n k D ir e c to r a te a n d t h e G o v e r n m e n t o f C a n a d a re sts fo r th e
t im e b e in g o n t h e p a r t o f S ir A l f r e d S m it h e r s h im s e lf , h is p o w e r b e in g a
r e c o m m e n d a t o r y p o w e r o n ly a n d o n o u r p a r t w ith t h e G o v e r n m e n t its e lf,
t h e G o v e r n m e n t , o f c o u r s e , h a v in g t o s u b m it t h e p r o p o s a l t o P a r lia m e n t.
W e h a v e h ith e r to r e fe r r e d g e n e r a lly t o th e G r a n d T r u n k S y s te m , b u t t o
p r e v e n t a n y m is u n d e r s t a n d in g a s t o t h e m e a n in g o f t h a t t e r m , t h e r e w ill b e
in s e r t e d in t h e a g r e e m e n t o f a r b it r a t i o n , b e lo w r e f e r r e d t o , t h e n e c e s s a r y
d e fin itio n o f th e te r m , a n d a s ta te m e n t o f h o w t h e v a r io u s c o m p a n ie s a n d
t h e ir u n d e r ta k in g s a r e c o n t r o ll e d b y t h e p a r e n t c o m p a n y , w h e t h e r o f a b ­
s o lu t e o w n e r s h ip a n d t o w h a t e x t e n t , le a s e s , a g r e e m e n t s , o r o t h e r w is e ­
d is t in g u is h in g in th e s e r e s p e c t s t h e d ir e c t o w n e r s h ip a n d c o n t r o l b y t h e
p a r e n t c o m p a n y a n d it s in d ir e c t o w n e r s h ip a n d c o n t r o l o f c o m p a n ie s
in c l u d e d in t h e s y s t e m .
\
D ig e s t o f G o v e r n m e n t R e s o lu t io n fo r A c q u is it io n o f S t o c k C o n t r o l.
P r e a m b l e .— W h e r e a s t h e p r e s e n t c a p i t a l s t o c k c o n s i s t s o f t h e f o l l o w i n g
a g g r e g a t in g £ 4 9 ,5 7 3 ,4 9 2 , v i z .:
4 % g u a r a n t e e d s t o c k ________ _________
£ 1 2 ,5 0 0 ,0 0 0
F i r s t P r e f e r e n c e 5 % s t o c k . . . ............................................................................ ..
3 ,4 2 0 ,0 0 0
S e c o n d P r e f e r e n c e 5 % s t o c k ............. ...................... .................................. .................
2 ,5 3 0 ,0 0 0
T h i r d P r e f e r e n c e 4 % s t o c k _____ ___________
7 ,1 6 8 ,0 5 5
C o m m o n s t o c k ------------------------------------------------------------------------------------------------------- 2 3 , 9 5 5 , 4 3 7
A n d w h erea s th e p re se n t o u ts ta n d in g d e b e n tu r e s to c k s o f th e c o m p a n y
c o n s is t o f : 5 % G r a n d T r u n k d e b e n t u r e s t o c k , £ 4 ,2 7 0 ,3 7 5 ; 5 % G r e a t W e s t e r n
d e b e n t u r e s t o c k , £ 2 ,7 2 3 ,0 8 0 ; 4 % G r a n d T r u n k d e b e n t u r e s t o c k , £ 2 4 ,6 2 4 ,­
4 5 5 ; 4 % N o r t h e r n d e b e n t u r e s t o c k , £ 3 0 8 ,2 1 5 ; t o t a l , £ 3 1 ,9 2 6 ,1 2 5 , a n d t h e s e
h a v e c e r t a in v o t i n g p o w e r s a t m e e t in g s o f its s h a r e h o ld e r s ;
A n d w h e r e a s , i t is e x p e d i e n t t h a t h is M a j e s t y s h o u l d a c q u i r e t h e w h o l e
o f th e c a p ita l s t o c k o f t h e c o m p a n y e x c e p t th e 4 % G u a r a n te e d s t o c k a b o v e
r e fe r r e d t o .
(1 t o 3 ) A u t h o r i z a t i o n — G u a r a n t y o f I n t e r e s t a n d D i v i d e n d s .— T h e G o v e r n ­
m e n t m a y e n te r in t o a n a g r e e m e n t fo r th e a c q u is it io n o f t h e e n tir e c a p it a l
s t o c k o f t h e G r a n d T r u n k , e x c e p t t h e £ 1 2 ,5 0 0 ,0 0 0 4 % G u a r a n t e e d s t o c k ,
a n d a s p a r t c o n s id e r a t io n m a y a g r e e t o g u a r a n te e t h e p a y m e n t o f :
(a ) A d iv id e n d , p a y a b le h a lf-y e a r ly , a t 4 % p e r a n n u m u p o n t h e p r e s e n t
G u a ra n te e d S to ck .
(ft) T h e i n t e r e s t u p o n t h e p r e s e n t d e b e n t u r e s t o c k s a s a n d w h e n p a y a b l e , ,
in a c c o r d a n c e w ith t h e t e r m s t h e r e o f.
(T h e s e g u a ra n te e s t o td k e e ffe c t
u p o n t h e d a te o f th e a p p o in t m e n t o f t h e C o m m it t e e o f M a n a g e m e n t h e r e ­
in a ft e r m e n t io n e d .)
(c ) D iv id e n d s p a y a b l e h a lf-y e a r ly a t 4 % p e r a n n u m , u p o n a n is s u e w h ic h
is h e r e b y a u t h o r i z e d b y t h e G r a n d T r u n k u n d e r t h e t e r m s o f t h e s a i d a g r e e ­
m e n t o f n o n -v o t in g c a p it a l s t o c k (h e r e in a fte r c a lle d t h e “ n e w g u a r a n t e e d
s t o c k ” ) n o t e x c e e d in g th e a m o u n t d e t e r m in e d b y t h e B o a r d o f A r b it r a t i o n
a s h e r e in a fte r s e t fo r t h .
V o t i n g P o w e r t o B e R e s c i n d e d .— P r o v i d e d t h a t c o n c u r r e n t l y w i t h s u c h
g u a r a n te e o f d iv id e n d s a n d in te r e s t u p o n th e p r e s e n t g u a r a n te e d s t o c k a n d
th e p re se n t d e b e n tu r e s t o c k , r e s p e c t iv e ly , t h e v o t in g p o w e r s a t m e e t in g s
o f s h a r e h o ld e r s o f t h e G r a n d T r u n k , s h a ll c e a s e a b s o lu t e ly .
( 4 ) R ig h t t o R e d e e m G u a r a n t e e d S t o c k s , N e w a n d O l d .— T h e p r e s e n t G u a r ­
a n te e d s to c k a n d th e n e w G u a ra n te e d s to ck o r a n y p a rt th e r e o f m a y b e
c a ll e d in o r r e d e e m e d b y t h e G o v e r n m e n t a t p a r , a t a n y t im e a f t e r 3 0 y e a r s

1610

THE CHRONICLE

fr o m t h e d a t e o f t h e a n p o ln t m e n t o f th e s a id C o m m it t e e o f M a n a g e m e n t ,
o n s ix m o n t h s ’ n o t ic e b y a d v e r t is e m e n t t o t h e h o ld e r s t h e r e o f .
( 5 ) V a lu a tio n o f S to ck to B e D e t e r m in e d b g B o a r d o f A r b i t r a t o r s .— T h e
v a l u e o f th e a fo r e s a id F ir s t , S e c o n d a n d T h ir d P r e fe r e n c e s t o c k s a n d
t h e C o m m o n o r O r d in a r y s t o c k o f t h e G r a n d T r u n k s h a ll b e d e t e r m in e d
b y a b o a r d o f t h r e e a r b itr a to r s , o n e t o b e a p p o in t e d b y t h e G o v e r n m e n t ,
o n e b y t h e G r a n d T r u n k a n d t h e t h 'r d b y t h e t w o s o a p p o i n t e d , o r , f a i l i n g
a g r e e m e n t , b v J u d g e s t o b e d e s ig n a t e d in t h e s a id a g r e e m e n t .
N ew gu ar­
a n t e e d s t o c k t o a m o u n t s n o t e x c e e d in g th e v a lu e , if a n y , s o d e te r m in e d ,
c a r r y i n g a d i v i d e n d a s h e r e i n b e f o r e a u t h o r i z e d , s h a ll b e d i s t r i b u t e d a m o n g
t h e h o ld e r s o f th e P r e fe r e n c e a n d C o m m o n s t o c k u p o n th e tr a n s fe r t o o r
v e s t i n g i n t h e G o v e r n m e n t o f s u c h s t o c k in p r o p o r t i o n s w h i c h s h a l l b e d e t e r ­
m in e d b y th e a r b itr a to r s .
(6 ) C o n tro l P e n d in g P u r c h a s e .— A s s o o n a s s a id a g r e e m e n t h a s b e e n r a t i• f ie d b y a m a j o r i t y o f t h e h o l d e r s o f t h e s t o c k s e n u m e r a t e d i n t h e p r e a m b l e
t o t h e s e r e s o l u t i o n s , a C o m m i t t e e o f M a n a g e m e n t s h a ll b e f o r m e d , c o n s i s t ­
in g o f fiv e p e rso n s , tw o t o b e a p p o in te d b y th e G r a n d T r u n k , tw o b y th e
G o v e r n m e n t , a n d th e fift h b y th e fo u r s o a p p o in t e d , t o in s u r e th e o p e r a tio n
o f t h e G r a n d T r u n k S y s t e m ( i n s o f a r a s i t is p o s s i b l e s o t o d o ) i n h a r m o n y
w i t h t h e C a n a d i a n N a t i o n a l R a i l w a y s , t h e t w o s y s t e m s b e i n g t r e a t e d in t h e
p u b l i c in t e r e s t a s n e a r ly a s p o s s ib l e a s o n e s y s t e m .
T h e c o m m it t e e s h a ll c o n t in u e t o a c t u n t il t h e P r e f e r e n c e a n d C o m m o n
s t o c k s a r e t r a n s f e r r e d t o o r v e s t e d i n t h e G o v e r n m e n t , w h e n it s h a ll b e
• d isch a rg e d .
(7 ) G o v ern m en t A i d in F in a n c in g .— T h e G o v e r n m e n t m a y le n d t o th e
s a id C o m m it t e e o f M a n a g e m e n t , u p o n th e n o te s o r o t h e r o b lig a t io n s o f th e
G r a n d T r u n k , s u c h s u m s a s th e G o v e r n m e n t m a y fr o m tim e t o t im e d e e m
n e c e s s a r y fo r t h e c a r r y in g o n o f t h e o p e r a tio n o r im p r o v e m e n t o f th e G r a n d
T r u n k S y ste m .
C o m m it te e m a g a l s o m a n a g e G r a n d T r u n k P a c i f i c R g .— T h e M in i s t e r o f
R a ilw a y s a n d C a n a ls a s r e c e iv e r o f th e G r a n d T r u n k P a c ific R a ilw a y S y s te m
m a y e n tru s t t o th e m a n a g e m e n t c o m m it t e e o n te r m s t o b e a p p r o v e d b y th e
• G o v e r n o r in C o u n c i l , o f t h e e x e r c i s e o f s u c h o f h is p o w e r s a s r e c e i v e r a s m a y
b e r e q u i s i t e in o r d e r t h a t t h e o p e r a t i o n o f t h e s a id G r a n d T r u n k P a c i f i c
R a il w a y S y s t e m m a y b e c o n d u c t e d in h a r m o n y w it h t h e o p e r a t io n o f o t h e r
r a ilw a y s a n d p r o p e r t ie s u n d e r t h e c o n t r o l o f t h e s a id c o m m it t e e .
( 1 1 ) D i s c h a r g e o f R e c e i r e r o f G r a n d T r u n k P a c i f i c R g . tn f o l l o w s a i d P u r ­
c h a s e .— U p o n t h e t r a n s fe r t o t h e G o v e r n m e n t o f t h e s a id P r e fe r e n c e a n d
C o m m o n s t o c k t h e G o v e r n m e n t m a y , b v o r d e r in C o u n c i l , p r o v i d e f o r t h e
d is c h a r g e o f th e r e c e iv e r s h ip o f th e G r a n d T r u n k P a c ific R a ilw a y S y s te m
a n d t h e t e r m in a t io n a n d w ith d r a w a l o f t h e p r o c e e d in g s in t h e E x c h e q u e r
C o u r t o f C a n a d a r e la t in g t h e r e t o .— V . 1 0 9 . p . 5 2 7 .

'ole Offering.

H a g e r s to w n
&
F r e d e r ic k
R v .— A
—
A s y n d ic a t e h e a d e d b y F id e li t y T r u s t C o . , B a lt i m o r e , is o f f e r in g $ 5 5 0 ,0 0 0
6 % 1 -y e a r C o lla t e r a l T r u s t n o t e s .— V . 1 0 8 , p . 2 0 2 2 .

Officers

I n t e r b o r o u g h
R a p id
T r a n s it C o .—
.—
E d w a r d J . B e r w in d , lo n g a m e m b e r o f t h e e x e c u tiv e c o m m it t e e , h a s
c o n s e n t e d t o a c t t e m p o r a r ily a s c h a ir m a n o f th a t c o m m it t e e , a n d F ra n k
H e d l e y , f o r m a n y y e a r s V ic e - P r e s id e n t a n d G e n e r a l M a n a g e r in c h a r g e o f
t h e o p e r a t in g d e p a r t m e n t , h a s b e e n m a d e P r e s id e n t , in e a c h c a s e , t o s u c ­
c e e d t h e la t e T h e o d o r e P . S h o u ts .
A u g u s t B e lm o n t w a s r e -e le c t e d C h a ir ­
m a n o f th e b o a r d .— V . 1 0 9 , p . 1 4 6 1 .

International & Great Northern Ry.— Extension of
6% Bonds at 7 % till Nov. 1 1922.—In a letter
dated Oct. 17 to the holders of the First Mortgage Bonds
(about §11,290,500 outstanding), due Nov. 1 1919, James
A. Baker, receiver says in substance:
First Mortgage

T h e U . S . D is t r ic t C o u r t fo r th e S o u th e r n D is t r ic t o f T e x a s h a s a u th o r iz e d
t h e R e c e iv e r t o a r r a n g e t h e e x t e n s io n o f t h e 1st M t g e . B o n d s u n til N o v . 1
1 9 2 2 , o n t h e f o ll o w in g m a in t e r m s : (1 ) T h e c o u p o n m a t u r in g N o v . 1 1 9 1 9 .
t o b e p a id t o t h e h o ld e r s o f b o n d s a s s e n tin g t o th e e x t e n s io n ; (2 ) In te r e st
( M . & V . ) , d u r i n g p e r i o d o f e x t e n s i o n t o b e p a i d o n t h e a s s e n t e d b o n d s at
r a t e o f 7 % p e r a n n u m : (3 ) T h e a s s e n te d b o n d s t o b e r e d e e m a b le a t a n y tim e
i n w h o l e o n l y o n 3 0 d a y s ' n o t i c e i f d u r i n g t h e f i r s t y e a r a t 1 0 1 Vi a n d i n t . ,
t h e s e c o n d y e a r a t 1 0 0 Y\ a n d i n t . , t h e f i r s t 6 m o n t h s o f t h e t h i r d y e a r a t
1 0 0 t< ; a n d in t .
T h e h o ld e r s o f t h e b o n e ls a r e r e q u e s t e d t o p r e s e n t t h e s a m e t o t h e E q u i­
t a b le T r u s t C o . , N . Y . , t r u s te e , t o b e s t a m p e d w ith s u c h e x t e n s io n .
On
p r e s e n t a t i o n f o r t h a t p u r p o s e , c o u p o n m a t u r in g N o v . 1 1 9 1 9 w ill b e p a id .
I f o n M a y 1 1 9 2 0 , o r e a r lie r if t h e C o u r t s o d e t e r m in e s , b o n d s t o an
a m o u n t d e e m e d in t h e C o u r t s u f f ic ie n t s h a ll n o t h a v e a g r e e d t o t h e e x t e n ­
s io n , t h e C o u r t m a y e le c t t o t e r m in a te t h e e x te n s io n a g r e e m e n t . T h e e x te n ­
s io n o f n o n -a s s e n t in g b o n d s h a s n o t b e e n u n d e r w r it t e n .
S ee an n u al rep ort
in l a s t w e e k 's “ C h r o n i c l e , " p a g e 1 5 2 6 .

International Ry. (Buffalo).— Fare

Increase .—

T h e N e w Y o r k P . S . C o m m is s io n h a s g r a n t e d t h e c o m p a n y p e r m is s io n
• to in c r e a s e it s f a r e t o 7 c e n t s a f t e r N o v . 1 .— V . 1 0 9 , p . 4 7 7 , 3 7 0 .

Kansas City Southern Ry.— Dividend

P aid .—

T h e d iv i d e n d o f $1 o n t h e p r e f. s t o c k d e c la r e d p a y a b l e O c t . 15 1 9 1 9 t o
h o ld e r s o f r e c o r d S e p t . 3 0 1 9 1 9 h a s b e e n p a id w it h t h e a p p r o v a l o f th e
D i r e c t o r - G e n e r a l , t h e s t o c k b e i n g q u o t e d e x - d i v . o n O c t . 1 6 .— \ . 1 0 9 ,
p . 1179.

Lexington & Eastern Ry.— Listed.—

T h e N e w Y o r k S t o c k E x c h a n g e h a s a d m it t e d tn lis t $ 2 0 ,0 0 0 a d d it io n a l
F ir s t M t g e . 5 % g u a r a n t e e d c o u p o n b o n d s .— V . 1 0 6 . p . 2 9 6 .

Montreal Tramways Co.— Fares

Effective Oct.

2G.—

O n th e a p p e a l o f t h e C it y o f M o n tr e a l fr o m th e T r a m w a y s C o m m is s io n
d e c is io n g r a n t in g t h e c o m p a n y a n e w s c h e d u le o f r a t e s ( V . 1 0 9 , p . 9H 2) th e
Q u e b e c P . U . C o m m is s io n g a v e ju d g m e n t o n O c t . 14 fix in g t h e fa re s as
f o llo w s , t o g o in t o e ffe c t a b o u t O c t . 2 6 .
C a s h fa r e . 7 c e n t s . 5 tic k e ts fo r
3 0 c e n t s , g o o d f r o m 5 a . in . t o m id n ig h t : 4 4 t ic k e t s f o r $ 2 .5 0 : s a m e r a te s
. a s a t p r e s e n t f o r a ft e r m id n ig h t , a n d s a m e f o r c h ild r e n , w ith fr e e tr a n s fe r s .
F o r t h e c it y o f L a e h in e . lo c a l r a te . S t ic k e t s f o r 2 5 c e n t s , o r 10 c e n t s c a s h
a ft e r m id n ig h t .— V . 1 0 9 , p . 1 3 6 2 . 9 8 2 .

N a t io n a l R a ilw a y s o f M e x ic o .—

Meeting .—

,

T h e o r d i n a r y g e n e r a l m e e t i n g o f t h e s h a r e h o l d e r s r e c o n v e n e d in t h e c i t y
o f M e x i c o o n O c t . 2 2 a n d a g a in a d jo u r n e d u n til N o v . 1 9 1 9 1 9 .— V . 1 0 9 , p .

Payment.—

N , Y . P h ila d e lp h ia & N o r fo lk R R .— I n t e r e s t
T h e s e m i-a n n u a l in te r e s t o n th e 4 r ' in c o m e b o n d s w ill b e p a id N o v .
a s r e g is te r e d O c t . 2 8 .— V . 1 0 8 , p . 2 6 9 .
N e w Y o r k R v s .—

Penalty after Oct.

25—

1

Maintenance Res.

T h e c o m m i t t e e o f h o ld e r s o f F ir s t R e a l E s t a t e & R e f u n d in g M o r t g a g e
4%
b o n d s d u e 1 9 4 2 . H a r r y B r o n n e r , C h a ir m a n , a n n o u n c e s t h a t a la r g e
m a j o r i t y o f t h is is s u e h a s b e e n d e p o s it e d u n d e r d e p o s it a g r e e m e n t o r M a r . 7
1 9 1 9 , a n d t h a t t h e t im e f o r m a k in g d e p o s it s w it h G u a r a n t y
I fu s t C o -,
o f N . V . . d e p o s i t a r y , h a s b e e n e x t e n d e d t o a n d i n c l u d i n g O c t . 2.> 1 J 1 9 .
a ft e r w h ic h d a t e t h e r e w ill b e im p o s e d a p e n a lt y o f $ 1 0 f o r e a c h $ 1 ,0 0 0
p r in c ip a l a m o u n t o f b o n d s d e p o s it e d .
. .
,
,
F e d e r a l J u d g e J u l i u s M . A l a y e r , in t h e U . 8 . D i s t r i c t C o u r t . h a s is s u e d
a n o r d e r d ir e c t in g J o b E . H e d g e s , r e c e iv e r , t o s e t a s id e 3 8 % o f t h e g r o s s
t r a n s p o r t a t io n r e v e n u e a s a m a in te n a n c e a n d d e p r e c ia t io n r e s e r v e .
1 h is
o r d e r fo llo w s a r e p o r t m a d e t o th e C o u r t b y S to n e & W e b s t e r , w h ic h s ta te d
t h a t u n d e ” p - e s e n t c o n d i t i o n s , a n d w it h a 5 - r e n t f a r e , it w o u ld t a k e 3 7 . 4 %
o f t h e r e v e n u e t o g o a s f a r in t h e w a y o f m a i n t e n a n c e w o r k a s w a s d o n e
w it h 2 0 % in 1 9 1 4 , t h e o l d f i g u r e .— V . 1 0 9 , p . 1 4 6 2 , 1 3 6 6 .

Decision .—

N e w Y o r k S ta t e F y 3 . — C o u r t
T h e C o u r t o f A p p e a l s a t A l b a n y , N . Y . o n O c t . 2 1 r e a f f i r m e d it s p r e v i o u s
d e c is io n (V . 1 0 6 , p . 1 4 6 1 ) th a t th e P . S . C o m m is s io n c a n n o t In cre a se
f a r e s in I h e C i t y o f K o c h e s t e r .
T h e C o u r t s a id :
‘ T h is c a s e w a s d e c id e d e ig h te e n m o n t h s a g o b y h o ld in g th a t t h e I . S.
C o m m is s io n h a s n o t b e e n g iv e n p o w e r , o n th e a p p lic a t io n o f th e r a ilr o a d s ,
t o r e g u la t e a n d in c r e a s e r a t e s o f fa r e o n s t r e e t r a ilr o a d s w h e n s u c h r a t e s
w e r e fix e d a s c o n d it io n s t o th e c o n s e n t o f th e lo c a l a u t h o r it ie s t o th e o p e r a ­
tio n o f th e r o a d s .” — V . 1 0 9 . p . 1 2 7 3 .
P a c ific G a s & E le c t r ic C o ., S a n F r a n .—

Bonds Called.—

O n ^ h u n d r e d ($ 1 0 0 ,0 0 0 ) G e n e r a l M t g e . S in k . F u n d 4 ) 4 % g o l d b o n d s ,
- d a t e d 1 9 0 3 o f t h e S a n F r a n c is c o G a s & E l e c . C o . , r a n g in g in n u m b e r f r o m
1 4 t o 3 9 8 2 , in c i ., h a v e b e e n c a lle d f o r p a y m e n t N o v . 1 a t 1 0 5 % o f th e ir p a r
v a lu e a t t h e U n io n T r u s t C o . o f S a n F r a n c is c o .— V . 1 0 9 , p . 1 3 6 6 .

P u b lic S ervice R v .—

Jitney Franchise .—

S e e G e n e r a l O m n ib u s C o . a b o v e .— V . 1 0 9 , p . 1 4 6 2 , 4 7 7 .




[V ol . 109
Service Resumed

S a n F r a n c is c o -O a k la n d T e r m in a l R y .—
T h e s t r ik e w h ic h h a d b e e n In o p e r a t io n s in c e O c t . 1. c a m e t o a n e n d
on O ct. 11.
T h e m e n r e tu r n e d t o w o r k a t t h e o ld r a tin g , p e n d in g th e
o u t c o m e o f t h e a r b it r a t io n o f t h e ir d e m a n d s , v iz .:
(1 ) E ig h t -h o u r d a y ,
w ith t im e a n d a h a lf fo r o v e r t im e : (2 ) in c r e a s e in w a g e s fr o m 4 3 c e n t s t o 7 5
c e n t s a n h o u r fo r m o t o r m e n a n d c o n d u c t o r s o n th e s tr e e t r a ilw a y s a n d
4 8 c e n t s t o 8 7 >4 c e n t s a n h o u r f o r p l a t f o r m m e n o n t h e K e y R o u t e t r a i n s . —
V . 109, p . 1274, 1180.

Proh. Sale.

-

S a n w ic h
W in d s o r
& A m h e r s tb u r g R y .—
—
S ir A d a m B e c k . C h a ir m a n o f t h e O n t a r io H y d r o - E l e c t r i c C o m m is s io n ,
h a s a n n o u n c e d t h a t t h e D e t r o it U n i t e d R y . h a s a g r e e d t o s e ll t h e c o m p a n y
t o t h e b o r d e r m u n i c i p a l i t i e s f o r a b o u t $ 2 , 0 0 0 , 0 0 0 . o r $ 1 , 0 0 0 , 0 0 0 le s s t h a u
its f rst d e m a n d .
I t Is e x p e c t e d t h a t t h e p l a n f o r t h e p u r c h a s e w i l l b e
s u b m it t e d t o th e t a x p a y e r s a t t h e J a n . e le c t io n s .— V . 1 0 9 , p . 1 2 7 4 . 1 7 4 .

Foreclosure Upheld .—

S t o c k t o n
T e r m . &
E a s te r n
R y .—
T h e T h i r d D i s t r i c t C o u r t o f A p p e a l , a t S a c r a m e n t o , in a d e c is io n u p ­
h e ld t h e a c t i o n o f t h e S a n J o a q u in C o u n t y S u p e r i o r C o u r t In r e f u s in g t o
s e t a s i d e a n o r d e r o f d e f a u l t e n t e r e d in t h e f o r e c l o s u r e s u i t o f t h e M e r ­
c h a n ts T r u s t C o ., o f S a n F r a n c is c o a g a in s t th e C o m p a n y .
A tto r n e y s fo r
th e r a ilw a y c o n t e n d e d th e d e c r e e o f d e fa u lt w a s e n t e r e d fo u r d a y s s o o n e r
th a n t h e t im e a llo w e d b y la w .— V . 1 0 7 , p . 2 0 0 9 .
.

Ouster Ordinance .—

T o le d o R a ilw a y s
L ig h t C o .—
A r e f e r e n d u m e l e c t i o n w ill b e h e ld in T o l e d o o n N o v . 4 a s t o t h e a d o p t i o n
o f a n o r d in a n c e d ir e c t in g t h e c o m p a n y “ t o c e a s e o p e r a t in g s t r e e t c a r s in
T o l e d o a n d t o r e m o v e fr o m t h e s t r e e ts a ll o f its p r o p e r t y d e v o t e d e x c lu s iv e ly
t o s tr e e t r a ilw a y p u r p o s e s .” — V . 1 0 9 . p . 1 3 6 7 . 1 1 8 0 .

Report.—

U n it e d
R R .
o f
S a n
F r a n c is c o .—
S e e C a lifo r n ia R y . & P o w e r C o . u n d e r r e p o r t s a b o v e .— V . 1 0 9 , p . 1 3 6 7 .

Wage Increase .—

V ir g in ia R y . & P o w e r C o .—
A l l e m p l o y e e s h a v e b e e n g r a n t e d a 5 % i n c r e a s e in w a g e s .
A co n tra ct
r u n n in g f o r o n e y e a r p r o v id e s f o r a r b it r a t io n o n a ll p o in t s e x c e p t w a g e s .
— V . 109. p . 1368, 1077.

Capital Increase.

W a s h . B a lt . & A n n a p o lis E le c . R R .—
—
T it e s t o c k h o ld e r s o n O c t . 15 a u t h o r iz e d t h e is s u a n c e a n d s a le o f 2 0 ,8 8 5
s h a r e s o f 6 % N o n - C i u n u la t iv e P r e fe r r e d s t o c k (p a r $ 5 0 ) a t $ 3 7 .5 0 p e r s h a r e .
T h e s t o c k w ill c a r r y a c c r u e d d lv s . f r o m O c t . 1 1 9 1 9 .
S to c k h o ld e r s (b o t h
P r e fe r r e d a n d C o m m o n ) a r e e n t it le d t o s u b s c r ib e t o th e e x t e n t o f 2 3 .4 3 %
o f th e ir p r e s e n t h o ld in g s .
S u b s c r i p t i o n s w ill b e r e c e iv e d a n d p a y a b l e o n
o r b e fo r e N o v . 1 1 9 1 9 .
T h e r ig h t t o s u b c r ib e w a s g i v e n t o s h a r e h o ld e r s o f
r e c o r d S e p t . 2 0 .— V . 1 0 9 . p . 1 4 6 2 . 1 2 7 4 .

Fare Increase.

W a s h in g t o n
R a ilw a y
& E le c t r ic C o .—
—
T h e W a s h i n g t o n ( D . C . ) 1*. U . C o m m i s s i o n h a s g r a n t e d t h e s t r e e t r a i l ­
w a y c o m p a n i e s o p e r a t i n g w i t h i n t h e D i s t r i c t o f C o l u m b i a a n i n c r e a s e in
fa r e s a s fo llo w s : F o u r t ic k e t s f o r 2 5 c e n t s o r 7 c e n t s fo r a s in g le c a s h fa r e :
fr e e t r a n s fe r s b e t w e e n tlie lin e s o f t h e s a m e c o m p a n y , b u t a c h a r g e o f 2 c e n t s
fo r in t e r c o m p a n y tr a n s fe r s .
T h e p r e s e n t r a t e is 5 c e n t s a n d 2 c e n t s f o r
tr a n s fe r s .
N e w r a t e s g o i n t o e f f e c t N o v . 1 u n t il M a y 1 1 9 2 0 . w h e n r a t e w ill
a u t o m a t i c a lly g o b a c k t o 5 c e n t s u n le s s o t h e r w is e o r d e r e d b y t h e C o m ­
m is s io n — V . 109, p . 1274. 1081.

Fare Increase. —

W a s h in g t o n -V ir g in ia
R y .—
S ee W a s h in g to n R y . & E le c t r ic C o . a b o v e .— V .

109, p .

1274.

Strike Settled.—

W e s t e r n
N e w
Y o r k
&
P e n n . R y .—
T h e s t r i k e o f u n i o n c a r m e n in e f f e c t s i n c e A u g . 1 2 w a s d e c l a r e d o f f O c t . 1 8 .
T h e t e r m s o f s e t t l e m e n t a r e n o t a n n o u n c e d b u t i t is s a i d b o t h s i d e s m a d e
c o n c e s s io n s .— V . 1 0 7 , p . 1 7 5 .

I N D U S T R I A L A N D M I S C E L L A N E O U S !’
A d ir o n d a c k E le c tr ic P o w e r C o .— Merger

.—

T h e N e w Y o r k P . S . C o m m is s io n r e c e n t ly a p p r o v e d th e Iss u a n c e o f $ 2 0 .­
3 0 0 ,0 0 0
in s e c u r it ie s t o c o n s u m m a t e a d e a l f o r t h e t r a n s fe r o f t h e f r a n c h is e s
a n d p r o p e r t y t o th e M o h a w k E d is o n C o .
T h i s u n d o u b t e d l y is In a c c o r d a n c e w i t h t h e P la n o f C o n s o l i d a t i o n g i v e n
in V . 1 0 5 , p . 2 5 4 4 ; V . 1 0 6 . p . 8 8 .— V . 1 0 9 , p . 7 4 .

Allis-Chalmers

Co.,

M fg .

I n c .—

Earnings .—

-------------- S o l e s B i l l e d ---------------------------------- N e t P r o f i t - --------M o n th o f—
1919.
1918.
x l9 1 9 .
1®,
F i r s t q u a r t e r ................................$ 8 , 6 0 2 , 8 9 2
$ 6 ,5 8 9 ,8 2 8
$ 9 9 6 ,0 2 5
$ 1 ,3 9 6 ,2 3 9
7 ,7 3 4 ,0 2 5
9 ,2 3 8 .0 7 9
9 2 6 .9 4 5
1 ,8 8 3 ,7 5 b
S e c o n d q u a r t e r .......................
J u l y ............... . . ...................... ;
2 ,5 2 9 ,5 6 5
2 ,9 5 9 ,1 4 9
3 1 2 ,1 0 8
4 5 0 ,b 7 9
A u g u s t ...........................................
2 ,5 3 1 .5 4 4
3 ,1 6 7 ,4 4 2
3 0 0 ,2 3 1
4 0 « ,3 9 9
S e p t e m b e r . .............................
2 ,4 9 6 .5 7 4
3 ,0 8 5 ,7 0 1
3 0 3 ,9 7 0
3 1 2 ,2 1 8
T h i r d q u a r t e r . .....................$ 7 , 5 5 7 , 6 8 3
T o t a l n i n e m o n t h s ............... $ 1 5 , 2 9 1 , 7 0 8

$ 9 ,2 1 2 ,2 9 2
$ 2 5 ,0 1 0 ,1 9 9

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

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

x N e t p r o f i t a f t e r d e d u c t i n g a ll e x p e n s e s , in c l u d i n g r e s e r v e f o r F e d e r a l
ta x e s.
U n fille d o r d e r s o n h a n d S e p t . 3 0 1 9 1 9 . $ 1 4 ,5 4 2 ,7 0 4 , a g a in s t $ 3 2 ,­
3 8 2 ,3 3 5 a s o f S e p t . 3 0 1 9 1 8 .— V . 1 0 9 . p . 9 8 2 , 3 7 2 .

A m e r ic a n B r a ss C o .—
A n e x tr a d iv id e n d o f 1 ) j %
s t o c k , a lo n g w ith th e r e g u la r
N o v . 15 t o h o ld e r s o f r e c o r d
F e b . M a y a n d A u g .— V . 1 0 9 ,

Extra Dividend .—

h a s b e e n d e c l a r e d o n t ite o u t s t a n d i n g c a p i t a l
q u a r t e r ly d iv id e n d o f l ) j % .
b o th p a y a b le
O ct. 3 1 .
A li k e a m o u n t w a s p a id e x t r a iu
p . 47S.

A m e r ic a n C a n d y C o ., M ilw a u k e e .— Offering of Pref.
F . A . Brew er & C o ., C hicago and M ilw au k ee, are
offering at 100 b y advertisem ent oil another page this com ­
p an y’s 7 % Preferred (a. & d .) stock (par, $ 10 0 ) witli the
option of buying five shares of C o m m on stock (no par value)
at $ 7 .5 0 per share w ith each share of P ref. purchased.
Bankers state:

Stock.—

D iv id e n d s o n P r e f. p a y a b le Q - M .
N o m o r t g a g e w it h o u t th e c o n s e n t o f
9 5 % o f t h e P r e fe r r e d s t o c k .
B e g in n in g J a n . 1 1 9 2 0 , t h e c o m p a n y w ill s e t
a s i d e n o t le s s t h a n $ 5 0 ,0 0 0 p e r y e a r f o r r e t i r e m e n t o f P r e f . s t o c k , w h i c h
s h a l l b e p u r c h a s e d in t h e o p e n m a r k e t o r c a l l e d a t $ 1 0 7 . 5 0 p e r s h a r e a n d d i v .
C a p i t a l i z a t i o n .— A u t h o r i z e d a n d o u t s t a n d i n g , 7 % C u m u l a t i v e P r e f e r r e d
s t o c k ( p a r $ 1 0 0 ) , $ 1 ,2 0 0 ,0 0 0 ; C o m m o n s t o c k ( n o p a r v a l u e ) , 1 2 0 .0 0 0 s h a r e s .
C o m p a n g . — O r g a n i z e d in 1 8 8 9 u n d e r W i s c o n s i n l a w s , s u c c e e d i n g b u s i n e s s
o f K u h n B r o t h e r s & B u d d o , w h i c h s t a r t e d in 1 8 8 8 w i t h $ 6 , 0 0 0 c a p i t a l .
B u s in e s s , t h e m a k in g a n d m a r k e t in g o f c a n d y .
P r in c ip a l b r a n d s a n d tr a d e ­
m a r k s , “ M ila d y " C h o c o la t e s . " R e x '' b r a n d o f c o n fe c t io n s , e t c ., k n o w n a n d
s o l d in e v e r y S t a t e in t h e U n i o n .
C o n d e n s e d B a l. S h eet J u ly 19 1 9 1 9 ( T o t a l ea ch s i d e . $ 2 ,1 0 4 ,6 3 6 ) .
R e a l e s t a t e , g o o d w i l l , e t c . $ 1 . 8 0 5 , 4 0 3 I P r e f e r r e d s t o c k . ........................$ 1 , 2 0 0 , 0 0 0
I n v e s t m e n t s __________________
1 0 0 ,8 4 0 !C o n i. s tk . (n o p a r v a lu e ).
_________
C u r r e n t a s s e t s __________ _ _
4 9 5 , 8 8 4 I C u r r e n t l i a b i l i t i e s __________
2 1 1 ,2 8 6
D e f e r r e d c h a r g e s . . ...............
2 , 5 0 8 1S u r p l u s ............................................
9 9 3 ,3 4 9
r a te o n
N e t P r o fits .
u Is. C a p .
D iv id e n d s
C a le n d a r Y e a r s —
S a le s .
1 4 .6 %
....................................
$ 1 3 6 ,7 0 3
14
$ 1 0 ,8 4 8
$ 2 ,8 9 9
2 0 .0 %
14
....................................
4 8 4 ,6 0 2
3 7 ,5 3 9
5 7 ,5 7 0
3 0 .0 %
4
'
1 , 0 4 0 . 0 6 81 1 0 , 4 6 3
1 3 8 ,1 2 0
2 5 .0 %
1 1 5 ,1 0 0
7 “
1 ,5 4 3 ,7 0 9 1 4 9 ,5 6 5
2 0 .0 %
3 1 1 ,0 3 6
8 I I ...................................... 1 , 7 7 3 , 6 4 9
9 2 ,0 8 0
2 0 2 ,2 2 4
9 ( t o J u l y 1 9 ) ---------- 1 , 0 8 1 , 6 5 5

A m e r ic a n
C h ic le
C o .— Notes
Sold.— H ornblow er &
W e e k s, H a lse y . Stuart & C o ., Bankers T ru st C o ., N ew Y o rk
and H a y d en , M iller & C o ., C leveland, announce the sale (see
advertising pages) at prices ranging from 99 % and iut.
to 9 5
and int. to net from (jj/y to 6 % % , according to
m a turities, $ 2 ,5 0 0 ,0 0 0 6 % Serial gold notes.
Bankers state:
D a te d O ct. 1 1919.
D u e a n n u a ll y $ 3 0 0 ,0 0 0 e a c h O c t . 1 1 9 2 0 t o 1 9 2 6 ,
in c l
a n d $ 4 0 0 ,0 0 0 O c t . 1 1 9 2 7 .
In t. p a y a b le A . & O . a t B a n k ers T ru s t
C o
’ N
V
t r u s te e , w it h o u t d e d u c t i o n fo r a n y F tx ie ra l n o r m a l in c o m e

O ct .

tax now or hereafter deductible at the source not in excess o f 2% . Denom.
$1 0 0 0 (c*).
Redeemable in whole or in series on any int. date upon 60
da vs’ notice at prices ranging from 10 0 'A to 103 according to maturities.
Company.— Organized under New Jersey laws in 1899. Is a consolidation
of chewing gum manufacturers in the United States, Great Britain and
Canada. Products include brands such as Adams Black Jack, Beemans
Pepsin, Adams Yucatan, Adams California Fruit, Adams Pepsin, Adams
Kis-Me, Adams Chiclets and Adams Clove.
Security.— A direct obligation of the company. There are outstanding
$2,106,500 Sen Sen Chiclet Co. 6 % bonds, which are a lien only on the
trade-marks and trade names conveyed by the company to the American
Chicle Co. While these notes are outstanding company agrees (a) at all
times'to maintain net current assets at not less than 150% o f the notes
outstanding; (b) not to mortgage or pledge any of its assets now owned or
hereafter acquired except purchase money obligations not to exceed 75% of
the actual value of such acquisition, &c.
Net Profits Available for Interest Charges after All Deductions, Incl. Fed.Taxes,
o-yr. aver.
Calendar Years—
’ 14 to T 8 .
1918.
'1 9 (8 m o s .) .
’ 19 test.).
Net profits_______ _____ $1,017,439 $1,573,423 $1,376,451 $2,000,000
— V. 108, p. 1718.
,
A m e r ic a n

I n t e r n a t io n a l

C o r p o r a t i o n .—

Director.—

General Guy E. Tripp, Chairman o f the Westinghouse Electric & M fg.
C o., was named a Director to succeed J. Ogden Armour, resigned.— V. 108,
p. 2243.
A m e r ic a n

S a fe t y

R a z o r

C o r p .—

Subsidiary Co., A c .—

The corporation has secured a ma jority of the stock of the Jay & Johnson
Box Co., a New Jersey corporation, with a factory at North Bergen, N. J.
and will merge with same the New Jersey Leather Co. The factory
will produce standardized boxes for the Ever-Ready Gem and Star plants
at an estimated saving of upwards of $75,000 a year.
See also American Safety Razor Export Corp. below.

_

Export Subsidiary Formed.—

_

See American Safety Razor Export Corp. below.— Y. 109, p. 1275, 1181
A m e r ic a n

S a f e t y

R a z o r

E x p o r t

C o r p .—

Incorporated.—

Incorporated in Deleware, Oct. 21 1919, with a capital of 400,000 shares
no par value— and it is stated will acquire all of the foreign assets, foreign
rights, trade marks, patents, &c., of the various brands of razors, blades,
6 having accessories of the American Safety Razor Corp.
It will also,
as holding company, tako over and hold the stocks of the Canadian and
British companies now in operation, and the French, Spanish, Italian,
Portuguese and other companies to be formed in these and other count ries.
The minority of the stock. 49% , will be sold to investors in the countries
where the several companies are formed, and the balance ;>1 ,, win do
held in the treasury of the Export Corporation, thereby always retaining
control of the several companies.
The president of the new company will be George L. Storm.
A m e r ic a n

T o b a c c o

Common Stock Deposited.—

C o .—

See A. T . Securities Corp. below.— V. 109, p. 1528, 1368.
A .

T .

S e c u r it ie s

C o r n .—

Plan.—

It is officially announced that sufficient American Tobacco Common
stock having been deposited and pledged to make operative the plan of the
A. T. Securities Corp. it is now contemplated to limit the time of deposit
of the American Tobacco stock to N ov. 4 instead of Nov. 14. It is expected
that dividends will bo declared in N ov., payable in Dec.— V. 109, p. 1528,
1463.
,
A m e r ic a n

W i n d o w

G la s s

C o .—

Earnings.—

1918-19.
Total income_______ _______ _______ $6,563,426
121,366
Deductions--------- --------- - ...................
1,359,500
Federal and State taxes......................
2,071.581
Royalty charges ----- - - - - ..........
279,650
Preferred dividends paid (< % )-------819,369
Depreciation---------------------------------

1917-18.
$5,875,952
279,219
______
1,784,312
279,650
______

1916-17.
$5,011,769
304,139

Balance, surplus___ '...................... $1,911,961
— V. 109. p. 372.

$3,532,771

$2,886,800

A m e r ic a n

W r it in g

P a p e r

C o .—

1,541,180
279,650

New Directors, A c .—

The officers and directors are now as follows; Chairman, Walter T . Rosen;
IVes George A. Galliver; Vice-Presidents, Henry Evans, R. R. Campbell
and John T . Wolohan; Sec., M . N. Slotnick; Treas., B. E. Hutchinson;
Comp F. It. Gee. Directors: Henry Evans, H. B. Lake, Otto Marx.
Walter T. Rosen, Parinely W . Herrick, F. M . Tait and W. C. Loroe. Carl
Schmidlapp and W. Mason Smith, all o? New York, N. Y .; T. A. Jones,
Franklin. 5 .; J. K. Branch. Richmond, Va.; George A. Gallivtr, Holyoke,
Mass.: M. E. Marcuse, Richmond, Va.; Edwin Packard, Brooklyn, N. V.;
James D. Callery, Pittsburgh, l ’a.; Ridley Watts, of New York; Grorge C.
Lee, Boston.
The two men last named are new directors. Vacancies were caused by
the death of J. N. Wallace and F. B. Van Vorst and the retirement of
Edward It. Tinker, N. Y.; Galen L. Stone, Boston, Mass., and G. B.
Holbrook, Springfield, Mass.— V. 109, p. 777, 373.
A u t o s a le s

C o r p .—

Listed in N . Y .— Earnings.—

The N. Y . Stock Exchange has admitted to list temporary certificates for
$2,653,000 6 % Non-Cumulative Participating Pref. stock and $4,025,700
Common stoca.
Earnings for Eight Months Ended Aug. 31 1919, as Reported to Stock Exchange
1919.
1918.
1919.
1918.
$
$
$
$
42,207
38,398
Gross collect'ns. 1,792,705 1,445.777 Interest, fee-----Operating inc’me 252,243 189,323 Net income for
Total income
262,102 189,323
p eriod ----------- 219,895
150,925
— V. 109, p. 890.
B a r n e t

L e a t h e r

C o .—

Listed— Earnings.—

The N. Y. Stock Exchange has admitted to list temporary certificates for
$2,000,000 7% Cumulative Preferred (par $100) and 40,000 shares o f
Common stock, no par value.
A statement for six months ended June 30 1919 as filed with the N. Y .
Stock Exchange shows: Sales, $3,040,429; expenses and costs, $2,594,128;
net profit, $416,301: other income, $6,865: total income, $453,166; interest
paid, $26,893; dividends, $60,000; balance, surplus, $366,273.— V. 109,
p. 1181, 679.
B a r n e y

&

B e r r y ,

I n c . —

Receiver s Discharge.—

By order o f the U. S. District Court the receivers were discharged on
Oct. 15. A mortgage for $112,500 which with accrued int. amounted to
$124,987 was also paid. It was stated that the company is now in an
exceedingly prosperous condition and in a position to meet all its obli­
gations.— V. 106, p. 1579.

Purchase of Coal Prop­

—On Thursday the direc­
tors declared quarterly dividends of l} { % on both A and B
common stock, payable Jan. 2 to holders of record Dec. 15,
being the same amounts as for the previous quarter. Sub­
stantially the following was given out:
B e t h le h e m

S t e e l

1611

THE CHRONICLE

2 5 1 9 1 9 .]

C o r p o r a t io n .—

B r ill

(J .

G .)

C o .,

P h i l a .—

Accumulations Paid.—

The directors have declared the regular quarterly dividend of 1 % on the
l’ref. stock and an additional dividend of 2 a» % on account of accumulations
which we learn are all the back dividends on the Pref. stock to N ov. 1.
Both dividends are payable N ov. 1 to holders of record Oct. 22.— V. 109,
p. 273. 175.
B u t le r

B r o t h e r s ,

Extra Dividend.—

C h ic a g o .—

The directors have declared an extra dividend of A of 1% in addition to
the regular quarterly dividend of 2 l$% . both payable Nov. 1 to holders of
record Oct. 22. In Feb. 1919 an extra of 4% was paid, and in Aug. and
N ov. 1918, A of 1% was paid.— V. 109, p. 1181.

— Offering of Bonds.—Blythe,
Witter & Co., San Francisco, are offering at prices ranging
from 99.76 to 96.37. according to maturities, $500,000 First
Mortgage 6% Serial gold bonds. Circular shows:
C a lifo r n ia

B a r r e l

C o .

Dated Oct. 1 1919. Due serially $50,000 each Oct. 1 1920 to 1929, incl.
Int. payable A. & O. at Union Trust C o., San Francisco, trustee. Bonds
having Jess than 4 years to run redeemable at 101: over four years at 102.
Denom. $1,000 (c). Exempt from personal property tax in California.
Federal normal income tax not exceeding 2% paid by company.
Company.— Incorp. under California laws in 1883, reincorporated Jan.
18 1906. Manufacturer of barrels and stave containers. Owns or controls
timber lands in California and Oregon.
1915-16.
1918-19.
1917-18.
1916-17.
June 30 Years—
$312,405
$856,590
$613,181
$315,894
Gross income. -----------186,973
532,906
Net over expenses______
394.206
153,229
30,000
Bond interest................ C a r ib

S y n d ic a t e ,

L t d .—

New Stock.—

This syndicate which has oil interests in Cartagena, Cucuta. Honda.
Bogota, Colombia, South America and also in Northern Texas, is offering
438 shares of its capital stock at $2,000 per share (par $25) to shareholders
of record as of noon, Oct. 17 1919, in amounts equal to one share for each
8 shares owned.
An official circular dated Oct. 17 says that the company has arranged
with responsible banking houses of this city to underwrite the issue, the
proceeds to be used for the purchase of certain additional equities and
properties [in South America] considered of unusual value and also t o
provide ample working capital.
Following this issue it is proposed to submit to the shareholders a plan
for the division of each of the shares into one hundred parts. The author­
ized capital stock is $100,000 (par $25). C. K. MacFaddcn is Chairman
o f Board and Treasurer. Office 90 West St., N. Y .
C e n t r a l

L e a t h e r

C o .—

Quarterly Report.—

Results for the Quarter and Nine Months Ending Sept. 30.
-----------3 Months----------------------- -9 Months—
1919.
1918.
1919.
1918rotal net earnings (all
Properties) *------- - - - - $5,818,596 $3,562,714 $15,314,218 $9,855,238
Less exp. & losses of all
1,358.908
1,204,493
3.838,837
3,448,145$4,459,687
Balance _________ _
12,060
Add inc. from invest ts.

$2,358,221 $11,475,381
10,493
267,735

$6,407,093
112,655

$4,471,747
Dediict— Int. on 1st M . 5s $459,552
582,733
Pref.divs.(7% P- a ) . .
Common divs_________ al ,290,279

$2,368,714 $11,743,116
$495,552 $1,378,655
582,733
1.748,199
a l.290,279 62,282,801

$6,549,748
$1,378,656
1,748.199
62.282,801

Surplus for period..:----- $2,139.1S3

$36,151

$6,333,460

$1,140,098

a t Z\i). ft(5 X ).
.
.
* Total net earnings arc stated after deducting expenses incident to
operations, including those for repairs and maintenance, approximately
$699 6 6 6 for the quarter and $1,976,393 for the nine months.
Total surplus Sept. 30 1919. $36.584,412 — V. 109, p. 1276, 374.
C h a n d le r

M o t o r

C a r

C o .—

Recapitalization.—

The stockholders voted on Oct. 6 on changing the capitalization from
100 000 shares (par $100) to 300.000 shares (no par value) as per plan in V.
109! p. 1082, 1528.
C h ile

C o p p e r

C o m p a n y .—

Quarterly Report.—

Chile Exploration Co.— Copper Production for Six Months.

(tQuar. (lbs

1stQxiar. (lbs

2
.)—
1919.
.)—
1919.
1918.
January....... .............5,565,148 8,358.274 A p r i l.. 5,024,028
5.065,394
February .
5.375,248 6,326,512 Mav . . . . . .
June__ 5,003,430'
M a rch ______ - 4,568,528 10,191,712

1918.
7.769,874
7.506,720
9,279,562

Total (1st qu.). 15.508,924 24,876,498
Total (2d q u .> ..15,092,852 24.556,156
Aver, per month - 5,169,641 8,292,166 Aver, per month. . 5,030,951 8,185,385

Earnings, Ac. (Incl. Chile Copper Co.) for 3 and 6 Months ending June 30.
1919— 3 Mos.— 1918.
1919— 6 Mos.— 1918.
Copper production.-lbs. 15,092,852 24,556,156 30.601,776 49,432,654
Net operating income—
$150,239 $2,006,671
$75,963 $3,682,056
Miscellaneous income—
63,901
68.87S
188,788
99,957
Total income...............
Int. on bonds and loans.
Amortized disc’t on bds.
Exp. of Chile Copp. C o .

$214,139 $2,075,549
678,184
572,789
35.000
35,000
14.553
22,014

$264,751
$3,782,013
1.350.9S5
1,097,789
70,000
70.000
18.135
43,980

Undivided profits._.Zoss*513,598 cr$ l,445,748 InssSl 174368 C$2,570,245
The above earnings are computed on the basis of 15.933 cts. per lb. for
copper for June 30 1919 quarter, against 18.724 cts. per lb. for the March 31
1919 quarter, against 23.69 and 23.83 cents per lb., respectively, in 1918.
President Daniel Guggenheim says: “ On account of the condition of the
copper market our operations remained curtailed to approximately a 50%
basis. For the quarter ended June 30 the cost, of copper produced, in­
cluding depreciation and all general expense, but excluding delivery and
selling expense, excess profits tax, obsolescence and depletion, was 12.69c.
per pound as compared with 15.25c. per pound for the first quarter of 1919.
Including all excluded items except excess profits tax and obsolescense the
cost figured on copper sold was 21.520c. this quarter vs. 30.355c. first
quarter, 1919."

Production (in lbs.)—
1919.
Month of Sept....................................... 7.044.000
9 mos. to Sept. 30
_____________ 51,515,054
— V. 109, p. 1369. 890.

1918.
7.346,000
72.830,512

1917.
3.294,000
62,498.000

Bonds Sold.

erty— Operations— New Plants, A c.

—Frazier & Co., New York, Phila. and Balt., announce by
advertisement on another page the sale of -SI.200,000 ThreeYear 7% Sinking Fund Convertible gold bonds. Dated
Nov. 1 1919. Due Nov. 1 1922. Bankers state:

Favorable action was taken on the purchase of the Elkins Coal & Coke
Co. from the heirs of the late Senator Stephen B Elkins, embracing 16,000
acres of coal land in West Virginia, with coal reserves of more than 150,­
0 0 0 ,0 0 0 tons, and equipped for an annual output o f 1.500,000 tons of coal,
which will be increased to 3,000,000 tons. The Elkins company, in con­
junction with the present sources of supply, provides the corporation with
Its full requirements for coking, heating and steam coals.
The shipbuilding plants, as also the steel plants other than the rail mills,
are running at full capacity, the former with no diminution of orders, the
latter with an increasing volume o f new business offering. The railroad
buying is still below normal, but general commercial lines are rapidly filling
the capacity usually operating on railroads’ orders.
The corporation Is continuing its program of extensions and additions to
plants, having spent to date this year over $15,000,000 for m w construction.
A number o f new plants are just now coming into operation and over the
next five months a material Increase in capacity will become available.—
V. 109, p. 890. 373.

Callable in whole or in part, or for sinking fund, at 102A % and int. on
any int. date. Interest payable M . &, N. Denont. $1,000 (c*). Land Title
,A Trust C o., Phila., trustee. Pennsylvania State tax refunded. Free of
normal Federal income tax up to 2% . Convertible into stock: after M ay 1
1920 and on or before Nov. 1 1920, 50 shares for each $1,000 bond; on or
before Nov. 1 1921. 40 shares for each $1,000 bond; on or before Nov. 1
1922 (maturity), 33 shares for each $1,000 bond; any bonds called on M ay 1
1920 may be converted into 50 shares for each $1,000 bond. Sinking fund
beginning May 1 1920 a,qd operating every 6 months thereafter will retire
s.-a. one-sixth of largest amount of bonds at any time Issued.
Security.— Secured by deposit of (a) 100% of the capital stock of Sammies
Oil Corp. of Texas; (b) 60% of the issued stock of the Sammies Oil & Suppy
Co. of Sioux City, la.; (c) 40% of stock of Falcon Oil Associaton of Texas
Capitalization—
Authorized.
Issued.
3-voar 7% Sinking Fund Convertible gold bon d s.. $1,200,000 $1.200,000Cap. stk.'no par val.)(60,000 res. for conv. of bds) 500,000 sh. 200,000 sh.




C h o a t e

O il

C o r p .,

O k la h o m a

C it y ,

O k la .—

1612

THE CHRONICLE

Company.— Organized in 1917 under name of “ Sammies Oil Oorp.” and
now owns and is operating ( 1 ) at Oklahoma City, a modern refinery with
•capacity of 2 . 0 0 0 bbls. per day: (2 ) 1 0 0 tank cars which are to be increased
to 200 by present financing; (3) steel storage tanks (a) at Oil City, I,a.,
110,000 bbl. capacity which is to be doubled: (b) in Texas, 66,200 bbl.
■capacity with 18 miles of distributing gas line supplying citv of Ranger for
all purposes: (4) leases on approximately 30,000 acres o f oil properties,
located in the Healdton Field, Okla., in the North West Extension or Btirkburnett, Tex.: the Ranger Field, Ranger, Tex., and the Pine Island Field,
■Caddo Parish, La. The approximate daily production is 5,000 bbls. from
'28 producing wells; (5) a half interest in several pipe lines which are used
as gathering lines from the Burkburnett Pool and North West Extension.
Earnings.— Earnings at present rate are about 8720.000 per year, more
than 8 times interest requirements on entire issue of the bonds.
Valuation.— .!o. P. Cappeau, Esq., petroleum engineer, Pittsburgh, Pa.,
has valued the corporation's holdings, exclusive of the proceeds of this
financing, at 84,125,000. He estimates that with the expenditure of this
money for drilling additional wells, Ac., the property will earn at least
•81,500,000 per year, or more than the principal of this' issue.
C lin c h f ie ld

C o a l

C o r p .—

Common

D ir.

Resumed.—

A dividend o f \M% has been declared on the Common stock, payable
Nov. 15 to holders o f record N ov. 11. This is the first distribution on the
$14,547,900 outstanding Common stock since March 15 1919. when fi of
1 % was paid.
There is also about $1,460,300 7% Cum. Pref. stock out­
standing.— V. 106, p. 1903.
C l i n t o n - W r i g h t

W ir e

C o .—

President Resigned.—

Evan F . Jones, President and General Manager has resigned to take
■effect N ov. 1.— V. 109, p. 1463.

C u b a

[V o l . 109

C a n e

S u g a r

C o r p .

—New Bond Issue .—

The directors have recommended the issuance of $25,000,000 Ten-Year
7% debentures, convertible into common stock at $60. per share. The
bonds, when authorized by the stockholders, will be offered for subscrip­
tion at par to tho stockholders (both Preferred and Common). J. & W.
Seligman & Co. and Hayden, Stone & Co., it is stated, will form a syndi­
cate to underwrite the issue.— V. 109, p. 1463 , 375.

Offering of Pref. Stock.—
Paine, Webber & Co., New York, Boston, &c., and Bowlan
& MacAfee, Pittsburgh, are offering at 97 x/i and div. $1,500,­
000 7% Cum. Pref. (a. & d.) stock, par $100. Bankers state:
D e t r o it

P r e s s e d

S t e e l

C o .—

Dividends payable Q.-J. Redeemable in whole or in part at 110 on 30
days’ notice. .Sinking fund annually 10% o f the net earnings, with a mini­
mum amount of not less than 3% o f the outstanding Preferred. No mort­
gage without consent of 75% of Pref. stock.
Capitalization (No Bonds) After This Financing— Authorized.
Issued.
7% Cumulative Preferred stock__________________$2,500,000 $1,500,000
Common stock (no par value)____________________ 80,000 shs. 67,230 shs.
Company.— Organized under Michigan laws in 1909 and reincorporated
under Delaware laws Sept. 12 1919. Manufactures pressed steel automobile
frames and "Disteel” wheels for passenger cars and trucks. Also medium
and heavy-weight pressed steel stampings. Customers include, among
others: Dodge Brothers, Packard, Cadillac, Hupp Motor, Oakland, Gen­
eral Motors, Federal Motor, Republic Motor, &c.
Earnings.— Average earnings for past five years have been about 3)4
times the Pref. div. requirements o f this issue.
Purpose.— Proceeds will be used to retire the old issue o f Pref. stock, out­
standing serial notes, pay all floating debt and provide additional working
capital.— V. 103, p. 2345.

■Offering of Pref. Stock.—Peabody, Houghteling & Co., Chi­
Offering of Pref.
cago, are offering, at 95 and div., $2,000,000 Cumulative Stock.—I. M. Taylor & Co., N. Y., are offering the unsold
7 % Preferred (a. & d.) stock, par $100.
portion of $3,000,000 7% cumulative Pref. (a. & d.) stock,
Dividends payable Q .-M . First div. payable Dec. 1 1919. Redeemable par $100. Callable on 30 days’ notice at 120. Bankers state:
as a whole or in part at 110 and div. on 90 days’ notice. From Jan. 1 1920
The company is a merger of several old-established fish packing and can­
(P .

F .)

C o llie r

&

S o n

C o .

(“ C o llie r 's

W e e k l y ” ).—

E a s t

an annual cumulative sinking fund of 1 0 % of the net profits after the pay­
ment o f Preferred divs., is provided for the purchase of Pref. stock at the
lowest price obtainable, up to 1 1 0 and d iv ., or to call the stock at that price.
Data from Letter of Pres. G eorge D. Buckley, Dated N. Y ., Aug. 2 1 '19.
History.— Founded in 1875 for the purpose of printing, publishing and
.selling good books at moderate prices. From a modest beginning business
has reached the annual output of 6,000,000 volumes. The titles include
“ The Harvard Classics,” “ The Story o f the Great W ar,” the works of
Dickens, &c.
In 1888 a weekly publication was brought out under the title of “ Once a
W eek,” this being changed in 1905 to “ Collier's, The National Weekly,"
The growth in circulation is shown as follows:
_
1900.
1910.
1915.
1919.
•Copies per week.............
228,000
574,898
859,965
1,066,980
Sales— Cal. Years—
1915.
1916.
1917.
1918.
Books-----------------------------$1,821,179 $2,142,129
$2,110,928 $1,800,811
W eekly...... ..............
2,674.596 2,851,448
3,081,993 3,326,460
Advertising-------------------- 1,978,869 2,466,028
2,896.758 2,597,129

Total..............................$6,474,644 $7,459,605 $8,089,679 $7,724,400
Earnings.— For the period from Jan. 1 1909 to June 10 1919, the company
has earned a substantial margin over the dividend requirements on the
Preferred stock. During the four years and 24 weeks ending June 10 1919,
and including the war year 1918, the net profits available for divs. averaged
■over $250,000 a year. Net profits available for dividends in 1919 will
. approximate $470,000.
MfcThe plant located at 416 W. 13th St.. N . Y . City,-Is equipped with
modern printing presses, & c., estimated to have a present reproduction value
o f $2,430,400, and conservatively valued at $1,603,351.
Ownership and Management.— The Crowell Publishing Co. has recently
acquired a majority o f the common stock and has taken over the complete
management o f its affairs. The Crowell Publishing Co. now owns and
publishes, in addition to “ Collier's Weekly,” the following publications,
having a circulation as .follows:
1906.
1911.
1919.
“ American M agazine"__________ _____ ____________ 261,972 1,041,225
“ Woman’s Home Companion” . ................... 478,000 737,764 1,113,188
■“ Farm and Fireside” _______________________ 380,000 401,545
664,839
During the last ten years the Crowell Publishing Co. has paid to its
Common stockholders over 150% in dividends and is now paying regular
■dividends at the rate o f 32% per annum on its Common stock.
Provisions.— (1) No mortgages (except purchase money mortgages) with­
out the consent o f 75% o f the Preferred stock outstanding. (2) Net quick
assets must be maintained at not less than 1
times the amount of the
Preferred stock outstanding, and in no event at less than $2,000,000.
(3) Has voting power if four consecutive quarterly periods on the Preferred
rstock is in arrears and has sole voting power if eight consecutive quarterly
.payments are in arrears.
Balance Sheet June 10 1919, After Giving Effect to Present Financing.
Assets—
! Liabilities—
Machinery and equipment.$1,603,351 Preferred stock__________ $2,000,000
557,852
Good will________________ 2.201,798 Bills payable_____________
Inventories_____________ 1.101,962 Accounts payable________
481,413
-Cash and good receivables 2.482,403 Deferred credit to revenue 826,641
Deferred charges________
58,414 Reserve_________________
39,361
Total (each side)______$7,447,928 Equity for common stock. 3,542,661
Directors.— Thomas H. Beck (V.-Pres.), George D. Buckley (Pres.),
Mrs. Sarah Steward Collier. George H. Hazen, C. B. Hibbard, George J.
Kennedy (V.-Pres.), Joseph P. Knapp (Chairman o f Board), Augustus S.
Peabody, Frank H. Rice (V.-Pres.), Alexander Smith, Floyd E. Wilder,
Albert E. Winger (Treas.).— V. 109. p. 1082.
C o lu m b ia

G a s

&

E le c t r ic

Earnings — Incl. Sub. Cos.

C o .—

'Consolidated Earnings f o r September and Nine Months ending Sept. 30.
1919— Sept.— 1918.
1919-9 M oj.-1918._
$835,824 $8,585,845 $8,496,801
Gross earnings______________ $876,731
452,903 4,381,090 4,242,499
Oper. expenses & taxes____
473,009
Net operating earnings__. $403,722
Other income
.
167,394

$382,921 $1,204,755 $4,254,302
163,157 1,505,989 1,470,380

Total net________________. $571,116
Lease rentals
. 346,643
Fixed chgs.(Col G .& E .C o .)...
58,829

$546,078 $5,710,744 $5,724,682
300,071 2,956.664 2,678.321
535,013
528,851
59,446

Surplus....... ..........................
— V. 109, p. 374.
C o lu m b ia

$165,644

G r a p h o p h o n e

$186,561 $2,225,229 $2,511,349

M fg .

C o .—

Earnings— Listed .—

Cal. Year
Mos. to Cal. Year |
8 Mas. to
1918.
'
Aug. 31 '19.
1918.
I
Aug.3\ 19.
$611,279
Total earns..$3,110,339 $ 1 ,939.513 I Dividends___ $1,072,062
437,331
Interest ehgs. 219,533
503.715 Bal., surplus. 1,430,475
Depr. res.,&c_ 388.267
387,18S|P. & L. surp. 3,094,507 2,396,361
The Governing Committee o f the N. Y . Stock Exchange has admitted
to list temporary certificates for $10,820,700 7% Cumulative Preferred
stock, par $100; and 708,000 shares Common stock, without par value.
— V. 109, p. 1369, 891.
8

C o r n

P r o d u c t s

R e f i n i n g

C o .—

Negotiations Only .—

The "Chronicle” learns that while negotiations are in progress which
may result in the sale o f the plant or stock ownership of the National Starch
C o., these negotiations have not been concluded and it is still uncertain
whether the sale will take place, and if it does, in what shape it will be
put through. One account says that the negotiations have reached the
.appraisal stage.

Earnings .—

F The company reports for the nine months ended Sept. 30 last net earnings
after expenses and excess profits tax o f $11,653,892, compared with $8,629,­
583 in the corresponding Df-riod of 1913. The amount carried to surplus was
48,686,710, against $5,635,961 in 1918.— V. 109, p. 1463.




C o a s t

F is h e r ie s

P r o d u c t s

C o .—

ning plants, distributed along the New England Coast. Is preparing for the
large manufacture of important fish by-products, including cod liver oil,
fertilizer, animal fats, &c. Main base of operations is at Rockland, M e.,
where several of its plants are located and where the steam trawler terminals
of the East Coast Fisheries Co. are situated.
Capitalization.— $25,000,000 7% Preferred, par $100, and $25,000,000
Common, par $10. No bonds.
E lk

B a s in

P e t r o le u m

C o .—

Capital In crea se, A c . —

The stockholders will vote on N ov. 6 on increasing tho capital stock from
$2,000,000 to $5,000,000. The holders of record Nov. 11 will be given the
right to subscribe at $7 50 a share to $1,000,000 new stock to the extent
of 50% of their holdings.— V. 109, p. 1182, 891.
E v e r e t t

M ills ,

M a s s a c h u s e t t s .

— Extra Dividend of

$ 0 .

—

A dividend o f $4 per share and an extra dividend of $ 6 per sharo have
been declared, payable Nov. 1 to holders of record Oct. 21. In N ov. 1918
an extra o f $5 was paid.— V. 107, p. 1581.

— Capital Increase—$10,­
000,000 8% Cumulative Convertible Preferred (A. A D .) Stock
Underwritten— Rights to Subscribe— Finance Committee.—
syndicate headed by Domiiiick & Domi dek and Hallgarten
& Co., acting in conjunction with Kuhn, Loeb & Co., N. Y.,
is underwriti g an issue of $10,000,000 8% Cumulative Con­
vertible
Preferred stock.
The stockholders will vote Nov. 10:
on authorizing an Issue of $20.­
F a m o u s

P la y e r s -L a s k y

C o r p .

A

(a)

000,000 8 % Cumulative Convertible Preferred stock, par $100: (b) on in­
creasing the Common stock from 200,000 shares, no par value, to 450,000
shares, no par value.
Of the 250,000 shares of additional Common stock, approximately
182,000 shares will be set aside to provide for tho conversion not only o f the
$10,000,000 Preferred stock presently to bo Issued but also of the $10,000,000
authorized but unissued Preferred stock.
.
Subject to the necessary stockholders' action, the holders of record
Nov. 13 1919 will be given the right to subscribe at par ($100) up to Nov. 28
to one sharo of Convertible Preferred for each two shares of Common held.
Payment In full must accompany subscriptions and be made to the Empire
Trust Co., New York, on or before Nov. 28, In New York funds.
A new Finance Committee has been created. II. D. II. Connlck, who
resigned the Vice-Presidency of the American International Corp-. has
accepted the chairmanship of the Finance Committee. Other members
will be: Frederick G. Lee. Pres. Irving Trust Co.; Gayer G. Dominick, of
Dominick & Doininic-k: Maurice Woertheim. of Hallgarten & Co., and
President Adolph Zukor.— V. 109, p. 1529, 771, 480.
F is h e r

B o d y

C o r p .

— Capital Increase, A c.— New Control,

The stockholders will vote on N ov. 6 (a) on increasing the capital stock
from 200,000 shares (no par value) to 5O0.0OO shares (no par value); (b) on
amending certain articles of the Certificate of Incorporation and adding
a new article which shall provide that for a period of five years, commencing
Oct. 1 1919, not less than 2-3 o f the net earnings In each fiscal year, after
taxes, interest, and Pref. stock divs. and sinking fund payments, shall be
paid in dividends to the Common stockholders, until they shall have
received In each fiscal year, divs. at the rate of not less than $10 per share
per annum; (c) on Increasing the number of directors from five to fourteen.
See also Fisher Body Ohio Co. below.— V. 109, p. 1464, 480.

New Subsidiary of Fisher Body Corp .—Otis

Sale of Stock o f

& Co.. Cleveland,
announce the sale by advertisement on another page of
$10,000,000 8% Cumulative Sinking Fund Preferred (a. &
d.) stock, par $100 and 20,000 shares (no par value) Common
stock. Price: 10 shares of Pref. stock and 2 shares of
Common
stock at $1,000 and Pref. div.
Dividends payable Q.-J. Redeemable at 110 and divs. N o mortgages
F is h e r

B o d y

O h io

C o .,

C le v e la n d .—

without consent of
of Pref. stock outstanding. Sinking fund beginning
Jan. 1 1923 4% of largest amount of Pref. stock at any tune outstanding.
Capitalization.— Auth. and issued, 8 % Cum. Sinking Fund Prof, stock
(par $100), $10,000,000: Com. stock (no par value, 100.000 shs. No bombs.
Data from Letter of Fred J. Fisher, President Fisher Body Corp.,
Detroit, Oct. 16 1919.
Parent Company.— The original Fisher Body Company was formed in
1909, and its business as developed by the present corporation has grown
to a gross volume of between $50,000,000 and $60,000,000 per year. The
Corporation operates 23 plants in United States and Canada. Gross busi­
ness for the fiscal year 1920, estimated on the basis of past Increases and
plant extension now In process o f construction, should amount to $ 1 0 0 ,­
0 0 0 ,0 0 0 and for the succeeding twelve months, amount to $ 2 0 0 ,0 0 0 ,0 0 0 .
Fisher Body Corporation has recently received from General M otors
Corp. an offer whereby the latter will purchase 300,000 shares (no par
value) Common stock, to be issued in addition to the 200.000 shares now
outstanding, making total outstanding 500,000 shares (see above). In
case o f acceptance. General Motors will, by creation or a voting trust for the
shares thus purchased, place complete control of Fisher Body Corp.. in
the hands of the latter company's present management. This sale when
and if consummated, will add approximately $30,000,000 to Fisher Body
C orporators current assets.
New Subsidiary.— It has never been possible for tho company to keep
up with the demand for its product. It has, consequently, become nec­
essary to establish a factory in Cleveland to meet the heavy demand upon
the Detroit plants from their customers in that city— the second largest
automobile centre in the world. For this purpose. The Fisher Body Ohio
Co is being organized, Fisher Body Corporation owning a controlling in­
terest, and will build and operate a plant second only to Fisher Body
Corporation in size among automobile body building plants ; its total floor
space to be about 1.500,000 sq .ft., and employing upwards of 7,000 men.
Incorporated in Ohio about Oct. 18 19191.
Business.— Fisher Bodv Corporation will turn over to The Fisher Body
Ohio Company all of the business necessary for operation to capacity and

O c t . 25 1919.]

THE CHRONICLE

present plans look toward the development of gross business of about
Sot),000,000 per year, starting It is estimated with S12.000.000 gross busi­
ness and $1.800,000 gross earnings for the first year of operation and increas­
ing gradually to $30,000,000 business in the third year and so upward.

.— O ffering o f P r ef.

—Farmers Deposit National Bank, Pittsburgh, are
offering at 101.50 and div., by advertisement on another
page, $1,500,000 7% Cum. Pref. (a. & d.) stock. Bankers
state:
F o lla n s b e e

B r o t h e r s

C o .,

P i t t s b u r g h

Stock.

Dividends payable Q.-M. Callable as a whole or in part at 105. Sinking
Fund established to retire annually 5% o f Preferred stock outstanding,
beginning Doc. 31 1924. No mortgage without consent o f 70% of Pref.
Company.— Incorp. in 1894 under Pennsylvania laws, succeeding to an
old established business. Plant located at Follansbee, W. Va., consists of
tour 35-ton open hearth furnaces, six tin and seven sheet mills. Product,
tinl.sh tin plate, terne plate, automobile and electrical black sheets and
galvanized flat and corrugated sheets. Annual production about 65.000
tons o f finished material.
Earnings.— During the past 7 % years net earnings have averaged $764 530, or over 7 times amount required to pay divs. on entire $1,500 000
Prof, stock. Sales in 1918 amounted to over $10,000,000.
•
Capitalization (No funded debt except $55,000 Purchase Money Obligation.).
_
, ..
_ . „ , ,
„
Authorized. Outstand.
‘ % Cumulative Pref. stock (par $100)...................$1,500,000
$1,500,000
Common stock (par $ 1 0 0 ) - - ____________________ 2,000,000
2,000,000
Purpose.— Proceeds will be applied to constructing an additional manu­
facturing plant, similar to the present plant.— V. 109. p. 1464.

Foote-Burt Co., Cleveland.—Offering of Pref. Stock.—
The bankers named below are offering at 97 and div. to
yield 7 } 4% $500,000 7% Cumulative Preferred (a. & d.)
stock,
par $100. Circular shows.
Dividends payable Q-J. Redeemable at $110 and divs. Sinking fund

1613

With that end in view, we have called for redemption the 2d Pref. stock
outstanding ($13,124,600) on N ov. 1 1919, and are proposing this increase
in the authorized capitalization.
We are giving to the First Pref. stockholders the opportunity [on or
before Nov. 171 to exchange their present holdings at $112 a share (the
redemption price plus accrued dividends) for the new stock at $ 1 0 0 a share
[in other words, $ 1 1 0 in stock and $ 2 cash and the right to subscribe for
further amounts at par.— Ed.). It is our intention to call for redemption
on Jan. 1 1920 all of the First Pref. stock which has not been exchanged for
the new stock.
Of the new issue of Pref. stock, $40,000,000 has been underwritten and
sold to responsible banking houses, the company reserving the right to first
offer such stock to its stockholders at par. This offering will go to all of
our stockholders— Common, 2d Pref. and 1st Pref. stockholders. The
remaining $60,000,000 of the new Pref. stock will be retained by the com­
pany, to be disposed of from time to time by the board to meet thr require­
ments of the business; but the company will be restricted against disposing
of any of such unissued Pref. stock unless it maintains net current assets
equal to 110%, and total net assets equal to 200% of the total Pref. stock
outstanding, including any additional stock. [The company will also be
forbidden to replace any mortgage or lien on its property anil to issue anv
Pref. stock in excess of this $100,000,000 without the consent of 75% of
the Pref. stock outstanding. The subscription rights of the 2d Pref. stock­
holders will expire Nov. 1 , those of the Common stockholders on Nov. 17.—
Ed.l— V. 109, p. 1464, 682.

— Offering of Notes.—Counselman & Co., Chicago, are offering at prices ranging
99?^ and int. to 95.75 and int., according to maturities,
$500,000 6% Serial Gold notes. Bankers state:
G r a n t

M o t o r

C a r

C o r p .

fr o m

Dated July 1 1919.
Due $100,000 each July 1 1921, to 1925, incl.
Denom. $1,000 (c*). Int. payable J. & J. without deduction for Federal
income tax not in excess of 2 % . Redeemable on any int. date, on 60 days’
notice, at 1 0 2 and int. for notes having more than one year to run, and
101 and int. for notes having one year or less to run. The Guardian Sav­
ings & Trust C o., Cleveland, Trustee.— Compare V. 109, p. 1083.

.—

commencing April 1 1924, 5% of the largest amount of Preferred stock at
any one time outstanding, by purchase at $ 1 1 0 and div.
G r a y
& D a v i s , I n c . — Bond Call
All of the 1st Mtge. 5% Serial gold bonds of the Grav & Davis Factory
Capitalization (No Funded Debt)—
Authorized. Outstanding.
Corp. have been called for payment Nov. 1 at 103% and int. at the Old
<% Cumulative Preferred sto ck ............................. $1,000,000
$500,000
.Colony Trust Co., Boston.— V. 109, p. 1277.
Common stock_________________________________
500.000
100,000
Company.— Incorp. 1906. Manufactures a line of high duty single and
G r e a t
W e s t e r n
M illin g
C o . — Bonds Offered
multiple spindle drilling machines.
A. E. Lewis & Co., of Los Angeles. Calif., have recently purchased $500,­
Purpose.— Proceeds will be used to erect a large plant at Cleveland.
Darnings.— Sales, 1907, $166,000: 1918, $1,322,000. Average net earn­ 000 1st Mtge. Serial 6 % bonds, of which $200,000 due $20,000 yearly
ings for 5 years and 7 mas. to July 31 1919, after taxes, were $125,385, 1924 to 1933, are now being offered at prices to yield 6 X % to 6 H % • The
present financing provides additional working capital for the constantly
over 3 H times annual div. requirement on this Pref. stock issue.
Hankers.— The Maynard II. Alurch Co., W. T. Hunter & Co.. Beazell & increasing business. Net assets are reported as about four times the
bonded debt , and the earnings in 1918 as more than three times the interest
Chatfield, Channer.& Sawyer, all o f Cleveland.
charges on bonds. See full particulars V. 107. p. 1582.

.—

—The com­
pany is publicly offering at 100 per share the initial $2,­
500,000 of its new issue of 7% Cumulative Sinking Fund
Preferred (a. & d.) stock, par $100. Circular shows:
(H .

H .)

F r a n k lin

M fg .

C o .,

S y r a c u s e ,

N .

Y .

Redeemable as a whole or in part at 110 and div. on 60 days' notice.
Dividends payable Q.-F. Annual sinking fund beginning Jan. 1 1922,
15% o f net income after Pref. divs. and taxes.
Capital'n after Present Financing (A"o bonds). Authorized. Outstanding.
Preferred stock 7% Cumulative (par $100).............$5 ,0 0 0 ,0 0 0 $2,500,000
Common stock (par $100)---------------------------------- 2,000,000
1.838,900
Purpose.— Proceeds will be distributed approximated' as follows: For
retirement of old Preferred, $660,000: for new buildings and equipment
$1,000,000; for additional working capital, $840,000.
Earnings.— The average profits for the past five years, less depreciation
and taxes, have been sufficient to meet the div. requirements of this issue
more than 4 times. Based on 8 months actual and 4 months estimated
profits, the earnings for 1919, after taxes and depreciation, will be about
6 times the div. requirements of this stock.
This is without taking into
consideration the effect of the new financing. Production for the season
beginning Sept. 1 1919 has been planned on an 18.000 car per annum
basis.— V. 109. p. 1529v 1464.
F r e e p o r t

T e x a s

C o m p a n y .—

E arnings . —
6 M os.to
4 A/os. to
May 31 '19. Mar. 31 '19.
$1,438,371
$1,163,566
. 239.041
219.090
. 419.960
286.831

•Gross sales________________
Cost o f sales______________
Selling and general expenses
Net p r o f it ___________________
■Other in co m e ________________

$779,370
101,857

$657,645
78,282

Net incom e__________________
D ividen d s_______ _____ _____ "

$881,227
112.989

$735,927
______

Balance su rp lu s_____________ - - - - - - $768,238
$735,927
Compare statement to New York Stock Exchange, V. 108, p. 2633:
V. 109, p. 480.
G a s t o n , W illia m s

&

W i g m o r e ,I n c .,

N . Y . —

D ir. Omit'ed.

The directors on Oct. 23 passed the quarterly dividend because of im­
paired earnings due to the adverse exchange situation and shipping diffiand the general lack o f credits for the use o f foreign buyers.— V. 108,
p.2531, 2526.
G e n e r a l

A s p h a lt

C o

G e n e r a l

C h e m ic a l

C o .

— Earnings.

1918.
$6,462,148
1.990.526
1,500,000

M o t o r s

C o r p .—

Control of Fisher Body Corp

See Fisher Body Ohio C o., above.— V. 109. p. 1370. 1277. '

—

G o o d y e a r
T ir e
& R u b b e r C o . , A k r o n , O.— To Retire
Both Classes of Pref. Stock and Authorize $100,000,000 New
i % Cum. hirst Preferred—$40,000,000 l nderwritten and
Offered at Par to All Shareholders.—The shareholders will

S t e a m s h ip

C o .—

New Company.—

H e n d e e

M a n u f a c t u r in g

C o .—

Earnings. —

Years ending Aug. 31—
1918-19.
1917-18.
1916-17.
1915-16.
$539,755
$208,980
Net profits.............................. $1,454,717 $740,691
Bal. aft. Pref. divs. & taxes.
934.718 484.391
235.699 deflOO.729
H.
R. Bemis has been elected a director to succeed C. O. Hedstrom.
resigned. All other directors were re-elected.— V. 107, p. 2479.

ing of Stock.—Nehemiah

Offer­

Friedman, X. Y., is offering 100,000
shares of stock at par ($5). Total authorized, $2,000,000;
outstanding, including present offering, $1,375,700. Of
amount 159,(KM) shares owned by Pres. J. Iloffay to guaran­
tee control. No bonds or preferred stock. Pres. J. Hoffay:
says in substance:
H o f f a y

T a lk in g

M a c h in e

C o .,

I n c ..

N .

Y .

C it y .—

th is

The company was incorporated under Delaware laws June 7 1915 to
manufacture and sell phonographs. Has acquired numerous exclusive
patent license rights for this country, and also the right to sell in several
foreign countries. Chief product is a phonograph called the “ Hoffay,’'
made in four models, and retailing at $125. $175. $225 and $275. Assem­
bling plant is located at N. Y . City and the factory at Utica. N. Y . The
company plans additional factories at selected points in the United States.
— V. 105. p. 184.
I n t e r n a t io n a l

A g r ic u lt u r a l

C o r p .—

E arnings . —

Earnings for the year ended June 30 last were as follows: Gross profits on
operations $4,734,553, compared with $4,504,583 last year: net profits after
expenses, interest, &c., $2,137,858. compared with $1,944.933 in 1918. The
final surplus after dividends amounted to $2,596,519, against $1,805,082.
V. 108, p. 2437.
C o p p e r

.— Production (in lbs . ) . —

C o r p

1919.
1918.
1917.
Month of Sept............ - --------------------- 9,928.000 11,528.000 11,612.000
9 months to Sept. 30 ---------------------- 57.675.560 102.470,000 106.164,000
This includes the production from both the Alaska and So. America
(Braden Copper Co.) properties hi all years.— V. 109, p. 1183, 779.
K e y s t o n e

1919.
$1,851,932
1.830.525
1.500,000

...............................................52.en.622
G e n e r a l

S ta r

K e n n e c o t t

.— Exchange o f Stock . —

The Philadelphia Stock Exchange has admitted to list $2,629,350 addi
tional common stock issued in exchange for $1,752,900 preferred stocl
an< , ranceled, making the total amount of common stock listei
a „ reducing the amount of preferred stock listed to $ 9
177.300.— V. 109. p. 1464, 984.
Nine Months ending Sept. 30—
Total profits__________
I‘referred divs. and insurance"fund.......................
Reserves for taxes, depreciation, &c_...................

G r e e n

„ Th's corporation recently incorporated with a paid-up capital of $ 1 0 .­
has acquired a fleet of five modern steel screw steamships of the
highest class from the Nafra Company. Inc., and will both operate over
established trade routes and through the stockholders will control the
shipments of a number of important trading companies.
Among the directors are Robert McGregor, formerly Vice-President
of the Federal Shipbuilding Corporation, now Vice-lhesident and General
Manager of the Green Star Steamship Corporation; Alvin W. Krech,
President Equitable Trust C o.. New York: William C. bane, Vice-Presi­
dent Guaranty Trust C o., New York; Raymond T. Marshall. Joseph
Mercadante, and D. Roger Englar.
0 0 0 ,0 0 0

T e le p h o n e

C o

.— N ew Bond Issu e . —

The company has sold to Harper & Turner and Reilly, Brock & C o..
Philadelphia, an issue of $1,100,000 Equipment & First Mtge. Collateral
10-year Sinking Fund 6 % gold bonds, total authorized, $1,600,000. Pro­
ceeds to be used for the installation of the Automatic telephone system.—
V. 109, p. 1530.
S .

S . K r e s g e

C o

.— September Sales . —

1919.
Month of Sept.........................................$3,374,040
9 months to Sept. 30 ......................... -.28.182.792
— V. 109, p. 1183 , 891.
L e e

R u b b e r

&

T ir e

C o

1918.
$3,013,563
24,551,218

1917.
$2,388,643
19,982,013

.— Stock In crea se . —

To increase working capital, pay indebtedness and provide for extension
of plant, the directors have voted to increase the capitalization from 1 0 0 ,0 0 0
to 150,000 shares of.'stock of noparvalue. Of the new stock 40,000 shares are
to be offered to stockholders of record Nov. 10 at $33 per share. Hornblower & Weeks have underwritten the issue. The other 10,000 shares
is to be held in trust for the employees on a profit sharing basis.— V. 108.
p. 1393.

vote Nov. 17: (1) on changing the capitalization so as to pro­
vide an authorized capital stock consisting of: (a) $100 000 000 Common stock, (b) $100,000,000 7% Cum. First Pref.
stock, callable at $110 and divs, and with annual sinking
P ref. Stock O ffering.—
fund of 2j^% after Oct. 31 1920; (2) on giving authority, if
Salomon & Co., N. Y., announce the sale by ad­
so deemed wise, to change the par value of the Cominou William
vertisement on another page of $3,000,000 7% Cum/Pref.
shares from $100 to a smaller or no par value.
(a. & d.) stock. Par $100. Bankers state:
Digest of Statem ent by President F. A. Seiberling, Akron, Oct. 14.
(H .

One year ago, due to conditions growing out of the war, we were employing
Utproxhnatcly 14,000 men, making at die iow point (November) less than
1 1 ,0 0 0
tires per day, with a volume of business approximating $8 ,0 0 0 ,0 0 0
per month. We are now employing 25,000 men, making in excess of 29,000
tires per day, and our business for this month will approximate $ 2 0 0 0 0 .0 0 0
I” voiume. Nevertheless, we have not been able to produce in excess of
70% of our sales requirements.
T o meet the growing demand for our products, we find it necessarv to
increase our equipment and working capital, and to make provision for
future financing on broad lines.




R .)

M a llin s o n

&

C o .,

I n c . —

Redeemable at 115% and div. No mtge. without consent of 2-3 of the
IYef. stock. Divs. payable Q.-J. Sinking fund beginning June 1 1921. a
sum out of surplus profits equal to 3% of largest ameunt of Pref. ever issued.
_ Capitalization (No Bonds) after Present Financing. Auth.
Outstanding.
7% Cumulative Preferred stock (par $100)______$ 1 0 ,0 0 0 ,0 0 0 $3 ,0 0 0 ,0 0 0
Common stock (without par value)_____________ 200.000shs. 200.000 shs
Company.— Will be organised under Delaware laws and succeed to com­
pany of same name. Business established in 1895. consists in the manufac­
ture and sale of the well-known “ Mallinson Silks de Luxe.” Products are
distributed under trade names. “ Pussy Willow.” "Dew-KLst," “ KumsiKumsa, &c.

[V ol . 109.

THE CHRONICLE

lf»14

Earnings.— Net profits for the 3 years and 9 months ended Aug. 31 191$
after depreciation and Federal taxes, plus 6 % per annum on $1,000,000
new capital now being introduced, averaged $718,536 per annum, or 3.40
times the annual dividend requirements on the Pref. stock, and for the 9
months ended Aug. 31 1919 were at the annual rate o f $1,399,076, or over
6.65 times the Pref. div. requirements. Net profits after depreciation but
before Federal tases for the 9 months ended Aug. 31 1919 were at the annual
rate o f $2,399,076; based on operations since that date, net profits before
Federal taxes are estimated at $2,500,000 for the fiscal year ending Nov. 30.

Marland Refining Co .— Stock

Rights.—

A circular dated Oct. 15 offers to shareholders of record Oct. 31 the right
to subscribe on the company’s warrants at the office of Treasurer A. L.
Bogan, in Ponca, Okla., not later than Dec. 1 for 10% o f new stock at par,
$5 a share. This, it is understood, will make about $24,500,000 of stock
outstanding. F. S. Smithers & Co., 19 Nassau St., N. Y . are interested
in the stock. Compare V. 109, p 473, 490, 1530.

Maxwell Motor Co., Inc .— Meeting

Postponed .—

The annual meeting has again been postponed to N ov. 18.— V. 109,
p. 985, 978.

Merrimac Hat Corp .—Offering of Pref. Stock.—Hollister,
White & Co., Boston, Providence, &o., are offering at par
($50) to yield 8% $500,000 8% Cum. Pref. (a. & d.) stock.
Circular
shows:
Dividends payable Q.-M . Sinking fund begins Jan. 1 1926, 20% of net

earnings after Pref. divs. and divs. amount ng to 8 % on the Com. stock.
Capitalization (No Bonds)—
Authorized. Outstanding.
8 % Cumulative Preferred stock (par $50)________
$500,000
$500,000
Common stock (par $25)________________________
500,000
200,000
Company.— Has been incorp. in Massachusetts and succeeded the Merri­
mac Hat Co. o f Amesbury, Mass., originally organized in 1856. Manu­
factures woolen and fur-felt hats.
Earnings.— Net sales year ending March 31: 1917. $746,056; 1918, $ 1 ,­
076.588; 1919, $1,205,395; 4 mos. to Aug. 1 1919. $404,186; 1920 (est.),
$1,250,000. Net earns. 3 years ended March 31 1919, before taxes, totaled
$396,284, or over 3 times the divs. on this Pref. stock, with an average
balance o f more than 40% on the Com. stock; net earning, for the first
4 months o f the current fiscal year are over $129,000.

Metropolitan 5-50-cent Stores, Inc.— Sales.—

Press reports state sales for the four weeks of Aug. 1919 show $689,090,
against $426,559 last year, or an increase of 61.54%. For the 8 months
ending Aug. 31 1919 sales were $4,434,157, compared with $2,895,148 in
1918, an increase of 52.81% .— V. 109, p. 482.

issuance on conversion of 5% Convertible Debentures due April 1 1920.
or an official notice of issuance and payment in full with the statement that
property acquired or applications of proceeds of sale; also authority to add
$566,600 of said common stock on notice of issuance and payment in full.
Results for Nine Monthsending Sept.
30 1919 and Calendar Year 1918.
Net earnings, after deducting interestcharges 9 Mos.' 19.
Year 1918.
($216,366). Federal taxes ($315,000). foreign
losses ($17,723), industrial losses ($215.851) and
„
other expenses_________________________________ $1,423,027 $1,012. ISO
(6)390.000
Preferred dividends__________________ (4^)292,500
Balance, surplus_______________________________ $1,130,527
$622,480
— V. 109, p. 1466.

Pacific Development Corp.

Listed— Earnings.—

N. Y . Stock Exch.has admitted to fist $6,955,450 capital stock, par $50.
Earnings for Eight Months Ended Aug. 31 1919 as Reported to N. Y. Slk. Ezch.
Dividends received, $376,518: profit on sale o f securities, $39,853;
total income___________________________________ _____________ $416,371
Expenses, ordinary taxes, Interest, &c................ ______________ _
192,172
Net income__________ ______ - __________________________ _____ $224,190
— V. 109, p. 1466, 170.

Packard Motor Car Co.—-Report—Offer

to Employees.—

The employees are offered the privilege of purchasing a part of 1,000
shares o f 7% Preferred stock, to net about 8 % , on a monthly payment
basis. Any one employee may not purchase more than 10 shares and
Interest at rate of 5% annually, will be charged on unpaid balances.
The annual report is cited under “ Reports” above.— V. 109. p. 1530
1372, 893.

Pan-American Wireless T. & T. Co.— Director.—

R . H. Mainzcr of Hallgarten & Co. has been elected a director.— V . 106.
p. 196.

Panhandle Producing & Refining Co.— Sale of Pref.
Stock, — Hayden, Stone & C o., Hemphill, N o jres & C o .,

Merrill, Lynch & Co. and F. S. Smithers & C o ., New York,
announce the sale at 97 and div., by advertisement on another
page, of $4,000,000 8 % Cumulative Convertible Sinking
Fund Preferred (a. & d.) stock. Bankers state:

Dividends (cumul.from Oct . 1 ). payable quarterly beginning Jan. 1 1920.
Redeemable in whole or in part at 110. Convertible into Common stock
in the ratio of one share or Preferred for two shares of Common stock.
Sinking fund provides: 25% of net profits after Pref. divs .b u t not less
.—Production (lbs
than $400,000 a year, until the Pref. is reduced to $3,000,000; thereafter,
1919.
1918.
1917. not less than $300,000 a year until the issue has been reduced to $2 ,0 0 0 ,0 0 0
M onth o f September_____________________ 159,478
103,069
_____ and thereafter not less than $200,000 per annum until the Pref. stock has
9 months to Sept. 30_______________ ____ 1,390,081
810,346
8,600 been retired. N o mtge. without consent of 75% o f the Pref. stock.
O ffical.— V. 104, p. 457.
Capitalization (No bonds)—
-^ulhorlzed. Outstanding.
8 % Cumulative Convertible Pref. stock (par $100) $4,000,000 $4,000.000
.— Statement to New York Common
stock (without par value)______________ 300,000 sh. 180,000 sh.
Stock Exchange
Company.— Incorp. under Delaware lawsJOct. 16 1919] to acquire entire
capital stock of Panhandle Refining Co. of Texas, which In turn will acqufro
substantially all the properties heretofore owned by Brown & Jones, Roy B .
Jones, Trustee, The 6 6 6 6 Oil C o.. The Trojan Oil Co. and Panhandel Boiler
& Machine Shop. Will own (a) either in their ontirety or the operating
control o f more than 2 0 producing leases covering about 1 ,0 0 0 acres In
County, Tex., including 40 acres in the Burkburnett Northwest
The company reports earnings at the present time in excess of $7,000 daily. Wichita
Extension and a 1-3 interest in a 22-acre lease in same field: also 81 acros in
Cash dividends have been paid each month since Nov. 1 1917 as follows: Cotton
County,
Okla.: together with leases on about 30,000 acres of un­
From Nov. 1 1917 to March 1 1918, both inclusive,
o f 1 % monthly;
territory in Texas and Okla.; (b) at Wichita Falls, Tex., a refinery
from April 1 1918 to date, 1 %, monthly. The last declaration was 3% , developed
of
5,000
barrels
dally
capacity: 8 miles west of Burkburnett a casing-head
covering the 1% distributions to be made Nov. 1 and Dec. 1 1919 and Jan. 1 gasoline plant of 750,000
cu. ft. capacity with storage facilities and nine
1920. In addition, five stock dividends aggregating 40% have been paid, miles o f pipe lines; and south
of Electra. another gasoline plant of 350,000
viz.: Aug. 1 1918. 4% ; Nov. 1, 8 %; Feb. 1 1919, 8 % ; M ay 1, 10%; cu.
ft. capacity; (c) a present storage capacity of over 230.000 barrels and
Sept. 1, 10%.
with additional tanks now being built, will have a storago capacity of over
600,000 barrels; (d) about 60 miles of pipe lines and 200 tank cars. At
Approved
present time has a settled production of 1,500 barrels daily and In addition
See Adirondack Electric Power Co. above.
an estimated flush production of 5,000 barrels daily.
June 30 Dec. .31
Dec. 31
June 30
June 30
.—Production (lbs
Earnings—
’ 18(6 mos.) 'lSlm os.' '18(12mos.) '19(6 mos.) 1 9 ( 1 2 mos.)
1919.
1918.
1917.
M onth o f September___________________ 979,339
812,225
802,875 Before dep.A all taxcs$176.491 $767,172 $1,243,663 $1,183,977 SI
After dep. & all taxes 265,372 413,344
678,716
816,205 1,229.550
9
months to Sept. 30_________________ 9,741,887 7,911,486 9,574,028
Purpose.— The proceeds will be used to cover payment for the various
Official.— V. 109, p. 1184. 780.
properties above described, to p a y off debt and to supply working capital.
.—Initial Dividends—Listed Through the introduction of the new capital will have a cash balance or
over * 1 ,0 0 0 .0 0 0 .
on N. Y. Stock Exchange Earnings
Initial dividends o f 75 cents on the common and $2 on the preferred
. ) —Ronds Called Officers.
have been declared payable Nov. 1 to holders of record Oct. 28. The
One hundred and twenty-five '$125,000) 5-year 6 % convertible gold notes,
Governing Committee o f the N. Y . Stock Exchange has admitted to list due N ov. 1 1921, ranging in number from 1 to 632, inclusive, have been
temporary certificates for $1,000,000 8 % Cumulative Preferred stock, called for payment Nov. 1 at parand lit. at Equitable Trust C o., N. Y.
par $ 1 0 0 and 70,000 shares Common stock, without par value.
L. S. Skelton, of Okmulgee, who recently acquired control of the com­
A statement filed with the New York Stock Exchange shows:
pany, has been elected Prcs'dort and Frederick I*. Nehrbas, Gen. Mgr.
Results for the Three Months Ended Aug. 31 1919.
J. C. Frowers, Pres, and E. W. Steinhart, Vice-Pres., have rosigned.
Sales, $668,426; costs and expenses, $495,550; balance, $ 1 (2,8 / 6 ;
— V. 109, p. 1279.
other income, $10,071; total net Income------------------------------------ $182,947
-Annual Report— Contract to
«L236
Sundry charges, &c-------------------------------------------------------------------

Michigan Copper Mining Co

.).—

Middle States Oil Corporation
.—This company’s shares were recently listed
on the New York Stock Exchange and in this connection a
very full report was made as to its properties, earnings, &c.
This report was given at length on pages 1532 to 1534 of last
week’s “Chronicle.”

Mohawk Edison Co.— Merger
Mohawk Mining Co

Mullins Body Corporation
—

.—
.).—

.—

Premier Motor Coro, (of N. Y

—

Pullman Co., Chicago.

Net profit___________________________________________________ $179,711
— V. 109, p. 482, 376.

National Surety Co., N. Y.— Director.—
Percy A. Rockefeller has been elected a director.— V. 105, p. 1314.
National U tilities Co., Tionesta, Forest Co., Pa .— Sale
Touching the receiver’s sale o f the property which was to take place on

Sept. 10 1919 (V. 109, p. 1466), it should be noted that the above company
is In no way connected with a company o f the same name located at 115
Broadway, N. Y . City, and in Columbus, Ohio, a Maine corporation.
The property was offered for sale in two parcels. The purchaser of the
first parcel was entitled to turn in in settlement of payment Fir,st Mtge. 6 %
10-year Sinking Fund bond issue o f Oil & Gas Utilities C o., dated May 1
1917, and made to the Pennsylvania Co. for Ins. on Lives & Granting
Annuities, Phila. The purchaser o f the second parcel was entitled to turn
in and use as payment Collateral Trust Mtge. 6 % 10 -year Sinking Fund
bond issue of National Utilities Co.» dated Sept. 20 1916, and made to
Colonia Trust C o., Pittsburgh.— V. 109, p. 1466.

Neptune Meter Co., N. Y. City .—Offering of Notes.—
Geo. H. Burr & Co. and Merrill, Lynch & Co., New York,
are offering at 100 and int. to yield 7%, $000,000 7% Serial
gold notes. Circular shows:

Dated Oct. 1 1919. Due $120,000 annually, Oct. 1 1920 to 1924 lncl.
Interest payable A. & O. 1 at Bankers Trust Co., N. 5 .. trustee, without
deduction for Federal income tax now or hereafter deductible at thesource
not in excess o f 2% . Tax refund in Pennsylvania. Denom. $1,000 (c ).
Redeemable on any int. date upon 30 days notice at 1 0 0 ana int.., plus a
premium o f 'A% for each 6 mos. or fraction thereof o f tint'xpired terni.
Company.—-Is largest manufacturer o f water meters in the United states.
Business organized in 1892 and incorp. under New Jersey laws in 1893.
Manufacturing plant at Long Island City, N. Y ., was appraised at $1,048,­
790 on Feb. 1 1917. Present output 135,000 “ Trident’^meters per annum.
Earnings.— Net profits, after all charges, incl. deprec. and federal taxes,
for period 1909 to 1918 averaged $269,582 per annum, equal to 6.4 times
annual Interest on this issue. Net profits for 1918 applicable to int . charges
were $519,467 and for 8 months ended Aug. 31 1919 were $269,691, equal
to 12 and 9.6 times, respectively, the interest requirements o f this issue.

Nipe Bay Co .—Bonds

Called .—

All of the 1st Mtge. 5% S. F. gold bonds, of which $3,350,000 were out­
standing on Sept. 30 1918, have been called for payment on Nov. 1 at
1021$% and int. at the Old Colony Trust Co., Boston. See United Fruit
Co. in V. 109, p. 782.— V. 106, p. 820.

Otis Elevator Co.— Listed— Earnings .—

The N . Y . Stock Exchange has admitted to list temporary certificates
for $6,500,000 6 % Non-Cumulative Pref. and $6,920,400 Common stock
with authority to add $2,513,000 Common stock on official notice of




Build Automobile Bodies— To Enlarae Corporate Powers.—

The annual report is cited under “ Financial Reports” above.
The rapid rise in the price of the company's stock from 123 to 131.
attended with considerable activity in the Chicago market, is attributed
to the entrance of the company Into the business of making automobile
bodies, for which there is a large demand (comnare Fisher Body Ohio Co.)
President Runnells is quoted as saying; "W e have a contract with one
company— the Packard— to build automobile bodies to a limited extent .
W e took the contract because we saw a chance to stop a gap in our works.
We have taken this business just as we would take an order for 1,000 freight
cars and there is no more public interest in the contract than in the si; e o f
cars for which these bodies will be made. We can take care of this business
without any special mechanical innovations. There is no intention of the
changing the general character of the company’s business.”
The. stockholders will vote at the annual meeting Nov. 12 on a proposition
to amend the purpose for which the corporation was formed, as set forth in
the special Act of the Legislature of Illinois approved Feb. 22 1867., by
adding to the right to manufacture railway cars therein contained the right
“ to manufacture other articles consisting, or partly consisting of metals,
wood or other substances, and to sell or lease such articles.” — V . 109, p. 893.

Punta Alegre Sugar Co.— Earnings — Listed.—

Years Ending May 31—
1918-19.
1917-18.
Operating profits------- --------------------------- -------------$3.00,622 $1,822,9(9
Interest and depreciation________________ _______ 1,217,189
865,404
Estimated U. 8 . and Cuban income & war prof, tax,
226,913
193,600
Available profit for y ea r.------- --------------------- . - -$1,573,519
$763,974
The N. Y. Stock Exchange has admitted to list $2,795,250 additional
Common stock.— V. 109, p. 1185. 893.

(Robert) Reis & Co .— Netv

Financing .—

Goldman, Sachs & Co., Lehman Bros., and White, Weld & Co. have
underwritten an issue of $2,700,000 7% Cum. Pref. stock and will make a
public offering In the near future.
, „
,
The company was incorporated in 1885. Distributors of “ Reis and
“ Manhattan” underwear, and agents for the "B . V. D .” and "Glastenbury
Mills.” The purpose of the new financing is to enable the company to
expand its business along hitherto successful lines and to provide for the
construction, purchase and control of such additional underwear and hosiery
mills as is considered advisable.

Rubay Co., Cleveland.— Incorporated .—

Incorporated in Delaware. Oct. 16 1919. with a capital of $1,0C0.000
Pref. stock (par 8100) and 30,000 shares of Common stock (no par value).
— Compare V. 109, p. 1531.

Schuylkill County Light & Fuel Co.— Foreclosure.—

The Real Estate Trust Co. of Philadelphia, as trustee for the $350,000
% collateral bond issue of 1903, has filed suit in Common Pleas Court
No 2 for the foreclosure and sale of the collateral. embracing, it is under­
stood. $199,500 of the $200,000 stock of PottsvIlleGas Co. and $19,500 of
the $50,000 stock and all o f the $50,000 bonds of Schuylkill County Gas C o.
5

Sinclair Consolidated Oil Corporation.— Appropria­
tion of $23,000,000 for Doubling Refining Capacity— New
Acquisitions— Proposed Pipe Line— New Directors.—The fol­

lowing information has been given out this week:

Refineries.— Demand for petroleum products has been increasing so
rapidly in the Middle-Western States that the Sinclair Consolidated Oil
Corporation has decided to double immediately the capacity of its refineries
at Chicago, Kansas City and Coffeyville, Kansas, the directors appropriat­
ing $23,000,000 for that purpose.
Cracking processes for the manufacture o f gasoline front residues, will
be installed at the Kansas City and Coffeyville refineries, such installations
being similar to the out's now in operation in the Chicago plant.
The extensions to be made will include a big increase in the lubricating
works and compounding plants now in operation, and the most modern
facilities will be supplied for refining crude oil into all variety of by-products,
including all grades of lubricating and medicinal oils, waxes, candles, grease
and petrolatum.
Land for the new extensions is already owned by the Sinclair corporation,
so the money appropriated will be spent for actual refining equipment and
facilities. The present Sinclair pipe line system is adequate to deliver a full
supply o f crude oil to the enlarged refineries.
Purchase of Oil Properties.—The Sinclair Consolidated Oil Corporation
and the United States Smelting. Refining & Mining Co. (or a subsidiary.)
have each acquired a 50% interest in the Wrightsman oil producing
properties in the Bull Bayou field of Ixmisiana, known as the Johnson
Hollingsworth and Folly leases. These, together with the properties
already owned in this section, give the Sinclair organization a large per­
centage o f the producing acreage there.
■New Pipe Line.— A standard eight-inch pipe line will be built from the
Sinclair properties near Shreveport to the Sinclair refinery on the Houston
si)Ip canal, a distance of about 250 miles. This line, it is announced, will
have a carrying capacity o f about 2 0 .0 0 0 barrels of crude oil daily.
New Directors.— A. E. Watts, Joseph M. Cudahy, M . L. Requa. Frank
Stein hart, E. W. Sinclair, William F. Philips, Samuel L. Fuller. J. Fletcher
Farrell ar,d R. T. Wilson have been elect (Hi directors to succeed G. D. Wahlb rg, R. W. Ragland. K. Forter, D. L. Honber, C. A. Lockard. Jr.. H. W.
Kenwell, A. Steinmetz and O. M . Gerstung. A successor to the late James
N. Wallace will be elected at a subsequent meeting.— V. 109, p. 1531.

Sloss-Sheffield Steel & Iron Co.— Officer.— _
(Howard) Smith Paper Mills, Ltd.— Acquisition.—
See Toronto l ’aper Mfg. Co., Ltd. below.— V. 108, p. 2036.
Southern Counties Gas Co.—Bonds Authorised.—
The California RR. Commission has authorized the issuance of $631­

Hugh Morrow as Vice-l’ res. succeeds L. Sevier.— V. 109, p. 585.

500 First M. 5K s due May 1 1936, of which $261,907 to be Issued at not
less than 85 and int.. proceeds to be used to pay current debt, extensions.
&c. The balance $369,593 are to be sold under the direction of the Com­
mission.— V. 109, p. 12S0. 179.

Standard Sanitary Mfg. Co.— Extra

Dividend.—

An extra dividend of 2% has been declared on the Common stock, in
addition to the regular qnarterlv dividends of 2% on the Common and
1 % % on the Preferred, all payable Nov. 10 to holders of record Oct. 30.
In Mav the regular quarterly dividend was increased from 1>2 % to 2% .
— V. 108, p. 1826.

Stanwood Rubber Co.— Offering of Slock.-—Bolster &
Co., N. Y., &(*.. are offering at $17 per share 7">,000 shares
Common stock, no par value (see advertising pages).

8

Capital'n (No bonds) After Present Financing— Auth.
% Cumulative Conv. 1st Fref. ($100)________ $2,500,000

84o Cumulative Conv. 2nd Fref. ( $ 1 0 0 ) ------------

500.000

Outst’a.
$13,000
275.000

Com. stock (w'out par val.) incl. present offer .
500.000 sh. 295.000 sh.
President C. E. Barker, in letter of Oct. 14 1919. states that the company
is organized under Delaware laws, and has acquired a large modern, fire­
proof factory at Newark. N. J.. which, when fully equipped, will enable
it to manufacture by a special proces 1 ,0 0 0 automobile tires and 2 .0 0 0
tubes per day. Has also lust acquired practically all of the Preferred and
Common stock of the Hardman Rubber Corporation of New Brunswick.
N. J.. which with additional equipment will produce 500 tires and 1,500
tubes per day. The Mutual Tire & Rubber Co. agrees to market a large
part of the initial output in various cities. Large earnings are expected.
8 . 1’ . Woodwood. Chairman o f the Board of Directors, is President of
Gillette Rubber Co.. Eau Claire. Wis. (Production about 1.000 tires and
1.0 0 tubes per day). Mr. Barker, the President, Is Vice-President and
Treasurer of Mutual Tire & Rubber Co.: Edward Hutchens, Vice-Presi­
dent. is Vice-President of Gillette Rubber Co.: R. B. Gillette, the SecretaryTreasurer, is Secretary of Gillette Rubber Co.

Stewart-Warner Speedometer Corp.— Recapitalisation
— Divide, nd Increase— Ea rn in gs. —

The stockholders will vote on Nov. 14 on changing the capitalization
from 100,000 shares (par $100) to 400.000 shares (no par value).
A quarterly dividend of 3®! has been declared on the Common stock,
payable Nov. 15 to holders o f record Oct. 30, which increases the annual
rate from 8 to 1 2 % •
Earnings for Quarter and Nine Months Ending Sept. 30.
1919---- 3 M os.---- 1918. 1919— 9 M os.---- 1918.
Net prof, before Fed.tax $1,224,857
$'38,846 $2,598,740 $1,583,143
— V. 109, p. 1186.

Summit Wholesale Grocery Co., Akron, Ohio.—

The United Security Co., Canton, Ohio, is offering at par the initial
$.500,000 o f an authorized $1,000,000 7% Cum. Pref. stock, par $100.
Divs. Q .-J., callable at 110 beginning Oct. 1 1921. No bonds or mortgages.
Common stock, authorized, $500,000: issued, $300,000.

Sweets Co. of America.— New

1615

THE CHRONICLE

O ct . 25 1919.]

Officers, Ac .—

Tonopah Mining Co.— Earnings.—

S ix m o n t h s e n d in g A u g . 31 1 9 1 9 : G r o s s v a lu e o f o r e m il le d , $ 4 8 2 ,9 1 3 ;
n e t e a r n in g s a ft e r e x p e n s e s , $ 1 5 4 ,6 8 5 : o t h e r in c o m e , $ 1 4 3 ,0 7 7 : n e t i n c o m e ,
$ 2 9 7 ,7 6 2 .— V . 1 0 8 , p . 1 2 9 9 , 9 7 8 .

Toronto Paper Mfg. Co., Ltd.— Sale.—

T h e d i r e c t o r s h a v e s o l d t h e i r c o n t r o l l i n g i n t e r e s t in t h e c o m p a n y t o
t h e H o w a r d S m ith P a p e r M il ls , L t d ., a t $ 1 3 8 p e r s h a r e .
A n o ffic ia l
s t a t e m e n t Iss u e d o n o r a b o u t O c t . 14 s a y s t h a t a ll t h e s h a r e h o ld e r s h a v e
t h e s a m e p r iv ile g e , 3 0 d a y s h a v in g b e e n g r a n te d t o c o m p le t e th e tr a n s a c tio n .
T h e c o m p a n y h a s a n a u t h o r iz e d c a p it a l o f $ 1 ,0 0 0 ,0 0 0 o f w h ic h $ 7 5 0 ,0 0 0
p a i d u p . a n d a b o n d is s u e o f $ 5 0 0 ,0 0 0 . o f w h ic h $ 3 8 ,9 0 0 r e d e e m e d .
The
n e t e a r n in g s f o r t h e y e a r e n d e d M a r c h 31 1 9 1 9 w e r e $ 1 6 2 ,3 7 4 (c o m p a r e d
w i t h $ 1 9 3 , 0 3 9 In y e a r 1 9 1 7 - 1 8 ) .
D e d u c t b o n d in te r e s t $ 2 7 ,9 7 8 : d iv i d e n d
and
b o n u s e s $ 6 7 ,5 0 0 ; d e p r e c i a t io n
$ 1 8 ,0 0 0 ; b a la n c e s u r p lu s $ 4 8 ,8 9 6 .
— V . 108. p . 2534.

United Drug Co., Boston.—90% 2nd

Pref. Converted.—

U p t o O c t . 16 t h e r e h a d b e e n a p p r o x im a t e ly 9 0 % o f t h e $ 1 0 ,0 0 0 ,0 0 0 2 n d
P r e f. 6 % s t o c k , c o n v e r t e d in t o C o m m o n s t o c k , s h a r e fo r s h a r e .
T h e con ­
v e r s i o n o f t h e e n t ir e is s u e w ill l e a v e t h e c o m p a n y w it h $ 1 5 ,0 0 0 ,0 0 0 1 st P r e f .
a n d $ 3 0 ,0 5 0 ,0 0 0 C o m .
T h e S e p t , q u a r t e r it is s a i d , c o n t i n u e d t h e e x c e
t i o n a l p r o f i t s o f r e c e n t m o n t h s J— V . 1 0 9 . p . 8 9 4 , 7 8 2 .

United Fruit Co.— Sub. Co. Bonds Called.—
United Profit-Sharing Corp.— Extra Dividend.—

S e e N ip e B a y C o . a b o v e .— V . 1 0 9 , p . 7 8 2 .

A s e m i-a n n u a l d iv id e n d o f 5 % a n d
d e c la r e d o n th e o u t s t a n d in g c a p it a l
D e c . 1 1 9 1 9 t o h o ld e r s o f r e c o r d N o v .
D e c . 1 9 1 8 a n e x tra o f 5 % w a s p a id .—

a n e x tra d iv id e n d o f 1 5 % h a v e b e e n
s to c k (p a r 2 5 c e n t s ), b o th p a y a b le
10 1 9 1 9 .
In Ju n e 1919 an d Ju n e an d
V . 108, p. 2028.

United States Rubber Co.— E arnings.
—
Reported to N . Y . S'k. Exch.

Consol. Returns for H alf Year lo June

3 0 1919 - Is

Six Months to June 30—

1919.

1918.

T o t a l s a l e s ...................................................................................................$ 9 9 . 4 S 9 . 3 7 2 $ 1 0 S , 5 1 5 . 7 2 5
8 2 ,4 3 9 ,5 6 1
G e n e r a l e x p e n s e s a n d o r d i n a r y t a x i 's __________________ 7 7 . 1 4 4 . 8 7 0
I n t e r e s t c h a r g e s , & c -----------------------------------------------------------------4 .8 5 2 .6 0 6
1 1 .9 9 1 ,2 8 9
F e d e r a l a n d C a n a d i a n t a x e s ___________
6 .6 7 6 ,1 4 6
3 ,8 0 1 ,8 5 0
F i r s t P r e f e r r e d d i v i d e n d s __________________________________
2 .5 0 8 ,4 8 4
2 ,4 6 8 .8 8 8
S e c o n d P r e f e r r e d d i v i d e n d s _______________________________
1 2 ,1 0 8
1 2 ,1 0 8
S u b s i d i a r y c o m p a n i e s d i v i d e n d s _________________________
9 ,3 0 8
9 ,3 2 0

Balance, surplus---------------------------------------------- $8,285,850 $7,792,709
Profit and loss surplus._________ ________________ $50.133.901x$39,643,256
x After deducting items applying to a prior period amounting to $40,660.
— V. 109. p. 1468.

U. S. Smelting, Refining & Mining Co.— Purchase.—
Vacuum Oil Co.—Aro Extra Dividend.—
The regular semi-ann. dividend of 3% has been declared, payable N ov.

See Sinclair Consolidated Oil Corporation above..— V. 109. p. 180.

29 to holders of record Nov. 1. The extra dividend of 2% paid in previous
quarters has been omitted.— V. 109, p. 1373.

Western Maine Power Co.—

&

Offering of Bonds.— Beyer
Small. Portland. M e ., art' offering $120,000 1st M . 6 % bonds
of 1910. Due Dee. 1 1936. Circular shows:

Denom. $500 and $ 1 ,0 0 0 . Callable at 105 and int. on any int. date.
Int. pavable J. & D. at Canal National Bank. Portland. M e., trustee.
Auth.. $500,000; issued. $120,000. Set' V. 10.., p. 1216.— V. 106. p.1905.

W hite Oil Co.— Stock

Over-Subscribed.—

Bonbright A Co., llallgarten & Co. and Knauth, Xaehod A Kuhne, N. Y .,
announce that the issue of 300.000 shares offered by them at $35 a share has
been largely oversubscribed.— V'. 109. p. 1531.

W isconsin Lime & Cement Co., Chicago.—Offering of
Bonds.— Central Trust Co. of Illinois. Chicago, are offering

at prices ranging from 101 to 100 to yield 6 % to 7 % . accord­
ing to maturities, $300,000 First Mortgage 7 % Serial gold
bonds. Circular shows:
Dated Oct. 1 1919. Due serially each Oct. 1 1920 to 1929. Interest
payable A. & O. at Central Trust Co. of Illinois, trustee, without deduction
for normal Federal income tax not in excess of 2 % . Opt onal to Jan. I
1925 at 102 and int., and at 101 and int. thereafter. Denoin. $100, $500,
$ 1 .0 0 0 (c * ).
,
Company.— Incorp. April i 1900 in Illinois. Deals in lime, cement,
stone and other building materials in Chicago and Middle West. Owns
in fee 7 retail distributing yards.

Wolverine Copper Mining Co.— Production

(lb s.). —

1919.
1918.
1917.
Month of September................................... 386.899
275.125
385,823
9 months to Sept. 30-----------------------------3.628,249 3.211,207 4,005,655
Official.— V. 109. p. 1187, 987.

Wright Aeronautical Corporation.—

See Wright-Martin Air Craft Corp. below and International Motor
Truck Corp. in V. 109, p. 276.

Wright-Martin Aircraft Corp.— Transfer Property . A c .—

The stockholders will vote on Oct. 27 ( 1 ) on transferring certain of its
assets, Ac.. to the Wright Aeronautical Corp., incorporated under N. Y .
State laws Oct. 10 1919 with 250.000 auth. shans of capital stock, of which
224.390 shares will be given in payment for said assets. &o.: (2 ) on the
sale of the company’s New Brunswick. N. J.. to International Motor Truck
Corp.. all as per plan in Y. 109. p. 276. 287. The shareholders will vote
on N ov. 20 on dissolving the company according to the terms of said plan.
— V. 109. p. 1374. 1187.
______________________

H.
F. Fletcher has been elected Treasurer to succeed.Joseph Kaufman,
CURRENT
NOTICES
and Henry A. Fehn Secretary, and W. K. Duprez, Assistant Secretary, iii
place o f Walter Hilborn, resigned. The executive committee consists of
—
Columbia
Trust
Co.
has
been
appointed
registrar o f certificates o f
George L. Storm, Samuel F. Williams and Leo Hirshfeld.
^ President Samuel F. ^Williams reports that sales are far exceeding capacity. deposit for First A Refunding 4% bonds of Brooklyn Rapid Transit. C o.,
and for the capital stock of the Belcher Divide Mining C o.. Belcher Ex­
tension Divide Mining C o., Victory Divide Mining Co. and Divide Ex­
— To Increase Authorized Capital Stock tension Mining Co. has also been appointed transfer agent o f 40,000 shares
to
—Right of Stockholders to Subscribe for
Preferred stock and 300,000 shares Common stock of Panhandle Producing
at Par Change in Par Value front
to
A Refining Co.
To Retire
Debentures Due in
but Callable
— Oarstens A Earles. Inc., dealers in investment securities, announce the
opening of a Portland, Ore., office in the United Styles National Bank
at
Building in charge of Roy A. Johnson as Resident Manager. The Portland
office will now complete the chain of offices of Carstens A Earles, Inc., on
000,090
the Western Coast, the other offices being situated in Los Angeles, San
Francisco, Seattle and Spokane.
— The Guaranty Trust Co. of New York has been appointed transfer
agent of the following: The Common stock of the American Tire Corp.
and A. T . Securities C o., capital stock of the Manhattan Oil Co. Petroleum
Corp. of America and Bigheart Producing A Refining Co. has also been
Payment for all o f this stock to be made in three installments, as follows: appointed registrar of the Preferred and Common stock of the Panhandle
3°% , on or before Jan. 9 1920: (6 ) 30%, on or before April 9 1920: (c) Producing A Refining Co.
40% , on or before July 9 1920.
The official circular dated Oct. 23 also says: “ Out o f the proceeds of the
— The United States Mortgage A Trust Co. has been appointed transfer
new issue o f stock the company proposes to retire its debenture bonds now agent for the First Preferred, Second Preferred and Common stock of
outstanding, amounting to 814,798,000, and the company also contemplates
A.
G. Spalding A Bros., and has also been appointed depository for the
larre extensions of plant and new acquisitions o f shipping and other prop­
erty. ’
capital stock of the American Exchange National Bank in connection with
the organization of the American Exchange Securities Corporation.
— Edward Tilden announces the formation of the firm of Tilden A Tilden.
Inc., to deal in high-grade investment bonds. The firm has opened
offices in the Continental A Commercial National Bank Building, 208 So.
La Salle Street. Chicago.

Texas Company.
$130,000,000
$42,­
500,000 (50%)
—
$100 $25
—
$14,79S,(XX)
1931,
105.—The shareholders will vote Nov. 18 on increasing the
authorized issue of capital stock from $85,000,000 to $130,­
par, by tin* sale of a new issue of $45,000,001) par,
of which new' issue $42,o(X),000 par shall be offered at par to
stockholders of record at the close of business Nov. 29 1919,
and the remainder thereof, $2,500,000 par, shall he sold at par
to a trustee for allotment and sale from time to time to em­
ployees with approval of the board.

The shareholders will also vote Nov. 18 on making the
par value of shares $23 instead of $100 each and entitle
holders of the nresent stock to four shares of the new for
every share of the present stock.—V. 109, p. 484.




THE CHRONICLE

1616

< & o m n u v tm l

J E im jc s.

COMMERCIAL EPITOME

Friday Night, Oct. 24 1919.
In many directions business is active. The one great
trouble is the lack of supplies, raw and manufactured. The
demand overlaps them. There is a big business in clothing
at high prices. And prices of commodities as a rule are
steady. There has been only a slight decline in the cost of
food in the last three months. Manufactures in spite of
labor troubles are in some eases active, though there is no
denying that in many branches production is far behind
the orders. The demand for wool lias increased. Iron
and steel workers are returning to work in larger num­
bers. But even an enlarged production does not keep
pace with the demand and big premiums are be ng paid
for prompt deliveries of steel. Higher prices are paid
for pig iron, for six months ahead. There is a big business
in coal and coke. Leather and shoe manufacturers are doing
a big business. Shortage of cars is still complained of in many
parts of the country. Naturally it tends to restrict business
in lumber, corn and livestock. Hogs have dropped to the
lowest price seen sjnce March 1917. Cotton on the other
hand is up to the highest price with one exception witnessed
in the last fifty years or since the Civil War. October ec tton to-day advanced $10 a bale, the full limit allowed for a
rise or a decline in one day at the New York Cotton Ex­
change. Collections are fair to good. They are iri some
cases more backward than they were recently. Exports
of wheat and other grain have been cut down by the long­
shoremen’s strike.
On the other hand it is a regrettable fact that labor un­
rest in this country tends to curtail transactions as a rule
for any great length of time ahead. Labor is inclined to
be aggressive. Capital having yielded much, very much,
in the last four years is more inclined to stand its ground.
One question looming large is that of the impending bi­
tuminous coal strike. Most parts of this country excluding
the East depend upon soft coal both for winter fuel and mill
power. If a strike of the soft coal workers actually takes
place its effect would therefore be grave. The Administra­
tion at Washington has taken up the question and it is
hoped that it will be settled in a manner consonant with
the best interest of the country at large. It is very clear
to all right minded citizens that the introduction of Bol­
shevism into strikes of any sort should not be permitted by
the Federal authorities and that if anything of the kind is
either openly or covertly attempted stern measures of re­
pression should be adopted without the slightest hesitation.
Deportation warrants charging seven alleged radicals, said
to be striking steel workers, with attempting to create a
revolution to overthrow the United States Government in
violation of the espionage act have recently been issued by
the Federal authorities at Gary, Ind. The seven men
named in the warrants are Russians. This should be merely
a beginning. Or is deportation enough for treasonable acts
of this kind? A blank wall and a firing squad would be
more to the purpose.
It was announced from Washington that the failure of
operators and miners to settle their differences after a con­
ference with Secretary of Labor Wilson, may force the
Government to take measures to prevent the strike of half
a million bituminous coal miners called for Nov. 1. Senator
Knox of Pennsylvania suggests tentatively at least that
Congress might find a way entirely within the provisions of
the Federal Constitution to enact a law forbidding strikes
affecting production of articles regarded as necessaries, in
interstate commerce, as a menace to public health and
American industry. Why not, especially as big strikes
it is suspected are being fomented partly at least to further
Bolshevist propaganda ?
With strikes so numerous and others like the threatened
coal strike a menace to society at large, it is worth while to
note that Mr. L. F. Loree, of the employers’ group, in a
speech at the Washington Industrial Conference, declared
that the time had come when the State must, for its own
protection, and for the protection of the community, extend
the same measure of regulation to trade union organizations
as it extends to corporations. It should have the same
access to union books, letters and accounts. Elbert H.
Gary still stands firmly for the open shop and declares that
it is a world issue.
Sugar is now so scarce here, partly owing to the recent
harbor strike, that some of the restaurants are going back
to the war custom of putting their patrons on the ration
basis. But now workmen have begun to unload some of the
twenty ships having cargoes of sugar which have been lying
in the harbor for lack of longshoremen. One refinery ran
all last Sunday crushing 2,000 tons of raw sugar and the same
quantity on Monday. It is said that for some little time
to come, however, New York will receive not more than
50,000,000 pounds a month, and it is urged by the Equaliza­
tion Board that the consumption of sugar per person should
be limited to one pound per week in order to prevent an
acute scarcity. Federal control of the sugar crop was
opposed on Oct. 21 before the Senate Agriculture Committee




[V o l . 109.

by C. A. Spreckels, aJNew York refiner, who blamed Gov­
ernmental interference for the existing sugar situation.
There is no shortage, he said, although the supply is “dis­
located.” One million tons of the 1919 crop will be available
before Jan. 1, he added, to relieve the present situation.
He says that there has been hoarding all over the country.
Concurrence of producers representing 99% of the beet sugar
output of the country has been received by Attorney-General
Palmer to his suggestion that 10 cents a pound to wholesalersbe the price for the new crop.
President Wilson has signed the bill designed to facilitate
the marketing of the cotton crop. It authorizes national
banks to loan as much as 25% of their capital and surplus
on commodities such as cotton when secured by paper of
the character of warehouse receipts. The bill becomes
effective at once. Prices of food are declining in some
directions although butter and cheese are higher. This
is said to be due to the falling off in the supply of milk at
this season of the year. Smoked hams have also advanced
recently. But prices for corn meal, lamb, smoked shoulders
and army bacon have declined. Fresh white eggs have
latterly been retailed here at $1 a dozen. Silver touched
$1 23 an ounce here on Oct. 21, the highest quotation
in 50 years,
LARD quiet and lower; prime Western, 27.90 @28.00c.;
refined to the Continent, $31 50; Brazil, in kegs, $32 75;
South American, $31 75. Futures advanced early in the
week and then reacted partly on selling on stop orders.
Domestic and export trade has been dull. Packers are said
to have reduced prices on green meats and cured hams. Hogs
have drooped to the lowest price seen since March 1917.
Packers have been sellers. To-day prices declined and they
are lower for the week.

D A ILY CLOSING PRICES OF LARD FUTURES
Sal.
Mon.
Turs.
IVed.
October delivery-- -Cts.28.75
27.87
27.20
26.85
24.45
23.95
23.87
January delivery______25.07

IN CHICAGO..
Thurs.
Fri.
27.35
27.02
24.25
24.00

PORK higher; mess $45 nominal; family $52@$53; short
clear $48 @$55. January pork closed at $32 55—a decline
for the week of 25c. Beef unchanged; mess $23 @$24;.
packet $25 @$26; extra India mess $50@$52. No. 1 canned
roast beef. $3 50; No. 2, $7 25. Cut meats steady; pickled
hams, 10 to 20 lbs., 22%@23Hc.; pickled bellies, 26@27c.
Butter, creamery extras, 69H@70c.; other grades, 51@70c.
Cheese, flats, 23@33c. Eggs, fresh gathered extras, 69@
70c.; first to extra firsts, 61@68c.
COFFEE on the spot in better demand and higher; No. 7
Rio, 16%@17c.; No. 4 Santos, 25%@26c.; fair to good
Cucuta, 24%@25 J^c. Futures have advanced, with a better
demand and higher prices at Rio and Santos. The demand
there is also said to be better. Trade buying here has boon
rather liberal. Wall Street has bought. Germany is said
to be buying at Rio on a considerable scale. Receipts at
Brazilian interior points are much smaller than those of a
year ago. Europe has bought here from time to time. The
crop movement has slackened and if Europe buys freely
bullish sentiment it is believed, will spread. The total of
Brazil in sight, however, is 1,533,788 bags, against 1,292,415
bags a year ago. Also, the reported settlement of a strikeat Santos has caused some selling. Europe, New Orleans
and local interests have sold. To-day prices advanced and
end a little higher for the wreek. Prices here have advanced
about 2'A cents a pound since Sept. 30, but they are still
some eight cents under the record prices of last June. The
price, however, is still 50% above that of a year ago. The
rise is due to a short crop and a big world demand. During
the war European supplies ran down. Closing prices follow:
O ct__ cts. 16.09® 16.101March cts.15.95@ 15.971Ju ly. _cts_16.00@16.01
December . 15.99 <3>16.001May.......... 15.96@ 15.98 September 16.00(^16.01
January. . . 15.97@15.981
)

SUGAR unchanged at 7.2Sc. for centrifugal 96 degrees
test Cuba and Porto Rico. Refined has been scarce. Even
householders are now restricted. Some cannot get it.
But it is hoped that with the subsidence of the longshore­
men’s strike the supply will soon increase. Beet sugar
has been brought here to help tide over. The Equalization
Board has purchased it seems 2.500 tons of Michigan beet
at 10.50c. net cash f. o. b. factory. It is said to be nego­
tiating for 50,000 tons more on the same terms. New
crop Cuban raw sugar has been quiet, pending the settle­
ment of the question raised by the McNary bill in the matter
of extending the Government control of raw sugar for an­
other year. Recent sales for Jan. were at 7 l/>c. and for
Feb.-Mar. shipment at 7c. f. o. b. Cuba. The Equaliza­
tion Board has bought 333,748 bags of Cuban raw- of the
current season for Oct.-Nov. loading at 5.88c. cost and
freight. The receipts at Cuban ports last week were 15,625
tons against 19,021 in the previous week and 4,301 in 1918;
exports 68,384 tons against 87,493 tons in the previous
week and 28,488 tons last year; stocks at Cuban ports
401,455 tons against 454.214 in the previous week and 324,­
180 a year ago. Arthur Williams, Federal Food Admini­
strator charges that somebody on Oct. 21st tried to sell
him 2,000.000 lbs. of sugar at IS^'c. per lb. nearly 9c. a lb.
profit. It is charged that there has been more or less hoard­
ing; that supplies consigned to Europe have suddenly been
shipped to the warehouses, &c.
OILS.—Linseed quiet and unchanged, quoted at $1 72
for ear lots, $1 75 for five barrels or more, and $1 78 for
single barrels. Lard, wdnter, firmer at $1 85; off prime,
; SI 75; cocoanut oil, Ceylon, steady at 18@18Mc.; Cochin

Oct.

25 1919.]

THE CHRONICLE

higher at 19 @19 He. Olive remains at $2 50 and corn oil,
refined, at 22.56@22.76o. Cod, domestic, SI 12@$1 14;
Newfoundland, $1 12@$1 15. Spirits of turpentine, SI 65.
Common to good strained rosin, S17 45.
PETROLEUM meets with a fair demand and prices re­
main unchanged; refined in barrels, 19.25@20.25c.; bulk,
New York, 11.50@12.50c.; cases, New York, 23.25 @24.25c.
Gasoline active and steady; motor gasoline in steel barrels,
24He.; consumers, 26Hc-; gas machine, 41 He. The esti­
mated production of the fields of the Mid-Continent at the
close of the past week was as follows: North Louisiana, 49,000
barrels; North Texas, 237,765 barrels; Corsicana light and
Thrall, 900 barrels; Kansas, 88,000 barrels; Oklahoma, out­
side of Cushing, Shamrock and Healdton, 156,500 barrels,
Cushing and Shamrock, 37,500 barrels; Healdton, 36,500
barrels; total, 606,165 barrels. The estimated daily pro­
duction of heavy gravity oil in the Gulf Coast field was
74,000 barrels; Corsicana, heavy, 500 barrels.
Pennsylvania_____ $-1 25 Indiana__________ $2 38
Corning______________ 295Princeton_________ 2 52
CabeU________________287Illinois, above 30
degrees__________2 42
Somerset, 32 deg.
and above_______ 2 70 Plymouth_________ 2 33
Ragland______________ 125Kansas&Oklahoma 2 25
Wooster______________295Corsicana, lig h t.. 2 28
North Lima_______ 2 18 Corsicana, heavy. 1 05
South Lima_______ 2 48 Electra____________ 2 35

Strawn__________ $2
ThraU_____________2
Healdton_________ 1
M oran____________ 2
Henrietta__________2
Canada____________2
Caddo, La., light. 2
Caddo heavy____0
De Soto__________ 2

28
28
25
28
28
88

25
75
15

1617

Germany is expected to compete in the steel trade both in
France and England before long. Belgium now permits
unrestricted importations on various raw and semi-finished
articles of iron and steel. Ship plates and angles are being
sent from this country to the Far East.
C O T T O N

Friday Night, Oct. 24 1919.
THE MOVEMENT OF THE CROP, as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
229,399 bales, against 230,522 bales last week and 159,363
bales the previous week, mailing the total receipts since
Aug. 1 1919 1,188,147 bales, against 1,356,983 bales for the
same period of 1918. showing a decrease since Aug. 1 1919
of 168,836 bales.
Sat.
Texas City

__

New Orleans___
Mobile
__

Mon.

Tues.

11,948 11,925 25,312
1,522
624
4,926
614

6,736
145

5,785
1,028

Wed.

Thurs.

Fri.

Total.

5,803 15,334 11,116 81,438
1,277
1,486
782 5,691
149
149
7,686 6,772
7,595 39,500
810
703 3,759
459

125
~125
54,885
RUBBER has been rather firmer as unloading of vessels Savannah______ 8,621 10,264 10,615 9,179 8,512 7,694
4,000
has been delayed by the longshoremen’s strike. That is now Charleston._____ 2,606 1,318 2,266 2,632 4,113 4,000
1,858 14,793
553
Wilmington_____
735 1,539
801
529
1,008 5,165
ending, however. Smoked ribbed sheets on the spot, 52c. Norfolk
3,508
..
1,750 4,952 2,064 3,427
1,926 17,627
Oct.-Dec. arrival, 51c.; Jan.-June at 51 He. and July-Dee., N ’port News, &c.
68
68
York
. ______ ______
300
51 He. with the usual lc. premium on first late pale crepe New
300
Boston
217
9
209
238
673
spot and to arrive. Para up-river, 53c.; up-river coarse,
"816
816
34H@35c.; Caucho ball upper, 35c.; Guayulo wet, 25@27c Philadelphia____ ______50
50
185
125
410
OCEAN FREIGHTS.—The labor strike here was not Total this wlc. 32,826 34,612 52,840 30,189 41,327 37,965 229,399
settled as speedily as was expected but ton Oct. 21 the long­
shoremen voted to end the strike. No doubt conditions . The following shows the week’s total receipts, the total
here will gradually improve. Many vessels have been down since Aug. 1 1919 and the stocks to-night, compared with
the bay unable to reach berths. Even in the interior the last year:
effect of the strike hero has been felt. Grain has piled up
1919.
1918.
Stock.
in Buffalo. Railroad terminals have been congested
Receipts to
American merchandise is wanted abroad and will be shipped
This Since Aug This Since Aug
Oct. 24.
Week. 1 1919.
Week.
11918.
as conditions reach the normal. Charters include a steamer
1919.
1918.
4,500 tons 10% from Buenos Ayres or La Plata to Mar­ Galveston_______ 81.438 394,545 54,732 536,861 194,666 266,724
5,691
15,011
City______
seilles, 170s October; steamer 30,000 qrs, grain 10% TexasArthur,
1,624
16,336
6,504
149
3,147
&c_
*389
2,457
from Canada to the United Kingdom 10s. per qr. steamer Port
New Orleans_____ 39,500 171,305 39,798 283,068 341,319 280,774
6,000 tons from Northern Range to West Italy, $26.50 Oc Pensacola
Mobile__________
3,759
16,181
3,477
33,744
14,629
20,912
6,397
_ I _____
110
tober; steamer 4,000 tons coal from Virginia to Genoa, Jacksonville_____
"125
4,484
"246
1,121
10,468
8,493
$26.50 October; steamer twelve months general trading, Savannah _______ 54,885 345,410 35,937 316,564 304,580 256,886
4,000
47,800 4,000
21,300
42s. Twelve months time charter steamer 1,625 tons, Brunswick______ 14,793
10,500
1,800
57,128 6,302
46,755
57,365
50,221
$12; twelve months time charter, 4,544 tons steamer $10 coal Charleston______
31,657 5,227
5,165
Wilmington_____
33,861
49,903
44,109
17,627
72,094 17,354
61,811
two trips from Atlantic Range to a French Atlantic port, Norfolk_________
91,205
86,611
141
755
68
N ’port News, &c.
1.171
$23.50; coal from Virginia to Marseilles, $26.50; coal from New
77
300
York.............
6,805
2,139
99,617
92", 168
572
673
4,631
Atlantic Range to Mairao about $29; coal from Atlantic Baltimore,"______
Boston__________
11,268
4,611
11,758
816
6,210
978
3,249
6,512
5,016
Range to a French port, $23.50; 12 months time charter Philadelphia_____ 410
4,587
8,337
10,505
steamer 4,064 tons $10, October-November; 18 months Totals............... 229,399 1,188,147 169,230
1,356,983 1.207,552 1.144,087
time charter steamer 3,246 tons, $9; coal from Atlantic
Range to Rotterdam, $32.50; coke, $33.75 prompt; coal In order that comparison may be made wit!) other jears,
from New York to St.Nazaire, $20, net prompt; bones from
Buonos Ayres to Charleston, Philadelphia or New York, v e give below the totals at leading ports for six seasons:
$12 October-November; coal from Atlantic Range to West Receipts at— 1919. 1918. 1917. 1916. 1915. 1914.
Italy, $26.50; coal from Atlantic Range to West Italy, $27; Galveston___ 81,438 54,732 72,338 103,414
94,146 123,806
coal from Virginia to Bremen, $28; one round trip in trans­ TexasCity.&c.
389
5,840
2,218
23,067
21,439
23,170
atlantic trade, $11; coal from Baltimore to Hamburg, Mobile'*.
39,500
39,798
New Orleans.
70,290
91,084
46,729
39,118
3,759
3,477
.
6,942
3,103
5,306
4,574
$28.50; Japanese steamers 9,000 tons deadweight and 2,758 Savannah____
35,937
31,910
35,063
29,784
43,965
tons time charters 44s. and 44s. 6d. respectively; coal from Brunswick__ 54,885
4,000
4,000
5,000
3,000
3,000
1,300
14,793
6,302
&c
14,158
6,926
11,336
Baltimore to Hamburg, $26.50; coal from Virginia to a Charleston,
12,594
5,165
5,227
Wilmington _.
5,555
6,653
9,775
5,566
French Atlantic port, $25; coal from Virginia to Genoa, Norfolk.
17,627
17,354
.
14,460
21,792
20,599
12,732
68
141
N.,&c.
178
$26.50 Owing to the dock strike here not a little of New AN.1I’port
212
2,086
2,324
others____
1,873
28,915
11,826
3,231
3,816
York business has been diverted to Philadelphia.
TOBACCO has been in better demand here, the call com­ Total this wk. 229,399 169,230 251,964 305.928 245,558 272,727
ing from all over the United States. The aggregate business Since Aug. l ._ 1,188,147 1,356,983 1,798,288 2,543,789 2,113.677 1,314,815
is the largest for this time of the season for a year or more.
exports for the week ending this evening reach a total
The striko among cigar-makers is steadily disappearing. of The
62,861 bales, of which 40,621 were to Great Britain
Factories are resuming operations. The production, in
12,640 , to France and 9,600 to other destinations.
other words, is increasing. Prices have been generally firm. Exports
for the week and since Aug. 1 1919 aro as follows.
Some slight indications of speculative buying have been
noticed.
Week ending Oct. 24 1919.
From Aug. 1 1919 to Oct. 24 1919.
COPPER higher but rather quiet; electrolytic, 22H@
Exported to—
Exported to—
Exports
22He.. Tin has also been quiet but higher at 56H @56He. from— Great
Great
Lead in pretty good demand and higher at 6.75@6.80,
Britain. France. Other. Toted.
France.
Other.
Toted.
spot New York, and 6.50c. for St. Louis. Spelter stronger Galveston. . 40,621 ____ ......... 40,621 Britain.
250,549
101,043 351,592
at 8c., spot New York.
El Paso . .
45’,672
19,915 114,941
PIG IRON is in steady demand. At Chicago malleable New Orleans
19,688
1,354
iron is said to be more active. Foundry iron is wanted here
10,435
10,436
7,780
for prompt shipment. Premiums rule for such deliveries. Jacksonville
7,780
12,640 9,600 22,240 49,330 is'.ixb 101,423 209,033
. —
Prices are strong. Advances are reported of $2 to $3 for Savannah
Brunswick .
67,017
67,017
8,343 ..........
shipment this year and the first half of 1920. Steel making Charleston .
8,343
- " •- .........
44,628
44,628
iron has been unchanged with no great pressure of new busi­ Wiln'lngt'n ........
12,976
21,176
4,341
5,605 31,905
ness. Recent purchases by the Steel Corp. of 100,000 tons New York..
41,851
955
82
27
1,064
seems to have greatly reduced the available supply of such Philadelphia
105
1,423
1,528
iron.
386
386
—
—
Seattle. . _
13,517
13,517
.........
STEEL has been firmer. Offerings are not heavy. The Tacoma___ .......... : : o :
..........
3,082
3,082
mills seem not at all anxious to sell on the eve of a coal strike Total___ 40,621 12,640 9,600 62,861 477,191 85,236 420,577 973,004
or a threatened one . Premiums are likely to rule on prompt
Total 1918* S8.16S 9,200 25,513 122,881 517,903 139,750 296, .505 954,158
deliveries. Buyers in such circumstances show more anxiety Total
27,593 90,651 847,506 203,802 268,769 1,320,077
1917. 63,058
about future supplies. A rise of $3 to $5 per ton has been
asked on semi-fmished steel. For plates for the Navy 2.50c.
has been bid, it seems, on 22,000 tons; also 2.40c. on about In addition to above exports, our telegrams to-night also
7,000 tons of structural shapes. But these are 5 to 15 cents give us the following amounts of cotton on shipboard, not
under current quotations. Fabricated steel is less active. cleared, at the ports named. We add similar figures for
London reports a further rise in iron and steel products. Newr York.




2

8 ,2 0 0

* F ig u r e s a d ju s t e d t o m a k e c o m p a r is o n w i t h t h is s e a s o n a p p r o x i m a t e l y c o r r e c t .

2

On Shipboard, Not Cleared for—
Oct. 24 at—
G alveston____
New Orleans..

Great i
Ger- | Other
Britain. France. many. |Cont’t.
38,098 ...........
16,462 3,566

2,000 23,208'
3,343 23,019
j1 sn »nnn
ww

Charleston____
M o b ile.........

1.510

New York*__
Other ports*..

3.000 ........... --------- 1
5.000 ______ ........... 1

Total 1919..
Total 1918.Total 1917. .

[V ol . 109.

THE CHRONICLE

1618

1,050
1 ,0 0 0
1 ,0 0 0

Coast- |
wise. | Total.
2,500 65.806
448 46,838
o enn 3 9 sen
’500
500
2,560
356
350
...........
4,000
...........
6 ,0 0 0

•Middling “ yellow” tinged..........4.22 off
•Strict low mid. “ yellow” tinged.6.14 off
•Low middling “ yellow" tinged..9.07 off
Good middling "yellow" stained-4.19 off
•Strict mid. "yellow” stained__ 5.61 off
•Middling “ yellow" stained------ 6.96 off
•Good middling “ blue" stained..5.58 off
•Strict middling “ blue” stained.. 6 .6 6 off
♦Middling "blue” stained..........7.84 off
•These ten grades are not deliverable
upon new style contracts.

2.45 on
Middling (air...................
Strict good middling............
1.00 on
Good middling________________ 1.33 on
Leaving ’ Strict
middling________________
0.70 on
Stock.
Strict low middling____________ 1.85off
middling..............................4.70 off
128,860 Low
•Strict good ordinary__________ 7.50 off
294,481 •Good
ordinary______________ 9.00 off
271,780 Strict
good mid. "yellow'’ tinged. 1.05 off
56,865 Good middling
yellow” tinged..1.67 off
12,069 Strict middling “"yellow”
tinged.2.65 off
90.855
95,617
98,171

64,070 4,616
5,343 78,227, 6,598 158.854 1,048,698
40,082 13,000 ...........1 27,841 12,500 93,423 1,050,664
774,282
34,058 19,341 ...........; 20,038 11,930 85.367

The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Oct. 18 to Oct. 24—
Sat. Mon. Tues. W ed. T hurs.
Middling uplands......................34.80 35.00 35.70 30.60 36 35

FrL
37.20

NEW YORK QUOTATIONS FOR 32 YEARS.
The
for middling upland at New York on
Speculation in cotton for future delivery has been on a Oct. 24 quotations
for
each
of
32 years have been as fo lows;
fairly liberal scale, generally at rising prices. That was 1919-C. ------37.20 1911-cthe_ . .past
. . 9.35 1903- c . . . ...1 0 .20 1895.c . ____8.50
1910___ ...1 4 .3 0 1902-------. . . 8.70 1 89 1 ... ____5.88owing largely to big rains in Texas and the rest of the South­ 1918__ ___ 31.55 1909___
. . .14.20 1901____ . . . 8.38 1 8 9 3 ... ___ 8.38
------19.30 1908------ . . . 9.35 1900____ . . . 9.44 1 8 9 2 ... ___ 8.31
west and a sharp demand for the better grades. Meanwhile 111 999 111 756 ......... ____29.90
8.44
— .12.45 1907___ ----11.10 1899........ . . . 7.31 189 1 ....
the cotton in the fields is said to be steadily deteriorating in 1914
11.25 1898........ . . . 5.44 1890___ ___ 10.10
1906 .
14.50 1905 . . 10.65 1897 . . . . 6.12 1889___ ___ 10.50
quality after prolonged rains. And cotton shippers want the 1913
1 9 1 2 ... ------11.05 1904------ . . . 9.95 1896........ . . . 8.00 1 88 8 ....___ 9.81
better sort more than anything else. Spot cotton has been
MARKET AND SALES AT NEW YORK.
rising with active business. The basis is unusually high. The total
of cotton on the spot each day during the
Spinners have been steadily “calling” cotton here. Liver­ week at Newsales
York are indicated in the following statement.
pool prices during much of the week were rapidly rising with For the convenience
the reader we also add columns which
a big spot business, though much of it at times was in other show at a glance howofthe
market for spot and futures closed1
than American cotton. Cotton goods have been active and on same days.
stronger in Manchester and very firm or higher in this coun­
try. Fall River has been doing a good business in print
SALES.
Futures
Spot
cloths. On Friday, Oct. 31, the Government will issue a
Market
Market
Spot. Conlr't. Total
Closed.
Closed.
special crop report, giving condition on Oct. 25. The
general expectation is that it will be bullish. Some Saturday__ Quiet. 5 pts. adv— Steady_______
200
200
o n d a y __ Steady, 20 pts. adv. Very steady..
of the more radical bulls think it will be Muesday_
_ Steady, 70 pts. adv. Very steady..
9.500.000 to 10,000,000 bales, as against the estimate TWednesday.
Steady, 90 pts. adv. Barely steady.
200
200
on Oct. 2 of 10,696,000 bales. Some, however, doubt Thursday
. . Steady, 25 pts. dec. Steady_______
whether the report will show such a very marked decrease. Friday_____ Steady, 85 pts. adv. Steady_______
~403
400
They contend that the rains have affected the quality rather Total.
than the quantity of cotton likely to be produced in the
Southwest. Still, the latest Government weekly report FUTURES.—The highest, lowest and closing prices at
states that the crop deteriorated last week in nearly all parts New York for the past week have been as follows:
of the section west of the Mississippi River. The heavy rains
Saturday, Monday, Tuesday, Wed'day, Thursd’y, Friday,
and insufficient sunshine were unfavorable for late cotton.
Oct. 18. Oct. 20. Oct. 21. Oct. 22. Oct. 23. Oct. 24. Week.
Complaints are heard in some sections of bolls decay­
ing and seeds sprouting in the bolls. The ginning re­ October— 34.07-.25 34.00 .50 34.75-.90 35.20-.05 35.20-.63 35.37-Z26 34.00-125
port of to-morrow is expected to bo bullish.
The Texas crop in some quarters is estimated at 2,600,000 November— 34.20 — 34.55-.60 24.85 — 35.90 — 35.25 —
to 2,800,000 bales. At one time it was expected to bo
34.95 — 35.85 — 35.25 — 35.40 — —
3.000. 000 bales or more. Last year it was approximatelyDecember— 34.20 — 34.50 — 34.74-.18
35.45-.12 35.17-.85 35.40-.98 33.93-/12
33.93-.55
34.00-.35
2.610.000 bales, in 1917-18 3,200,000 bales and in 1916-17
35.85-.90 35.35-.38 35.70-.73
3.918.000. To go back to 1912-13 it approximated 4,­ January— 34.28-.31 34.51-.53 35.15-.18 35.20-.88
34.75-.55 34.85-.45 33.60-188
33.60-.12 33.75-.25 34.37-.00
800,000 bales. Liverpool though it has been selling near
months to some extent has been buying March, May and February— 34.07-.12 34.23-.25 34.91-.94 35.55 .60 34.80 35.15 —
July at times. Trade interests have been steady buyers.
—
33.80 — 34.05-.15 34.75-.85 35.40 — 34.65 — 34.70 —
Mills have been buying contracts here it is understood be­ March—
33.30-158
34.63-.00
cause of their relative cheapness as compared with spot
33.30-.72 33.55-.95 34.10-.75 34.90-.58 34.45-.30
33.67-.70 33.90-.95 34. -.73 35.37-.40 34.53-.58 34.65-.70
cotton at the South. This is striking testimony to the April—
merits of the present contract. In other words the spinner
—
33.50 — 33.75 — 34.57 — 35.20 — 34.35 — 34.36 —
can buy futures and get what he wants. There was a time May—
when they would have laughed at such an idea. Also large
33.00-.40 33.05-.64 33.85-.55 34.80-.35 34.17-.02 34.13-.77 33.00-135
33.38-.40 33.62-.64 34.50-.54 35.15-.19 34.30-.35 34.29-.32
Wall Street operators and others have been buying in the Ju e—
belief that the general tendency of prices is upward. It is
—
33.25 — 33.30 — 34.20 — 34.90 — 33.90 — 33.80 —
thought that exports in the near future can hardly fail to July—
32.75a80
33.65-.05
33.55-.50
33.38-.98
34.25-.80
32.75-.27
increase materially.
32.95-.25
Closing____ 33.22-.25 33.28-.29 33.98- .06 34.70-.75 33.70-.75 33.69 —■
After the signing of the treaty of peace not a few look for Range.........
OR
*50 A AH QO
31.65- .08
a distinct increase in the foreign trade in cotton. The Edge August—
Range......... 32.05-.10 31.65-.10 JJ.4o-.0U JJ.UO-.Uo
Closing------ 32.10 — 32.15 — 32.75 — 33.50 — 32.65 — 32.64 —
bill has just been reported favorably by the Committee on September—
Banking of the House of Representatives. On the other Range.........
31.80-.90 31.80-280
32.75-.80
31.10 — 31.25 — 32.15 — 32.95-.00 31.90 — 31.85 —
hand the recent advance has been very marked. Supplies
of one kind or another are certainly large. This fact may i37c. /36 c. i 35c. a 34c. J 33c. 32c.
yet have its effect. And a new factor came in play so far QUOTATIONS
FOR MIDDLING COTTON AT OTHER
as recent developments are concerned on the 23rd inst. Prices MARKETS.— Below
are the closing quotations of middling
here broke $4 to $5 a bale, partly on renewed labor unrest cotton at Southern and
principal cotton markets for
and a decline in the stock market. Besides Liverpool was each day of the week: other
_______________________________________
weaker and exchange was down. All of which for the
moment offset continued bad weather and great activity
Closing Quotations for Middling Colton on—
in spot cotton. The apparent failure of the industrial
Saturday. Monday.] Tuesday. \Wed'day.iThursd'y. Friday.
confercce at Washington and the possibility of a country­
Oct. 24.
wide bituminous coal strike on Nov. 1 , the announcement that Galveston. . . . . . 37.00 37.25 38.00 39.00 139.00 39.60
35.63
36.13
36.88
37.38
36.88
labor leaders will try to push the steel strike were among New
Orleans__ 35.25
34.50
35.00
35.75
35.75
35.50
o b ile ________ 34.25
the disturbing factors. .Besides, Southern hedge selling MSavannah--------34.80
35.20
36.30
36.38
36.44
34.75
34.00
34.75
35.75
35.50
35.75
was heavy and Liverpool was a seller rather than a buyer. C'harlOtSt-nn
34.25
34.00
35.25
34.75
33.50
Wilmington____
Liquidation became general. Stop orders were reached. Norfolk________ 33.75 34.00 34.00 35.88 35.25 35.13
35.63
35.25
34.50
35.50
34.00
From the low point of last month the recent rise has been Baltimore______
35.25
34.25
37.45
35.95
35.25
36.85
36.60
35.05
_
Philadelphia_
something like 6J^c. per lb. That it is felt by many dis­ A ugusta............. i34.50 34.50 35.00 30.25 36.00 36.25
counts a good deal, no matter how bullish the situation. M em phis........... '36.00 37.00
38.00
37.00
38.00
3.8.00
38.00
38.75
38.20
38.85
38.35
To-day, however, prices advanced 200 points on October, Dallas-------------39.25
38.00
38.25
38.75
37.25
37.00
the full limit allowed here for a rise or a decline in a single Houston_______
37.50
37.25
36.00
36.75
37.50
Little B ock------ '35.50
day. It was due to belated covering. Later months ad­
vanced some 60 points. Heavy rains occurred in Arkansas NEW ORLEANS CONTRACT MARKET.—The closing
and also in Alabama, Mississippi, Georgia, Tennessee and quotations for leading contracts in the New Orleans cotton
North Carolina. Germany and Spain were reported to be market for the past week have been as follows:___________
buying more freely at the South. Spot markets were
Saturday, Monday, Tuesday, Wed*day} Thursd’y, Friday,
generally active and strong though rather quieter on Texas.
\ Oct. 23. Oct. 24.
Oct. 18. Oct. 20. Oct. 21. Oct. 22. |
Prices end much higher for the week. Spot cotton closed
36.45-.50 36.80 —
37.48-.58
34.90
—
35.10-.1236.12
—
at 37.20c. for middling uplands, showing a rise for the week
i34.40-.48 34.50-.54 35.30-.40 36.45-.49 35.66-.75 36.17-.22
of 245 points.
'33.96-.00 34.04-.07i34.98-.01 35.88-.95 35.02-.08 35 38.-40
'33.60-.64 3.3.65-.70 34.60-.65 35.40-.43 34.28-.42 34.48-.53
The following averages of the differences between grades,
33.33-.35 33.43
34.27-.38 35.04 — 34.04-.08 34.11-.18
as figures from the Oct. 23 quotations of the ten markets,
33.07 — 33.17-.20 33.97-.99 34.74 — 33.74-.80 33.70 —
designated by the Secretary of Agriculture, are the differences Tone
Steady Steady
Steady
1 Steady Steady | Steady
from middling established for deliveries in the New York
Steady Steady
i Steady 1 Steady |Very s'y Steady
market on Oct. 30:
* Estimated.




R a n g e ...........
C l o s i n g ____

R a n g e ...........
C l o s i n g _____
R a n g e ...........
C lo s in g . .
R a n g e ___ __
C lo s in g . . .

.88

R a n g e ______
C l o s i n g ____

R a n g e ...........
C l o s i n g -------

68

R a n g e ______
C lo s in g . . .

R a n g e ...........
C l o s i n g _____

R a n g e ...........

2

Oct. 25 1919.]

THE CHRONICLE

T H E V IS IB L E SU P P L Y OF C O T T O N to-night, as made
mp 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
(Friday), we add the item of exports from the United States,
.including in it the exports of Friday only.
Oct. 24—
1919.
:Stock at Liverpool_______ bales.. 685,000
Stock at London.................... ........
12,000
Stock at M anchester___________
82,000

1918.
199,000
17,000
26,000

1917.
359,000
21,000
25,000

1916.
592,000
30,000
34,000

Total Great Britain________
.Stock at Hamburg___________
Stock at Bremen________________
Stock at Havre________________
■Stock at Marseilles_____________
Stock at Barcelona_____________
Stock at Genoa________________
.Stock at Trieste________________

79,000

242,000

405,000

______
152,000
5,000
45,000
47,000
______

105,000
1,000
21,000
25.000

124,000
5.000
54,000
9.000

656.000
*1,000
♦1,000
163.000
6,000
46,000
179.000
♦1,000

Total Continental stocks______

249,000

152,000

192,000

397,000

Total European stocks________ 1,028,000
394.000 597.000 1,053,000
India cotton afloat for Europe__
43.000
19.000
46.000
46.000
Amer. cotton afloat for E urope.. 252.022 225.000 380.000 637,945
Egypt, Brazil,&c.,afloat for Eur’e 38,000
59.000
50.000
47.000
Stock in Alexandria, E g y p t _____ 156.000
190.000
149.000
112,000
:Stock in Bombay, India________ 605,000 *660,000 *620,000 336,000
Stock in U. S. ports_____________ 1,207,552 1,144,087 859,649 1,192,414
•Stock in U. S. interior towns___ 1,052,324 1.067,367 774,783 1,105.079
U. S. exports to-day____________
12,640
66,790
23,495
11,948
Total visible supply..................4.394,538 3,824,244 3,499,927 4,541,386
Of the above, totals of American and other descriptions are as follows:
American—
.Liverpool stock___________ bales. 470,000
100,000 231,000 445,000
Manchester stock_______________
51,000
10,000
18,000
29,000
'Continental stock............................ 215,000 *133,000 *160,000 *309,000
American afloat for Europe_____ 252,022
225,000
380,000 637,945
858,649 1,192,414
U. S. port sto ck s............................ 1,207.552 1,144,087
U. S. interior stocks_____________ 1,052,324 1,066,367
774,783 1,105,079
U. S. exports to-day____________
12.640
66.790
23.495
11,948

16IJJ

O VER LAN D M O V E M E N T FOR TH E W E E K A N D
S IN C E A U G . 1.— W e give below a statement showing the
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for
the week and sineo Aug. 1 in the last twro years are as follows:
1919Oct. 24
Since
Shipped—
Week.
Aug. 1.
Via St. Louis....................................10,931
66,708
Via Mounds, &c-------------------------14,439
72,128
697
Via Rock Island________________
1,900
Via Louisville------------------------------2,305
13,934
1,000
Via Cincinnati_______
6,750
Via Virginia points----------------------- 1,407
13,431
Via other routes, &c-------------------- 5,118
60,005
Deduct shipments—

-1918Week.
015,978
13,156
590
4,384
3,640
10,268
10,981

Since
Aug. 1.
075,657
71,638
2,410
30,036
15,409
42,894
106,273

--35,957

234,856

58,997

344,317

.. 2,199
.. 1,126
.. 3,269

22,233
7,865
42,843

1,627
1.523
4.524

16,656
15,077
68,817

Total to be deducted__________.. 6,594
6,594

72,941

7,674

100.550

-29,363

161,915

51,323

243,767

* Including movement by rail to Canada,

a Revised.

The foregoing show's the week’s net overland movement
has been 29,363 bales, against 51,323 bales for the week last
year, and that for the season to date the aggregate net over­
land exhibits a decrease from a year ago of 81 ,852 bales.
----------1919------------ ----------1918-----------In Sight and Spinners'
Since
Since
Takings.
Week.
Aug. 1.
Week.
Aug. 1.
Receipts at ports to Oct. 24............ 229,399 1,188,147 169.230 1,356,983
Net overland to Oct. 24....... .......... 29,363
161,915
51,323
243,767
Southern consumption to Oct. 24.a 70,000
800,000
82,000 1,037,000
Total marketed............................ 328,762 2,150.062
Interior stocks in excess--------------- 66,004
250,337

302,553 2.637.750
54,757
369,751

Came Into sight during w e e k ...394.766
357,310
Total American............................ 3,260.538 2,745.244
2,446,9273,730,386
Total in sight Oct. 24-------------- ------- 2,400,399
______ 3,007,501
East Indian, Brazil, &c.—
147.000 Nor. spinners’ takings to Oct. 24- 33.175
128,000
99.000
iLiverpooi stock_________________ 215,000
433,754
46,285
386.492
30.000
21.000
London stock----------------------------17.000
12,000
5,000
7,000
Manchester stock---------------------31,000
16.000
a These figures are consumption; takings not available.
*32,000
*88,000
■Continental stock_______________
34,000
*19,000
M ovem ent into sight in previous years:
46.000
46.000
India afloat for Europe_________
43,000
19.000
50.000
47.000
Egypt, Brazil, &c., afloat_______
38,000
59.000
Week—
Bales.
Since Aug. 1—
Bales.
:Stock in Alexandria, Egypt . . __ .156000
190,000
149,000
112.000 1917— Oct. 26........................472.966 1917— Oct. 26....................... 3,571,384
Stock in Bombay, In d ia _________ 605.000 *660,000 *620,000 336,000 1916— Oct. 27........................521,089 }9J6— Oct. 27.........
4,628.067
1915— Oct. 29........................437.512 1915— Oct. 29....................... 3,664,032
811,000
Total East India, &c................ 1,131,000 1,079,000 1,053,000
Total American...........................3,260,538 2,745,244 2.446,927 3,730,386
Total visible supply...................4,394.538 3,824,244 3,499,727 4.541,386
.Middling uplands, Liverpool_____ 22.68d
*' ~ ‘
‘ "
21.63d.
20.42d.
11.14d
Middling uplands. New Y o r k ____ 37.20c.
31.70c.
28.95c.
19.00c.
Egypt, good sakel Liverpool------ 35.50d.
33.13d.
31.25d.
23.20d.
Peruvian, rough good, Liverpool. 29.5')d.
38.50d.
27.50d.
14.00d.
Broach, fine, Liverpool-------------- 20.10d.
23.00d.
20.45d.
10.50d
Tinnevelly, good, Liverpool------- 20.35d.
23.25d.
20.63d.
10.52d.
* Estimated.

Continental imports for past week have been 2 0 ,0 0 0 bales.
The above figures for 1919 show an increase over last week
of 103,421 bales, a gain of 570,294 bales over 1918, an excess
of 894,811 bales over 1917 and a decrease of 146,848 bales
over 1916.
A T T H E IN T E R IO R T O W N S 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
detail below:
Motement to Oct. 24 19X9.
1 Shlp- Stocks
menls. Oct.
24.
Season. Week.

Receipts.
Week.

200

Receipts.
Week.
250
2.2U

Season.

Ship- Slocks
merits. Ocl.
Week.
25.

2,898
200 1,943
39.50C 2,057 19,793
31,905 1,963 14,697
9,054
942 3,351
37,578 3,604 22,111
19,765 2,000 23,500
6,984
300 3,437
40.64S 5,443 33,282
50.89S 8,426 25,046
157,442 11,924 114,534
25,500 3,250 15,000
61,160 9,27.8 28,957
18,536 3,000 12,028
48,462 1,625 33,570
8,928
987 3,594
40,360 3,465 35,885
45,035 1,906 35,414
13,755
900, 7,634
1,8,799
800 9,960
8,079
407 6,609
11.858 1,000 14,078
76,165 15,978 14,203
7.127 1,100 5,069
2,386
206
325
18,850 3,700 14,025

4,091 2,000
3,273 3,0,82
838 1,500
6,195 29,655 3,528
982 9,725
7S4
18.5S0 178,102 23,650
601
___
”so5 1,400
499
300 3,111
400
1,889 5,006 2,230
2,463 12,978 2,558
1,993 2.937 1,170
78,648 150,023 62,518
5,066 10,410 3,285
400 2,737
451

12,368 1*600 9,208
13.^.
1 5*1 5.665
oi
9,295
*.500
13,630
488! li.JV)
5,173
761 4. .98
153,807 22,992 23' f09
2S4
3,881
543
828
14,722
40L 5,063
13,572 1,99S: 5,747
29,843 2 932, 11,536
12,032 2 285; 4,703
629,063
33,324 4 1291 8,725
18,731 l,i33| 2,435

10,000
2.500
1,153
418

2,000
6,000

4,487

7.39
2,331 7,623
51.3 5,718
800 10,49c
10,931 4,977
400 0,712
500
389
1.500
500
676

t-

N

2,219
1,523
7.00J
4,500
400
9,838
6,518
19,830
3,000
13,210
4,000
6,363
964
4,919
4,700
1,200
2,188
1,488
1,800
17,971
1,100
39.8
4,000

5,430
2,540
524
7,854
700
409
5,800 42, io:
10,230
21,349
2,93.

o
CO
LO
00
to
N

Ala.. Eufaula..
400
2,400
Montgomery.
5,010
32,015
Selma_____ _
20,151
2,951
Ark., Helena..
2,571
9,832
Little H ock.. 10,503
63.31
Pine B lu ff...
2,200
7,330
Ga., Albany___
518
7,264
Athens............. 10,861
48,983
Atlanta---------- 10,140
71,104
Augusta
32,370 203,56
Columbus____
1.777
13.032
Macon
14,000
85,536
4.500
Rome
-­
19,837
La., Shreveport 3,168
17,600
Mlss..Columbus 1,066
4.4S6
Clarksdale . .
5.000
43.285
Greenwood . .
8.000 41,438
Meridian____
3,522
10,765
2,36C
Natchez -----12,000
Vicksburg____
901
4,885
Yazoo City . .
1,600
12,906
M o ., St. Louis 10,535
56,375
N.
C .,Gr’nsboro
1,000
10,020
536
Raleigh---------3,162
O . , Cincinnati. 2,000
11,100
Okla., Ardmore
1.500
Chickaslia___
'6314
917
Hugo................
10,880
Oklahoma . . .
3
S.C.,Greenville 9,389
38,517
1,692
Greenwood___
7,118
Tenn..Mempnls 32,961 122,801
SO
Nashville-----"soil
7,769
Tex., Abilene..
300
Brenham-----2,447
1,941
Clarksville
17,773
3,751
16,282
D a lla s ______
2,122
12,729
Honey Grove.
Houston-------- 83,2.34 370,618
5,495
Paris_________
45.286
700
San Antonio.11,127

Movement to Oct. 25 1918.

T o t a l , 41 t o w n s 2 8 2 ,2 9 4 1 ,4 7 2 ,6 4 1 2 1 6 ,2 0 0 1 0 5 2 .3 2 4 2 2 9 .2 6 6 1 ,7 6 4 ,3 0 3 1 7 4 ,5 0 9 1 066367

The above totals show that the iuterior stocks have in­
creased during the week 66,004 bales and are to-night 14,043
bales less than at the same time last year. The receipts at
all towns have been 53,028 bales more than the same week
last year.




W E A T H E R R E P O R T S B Y T E L E G R A P H .— Advices
to us by telegraph this evening indicate that rain has been
general at the South during the week, with the precipitation,
however, light or moderate, in the main. Texas reports
are to the effect that conditions remain good in the North­
western and W est Central portions of the State but are poor
to fair elsewhere.
Texas.— Weather conditions have been more favorable for
cotton, although the week was mostly cloudy with scattered
show’ers. Farm work made poor progress due to wet fields.
Condition remains good in the Northwestern and W est
Central portions, but poor to fair elsewhere.
Rain. Rainfall.
-ThermometcrGalveston,
— . Texas___________
------------------_ ,None
high 84 low 62 mean 73
A bilen e.............................
2days1.04in. high 84 low 48 mean 66
Brenham..........................
2days0.04in. high 90 low 5 9 mean 75
Cuero.................
1 day
0.02 in. high 90 low 60 mean 75
Dallas — ........................
2days1.84in. high 79 low 52 mean 66
Huntsville------- ---------1 day
1.75 in. high 85 low 50 mean 70
KerrvUle....................................... 1day 0.01 in. high 83 low 51 mean 67
Lampasas.............................
2days 0.99 in. high 84 low 49 mean 67
Henrietta....................................... 1day 0.15 in. high 98 low 46 mean 73
Longview....................................... 1day 1.78 in. high 98 low 51 mean 72
L u h n g .......................................2 days 0.08 in. high 86 low 54 mean 70
Nacogdoches............................... .4 days 3.81 in. high 87 low 50 mean 69
Palestine........................
3days2.60in. high 84 low 54 mean 68
Paris...........................................3 days 6.16 in. high 86 low 46 mean 66
San Antonio..................................1day 0.90 in. high 86 low 56 mean 71
T a y l o r . .................................. 3 days 0.69 in. ---------- low 56
W eatherford.....................
3days1.68 in. high 80 low 48 mean 64
Ardmore, Okla..............................2days 0.92 in. high 87 low 45 mean 66
Muskogee, Okla............................3days 0.43 in. high 83 low 41 mean 62
r <£?raJ 0 ', ATkY ............................4days 6.59 in. high 86 low 43 mean 64
Little Rock, Ark------- ------------3 days 2.63 in. high 78 low 47 mean 62
Shreveport L a . . . ........................2days 2.90 in. high 84 low 50 mean 67
Columbus, Miss............................3days 2.22 in. high 87 low 51 mean 69
Vicksburg,
M i s---------------.
s ............ . .
3 days 2.87
in. high oo
83 ju
low
- my • ***•
» 50 11it_cii
i uu
A
—T — <7 ----mean
66
Mobile, Ala. Heavy rains in the interior with but small damage. Not
mnrn
finlrloO
1_:
no i
/>. ° . ..
much PottAn
cotton rmnninQ
remains in
in fields
2 Hove
days O on
Selma, Ala_______________________ 3days
Atlanta, Ga______________________ 4days
Savannah, Oa____________________ 3days
Charlotte, N. C _______
5 days
Memphis, Tenn__________________ 4days
Charleston, S. C _____________ 1 day

The following statement wo have also received bv tele-

New Orleans_________ Above
Memphis — . . . . . . . . . A b o v e
Nashville---------------...A b o v e
Shreveport------------------ Above
w ck sb u rg ..--------- ....A b o v e

zero
zero
zero
zero
zero

of
of
of
of
of

gauge.
gauge.
gauge.
gauge.
gauge.

24 1919.
Feet.
5.6
14.3
19.4
28.2
15.1

Oct. 25 1918.
Feet.
5.0
2.9
10.4
8.5
2.8

^ EGY P T IA N C O T T O N C R O P .— The Alexandria Cotton
/ O . , Limited, of Boston has the following under date of
tlexandria, Sept. 19.
o l L^ s a t i s f ^ t ^ 011^ ^ 6

and the opening of the

« U,JU uuanues win be greater than in previous years; the
A
Promise too well owing to the fact that the bolls
r » , vigorous, and also because the plantations suffered
long rotations and scarcity of water in July; the habit of some
not.^ atcrlng their cotton plantations from the end of July
“ OJ?*-ginning ° f September to force on the opening of the bolls has had a
effect on the staple and we believe this nas been done considerably
P rf
uurtheru regions the opening is good and the picking
has just started but will not be general for some 10 days. The pink boll
worm attack continues to be lighter than in previous years.

[Vql.

THE CHRONICLE

1620

109,

DOMESTIC EXPORTS OF COTTON MANUFAC­ EGYPTIAN COTTON CROP—The Alexandria Cotton
TURES.—We give below a statement showing the exports Co., Ltd., of Boston, announces that tho following figures
of domestic cotton manufactures for Aug. and for the seven of the acreage planted have been published:
1917.
1919.
1918.
months ended Aug. 31 1919, and for purposes of comparison
Feddans.
Feddans.
Fcddans.
Lower Egypt____________________________1,219,303 1,023,888 1,293,787
like figures for the corresponding periods of the previous year Upper
383,521
Egypt___________________________ 354,359
291,684
are also presented:
T otal........... ................................................ 1,573,662
1,315,572 1,677,308
Manufactures
of
Cotton Exported.

Month ending Aug. 31. SMos.ending Aug. 31.

P iece g o o d s .............................. . y a r d s
P iece g o o d s __________ __________valu e
C lo th in g , & c .— K n it g o o d s .v a lu e
C lo th in g , & c .— A ll other__ valu e
W a s t e c o tt o n __________________valu e
Yarn —........................- .v a lu e
All o t h e r ........ ................. ...............valu e

63,644,391 44,737,111 415,239,983 367,707,613
S12.5S7.345 $9,619,960 $94,148,162 $67,150,639
2,960,131 1,539,950 22,500,472 10,301,207
854,479 10.S09.440 7,415,010
1,461,256
745,505 7,05S,456 5,466,869
1,534,558
938,265 10,111,908 5,269,424
804,082
2,920,360 1,910,264 25.9S6.200 15,765,873

T o t a l m a n u fa c tu res o f . ..v a l u e

$22,267,732 $15,608,443 170,614,638 111,359,022

1919.

1918.

|

1918.

1919.

1 Feddan equals 1.04 acre.

The following figures show tho acreage planted for the
different varieties:
1917------- -1918Feddans.
Feddans.. %
% „
952,480 72.40 1,133,180 67.56
361,875 21.58
273,936 20.82
174,019 10.37
5.97
78,565

■1919Feddans.
%
1,146,443 72.85
Ashmouni__________ 334,160 21.23
A fifi, Assili, N ubari... 79,759
5.07
Abbassi, Joauovich,
Various___________. 13,300
.85

10,591

.49

8,234

.81

T otal.......................1,573,662 100.00 1,315,572 100.00 1,677,308 100.00

RECEIPTS FROM THE PLANTATIONS.—The follow­ ALEXANDRIA RECEIPTS AND SHIPMENTS OF
ing table indicates the actual movement each week from the COTTON.—The fo lowing are the receipts and shipments for
plantations. The figures do not include overland receipts the week ending Oct. 1 and for the corresponding week
nor Southern consumption; they are simply a statement of of the two previous years:
the weekly movement from the plantations of that part of the
1917.
1919.
1918.
Alexandria, Egypt,
October 1.
crop which finally reaches the market through the outports:
S tock s a t I n t e r io r T o w n s .

R e c e i p ts a t P o r ts .

W eek

ending

1919.

1918.

1919.

1917.

1918.

R e c e ip ts f r o m P la n ta tio n s

1919.

1917.

Sept.
5— 33.572 89,652 112,138 623,050 628,183
12 — 48,173 104,110 142,060 629.161 661,407
19— 58,231 139,756 160,421 666,314 736,904
26— 77,822 156,587 185,431 717,820 808,094
Oct.
3— 118,018 159,431 208,398 799,810 866,570
10 — 157,363 169,334 207,029 893,005 942,219
17— 230.522 103,647 235,539 986,320 1,011,610
24— 229,399 169,230 251,964 1,052,324 1,066,369

1918.

253,166 23,288 91,190 117,410
261,941 54,284 137,334 150,836
287,143 95,334 215,253 185,622
355,449 129,328 227,777 253,736
439,165 200,008 217,007 292,114
544,591 250,558 244,983 312.455
673,994 323,837 233,038 364,942
774.873 295,403 223,987 352,753

1918.

1919.
Week.

Week.

Season.

117,127
316,839

165.000
520.850

137,365
478,211

1917.

The above statement shows: 1.—That the total receipts
from the plantations since Aug. 1 1919 are 1,438,484 bales;
in 1918 were 1,726,734 bales, and in 1917 were 2,218,129
bales. 2. That although the receipts at tho outports, the
past week were 229,399 bales, the actual movement from
plantations was 295,403 bales, the balance going to increase
stocks at interior towns. Last year receipts from tho plan­
tations for the week were 223,987 bales and for 1917 they
were 352,753 bales.
WORLD’S SUPPLY AND TAKINGS OF COTTON.—
The following brief but comprehensive statement indicates
at a glance the world’s supply of cotton for the week and
since Aug. 1 for the last two seasons, from all sources from
which statistics are obtainable; also the takings, or amounts
gone out of sight, for the like period.
C otton Takings.
W eek and Season.

Receipts (cantars)—
This week______________
Since Aug. 1___________
Export (.bales)—
To
To
To
To

Liverpool___________
Manchester, &c_____
Continent and India.
America_____________

Total exports------------

Since
Week. Aug. 1.

Since
Week. Aug. 1.

| Since
Week. Aug. 1.

83.824
20,758
17,220
33,885

6,661 46,701
5,420 20,416
22,988!

9,873 24,982
5,367 10,249
3,731 16,994

6,750
5,000
1,580
1,250

14,580 155,687 12,081 i 90,105 18,971 52,225

N o te .— A

cantar is 99 lbs. Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ending Oct 1 were
165,000 cantars and the foreign shipments 14,580 bales.

MANCHESTER MARKET.—Our reports rocoived by
cable to-night from Manchester state that demand is good
but firmness in arranging for delivery ahead is interfering
with business. We give prices for to-day below and leave
those for previous weeks of this and last year for comparison:
1919.
32s Cop
Twist.
Aug. d.
29 40
5
12
19
20
Oct.
3
10
17
24

1018.

1

8K 6s. Shirt- Cot'n
tngs, Common Mid.
to Finest.
Up ’s

8)4 6s. Shirt- Cot'n
ings. Common MU.
Up ’«
to Finest.

32s Cop
Twist.

s. d. d.
@3 87)4 25.10

©

d. 8. d.
43 'A 27 0

8. d d.
d.
@31 6 19.10 53M

©

d. 8. d.
55)4 30 0

©
©
(0
©

43 K
42 H
41!4
44 K

25
25
26
27

6
3
9
0

@30
@29
@31
@31

0
9
0
6

18.15 53)4
17.85 54)4
18.58 55K
19.88 55J4

©
©
©
@

65)4
50)4
6054
5054

30
30
30
30

0 @38 7)4 24.58
3 @3810)4 25.10
3 @3810)4 23.34
3 @3810)4 23.28

41
© 45
<U4 © 45 K
42 'A (Si 46
45
@ 49)4

27
27
27
27

0 @31
1)4@32
3 @32
9 @32

0
0
3
9

19.08 55U
20.74 55
22.17 54>4
22.08 54

©
©
©
©

5654
57
50
5554

30
30
30
30

3 @3810)4
0 @38 0
0 @38 6
0 @38 0

39 H
39tf
39 W
40

Season.

23.43
22.02
22.10
21.63

2 ,0 0 0

SH IP P IN G N E W S .— As shown on a previous pago, tho
exports of cotton from the United States the past week have
reaohed 62,861 bales.
The shipments in detail as made up
from mail and telegraphic returns, are as follows:

Total supply________________ 4,729,883 7,654,417 4,091,650 6.452.951
Deduct—
Visible supply Oct. 24-------------- 4,394,538 4,394,538 3,824,244 3,8247244

GALVEKTON— To Liverpool— Oct. 20— Indian, 29,674...................29,674
To Manchester— Oct. 17— Esperanza de Larrinaga, 10,947___ 10,947
SAVANNAH— T o Havre— Oct. 23— Kisacoquillas, 12,640................ 12,640
To Genoa— Oct. 21— Sestri, 1,700____________________________ 1,700
To Japan— Oct. 18— Ume Maru, 7,900___________ _____ _____ 7,900

3,689,340

4,291,117

4,792,018
394,766 2,400,399
288,000
57.000

Visible supply Aug. 1 --------------American in sight to Oct. 24—
Bombay receipts to Oct. 23-----Other India shipm’ts to Oct. 23
Alexandria receipts to Oct. 22—
Other supply to Oct. 2 2 .* -------

632,000
65.000

Total takings to Oct. 24 .a-----Of which American--------------Of which other______________

3",027,450
357,310 3,007,501
8 ,0 0 0
244.000

8 ,0 0 0

31,000

131,000
35,000

335.345 3.259.879
238.345 2.339.879
920,000
97,000

129.000
43,000

6 ,0 0 0

267.406 2.628.707
218.406 2.202.707
4 9 ,0 0 0 - ,.426,000

* Embraces receipts in Europe from Brazil, Smyrna. West Indies, &c.
m
a This’total emfcracestHe"t
o tafest nnatwTco„nsu mp t io____S
n b yo ju t h e r n m i l l s ,
8 0 0 ,0 6 0 ° b a le s I n " l 9 1 9 a n d ~ l ,0 3 7 ,0 0 0 b a le s i n '
a v a ila b le — a n d th e a g g r e g a te a m o u n ts ta k e n b
s p i n n e r s , 2 ,4 5 9 ,8 7 9 b a le s in 1 9 1 9 a n d 1 ,5 9 1 .7 0 7
1 ,5 3 9 ,8 7 9 b a le s a n d 1 ,1 6 5 .7 0 7 b a le s A m e r ic a n ,

l S f s ^ t a 'k f n g s n o t b e in g
y N o r t h e r n a n d fo r e ig n
b a le s in 1 9 1 8 , o f w h ic h
6 E s t im a t e d .

Total bales.

T o ta l.................................................- ................................................. 62,861

The particulars of the foregoing shipments for the week,
arranged in our usual form, are as follows:
Liverp
ool.
erpoo
Galveston_____29,674
Savannah_____ ____

M a n ch ester.

T otal.............29,674

10,947

1 0 ,9 4 7

Havre.

Genoa.

Japan.

Total.

1 2 ,6 4 0

1 ,7 0 0

7 ,9 0 0

4 0 ,6 2 1
2 2 ,2 4 0

7 ,0 0 0

_ 6 2 ,8 6 1

1 2 ,0 4 0

1 .7 0 0
e.VXL______'J,

~ BOMBAY -COTTON vMOVEMENT.—Thereceipt? ^ New York, as furnished by Lambert & Burrows, Ii\o., are
follows, quotations being in cents per pound:
India cotton at Bombay for |the weekTending Oot. 2 and for as
Stockholm, 2.75c.
Liverpool, 1.75c.
Shanghai, 1.25o. asked.
flip sea son fr o m A \
f o r th r o e vears have been as follows: Manchester, 1.750.
Trieste, 2.60o.
Bombay, 1.25c. asked.
hp

1

O c t. 2.
R e c e i p ts at—
W eek .

S in ce
A u g . 1.

Bombay.................... ......... 13.000 _
E x p o rts
fr o m —

Bombay—
, 1919...
5 1918—
' 1917—
Other India
1919—
1918—
1917
Total a l l 1919___
1918
1917___

2 2 2 .0 0 0

W eek .

9,000

Conti­
nent.

S in ce
A u g . 1.

W eek .

2 2 2 ,0 0 0

__9.000

S in ce
A u g . 1.

103,000

S in c e A u g u s t 1 .

F o r th e W e e k .
G re a t
B r ita in .

1917.

1918.

1919.

G rea t
B r it a in .

Ja p a n A C h in a .

10,000
4,500

Conti­
nent.
55,000

Japan A
C h in a .

T o ta l.

293,000 358,000

5,450

....................
40,000
___________




14,500

55,950 293,000 303,450

Antwerp, 1.65c.
Ghent via Antwerp, I. 8 O0 .
Havre, 1.75c.
Rotterdam, 1.75o.
Genoa, 2.00O.
Christiania, 2.25c.

Flume, 2.00c.
Lisbon, 1 .7 6 0 .
Oporto, 1.75c.
Barcelona direct,
2 .0 0 c. asked.
Japan, 1.25c. asked.

Vladivostok, 1.25c.
Gothenburg, 2.25c.
Bremen, 2.00c.
Hamburg, 2 .0 0 0 .
Danzig, 2.50c.

LIVERPOOL.—By cable from Liverpool wo have the fol­
lowing statement of the week’s sales, stocks, &c., at that port:

Oct. 3.
Sales of the w eek..........................
29,000
Of which speculators took------Of which exporters t o o k --------Sales, American________________
23,000
4,000
Actual export----------------------44,000
Forwarded---------------------------.
Total stock------------------------------- 789,000
Of which American__________ 672,000
572,000
61,000
Total Imports of the week--------51,000
33,000
Of which American__________
130.000
Amount afloat_________________ - 130,000
94.000
Of which American__________
94,000

OcL
OcL 10.
10. Oct.
Oct. 17.
Oct. 24
63,000 74,000
63,000
74,000 65,000
28,000
7,000
58,000
767,000
546,000
44,000
2 0 ,0 0 0

128,000
104,000

40,000
1 0 ,0 0 0

71,000
728,000
517,000
23,000

38.000
3,000
06.000
685.000
470.000

1 2 ,0 0 0

173,000
142,000

The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:

Oct . 25 1919.]
S a tu r d a y .

S p o t.
M a rk et,
1 2 :1 5
P. M .

(
1
1

M t d .U p l ’ ds

HOLIDAY.

S a l e s ______

M ond ay.

T u esd a y.

W ed n esd ay.

Good
demand.

Good
demand.

Good
demand.

T h u rsd a y.

Good
demand

F r id a y .

Good
demand.

22.02

22.26

22.63

22.79

22.68

14,000

10,000

10,000

18,000

10,000

Quiet
Steady
Steady
Steady
Irrogular
5@9 pts. 27@35 pts. 25 @31 pts. 14(a 19 pts. unch. to 6
advance. advance. advance. advance.
pts. dec.

F u tu res.
M ark et
/

opened \

M a rk et,
4
P. M .

THE CHRONICLE

f

Quiet unch. Very sto’dy Steady
to 8 pts. 46@53 pts. 26@42 pts.
decline.
advance. advance.

<
1

Quiet
Irregular
pts. to65pts.adv
decline.

18@ 21

The prices of futures at Liverpool for each day are given
below:
Oct. 18
to
Oct. 24.
October . . .
November . . . .
December__
January _____
February__ _
March
. .
April. _____ .
M ay........... .
June . . . . . .
July_________
August__ __ _

Sat.

Mon.

Tues.

Wed.

Thurs.

Fri.

12 Ml 12 M 12X 4 12X 4 12M 4 12 H 4 1214 4
p. m.|p. m. p. m. p. m. p. m. p. m. p. m. p. m. p. m. p. m. p. m. p. in.
d. 1 d.
HOLIDAY.

d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
22.12 21.94 22.36 22.45 22.73 22.86 22.89 22.05 22.78 23.:-0
22.04 21.87 22.27 22.40 22.68 22.82 22.85 22.64 22.67 23.05
21.90 21.74 22.14 22.26 22.54 22.67 22.69 22.47 22.44 22.; 2
21.65 21.48 21.88 21.99 22.26 22.36 22.38 22.15 22.12 22.41
21.42 21.26 21.60 21.76 22.02 22.11 22.12 21.92 21.85 22.11
21.20 21.05 21.44 21.55 21.78 21.88 21.86 21.69 21.60 21.78
21.05 20.88 21.26 21.37 21.60 21.67 21.66 21.49 21.40 21.57
20.87 20.71 21.09 21.19 21.40 21.47 21.46 21.29 21.19 21.36
20.72 20.56 20.93 21.03 21.23 21.30 21.27 21.12 20.99 21.15
20.57 20.41 20.77 20.S7 21.06 21.13 21.1C 20.95 20.81 20.94
20.27 20.lll20.47 20.57 20.76 20.83 20.80 20.65 20.46 20.59

BREADSTUFFS

1919.
Flour has been quiet and irregular. That is to say mills
have to all appearance maintained prices firmly enough.
But on the other hand resellers have it seems been offering
to sell at 50 to 75c. per bbl. under mill prices. Cash wheat
at the Northwest has been firm but with the possibility of
foreign wheat being admitted to American markets buyers
have not been inclined to purchase flour freely. In fact
many of them have been pretty well supplied. It is be­
lieved too that Europe will import wheat rather than flour
as far as possible.
Wheat visible supply increased last week 3,198,000 bushels
against 2,849,000 in the same week last year. This makes
the total 93,783,000 bushels against 107,343,000 a year ago.
Millers are again paying high premiums, especially in the
Southwest, for the better grades. Receipts there have de­
creased. The Australian Government has guaranteed the
growing wheat crop at five shillings a bushel. The world’s
wheat crop according to the International Institute of Agri­
culture shows a total this year of 3,392,000,000 bushels
against 3,527,000,000 last year and 3,706,000,000 the pre­
vious war average.
In the United Kingdom the weather has been good for
seeding. In France the soil is in good condition and sowing
is active. The wheat acreage may be increased consider­
ably. Many growers do not care to sell at the fixed Govern­
ment prices. In Germany the condition of all grain is good
and the yield satisfactory, especially of oats. In Italy
seeding is going on under favorable conditions. Reports
about the quality of the new wheat there, however, are con­
tradictory. In Rumania dry weather is delaying seeding.
Rumania has a large surplus of wheat and corn. In Russia
latest reports say that the crop matured under very favor­
able conditions in the southern region and that the harvest
is the best in fifty years.
Friday Night, Oct. 24

1631

appeared. Primary receipts at times have increased. The
subsidence of the dock strike here has had no great effect.
Rye has been depressed, with little export trade. On the
other kand, the visible supply decreased last week 381,000
bushels, though it is quite as true that a year ago the falling
off in the same week was 1,356,000 bushels. The present
total is 19,120,000 bushels, against 22,263,000 a year ago.
To-day prices advanced slightly. They are a trifle higher
for the week.
DAILY CLOSING PRICES OF OATS IN NEW Y O R K .
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
No. 1 white.............cts. 83
83
82
83
82 H
82 H
82
82-8214 82
82
No. 2 white--------------- .8 2 ^ -8 3 82 K-83
D A IL Y CLOSING PRICES OF OATS FUTURES IN CHICAGO.
_
Sat. Mon. Tues. Wed. Thurs.
Fri.
December delivery in elevator.cts. 71 % 71
*4 70
71 %
71
7134
7114
74'
73 % 74
M ay delivery in elevator---------------- 7414 7414
74^| 7314

The following are closing quotations:

FLOUR.
Spring patents____ $11 85@$12 50 Barley goods— Portage barley:
Winter straights, soft 10 00@ io 40
'
No. 1....... .................. . $ 7 00
Kansas straights---- 11
25@ 11 75
Nos. 2, 3 and 4, pearl. 6 00@6 25
Rye flour______nom . 7 25@
7 75
Nos. 2-0 and 3-0_____ 7 00@ 7 15
Corn goods, 100 lbs.—
Nos. 4-0 and 5-0_____
7 25
55@
3 65 Oats g o o d s— C a rloa d ,
White gran______ $3
Yellow gran______ 3 50 @ 3 60
spot delivery_________
8 50
C ornflour_________ 3 60@ 3 75
GRAIN.
Wheat—
Oats—
No. 2 red___
No. 1......... .
.*2 37 J4
8234
No. 1 spring.
. 2 4034
No. 2 white.
82
Corn—
No. 3 white.
8134
N o. 2 yellow.
1 53 H
N o. 3 yellow.
. 1 5334 Barley—
Rye—
Feeding____
138
N o. 2 _______
Malting____
143
, 1 5234

WEATHER BULLETIN FOR THE WEEK ENDING
OCT. 21.—The influences of weather on the crops as sum­
marized in the weather bulletin issued by the Department of
Agriculture for the week ending Oct. 21 were as follows:

COTTON.— Tho continued heavy rainy weather and insufficient sun­
shine were unfavorable for the development of late cotton west of the
Mississippi River, and the crop deteriorated during the week in nearly all
parts of that area. In addition, picking was either entirely suspended, or
progress was greatly retarded and considerable damage has been done to
open cotton by discoloration, with complaints of boils decaying and seed
sprouting in bolls in some sections. Practically no picking was accomplished
during the week in Texas, while this work was either suspended or made
only poor progress in Oklahoma. Arkansas and Mississippi. Picking made
good progress, however, in the eastern portion of the belt. Nearly all of
the cotton has been picked in Florida, Southern Alabama and in Georgia,
while harvest is well advanced in South Carolina. The rainfall in the ex­
treme northeastern portion of the belt was beneficial to cotton and the crop
made fair to very good advance in North Carolina, while some improve­
ment was noted in tho very late crop In South Carolina.
CO R N .— Husking was delayed by frequent showers in the central Mis­
souri and upper Ohio valleys and corn dried out slowly. Cribbing was be­
gun in Kansas and Missouri. Heavy rain caused some damage in Arkansas,
while late corn was greatly benefited by rain in Tennessee. Some mouldy
ears wero reported in New Jersey. Pracltcally all corn is safe from frost
damage.
W INTER G RAIN .— The soil is in excellent condition for germination
and growth of fall-seeded grains in practically all sections of the country
except in California and parts of the far Northwest. Late seeding was re­
tarded by too wet soil during the week, however, in parts of the Ohio Valley
in Te,nnessee, and the extreme southern Great Plains. Owing to the well
moistened soil in Montana, due to recent precipitation more winter wheat
is being sown in that State that was originally intended, and the rainfall in
the middle and South Atlantic coast districts was very beneficial in tho
seeding of winter grains. Winter wheat and rye are coming up to a good
stand generally except in a few sections, principally in the far Northwest,
where it continues too dry: the early sown grain is growing nicely. The
seeding of winter oats has been further delayed in western portion of belt
by rainy weather, but better progress was made in some eastern sections
as a result of improved soil conditions.
POTATOES.— The harvest of white potatoes continued under generally
favorable weather conditions: there was some damage by freezing weather
to this crop in Wyoming and Minnesota, g

. The statement of the movement of hreadstuffs to market
indicated below are prepared by us from figures collected by
tho New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:

D A IL Y CLOSING PRICES OF W HEAT IN NEW YORK.
F lo u r .
W h ea t.
R e c e i p t s a t—
C orn.
O a ts.
R ye.
B a r le y .
„
„ ,
Sat. Mon. Tues. Wed. Thurs. Fr.
No. 2 rod .................................cts.23734 23734 23734 23734 23734 2373
bbls.lQ C lbs. b u s h . 60 lb s. b u s h . 56 lb s. b u s h . 32 lb s . b u s h A S lb s . b tts h .5 6 lb s .
No. 1 spring....................
.24034 24034 24034 24034
240342403
252.000 1.934.000 1,247,000 2.19S.000
Chicago........
145.000
187.000
4.442.000
Minneapolis. .
69.000
603.000 342.000 237.000
Duluth_____
736.000
20,000
165.000 391.000
25.000
110.000
Milwaukee__
9 3 ,6 6 6
50,000
15.000 200.000
Toledo_____
169.000
17.000
88.000
Detroit_____
82,000
22.000
86,000
146.000 1.206.000
St. Louis___
333.000
4,000
524.000
21,000
69.000
Peoria__
78.000
491.000
155.000
7,000
Kansas City..
923.000
24,000
141.000
Omaha_____
799.000
213.000
214.000
77.000
Indianapolis..
264.000
211.000

Indian corn advanced some 3 cents per bushel early in th
woek but reacted later partly owing to a sharp decline in hogs
They have been at the lowest prices since March 1917
Husking moreover is active in Nebraska. There is n<
export demand. American prices are above the parity o
Argentina’s in European markets. The cash demand at th
West is slow. It is proposed to revive the permit systen
governing the movement of grain on Oct. 25th, whicl Total wk. ’ 19 492.000 10.556.000
4.225.000 922,000 827.000
would have a tendency to restrict the movement of corn ti Same wk. ’ 18 591.000 17.840.000 2.823.000
5.276.000 1.949.000 1,295,000
market. Moreover at one time the weather at the Wes Same wk. ’ 17 371.000 6,539,000 6.116.000
1,813,000 7.431.000 2.560.000 847.000
was unsettled. Dec. corn moved up to 127 }4c. on the 20tl Since Aug. 1—
inst. But it soon fell as already intimated. The visibl
1919.......... 5.257.000 188,815,000 35.888.000 68.234.000 21.790.000 10,294,000
1918......... 4.362.000 20G,490,000 56.787.000 96.236.000 16.227.000 8.928.000
supply however decreased last week 222,000 bushels agains
1917.......... 3.657.000 64,413,000 28.731.000 97.690.000 29.113.000 8.965.000
54,000 last year. That brings the total down to 1,427,001
bushels against 5,556,000 a year ago. On the other ham
Total receipts of flour and grain at the seaboard ports for
Argentine corn has been offered for forward shipment a the week ended Oct. 18 1919 follow:
$1 20 to $1 25. Some 16,000 bushels of domestic evei
sold early in tho week for shipment from Philadelphia to Glas
gow, but evidently for some special purpose. To-day price
advanced on threatening weather. They are higher fo Philadelphia..
New York__
150.000 1.044.000
11,000
415,000
46.000 189.000
95.000
371.000
the week.
9,000
20,000
55.000
4,000
Baltimore___
148.000
526.000
34.000
44.000
14.000 108.000
R e c e ip ts at—

F lo u r . ,

B a r r e ls .

D A IL Y CLOSING PRICES OF CORN IN NEW YORK.
•vr„ 0 .
Sat. Mon. Tues. Wed. Thurs. 1
No. 3 jollow ...............................c ts .15434 15534 15334 152
15334 15:
D A ILY CLOSING PRICES OF CORN FUTURES IN CHICAGO
_
,
.
,
Sat. Mon. Tues. Wed. Thurs. 1
December ddivory in e lo ^ to r-e ts- 1 2 6 3 4 12534 12334 12434 12434 1 2 <
M ay delivery in elevator................. 124J4 12334 12154 12234 12234 121

Oats have fluctuated within narrow limits and have lack
striking features. Prices receded slightly in sympathy wi
the decline in corn. Besides the export demand has d




New Orleans.*
124.000
Galveston___ • 36,000
Montreal___
83.000
61.000

W h ea t.

C orn .

O a ts .

B a r le y .

R ye.

B u s h e ls .

B u s h e ls .

B u s h e ls .

B u s h e ls .

B u s h e ls .

639.000
602.000
3.080.000
126,000

Total wk. ’ 19 727,000 6,388,000
Since Jan.1*19 30,045.000 189,022,000

40.000
5.000
5.000

62.000

46,000

1,000

55,000

115.000
726,000 188,000 361,000
9,833,000 61,214.000 54,889.000 26,156,000

Week 1918__
402,000 4,630,000
15,000 608.000
122,000 1.779.000
Since Jan.1’ 18 13.631,000 58,702.000 18,471,000 82,648,000 8,095,000 4,588,000
* R e c e ip ts d o n o t In clude grain passin g th r o u g h N e w O rle an s lo r foreign p o rts
on th r o u g h b ills o f la d in g .

THE CHRONICLE

1633

[V ol . 109.

The exports from the several seaboard ports for the week some degree the further unsettled labor conditions. It i3 ap­
ending Oct. 18 are shown iu the annexed statement:
parent that there is a general feeling of unrest throughout
the country and this has tended to make traders cautious
about future purchases. Even though there is a known
scarcity in many lines and a growing demand for goods at
top prices a glance at the newspaper headlines makes one
inclined to be conservative. And yet merchants are finding
it necessary to go on purchasing goods in order to retain their
place in the markets. Complaints are being heard on every
side about the high prices but the complaining voices are
The destination of these exports for the week and since drowned in the rush of activity that is dominating the mar­
ket. Sellers are still doubting the ability of buyers to dispose
July 1 1919 is as below:
of their purchases. Warnings are going out to customers
against too heavy accumulation while conditions are so con­
fused. The theory has been advanced that it would be wise
to lessen forward orders and, if necessary, accumulate spots
but the latter do not tend to accumulate normally and for­
wards become more pressing from several of tho best cus­
tomers. In the export division of the market there has been
an increasing demand for cotton goods and agents are finding
it difficult to obtain the merchandise wanted. Due to the
sold up condition at the mills few stocks are offered and job­
bers are taking all the goods they can get for domestic use.
The world’s shipments of wheat and corn for the week Inquiries appear to be far in excess of sales, and the shipping
ending Oct. 18 1919 and since July 1 1919 and 1918 are difficulties at present tend to maintain this condition. While
shown in the following:
the foreign demand for underwear has not been as great as
was expected by that branch of the trade, it is now believed
that a resumption of business on a larger scale than oyer is
imminent. Hosiery is still in good demand, but practically
all the merchandise wanted is silk and exporters are finding
it very difficult to obtain. Some houses that have formed
connections with Norway and Sweden are getting very good
inquiries and where they can secure goods from mills are
doing a prosperous business. Cuban inquiry has been light
recently, due to the conditions in sugar, but that market
has been a consistent purchaser. China has bought liberally
in the last few days and South America has beon buying more
satisfactorily than for three or four years.
DOMESTIC COTTON GOODS.—The market for staple
The quantity of wheat and com afloat for Europe on dates cottons has continued firm this week. Several lines aro par­
ticularly well sold to the end of the year and in some instances
mentioned was as follows:
under order for next April. Many jobbers who delayed
making commitments for spring are now finding it hard to
get goods when wanted. Full prices are being asked for
merchandise deliverable in the next two months and are
readily commanded. There is a broad call from concerns
that aro considered conservative in their general views. Tho
demand for prints and percales is exceeding the capacity of
the largest mills and many lines have been withdrawn from
sale. A quiet period is now being hoped for in order to give
manufacturers a chance to catch up in production. A short­
The visible supply of grain, comprising the stocks in ening of discounts on cotton duck by about a third has been
granary at principal points of accumulation at lake and announced. This was to be expected as good grades have been
offered below the cost of replacement for somo time and also
seaboard ports Oct. 18 1919 was as follows:
in view of the recent rise in raw cotton. Producers of duck
can now see their way clear to hold it until buyers are ready.
United States—
When tho normal demand is restored it is inevitable that
prices will rise rapidly in order to put the goods on a parity
with other cotton lines. Denims, tickings and bleached cot­
tons have been bought freely by several largo agencies.
Sheetings are generally well sold up and the limited output
of some factories is beginning to make an impression on the
market. The gray goods division has been active all week
with a firm tone prevailing. 38^-inch standards are listed
at 19 cents.
WOOLEN GOODS.—More activity has beon noted in tho
market for woolens and worsteds this week, as tho result of
cheering nows for the manufacturers. They havo heard that
there is a keen deinand for spring clothing from retailers and
this
counterbalances the talk of slackness in retail circles at
3io
the present time. Fine worsteds aro leaders in tho markot
but there is some doubt as to whether thoy will be able to
hold their own against a possible accumulation of woolens.
The popular demand is for worsteds, howover, and mills are
not anticipating any reduction of prices to gain ordors for
next fall. Sellers are counting on these goods and believe
that there is a good market in tho women’s wear fiold. In
this field staple serges have been an all-season cloth and
several producers have done away with seasonable open­
ings and sold their output two or three months ahead.
FOREIGN DRY GOODS.—Tho market for linens is mani­
festing a great deal of interest at present in tho prospective
sale of the British Aircraft linens. Merchants claim that
at no matter what price these linens leave first hands thoy
will bo distributed at nearly the Belfast prices becauso re­
tailers and dealers alike realize that they can secure good
prices and will have no motive for cutting prices. Importers
do not seem to be apprehensive of tho effoct the British goods
will have on this market. It is stated that Belfast’s regular
production has been distributed satisfactorily in England dur­
ing the last three months while tho aircraft linens were being
THE DRY GOODS TRADE
pushed by extensive advertising. If the consumer is to
New York, F,iday Night, Oct. 24 1919.
benefit it will be up to the distributors. Tho mar­
In spite of many unsettling labor conditions during the past reapforanyburlaps
has beon quieter but tho firm tono still rules.
week the market for dry goods has maintained its strong tone. ket
Light weights are quoted at 14.25 cents and hoavy weights at
A general quieting down at the close, however, reflectedjjo 18.25 cents.
W h ea t.

E x p o r ts f r o m —

N e w Y o r k ...................

P h i l a d e l p h i a ________
N e w O r le a n s ________

[

B u s h e ls .
3 8 1 ,3 4 0
1 6 2 .0 0 0
2 0 7 .0 0 0
6 0 3 .0 0 0
6 7 ,0 0 0
5 0 3 .0 0 0

C orn.

F lo u r .

B u s h e ls .

B a r r e ls .
6 ,5 0 1
4 3 .0 0 0
4 0 .0 0 0

2 3 ,0 0 0

3 1 ,0 0 0

110 ,00 0

T o t a l w e e k ______ 1 .2 9 3 ,3 4 0
W e e k 1 9 1 8 ..............
2 ,4 2 4 ,7 9 2

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

F lo u r .

E x p o rts f o r W eek
a n a S in c e
J u ly 1 to—

S in c e
J u ly 1
1918. •

B a r r e ls .
U n i t e d K i n g d o m . 1 5 0 ,3 7 1
C o n t i n e n t _________
4 9 ,1 3 0
1 1,0 00
S o . & C e n t. A m e r.

2 0 ,0 0 0

B a r r e ls .
3 ,2 7 9 ,1 7 5
2 ,7 4 0 ,0 8 0
2 8 3 ,9 5 6
3 7 5 ,1 2 0

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

5 6 ,3 9 3

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

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

B u s h e ls .
5 7 9 ,0 0 0
1 ,3 4 4 ,3 4 0

W eek
O c t. 1 8 ,

2 0 ,1 3 4

C orn.

W eek
O c t. 18
1919.

S in c e
J u ly 1
1918.

B u s h e ls .

B u s h e ls .
1 9 ,1 3 9 ,8 7 5
3 8 ,8 2 0 ,0 4 0
4 5 ,0 0 0
1 ,0 6 5

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

2 3 ,0 0 0

S in ce
J u ly 1
1918.

B u s h e ls .
4 9 8 ,7 0 8
1 9 1 ,0 0 0
1 4 ,6 7 3
4 0 3 ,7 7 9
3 ,1 3 9

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

2 3 ,0 0 0

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

1 ,1 1 1 ,2 9 9
2 .1 9 1 ,0 6 9

C orn .

1918.

S in c e
J u ly 1 .

P ea s.

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

W h ea t.

1919.

E x p o rts .

B a r le y .

W h ea t.

W eek
O ct. 18
1919.

W eek
O c t. 18
1919.

B r it .N o . A m .C o ls .
O th e r C o u n t r ie s ..

R ye.

O a ts .

B u s h e ls . B u sh els. B u sh els. B u sh els.
9 ,3 4 5
7 2 3 ,1 9 4 2 2 3 ,0 7 6
3 9 .0 0 0
3 0 ,0 0 0
1,000
3 ,0 0 0
2 3 1 ,0 0 0 5 2 .0 0 0
1 4 8 .0 0 0
9 ,6 0 0
2 0 3 .0 0 0
9 4 ,0 0 0
‘

S in ce
J u ly 1 .

1919.

1918.

W ee*
O ct. 1 8 .

S in ce
J u ly 1 .

S in ce
J u ly 1 .

N o rth A m e r.

B u s h e ls .
B u s h e ls .
4 , 4 7 3 , 0 0 0 1 2 0 .6 0 5 .0 0 0

B u s h e ls .
6 2 ,3 3 3 ,0 0 0

B u s h e ls .
2 4 ,0 0 0

B u s h e ls .
6 5 2 ,0 0 0

B u s h els .
4 ,9 7 6 ,0 0 0

A r g e n t i n a ___
A u s t r a l i a ___

4 .0 7 2 . 0 0 0
2 .5 2 8 .0 0 0

5 4 .9 7 7 .0 0 0
3 4 . 3 0 3 .0 0 0

3 ,4 6 6 ,0 0 0

4 0 .0 7 0 ,0 0 0

6 ,7 5 6 ,0 0 0

O t h . c o u n t r 'a

5 0 ,0 0 0

1 .3 *3 6 .6 6 6

49,9*12 ,66 6
1 1 .7 1 0 ,0 0 0
3 ,9 2 4 ,0 0 0
7 9 6 ,0 0 0

5 0 ,0 0 0

1 ,6 2 5 ,0 0 0

9 0 6 ,0 0 0

T o t a l ______ 1 1 ,1 2 3 ,0 0 0 2 1 1 , 2 2 1 ,0 0 0 1 2 8 ,6 7 5 ,0 0 0

3 ,5 4 0 ,0 0 0

4 2 ,3 4 7 ,0 0 0

1 2 ,6 3 8 ,0 0 0

C orn .

W h ea t.

U n ite d
K i n g d o m . * C o n t ln e n t .

T o t a l.

U n ite d
K i n g d o m . * C o n t in e n t .

T o ta l.

B u s h e ls .
B u s h e ls .
B u s h e ls .
1 8 1 9 1 9 . . 1 5 .5 6 8 .0 0 0 4 7 .8 0 0 .0 0 0 6 3 .3 6 8 .0 0 0
11 1 9 1 9 . . 1 7 .5 2 0 .0 0 0 5 2 .3 2 8 .0 0 0 6 9 .8 4 8 .0 0 0

B u s h e ls .
B u s h els .
B u s h e ls .
4 .0 8 8 .0 0 0 1 1 .7 6 0 .0 0 0 1 5 .8 4 8 .0 0 0
4 .5 2 3 .0 0 0 1 1 .5 7 8 .0 0 0 1 6 .1 0 0 .0 0 0

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

4 .2 0 0 .0 0 0 11 , 9 4 4 ,0 6 6 1 6 .1 4 4 .0 0 0
4 .7 4 4 .0 0 0 1 2 ,9 1 2 .0 0 0 1 7 .6 5 6 .0 0 0

O ct.
O ct.

♦ I n c lu d in g l o r “ O r d e r s ."

G R A IN ST O C K S.
C orn .
W h ea t.
O a ts .
bu sh .
b u sh .
b u sh .
1 2 ,0 0 0
2 9 2 ,0 0 0
N e w Y o r k __________________ . 6 ,4 2 1 ,0 0 0
8 5 ,0 0 0
. 1 ,3 5 8 ,0 0 0
2 0 ,0 0 0
1 7 6 ,0 0 0
. 2 ,7 6 3 ,0 0 0
P h i l a d e l p h i a ................... ..
4 7 5 ,0 0 0
3 9 ,0 0 0
B a l t i m o r e - . .......................... . . 4 , 1 7 1 ,0 0 0
4 3 2 ,0 0 0
5 4 ,0 0 0
N e w p o r t N e w s ................... . .
5 7 ,0 0 0
2 3 6 ,0 0 0
N e w O r le a n s _______________ . 5 ,2 3 3 ,0 0 0
3 ,2 6 3 ,0 0 0
5 5 ,0 0 0
B u f f a l o ____________________ . 1 5 , '2 2 0 ,0 0 0
1 ,8 4 2 '0 0 0
6 9 ,0 0 0
. 1 , 7 2 5 ,0 0 0
1 1 ,0 0 0
1 1 0 ,0 0 0
6 0 ,0 0 0
2 8 ,0 0 0
2 1 0 ,0 0 0
C h i c a g o ..................................... .1 8 ,2 3 9 ^ 0 0 0
7 2 6 ,0 0 0
6 ,9 4 1 [OOO
1 ,0 1 5 ,0 0 0
M i l w a u k e e ........... ................. . . 2 , 3 6 6 ,0 0 0
5 9 ,0 0 0
D u l u t h ..................................... . . 2 .4 S 6 .1 0 0
3 5 8 ,0 0 0
M i n n e a p o l i s _______________ . . 5 , 5 3 1 ,6 0 0
4 ,0 0 0
4 ,1 8 8 ,0 0 0
S t . L o u i s ___________________ . . 3 , 1 3 1 ,0 0 0
1 9 6 ,0 0 0
1 4 ,0 0 0
1 ,2 2 5 ,0 0 0
5 4 ,0 0 0
.1 5 ,0 7 6 ,0 0 0
3 7 4 ,0 0 0
7 6 ,0 0 0
7 000
295C 00
J n d i a n a p o l i s _______________ . .
101,000
4 5 7 ,0 0 0
O m a h a .................................. . . 5 , 5 5 5 ,0 0 0
7 8 8 ,0 0 0
1 5 7 ,0 0 0
2 8 0 ,0 0 0
175
O n C a n a l a n d R i v e r ___

R ye.
b u sh .
1 8 2 ,0 0 0
2 3 0 ,0 0 0
4 ,0 0 0
4 5 ,0 0 0
4 ,0 0 0

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

B a r le y .
b u sh .
2 4 7 ,0 0 0
1 4 ,0 0 0
2 3 ,0 0 0
1 ,0 0 0
4 1 ,0 0 0
8 7 4 ,0 0 0
8 3 ,0 0 0
5 1 4 ,0 0 0

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

6 ,0 0 0
9 5 ,0 0 0

4 ,0 9 0 ,0 0 0
T o t a l O c t . 18 1 9 1 9 _____ 9 3 , 7 8 3 ,0 0 0
1 ,4 2 7 ,0 0 0 1 9 ,1 2 0 ,0 0 0 1 5 ,7 2 9 ,0 0 0
4 ,2 1 4 ,0 0 0
T o t a l O c t . 11 1 9 1 9 _____ 9 0 , 5 8 5 ,0 0 0
1 ,6 4 9 ,0 0 0 1 9 ,5 0 1 ,0 0 0 1 5 ,9 8 7 ,0 0 0
3 .5 4 1 ,0 0 0
4 ,7 2 4 ,0 0 0
T o t a l O c t . 19 1 9 1 8 _____ 1 0 7 ,3 4 3 ,0 0 0
5 ,5 5 6 ,0 0 0 2 2 ,2 6 3 ,0 0 0
3 ,8 2 4 ,0 0 0
3 ,4 1 7 ,0 0 0
T o t a l O c t . 2 0 1 9 1 7 _____
1 ,6 2 6 ,0 0 0 1 6 ,2 0 4 ,0 0 0
9 ,7 1 2 ,0 0 0
JSlole.— B o n d e d g r a i n n o t I n c lu d e d a b o v e : O a t s , 2 ,0 0 0 b u s h e ls N e w Y o r k , 1 0 ,0 0 0
B o s t o n ; t o t a l , 1 2 ,0 0 0 b u s h e ls , a g a i n s t 3 ,0 0 0 b u s h e ls In 1 9 1 8 ; a n d b a i l e y . N e w Y o r k ,
3 0 , 0 0 0 b u s h e ls , D u l u t h , 2 5 , 0 0 0 b u s h e ls ; t o t a l , 5 5 ,0 0 0 , a g a i n s t 5 1 ,0 0 0 in 1 9 1 8 .
C a n a d ia n —
M o n t r e a l ................................... 5 , 7 5 2 ,0 0 0
F t . W i lli a m & P t . A r t h u r . 3 , 8 3 4 , 0 0 0
O t h e r C a n a d i a n ...................... 1 , 7 6 9 ,0 0 0
T o t a l O c t . 1 8 1 9 1 9 _____ 1 1 ,3 5 5 ,0 0 0
T o t a l O c t . 11 1 9 1 9 _____ 1 0 ,0 6 1 ,0 0 0
T o t a l O c t . 1 9 1 9 1 8 _____
9 , 6 9 5 ,0 0 0
T o t a l O o t . 2 0 1 9 1 7 _____ 1 4 , 5 7 2 ,0 0 0
S u m m ary—
A m e r i c a n ................................ 9 3 , 7 8 3 ,0 0 0
C a n a d i a n ................................ 1 1 ,3 5 5 ,0 0 0
T o t a lO c t .
T o t a lO c t .
T o t a lO c t .
T o ta l O ct.

1 8 1 9 1 9 ______ 1 0 5 , 1 3 8 ,0 0 0
11 1 9 1 9 ______ 1 0 0 ,6 4 6 ,0 0 0
19 1 9 1 8 ______ 1 1 7 ,0 3 8 ,0 0 0
2 0 1 9 1 7 ______ 2 4 , 2 8 4 ,0 0 0




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

5 7 3 ,0 0 0
2 ,0 5 5 ,0 0 0
4 0 2 ,0 0 0

2 ,0 0 0
2 ,0 0 0
1 1 5 ,0 0 0
2 9 ,0 0 0

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

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

1 ,9 5 3 ,0 0 0
1 ,6 0 5 ,0 0 0
1 8 2 ,0 0 fl
3 2 3 , OOo

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

1 5 ,7 2 9 ,0 0 0
2 1 1 ,0 0 0

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

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

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

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

2 1 1 ,0 0 0
...............
..............

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

THE CHRONICLE

O ct . 25 1919.]

jitatc atul ©itg
N E W S

IT E M S .

New Loan.— W e refer this week
in our “ Current News and Events” Department to the new
$250,000,000 United Kingdom of Great Britain and Ireland
5 H % loan, which will be floated in this country through a
syndicate headed by J. P. Morgan & C o. The new securities
are in two classes, i.e ., 3-year 5U>% convertible notes dated
N o v . 1 1919, due N o v . i 1922, at 98 and interest to yield
about 6 .2 5 % , and 10-year 5 H % convertible bonds dated
N o v . 1 1919, due Aug. 1 1929 at 9 6 ^ and interest, to yield
about 6 % . Both issues are convertible at par and interest
at any time into National W ar 5 % bonds (Internal Sterling
Loan payable at maturity at 105), due Feb. 1 1929, the rate
of exchange to be computed at $4 30 to the pound sterling.
B r it is h

G o v e r n m e n t .—

H a w a ii ( T e r r it o r y o f ) . — Bond Sale.—On Oct. 20 the
$1,500,000 4 Vi% 20-30-year (opt.) gold tax-free coupon
(with privilege of registration) public improvement bonds,
1919, dated Sept. 15 1919 (V. 109, p. 1290) were awarded
to the National City Co. and Redmond & Co., jointly, at
102.814, a basis of 4.28%. Other bidders were:
Corn Exchange Bank______ '
First National Bank_______ ] 102.837
Livingston & C o___________,
Stacy & Braun____________
Equitable Trust C o_______
White, Weld & C o............... 101.51
W m. R. Compton C o_____
Folsom & Adams_________ ,
Lee, Higginson & C o______ '
Guaranty Trust C o_______ 101.38
Cont. & Comm. Tr. & S. Bk
Bank o f Honolulu_________ .

E. H. Rollins & Sons______ )
Harris Trust & Sav. B an k.. [101.08
Bankers Trust C o-------------- j
Wm. Salomon & C o________ 101.021
Fifth-Third National Bank.
Kissel, Kinnicutt & C o____ 99.18
Fletcher-Amer. Nat. Bank.
„
Otis & C o_________________
R. W. I’ ressprich & C o___ \ 98.077
A. B. Leach & C o-------------- 1

N e w M e x ic o . — Constitution Am ended. —At an election
held Sept. 10 the proposed Constitutional amendment passed
by the 1919 Legislature, allowing soldiers, sailors and marines
to vote when away from home, was carried by a vote of 6,742
“for” to 5,069 “against.”
•
The other two proposals placed before the voters were
defeated. The vote for the creation of a State Board of
Control was 927 “for” to 10,702 “against.” The road bond
amendment met with no better success, the vote being
1,731 “for” to 9,907 “against.”
W is c o n s i n .— Friendly Suit to Test Soldiers' Bonus BiU .—

A friendly suit was instituted in the State Supreme Court
on Oct. 15 to test the validity of the soldiers’ bonus Act
and the Nye educational bill. The suit, according to the
Milwaukee “Sentinel,” relates to the proposed payment of
about $25,000,000 to over 120,000 former service men in
the State.
.
The Supreme Court has set a hearing on the action for
Nov. 8 in order that the question may be settled at the earliest
possible moment.
Governor Philipp has requested H. L. Butler of Madison
to appear against the law, while Attorney-General Blaine
will defend it. The suit is a double action, one part being
directed against the bonus bill approved at the referendum
on Sept. 2, and involving $15,000,000, and the other against
the Nye bill passed at the special session of the Legislature
Sept. *5 and involving $10,000,000. Governor Philipp, fol­
lowing the filing of the suit, said:

The question of the constitutionality of the two statutes raises serious
problems for the State’s offices. The amount of money involved is large—
in fact, it runs into millions. Able lawyers in Madison and Milwaukee
havo raised sufficient doubt on the question of the constitutionality of these
statutes to compel a court review in order to settle permanently all ques­
tions about the validity of the laws.
The action is, of course, friendly so far as the State is concerned, and I
hope that neither the soldiers nor the young people who have taken ad­
vantage of the educational feature will feel in the least alarmed. The
people must, however, understand that State officers cannot arford to
take the enormous responsibility that rests upon them for the collection
and payment of these large sums of money without the assurance that the
authority under which they do it cannot be challenged.

BOND

PRO PO SA LS

AND

this week have been as follows:

N E G O T IA T IO N S

ADA COUNTY (P. O. Boise), Id a h o.— BOND OFFERING.— Proposals
will be received until 10 a. m. Nov. 8 by Stephen Utter, County Auditor,
for the $ 1 ,0 0 0 ,0 0 0 coupon road and bridge bonds at not exceeing 5 %
interest authorized by a vote of 5,134 to 621 at the election held Aug. 30
— V. 109, p. 1096. Donom. $1,000. Date Sept. I 1919. Prin. and
scml-ann. int. (J. & J.) payable at the office of the County Treasurer or
the Chaso National Bank. N. Y . at option of holder. Due 10% in 10
years from date of issue and 1 0 % annually thereafter subject to call any
part of bonds after 10 years from date. Cert, check on any national bank
for 3% of the issue, required. Official circular states that tho principal
and interest of all former bonds havo always been paid promptly when
duo, and that no litigation is pending or threatened concerning this issue
of bonds or any proceedings leading thereto. Tho purchaser will bo furn­
ished with an approving opinion of Wood & Oakley of Chicago. Total
bonded debt (excluding this issuo) $428,423. Sinking fund $78,651.
Assessed valuo (abt. 40% act.) $37,821,515.
ALTA LOMA SCHOOL DISTRICT, San Bernardino C oun ty, Calif.
— BOND SALE.— On Oct. 13 the $25,000 6 % school bonds (V. 109, p. 1382)
were awarded to the California National Bank of Sacramento at 111.9696
and interest. Other bidders were:
...$ 27,8 95 00
Lumbermens Trust C o., Portland______________
McDonnell & C o., San Francisco_____________________________ 27,793 00
William R. Staats C o., Los Angeles__________________ ______ 27,538 00
Blyth, Witter & C o., Los Angeles....................... .
__ 27,415 00
National City Co., New York........................................................ 27,342 00
R. II. Moulton & C o., Los Angeles............................................... 27,112 00
Shlnglo-Brown C o., San Francisco................................................... 26,936 00
Security Trust & Savings Bank, Los A n geles..________________ 26,935 00
Frank & Lewis, Los Angeles__________________________________ 26,875 00
Citizens National Bank, Los Angelos________ _____ _____ _____ 26.265 80
Torrance, Marshall & C o., Los Angeles........................................... 26,255 00
Aronson & C o________________________________________________ 25.500 00




1623

ALBANY, D ougherty C oun ty, G a.— BOND OFFERING.— Proposals
will be received until 12 m. Nov. 11 by the City Clerk for $81,000 5%
tax-free coupon and registered paving bonds. Denora. $1,000. Date
Jan. 1 1920. Int. J. & J., payable at the Mechanics & Metals National
Bank, New York. Due $3,000 yearly for 27 years. Certified check for
$1,000, payable to the “ City of Albany,” required. Bonded debt, exclud­
ing this issue, $401,500. Floating debt (additional), $35,756. Sinking
fund. $64,839. Assessed value 1918, S7,131,972.
ANALY SCHOOL D IST R IC T , Sonom a C ou n ty , C alif.— BONDSALE.— On Oct. 14 McDonnell & Co., of San Francisco, were awarded
$35,000 5% bonds, it is stated, for $35,458, equal to 101.308.
ANTWERP, P aulding C ou n ty, O h io.— BOND SALE.— On Oct. 14
the $4,500 5 % 7-yr. street refunding bonds, dated April 1 1919— V. 109,
p. 1198— were awarded to W. L. Slayton & Co. of Toledo, at par and int.
ARCADIA, Los Angeles C oun ty, Calif.— BIDS.— The following
bankers also submitted bids for the $150,000 514 Vo 1-10 year water bonds
recently awarded to Blankenhorn-Hunter-Dulm Co., and the Lumbermen’s
Trust Co., both of Los Angeles, jointly, for $157,510 equal to 105.006.
National City C o--------------- $156,.'>101Torrance, Marshall & Co.--$153,880
Bank of Italy______________ 154,328 R . H. Moulton & C o.
152,715.
Aronson & C o-------------------- 154,2251State Board of Control
150,015
ASCENSION PARISH SCHOOL D ISTR IC T NO. 4 (P. O. D on aldville), La.— BOND SALE.— The $35,000 5% 1-20-year serial school bonds,
dated July 1 1919, offered on Sept. 30 (V. 109, p. 999), were awarded on
that day to the Whitney-Central Trust & Savings Bank of New Orleans at
97.25 and blank bonds.
ASHTABULA, A shtabula C ou n ty, O h io.— BOND OFFERING.— It isreported that M . A. Taylor, City Auditor, will receive proposals until 12 m.
N ov. 10 for $100,000 5% 9 1-16 yr. (aver.) electric light bonds. Int. semi—
ann. Cert. check for 5 % required.
ASHTON, Fremont C oun ty, Ida.— BOND SALE.—-Issues of $50,000'
water and $50,000 sewer 6%, 10-20 year (opt.) ponds have been sold to
Ferris & Hardgrove of Spokane at 99.875. Assessed valuation $600,000.
Total debt (with this issue) $122,000. Population, 1,200.
AUGLAIZE COUNTY (P. O. W apakaneta), O hio.— BO.YD SALE.—
The remaining 2 issues of 5% 1-5 yr. serial road impt. bonds, dated Aug. 1
1919, which were not sold on July 26— V. 109, p. 600— have been purchased
by the County Sinking Fund Trustees.
AVON LAKE, Lorain C ounty, O hio.— BOND SALE.— On Sept. 18’
tho $7,500 5 4 % 1-4-year serial street-improvement bonds, dated July i
1919 (V. 109, P- 999), were awarded to the Central Bank Co. of Lorain a t
par.
BAKER, Baker C oun ty, Ore.— BOND OFFERING.— J. R. Smurthwaite, City Clerk, will receive bids until 12 m. Nov. 10, for $135,000.
natatorium and park impt. and $20,000 street equipment 5% 10-20 yeai
(opt.) bonds. Denom. not less than $500. Date Dec. 1 1919. Prirr..
and semi-ann. Int. payable at the Fiscal Agency of the State of Oregon,,
in New York City, N. Y ., or at the office of the Mayor. Cert, check for'
5% of the total amount bid, required.
BARROW COUNTY (P. O. W in der), G a.— BOND SALE — On Oct. 20'
the $100,000 public road and $100,000 court house 5% 11-30 year serial!
coupon bonds, dated Aug. 1 1919— V. 109, p. 1479— were awarded, it isstated, to the North Georgia Trust & Banicing C o., of Winder, at 104.125..
BATAVIA, Clerm ont C ou n ty, O h io.— BOND OFFERING.— Chas. L.
Slade, Village Clerk, will receive proposals until 12 m. Nov. 8 for S1.950'
5 4 % refunding bonds. Auth., Sec. 3916, Gen. Code. Denom. $325.
Date, day of sale. Interest semi-annual. Payable one bond in 21, 22, 23,
24. 25 and 26 years from date. Certified check for 10% of amount of bonds
bid for, payable to the Village Treasurer, required. Bonds to be delivered
and paid for within ten days from date of award. Purchaser to pay accrued
interest, and furnish, at his own expense, the necessary blank bonds.
BAY VILLAGE SCHOOL DISTRICT, Ark.— BOND SALE.— M . W .
Elkins, of Little Rock, has been awarded $30,000 5 4 % school-house bonds
at par. Denom. $500. Date Sept. 1 1919. Int. M . & S. Due yearly
from 1923 to 1944, inclusive.
BEAVER FALLS, Beaver C ou n ty, Pa.— BOND OFFERING.— Chas.
Ruhe, Borough Secretary, will receive bids until S p. m. Nov. 5 for $110,000i
4 4 % tax-free sewer and street impt. bonds. Denom. $1,000. Date Nov. 1
1919. Int. semi-ann. Due yearly on Nov. 1 as follows: &7.000. 1924 to1938, JbcL: and $5,000, 1939. Cert, check for $1,000, payable to the
Borough Treasurer, required.
BEDFORD, Cuyahoga C ou n ty, O h io.— BOND OFFERING.-—J. O.
Cross, Village Clerk, will receive proposals until 8 p. m. N ov. 20 for thefollowing 514 Vo coupon special assessment street-impt. bonds:
$6,688 25 bonds. Denom. 1 for $688 25 and 12 for $500. Due yearly on
Nov. 1 as follows: $1,188 1921, $500 1922 and 1923, $1,000 1924,.
$500 1925 and 1926, $1,000 1927, $500 1928, 1929 and 1930.
1,171 87 bonds. Denom. 1 for $171 87 and 2 for $500- Due on N ov. 1
as follows: $171 87 1922, $500 1926 and 1930.
1.636 90 bonds. Denom. 1 for $136 90 and 3 for $500. Due on N ov. li
as follows: $136 90 1921, $500 1924, 1927 and 1930.
Auth. Sec. 3812 and 3914, Gen. Code. Date Nov. 1 1919. Int. M . & N .
Certified check for 1% of amount of bonds bid for, payable to the VillageTreasurer, required. Bonds to be delivered and paid for within 10 days
from date of award. Purchaser to pay accrued interest.
BEVERLEY, Essex C ou n ty, Mass.— BOND SALE.— On Oct. 22 the
$80,000 4 4 % 1-16 yr. serial coupon tax-free building bonds, dated Sept. L
1919— V'. 109. p. 1541— were awarded to Coffin & Burr, of Boston, at 101.­
591. Denom. $1,000. Int. M . & S.
BEXLEY, Franklin C ou n ty, O h io.— BO.YD OFFERING.— Lewis S.
Higgins, Village Clerk, will receive proposals until 12 m. N ov. 10 for S45.000'
5 4 % sewer bonds. Auth. Sec. 3939-3947 Gen. Code. Denom. $1,000.
Date Oct. 1 1919. Int. A. & O. Due Oct. 1 1940. Cert, check for 5% of?
amount of bonds bid for, payable to the Village Treasurer, required.
BIG SPRING, Howard C oun ty, Tex.— WARRANT SALE.— Recently
J. L. Arlitt of Austin purchased $5,000 6% 1-10-year serial street-im­
provement warrants.
BISON, Rush C ou n ty, Kans.— BOND SALE.— The $9,000 5% 10year electric light bonds offered on Oct. 21— V. 109, p. 1541— have been
sold to Guarantee Title & Trust C o., of Wichita, for $9,010, equal to.
100.11. Denom. $1,000. Date N ov. 1 1919. Int. semi-ann. Due
$1,000 yearly for 10 years.
BOLLINGER COUNTY (P. O. Marble H ill), Mo.— BONDS VOTED.—
Reports state that on Oct. 7 the voters adopted a $350,000 bond issue by a
vote of 1,768 to 285, a majority of more than 6 to 1.
BOONE COUNTY (P. O. L eban on ), In d .— BONDS AW ARDED I N
PART.— Of the 2 issues of 4 4 % 2-11 year serial road bonds, dated Oct. T
1919, aggregating $24,300, offered on Oct. 22— V. 109, p. 1541— the $13,­
400 issue was awarded to the Fletcher Savings & Trust C o., of Indian­
apolis, at par and interest.
BOONE COUNTY (P. O. M adison), W. V a.— BONDS VOTED.— The“ Wheeling News” in its issue of Oct. 12 states that at a recent election,
held in Sheridan District a $200,000 bond issue passed.
BRYAN, Williams C ou n ty, O h io.— BOA'D OFFERING.— 3. A. Neill,
Village Clerk, will receive bids until 12 m. Nov. 3 for the $1,600 5 4 %
coupon fire department bonds (V. 109, p. 797). Denom. $400. Date
Sept. 1 1919- Int. M . & S. Due $400 yearly on Sept. 1 from 1922 to.
1925, inclusive. Certified check for 5% of amount of bonds bid for, pay­
able to the Village Treasurer, required. Bonds to be delivered and paid
for within ten days from date of award.
BURLESON COUNTY (P. O. Caldw ell), T ex.— BONDS DEFEATED.
— At the election held Oct. IS— V. 109, p. 1000— $1,000,000 road bonds
were voted down.
BURLEY H IGH W AY D ISTR IC T (P. O. B urley), Cassia C ou n ty,
Ida.— BOND SALE.— An issue of $300,000 154-vear aver, highway bonds
has been sold to Bolger. Mosser, Wlllaman of Chicago on a 5.33% basis for
$50,000 5s. $100,000 5 4 s and $150,000 5 4 s . Dated N ov. 1 1919. Onetenth due annually after the tenth year.
BURLEY, Cassia C oun ty, Id a h o.— BONDS DEFEATED.— At a recent
election the $325,000 water bonds mentioned in V. 109, p. 147 were defeated.
CALHOUN, G ordon C ou n ty, G a.— BOND SALE.— Three issues of
5% bonds, aggregating $35,000, have been sold, we are advised.

1624

THE CHRONICLE

CALISTOGA, Napa C oun ty, Calif.— BOND SALE.— An issue of
' '
$12,000
5% .....................
bridge-building bonds has been sold at 103.125. Denora.
$1,000. Interest M . & S.
CANTON, Stark C oun ty, O hio.— BOND OFFERING.— Samuel E.
Barr, City Auditor, will receive proposals until 12.30 p. m. Oct. 27 for the
following 54$% coupon bonds:
$20,000 1-10-year serial fire station erection bonds. Date Sept. 1 1910.
00,000 1-20-year serial storm water sewer bonds. Date Sept. 1 19IS.
Denom. $1,000. Prin. and semi-ann. fnt., payable at the City Treas­
urer's office. Cert, check on a solvent bank located in Canton for 5% 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 and print at his own expense the necessary blank
bonds, which will be furnished by the city.
CARRYALL TOW NSHIP (P. O. A ntw erp), Paulding C oun ty, Ohio.
— BONDS NOT SOLD.— No sale was made of the $3,500 5% 4-10-year
serial road-improvement bonds offered on Oct. 18.— V. 109, p. 1383.
CARTHERV1LLE, Jasper C ouh ty, Mo.— BOND SALE.— An issue of
$30,000 54$% 10-20-year (opt.) street-impt. bonds ha« vfe n sold to tho
William it. Compton C o., of St. Louis at 101. Denom 81,000. Date
Sept. 15 1919. Int. M . & S. Due Sept. 15 1939, optional Sept. 15 1929.
CASS COUNTY (P. O. Logansport), Ind .— BOND OFFERING.—
U. S. Hoffman, County Treasurer, will receive proposals until 10 a. m.
Oct. 31 for the following 4 H>% road bonds: $4,000 A. M . Walker Road,
$780 Chas. II. Wolf Road, $11,800 Conn-Insley Road, $3,700 .!. W. Bevington Road and $8,500 Geo. L. Beecher Road. Date Aug. 15 1919. Int.
M . & N.
CASS COUNTY (P. O. P lattsm ou th ), Neb.— BOND ELECTION.— An
.election will be held Nov. 4, when the issuance o f 3-5-year (opt.) coupon
bridge bonds not to exceed $100,000 will be voted upon. The bonds will
bear interest at a rate not exceeding 6% . Int. annual. Geo. R. Sayles
is County Clerk.
CHARLESTON COUNTY (P. O. F olk ston ), G a.— DESCRIPTION CF
BONDS.— The $50,000 5% road bonds awarded on Sept. 1 to the Citizens
Bank and Wm. Mizell, jointly, at par— V. 109, p. 1097— are in denom. of
$1,000 and are dated Dec. 31 1919. Int. J. & D. Due Dec. 31 1939.
CHATTANOOGA, T e n n .— BOND SALE.— John Nuveen & Co., of
Chicago, offering 100.11— a basis of 4.98% — were awarded the $35,000
bonds, due Oct. 1 1928, and the $75,000 bonds, due Oct. 1 1929, dated
,Oct. 1 1919, offered on Oct. 21 (V. 109, p. 1541).
CHELAN COUNTY SCHOOL DISTR IC T NO. 56, W ash.— BOND
SALE.— On July 20 an issue of $45,000 5% 1-20-year (opt.) school-building
bonds was awarded to the State of Washington at par. Denom. $1,000.
Date Oct. 1 1919. Interest annual.
CINCINNATI, O h io.— BOND ELECTION.— On Sept. 23 the City
Council passed several resolutions providing for the submission to tho voters
on Nov. 4 o f propositions to issue the following street impt. bonds: $28,400
West Sixth St., $601,000 Liston Ave., $107,000 Reading Rd., $86,500 Hill­
side Ave., and $240,000 Liston Ave.
CINCINNATI SCHOOL D ISTRICT (P. O. C in cin n ati), Hamilton
C ou n ty, O hio.— BOND SALE.— The $500,000 4 4$% 20-40-year (ept.)
school bonds offered without success on Fob. 24 last— V. 108, P- 896— have
been disposed of at par, $440,000 going to tho State Industrial Commission
of Ohio and the remaining $60,000 to tho City Sinking Fund Commission.
^ C L A K k^B U R G , H arrison C ou n ty, W. Va.— BONDS OFFERED BY
BANKERS.— Harris, Forbes & Co., National City Co., and Redmond &
C o., all o f N. Y. are offering to investors at a price to yield 4.85% interest
the $900,000 5% gold coupon street, water-works and fire dept, bonds
recently voted— V. 109, p. 395. Denom. $1,000. Date Oct. 1 1919.
Prin. and semi-ann. int. (A. & O.) payable at the National City Bank, N. Y .
or at the City Treasurer’s office. Due yearly from 1920 to 1953, incl.
fe .CLINTON, C linton C ou n ty , Okla.— BOND ELECTION.— An election
will be held Oct. 30, it is reported, to vote $350,000 bonds.
r r t ^ K R A N , B leckley C oun ty, Ga .— BONDS VOTED.— On Oct. 4 the
following 54$% bonds were authorized by a vote of 133 to 9:
$30,000 sewer bonds. Due 1950.
k 15,000 water bonds. Due 1949.
, 12,500 paving bonds. Due 1944.
COHASSET, N orfolk C ou n ty, Mass.— BOND SALE.— On Oct. 16, it is
reported, the $10,047 43 1-4-year serial tuberculosis hospital bonds, dated
N ov. 10 1919 (V. 109, p. 1383), were awarded to C. D. Parker & C o., of
Boston, for 4.50s.
r COMMON PARISH ROAD D ISTR IC T NO. 1, La.— BOND OFFERIN G .-—Proposals will bo received until Dec. 1 by Gale & Porter, 1 arish
...............
Attorneys (P. O. Lake Charles) for $27,000 bonds. _ _
CONTINENTAL SCHOOL DISTR IC T (P. O. C on tin en ta l), Putnam
C ou n ty, O h io.—'BOND OFFERING.— J. II. Young. Clerk Board of Educa­
tion, will receive proposals until 12 m. Oct. 27 for $7,000 6% coupon refund­
ing bonds. Denom. $1,000. Date Oct. 10 1919. Int. semi-ann. Duo
$1,000 yearly on Oct. 10 from 1929 to 1935, inch Cert, check on a local
bank for 5% of amount of bonds bid for, payable to tho District Treasurer
required. Purchaser to furnish blank bonds.
COOS COUNTY SCHOOL D IST R IC T NO. 9 (P. O. M arshfield),
Ore.— BOND OFFERING.— Proposals will bo received until 4:39 p. m.
Oct 25 by Ellen B. Rudnas, District Clerk, for $8,000 544 % school bonds.
Denom. $400. Date N ov. 1 1919. Principal and semi-annual hiterest
(M . & N .), payable at the fiscal agency of the State fo Oregon in New Yr
City. Duo $400 yearly from 1920 to 1939, inclusive. Certified check for
5% of tho amount o f bonds bid for, required. The approving legal opinion
of Teal, Minor & Winfrec, of Portland, will be furnished the purchaser.
T T T 7 F r A Y , Lehigh C oun ty, Pa .— BOND ELECTION.— On N ov. 4 tho
electors will vote on the question of issuing $30,000 street bonds.
C O W LIT Z COUNTY DIKIN G IMPROVEMENT D IS T R IC T NO. 9,
W ash.— NO BIDS RECEIVED.— No bids were received for the $125,999
bonds offered on Oct. 7 (V. 109, p. 1384).
.
C O W LITZ COUNTY DIKIN G IMPROVEMENT D IS T R IC T NO. 11,
W ash.— BOND SALE.— On Oct. 7 tho $118,535 7% improvement bonds
(V. 109, P- 1384), were awarded to the Lumbermens Trust C o., ai
Denoms. $100 and $500.
CRAIGHEAD COUNTY DRAINAGE DISTR IC T NO. 16, Ark.—
BONDS OFFERED B Y BANKERS.— The Mercantile Trust C o., of at. Couis
is offering to investors $130,000 5 4$% coupon bonds. Denom. $1,900.
Date July 1 1919. Principal and semi-annual interest (F. & A .), payable
at the above trust company. Due yearly on Aug. 1 as follows. $4,0991 1 0 2 5
to 1927 inclusive; $5,000 1928 to 1931 inclusive; W .0 0 0 1932 to 1935 inclus­
ive; $7,000 1936 to 1938 inclusive; $8,000 1939 and 1940; $9,000 1941 to
1943 inclusive, and $10,000 1944.
. ,
p. CU R R Y COUNTY SCHOOL D ISTR IC T (P. O. Clovis)., N. Mex.—
BOND SALE.— An issue of $22,000 6% 10-30-year (opt.) school bonus
has been sold to Sweet, Causey, Foster & C o., Denver.
► DAVENPORT, S cott C ou n ty , Iow a.— BOND OFFERING— Reports
state that bids wifi be received until N ov. 1 for $400,000 4M % impt. bonds.
Denom. $1,000.
DAVIESS COUNTY (P. O. W ashin gton ), Ind.— BOND OFFERING.—
Jacob G. Clark, County Auditor, will receive proposals until 2 p .m . isov. to
for the $30,000 5% bridge bonds mentioned in V. 109, p. 1097.. Denom.
$500. Date N ov. 15 1919. Int. M . & N. Duo $1,500 each six months
from M ay 15 1921 to Nov. 15 1930, incl.
DEARBORN COUNTY (P. O. Law renceburg). Ind.— BOND SALE.
On Oct. 20 the $10,500 44$% 1-10 year serial road bonds, dated Sept. 1
1 9 1 9 — v . 109, P- 1541— were awarded to the Dillsboro State and tno
Dillsboro National Banks, for $10,564.32 (100.612) and interest.
DECATUR COUNTY (P. O. G reensburg), Ind.— BOND OFFERING.
__Ozro J. Butler, Co. Treasurer, will receive proposals until 2 p. m. Oct. 59
for the following 44$ % road bonds:
So 835 bonds, dated July 15 1919. Denom. $291.75. Due $291-75 each
V
six months beginning May 15 1920.
____
, .
7 300 bonds, dated July 15 1919. Denom. $730. Due $730 each six
’
months beginning M ay 15 1920.
,
8 650 bonds, dated July 15 1919.
Denom. $865. Due $865 each six
’
months beginning M ay 15 1920.
___
.
3 700 bonds, dated Aug. 15 1919. Denom. $370. Due $370 each six
months beginning M ay 15 1920.
J
. ,
Int. M . & N . Cert, check for 3% of amount of bonds bid for, required.




[V ol . 109.

DEFIANCE COUNTY (P. O. D efiance), O h io.— BOND OFFERING.—
C. A. Decker, County Auditor, Will receive proposals until 12 m. Oct. 30
for $35,880 5% ditch bonds. Denom. $500 and 8330. Date Oct. 1 1919.
Int. semi-ann. Due each six months as follows: $3,330 Oct. 1 1920,
$3,500 April 1 1921 to Oct. 1 1924, $4,000 April 1 1925. Certified check for
$1,000, payable to County Auditor, required. Bonds to be delivered and
paid for at County Treasury. Purchaser to pay accrued interest.
DELAWARE (Slate o f).— BOND OFFERING.— According to newspaper
reports, State Treasurer Geo. M . Fisher, w.ll receive proposals until 1 p. in.
Nov. 6 for $590,000 4 4$ % 1-39 yr. (opt.) road bonds. Int. semi-ann. Cert,
check for 5% required.
DENT TOWNSHIP, O kla.— BOND ELECTION PROPOSED.— Wo are
nform _‘il that an issuj of 350,000 ro .d bonds it to be voted upon in Nov.
DES MOINES, Polk C oun ty, Iow a.— BOND OFFERING.— Emmett C.
Powers, City Treasurer, w.ll sell at public auction at 2 p. m. Oct. 27.
$i ,025,000 5% public-serv.ce special bonds. Denom. $1,000. Date
Oct. 1 1919. Int. J. & D., payable at the office of the City Treasurer.
Due yearly on June 1 as follows: .$10,000 1929 and 1930, $15,000 1931 and
1932, $20,000 1933 to 1938, inch, $25,000 1939 to 1958, inch, $30,000 1959
to 1968, incl., and $55,000 1969. Certified check for $25,000 required.
Taxable valuation 1919, $37,581,765. Monies and credits, $27,937,395.
jTotal bonded debt (excluding this issue),