The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
!SECTIONS—SECTION
T-W
ONE
INCLUDING
Bank Cz Quotation Section
Railway & Industrial Section
Electric
Rallvrcy Ecrnir/p Section
Bankers* Convention Section
State and
(v/
OANACOMPAH*
BV WILLIAM 8
NEW rORK
Issued Weekly
$10.00 Per Year
VOL. 111.
tHTtRto «s SICONO
NEW
CLASS Hunt* JU«e <5,
Railway Sectio©
»87». «r fMt 1^)81 ORFIcekV BrWTOBK, NEW rOBA. UKOER
YORK, OCTOBER 30, 1920.
City Secrio©
*OT or M*ROM»e
W"'l38 FrontSt^Nf.'YCi'ty!*"'
NO. 2888.
^financial
financial
Jftnanttal
CHARTERED 1122
HARVEY FISK & SONS
The liberty National Bank
THE FARMERS'LOAN & TRUST
32 Nassau St.
COMPANY
NEW YORK
of JfewYark
;
CAPITAL.
UNITED STATES BONDS
YORK
NEW YORK CITY BONDS
AND OTHER CHOICE
CARE
OF
Correspondents in all countries
Special facilities in Scandinavia
INVESTMENT SECURITIES
ESTATES
OF
MANAGEMENT
$5,000,000.00
UNDIVIDED PROFITS.$1,500,000.00
16, 18, 20 and 22 William Street
475 Fifth Avenue, at 41st Street
NEW
$5,000,000.00
SURPLUS.
SECURITIES
Harris Forbes & Co.
BANKING
DOMESTIC AND FOREIGN
The New York Trust
OF
COMMERCIAL
10 Drapers
Gardens, London, E. C.
HARRIS,
CREDIT
•any
FORBES &. CO., Inc.
BOSTON
LETTERS
HARRIS
CHIC
Act
deal
Member Federal Reserve System
•
House
Clearing
List
on
munici¬
INVESTMENT
Application
Cable Address SABA,
Profits,
$14,000,000
Established 1874.
Government,
FOR
BONDS
Capital, Surplus and Undivided
York
and
and corporations
in
pal, railroad and public utility
PARIS
New
fiscal agents for munici¬
as
palities
5th Avenue and 57th Street
LONDON
SAVINGS BANK
TRUST &
26 Broad Street
ACCEPTANCES
and
William
EXCHANGE
FOREIGN
LETTERS
Pine Street, Corner
NEW YORK
NEW YORK
Established i89a
;
John L. Williams & Sons
Edward B. Smith
BANKERS
Corner 8th and Main
RICHMOND, VA.
Members
'
Baltimore Correspondents:
R. LANCASTER WILLIAMS
_
The
Mechanics
'
Crosses
Capital,
-
A
Metals
OF THE CITY OF NEW
YORK]
AVENUI
Broadway
Surplus,
$1,000,000
Bank for
and
-
Capital, Surplus, Profits
i
1784
$25,000,000
-
$196,000,000
Deposits, Sept 8, 1920
r
The Bank of New York
of New York
BROADWAY
57
$15,000,000
CAPITAL
24,189,000
SURPLUS AND PROFITS
328,680,000
DEPOSITS (Sept. 8, 1920)
Trust
Foreign Exchange
National Banking
The Chase National Bank
of the City
$1,000,000
the Builders of Business
ESTABLISHED
NEW Yofeu
Philadelphia
National Bank
where
STREET,
Stock Exchanges
_
& CO., Inc.
National Bank
FIFTH
New York and Philadelphia
Established. 1810
GARFIELD
23rd
&Co
Streets
*
Bond
Service
OFFICERS
A.
Department
HEPBURN,
BARTON
Chairman of the Advisory Board
ALBERT
Association
H.
WIGGIN,
Chairman of the Board of Directors
EUGENE V. R. THAYER. President
CAPITAL & SURPLUS,
Our
136
Vice-Presidents
Samuel H. Miller
Edward R. Tinker
Carl J.
experience is at the
gears'
service
$9,000,000
of
our
Schmidlapp
Gerhard M. Dahl
Alfred O. Andrews
Robert I. Barr
Francis Ralston Welsh,
FIRST NATIONAL BANK
BONDS
1
AND ELECTRIC
LIGHT AND POWER
COMPANIES
r
109-111
LAW,
President
A. Barton
SOUTH FOURTH STREET
PHILADELPHIA
Hepburn1
Albert H. Wiggin
John J.
OF RAILROAD, GAS
A.
George H. Saylor
Cashier
William P. Holly
DIRECTORS
Henry W. Cannon
PHILADELPHIA, PA.
Wm.
Wiliiam E. Purdy
M. Hadden Howell
Reeve Schley
depositors
CHARTER NO.
Assistant Vice-Presidents
Edwin A. Lee
Mitchell
Guy E. Tripp
James N. Hill
Daniel C. Jackling
Charles M. 8chwab
Samuel H. Miller
Edward R. Tinker
Edward T. Nichols
Newcomb Carlton
Frederick H. Ecker
Eugene V. R
Carl J.
Thayer
Schmidlapp
Gerhard M.
Dahl
Andrew Fletcher
William B. Thompson
Reeve Schley
Kenneth F. Wood
H. Wendell Endicott
William M. Wood
n
THE
CHRONICLE
[VOL. 111.
3Jntie«tment Jbouftt ant JDratoers of Jforefgtt Cxtfjange
J. P. MORGAN & CO.
Wall
Maitland, Coppell & Co.
52 WILLIAM STREET
Street, Corner of Broad
NEW YORK
DBEXEL
&
CO.,
KIDDER, PEABODY & GO.
NEW YORK
PHILADELPHIA
Corner of 5th and Chestnut Streets
MORGAN, GRENFELL&CO., LONDON
Orders executed for all Investment Securities.
Act as agents of
Corporations and negotiate and
itisue Loans.
Bills
of Exchange,
Telegraphic
of Credit
Letters
No. 22 Old Broad Street
115 Devonshire St
18 Broad St
BOSTON
NEW YORK
Transfers,
on
MORGAN,
*'
•*
HARJES
&
CO.,
PARIS
Tne
National
Securities bought and sold
&
Union
Bank
of
Commercial
and
Travellers
Letters of Credit
Messrs. Mallet Freres & Cie,
Paris,
Commission.
on
Provincial
England, Ltd., London,
14 Place Vendome
and
Foreign Exchange, Commercial Credits.
Principal Places In Mexico.
Cable Transfers.
Circular
Letters
for
Travelers,
available
In
on
Agents for the Bank of Australasia.
all
parts of the world.
TRAVELERS' LETTERS OF CREDIT
BROWN BROTHERS & CO.
Philadelphia
NEW YORK
BARING
BROTHERS
August Belrront & Co.
43 EXCHANGE
Boston
&
CO. LTD.
LONDON
PLAuE, NEW YORK
Members New York Stock
Exchange.
Agents and Correspondents of the
alex. brown <fe sons, Baltimore
Messrs.
ROTHSCHILD,
London, Paris and Vienna
Investment
ISSUE LETTERS OF
Securities
CREDIT
for Travelers
Foreign Exchange
1,
Deposit
Draw bills of Exchange and make
Telegraphic
Transfers.
Accounts
Commercial
-
Available in all parts of the world.
Credits
J. & W. Seligman & Co.
Execute orders for the
purchase and sale of
Bonds
and
Travelers' Credits
N2 54 Wall Street
Stocks.
NEW YORK
BKOWN, SHIPLEY & CO.
Investment Securities
LONDON
1. Suffern Tailer
Grenville Kane
James G. Wallace
W. A. Harriman & Co.
INCORPORATED
25 Broad
TAILER&CD
New York
St.,
60 Federal
Boston
St,.
Rtdimmd&(to
10 Pine Street, New York
33
Investment Securities
Lawrence Turnure & Co.
64-66 Wall
59 CEDAR
NEW YORK
Midland
BANKERS.
Deposits
Received
Allowed
on
Bought
Subject
to
Deposits,
and
Sold
Bankers:
Paris
Draft,
Interest
Securities
Bank,
Bankers:
-
New York
Pittsburgh
com¬
throughStates, Cuba, Puerto Rico; Mexico,
America and Spain. Make collections
London
ti*
on
outthe United
Centra^
-
Investment Securities
Investment securities bought and sold
mission.
Travelers' credits, available
in and issue drafts and cable
transfers
countries.
STREET
-
Bldg.
Street,
New York
Winslow, Lanier & Ca
Pine St.
Union Arcade
London
Joint
on
above
City
Members
Wew York
Stock
&
and
Pittsburgh
Exchanges
Limited.
Heine
&
Co.
HEIDELBACH, ICKELHEIMER & CO.
on
37 William Street.
Commission.
MEMBERS
N.
Y.
STOCK
Foreign Exchange, Letters of Credit
EXCHANGE.
Execute orders for purchase and sale
of
Stocks and Bonds.
HUTH
& CO.
30 Pine Street
Foreign Exchange Bought and Sold.
Bonds for"
Investment
Issue Commercial and Travelers'
Credits
available in all parts of the world,
r
Foreign Bonds & Investment Securities,
Commercial Credits, Fdreign
Exchange,
Cable Transfers
Schulz & Ruckgaber
27
Kean, Taylor &> Co,
TfeuiVorlz.
Pine
Street
New York
Investment Securities
on
FRED5 HUTH &
CO., London
and
the Continent of
on
Europe
Foreign Exchange
Piib&hurQh.
Commercial
Credits issued in Dollars. Pounds
Sterling, Francs, Guilders, Pesetas, etc.
^
London Agents. Messrs. Goschens &
Cunliffe
John Munroe & Co.
NEW YORK
Letters
BOSTON
of
Credit for
Commercial Credits.
Travelers
Foreign Exchange
Cable Transfers.
r>
BfUNROE
&
i
1
New York
CO..
Paris
BOISSEVAIN
&
CO.
52 BROADWAY, NEW YORK
Members of the New York Stock
Exchange
INVESTMENT SECURITIES
COMMERCIAL DEPARTMENT
FOREIGN
ALDRED & CO.
•
40
Wall
Street
New York
EXCHANGE
MESSRS. PIERSON & CO.
Amsterdam, Holland.
Fiscal Agents for
Public Utility and Hydr»-Blectrte
Companies
OCT. 30
1920.]
CHRONICLE
THE
hi
Jnbetftment anb ^Financial founts
Goldman, Sachs & Co.
Lee, Higginson & Co.
60 Wall Street
NEW
MlLLETT, R0E& hagen
YORK
60
137 So. La Salle Street
Congress Street
CHICAGO
Investment Bankers
14
BOSTON
421 Chestnut Street
Montgomery Street
SAN FRANCISCO
24 Marietta Street
ST. LOUIS
New York
Chicago
INVESTMENT SECURITIES
PHILADELPHIA
411 Olive Street
Boston
ATLANTA, GA.
Title Insurance Building
9
MEMBERS
LOS ANGELES, CAL.
,
/;■
■
Members of New York and Chicago
Stock Exchanges
Higginson & Co.
80, Lombard St.
NEW
YORK
STOCK
EXCHANGE
,
Commercial Paper
London, E. C.
Securities
bought and sold
**
on
commission
Foreign Exchange
Commercial
&
available
new york
52 william st.
Travelers' Letters
all parts of the
in
of
Credit
world
Hornblower & Weeks
BROADWAY, NEW YORK
42
RAILWAY
BONDS
EQUIPMENT
Investment Securities
Bondsj
Stocks
Preferred
MEMBERS
NEW YORK,
Acceptances
BOSTON AND
EXCHANGES
CHICAGO STOCK
EVANS, STILLMAN & CO.
^
;
Mam
Direct wires to all
Members New York Stock
principal markets
60
NEW
BROADWAY
YORK
Correspondent Offices in 50 Cities.
Chicago
Boston
Portland
Providence
Detroit
*
Established
-
J
Industrial
Bonds
Public
Stocks
selling considerably below their norma
value due to the
Investment
unprecedented fall in Foreign
Present
U. S. Government Bonds
Investment Securities
Counselman & Co.
BONDS
point to
Preferred
&
Utility Securities
Eauipment Trust Certificates
GOVERNMENT
Exchanges.
Robinson & Co.
Underwriters & Distributors
1888
FOREIGN
are
Officii National City Bank Building
Uptown Office : Fifth Avenue and 43rd St. '
Exchange
indications,
112
however
W.
ADAMS
ST.,
:c
New York
Exchange Place
26
Members New York Stock Exchange
Bankers
CHICAGO
.'v
■
V^::.;
advancing tendency and a return
an
to normal would
Conservative
yield unusual profits.
Investment Securities
suggestions and Circular F. B.
Write for our
Underwritten
65
BROADWAY,
NEW
1
•
Frazier 6- Co.
Sansom
;
.
;
Federal Securities
Corporation
&
;
38 South Dearborn Street
Peabody,
Hoiighteling &Co.
CHICAGO
EST. 1865
Streets
New
York
Distributors
Underwriters
Wilkes Barre
Lebanon
Howe, Snow,
_
Corrigan & Bertles
Investment
Glore, Ward & Co.
INVESTMENT SECURITIES
B.
MICH.
F. BACH MAN & CO.
64
137 SO.
Collins,
NEW
investment
Members N. Y. and Phila.
1425 Walnut
ORLEANS
BIRMINGHAM
bankers
President
Securities
PEACHTREE,
NEW YORK
LA SALLE ST.
CHICAGO
H.
Southern
H.
SALES CO.]
8 SECURITIES
Bankers
GRAND RAPIDS,
Established 1866
ATLANTA
JACKSONVILLE
CHARLOTTE
MEMPHIS
Stock Exchanges
61
St.,
Broadway
NEW
PHILADELPHIA
T.
Chicago
Pittsburgh
Washington
H.
INC. 1918
10 So. La Salle St.
PHILADELPHIA
Baltimore
Yielding 6 % to 8 %
YORK
Telephone 4600 Bowling Green
Broad
Investment Securities
Distributed
&
Bond & Goodwin
RAILROAD AND FOREIGN
YORK
GOVERNMENT BONDS
HOLTZ & CO.
FOR INVESTMENT
INVESTMENT
HARPER
& TURNER
INVESTMENT
BANKERS
BONDS
STOCK EXCHANGE BUILDING
WALNUT
39 SOUTH
LA SALLE STREET
CHICAGO
STREET ABOVE BROAD
PHILADELPHIA
Members
Philadelphia Stock Exchange
Colgate, Parker & Co.
49
Wali Street,
New York
>
IV
THE
jftnancfal
financial
WE
ESTABROOK & CO.
Electric
Exchangee
INVESTMENT
Jfittattcfal
FINANCE
Power
and
Light Enter¬
prises with records of established
Members New York and Boston
Stock
[Vol. Ill
CHRONICLE
CHASE
&
earnings.
SECURITIES
BONDS
WE OFFER
15 State Street,
24 Broad Street,
BOSTON
-
NEW YOKE
Bankers
and
Investment
Proven Power and Light
COMPANY
Dealers
Securities
19 CONGRESS ST.,
BOSTON
Correspondence Solicited
J.;.
V
•
••
'
'■
V
springfield
PROVIDENCE
ELECTRIC BOND & SHARE CO.
(Paid-Up Capital and Surplus $24,000,000)
Richardson, Hill & Co.
Established
1870
71
BROADWAY.
NEW YORK
MUNICIPAL AND
Arthur Lipper & Company
New Street end Exchange Place
RAILROAD
NEW
Investment Securities
For Conservative Investment
80
YORK
BONDS
SECURITIES BOUGHT AND
Congress St.
SOLD ON COMMISSION
BOSTON
R. L. Day & Co.
Boston Stock Exchange
Members New York Stock Exchange
35
Congress St., Boston
Chicago Stock Exchange
Branch
Members
N. Y. Stock Exchange
N. Y. Cotton Exchange
New York
Correspondents
REMICK, HODGES & CO.
Office*
Waldorf-Astoria Hotel.N.Y
11 East 44th 8t.. N. Y.
N.Y Coffee & Sugar Exch. Saratoga Springs, N. Y.
Philadelphia Stock Exoh.
Atlantic City, N. J.
Chicago Board of Trade
West End, N. J.
Long Beach, N. Y.
^oageuelt k
Founded 1797
PARKINSON & BURR
Seasoned
We
Members of the New York and
Specialize in
Boston Stock Exchanges
Investments
Government and
7 Wall Street
53 State Street
NEW YORK
Municipal Bonds
BOSTON
30 Pine Street
William ft,(ompton(o.
New York
INVESTMENT
BONDS
14 Wall
Cincinnati
St. Louis
New Orleans
Chicago
W. F. Ladd & Co.
BONDS
Street, New York
Baker, Ay ling & Young
BOSTON
E. HOWARD GEORGE & CO., Inc.
PHILADELPHIA
Investment Bankers
Investment
81
Securities
State
BOSTON, MASS.
Street
Cochrane,Harper&Co.
Investment
Securities
New York
60 State
111
St.,
BOSTON
Broadway
NEW VORK
FOUNDED
Foreign
Letters of
ESTABLISHED 1865
Credit
r
Exchange
Travelers' Checks
^J.c/lKji05efe<£Co
5 Nassau
1852
Investment Securities
Correspondents
Thomas C. Perkins
St., N. Y.
MEMBERS NEW YORK STOCK EXCHANGE
Deal in
Constructive
15 State Street
Banking
Throughout
the World.
Knautf? -Narholi &Ku!)ite,
Members
New
York
Stock
Equitable Building
Exchange
New York
36 Pearl Street
Underlying Railroad Bonds
Boston, Mass.
and
Hartford, Conn.
Tax-exempt Guaranteed & Preferred
Railroad &
Telegraph Co. Stocks
Specialist for eighteen
in the Financing
Watkins & Co.
years
of established
New
England
perous-
andprosIndustrials.
7 Wall Street
Industrial Securities
Yielding 6^%
to
8%
Entire stock issues
NEW YORK
underwritten and distributed
J. MURRAY WALKER
a# Devonshire Street
Boston
Investment Securities
OCT. 30 1920.]
CHRONICLE
THE
Canadian
Canadian
Government
Y.-,
and
BANK OF MONTREAL THE CANADIAN BANK
Municipal
Bonds
Established
100 Years
oyer
PAID UP
CAPITAL
-
exceptional oppor¬ REST
tunity for sound investment.
If pur¬ UNDIVIDED PROFITS
chased
now
they
will
yield
from TOTAL ASSETS
bonds
These
$22,000,000
22,000,000
offer
7% to 7i/2%
Toronto, London,
YORK
and Agencies:
Branches
England, and at Mexico City.
At London,
Eng|., Winnipeg, Montreal
Placo
F. B. FRANCIS,
)
C. L. FOSTER,
[Agents
C. J. STEPHENSON,J
Buy and Sell Sterling and Continental
Exchange and Cable Trasfers.
Collection*
Throughout Canada and Newfoundland.
NEW
New York Office, 16 Exchange
made at all points.
Wood, Gundy & Co.
14 WALL STREET,
General Manager, Sir John Alrd.
Assistant General Manager, H. V. F. Jones.
Office—MONTREAL
Sir Frederick Williams-Taylor
General Manager:
Incorporated
316,000,Ml
President, Sir Edmund Walker, O.V.O., LL.D., D.O.I
GORDON, G.B.E., Vice-Pres
Head
316,000,808
-
RESERVE
MEREDITH, Bart., President
request♦
OFFICE. TORONTO
PAID UP CAPITAL
571,150,138
SIR CHARLES
United States funds
on
1,090,440
SIR VINCENT
Principal and interest payable in
Full Particulars C-20
OF COMMERCE
HEAD
1
In
Bank
Paris,
Montreal,
(France).
States—Mew York, Chicago.
In the United
Spokane,
of
Travelers' Cheques and Letters of Credit
available in all parts of the world.
Banking
business
of
eiWf
description transacted with Canada.
Street. B. O.
LONDON OFFICE—2 Lombard
Francisco—British American
controlled by the Bank of
San
Exchange
and
Israel
Bank (owned and
BANKERS IN GREAT BRITAIN:
Montreal).
West
Indies, British Guiana
Africa—The
Colonial Bank (in
interest is owned by the Bank of
</l'&\Attu2s
(Incorporated 1832)
^ScAcm^iznt. Municipdl & Corporation.
Securities
;' >. •'
•
o
• I
" v ".
-w
/4Broochvat]
Toronto
United Financial Corporation
TOTAL
Limited
FUND
ASSETS
—
230,000,008
OVER
Head Office, Halifax, N. S.
"NewYorfc
General Manager's Office, Toronto,
INVESTMENT BANKERS
Chicago
Toronto
London
Montreal
330 branches throughout Canada,
parte of the world. Bills on Canada or West
New
Correspondence
United States.
in the
London, England, Branch,
66 Old Broad St., E. C. 2.
Correspondents*>*?* CIt* * Midland
La Great
Britain} Roy*! 6ank'of Scotland.
.
Bought—Sold—Quoted
GRBENSHIBLDS & CO.
Members
Dealers
17
Montreal
in
Stock
Canadian
Daly & Co.
R. A.
Exchange
Issues
Bond
CANADIAN
St. John Street, Montreal
AND
THE
ROYAL BANK OF CANADA
MUNICIPAL
GOVERNMENT,
Established
CORPORATION BONDS
on
Bank of Toronto
690,000,000
19,000,000
HERBERT S. HOLT, President
PEASE, Vice-Pres. & Ma*. Direct*!
C. E. NEILL, General Manager
E. L.
McDonagh, Somers & Co.
The Dominion Bank
Building
HEAD OFFICE,
700 Branches throughout CANADA and
FOUNDLAND,
TORONTO
DOMINICAN
TORONTO, CANADA
In
—
Total
RURNETT.
7,739,000
-.-----143,000,000
assets
Sir Edmund Osier,
PORTEOQS
President
O. S.
MwberjHontre»lStod< Exchange
17 St.
STOCK
AND
61 Broadway
Howard, Agent
<
London Branch, 73 Cornhill
S. L. Jones, Manager
1
Montreal
Street
John
Clarence A. Bogert,
General Manager.
New York Agency,
w
&■ O)
86,000,000
Undivided Profits
Capital
Reserve Fund &
PORTO
CUBA,
HAITI,
REPUBLIC,
RICA. COLOMBIA and
Paid Up
v
.Montreal
Head Office
SIR
Correspondence Invited
Dominion Bank
319,000,008
Reserve Funds
Total Assets.
Building
TORONTO, ONT.
Request
1869
Capital Paid Up
CANADIAN
INVESTMENT SECURITIES
Offerings
Agency, 52 Wall Street*
H. F. Patterson, Agent.
Government,
Provin¬
Municipal and Corporation
Bonds
/
York
York.
Guaranty Trust Co* of New
Canadian
Indlaa
points favorably negotiated or collected by ou»
invited.
Affiliated with
v
Ont.
Newfoundland!
Cuba, Jamaica, Porto Rico, Dominican Republic^
and In Boston, Chicago and New York.
Commer¬
cial and Travelers' Credits Issued, available In aH
branches
cial,
39,708,088
18,000,008
CAPITAL-
PAID-UP
RESERVE
.
Montreal
Victoria "BLC.
Lloyd's Bank, Limited.
THE BANK OF NOVA SCOTIA
(Scan ad lean
•'
England,
The Bank of Scotland,
<2o
e>
&st&bl\sHed (889
Members Tovonto Stock
&xcJufcn$«
;.vr.
The Bank of
and West
which an
Montreal)
NEW¬
RICO
COSTA
VENEZUELA, BRIT¬
ISH and FRENCH WEST INDIES. BRITISH
HONDURAS and BRITISH GUIANA.
ARGENTINE— Buenos Aires.
BRAZIL—Rio de Janeiro. Santos, Sao Paula.
URUGUAY—Montevideo.
SPAIN—Barcelona, Plaza de Oataluna.
OFFICE—Princes Street, X. O.
NEW YORK AGENCY—68 William St.
F. T. Walker. J. A. Beatson, E. B MdBcmef
and J. D. Leavitt, Agents.
FRENCH AUXILIARY: Ths Royal Bank of
Canada
(France),
PARIS, 28 Rue da
Quafcre-Septembre.
LONDON
BOND BROKERS
AND
CANADIAN
FOREIGN
EXCHANGE
BOUGHT AND SOLD
CANADIAN
Principal
and
BONDS
TRAVELERS' AND COMMERCIAL
HERDMAN & COMPANY
LETTERS OF CREDIT
Members Montreal Stock Exchange
Interest
Payable in New York
Bankers & Brokers
Thornton Davidson & Co., Ltd.
Montreal
Transportation Bldg.
81
St.
Peter
St.
Quebec
Ottawa
63rSparks St.
K0NI6
BROTHERS
160 Pearl
Dominion Express
&
CO.
R. C. Matthews & Co.
CANADIAN BONDS
CANADIAN
Street, NEW YORK
TORONTO
C. P. R. Bldg.
Commercial and
Specialists in
Grand Trunk, Grand
on
KONIG BROTHERS, LONDON
and
NEDERLANDSCKE HANDEL-MAATSCHAPPY
ROTTERDAM
BONDS
Travellers'
Letters of Credit
v
Building
MONTREAL
Canadian
Northern
Trunk'Pacific,
and
Canadian
Northern Pacific Securities
AH Canadian JissuesJDceU in.
jEmilius Jarvisl& Co.
INVESTMENT BANKERS
TRUAX, HIGGINS
Lewis
New York
i
Building/Montreal
Direct Wires
CO.
Toronto
Established
JARVIS BLDG.
1801
TORONTO, CAN.
VI
THE
CHRONICLE
[VOL. 111.
Jforeigtt
Australia and
New
Zealand
LONDON
JOINT
BANK OF
NEW SOUTH
WALES
LIMITED
with
which
baa
Provincial
The Right Hon. R. McKENNA
been
&
amalgamated
South
Western
London
the
Bank,
Ltd.
.....
RUSSELL FRENCH,
General Manager.
S. B.
Murray, Esq.,
E. W. Woolley, Esq.,
F. Hyde, Esq.
1,400
over
In
Subscribed Capital
Walaa
and
throughout'
world.
AUTHORIZED CAPITAL
£20,000,000
ISSUED
Deposits (June 30 1920)~367,667,322
£14,210,35®
CAPITAL
RESERVE FUND
London Office
HEAD
19, THREADNEEDLE
STREET, E.C. 2
£7,000,000
DEPOSITS
OFFICE:
£296,059,112
5, Threadneedle St., London, E. C. 2.
EVERY
OVER
THE ONION BANK OF AUSTRALIA Limited
IN
1,460 OFFICES
ENGLAND
AND
OVERSEAS
Established 1837
England
towns
10,840,112
10,840,112
In
banking
£38,096,363
Reserve Fund
description of Australian Banking Business.
Wool and other Produce Credits
arranged.
branches
all
the
Paid-up Capital
every
OFFICE:
54, Lombard St./ London, E. C.t Eng.
and
Agents
K.B.E.,
351
BRANCHES and AGENCIES In
the
Australian
States, New Zealand, Fiji, Papua
(New Guinea), and London. The Bank transacts
Head Office
GEORGE STREET
SYDNEY
HEAD
Joint Managing Directors:
?64,032,000
77,721,211
JOHN
BARCLAYS BANK
Chairman:
528,828,500
Reserve Fund
16,875,000
Reserve Liability of Proprietors.. 23,828,500
Sir
CITY & MIDLAND
BANK LIMITED
(ESTABLISHED 1817.)
Paid-up Capital...
■; ~
DESCRIPTION OF BANKING
BUSINESS TRANSACTED
BRANCH:
WALES
Incorporated 1880
Capital—
Authorized and Issued
Paid-up Capital £2,500,0001
ToReserve Fund..£2,630,000Jgether
Reserve Liability of Proprietors
£7,500,000
& 66, Old Broad
65
Total Issued Capital & Reserves. £10,130,000
Foreign Manager,
168, Fenchurch Street,
C. 2
London, E. C., England
£5,130,000
£5,000,000
Address: The
Street, London, E.
ATLANTIC
"Aquitania,"
OFFICES
"Imperator,"
"Mauretania"
The Bank has 42 Branches In
VICTORIA, 39 In
NEW*SOUTH
WALES, 19 in QUEENSLAND,
10 in SOUTH
AUSTRALIA, 21 In WESTERN
AUSTRALIA. 3 In TASMANIA and 44 In NEW
SEALAND.
Banca Italiana Di Sconto
Affiliated Banks:
BELFAST
BANKING
COMPANY,
LIMITED
with which
Over 110 Offices in Ireland
Head Office: 71
Manager—W. J. Essame.
THE
Assistant Manager—W. A. Laing
CLYDESDALE
BANK,
LIMITED
Incorporated the
are
Societa Bancarla Italiana
-
CORNHILL, LONDON, E.C.
and the
,
Societa
Over 150 Offices in Scotland
Italiana
Capital
Fully
Reserve
di
Credito
Provincials
Lire 815,060,000
Fund
Paid
Up
"
(May 31, 1919).
Commercial Banking Company International Banking
Corporation
of Sydney
60 WALL STREET,
LIMITED
Capital
Established 1834.
Reserve Fund
India
2,040,000
2,000,000
$3,200,000
Straits
*
Settlements
Java
Japan
Panama
Philippine Islands
Santo Domingo
London
£6,040,000
Drafts payable on demand, and
Letters of
Credit are Issued
by the London Branch on the
Head Office. Branches and Agencies of the Bank
San Francisco
Central
Office,
Sydney,
ROME
New
Lombard
South
*
EVERY
KIND
OF
BANKING
BUSINESS
TRANSACTED.
Established 1879
Wales
ROBERT BRUNNER
London OfTIce:
Lane,
Management and Head Office:
Lyons
elsewhere.
Bills on Australasia
collected. Remittances cabled.
Blrchln
" 2,696,000,000
Special Letters of Credit Branch In Rome
(formerly Sebastl & Reali), 20 Piazza di Spagna.
Foreign Branches: FRANCE: Paris, 2 Rue le
Peletier angle Bould. des. Italians; BRAZIL: 8a®
Paulo and Santos; NEW YORK; Italian Discount
& Trust Co., 399 Broadway.
Offices at
Genoa, Milan, Naples, Palerme.
Turin,
Trieste,
Venice,
Florence,
Bologna.
Catania, Leghorn, and over 100 Branches in the
Kingdom.
London Clearing Agents: Barclay's Bank, Ltd..
168 Fenchurch Street, E. O.
and
or
i
18,
...$10,000,000
...
China
r
Head
Surplus
Branches in:
£2,000,000
Reserve Liability of Proprietors
Australia
NEW YORK CITY.
Vales.
Paid-up Capital..
negotiated
and
Undivided Profits
Incorporated in New South
fa
41,000,000
Deposit and Current Accounts
THE
Street,
E.
Q.
Banker and
The Mercantile Bank of India Ltd.
Head
Broker
15
Banco Espanol del Rio de La Plata
78
rue
Office
Gracechurch Street, London
Capital Authorized and Subscribed...._£],560,OOi
Capital Paid Up
£750,001
Reserve 1.lability of Shareholders
£750,000
de la Loi
...
HEAD
London Office,
Ci
& banes
A
BRUSSELS, Belgium
OFFICE, BUENOS AIRES
7 Fenchurch
St.,
Cable Address: Rennurb.
E. C. 3
Reserve Fund and Undivided Profits
classes of Argentine,
Spanish and
European banking business conducted.
The Union Discount Co.
NATIONAL BANK OF INDIA Limited
of London, Limited
39
A
general
international
commercial
ness
banking
busi¬
Bankers to the Government
CORNHILL,
Telegraphic Address, Udisco: London.
Capital Authorized & Subscribed $10,000,000
Capital Paid
transacted.
£785,794
Branches In India, Burma, Ceylon, Straits Settle¬
ments, Federated Malay States, China, and Mauritius.
New York Agency, R. A. Edlundh, 64 Wall Street
legal 148,215,765=JE12,939^72
■
Up
5,000,000
$5=£l
NOTICE
RATES
OF
deposit
on
IS
STERLING.
HEREBY
are as
East
The Bank conducts every description of banking
GIVEN
INTEREST
British
Subscribed Capital—£3,000,000
Paid-up Capital
£1,500,000
Reserve Fund
£2,000,000
5,000,000
Reserve Fund
in
Africa and Uganda.
Head Office: 26, Bishopsgate, London, E. C.
Branches in
India,
Burma,
Ceylon,
Kenya
Colony and at Aden and Zanzibar.
allowed
|
that
for
and exchange business.
the
money
follows:
Clermont & Co.
At Call, 5 Per Cent.
At
3
to
The
7
Days'
Notice,
5 \i
Per
BANKERS
Cent.
Company
discounts approved bank and
acceptances, receives money on de¬
posit at rates advertised from time to time, and
grants loans on approved negotiable securities.
mercantile
Principal
Branches
BRUSSELS
BUENOS AIRES
CHRISTOPHER R.
HARBIN
NUGENT, Manager.
HAVANA
MANILA
GUATEMALA,
Central
America
PANAMA
PORT AU PRINCE
RIO
DE
The
JANEIRO
SANTO DOMINGO
CALI
centers
of
the
world.
35
CORNHILL
'AMERICAN
FOREIGN HANKING
CORPORATION
Broadway, New York
Capital
--$21,166,625
Paid-up Capital
4,233,325
Reserve Fund
2,500,000
STERLING.)
"Clernaent"
English Scottish and Australian Bank, Ltd.
Address: 5 Gracechurch St., E. C.
Head Office: London, E. C. 3.
Authorized Capital
£3.000,000
Reserve Fund
685,000
Subscribed Capital
1,078,875
.
0
0
0
0
0
Paid-up Capital
539.437 10
0
Further Liability of Proprietors.
539.437 10
0
Remittances made by
Telegraphic Transfer.
Bills Negotiated or forwarded for Collection.
Banking and Exchange business of every de¬
scription transacted with Australia.
E. M. J ANION, Manager.
NOTICE Is hereby given that the
RATES OF
INTEREST allowed
as
for
money
follows:
5%
on
Deposit
are
'
to
time;
and
fo
)
fixed
specially agreed terms.
Loan
proved negotiable securitie
PHILIP
HAROLD
CORPORATION
Paid up Capital'(Hong Kong
WADE
Currency)...$15,000,000
Reserve Fund/In Gold__.$15,000,000\
Approved Bank & Mercantile Bills discounted.
Money received on deposit at rates advertised
time
Hong Kong & Shanghai
BANKING
per annum at call.
5H% at 7 and 14 days notice.
from
Capital and Surplus, $6,500,000
LONDON, E. C.
Cable Address—Natdis London.
Subscribed
($5=£l
53
Discount
Company, Limited
Agents and correspondents
in all the other
important
commercial
National
Cable Address:
periods
granted
upon
on
ap¬
»
Manager* J3
$36,000,000
\In Silver„$21,000.000/
Reserve Liabilities of Proprietors
15,000,000
GRANT DRAFTS, ISSUE LETTERS OF CREDIT,
NEGOTIATE OR COLLECT BILLS PAYABLE IN
CHINA, JAPAN. PHILIPPINES,
TLEMENTS, INDIA.
WADEiGARDNER
Agent,
34
STRAITS
Wall
SET¬
Street}
OCT. 30 1920.]
VII
CHRONICLE
THE
Jforeign
jforeign
SPERLING &
foreign
NATIONAL
CO.
London, £. C.
FISCAL
AGENTS
Public
Banque Rationale de Credit
FOR
——frs.
Capital
Utility
500,000,000
frs.
100,000,000
Surplus--..
Head
•
_frs.2,600,000,000
Deposits
Hydro-Electric Companies
r-:
*
y'.'..
Capital, fully paid
4
Rhenish
the
in
Branches
v
£3,000,00®
£1,663,270
AND
6
YORK AGENTS
Fund
AGENCY
KING
7
WILLIAM
ST.,
LONDON, E. C., 4, ENGLAND.
Provinces
THE
GENERAL BANKING BUSINESS
MILAN
NATIONAL PROVINCIAL AND
UNION BANK OF ENGLAND
COMMERCIAL ITAUANA
Office
'..
.
Egyptian
Law
June, 1898, with the exclusive right to
issue Notes payable at sight to bearer.
LONDON
290 Branches in France
Head
••
under
Head Office:
SPERLING & CO., INC.,
BANCA
v'
-
Established
PARIS
120 BROADWAY.
Office—Cairo.
Reserve
and
NEW
EGYPT
of
Basildon House, Moorgate St.
BANK
Limited
§ J i
Paid-up Capita!--—
$31,200,000
($5=£1.)
Reserve
$11,640,000
SUBSCRIBED CAPITAL
Funds
BROADWAY
165
%
London Office, 1 OLD BROAD STREET, E.C.
Manager: E. Console.
Swiss Bank Corporation
La Chaui-de-Fonds, Neuchatel
Italian State Railways, 12 Waterloo Place
Regent St., S. W.
Italy, at all the
Wast
Branch
End
Ayres,
Rio
Janeiro,
de
San
Paulo,
Societa
Commerciale
Tripoli.
&c.
Santos,
$36,195.26I&
-
Office:
numerous
Offices
in
England
Wales
43 Lothbury, E. C. 2
London Otfloo,
llcRegent Street
HOTTER!) AMSCI1E
Waterloo Place S. W. 1
BAJNKVEREEINIGING
principal points in the Kingdom
"Representatives In New York and Agents
In Italy" of the Banque Prancaise et Italienne
pour TAmerique du Sud.
Buenos
Head
with
$39,034.3
-
Bishopsgate, London, England,
15,
and
Correspondents to the Italian Treasury.
54 Branches in
RESERVE FUND
Baste, Zurich, St Gall, Geneva, Lausanne,
London Office of the
West End Agency and
$199,671,9
CAPITAL
PAID-UP
IN NEW YORK.
AGENCY
Capital paid up,
Surplus,
•
•
Deposits,
$24,000,000
$6,600,000
.
.
...
.
$190,000,000
....
d'Oriente,
Amsterdam
Rotterdam
The
Hague
CAPITAL AND
RESERVE
F.10S,000,000
FUND
COLLECTIONS
UNION
STANDARD BANK OF SOOTH AFRICA, Ltd
Subscribed Capital
.
and
350
W.
H.
68
Agencies throughout
St. Gall, Winterthur,
Gilissen & Co
Arnold
St., New York
80-81
Every Description of Banking Business
Damrak
AMSTERDAM
Cable Address :
Foreign Exchange, Documentary Credits.'
Achilles-Amsterdam
THE HAGUE
ROTTERDAM
CO.'S BANK,
and
PAID
CAPITAL
UP—Frs.70,000,000
"
RESERVES
Established
15,000,000
LIMITED
ZURICH
SHARES
Basle, Geneva,
Lausanne, &c,
Agent
Also representing The Bank of New South
Wales with branches throughout Australasia.
LEU
OF
PURCHASE AND SALE
,
MACINTYRE,
Wall
CREDIT
ZURICH
•
$306,125,415
Resources
Branches
South Africa.
Over
OF
FOREIGN EXCHANGE
STOCKS AND
$18,812,500
Pai{l-up Capital & Reserve FundTotal
Banques Suisse#
$50,000,000
$31,250,000
Capital—
Authorized
De
LONDON, E. C.
HEAD OFFICE.
LETTERS
BANKERS
1871
AND STOCKRBOKERS
(Switzerland)
FOREIGN
Founded 1755
EXCHANGE
The NATIONAL BANK
Frs. 52,600,000
Capital Paid up andl
Reserve
Fund
J
BUSI¬
■VERY DESCRIPTION of BANKING
NESS TRANSACTED.
Bills of Exchange
$5=£1
Branch®* in Africa
600
Over
Issued.
Authorized
Exceed
Reserves
-
-
$450,000,000 00
Transfers Effected.
Booking and Travel Department.
Offers to American banks and bankers
its superior
facilities for the extension of trade and com¬
merce
Established
between this country and
Africa.
New York Agency
E.
R.
-
-
10 Wall St.
SAUNDERS, Agent.
1856
Capital paid up—frs, 100,000,000
Funds
Reserve
frs.
30,000,000
Incorporated by Royal Charter, 1727.
HEAD
OFFICE
Head Office
-
LONtiON,
THE COMMERCIAL BANK OF
St. Andrew Square, Edinburgh
London Office
3 Bishopsgate, E. C.2
...
Wm. Wallace.
Manager:
Glasgow Office
Lueerne, Neuchatel, St. Gall.
at
Alexandria, Cairo,
&c..
Office: Basildon House,
M0"r'ate
-
-
-
Exchange Square
Agent: Thomas Lillie.
Head
172 Branches
BANKING
BUSINESS.
Foreign Exchange
Documentary Business, Letters of
Credit
EgyPI
E. C. «.
Capital (Subscribed)
Paid ui>~
Throughout Scotland.
Every Description o
British, Colonial and
Foreign Banking Business Transacted.
Correspondence Invited.
SCOTLAND, Ltd
Established 1810
Office—EDINBURGH
£5,500,00#
1
•
£5 paid..£1,250,00#
' shares of £1 each fully pald..£ 500,00#
250,000 "A" shares of £20 each
600,000 "B
$1,750,00#
Deposits
£36,071,162
MAGNUS IRVINE, Seo.
London Office—62 Lombard Street, E. ri.
Glasgow Office—113 Buchanan Street.
Drafts, Circular Notes and Letters of Credit Issued
and every description of British, Colonial and Foreign
Banking and Exchange business transacted.
New Vork Agents—American Exchange Nat .Bank
Reserve
£1,000,000
ALEX. ROBB, Gen. Mgr.
GENERAL
In
£2,000,000
Cashier and General Manager: A. K. Wright.
Geneva, Glaris, Kreuzlingen, Lugano,
Also
Head
£1,082,276
—..——£35,548,823
Deposits—-----
Branches at Basle, Berne, Frauenfeld,
Bank, Limited
Incorporated by Royal Charter.
Offers every
banking facility for transaction
with Greece, where it has been established for
80
years,
and has Branches throughout the
Country.
Royal Bank of Scotland
Paid-up Capital
Rest and Undivided Profits
Zurich, Switzerland
'250,000
Capital (Paid Up)-—
?'5°2'°22
Surplus and Undivided Profits.-1,295,569
Branches throughout Egypt, Morocco,
West Africa and the Canary Islands.
Head Office, 17 & 18 Leaden hall St., London, E. C.
Manchester
Office,
106-108 Portland
Street
Liverpool Office, 25 Water Street
R, R. APPLEBY, Agent. 6 Wall Street, New York
Ionian
SUISSE
CREDIT
*1S,£22,i»2!
Capital
Subscribed Capital
Negotiated and Collected
Drafts and Letters of Credit
Telegraphic
of SOUTH AFRICA, Ltd. BANK OF BRITISH WEST AFRICA, LTD
VIII
THE
IBanfeera
ST.
anfc
CHRONICLE
[VOL. 111.
Probera ©ntalbe ilctn gotfe
LOUIS
CHICAGO
CHICAGO
Greenebaum Sons
A. G. Edwards & Sons
GENERAL
New York Stock Exchange
Olive
410
Stock
incohpohatcd
Southeast Corner La Saiie and Madison Sts.
Member®
St. Louie
lilden&Jilden
Bank andTmst Company
Exchange
BANKING
Capital and Surplus,
St., ST. LOUIS
6%
Investment
208 So.
Bonds
La Salla Street
CHICAGO
$2,000,000
CHICAGO FIRST MORTGAGE BONDS
Suitable
for
Estates.
Trustees
and
Individuals
Write for Bond Circular C 25.
Oldest Banking House in Chicago.
SCOTT
A State Bank
MUNICIPAL
& STITT
INVESTMENT BONDS
CORPORATION
BONDS
A. O.
INDUSTRIAL
111
Slaughter & Co.
W.
Monroe St.
CHICAGO
Members
PREFERRED STOCKS
New York Stock Exchange
Chicago Stock Exchange
Chicago Board of Trade
110 WEST MONROE
STREET
CHICAGO, ILL.
Lorenzo E. Anderson & Company
810
N.
8th
St., St.
Louie
Municipal and Corporation Bonds
New York Stock Exchange
New York Cotton Exchange
Members Chicago Board of Trade
St. Louis Merchants Exchange
St. I.ouis Cotton Exchange
St. Louis Stock Exchange
Herndon Smith
Charles W. Moore
Powell, Garard & Co.
TIMBER
BONDS
based always upon
INVESTMENT SECURITIES
South
39
La
Salle
expert verification
of
Street
underlying assetc
Chicago
New York
Philadelphia
St. Louis
332
Michigan Av.. Chic«
William H. Burg
SMITH, MOORE & CO.
INVESTMENT BONDS
OLIVE
ST.,
ST.
Municipal and
ST. LOUIS, MISSOURI
LOUIS SERVICE
SHAPKER, WALLER
184 SOUTH LA
Members St.
300 N.
York
Louis
Stock
$250,000.00
AKRON, OHIO
SALLE STREET
5H%
SCHOOL
Due
1928
Exchange
TAYLOR, EWART & CO.
INVESTMENT BANKERS
105 South
Members St. Louis Stock
Exchange
CO.
La
Bond
CHANNER & SAWYER
INVESTMENT SECURITIES
ST. LOUIS
curities,
Convertible
Note
Issues, Bonds, Bank Shares,
Unlisted
Ridgely-Farmers Bank BIdg.,
41
ILLINOIS.
BIdg.,
CINCINNATI, OHIO
Ohio Securities—Municipal Bonds
New York Stocks and Bonds
High Grade Investment Se¬
South
Securities.
La
DEALERS
Salle St.
CHICAGO
IN
INVESTMENT SECURITIES
WILL BUY
Drive¬
IRWIN, BALLMANN &CO.
& Park District 4s"
Public
BUFFALO
INVESTMENTS
420
communi¬
and
EDGAR
financed.
to
DEALER
Cincinnati
Suite No.
72
West
1500
Adams
\
Bonds
Toledo
F. WM. KRAFT, Lawyer
Specializing in Examination
LESSER
STOCKS AND BONDS
,
N. V.
&
Roblson
Jr.
&
80ns
1876.
and
Ohio
Gardner Building,
Securities
TOLEDO, OHIO
Preparation of
County, Municipal and Corporation
Bonds, Warrants and Securities and
Graves, Blanchet & Thornburgh
Proceedings Authorizing Same.
,
MUNICIPAL BONDS
Rooms 517-520, 111 W. Monroe
St.,
Harris
BUFFALO
Successors to
David
Municipal, Railroad and Corporation Bonds
SPECIALISTS IN
Mcottl
TUCKER,ROBISON&CO.
St,
Bankers—Established
Buffalo and Western New York Securities
T.
O H1I O
TOLEDO
CHICAGO, ILLINOIS
Municipa
IN
Securities
CINCINNATI
investors.
Utilities Co.
BUFFALO, N. Y.
IRVING
FRIEDLANDER
Middle West
JOHN T. STEELE
Walnut St.
CINCINNATI, OHIO
ties operated
offered
BUFFALO, N. Y.
Corporation
328-330-332
in
<| Their securities
Ellicott Square
Government,
Utilities
growing
Slocum, Eckardt & Company
and
Union Trust
John Burnham & Co.
Matheny, Dixon, Cole & Co.
way
Department
CINCINNATI, OHIO
Utility Bonds
SPRINGFIELD, ILL.
WE
Savings
Bank & Trust Co.
Salle Street
Municipal, Railroad and Public
Investment Securities
Springfield (Illinois) Pleasure
$279,300,700
5,896,000
The Provident
CHICAGO
SPRINGFIELD,
to yield 5%%.
STATEMENT.
Population 200,000.
\
•09 OLIVE ST.
BONDS
1935,
Net debt
ST. LOUIS
STIX &
to
FINANCIAL
Assessed valuation
Stock Exchange
Broadway
CINCINNATI
& CO
CHICAGO
MARK C. STEINBERG & CO.
Members New
qanm HC
fcj\JiNUO
Corporation
Trust Building
CHICAGO, ILLINOIS
GARDNER
BUILDING
TOLEDO, OHIO
0#t. 30 1920.J
THE
CHRONICLE
JBairitenf anb JBrottera
COMPANY
&,
MICHIGAN
Htoob*, £§>toan Sc (Ebtoarb* Co.
Charles A. Parcells & Co.
Inquiries Solicited
Members Pittsburgh Stock Exchange
Carried
All Markets.
in
Conservative
on
Stocks
Margins
PITTSBURCIH.'JPA.
Phone Court 3264-5
310
LYON, SINGER & CO.
INVESTMENT
DETROIT, MICH.
Congress Bldg.,
A. J. Hood
BANKERS
&
Company
(Established 20 Years)
Commonwealth
PITTSBURGH
Bid?.,
Securities of
MICHIGAN
Pittsburgh District
SECURITIES
BOUGHT—SOLD—QUOTED
Pennsylvania Municipal Bonds
BUILDING
DETROIT
PITTSBURGH
Investment Securities
and Provisions
Suite 1613, Dime Bank
York Stock Exchange
Members New
Members Detroit
Stock
Exchange
Richard Brand Company
Specializing
Detroit
Securities
We invite your inquiriet
1721-3 Dime Bank
Bldg., Detroit
Board
Chicago
of
Building
MASTEN
WHITTLESEY, McLEAN & CO.
Municipal Bonds Corporation Bonds
Preferred Stocks
Pittsburgh Stock Exchange
Telephone Cadillac 5050
Trade
MICHIGAN.
DETROIT
A. E.
BUILDING, DETROIT, MICH.
GORDON, FORTIER & CO.
Stocks, Bonds, Grain
Members
SECURITIES
Eberhardt & Co.
OLIVER BUILDING,
Members
INVESTMENT
PENOBSCOT
Specialize in Michigan Stocks and Bonds
PENOBSCOT
Geo. W.
Members of Detroit Stock Exchangs
Members Detroit Stock Exchange
INVESTMENT BANKERS
Union Bank Building,
JJtto gorfe
MICHIGAN
PITTSBURGH
GORDON
IX
Active Members of Detroit Stock Exchange
Penobscot
2054-56-58
& CO.
DETROIT
Bldg.,
Established 1891
New York Stock
W. A.
Exchange
Stock Exchange
Pittsburgh Stock Exchange
Chicago Stock Exchange
Chicago Board of Trade
New York Cotton Exchange
HAMLIN &, CO.
Boston
Members
323 Fourth
Ave.,
Members Detroit Stock Exchange
FENTON, CORRIGAN & BOYLE
Motor Stocks, Public Utilities & Oils
Investment Bankers
Pittsburgh, Pa.
Branch Office:
1010 Penobscot
DETROIT, MICH,
Bldg.,
Wheeling, W. Va.
Chicago
Grand Rapids
Detroit
PROVIDENCE
W. Carson Dick & Company
BODELL & CO.
•
•**/.'' V'
•"
'
10 WEYBOSSET
"fl'V
New York
Boston
KAY & CO.
CITY"
CLAUDE MEEKER
'
)•
'
'
Municipal & Corporate Bonds
Local
Investment
Inc.,
INVESTMENT BANKERS
STREET & COMPANY
//.'''••
DETROIT
67 GRISWOLD ST.
COLUMBUS
•
CO.
STREET
PROVIDENCE
PITTSBURGH, PA.
KANSAS
&
MUNICIPAL BONDS
UNION ARCADE BUILDING
390-395
HIGBIE
KEANE,
INVESTMENT BONDS
Securities
Penobscot
DETROIT, MICH.
Bldg.
Members Detroit Stock Exchange
Securities
Specialist in Cities Service Issues
Kansas
Missouri
City
8
East
Broad
COLUMBUS, O.
St.,
NEW YORK CITY
71 Broadway,
INDIANAPOLIS
GEORGE M. WEST & COMPANY
Established
Fletcher American Company
1893
N. J.
NEWARK,
INVESTMENT BANKERS
CONSERVATIVE
INDIANAPOLIS
INVESTMENT SECURITIES
Capital
Write
ns
-
forbids
$1,500,000
or
offerings
on any
DETROIT, MICH
UNION TRUST BLDG.
Members Detroit Stock Exchange
List upon request
F. M. CHADBOURNE & CO.
FIREMEN'S INSURANCE BUILDING
Indianapolis
or
Inaiana Security.
N. J.
NEWARK,
DANSARD-HULL-BUMPUS COMPANY
TEXAS
Statistical fnjormation Furnished,
INVESTMENT SECURITIES
J. E. JARRATT& COMPANY
BREED, ELLIOTT &JARRISON
INDIANAPOLIS
Cincinnati
Detroit
Chicago
Milwaukee
47
Congress St., West
DETROIT
Investment
Bankers
Members Detroit Stock Exchange
Municipal Bonds
Investment Securities
San
Antonio, Texas.
Municipal Bonds
Indiana Corporation
Securities
NEWTON TODD
Local
Securities
Indiana Corporation
415
Lemeke
INVESTMENT BANKERS
DUNN & CARR
Investment Securities
Municipal, Government &
Corporation Bonds
Members Detroit
and
Bonds and Stocks
INDIANAPOLIS
Bldg.
Joel Stockard &. Co., Inc.,
LOUISVILLE
JOHNSTON &. COMPANY
Union
Nat.
Bank Bldg.
HOUSTON.
.
MOTTU & CO.
1892
-
Cherry 2600
HARRIS, SMALL & LAWSON
INVESTMENT SECURITIES
NEW YORK
NORFOLK, VA.
Broadway
44 CONGRESS
1
LOUISVILLE, KY.
StockfExchange
DETROIT
TEXAS
60
Pawl Jones Bldg.
-
NORFOLK, VA
Established
INVESTMENT SECURITIES
.
Penobscot Bldg.
INVESTMENTS
ST., W.
nrvpniT
THE
CHRONICLE
[VOL. 111.
_2££
JSnitfttrs anil JJrofeera
PACIFIC
COAST
PACIFIC
Howard Throckmorton
DENVER
Pacific Coast Securities
CALIFORNIA SECURITIES
Boettcher, Porter
BONDS
&
of MUNICIPALITIES AND
{Government
Municipal
Corporation
San
flotfc
COAST
Company
CORPORATIONS
INVESTMENT BANKERS
haying substantial assets
Francisco
and
Alaska Commercial Building
earning power.
DENVER
Quotations
Furnished
Information
and
on
Pacific Coast Securities
Established
SUTRO
LOS
1853
&
SAN
ANGELES
FRANCISCO
PASADENA
WESTERN
CO.
INVESTMENT BROKERS
San
Francisco
San Francisco Stock
and
F. M. BROWN
DEALERS
Investment
& CO.
Bankers
DENVER
IN
\
Municipal and Corporation
I
PORTLAND,
CORPORATION
D^MPlO MORRIS
THE
PREMIER MUNICIPAL
CAPITAL
LOS
BROTHERS, Inc.
DVjlNLO
AND DISTRICT
Building
FRANCISCO, CALIFORNIA
ONE
Government
ANGELES
SAN
California Securities
DOLLARS
Municipal
FRANCISCO
SAN
BONDWOUSE
MILLION
and
Established
PASADENA
over a
Bonds
Quarter Century
DIEGO
Morris
Building
-
PORTLAND, OREGON
No. 3, Central Building
Aronson and
ORE.
MUNICIPAL
BONDS
First National Bank
-
SEATTLE, WASH.
Company
Los Angeles,
We specialize in California
California
Municipal
tSTAttu&Mfco
&
HALL & COMPANY
Corporation
BONDS
101a
INVESTMENT
CLEVELAND
DRAKE,RILEY &. THOMAS
STOCKS-BONDS-NOTES
Local and Pacific Coast Securities
LEWIS
LOS ANGELES
BUILDING
•
PORTLAND, OREGON
fEWfMflEA.POt.lf
Private Wires^Coast
BUILDING,
BONDS
Van Nuys Building
The Gnndl i ng-Jones Company
BANGOR
Specialty
a
GREGG, WHITEHEAD & CO.
Bond Exchange
SUnkeDhorn-HuQter-DuJta
SAN
SECURITIES
Sugar Stocks
Members
410 Montgomery St.
S1S-815
COLORADO
WILLIAM R. STAATS CO.
Coast
to
CorrespondentsTLogan and Bryan
CLEVELAND
A. H. Woollacott & Co.
OTIS & COMPANY
i&fcCV C-fl
Stocks, Bonds, Grain, Cotton
228-262 I. W. Hellman
Investment Bankers
LOS
0»
ESTABLISHED
Building
ANGELES
IQ1 O
TfUNXClPAL RAILROAD
Members #f New York, Cleveland, Chicago,
Detroit anl Columbus Stock
Exchanges,
CORPORATION BONDS<
New York Cotton Exchange,
COMMERCIAL PAPER-* 1
Chicago Board of Trade.
Boston
Detroit
Toledo
Denver
Columbus
Youngstown
Stocks
Cincinnati
TORRANCE, MARSHALL & CO.
Akron
WE
Colorado Springs
Bonds
Acceptances
LOS ANGELES
WILL
BUY
Minnesota & Ontario Pow. 1st 6s
Powell
River
Company
1st
6s
Red
River Lumber Co. 1st 5s
California Securities
CALIFORNIA
SHORT TERM NOTES
Minneapolis St. Ry. Extended 7s
WELLS-DICKEY COMPANY,
A. E. LEWIS
RITTER COMMERCIAL TRUST
Minneapolis
&. CO.
Municipal, Public Utility, Railroad and
I
Corporation
Unincorporated
CLEVELAND
690 Euclid Ave.
.
ST-PAUL
MINNEAPOLIS
CLEVELAND
AUGUSTA
BUFFALO
Niagara Life BIdg.
BONDS of the PACIFiC COAST
Security BIdg.
Los Angeles,
Cal.
JOHN W. DICKEY
THE
Augusta, Ga.
KLIPPEL-WASHBURN-BERKLEY CO. R. H. MOULTON & COMPANY
INVESTMENT SECURITIES
2nd Floor National
City BIdg.
CLEVELAND, O.
Dayton*
Listed
Warren
-
CALIFORNIA
American
-
Inactive
LOS
BIdg.,
San
ANQELES
Established
1886.
Francisco
MAX I. KOSHLAND
WM. E. BUSH & CO.
Augusta, Ga.
Pacific Coast Securities
Stocks & Bonds
San
Member
Francisco Stock and
Mills
FOYER
Leader News BIdg.
Bank
Securities
Bucyrus
Unlisted
ALBERT
Nat'l
Southern
MUNICIPALS
Title Insurance Building,
SAN
SOUTHERN
Bond
Exchange
COTTON
SECURITIES
MILL STOCKS
Building
FRANCISCO
CLEVELAND, Q.
SPARTANBURG,
Hunter Glover &
Company
CHAPMAN DE WOLFE CO.
861-353
SAN
Investment
Bonds
and
Stocks
Short Term Notes
Montgomery
FRANCISCO,
LAW & CO.,
Inc.
Street,
DEALERS
CALIF.
Stocks and Bonds
(Information and Quotations
Coast Securities
CLEVELAND
A. M.
S. C.
on all Pacific
Members San Francisco Stock & Bond Exchange
'
IN
Stocks and Bonds
Southern Textiles
a
Specialty
SPARTANBURG, S. C.
Oct. 30
1920.]
THE
CHRONICLE
XI
JSatifctw attli IBrofeers @utifoe J^eto gorfe
M<VW^<VVVVVVVWSA^WVVWWV>A^vvni%IVVS^.
ALABAMA
MARX & COMPANY
BONDS
*
BANKERS
;
STOCKS
SHORT-TERM NOTES
Graham. Parsons & Co.
i
til CHESTNUT ST.
1X1 BROAD WP •
PHILADELPHIA
BIRMINGHAM,
-
.
.
ALA.
PxVrsly Bros. & Co.
Southern Municipal and
Corporation Bonds
1421
vatr
Investment Securities
BANKERS
\
NEW
CHESTNUT STREET
;S
PHILADELPHIA
Deal
in
and
Purchase
Issues of
CHATTANOOGA
MCMBClia PHILAtikPHlA
STOCK
MUNICIPAL BONDS,
/BONDS,
LEWIS BURKE & CO.
(
?"
LOCAL AND SOUTHERN
THAYER, BAKER & CO.
NOTES AND PREFERRED STOCKS
1
of
RAILROADS,
.>
UTILITIES
INDUSTRIAL
AND
CORPORATIONS
SECURITIES
of
ESTABLISHED VALUE
James Building
CHATTANOOGA
Cable Address "Grace," Philadelphia
MACON
INVESTMENTS
W. M. DAVIS & COMPANY
Commercial
Trust
Bldg.,
PHILADELPHIA
Southern Municipal Bonds
Boles &Westwood
f
AND
Members Philadelphia Stock Exchange
Guaranteed Stocks
Established
MACON
1865.
GEORGIA
Investment
iHTOREPTjfe
410 Chestnut
B. W.
SOUTHERN
Securities
BANKERS
MONTGOMERY
Strassburger
INVESTMENT
St.
Philadelphia
'
Government,
Land Tide
Municipal, Railroad and
SECURITIES
Public Utility Securities
Building,
-
PHILADELPHIA
-
Telephone Locust 4721
MmnUfmeru* Aim
lembers New York and Philadelphia
Stock
Over
Ovr/O
0f the Bank8 in
New York
NATIONAL
City
SAFETY
Exchanges.
MILWAUKEE
use
PAPER
FOR THEIR CHECKS
RICKER
EDGAR,
East
Water
MILWAUKEE,
Broadway
eOI.0larks€o.
Streets
WIS.
BANKERS
George La Monte & Son
61
CO.
Mason
and
Specializing
n
1
New York
WISCONSIN CORPORATION ISSUES
321
Chestnut
St.,
Philadelphia
Established 1837
Financing of Milwaukee
Members New York and
and Wisconsin Industries.
To Keep Posted
On Canadian
Bought and Sold.
Iembers
First Wisconsin
Conditions
than
ter
do bet¬
read
In¬
Company
Philadelphia Stock Exchange
INVESTMENT BANKERS
Land Title
Investment Securities
WISCONSIN
New York
PENNSYLVANIA
States Investors tell
liveliest
com¬
ment on financial
Second Ward Securities Co.
Second Ward Savings Bank Bldg.
and business condi¬
Lists
So.
will add your name to
La
Salle
St.
Specialists in
Wisconsin
mailing list.
BOYLE. BROCKWAY & GRAHAM, INC.
Municipals
MATTERS
and
Address:
High Grade Investments
Union
Royal Securities
(CANADA)
GEO,
Pa.
1 T E
D
Investment Securities
PIAST WISCONSIN
New York
3234-5-6
B.
EDWARDS
INVESTMENTS
MATiOOAl e.KK eioc
Pittsburgh,
Arcade
CORPORATION
Cortlandt
FINANCIAL
of
acency
M
Philadelphia
CHICAGO
vestment, write and we
I
Upon Request
Telephone. Lombard 710
If you look kindly upon
Canada as a field for in¬
L.
Mailed
421 Chestnut Street
MILWAUKEE
108
165 Broadway
JERSEY
NEW
M. M. FREEMAN & CO.
comes
their way.
our
&
MUNICIPAL BONDS
that it is about
tions that
Telephone Canal 4845
Tax Exempt
each month. United
the
Building
PHILADELPHIA
MILWAUKEE
Items
vestment
ns
Philadelphia
Exchanges
Investment Securities
Investment
you cannot
Stock
MlLWAUKELWli
Underwriters and Specialists in
Wisconsin Issues
72 Trinity Place
Confidential
Settlements
Write
our
Trading Department.
NEW YORK. N. Y.
FOR SALE—Timber, Coal, Iron.
other properties.
united States
Negotiations"
and
Purchases
West Indies
Ranch and
Investigations
of Property.
Canada
CHRONICLE
THE
XII
Current
inquiries
UNLISTED
•
Atlas Portland Cement
Automatic Fire Alarm
SEC0RP1ES
1
Atlas Portland Cement 6s, 1925
Central Union Gas 5s, 1927
4
Hecker Jones Jewell 6s, 1922
Central Sugar
( |&|\ )
Coney Island & Brooklyn RR.
Grand Rapids
[VOL. 111.
Merchants
Standard
& Indiana Ry.
X
Refrigerating 6s, *37
Milling 5s, 1930
1920/
United Lead Deb. 5s, 1943
Morristown Trust Co.
T0BEY& KIRK
Ward Baking
Members New York Stock
Ward
Baking 6s, 1937
Exchange
25 Broad Street NewYork
Central Aguirre Sugar
Central Sugar Corporation
Safety Car Htg. & Ltg.
Grand Rapids & Ind. Ry. Com.
Manhattan Ry. Stpd. 4%, 1990
Edison Elec. 111. of Bklyn. 4%, 1939
New Amst. Gas Co. Cons. 5%, 1948
Kings Co. Elevated RR. 4%, 1949
St. Louis Southw. Cons. 4s, 1932
Kansas City Southern 3s, 1950
C. N. R. Manitoba Prov. 4s, 1930
Province Ontario 6s, 1923
Exchange
Twin
City Rapid Tran. 5s, 1928
St., N. Y.
In Public Utilities
—representing strength, mar¬
ketability and safety, and af¬
fording liberal yields for one
to
MILLER
Members
10 Wall
Investments
Canadian Car & Fdy. 6s, 1939
THEODORE L. BRONSON & CO.
Members New York Stock
Attractive
N.
Y.
and
Phila.
Stock
Tel. Rector 7580
120
Broadway.
twenty-one years.
& COMPANY
$100, $500 and $1,000
Exchanges
Denominations
'Phone 7500 Rector, N. Y
Ask
CC and
for
cash
partial payment purchase.
circular
for
recommendations
We
Railroad
Wish
to
Buy
Securities
or
Co.
H.
4s
Mountague Vickers
BONDS
Pitts., Cin., Chicago & St. Louis
T.l. H.n. .070
3^2s> 4s, and 4^8.
«9 Wall St.
HAtByllesby & Co.
Incorporated
NewYork
111
GUARANTEED STOCKS
Chicago
Broadway
206 S.LaSalle St
Providence
lOWeybosser St
Boston
30 State Sfreet
„
Hartshorne & Battelle
SB Broad
St.
Tel.
NEW
Broad
^
7740
YORK
Russian
GLOVER & MACGREGOR
External 6V28
845 Feurth Ave.,
PITTSBURGH, PA.
Amer. Wat. Wks. & Elec. 5s, 1934
CENTRAL NEW YORK
Bought
Sold
Quoted
West Penn Power deb. 6s, 1924
SECURITIES
Den. & Rio Grande
Bought—Sold—Quoted
R.A.SOICH&CO.
H WtD
Mohawk Valley Investment Corp.
Investment
West Penn Traction 5s, 1960
St. Paul Union Depot 7s, 1923
Sl, N. T.
Norf.
Cons.4s, 1936
1996
& West. Cons. 4s,
Chic. Mil. & Pug. Sd. 4s, 1949
TeUectot 5289-S2-403M73J
Bros.
Montgomery
Bankers
Telephone
UTICA, N. Y.
Alliance Realty Co.
Broad 3063
New
York
Bought—Sold—Quoted
Mortgage Bond Co.
Bankers Trust Co.
15 William St.,
EASTMAN
KODAK
COMMON
3991
PROCTER & GAMBLE CO.
FRANK J.
71
INDIAN REFINING CO.
M.
Broadway
Telephone 3992 Rector
DILLON
3963
3994
NEW YORK, N. Y.
Tel. 6460 Bowling Green
ALFREDF. INGOLD&CO.
74
Westheimer &
Company
Member* of the
York
Stoek
Cincinnati
Stoek
New
Chicago
Baltimore
Board
Stock
Exchange
Exchange
of
Trade
Exchange
GRADE
PENNSYLVANIA
TAX-FREE SECURITIES.
We
Members Philadelphia
Stock
7s,
N.
Y.
Exchange Building
BALTIMORE, MD.
Direct Private Telephone to Berdell Bro«.,N. Y,
in
&
Mfg.
May 1, 1931
fWhen. as and if issued)
and all new issues of bonds and notes
Stock Exchange
PHILADELPHIA
deal
Westinghouse Electric
Boenning, Garrison & Co.
CINCINNATI, OHIO
Broadway,
WE WISH TO BUY HIGH-
Matt. H. Connell & Co.
Ill
Broadway
New York
Telephone: Rector 5467 and 622
OCT. 30
1920.]
THE
CHRONICLE
Current itonb
Chinese
Amer. Steel Foundries 4s, 1923
Am. Wat. Wks. & El. 5s, 1934
Adams Express Co. ColL 4s,
Central Foundry 6s, 1931
Govt.
XIII
SnqufrteS.
6s,
1921
Cons. Cities Lt., P. & Trac. 5s, '62
Detroit & Flint 5s, 1921
1947
Fedl
& Trac.
Lt.
Deb.
6s, 1922
Hocking Valley Products 5s, 1961
Burroughs Add. Mach. Stock
Com'wlth Pr., Ry. & Lt.,Com.&Pf.
Detroit Edison Co. Stock
Firestone Tire Com. & Pfd.
Laurentide Power 5s, 1946
Montreal Tramway 5s, 1941
Clev. Akron & Columb. 5s, 1927
Grand Trunk Pac. West. 3s & 4s
Goodyear T. & R. Com. & Pfd.
Lincoln Motors, Class "A"
Paige Detroit Com. & Pfd.
Ohio River General 5s, 1937
Sherwin Williams Pfd.
Retsof
Light & Power 6s, 1932
International Salt 5s, 1951
Packard Motor Com. & Pfd.
Pub. Serv. of No. 111. 5s, 1956
Huron
United Light &
Mining 5s, 1925
Railways
Jones &
Laughlin Steel 5s, 1939
Magnolia Petroleum 6s, 1937
Merrill, Lynch & Co.
Mich. State Tel. 5s, 1924
120
North Amer. Lt. & P. 6s, 1937
O'Gara Coal 5s, 1955
Broadway, New York
Telephone 6070 Rector
Traders Telephone 7683 Rector
Private wires to Chicago, Detroit, Cleveland,
Youngstoum. Grand Rapids and Lansing,
Ohio Cities Gas 7s, 1922-25
Seaboard Air Line 6s, 1945
Union Steel 5s, 1952
Atchison East Okla. 4s, 1928
West Penn Power 5s, 1960
7;.
Chicago & Alton 3%s, 1950
Chicago & N. Wn. 3i/2s, 1987
Chic. Mil. & Puget Sd. 4s, 1949
Denv. & Rio Gr. Impt. 5s, 1928
Goodyear Tire
&
MDrtonlacheiihindL& Cot
mm
Rubber
Common & Preferred
M.
:yv
N. Y. Central Deb. 4s, 1934
vil'
"CHICAGO DETE0IT
K. T. 2nd 4s Ctfs., 1990
N. Y. & Erie 4th Ext. 5s, 1930
Bought, Sold & Quoted
PHILADELPHIA PITTSBURGH
New Orleans Term. 4s, 1953
Utah & Northern 5s, 1926
Instantaneous communication between
our
C. C. Kerr & Co.
offices is made possible through
2
Rector
Phone 6780 Rector
St., N. Y.
PRESSPRICH
W.
R.
their intercon nection by private wires.
40 Wall Street,
j>
f*C\
New York
Telephone
w.
John 307
Foreign Securities
Clev. Akron & Col. 1st 5s, 1927
Foreign Currency
Foreign Cheques
NOBLE & CORWIN
26
Bought and Sold
DUNHAM &
,VSv.
•;
48
New York
St.
Santa Fe Pres. & Phoenix 1st 5s, 1942
Pennsylvania 15-25-year 4s, 1931
Cent, of Georgia
L. & N.,
Citizen National
Bapk
Liberty Bonds"
Circular
on
Members N. Y, Stock Exchange
Niles-Bement Common
Kodak
Eastman
52
■':
New Jersey
Tel. Broad 6323
Broadway
Common
Philadelphia, Boston,
Baltimore, Richmond, New Haven
Private
]•.■'i-I-'*8;:.
& Whitely
Prince
Equitable Trust
National Surety
"Opportunities in
Consol. 5s, 1945
Southeast & St.L.lst 6s, 1921
P.C.C. & St. L. Consol. 4^s, all series
Chase National Bank
'Phone 8900 Hanover
Exchange Place
Broad
Bankers Trust
CO.
Securities
Investment
Theodore C. Cor win
Mark A. Noble
Zinc
wires
to
Telephone 1111 Broad
rofuest.
SUTRO BROS. & CO.
NEW YORK
Telephone: Rector 7350
York Stock Exchange
120 BROADWAY,
.
Members of New
Railroad
N.
Y.
Bond
Penna.
Public Utility Dept.
Dept.
& Ohio
Appalachian Power, pfd. & com.
Amer. Pow. & Lt., pfd.
|& com.
Consumers Power preferred
Duquesne Light, preferred
Fed'l Lt. & Trac., pfd. & com.
4*^8, 1935
St. Louis & Cairo 4s, 1931
Cinn.
Cleve.
Wabash & Mich. 4s,
1990
&
Valley 4s, 1991
Atlantic & Yadkin 4s, 1949
Western N. Y. & Penna. 5s, 1931
British Empire
Steel
Shares
Canadian, Cuban
Term.
Iowa
Bridge 4s
Macon Terminal 5s, 1965
Cleve. Akron & Colum. 5s, 1927
Wash. & Vandemere 4^8, 1947
Kansas
Louisville & Jefferson
Toronto
Ham.
Buff.
&
industrial Bond
International
Securities
Consolidation
4s,
Star 7s,
.Brown Co.
Monon
Pacific Gas
Commercial
pref.
& Electric pfd.
Western Power
1945
pas & Elec., pfd.
com. & pfd.
Stock Dept.
Industrial
Dept
Jacob Dold preferred
Coal
Delaw.
Lack. & Western Coal
Titusville
Iron
com.
& pfd.
Standard Tank Car, pfd.
1924 Dec.
Splitdorff Electric
Independent Warehouse, Inc.
5s, 1936
Cable 4s,
& Electric,
Western States
1924
6s, 1930-39
Coal
Gas
preferred
Northern Ohio Electric, pfd.
43^s, 5s, 6s
Westingh. EI. & Mfg. 7s, 1931
Norwalk Steel 4^8, 1929
Green
Ry. & Light, preferred
Nebraska Power,
Santa Fe Prescott & Phoenix 5s
Seaboard Air Line 6s,
and other
General Gas & Elec., pfd. & com.
Toledo, Ohio Central 5s, 1937
Paul
2397
Delaney
Trinity Building 5^8, 1939
Kuczynski & Co.
120
Broadway
New York
Telephone Rector 6834
CORRESPONDENTS
All Important
Illinois Central Leased Line
N. J. Zinc 4s, 1926
Grand Rapids & Indiana
Bank Stock
Standard
Dept.
Equitable Trust
Irving National Bank
Liberty National Bank
Bank of Manhattan
Mech.
Co.
& Metals Nat'l
Bank
of
Oil
O.
S.
O.
of
New York
S.
O.
of
California
Prairie Oil & Gas
Atlantic
Refining
CARRUTHERS, PELL &
Dept.
Indiana
S.
Foreign Capitate
PRIVATE WIRES
Montreal
RR.
Toronto
Bonds, Bank Stocks,
15 Broad
CO.
Standard Oil Stocks
Phones 5161 to 5169 Hanover
Miscellaneous Securities,
Street, New York
Philadelphia Phone, Locust 572i
Bait. Phone, St. Paul 9389
xiv
THE
CHRONICLE
[VOL. 111.
Current Poitli UnqutrtejS
F.
■
New York Interurban Water 5s
J. LISMAN & CO.
Members
61
New
York Stock
Acquackanonk Water Co. 5s
Exchange
Racine
BROADWAY, NEW YORK
Water Co.
Wichita
5s
Water Co.
5s
City Wat. Co. of Chattanooga 6s
Birmingham Ry. 1st 5s, 1934 Bijou
Irrigation District 6s
Cent. Vermont Ry. 1st 4s, '20, and new 5s
Emmett Irrigation District 6s
Dul. So. Shore & Atlantic 1st 5s, 1937
Fort Wayne & Wabash Valley 5s
Queens County Water Co. 5s
Fonda Johnstown & Gloversv. RR. 4V2S, 1952
Otero Irrigation District 6s
Galveston Terminal Ry. 1st 6s, 1938
Depew & Lake Erie Water 5s
Atlantic &
WE DEAL IN
International & Great Northern 7s & Notes
Kansas
Kansas
Kansas
Peoria Water-Works Co.
City Clinton & Springfield 1st 5s
4s
Leavenworth City & Ft^ Leave-n
worth 4s, 5s, 6s
City & Memphis Ry. & Bridge 5s, 1929
City Shreveport & Gulf Terminal 4s
H. C. SPILLER & CO.
Louisiana & Arkansas RR. 1st 5s, 1927
INCORPORATED
San Pedro Los Angeles & Salt Lake 1st 4s
17 Water
Wabash RR. 1st Lien Terminal 4s, due 1954
St.,
63
corner
Wall
Devonshire St., BOSTON
Street, NEW YORK
Waterloo Cedar Falls & Northern 5s, 1940
AND ALL RAILROAD AND STEAMSHIP SECURITIES
WANTED
WOOD, STRUTHERS & CO.
Hackensack Water
5
Nassau
Street
BONDS
Preferred
NEW YORK
Flatbush Water Works Co.
6%,
due
1931
New Amsterdam
N. Y. Central 1st
Davies, Thomas & Co.
Members N. Y. Stock
5 Nassau
St.
Exchange
New York
N.
Cent. Pacific 1st Ref.
Canadian Pacific 6s, 1924
Central Pacific 3^8, 1929
Utah & Northern 5s, 1926
Norfolk & Western Con. 4s, 1996
Union Pacific Conv. 4s, 1927
New
BOND
ACTIVE
1st
STOCKS
American
York
ON
RAILROAD
FOR
AND
Preferred
COMMISSION
Preferred
5s, 1946
McKinley & Morris
Gilbert J.
Wall
Elec.
Stock
Securities
Corp.
Stock
Preferred
Stock
Texas Power & Light Co.
Preferred
Stock
Postley
Street
Tel. Rector 7931 to 7936
Stock
Stock
Republic Ry. & Light Co.
Northern States Power 5s, 1941
7
&
Preferred
Cleveland Electric 111. 5s & 7s
Consumers Power 5s, 1936
Argentine Govt. 5s, Loan of 1909
Co.
Empire District Electric Co.
Gas
Indiana Steel 5s, 1952
Manila El. Ry. & Lt. 5s, 1953
Light Co.
Stock
Power
Com'wealth Pr. Ry. & Lt. Co.
.
Telephone Hanover 8317
Alabama Power
Power &
Preferred
Colorado
ISSUES
Co.
6%, due 1927
Preferred
IN
BOND
DEALERS
National Tube Co. 5s, 1952
Tenn. Coal & Iron 5s, 1951
Ltg. Co.
6%, due 1964
Union Gas
BROKERS
ORDERS EXECUTED
Empire Gas & Fuel 6s, 1926
New York Tel. 4%s, 1939
Ltg. Co.
Northern
4s,11949
Street
Co.
1948
River Gas Co.
4%, due 2004
N. Y. & Westchester
VILAS & HICKEY
49 Wall
Y. & E.
1st 5%, due 1944
N. Y. & Westchester
1949
St. P. Min. & Man. Pac. Ex.
4s, '40
C. C. C. & St. Louis Gen. 4s, 1993
Telephone Rector 6526
ONI WALL ST., N. Y.
3J^s, Reg., 1997
C. B. & Q. 111. Div. 4s,
Gas
1st 5%, due
NEW
Private
YORK
Phonesto Philadelphia
& Boston
Telephone Rector 9697
Consumers
Pow.
7s,
1935
Del. Lack. & West. Coal
Ga.
GARDNER & CO.
20 BROAD
STREET, NEW YORK
Ala. Gt. Southern 1st
5s, 1927
St. Lawrence Adir. 1st
5s, 1996
St. L. Iron Mt. So.
5s, 1931
St. L. So. Western 2d 4s, 1989
Bush Terminal Bldg. 5s, 1960
Westchest. Ltg.
1st 5s, 1950
Kansas City So.
1st 3s, 1950 N. Y. & West. Ltg.
1st 4s, 1990
Sears Roebuck
C., Clay Co. & St. J. 5s, 1941
Lake Shore Electric 5s, 1923
Northern Electric 5s, 1939
Penn. Utilities 5s, 1946
Springf. Ry. & Lt. 5s, 1926
Sandusky Fremont & So.5s,1936
4s, 2004
Taylor & White
7s, 1921-23
43
We Will
We
Bell
(Mich.) 5s, 1936
Continental Motor 7s, 1925
Cleveland
Elec.
Ilium.
7s,
Will
Sell
Telephone Co. (Canada) 5s, 1925
Empire District Electric 5s, 1949
Great Western Power Co.
6s, 1925
Laclede Gas Light 7s, 1929
1935
Long
Nevada California Elec. 6s, 1946
Metropolitan Edison Co. 5s, 1922
Wisconsin Electric Power
Southern California Edison
5s,
Southern Public Utilities
7)^8, 1945
West Penn Power Co. 7s, 1946
TELEPHONE
IN
PRIVATE
RECTOR 8066-1-S-3
Lighting Co.
5s,
5s,
EARLE A.
SPECIALISTS
Island
1936
1939
1943
MILLER & CO.
PUBLIC
WIRE
UTILITY
CONNECTION
SECURITIES
WITH
111
Thread
Tel. Hanover 427-8-9
Pfd.
Cedar
Lehigh Power Secur. Corp. 6s, 1927
DIRECT
Exchange PI., N. Y.
American
Buy
Alabama Power Co. 5s, 1946
Consumers Power Co.
Zinc
K.
Tel. Rector 7430
Mo. Kan. & Tex.
Ry. & Pow. 5s, 1954
Illinois
CHICAGO
BROADWAY, NEW YORK
Rapids Mfg. & Pr. 5s, 1953
Cleveland & Pittsburgh 7% Pfd.
Cent. Ver. 4s, 1920, ctfs. of
dep.
Chi. Milw. & Puget Sound 4s, 1949
Det. Gr. H. & M. Con. & Eq. 6s, '20
European Loans of American Rds.
& Birmingham 4s, 1945
Mobile
Manitoba & S. W. Coloniz. 5s, 1934
Puget Sound Elec. 5s, 1932
Shawinigan Wat. & Pr. 5^s & 5s
United Ry. & Investing 5s, 1926
Wisconsin Central Ref. 4s, 1959
ABRAHAM & CO.
27 William St., N. Y.
Tel. Rector 1*2
OCT. 30 1920.]
CHRONICLE
THE
xv
Current SJonfo inquiries
Michoacan Power 6s
Atch.
Guanajuato Pow. & Elec. 6s & stocks
Mex.
Cent.
Mexican
&
Lt.
& stocks
Pow. 6s
Trans.
Atch., Top.
Cape Breton Electric 5s
Indianapolis Water Co. 4^s & 5s
Wichita (Kan.) Water 5s
Empire Lumber 6s
Co.
1st
5s,
1982
New York, Penna. & Ohio
Ry.
1st 5s,
1927
Norf.
Waco
Ry. Co. 1st 5s, 1940
Des Moines & Ft*
Dodge RR lst 4s '35
&
Western
4^s, 1935
Ry. Con. 4s, 1996
Rio Grande West Ry.
Coll. Tr. 4s, '49
St. Louis & Cairo RR. Co. 1st 4s, 1931
So. Pacific RR. 1st Ref. 4s, 1955
West.
Gr. Trunk West. Ry.
Winston-Salem So. Bound Ry. 4s, '60
111.
Norwalk
4}^s, 1936
1990
Elgin Joliet & East. Ry. Co. 1st 5s, '41
Cent.-Cairo
Co. 1st 4s, 1950
Bridge Co. 4s, 1950
Portland Terminal 4s
Rochester &
Kansas Cy.& Pacific RR. 1st 4s,
Louis. & Nash.-St. Louis Div 3s, 1980
Col.
American Finance & Securities
&
1958
RR.
Denv. & R. Gr. RR.Con 4s,
Guanaj u ato Reduction & Mines 6s
Fremont
4s,
Erie
&
Dallas &
Southern Public Utilities 5s-
Toledo
Line
CL, Akron &
Light & Power 5s
Chic.
Short
& Santa Fe Ry Gen 4s'95
N.
RR.
5s,
1937
Ry. Con. 1st 5s, 1926
Ewen
Tel. Rector 3273-4 and 3294
Syracuse RR. 5s
Penna.
Utah & North.
Wm. Carnegie
Ry. 5s
Y.
2 Wall
Street, New York
Birmingham (Ala.) Water 5s
HOTCHKIN
Telephone
State
Boston 9,
460
Main
& CO.
53
St.,
Mass.
Evansville & Terre Haute
Illinois Cent.
Eq. 7s, 1925-1935
Cons.
6s, 1921
5s, 1942
Refg. 5s, 1941
.
Union Tank Eq. 7s,
Canadian Nat. Ry.
1930
Genl.
Eq. 7s, 1935
Sullivan
Beth. Steel Marine Eq. 7s, 1935
Amer. Lt. & Trac.
Central Petroleum
BULL & ELDREDGE
Pacific Gas & Electric
Western Power
N. Y.
BROAD ST..
20
Federal
Specialists
in
Tel.
Cons.
Loan
Farm
Foreign
Bonds
Refg.
Gen. S. F.
TANK
CAR
1st
Consol
1955
5s,
I
5s, 1940
Mo. K. & East. 1st 5s, 1942
Mo.K.&T. of T. 1st 5s, 1942
St. Louis Div. 1st 4s, 2001
Wich. F.&N.W. 1st Ref.5s'40
& Tel. Co.
Pacific Tel.
x
Dallas & Waco 1st
BUSH TERMINAL CO.
5s, 1936
4^s, 1936
Extended Notes
Tel. Rector 9970.
& Tel., Spokane
1st
1937
1934
1955
Missouri, Kansas & Texas
Preferred
Home Tel.
5s, 1930
Receivers Ctfs.
Bonds
Government
2
STANDARD
St., N. Y.
5s,
6s,
4s,
Cons.
Rector 8460
MacQuoid & Coady
14 Wall
Coal
Chicago & East. Illinois
Members of the New York Stock Exchange
Members New York Stock Exchange
Co.
Mt. Vernon Branch 6s, 1923
Wich. Falls & N.W. 1st 5s '39
1937
5s,
Chic.Terre Haute &S. East.
JOSEPH
GILMAN
PINE
N. Y. CITY
STREET
5691-4 John
American Water Works & El.
(All Issues)
(All Issues)
West Penn Tract. & Water Pr.
(All Issues)
Power Securities Corp.
Superior Calif. Farm Lands Adj. 6s
Twin Falls No. Side Ld. & Water Ctfs.
Twin Falls
Oakley Ld. & Water Ctfs.
Twin Falls Salmon River
Ld. & Water Ctfs.
First & Ref. 5s,
1960
1960
South. Ind. Ry. 1st 4s, 1951
Capital Stock
I
Income
Members N. Y. Stock Exchange
SECURITIES
INVESTMENT
84
Rollins, Kalbfleisch & Co.
66 BROADWAY
Telephone Rector 2687-8-9
CONSTABLE & FLEMING
CONSTABLEJ
.
71
Broadway N Y"
K, L. FLEMING
Wm. C; ORTON & CO.
Specialists Reorganization Securities
Bowling Green. 6460^
26 Broad St.,
Liggett & Myers Tob. 5s, 1951
& Phen. 1st 5s, 1942
N. Y. Central Ref. & Imp. 4^s, 2013
Delaware & Hudson Conv. 5s, 1935
Santa Fe Pres.
Consolidated
Power
WANTED
Phone Hanover 6297
37 Wall St., N. Y.
J. HARMANUS FISHER & SONS
(Established
Idaho
Power
Nebraska
60
Telephone 4390 Bowling Green
PRIVATE
VIRE
TO
ST.
LOUIS
Vermont
66 BROADWAY
Y.
Glov.4^s,'47&'52
1950
Fonda Johns. & Glov. 4s,
Cayadutta Electric 6s, 1922
Dul. Sou. Shore & Atl. 5s, 1937
Philippine Railway 4s,
1937
Virginia Southwest Cons. 5s, 1958
Fla. Cent. & Peninsular 6s, 1923
Fla. Cent. & Peninsular 5s, 1930
Tol. & O. Cent. West. Div. 5k, 1935
Int. Great Northern 5s, 1914
Int.
Great Northern 7s,
1922
Co.
^
^
5s, 1949
Light 8s, 1925
& Electric 7s,
1922
Hydro-Electric 6s,
1929
\dembers American Bankers' Association
Atchison-Cal. Ariz. 4^s
Providence Securities 4s
Adams
New York Penna. & Ohio
New
4j^s
New
Yorjc & Pa. 4s & 5s
"Nickel Plate" 2nd 6s
New
Orleans
Southern
Sea.
Air
Terminal
Pacific
Line
6s,
Ref.
Devonshire St.
BOSTON 9
Express 4s, 1947
Milwaukee El. Ry. & Lt. 5s, 1951
Cincinnati Gas & Electric 5s
Texas & Oklahoma 5s
Western
NASON & CO.
H.L.
Members New York State Bankers' Association
85
Fonda Johns. &
1930
8s,
Power
Denver Gas
Stock Exchange
BROADWAY, N.
1874)
Southwestern Power &
FARLEE & CO.
J. S.
Securities
Corp. Securities
Bait. & Annapolis Securities
SOUTH ST.
BALTIMORE, MD.
Members Baltimore Stock Exchange.
Liberty Registered Bonds
NEWBORG & CO.
Gas, Electric Light &
Coal
SHORT TIME
BONDS
Members New York
Tel. 7160-1-2 Broad
Baltimore
of
Horn
Wash.
BILLO
New York
Consolidation Coal Co. Securities
Elk
OTTO
5s,
4s
4s
'45 and
York
Portland
7s,
1923
&
Westchester
Ltg. 4s
Granby Mining 8s
Paterson Rwy. 6s, 1931
New York Shipbuilding 5s
Ry. 5s 1930 & 1942
1932
General Gas & Electric 5s,
Wichita Falls & No. W. 5s, 1939
Trinity Bldg. 5^s
Central Vermont
Advance Rumely 6s
Illinois
Cen.
undeposited 4s
Leased Line Stock
Mexican
RR.
Valvoline Oil Pfd.
&
Government
Issues
WOLFF & STANLEY
Telephone Rector 2920
72 Trinity
Place, N. Y.
SAM'L
Phon. 5380-1-2.3 Broad
GOLDSCHMIDT
25 Broad Street
XVI
THE
CHRONICLE
[VOL. 111.
Current J&onfc Snqutrte*
Dependable Quotations
STOCKS
and Information
or
American Trading Co.
Arizona
Power
American Meter 6s, 1946
Banks, Brokers
Phosphate
Corn Products
Refing. 5s, 1931
and Institutions
Preferred
Combustion Engineering Com.
Coronet
BONDS
i
Dallas Power &
Light 6s, 1949
on
Common
Iowa Ry. &
Miscellaneous and
Emerson Brantingham Pref.
Inactive
Grand Rapids & Ind. Stock
STOCKS— BONDS—NOTES
furnished
Kan. & Hock. Coal & Coke Pref.
through
ment
Hy. A. Kessel & Co., Inc., Com.
with
Michigan United Pref.
Mich. Tract. Ext. 1st 5s, 1923
Muskogee Gas & El. 5s, 1926
obligation
service
depart¬
our
is
in
close
Nassau Lt. & Pow. 1st 5s, 1927
touch
N. Y.
markets.
Analytical reports
on
Seattle
HANSON & HANSON
Investment
72
Adirondack Pow. & Lt., Com. & Pfd.
Arkansas Light & Power Preferred
Boston Woven Hose & Rubber
Central Massachusetts Power Pfd.
Steamship
Cumberland County Pow. & Lt., Pfd.
Electric
Electric Bond
Ilium,
&
of
Brockton
Share, Preferred
Massachusetts Cotton Mills
Piedmont Manufacturing
Wisconsin-Minnesota Lt. & Pr., Pfd.
Congress St.,
Bridge 4s, 2004
Terminal
Buildings, 5s, 1960
City Southern 3s
Term. Assn. of St. L. 4s, 4j^s & 5s
Oregon & California 1st 5s, 1927
N. Y. Penn. & Ohio 1st 4^s, 1935
Babcock & Wilcox
Kansas
British-Amer. Tobacco
J. B. Stetson Com. Stock
Imperial Tobacco
Finlay & Davenport
Specialists in Railroad Terminal Bonds
72
WALTER S. PLACE
35
Central-Cairo
New York
New Orleans Terminal Co. 1st 4s,1953
Bush Terminal Cons. 5s, 1955
Bush
Crowell & Thurlow
Edison
111.
-
Dry Dk. & Const. 6s, 1932
Whatcom Co. Ry. & Lt. 5s, 1935
Securities
Trinity Place
Susq. & W. Gen. 5s, 1940
N. Y. & Westch. Lt. Deb.
5s, 1954
request
New York Dock Pref.
Yadkin River Power Pref.
'
without
which
all
Light 5s, 1932
Trinity PI.
Goodyear
BOSTON, MASS.
Private Telephone New York and
Philadelphia
"Main 7088"
Specialists in all Tobacco Securities
Tel. Rector 6881
T.
&
Bristol £ Bauer
Rub.
120 JSYodd^exv
Bought and Sold
Phone-- Rector 4594
Specialists
Motor Slocks
Tire and Rubber Stocks
WE WANT TO BUY
New
R. B.
Jersey Steamboat Co.
5s due
20 Nassau
Hathaway & Co.
St., N. Y.
As Dealers in
Tel. John 5020-1
Guaranteed Stocks
1921
BOUGHT
AND
SOLD
EDWIN BANCKER & CO.
INVESTMENT SECURITIES
115
Broadway
New
York
City
El Favor Mines
Unlisted Oil, Mining, &
Industrial Securities
10 STATE ST.,
vice
New
York,
Chicago
Stock Exchanges
HOME INS. BLDG.,
CHICAGO
and
5s, 1932
Penn
issues
and
colored
maps
Cincinnati
Gas
Boston
6s, 1926
Transport. 5s, 1933
Write
Chestnut
St.
Sheets.
Quotation
QoszpU Wl'dlXicx & jimis
SAMUEL K.PHILLIPS&CO.
507
for
Members New York Stock Exchange
61
Now York
Broadway
PHILADELPHIA
We Deal in—
Unlisted Stocks
and
Bonds
Foreign Government
Bonds
Inquiries from Out-ofTown Investment
Houses and Banks are
especially solicited.
ERNEST
SMITH
& CO.
20
Alabama Traction 5s
Alabama
Power
5s
&
French Govt. 4s and 5s
General
6s
Argentine Govt. 4s and 5s
American Gas & Elec. 6s, 1921
American Light & Traction Co. 6s.
American Waterworks & Elec. 5s
Aurora, Elgin & Chicago 5s ,41-,46
Adirondack Elec. Pr. 5s
British Govt. 4s and 5s
Central Argentine Ry. 6s
Chicago & East 111. Issues
Elec.
Ilium.
Power
7s,
7s,
1935
1&35
Duquesne Ltg. 6s
Evansville & Terre Haute Issues
Empire Gas & Fuel 6s, 1924-26
Gt.
Northern
5s
and
7s
Kentucky Trac. Terminal 5s
Laclede
Gas
Light 5s & 7s
Mississippi River Pr. 5s, 1951
Northern
Ohio
Power
States
Cities
Salmon
NEW
Telephone Rector 6167
Inter.
Japanese Govt. 4s and 4j^s
Gas
River
Seaboard
Cincinnati Gas & Trans. 5s 1933
Consol. Cities Lt., Pr. & Tr. 5s
Cleveland
6s, 1929
Michigan United Ry. 5s, 1936
Birm. Ry., Lt. & Pwr.
4!^s and 6s
Birmingham Tidewater 5s
Consumers Power 7s, 1930
Consumers
& Elec.
Gas
Georgia Lt., Pr. & Ry. 5s
BROAD STREET
YORK
in
5s, 1939
Light & Htg. Co.
Mary Coal Co. 1st
Empire Gas & Fuel Co.
7 WALL STREET
NEW YORK
ser¬
interested
illustrating properties, will be
furnished
upon
application.
Marion
BABCOCK, RUSHTON & CO.
comprehensive
those
to
cific
BOSTON. MASS.
CHICAGO SECURITIES
Members
a
buying or selling.
Informa¬
tive literature, analyses of spe¬
Direct Private Yire to New York.
Tel. Main 3138—Fort Hill 920
Bought, Sold dk Quoted
offer
we
G. F. Redmond & Co., I nc.
Rector 944-5-6
1855
Since
Bay State Film
Air
7s,
Pr.,
&
6s
5s
Line 6s
Southern Calif.
5s
1921-25
and
7s
Edison 5s and 6s
Sayre Electric 5s
Tennessee Power 5s
United Light & Ry. 5s and 6s
Underground Electric 43^s & 6s
Waterloo
Cedar
Falls & No.
West Penn Power 5s and 7s
5s
OCT. 30 1920.'
THE
CHRONICLE
jftnanrtai
XVII
jftnanrtai
152 Government Bonds
"An honest tale speeds best,
Our November Government Bond circular
being plainly told"
a
-SHAKESPEARE
gives in
foreign gov¬
Thirty-eight countries, 17 lan¬
brief form statistics of 152 different
ernment bond issues.
and 23 currencies
guages,
are
represented among
these issues.
MERIT
Bid and asked
prices in percentages
are
quoted in
American currency.
Thirty-nine years'
rience, ample
staff trained
a
most
broad
the
to
in each
partment
expe¬
The American Express Securities
Department i is
prepared to give detailed information about these
bonds, and to execute orders for investment houses
resources,
ut¬
special de¬
with
yet
and banks.
tion
a
city
knowledge of all
Our
price includes cost of transporta¬
origin to any
town in the United States.
and
or
insurance from country of
the Company's business,
an
organization carefully
built
—
tant
in
to
all
American Express company
give the greatest
to
service
correspondents
these
factors
Bowling green mooo
Department
consider
to
choosing
TELEPHONE'
Securities
impor¬
are
New York
a
banking connection.
BERTRON, GRISCOM & CO. INC.
METROPOLITAN
TRUST
OF
COMPANY
THE C.TT OF
60 WALL STRTvr-
PROCTER & GAMBLE
INVESTMENT
NEW YORK,
716 FIFTH
Stock
AVENUE
&
Scrip
SECURITIES
40 Wall Street
Land Title Building
NEW YORK
PHILADELPHIA
J. S. Bache & Co.
Members New York Stock Exchange
New York
Specializing in
BRANCHES and CORRESPONDENTS
Aetna Petroleum Corporation
on
Chicago
St. Louis
Syracuse
Philadelphia
Buffalo
Rochester
Kansas City
New Orleans
Boston
and
Pittsburgh
Cleveland
Baltimore
8% Convertible Gold Notes
Circular
Cincinnati
Albany
Troy
New York,
St.
O
Standard
CHAS.
N.Y.
Phono: Broad 7412
Old
H.
Phones
New
L
HALL
&
CO.
20 Broad St.. N. Y.
Scott & Stump
INVESTMENT SECURITIES
Stock
Stock
Phones:
"When Issued"
our
own
Standard
48f>0-1-2-3-4 Broad.
Oil
Bought and Sold
Canadian. Mexican and Foreign Qovernrnen
Currency
Securities.
Railroad and Public Utility Bonds
7118
on
Order
Checks
Shuman
&
BONDS
bought and sold for cash, or carried
v
on
conservative terms.
Inactive and unlisted securities.
Inquiries Invited.
& tarbell
finch
Members New York Stock Exchange
Bond*
120
42 BROADWA '
6481, 6482. 6483
STOCKS AND
Securities
25 Broad St., N
FOREIGN EXCHANGE
account
,
Keystone: Race 2797
CANADIAN SECURITIES
NIGHTINGALE
Locust 6480
i
PFORZHEIMER &. CO
Dealers in
Phone Broad
.
Stock Exchange Building
PHILADELPHIA
II
Indiana
CARL
HENRY
F.
Tel. 5810 Rector.
OH
of
We buy and sell for
Currency,
Request
Jones & Thurmond
Broad
.
Foreign Govt. Securities
STANDARD
15
*
„
Russian Govt. Bonds
Tel., 6400 Broad
NEW YORK
BROADWAY,
Seligmann
Iembers New York Stock Exchange
80 Broad St., N. Y.
Duquesne Ltg. 6s, 1949
Empire Refining Co. 6s, 1927
Empire Gas & Fuel 6s, 1924-1926
Mississippi Val. Gas & El 5s, 1922
Lehigh Power Sec. 6s, 1927
BROADWAY
N.
Y.
BLDG
PHILADELPHIA
LAND
CITY.
Rector 7418
TITLE
Investment
BROKERS AND SALESMEN WANTED
to sell securities of
able
industrial
established profit¬
corporation.
Details
on
Securities
STREET, NEW YORK
50 Congress St.
North American Bldg.
92
an
CEDAR
Boston,
9.
Philadelphia. Pa.
Mass.
application.
,
Private wire connection
L n. Rosenbaum & Company, Inc.,
185
BROADWAY,
NEW
YORK
CITY OF
MT. VERNON, N. Y.,
Hollister,White& Co.
««CO*POft*TtO
BAUER, STARR & CO.
115
Tel. Broad 7270
SIMON
BORG & CO.,
Members of New
R. Lancaster Williams & Co., Inc.
York Stock Exchange
No. 46 Cedar Street
-
-
Registered i%% Bonds
New York
it
INVESTMENT SECURITIES
B. J. Van
Ingen & Co.
46 Cedar St.
New York
TEL.
«M4 JOHN.
HIGH-GRADE
Equitable Building,
BALTIMORE
MARYLAND
INVESTMENT SECURITIES
*
*
[Vol. Ill
CHRONICLE
THE
xviii
^financial
Iffnattrfa!
'yJ
An
Six Per Cent
Southern
Announcement
Municipals
To The Investing Public
Short Time Notes
and Those Interested
:
;
In Financial Affairs
Commercial Paper
Preferred StocV,
title for
MANY factors have influencedthe decision
the
to
assume a
new
,
company
Acceptances
lately operating under the name of " Thornton
Davidson & Co., Limited, Dealers in Govern¬
ment, Municipal and other Investment Securi¬
ties."
Primarily
Hibernia
infusion of
an
new
Interests rendered
Securities
it advisable to broaden the scope of the com¬
pany's activities, permitting expansion along
carefully considered lines of public service.
Hibernia Bank
In this connection
a
Investors has been
sible to all of
our
most
efficient Service to
instituted, which is
acces¬
clients.
New York Office
$50,000
acquired
-$5,798,430
189,000 •'
—5,500
1,565
_
census
Price:
of
by
experience
of
years
actual residence
in
the
coun¬
tries themselves, is essential when
Assessed valuation, 1919
Total bonded debt, including this issue
School
and
Due Novehiber 1, 1940
STATEMENT.
estimated
KNOWLEDGE
the needs and habits of the people,
6% HIGH SHOOL BUILDING BONDS
FINANCIAL
44 Pine St.
Export Banking
INTIMATE
DELIA COUNTY, COLORADO, SCHOOL DISTRICT NO. 1
Optional November 1, 1930
-
30 Years
in
Population,
Building
New Orleans
M. S. Wheelwright & Co., Limited, will
specialize in Government, Municipal and other
high-grade Investment Securities, and will be
prepared at all times to offer sound, practical
advice to investors seeking direction in. the
placing of funds for steady accumulation.
Dated November 1, 1920
Company
(Incorporated)
transacting business abroad.
23
Branches
103 and interest to
yield over 5.60% to
optional period and 6% thereafter.
in
South
America
1 Branch in Mexico
8
Direct
Bosworth, Chanute & Company
Offices in Europe
Connections
with
India
Investment Securities
I7th and California Street®, *
Denver, Colorado
-
Anglo-South American
"Bank, limited
New York
Government,
Public
Municipal,
Agency,'
49 Broadway
Railroad
Industrial
Utility
Investment Bonds
A, B. Leach & Co., Inc.
I
Investment
62 Cedar
St., New York
Philadelphia
Baltimore
Boston
|
Scranton
Devoted
Securities
.
105 So. La Salle St., Chicago
Buffalo
Cleveland
Mlnneapoli
Pittsburgh
Detroit
I
to
the
interest
of investors in all securities.
Published
Free
monthly.
Milwaukees
on
request.
MOORE,
LEONARD
&
LYNCH
Member* New York. Pittsburgh A
Stock
Philadelphia
JACOB
BACKER
Eat. 1916
Exchange*
FINANCIAL
Frick Bldg.
Ill B'way
Pittsburgh
New York
Philadelphia
BROKER
Ritx Carlton
Ezchanga Bank Bldg^
St. Paul* Minn
t
R.C.Megargel&Ciw
•
OCT. 30
1920.]
THE
CHRONICLE
Jftnancial
financial
A Commercial Bank
Ever
siAce
The
Loan
and
Trust
Bank of
more
Chicago
than
sixty
James Talcott, Inc.
Merchants
General
Offices
Company
225 FOURTH AVENUE
founded,
NEW YOR C CITY
was
the
years ago,
FOUNDED 1854
big end of its business has been
commercial
From
banking.
time to
time,
partments
extending
and
widening
service,
but
mercial
bank,
Correspondents for
and
Merchants
in
the United States and Abroad.
the
it
has
always remained first of all
commercial
and
Manufacturers
have been added,
Bank's
Factors
Agents,
de¬
new
and
Entire Production of Textile Mills Sold and Financed.
a
Accounts Guaranteed and Discounted.
com¬
banking its principal
CABLE
ADDRESS
QUOMAKEL
activity.
OFFICERS
To-day this Bank stands fore¬
most
all
among
the
J. FREDERICK
TALCOTT,
CHARLES E. MATHEWSON,
FRANCIS E. TALCOTT,
JAMES TALCOTT, JR.,
THOMAS J. McGANN,
JAMES L. COX,
HOOKER TALCOTT,
State
banks and trust companies of
the entire
West in volume of
commercial business and hold¬
ings of bank deposits.
BOARD OF
]
President and Treasurer
Vice-President
Secretary
Assistant Treasurer
Assistant Secretary
Assistant Secretary
Assistant Secretary
7,7;,7;77.;:.7-
DIRECTORS
Members—
OLARENOE A. BURLEY. Attorney and
N. Y. Stock Exchange
N. Y. Cotton Exchange
Capitalist.
INVESTMENT SECURITIES
Chicago Board of Trade
R.
T.
CRANE,
JR.,
President
•
-
Crane
Company.
BEG
WE
ERNEST A. HAMILL, Chairman Corn
Exchange National Bank
IN
TO
ANNOUNCE
HALE
HOLDEN, President Chicago
Burlington & Quincy RR. Co.
MARVIN
HUGHITT,
Chairman
THE
SOUTH
137
BROAD
OHAUNCEY
HALLE & STIEGLITZ.
'.v-;
ATLANTIC
H.
McCORMICK,
International
J.
MITCHELL,
SEYMOUR
Chairman
of
MORRIS,
Trustee
L.
International 77
'
tional Petroleum Company, Ltd.,
,
1
RYERSON,
Joseph T. Ryerson A
G.
I
Field
SHEDD, President Marshall
A
Committee.
JAMES
P.
SOPER,
President
Soper
Lumber Company.
ALBERT
ijj
Company.
ORSON SMITH, Chairman of Advisory
A.
||!ij
jj
SPRAGUE,
Chairman
j
r
Philadelphia
Boston
j
Cincinnati
Pittsburgh
Chicago
1
Berlin
current
Milwaukee '
Denver
one
of
the youngest of the Standard Oil issues,
from the time of its incorporation in 1914
to the present time, is contained in the
number
of
which will be sqnt
our
Market
Review
on request for C.-573.
¥¥I T^IIIFC!
Sis
DII^D
11U OilHi3 Ol UlHiK
GERMAN, AUSTRIAN
[ Czechoslovak, Hungarian
Stocks—Bonds—Grain
Securities and Exchange
[Philadelphia Stock Exchange
[
j
Sprague, Warner A Co.
60 Brnarlwav
Y«»lr
u oroaaway, iNew York
8
Chairman
Son.
1!
JOHN
.
Von Pol enz & Co., Inc.
RUNNELLS, President Pull¬
L.
:7''7
BALTIMORE
|
Z.
Company.
EDWARD
'-7
'
CITY
Chairman
Letter Estate.
8.
' ''77-
NEW YORK
Harvester Company.
Board.
<
OFFICE
STREET
KEEP. Trustee Marshall
Field Estate.
CYRUS
man
AN
UNDER THE MANAGEMENT OF MR. H. LESLIE WALKER.
Chi¬
EDMUND D. HULBERT. President.
JOHN
OF
A North Western Railway Co.
cago
JOHN
OPENING
PHILADELPHIA AT
Pittsburgh Stock Exchange
Official
Coupon Redeeming Station
Members- Chicago Board of Trade
for the City of Berlin, Greater Berlin,
and various other German Cities and
42 New
Produce Exchange
St., New York
Communities.
Philadelphia
Cleveland
Pittsburgh
Reserve System
Meirib
'
"
■
INCORPORATED
BANCO de DESCUENTO
Guayaquil, Ecuadorj
Established
Branch
C.rman,
Office,
9156
Exchange Ave.,
Au^U^^Hun.'.ri.n,
C».ho-
G<" '
1920.
Capital fully paid, Sue. 1,500,000
"Identified with
Progress Since 1857"
Capital and Surplus,
["EVERY INVESTOR!
Chicago's
$15,000,000
IN SECURITIES OF ANY KIND
Wants^correspondent in New York.
INVESTOR'S POCKET MANUAL
Any bank interested
should
write
terms.
fREEW^r
I
current
,
-Tk.
number will be sent by
rtWAMTiA!
PRESS, III BreU St,
Otm
!
THE
XX
[Vol. 111.
CHRONICLE
©toftrenb*
jHtiandal
The Cripple Creek
Railway Co.
Central
Capital Asset Distribution Number 7.
By order of the Board of Directors
tion
Per
One
of
Cent
the
on
a
distribu¬
capital
Preferred
of this Company
stock
has been ordered to be
paid out of funds heretofore realized from the
sale of capital assets, payable to all stockholders
of record as of November 15th, 1920.
Checks
will be mailed December 1st, 1920.
Stock books
Reorganization of
do
Maxwell Motor Company,
close.
not
E. S. HARTWELL,
Colorado Springs, Colo.,
Dated
Inc.
October 29th,
Detroit United
and
Secretary.
1920.
DIVIDEND
Railway
NO.
66
A quarterly dividend of Two Dollars per
Chalmers
Motor
Corporation
share,
being at the rate of eight per cent per annum, on
the Capital Stock of this Company,.has been
declared
payable December 1st, 1920, to Stock¬
holders or record November 15th. at 3 p. m.
A. E. PETERS,
Detroit, Mich., Oct. 7, 1920.
Secretary.
Of the unsecured notes and claims
against the Maxwell Company
there have been deposited under the Plan and Agreement dated
September 1, 1920, or have otherwise consented %thereto, an agreegate amount estimated to exceed 85% of said notes and claims.
HOCKING VALLEY
PRODUCTS COMPANY
Dividend
In
the
judgment of the Committee sufficent stock has been
deposited under said Plan and Agreement (more than 80% of the
outstanding 804,524 shares of the Maxwell and Chalmers Com¬
panies) for the purposes thereof, but the Committee desires full
opportunity to be given all stockholders to conserve their interests
by depositing under said Plan and Agreement.
The Committee has extended the time for the
deposit of stock
and unsecured notes and claims with Central Union
Trust Com¬
of New York, the Depositary, at its office, 80 Broadway,
New York City, until the close of business on november 15,
pany
1920.
In view of said extension of time for deposits the time for ex¬
ercising the minimum rights of purchase conferred by said Plan
and Agreement has likewise been extended, and holders of Cer¬
tificates of Deposit for stock may, until the close of business on
november 15, 1920, present said certificates of deposit to
CENTRAL UNION TRUST COMPANY OF NEW YORK,
Depositary, at its aforesaid office, for proper stamping and make
the initial payment of 10% of the purchase price of said minimum
amounts, provided such holders as a penalty shall pay to said
Depositary in addition 25 cents for each $100 of the amount of
said initial payment (and at said rate for fractions of $100), said
penalty being substantially the equivalent of interest at the rate'
of 6% upon the amount of such initial payment from October 27,
1920, the date on which such initial payment was due, to November
15,1920.
New
The
1.
1920.
Products Company has
5% upon its present
authorized Capital 8tock, payable in U. S. A.
Fourth Liberty 4H% Bonds oi November 18
1920, to stockholders of record of November 8th,
Hocking
declared
Valley
dividend
a
of
r
1920.
Where any part of dividend cannot be paid in
bonds, the same will be paid in cash on the basis
of 90% as current market value of such bonds.
As the dividend is payable O' lv upnn the Com¬
pany's present authorized Capital Stock of the
par value
810, stockholders having voting Trust
Certificates
or
certificates
of
the
company's
former stock of the par value of 8100 or 820 are
requested to exchange such certificates into
present authorized and existing Capital Stock of
the Company at Empire Trust Company, 120
Broadway, New York City.
Transfer books will be closed on November 8th,
1920, and reopened
on
1920.
November 19th,
S. L. CHAMBERLAINE, President.
PUBLIC SERVICE INVESTMENT COMPANY
Boston, Massachusetts.
PREFERRED DIVIDEND NO. 46.
A
quarterly dividend of 81 50 per share has
been declared
on the Preferred Capital Stock of
Investment
Company, payable
1920, to Stockholders of record at
the close of business October 19, 1920.
Public
Service
November
1,
STONE &. WEBSTE**,
INC..
Transfer Agent.
the
j.
management
white
g.
corporation
43
The time to file the forms of
application attached to Application
Certificates, for new stock in excess of said minimum rights of
purchase and to make the initial payment of an amount equal to
$10 in respect of each share of Class A stock so applied for, has
been extended, without penalty, to the close of business on
December 1, 1920.
It is anticipated that notice of allotment of
stock so applied for will be given on or about December 3, 1920.
No.
October 21 st,
York,
Exchange Place,
York City.
New
The
regular quarterly dividend (Thirty-first
Quarter) of One Dollar and Seventy-five Cents
(81.75) per share, being at the rate of 7% per
annum, has been declared on the Preferred Stock
of this Corporation, payable December 1, 1920,
to Stockholders of record November 15, 1920.
T. W. MOFFATT, Treasurer.
Office
of
CONSOLIDATION
COAL COMPANY
Baltimore,
Md„
October
11,
1920.
The Board of Directors has declared a quarterly
dividend of one and a half dollars ($1.50) per
THE
Dated,
October 28,
192p.
WALTER P. CHRYSLER
LEO M.BUTZEL
Chairman
HUGH
J. R. HARBECK
share
•
stockholders
business Oct. 21. 1920.
The transfer books will
remain open.
Dividend checks will be mailed.
GEORGE W.DAVISON
Vice-ChairtTian
B.
ELDON BISBEE
F.
T.
EVERITT
E.
HARRY
RALPH VAN
BRONNER
K.
Assistant Treasurer
STUART,
BROOKLYN EDISON COMPANY,
BROOKLYN, N. Y.
83d Consecutive Dividend.
HENRY V. POOR
JAMES C. BRADY
Capital stock, payable Oct. 30, 1920,
of record at the close of
its
on
the
to
CHALMERS
The
R. TINKER
Board
of
Directors
at
a
INC.
meeting
held
October 18th, 1920, declared a regular quarterly
dividend of $2.00 per share on the capital stock
VECHTEN
Company outstanding, payable on Decem¬
1920, to stockholders of record at 3:00
November 18th, 1920Checks for the above, dividend will be mailed.
E. A. BAILY, Treasurer.
of the
Committee
ber
p.
A. A.
ROST, Secretary,
1st,
m.
on
11 Pine Street, New York City.
canadian national railways
15-Year 7% Equipment Trust
i
Gold
DUE
Certificates.
1, 1935
MAY
Coupons due November 1, 1920, on the above
Certificates may be presented for payment to
either the Hanover National Bank, New York
City,
or
the Girard Trust Co., Philadelphia, Pa.
WM. A. READ & CO.
GENERAL CHEMICAL COMPANY.
25 Broad St., New York, Oct. 22, 1920.
quarterly dividend of Two Per Cent (2%)
will be paid December 1st.
1920, to Common
Stockholders of record at 3 P. M., November 19,
A
1920.
LANCASTER MORGAN, Treasurer.
MAHONING INVESTMENT CO.
dividend of One Dollar and Fifty
Cents
and an extra dividend of Four
share has been declared on the
capital stock of this company, payable December
INVESTMENT SECURITIES
A
(81.50) per share
Dollars
Maintaining 81 Branch Offices in 70
1,
($4)
per
1920, to stockholders of
record November 24,
1920.
LEWIS
Principal Cities of the United States
GILLETTE
EXECUTIVE
OFFICES:
The
Board
ISELIN, Secretary.
RAZOR COMPANY.
declared
SAFETY
of Directors have to-day
regular quarterly .dividend of $2.50 per share
and an extra dividend of $1.00 per share, payable
December 1st, 1920, to stockholders of record
October 30th, 1920.
FRANK i. FAHEY, Treasurer.
a
111 W. Monroe Street
CHICAGO
.
1
qflBBBBBg
Boston, October 15, 1920.
Oct. 30 1920.]
THE
CHRONICLE
XXI
©ttubenba
Wl
financial
NSLOW,LANI ER&CO
59 CEDAR STREET
NEW YORK
THE FOLLOWING COUPONS AND DIVI¬
DENDS ARE PAYABLE AT OUR BANKING
HOUSE DURING THE MONTH OF NOVEM¬
BER, 11920:
NOVEMBER 1ST,
Cleveland
&
MUNICIPAL BONDS
1920.
Pittsburgh RR.
Co.
Mtge.
Gen.
3KS.
TO YIELD
'
Massillon
Cleveland
&
RR.
Co.
Quarterly
dividend 2%.
Marion County, Indiana, BrldgeJBonds.
Portsmouth,
Ohio,
Refunding Water
Works
/■-.Bonds.
■
/N' ..,//,/
$150,000 Rochester, N. Y., 3^8
Due
Due July 1, 1932-34
Posey County, Ind., Gravel Road Bonds.
Indianapolis, Ind., School Building Bonds.
5.00
d:5V
200,000 Flint, Mich*,
NOVEMBER 21ST, 1920.
Marion County,
5,00%
25,000 Toledo, Ohio, 4%s
NOVEMBER 15TH, 1920.
;
July 1, 1924
Due
1936-50
5.00
Indiana, Refunding 3J£s.
120,000 Putnam, Conn., 4%s
GREENE CANANEA COPPER CO.
42 Broadway, New York, N. Y.
Due
Aug. 1, 1922-34
5.75-5,20
The Board of Directors of the Greene Cananea
Copper
Company has declared a dividend of
60 cents per share upon its Capital Stock of the
par value of $100.00 per share, payable on No¬
vember 22, 1920, to the holders of such shares
100,000 Knoxville, Tenn., 5^8
Due
/
/
*
Sept. 1, 1950
5.35
of record at the close of business at 3:00 o'clock
£. m. Friday, November 6, 1920. The dividend
payable only upon the $100.00 shares into
100,000 Robeson County, N. C., 5*4s
which the Capital Stock is divided.
All stock¬
holders who have not converted their holdings
into
shares
without
of
$100.00
delay
in
value should do so
order that they may receive
par
their dividend
promptly.
The transfer books will not be closed.
J. W. ALLEN, Treasurer.
New York, September 23, 1920.
Due Jan.
1,
1930-40
5.40
55,000 Audubon, N. J., 6s
Due
Oct.
Send for
LIMA LOCOMOTIVE WORKS, Incorporated.
30 Church Street,
1,
1923-34
6.00-5.50
descriptive circulars
New York.
The
October 1st, 1920.
Board of Directors has declared a quar¬
terly dividend of One and Three-Quarters (1 %%)
Per Cent upon the Preferred Stock of this Com¬
pany for the three months ended September 30,
1920, payable November 1, 1920, to stockholders
of record at the close of business on October 16th,
1920.
R. M. GRANT &
31
Transfer books do not close.
L. A. LARSON,
Secretary & Treasurer.
Nassau St.,
Boston
CO.
New York
St. Louis
Chicago
—
Office of
CONSOLIDATION
COAL
COMPANY
Baltimore, Md., October 11, 1920.
THE
The Board of Directors has declared a quarterly
dividend of One and a Half Dollars ($1.50) per
share on its Capital stock, payable Oct. 30, 1920,
to
the stockholders of record at the close of
business Oct. 21,
The transfer books will
1920.
remain open.
Dividend checks will be mailed.
T. K. STUART, Assistant Treasurer.
THE YALE & TOWNE MANUFACTURING CO
Dividend
No.
109.
A
dividend, No. 109, of two and one-half per
(2H %> has been declared by the Board of
Directors out of past earnings, payable Nov. 20th
cent
to stockholders of record at the close of business
Nov.
10th.
J.
H.
TOWNE,
Secretary.
JJotuts
SINCLAIR
CONSOLIDATED
OIL
LIBERTY
THE
NATIONAL: BANK
CORPORATION.
Five-Year Secured
Gold
7%% Convertible
Notes.
To the Holders of Temporary Notes
of the Ahore Issue:
NOTICE
IS
HEREBY
GIVEN
that
the
Definitive Notes with coupons attached will be
ready on and after November 1, 1920, for dolivery in exchange for Temporary Notes of the
above issue, upon surrender thereof at the Chase
National Bank of the City of New York, Trust
Department, No. 57 Broadway, New York City.
All holders of Temporary
to
Notes are requested
exchange the same for Definitive Notes with
coupons as
CAPITAL
-
-
-
$5,000,000.00
SURPLUS
-
-
-
5,000,000.00
UNDIVIDED PROFITS
2,500,000.00
promptly as possible after November 1,
1920.
It is important that this exchange be
effected before November 15, ■ 1920, when the
first interest coupon is payable.
Dated
October
28,
OFFICERS
1920.
SINCLAIR CONSOLIDATED OIL
CORPORATION,
By J. FLETCHER FARRELL, Treasurer.
HARVEY
DANIEL
G.
/Energetic man with executive ability with
country banking and broad legal and real
estate experience in Chicago, wants opening
In bank, law or real estate office, manu¬
facturing plant or large mercantile business,
Illinois or Middle West preferred.
Address
H. F. H., care of The Chronicle, 19 S. La Salle
St., Chicago.
ERNEST
are
is
capable of
material
on
extension.
entirely familiar with investment
securities, have considerable capital for such
business
and
best cities
on
in confidence.
wish
to
locate
in
one
of
the
the Coast, please communicate
Address P. N.,
Vice-President
care
Chronicle,
Cashier
THEODORE C
8.
BLAINE.
Jr
Vice-President
MAXWELL
Vice-President
LOU It-
KNOWLE8
W
Assistant Cashier
RAYMOND G
CARDOZO
Assistant Cashier
J
WHALBN
Assistant Cashier
Vice-President
DONALD
FORBES
Assistant Cashier
DAN FORTH
EDWAKU
MURNANE
HOVEY
Assistant Cashier
Vice-President
G.
WALZ
FREDERIOKP McGLYNN
Assistant Cashier
BENJAMIN E. 8MYTHE
JAMES
GEORGE
A well-established investment business
BOWER
Vice-President
NO YES
Vice-President
FREDERICK W
RIEOK8
Vice-President
8TAUFFEN, Jr.
A.
PACIFIC NORTHWEST
Coast
W.
MAURICE F. BAYARD
W.
Vice-President
JOSEPH
JOSEPH
If you
SIDNEY
Vice-President
CHARLES
"
GIBSON, Prwldent
ALEXANDER V. OSTROM
Wianttb
the
D.
REID
Vice-President
D.
DAVIS
Trust Officer
TTTTT
THE
CHRONICLE
[Vol. Ill
^financial
Our advertisement
Our message to
and
lumber
timber operators
manufacturers
timely and pertinent to the
is
gen¬
eral credit situation.
Bankers in 'close touch
with
the
lumber
and
of
accounts
manufacturers
timber
operators
cordially invited
correspond with us.
are
to
We
offer, successful, going luiru.
ber
companies, loans secured by
their
physical property, which
leaves their
quick assets for tem¬
porary use as
conditions demand.
Established 1891
•y-iSBSiMo/J i'j Lyun,
C-ry
Baker1, Fentress & Co.
Successors
to
g tuiupiiuij
Lyon, Gary & Co.
'
V/r
Timber Financing
:;•;
'
V*
'
■■
r
CHICAGO
^4s
published in the current editions of the
Lumber Trade Publications
WE FINANCE
established meritorious industrial
enterprises under longtime contracts
as
sole fiscal
agents with permanentifinancial interest, representation
board of directors and executive
committee, control
and right of audit and
inspection without notice.
on
Singer g
Mfg. Co.
of finances,
WE OFFER
bankers and investment dealers
securities and profitable
financial
assistance
assistance of
all
our
a constant
supply of proven industrial
underwriting opportunities, together with
on
their own local
underwritings and the
affiliated
sales
organizations in
security issues too large to handle locally.
We also
and finance small investment houses
everywhere.
distribution
"
Manufacturer
and
Distributer of
Singer Sewing Machines
of
buy half interest in
Correspondence Solicited
Central
National Industrial Finance
Corporation
Capital $,1,000,000
Circular
on
Request
National Association
Building
28 WEST 44TH
STREET, NEW YORK
Stone,Prosser&Doty
INVESTMENT
National Bank
in
of
Commerce
SECURITIES
52 William St.
New York
Telephone Hanover 7733
New York
A. G. Becker & Co.
COMMERCIAL PAPER
INVESTMENT SECURITIES
137
Capital, Surplus And Undivided Profits
Over
Fifty-five Million Dollars
South
La
Salle
Street
CHICAGO
NEW
YORK
ST. LOUIS
SAN FRANCISCO
SEATTLE
LOS ANGELES
Oct. 30 1920,]
CHRONICLE
THE
Xxin
fimmtiai
WHAT JS A PNEUMATIC
TRUCK TIRE
"IT THEN the first pneu-
W
matic truck tires the
world had
peared
ever seen
exactly what constitutes
a
pneumatic truck tire*
ap¬
the streets of
July, 1911,
called them
*
5k
meet
and
trucking conditions
merely market
not
conditions.
*
on
*
Before
*
it
in
people
"balloons."
The idea of putting a
heavy truck
so
air
on
was
far in advance of any¬
thing
the
automobile
world
had
yet
thought
of that it took time for
people to
Even
still
a
grasp
today
it.
people's
minds
of
pneumatic truck
States
Rubber
Company knew that
an
overgrown passenger car
tire would never solve
the
truck
owner's
tire
problem.
What it
was
an
started with
idea—the
idea
The U.S. Nobby Cord
today is the pioneer
lin¬
eal
descendant
of
the
first of its
kind—brought
by the United States
Rubber Company in
1911, after two years
spent in developing it.
out
There
between
some
of creating an entirely
new kind of a tire—a truck
to
pneumatic—designed to
is
a
difference
market.
there is
confusion in
produced
the first pneumatic truck
tires
ever
made, the
United
Detroit
as
tire
and
pioneering
a
pioneering
a
U.S.Pneumatic Truck Ti res
United States
Fifty-three
Factories
The oldest and largest
Rubber Organization in the World
Two hundred and
ThirCy-jire Branches
THE
CHRONICLE
[Vol. 111.
jfinantial
CORPORATION BONDS AND NOTES
V
Maturity
Rate
Security
Price
7
Feb.
9,000 Oklahorha Gas & Electric Co. Coll. Trust Notes.
7
Mar.
7,000 Salt Lake & Utah RR. Equipment Tryst—
7
May
7
Aug.
1, 1921
$10,000 Mobile Cotton Mills 1st Mtge, Bonds
—
6,000 Salt Lake & Utah RR. Coll. Trust Notes*_.—
15, 1921-22
Ap
prox.
Yield
Mkt.
8.00
1, 1921
99.75
7.75
1, 1921
99.64
7.75.
99.28
8.00
7
Oct.
7
Jan.
1, 1922
Mkt.
8
Aug.
1, 1923
98.50
8.50
23,000 Utah-Idaho Sugar Company 1st Mtge. Bonds—
7
July
1, 1921-30
Various
7.75
3,000 Green Star Steamship Corp. 1st Mtge. Bonds...
7
Dec.
1, 1924
9,000 Swift & Company Notes
7
Oct.
15, 1925
97.50
7.60
7
Jan.
1, 1929
96.25
7.625
7.88
18,000 Sears, Roebuck & Co. Notes..*....
...
10,000 Elder Steel Steamship Co. 1st Mtge. Bonds.
5,000 Pathe Freres Phonograph Co. Notes..
_
_
15,000 Anaconda Copper Mining Co. Secured Notes—
15, 1921-23
99.20-98.41
7
10,000 Liquid Carbonic Company Notes.
Sept
1, 1930
1, 1930
Mkt.
Oct.
1, 1930
8.00
94.00
Sept.
8
2,000 Morris & Company Notes..
8.00
Mkt.
73^
15,000 B. B. & R. Knight, Inc., 1st Mtge. Bonds..
7.85-7.60
-
7.75
8.00'
100
7
July
1, 1935
91.25
15,000 Grand Trunk Ry. of Canada Guaranteed Bonds 7
Oct.
1, 1940
Mkt.
6.90
Jan.
1, 1946
Mkt.
7.00
3,000 Consumers Power Company Gen. Mtge. Bonds..
4,500 Nevada-California Elec. Corp. 1st Lien Bonds..
6
8.00
MUNICIPALS
$15,000 Omaha,
Neb., School Dist
®
2,000 Utah County, Utah__
128,000 Iron
County, Utah
1, 1921-40
6.50
May
1, 1921-39
5.75
5
21,000 Provo City School District, Utah
May
May
1, 1926-27
5.70
6
5,000 Cedar City, Utah__
Sept. 1, 1921
Aug. ,1, 1921-30
5
_*
6
6
10,000 Salina City, Utah
May
1, 1926-40
6.125
On
app.
6.50
60,000 San Pete County, Utah, Drainage Dist
6
Jan.
1, 1926-40
6.25
35,000 Alpine School District, Utah
5
Jan.
1, 1931-40
5.75
23,000* Provo City, Utah
53^
May
1, 1940
17,500 Piute County,
6
April
1, 1940—Opt. 1930
Utah
5.75
*
6.00
9,000 City of Nampa, Idaho
6
July
1, 1940—Opt. 1930
3,700 Dayton, Idaho...
6
Jan.
1, 1940—Opt. 1930
15,000 Sevier County, Utah, School District
53^
Jan. 15, 1921
7.00
25,000 Uintah County, Utah, School District
7
Feb.
1, 1921
7.00
10,000 Duchesne County, Utah, School District.
7
Jan. 15, 1921
7.00
\
6.00
6.75
PREFERRED STOCKS
100
Standard Oil
Company of New Jersey
7
105
6.67
7
Mkt.
7.80
Albers Bros. Milling Co__>
7
Mkt.
7.30
Cleveland
8
100
8
100
8
101
7
100
8
100
50
Utah Power & Light Co
20
50
50
Greenfield Tap & Die Corp
50
Electric
Schramm-Johnson
64 Sherwin-Williams
240
100
Midwest
'
Illuminating Co.
Drugs,
Inc
_
Company
Engine Company
Amalgamated Sugar Co
Accrued interest
or
prior sale
or
8.00
7.92
7.00
»
Mkt.
8
dividends to be added to all above
8.00
.
quotations.
Offerings subject to
change in price.
0ur\trading department specializes in Western unlisted securities,
,
-V
.
1
PALMER BOND & MORTGAGE CO.
Walker Bank Bldg.
SALT LAKE
BONDS
CITY, UTAH
PREFERRED STOCKS
T
ACCEPTANCES
8.00
7.90
-
Oct. 30 1920.1
xx*
(TIIU)XICLR
THE
(financial
NEW
ISSUE'
$5,000,000
Pfister &
,
Vogel Leather G>mpany
Ten-Year 7% Convertible Sinking Fund Gold Debentures
Authorized Issue $5,000,000
To be presently Issued $5,000,000
'
Dated November 1, 1920
Due November 1, 1930
•
Interest payable'May 1st and
November 1st, in New York
Income Tax not in
or
Milwaukee, without deduction of Normal Federal
excess
of 2%,
Coupon Debentures Interchangeable denominations—Registerable as to Principal $100, $500 and $1,000.
Re¬
deemable in whole or in part at the option of the Company at 105 during the first year and decreasing
by H of 1% for each year thereafter.
Callable for Sinking Fund at 101 and interest.
Convertible at
option of holder at
WISCONSIN
FIRST
From
letter
a
par
TRUST
into 7% Preferred Stock at $100
COMPANY, MILWAUKEE,
share.
per
TRUSTEE
:
of Fred Vogel, Jr., President of the Company, we summarize the following statements :
:
The Company, incorporated in 1872, succeeded to the business started in a small
by Messrs. Pfister and Vogel in 1847 in the City of Milwaukee. The tanning business
conducted by this Company is one of the best known and most successful in the world,
embracing the manufacture of shoe, harness and glove leathers.
Business
way
Purpose of Issue
Assets
:
The proceeds of these Debentures will be applied to the reduction of loans.
The net current assets of the Company as
:
shown in its balance sheet of December 31,
in excess of $12,750,000; its total assets are in excess of $29,000,000.
After giving effect to this financing, the Company's position as of September 30,
1920, (which reflects inventory losses) shows net quick assets over two times and
net tangible assets over four and a half times the amount of this issue.
1919,
are
Earnings : The net earnings available for interest charges, after deducting all depreciation
charges, but before income taxes, have been approximately as follows:
$1,184,000
2,400,000
4,000,000
Average for 20 years ended December 31, 1919
Average for 5 years ended December 31, 1919
For year ended December 31, 1919—over
Maximum annual interest
350,000
this issue
on
annual earnings in the 20 year period, therefore, amounted to
year period 7 times, and in the year ended December 31* 1919,
the maximum annual interest requirements of this issue.
These average
over
11
3 times, in
times
the 5
These Debentures will be the direct obligation of the Company which has no other
outstanding.
There is no mortgage on the property of the Company, and
Indenture securing this issue will provide (a) That the Company may not place any
Security
:
funded debt
1
the
mortgage on any of its property except purchase money obligations,
(b)
quick assets of 150% and net tangible assets of 250%
is to maintain net
The Company
of Debentures
outstanding, also total quick assets of 200% of current liabilities.
Sinking Fund : An annual Sinking Fund of $250,000 beginning in 1921, will
at not exceeding 101 and accrued interest or call by lot at this price, thus
mately one-half of the issue prior to maturity.
buy Debentures
retiring approxi¬
Equity : The equity junior to these Debentures is represented by $2,000,000 Preferred
$10,000,000 Common Stock, and surplus and undivided profits of $1,400,000.
Legal proceedings
as
to this issue will he approved by Messrs. Lines,
Stock;
Spooner and Quarles for the
Company, and by Messrs. Miller, Mack and Fair child for the Bankers.
PRICE
95
AND
INTEREST,
Rutter, Lindsay & Co., Inc.
14 Wall St.
The Rookery
♦
New York
Chicago, Illinois
/
This information
and these statistics
have been obtained
Chicago
Milwaukee, Wisconsin
White, Weld & Co.
The entire issue
108 So. La Salle St.
Second Ward Sav. Bank Bldg.
M,
Milwaukee,.Wisconsin
October, 1920
7.73%
Second Ward Securities Co.
First Wisconsin Co.
407 East Water St.
YIELDING
from
/
sources we
are
not guaranteed, hut
believe
'
having been sold this advertisement
to
be
accurate.
<
appears as a
matter of
record only.
'
THE
XXVI
[VOL.111.
CHRONICLE
jHnanefal
NEW ISSUE
■
$5,500,000
Lukens Steel
First Mortgage
Dated November 1,
Callable
as a
Gold Bonds
20-Year
1920
Due November 1, 1940
/
Interest
■;
Company
V
;
payable May 1 and November 1
\
•/■if'-
■■
'
\^%vvv'.7
;
■.
whole (or
in part, under certain conditions, in the event of a sale of capital assets) on any interest date after 60 days'
price equivalent to a 6H % basis from date of call to maturity but not exceeding 110 and accrued interest.
Also
callable after November 1, 1925, at 107^ and accrued interest to exhaust Sinking Fund.
Interest payable with¬
out deduction for normal Federal Income Tax not in excess of 2% or for Pennsylvania Four Mill Tax.
Coupon bonds in denominations of $100, $500, $1,000, registerable as to principal.
notice at
a
Authorized
$5,500,000
To be
BANKERS
We summarize
Business:
most
ucts
as
a
TRtJST COMPANY, NEW YORK, TRUSTEE
letter dated October 26, 1920, from Mr. A. F. Huston, President of the Company:
This business, established about 1790, was the first and is to-day one of the
important producers of boiler plates in America. For these and its other prod¬
it has always' maintained the highest reputation for
quality.
It is the, only
company
inches in
Security:
follows from
presently issued $5,500,000
in the United States torday which produces steel plates in excess of 155
width, which are in demand for modern locomotive and marine boilers.
This issue i3
a direct first mortgage on the fixed assets of the Company now owned
acquired.
Net tangible assets offsetting this issue based on the balance sheet
of August 31, 1920, after giving effect to this
financing, wilFbe $19,026,249, of which
$6,674,729 will be net quick assets,
or
hereafter
Earnings:
Average annual net profits,
on
floating debt:
after depreciation but before Federal Taxes and
interest
10 years to
October 31, 1919
Annual interest
Net
Capacity:
charges
on
this issue
.
profits for the 10 months ended August 31, 1920,
on
/
,
$2,311,217
$440,000
the
same
basis
$1,167,935.
were
Since 1915 the capacity of the plant has been doubled and is now in excess of
per annum.
This enlargement has been made entirely out of earnings.
400,000 tons
Sinking Fund:
A sinking fund of not less than 25% of net earnings after depreciation, taxes
and interest (but not less than $100,000 in
any one year) will provide for the purchase of
these bonds up to 107^ and accrued interest. Bonds are not callable for
sinking fund
before November 1, 1925.
Legal proceedings as to issuance of these bonds will be approved by Messrs. Prichard, Saul, Bayard & Evans for
Company and by Messrs. McAdoo, Cotton & Franklin, for the Bankers.
An audit has been made by Arthur
Young & Co., Certified Public Accountants, and an examination and report on the property and business have
been made by George W. Goethals & Co.
for the Bankers.
the
Delivery will be made on or about November 1, 1920, in the form of Bankers' temporary receipts exchangeable for
temporary or definitive bonds when, as and if authorized, issued and received by us.
Price 99V2 and accrued
interest,
West & Co.
Philadelphia
yield
to
8%.
over
White, Weld & Co.
New York
New York
Boston
Commercial Trust Co.
Philadelphia
'
■
.
...
.
.
.
' "
-
'
'
•
■
"
••
.
'
'
.
■
This
I
information
have
been
'
.
and
obtained
■
...
these-statistics
from
sources
we
are
'
-
not
believe
guaranteed,
to
be
■
but
accurate
;.
;
0«T. 30 1920.]
THE
CHRONICLE
XXVII
yjnancfal
A
California Hydro-Electric Bond
Bearing
8%
r
for
♦
Years
15
$2,625,000
San
Joaquin Light & Power Corporation
Series "D"
Convertible Collateral Trust Bonds
Dated November 1,
1920
Redeemable at 104 and interest
Due November 1,
1935
Denominations $1,000 and $500
Union
Bank
&
Trust
Co.
of
Los
Angeles, Trustee
Interest payable May and November 1st at the office of the Trustee
and at Bank of California, N.
A.,
San Francisco, Cal.
INTEREST PAYABLE WITHOUT DEDUCTION FOR NORMAL
FEDERAL INCOME TAX NOT IN
EXCESS OF 2%
Convertible
at any
time at the option of the holder into
a
30-year 6% bond at 95
These bonds are issued to refund floating debt accumulated in the construction of the Kerckhoff
plant on the San Joaquin River and the addition to the steam plant in Bakersfield, which are
now
completed and in operation, and which have added approximately 70,000 H. P. to the Com¬
pany's generating capacity.
All of this new power has been sold at remunerative rates.
i
power
EARNINGS
In the first
net
est
eight months of the present
year
earnings of the Company ayailable for inter¬
and depreciation have been
$1,392,989.
This amount exceeds net
earnings of the best
the Company's history by $133,694.
Operating interest charges for the eight,
full year in
months
were
only $558,992.52.
applicable to bond interest increased $406,332.47
the same period of last year.
*
over
.
An
estimate, carefully prepared by the offi¬
cials of the Company, based on the saving of
operating expenses and the increased earnings
resulting from these new plants, shows:
'
Net
earnings for the 12 months end¬
ing August 31, 1921
$3,300,000
For the two months of
July and August (not¬
withstanding the fact that the new steam £lant
was in
operation but 45 days and the Kerckhoff
plant but 15 days of this period) the net earnings
As the First and
at
a
Total interest
on
all bonds outstand-
;
ing and which might be issued dur¬
ing this period will not exceed...
1,300,000
_
Refunding Mortgage does not 'permit the issuance of Bonds secured thereunder
greater rate of interest than 6%, this series of Convertible Collateral
issued to meet the present
Trust 8% Bonds
financial conditions and the present high rates for
was
money.
The Convertible Collateral Trust 8% Bonds are a direct
obligation of the Corporation, and
additionally directly secured by the deposit with the Union Bank & Trust Co. of Los Angeles of
an equal amount of First and
Refunding Mortgage Series "C" 6% Bonds—for which the Convertible
Bonds may be exchanged at any time at the
option of the holder on the basis of par and accrued
interest for the Convertible 8% Bonds, as against 95 and accrued interest for the First and Re¬
funding Mortgage 6% Bonds.
are
As the Convertible Collateral Trust Bonds
can
be
exchanged for First and Refunding Series "C"
virtually the same security as the
Bonds at any time, the holder of the Collateral Trust Bonds has
Price:
100 and Accrued Interest
Yielding 8%
BIyth, Witter & Co.
New
San
Francisco
Los Angeles
York
Seattle
Portland
Banks, Huntley & Company
Los
As
Angeles
,
th<^se bonds have been sold this advertisement
All statements herein
we
Cyrus Peirce & Company
Los
Angeles
appears
only
San Francisco
as
a
matter of
are official, or are based on information which we
regard as reliable, and while
do not guarantee them, they are the data
upon which we have acted in the purchase of this security..
Seattle
record
,
I
[VOL. 111.
CHRONICLE
THE
XXVIII
jfinatufal
.
7% Per Cent Gold Bonds
Due
nterest payable May 1 and November 1.
interest payable without
deduction for
which the Company or
any
the Trustee
Fully registered
or
together with
date
so
May 1, 1926,
a
of
any
State, County,
Municipality
or
authority therein.
The Bonds will be redeemable
as a
or on any
bonds.
coupon
and
Principal
other taxing
V
>.
;
V
V
;
whole, but not in part, at the option of the Company,
..
on
notice
as
provided in the
semi-annual interest date thereafter at their principal amount and accrued interest'
premium eqmal to one-half
fixed for redemption and
for
be required to pay or to retain therefrom under any present or future
law of the United States of America,
on
re-exchangeable
bonds
tax or taxes (other than Income Taxes exceeding in the aggregate 2% per annum)
may
;
Indenture,
f
Coupon bonds in denominations of $l,0001and $500 with privilege of registration as to principal and exchang-e
able for bonds registered as to both principal and interest.
«
May 1,1931
per cent
of their principal amount for
every
six months intervening between the
the date of maturity.
Guy E. Trippy Esq., Chairman of the Board of Directors of Westinghouse Electric and Manufacturing Company, in a letter
,to the undersigned, dated October 27, 1920, writes in part as follows:
-
"The purpose of this issue is to secure working capital for a fixed period, and the
proceeds of the sale of the Bonds is to be
applied to the payment of Notes Payable.
The Bonds
York,
as
are
to be issued under
an
Indenture to be made
by the Company to Central Union Trust Company of New
Trustee, which will provide that the Company (including its Proprietary Companies as defined in the Indenture)
shall at all times, while the Bcfnds are outstanding have unpledged current assets
total indebtedness of the Company and of
equal to at least
one
and one-half times the
its Proprietary Companies (excluding the outstanding $6,275,000, principal
amount, Westinghouse Machine Company First and Refunding Mortgage Bonds, which are secured by mortgage),
defined in the Indenture.
standing make
plants of
any
or
The Indenture wall further provide that the
permit to, be made
any
mortgage on any of its real property or plants or on any of the
of its Proprietary Companies (other than purchase
Bonds pari passu with the other indebtedness secured
money
end
reflected in the Sales Billed which, for the six
March 31, 1921, exceed the Sales Billed for the previous fiscal year.
Proprietary Companies, for the fiscal
eral and other taxes,
times
ended
or
end^d September 30, 1920, amounted to $78,771,675, and which it is believed will for the fiscal year to
and of its
half
real property
mortgages) unless such mortgage shall secure the
thereby.
The large current volume of the business of the Company is
months
all as
Company will not while any of the Bonds are out¬
year
etc.) applicable to interest charges, amounted to $16,801,164,
such charges, which, for that fiscal
September 30, 1920, after like
•amounted to
The aggregate income of the Company
ended March 31,1920, (after deductions for depreciations, Fed¬
year,
deductions, amounted
to
or more
than ten and one"
Such income for the six months
amounted to $1,594,823.
$8,164,875, while such charges for that period
$751,852.
As of September 30, 1920, the current assets of the Company
amounted to $128,630,880, while the current
ndebtedness, consisting mainly of Accounts Payable, not due, advance payments on contracts and accruals
for^interest, Federal and other taxes, after applying as of said date the proceeds of the sale of the Bonds, amounted
tol$31,112,486. The only other indebtedness will be this issue of $30,000,000 Bonds and $6,342,500, consisting
almost entirely of Westinghouse Machine
Company First and
Stock of the Company, now
paying 8% dividends
value
at present
quotations in
excess
Refunding Mortgage Bonds, due 1940. The Capital
amounts to $74,812,650 par value, having a market
per annum,
of $70,000,000.
The issue of the Bonds and their sale to
you
is subject to favorable action by the stockholders of the Company upon a
proposed increase in the indebtedness of the Company at their special meeting heretofore called to be held on November 18
next.
The form of the Bonds and the provisions of the Indenture under
which they
are
to be issued shall be subject to your
approval, and all legal proceedings for the creation thereof shall be subject to the approval of your counsel.
Pending the preparation of Definitive Bonds, Temporary Bonds will be issued.
Application will be made in due
course
to list the Bonds
on
the New York Stock
Exchange."
The undersigned will receive subscriptions for the above Bonds, subject to allotment, at
nterest to date of
delivery,
at
which price the Bonds will yield about 7%%
Payment for Bonds allotted is to be made
at the office of the
able if, when and as issued and received by them.
on
94*/£% and accrued
the investment if held to maturity.
undersigned against delivery of temporary Bonds, deliver¬
The right is reserved to reject
any
application in whole
or
in part.
KUHN, LOEB & CO.
New York,
October 29,
1920.
All the above Bonds
having been sold this advertisement
,
appears as a matter
of record only.
.
Oct. 30
1920.]
CHRONICLE
THE
XXIX
.(financial.
NEW
ISSUE
.■/
$13,000,000
.
The Pennsylvania-Ohio Power & Light Company
First and
Dated
Refunding
November 1,
Callable
Bonds
Tax Refund in Pennsylvania
as a
whole
1, 1930; at 107 ^
next
Fund Gold
Due November 1, 1940
1
)
Mortgage 7V2% Sinking
1920
or
In part, at any
during the next 3
time on 60 days' notice at 110
on
or
prior to November
at 105 during the next 3 years, at 103 during the
years,
3 years, and at 101 during the last year before maturity;
plus accrued interest
in each case.
Interest payable May 1 and November 1 without deduction for Federal Income Tax up to
2%
GUARANTY TRUST COMPANY OF NEW YORK, TRUSTEE
Capitalization
(Upon Completion of Present Financing)
;'
h:/u.
;
;
•
Funded Debt:
Underlying divisional 5% Bonds (closed mortgages)
First and Refunding
$1,989,000
Mortgage 7%% Bonds (this issue)__ 13,000,000
Ten Year 8% Secured Gold Notes
Capital Stock:"
Preferred
Common
$14,989,000
: 2^50^006-
•
:—•
,
Stock, 8%' Cumulative
O-
,
1^00,000
.
Stock
-
,
6,000,000
Application for the issuance of $4,000,000 additional Common Stock is pending before The Public
ytfflties Commission of Obi*.
From
a
letter of Mr. R. P. Stevens, President, we further summarize as follows:
BUSINESS;
The
Pennsylvania-Ohio Power
Light Company will
&
acquire properties which supply electric power and light, within a
territory of about 600 square miles, in Pennsylvania and Ohio mid¬
way
between Pittsburgh and Cleveland, including the city of
Youngstown, Ohio, serving a population in excess of 300,000. The
Company also will own certain electric railway lines directly or
through subsidiary companies.
The territory served is one of the
most highly
developed, prosperous and rapidly growing industrial
sections in the United States.
SECURITY;
by
These Bonds will be secured in the
opinion of
direct first mortgage
a
on
the main
power
plant having
a
counsel,
•
present
installed generating capacity of
60,000 H. P., and on all of the
high
lines, a first lien on a large part of the distribu- j
tion systems, and also (either
directly or through collateral trust)
by a lien on all the remainder of the system subject'only to
$1,989,000 divisional bonds.
tension transmission
EARNINGS:
more
Net
earnings for the
year
ending August 31, 1920,
than 1.84 times the annual interest
charges
underlying bonds.
are
issue and
on
The properties to be owned show an increase in
more than 150% in five years.
kilowatt-hour output of
SINKING
FUND;
Annual Sinking Fund
accruing from November I,
1921, payable semi-annually, 1% per annum to November
1, 1930,
and 1 % % per annum
thereafter, to be used for purchase or
and retirement of First and
We
.
Refunding Mortgage Bonds.
recommend these Bonds for Investment
PRICE 96% AND ACCRUED INTEREST, YIELDING ABOUT
7.85#
Bonds offered
as,
«ubj
ct to
when,
as
and
if
issoed and delivered to
approval of legal matters by
LEE, HiGGINSON & CO.
oar
Counsel
DREXEL & CO.
THE NATIONAL CITY COMPANY
BLAI3 &
CO., INC.
REILLY, BROCK & CO.
GRAHAM, PARSONS & CO.
BONBRIGHT & CO., INC.
The
statements contained
based
upon
information
in
and
this
advertisement, while sot guaranteed,
advloe
which
we
believe accurate
*****
art
reliable
•
zzz
THE
[Vol. 111.
CHRONICLE
jffnantfal
As
this
entire
issue
has
been
matter
sold,
this advertisement
of record
appears
as
a
only
$25,000,000
Kingdom of Denmark
Twenty-Five Year 8% Sinking Fund External
Dated October 15, 1920
Due October 15, 1945
Interest payable April 15 and October 15.
$500, registrable
in time of
war as
as
as
well
pre¬
Principal, premium and interest will be payable
mium and interest will be payable, without
in New York City, in
Coupon bonds in denominations of $1,000 and
irrespective of the nationality cf the holder. Principal,
to principal only.
in time of peace,
Gold Bonds
deduction for
any
Danish taxes present
or
future,
United States gold coin of present standard of weight and fineness, at
THE NATIONAL CITY
BANJK OF NEW YORK, Fiscal Agent for this Loan
THE Government of Bank of New York, the a Sinking Fund,the
to
The National City Denmark will pay, as Fiscal Agent for
loan, sums sufficient to retire $1,250,000 principal amount of bonds
annually from the sixth year up to and including the twenty-fifth
year.
Bonds are redeemable, on any interest date, as a whole on
or after October 15,
1925, or in part through the operation of the
Sinking Fund on or after October 15, 1926, at 110 if called for re¬
demption on or before October 15, 1935, and at 107J^ if called for
redemption thereafter. The moneys in the Sinking Fund shall be
used to purchase bonds in the market, if obtainable, up to and
including the redemption prices set forth above.
Price
Bond* offered for
and
subscription if,
approval of counsel.
100
as,
and
interest
and when issued and received by
Delivery in temporary form is expected
on or
The National City
Main Office—National City
Uptown
Office—Fifth
Ave.
us,
subject to allotment
about November 1, 1920.
Company
Bank Building
and
43rd
St.
The above information has been obtained, partly by cable, from official statements and statistics.
not guarantee we believe it to be correst.
All statistics relating to foreign money are expressed in
United States gold dollar at par of| exchange.
While we do
terms of the
OCT. 30
1920.]
CHRONICLE
THE
XXXI
Jfinaiuial
Suitable
for
Banks, Insurance Companies, Estates
Individuals who seek,
or
primarily, safety and marketability
MUNICIPAL
(Exempt from the Federal Income Tax.)
Price to Yield
Rate
*$12,000 State of New York
*
26,000 State of New York
*
8,000 State of New York
*
4,000 City of Buffalo, N. Y.
*
*
*
25,000 City of Oswego, N. Y.
2,000 City of Newburgh, N. Y.
*
*
;
6,750 State of Oregon
200,000 City of Portland, Ore
21,000 City of Canton, Ohio
*
3,500 City of Covington,Ky._
6,000 City of Revere, Mass.
*
3,000 City of Springfield, Mass..
1934
4.25
4.25
;
4.80
4.80
4.85
5s
1934
3s
1939
4^s
1922
5.00
1934
5.10
______
4.85
i
4.90
4s
1927
5.10
4s
1934
5.10
6s
1940
5.10
4s
1927-29
5.15
4s
1923
5.25
1928
5.25
3^8
4J^s
Reg. 3^8
Cpn. 5s
Reg. 4s
Cpn. 3j^s
Reg. 3^s
__Cpn. 4s
Cpn. 4s
Cpn. 5s
Cpn. 5s
Cpn. 4^8
Reg. 4s
_Cpn. 4s
5,000 City of Boston, Mass.
20,000 Town of Methuen, Mass—
*
4^s
Cpn.
Cpn.
Reg.
Cpn.
Cpn.
Cpn.
Cpn.
16,000 Town of Swampscott, Mass.
5,000 City of Cleveland, Ohio
5,000 City of Fall River, Mass.
33,000 City of Norwalk, Conn.
1963
^.Reg. 3^s
City of Brockton, Mass.
18,000 City of Indianapolis, Ind.
*
5,000 State of Oregon
175,000 Sherrill-Kenwood Water District, N. Y.
*
40,000 City of Milwaukee, Wis.
*
4,000 City of Boston, Mass..
*
20,000 City of Grand Rapids, Mich.
*
33,500 City of Milwaukee, Wis.
*
4^|s
4.25%
.
1932
_
4,000
*
1965
4^s
*
*
4^s
About
S:
1928-29
14,450 City of Buffalo, N. Y.
*
1961
4^s
•
10,000 City of Bridgeport, Conn
15,000 State of Massachusetts
*
Due
4s
Cpn.
Cpn.
Cpn.
Reg.
Reg.
Reg.
Reg.
Cpn.
Reg.
1926
5.25
1928
''
5.25
1925
5.30
1927
5.30
1929
5.40
1922
5.50
1924
5.50
1923-25
5.75-5.25
1922-23
6.00
1921-24
6.00
1923
6.00
1923
6.00
'
5.65
1923-30
v
*
;
—CORPORATION-—
*
30,000
*
New York Central RR. First
Mtge.
30,000 Great Northern Ry. First & Refunding Mtge...
46,000 Chicago & Northwestern General Mtge.
*
*
*
15,000 Erie & Pittsburgh General Mtge.
60,000 Union Pacific RR. First Mtge.
54,000 Chicago, Rock Island & Pacific General Mtge.
36,000 Albany & Susquehanna First Mtge.
...
*
__
*
*
27,000
100,000
*
40,000
*
*
*
*
*
*
*
—
25,000
5.20
5.25
5.45
1946
5.45
Cpn. 4s
1955
5.50
Cpn. 4s
1998
5.50
—
20,000 Buffalo, Rochester & Pittsburgh Ry. Con. Mtge.
33,000 Chicago & Northwestern Ry. Debenture Mtge.
100,000 New York Central RR. Debenture
*®7>000 Wisconsin & Minnesota Div. First Mtge.
1987
1940
5.30
Refunding Mtge.
New York Central RR. Con. Mtge.
Indiana, Illinois & Iowa First Mtge..
St. Paul, Minneapolis & Manitoba Cons. Mtge.
St. Paul, Minn. & Manitoba Consol. Mtge.
*100,000 Pittsburgh, Lake Erie & W. Va. Ref. Mtge..
5.10
1988
Illinois Central RR.
Illinois Central Purchased Lines
5.05
1961
1947
Cpn.
Cpn.
52,000
Cpn.
10,000 Chicago, St. Paul, Minn. & Omaha Ry. Cons. Mtge...Cpn.
*7,000 Montana Central First Mortgage
v..
Cpn.
30,000 Montana Central First Mortgage
Cpn.
12,000
1997
..Reg. 3J^s
.Cpn. 4}^s
;Cpn. 5s
Cpn. 3^s
Cpn. 4s
Cpn. 4s
Cpn. 3^8
-
4s
1950
5.50
4}^s
1933
5.55
6s
1933
5.55
6s
5s
1930
5.60
1937
5.60
5s
3J^s
Cpn. 4^8
Cpn. 5s
1937
5.60
1952
5.60
1957
5.75
1933
5.90
4s
1942
_Cpn. 4s
....Cpn, 5s
1941
6.87
1921
8.10
|
6.00
*Legal Investment for Savings Banks and Trust Funds in the State of New York.
Ask
for Circular CW-153.
Remick, Hodges & Co.
Members
New
York
Stock
Exchange.
14 Wall Street
New York
Correspondents: R. L. Day & Co., Boston
i
[VOL. 111.
CHRONICLE
THE
XXXII
jTinanttal
The
Capitalization of the Railroads Compared
with Their
Property Investment Account
The "Class I
Railroads," which comprise all steam railroads in the United States
revenues or gross earnings are in excess of $1,000,000 per annum,
and which in the aggregate comprise about 95% of the railway revenues and mileage
in the United States, submitted the figures given below in "Column A" of their "Property
whose
railway operating
Investment Account" to the
These
Commission at the time of the
Inter-State Commerce
decision.
rate
recent
"Property Investment Account" figures
were
reduced by tKe Inter-State
Commerce Commission as a basis for the rate increases granted July 31st', 1920, to the
amount shown below in "Column B".
These rate increases were designed to return "as
be" 6% on these figures of "Property Investment Account."
When
valuations, now being made by the Inter-State Commerce Commission, are
completed, these figures will replace the figures of "Column B" and are generally ex¬
pected to exceed them.
nearly
as may
the property
The
figures in "Column A"
taken from exhibits filed by the carriers with the
are
furnished us by the Bureau of Railway
Economics.
The figures in "Column B" are reduced by the same percentages in each
respective zone as were the figures for all of the carriers in such zones by the ruling of the
are
Inter-State
Commerce
Commission
Inter-State
Commerce
Commission.
and
CLASS I
RAILROADS
"C"
"D"
■
Carriers'
"Property InvestAccount"
figures adjusted by
Carriers' "Prop-
ment
erty Investment
Account"
the I. C. C. in Rate
Oct. 31. 1919
Decrease
% Decrease
Decision,
2,157,260,774
8,666,138,954
July 31, 1920
$8,876,016,696
1,976,050,869
7,960,715,244
$239,744,519
181,209,905
705,423,710
________$19,939,160,943
$18,812,782,809
$1,126,378,134
$9,115,761,215
Eastern
Southern
Western.
Totals
____
__
______
2.63
8.40
8.14
The total funded
debt, as of Dec. 31, 1919, of the Class I carriers was. $9,318,873,640
The total capital stock, as of Dec. 31, 1919, of the Class I carriers was
7,217,912,368
Total
.$16,536,786,008
Capitalization
The above figures indicate
above the funded debt of $9,493,909,169
capitalization of $2,275,996,801 in the "Property
Investment Account" allowed by the Inter-State Commerce Commission as a
basis for the rate increases of July 31st, 1920, as shown above in "Column B."
and
an
In
an excess
above the total
excess
opinion, these figures show plainly that Railroad Securities, as a clsss,
Railroad bonds are secured by property valued by the
Inter-State Commerce Commission's present ruling at over double the par value of
all bonds outstanding against them, and the preferred and common stocks have
property valuation behind them which exceeds their par value by over two and
one-quarter billion dollars after taking account of funded debt.
We, therefore,
regard underlying railroad bonds as a very conservative form of investment and
consider the junior liens of a large majority of the railroad systems as well secured.
are
our
sound investments.
We have
prepared
larly attractive
a
a
selected list of railroad bonds, which
at current
51 Wall
The above information is not
consider particu¬
upon
request.
Clark, Dodge & Co.
Established
Lfi
we
prices, and will be glad to forward it
1847
Street, New York
guaranteed, but has been obtained from
sources we
believe to be accurate.
■t
INCLUDING
Bank &
Quotation Section
Railway & Industrial Section
Electric
Railway Earnings Section
Bankers' Convention Section
State
VOL; 111.
Railway Section
and
SATURDAY, OCTOBER 30, 1920
City Sectiogr
NO. 2888
Week ending October 23.
Chronicle
Inc. or
PUBLISHED
Terms
of
For One Year
WEEKLY
1920.
'
$10 00
A
For Six Months
6 00
_
European Subscription (including postage)..:
European Subscription six months (including postage)
Canadian Subscription (including postage)
NOTICE —On account of the fluctuations in the
for
tances
New
European
York
subscriptions
funds.
13 50
7 75
11 50
rates of
advertisements
and
'
'
excnange,
must
be
remit¬
made
in
,
Terms
of
Advertising—Per Inch Space
Transient matter per inch space (14 agate lines) for each insertion
Business Cards, twelve months (52 times) per inch
B.
Pine
DANA
and
65,054,522
+20.4
68,017,591
122,915,760
+ 30.2
97,038,633
Detroit
'
120,000,000
95,000,000
+26.3
75,139,246
Milwaukee...- -J
32,572,938
29,099,725
+ 11.9
33,082,544
Indianapolis-..--'
19,500,000
15,724,000
Columbus
COMPANY,
+24.0
13,932.000
14,146,000
13,564.900
+4.3
16,660,689
14,703,361
+ 13.3
Peoria
11,779,500
11,890,335
—--i
-
5,000,000
5*115.124
6,855,815
—2.3
4,583,277
Grand
3,900,000
—2.2
5,509,118
+ 2.3
4,245.795
4,898,119
3,086,584
—0.8
Rapids
6,706,425
Streets,
New
4,400,000
Evansvllle
4,605,662
4,300,000
4,641,925
2,300,000
2,088,718
+ 10.1
4,032,553
2,170,854
5,263,213
—23.2
3,855,173
1,773,375
3,560,715
3,357,411
Springfield, III...
Youngstown
1,996,212
700,000
+ 8.7
1,377,246
1,254,627
—
—
Lexington.
—7.0
900,000
854,527
11,082,000
—20.4
7,247,000
6.546,000
2,481,979
+ 8.8
1,807,962
1,868,501
3.720,000
3,100,000
+ 20.0
1,450,000
+ 17.2
2,006,149
1,300,990
2,277,558
1,700,000
1,707,770
1,702,871
+0.3
1,164,534
1,523,816
1,810,577
—15.9
1,446,392
1,344,454
1,522,763
1,458,988
1,602,402
1,389,714
—5.0
1,047,777
1,204,071
+ 5.0
682,288
1,864,133
1,550,153
+ 20.3
454,250
525,478
—13.5
1,129,072
1,089,593
481,707
820,371
800,000
859,690
—4.6
592,041
1,107,243
650,000
Bend..
Decatur
Mansfield
....
Jacksonville, 111.
Danville
.
+
Ann
1919.
$3,747 ,223,603
514 ,272,981
Cent.
$4,368 ,537,096
—14.2
510 ,907,111
+ 0.6
409 ,021,962
366 110,379
+ 11.7
280 ,842,987
303 412,474
—7.4
-
Philadelphia
.....
i
180 ,016,284
—10.7
—1.8
119 285,229
+ 43.6
*86 ,871,216
„
+ 6.6
141 654,611
134 378,221
171 ,246,091
Pittsburgh
168 794,152
126 ,535,414
132 ,000,000
......
San Francisco—
82 621,779
+ 5.1
82 ,173,443
75 044,866
+ 9.5
63 ,918,799
63, 382,709
+ 0.8
Eleven cities, 5 days..
Other cities, 5 days
$5,794,122,780
$6,334,128,627
—8.5
1,342,192,461
1,171,241,428
+ 14.6
Total all cities, 5 days.
$7,136,315,241
$7,505,370,055
1,525,276,943
1,727,199,505
.
...
New Orleans
All cities, 1 day
Total all cities for week
*
$8,661,592,184
-11
Francisco
172,900,000
$9,232,569,560
-6.2
The full details of the week covered
by the above will be given next Saturday.
to-day, clearings being made up by the clearing houses
Saturday, and hence in the above the last day of the week has to be in
all cases estimated, as we go to press Friday night.
>:
V ;
:
:
Detailed figures for the week ending Oct. 23 show:
them
52,534,000
+62.8
127,771,350
31,844,000
28,412,000
—16.4
42,671,955
26,445,321
40,704,796
18,169,947
37,989,774
+ 7.1
41,921,196
25,639,945*
19,673,029
4,504,469
—7.6
15,813,981
16,090,642
+ 15.1
16,140,852
—6.1
5,755,878
11,432,686
8,163,088
9,315,865
+ 16.1
7,300,000
5,415,987
Salt Lake Clty.
Tacoma
Spokane
5,185,280
15,155,790
10,811,943
7,902,449
2,713,029
3,076,830
...
Oakland
......
Sacramento
..
.
San Diego
San Jose.......
Fresno
Stockton
6,913,900
Yakima
2,133,514
3,577,759
Santa Barbara...
Total
1918.
1917.
%
$
$
—10.4 4,181,995,937 3,313.238,529
$
4,852,879,313 5,414,843,140
Philadelphia »i».
524,235,963
483,276,219
Plttsburgh
212,135,831
166,299,103
Baltimore
100,722,814
89,887,409
Buffalo..
50,999,745
42,849,422
17,068,676
Washington
15,581,205
Albany
5,000,000
5,433,017
+8.5
+ 27.6
176,352,313
346,483,100
91,181,165
+ 12.1
+ 19.0
81,877,918
23,743,058
41,690,199
20,900,761
+ 9.4
14,690.212
10,600,000
—8.0
5,359,473
4,377,664
10,002,359
+ 25.4
9,361.553
6,293,223
5,346,022
+20.1
....
Rochester....
12,551,666
Seranton
442,511,037
6.424.928
4,523,025
3,302,442
4,208,633
4,522,842
—2.6
4,000,000
4,227,513
2,900,000
Syracuse
2,724,115
+ 10.1
2,359,655
Wilmington
3,800,000
4,363,994
—12.9
3,544,753
2,513,881
3,126,471
Wilkes-Barre...-
3,396,384
3,197,051
+ 6.2
2,468,440
1,995,008
Wheellng
5,100,000
5,715,656 —10.8
3,692,031 V +7.1
3,793,905
2,932,232
4,464,953
2,481,166
...
Trenton
.
.
.
.
..
.
3,954,936
.
York...
—6.6
1,457,141
2,812,309
2,685,998
....
Lancaster....
Erie..
Greensburg
5.244,518
Chester,
1,560,542
—1.6
2,859,848
+ 12.4
2,387,917
1,050,000 +399.4
—1.0
1,366,246
1,353,055
-
1,155,470
1,272,081
2,315,181
2,541,132
2,016,608
1,744,840
1,100,000
1,353,069
2,152,496
1,267,900
Binghamton..
1,217,300
985,100
+ 23.6
721,100
Altoona
1,141,267
1,054,874
395,980
+8.2
912,718
+ 31.1
906,200
*
Mont clair_
518.704
Bethlehem
4,084.716 Not
Included in
2,186,494 Not
.
Huntington.-
...
Kansas City-....
Mlnnea polls...
....
—7.1 4,970.173,829 3,867,219,076
New Haven.....
400,354,183
—1.5
366,767,430
256,926,992
18,368,900
+ 15.1
14,678,500
13,625,900
8,970,483
+ 10.5
9,183,180
6.750,353
6,654,987
+ 16.0
5,737,074
5,259,222
Des
Moines.
300,437,865
230,072,526
—14.8
101,503,179
+ 74.7
57,758,501)
58,098,111'
62,993,287
223,126,859
61,665,731
—8.3
59,373,206
186,708,124
39,607,903
47,464,452
16,448,598
23,864,889
5,000,000
........
City
+ 37.0
13,132,086
15,421,999
-14.8
10,500,000
5,711,854
—20.0|
4,402,236
3,469,567
2,480,606
2,013,315
Holyoke
...
....
Total NewEne.
792,258
3,881,608 Not
452,442,589
2,217,893
■
3,328,098
3,270,695
+ 42.5
Aberdeen
i__
2,213,013
Fremont ....J...
626,392
2,131,170
781,071
Hastings........
656,476
762,537
Billings.........
1,759,747
1.415.045
Total oth. West.
538,162,692
516,008,352
164,444,557
71,022\906
31,035,016
St. Louis
...»
Orleans
Louisville
Houston
Galveston
Memphis
21,944,770
....
Savannah.......
Nashville
—8.1
166,322,635
56,165,791
155,200,440
—10.1
+ 93.9
+ 17.1
21,645,129
20,522,909
7,843,370
7,350,000
37,261,923
—33.0
63,532,825
69,889,719
—31.7
20,804,9*45
19,540,999
—36.8
10,001,697
—1.0
15,489,701
16,773.621
20,194,477
+22.8
18,378,695
12,812,165
9,432,665
6,605,397
5,967,531
—19.9
7,785,534
—55.7
4,244,674
+ 10.9
Little
12,987,854!
9,000,000
19,031,150
13,292,250
9,323,575
—3.5
6,842,533
+21.2
14,383,220
6,185,084
6,994,791
5,297,703
5,500,000
—9.1
5,000,000
3,360,723
2,378,222
—6.0
2,734,473
Chattanooga....
8,292,691!
Charleston
5,000,000
3,160,4911
'
.......
2,764,247'
Mobile
35,155,630
Oklahoma
Macon
1,783,075
659,859
827,914
—7.5
2,700,000
—10.4
2,346,373
428,936
845,675
+ 14.5
8,536,004
6,609,207
6,883,0081
Muskogee
+ 9.7
+ 8.6
727,245
920,451
11,463,956
2,724,148
2,800,000
12,021,771
4,965,876
46,212,428
4,700.000'
50,447,437
4,506,322
13,765,257;
...
Shreveport..._.
10,676,081
—3.8
741,840
Dallas
1,432,092
16,939,457 + 107.5
5,200,000
390,272;
.....
1,875,736
+ 6.2
3,842,333
7,076,575
4,113,424
5,087,296
4,852,361
2,295,682
1,482,012
1,650,000'
...
Vicksburg
v-2.3
13,105,732
5,000,000
......
Austin
50,150,824
32,146,127
15,374,173
12,228,587
Rock.....
18,900,000
—7.5
9,790,892
3,448,664
........
49,873,165
17,038,946
—27.9
21,103,897)
_»
Augusta
1,138,604
762,038
—O.l
1.708,464
385,064,064
Birmingham
Norfolk
1,200,000
742,922
<
—40.8
563,385
638,274
+ 38.6
2,927,863
3,227,071
—8.4
34,000.000
27,281,615
+ 4.3
3.220,172
3,748,706
—7.5
412,813.375
299,755.98$
592,082,622
498,286,788
Total all...... 9 127,511,298 9,472,387,256
included In total
453,057.305
1,279,180
469,157,344
22,405,383
9,717,628
22,186,413
24,792,511
Worth.....
679,738
1.320.401
588,193
490,314
+ 4.3
11,984,689
89,014,260
99,563,548
66,681,255
...
+ 24.3'
643,493
700,463
16,313,652
35,760,125
64,155,500
Atlanta
—13.9
2,073,648
2,026,445
758,456
79,042,084
11,080,871
Richmond
+ 3.8
—19.7)
669,487)
706,437'
3,032,334
179,024,979
41,891,481
...
2,231,816
'
4,416,374
728,862
Tulsa
—8.7
2,559,197
2,335,862
1,038,320
...
3,906,558
+ 13.7
3,180,098
1,738,720,
2,231,167!
'3,992,314
—32.5
1,974,154
—00.3
+ 5.7
4,466,272
•
2,942,8211
—12.5
2,020,551
+ 0.1
....
Jackson
1,295,416
775,000
—10.2
—8.7
Fort
7,601,150
7,781,929
3.765.400
3,865,841
2.286.044
New
17,053,355
7,938,591
8,150,171
2,834,547
4,177,689
1,000,896
....
3,321,258
3,083,247
4,141,483
1.001,858
Fargo
2.200,000
2,244,088
—22.9
Colorado Springs.
Pueblo
2,157,011
1,473,043
850,000
860,000
21,398,989
8,954,278
8,533,865
2,088,641
Cedar Rapids
Waterloo
3,655,842
2,048,932
•—6.1'
9,650,185
1.3,216,053
Wichita
+ 8.6
2,081,804
12,300,087
—20.4,
8,400,000
Duluth
+ 17.4
Bangor
+10.9
253,870,401'
17,852,817
+ 16.0
Stamford
385,488,460
216,296,293
20,309,952
16,311,398
9,258, .501
2,300,000
:
Not Included in total
—3.6
4,670.384
......
675,022
27.449,506
16,923.749
4.850,132
Bedford
937,979
600,000
919,614
21,084,920 + 138.1
2,700,000
New
986,794
660,000
13,462,525
11,548,700
5,415,649
Fall River
3,215,537
886,797
1,977.210
50,210,063
Joseph......
Portland-
Lowell-.^.......
2,988,816
808,604
1,901,896
26,468,7471
Paul........
Worcester
.....
2,029,281
+ 27.3
St
Knoxville
9.908,867
Hartford-...-
2,254.424
1,039,214
Denver......
St.
Jacksonville
21,144,200
».
Springfield.
423,243
total
394,454,975
...
Providence
834,53§
Included in total
Total Middle-. 5,821,809,181 6,268,794,092
Boston
286,745
+
4,457,188
1,599,570
427,627,763
Pacific.
Helena
$
York
Reading
843,698
5,022,311
+ 19.3
2,406,250 —11.3
956,833
-8.6,
1,779,622 + 101.0
875,000
Long Beach
3,494,759
+ 9.4
■■"
1,478,129 + 113.1
2,905,175 + 138.0
3,149,338
...
99,377,148
—6.9
7,221,981
2,273,607
3,305,122
7,481.406
9,521,372
Pasadena
Topeka
Inc. or
Dec.
750,494,682
+ 1.9
169,721,599
894,396,604
45,800,747
.
Lincoln...
Clearings at—
1919.
121.752
+9.0
85,524,000
Sioux
Week ending October 23.
.
1,114,395
400,795
341,875
.39,312,816
Omaha
1920.
570,369
677,902
'.7
at noon on
New
100,148 + 143.7
309,673
105,000
956,970
377,371
■
Los Angeles...
Reno
Partly estimated.
We cannot furnish
+ 37.7
945,495
Seattle
-4.9
.
_
752,853
480,489
1,090,624
Portland......
Per
1920.
New York
..
1,050,000
—6.6
TotalMid.We&t 1,167.868,994 1,071,120,665
Chicago
►Baltimore
822,759
+ 3.1
486,292
243,956
Adrian
—27.8
1,897,208
661,119
Arbor
$9,127,511,298 last week and $9,232,569,560
October 30.
.....
■
1,955,130
454,743
Lansing
Owensboro..
San
Detroit...»
1,909,546
3,394,040
8,824,000
2,700,000
-
Qulncy
Bloomlngton
Springfield, Ohio.
York.
Clearings—Reurns by Telegraph.
Kansas City
St. Louis
8,552,192
Dayton,.
the corresponding week last year.
Boston..
9,164,100
Canton
Publishers,
CLEARING HOUSE RETURNS.
g
75,208,217
50,496,451
25,844,379
12,348,000
Rockford
following table, made up by telegraph, &c., Indicates that the total bank
clearings of all the clearing houses of the United States for the week ending to-day
di
488,497,731
37,388,258
'
Akron
The
e
535,118,634
78,311.621
Lima
Week
1917.
160,000,000
100 00
inch
Depeyster
$8,661,592,184, against
652.471,146
1918.
Cleveland.
Fort Wayne.
Published every Saturday morning by WILLIAM B. DANA COMPANY, Presltent, Jac.»b Selbert Jr.; Vice-President, Arnold G. Dana; Business Manager, William
D Riggs; Secretary, Herbert D. Selbert.
Addresses of all, Office of the Company.
been
666,401,213
...
%
+ 2.1
South
six months (26 times) per
have
Dec.
Cincinnati
$6 30
175 00
Chicago Office—19 South La Salle Street, Telephone State 5594.
London Office—Edwards & Smith, 1 Drapers' Gardens. E. C.
WILLIAM
Chicago
Toledo
Subscription includes following SupplementsBank and Quotation (monthly)
Railway & Industrial (semi-annually)
Railway Eabnings (monthly)
Electric Railway (semi-annually)
State and City (semi-annually) Bankers' Convention (yearly)
Front,
1919.
Subscription—Payable in Advance
—3.6 7,639,061.639
6,030.893,124
Outside N. Y_. 4 .274,631,985 4,0.57.544,1161
+ 5.3 3,457.005.702
2,717.654.595
Total
Southern
719,600,079/
777,918,382)
1686
'
fc
[Vol.111.
THE CH frONICLE
■'
-•
r==L=^
-
the full fruits of the new conditions for two
to
;
THE FINANCIAL SITUATION,
earnings for the month
Some returns of railroad
September have made their appearance th;s week
proved rather disappointing in the results
disclosed.
The advances in rates authorized by
of
see
or
three months to come—most
railroad managers
not until after the first of
think
January, in any
event.
and have
Commission were put
Commerce
the Inter-State
the
the close of August, and
into effect towards
September returns were consequently counted upon
to reflect the presence of this favoring influence in
a
improvement in the comparisons. Thus
to be the case, though
decided
far this has not turned out
only
a
few of the September statements have
The gains in gross revenues,
yet
to hand.
come
as
foreign export figures of the United States
The
September 1920 are of much the same character
for
those for the
as
traction from
earlier
preceding month in showing a con¬
the
extremely heavy totals of some
The total outflow for the
periods of the year.
month,
expressed in value, was, moreover, only
as
$11,000,000
than
greater
month of the
preceding
the corresponding
notwithstanding the
for
year,
At the same time the im¬
higher prices prevailing.
ports exhibit an important decrease from 1919, but
in 1919, are not as
are heavier than for all earlier years.
The favor¬
hand, the
able balance on the merchandise movement, there¬
augmentation in expenses is just as pronounced as
before.
As a consequence, net earnings are still fore, shows considerable expansion over all months
since May.
running behind, though with some striking excep¬
against the corresponding period
large as expected, while on the other
For the nine months ended
tions to the rule.
The
significance of all this should not be exag¬
has un¬
questionably been changed greatly for the better,
but not enough time has elapsed for the realization
The outlook for the railroads
gerated.
count of the
On ac¬
changed conditions.
of the benefits of the
opposition of some of the State authori¬
ties, it has not been possible to apply the higher
within the domain of a
rates to intra-State traffic
number of States.
business
and
in the
even
the
case
freight
This is true, both of the
Then also,
business.
passenger
of inter-State traffic, though
the
higher rates were in force throughout the month,
the
excess
in
the
that
old
a
rates.
the
carry
Investigation establishes the fact that
considerable
inter-State
of
amount
traffic
was
In such circum¬
actually moved at the lower rates.
stances, it is not strange that the increase in gross
revenues
should not be
Later on,
for.
as
large
the gains in
had been looked
as
receipts will
gross
un¬
doubtedly be much larger, both in amount and in
ratio.
1
In like
manner
of the expense
of
time will be needed to get
There is, of course, no way
accounts.
getting rid ,of the. further increase in
made
added
the
This
$600,000,000 to the annual payroll of
over
fully $50,000,000
or
On the
month.
a
hand, the maintenance charges at least should
not continue to increase in the same
trol, the roads
were
prodigious
way
During Government
in other recent months.
necessary now,
in
wages
by the Railroad Labor Board in July.
roads,
other
as
control
con¬
kept in
repair, and it is
poor
therefore, to spend extra heavy
sums
restoring them to their former prime condition.
Railroad managers,
of
crowding
the
we may assume,
much of
as
period when there
Government
the task
rental.
was
was
is
It
Therefore the extra
continuing, but
More
discipline
ized
extra
still
desirous
outlay
into
of
guarantee
a
evident, however, that
altogether too formidable to make it
possible to confine it to
end.
this
were
a
outlays in that
sooner or
time
among
is
period
also
of
months.
manner are
still
later they will come to
needed
to
railroad labor
so
under Government
six
restore
an
proper
badly demoral¬
administration.
Full effi¬
that last year
ments
of
and to
some
foodstuffs
The
relieve
our
distress
was
in
Europe
swelled by supplies
troops then still abroad.
year
reached a value
$606,000,000, contrasting with $595,214,266 last
For the three months
and $550,395,994 in 1918.
the
sive)
fiscal year
current
(July-September inclu¬
total of $1,835,000,000 is disclosed, which is
a
of 1919, but 250 millions
only 25 millions in
excess
greater than 1918.
For the nine months of the cal¬
endar year
commodity shipments were of a value of
$6,081,699,693>
or a
high-water mark by 214 million
comparison being with $5,867,377,957 in
dollars,
1919, and the 1918 total being exceeded by 1,522 mil¬
lions.
Expansion is to be noted this year particu¬
larly in the outflow of cotton and cotton goods,
mineral
oils, coal, automobiles and parts, wood and
manufactures, chemicals and
copper,
with the only
conspicuous contractions in meat and dairy products
but that
of
enormous—over
reflects
course,
the
500 million dollars.
food
better
This,
situation
in
Europe and the elimination of shipments for Amer¬
ican
military forces.
The merchandise
imports for the month
were
only
$363,000,000, this contrasting with $435,448,747 in
1919
and
but
three months
$261,668,644 in 1918, while for the
the
respective totals
are
$1,413,000,-
000, against $1,086,487,895 and $776,549,316.
1920
aggregate constitutes
that for the nine months
738,933,
553,250
one
1919 here
was
high record
a
The
as
does
which, standing at $4,357,-
with $2,696,999,187 and $2*322,-
compares
and two years ago. * The large gain over
recorded, while quite generally shared in>
most
heavily contributed to by
sugar,
but in
important degree also by cotton and manufactures,
silk
and
manufactures, chemicals, fiber manufac¬
tures, wood and manufactures, India rubber, hides
and
skins, seeds, coffee, tin and wool and
factures.
The net outcome of
ciency of operation cannot be attained until this
September
000,000.
there were very heavy ship¬
to
September exports this
stage is reached.
Altogether it will not be possible
In the matter of tl}e export
extent the total
forwarded to
the advances in rates became
effective, and in such
quantitative inflow would seem
beyond question.
mind
of
necessarily
On the other hand,
comparison for the nine months it is to be borne in
year
would
by the greater inflation
than last.
year
increased
an
to be
haul, the shipment may have been initiated before
traffic
moderate that it is much
import total shows such very decided expansion
of
the
accounted
prices this
so
for
1919 is
over
than
more
they did not apply to. all of the inter-State traffic
of the roads.
In the case of traffic having a long
instances
Sept. 30 the export
shipments cover a value the heaviest on record, but
was
Last
a
year
balance
our
of
the month's
manu¬
foreign trade i*
exports
excess
of
$243,-
of exports
Oct. 30 1920.]
•
,
I
I
THE
'
,,
was
$159,765,519 and in 1918
CH] tONICLE
*
,
$288,727,350.
the nine months of 1920 the favorable
For
balance, how¬
is only $1,723,960,730, against $3,170,378,770
ever,
last year
tember
netted
was
inflow of
an
were
gold in either direction in Sep¬
$22,166,241, decreasing to $119,-
net efflux
since
The im¬
January 1.
$39,395,331, of which $14,975,635 from
France, $16,402,244 from Great Britain, $1,244,142
from
the
Russia, $1,618,930 from Central America and
West
movement.
Indies, $2,970,103 from South America,
There
appeared
doubt also that the threat of the
to go on
to-day there
ings,
informal
peace
making, which
ning of
held "various meet¬
were
discussions,
and 'other
described
were
five o'clock this
[Saturday] afternoon tickers and
telephones began to hum with the messages that the
coal
miners' executives had
asked the
directions.
at
midnight
229,090, made
mainly of $8,968,813 to Japan,
up
$5,000,000 to China, $1,581,130 to Hongkong and
$602,082 to Canada.
there
was
import
an
Silver
net
a
For the nine months of 1919
export of $169,667,878, but in 1918
balance
of
$22,239,985
exports for the month
were
disclosed.
was
of very moderate
proportions, reaching $6,577,434, mainly to China
and
Hong Kong and increasing to $98,682,827 the
total for the nine months.
gregate there
the
net
ag¬
imports of $73,396,136, leaving
were
silver
Against this latter
exports $25,286,691,
against $113,*
,
The latest official statement
for
trade—that
on
Sunday,
invitation
an
of Canada's
foreign
that the
exports of merchandise from
the
less than in either of the three
preceding months of
Dominion
and also exhibit contraction
were
was
railwaymen
fixed to begin
the miners' leaders had
as
from
the
Government
to,
meet them in conference
A
half
hour
Union of
decided
that
Eailwaymen announced that "it has been
to
suspend the strike notices, in the hope
settlement
a
reached."
"it
to-night" [last Saturday].
later, the Executive of the National
is
of
the
miners'
strike i may
be
The "Times" correspondent observed that
than
more
executives
portunity
are
probable that the railwaymen's
the whole very
on
glad that
an
op¬
given them to postpone the delivery
blow, which, all information available appears
of the
was
indicate, would have had little
He said also that "not
•
September 1920—shows
the current year
received
to
120,249 in 1919 and $110,548,511 in 1918.
at
begin
conference." According to a special
cablegram to the New York "Times," pub¬
lished here
Sunday morning, "at 12 minutes past
postpone their strike, which
exports of $17,-
the
a peace
$1,465,388 from Canada and $718,889 from other
were
efforts
as
London
to
Against this there
be
to
transport workers
strike would be carried out.
A week
ago
larger than in the preceding month and
922,799 the
ports
sympathetic
and $2,236,551,039 in 1918.
The movement of
1687
I
only
or no
punch in it."
J. H. Thomas, the
was
Political
Secretary of the Union, opposed to a light¬
ning strike, but the vote in its favor was carried
only by
60
What
com¬
majority of ten
a
eleven out of nearly
or
delegates."
termed
were
"conversations" between
the
pared with the corresponding periods of 1919, 1918
miners and the Government
and 1917.
day and held at frequent intervals from that time
Imports,
the other hand,
on
paratively full volume and well in
aggregate for September
of
the
rather
with
months'
of
com¬
of the
The outcome
a year ago.
foreign trade,
moreover,
is
a
heavy balance of imports, which contrasts
export balances
1914.
of
nine
were
excess
The
outflow
in
of
all
previous years since
agricultural products
was
satisfactory volume, having been practically of
the
value
same
as
in the
preceding
year,
worthy gain in the shipments of wood,
is to be noted.
and
a
paper,
But in animals and their
and miscellaneous articles the decreases
note¬
etc.,
products
were
very
heavy.
Consequently, in the aggregate the exports
goods of domestic origin for September were of
of
a
value of
1919 and
only $94,389,685, against $104,994,406 in
$138,738,700 in 1918,
months reach but
and
for
the
nine
$836,516,895, against $869,853,526
$873,018,402.
less than
no
and
Imports for the month totaled
$115,121,588, against $85,506,012 and
$71,469,480, with the nine months' aggregate $1,046,585,769 against $661,388,502 and $684,697,276. Fin¬
ally, there is
an
import balance for the nine months
•of 1920 of
of
$210,068,874, against export remainders
$208,464,824 in the preceding year and $188,321,-
126 in 1918.
of
Not since 1913 has the
Canada shown
so
large
an
foreign trade
unfavorable (or im¬
port) balance.
on.
even
in Great Britain, than it did last
From the start
apparently it
London that it would be of
the
railwaymen delivered
ernment that
gotiations
the
they would
were
miners, it
meni as a
Sun¬
on
London advices stated that "the Government is
not
London
correspondent of the New York "Tribune"
sent
a
to
the word
use
cablegram to his
'negotiations.'"
paper
The
Sunday evening, in
which he said that "a settlement of the miners' strike
is expected
made
this week.
to-day at
dence
in
Downing Street between representatives
of the miners and
bers
Considerable progress was
conference at the Premier's resi¬
a
Lloyd George and several
of his Cabinet."
This
stood that "the Government
amounts
practically to
of the miners for
ings
a
day."
an
a
correspondent
mem¬
under¬
yielded and made what
capitulation to the demand
increase in wages of two shill¬
On the other hand, he said "the miners
would be placed on their
honor, under the
new
pro¬
posals made to them by Lloyd George, to increase
the production of coal."
Commenting on the grounds
for
expecting
"most of
the
early settlement he stated that
an
labor
leaders
are
keenly anxious to
javoid any further dislocation of national
industry
they recognize the fact that they have no sup¬
port outside the ranks of labor." The correspond¬
and
ent at the British
capital of the New York "Herald,"
in his account of the
optimistic
vein
Sunday conference, spoke in
and
said
that
"Premier
an
Lloyd
George has again stepped in at the psychological
The British miners' strike has received much less
attention,
resumed
careful
moment
week.
were
long duration.
an
Although
ultimatum to the Gov¬
go out
last Sunday if ne¬
known that the sentimdnt of the
was
not
strongly in favor of such
a
a
British
crisis, this time saving
war,
us
a
and raising the hope that
the miners' strike may soon be settled."
Speaking in the House of Commons Monday night,
Lloyd George said he was "hopeful that the
doubted in
not taken up before that time with
was
whole
was
of
general industrial
Premier
present negotiations between the Government and
the miners would obviate the
a
tribunal to
ing coal production."
ernment
necessity of setting
inquire into the best
means
up
of increas¬
Andrew Bonar Law, the Gov¬
leader, is said to have caused considerable
'
surprise when he announced that "the Government
intends
proceed with >the bill introduced last
to
granting the Government unusual powers for
week
dealing with an emergency such as might grow out
of the strike
situation."
Mr. Bonar Law then
"the strike negotia¬
port of his motion, he said that
tions have reached a
point where it is impossible to
anything about them, but it is conceivable that
say
a
In sup¬
reading of the measure.
moved the second
deadlock
Former Premier Asquith,
might arise."
Thomas
the ground that it
Adamson, Lord Robert Cecil and J. S.
Mr.
criticised the
motion, "chiefly on
Premier Lloyd George in reply
provocative."
was
said, "suppose the railway strike had materialized.
have
should
We
of the
a
stoppage of the railway system
So serious was
country without these powers.
it that
we
had to discuss whether we
should have
Saturday sitting and also summon the House
The second
Lords."
a vote
reading
a
of
finally carried by
was
characterized
were
as
"formal negotiations
executive officers
between the Government and the
of the miners'
federation,"
reopened Tuesday
were
It
was
on
It
since
reported that "the Government's new
the wage question" was
based upon coal
said that it called for
was
increase of
an
day in the wages of the men, but it
two
shillings
was
added that "the future
a
selling price of coal will
depend upon production; that is, if production falls
below
certain level the
a
price of coal will be in¬
otherwise present prices
creased-to the householder,
In further explanation of the
will be maintained."
reported plan it was noted that "the miners, while
receiving
owners
would co-operate with the
In a cable¬
wages,
more
in
preventing increased prices."
from London Tuesday evening it was said
gram
that there
was
ground for the hope that the miners'
would
strike
out from
sent
ended
be
had
what adverse turn.
York "Herald"
a
taken
Advices
to-day.
that
night
advices
were
that official announcement
the
reaching of
mended
It
the
on
proposal "immediately."
vide for "an advance of two
for younger
The terms pro¬
per shift for
shillings
The
miners.
men
pledge them¬
co-operate to the fullest extent to obtain
selves to
an
The
would bal¬
of 18 years of age, with a corresponding ad¬
persons
vance
made
national wage board is established."
a
Government statement said that the men
lot
was
agreement would be recom¬
by 1pm to the men, "as a temporary meas¬
until
ure
the
that
also
executives.
miners'
the
and
ment
known
had been made there of
agreement between the Govern¬
an
increased
output."
It was added that "the terms
ative until
permanent wage board is established,
a
operative by the end of March."
which will be
It
explained that "in the event of any delay in
was
sudden and some¬
a
The correspondent
of the New
spoke of it as "critical."
was
impossible to
More detailed
according to surplus profits or otherwise from coal
The terms of the agreement were reported
exports."
to the House of Commons
by Premier Lloyd George.
Yesterday morning's more complete
advices indi¬
cated that the terms of the settlement were so
to
understand, and that, therefore, in the ballot the
miners
necessarily be guided by the recom¬
must
It
mendation of their leaders."
favor
leaders
settlement
a
Associated Press
an
added that "the
was
these terms."
on
taken next Tuesday, and,
ballot will be
to
intri¬
hardly possible for any miner
cate "as to render it
The
according
dispatch from London yes¬
terday morning, the result is returnable the follow¬
This would indicate that the balloting is
ing day.
It was added
expected to be largely a formality.
would continue
that the strike
made
until the result is
public.
indicated
He said
meeting of the Cabinet with the miners'
executives it
ment.
by
late
London
that the situation
that at
business session here on Thursday
received from London stating
During the
cable
starting the wage board, the wages will, in the inter¬
Sunday had proved satisfactory, in some measure at
value.
by a vote of 238 to 58.
val, he settled on the basis of increase or decrease,
formal discussions which had been in progress
formula
has
indicated that "the in¬
observed that this
least."
emer¬
bill, to the second reading of which reference
been made, passed the third and final reading
The Associated Press correspondent in
morning.
London
On Wednesday the Government's
owners."
gency
provide that the increased wages will remain oper¬
of 267 to 55.
What
[VOL. 111.
CHRONICLE
THE
1688
agree upon a
settle¬
dispatches, made public here
Thursday morning, said that the fresh trouble arose
The
spectacular, though by no means unexpect¬
ed, development of the week in Europe was the death
of Terence
ton
The end
MacSwiney, Mayor of Cork.
occurred at 5:40 o'clock
Monday morning in Brix¬
He was on the 74th day of his
Prison, London.
He had been unconscious for 36
hunger strike.
hours, and it was asserted had been fed since the
demanding that, "if the coal output
69th
day.
during the provisional period for which a two shill¬
first
began the strike the event attracted much at¬
ings' increase is to be granted immediately, should
tention
exceed the estimate of the
both in Great Britain and in the United States.
over
the miners
should be
output,
correspondent observed that
right
across
Premier
further
been
a
further increase
given right away." The New York "Times"
"this
proposal
cuts
the main line of the agreement which
Lloyd George has been insisting on."
He
explained that "what the Ministers have
contending for is
an
arrangement whereby in¬
dustry and the country generally should be secured
against
The
of
early repetition of the strike threat.
agreed means to this end was the establishment
national wage
a
fixed
two
any
board and the acceptance of
provisional regime to cover the intermediate
or
three months before the board could
decision."
Announcement
was
give its
made that the Cabi¬
net had been summoned for "an
sion
a
early morning
ses¬
Thursday, before the reassembling of the nego¬
tiators
among
the Government, miners and mine
was
It will be recalled that when MacSwiney
caused
and
equal amount of comment
an
It
expected in many circles at first that the Brit¬
ish Government would
prisoner.
yield and would release the
When it became apparent that this action
would not be
taken, it
not generally expected
was
that he would be able to last
time advanced,
did.
As the
case
lessened,
cated.
York
Only
far
so
a
newspapers
counts
and
as
limited
nearly
The death of
tell
what
been
on
the
as
he
given in New
was
space
to the more or less routine ac¬
a
Sinn Fein
MacSwiney
were
real
and
issued by the
organization.
seems
to have stirred
the whole Irish situation afresh.
Purely
long
European cablegrams indi¬
daily bulletins that
Government and
as
interest in the whole
ultimate
up
It is difficult to
effect
will
be.
the basis of diplomacy the opinion has
rather
frequently expressed in thik country
Oct. 30
1920.]
CU
THE
IONICLE
1689
i
that it would have been better if Great Britain had
yielded and set him free.
universal.
means
This opinion
no
hunger-strik¬
Murphy,
Joseph
by
was
=
yesterday morning stated that the British Govern¬
ment "refused
in Dublin."
to
permit his remains to be landed
v
ing prisoner in Cork Jail, died Monday evening after
76
days without food.
His
hunger strikers in the
left who
were
tion.
institution, while nine
said to be in
were
critical condi¬
a
Demonstrations had been made in Ireland
sympathizers with MacSwiney and Murphy.
have been attempted in
The Council
the second death of
was
same
by
They
this country, but generally
holding
first
of the
announcements
cable advices
Council.
It
its earliest
was
that
be presented to the
sessions in Geneva."
of
that he
course
had
England
MacSwiney
toward
pursued in behalf of the
and
cause
the
that he
championed for several years, the London
through
budget for the
a
approved by that body at
was
sessions, and.it
approval of municipal officials.
titude
One of the
hand
to
came
outline of
an
speaking have been vetoed where they involved the
Regarding the at¬
League of Nations has been
series of sessions at Brussels.
a
was
one
of
stated that "it would
League Assembly at its coming
The outline showed that "the
organization period of the League
up to July last
$1,250,000 and for the second half of this year
cost
the
respondent of the New York "Tribune" said that "in
budget provides $2,500,000." Furthermore, "the
budget provides $300,000 for the Permanent Inter¬
England there is universal regret
national Court and
death,
him."
its
unswerving determination not to release
The British press
opinion
MacSwiney's
over
those who supported the Govern¬
even among
ment in its
cor¬
appeared to be divided in
the attitude of the Government toward
on
the whole affair.
Terence
in the
Act.
MacSwiney
Four
charges
on
August 12
the
to
had
on
Royal Irish Constabulary.
this secret
under
code
possession
document which
when he
MacCurtain,
a
his
2.
control.
resolution passed
au¬
likely to
was
4. That the
speech which he had
elected to succeed Lord
was
of which
a copy
disaf¬
cause
Mayor
in the hands of
was
Government, contained seditious utterances and
likely to
plans
held
was
on
The inquest over
Wednesday.
being made for
were
funeral and
disaffection."
cause
MacSwiney's body
time
used in the International Postal
In later advices from Brussels it
an
At that
elaborate state
inquiries that had been made by Father
ferences
over
the
jurisdiction of the proposed Inter¬
national Court of Justice."
Council
was
Brussels
full
a
It
was
stated that the
day behind its schedule.
declared that if the
objections that had been raised
against the plan for the International Court
it
was
The
Hague recently."
Scandinavian
States
are
It
said
was
that
summons a
nation
jured it."
The correspondent at the Belgian capi¬
tal of the New York
the
of
"Evening Post" said that "the
League of Nations again has post¬
in order to
expected that the body would be placed in
what
should
St.
for 11
George's Cathedral, Southwark.
being made for
o'clock
celebrated.
Thursday morning.
The
Pro¬
solemn requiem mass
a
Associated
The
Press
mass
was
correspondent
in his account of the service said that "church
digni¬
the
plan for
be
an
done
in
correspondent added that "it is
from
sands
thronged
cathedral,
scores
straining for
ket
every
reposed
a
available
standing
on
space
in the large
chairs in the aisles,
glimpse of the chancel where the
on a
catafalque, with four officers
cas¬
wear¬
It
The
ket
as a
guard of honor."
following details
was
surmounted
the Lord
the Cork
were
cas¬
wore as
commandant of
Brigade of the Volunteer Army. The breast¬
plate of the coffin bore
reading:
an
inscription in Gaelic,
'Murdered by the foreigner in Brixton
Prison, London, October 25, the fourth
Republic, aged forty
his soul.'"
for
"The
by wreaths and the hat which
Mayor formerly
The
years.
year
God have
of the
mercy
on
body left London Thursday evening
Cork, where it will be buried. London advices
Justice,
as
countries."
very
evident
justified."
Permanent Court of In¬
a
adopted by The Hague Com¬
Jurists, with the exception of the provision
obligatory jurisdiction and
was
noted that "those
some
minor matters."
parts of the plan gener¬
ally attributed to Elihu Root, the former American
Secretary
of
State,
were
accepted
in
their
en¬
tirety."
According to Brussels advices the Council
unable to accept a mandate for
also given:
to
Tuesday the Council of the League of Nations
mittee of
for
ing the uniform of the Irish Republican Army stand¬
ing motionless
Scandinavian
that the Council considers the criticisms
ternational
Thou¬
as
to criticisms of
The
Mayor of Cork, and deputations representing the
Parliamentary Labor party and various Irish
response
International Court of Justice, which
received
"approved the plan for
political and civic organizations attended.
the pro¬
on
conclusion
some
been
taries, the Lord Mayor of Dublin, the Deputy Lord
British
to
come
had
On
nations
or
charged by another nation with having in¬
gram
was
certain
"protested against the right
given to the Court to
who
as
prepared by Elihu Root and other jurists at
family's plans for the.last sad rites.
in
were
sustained, "they will weaken greatly the project
poned consideration of various matters
state
The
correspondent of the New York "Herald"
indicate to him that the Government would not in¬
terfere with the
vision
ac¬
stated that
was
Council
was
The
was divided into seven categories,
cording to the rank of the countries involved."
Dominic, MacSwiney's private chaplain, seemed to
It
sys¬
Union.
"proceedings of the Council of the League of Na¬
fection in Ireland.
was
apportion the payment
according to the unit
expenses
tions, in session here, have been obstructed by dif¬
was
thority of and pledging allegiance to the Dall Eir-
the
League's
membership
lodged against him. Brief¬
by the Corporation of Cork acknowledging the
made
The account showed also
possession of the secret numerical cipher
3. That he had in his
eann, a
quarters of the League."
of the
on
the day of his
issued
That he
were
"1. That he
were:
arrest in
code
arrested
was
$200,000 yearly for payment
bought at Geneva, Switzerland, for head¬
that "the Council decided to
tem
city of Cork under the Defense of the Realm
ly they
the hotel
cided to refer back to the
Allied
Powers
the
was
Armenia, "and de¬
Supreme Council of the
question
of
Armenia."
That
body decided, however, "to accept the guardianship
of
minorities
in
the Austrian and
the
territories
transferred
Bulgarian treaties."
made of the fact that "the
under
Mention
was
League of Nations mili¬
tary mission, that went to Vilna after its occupa¬
tion
by General Zellgouski's troops, had returned to
Brussels and had been heard
by the Council in special
session.
was
Special emphasis
laid
upon
the fact
that "this
by the Associated Press correspondent
absolutely private, not even
confidential secretaries being admitted."
An¬
Council
the
meeting
was
special consideration was
which
to
matter
other
given by the Council was "whether French or Eng¬
lish should be the official language of the Perma¬
Court."
nent International
decision
was
stated that
no
The Brussels correspond¬
arrived at.
was
It
cabled that "mem¬
ent of the New York "Herald"
bers of the Secretariat of the
League of Nations here
persist in maintaining that the attitude of the Uni¬
ted States will be one of the leading subjects to be
discussed at the
on
meeting of the League in Geneva
At still another
November 15."
session, the New
"Evening Post" correspondent said, "strong
York
opposition to Signor Tittoni's resolution against in¬
monopolies developed." He added
ternational trade
Balfour, representing Great Britain, led
that Mr.
the
[VOL. 111.
CHRONICLE
THE
1690
opposition, "saying that the Council should not
from
advices
The
to day indicated that the
day
A Paris dispatch
throne would be offered to him.
said that "at the French
Foreign Office it is saii
that the French Government is
Greek throne to Prince
well
would
he
due time the throne
offered to Prince
mer
King
was
held
The funeral of the late King
Because of the ab¬
yesterday afternoon.
Prince from the country London
that
stated
advices
Council of Cabinet
a
consisting
regency,
the
of
Ministers, will rule Greece until
formally made King.
In
a
yesterday morning it was said
had received
"Times"
of
formally
was
Paul, who is the third son of for¬
Constantinei
of the young
he is
he is the logical as
the matter in the hands
leave
In
father.
sence
as
dynastic successor to the late King Alex¬
The Prince himself was quoted as saying
ander."
his
Paul,
the
as
that
quite in agreement
policy of Premier Venizelos in offering the
with the
a
London cablegram
the
that
London
dispatch from Athens re¬
Tittoni represented porting the election, by the Greek Chamber of Depu¬
Italy. The "Herald" correspondent, in another dis¬ ties, of Admiral P. Coundouriotis as Regent of
patch from Brussels, declared that "developments Greece, by a vote of 137 to 3. He is Minister of Ma¬
Signor
adopt the measure."
at the
meeting of the Council of the League of Na¬
are
these is made up
as
well
of fanatical covenant worshipers,
large faction of the League Secretariat.
as a
The second element is made up
of
more
astute diplo¬
matists, appointed by their Governments to watch
the
covenant
any
Viscount
typified in the
persons
of
Balfour, representing Great Britain, and
Subsequent
Ishaii, representing Japan."
advices relative to the Polish situation stated that
"diplomatically the
case
of Poland in the Vilna af¬
fair rests at this moment at
expresses
General
for it.
a
point where Poland
regret for the action of the troops under
Zellgouski and disclaims all responsibility
Actually, Poland is
as
picion of the League 6f Nations
disavowal.
She must yet
Arthur J.
at the
much under the sus¬
as
before making her
give proof of good faith."
Balfour, of Great Britain, in
an
address
closing session of the Council of the League
of Nations
Thursday,
on
that
he
now
members will
was
quoted
having said
as
hoped that "several big nations that
those nations
cult to
cable
a
Thursday evening.
Confirmation
given also of the reported election of Minister
was
Coundouriotis
Dec.
Prince Paul
Regent.
as
born
was
1, 1901, and is not married.
worshipers and prevent them doing
This element is
Arthur J.
~
Greek Parliament
harm to the policies of tiieir respective Govern¬
ments.
According to
clearly that the Council and its organi¬ .dispatch direct from Athens, made public here last
composed of two elements. The first of evening, Prince Paul was proclaimed King by the
tions show
zation
rine in the Venizelos Cabinet.
soon
join."
are
not
He added that "until
join the League it will be most diffi¬
predict what the future will bring forth."
France has not been without threats of labor trou¬
bles, similar to those that have been experienced by
Britain.
Great
in
a
Her
coal
that the
the week
anhounced early
miners
Government must formulate
plan agreeable to them, not later than October 30.
Their
National
again
on
Council, it
was
said, would meet
November 2 to consider the reply of the
The
Government.
men
are
demanding that their
wages
be increased to five times the pre-war sched¬
ules.
The
plea
in the cost of
it
was
made
was
on
the alleged increases
In behalf of the Government
living.
claimed that the latter "have been accommo¬
dated
by increasing wages in the regions most affect¬
ed
much
as
three-fold."
as
Advices from Paris
stated that the French
ernment has caused to be
published
a
Gov¬
decree "pro¬
hibiting the importation from any country after No¬
vember
1
of
newspapers
paper
on
rolls, thus compelling the
to utilize French manufactured news¬
Yesterday morning's advices from Brussels stated
print instead of Swedish, German or Swiss."
that
was
before
question
which
are
thorities
adjourning the Council referred "the
of
Danzig,
in
of
the
regulations
concerning
dispute between Poland and the
the free
au¬
city, to the Assembly of the
League, which is to meet at Geneva next month."
It
was
added
tant action in
that "the Council took
deciding
upon a
other
plebiscite
as
added that "French
country's present requirements and
in paper
crease
immense in¬
a
subse¬
quent increase of at least 50% in the sales price of
newspapers."
impor¬
to the
Leon
Bourgeois,
disposition of the territory in dispute between Po¬
land and
tions, threw
Lithuania, this including the line fixed by
a
a
prominent French statesman
tfy(TCouncil of the League of Na¬
bombshell into the discussion in this
country of that organization by the declaration in
Supreme Council in December, 1919."
an
The death of
an
prices is anticipated with
and President of
the
It
production is far below the
King Alexander of Greece, due to
interview with American newspaper
ents in Brussels that "Article X is
correspond¬
not, in fact,
any¬
'
wounds received from
in
a
bite
by
a
pet monkey early
October, naturally disturbed the political situa¬
tion in his
country, and to
generally.
The end
Monday evening.
came
some
extent, in Europe
to him
at 5:20 o'clock
He had b<pen ill for
some
little
thing
nant.
more
than the moral foundation of the
All that is efficacious in the covenant is set
forth in other
tion."
was
cove¬
articles, indicating penalties and
sanc¬
Naturally the Washington Administration
upset, &nd, according to advices from that
cen¬
!
time.
From the
Constantine
and
start
Paul, youngest
Queen Sophie,
son
of King
deposed rulers of
"
Greece,
was
regarded
as
the most logical
successor.
tre, the opinion prevailed in official circles there
that M.
as
Bourgeois had spoken unofficially, and not
representing the prevailing opinion of the offi-
Oct. 30 1920.]
cials and members of the Council of the
Kations.
v;
.
1691
CHRONICLE
THE
League of
volume of Treasury
panded
<
bills outstanding has been ex¬
£1,076,004,000,
to
which
£1,072,804,000
On
to the United
Office
an¬
Jusserand, French Ambassador
States, would sail on November 13 to
his duties in
resume
Foreign
French
Thursday the
nounced that Jules
It had been re¬
Washington.
last
however,
reduced from
were
stands at
year
a
The statement here
£3,000,000
£247,614,000
repayment of
a
makes
Consid¬
which
loan,
£58,000,000 ^with last week's £55,000,000.
Announcement
made in
was
Associated Press
an
erable comment has been aroused
dispatch Thursday morning from Paris that "the
when the loan
French
figured at £50,920,000.
cation
Foreign Office had received official notifi¬
that
Britain
Great
confiscation of German
dom."
It
of
property in the United King¬
"this
added that
was
the right
renounces
has caused
Britain loses
circles,
tion that such
a
ment was made at the
"France would send
what form the
closed at this
probable."
was
move
The state¬
Office
Foreign
also
that
reply to the British note, but
a
reply would take could not be dis¬
A dispatch from Wash¬
juncture."
No
at
the exchange in making
on
change has been noted in official discount rates
leading European
7% in Sweden and 4%% in Holland.
private bank rate is 5%@5%% ^or
the
and
5%@5 11-16 for ninety day bills.
is
London
formation has been received at the State
vanced
Department
5% in Berlin,
6% in Paris and Rome; 7% in London and Norwar;
in
reported action of Great Britain in
centres from
Vienna, Spain and Switzerland; 5%% in Belgium;
ington, dated Wednesday evening, said that "no in¬
to confirm the
Apparently, therefore, Great
£7,180,000
great
there had been no previous intima¬
as
the fact that
over
arranged in 1915 the amount was
was
payment for the loan.
surprise, which is freely expressed in French offi¬
cial
week
a
£1,286,269,000.
ago
given includes
American
the
on
advances,
Last week the total was
£1,318,268,000.
£1,320,418,000 and
with
compares
Temporary
The total floating debt now
to £242,264,000.
ago
ported for some little time that a change was con¬
templated.
week.
So far
to
ceived by
the United
and
firmer
been
has
ad¬
4%% compared with 4% a week ago.
be learned, no reports have been re¬
can
as
renouncing her right to seize German property in
somewhat
In London
short bills,
•Call money
market discountsjat other
centres.
In
Kingdom."
Washington dispatch
a
"Times"
yesterday morning
was
said
that
the
opinion prevailed in official circles, after the
re¬
ceipt of complete information, that "the importance
of Great Britain's renunciation of the
fiscation of German
an
aim to restore trade be¬
goods and other property which
may
be sent
England will not be subjected to confiscation in
the event that
of
con¬
England and Germany by the assurance that
German
to
right of
property in the United King¬
dom is to be found in
tween
Germany should default in payment
reparations."
In
respondent of the
Premier, made
American
of the
an
interview with the Paris
an
appeal for the support of the
people, "to obtain
a
reparation problem."
dispatch the assertion
not take up
cor¬
M. Leygues, French
same paper,
was
satisfactory solution
In still another Paris
made that "France will
England's challenge
over
reparations."
Treasury
by the Bank of England this week, bringing
gold holdings to £123,199,140, in comparison with
£88,063,885 last
of
an
the
week
ended
reduced £484,000, as a result
the
to
proportion qf
reserve
10.26%, against 10.21
year.1
week
deposits
public
In
advanced
to liabilities has
a
ago
and 15%% last
totaled
shrinkage
the
expansion of £2,898,000, but loans (other securities) declined £7,818,000.
The Bank's reserves now stand at £14,061,000.
A
ernment securities
year
registered
an
the total was £22,058,400 and in 1918
Circulation has reached a total of
ago
£28,194,960.
This
£127,586,000.
compares
with £84,455,485 in
£64,203,370 the year previous, while loans
aggregate
£76,062,000, in
£80,-
comparison with
respectively.
Clearings through the London banks
£683,918,000, as against £734,••
£297,000 less than
or
a
week
ago,
The
£20,029,000 (against £9,434,000
including repayments of Treasury bills,
American loan and other
167,000,
advances,
items, amounted to £178,-
for the week totaled
from all
Bank's minimum
discount rate, which continues at 7%, the same as
heretofore.
We append a tabular statement of com¬
change has been announced in the
is given
land return:
£207,208,000
BANK
sources
£177,870,000, in comparison with
•
week.
preceding
£27,649,000,
yielded
Of
this
£800,000, and sundries
£204,000, against £680,000.
Advances brought in
against
£59,250,000.
From
foreign
ENGLAND'S.COMPARATIVE STATEMENT.
1919.
1918.
1917.
.
1916.
1920.
revenues
£36,112,000; savings
against
OF
■
.
amount
certificates £700,000, against
.
nothing
a
sum
of £3,388,000 was received, against
week earlier. New issues of Treasury
heavy, amounting-to £128,524,000,
continue
£110,201,000 last week, although sales of
bonds totaled only £155,000, against
Treasury
£165,000
the previous week.
The amount repaid
somewhat under the week's sales, so that the
Nov. 1.
Oct. 27.
Oct. 30.
Oct. 31.
£
£
£
£
£
42,401,340
37,224,295
43,843,946
51,107,437
127,586,000
Circulation.
Public deposits.....
Other
Oct. 29.
16,421,000
84,455,485
22,753,017
deposits..-..120,556,000 116,181,719
Governm't securities 64,518,000
53,907,902
80,714,993
64,203,370
29,633,898
133,978,470 122,366,439 116,622,055
57,751,618
9,5.355,533
59,043,870 42,188,153
92,813,358 105,714,121
32,074,351 37,589,045
56,025,691 56,363,340
Other securities
76,062,000
Reserve notes & coin
£17,250,000,
credits the
against
No
546,000 last, week and £612,790,000 a year ago.
.compared with £205,929,000 the previous parisons of the different items of the Bank of Eng¬
The total of receipts
week.
was
Gov¬
£118,000, while other deposits fell £5,288,000.
brought the Exchequer balance down to £4,-
week's expenses were
bills
De¬
expansion in note circulation of £535,000.
posits, both public and "other," were reduced; hence
£95,355,533 one and two years ago,
an
for the week ending Oct. 16), while the total outflow,
the
Total
and £73,948,330 in 1918.
was
714,993 and
068,000,
as
year
however,
reserve,
increase in outgo over income,
Oct. 23 indicated
which
for
returns
gold amounting to £50,698 is
A small increase in
shown
1919 and
British
open
York
New
the
to
it
cable of
14,061,000
22,058,400
28,194,960
Coin and bullion...123,199,140
88,063,885
73,948,330
10.26%
15H%
17.20%
19.30%
7%
5%
5%
5%
Proportion of reserve
to
liabilities.....
Bank rate..
...
•
The Bank of France continues to report
22.41%
6%
gains in its
gold item, the increase this week being_l,449,000
francs! The'Bank's gold" holdings now total 5,485,- <
/
-728,756 francs,
compared with 5,575,485,244 francs
as
at this time last year
the
before;
year
and with 5,443,297,529 francs
foregoing
the
held
francs
1,948,367,056
of
$90',000 is shown to $8,979,000, while
held in other
278,416 francs in 1919 and 2,037,108,484 francs in
the total to
1918.
thus
replacing last week's
020
and
During the week advances fell off 40,837,000
On the other hand, silver increased 361,000
francs,
bills discounted gained 269,900,000 francs,
Treasury deposits
deposits
augmented
were
Note circulation
205,260,000
by
reduction
the
this
in
billion1 francs.
half
The amount of notes
large in the nature of
awaited
be
pending
of
reserves
on
a
The
with
figures here given
ing with 36,973,791,480 in 1919 and with 30,782,-
Saturday last.,
year
in
of
war
the ratio of
Just prior to the
previous.
the
1914,
amount
38.7
only
was
because
Comparisons of the various
6,683,184,785 francs.
to net
reserves
This
deposits
of
.\
.
reserves
week and
deposits of $54,722,000.
corresponding dates in 1919 and 1918follow
OF FRANCE'S
BANK
COMPARATIVE
Changes
Oct. 28 1920.
to
Oct. 30 1919.
CW.
from
Francs.
Francs.
1,449,000
3,537,361,700
3,597,206,828
3,406,189.044
No Change.
1,948,367,056
1,978,278,416
,
^
Total....
..
, 1 ■ rr ,
r.'-w.jL.,jj,
....
I,
-w..uu_„,
^
-
,
M"r<
1,449,000
361,000
264,090,495
287,618,016
the
2,739,950,298
1,145,649,851
876,990,128
Advances....
2,059,539,000
1,308,035,633
837,023,513
5,485,728,756
Dec. 40,837,000
5,443,297,529
5,575,485,244
Treasury deposits..Inc.
Call
rates
74,776,000
157,474,000
03,398,247
3,316,258,894
3,106,906,231
real
in the
175,898,447
Inc. 113,809,000
2,876,162,951
Imperial Bank of Germany in its statement
issued
as
viz.:
reduction in total coin and bullion of 201,000
a
of Oct. 23,
marks, and
ury
showed the following changes,
decline in gold of 1,000 marks.
a
$25,000,000
Treas¬
certificates advanced 485,572,000 marks, while
quotations.
9%
rate for call money,
10% quotation
was
given.
was
Deposits
paid out
namely,
3,242,827,000 marks.
Other in¬
included 50,262,000 marks in note
circulation,
heavily
ex¬
prevailing loaning
and
Nov. 1 is not
on
dividend
as
large
view
of these
3,800,000 marks and
The Bank's total
575,000 marks, which
a
liabilities
gold holdings
64,856,000 marks.
are
compares
given
as
1,091,-
with 1,094,481,000
and 2,549,308,000 marks in 1918.
year ago
prising.
Those who
it
was
market that
money
corres¬
December.
or
various developments
at this centre should not have been
reduced
the
as on
ponding date of September, October
In
disbursements
Monday, .but ordinarily the total
marks
were
a
The
$40,000,000 and $50,-
gested that the kind of
Advances
afternoon
every
302,000 marks in notes of other banks and 52,695,000
investments.
was
offered
established before the close.
Interest
marks.
also
and
while nearly
Government withdrew between
panded,
were
There
money
000,000 from New York banks of which public notice
888,000
marks
to
For the greater part of the
the renewal
was
will be made next
in
discounts
of
V
change in the volume of time
bills discounted showed the huge increase of 2,835,-
creases
of
has been in scanter supply and the
money
no
week
The
net
Bills held under discount
generally higher than last week.
or
Circulation...Dec205,260,000 39,084,406,370 36,973,791,480 30,782,046,255
General deposits
transfer
other Reserve banks.
320,127,252
Bills discounted .__Inc.269,900,000
Note
cash
in
'
Inc.
.'...Inc.
silver
total
decrease
a
2,037,108,484
.Inc.
Abroad
by
$1,002,858,000, but this followed almost entirely
1918,
31
Franc*..
Fratcs.
In France...
anticipated,
by the Reserve Bank were reduced from $ 1,028,832,000
STATEMENT.
—Status as of-
for Week.
Gold Hold Inns—
:
than
$22,642,000 in
counteracted
items in this week's return with the statement of last
was
on
reduced from
was
smaller
was
reduction
a
by these banks
In the Federal Reserve statement
38.6.
to
based
are
but not including cash in vaults to
the amount of $93,072,000 held
outbreak
usual
than
more
satisfactory rearrangement
more
a
standing aggregates 39,084,406,370 francs, contrast¬
046,255 francs the
While
bookkeep¬
a
13% for member banks of the Federal
Reserve system
out¬
now
of $26,256,-
deficit of $23,977,180.
a
of bank balances.
item
during the past three weeks amounting to nearly
will
statement
interest
registered the further contraction of
francs,
leaving
Surplus fell $50,235,200,
excess reserve
ing change the decline is unusually large and to-day's
francs.
113,809,000
$525,672,000.
this is regarded as
74,776,000 francs, and general
rose
Aggre¬
gate reserve was reduced $64,801,000, which brought
abroad in 1920, 1,978,-
francs.
reserves
depositories by State banks and trust
companies gained $563,000, to $9,427,000.
include
amounts
[Vol. 111.
CHRONICLE
THE
1693
we
regarded
sug¬
had
as sur¬
in closest touch with the
are
position of the banks throughout the country
say
that
factors other than those
already mentioned exerted
the
Officials
greatest
influence.
of
some
of
the
largest banks in this city assert that there is consider¬
Last week's statement of New York
banks
and
showed
trust
companies,
issued
Clearing House
on
Saturday,
striking changes and is said to
some
more
>.fully reflect the important financial operations of the
recent
past than did the statement of the week pre¬
ceding.
Loans,
less than
$90,843,000, but
^of
member
declined
it is true,
banks
more
than
with
brought down
were
as
the
against this the
Federal
no
reserve
Reserve
Bank
$65,000,000, which had the effect
of
able
liquidation of commodities yet to be
plished, and they intimate that those who
willing to
the
loans.
Undoubtedly
our
corporations and municipalities and for Euro¬
own
pean
Governments, is
money
market.
000,000.
the
$112,935,000, to $4,141,573,000
new
financing that is being put through here for
tered
reduction of
likely to receive scant attention
are
making requests for
entirely wiping out the surplus account and leav¬
ing a very large deficit.
Net demand deposits regis¬
a
un¬
contributej their part toward the general
readjustment
when
accom¬
are
said that the
For
single day this week it
offerings of
Of this
important factor in the
an
a
new
amount
was
securities totaled $55,-
$30,000,000
represented
Westinghouse Electric & Manufacturing bonds.
which is exclusive of Government
deposits of $64,-
It has been estimated
919,000.
that will be proposed between now and the first of
That
the
Government
has
again
been
withdrawing funds from the banks is clearly evidenced
by the last-named figure, since it indicates a further
porations
reduction of $45,849,000.
revival in business and
of
members
of
the
Reserves in
as
said
above the
with the Reserve Bank
$65,454,000,
to
vaults
Federal Reserve Bank declined
$1,297,000, to $93,072,000 (not counted
while
own
reserve
was
of
as
reserve),
member
banks
cut, in round numbers,
$507,266,000.
In
the
reserve
in
-vault of State banks and trust companies an increase
the year
is likely to reach $500,000,000.
are
manufactured
definite
that the aggregate
still requiring large
a
products.
announcement
sums
covered
week
detailed
a
ago,
range
a
made
of
financing of
Rubber Co.
rates, call loans this week
of 8@10%,
for mixed
cor¬
Only yesterday afternoon
was
money
The
pending
quicker movement of their
$25,000,000 for the Goodyear Tjire &
As to
financing
as
collateral
against 6@10%
and
all
a
industrials
Oct. 30
differentiation.
without
10%, the low 8%, which
high
the
Monday
was
also the renewal figure.
was
1693
CHRONICLE
THE
1920.]
advanced.
On
During the remainder of the week, however, that is,
further advance in
Tuesday, Wednesday, Thursday and Friday, rates
in the.
with renewals
due to
The supply
seemed
virtually
were
pegged
negotiated at 9%
of funds
9@10%,
at
each of these days.
on
light, which of
was
course
is due to
prepara¬
tions incidental to the Nov. 1 interest and dividend
Practically
change is noted.
done
maturities
fixed
For
disbursements.
business is being
no
quoted at 8%
is still
money
regular mixed collateral, although
on
six months loans have been advanced to
and
five
and sixty
except for the shortest maturities,
ninety days and four months'
and
little
very
All industrial
is firmer, being quoted at 8@8%% for the
maturities and 8% on long periods, as com¬
7%@8%
money
shorter
against 7%% last week.
as
Commercial
feature.
new
the
without
contributed by far
quiet
remains
paper
banks
Country
and
larger part of the limited business passing, but
transactions in
the
aggregate were only moderate.
Sixty and ninety days' endorsed bills receivable and
six months'
names
8% with 8@8%% for
changed from
well known,
the
bankers'
previously
activity in
week
same as a
and
Banks'
levels
of choice character have not been
still
are
increased firmness and prices moved
demand.
improvement until
bankers'
for
loans
acceptances
Rates in detail follow:-
down
demand
a
Thirty
Days.
within
30 Days
Days.
.
*6H@6
5%@8)i
6H bid
7
8' ©7)4
Ineligible bills...
8
@7)4
8
@7)4
bid
8
Eligible bills of non-member banks..6%@6M
3
to
Trading
45%.
There have been
bid
changes this week in Federal
no
Reserve bank rates.,
The following is the schedule
in effect for the various classes of paper
the close
•
.
OF
within
member
-•
.■
■
■
,
:V
FEDERAL
THE
OCTOBER
EFFECT
Discounted
90
bills
days
banks'
29.
augurated by speculative interests to
commitments, also
been
on
RESERVE
•.
-/•
Treasury
certifi¬
holding off pending the outcome of the strike
somewhat at variance in their
still
are
sterling exchange values, though it seems
on
expansion in American exports over imports shown
increasingly tight
maturing
and
serious
accep¬
Trade
tural and
accep¬
live-stock
tances
paper
bonds
wise
for
maturing
maturing
and
secured
member
within
91 to 180
Victory
and
banks
90 days
days
edness
notes
unsecured
of
sterling will be subjected to occasional sharp
Whether the immediate course of the
down is necessarily a matter of
market will be up or
conjecture, but in the opinion of many the present
would
seem
7
0
6
Philadelphia...
t0
5)4
5)4
0
Cleveland
t0
5%
5H
5H
Richmond
0
6
day-to-day rates, sterling exchange on
5)4
5H
0
Chicago..
te
8
0
7
St. Louis
*5)4
5)4
5)4
0
firm and rates advanced
was
0
0
6)4
t0
0
5)4
0
t0
5)4
5)4
39%@3 41% for
trading,
quiet and featureless.
however,
was
0
0
0
six% days;
On
Monday improvement in the labor outlook in Eng¬
brought about
a
moved
demand
that
further
up
recovery
transfers to 3
3
47@3 48% and sixty days to 3 41 %@
Business
42%.
in prices, so
cable
3 46%@3 47%,
to
the undertone
was
dull
on
Tuesday and while
quotations moved
continued steady,
0
t0
1%
44%@3 45% for demand, 3 45%@3 46%
6
Atlanta..
t0
t0
is lower than circumstances
to warrant.
for cable transfers and 3
land
7
0
5)4
5)4
and
fluctuations.
cents to 3
disc'ted
by
India,
the prospect of
still more
conditions in Ireland, it is more than likely
elsewhere,
Agricul¬
Other¬
secured
both here and abroad and
money
persistent reports of continued unsettlement in
Saturday last
Liberty
notes)
September foreign trade returns, coupled with
in the
As to the
indebt¬
cates
5)4
City...
short
practically out of the way. However, the situation
a decidedly complex one and with the material
BANKS
tances
lateral
Dallas
cover
the part of dealers who had
is still
1920.
(including
15-day col¬ Bankers'
Federal Reserve
Kansas
inactive
selling movement of some size was in¬
a
level of British currency
at the different Reserve banks:
Minneapolis...
was
during the greater part of the week, though toward
that
New York
final decision could
a
decline of 3%c. took place, carrying
•
Delivery
Sixty
Days.
t
Eligible bills of member banks
Boston
referendum before
'
Ninety
Bank of—
a
reached, and
at
continue
■,
IN
likely have to be submitted to the miners in
the form of
regular autumnal cotton and grain shipments are
quoted at 5%%.
RATES
position of the strikers' federation
this caused a 1 slight reaction,
and
especially when it became known that the agreement
would
views
tension in monetary conditions has been
DISCOUNT
received
were
to 3 48% for
Subsequently, however, conflicting reports
to the exact
as
brought about
up
pretty generally conceded that higher prices should
follow the final settlement of the strike now that the
Demand
now
accepted the Government's plan for
crisis.
semblance
Spot Delivery
of rates
Wednesday
on
the proposed strike of transport
adjustment of the coal strike,
an
Bankers
no
and brokers do not look for any
relieved.
largely
be out of the market for the time
stitutions appear to
the present
was
of
Most of the large in¬
with
current,
direction.
any
Announcement
was
Miners had
of
ago.
acceptances
The advance
speedy collapse of the strike
a
workers abandoned but that leaders of the Federation
less
names
imminent.
only
London
sterling rates here of about 3c.
that
rumors
from
promptly followed by a
was
pound to 3 47%.
that not
be
pared with 7% and 8% the preceding week.
quotations
Monday
higher and this
came
within
a
narrower
range,
namely, 3 46%@3 47%
cable transfers and
Wednesday's market
and 5%
Discount rate corresponds with Interest rate borne by certificates pledged as
was strong and sterling rates responded to reports of
collateral with minimum of 5% In the
of Philadelphia, Atlanta, Kansas City
and Dallas and 5)4% in the
of Cleveland, Richmond. Chicago and San
a
speedy termination of the British strike by ad¬
Francisco.
shown for Atlanta. St. Louis, Kansas City and Dallas are normal
vancing nearly 2 cents, with the range for demand
applying to discounts not In
of basic lines fixed for each member bank
by the Federal Reserve Bank.
Rates on discounts in excess of the basic line are
3 47@3 48%,
cable transfers 3 47%@3 49% and
robject toa
progressive Increase for each 25% by which the amount of accom
modatlon extended exceeds the basic line.
sixty days 3 41%@3 43%; no increase in activity
was shown.
Conflicting reports on Thursday as to
the British coal strike settlement were responsible for
Sterling exchange has ruled quiet but steady and
despite the distinctly unfavorable foreign labor situa¬ an easier tone and quotations declined to 3 45%@
San
k
Francisco.
* 5H % on paper secured by 5M % certificates, and 5% on paper
secured by 4J4 °7,
for
3
certificates.
demand,
3 47%@3 48 for
41%@3 42% for sixty days.
t
case
case
Note.—Rates
rates,
excess
cable transfers
Friday's market
would go out in support of the striking coal miners, was quiet and. irregular;
demand bills ranged be¬
tween 3 45% and 3 46%, cable transfers at 3 45%@
prices were well maintained and even fractionally
tion
prevailing at the close of last week when indica¬
tions
were
that British railway and transport workers
3
46% for demand, 3 46@3 47% for.
and 3
40%@3 41% for sixty days..
i
THE
1694
tations
checks and
Closing quo¬
for sixty days, 3 45% for demand
sixty days at 3 40@3 41%.
3 47 and
3 40
were
[Vol. 111.
CHRONICLE
00.31% for cable remittances, in compari¬
with 00.33 and 00.34 a week ago.
son
Exchange on
Commercial sight Czecho-Slovakia in common with other mid-Euro¬
bills finished at 3 44%, sixty days at 3 36%, ninety pean Republics, shared in the general weakenss and
declined to 1.10, against 1.20; Bucharest finished at
days at 3 34%, documents for payment (sixty days)
3 38%,
and seven-day grain bills 3 43. Cotton 1.58, against 1.71; Poland at 32, against 38, and
and grain for payment closed at 3 44%.
The Finland at 2.30, against 2.50 the preceding week.
week's gold movement comprised $10,000,000 on Greek exchange again turned weak and finished at
the S. S. Mauretania, $9,500,000 on the White Star 9.55 for checks and 9.65 for cable transfers, which
Lire finished
Liner Celtic and $9,500,000 on the Cunarder Saxonia, compares with 9.85 and 9.95 last week.
at 26.70 for bankers' sight bills and 26.68 for cable
a total of $29,000,000 all consigned to the Federal
Reserve Bank.
Approximately $2,700,000 of the transfers, as against 26.70 and 26.68 last wTeek.
In the neutral exchanges, while trading was as dull
precious metal is due to arrive on the Aquitania
as ever, the feature of the wreek has been the further
shortly, for account of Kuhn, Loeb & Co., which
makes abouC$53,000,0Q0 gold already purchased by sharp decline in guilders, the quotation for which
touched 30.39 for checks, a drop of 17 points, and a
that firm in the London open market.
Reports are
and
3
now
in circulation that France is
45% for cable transfers;.
able quantity
are
not
buying
the current downward movement.
on
largely
reflex of the sharp rise
a
exchange in London which followed
Dutch
in
yet available.
as
point
This is regarded as
gold, but definite details
of Russian
low
new
consider¬
a
Continent to London incidental to an announcement
Dealings in Continental exchange have again been
British
the
Government
will
exercise its
not
restricted, and the undertone at nearly all important
that
European centres has been irregular and weak, incontradistinction to sterling, which, as shown above,
treaty rights to seize property of Germans
in the event of
ruled
by Germany.
clines
of
notwithstanding the general dulness
sponded
which
and
market has
under
and
the
centimes to
buted
payments
of
of support
Belgian exchange
heavy foreign selling.
that
of
the Anglo-French loan.: Whether this
on
but declines
the
francs is
difference
also
comparatively slight,
were
between
and
French
much wider than
now
months a£o.
was
the
was
so
Antwerp
case
some
Italian lire again broke sensationally,
low level of 26.82, which
touching
a new
with the
previous low point of 26.64 reached in the
V^ek of April 17 last;
result of unsettled labor conditions in
uneasiness
abroad
agitation.
has been
Milan
to the
side.
1
Cable advices from
that the value of the American dollar
phenomenally in that city, and give
a
exchange incidental
sight
commercial
Berlin moved irregularly, opening
or
as
against 53.19
sight bills
the
on
a
as a
16% points off.
was
the
week
on
sight bills and 6.34 for cable transfers.
bankers'
week ago
the close
French centre closed at
19.30
at
against 15.47; cable transfers at 15.69, against 15.45;
commercial
commercial
13.60 and 13.65
for
Spanish pesetas
the close
was
.Reichsmarks
were
cAble transfers,
week earlier.
Closing quotations for
1.30% for checks and 1.32% for
which
compares
with 1.40 and 1.42
Austrian kronen finishe
a
a
00.30% for
13.93 for checks and 13.95
were
This compares
As
to
South
American
with 14.14 and
quotations
remains without essential change
on
Argentina
was
only
a
week ago.
a
now
cable
small fraction higher, at
some
as
against 34.46%
For Brazil the rate is slightly
quoted at 18.37% for checks and
transfers, in comparison with 17.00
Chilian exchange likewise
17.12% last week.
showed
the situation
and the check rate
34.87%, and cable transfers 35.00,
improvement, having advancedYo 15%,
against 10% the week before.
For Peru, however,
the
quotation has been lowered to 4.86, against 5.00
the
previous quotation.
.Far Eastern exchanges
sixty days at 15.82, against 15.58 last
14.67 and 14.65.
19.40,
14.16 last week.
finished
Last week
Sweden
at
Closing quotations
week earlier.
a
for cable transfers.
and
Belgian francs finished the week at 14.82
on
remittances
cable
and
against 19.55 and 19.65, while checks on Norway
13.40 and cable transfers 13.50, against
sight bills at 15.76, against 15.52, and
for checks and. 14.80 for cable transfers.
A
Copen¬
finished at
and
15.71,
Checks
13.65, against 13.80 and 13.90.
closed
Trad¬
In New York
6.34% and 6.32%.
was
hagen checks finished at 13.55 and cable transfers
18.50 for
Paris finished at
ago.
Swiss francs closed at 6.36 for
previous week.
result
in the main inactive.
30.62%;
days at 30.12%, against 30.15 on Friday of
cial sixty
firmer, being
on
slightly higher, but later reacting
Amsterdam finished at 30.56,
on
sight 30.50, against 30.49, and commer¬
payment for cotton and grain exports from this
The official London check rate
week.
Bankers
Exchange
freerjofferings to 1 23%,
54.30,
as
and guilders recovered
against 30.56; cable transfers 30.58, against
and 34.59
ing in all of these exchanges
•
Italy, also to
Internationale
Third
the demand for New York
firm and
of
chiefly the
Here, likewise, selling for foreign account
state
reason
the
over
exceptionally heavy.
has risen
compares
In the opinion of market
this spectacular weakness is
operators
Stockholm correspondingly weak.
lowest for the week.
•
not, the weakness was undoubtedly a result
or
easier,
completion
in England
its obligations
slightly, but Scandinavian rates finished at near the
by the French
the
to
on
Swiss francs continue weak, and this
the Scandinavian exchanges, while
At the extreme close pesetas
Paris is attri¬
on
of
true
with exchange on
were
quartern the
some
exchange
coincidental
Government
to
of persistent selling
In
also
voluntary default
Spanish pesetas established another new low level
of 13.73 for checks.
Copenhagen and Christ.iania
remittances broke to 13.50 and 13.45 respectively,-
re¬
rumors
French francs,
pressure
the withdrawl
to
is
subjected by frequent
15.84.
in
continued weakness
so
been
widespread fluctuations.
lost 37
be
unfavorable
variously
the
to
the
weak
de¬
registered in lire, francs and marks, all
were
which
Sharp
throughout.
practically
steady
the
large volume from the
transfer of German marks in
the
trend
at
towards
69%@70,
are
still somewhat irregular
lower
against
93%@94, against 95@96;
levels.
Hong
70@71;
Kong"
Shanghai,
Yokohama, 50%@51%,
against 51 @51%; Manila, 46%@46%, (unchanged);
Singapore,
bay,
42%@43%, against 43%@43%;
28%@29,
29@29%
against
30@30%,
against 31%@31%.
and
Bom¬
Calcutta,
|
Oct. 30 1920.]
New
The
York
clean
Clearing House banks, in their
the
operations with interior banking institutions, have
Their
receipts from the interior have aggregated f 13,416,-
barely four
sued
000, while the shipments have reached $5,106,000.
sioned
$55,415,000,
Sub-Treasury and
Fed. Reserve op¬
imports
erations and gold
Total
$5,100,000 Gain
$112,954,000 Loss $55,415,000
•
A
States
over
Y
■:
Gold.
123,1.99,140
£
88,063,885
88,063,885
10,560",000
II,48O",666
54,924,600
54,724,050
983,800
10,944,000
13,313,000
11,409,000
2,364,000
55,707,850
13,773,000
Spain
23,181,000 121,316,000
2,999,000 35,190,000
1,522,000 54,550,000
1,078,000 11,733,000
96,404,000
until
the
Netberl'ds
53,028,000
Nat.
10,660,000
Bel..
Switz'land
1.5,602,000
Denmark
Norway i.
32,116.000
397,000
53.077,000
10,642.000
1,066.000
11,708,000
18.914 000
2,467,000
21.381,000
15,602,000
16,665,000
10,916,000
8,160,000
179,000
12,789,000
145,000
8,119,000
Total week 582,224,212
46,253,000 628,477,212 544,882,208
Prev. week
46,242,700 628,300,604 544,656,247
582,057,904
25,190,000 121,600,000
2,980 000 35,096,000
52.680,000
25,682,000
~
12,644,000
8,119,000
.
152,054,472 143,888,273
4,053,000
21,629,000
Sweden...
16,665,000
47,112,800 591,695,008
47,394,800 592,051.047
£77,934,682
SLEEPING?—INDIVIDUAL
OR
colonies,
feeble
own
ized.
process
that had already gotten well under way.
intensely
brought together
an
stand, divided we fall."
Europe, which
now re¬
spects this country and wishes closer alliances with
emergency
sary can
it,
was
then held up by the Founders', and by Wash¬
ington in his last words, as a menace to this conti¬
The restrictions upon
nent.
the
Constitution, are
der of the lack of
the States, inserted in
perpetual evidence and remin¬
a
a common
feeling
among
the little
law still stands by which every neces¬
have its selling prices fixed by the general
while
is
Federal
by tax
upon
State
it
periodicals
were
made to print certain information
clined to
under
provided (and perhaps reluctantly agreed)
no
State
may,
inter alia, lay
any
duties
on
imports or exports "except what may be absolutely
necessary
that
no
for executing its
tax
or
own
inspection laws";
duty shall be laid on articles ex¬
ported from any State; and that Congress shall have
power
to
States."
essarily
regulate commerce "among the several
As has been
very
pointed out before, this
nec¬
general language was meant to be of
The
boundary lines.
the
But
war
has
process
of
war, as we
is
gone
over—or
on,
back from the
grab
and
revenues
as
members
have
of
and
the
exclusively to future amendments, closes writh the
all know and ad¬
it?
The
fund.
disbursements
Union
developed
centralizing
As
we
have
have
swollen,
and the parts
greed.
of each
Direct taxes
are
longer apportioned according to population, for
population
and
wealth
a
have not
grown
side by
selfish scramble has arisen to contribute
least and take out most.
the provision for
is
common
cession to State sovereignty was
Article V., relating
no
large and rich, or have so thought ourselves,
grown
side;
each State.
was
and the thought of any sov¬
mises, of which probably the most remarkable con¬
two Senators from
which
ereignty in States has faded, under the desire to
no
great charter itself was a bundle of compro¬
this being done
matter,
"classification"
In the emergency
member
at State
a
mit, everything was required and obliged to yield.
the
artificial barriers to trade
of
classification.
the
up
by the threat of denying them
second-class
as
cover
negative rather than positive effect, being to meet
disposition to set
by refusing it carriage across
or even
lines, just as publishers of newspapers and
carriage
that
clause has
discoverable, and any product or any line of in¬
ing off the yoke of the mother country, seemed in¬
was
commerce
dustry can be practically put out of existence, either
about their business
It
The
excepted.
continually stretched until no firm limit to it
commonwealths, which, brought together for shak¬
fly apart when that had been accomplished.
hardly
have
agents
chasing real or alleged profiteers, members
of labor unions
been
subject
any necessary are
regulation, and nobody noticed it; and now
Government,
by Kentucky, that "united
began, the Su¬
war
Court declared (though not in these precise
ceased
we
commissions, and
bureaus,
few months before the late
A
only with difficulty and by urging the truth, after¬
motto
has become
day and experience, and need not be particular¬
But the war has only enormously accelerated
wards taken
a
party
dominance of central
frogs that plagued the Egyptians—this is of our
to State
formed out of thirteen
was
though
as
tribunal for settle¬
one
agents being almost in every man's house, like the
words) that the prices of
RIGHTS AND LIBERTIES.
Our Union
the
of centralization has gone on,
"Federal"
authority,
preme
jealous
our
all the
acknowledged until
federalists and insistent upon
a
holdings ol the Bank of France this year are exclusive of
held abroad.
'
■
DEAD,
over
11.095,000
8,160.000
Gold
a
was
original Democratic
155,868,273
346,000
2.369,000
32,19i,000
such
slavery set one-half the country
upon
process
£
-X-Y
141,494,472
54,578,000
98,135,000
any
States,
otherwise, has strung along to
against the other and only
Aus-Hun..
....
between
cases
Total.
Silver.
£
Total.
£
•
Italy--...
of
line
any one
great division
How the
a.,
foreign State, thus
any
time, and the superior authority of
own
.
October 30 1919.
Silver.
England.. 123,199,140
France
one
ment remained..
£
Germany
subjects of
or
boundaries and
107,848,000 Loss $63,725,000
1
Gold.
prosecuted," against
or
thereafter.
principal European banks:
Banks of—
of the
by "citizens" of another State
halting the pending action and barring
44,123,000
October 28 1920.
power
States shall not be construed to extend to
Holdings.
following table indicates the amount of bullion
in the
feeling led to adoption of the
Amendment, that the judicial
$8,310,000
Bank
$57,539,000
----
-
The
i1
country was
Net Change in
Banks
$13,416,000
State and citi¬
Georgia, which replied that she
This
by citizens
or
Out of
Banks.
Banks' Interior movement,——
State of
of the United States
Y":'- IMO
Oct. 29.
Week ending
a
new
citizen of South Carolina
a
action, "commenced
any
to have been a loss
appears
follows:
as
old
years
action."
United
into and out of the New York
between
or
State, but when the
sovereign State and therefore not liable to
Eleventh
$63,725,000, the combined result of
week
the
for
banks
such
gold imports, which together occa¬
of money
flow
the
of
loss of
a
the
"a
was
Adding the Sub-Treasury and Federal Reserve op¬
erations and the
States,
of another
zens
movements for the week ending Oct. 29.
The States agreed to submit to
parchment.
jurisdiction of the Supreme Court in contro¬
versies between
gained |8,310,000 net in cash as a result of the cur¬
rency
1695
CHRONICLE
THE
In
a
single ugly though
expressive word, the "pork" idea has been contend¬
ing with the original feeling of sovereignty.
proviso that "no State, without its consent, shall be
It is admitted that the
Constitution, and the laws
deprived of its equal suffrage in the Senate," and it
and treaties made under
it, must be supreme every¬
is
quite a debatable question whether this is not an
where.
irrepealable contract, to be evaded only by throwing
of any
over
the
whole
document and starting
afresh
on
It is admitted that the welfare and
dignity
part of the country cannot prevail against
the best interests of the whole.
It is admitted that
intra-State
since
commerce
compared with inter-State, be¬
and consequence as
in the nature of things
cause
there must be a central
transportation is
a con¬
consider boundary lines,
cannot
and
act
tinuous
trivial in quantity
is
controlling
power
and in
any
"regulative" conflict between commerce within
and
commerce
must
yield;
across
per
State lines the State power
contra, the central regulating power
destructive excess, from whose
has been carried to a
effects
and we are disputing over "the" League as
exist)
against "a"
well—is
as
international pact; but the
world outside
some
or
duty to ourselves—nay, to the
first
Our greatest "issue,"
home.
at
here
overweighing all else and really preliminary and
indispensable to all else, is to begin return to a
simpler, less costly, less
intrusive, and more useful
This
government, held to strict constitutional lines.
root of the question to be answered on
is the very
Tuesday.
'
.
pushed, with few taking note of the process
has been
protesting, until cost of government
and still fewer
has gone up
ITS FUNCTION AND
and the real service of government has
into the executive branch of
have centralized
our
STOCK EXCHANGE—
WALL STEET AND THE
In
At the demand of war emergency, we
down.
gone
Centralizing
seeking to escape.
are now
we
[Vol. 111.
CHRONICLE
THE
1696
Washington Mr. Sol. Wex-
recent address in
a
SHELTER.
Co. of this city spoke on "financ¬
ler of J. S. Bache &
unnoticed, and have also even sacrificed the effi¬
for a better under¬
general
public concerning Wall Street. The subject is not
new, yet it needs to be mentioned afresh now and
then, and recurrence to it is even somewhat more
timely than usual as the country closes a campaign
in which the too-ready disposition to hate capital
ciency sought.
and wealth has been much
government i until we have weakened the
(if a com¬
tri-une
branch which is of the chief importance
parison is made at all)
and have got the whole
structure out of balance.
Seeking the maximum of
efficiency,
the
have developed hazards which are
we
"The powers
not delegated to the United States
by the Constitution,
States,
to the
because growing
dangerous
insidiously
more
prohibited to it by the
nor
reserved to the States respectively, or
are
So declares the Tenth Amendment,
people."
ing of big business" and called,
standing and a more just attitude in the
If this
•
is
and
appealed to.
country is to return to its old
which circumstances have given it, said
premacy
Wexler, we must correct some of our mistakes.
Mr.
get our taxation into a system instead of
proposd in 1789 because the original conventions of
We must
the States had
something which harasses and
"expressed
vent misconstructions or
further
desire, in order to pre¬
abuse of its powers, that
a
declaratory and restrictive clauses should
be added."
This
was
out of those early
jealousies
and out of the wariness of the colonies to surrender
independence of action in any degree beyond what
clearly necessary to that "more perfect union"
was
defense."
"common
that
for
surrender went on,
and in
the
Yet
our own
process
of
prosperity
position of comparative su¬
the
retain
to
must aid
we
service
abroad;
hinders business;
export trade by a better consular
our
we
must repress those who constant¬
busi¬
ly preach and incite disorder; we must urge
ness-like and economical
tion and establish a
governmental administra¬
genuine budget, and we must
better understand the need and
the workings of a
financial centre.
the average
To
time has accel¬
who is not a dweller in a
man
much of the original doctrine
large city, Wall Street is gambling only, all "ticker
liberty of individual action and the rights of in¬
tape" and excitement; "he has gathered this notion
erated until not very
of
dividual
of
some
property remains, the States (or at least
them) being not far behind the central gov¬
ernment in
demanding surrender under that specious
That
phrase, "the general welfare."
erned
and
have also
developed
an
enervating habit of looking
crying to "government" to get
so
plain and
scarcely notice its being
Is
gov¬
ourselves far too little, and that we
difficulty—this is
we
are
(ostensibly and by assumption) far too much
govern
and
we
so
us
out of every
accustomed that
merely
or
sleeping? As to the liberty of the individual the
question might be put.
authoritative
and final
part from movie scenes and from novels where
the
Nobody
answer
can
to either
give
an
question,
though it is easy to dogmatize about either.
Our
into
Its framers, without
precedent before them,
were men
of tower¬
ing stature and almost prophetic vision, yet their
foresight had
human limitations.
whose foundations
nounced
they laid cannot be safely
a
struggle between binding
dispersive forces within it
may come
All this must be left to the future.
know now,
our
its
But
we
do
in this present year and campaign, that
Government is out of balance and
proportions,
simplicity is lessened, its workings are out of
We
talking about our duties abroad (and some such
including not only
steamships, but also the banks
and
exchanges and all the other manifold agencies
by which the products of the soil are brought to the
homes of consumers in forms fit for human use."
correctly said, and we may add that this di¬
recting position grows out of two unalterable be¬
natural
cause
be
facts:
first,
(as of everything else)
capital gravitates,
and
of
means
as
the
centre
financing.
towards
a
must various projects
To begin with the
no
com¬
other
finding prices for his products he would
com¬
notes at the country store; a "market" in town
only
enlargement of the cracker-barrel
an
enlargement
for that
Wall
is
determined; next, that
peddle them from house to house and
clave around the hot
the
are
do other things,
commodities, if the farmer had
have to
pare
to
which need
monest
is
that there must needs
marketplace where selling prices of securities
a
process
farther.
The meeting of
prices, and therefore
meeting is indispensable.
a
place
The function of
Street, which is only the largest in its class,
equally
curities
necessary
can
There
There
con¬
stove, and the chief city carries
minds determines all
again.
harmony, and possibly its integrity imperiled.
are
pro¬
past its experimental stages as yet, and it
is not inconceivable that
and
The structure
and
railroads
come
or
other¬
But the truth is
the
document the world *has
model
proverbial shoestring and
the
on
millions."
great system of transportation,
centre,
ing the great code of Moses.
the
wise, for Wall Street "is the directing head of the
great charter is surely the most original governing
produced, possibly except¬
starts
hero
runs
This is
so.
sovereignty in the State quite dead,
same
in
are
is
be sold
in affording
or
a
place where
se¬
bought.
speculation,
and
there
is
gambling?
both, and there will be both until the uni-
Oct. 30 1920 ]
versal
THE
brotherhood
promised
definite future arrives.
to
It is
in
us
CHRONICLE
still in¬
some
thoughtless and foolish
broadly decry speculation, since that essentially
consists in
the changes which may come or not come in
upon
the
making forecasts of and taking hazards
future.
Every adult human being speculates
in this essential
act, now, in
we
happen, and
and cannot avoid
sense
doing
belief about what is going to
our
do this in every day of our lives.
we
Probably the feeling against speculation and
lators is most intense in the far-off rural
yet there is
specu¬
districts,
complete and compulsory
no more
spec¬
ulator than is the farmer whenever he stirs the
he is
neither of crop nor
sure
and
cast
both.
venture
As
for gambling, that is
cial than in other markets.
who has the
man
willingness to wait,
a
in Wall Street with
and
The
with, and also has good judgment plus
patience and
those who
in finan¬
no worse
reasonable
a
drawn
are
in
venture
as
with
always buy
can
promise of profit;
the candle draws the moth
prevail elsewhere; but the fact is that credit
is with those who deserve it and
bound to its
own
bank in
a
Many
which
years ago,
embarrassing; he
prove
to lock up
money
on
is
anxiety lest the life insurance
"locking up" -money in
were
might
part
as
the cashier of
degree
a
not
aware
can
afford
was
(or he failed to remember) that nobody
in
firmly
as
small town out in the Northwest wrote
a
to the "Chronicle" his
companies
bank is
a
undertakings of obligation
the humblest trader.
and that life insurance is founded
the proposition that all funds shall be
kept actively out at earning.
All
soil;
prices, but must fore¬
ingrained in human nature, and
cash to pay
so;
which
1697
errors
undesirable, but
are
unfortunate and mischievous.
in
urging that
to
do
right
national prosperity requires
our
with
away
especially
some are
Mr. Wexler is
of
some
us
He justly
worst.
our
points out that while the banker is fallible he always
aims
to
ture
"securities
handle
both from the
having genuine merit
standpoint of intrinsic value and fu¬
earnings,
in
as,
instance, not only his
every
but his reputation is at stake."
money
It is also
take
true that Wall Street aids in
enabling everybody to
chances, and if the result gives pain they should not
participate in the earnings of
our
blame the process.
and that "were it not for Wall Street and its many
Moreover, two things, of
the first
time,
particular.
that
are
list does not
nobody
that
add
this," and to be
that this
means
can
a
substance,
record.
a
are
to "return to
many
hand,
are
boots
hole in the
ground, and
no mere
hole will be made, will meet
a
of
its
been made to force
the
as
incorporation of the Exchange,
there is
such
no
Exchange takes
to
Attempts have
theory that responsibility might be thus
tablished; but
care
es¬
is needed, for the
measure
of itself, and purges itself if
occasion; anything
over
trading is promptly and strictly taken up.
Say that this is the policy of honesty and not a
of
principle, if anybody insists; it should
suffice that the
place
where
policy is adhered to.
obligation
an
means a
where human
object is
more
is
present loss.
more
surely found,
quickly penetrated.
man
"for
but what
a'
that."
place where
or
The
any
Wall
place
sham is
Street
Street has
The
men
where
no
deserving
any
its
man
rogues,
gather is quite free from
them ?
instance, that Wall Street
fortunes of the outside
to be
by ourselves.
can
thrive
on
world, somewhat
supposed that railways could and
as
as
One,
now
ending is that
presence
We
or
many
anti-league.
The
so
we
may
shout "America first," but
affairs
Whether
nation.
has
of
we
Or,
foreign, in this, still looking
we
And,
for correct guidance
association of nations
or
have been led into the
behold it
as we
now,
political controversy,
we
weakened
on
oceans
league
of the
use
in discovering our own way with our
our
tends to
trating"
to
the rim of
referendum,"
and
as
even
world," second.
seemingly put the world first/subordinating
over
ination
it
longer abashed in the
there is in the mind "the
domestic
own
we are no
of so-called "world problems."
may
do
at the term¬
"solemn
our
cannot but feel that measurably
our
prevent
grasp
of
us
citizens from "concen¬
as
our
own
problems,
domestic affairs which have nothing to
it is still
We
find
given by
an
example of this in
an
eminent
future trade
as
man,
guided by
a
a
are
There is
a
notion that
pots of money and not only have their
favorites but
are
not
subject to the business laws
league
able
or
a
association of nations
fostering
agency.
He
otir
condition of "world-
crowding," linking therewith in
thrive.
"interview"
an
in which he envisions
of union cards
can
no
concern.
the mis¬
it used
an
we
by the part played in the
supposed by deluded labor unionists that carriers
banks
That
do with the world and with which the world has
Strange notions arise, and somehow persist.
for
com¬
significant thing developed by the long controversy
even
There is also
Compar¬
are
we
discussion of Ameri¬
our
whether pro-league
mind,
sympathy and help for
search-light,
a
Treaty of Versailles will not be denied by
telescope
when the
even
the other
on
get into "our stride."
generated
be in the
by
even
day-dreams; if,
have been forced into this
citizens,
we
will be obliged to
have been sweeping the world with
we
power
uplifted hand is
strictly and cheerfully kept,
an
policy
at home.
than
keeping
can
no
conveyed
or
soon
away
more
spoken word
must
no
more
a
There is
our
we
to put on our political seven-league
pelled to admit that in all
the line of fair and
honest
matter
we
of
of the lessons of
some
the current language,
use
normalcy,"
ing this campaign to
electric
particular
more
membership.
we
perceive
If, to
relinquish
social club much
character
we can now
to offer that, but nothing
requirements of Exchange trading.
Nor is
Having reached the turning point of the actual
election
It must have
mere
BIG, OR THE WORLD
SMALL?
campaign.
already accomplished results and have
No
many years
of the economic world."
HAS THE IDEA GROWN
the Exchange
position is of itself
committee.
would doubtless be
behind in the progress
the
proper
promise that
paper
we
participation
merely promise and expectations;
not
it must have
making possible this desirable pub¬
lic
new
"application
on
largest properties,
ramifications in
warranty of value hereafter,
assume
scrutiny by the
on
for
get on* the Exchange list until it has passed
can
the
Announcements of
frequently
certificate; not
the
now
merely give opportunity for transac¬
tions there but
a
not said
course
due to the Stock Exchange in
institution, not inside.
will be made to list
for
must
One is that wild-cat stuff is outside
security issues
a
buying
margin
says:
non-political way
as an
".
.
indispens¬
.
.
The
population of the world has increased 700,000,000
during the lifetime of the average man.
That is
as much as existed prior to this time.
three-fourths
The human
it,
population has been .on an increase since
within
as it has since the beginning.
.
.
. It
many more people to be fed and clothed
that it has increased nearly as much
so
lifetime
my
that
means
and housed.
It
means
of the whole world,
It
the economic interdependence
because some of the nations have
point of saturation in point of popula¬
that these countries cannot raise
reached the
tion.
given
began, but a new impetus has been
the world
to
means
It means that
dependent on the
100,000,000 people in Europe are
It
outside world for subsistence.
people of England are fed from
half the
It
borders.
that
means
Japan
that one-
means
beyond its
has grown so in
The list
population that it cannot feed its people.
of
Accepting these figures and statements without
disclosed!
place if peace is to prevail, this increase
population will become more aggravated.
But
inquiry, what a colossal task is here
In the first
of
what is involved in the
ate the evils of this
regulation that will amelior¬
condition?
first control of the increase of
by
population
or
first
productive power of the earth
utilization of all the
a
And shall there be
free transplantation of the population? Trade,
a
allocation of this
world production by combined national edict, by
league or association, must prevision accurately
not only the sustaining power of the undeveloped
of
course,
distributes, but
an
portions of the earth's surface—or the natural and
unrestrained
*
migrations
international
trade
of men or the basis of
and' exchange
result in
may
inapt distribution and consequent in¬
suffering.
Strangely enough, fixing and
unequal
or
creased
does not
guarantying territorial boundaries
ceasing—call it complete and perpetual disarm¬
to the
and
housing
ceived
save
that of
For
it
may
And since nations by
sociation
league
confronted with this task of
are
or as¬
properly
in
Managing
there
edict "free trade"
Yet
we
of
sort
or
leagile
or
us
as
an
recently to go into some
association
world—and this manifest
incentive thereto.
of
States
duty is lifted
One
'
—~—m—m
up
of
the
before
might suggest that
"i
i
mm 1
is
satisfaction.
at least
best, what
Even
on
does not talk to all the
the
South
and
East.
able to take
of
care
himself
and "Associations" may
in
population.
mendous
course
the
any
is also
and with tre¬
force, is that regulating a nation's inter¬
with
the
world
however wise the
of
And self-defense
What does appear
by these sweeping visions,
thought
or
desirable the outcome
seeming duty, is not within the
State, in combination
or
power
of
out of it, and serving
only to further complicate, cannot be the incentive
or
guide to rational governmental action.
Flatly, this world is too big to be effectiually
governed by
one
in its progress
laws not made
'on this
globe
State
or
or
its retrogression it conforms to
by States.
are
all States in concert, for
Forever conditions of life
changing and relations, and with
After
solace to those
When
one prom¬
seems
just
for the "old U. S. A." will
emerge
There is
over.
A
much
an
a cam¬
election—
when the shouting
rejoicing,
sinner who repents,
Harding—but
"Leagues"
now.
paign only to disappear mirage-like in
as
we
proceed,
and contrary to all his
allegiance will vote for Cox
one
poor
"jolly well"
glow and gleam in
swallow does not make
or
for
a summer.
writer, with many words, undertakes to show
that, after all, it is not the League
tion that is
the
truth."
The
or
the Associa¬
issue, but Wilson and Wilsonism.
suggestion, however,
law of nations.
party
a
Sympathy for the
workingman is easy—though he
truth
a
WILL.
irrigation to the arid West—it has little appeal
is
increase
•
ten thousand mile tours
people.
is
But that would not stop the too rapid
•
spend their strength in organization and pub-
There
government.
■.
be done?
some
There
remedy in part without complications of super-
When
more can
This is
opening the free intercourse of goods
one
.*•
.
campaign is like running the rapids.
a
simply breaking down all "economic barriers" and
would be
:
m ■"mi.
i
—
avoid the rocks, in the quiet waters be-
former life-time
"protection"?
have been asked
shall neglect
master?
all, "the people rule."
who
Are these pro¬
we
WASTE AND A PEOPLE'S
has done its
over one
international
international law
an
What human omniscience
i
CAMPAIGN
low
people. Who
one
fascinating that
•-
to
be made fruitful,
developing continental territories
so
can
•
declare
as an
population by
posed big tasks
If you can
of these wide-
is the creed that
life may
one
mere
it possible, the world over, to regulate
allocate the
ones we
"mission"
and tend to the
reverse
Asia, Africa, South America?
the
no
artificially fixed
are
generation and
concerning child-birth?
is
policy and establish
as
one
the increase of
feeding the. world, will the league or association
as a
peoples
So that the
Just
that of
suppose
can
precon¬
self-development is not
they become strained
will deliver.
can
clothing
a
And it is absolute that the
sweeping all-embracing visions
ises
exchange of goods with each other or the
that
undoubted
more
told, in the case of dismembered
outside world.
is
doing of this there is
relations of States and
so
But
doing the best with things as they are.
selfish isolation.
the
toward feeding,
will dispute.
impossible.
And in the
are
indigenous productive power, will not al¬
according
the fortunes of enter¬
men,
plan of concord that will pre-equalize con¬
ditions is
for,
low free
one
no
con¬ .licity—and lose.
Austria, this small State is on the verge of starva¬
tion because the new States carved out of it, jealous
of
races
will do much
That these
one
of their
genius of
prise, and the actual labor and thrift of peoples.
imperative plan and humanitarian duty,
we
We can, a very plain expedient,
to follow its free course
unloosen trade
form to this
as
warfare by the very essential fact
ament, if you will.
breaking point.
might be extended indefinitely."
We can cease de¬
relations, duties, change also.
structive military
enough food to, feed their people.
an
[Vo*.m-
THE CH ftONICLE
1698
in
more
this, though not all the truth.
the
people
stronger than "the
can
be bewildered
by "promising all things to all men"—the more apt
they will be to brush aside the details and centre
upon
the
core
Electorate is
of the problem.
found food for
work
on
Alarmists
panic in the illiteracy developed by
draft disclosures—little
"foreign
The body of the
intelligent and patriotic.
element"
counting the fact that the
contains
arrival here and that
children
a
forced
into
large proportion of
immigrants, between the
ages
thirty-five, constitutes
essentially alien popula¬
tion.
Our
an
of
twenty-one and
public system of education has not failed
the millions with three
back of them.
bility of
our
tellectual
to
or
four resident
generations
And the electorate in which the sta¬
institutions
rests is
sufficiently in¬
safeguard the Kepublic.
The nation
,
Oct. 30
THE
1920.]
will survive this election.'
will
The people, our
people,
"issue"
but
disclose what it is.
The
this,
trumpets—and the voting will
now?
even
party that comes nearest
'?
OBLIQUITY.
'
Neither platforms
last analysis can procure or
people is nearest to winning.
propaganda in
nor
a
prevent an expression of this silent inner
There
judgment
call
the
In
on.
same
an
way
"administration"
If this be not true we must all
of
often
despair of
may
an
paigners, the endless succession of "news
the papers,
only serve in the long run
ments.
I
,
Men tell
us
there is to be more
Again we are told that the
parties make the issues, and a majority of men vote
fathers
their
as
doubled
And
did.
now
the electorate
is
by the advent of woman into politics. Some
"the party that gets out its vote" will win. These
say
things are all true—and because they are true no
certainly tell before the vote is counted
But when all this is
can
man
which ticket will be elected.
yet lies beneath it all—the formation in
said there
the minds of the
tials of
people of
an
opinion
as
to the essen¬
political government—and an issue of
our
If
are
we
correct in this
view,
we
ask ourselves—is it consistent with
1
;
have only to
our
principles
government that our nation shall leave its founda-
tion rock of
self-administered republic to engage
a
permanently in world undertakings that affect the
form,
purpose
and
course
autonomy of other
political
nations far removed in
Is this
location, life, and interests?
consistent?
If
we are
to live at peace
with the world must we not allow other States
themselves to live in such peace
and with
•
one
that
our
own?
tions
Is there
no
of
with other States
road to peace save
desiring harmonious relations, one with all
and all with one,
by
a
renders more complex these rela¬
greater or less degree of "interference"
is
not
that
they infringe on none.
Driving through
dynamic.
a
>
The
or
And
ask, is
now,
in the long run, to defeat itself?
voter, toiler, farmer, mechanic, business man
professional, knows how he maintains peace in
his relations with his fellow-citizens.
'
we
effort to compel a relation of peace
destined, if not
-Will he not
delirium
present
try to
just what they
see
spoke,
overpast,"
is both
The world of 1910 of
are.
much
was so
challenge to
us
loses
and quieter than
saner
the world of America in which
we are
living, that the
of its force.
none
We do not have to hunt far for the obsessions which
prevail
to-day.
evidence.
daily
The
Hold-ups
papers
daily
of
are
give abundant
and
occurrence,
burglaries, both frequently attended with murder,
are
quite
Human life has lost its sacred-
as common.
A
principal of
ness.
city school shoots to death a
a
neighbor with whom he had
price of tickets for
day in the
same
proprietor of
a
a
ball
a
small city
a
difference
the
over
and almost the same
game,
grandfather kills the
department store who has abused the
granddaughter who
was
in his employ; and both are
"gentlemen."
The
leading magazines have exciting articles over
and
urban districts
own
of
our women,
meetings of indignant mothers are held^in|suband their
over
prevailing recklessness^ their
the
neighbors'
young
Dinners
people.
an
&
dances in hotels and fine houses at the summer resorts
have abundant and defiant
display of liquor, which
provoke little comment, and are attended by gentle¬
men
and ladies otherwise
officers of the
community
Grand
law-abiding, and
sworn
even
is called before the
Jury to give account of his presence.
self-respect
seems
by
to secure enforcement
Even the Mayor
of the laws.
No
sufficient to restrainjmen from
disregarding and ridiculing laws which, after long
and
painful struggle, the State and Nation have en¬
for the deliverance of the community from
acted
Despite
*
innumerable
and universal
legislation,
gambling abounds.. The chance of making money
innumerable at fairs, to
form, until
so
no
grafting in
corporation is
so
every
rich and
conceivable
no
individual
high-placed in public service or so]||reputable as to
be
beyond, suspicion.
revelations and
new
Every day there;are
Meanwhile the daily papers
crime
and
now
new
charges.
scandal
or
feature
every
extravagance.
A
form of
leading,
daily, for example, just
gives a half-column row of "Specials to the——/
antonym to wholesale combinations to declare what j with heavy headings:
is
But to make it valuable,
apply this same rule to the conduct of nations?. •dignified and conservative
Agreements there may be, treaties, but these are the
<
con¬
not without
am
Peace is static,' justifies everything from betting on horse races and
com¬ ball games, playing cards for money and lotteries
pel some sort of union to promote peace, is not
this very
"I
campaign to
static, is not living essential peace.
not
can say
need to face the conditions which he describes and
we
pease—but living alongside others, re¬
specting their rights, and carefully exercising our
own
the
intolerable evils.
and control?
What
That he
the careless morals and scant garments
in to-morrow. ty—
of
when
liberty and right defeated to-day will live on
real
he does in
as
hope that the world will revert to beautyfand sanity
"independent vot¬
ing" than ever before.
the term
uses
believe that he is describing the general
to-day.
which he
from
require¬
general survey of conditions and their
a
is
V'
''
hopeful and Christian.
events" in
to settle a
conviction in the heart of the voter that arises
former
The
quoted in the "Yale Review" for October,
may
dition
The speeches of the cam¬
election.
con¬
curable, the latter shapes the
■
letter
we
If it is true, then we must look
surface for the great moving forces that
determine
or
reasoning, but
dominant.
and
and
Cook, of Yale University,
a
government.
below the
exclusive
transient
purpose
or
When, therefore, the scholarly and serious Professor
system
our
with what the French
man
fixe, the controlling
life.
permanently.
the people far afield—but not
idee
is
which
other¬
wise "never had a ghost of a show."
It is one of the
attending circumstances of popular government—
and sometimes fraught with great immediate evil,
evil, however, that never fails of correction latqr
party divisions may elevate men to office who
carry
the
delirium, that of the wildly
and that of the
ception, held with little thought
happen, of course, in close contests, and
Accidents
two kinds of
are
crazy man,
of the American people.
J
people do not sufficiently see
,
THE PRESENT DELIRIUM—MORAL
discovering this consolidated judgment of the
to
Is
of non-interference is all that is needed.
one
it reasonable that the
is, it will be found down
under this fanfare of
is by establishing specialized relations—-when
-peace
rule,—and "still waters flow deep."
Whatever the
1699
CHRONICLE
"Millions atjBaccarat;" "Pa-
[Vol. 111.
CHRONICLE
THE
1700
jamas at Dinner;" "Sex Attraction in Dress;" "Danc¬
superstition,
ing Doctor Dies;" "Pipes for Women."
All this indicates an extensive intensity of interest
We
in directions which
is the result of
are
unworthy
idee fixe, the presence
an
sion, the accepting of
directed to
purpose,
become
has
money,
conception,
a
controlling.
render, and
far
so
It
obses¬
or a
be pleasure,
may
what
or
worthy in life.
or
will, thai
you
a sur¬
When it becomes
prevalent, and "all do it," it may be a "delirium,"
dizzy whirl which morally and intellectually lies
a
and clear
outside
the
realm of
outside
the
"beauty and sanity" for the return of
reason
which Professor Cook
We
critic,
Youth will still have its
wailing prophet.
or
tion
depends
of
and I
is
Here
few years ago
modern society a singular want
our
Such
spinning
a
and direction—which
purpose
It lacks
mind.
unsound
the
a
a
years
man,
spent his days in
ago,
We need to ask, what is the differ¬
if we have nothing better
top.
between him and us,
ence
show for
to
of
mark
days,
our
or no
worthier object of
there is
community
Then
The vice that is
the
follow
made
the
In
animal.
a
as
it
may
be
is
por¬
dwindle
the
as
When corn
need be
ear
to
corn
belt.
.
rejoicing there ought to be in a
abundant harvests!
of
land
State boundaries
wasted.
insignificance in that territory known
Must
we
not
always
to the fields for the barometer of our prosperity
a
degrade, the
a
the immorality
and vulgarity
coarseness
intensity of the vital
Our art is
be said of his
may
shrewd and wise observer of life,
is to be stated in its two
energy
of
a
given time
highest terms, religion and
everywhere struggling for
imperfectly received, and
as
for
a
respect
our
religion
certainly has fallen into abeyance in these luxurious
days.
community and
different to its
wealth,
own
or
no
age
can
vital energy.
afford to be in¬
However abundant
however exurberant
however resourceful and
satisfying
our
people?
but
Taking the
accountings.
be measured in terms of
or
sacrificed
to
Is there to
no
such
the quiet strength
accepted code of morals?
Shall fineness be
grossness,
beauty
a
pagan
conception,
or
thing
of
an
every¬
avarice,
to
purity to passion, truth to loud assertion?
be henceforth
the
.
Is God
religion
a
and
contentment?
symbol, all other adventure
are
builded above it.
guns
We
may
upon
all the
seas,
look with longing
the airy heights of peace and progress,
strength of mighty endurance and ultimate de¬
liverance is here in these fields of corn.
that
some
time
It may be
misguided toilers, fevered by union
counsels, will seize factories that they may control
and work, but they can never seize the subtle
wages
machinery of nature through which and by which
there is fruition of food.
Man and Nature!
The
basic
industry is toil applied to soil, man conserving
natural
law, the husbandman sowing the seed in the
1
springtime is type!
We must ask: Shall
be in the world of the-man-in-the-street
spiritual decency
serried
eyes upon
occurs.
power?
as a
speak of power, what is it
health
shores with concealed cannon, send our
our
little thing and is
of little things, but life is not
corn
we
of
accomplishment
It is
up
stern in its final
or
"sovereignty,
have to face the ultimate realities.
a
spirits,
our
When
plenteousness
Life is made
we
to
cereal—it brings
as
Henry Adams, who, whatever
where
They say of this
go
"Education,", was
as
country yields perennial¬
checked, the greed that is not scorned, the
hope.
success
Corn is one
to every man who farms.
How much true
gird
our
and
precarious business, it is true—and not
single
and
No
man
told, it may be
"cheap" it is fed (as always to some extent) into
baffles
it
gathering
abiding wealth irrespective of prices and of
an
that do not exclude—these mark the condition that
it has but
when
The black loam of river and creek
kings.
bottoms in the heart of the
a
delirium
soon,
Corn is food for
mart.
hundred ways, we are
palatable to the human taste.
of the
ly
And
the fields,
through
wagons
or
crib
the
marketing.
unrebuked; the lawlessness
that does not
art."
TIME.
quickly and directly the bountiful harvest for
more
the class that it
or
the
extravagance that is not despised,
said "The
of
to the stalk, the huskers will
snap
government.
serious enough; it is when it is
threatening.
that is not
SHUCKING
or
use
more
"some money
of the evil lies not in the individual
characteristic of the
tentous.
the
and
being cut and shocked awaiting a more favor¬
our
something higher and better.
to him it may prove
becomes
be delivered from
captains
Beyond all doubt a huge corn crop is now assured
three thousand millions of bushels!
Some
cattle—a
passion, which has value only
measure
we may
The
wrought by want of heart."
ever was
CORN
tite
The
that
"more evil is wrought by want
For
thought than
is
to
idle plea that will
no
sharply challenged by the evils about us; "Lest we
us
pleasure, dress, sport, fashion, indulgence of appe¬
or
have
kings have departed, but as truly as ever, they leave
money,
interest, than the pursuit of some object,
related
we
delirium.
common
able time for
and direction toward things that are worth
purpose
while.
will do well to pray
we
the
of it is
responsible for and cannot counteract."
are
blessings
our
—over
thoughtful student of
the
and justice
mercy
prevail against the judgment that must come.
If we love our country, our children and our homes,
But the existence of civiliza¬
solidarity—a lack of
you
God; but the divine
intimately bound up together that while we
so
are
discerning right values and not
upon
said "There is in
the mercies of
taste for
more
letting inferior things take their place.
Another
"Queen by the wrath of God," so evil was the world
so much had she suffered.
We may only know
and
The mark and the
leisure and
more
life.
the amenities of
of Guiene in the 12th century and the
Coeur-de-Lion, called herself
Richard
of
mother
people
Eleanor,
pleasures and manhood the
equivalent of its "cakes and ale."
aim of civilization is
the great queen
forget."
hopes.
captious
no
are
intelligence,
absurdity?
an
of other lands have suffered from the war.
It lies below rejoice in
It marks
degradation.
a
an
desire,
a
justified to serious thought.
the level of what is
of
It
end that is unworthy, and
an
social distinction
or
cannot be
destructive.
or
the existence of the soul
or
little understanding of what the
have
provided that
For
government
are
its
a
a
every
four
years an
election
long time it has been held that though*
is
necessary
bane to business.
customary processes.
these frequent elections
They divert thought from
They consume
energy
seeking for the triumph of political parties.
in
They
interrupt enterprise and halt industry because party
triumph predicates change of laws.
days they have
ments of
come
And in latter
to be the agencies and instru¬
promise, accenting to
an
obsession belief in
Oct.
301920.]
THE
CH] tONICLE
the powers of
government to
of
masses
man
year, due to
arid
bring well-being to the
prestige to the nation.
settled
And how little the
boundary of Serbia
welfare
And this
converging events, "foreign relations"
become the text of
progress.
un¬
counts in. the world's
compared to the extent'and yield of the
corn-belt of the Middle West !
It is
1701
l==
>
a
long
way
to
-
without work.
Corn-shucking time is more
ant than election time.The obsession of the
is that
we are
continually turning towards "govern*
ment" lather than toward what
And
if
our
import¬
present
call "business."
we
ordinary paternalism
what will be the effect of the
current idealistic
is
enervating,
super-paternalism of
internationalism?
Geneva—from Kansas
City.
The
importance of "the husking of the corn"
be overestimated.
not
economic
take the
terion
meaning
news
of
this
"government."
daily
to extend and
method
by which
cri¬
"crop news" has lost its
domain,
are now
"govern¬
engaged in
the
on
do
we
it.
an
the
All of peace, pro¬
savor.
gress
and prosperity is made to hinge on the out¬
come
of
election.
an
all-powerful
clothe
a
which
"government" is the
instrumentality
that
will
feed
thought mounts to the spiritual,
to
extend
it to
all
the
and wheat must
grow,
corn
Is it not
to
if
and
people and bring that calm and leisure in
combine
the
And
fact that the
a
why not
earth?
And
yet
mature, be gathered!
farmer, he who lives closest
"production," is least aroused by these quadren¬
nial elections that
little?
As
has been
we
promise
look
back, the growth of trades-unions
tremendous factor in
a
They have had
an
to
seek to
which
to
to
help the workingman
bring about "better relations," when they
on "government" to accomplish that
lay hold
apparently they have themselves been unable
bring about?
Has the substitution of the
chine for hand-craft
unconsciously led
lieve that there is
yet an
to be¬
men
immaterial force in the
day following this
be toil
fall back
unless it
on
applied to soil?
But whether it be in
be any
ever
we
factory
or on
legerdemain of law,
farm,
any
can
going
there
or com¬
ing of "government," that will change the funda¬
mental processes
but
one
and
law
common
excuse
favor.
or
"Government" has
for
being—that it is the
relieve
man
a
state of freedom
No human statute
of nature.
process
can
one
judgment arrived at in
from force
a
of existence?
purpose—to procure and administer law;
but
to
on
nearly all voters
sued, for the purpose of
State
who
served
nineteen
bonds
months
to be
are
a
the
bonus to residents of the
but without these interests there
rights.
to per¬
probably not less than 25
rather is the
If
our
centred
and
of
reverse
Perhaps these bonds would be placed without
difficulty, but their placing would further
embarrass
increase
already tense investment market and
and
necessary
will
an
the pressure upon
mean
more
other loans which
indispensable.
even
taxation,
ditions.
The
Such
about
a
we
production is
the science of
ness
of
corn-crop,
would
more
soon
need of
people
its fruition, increase
For it is out of the ful¬
production for every
man
that peace, pro¬
grinding out laws to make
were
realize that the science
and prosperity shall come—not out of
lative mill
use
potent for human good than
government.
men
are
issue
an
improvidence, and
more
objections to it
are very
con¬
serious.
objections might be held subordinate' and
the claim
might be set up that nothing should bar
fulfilling the demands of honor and duty, but in this
such
case no
just demands exist.
said that the
done for those who
should be taken
up
mingled with
an
can
and suffered in the
gave
be
war
and answered independently, not
indiscriminate bonus which the
who gained instead of suffering do not need
many
and
It must be again
question what should be and
should
instinctively reject.
As offered, the
gain votes by being a bribe,
and the danger is that it
may go through by the
usual default of a
merely nominal vote, a number
bonus
is expected to
who want
money
the
A
from
people generally
any source
voting Yes, while
the separate ballot by.
notorious sensational journal has taken it
up and
has been
At
pass
trying to organize support for it.
least,
no such proposition should be allowed to
slip through unnoticed.
SAVING THE APPLE CROP—SCARCITY
AMID
PLENTY.
All of next
week, appropriately beginning on Hal¬
lowe'en, is to be "apple" week, and the State Divi¬
as
National
cially naming
The
Apple Week all
as
object is to "save"
known to be
very
a
legis¬
happy
necessary.
chosen
as
tinction
State's
The advice is
the
survivor, if
one
apple
more
crop,
than
kindly but
un¬
man
could
save
from
ex¬
of the varieties of fruit with which
us.
There is
which met the official
in the
season,
only
one
difficulty,
advice, given earlier
to "save" the fruit crop by
preserving.
was only the cans, the
jars,
the sugar; now the only lack is the
apples. If
What
and
the
The apple is loved by all, and would be
only
same
over
large, and said to be
Nature has endowed
the
that it be designat¬
the country, espe¬
its motto, "Eat New York apples."
double that of 1919.
a
Such
hindrances before the return to normal
more
sion of Food and Markets
urges
true.
as
30 millions
serious
ed
not products of government;
contemplative thought
destiny,
gress
are
or
more.
other,
Opportunity, initiative, enterprise, to
;the familiar words,
e^ual annual
of carrying through the project, will
expense
neces¬
no
The
them, together with
on
each
were
in the
ending with the armistice.
rights is
cross
exceptions)
some
paid off in twenty-five
from toil. If government be invoked
where interests necessarily
is
affect
can
form—can the product be other than
confusion and
loss?
A declaration of individual
sary
new one
45 millions shall be is¬
installments, and the interest
amount to
entirely
as an
(with
to the electorate
The question which will
whether State bonds
up to
No structure of government
to do that which it is without inherent
power
Tuesday.
ma¬
administration of "government" that will foster and
increase "production"?
On the
year's election what will
proposition which will be referred
of this State
economic life.
our
initial power for good—but do
tliey not admit their failure
and
much and procure so
so
mention
no
whatever, it is well to speak again of the "bonus"
means
Even
BONUS PROPOSITION.
subject has received almost
we
anything but
powers of
shall
we
Since the
come
unprecedented "solemn referendum"
and
If
press as a
our own
enlarge the
ment" to the whole world and
THE STATE
the
Not satisfied with the considerable
undertaking of ruling well in
seek
time?
time at present for
no
can¬
dwell upon
we
harvest
contents of the
have
we
But do
-
was
lacking then
show the consumer
how to reach them, the eating
It is never necessary to
will follow.
lap
the kitten how to
teach or urge
supply the cream, and
cream;
already known, painfully known, that the
practically disappeared
small fruits of summer have
table in several past seasons;
the
from
they grew
be
had, and the cost of carriage interposed another
in
abundance, but labor to gather them could not
this
ground in the most bountiful districts in
the
cover
city's residents who have grown vegetables
and fruit at their summer
places cannot get the prod¬
themselves; the cost of barrels, of car¬
uct here for
riage by rail or water, and the climax of charges
the
value, and the grower may as well go to
money
what is demanded for the stuff
markets here and pay
His product being left
which does somehow arrive.
perish where it grew, he must struggle on as he
kindly and well mehnt when we are officially
in the public
told that the domestic science classes
plan to use apples next week, and that let¬
schools
ters
going out to urge everybody to use them;
are
everybody is most willing—all that is needed is the
told that an unusual supply in the
markets has brought prices to the lowest
We
apple.
wholesale
are
reached in this season,
and "in many instances the
returns to the growers were
expenses
the
not take
red,
were
perishing
kindly
as ever,
we
were
but
we
reason,
the
sun
not
mand
is
earth
The
be!"
as
still does his part as when
ingenuity, co-operation,
enough
(the faculty which
plain horse sense
or
a
straight line for what he
Owing to the fact that the compilation of the
abundance, but prefer quarrelling and scarci¬
ty, and the tendency is always that the grower who
nothing for his
crop
will incline to grow
less next year.
To
study what
can
be done about
a
and net earnings of United States railroads
gross
for the month of
Oct.
bad situation
turns
such
were
to grow
their
distribute
needed
own
consumers as a mass
products, and
even
to carry and
them, thus doing themselves everything
for
meanwhile?
themselves;
Judge
but
what
Miller has
shall
just
be
been
done
Pacific.
a
In
large companies as the Pennsyl¬
revised figures,
our
number of
others,
telling
interior counties that "agriculture
some
perhaps the most speculative business
of" and that farmers must learn to
in their
the
know
purchases and in marketing their products,
stabilizing
manage
we
co-operate both
markets
and learning
to
successfully
storing, "not by middlemen, who
now
make
profit, but by producers themselves, and then
marketed
gradually."
This
agrees
with the known
fact that the farmer is in the hands of the middle¬
man
and the other fact that
izing does not necessarily
is what
means
extortion.
conserving and stabil¬
mean
high prices; waste
these, as well as
As pointed
included.
are now
by us in presenting our earlier compilation, Au¬
gust was the last month during which the guarantee
of the Government rental remained in
the
it
all the
seems
The
more
important that the compila¬
complete
as a
gain in
less than
operating
lowing
With 181,375,981
$305,602,355, leaving
a
loss in net in the
The railroads for
of $224,226,374.
sum
this month fell
bare
seen, are even more
ones.
the augumentation in expenses was
gross,
prodigious
matter of record.
figures, it will be
new
striking than the original
no
force, and as
showing for that month wras exceptionally poor,
tion should be
$116,173,003 short of meeting their
will be
expenses, as
by the fol¬
seen
:
Month of August—
Inc. ( + ) or Dec. (—).
1919.
1920.
(208 Roads)—
227.145
226,440
+705
0.31
$541,549,311
$460,173,330
+$81,375,981
17.68
352,119,959
+ 305.602,355
86.78
Miles of road---Gross earnings
Operating expenses
Net
also
$108,053,371 —$224,226 374 207.51
different
present new figures for the
These show that in every one of the groups
groups.
the roads failed to
or
657,722,314
_
def.$116,173,003
earnings
We
earn
operating
in larger
expenses
smaller amounts.
v
August—
Section
or
1920
Group—
—Gross Earnings
1919
Inc ( + ) or Dec (—)
$
$
%
$
Group 1 ( 8 roads), New England
24,013,215
19,319,505
+4,693,710
Group 2 (38 roads), East & Middle._-164,955,388 146,267,825 +18,687,563
Group 3 (30 roads), Middle West
58,347,458
47,871,597 +10,475,861
Groups 4 & 5 (35 roads), Southern,-.. 70,438.887
58,727,338 +11.711.549
Groups 6 & 7 (33 roads), Northwest
116,470,948 99,082,564 +17,388.394
Groups 8 & 9 (51 roads,) Southwest.— 89,024,632
73.152,272 +15,872.360
Group 10 (13 roads), Pacific Coast..— 18,298,783
15,752,239
+ 2,546.544
24 29
12 77!
21 88
19 94
17 55
21 69
16 16
+81,375,981
17.68
—
541,549,311 460,173,330
'
Mileage
1920.
1919.
1920.
Miles.
Group No. 1
Miles.
$
Group No. 2
7,386
30,616
Group No. 3-
19,441
Groups Nos. 4 & 5 39.014
Groups Nob. 6 & 7 67.915
Groups Nos. 8 & 9 55.285
Group No. 10..—
Total
*
people in
of
vania, the Burlington & Quincy, and the Southern
Total (208 roads)
the remedy is for the
issu^
given in our
present below revised totals for that
we
always better than to upbraid anybody over it.
tell us,
as
Among the roads that had failed to file re¬
Ultimately, the teacher of genuine co-operation will
is
August,
16—pages 1516 to 1518—was not altogether
month.
We de¬
to lay hold of what is produced.
has netted
be
may
FOR AUGUST.
.
boys, abundance is offered us as of old;
have
makes the animal take
wants)
"Lord,
It is thus all around.
mortals
these
which
more
Tuesday.
on
REVISED FIGURES OF RAILROAD EARNINGS
them, because things the canners needed
fools
what
few weeks ago, with toma¬
a
the ground; the canners would
on
unobtainable.
were
It is an old
of picking and shipping."
railway,
toes
not enough to pay the
Delaware and Maryland, along the line of
story.
is
remembered
keep back the slide of the
thing
This is one
glacier.
out
can.
It is
has begun, and can no more be prevented
board fence could
a
for complete,
hauling at each end of the line, eat the entire
local
face our¬
we
What stands out most vividly
trying to push wages up and pull production
The decline in nominal and the increase in
real wages
than
desirable end until
is the destructive fatuity of organized la¬
now
down.
obstacles; at a distance of 100 miles or
are
less
even
to
just
counsel of perfection, but we
a
a
it.
towards
selves
State, but barrels, baskets, labor and transpor¬
tation
reach
never
apples at present almost
It is known that
barrier.
shall
bor in
the kitten will do the rest.
It is
this sounds
All
reach, or will
within
somebody will bring these
[Vol. 111.
CHRONICLE
THE
1703
7,488
Net
Earnings
1919.
Inc. ( + ) or Dee. (—).
%
S
$
7,298
*5.865,906
30,467 *45,708,062
19.625
*7.428,434
38,542
*7.147,380
68.098 *28.304.352
54,984 *15,134,948
7,426
*6,583,921
3,867,790
32,784,972
11,825,715
11,986.8.50
25,137,324
18,129,019
4,321,701
—19,254,149
—19,134.230
—53.441.676
—33.263.967
—10.905.622
-
—9.733.696 251.66
—78,493.034 239.41
162.81
1,59.62
212.59
183.48
252.34
227,145 226,440*116,173,003 108,053,371 —224,226,374 207.51
Deficit below expenses.
We likewise
bring forward the tables showing the
principal changes for the separate roads with the
roads
previously missing included.
PRINCIPAL
CHANGES
IN
gross
EARNINGS
IN
654,611.8?'
4,359,10*
Pennsylvania (10)
3,739,44"
Chicago & North West-3,595,83r
Southern Pacific (9)
3,314,68''
Illinois Central
2.812,894
Chicago R I & Pac (2).2,630,311
Wabash
»
2,626,439
—
N Y
N
H
&
—
Hartford—
Baltimore &
Ohio
Union Pacific (3>
Chesapeake & Ohio.—
Louisville
Southern
k
Nashville..
Railway
2,492.463
2,400.613
2,302,050
1,932,238
1,887,383
1,873,784
august.
Increase.
Increases
Atch Top k S Fe (3)
New York Central
Treat Northern
$1,860,774
1,721,636
Missouri Pacific
1,691,334
Toston k Maine.
1,459,842
Del Lack & Western
1,353,437
Grand Trunk Western__
1,254,401
Erie (3)
1,132,086
St Louis-San Fran (3)
1,082,218
Unluth MRcabe & Nor__
1,067,161
Lehigh Valley.
1,051,875
Delaware & Hudson
959,437
Phila & Reading
910^707
Pittsburgh k Lake Erie.
S36.989
\tlantic Coast Line.
Clev Cine Chic &
_
T—"r,r
Oct. 30
1920.)
CHRONICLE
THE
Increase.
Minn St Paul & S S M__
Michigan
Central
Central RR of N J
Cine New Orl & Tex Pac
__
Elgin Joliet & Eastern.
St Louis Southwest (2)
N Y Chicago & St Louis.
Chicago & Alton
Los Angeles & Salt Lake.
_
.
_
...
Denver & Rio Grande.
Duluth & Iron Range.
__
__
Chic St P Minn & Omaha
Northern Pacific
Buffalo Roch & Pittsb..
Seaboard Air Line..
__
Pere
Marquette.
Chic & East Illinois
Wheeling & Lake Erie..
Virginian
Missouri Kan & Tex
New Orl Tex & Mex (3)
_
Chicago Milw & St Paul.
Internat & Great North
Toledo & Ohio Central.
_
Yazoo & Miss Valley
Chic Ind & Louisville
.
Central RR of Georgia..
Chic Burl & Quincy....
Western
Maryland.....
(2)
Colorado & Southern
Maine Central
....
Kansas City Southern
Alabama & Great Sodth.
__
Hocking
Valley........
Toledo St Louis & WestIndiana Harbor Belt....
Central RR of New Eng.
Mobile & Ohio
....
Spokane Pox*t & Seattle.
Western Pacific—
$857,536 Union RR of Penn.
828,585 Florida East Coast.,
823,604 Texas & Pacific..
810,536 New Orleans & N E
806,063 San Antonio & Aran Pass
792,678 Louisiana & Arkansas
$205,768
191,757
191,155
178,168
174,833
...
687,462
643,615
600,728
597,984
596,573
175,607
162,925
157,521
156,494
151,471
150,865
150,173
135,832
135,191
134,119
134,094
133,014
127,647
125,882
123,496
121,202
120,905
120,371
118,057
111,672
111,014
106,479
105,834
103,719
103,408
100,656
Chicago Peoria & St L._
Lake Superior & Ishpem
578,294
Lake Erie &
544,468
540,103
537,913
535,627
533,951
527,944
475,541
455,984
447,993
421,108
403,786
396,444
364,740
357,947
345,911
345,684
343,452
342,807
312,687
290,232
281,514
280,255
253,388
235,853
230,390
215,045
211,668
209,970
Nash Chatt & St Louis..
Duluth So Shore & Atl__
Northwestern Pacific
Western
Pittsb & West Virginia..
Nevada Northern...___
Minn & St Louis
Atlantic
City
'
Bessemer & Lake Erie...
El Paso & Southwest
Central Vermont.______
Louisiana Ry & Nav Co.
N Y Ontario & Western.
Galveston Wharf
Newburgh & So Shore
Midland
Valley.
Charleston & West Caro
Georgia Southern & Fla.
Monongahela Connecting
Ann
Arbor.
St Louis Merch
Bridge T
Cincinnati Northern....
Mo Kan & Tex of Tex..
Representing 130 roads
in our compilation..$81,266,953
DCCT0(IS6S
Richmond Fred & Potom
Norfolk & Western
Representing 2 roads
in our compilation._
*
$144,522
135,330
$270Jj£2
Note.—All the figures in the above are on the basid of the returns i
with the Inter-State Commerce Commission,
Where, however, these
returns do not show the total for any
system, we have combined the separate
roads so as to make the results conform as
nearly as possible to those given
in the statements furnished by the
companies
themselves,
b Including the various
auxiliary and controlled roads like the Michigan
Central, the "Big Four," &c., the whole going to form the New York
Central System, the result is a gain of
$7,866,327.
|
PRINCIPAL
CHANGES
IN
NET
EARNINGS
IN
AUGUST
Increases.
Duluth Missabe & Nor
Southern Railway.
Cine New Orl & Tex Pac
Wabash
Grand Trunk Western._
Duluth & Iron Range
$732,533
689,024
520,447
519,808
350,205
301,397
Representing 6 roads in
our compilation
$3,113,414
nprrt>n<2P<i
Pennsylvania (10)
.$45,932,361
Southern Pacific (9)
New York Central
Missouri Pacific.
11,381,035
610,895,435
9,408,467
Chicago Milw & St Paul.
9,124,551
Atch Top & Santa Fe (3)
8,720,131
Chicago Burl & Quincy..
8,653,325
Great Northern
7,504,848
Chicago & North Western
7,447,867
Philadelphia & Reading.
6,208,457
Erie
6,186,196
(3)
Illinois Central..
5,531,45/
Boston & Maine
5,294,365
Cent RR of New JerseyNorthern Pacific
4,857,862
4,323,786
4,209,404
3,889,213
3,657,635
3,430,395
3,918,968
3,212,721
3,088,830
2,769,149
2,494,273
2,466,492
2,306,353
2,028,206
1,610,842
1,610,067
1,604,995
1,538,600
1,503,598
1,498,027
1,480,280
1,342,348
1,232,027
1,201,421
1,163,038
1,154,096
964,479
941,418
906,474
855,939
829,934
751,684
725,600
722,191
696,854
688,399
648,161
629,715
Union Pacific (3)
Baltimore & Ohio...
Louisville & Nashville
Norfolk & Western
St Louis-San Fran (3)
N Y N H & Hartford...
Lehigh Valley
Delaware Lack & West..
Michigan Central.
Chicago R I & Pacific (2)
Chesapeake & Ohio
Minn St P & S S M
Texas
Pacific....
Seaboard Air Line
...
Pere Marquette
Cleve Cine Chic & St L__
Yazoo & Miss Valley
Denver & Rio Grande
Chic St Paul Minn & Om
Chicago & Great Western
Central of Georgia
Atlantic Coast Line
...
Colorado & Southern (2)
Minneapolis & St Louis.
_
Chatt
Nashv
& St Louis.
N Y Ontario & Western-
Western Maryland..
Chic Ind & Louisville
El Paso & Southwest—.
Mo Kan & Tex of Texas.
Missouri Kansas & Texas
Chicago & East Illinois.
_
Indiana Harbor Belt
Pittsburgh & Lake Erie.
_
Norfolk Southern
Maine Central.
1703
<?<?/>
an
unexpected support from the larger British firms.
British
have
are
While
Alabama Birm & Atlantic
Kansas City Southern
Western Pacific.
Florida
East Coast
Detroit Toledo & Ironton
Gulf MobTe & Northern.
Delaware & Hudson....
Spokane Portl & Seattle.
Hocking
Valley
Buffalo Roch & Pittsb..
Richmond Fred & Potom
Bessemer & Lake Erie
Lehigh & New England..
Belt Ry of Chicago
Central
Vermont..
Term RR Assn of StLouis
St Louis Merch Bge Term
Cine Ind & Western
Lake Erie & Western..
Gulf & Ship Island.....
Chicago Junction
Monongahela
Vicks Shreve & Pacific..
Kan City Mex&Or of Tex
Georgia.
Union RR of Pennsylv..
Toledo St Louis & West.
Det Grd Haven & Milw.
Ann Arbor
Kan City Mex & Orient.
Buffalo & Susquehanna.
New Orl & Great North.
Charleston & West Caro.
Lehigh
& Hudson River.
Staten
Isl
588.731
578,018
549,228
506,490
495,218
432,660
431,472
431,402
425,836
399,930
366,099
356,371
337,421
334,647
321,019
317,197
315,629
295,844
289,723
282,800
267,971
264,775
252,203
241,081
226,079
225,370
224,851
224,074
214,385
207,118
203,007
202,981
185,149
Rapid Transit
160,839
Vickdhirg
&
N Y Susquehanna & West
Elgin Joliet & Eastern...
Duluth So Shore & Atl_.
St Joseph & Grand Island
Kanawha &
Michigan
Virginian
Kansas City Terminal.__
Quincy Omaha & Kan C.
Atlantic City..
Southern Rv In Miss
turbed.
The British Government is
now
urging the
home firms to deal direct and has evidence that the
request has met with
most favorable
a
The movement is also
being taken
reception.
by the Brit¬
Empire Producers' Association, the Federation
ish
of
British
Industries, the
Association and
cations.
from
ters
British
recommendation
the
establishment
Dominion
It is
Manufacturers7
daily and trade publi¬
in the shape of let¬
manufacturers
of
up
British
number of
a
The result is apparent
asking
for
the
good Canadian agents, and in
of
actual
branch
offices
in
the
by other firms.
urged by the British manufacturers that the
campaign
be made absolutely effective if Ca¬
can
nadian Boards of Trade will
prepare
firms which still insist on
lists of British
transacting their Cana¬
dian business
through New York and make direct
representations to them regarding the inadvisability
of this
practice, "which is in its essence inimical to
the
growth and
permanence of
Empire trade."
A movement almost identical
,
in its objects has
by the Government of Canada
been put under
way
and the West Indies.
Indies with
The export trade of the West
Canada passes
middlemen, and
through United States
considerable bulk of Canada's
a
ex¬
port business with the islands is similarly handled.
Thus, in several export and import channels, the
principle of direct negotiation and direct delivery
is being
vigorously pressed by the Canadian Department of Trade and Commerce.
TRUCKPORTATION—THINKS COST
149,228
142,081
119,323
117,719
114,995
114.151
114,985
1-14,086
113,490
WAYS
SHOULD
New York
My Dear Sir:
The
ACCOUNT.
Carolina Clinch & Ohio..
Northwestern Pacific
103,298
102,962
102,102
the
Chronicle,
City, New York.
has
been
good many years and
which
reader
a
was
appeared therein
1412,
page
subject contained in
the
"Chronicle"
short time ago,
a
volume 111,
of
very much interested in
this
and
article
is
an
for
a
article
entitled, "Truckthe discussion
of
exceedingly inter¬
esting.
Representing 136 roads
However, it
article
b These
figures merely cover the operations of the New York Central
Including the various auxiliary and controlled roads, like the
Michigan Central, the "Big Four," &c., the whole, going to form the
New York Central System, the result is a loss of
$16,842,106.
OF PUBLIC HIGH¬
INTO
■;;>
writer
portation,"
itself.
TAKEN
Editor of the Commercial &
Financial
111,334
110,756
compilation.$230,046,110
BE
Leeslmrg, Va., Oct. 23 1920.
104,941
our
was
merely incidental and the system has not been dis¬
Connecting
in
remedy for
States when the business with Canada
East St Louis
Baltimore Ches & Atlan.
a
British firms appointed agents in the
ago,
United
Missouri & Nor Arkansas
Georgia & Florida
Country and here,
present outlived conditions has been inevitable.
Years
160.153
152,938
152,723
151,382
Alabama
re¬
organized scheme of direct trade
an
180,630
177,318
168,6 T
164,172
Atlantic & St Lawrence.
Toledo & Ohio Central..
_
exchange difficulties have been partly
between the Mother
.
$604,075
Canada
in
through United States agencies.
sponsible for
the
resident
time, that Canadian firms
same
to transact business direct in future, rather
eager
than
commissioners
reported, at the
nppTp/iQp
Chicago & Alton.......
MobTe & Ohio.........
Wheeling & Lake Erie...
Elgin Joliet & Eastern..
trade
seems to
the writer, that the author of this
overlooked, in the discussion
important
factor.
Railroads
structed their roadbed at
a
and
very
of the question, a
trolley
lines
very
have
con¬
heavy cost, and the right-
of-way, grading, rails and ties, together with the
terminals,
DIRECT TRADE BETWEEN
GREAT BRITAIN
AND CANADA VIGOROUSLY PUSHED.
1
Ottawa, Canada, Oct. 29 1920.
According to advices reaching the Trade and Com¬
merce
Department here and
mercial
banks and
com¬
firms, the movement for direct trade be¬
tween British and Canadian
the sale
many
of British
merchants, in place of
goods to Canada through New
York, and the purchase of Canadian goods in the
same manner, is
rapidly gaining strength in Britain.
The British
Department of Overseas Commerce has
made this
first item of its program and has found
a
probably cost,
thousand
or have a
to
up
two
present value, ranging from
hundred
thousand
dollars
per
fiftymile.
These had to be paid for, and is an
asset to the company,
which cost
estimating the factors
a
large
that enter into
sum to
secure.
In
transportation, this cost should be taken into
account.
IVhen
it
comes
to
"trupkportation," they use the public
highways, which have to be paid for by the public, and most
of
them
are
ha^e made
the
use
In
highways,
carrying
the
tolls.
The
contribution and pay
of these
capable of
them.
free from
no
first
or
truck
to make
a
present cost of construction amounts to,
than
from
auto
owners
to construct those which
heavy traffic—that
instance,
and
practically nothing for
is,
put
good
metal
road
are
on
under
perhaps, not less
thirty to fifty thousand dollars per mile.
Tho
THE
1704
annual cost of their upkeep,
five thousand dollars
than
Some one has to pay
CHINA'S ATTITUDE ON
considering the wear and tear
would be heavy and cost not less
would be on thein,
that
annually.
paid for
their upkeep. Therefore, in estimating
"transportation by truck," it would seem to the writer that
an account should be taken of what it costs to construct
to
the cost
to
form
this should be added in some
of "transportation by truck."
It is with diffidence
that your attention is
view of the
matter, but it seems, in
all
the article
in
and
ments
referred to
they
France.
and
Journal" on the
Hu Kang Ry. 5%
bonds,
misunderstanding on the part of America regarding
Hu-Kang bonds.
China in repudiating debts to
a
followed the example of the United States, Great Britain
China has not outlawed the Hu-Kang bonds; she has only
and owned by German citizens. She has asked
that they did not buy these outlawed bonds.
is only asking what the United States,
required concerning enemy property.
China is following your example.
It is not fair to her to let American or
British bankers buy up these outlawed bonds for thirty or forty cents on
the dollar and then compel her to redeem them at par.
We cannot believe
that the consortium will insist upon China doing so as a condition before
outlawed those bonds held
present holders to prove
the
into account and
pf "transportation by truck"
does not embrace the above ele¬
should be taken into account
speaking on Oct. 28
and added
pursuing this course, China
Great Britain and France have
In
Government.
advances to the Chinese
making any other loans or
I am, very truly,
results.
to your
called to this
be
There seems to
Germany only
estimate of the cost
that your
^
China's attitude on the
importance of it, that
cost should be taken
factors of
the
BONDS?
is in New York,
said:
these roads up and
and keep
the Brussels' conference, in
representative of "The Wall Street
a
position of Chinese Government
it, and must pay for
HU RANG
Hong Kong banker, who
Dr. Y. W. Chan,
enroute from
for this construction, or has
[VOL. 111.
CHRONICLE
EDWARD
NICHOLS,
President, Loudoun National
CONFERENCE AT OFFICES OF J.
Bank.
ON SOUTH
and §iscussions
of members
TREASURY
OFFERING OF BRITISH
CONTINUED
Thursday.
to
the
proposals for loans in
American countries was given at a
several South
held at the
CO.
behalf of
meeting
of the so-called South American banking group
offices of J. P. Morgan & Co. in this city on
Regarding these proposals the New York
Consideration'
(fmwznt Events
P. MORGAN #
AMERICAN LOANS.
BILLS.
was
"Herald"
ninety-day British Treasury bills
usual offering of
The
the aggregate to three
South American countries are under consideration of local banking groups,
it was learned yesterday following a protracted meeting of members of the
South American group of bankers held at the offices of J. P. Morgan & Co.
The minimum financial needs of Brazil are $30,000,000; of Chile, $10,000,000; of the Argentine Republic, $10,000,000.
Those needs have been set
definitely before the local bankers, who must initiate loan proposals, but no
surprise should be shown at an early announcement of the flotation of loans
to each of those three countries in amounts sufficient, at least, to satisfy
disposed of this week by J. P. Morgan & Co. on a dis¬
of 6%, the rate which has been in effect for
count basis
The bills in this week's
time past.
some
offering are dated
October 25.
FRENCH
ON
RATE
TREASURY BILLS CONTINUED
AT
6H%.
;
„
bills were disposed of
this week on a discount basis of 6^%—the figure to which
the rate was advanced March 26;
it had previously for
some time been 6%.
The bills in this week's offering are
French ninety-day Treasury
The
;
dated October 29.
PROPOSED FINANCIAL AID
<
/
.
: ■)????'
TO CUBA.
Negotiations are still pending for the proposed financial
relief to Cuba on the part of bankers in the United States.
.
On Oct. 26 a
Havana press
Definite basis of
dispatch said:
agrement between
American bankers and Cuban Govern¬
the loan being sought to supply the requirements of
Cuba's financial institutions has not yet been reached, i Negotiations
are continuing, however, and it is probable, according to belief here, decision
ment
officials relative to
will be
announced soon.
President Menocal instead of attempting to
extraordinary session, a difficult thing to do on the
eve of the national elections, will negotiate the Joan under war-time author¬
ity with which he was clothed by Congress.
He considers it still effective,
since Cuba is virtually at war with Austria and Hungary, peace never
having been signed with these nations.
The Produce Exchange which closed immediately following the morator¬
understood here that
It is
convene
Congress in an
proclamation two weeks ago, reopened today at the insistence of
and the Secretary of Agriculture and Commerce.
of the exchange prices of foodstuffs in spite of the money
ium
President Menocal
Since the closing
advanced 25 to 30%, prices varying widely for the same kind
always upward.
It was to overcome this
that the exchange was ordered to open its doors.
scarcity, have
of
articles
condition
Last
say
with the tendency
night the "Wall Street
Journal" had the following to
regarding the proposed loan:
definite proposal to the American
granted to that Government. The
terms of the loan will probably be announced within a few days, provided
the proposal meets with the satisfaction of the banking group having the
The Government
of Cuba has made a
matter in charge.
it was stated that the Cuban Govern¬
communication to the State Department, had
the United States send a sugar expert to Cuba to
Several days ago
asked that
situation on the island, in connection with
elsewhere to finance
the Cuban sugar crop provided the Cuban Government
issues bonds to the amount of the advances made by the
bankers.
This communication, it was further said, had
been sent by Secretary Colby to the New York bankers
who have undertaken to finance the Cuban sugar crop, with
size up the sugar
the offer of the
the
bankers in New York and
request that they name an
in order that Secretary
:
requested.
expert satisfactory to them,
Colby might make the appointment
'
CLOSING OF YOKOHAMA
The continued
SILK EXCHANGE.
depression in the silk industry and the
Yokohama, was
Associated Press cablegram from
closing of the Silk Exchange at
the following
The
Silk
Exchange here
The silk
closed yesterday when prices
fell below the
Members of the exchange are
with Government officials regarding the situation.
industry continues to be very depressed.
minimum fixed by the
conferring
reported in
Yokohama,
A.-.
Oct. 28:
(Oct. 29) said:
x
$.50,000,000 and $60,000,000 in
requirements.
the bare minimum
meeting Thomas W. Lamont made the remark
specific application for a loan had come before the
group, and he declined to express an opinion as to how soon actual specific
loan negotiations would be conducted by cable.
Nevertheless it was learned
that the bankers went exhaustively into an analysis of the conditions in
those three countries, and the general consensus was that loans should be
made, provided that the purpose was not primarily to bolster exchange but
to enable those countries to continue purchasing in this country and pay
for purchases already made.
The disturbances in the purchases and sales of commodities in this
country are duplicated, if not exceeded, in those South African countries.
At the same time there is stacking up of commodities.
The Governments
of those countries are hampered financially by too low a rate of taxation.
The evidence of South America's commercial condition is found in the
steadily adverse movement of exchange with those countries as expressed
Following yesterday's
for
publication that no
in terms of the
dollar.
The most imminent
of
a
of the loans now under
$30,000,000 loan to Brazil.
consideration is the
There was a plan to finance
flotation
the Brazilian
25% of the requirements to
be followed later by a bond issue.
The terms of the acceptance credit, as
stipulated by New York bankers, were found unacceptable by the Brazilians
and now the only proposal is that of negotiating a purchase of securities
from the Brazilian Government.
Other bankers than those included in the
South American group are dickering with the Brazilian Government and
with an acceptance credit for
Government needs
the spokesman
for the organized group was
asked regarding its
attitude
He replied that the group welcomed the efforts
of the other bankers and would put no stones in the path of successful
consummation of the loan.
On the other hand, the group, with its powerful
toward such negotiations.
ready to do what can be done practically to extend
countries.
Contrary to general impression, credits for Cuba or for Mexico are not a
subject for action by the South American group as an organized body, and,
also contrary to publisned rumors, the extension of credits to the Brazilian
Government would not be made to keep up the price of coffee or other Bra¬
zilian products.
The fact is that dollar credits here are needed urgently
by the Governments of Brazil, Argentina and Chile, and the prospect of
the early extension of such credits is.considered excellent.
organized backing, stands
proper
credits to those
of the loan to be
bankers in the matter
ment, in a
of yesterday
Loans of between
Buying Syndicate.
A press
IN BRAZIL.
ISSUE AUTHORIZED
PAPER
"Financial America" of Oct.
20 said:
dispatch from Rio de Janeiro says that the Chamber of Deputies
Government to issue paper money not to exceed 50,000
has authorized the
contos, which at
the present rate of exchange is about $8,500,000.
The
to the Senate.
It has as its purpose the assistance of
goes
measure
now
national
production through loans to the
SIGNING
BX
U.
S.
producing States.
AND CHINA OF TREATY
DUTIES.
RE¬
ARRANGING CUSTOMS
A treaty
between the United States
and China provision¬
re-arranging the customs duties which China may
charge on imports of tobacco, sugar, spirits and luxuries,
was signed at the State Department, Washington on Oct. 20,
ally
by Secretary of State Colby and Dr.
Chinese Minister.
An announcement
Wellington Koo, the
issued by the State
Department regarding the treaty said:
By the international protocol signed at Peking in 1900 it was provided
that import duties equivalent to 5% ad valorem should be applied to
foreign imports coming into China, and it was further provided that these
duties might be reduced to a specific tariff schedule.
In 1902 negotiations were begun for the purpose of reducing this ad valor¬
em rate to a specific schedule of import duties which was annexed to and
made a part of new treaties which China signed with all the treaty powers,
notably the commercial treaty with the United States conclucded in the year
1903.
In
the
course
of time the prices of
trade rose so as to cause
foreign goods entering into the import
the specific duties contained .in
the Chinese tariff to
Oor. 30 1920.]
CHRONICLE
THE
represent considerably less than the 5% ad valorem tax originally
provided
At the request of the Chinese Government the foreign powers
for.
which
.
•
was
1903
provided for in the treaty of 1903.
The other countries considered the
tariff thus agreed upon as an
new
administrative matter and accepted it without further formality.
the constitutional system of the United States, however, it was
necessary that the new
tariff should be annexed to
Under
considered
formal under¬
new
a
standing between the United States and China, requiring the consent of the
Senate, inasmuch
as
the revision of the tariff of 1903 amounted to a revision
of the treaty to which it was annexed.
The purpose of the convention signed yesterday was,
therefore, to bring
Into effect, as regards imports into China from the United States, the
tariff schedules which had been recommended by the
Commission
sitting
at
Shanghai
accepted by the other treaty
in
doR
DEAL
following advices from London
creation
fleet
a
on a
of tank steamers
28, printed the
and
On January 1st the debt reached its maximum,
£8,079,000,000, and the
British
Government with a definite picture, of the task confronting it
began systematic application of reduction measures with the above result.
The program of the British Exchequer
adopted for the present fiscal year,
beginning April 1st, calls for £234,000,000 surplus of revehue over expendi¬
ture to be
applied toward decreasing the debt.
Of this amount £70,000,000
is to be employed in reducing the floating debt and the remainder for other
redemptions.
Half of the present fiscal year has elapsed and according to
figures obtained from its English Information Service by the Bankers Trust
The project contemplate
principal ports of France.
——.
purely British
a
welcomed in the interests of consumers of oil, "which in
the past have been almost entirely at the mercy of two foreign
corporations."
—
£7,882;000,000
....£7,799,000,000
„
Amount of reduction..
£83,000,000
...
Budget Program of Debt Reduction—
Estimated reduction (Apr. 1 1920 to Mar. 31 1921)
Required to equal estimate to latest date (Sept. 30)
Out
of
twelve
International
1976
117,000,000
— — — —
S3,000,000
71.
;
European countries represented
Conference
Financial
at
the
at
Brussels, all except
according to official announcement, anticipate National
one,
deficits
through spending,
present
year.
in
£234,198,000
'
Percentage of reduction to estimate
of formation for importing to France crude and
rapid rise of
—
_
Actual reduction to latest date (Sept. 30)
with capital amounting to 100,000,000 francs is said
In its financial notes the newspaper says the
during the six months is indicated by these figures:
program
March 31 1920.
French group and the
Lloyd George at San Remo, Italy, last April, it is said.
oil organization is
according
emanating from the Department of Foreign
Information of the Bankers Trust Co. of this city; which says:
large scale of oil supplies from
refined
oils and for .refining and distributing gasolene, kerosene and fuel oil.
The
Anglo-Persian Co. is declared to have agreed to subscribe for 45% of the
company's capital, the other 55% to be reserved.
The agreement is a
corollary to the Anglo-French agreement reached by Premiers Millerand
to be in the process
statement
a
September 30 1920
flying the French flag and the
establishment of large storage tanks at the
A French company
to
Total Debt—
that date:
on
is made by the London "Times."
of
national debt since the first of the current year
Exchequer
OIL FROM PERSIA.
Announcement of the signing of an agreement by a
Anglo-Persian Oil Co. for development
the
INIBRITISHINATIONAL DEBT.
£280,000,000 has been made in the British
Company of New York, the floating debt has been reduced £30,000,000 and
£53,000,000 has been applied to other repayments.
The progress of the
The New York "Evening Post" of Oct.
sources
been
powers.
BRITISH-FRENCH
British
revised
International Tariff
and which had already
1918,
A reduction of
1918
the 5 % standard
up to
REDUCTION
appoint¬
ed delegates to a commission which was called to sit at Shanghai in
for the purpose of bringing the Chinese tariff of
1705
The
more
than their incomes during the
Bankers Trust'|Company of this city
making this observation under date of Oct. 18,
The exception Is Great Britain whose management
says:
of National finances
is planned to produce a surplus of about a billion dollars in the present fiscal
LOAN
AUSTRALIAN
IN
U.
FEASIBLE
NOT
S.
AC¬
after the close of the war,
As
the
to
United
daily
question of raising
States,
Australian loan in the
an
dispatch to
(Queensland)
Brisbane
a
the
Oct. 22 said:
papers
Edward G. Theodore, Premier of Queensland,
speaking to-day concerning
United States, said that nis
inquiries in the United States showed that for the present it was not feasible
for the Australian Government to raise
also the
was
a
loan there on favorable terms.
subject of
a
dispatch from Sydney
(New South Wales) Oct. 21 which appeared
as
follows in
the New York "Herald" of Oct. 22:
Premier
Storey, head of the labor Government of New South Wales,
speaking of the reported readiness of the United States to lend money to
locally, but in the event of necessity would consider the question of raising
question on the same subject, Sir Joseph Cook, the Com¬
a
monwealth Minister of the Treasury, is reported to have
like to hear something about the terms of these
When questioned
regarding
a
was
not aware of any
advices
"I should
PEACE
the
to
which
of
the
tralia's
New
commonwealth
indebtedness
participation in the European
Interest is at 6%,
a
LOAN.
York
"Commercial"
to
£406,000,000,
of
due directly to Aus¬
It is added:
war.
installments, the final of which is due Jan.
21 1921, will increase the effective rate to a
trifle over 6%.
it is
probable that a month's extension will be made, especially as
the Central
large disbursements are soon to be made to wool growers by
Wool
Committee and
the
Government
expects an important
these disbursements will be turned into Government
loans.
portion of
The banks are
assisting the loan by offering to lend 90% of the subscription money without
other security than the new
NEW
The
bonds.
EXCHANGE RATE
ESTABLISHED IN
Wythe,
a
dispatch from the Trade Commissioner, George
dated Constantinople,
that Greek
This
was a
Oct. 7 1920, to the effect
on Oct. 1 established an
Turkish pound
all transactions.
estimates
call
for
a
total
expenditure of £1,184,000,000 and receipts of
'
National economy is being made to contribute to
cablegram of Oct. 21 printed in the daily
papers
Oct. 23 said:
deficit for the current year amounts to 12,000,000,-
000 crowns, according to an announcement made by the Finance Minister.
The Abend complains to-day that
'
the above result but ac¬
cording to the Bankers Trust Company's study great dependence is also
on
Excess profit duty has been raised from
all classes of taxation.
Recent
40% to 60% and excise and Other taxation has been increased.
returns indicate that this year
England is not only "paying as she goes" but
income to pay off the proportion
of the National debt designated by the British
BRITISH
The
Almost one-
Chancellor.
planned in the fiscal year has already
FOOD PRICES AT HIGH LEVEL.
following information
from the Bankers Trust
comes
Company of this city under date of Oct. 20:
According to the latest figures issued by the British Food Controller,
food prices are now at
the highest level ever recorded in Great Britain.
A copy of the Food Controller's summary of
received by the British
food prices which has just been
Section of the Bankers Trust Company's Foreign
Information Department shows
the following percentage of increase over
prices in July 1914:
-
each representative of the Allied Powers
on
6,000,000
% increase.
45
—
...
61
87
—
104
130
1920—
110
106
1919
136
A comparison made by the Food Controller
Great
Britain have increased,
United
The
'
109
indicates that food
since 1914, almost 50%
pricesTin
more than
in the
States.
increases
compared are:
—
January 1920..
1920
-
FRENCH
PROGRESS
IN
CHANT
130
81
136
January 1919—
97
158
115
RESTORING
MER¬
MARINE.
The French Commission in
thisjeity reports that France
toward restoration of her Merchant
According to the Rapport Generale sur 1'Industrie
Francaise, which has jus
French merchant tonnage
reached this country, the total
on
Dec. 31 1919, was 2,400,89§
tons, or approximately the same tonnage as
about
control.
United States
% increase.
% increase.
war,
....
TO3167
158
-
Great Britain
July
September
% increase.
33
18
342,497
tons
previous to the
Government's
being under the
To this must be added the tonnage of the German
the Vienna section of the Reparation Commission is receiving a salary
of
July
January
% increase.
1915..-..
Marine.
AUSTRIAN BUDGET DEFICIT.
The Austrian budget
go" policy which the British
His
£1.481,000.000.
has made rapid progress
A Vienna
(normally about eight billion
close approach to the "pay as you
authorities, in Thrace
effective exchange rate of 7 drachmae to the
for
THRACE.
Department of Commerce at Washington reports the
receipt of
budget of £1,662,000,000
dollars).
1918—
Subscriptions to the loan, are considerably short of the required amount,
and
In the fiscal
1920, taxes and other revenue produced about 65%
ended March 31
of the aggregate
loan in America.
and the issue price is par, but a bonus of interest, pay¬
able to those who anticipate the
34M% of the expenditure was raised direct from
other revenue collections and war contributions.
taxation,
year
in expenditures.
period covering the five fiscal years ending March 31
been achieved.
loan of £25,000,000 ($121,662,000 at normal
£360,000,000 is
war
from 22to
half of the reduction of £234,000,000
exchange), which if fully subscribed, will increase the gross
indebtedness
For the active
1919,
British
and the British people paid, increased taxes in order
far as possible to keep abreast of the tremendous increase
Premier Hughes
yesterday (Oct. 29) reported the receipt of a cablegram from
Trade Commissioner A. W. Ferrin at Melbourne dealing
with the peace
From the beginning of the war, the study shows, the
Government levied,
is keeping expenditure sufficiently below
American loans."
project for the raising of
AUSTRALIA'S
Washington
said:
report that Australia could obtain a loan
of £50,000,000 in the United States if floated promptly,
said that he
study of "English Public Finance" by the Bankers Trust Company of
placed
in the United States.
Replying to
•
Britain has been enabled, within two years
to reach this favorable position are indicated
Chancellor of the Exchequer has adopted for the present fiscal year.
Australia, said that the Government preferred for the present to raise loans
money
a
New York.
so
the proposal to float an Australian loan in the
The matter
in
J
for reduction of National debt.
year
The methods by which Great
CORDING TO AUTHORITIES THERE.
crowns
annually,
costing
the country
500,000,000
crowns
be
yearly.
The women
ships provisionally under the French flag, and eventually to
typists in the juridical section, the newspaper declares, are
ach drawing pay equal to that of
five departmental chiefs in the Foreign
Office, and this, the Abend says, the bankrupt country cannot afford.
permanently alloted to the several shipping companies
by the Government.
also
sjrid:
The Commission under date of Oct. 19
,
Up to Jan. I 1920, orders had been placed with French
shipyards for the
Mechanicsl& Metals National Bank of New York].
In his report to the Chamber
of Deputies, Admiral Bienaime, Deputy,
[From circular of tne
asked whether or not the private
Frehch shipyards would be able to deliver
In connection with tne present
He answered the question by
quoting
him by the Minister of Merchant
This statement
was
statement on the subject
a
Marine.
310,000 tons; 1920-21, 445,000
50Q,000 tons; or a total of 1,255,000 tons; and further, that
ap that time, orders had already oeen placed for 729,000 tons, 215,000 tons
of which were for Government account and the remainder for shipowners
learing a construction capacity of 526,000 tons available for new orders. ;
tons; 1921-22,
world, it is not generally realized that the
$13,000,000,000
Britain
as
tne foremost of creditor
According to reports which have just reached the French
in the United States, French Co-operative
Societies
prices.
having
are
an
important influence in reducing retail
Thp French Commission on Oct. 21, said:
French co-operation, wnich, until recent years, was
with Britain, is now rapidly making up for lost
recalling the com¬
before the war.
and
creditor.
Calculations of the amount of her holdings of foreign securities
ranged from $15,000,000,000 to $20,000,000,000.
The second nation in
point of foreign investment was Germany, with about $6,000 000,000;
then came France with $5,000,000,000.
The United States was not a
Britain
Great
then
held
in a very backward
of the "Federation Nationale
There
are
It was heavily a debtor, to a net amount
societies, comprising a million families
and carrying out sales to a sum of
societies is not shown only in
members' profits, which amount at the end of the year to a return
all sell to the general public, i. e., to non-members,
and they sell always at a
the middle¬
price which, after expenses have been covered, would secure to
man
normal
a
of from
The French co-operatives almost
four to eight percent on their purchases.
This profit corresponds to the dividend paid to co-
profit.
operators at the close of the year.
The
result
is
that
wnerever
however humble,
co-operative society,
a
exists, the private tradesman is forced to sell at the co-operative
country as well
munities,
are
as to
To remedy bad distribution in small com¬
the towns.
and to facilitate buying in larger quantities, big
springing
price.
is that it extends now to the
A development of the co-operative moment
regional groups
almost everywhere, and are trying to set up branches even
up
.
in the smallest hamlets.
of their
foreign loans.
nation to such
achievement never paralleled by any nation in the
an
was
For
extent into a creditor nation within two or
an
world.
For
United
the
or
States
to
is
a
result that, up to 1915, not a
An exact calculation of the present net foreign loans
is made difficult
by the miscellaneous
States
In addition
of the United
of these loans.
nature
holdings of European Government and industrial securities, a very
large volume of credit is hell in the form of acceptances,
foreign exchange
,
When the United States began bringing back its own
securities previously
of the
first
up the railway securities held abroad totalled $2,704,000,000 par
value.
Two years later, or just prior to our own entrance into the war, there
had been returned to this market securities with a par value of $1,518,000.000, or 56% of the original total.
During the period in which the United
States was taking back these securities, our bankers and investors were also
making direct loans to England, France and other European nations, to
held by
foreigners, Mr. L. F- Loree made a thorough investigation
volume of railroad securities
When this compilation was
repurchased.
made
a
believed
and
and private obliga¬
approximately $2,475,000,000, while some investigators
total of
that there
in addition probably
was
$500,000,000 in the hands of bankers
investors which represented internal
foreign government
Thus, prior to our entrance into the war, we
of our indebtedness
tions not publicly recorded.
had at least cancelled the $4,000,000,000 net amount
than that.
Shortly after our entrance into the war, Congress authorized
of this amount we actually
000,000 for loans abroad, and
NATIONAL CHAMBER OF COMMERCE.
Frederick
P.
Keppel,
Director
present
at
of
Foreign
and formerly
an
by the Cham¬
United States, to be*the American
ber of Commerce of the
Commissioner
the
at
the
headquarters of
newly formed International Chamber of Commerce at Paris.
Each
of' the
countries
membership
having
national Chamber with the exception of
which
will
maintain
be
represented by
ones
will be entitled to
groups,
States in
Inter¬
certain small
The Chamber
commissioner and staff at Paris.
a
of Commerce of the United
the
in
.announcing this
says
in part:
#
Mr. Keppel will leave for France to take up his new
do
can
so
duties
Mr. Keppel obtained
leave of absence from his post as Dean of Columbia College,
the
War
Department.
War in April
1918.
He
and entered
Secretary of
appointed Third Assistant
was
and
training of the
While at Columbia
Keppel served for
tion
for
a
in the
(where he received his A. B. degree in 1898)
Mr.
number of years as Secretary of the American Associa¬
International
Conciliation.
He
received
has
honorary
degrees
Chevalier of the
Legion of Honor of France.
*
As
director of foreign
operations, Mr.
Keppel
was
responsible for the
expenditure of $51,000,000 in relief work in foreign lands in the last year.
To gain the most
effective
results in relief work
workers
all
war
traveled
recommending
over
relief
strictcen
wherever
they
Many thousands of tons of supplies
houses at
on
such
large scale, field
a
conditions
warranted
it.
distributed through huge ware¬
were
affairs
in
an
the
States
connected
A committee of about 25 business
body to this section.
men
section,
with
which
will
take care
the International
will be named to act
of
Chamber.
as an
advisory
The committee will supervise, among other things,
American membersihsp in the International organization.
brought
in
up
BEDFORD
MITTEE OF
A.
C.
CHAIRMAN
U.
S.
OF
EXECUTIVE
COM¬
CHAMBER OF COMMERCE.
of the Executive Committee of the
Chamber of Com¬
J.
of the United States.
Koster of
New
York
San
to
the
Mr. Bedford succeeds Frederick
Francisco, who resigned to return from
West
to
devote
his
entire
time
to
his
first
Mr. Bedford is at present in Paris
attending the
meeting of the Board of Directors of the International
Chamber
a
"(
quarter billion dollars of private
and possibly reaches $15,000,000,000.
less directly arrived at may be
This figure more or
By making this indirect
figure arrived at indirectly.
a
clearer idea of how it became possible for
of
'Commerce.
He
is
Vige-President
International Chamber for the United States.
of
the
checked up by the
calculation we may
this Nation to build
For the six fiscal years ended June
its great creditor balance.
up
30 1915.
exceeded our pur¬
chases by $17,356,000,000.
If this made up the whole of inter-National
transactions, it would naturally follow that the outside world now owes
us this amount.
The goods were not given away.
They had to be paid
for.
If the outside world could not pay in goods it must have given promises
of future payment, and we must now hold securities and other evidences of
to 1920, inclusive, our
sales of goods to the outside world
debt representing the amount
of these promises
But there are many other items to
have to be subtracted
from the trade balance, leaves
more
difficult to obtain.
our
net imports of
$219,000,000, which, when deducted
it at $17,137,000,000.
authoritative figures are
In the early part of the period
tion, assuming our net indebtedness abroad to
000,000,
There would
be taken into account.
from the $17,356,000,000 total our
gold and silver for the whole period of
under considera¬
have been as high as $4,000,
could
annual payment to the outside world on this account
estimated, in cjie years
before the war, that American tourists each year spent from $150,000,000
to $200,000,000 in Europe.
Foreign born citizens sent abroad, to relatives
and friends, perhaps as high as $200,000,000 annually.
Our payment
to foreign steamship lines for carrying our goods, ran about $35,000,000
annually.
When war actually broke out, however, the expenditures of
It
hardly have been less than $160,000,000.
tourists practically
trade balance
extent that we
is
however, our
offset by other accounts, we need
diminished until it
under
review.
On
merchant marine developed to such an
was
if not more, so that this item
The item of $160,000,000 in net annual interest
wiped out at the end of the second year of the six
From that time on, the interest item steadily grew in our
The Treasury announced on
March 16 last that the unpaid interest
the Government's foreign credits alone, accruing up to November 1919.
totalled $236,000,000,
given
if
of the six year period.
freight rates advanced greatly.
probably now receive for ocean freight rates as much as we
to foreign countries for shipping goods,
virtually eliminated
on
own
of foreign,
that, in arriving at an idea of to what
was
the other hand, we must recognize that ocean
As time went on,
was
to a halt, and remittances
came
born citizens were largely cut off, so
favor.
business.
and may even
ascertainable loans
now outstanding,
a very large amount was floated before March 1919This means that there must ndw be outstanding at least several billion
dollars of credits of various sorts, represented by internal war loans, foreign
exchange bills, deposits in foreign banks, promissory notes and acceptances
taken by American exporters, and other forms of short-term credits.
This
mass of short-term financing, which the country's commercial banks have
been called upon to supply, is to a large degree responsible for the inflation
of credit which has taken place since the armistice.
Thus the present net
debt of the outside world to ourselves must now be at least $13,000,000,000,
pay
merce
by loans or credits extended.
the two and
deduct little for these two items during most
Bedford, Chairman of the Board of Directors of
Government
when
net invisible balance of trade in our favor;
extent our favorable
.the Standard Oil Co. of New Jersey, has been made Chair¬
man
a
some way
Of
American
C.
A.
1919,
March
For the other items of inter-National balance
International Chamber
Urn ted
from
however, without
attempting to figure too closely factors which are necessarily so uncertain,
we may assume, the net balance of all trade in our favor to have been in the
neighborhood of $5,000,000,000, which meaas that this sum had to be made
centers.
There will be created at the headquarters of the National Chamber in
Washington
But
abroad in all likelihood offset the invisible items against us,
have
Europe and reported conditions,
thought
Constantinople, Riga, Mitau, Reval, Viborg, Warsaw, Saloniki,
Marseilles, Paris and other
$12,000,000,000.
also derive
army.
from the Universities of Pittsburgh and Michigan, and is a
y
billions,
little short
loans
ceased, to the end of July last, the balance of trade in our favor was $4,678,000,000.
To this amount must be added $501,000,000, representing
our net exports of gold and sil ver for the same period, which brings the trade
balance to $5,182,000,000.
Tne large amount of interest due on our loans
Hi^ work brought him in constant contact with the
various civilian organizations cooperating with the War Department
care
he
as soon as
without prejudice to the work upon which he is now engaged.
When the United States entered the World War,
advanced
two and a quarter
Europe at present outstanding at about
to
making the total ascertainable loans at present outstanding just a
Assistant Secretary of War, has been chosen
Administrative
j,
$10,000,-
place privately made loans
Careful compilations
nearly .$9,600,000,000.
of
Operations of the American Red Cross,
lending
the world's foremost
surpass
three years more
three years,
uistory of the
single financier or economist would have dared to predict.
existing up to 1914, and possibly had done a little better
F. P. KEPPEL AMERICAN COMMISSIONER OF INTER¬
estimated
';v
credits, bank deposits, and open account.
1,500 million francs.
But the influence of French co-operatives
'C
-OA ■.• ■
build up the volume
the United States to change from a debtor
$4,000,000,000.
to the
!des Co-operatives."
in France 4,000
now
undisputed leadership as a world investor
It had taken the nations of Europe generations to
nation within two
time, reports the secretary
nations.
significance of this can only be fully appreciated by
Tae
development in comparison with other countries, and especially
state of
of
surpassed Great
already
has
parative position of Great Britain and the United States
at
Commission
the nations of the
United States, with net loans
$15,000,000,000,
to
lending nation at all.
FRENCH CO-OPERATIVES REDUCE PRICES.
discussion of the immediate future of our
foreign trade, and its effect on our credit position amoog
from
private yards would be able to
to the effect that the
the following tonnage—1919-20,
deliver
contemplated.
furnished
1922, the 669,000 tons, tne order of which was
by July 1
NATION.
WORLD'S GREATEST CREDITOR
purchased from outside sources.
AS
STATES PASSES GREAT BRITAIN
UNITED
Since then 30,000 tons have been
construction of 513,119 tons of ships.
[Vol. 111.
CHRONICLE
THE
as
$463,000,000.
while the estimated interest for the next year was
For the whole period, then, it seems
more
likely,
anything, that the invisible balance of trade was in our favor rather than
otherwise.
If we
therefore
assume
that
invisible
items
at
least
do
not
Oct. 30
1920.]
appreciably diminish the trade difference of
if
and
place our net
we
$13,000,000,000
pre-war
arrive
than SI7,000,000,000
more
the
dollar value of England
s
investments,
this country.
as
It may be true that the
*
amount of our credits extended to the outside world must be.
$10,500,000,000
at
which is considerably less than the lowest possible estimate for
indebtedness,.at $4,000,000,000, we get
derived estimate of what the probable minimum net
as a
1707
CHRONICLE
THE
that Great Britain within
a
present rate oh the pound is only temporary#
few years will retiirn to a gold basis and that the
pound will then return to parity.
Comparison With Great Britain.
speculating
Compare this with the present status of Great Britain.
Edgar Crammond,
the
that
net
of Great
amount
£3,000,000 000."
This
Britain's foreign
based
was
loans to Allies and Dominions,
gOOd.
the
on
investments
against
to
better
a
'
'V;
investment
normal deficiency
a
£243,000,000.
''/■'■V/V
position
for
V"
-
were
not
RESOURCES
in
say
of
1913,
ratio
of
calendar
$4.87,
$4,170,000,000.
to
Britain's
Great
year
of exports
six
months
ana
with our
estimated investments ranging from
own
a
America's
which
minim um'of
Supremacy.
at this
When Great Britain sells
time, it has to accept the existing discount
if this country sells
premium
on
the pound, whereas,
securities to Great Britain, it receives the benefit of the
the dollar.
on
If, therefore,
translate pounds into dollars at
we
the rate of $3.50 which is about the present rate of exchange
the
mates
rate for
average
the
national
and approxi¬
banks
BY
VV;-:
HEADS OF STATE BANKING
No. of
Report.
STATE—
Instiiut'ns.
Profits.
Surplus.
Capital.
&
Undid.Prof.
June 30 1920
67
June 30 1920
404
15,605,425
.....June 30 1920
,____
420
84.187.953
38,682.530
—
Arkansas
_
Colorado—
11,841,931
3.736 467
June 30 1920
Delaware..
—_
262
9,951.500
4,096.362
—June 30 1920
Connecticut-__
157
12,095.987
26.044,893
34
4,145,800
5.012,353
8.713,500
2,596,224
129,669,651
133,256,227
1,228,209,186
102,011,108
784,386.482
579.562.094
228,246,634
69.650,158
27,869,989
,
15,220,008
9,882,955
2,175,543
213
24,582,061
136,127,945
1,602,582
-June 30 1920
—
L.
Florida w-i
une 30
1920
48,023.837
11,333,697
102.029.979
68,789,962
252,495,309
260,258,567
48,107,470
1,502.676,790
1,183,125,177
141
5,285,000
1,508,597
11,550,572
510,033
116.879,205
74,699.191
25,548,736
June 30 1920
803
39.722.710
15,615,870
1,346
1,100
53,816 300
May 13 1920
24,233,125
13,994.652
4,921,363
12,050.303
5.111.712
June 25 1920
——
450
20.386,117
21,625,055
10.535.263
5.990.700
36.912.081
4,910.715
7,327,922
37.741,765
5,166,207
June 30 1920
——
Illinois—.
Indiand
Iowa
Kansas
Kentucky_
_
Louisiana
Maine...
645
;
June 30 1920
_____
June
98
30^1920
II— 1"June
____
Michigan.
Minnesota
4.904 .400
11,205,995
9,674.636
17.779.636
27.079.723
193,379.335
54,704.215
30 1920
544
June 30 1920
1,184
.June 30 1920
Mississippi
324
—
666,629.023
17,323,320
42,140,652
2,510,505
91,898,811
88,595,655
281,798,526
254,868,225
15,550,459
86,511,470
292,591,305
11,617,004
11,526,625
2,876,849
67,746,417
448,210,599
20,004,360
12.000.000
26.144.200
8,840,394
8,223,495
23
1,678,500
456.434
7,772,956
375,571
.June 30 1920
70
805,000
*13,144.985
36,030,037
New Mexico.
10",029"3O8
—
(d)
-
31.222.901
77
3.135.000
201.360.510
20,672,342
13,949.985
749,811.852
6,343.141,646
218,020,547
267,927
*476.865.085
■
145,700,108
77,282,247
4,334.527
678.225.595
931.600
565
June 30 1920
__
New York
17-
....June 30 1920
New Jersey....
137,140,766
1,433,519,450
410,653,278
116,402.937
■'/ 62.460.000
—
84,015,350
335,749.553
1,849,835,165
15,166.466
1.482,925
......June 30 1920
Nevada.._____
148,732,203
885,009,280
472.053,784
144,877,196
286
1,516
260,399,432
232,445,600
53.381,025
1,009
May 20 1920
632,598,025
24,424,432
—June 30 1920
____
Nebraska
291,934,218
172.787,810
271,724,852
222,568,112
49,282,983
329,091,680
2,806,042
14.212.645
38.776.471
Montana...
New Hampshire
21,906,959
50,925.568
322.345,550
105.899,136
415,838,504
657.386,492
4,370,518
36,982.275
14,338.397
8,412,440
34,672,109.
13.205,950
SePt 16 1920
Missouri..
47.504,865
*128,966,214
229
June 26 1920
-----
Maryland.
Massachusetts.
28,398.500
161
June 30 1920
_
17,031.536
34.583,434
74,867,509
12.912,306
1,018
June 30 1920
—
Idaho
40,924,008
63,165,543
7,303.631
217,027.133
60,259,944
90,099.728
—....June 30 1920
Georgia
12,378,893
8,081,744
14,282,510
333,079,149
18,274,217
318,701.982
41,923,479
15,996,791
26,788,064
7,815,225
278,029,603
73,839.919
55,503,027
24,494,367
31.802,071
43,520,290
134,671,350
173,441,186
600,571,837
456,706,954
71,432,288
23,569,407
116,329,202
95,080,286
7,240.345
s
$
105.895,428
55,468.307
20.884,333
4,219,725
1,271,119
2,931,704
13,257,461
1.172,146
Resources.
Securities, &c.
S
$
Total
Bonds, Stocks,
Discounts.
Deposits.
%
4,822,677
2,232,758
6,044,932
251
Loans and
Capital, Surplus
$
June 10 1920
—
—___
California.
The fol¬
$17,155,421,000.
as
STATE CONTROL. COMPILED FROM STATEMENTS FURNISHED
DEPARTMENTS BY R. N. SIMS.
Undivided
Date of
Arizona
reported
RESOURCES, ETC., OF ALL BANKING INSTITUTIONS UNDER
AGGREGATE
Alabama.
are
lowing is the statement in full just made public by Mr. Sims:
(high $4.07. low $3.19), we
to date
year
1920 of $22,196,737,000, the State bank resources
exceeding by $6,994,718,648 the resources of the na¬
tional banks.
The deposits of the State banks are shown in
the latest compilation as $23,950,838,611, while those of the
this
of its holdings of securities to us
any
Bank Commissioner of Louisi¬
Vice-President of the Hibernia Bank & Trust
of New Orleans.
June 30
Is it valid, however, at present, to convert pounds into dollars at the
gold parity?
now
this year
$13,000,000,000 to possibly $15,000,000,000.
,
and
We have on two previous occasions
referred to similar compilations of Mr. Sims, these
having been published in our issues of Jan. 31 1920 (page 421)
and July 17 1920 (page 250).
In his latest report Mr. Sims
indicates that the statement of the Comptroller of the Cur¬
rency gives total resources for all the national banks on
Co.
translated into
dollars at the normal aprity of about $4.87, gives $14,610,000,000,
of these institutions to be $29,191,-
visors of State Banks, formerly
assuming, however, that British net investments have not diminished
compares
resources
Secretary and Treasurer of the National Association of Super¬
net investments.
Even
of State
resources
The tabulation has been prepared by R. N. Sims,
455,648.
was
much'greater than before the
In the last year/Mr. Crammond's figure of £3,000.000.000,
STATES.
compilation of figures of
shows the total
of the
below imports
the other hand, Great Britain is receiving less interest on smaller
on
us,
banking institutions, issued the current month (Oct. 1920),
As to Britain's invisible items tending to offset this balance,
£385,000,000.
it is true that present ocean freight rates are
war;
first
the
For
deficiceny
latest
The
present exchange value of the pound to ciose to $3,000,000,000, or, at the
old
the
OF STATE BANKING INSTITUTIONS IN
UNITED
As
£834,000.000, equivalent at the
was
up
.
Britain.
Great
of exports below imports,
its deficiency in 1919
pile
assumption that some of the
/"
favorable
at
its debt to
nation of the world, and that
while Great Britain has been comparatively standing still.
Conditions since Mr. Crammond made his estimate have certainly not
been
lending
current rate uf trade, the outside world continues to
"nearly
was
including £568,000,000 to Russia,
\
,
In August 1919,
British authority, estimated in the "London Times,"
a
the foremost
as
But in discussing the present without
the future, the fact stands oat that America has passed
upon
Great Britain
397,377,595
134,078,992
587,691,435
136,352,180
65,237,321
184,146,676
1,402,360,315
120,452,484
642,106,743
84,352,399
116.526.680
359,048,231
68,712,043
1,861,466,834
535.879.773
800,862,729
358,897,305
225,566,654
364,652,825
248.751,018
405,106,729
2,266,632,885
1,064,774,753
546,438,951
'
200,539,549
866,838,374
124,136,543
335,857,410
23,685,847
160,890,278
848.036.681
"
1.446,210
26,354,437
2,654,981,584 3,153,761,683
205,791,597
17,240,816
8,654,162
123,406.950
7,640,357,177
1,343,976,586
20,255,932
284.888,919
154,422,994
Dakota-
___
491
717
20,904,504
12,435,000
5,555^230
June 30 1920
*4.342,585
67.229.862
52.649.668
18.939,128
1,150.313.376
814.959,562
611
3,253,939
1,879.894
181.036.457
14,841,150
16,777.585
138.818.658
19.974.983
286.761.704
775
June 30 1920
Carolina
North
-.—'..June 30 1920
June 30 1920
North
35.241.066
2,276,100
15,710,495
114.486.150
137,236,681
89,781,361
21,911,444
142.155.774
864,865.210
2,137,891,170
144.209.350
336,523,747
—
Ohio
Oklahoma.
—
—
8,781,331
124.763.083
211.912,178
19,237,058
..June 30 1920
187
9.978.950
3.455 445
...June 30 1920
695
134.407.752
48,538.998
388.625.007
1,671.288,376
48
9.050.025
9.592.813
31.329.232
297,117.858
150,653,020
Rhode Island—
June 30 1920
205,678,256
12.686.393
948,246,680
379
17,243.854
5.045.727
29,817.915
147.598,737
155,688.096
203,155,344
June 30 1920
7.528.333
15.827,993
South Carolina.
558
12.626.700
5,181,065
21.865.267
174.772.714
158,1/2.627
208,672,283
June 30 1920
4.057.501
5.509.565
South
32.769.942
180.4^0,218
175,935,308
270,015,193
67,252,417
24.325.929
258,702,060
27,413.963
400,832,678
13,551,371
97,863,361
97,875.775
148.971,937
30.537,562
139,025,943
201,569,262
237,744,711
Oregon
Pennsylvania.
—
_______
Dakota
_
_
..June 30 1920
448
992
*12,263.407
*22,045.062
20.506.534
June 30 1920
Tennessee
?
47.294.090
Texas
69.339.062
297,759.521
1,294,258
12.708.513
64.163,197
123.619.685
145.225,146
'
June 30 1920
Utah
105
8,151,724
3.262.530
Vermont
June 30 1920
60
2,116.000
7,261,786
2.659.663
12.03^.450
Virginia.
..June 30 1920
323
22,818,653
12.456,654
38.853,282
5,709.461
9,929.289
3,577.973
2.053,199
25.006.860
140.940.077
23,091.794
43,160.428
4.367.478
30.383.863
155.469.014
129,065,467
•26.449,364
49.115.394
456,928,550
348,836,215
82.445.547
195.535,830
517.634,613
11,089.593
7,189,750
26,297,109
24,852,718
1,815,451
33,926,348
3,341,012,552 23,950,838,611 15,334,616,394 8,235,427,676
29,191,455,648
Washington
June 30 1920
Wisconsin
—.
Wyoming
30.836 050
June
.....
____
17,244.200
218
825
16 087,096
June 30 1920
_____
307
June 30 1920
—
West Virginia._
113
3.045.000
3Q 1920
Totals---.21,923
Statement of
gives
1,595,243,703
1,163,806-
1,450,494,206 295,274,641
„
— „
.
— _
...
•_
,<•
_ nAA
—
4,498,771,000 22,196,737,000
718,937,552
6,795,417,611
2,937,716,394 3,736,656,676
6,994,718,648
184,989,125
a238,769,787
643,883,160 al89,?94,604
167,359,809
91,424,000
190,299,000
68,503,000
334,197,000
93,565,125
Institutions-——.13,830
Excess of State Banking
—
2,622,075,000 17,155,421,000 12,396,900,000
8.093
1920-.——-
'
y
totals
June 30
5,246.295
1,037,488
Comptroller'of the Currency
for all National Banks on
205.560.164
b429,068,787
241,506,160 b258,297,604
bl66,837,190
State Banking Institu¬
tions over statement compiled in June
1920 from latest figures available at that
Increase shown by
time
62
—
592,878,689
7,652,573 al5,542,136
banks over
by Comptroller of the Currency
Increase shown by all national
statement
for Feb. 28 1920-..
Excess increase of
*
____
S£gte banking instl'ns.
Includes undivided
profits,
a
160
/
b98
Decrease,
b Excess national banks,
c
Savings banks, Oct,. 31 1919; other
402,377,000
banks, June 30 1920.
d Savings banks, Dec.
31 1919;
other banks, June 30 1920.
GOVERNOR HARDING OF
IN
In
ANSWER
answer
to
TO
FEDERAL RESERVE BOARD
DEFLATION
POLICY.
"policy of deflation" of the Federal Reserve Board, W. P.
Harding, Governor of the Board, on Oct. 22 said:
G.
^ ijacknowledge receipt of your letter of the 21st inst., which will be
brought to the attention of the Federal Reserve Board at its next meeting
for such reply as
As you
it may wish to make.
refer to the distressing effect of the so-called "policy of deflation"
adopted by the board in its relation to farmers, the manufacturers and the
business men of the United States, I think the board would be interested,
letter, in knowing just where the deflation you refer
All reports which have been made to the board by
before it replies to you|
to has
taken place."
member banks, as well as the reports made daily by Federal reserve
volume
of loans
considerable and constant increase, in
notes outstanding throughout
and Federal reserve
the
the
entire year.
letter from Senator Owen criticizing the
a
shows that there has been a very
banks.
PROPOSED BANK OF
BROTHERHOOD OF ENGINEERS.
Comptroller of the Currency
for the Brotherhood of
Locomotive Engineers' Co-operative National Bank.
As
we have heretofore noted, the bank has been formed with a
This week's bulletin of the
announces
capital
of
the issuance of a charter
$1,000,000.
The
opening of the
institution!
Grand Chief of
the Brotherhood of Locomotive Engineers, is scheduled for
Monday next, Nov. U The other officials are: W. B.
under the Presidency
of Warren S. Stone,
[Vol. 111.
CHRONICLE
THE
1708
Sec. 4. Failure of either party to a contract to comply with a
Rented Vice-President and C^iu#, and yV: P» McCaleb,
Vice-Pr^ident and Manager/ Tbe foilowing statement
for
by Mr . Stone regarding the bank appeared in the Cleveland
of Arrangements and instruct him to re-establish the contract
"Plain Dealer" of Oct. 27: *
by
So far
:
':
...
I know, this is the first co-operative commercial bank in the
as
United States, although there are many such banksln Europe.
It is the first
We choose a National bank because of its greater security, as
labor bank.
the first consideration with labor is that its enterprises must be absolutely
".
sound.
.
of
one
possible,
as
so
distributing the stock to
Written notice of intention to re-establish the contract shall be sent to the
office of the party in default.
DUES
trust company business.
and
It will do
exclusive labor bank.
an
exchange for immigrants.
on
We expect to handle foreign
i
The organization of a bank was twice
delayed
several million workers who
The bank, of course, is open to every¬
belong to other labor organizations.
body and is not
a commer¬
It will do banking by mail.
We have 85 .000 members, not to speak of the
authorized by conventions, but its
account of the war.
That our members were ready
for this venture is proved by the fact that the
This confidence is explained by the fact that
stock] was oversubscribed.
the brotherhood has never
life, acci¬
For fifty years the brotherhood has carried on several kinds of
dent and pension insurance.
We have paid out many m'lllons annually
We have paid out in charities alone more
through the banks of Cleveland.
than $3,000,000 and not a single member of
The total insurance
the brotherhood is
public
a
It is the farmers.
he often pays 100 to
indicated in
bers
200%,
"Sec.
cent.
annual installments
We
bank is service.
and their widows.
Millions
are
And insert in lieu thereof the following:
Article XIV. C
be
payable
which the
on
in
same
CHANGE
quarterly
in
advance
installments
We will
lost to them every year through bad investments.
and help them to build
METHOD
IN
of Cleveland.
regarding
a
change in the method of recording
"good till canceled" orders
Martin of
the
issued by Assistant Secretary
on Oct. 25 to
was
Stock Exchange
New York
members of the "Bond Crowd"
as
STOCK
YORK
follows:
>
EXCHANGE.
October 25 1920.
To the Members of the Bond
It is stated that the present
by it last June.
building is to be replaced by
a
Items regarding the bank appeared in
At 12 o'clock noon, on
Crowd Only:
«.
•.
October 30 1920 all orders, including Day, Week,
Month, and G. T. C., will be canceled on the books in the Bond Crowd of
All brokers desiring to place G. T. C. orders on the books,
the Exchange.
effect at 10 o'clock
to be In
of Arrangements by one
on
Monday, No v. 1 must filq with the Committee
o'clock
on
Saturday, Oct. 30, lists of all G. T. C
These orders must be
orders to buy and sell that they wish recorded.
issues of Aug. 21, Aug. 7 and July 10.
arranged In accordance with the division of the books,
be used by the broker for recording on each
AMENDMENT
DEPOSITS
CONCERNING
Exchange concerning deposits
on
on
contracts was approved
The amendment
Oct. 27.
it is stated, is in line with the
proposal of the Association of
Stock Exchange Firms for the protection of "when as and
if Issued Contracts" to which we referred in these columns
Oct.
16,
page
1526.
The following
is the resolution
for each book be used for such recording on which shall be placed new
or
ON
a
By order of
<
COMMITTEE OF ARRANGEMENTS,
HARRISON
Assistant
The
contract is above or below the
shall be applicable to deposits required under this Resolution In the same
deposits required under Section
1
of
said
Article.
Such
deposits, however, shall be made with the party requiring the same unless
provisions of Section 5 shall be applicable
thereto.
Deposits made with the party requiring the same «ha.n bear
the other party elects that the
interest at the current renewal rate.
be released by a
deposit hereunder
deposit thereon under Section 1
ARTICLE
XXXI
OF
Deposits
,
A
on
over
the methods heretofore in force.
on a contract
shall
of Article XXXI.
COMMITTEE
QUOTATION
by reason of the change in the market value is
the market price unless mutual deposits are required
the provisions of Article XXXI, Section 1 of the Constitution
provisions of Sections 3 and 4 of Article XXXI of the Constitution
to
Secretary.
change, it is stated, is made because of the confusion
»
under
as
MARTIN,
S.
as
N.
OF
Under
Stock
an
POWER.
amendment to the Constitution of the New York
Exchange approved
bommittee
Oct. 27 the
on
EX-
STOCK
Y.
CHANGE GIVEN ADDITIONAL
contract price and
manner
,
written orders or cancellations will
not be returned to the brokers.
partially unsecured, may require the deposit of the difference between the
The
Isuch
DEPOSITS
CONTRACTS
If the market value of the subject of
contract price, the party who
orders
cancellations conforming to the bonds on each book.
It is to be understood that all
which has arisen
RESOLUTION CONCERNING
record new
orders on the books or to cancel old orders, that a separate sheet of paper
approved by the Governing Committee of the Exchange:
PROPOSED
writing with date attached.
It will also be necessary after Oct. 30 when brokers desire to
An amendment to the Constitution of the New York Stock
by the Governing Committee
except Day orders
writing with date at¬
cancellations of buying or selling orders except Day orders
no
will be recognized unless also made in
CONTRACTS.
ON
not be recorded on the books unless made in
will
tached, and
separate sheet to
a
book.
After this date of Oct. 30 1920, orders to buy or to sel
APPROVAL BY GOVERNORS OF N.Y. STOCK EXCHANGE
TILL
"GOOD
CANCELED" ORDERS.
A notice
Temporarily the bank will be located at St. Clair Avenue
and Ontario Street, in a building purchased
STOCK
YORK
NEW
OF
RECORDING
IN
opinion, the bank will add greatly to the banking power and bank
OF
on
is payable."
EXCHANGE
892 local divi¬
They have no place to go to make safe investments.
20-story structure.
dues
1921 said
Beginning May 1
year.
a
May 1,
Aug. 1, Nov. 1 and Feb. 1, and the amount of each installment shall be
determined by the Governing Committee at least 15 days before the date
shall
NEW
resources
our
C' V
each year
exclusive of fines and of assessments under Article XVIII of the Constitu¬
The dues payable by a member of the Exchange in
homes.
In my
ing
least
15 days before the date on which the same is payable."
other
savings funds of our members
draw wills and trust agreements for our customers
new
May 1 and Nov. 1 in each year and the amount of
on
by-laws forbid loans or
Our bank
invest the insurance and
will
Said dues shall be paid in semi¬
each installment shall be determined by the Governing Committee at
kind to officers or directors.
We expect to receive the deposits of 85,000 members and
sions.
each year
exclusive of fines and of assessments under Article XVIII of the Consti¬
*
The motto of the
^
follows:
as
The dues payable by a member of the Exchange in
1.
as
The fol-
per year.
1 of Article XIV, which reads
Strike out Section
There are 55,000
There are such banks in every other country.
any
increased from $300 to $1,000
were
Recently,
Oct. 27.
on
issue of Oct. 25, page 1226, the dues of mem¬
per annum.
There should be banking facilities for the workers the same as for
profits of
our
owing is the change approved this week:
co-operative banks in Europe, many of them small, and they rarely lose
a
amendment to the constitution approved
an
tion shall not exceed $1,000
$30,000,000,000 a year, yet
banking.
In the cities
at least, his deposits are often not wanted in the commercial banks.
There
Is often no place the worker can go to get a loan, save the loan shark, where
The wages of labor in this country amount to
the average working man has no place to go to do his
classes.
BE
TO
EXCHANGE
payable quarterly, instead of semi-annually, as
by the Governing Committee
"Sec. 1.
unless
labor needs banks of its own more than any other class,
The fact is
made
heretofore, in
books amounts to $184,000,000, and
on our
have paid out claims of $45,291,264.
we
STOCK
YORK
tution shall not exceed $1,000 a year.
failed in anything it has undertaken.
charge.
NEW
OF
The dues of members of the New York Stock Exchange
are
The bank will not confine itself to the brotherhood.
since 1868
;
PAYABLE QUARTERLY:
expect to share them with our depositors who co-operate with us in
was
Unless otherwise mutually agreed, deposits on contracts ahall be
Sec. 5.
We expect to pay 4% on time
10%.
making the bank successful.
opening
'
1
therefrom shall be paid to the party entitled thereto.
deposits, to provide for an additional surplus, and if there are excess earnings
cial savings
forthwith,
difference arising
any
as many
that It would approximate the co-operative ideal
We also limited stock dividends to
we
sale "under the rule," and
or
vote.
one
man.
purchase
new
a
■
.
We made the bank co-operative by
members
report such default to the Secretary or to a member of the Committee
made in the New York Life Insurance and Trust Company.
■
.
demand
deposit shall constitute a default; and the other party to the contract
a
may
by the Governing Committee
Quotations is given the power
on
"to
appoint, dismiss and determine the number, duty and
pay
of all employes of the Exchange requisite to the cpUee-
tion
and
dissemination
intended action
on
of
quotations."
this amendment
was
A notice of the
issued by Assistant
Secretary Martin of the Exchange on Oct. 18.
CONSTITUTION.
'
NEW
STOCK EXCHANGE.
YORK
Contracts.
-
Oct.
\
18,
1920.
Section 1. Mutual cash deposits of hot exceeding ten per cent, may be
required at any time by either party to a contract. Whenever the margin
To the
of either party becomes reduced to fvie per cent, by reason of
changes in the
market value o the securities, further deposits may be called, from time to
reports back the following proposed Amendment to the Constitution for
Governing Committee:
Gentlemen:—la.
the
i
matter
referred,
consideration by the Governing
Committee
the
on
Constitution
Committee on Oct. 27 1920:
Section 1 of Article XI by adding thereto
Amend the Tenth paragraph of
time, sufficient to restore the impaired margin.
''
Sec. 2. The holder of a due-bill issued for the dividend on stock contract¬
ed for, may require the maker of the due-bill to deposit the full amount
the words,
4ue thereon, in
Trust Company, payable to the joint order of both parties.
collection
deposits
amended, to read:
Sec. 3.
a
When
be made at
or
are
called before two o'clock p. m.,
before two-thirty o'clock of the
same
they must
fQllo* ;'*♦«?' business day..
fife
'do*,
.
,
the
must be made at or before eleven thirty o'clock a. m.;
ftar eleven o'clock a. m. they, must be made at, or
if called
before ten-thirty o'clock
na.
of the next business day.
flf
and
dissemination
Tenth.—-A Committee on
of
quotations."
disapprove
any
Said
Section,
when
Quotations, to consist of five members.
shall have charge of all matters relating to
or
,
lf-holidays observed by, the Exchange deposits called before eleven
a. m.
number,, duty, and pay of all employes of the Exchange requisite to the
day; if called after two
o'clock p. m. they must be made at or before
ten-thirty o'clock a. m. of
"It shall have power to appoint, dismiss, and determine the
so
It
quotations, and shall approve
applicant for quotations.
It shall have power to
appoint, dismiss,
and de*» mfal
duty, and pay of all employes of the Exchange
and dissemination of quotations.
reqltf§£L
the nuhiber,
'• the cpHection
>
HARRISON S. MARTIN, Assistant Secretary.
FEDERAL
TO
ADMITTED
INSTITUTIONS
STATE
/// RESERVE SYSTEM.
•
.
'
The Federal Reserve Board at Washington announces
the
System in the week ending Oct. 22 1920.
'
V
-
,
/;./
.
Total
Capital
Surplus,
Resources.
$50,000
$4,000
$213,109
25,000
13,000
369,217
District No. 6—
Bank of Commerce, Clayton, Alabama
District No. 12—
Aurora State Bank, Aurora, Oregon...
Conversion.—The Marine Bank of Seattle, Seattle, Washington, to
The
Seattle, Washington.
Marine National Bank of Seattle,
f
BOARD TO EXERCISE TRUST POWERS
granted permission to the
National Bank of Hudson Falls, Hudson Falls, N.
26 1920,
States
to handle exchanges of United States paper currency
The First National Bank of Garfield, Garfield,
of the Treasury.
Upon the discontinuance of the Sub-Treasury at
outstanding gold
certificates
fund
National'Bank
PROMOTERS
The
investors
induce
made
America
Mr.
,
by bankers, bond
announcement
This
Investment
the
of
was
Bankers of
Longmire of St. Louis.
Longmire said:
"We
have raised a fund of $12,000,
one-third of which the bond dealers
the banks raised and one-third of which was
raised by the merchants.
We succeeded in prosecuting and convicting a
number of fraudulent stock dealers, which has given us considerable satis¬
put up, one-third of which
this Better Business Bureau, and I
We expect to continue with
faction.
purifying our situation."
believe It is one of the means of
Pennsylvania
The Eastern
of bankers announced
group
Association of Philadelphia to
the
stocks
out
similar
cooperation
of
newspapers
was
on
PERMANENT BONDS NOT
Loan would be available was
issued
as
Federal Reserve Bank of New York:
all
To
Savings Banks in the Second Federal
Trust Companies and
Banks,
Reserve District:
not
.
,
permanent 4 M%
from
the
Department.
Treasury
Loan, will
until some
information we have recently received
For many reasons it is not advisable
February, according to
time next
long in advance of the time
therefore request that for the present
will withhold sending them to us until we let you know when the per¬
that you
forward us the temporary bonds so
when they can
you
,
coupon bonds of the Fourth Liberty
be available in sufficient quantities for delivery to the banks
The
be exchanged, and we
this issue can be sent to you
manent bonds of
First Liberty Loan Second
The permanent
yet ready, but on
in exchange.
Converted 4 Ms are also not
issue the last coupon
the temporary coupon bonds of that
does not mature until
Dec. 15 next.
temporary Liberty
bonds in coupon form can be
nrad ? now.
It is also to
Liberty Loan coupon
bonds may be presented for exchange for registered bonds at any time
provided they are accompanied by specific instructions.
Prompt notice will be given you when the permanent Fourth 4 Ms are
ready to be delivered in exchange for the temporary coupon bonds.
Very truly yours,
■''
■
SUB-TREASURY
In
Executive and
on
closed.
-
with
BOSTON
the
DISCONTINUED.
provisions
of the
May 29, last, the Boston Sub-Treasury has
Under the terms of the Act all of the
been
sub-treasuries
Baltimore, New Orleans,
St. Louis, San Francisco, Cincinnati and Chicago—are to be
discontinued by July 1 1921, and their functions transferred
—Boston, New York, Philadelphia,
to the Federal Reserve
the first to be closed;
and the
made
on
banks.
The Boston Sub-Treasury is
the orders under which it is abolished
office of Assistant Treasurer is discontinued was
public
as
follows by Secretary of the Treasury Houston
Oct. 23:
reduced.
stock had been largely
summarized as follows:
$50,000,000: Housing Corporation $66,500,-
Government on June 30 may be
Emergency Fleet Corporation
of $70,000,000: Sugar Equalization Board $5,000,000;
Grain Corporation $150,000,000 of original issue of$500,000,-
000 of original issue
United States
Corporation $119,082,376 of original
Obligations of carriers
issue of $500,-
RR. Co. $46,026,500
Controls
amount;
$3,000,000
acquired under Section 7 of the Federal
1918, totaled $110,578,755; the larger
Act, approved March 21,
and Pennsylvania RR. Co.
does not include securities
& Hartford
$20,000,000. The total
of Railroads
purchased by the Director General
the same Act.
acquired by the Director General of
Railroads, pursuant to Federal Control Act of March 21 1918, and Act
approved Nov. 19 1919, to provide for the reimbursement of the United
States for motive power, cars and other equipment ordered for carriers under
Federal control and held by Government on June 30 totaled $329,203,750.
These equipment trusts were received from 78 different lines and in each
case there are 15 notes of equal amount, Nos. 1 to 15, inclusive, all dated
Jan. 15 1920, and due, respectively, on Jan. 15 1921 to 1935, inclusive.
The Pennsylvania RR. Co. tops the list, at $52
12 010. The larger
the provisions of Section 12 of
Equipment trust 6% gold notes
Jue $6,379,5001
29,500,'Carolina
Clinchfield & Ohio $6,043,500, Chesapeake & Ohio $11,205,000, Chicago
Burlington & Quincy $6,060,000, St. Paul Ry. $16,444,500, Chicago &
North
Western $9,973,500,
Rock Island $8,117,250, Erie $4,501,500,
Illinois Central $9,117,000, Louisville & Nashville $10,468,500, Michigan
Central $5,118,000, Missouri Pacific $8,847,000, New York Central $13,
674,000, New Haven $4,306,500, Norfolk & Western $6,885,000, Pere
Marquette $9,127,000, Southern Ry. $10,293,000, St. Louis-San Francisco
$6,675,000;
loans include the Atchison,
Baltimore
&
$17,578,500,
Ohio
Boston
Atlantic CaMl
& Maine W '
$11,122,500.
Obligations of carriers acquired pursuant to
tation Act are reported
as,
Utah RR. $64,600, total
A
bonds
Section 210 of the Transpor¬
$5,000,000 and Salt Lake
Boston & Maine
$5,064,600.
Capital stock of Federal Land banks
held, less repayments to date,
acquired include 4M%
$7,655,510, and Federal farm loan bonds
totaled
$136,885,000
and
5%
bonds
$29,500,000, total $166,385,W§.
CANADA'S FIXING OF SUGAR
Acting Governor.
■
Legislative,
Judicial Supply Bill approved by President
accordance
Wilson
AT
■
.
United States in
30 last the capital
Amount of capital stock of these corpora¬
prosecution of the war, but by June
,
J. H. CASE,
l
■
''
corporations were organized by the
Five war emergency
connection with the
that exchanges of all other issues of
that any temporary or permanent
\
'.'v.
749.
$14,029,500, and Wabash
You are of course aware, however,
be remembered
account of relief total
under
bonds of
J. H. Case, Acting Governor of the
Oct. 26 by
Foreign obligations received from the American Relief Administration on
$84,014,527, the largest item being Poland at $51,671
y:
being Boston & Maine RR. Co. $26,948,000; Erie RR. Co.
New York Central RR. Co. $6,500,000; New York New Haven
regarding the date when the permanent
the Fourth Liberty
follows
loans
these foreign
000,000.
AVAILABLE UNTIL FEBRUARY.
A notice
|,
of foreign governments on
allowing for repayments of principal.
obligations the Government holds foreign
obligations received from the Secretary of War on account of sale of surplus
war supplies amounting to $563,032,739.
These obligations are owed as
follows:
Belgium $27,588,581, Czechoslovakia $20,621,994, Esthonia
$12,213,377, France $400,000,000, Lativia $2,521,869, Lithuania $4,159,491, Poland $57,629,731, Rumania $12,913,589, Russia $406,082, Serbs,
Croats and Slovenes $24,978,020; total $563,032,730.
from
Apart
and it was announced that
planned in Baltimore, New England
LOAN
railroads the
obligations
representing
Securities
amounted to $9,445,006,855,
000 and War Finance
'.-.v;
LIBERTY
principally due to advances
and to Federal operation of the
tight credit conditions.
keep advertisements of fake
and Canada.
FOURTH
operations growing out of the war, but
tions held by the
working successfully with the Better Business
that they were
in the
of various character which
on June 30, the end of the last fiscal year, totaled $11,589,306.
This is
the net amount of securities owned after allowing for repayments.
The Government went into many fields during the war, ship building,
housing, sugar control, grain control, the War Finance Corporation as well
as railroading and in addition it was forced to extend aid to the Federal
Land banks which were unable to secure funds in money market because of
Mississippi Valley to prosecute
Boston by John R.
at
MISSISSIPPI
THE
IN
stock.
convention
the
at
'
following advices from Philadelphia^appeared
Due to
confidence men endeavoring to
exchange Liberty bonds and their
to
BYIGOVERNMENT
$11,101,589,306.
made to foreign governments
and
worthless
for
OWNED
SECURITIES
WAR
United States Government acquired securities
been raised
dealers and merchants in the
savings
closedjwilllbe the local
many
"Wall Street Journal" of Oct. 28:
BE PROSECUTED.
TO
fraudulent promoters
of the United States
difficultiesjat tendan t u pon closing
the business of such an important branch, it'adds, will force
this office to continue in force untiljwelllintojthe spring.
Racine, Racine, Wisconsin.
of Waxahachie, Waxahachie, Texas.
$12,000 has
of
Boston,
the Assistant
.
the last of the Sub-Treasuries to be
The
Dallas National Bank, Dallas, Texas.
A
issued by
•V'/.
The "Wall Street Journal" of Oct. 251stated that one of
Washington.
N. J.
Bank, New Orleans, La.
The Whitney-Central National
VALLEY
order,
will be received for payment by
the Federal Reserve Bank of Boston or the Treasurer
Y.^
Windom, Minnesota.
The Manufacturers National Bank of
FRAUDULENT
payable to
Treasurer of the United States at Boston,
Bank of Port Allegany, Port Allegany, Pa.
The First National Bank of Windom,
The Citizens'
and United
coin, pursuant to rules and regulations prescribed by the Secretary
The Chelsea National Bank of Atlantic City,
The First National
certain of such duties and functions.
prepared on and after October
The Federal Reserve Bank of Boston will be
County National Bank of Warsaw, Warsaw, New'York.
Atlantic City, N. J.
The Wyoming
depositary or fiscal agent of the United States,
Bank of Boston, acting as
for the purpose of performing
Springfield, Springfield, Mass.
The Third National Bank of
The Peoples
duties' and
be performed by the Assistant Treasurer
United States and the Mints
Offices of the United States, and will utilize the Federal Reserve
and Assay
Sub-Treasury.
following institutions to exercise trust powers since Oct. 1.*
made provision, pursuant to the author¬
at Boston or his office to the Treasurer of the
at
INSTITUTIONS AUTHORIZED BY FEDERAL RESERVE
The Federal Reserve Board has
The Secretary of the Treasury has
ity conferred by said Act approved May 29 1920, to transfer the
functions performed or authorized to
following list of institutions which was admitted to the
Federal Reserve
1709
CHRONICLE
THE
Oct. 30 1920.]
OF
ING
.
A decision to reduce the
50
a
PRICE AND RESCIND¬
ORDER.
wholesale price of sugar from $19.-
$17.90 was reached at a meeting of
Montreal on Oct. 25.
On Oct. 13 the Board of
of Canada issued an order later rescinded, as
hundred pounds to
refiners at
Commerce
indicated below)
fixing the retail price of
granulated
sugar
higher than 21 cents a pound, plus freight the order
which was intended to remain in effect until the end of the
at not
present
The
year,
Ottawa
also prohibited the importation of sugar.
dispatches of the 13th inst. had/also
pres
stated:
Wholesalers must sell to
will
retailers the order provides, at a price which
permit of resale at 21 cents a pound with a profit of 2 cents to the
The sale price for refiners will include accumulation of oae-half
retailer.
cent per
pound for the service of
distributing to the retail trade.
!
*i'r
'■')
1
"
1
■
■
■
The announcemertt also'stated
that"du&ar refineries
in Eastern Canada,
'consuming publid,- whoare said to have excess supplies on hand.
"the value of sugar^purchased and scheduled to arrive in Canada
the
On tlie 14th inst.
suspended the order of
he Government
the Cabinet on
the Commerce Bpard until a hearing before
:
Oct. 20. An orde
declaring permanent - the suspension of the
«
he price of sugar at 21 cents a pound
Board's order fixing
Was
Council on
that alternative
passed at a special meeting of the Cabinet
Oct. 20.
It
^proposals
as
was
th
n
follows
said to be understood
refiners
being submitted by the
were
for'consideration of the Government:
<
loans Sufficient financial assistance to enable them to meet the
-(2) Adjustment of
come
the*customs duties
on raw sugar now
in under contracts made under the direction of the
Commission.
wages,
Council
of the United Textile
and
spokesman for the-Textile Council of Fall River, states
bra's of his organization will not
credits or
situation;
in bond or to
Canadian Trade
»
with the International Union of which John
When questioned
yesterday as to the attitude of his organizations relative to a possible cut
in wages he said that all of his unions have taken a firm stand on the matter.
They will oppose a reduction in wages, he says.
They know, he states,
at the present time an increase is out of the question owing to the demoralized
condition of the cotton industry, but they are unanimous in the opinion
that
a
Calias, Me., to the Department of Commerce that the
Canadian Government had suspended the order of the Board
lot Commerce and that there is
now no
manufacturers would
refuse to
Secretary Campos declares, but they will insist on the
remaining in effect indefinitely, or until such time as business
line shows an improvement, at which time an increase will be
reduction in the present wage on the part of the
consider
Not only will the union operatives
restriction
the im¬
on
cut,
a
present wage
in the textile
sought.
It
telegraphed from
B. Garrett
and
pointed out to him that three local mills had cut wages 20%
was
operatives had accepted the reduction, effective yesterday, rather
possible shutdown.
He declared that the class of work and the
that the
than face a
product turned out by the mills in question were not to be
fact
compared with the
He also pointed to the
that in these mills, where the reductions have taken place, the scale of
cloth mills, being a different line
wages
of work entirely.
has been much higher than in the cotton mills, and that
portance of sugar.
present cut the scale was equivalent to, if not better,
Commerce had
stated that under
pressure from the Canadian refineries,
the Canadian Government was doing its utmost to bar the
entry of American sugar.
The report added:
with the
in the cloth mills.
J
On Oet. 18
a
report to the Department of
The fact; is that Ontario importers can buy sugar in
New York at 11
exchange 1%, a total of
14% cents a pound.
One cent Is considered a liberal margin for the impor¬
ter.
Some Ontario users have been offered sugar in Chicago and New
cents, add freight half
York
as
low
10 cents
as
cent, duty 2 cents, and
a
a
pound.
♦
the prices of
American sugar laid down yesterday it would no doubt
cripple financially a
It is estimated if Canadian refiners were to
number of large concerns.
drop their price to 17 cents, it would
mean a
loss of approximately
$3,000,000
to the refiners.
special
in
"Gazette" from
stating that heads of Eastern sugar refining
dispatch
the
to
Montreal
companies had made further endeavors
on
Oct. 21 to secure
Government aid after previous efforts had been
They had
a
long interview with Sir Henry Drayton, and laid before him
their claim to Government aid at the present
time, when they
find themselves considerably overstocked and threatened with loss
sharp
Precisely what form of assistance the
drop in prices.
requested
was not
divulged.
It
was
through
refiners
intimated that they would like either
remission of customs duties on raw sugars, already
On issues in the pase the two unions have more or less
of wages.
divided,
understanding between them their
solid front faces the manufacturers at this
opinions are the same and a
time.
Although the manufacturers have not committeed themselves either one
the other on the matter of wages, it is rumored that they will
way or
to have the
attempt
Curtailment is more extensive
operatives take a reduction.
The mill
men give as the reason for curtailing the fact that it is needless to stock up
goods at the present high cost of production.
They declare that print
cloth is today being produced at a loss.
It is considered apparent from this
that they might be pleased to reduce wages at the first opportunity.
Their
first opportunity will come on Dec. 6 when the six months agreement
expires.
The mill men do not hesitate to state that buyers will have to
than at any
now
time since the industry became demoralized.
The Finance Minister
was
not in
mediate reply to their request.
mation
an
whose
He is understood to have asked for infor¬
with respect to the sugar companies' affairs,
They point to the
of the best, but the
In view of these conditiosn they will demand
with all the curtailment.
even
the retention of the present
scale,
NEW
in addition to that
WAGE
DEMANDS
SUGAR PRICES UP TO 12 CENTS,-AMERICAN SUGAR
ference with coal operators at
tered
Philadelphia
reported
as
continuing to accept orders for refined sugar at 11 cents a
pound, both the American Sugar Refining Co. and the
National Sugar Refining Co. quoted a price of 12 cents a
pound on Oct. 20.
"Financial America" of Oct. 21 in
Boston ad vices.,relative to the price said:
Boy^ell
Son & Co. and the re-entrance of the American
Sugar Refining C6v into the market after
a
long absence, is taken as an
indication that leading refiners believe the bottom of the sugar decline has
been reached and a period of greater price stabilization is anticipated.
The reduction in the price to 11 cents
by
Refining Co.
was
noted in
our
the Federal Sugar
issue of Oct. 9, page 1425.
On Oct. 14 in referring to an announcement by the American
the
Grocers and other distributers of
sugar who have purchased the staple
at peak
prices and
drop, encountered
are now
facing heavy losses
as
the result of the precipitate
of hope yesterday after being wafted through an
atmosphere of apprehension for some weeks.
The skies appeared to
brighten somewhat with the official announcement by the American Sugar
a ray
Refining Co. that it will permit its
period of
customers to
spread payments over
a
a year.
The company has held its customers to their
contracts, although other
corporations have apparently decided to smother their losses, on the ground
that it must meet its own contracts for raw
sugar consummated at top fig¬
This has been the consistent attitude of the American
Sugar Refining
Co. and was the explanation offered to the
ures.
Attorney General of Massa¬
chusetts shortly after he began his
investigation of sugar prices in Boston.
In New England the-American* Sugar Refining Co. has followed
a course
similar to that announced yesterday in this
city.
The retail distributors
Will be permitted to make payments on
contracts entered into some time
ago over a period of a year and all possible financial assistance will be
to the retailers.
•
•
'
-
WAGE
CUTS OPPOSED
TEXTILE
BY
given
a
FALL
RIVER
made at
inequalities.
we
as
award to consider
Regarding
demands
the
Sept. 2, to
After three hours' discussion of the presentation,
out.
action
no
was
taken
on
the
the demands, but
that the question is to be taken up after election.
Increases
of
approximately
13%
anthracite workers,
to
to bring their wages up to the scales recently given soft
minimum pay for laborers
asked,
were
coal workers.
The
outside of mines is at present $4 20 per day;
the miners ask for $6 for that class.
The wage for inside
laborers at present is about $6, miners, pumpmen,
enginemen and other grades of workers receive varying scales of pay.
The eight-hour day is asked for all.
According to S. D. Warriner, Presi¬
dent of the Lehigh Coal & Navigation Co., most mine work at present is
that
be
on
schedule, but the necessities of the work demand that many men
duty
longer time.
a
Watchmen, pumpmen and others are on duty
longer, in order to t^ake care of shut-do^pis and emergencies.
would have all those? fhit oh the same basis.
"I have not madda thorough study of the
"I
ner.
cannot
inequalities
say
at present what
be.
may
What the effect
the most important
may
The miners
;
inequalities," said Mr. Warri¬
items of the
be upon the cost to consumers
will depend on the result of whatever agreement is reached.
"The miners did not present their inequalities in any form of threat,
ultimatum
on
demand.
or
the items.
They
were
listened to, but no discussion was made
We will meet again on Nov. 5, and in the meantime a general
meeting of operators will be called to discuss the situation."
It
was
pointed out that
the agreement of Sept.
covered the items
2
declared unequal, to which the miners had already signed.
The effect of the
first agreement, it was felt, might act against the granting of the changes.
The increases affect over 150,000 workers,
The proposals, in
"First.
full,
are as
it
was
said.
follows:
Contract rates in the anthracite region should be increased an
additional 13% in order that the total increase may reach 31 %, which was
the
increase received by
average
region
as a result
'Second.
"Third.
are
who,
1624, decided
The miners presented eight "inequalities" in the agreement of
be smoothed
the,tonnage miners in the bituminous
of the award of the President's soft-coal commission!
The minimum day rate
should be more equitably fixed so
same
$6 per eight-hour day.
wage
should
Sffi
.
receiving rates in excess of the minimum
previous to the agreement of Sept. 2 1920, should receive the
increase
as
applied
on
the minimum rate, in order that the differen¬
tials between the various classes of labor shall be maintained.'
"Fourth.
as to
American family in
Equity would dictate that the minimum
All classes of. labor
rate in effect
scale when .the .existing agreement expires Dec-. 6 the
page
Tuesday's meeting the Philadelphia "Ledger" said:
not be less than
reduction in the present;
Providence "Journal" of Oct. 26 said:
Saturday last,
conform to the amount of wages necessary to support an
UNIONS.
their;stand against
issue of
of
comfort and decency.
reporting that all'of the textile unions in Fall River
unanimous in
our
adjustment
on
Sugar Refining Co., permitting customers to make sugar
in instalments, the "Journal of Commerce" of
this city of Oct. 14, said:
payments
minimum day rate of
This week's conference
Oct. 12 to reopen the anthracite wage
on
a con¬
Oet. 26, regis¬
held at the instance of President Wilson,
operators' representatives stated
The advance iq price of refined sugar to 12 cents by the National Sugar
"Co. and B. H.
a
universal eight-hour day.
a
indicated in
.was
on
demand for wage increases equal to the 27% recently
a
$6, and
was
REFINING CO. OFFERS EASY PA YMENTS.
MINERS.
ANTHRACITE
OF
Representatives of the anthracite mine workers, at
granted to bituminous miners, with
Sugar Refining Co
the period,
mills have been able to declare dividends of from 3 to 5% for
already in the possession of the Government.
While the Federal
mill
improvement goods will jump in price and that the
well continue with the present scale of wages.
fact that business during the past quarter has not been
men can
position to!give the refiners an im¬
a
The operatives
for goods just as soon as there is any demand.
figure that the demoralized condition of the market will not be permanent
predicament is most serious.
wage
'Man¬
scale
received or purchased,
but not yet delivered, or a Government loan to those companies
In
which comprise all the
reduce the present
and while at this time there is no mutual
and that with
once more
■
United Textile Workers
fight will be staged if the Cotton
ufacturers' Association of Fall River attempts to
pay more
unavailing
said:
a
a
„
A
Ottawa
a
It is evident, from the stand taken by both the
and the American Federation of Textile Operatives,
unionized workers in the city, that
paid
than the wages
„
If the Canadian refineries have to drop their prices to meet
,
affiliated
and
Golden is the President
Campos its leading representative in Fall River.
Mr.
•
On the 25th inst Consul A.
which puts
Workers, made a statement
organization on the same basis as the other local unions.
The local unions of the United Textile Workers of America are
his
be unwarranted at this time.
-
-(l) That the Government shall extend to the refiners by way of
,
under.
placedfat approximately $60,000,000.
these conditions is
Operatives
that the mementertain* the prospect of a reduction in
yesterday John L. Campos, secretary-treasurer of the Textile
President James Tansey of the American Federation of Textile
bad
been shut down because of thejembargo on exportation applied to protect
'
[VOL.111.
CH
THE
1710
-
The hourly rates of those receiving less than the old minimum
of $1,545 should be increased to the
received by other employees.
same
percentage or flat amount as that
Oct. 30
"Fifth.
1920.]
THE
CHRONICLE
The rates paid to consideration miners should be increased an
SUSPENSION OF PRIORITY
additional 14 %
in order that they may receive the average increase of 31 %
provided for in tie above paragraph concerning contract increases.
as
"Sixth.
should
Contract
receive
the
miners'
laborers
the
percentage
the
to
consideration
men,
miner.
contract
laborers to receive the full increase
on their total rate or earnings received
by them previous to the agreement of Sept. 2 1920.
"Seventh.
Monthly men and men on a shift basis should receive the
increase
same
"Eight.
provided for those receiving above the minimum rate.
as
emergency orders j oi; July 2Q for
supply and priority in the movement of
car
bituminous coal to Lake Erie
ports for
Northwest,
trari's-shipmOnt t6
announced by the Inter-State Commerce
was
Commission
on
Oct. 27.
George B. McGinty, Secretary
Commission, issued the following statenaent in regard
of the
Men working in excess of the eight-hour day should have their
readjusted to the eight-hour basis."
work day
preference in
the
i
suspension of the
with
miners'
Contract
The
bRDER
COAL
NORTHWEST.-
•
laborers
miners'
given to inside
as
responsibility for the increase above
assume
given
amount
and
increase per day
same
provision for the operators to
1711
the
to
suspension of
order:
the
;/'.<<
.<
/
■
The Inter-State Commerce Commission
to-day suspended, until further
order, its Service Order No. 10, entered July 20 1920. I That order was
BITUMINOUS
COAL
OPERATORS
DECLARE
designed to give
a preference in the use of coal cars to Lake Erie
ports with
the primary object of
conserving equipment and movement needed to get an
adequate supply of bituminous coal to the Northwest,' by requiring a full
FOR
ELIMINATION OF HIGH PRICES.
At
the
conference
Cleveland
of
bituminous
adopted expressing it
was
coal
operators held in
Tuesday of this week (Oct. 26),
on
the
as
sense
resolution
a
of the operators that
"unreasonably high prices and unwise practices where such
exist in the
industry should be eliminated."
It
further
was
utilization of the rail and lake routes
during the
supplied to
.
Average"1:
committee to co-operate with the Depart¬
July
in
August
bringing about the elimination of high
called
was
and
also
voted
General to
general,
the
action touch¬
the Attorney-
from
both in and out of the association.
was
called to order immediately
adjournment of the association meeting and, after
on
adjournment to give
suitable
a
adopted,
committee of nine
a
resolution,
a
the
following
a
short
time to prepare
was
unanimously
some
difficulties
and
shortage,
control of the bituminous coal operators of
and
other
beyond the
causes
cooperate with the Department of Justice in bringing
about the elimination of unreasonably high
;
sense
of the bituminous coal operators of the country
industry be eliminated;
be it
same
year an
Resolved,
That the bituminous coal operators of the
coal, and further, that all unwise practices in the industry, where any such
exist, be condemned and eliminated;
a
result there
extensive accumulations of
are
Up to Oct. 26 there had
We
are
assured that the customary lake sup¬
without
preference
order
the
from
Commission.
This
unusually large amount of coal has already been moved to the North¬
by the all-rail lines.
The production of coal and car supply have been
considerably increased and
Northwest without
There is
a
are
now
considered ample to take care of the
special priority order.
1
i
shortage in the central territory of coal for domestic use, for
a
which additional transportation must be supplied before cold weather sets in.
The suspension of Service Order No. 10 should enable the mines and rail¬
roads to take care of that territory propiptly
and fully, and will make
more
fluid the movement of traffic throughout this territory and also enhance the
supply.
car
was
given by commission to representatives of the
Northwestern States and to interested parties, and no information has been
received from them which indicates that the continuance of the order is
essential.
now
as
in the past, be carefully watched, and should occasion
for the further exercise of the commission's emergency powers such
appear
action will be taken as the facts warrant.
.
illustrating the improvement in the coal situation, attention maybe
As
dvawn to the fact that since October 15, it has not been found necessary to
issue
priority order for
a
any
public utility
or
needs of such institutions have been taken
Governmental
agency as
the
of out of the current car
care
The withdrawl of service order No. 10 leaves in force
supply.
country refuse to ask or receive unreasonably high prices for bituminous
As
amount en route.
trans-shipment,
prices for coal where such exist
/that unreasonably high prices and unwise practices where such exist in the
Therefore,
'
actually dumped into vessels at the lower lake ports 18,572,518 tons
The situation will
and
Whereas, It is the
2,868
pliers will continue to ship their commitments to the lower lake ports for
the country; and
Whereas, The Attorney General has requested the bituminous coal opera¬
tors of the country to
3,288
•
with 580,000 tons in cars at the ports awaiting duinping and approximately
Notice of the situation
time past has existed in the
bituminous coal industry of this country due to inadequate transportation
facilities, labor
been
general
being wired to the Attorney-General:
copy
Whereas, An abnormal condition for
promulgated.
was
coal at these ports and a large volume en route.
the
any
meeting, comprising the operators from
meeting
open
message
No. 10
west
all parts of the country,
This
Tuesday's meeting voted to
policy against taking
second
a
-9,412
—
trans-shipment by water
refer
to
-_-^_7,670
October 1 to 26__
time since Service Order
coal prices, because of restrictions in their charter,
on
2,198
3,457
•
to the head of the lakes is now less than at any
bers of the Coal Association at
ing
•
The demand for coal at the Lake Erie ports for
a view to
considering the question of
reduction in the present high prices.
The mem¬
maintain their fixed
..9,212
by Col. D. B. Wentz, President
General Palmer with
a
<
Association, at the request of Attorney-
of the National Coal
effecting
Dumped.
__._'_i5,617
September
As stated in these columns last week (page 1625),
prices.
the conference
Average
'
at Port:
:
of Justice
ment
ordered
was in July 74.7%, August 80%; and* September
85.6%.
following statement shows the daily average number of cars at the
ports, and of cars dumped:
•'
•
'
>
'
'
a
cars
62.2%, it
was
The
resolved that it be recommended that each bituminous dis¬
trict establish
of open navigation.
season
Simultaneously and continuously, a vigorous effort* has been made to
increase the supply of cars available for the
loading of coal, which has been
so successful that while
during June the ratio of cars
no
priorities,
except the general priority of coal over other traffic moving in open top
cars
suitable for coal loading, and about 170,000 cars have been specially
released from that priority order for the movement of building and road
materials and certain perishables, such as sugar beets.
Be it further Resolved, That it be recommended to each bituminous coal
district in the United States that it immediately establish a committee in its
district, and that such committee
so
established will
use
every
effort to
cooperate fully with the Department of of Justice and the Federal District
THE
AND STEEL MARKETS.
IRON
Attorney in such districts to bring about an elimination of unreasonably
high prices and unwise practices, where such exist, in order that the
the
and
object
sought by the Attorney
prupose
General throughout the
whole
country may be accomplished.
A
telegraphic
received
I
Attorney-General
from
on
Palmer,
informed that you have called a meeting of operators of
am
coal mines throughout the country at
ing with
Cleveland for the
bituminous
to
recent suggestion that the operators should reduce prevailing
my
of
prosecutions to be instituted by the Department of Justice for violations of
the Lever Act in charging unreasonably high prices.
If the operators
the sole purpose
of preventing unreasonably high prices and without any
this department if.
It would be particularly helpful to
in pursuance of the general purpose to reduce prices, the
operators could arrange for reports to me, voluntarily made to our District
in
cases
will be
You will understand, of course, that I
uniform for any of the
tors
assume
there
effort directly or indirectly to hold prices up or to make them
no
at the Cleveland
producing
of their committees
any
or represen¬
tatives.
Maher, of the Maher Collieries Co., who spoke for
members
of
the
Pittsburgh Vein Operators'
quoted in the dispatches from Cleveland
having the following to
say
It should mean retail coal at not
near
future.
and
reason
$4
never more
$12
The
The prices
must
come
Association
Oct. 26
more
than $8 50 or $9 a ton in the very
wrhich have been prevailing have been beyond all
down
$14.
■
come
We
Freight is $2, which added doesn't
"
While the Youngstown
plant of the Carnegie Steel Co.| is operating but half its open-hearth furnaces,
whole is running to 80% of its steel capacity and 40 of
the company as a
its 59 blast furnaces are
producing.
"
'
,,
No change has been made in the Steel Corporation's price
expectations of
an
propose to step
in and
now put an
end to speculative
ing which an announcement is looked for before thednd of the year.
The unevenness in order books, with the
has
caused
passing of A "Scarcity" market,
sharp cut ih prices here and there."At Pittsburgh one bar
a
tion's
The effect of the action taken to-day will be almost immediate.
and shapes
unnecessaxy
move
from producer to ultimate
changing of hands.
-
1
1"v*''
'
•
new
gondola
cars
for a coal company—all at 2.656., Pittsburgh, for
consumer
Some car
of lower bids later.
market for 1,000
hopper cars.
Raif bookings for 1921 point to
in either
iftctiide 13,000 tons of plates
for the repair of 3,000 New York" Central cars and 7,000 tons
plates and 2.45c. for the shapes.
1919
or
1920.
been made in the East,
v
'
an
important iffcrdase over the rollings
Nearly all Western rbads have
The
independent mills,
without
' j'.' ' ' '
plates just bought by the Standard Oil Co. from
2.95c. and 3c.
Wrought pipe is an exception to
to 40,000
tons.
for next
Pennsylvania.Some
Stefcl'Ccli^qration's rail price
'A
is active oh a fairly large scale, a
up
arranged
Ikrge reservations have
including 100,000 tons for" the
finally fixed.
as
the
inquiries hAvb been withdrawn
The Norfolk & Western is in the
independent mills will not agree to accept the
speculation is stopped the prices in retail markets will fall and the
readily will coal
seller went to 4,25c. for steel bars'; equivalent to 2.50c.
one
The week's sales of car material at Chicago
for
Steel Corpora¬
On the
price of 2.35c. and then went back to h minimum of 3c.
Pacific Coast
For 6,000 tons of prompt
prosecute any one who attempts to profiteer.
policy and any
advance by the corporation still centre in rails, concern"
year's uppy at prices to be fixed later, and Some
,
in which heretofore has been
buying in the coal market, eliminate the unnecessary middleman and help
more
the Steel Corporation's
Pittsburgh and eastern Ohio districts have been more than 50% idle and
in the expectation
immediately.
in the speculation,
further decline
Some of the lesser steel plants in the
six blast furnaces in those districts have blownbut.
as
relative to the action taken:
than $3 50 to §3 75 a ton.
or
price has
beyond control.
minute
a
Pig iron in turn is $2 to $3
ton, making a total of $6 in two weeks.
More mills have reduced output.
this district, because we've been selling coal at the mine right along at
make
a
Pittsburgh.
on
I don't believe there's been much profiteering among the coal operators
in
In coke, which has been the key
maker, in need of tonnage, took orders for several days at the
T. H.
was
28:
in new business, the downward tendency of iron and
prices has been more pronounced
lower and in billets and In several finished steel products, notably plates
consuming regions either by the opera¬
or
meeting or by
reproduce here the
high pig iron prices for months, the week has brought
where any operators continue to charge unjust and
unreasonable prices.
increase
we
and bars, independent producers have come closer to
limit themselves at that meeting to discussing prices with
effort to comply with the Lever law.
no
markets,
given by the "Iron Age" of this city in
prices.
attempt directly or indirectly to fix prices, I would consider such action as
Attorneys,
With
steel
of comply¬
purpose
unreasonably high prices for bituminous coal and thus lessen the number of
an
its issue of Oct.
the day of the meeting, said:
interest felt at the present time in the
of the iron and steel
course
review of the trade
message
by Col. Wentz
In view of the great
.
.
Pittsburgh ap^eahW have been rrifd.
the general markbt' tendency, as hi'jbfry
pending contract Tdr bil lihepipb running
An export inquiry is for
ujhvard df 3b0'hiileJ bf 8:lu
and
0
<
rf< »
sold on oil country goods and
pipe. "Makers ate quite well
10-in.
standard.
succeeded except for the sudden change
6,500 tons at $40, Mahoning
and Shanango Valley furnace, a decline of $3, prices of other grades In
the Valleys have been correspondingly reduced and the price of basic in
eastern Pennsylvania, determined by the Valley market is down $5.
The
price of No. 2 foundry iron in the South, long held at $42, has been cut $4
to a sale of 3,000 tons by a Southern steel company not usually a seller of
foundry iron.
In Eastern territory, the few transactions recorded are
confined almost entirely to resales at liberal concessions.
Even the lowest
quotations of the week a reconsidered but temporary, as the rapid decline in
coke Is having its effect on pig iron and the general tendency is downward.
Foundries, however, continue fairly active and are merely marketing iron
brought in excess of probable requirements to make sure of deliveries.
Export sales have fallen off in a marked degree this month, the unfavor¬
able credit situation creating an embargo against a growing list of countries.
However, figures for September and October are expected to show ship¬
ments up to the average of more than 400,000 tons for each of the previous
Followingsalec of basic pig iron amounting to
in the attitude of the Administration
the Industrial Board and thus
which resulted in the abolition of
•/>
,
have done since then much to prevent
we
present we are called upon to exert a
The 6,000 tons of American
rails reported from Buenos Aires to have been
been
a resale Government
lot, as no rail mill took this business.
Domestic
mills have been getting higher than $60 seaboard (freight to Argentina
bought by the Argentine Government at $73, delivered, may have
being about $13)
on
unreasonable advances and at
further steadying influence upon the
general situation.
Let us be reasonable and just, reducing our prices if and
when other reductions and costs permit and then with level heads, clear
and honest convictions, stand solid as against panic or
mind*
Let
fidence in the industrail situation.
us
Stagnation and plant
in Great Britain and prices are weaker.
the situation
mark
disturbed conditions.
usual, liable to provoke
about them and study the facts and figures.
to look
opportunity to read the report of the Comptroller of the Currency.
the United States break
had
all records and exceed the combined bank assets of
all other leading nations
$53,079,108,000, not including
Compare this with the time of Alexander Hamil¬
of the world and that they now amount to
Federal Reserve banks.
of the United States, who wrote under date
ton, Secretary of the Treasury
President, Directors and Company of the Bank
"I have to request that you
will be pleased to advance to Samuel A. Otis,
or
reduction in finished and semi-finished products in Germany.
bar iron at 2,440 marks
The State-created Iron Industry Union has now put
months from Nov. 1, against 2,840 marks in
ton, effective for four
Pig iron is left as before, because exchange
July and 3,620 marks In May.
imported
has increased the cost of
"As I have been informed that the bill, making
GARY
IRONL AND
RE-ADJUSTMENT OF
ON
^
V
STEEL PRICES.
/
steel industry there
have, of late, been some decreases in
voluntary reductions in
the volume of new business and also
selling prices, Judge Elbert II. Gary, in his address as Presi¬
dent at the semi-annual meeting of the American Iron &
this city on Oct. 22 declared that "the
Institute in
of the general scale ought to be reduced equitably
average
and
Without referring to individual
relatively."
lines of
or
general ,business, Judge Gary made the assertion
believe in
"J
that
cases
many
instances, prices have been out¬
high."' While stating that "this observation
applies more especially to middlemen, so-called, and to
rageously
smaller departments
of industry," he added, "it also includes
employes in Certain trades, but it does not pertain under
present conditions.to the.masses of workmen."
The greater
part of Judge Gary's address was devoted to a recital of the
situation in France and Belgium, as it appeared to him after
a
sojourn of two months in those countries, and the remarks
which
we
quote above were contained in his reference to
the business outlook toward the close of his speech.
this head he had the
Although this is
skies
a
following to
time for courage,
practically without clouds.
are
from time to
say:
As always, there
It is
with fair and reasonable profits.
depression, which
now seems
be showers
may
the business
up to
to maintain certdih £md continuous business
are
and caution, the business
composure
a
ficiencies in our
resources
face and discuss
any
and opportunities.
serious reaction and
any
to some
the immediate future even
minds,
appear to
decreases in the volume of
selling prices.
us
new
though it might, in
some
industry there have of late been some
business and also voluntary reductions in
I consider this decidedly healthful.
to quantities or
made.
and
deliveries and
profits.
The
As
average
relatively.
a
our
prices, considered
matter of course
some
All,
or
nearly all, of
as a
whole, have re¬
adjustments will need to be
of the general scale ought to be reduced equitably
Without referring to individual
cases
or
lines of general
business, 1 believe in many instances prices have been outrageously high.
This observation applies more especially to middlemen, so called,
and to
smaller
departments
of industry.
It also
questions pertaining to this subject will be discussed by your
of directors, to whom you have always
The onward march of progress
We may and will be a
is moving rapidly.
part in the procession and, in a measure, assist in guiding
I have heretofore publicly
This is applicable to the present
to himself so no nation liveth to itself."
period.
When
consider
we
trusts and vicious
few years
the world's
destructions,
disasters,
has been
so
good and our country so prosperous as it has been.
the fields laugh with the harvests, the mines and wells
and go,
riches, the morals of the people in general are improving and an
fcrary
said in part:
On the whole I am of the opinion that both
progress
France and Belgium should
They are making good
with conditions and prospects.
They are in better shape than
and with increasing momentum.
Rates of exchange are unreasonably high and
I had expected to find them.
prohibitive, but foreign
money
is being received in larger and still
these will, we hope soon, have a decided and
beneficial effect.
Both France and Belgium need and deserve all the
mercial
assistance from
tive basis.
employer, mutual confidence and friendly
are essential.
ANNUAL
MEETING
OF
AMERICAN
lower,
more
reasonable and fairer rela¬
The whole community desires and strives for this.
The diffi¬
PETROLEUM
INSTITUTE.
R. L. Welch,
General Secretary of the American Petroleum
Institute, announced
which is
recognized
on
Oct. 24 that the petroleum problem,
as one
of the most vital problems con¬
fronting America at the present time, will be discusse d in its
national and international aspects at
the forthcoming
annua
meeting of the American Petroleum Institute, which will be
held
in
Welch
Washington next November 17,
18 and 19.
Because of the importance
the discussions it is not intended to limit the attendance to
leum
who
are
engaged In the
Invitations have been issued to the petro¬
petroleum or allied industries.
representatives of twenty-one foreign Governments.
The scope
on
of the meeting is indicated by the subjects selected for dis¬
the three days of the conference.
topic for consideration will be
speakers
will discuss
On the first day the general
"The World's Petroleum Problem," and
the relationship to the
problem of Great Britain,
culty is found in the fact that every individual is perfectly willing that all
Mexico, the United States and other oil-producing countries.
others shall make reductions—the larger the better.
tives of the nations most concerned are expected to be present and
less,
a
lb ere
As there was, more or
scramble for higher and still higher prices when they were advancing,
will be just as much selfishness in the enforced use of braises when
the situation and the
extent, will in
be discussed by experts at the second day's
one way or
prices.
another bring about
a
fair and reasonable adjust¬
The law of supply and demand will be the principal factor.
attitude in these circumstances?
disposition which
was
I
we
presonally do; what shall be our
explain
in relation to the steadily increasing consumption
in all parts of
We naturally ask ourselves what shall
Representa¬
point of view of their respective countries*.
Petroleum production
there is a tendency toward decreasing prices.
Now a general public, in¬
cluding particularly those who are neither sellers nor buyers to a large
ment of
Mr.
says:
It is the belief of the Institute that this meeting will mark a distinct step
cussion
a
,
reasonable and practicable, and this will be accorded.
members of the Institute, but to welcome all persons
in
questions are always under consideration in this country and
It should be constantly borne in mind that, in order to secure the
tendency is toward
financial and com¬
States that is proper
the people of the United
to
employees
the world has caused
and Government geologists.
grave concern
to producers,
consumers
This important phase of the oil problem will
session.
The third day will be devoted to the expression of expert opinion as to the
future of the oil business in America and elsewhere.
We must evidence the same
Through the discussion under these three topics assigned to separate days
displayed before the Industrial Board,, in March 1919,
it is believed that the result of the sessions will be to give to the world the
answer:
"when our steel committee cooperated with
tives in the endeavor to
secure a
the. Government's representa¬
general, equitable, orderly and methodical
reduction in the prices of all commodities and services.
We would have
A"
In his remarks relative to conditions in France and Bel¬
gium Judge
Industry's progress and development.
The present
yield their
overruling
destinies of men and nations.
and just Providence is surely controlling the
attached
best results to both employee and
dis¬
Gentlemen, the earth is still regularly turning on its axis, the seasons come
workmen.
co-operatiou
agitations,
propaganda, the wonder is that business during the last
in the oil
Labor
the course
said, quoting from the Bible: "As no man liveth
certain
others.
board
delegated full authority.
trades: but it does not pertain under present conditions to the masses of
includes
In the near
glad to participate with us in another international meeting.
which
respects and
have for months been unable to supply the demands of our customers as
sulted in
the full limit of propriety, should cooperate with those of other
I have Information that many foreign manufacturers will be
to
countries.
the subject of future
be unfavorable.
In certain lines of the iron and steel
up
fundamental de¬
We may without hesitation
upon
United States
I think the members of the Iron and Steel Industry of the
larger amounts by reason of growing exports and otherwise, and eventually
economic progress, and we may frankly and openly admit any truth
concerns
Indeed it is the habit.
the rule.
and women
improbable, it will be the fault of those who
and all facts that bear
They have
great reponsibility.
They will size up to it.
Occasionally there will be
unpleasant vicissitudes.
There will be agitators abroad in the land en¬
deavoring to create dissatisfaction and disturbances, sometimes mas¬
querading as reformers.
There will be secret enemies of our country;
and all right thinking people must be on their guard.
Love of country is
indicate the
men
connected with business operations or others who, by reason of official
positions, improperly interfere, and not because of
and
thankful
Our people should be
other countries.
proud nor Indifferent towards others.
almost
activity in satisfactory volume
If there should be
States and the
I have previously referred to them,
production.
not be
they may
be well satisfied
time, but there is nothing in the atmosphere to
approach of dangerous storms.
Under
purpose."
familiar with the total wealth of the United
are
made comparisons with
future
'
been
the Public service, in compliance with my
hitherto advanced by you for
but
Referring to the fact that in certain lines of the iron and
appropriations for the pres¬
shortly to replace this sum, as well as the monies which have
very
You
'
the
has passed both Houses of Congress I hope to have it in my power
ent year,
value of the yearly
'
and Seventy-two
Account of the compensations due to
Senators of the United States.
several requisitions for that
ore.
of
the United States:
Dollars and Ninety Cents on
Steel
business
They have only
We have recently
They need not be dicsouraged nor impatient.
future.
M
|
people of the United States have reason for confidence in the
The
Esquire, the sum of Fifteen Thousand Nine Hundred
offered Belgian steel bars at 1,235 francs,
$84, delivered in the Argentine.
A noteworthy development calculated to help German exports is a ma¬
JUDGE
If we are
Let us as individuals con¬
sider the interests of all others.
Our business is basic.
It is perhaps one
of the most important.
We may, we must, exert an influence for stability
throughout the business world at a time when readjustments are, more than
American exporters have been
per
lack of con¬
strive to be right.
right we can be determined and courageous.
of Feb. 26 1793, to The
export rail business.
Europe's markets remain in line with events here.
terial price
limited the
Notwithstanding that episode
leaders in the industry to their own resources.
He informs us that the resources of all the banks of
four months.
shutdowns
[Vol. 111.
CHRONICLE
THE
1712
most
recent information and the most
enlightened opinion regarding the
world petroleum situation, the present status of production and
tion, and
a
forecast of what
may
be expected in the future.
oonsum p-
"sM
Oct. 30 1920.J
In addition to the general sessions, specific
with by groups made up of experts from this
methods, &c., will be dealt
;
and other countries.
reached
France
subjects such as transportation'
taxation, statistics, research, improvement in
1713
LONICLE
THE
Chairman
$532,500,000.
approximately
Parker's letter to the Secretary of War
.
„
York, Oct. 21 1920.
New
>
t
■
in the
New York "Herald" this morning and tall your particular
paragraph I have marked in bluepenciH in which you will
My Dear Mr. Secretary:—I hand you herewith an; article featured
first page of the
THE PORT OF NEW ORLEANS.
attention to the
"The Port of New Orleans, Its Relation
:A pamphlet on
to the
and is being sent to each Chamber of Commerce, and
merce,
bearing
foreign trade;
on
health
work,
boat
equipment in
as
serve
covered,
as
the fact
on
invested in port facilities, in
navigation channels and other
The
reference
a
library
It
ambitious reporter during the closing hours of a
;
were
of surplus
-
;.v
'i.m
v
materials in Europe aggregated $822,923,225 82.
sales, stocks located in France sold for approximately $737,-.
approximately $532,500,000.,,
of whom,
at least,
sold to France for
do not want the facts.'- 'They, seem to have the
$400,000,000.
'
r
■
mind that supplies'and equipment of the
It should, of course, be borne in
estimated value of $672,000,000 were
returned to the United States0 and
stocks of the value of $10,000,000 were
world for a
will need most vitally, and that the line of
given to the Bed Gross.,
to
this,
as
sold since April 6 1917,
this region is
estimated at approximately $160,000,000, and also
assumed the payment of rents
in number,
and lands.
and claims, approximately 150,000
arising out of American occupation and use of installations
Yours very truly,
UNITED
OF
DEPARTMENT
In addition
for the "bulk sale," France waived
imported into France and
part of the purchase price
claims for taxes and customs duties on property
New Orleans."
INSURANCE
•
impossible to get these figures straight in the minds of our critics,
'
tiality in the matter of those things which the
the port of
s.
had $400,000,000 been used instead of $4,000,000,
'
seems
some
region of greatest actual production and greatest poten¬
low resistance for the in-and-out commerce of
an
may.
impression that all of the surpius stocks and property located in France
as
number of years
it
Stocks sold to France aggregated
the particular subjects
on
sales
Of these total
"to eoncentreate thought of the country
that the hinterland of New Orleans is the world's
well
but'a<> small matter like a
372.000.
According to Mr. Parker, the pamphlet is expected
ment."
as
the figures would still be erroneous.
sums
lines,
intended
pressroom, and that he
$400,000,000 instead of $4,000,000;
But, be that
region capable of immeasurable develop¬
a
>,,t *<»..» 0')«'}.•" r.
.
furnishing the copy lost a< Couple of ciphers
route from his mind to the
National political campaign.
transportation lines of low resistance and their
Great Basin;
years."
that the reporter
en
of no moment to
course,
population, production and capacity of the
"wealth,
print
disposed of to the French'Gomrmment for $4»,000,000,
couple of ciphers, even where they should precede six other ciphers, is, of
The pamphlet treats of
journals throughout the country.
ten
assume
to
magazines and commercial
all of the influential newspapers,
to
I
somewhere
was
"property'which: had cost this ooutitry
is made that
statement
payaole in
Orleans Association of Com¬
General Manager of the New
the
note the
$l,390,989,d02
Mississippi Valley," has been issued by Walter Parker,
•
EDWIN
STATES
PABKEB.
B.
CHAMBER OF COMMERCE.
has
Announcement
been
made
of the
ance
appointment of
DUM—CONSTITUTIONAL BOND AMENDMENT.
proposed constitutional amendment in regard to the issuance
of serial bonds which voters in New York State are to act
to direct the affairs of
Department of the National Chamber.
Each,of the various
insurance committee includes
in the United States.
men
mount
The personnel of the
of the leading insurance
B.
voted upon at the polls on Nov. 2,
If acted upon
Hartford, Conn.
National
an
Helena, Ark., Chairman Legislative Committee
Bobe Bird,
Vice-President Milwaukee Mechanics Insurance
Sheldon
Catlin,
M. J.
Cleary, Vice-President Northwestern Mutual
E.
A.
A. H.
L.
F.
shall go, as
Each
A small quantity
To provide
on Oct. 19 that it had
which originally cost over
of 63%.
Its statement follows:
"all
being in excess of the
been sold as surplus property.
year
will
under this Act shall be exempt from
execution."
.
:
interest will be 5%, interest for the first
$1,800,000.
principal to be. paid off
paid out of
be
Average yearly payments
From year to year the amount of interest to
out
come
25 years would be $2,925,000.
of taxes for the entire
principal and interest would be $73,125,000. ,
evident from the above
What the former service men would get is
What the residents and taxpayers of
pay
it goes,
.
,f.
industrial
when distributed,
loans for building operations and
To the extent to which the bonus money,
is immediately
,
market and ,Increase to that extent
to further tighten the money
prices.
added that the sale of this
the New York market would tend, so -far as
the present difficulty of getting
enterprises.
expended it will have
,
a
tendency to sustain or accentuate high
......
-
Constitutional Amendment,,
.
,..
surplus prop¬
The amendment affects Sections 2, 4,
Whenever these are
suppress
,..
people Nov.
2
5, 11 and 12 of Article 7.
Section 3,
debt without/ limit "to repel invasion,
insurrection, or- defend the State in .war,"- is
The effects of the
,5
make the issue of bonds in serial form
which authorizes the State to incur
immediately applied.
,
the State to con¬
mandatory.
change the Constitution in relation to the power of
tract debt, and would
•
•
•,.
Constitutional Amendment No. 1-—to be voted on by the
would
The
outline.
the State as a whole would have to
is also evident, except that it should be
Issue of tax exempt bonds in
small irregulanties will occasionally occur.
brought to the attention of the War Department proper
are
.
This makes a total of $4,250,000 to be
erty it is inevitable that some
corrective measure,
,,
will amount to $2,450,000 and the amount of
be
total payment or
its interest by not allowing
obtain the articles bought unless a substantial amount is
that engaged in the disposal of
bonds shall be exempt from taxation and that
paid would grow less as the bonds are retired.
to
must
.
.
.
payments or allowances made
taxes for the first year.
purchased in the open market.
will be payable
They are to bear interest at 5% and
If it is assumed that the rate of
Department takes every precaution to protect
as
.
all taxation, and from levy and sale on
The policy
of the War Department in selling surplus and reclaimed property is to
advertise extensively in business and daily papers throughout the country
a sufficient time in advance of the sale to enable ail interested to compete.
Every effort is made to allow the public at large to purchase whatever
articles are placed on sale, and as far back as August 1919, the War Depart¬
ment issued instructions that in so far as practicable the surplus material
be disposed of to the ultimate consumer and that no firm, corporation,
jobber, &c., should be considered until all other channels had been exhausted
Up to date the War Department has sold surplus property which originally
cost over $1,000,000,000 at a recovery of 63%.
For instance, textiles were
sold amounting to about $113,000,000. with a recovery of 73%.
The War
purchaser to
;
be issued in serial form so that they
It is provided that these
uniform clothing of proper sizes it was found necessary to manu¬
and in some instances small amounts of
deposited with the order.
In as large an organization
dollars for
but not desiring to receive
the benefit of disabled soldiers
.
not be sold at less than par.
facture it from material on hand,
any
lid-
.
distribute the proceeds of the sale of
.
in 25 equal annual installments.
of uniform clothing of large sizes,
small sized underclothing were
,
;
thereof, but no one person is to
assign the sum due him to a fund for
The bonds are to
announced
needs of the Army after the armistice, has
relative.
and sailors.
SALES OF WAR DEPARTMENT.
a recovery
a near
A commission Is to be established to
to date, sold surplus property
$1,000,000,000 at
provided, to
beneficiary is to be entitled to receive the sum of ten
one may
mmmmmmmm—m—mmmm—m
The War Department
up
however, to army officers
officers above the grade of Senior
in service is deceased the amount payable
provision is made that any one entitled to a bonus
New York, N. Y.
and Manager Lumbermen's Mutual Insurance Co.,
SURPLUS PROPERTY
served for a period of more than two months
time of entering the Service and
receive more than $250.
Henry Moir, Vice-President Home Life Insurance Co.,
O.
so
each month of service or major fraction
111.
Mansfield,
who
The benefits shall not apply,
now.
Where the person
Lieutenant.
Life Insurance Co.,
President Frost-Johnson Lumber Co.,
E. S. Nail, President
sale of bonds of
$45,000,000, the proceeds to be used for
the military or naval forces
time between April 6 1917 and Nov. 11 1918.
above the grade of Captain or to navy
Shreveport,
La.
Greeley, President General Cartage & Storage Co., Cleveland, O.
Macomber, Vice-President Hibbard, Spencer, Bartlett & Co.,
Chicago,
residents
are
Wis.
Frost,
Amendment No. 1—to be
is the so-called bonus referendum.
and who were residents of the State at the
and Walnut Streets, Philadelphia, Pa.
Milwaukee,
,
.
favorably provision will be made for the
This shall apply to all
Baltimore, Md.
Vice-President Insurance Co. of North America, 3rd
Highlands Burns, President Maryland Casualty Co.,
F.
■
t
aggregate amount not to exceed
of the United States at any
Co., Mil¬
Wis.
waukee,
,
>
payment of a bonus to persons who served in
of Insurance Agents.
Association
v
Proposition No. 1—to be distinguished from
Lumbermen's Mutual Casu¬
President Hartford Fire Insurance Co.,
M. Bissell,
M. Allen,
we
The Soldiers' Bonus,
alty Co., 4624 Sheridan Boad, Chicago, 111., Chairman.
E.
importance that
herewith:
The committee consists of:
Kemper, President and Manager
James S.
City Club of New York, and both issues are
deal.
some
prepared by the
of such para¬
print its statement in the matter
at next Tuesday's election, lias been
upon
departments of the Chamber is in charge of a committee
of business men most of whom are engaged in the particular
new
line with which the departments
analysis of the bonus referendum measure and of the
An
Department Committee on Insur¬
the recently organized Insurance
a
STATE BONUS REFEREN¬
YORK
ANALYSIS OF NEW
Defrees,
by Joseph H.
President of the Chamber of Commerce of the United States,
left unchanged.
proposed changes are as follows:
-
.
■
,
.
which limits the amount of debt
that may be contracted to meet casual deficits or failure of revenue* to a
total of one million dollars, is repealed, and, debts >are.permitted without
limitation on account, "in anticipation of the receipt of taxes and revenues,
direct or indirect, for the purposes and within the amounts of appropriations
theretofore made," and must be paid off within .one year. • i <; This language does not restrict the amount • of debt to the probable
revenue, although such limitation is implied and could be specified in any
enabling Act passed to carry out this provision,. /The present limit- of one
(a) The present restriction in Section 2,
:SALES OF ARMY MATERIALS ABROAD.
In
■
a
letter
given to the public on Oct. 24 by the War
Department from Edwin B. Parker of
of
the United States
is made of
can
of
of
army
an erroneous
225 82,
stocks
statement that vast stores of Ameri¬
materials had b6en disposed of for the small sum
$4,000,000.
surplus
New York, Chairman
Correction
Liquidation Committee.
Mr. Parker's
army
that of this amount $737,372,000 was realized from
France, and that the stocks sold to
in case of emergency, now that the State
budget has grownto a hundred million.,
materials in Europe aggregated $822,923,-
located "in"
million dollars Is almost useless
letter states that the sales
-
tracted to repel
hereafter authorized shall be
•
;-o »<
1 v*.
-
♦.*«;- »-
.j
provision that,-except-for the debts con¬
invasion, &c., and those in anticipation of revenue* all debts
(6) The next change is the new
payable in equal annual installments, begin¬
ning not more than one-year after
the debt is- contracted and? to run-not
THE
1714
CHRONICLE
[VOL. 111.
longer than the probable life of the Improvement (In no case longer than
transportation
fifty yearsr-which continues the existing provision).
improved barge canal.
The intent of this change is to
bond and sinking fund method, to which various objections have
term
III.
substitute the serial bond plan for the longbe
been
raised;, and it follows the general tendency in municipal finance.
as
against such
the railroads and
as
the
plan is that there could
valuable by-product in the form of electrical power along the
a
national boundary.
mation.
(c) Section 5 is changed so that the annual contribution to the sinking
existing routes
One argument advanced on behalf of the
inter¬
Here, too, there should be complete scientific infor¬
This information should show to just what extent the
possibilities
funds for the old bonds outstanding shall be proportionate to the amount
of
estimated to be necessary to retire the bonds at maturity.
how much of it would be available on our side of the border and the extent
The method
provided in the constitution has been shown to be unscientific and
now
has resulted in the accumulation in the
.needed.
.
•
.
sinking fund of
more money
than
Is
electric
generating
be increased
would
power
to which such power could be
the
by
improvement,
transmitted to various regions where large
manufacturing developments would be practicable.
As the purpose of this plan is in effect to make sea ports of the lake
■
The Legislature is also authorised to pro vide for the exchange of
serial
cities, full consideration should be given to views expressed by qualified
bonds for outstanding long term bonds and to decrease sinking fund con¬
persons along the Atlantic Seaboard who are familiar with the character¬
tributions
pro
amount for
If the Legislature fails to appropriate
rata.
the sinking fund
a
sufficient
revenues
received, and any bondholder may sue to compel compliance with
this provision.'
'
{(I) Section. 12 relating to highway debts is changed to provide that here¬
other debts.
The proposed amendment is similar to that proposed by
the Constitutional
Convention of 1915 and has received considerable support as being in accord¬
with modern ideas
reason has been
in
So far as is known no good
public finance.
about half of the cost,
at
time when there
a
CITY CLUB OF NEW YORK
At
a
TOWARD
While the City Club Is
before the International Joint High Commission in New York
on
Oct. 19, 20 and 21, the position taken by the City Club of
New
York
Port
recommendation by
upon
Development,
Committee
are forthcoming,
The following is the presentation made by
Club of New York has for years taken an active interest in
important projects relating to the domestic and foreign commerce which
flows
In
so largely through the Port of New York.
spite of the national character of the great business of this port the
of the
ANNUAL
MEETING
The annual meeting of
Nov. 10, 11 and 12.
on
to be delivered at the
also includes
gram
York
the Barge Canal, and by the City of New York in the construction
on
improved harbor facilities has had in mind the benefits to flow to the
as a whole as well as to the City and State of New York.
Where
Nation
RAILWAY
the Society of Railway Financial
Addresses of welcome
an
are
expected
opening session by the Mayor of Rich¬
The first day's
Virginia.
pro¬
address by John M. Miller, President
of the First National Bank of
also be read by T. H. B.
T.
in supporting large expenditures by the State of New
OF
OFFICERS.
Officers will be held at the Jefferson Hotel, Richmond, Va.,
sylvania System,
the harbors
and waterways of New York.
of
Cer¬
convincing data
practicability.
SOCIETY
OF
FINANCIAL
Federal Government has thus far consistently neglected to give more than
the development of
sound¬
a
development
existing facilities offered by the railroads and the barge canal.
tainly the project should not be pusned forward until
the most niggardly contributions toward
The City Club,
it would seem
opinion that the ultimate costs involved would far out-run
figures which have been contemplated, that the amount of business
mond and the Governor of
Spencer.
The City
final judgment until convincing
shall have been gathered to support its economic
it contends
vincing data shall have been gathered to support its economic
Mr.
reserve
on
project should not be pushed forward until con¬
practicability."-
disposed to
the points here outlined shall have been provided,
on
While the Club withholds final
judgment until certain estimates
necessity for national retrenchment, our
veery
national policy would be to give adequate support to the full
indicated by the President of the
was
Club, Nelson S. Spencer.
that I "the
its
any
er
the proposed St. Lawrence Ship Canal
on
is
con¬
These states will not
developed would be disappointing to advocates of the plan and that
L/AWRENCE SHIP CANAL.
hearing
the United States is
as
available.
to be the Getter
OF
far
They at least have the right to urge that
Government shall not be committed to any doubtful or chimerical scheme
involving the expenditure of hundreds of millions of dollars.
The commission has been asking and receiving expressions of opinion in
various parts of the country on the basis of the wholly inadequate data now
data
ST.
so
cerned, will fall upon the Eastern Seaboard states.
presented why this amendment should not be approved.
ATTITUDE
'
Unless the states of the Middle West should propose to bear the expense
of this project,
share in the hoped for benefits.
j
.
after such debts shall be created in the same manner as
ance
istics and economic aspects of ocean commerce.
amortizations or serial bond redemption or
interest, the comptroller is directed to make such payments out of the first
Richmond, Va.;
will
papers
McKnight, Treasurer of the Penn¬
"Personality in Business," and by John
on
Reid, Treasurer of the Atlantic Coast Line RR. Co.,
on
"Settlement of Claim for Order Notify Shipments delivered
without Surrender of Bill of Lading."
Thursday, Nov. 11, there will be
an
At the meeting
on
address by John Kerr
the interests involved affect both New York and the Nation they must be
Branch, President of the Richmond Chamber of Commerce,
considered broadly and with fairness to
and papers
We understand that
no
definite official estimates have yet been made
either of the cost of the St.
which would
use
both.
Lawrence
project, of the amount of traffic
the proposed route or
of
any
possible saving in freight
charges which might result from its construction.
For thifr reason
might hesitate to express any very definite views till
we
We observe, however, that at the many
such estimates are forthcoming.
will be presented by F. H. Hamilton, Treasurer
of the St. Louis-San Francisco RR. Co.
Treasurer of the Seaboard Air Line Ry.
of Checks and
In the afternoon there will be papers
waiting for adequate data
practicability.
It may fall therefore to the lot of business
men and organizations of the ^Eastern Seaboard to take the sometimes
unpopular role of criticism and to ask for a careful examination of all the
Treasurer of
as
the
to cost or
economic factors before the project is endorsed.
It
is
understood
will officially report
qualified engineers
that
upon
"Remittances
of
Agents
and
"All
improving the ofchef
channels necessary to a full
(а) Improvement of the connection between Lake
Ontario and Lake
Erie, through the Welland Canal or otherwise.
(б) Deepening of channels between Lake Erie and Lake Huron through
the Detroit River, Lake St. Clair and the St.
Deepening and straightening of the Sault St. Marie ship channel and
(c)
by A. B. Jones, Local
on
Conductors," by James A.
Island & Pacific RR. Co.,
Passes, Art alone Endures."
on
banquet will
occur
with
speaker to be announced.
a
on
In the evening the annual
Society wall hold its closing meeting
on
The
Nov. 12, when E. C.
Mann, Treasurer of the Lehigh Valley RR. Co., will present
a
paper on
"Selling Stock of the Company to Employees
Installment
Clair River.
"Preparation
"Railways of Canada," and by Carl Nyquist, Secretary and
Treasurer of the Chicago Rock
completion of the route.
on
Yates, Assistant Treasurer of the Grand Trunk Ry. Co.,
between Lake Ontario and Montreal.
I. We respectfully submit, however, that equally complete data should
Co.,
Chicago & North Western Ry. Co.,
possible methods and probable cost of construction of the route lying
be prepared on the cost of
"Practices under
Payment of Wages by Divisional Paymaster."
hearings already held by your Honorable Body in the Middle West definite
support has been given to the project without
on
General Order No. 30," and by T. W. Matthews, Assistant
Payment Plan,"
and the election of
on
officers
*
will be held.
enlargement of the great locks at Sault St. Marie, to afford passage to sea¬
1
going ships into Lake Superior.
(d) Widening and deepening
access
to Lake
of the straits of Mackinaw for suitable
(e) Estimates of
or any
that may be necessary for improvement of
developed solely for the light draft lake vessels, careful estimates should be
prepared of the cost of readjusting these harbors to deep draft trans-Atlantic
..■■■•'
;
(g) There should be
•
some
canalization of the St.
reliable determination
as
to the effect that
Lawrence River and the deepening of connecting
channels would have upon the depth of the water in the
Gr^at Lakes.
Scientific data should be gathered and published to show that;
this Immense project shall have been completed it will prove to be
when
economic¬
ally sound.
(а) It should be shown that ships are in existence or could be readily
built
so
adaptable to both ocean and channel navigation that the utilization
of this route
would
be
practicable without the transference of cargoes,
which is the chief objection to existing routes.
(б) There should be
a
convincing evidence to support the contention
that ship lines would be established and maintained through
In spite of the unavoidable interruption of traffic due to the
ment
a
in grain and meat shipments
as
as
possible increase in shipment of
(d) A like analysis should be made of European or other foreign freight
as
its destination.
In particular it should be deter¬
mined that likelihood there is of sufficient certainty of return cargoes to
support the large scale shipping enterprises contemplated by advocates of
the plan.
(e) A comparison should be made of speed to be reasonably expected on
the proposed route and of the probable savings, if any , in actual cost of
in
address before the Convention of the Associated
an
dustries of Massachusetts at Boston
on
In¬
Oct. 28 by S. Davies
Warfield, of Baltimore, President of the National Association
of Owners of Railroad Securities.
for the
same
He said that suggestions
organization of this Corporation were made at the
time the Association laid before Committees of Congress
in January
for the
return
1919, its proposals for the mandatory method
adjustment of railroad rates to yield the definite
on
the aggregate
in districts,
which is
value of railroad property grouped
now a
part of the Transportation Act
Mr. Warfield stated that:
manufactured products should be taken into consideration.
having the lake region
supplied with equipment through
public corporation, operated without profit, was discussed
a
closing of
In this connection possible falling off
well
FREIGHT
and fundamental to the re-establishment of railroad credit.
detailed analysis of commerce for European ship¬
originating in the lake region.
OF
1
.
this route
St. Lawrence River navigation for about five months out of each year.
(c) There should be
How the railroads will be
other of the Great Lakes.
(f) As the harbors and port facilities of the lake ports have hitherto been
II.
ON "OWNERSHIP
CARS".
any expense
channels In Lake Erie
ships.
WARFIELD
DAVID
Michigan.
If the other
proposal of the Association had been adopted at that time
the shortage of
railroad equipment through which the shippers have been
passing would have been largely prevented.
The suggestion
was
that
a
corporation be organized by Act of Congress, National in the scope of its
operations and public in character, to furnish equipment to the railroads
under
conditions which would
secure
the most extended and economical
service from investment made in railroad equipment.
Referring to the Railroad Administration, he showed that
equipment purchased and allocated to the railroads during
the
war
was
declined in
many
cases.
"Many railroads
THE
1920.]
OCT. 30
equipment," said
Mr. Warfield, "not knowing whether the roads would be
returned to their owners and if returned under what con¬
ditions. .The securing of equipment, both engines and cars,
declined to make commitments
thus
was
for this
seriously hampered because of lack of
comprehensive
the return
of the roads the shippers were therefore confronted with
inadequate service which has contributed largely to the
unsatisfactory business conditions of to-day."
Mr. Warfield referred to the organization by the National
looking to the future;
and matured plans
Association of Owners of Railroad
upon
Securities of the National
the laws of Maryland,
with the purpose of asking Congress to re-incorporate this
company by Federal Act.
This, he pointed out, is a public
corporation, operated without profit; the capital stock is
nominal, has been subscribed by the security owners Asso¬
ciation and will be deposited with the Secretary of the
eight trustees,
which will later be extended to twenty.
A large number of
railroads, he stated, have applied to the Corporation for
equipment, involving an outlay of over $130,000,000 and
is at present managed by
It
engaged in financing as many
be included in two series of $30,000,000
Corporation is
the Service
of the carriers as can
now
Equipment is furnished under two
Sale and Lease.
He continued:
each.
The
plans, Conditional
if the plans are carried out, must
reduction in capital expenditure of railroads for
operation of this Corporation,
ultimately result in
a
equipment purposes and will work towards a reduction in railroad rates.
Railroads would be furnished equipment to meet the seasonal requirements
owned by
Class One railroads.
These cars involve an outlay of approximately
$2,500,000,000.
Taking the records during a series of years, it will be
found that under the present method where carriers purchase equipmentj—
both engines and cars—to meet their maximum necessities, more equip¬
ment is needed than where there is a supply of floating equipment as is
proposed by this Corporation, and capable of being transferred from one
railroad and one section of the country to another to meet seasonal con¬
ditions.
A carrier would thus be required to own equipment in proportion
only to its normal business.
Shippers would have the advantage of a
supply of cars to be leased to the railroads to immediately take care of re¬
There are
business.
of
quirements at
And
now,
approximately 2,360,000 freight cars
come
to the most
important of all sources of
supply to
the business demands of the country—the use
through the division of profits of those carriers earning
obtain equipment to meet
created
of the fund
devoted to transportation uses,
Act. Our association initiated this
system of rate-making as essential to adequate rates to maintain trans¬
portation as a whole, and to round out and obtain the full benefits of the
proposal both to the shipper and to the owners this Corporation is essential
as an integral part of the plan.
If this fund is permitted to be nsed by the
Commission through this public corporation to purchase equipment to be
leased to the railroads under the plan contemplated, not only will freight
congestion cease but freight rates will decline relatively in proportion to the
service furnished.
It is not necessary to call the attention of an audience
like this to the many economics that can be instituted in the supplying of
more
than 6% on
their individual property
provided by the Transportation
as
equipment through
to-day that he
proceed under
whole which is the
of the persons associated with
was one
Competition between railroads in
will be avoided and manufacturers
definite plans to meet the needs of transportation as a
objective point of the shipper and the public.
such an agency.
Siberia.
"
.
to
REPORT OF ACQUISI¬
LANDS—SENATOR HARDING'S
VANDERLIP'S
SECRETARY COLBY' S
AND
STATEMENTS.
from London on Oct. 25
reporting the conclusion of arrangements by Washington D.
Vanderlip's with the Russian Soviet authorities whereby
Western American financiers would
acquire a lease of
Siberian tract, were followe4 by a statement by Secretary
of State Bainbridge Colby, at Washington, which he claimed
that he had received advices that the Mr. Vanderlip in
Cablegrams to the daily papers
question had said that he represented Senator Harding,
and that Mr. Vanderlip was said to have made certain pro¬
posals regarding the recognition of the Bolshevist Govern¬
ment.
Emphatic, and sweeping denials have come from
Senator Harding
in the matter, and these we
below.
The cablegram which come to
London
on
give further
the daily papers from
'*
returns.
men
■
•••
a
telegram
Several of them are reputed to be
which an organization
of a vast tract
develop coal, oil and fish¬
that his associates are the heads of leading
Russian Soviet authorities by
of Western American
financiers acquires a sixty-year lease
eries.
Mr.
Siberia, with exclusive rights to
Vanderlip states
financial institutions west of the
'Mr. Vanderlip's telegram
Rockies.
describes the tract thus acquired as
"all North¬
meridian, including the peninsula of Kam¬
chatka, an are& of some 400,000 square miles."
He says that the tract is
to be taken over and active operation begun in the Spring of next year.
Mr. Vanderlip adds concerning his recent visit to Moscow:
"I am highly amused by stories contained in recent foreign papers about
the rebellions in Russia.
Moscow is as safe as any city in the world.
eastern
Siberia east of the 160th
and street fighting are absolutely false, and are, , I
designed to prevent legitimate American busi¬
activity in this great Russian market.
I have confidence in their power
carry out their part of any agreement we may enter into."
Reports of rebellions
believe, foreign propaganda
i sued
was
Oct. 26, as follows:
on
Regarding the published report from London that
At the
same
time the daily papers
dispatch, dated Oct. 25. saying:
Washington D. Van¬
with the Russian, Soviet
large concession in northeastern Siberia, the only des¬
derlip of California had concluded an arrangement
Government
for
a
received by the State Department
Baltic Provinces
patch bearing directly on the subject
one
was
received Oct. 20 from the Commissioner for the
It states that Lenine had informed
Riga.
at
made
had
certain
Government.
The
H. G. Weils that Vanderlip,,
ciaimed to represent Senator Harding and
the American then at Moscow,
the Bolshevist
Vanderlip is apparently
proposals regarding the recognition of
despatch further stated that
endeavoring to obtain coal concessions in Kamchatka.
"The Wells referred to in the
understand
v
!
,
he
visited for the
sions of conditions in
Wells,
Russia, which
dispatch is undoubtedly Mr. H. G.
lately returned to England from
the British writer, who has
I
■
'
Colby said:
Mr.
of obtaining first-hand impres¬
purpose
The Vanderlip referred to in the
Russia.
dispatch
Vanderlip, to whom reference is made in
the press dispatches of to-day from London and Los Angeles.
These press
reports lend confirmation to the object of Mr. Vanderlip's activities as re¬
vealed in the Department's official dispatch and speak at length of import¬
ant and extensive concessions which he claims to have received from the
presumably Washington D.
is
Soviet
Government.
,
information beyond that contained in the
"The Department has no
I might say, however, that it comes
patch.
dis¬
without qualifying terms from
place much dependence. He is
Commissioner at Riga, and is charged with the duty of
official of the Department in whom we
an
Evan E. Young, our
reporting to the Department significant facts tha£ come
The report that
to his knowledge.
Mr. Vanderlip has made proposals looking to the recog¬
and is apparently bargaining thereon for
nition of the Soviet Government,
valuable concessions makes it proper
that,
as
for me to state, by way
of warning,
United States has never recognized the
regime, American business men and investors should bear in
the Government of the
Bolshevist
concessions from the Bolshevist authorities have no certainty
Russian Governments.
regrettable if any confusion should arise
in the minds of the Soviet authorities as to the attitude of this Government
on the question of political recognition.
This attitude has been stated in
mind that any
of recognition by future
unmistakable
./V
terms.
printed
a
Los Angeles
„
"
of an official dispatch conveying
"The receipt, however,
./"•
the intelligence
been made, even if irresponsibly,
makes it important that an opportunity should be afforded to the numerous
body of men reported from Los Angeles to be associated with Mr. Vanderlip
but whose names are not published, to define their relation to him, if any
exists."'
•
''
looking to recognition have
that proposals
26, that Mr. Van¬
denying, at Marion, Ohio, on Oct.
In
derlip
acting
was
as
his agent, Senator Harding
said:
He is not my agent, and I have no
Vanderlip.
I have never heard of Mr.
nothing about any such matter as is
in it whatever.
agent.
I know absolutely
in these
discussed
dispatches, and have no interest
further
A
Harding
statement
was
a
issued
as
follows by Senator
Oct. 27:
on
Mr. Washington
in connection
in Russia. I do
given to my name in the press
Vanderlip and his reputed activities
He does not speak for mo at home or
aoroad; I have no knowledge of his mission; I have no interest therein.
It
is wholly false that I have any connection with him or his mission; it is
utterly false that he represents me in anyway.
The entire matter is relatively unimportant, except that it reveals the
not recall having met
Mr. Vanderlip,
depths to which our once great
Department of State has fallen and empha¬
reliability and dignity becoming our
of restoring it to the
sizes the need
great Republic.
York "Tribune" printed the
On Oct. 28 the New
following
advices from its Washington Bureau:
No further move will be
made by the State Department
in the activities
Washington T. Vanderlip in Moscow.
of
today said he bad received no communication
repudiating Vanderlip and that he did not expect to
Secretary of State Colby
from Senator Harding
He indicated that the
receive one.
Marion, Ohio, in the press was
Asked if Mr. Vanderlip
repudiation of. Vanderlip carried from
satisfactory.
»
had an American passport,
Secretary Colby said
ascertain any further information than
brief report from American Commissioner Young, at
investigation had been made to
no
was
contained in the
Riga, quoting H. G. Wells on
no
further information from
He likewise said he expected
the incident.
Commissioner Young.
Colby declared,
had been given
however,
in Soviet Russia.
that Mr. Vanderlip was without
He said American consular officers
passports held by citizens
Bolshevik territory in Russia.
direct orders to take up American
of the United States
when they sought to enter
On the 28th inst. also the
New York "Times"
published the
following copyright cablegram from London in which H. G.
Wells also entered a denial of as to allegations regarding
himself.
H. G. Wells, when seen
with reference to Secretary
to-day by a New
York "Times" correspondent
Colby's statement
quoting a report from Evan
Commissioner at Riga, that Wells had told him he had
been informed by Lenin that Washington D. Vanderlip, professing to repre¬
sent Senator Harding, had made proposals for the recognition of the Soviet
Government, said:
'
"I have never been to Riga and Mr. Young's story is thereby unauthentiYoung, American
cated.
Besides, I never said
In further
anything of the sort to anybody."
said he met W. D. Vanderlip
conversation Mr. Wells
ness
to
multi-mil-
jionaires. V
L
<- •'
Secretary of State Colby's announcement in the matter
American protection
of California, who recently visited Russia, has
from Copenhagen saying he has concluded an extensive
arrangement with the
in Northeastern
actual
work would bring financial
: '
'
associated with Mr. Vanderlip are
named by Mr. Chandler as
all rated locally as wealthy.
Secretary
the 25th said:
Washington D. Vanderlip
sent
option for a contract for
they held an
but
development if it should be determined that such
The
would be con¬
For the present, at least, their work
Vanderlip.
exploration,
I have noted the prominence
TION OF SIBERIAN
*•,
..
Chandler said that about 25 business
Mr.
fined
'
,
with Mr.
with
WASHINGTON
Washington I). Van¬
exploration of a section of
'• " \
men had become associated
derlip, oil and mining engineer, in the latter's
purchasing and financing equipment
can
financial and industrial enterprises here
numerous
"It furthermore would be most
congested points.
we
Angeles "Times" and interested
and elsewhere, said
Harry Chandler, publisher of the Los
in
Railway Service Corporation under
Treasury.
1.715
chronicle;
guest house in Moscow,
where they were
at a
together for three days—Oct. 4th,
had a letter from Harding, but
that his visit to Russia was purely on financial and business matters.
He said Lenin had spoken to him about W. D. Vanderlip.
5th and 6th.
Vanderlip told him he
said
l
1716
advices also appeared in the
'The following Washington
"Times" of the 28th:
'
'
credited in Secretary
Commissioner Young at Riga, with which he was
D. Vanderlip in Russia, an
activities of W.
ment
official of the State Depart¬
to-night that Secretary Colby had never claimed that Wells
in Riga but had merely stated that Commissioner Young had
pointed
had been
reported "that Lenin had informed Wells that Vanderlip, the American then
claimed to represent Senator Harding, and had made certin
Bolshevist Government."
Colby had made no
charges but had merely given out a statement based on an official report
from Commissioner Young at Riga, and that there had been no charges on
proposals regarding the recognition of the
emphasized by this official that Secretary
was
Secretary Colby's part against Senator
the matter in its issue of Oct, 27:
Confirmation of the report that
Washington D. Vanderlip, representing
extensive
syndicate of Pacific coast capitalists, has concluded an
arrange¬
Soviet Government for the development of natural
in northeastern Siberia was
a
contained in a cable dispatch received
bureau in New York from George
Commissar for Foreign Affairs at Moscow.
The dispatch
reads:
announced the consummation of the deal pro¬
"On October 22 there was
Vanderlip syndicate,.comprising Vanderlip, Barnt, Harry
Sartori, Le Phillips, Fishburn, Edward L. Doheny, Gobbin,
posed by the
Chandler,
capitalists. The
syndicate acquires a sixty year lease of territory east of the 160th meridian,
including Kamchatka, an area of 400,000 square miles, with exclusive
rights to exploit coal, oil and fisheries.
Vast oil strata and bituminous
coal deposits have been discovered in this territory.
The syndicate ex¬
pects to take possession and commence operations in the spring of 1921.
Stewart and Braun, all Pacific coast
Whittier,
Jayne,
syndicate is also acquiring a lease,
The same
Negotiations
with the right to purchase,
purchased by the Czar's Government.
of the Seattle waterfront property
proceeding successfully whereby this syndicate will be¬
financing purchases up to $500,000,000,
are
fiscal agents in America,
come our
be made through your office."
arrangement, says the Soviet bureau, marks a
all purchases to
The consummation of this
notably successful achievement in the long endeavor
ment to enter into
It
men.
may
of force which it could have experienced in no other way.
recovery
remember, not merely to beat Germany, but
We entered the war, as you
possibility of tne renewal of such iniquitious schemes as Germany
to end the
the work
then began, and I ask
we
consider that there is only one way to assure the world of peace;
you to
nation
making it so dangerous to break the peace that no other
that is by
will have the audicity to attempt it.
We should not be deceived into
supposing that imperialistic schemes ended
nation that enter¬
tained such schemes or was moved by sinister ambitions
and long-standing
jealousies to attack the very structure of civilization.
There are other
already moved by
confidently be predicted that the Vanderlip concession is
whereby the enterprise and
development of Russia.
dominate and to have their own way in
commercial jealousy, by the desire to
politics and in enterprise, and it is necessary to check them and to
if
they attempt
any
apprise
united against them as it was against Germany
them that the world will be
similar thing.
know the sacrifice
The mothers and sisters and wives of the country
it
seems to me to
one
.of
constitute
primary
a
demand
the conscience of every
upon
us.
It is inconceivable
of
to most
us
that any men should have been so
heartless as to declare that the women of the country
would
again have to suffer the intolerable burden and privation of war
if the
false
or so
League of.Nations were adopted.
The League of Nations is
of nations
who
were
rest of mankind
the well-considered effort of the whole group
antee of a
Ii will have back of it
such a guar¬
who does
peaceful future as no well informed man can question
against
with which the war was conducted
doubt the whole spirit
Germany.
,
■
thrown
sailors so
moral influence of the United States will be absolutely
The great
away
if we do not complete the task which our soldiers and
heroically undertook to execute.
One thing ought to
covenant of the
be said, and said very clearly, about Article X of
Ger¬
It is as
which
of the
BEHALF
IN
ADDRESS
OF
inanswer to those who
thejground that it is "a
support of the League of Nations, and
threat of war" he declared that "it is on the contrary, an
of the concert of all the free
assurance
peoples of the world
in the future, as in the recent past, to see
justice done and
He likewise described
"the specific redemption of the pledge which
their
the
of
Governments
free
when
as
they entered the
the world
gave
to
their people
They promised their people
war.
only that Germany would be prevented from carrying
not
plot, but that the world wouldlbe safeguarded in
the future from similar designs."
V
out her
The President's
plea in behalf of the League was addressed
delegation of pro-League Republicans, received by him
to a
The President remained seated in a
at the White House.
visit of the delegation and read his
wheel chair during the
address
the
from
manuscript.
The impression which his
physical condition made upon his visitors is referred to in
another statement in
good
the
or
"we have
now
to choose whether
we
will make
We have Joined issue, and the issue is between
quit.
spirit and
purpose
of the United States and the spirit and
of imperialism."
purpose
called upon
was never
than it must
now
He also averred that "the Nation
to make a more solemn determination
The whole future moral force of
make.
right in the world depends
than upon any
If
In what
our paper.
in support of the League of Nations the Presi¬
he had to say
dent said
.to-day's issue of
after
so
League,
we
upon
the United States rather
other Nation, and it would be pitiful indeed,
many
great free peoples had entered the great
The following is the address
should hold aloof."
in full:
for
your
obscure rather
discussion of it has taken.
render
the
a
It is to be feared that the supreme issue pre¬
consideration in the present campaign is growing more
than clearer
by reason of the
given in general terms of the outrage
independence in order to aggrandize herself,
the nations of the world should have at last combined to define the
many
arbitrary
general
to prevent
of war and to exercise such concert as may be necessary
such methods.
is the specific redemption of the pledge which the
Article X, therefore,
when they entered the
free Governments of the world gave to their people
war.
They promised their people not only that Germany would
in the future from similar
We have
now
designs.
to choose whether we will make
We have
good or quit.
joined issue, and the issue is between the spirit and purpose of the
States
and
the spirit
to the safe life of free nations,
ernment,
ful industry,
tion.
and purpose of imperialism,
no
to the development of peace*
and to the completion of the righteous processes of
It seems to me, and I think it will seem to you, that is
to show the indomitable will and irresistible majesty
No
one
civiliza¬
is our duty
of the high purpose
of the United States so that the part we played in the war as
sailors may be
United
matter where it
opposed to free gov¬
The spirit of imperialism is absolutely
shows itself.
be pre¬
would be safeguarded
vented from carrying out her plot, but that the world
soldiers and
crowned with the achievement of lasting peace.
who opposes the
ratification of the treaty of Versailles and the
adoption of the covenant of the League of Nations has proposed any
adequate means of bringing about settled peace.
or
contrary, tried to persuade you that the very pledge
which is the essential pledge of the whole plan of
war.
Is is, on the contrary, an assurance of
other
There is no other available
possible means, and this means is ready to hand.
They have, on the
contained in Article X
security, is itself a threat of
the concert of all the free peo¬
ples of the world in the future, as in the recent past, to see justice done
and
humanity protected and vindicated.
the real Americanism.
This is the true,
and championship of the
that it should play.
This is the role of leadership
right which the leaders of the Republic intended
The so-called Americanism which we hear so much
prating about now is spurious and invented for party purposes only.
This choice is the supreme choice of the present
campaign.
able tnat this choice should be associated with a party
It is regret-
contest.
As com¬
pared with the choice of a course of action that now underlies every
the fate of parties is a matter
in this contest .only
other,
Parties are significant now
of indifference.
because the voters must make up their minds
which of
parties is most likely to secure the indispensable result.
the two
The nation was never called upon to make a more
than it must
riow
and it would be
solemn determination
The whole future moral force of right in the
make.
world depends upon the
United States rather than upon any other nation,
pitiful, indeed, if, after so many great free peoples had
should hold aloof.
entered the great League, we
I suggest that
My Fellow countrymen:
sented
matter who attempts them in the future.
her neighbors and flouted
and almost
of history has originated in such designs.
It is significant that
political
every war
cause
humanity protected and vindicated."
Article X
no
Germany violated the territorial integrity of
in his first address, delivered this week,
since his breakdown of over a year ago, made an appeal in
President Wilson,
against Article X on
League that they will unite to resist exactly the things which
attempted,
exact a definition as could be
Germany would have committed If it could.
LEAGUE OF NATIONS.
have argued
the
It is the specific pledge of the members
League of Nations.
many
WILSON'S
the
opposed to Germany to secure themselves and
against the repetition of the war.
the watchfulness and material force of all these nations and is
not
only the first of many similar arrangements
PRESIDENT
of
compelled them to make
an entirely unnecessary sacrifice of their beloved ones if we do not make
it as certain as it can be made that no similar sacrifice will be demanded
of mothers and sisters and wives in the future.
This duty is so plain that
They will feel that we have misled them and
war.
of the Soviet Govern¬
mutually advantageous relations with American business
ability of Americans will be enlisted in the
sacri¬
The war will have been fought in vain and our immense
entertained.
fices thrown away unless we complete
yesterday by the Soviet Government
Tchiteherin,
and
represented, and in the presence of whicn the world found a reassurance
nations, which are likely to be powerfully moved or are
ment with the Russian
resources
and the
which the war
privilege to summon you now to the concert of peace
It is my
with the defeat of Germany, or that Germany is the only
Harding.
The New York "Herald" printed the following relative to
a
the support of a Government that had violated
principle of right and every consideration of humanity.
completion of the great moral achievement on your part
out)
in Moscow,
It
ation of the war was not
every
Colby's announcement of yesterday relative to the
pretend that their- continu¬
right were discredited and they were unable to
H. G. Wells that the latter ever made the
With reference to the denial by
statement to American
[Vol. 111.
the
^
the candidacy of every candidate for whatever office be
tested by this question:
Shall we, or shall we not, redeem the great moral
obligations of the United States?
turns the
The editors and punlishers of the country would
great service if they would publish the full text of the covenant of
PRESIDENT
League of Nations, because, having read that text, you would be able
to
being misled.
BY
PHYSICAL
PRO-LEAGUE
CONDITION
AS
REPUBLICANS.
judge for yourselves a great many things in which you are now in danger
of
WILSON'S
DESCRIBED
published entire.
your
you
I hope'sincerely that it will be
It is with
a
very
widely and generally
desire to reclarify the issue and to assist
judgment that I take the liberty of stating again the case submitted to
in
as
simple terms as possible.
Three years ago it was my
duty to
summon you
to the concert of war, to
join the free nations of the world in meeting and ending the most sinister
peril that had ever been developed in the irresponsible politics of the Old
World.
Your response to that call really settled the fortunes of war.
You
will remember that the morale of the German people broke down long before
the strength of the German
cause
armies
was
broken.
That
was
obviously be¬
they felt that a great moral force, which they could not look in the
face, had come into the contest,
and that thenceforth all their professions of
As noted in another news article
paper,
in today's issue of
our
President Wilson delivered this week (Oct. 27) to a
delegation of pro-League Republicans a meassge restating
the League of
Nations, declaring therein that
his stand
on
"the
will have been fought in
vain and
thrown
complete the work.we
war
sacrifices
then
began."
away
unless
we
our
immense
As indicated in that the article President
received his visitors while seated in a wheeled chair,
and
remained seated during the delivery of his address, which he
|
THE
Oct. 30 1020.]
read from
The delegation was headed by
manuscript.-
a
the Independent, and head
Hamilton Holt, Editor of
Dr.
Pro-League Republicans of New York.
After their
formal statement in behalf of the delegation was given
of the
visit
a
to the press
by Dr. Holt dealing with the impresison
as to
condition conveyed during their
Dr. Holt's statement said:
*
,
. ■
President's physical
the
reception.
The
members
of the President, who received them
appearance
illness and the tremendous strain vhich he has
the effects of his long
He read from
carrying.
physical
sitting and plainly showed
been
manuscript his reply to the address of the
deputation were deeply touched by the
of the
a
deputation, and was greatly moved as he did so.
More than once his voice choked, especially when he referred to the
evident that he
battle. It was
profoundest emotions of his heart.
The
the mothers of those who had fallen in
soldier boys and
was
voicing the
and tender.
>
intellectual powers' were in no way
whole occasion was inexpressibly solemn
It
was
evident that
the President's
1717
CHRONICLE
of
cowardice, but mutually pledged their lives, their fortunes
The
who
take no counsel of cowardice,
but
claim to be true friends of the covenant
Those
who,
with
'
'
1
were:
Theodore Marburg of Baltimore;
They felt that this might be the
Club of Massachusetts; Mrs. John F. Moors, Treasurer
President's final appeal to the conscience
they are called upon
of the Pro-League
York, director of the
League for Political Education; S. N. Warren Jr., Mrs. Malcolm Forbes,
President of the Women Voters' Association of Massachusetts; Joseph M.
Republican quotas; Mrs. Schuyler N. Warren, New
Price, Chairman of the Board of Trustees of the New York City
John Bates Clark, Professor of Economics, Columbia
Spencer Bassett, Professor of History,
Samuel'P.
Smith College; D. G. Rowse, New
Republican
York, honorary
Enforce Peace, and George K. Hunter,
Wetherill, head of the Pro-League
Philadelphia; Rev. Arthur J. Brown, New
movement of
'
York.
New
JULES JUSSERAND RETURNING TO UNI TED,
physician, Dr. Grayson, was said to have
The President's
had shown on
through "in exception¬
ally fine form." Earlier in the week, Oct. 26, it had been
made known that the President had declined an invitation
to address a Democratic rally which was to have been
held that night in Washington, a letter in which he stated
that "it is not wise or possible for me to do so at present''
having been addressed as follows to John F. Costello,
ill-effects, stating that he had come
for
Committeeman
National
the District
of
Columbia.
,
'
•
possible for me to do so at present.
the meeting will have the most complete success and a very
but I am sorry to say
that it is not wise or
widespread interest.
from France
Nov. 13 of Ambassador Jusserand to resume
on
WOODROW
Office at Paris had something to say
reports as to presentments on behalf of France in the United
States for an association of nations.
These reports were
referred to in
our
issue of Saturday last, page 1631.
The
Associated Press made known the issuance of the announce¬
United
States
Foreign Office
as
follows:
Office to-day took cognizance of reports
to
as
American election,
circulated in the
after the
alleged plans of the French Government
and issued the following official statement:
"Certain American publications in.
the last few days have printed reports
Government's intention was to recall its
of and as soon as a Republican President assumed
according to which the French
ambassador in the event
reported, would have instructions to meet
the League of Nations, and also
kind between the United States and France.
"A new association of nations was alleged to be the policy of the new
ambassador in which the two great republics would play predominant parts.
Such information is absolutely groundless.
Ambassador Jusserand leaves
on Nov. 13 to resume the duties of his post at Washington."
The new envoy, it was
Republican viewpoint concerning
the
WILSON.
Washington, the French Foreign
regarding last week's
the duties of his post at
office.
Sincerely yours,
(Oct. 28) of the proposed departure
notice this week
a
The Foreign
be a pleasure for
me to be present and make an address at the meeting to be held in the
interest of the League of Nations at the new Masonic Temple to-night,
if I were able to do so it would
I need not tell you that
STATES
ASSOCIATION OF NATIONS.
In
ment this week of the
dy Dear Mr. Costello-.
I hope that
.
t
—PARIS ANNOUNCEMENT CONCERNING
indicated, after the visit, that the President
Democratic
Club; Dr.
University; Dr. John
in the supreme moral decision that
make.
to
New
Nations*
Edwin F. Gay, President of the
"Evening Post;" John F. Moors, Chairman of the League of
York
Vice-President of the League to
of his countrymen
comprised the-delegation,
Holt,
Dr.
country and for humanity.
,
1
France, will not have died in vain.
York; Colonel
;
_
of Independence so
nobly championed by you and the host of other good men in this and
other lands, then the United States will enter the League, the united nations
of the world will result and our boys, whose blood hallows the fields ,of
mutually pledge themselves to the great Declaration
nothing less than tragic that
the great President of the United States should have been brought to such a
stricken physical condition as the result of his indefatigable labors for his
impaired, but the deputation felt that it was
and their
principles enunciated in that immortal document.
United States of America resulted.
If, now, all the citizens of America
sacred honor to the
try to reach an alliance of some
In
printing the above, the New York
following comments:
"Times" of Oct. 27
made the
President Wilson was
expressed by men prominent in the
Democratic campaign that he undertake to make some speeches in behalf of
Rovernor Cox's candidacy.
One suggestion was that the President make
a series of eight speeches in as many large cities.
This appeared to be out
of the question, and it was modified so as to provide for one or two speeches
in Washington that would not subject the President to the fatigue of
More than a month ago, when
it was understood that
improving in health, the desire was
traveling.
Governor Cox's presonal
unofficial adviser on
understood that
political matters, was in Washington in September, it was
was anxious to have the President take the stump, or at
least deliver one
he
or two
speeches, for the Democratic
national ticket.
It is doubtful if the
and it appears to
proposal was ever brought to the President's attention,
have been vetoed by those close to the White House.
About that time it became
stating that:
The Tribune
that Jules Jus¬
received instructions concerning his return to the United
ambassador.
Under these instructions he is to take steps to start
as
Administration in Washington, whether Republi¬
coming to an arrangement which will
permit America to resume her collaboration in world concert.
negotiations with the next
can
had had a slight
or
Democratic, with a view to
WOULD ELIMINATE ARTICLE X—
COMMENT BY SECRETARY COLBY
toward restoration of health.
this setback was not of a
correspondent has good reasons for saying
LEON BOURGEOIS
known that the President
It was said then that
sufficient to forbid
the President's taking any chances through participation in the exictement
of the campaign.
He now appears able to do a considerable amount of
work, holds Cabinet meetings weekly and takes a drive daily.
setback in his progress
special cablegram from its
a
serand already has
States
When Edmund H. Moore,
"Tribune" also pub¬
correspondent at Paris
printing the above the New York
In
lishes
AND SENATOR
HARDING.
serious character, but it was
Article X of the League of Nations
The statement that
could
be
in any way modifying the
attributed to Leon Bourgeois,
the Council of the League of Nations, in press
eliminated without
effectiveness of the League was
STATEMENT
MADE
PRESIDENT
TO
PRO-LEAGUE
WILSON
BY
REPUBLICANS.
that
the League of
is the
of Pro-League
Nations transcends party
politics and
has confronted the American
Dr. Holt further stated:
greatest moral issue that
people in this generation.'
number of other Repub¬
licans throughout the United States who are ready to put patriotism above
party in the present critical hour.
, ;
As your term of office is drawing ot its close, and as the people are about
to express themselves on the League of Nations your statesmanship has
largely made possible, we feel it both a duty and a privilege to call upon you
We have reason to know
at this time,
are
that we represent a vast
in order to assure you
that there are many
Republicans who
services in the realm of international
fully and deeply appreciate the personal sacrifices you have
proud to acknowledge your great
justice and who
been forced to
make for the cause nearest your
heart.
and often diverse aims of
It was
you who suggested the basis on which peace was negotiated
It was you,
more than any man, who translated into practical statesmanship the age-old
dreams of the poets, the prophets and the philosophers, by setting up a
League of Nations to the end that cooperation could be substituted for com¬
petition in international affairs.
These acts of statesmanship were un¬
doubtedly the chief factors which brought about that victorious peace which
has shorn Germany of her power to subdue her neighbors, has compelled
her to make restitution for her crimes, has freed oppressed peoples, has
restored ravaged territories, has created new democracies in the likeness of
the United States and above all, has set up the League of Nations.
It was you
who first focussed the heterogeneous
the war on the one ideal
of pure Americanisn,
When our forefathers met at
years ago
which is democracy.
Independence Hall, Philadelphia, over
and signed the Declaration of
Secretary of State,
is not
Wash¬
ington dispatches of Oct. 26, quoting him to this effect as
cablegrams
Republicans
who visited President Wilson on Oct. 27, Dr. Hamilton
Holt, who headed the delegation, delivered an address to the
President in which he described their association as "a
group of men and women,' who although we usually count
ourselves Republicans, hold steadfastly to the conviction
of the delegation
behalf
In
President of
Independence, they took no
100
counsel
Brussels Oct.
from
25.
is reported as stating that Mr. Bourgeois
authorized to speak for the signatories of the League,
Colby,
follows:
Secretary Colby said
of the League of
of the council
signatories of the
to-day that Leon Bourgeois, President
Nations, had no right to speak for the
yesterday that Article X was not in fact "anything
foundation of the covenant" and could be eliminated
League, in his declaration
more
than the moral
without
impairing the efficiency of the League.
"The League
of Nations Is a contract between
said Mr. Colby, adding that
forty-three signatories,"
Bourgeois could not reduce or increase the
responsibility of the signatories to the League.
The New York "Evening
Post" of Oct. 25, in a Brussels
cablegram printed the following account
of M. Bourgeois'
statement.
of Nations, talking
Article X of
the Covenant of the League of Nations is not considered by European
Statesmen as a vital and essential element of the Covenant.
M. Bourgeois said he had been surprised that this Article X had caused
so much emotion in the United States.
He stated that Article X could be
eliminated without in any way modifying the effectiveness of the League
Leon Bourgeois,
to American
president of the Council of the League
newspaper
correspondents last night, said that
of Nations.
"Article X," said M.
ground to the Covenant.
Bourgeois, "is scarcely more than a moral back¬
It is not considered so
important by Europeans
There is really no sanction, or penalty, in this article.
All penalties provided for in the Covenant in order to make the League's
action effective, are in other articles."
M. Bourgeois's statement was made in the course of an interview arranged
for American correspondents by M. Comert, principal press official of the
as
by Americans.
League of Nations.
After M.
Bourgeois had withdrawn
American correspondents as
the question was raised among the
of M. Bourgeois's utterances on
to the effect
[Vol. 111.
1718
It was thereupon mutually
the Residential election in the United States.
agreed to withhold the statement until M. Bourgeois could pass upon it as
M.
far-reaching
and
profoundly
Given the
this morning by M. Coroert, who then told the
and
us—pledges to
remarks, and requested Mi Bourgeois to say whether he intended them to
that
it
M. Bourgeois replied, said M. Comert,
with
declarations
of what he was saying, and was quite
which the
that he understood the importance
willing the interview should be printed.
regarding the
General
1
'
i'.-,
"The Council of the League, being guardians of the Covenant are, of
course, unable to go before the Assembly with any project that alters the
15 next, said:
'
...•
But individual States which are members of the League, may
Covenant.
such amendments as they see fit."
of course, propose
In
^;,/•
commenting
Harding,
the
the Covenant, President Wilson, that
on
M. Bourgeois,
He Informs us
articles.
Article X is its heart.
This can only mean that, even
if Article X is eliminated, its effect
Doubtless he means the same
would still be preserved in other articles.
effect.
never
Now comes
President of the League Council, and says it is not important.
that all thac is efficacious in the Covenant is set forth in other
That
repeatedly charged during the Senate discussion and
was
convincingly denied.
of getting agreement as to what
the Covenant means, what it would obligate the
the complete demonstration that the
mean
the
same
for an association of nations
thing to everybody and under whicn we shall know
A free America
beyond uncertainty or equivocation our precise obligations.
give that service to the world.
can
work
the
to
COX
GOVERNOR
WEEK'S ELECTION.
NEXT
AT
A letter in which the belief
Tuesday's election
met
or
it
to
the
whe
give myself the pleasure
You have spoken truly and fearlessly about the great
indorsement
of the voters of the country.
As one of those voters and as one of your
entire confidence in
my
you
fellow citizens, I want to express
and my confident hope that under your leader¬
we may carry
the policy of the national Government forward along
the path of liberal
legislation and humane reform until the whOie world
ship
again
illustration of the wholesome strength of democracy and the
sees an
happy fruit of what the founders of the Republic purposed when they set
Allow
Your
me
to
sign myself,
the
make
what
-
IN
when
HAR¬
of
Kuhn,
Loeb
on
&,
dially, in favor of
the
Co.,
any
League of Nations, Otto H. Kahn,
while
...
I
"cor¬
his
bound to
am
wholly with Senator Harding's position,
agree
in
as
wise and fitting pact to preserve the
tion and much discussion of the question
as
outlined
speech of August 28, and further elaborated in his
Moines speech on October 7."
believes "that
our
Mr. Kahn says that he
participation in the League as now con¬
stituted, with its inelasticity and cumbersome machinery,
its
infinite
complexity
formulae and
and
meticulous
all-embracing
scope,
its
rigid
provisions, instead of promoting
harmony and good-will, would be apt rather to breed mis¬
understandings, irritation and ill-feeling between European
nations
ourselves."
and
We
quote in
part his
statement
"If you
troublous
state
and
the
the world, the
wrongs and faults of the Peace Treaty of Versailles (and that of St. Ger¬
main) are more responsible, in my opinion, than any other factor, next, of
course, to the war itself.
A strong contributory element has been the unpreparedness and planlessness of our Government for those economic tasks
which, with the cessation of the war, became incumbent upon us (for our
own
continuing dispeace of
good and that of the other peoples)
as
the nation economically most
potential and politically most disinterested.
The Peace Treaty
is not reconcilable with either good faith or good sense.
falls grievously, most grievously short of realizing the high
hopes of the world for a peace worthy of the spirit and aspirations which
The
Treaty
animated the Allies and America
the armistice.
it produced
an
war
so
and at the conclusion of
far overleaped itself that
instrument which apart from having proved unenforceable
in various respects,
has
to plague its
come
discord and ill-feeling among
eral
during the
The ill-omened Bpirit behind it
very
beneficiaries and to
those who had been comrades in
arms.
ing it.
Lib¬
Among the many people whom I had occasion to see during my
journey in Europe, there were very few indeed outside of the im¬
its responsible authors, who would deny its gross faulti-
mediate circle of
ness.
that
representatives of the United States should
Treaty,
never
stipulating that
no
consent
European diplomacy
stake,
at
were
there
was
of
ever
unanimity
except
pur¬
Does the present
'::.y \
■v"';"
■■■
-
■■
distinguished English Liberal,
a
former
a
mem¬
full of
foundation
a
for the
menace
guarantee that
Nations to
which peace
on
done the exact opposite.
treaty has
It has
they
es¬
it asks the
future and
shall continue.
It is
asking loo much."
the
shape in which it emerged from the deliberations of the treatythe
to
universally
desired aim of
preserving
and promot¬
peace
ing international justice, and involving the United States in commitments
which
uncalled
are
aims and ideals.
irreconciliable with
for and
upon
of
disregard,
and
arbitrarily
an
more or
promised, makes it
or
age-long racial
remodeled
world,
put
less, of the evolution of centuries of the
characteristics of races, according to the perceptions,
compromises of
few
a
assembled in secret conclave,
men
squabbles
to become the guardians and guaran¬
or
artificially
and
war,
the
to entangle ourselves in
us
intrigues of Europe and Asia,
tors
traditions, institutions,
our
'
Nothing that America fought for in the late
incumbent
and
together
proven
in
qualities
predilections and
far removed from
the
we
helped
for
in
not
would
to
mightily
the
of
none
claimed
the
win
in
the
distribution
We obtained
in those
believe
I
that
inelasticity
all-embracing
of
our
its
the
we
freely
gave
in
men,
Surely,
we
instrument that
an
have
we
rightly prize.
participation in the League
cumbersome
and
scope,
we
we
in
of strategic importance to
are
intangible national assets which
jealously guarded heretofore and which
its
victors,
islands
material advantage.
no
to
might well and
we
those
to set America's signature to
upon
poorer
me,
of
gain in return for what
no
the
among
to
seems
us
traditions.
and
Alone
war.
(though, it
share
and in effort.
us
policies
owned by Germany, which
justly called
leave
promised, makes it incumbent upon
or
national
spoils
a
We sought
money
are
fought for,
fundamental
our
justly have
machinery,
as
now
infinite
its
constituted, with
complexity
rigid formulae and meticulous provisions,
and
instead
promoting harmony and good-will, would be apt rather to breed misun¬
derstandings,
irritation
and ill-feeling between European
nations and
our¬
selves.
should
We
shall not
or
be
of which
some
expected
our
by
our
should
We
which, in
mestic
be
way
would
cases,
with
shall
we
not be able to do adequately
to do at all unless they are supported by public
emergency
expected to take
many
politics
"associates in the League to do things,
beforehand
know
we
see
opinion in this country when the
be
consequences
arises.
participate
or
likely
to
find
in
decisions and actions
repercussions
in
our
do¬
easily to be foreseen.
Many of those who advocate our "going in" admit- that the Covenant
(as well as the Treaty) is faulty, but urge that the necessary corrections
can
will
and
be
made
admitted
to join,
when
it
effected
is
in
is before
have
we
the
joined.
charter
and
I consider that the time to
by-laws of
association
an
yon
have joined and not
you
that after
have joined,
you
afterwards, especially
modifications cannot be
except by unanimous consent.
is often heard that, inasmuch
joined the League,
to abide
after
faults
provided
The argument
by
our
we
views
ciation of peoples.
as
cannot
expect
large
so
as
an
some
forty nations have
aggregation
of
to the conception and working methods of
The argument has
nations
an
asso¬
plausible sound, but is, I believe,
devoid of substance.
I have personally no doubt whatever that
any read¬
justment or modification of the Covenant which is agreed upon between
England, France and America, before
acquiescence of all other nations
I
a
we
"go in," will meet with the ready
concerned.
deeply deplore the fact that this subject has become
a matter of politi¬
controversy.
My own views are in no way colored by political, per¬
sonal, or any other preconceptions, by any spirit of undue leniency toward
Germany, or by any inclination to condone her fearful wrong.
cal
I
am,
serve
of
course,
the peace
cordially in favor of any wise and fitting pact to pre¬
world.
I am in favor of America taking her full
responsibility which rightfully goes with power.
of the
share in the burden of that
But
after
mature
consideration
and
much
discussion of
the
question with
both friends and opponents of the
to
have yielded to
not only because their more detached view ought to have
by
by unanimous
dispensation, for the past eighteen months, of the
by
conditions
League of
of
The
ironclad
except
begin by establishing
This
stand.
can
tablished
cause
opinion in the Allied and neutral countries is unanimous in condemn¬
recent
United
to ask the world to guarantee the world's peace, it
to
propose
the
became
the
advantaged.
of
interests
They
of
another provision of the Covenant
effected,
and
to disarma-
as
seas."
the treaty makers had arbitrarily
as
trebly
•,
are
essential
correct
herewith:
For
the
co-operation
Cabinet:
of the
is
of the world," declares that "after mature considera¬
peace
bes
himself
expressing
be
record
"
has teen well said
It
ber
America).
statement
a
the
selfish
Pacific formerly
DING'S VIEWS ON LEAGUE.
In
more
faith in the effective and beneficent workings of international unani¬
relinquish
WILSON.
SENATOR
WITH
in
of
by equally selfish compromises and bargainings?
Nothing that
ACCORD
and
more
Supreme Council composed of representatives of the leading nations, encour¬
asked
KAHN
II.
handiwork
could
state of Europe under the
We
OTTO
"freedom
guaranteed the
X
concerned
powers
instance
unanimity
chased
their
modification
principal
In
gratified and loyal supporter,
WOODROW
They became
informing and vitalizing currents of public opinion, and not sufficiently
removed always from considerations of domestic-political expediency.
this great Government up.
-
Article
carved up and apportioned it, and when
unsuited
of writing to say with what admiration I have followed your course through¬
campaign.
much-vaunted
preserving the world forever
sought to
In
My Dear Governor Cox:
out the
Treaty
originally,
makers, I consider the League of Nations Covenant as insincere, ineffective,
'
issues at stake, and I believe that you will receive the emphatic
the opposition,
as
it
as
States in
-
As the campaign approaches its climax, I want to
in the
inserted
was
They finally consented to the insertion of such
and to assuage his scruples.
to
wholly for
of the voters"
29th of October 1920-
it
insistence and against
they succeeded in shaping the Covenant according to
intent and making out of it, largely, an instrument of political do¬
their
was
terday (Oct. 29):
That force is at
minion, containing, moreover, no effective provision either
addressed to the Democratic
Presidential candidate by President Wilson as follows yes¬
at next
attend to that.
Nations Covenant,
fellow-treatymakers.
the Treaty,
expressed that Governor
was
Cox would receive "the emphatic endorsement
It is not
the conditions of the treaty itself.
reopen
Covenant, mainly as a means to obtain his acquiescence in the conditions
a
OF
ENDORSEMENT
repara¬
justly due them.
League of
mity?
EXPECTS
WILSON
fought to victory and which would have brought to the
while fully preserving to the Allied Nations the
President Wilson's
upon
age
PRESIDENT
be little doubt
can
already, silently but irresistibly.
As
It is
only safety for the United States is to
remain outside until we may unite upon a plan
that shall
United States to do.
aid, there
treaty which would have complied
a
However, it must be recognized that this is a closed chapter.
essential
It all illustrates the utter impossibility
people, to the
own
solemnly made, which would have befitted the spirit in
was
peace
reconciled
We are told by the great American authority
secure
The force of the actualities must and will
of
Republican Presidential candidate, said on Oct. 26:
This is most illuminating.
war
to
power
possible for the United States to
of his
the above Senator
upon
our
tions and benefits
prospect of revision of the Covenant
by the
Assembly of the League of Nations, which meets at Geneva Nov.
questions
to
in
was
world real
Bourgeois, continuing the conversation of last night, and replying
M.
our
and given the need and expectation of the Allied Gov¬
ernments of America's financial and economic
United States.
were
commanding prestige which, at the time, adhered to America
her spokesman,
correspondents he had explained to M. Bourgeois the importance of the
be published in the
which
consequences
hut because in spirit and in letter it failed three¬
from it,
people, and to the world at large.
enemy
Bourgeois Confirmed Statement.
Bourgeois was seen
the
bound to flow
fold to carry out pledges made by
being issued with the fullest authority and approval.
'
them
shown
instrument, here and abroad, I am bound
agree wholly with Senator Harding's position as outlined in his
speech
August 28th, and further elaborated in his Des Moines speech on Oct. 7th.
That position does not involve and does not
contemplate
in
a
merely technical sense)
a
(except possibly
separate peace with Germany.
It does not
Oct. 30
involve
does
and
shirking
or
not
and
the
and
setting
have
to
The
the
of
us
recasting of
of
up
a
European
misconceived and unworkable project,
practicable organization to preserve
a
voiced at the polls must control.
undertake that task and to follow our lead.
sorely in need, and which it is our duty and our self-interest to render
out
and without stint,
delay
■
SENATOR
The sort of agreement which
the Senatorial elections.
"
■
:
-
•
A
statement
contained
in
INDICATES
COX
READINESS
JIIS
TO
The statement that he would accept any
good reservation
respecting Article X of the League of Nations "that comes
made by Governor Cox, the
Presidential candidate, in a speech delivered
whatever"
from any source
Democratic
was
city at Madison Square Garden on Saturday last,
in this
stenographically
reported, the New York "Times" quoted him to this effect,
giving his remarks as follows:
giving the Governor's speech
In
Oct. 23.
I will accept any
telegraphic communication which
Now, I am for any
that
Secretary Root said a few days ago
reservations that will be helpful.
almost two
opposed to any reservations, and the next day he took up
was
columns in the newspapers
discussing what reservations I did stand for.
Now, I want to elaborate that just a moment,
expressioi
formal
with reference to Article X.
reservation stating explicitly that the
and I want this to be my
I would willingly accept a
obligation
United States assumes no
military or naval forces to defend or assist any
to use its
other member of
approved and authorized by Congress in each case.
the League, unless
Now we are gomg into
nation in the world will belong to the League, every one.
every
its account quoting him as saying:
of his remarks,
The American
billion dollars in our
On the money lent to Europe by the American
favor.
present
this country in dealing with European
Our balance of trade is now normally one
government and
million dollars is due
annually.
A total of one billion six hundred millions, annually can thus be
collected in gold.
But the world outside of the United States produces
only about two hundred and forty millions of gold a year.
If, therefore, we
call for what is due we can break every bank in Europe.
This financial
private bankers an interest charge of, six hundred
of credit makes us the master of the rest of the
power
it
or use
it wisely in reconstucting the
We can abuse
world.
the
of
Mo.,
Joplin,
Commerce, who had written to the Senator
ore
mining situation in the Joplin district
assuring Mr. Ewert that "when the Repiblican
American system
next, there will be a prompt return to the
of
protection for American industry," declared that along
the
with
disaster
to
the
industrial interests
and
mining
through the removal of the policy of protection,
disaster has
to American
come
Senator addressed to Mr.
is the communication which the
Ewert: -■('
similar
a
The following
agriculture.
■/";'7'y.\
:-y:: y
>
y
Replying to your communication received to-day concerning conditions
in the
Joplin mining district, I may say I am more or less familiar with them
and find your statement
other parts of
Missouri
was
properly suggestive of what is now going on in many
the country.
You inform me that up to 1916 Southwestern
the largest zinc mining district in the world;
of the European
the tariff
Democrats had removed
that the
quantities
were
that the demands
made the district temporarily very prosperous, but
war
on
zinc
ore,
of which great
that during the last session of
really protective duty on zinc ore
imported in 1916 and 1917;
Congress efforts were made to have a
restored, but that it failed and you add:
Zinc
was
ore
1916 and
in
was
imported from 196 different countries.
Our mines began to close down in 1917 and last week every
produce it.
us to
1917
directly to our smelters and delivered for half of what it cost
sent
mining district closed, throwing out of employment
the demand for zinc ore is low now, but the cause
Of
15,000 men.
course,
of this was the immense
importation of zinc ore which was made into spelter and which produced
public does not realize the enormous power the
American economic position gives
nations.
the
slightly different version
Commission
Tariff
Senator
Chairman
Party is restored to control of the Government after Mar. 4
It
of the 24th, in reporting
The New York "Tribune"
Governor to the same effect, gave a
Ore
of
The Senator in
I hope within a year and a half
the League.
Zinc
regarding the zinc
Elihu Root, President Eliot and any other person
given intensive thought to that question.
who has
President
members of the Senate; I will consult with
Wilson, President Taft,
I
as
good reservation that comes from any source whatsoever.
I will consult with all
the
of
Chamber
RESERVA TION S.
ACCEPT LEAGUE
OF >
regarding the Republican tariff policy was
a
Harding addressed this week to Paul A. Ewret,
GOVERNOR
.'I*
j,-.
RESTORATION
PROPOSES
HARDING
I shall
! "
REPUBLICAN;TARIFF POLICY.
with¬
but humanitarian and eco-
is not political,
The popular will
merely the Executive will.
be enabled to obtain will be determined by
and ought to render to a world
can
we
matter of the exercise of
know that the overwhelming
I
not only object, but will be glad
It cannot.
opportunity to modify and correct later.
a
as
nations will
truly great service which
an
be
solid,
sane,
themselves will have
It does involve
international justice.
and promote
peace
sentiment
forsaking our former brothers in arms
contemplate
duty by the world and by our own ideals.
our
modification
the
1719
CHRONICLE
THE
1920.]
such
a
tremendous surplus that our own ores remained
The case of
unsold in the bin.
The Democrats removed
Joplin district zinc is a typical one.
protection from zinc, that procedure being one of the fundamentals of
the
Zinc was merely one of a great number of our Ameri¬
their political creed.
can
the Democratic
y''yy vyy V
-• .'
products that suffered precisely the same fate when
tariff policy was
applied.
.
Under the Democratic tariff law
of 1913, the country was already ap¬
What happened
proaching industrial disaster when the World War began.
in the
case
demand
of zinc also happened to many
was
so
other industries.
The foreign
unimportant that everything we
great and prices were so
could produce was promptly taken by the warring nations.
In the League
So the disaster
reconstruction on a basis of' ''was postponed.
But with the end of the war the foreign demand, not only
big Americans.
for zinc, but for a great number of other products whose protection had been
business of the world.
of Nations we could organize the business of
mutual confidence, controlling and leading in the spirit of
Europe is a bankrupt, appealing to us to take a
If
we
never
go
receivership over its affairs.
into the league our financial power will guarantee that we
have to send an American army to fight
shall
If we meet the
in Europe.
opportunity that calls us we can write the word American across
the page
the de¬
ratification of the
going to be necessary to make some compromise to secure
sired end.
and that I am willing to do.
league with reservations, and
have
so
made from the Atlantic to the Pacific.
I am for the
stated my position in every speech
I will accept reservations that are
helpful, that will clarify, that will reassure our own people
make clear to our associates in the league the limitations
and that will
Constitu¬
of our
Hitchcock reserva¬
tions, including this in reference to Article X: "That the advice mentioned
in Article X of the covenant of the league, which the council may give to
the member nations, as to the employment of their naval and military forces,
tion, beyond which we cannot go, among which are the
merely "advice" which each member nation is free to
is
accept or reject,
existing government,
only be accepted by action of the
according to the conscience and judgment of its then
and in the United States this advice can
Congress at the time in being, Congress alone, under the
United States, having the power to
p
I will sit down at
Constitution of the
declare war."
table with the members of the United States
a
and will say: "Gentlemen, there
And from my experience as a legislator and as an
confident that
am
No
we
Senate
been
It is time
executive, I
has been enough discussion, there has
enough conversation, the election has brought forth a mandate.
for action."
whatever
source
will be rejected, so long as that
suggestion is for helpful purpose and not for destruction.
Having repeated¬
that the League of Nations should
the country
at heart, I shall, if elected, lift this issue out of politics by effecting a result
which will insure the entrance of the United States into the league with the
ly said that it was little less than a crime
have been made a
idea
political issue, and having the best interests of
of perfecting it
and obtaining for ourselves the benefits
which will
My feeling with reference to the necessity of securing an
by
is
of
understanding
adoption of the Versailles Treaty is made stronger
and, indeed, that the country
already in an industrial crisis—crisis which we must meet irrespective
party and with the best executive ability the country affords."
my
appreciation that the country is facing,
At Huntington,
wise made
a
Oct. 25 Governor Cox like¬
regarding his readiness to accept any
W. Va.,
statement
Oct.
competition desperately seeking our unprotected markets, we have suddenly
in which, unless the American
bound to become more and more the
world. Produced by cheaper
labor, they must inevitably drive our own products out of our own markets,
compel the suspension of production at home and bring idleness and suffering
dumping ground for the products of all the
not merely to
reservations.
Along with this disaster to the
agricultural products has brought a great hardship to
Vast crops were
and
that the farmers have them in
now
fallen
To
so
hand they find that prices have
suddently and rapidly that enormous losses must
all who are bringing this story
disaster the Republican
can
Party makes the same reply.
industry.
said he
was
has been visited upon discussion of the League will
One-third of the seats of the Senate are to be filled this
The people understand the issue and we will accept their
expression
at face value.
going into this League.
ciation is but idle phrase.
to stabilize world
America.
For
with the Senate and reach an agreement about
There is no other, and any talk of a new asso¬
The important thing is to get a start and help
conditions which vitally affect the interest and welfare of
us to
remain out of the League for two years or until another
election could be held would be unthinkable.
in compromise now
If too much has to be given
in order to insure our entrance into the League the people
It is our reply to the
We reply that when the Republican Party is restored to
control of the Government after March 4 next there
will be a prompt return
That policy
abroad.
As to zinc, it is my recollection that the Republican members of the
Senate Sub-committee on Finance, Senators Watson and Curtis, voted to
to the American system
report
of protection for American industry.
equalize the cost of production at home and
producers
of im¬
the Democratic members voted against it.
When I
favorably the tariff bill desired by the American zinc
providing for a tariff of 2 cents per pound on the metallic contents
ported zinc ores, but
am
President, if such a measure is again urged and if it is
with the
found to comply
Republican formula of imposing sufficient tariff to measure
the
and abroad, I shall certainly
give my support to it.
Broadly speaking, this is the Republican tariff
the
past; and when the
instated
as
early
as
policy as it has been in
will be re¬
Republican Party returns to power it
possible.
WARREN
SENATOR
HARDING
BROUGHT
clarifying
not interested in clarifica¬
I have every expectation that after Nov. 2 much of
I will, therefore, sit down
be sustained.
of continuing losses and impending
producers of zinc and of wool, and of every other article that depends upon
the insurance that at least the American market shall be secured to Ameri¬
I favor going into the existing League with
Senator Harding has
have subsided.
American agriculture.
costly,
raised under conditions which made them extremely
G.
HARDING.
ALLEGES
Senator Harding
in
a
statement
DEMOCRATS
HAD
COUNTRY TO INDUSTRIAL CRISIS <
-i-REPUBLICAN
tion but in rejection.
our
industires.
mining and industrial interests has come a
The recent slump in the prices of
similar disaster to American agriculture.
on
the partisan spirit that
year.
the thousands of workers in a particular industry, but to the
millions of workers in hundreds of
26:
The situation is this:
with foreign
policy of protection is resumed, we are
compromise, stating, according to the New York "Herald,"
of
With demand reduced and
difference between cost of production at home
accrue.
which will make sure the
of
zinc since that time is simply an epitome of the story
industries generally.
has been to
will have action.
suggestion from
The story of
American
found ourselves at the beginning of an era
of twentieth century history in letters of light.
It is
removed, immediately fell off.
addressed
Oct. 24 called upon
POSITION.
the Republican Presidential candidate,
"to
the American People,"
on
the Democratic Party "to answer the
charge that its management of domestic affairs had brought
us to the brink of an industrial crisis in 1914, from which
only the World War saved us, and is even now leading us
toward another precipice."
The Senator declares that he
has endeavored to serve
in this campaign, not merely to be
elected, but to set before the
policy for the Administration
American people "a definite
of the United States to bring
1720
THE
people out of the jungle of mismanagement and into the"
our
light of
have stated
"I
I
that
am
membership in the League ef Nations
approve our
opponents insist that it shall be written."
A further
incapacity with which the present Administration has met the problems .'of
the last few years.
try to the danger of disaster before the outbreak of the
vast
criticising the Democratic Administration and outlining the
ties. which
Republican Party's
The
is referred to in another
program
political party seeking their support
a
clear
answer
upon
American
people are satisfied that the conduct
been
grossly mismanaged.
American policy.
involved.
was
It has been
my sense
of
I call upon the
They hunger for
a
us
constructive
of obligation to treat with clarity
precipice.
the precious lives of our sons by
their industrial policy and their maintaining in the
Federal Government hundreds of thousands of unnecessary employees have
fearful financial burden which
They have made no answer to the charge that their rule has been
one
of
seek to perpetuate they have perverted the form of government of
Republic and overridden the purposes of our Constitution by maintain¬
and undemocratic
centralization
I have spent this campaign in setting forth
which
as
a
constructive Republican
representative democracy, which shall represent the will of the people
a
I have stood for
and will
remove
for
the
a
of pride to the American spirit of
efficiency
a
plan for the conservation of our human resources and
development
material resources.
of our
I
tion of human suffering at home, here in America.
suggested
have
I have discussed in
policy of reclamation, irrigation and for development of natural
a
resources,
and I have stated clearly
a
to the
building and safeguarding of
As to
member of
agriculture and for
our
a
merchant marine.
wise association of nations, with the preservation of our own
a
independence and national spirit, I have given
a
conscientious and practical
have
stated that
I
as our
opponents insist that it shall
Even in the hands of our opponents that program is
be written.
as a
were our
opponents to be elected it would result In
impossible.
hopeless blockade
a
sequel to the one which the President of the United States has carried
since the peace treaty was submitted to the representatives of the people
on
for approval.
I have endeavored to
but
to
set
before
serve
in this campaign, not merely to
the American
be elected,
people, sincerely and clearly,
I have endeavored to
serve
opinion and unite America
definite
a
good fortune.
by doing what I could to harmonize public
behind
foreign policy which shall
a
be wise,
and humane, though it refuses to mortgage America to the Old
more,
generously
do
America,
than
a
return
their vote in support of war meas¬
gave
did
their
political
paign of 1918, that Republicans be removed from
and power.
Yet
opponents.
an
position of influence
every
That demand the country rejected.
It
the first time in
was
the history of this nation that an Administration had been defeated in the
midst of
to any
foreign
a
That defeat would have been ample admonition
war.
Administration not entirely absorbed in its
own
peculiar policies and
but it apparently was unheeded by the powers at Washington.
Neglecting
conceived
the
domestic
acute
situation,
suddenly
Administration
the
interest in foreign affairs that contrasted impressively with
an
its lack offConcern for them in the period before we were drawn into the war.
So, while immediate and practical
Administration
concerns were
being neglected, while
country were forgotten, the
devoting Itself to the chimera of a world reorganization.
Republican Congress, that had been elected In the autumn of 1918.
The
attempted to, and did initiate
It devised
measures to
budget system
a
Treasury deficit and bringing
spending vast
inspiration
or
in
sums
the right
on
track once
The Administration
measure.
of
excess
leadership,
set us
the hope of putting an end to the
in
economy and system into our national
but the President vetoed that
on
our own
was
forgetting
apparently
finances
went
right
offering no constructive
our revenues,
domestic difficulties
our
in its engrossment with the chimera of worid reconstruction.
This, in
from
word, is the record of the Administration,
a
power,
now
about to retire
which seeks to have its policies perpetuated.
policies.
The country
It remembers that the Republican party fought the Civil War and
afterward restored and unified the nation.
It believes that the
party is capable of repeating that service, and because it
Republican
believes it is
so
The nation is determined to be done with autocracy under the mere guise
of Democratic forms; it is determined that there shall be no return to the
old order.
The
plain people who,
and higher level, are not only
this
not know what our opponents stand for.
a
humane America,
an
I stand for
a
united
integration,
a new
we
do stand for every measure of evolution and development
that tends to carry the masses of the nation forward and upward.
During the campaign
now
about ending, the Republican party has pro¬
posed in its platform and developed in the utterances of Its leaders, a program
which contemplates equal opportunity for all.
exploitation
and
looking
measures
must
be
check if
efficient America, America first.
the whole, have been raised to
on
convined that they are entitled to remain on
plane, but that they must rely upon the constructive abilities of the
Republican party to keep them there.
It is our purpose to accomplish
exactly this.
While we will oppose every suggestion of revolution or dis¬
new
profiteering.
a
It
cooperation
to
recognizes that, in all
World.
We
far
ures
policy for the administration of the United States to bring our people out of
the jungle of mismanagement and into the light of a stable
generous
alone of all the
and to the enjoyment of those rights which they
peace
So long as war was on Republicans upheld the hands of tne Administration
wholly against the proposal to approve our
am
membership in the League of Nations
Even
legal status of
going to return the Republican party to power.
proposal.
I
Instead of making legal peace
denied by their Government the privilege of
were
of
responsibili¬
will decline to give its confidence and its mandate to that party or those
foreign policy and America's full expectation of becoming a
our
Our
foreign commerce
our
had temporarily surrendered under the circumstances of war.
plan for the wholesome expansion of
foreign trade and for the protection of our industries and for the up¬
our
enormous,
actual pecae had been won, the American people,
warring nations,
more.
for the protection of motherhood and childhood and for the allevia¬
means
detail
in
reorganization of administrative government
a source
the drain from the taxpayers.
I have set forth
one
business in government and less government
more
I have demanded
that it shall become
debt
our
reconstruction and reorganization of
descending toward the people.
so
disorganized,
were
ties of guaranteeing a new scheme of things.
flowing up from the people, rather than the will of one-man government
business.
So we
Instead of setting itself to remedying these conditions, the Administration
purposes,
I have demanded the restoration of the constitutional government
policy.
of
of executive power
offense to Thomas Jefferson and Grover Cleveland
an
it would have been to Washington, Lincoln and Roosevelt.
as
could not be expected to
autocratic Administration repaid this loyalty with the demand in the cam¬
They have made no answer to the charge tht during the control which-
extreme
in conflagration, refused
was
course,
necessity of preparing for peace.
forgetting party considerations, and
grotesque inefficiency.
would have been
at war the
has devoted itself from the day of the armistice to promoting a project
our men
and women, and even their children, will have to pay.
much
that, when all the world
were
participation cost
devoted largely to supplying the necessaries of war.
as soon as
They have made no answer to the charge that their experiment with the
a
out of war, and the
found ourselves at
world reorganization in which America should bear the largest
They have made no answer to the charge that they were equally unpre¬
of this country
us
we
than it should have cost.
we
the well known fact that they have cost
pared for peace and reconsturction.
cost the taxpayers
more
importance of preparedness, of
economics
unpreparedness for war persisted in for political expediency.
railways,
Thus when
entered into peace quite as unready for it as we had been for war.
j
There has been no answer to
ing
the boast that it had kept
realize while
from which only the World War saved us. and is even now leading us toward
our
on
to realize the
Democratic party to answer the charge that its management
American untold billions of dollars and
immeasurably
An administration
of domestic affaire had brought us to the brink of an industrial crisis of 1914
now
danger of being drawn into the struggle, the Democratic
last in the struggle we were utterly unready for it and our
domestic
our
should be
case we
In 1916, when it was apparent to most people that our country
in imminent
party made its campaign
and definition the Republican plan for putting our house in order.
they
realizationfof
Sfl 4
steadfastly refused to prepare for the national defense in
the
opponents.
American
The
producing facili¬
But that phase has now passed and nothing but a return
promise to continue keeping us out.
has
in Europe.
war
upon our
From the beginning of the war in Europe the Democratic Administration
Seldom in the history of our country has there been such an avoidance of
another
trade and demands
our export
with the war, saved us from immediate precipitation of
came
the danger that confronted us at the middle of 1914.
this duty upon the part of any candidates as has been evident among our
affairs
'
those constructive and progressive policies which have always character¬
to
predominant issues which affect the future course of America.
The
' "1
•
ized the Republican administration can save us from early
I believe that the men and women of this country are entitled to receive
any
expansion of
that disaster.
news
following is the Senator's statement of the
24th inst.:
from
is the resopnsibility we seek, our party has
as
Democratic economic and administrative policies had brought this coun¬
pre¬
election statement issued by Senator Harding on Oct. 25,
article.
Onerous
thought of evading, for it never has been guilty of that.
no
our
as
It is responsibility that must be
great responsibility be imposed upon us.
measured by both the gravity of the crisis that confronts the world and the
As to the League he says
wholly against the proposal to
stable good fortune."
a
[Vol. 111.
CHRONICLE
.
in
It recognizes the vices of
declared
has
production
for
wise
in
and
and
practical
marketing.
It
equality of opportunity, there
measures to preserve
recognition of the fact that greed and cunning must be held in
we are
to insure that true character and worth shall be given every
opportunity to share In the advantages that the community
can
extend to its
members.
SENATOR
HARDING'S
ARRAIGNMENT
OF
DEMO¬
A
pre-election
,
arraigning
the
was
issued
on
Oct. 25 by Senator Harding,
Republican presidential candidate The Nation, he
which contemplates equal opportunity for all."
He further says "the Republican Party purposes in the
program
realm of international affairs such
assured
an
association of nations
will most
Nation."
The
Senator's
A
C00LIDGE
.f in asking the suffrage of the American electorate this year
the Republican
Party has In mind both the record of service from its beginnings, whereof it
te very proud, and the vision of opportunity for service in thefuture, which
,
We
are
and must bear
to the people
impending they will give it the
asking that
a
FOR
GOVERNMENT OF
-
the Republican ticket,
on
that the issues of the
namely
a
as
in which he -stated '
campaign could be condensed into
men,"
issued at Washington
was
declared,
rest
one,
to "whether our Government shall or shall not be
constitutional government, a government of
he
LAWS,
pre-election statement by Gov. Coolidge, candidate for
Vice-President
that
,
its spokesmen have presented during this campaign.,
now
NOT MEN.
may
-
can
goes
they will recognize its superiority as an instrumentality of
GOVERNOR
independence; of
the American
It
certificate of their confidence and trust.
of
statement follows:
that
administration, and that in the election
effectively further the aspiration for world-wide
and permanent peace without sacrificing
any part of the
as
It believes that America
in the responsibilities of the worid, but it always believes that
America alone must decide what that part shall be.
forms."
During the campaign now
about ended, be says, "the Republican Party has proposed
ip its platform and developed in the utterances of its leaders
a
its fuii part
says,
"is determined to be done with autocracy under the mere
guise of Democratic
will most effectively further the aspiration for
dence of the American nation.
Democratic
the
Administration for its refusal to prepare from the outset of
the war in Europe, for the National defense in case we should
be involved,
as
in the realm of international affairs such
world-wide and permanent peace without sacrificing any part of the indepen¬
PROGRAM.
statement
association of nations
an
CRATIC ADMINISTRATION—REPUB¬
LICAN
The Republican party purposes
"but
It is
secure.
is
a
one
ark
our
upon
on
which
laws and not
Oct. 26.
our
Constitution.
There is,
national faith
Departure from
journey toward the precipice beyond which
is national disaster."
"stands upon the
The
Republican Party, he asserts,
foundation of
It will not depart from
it."
our
American Constitution.
His statement follows:. '
7<1
Oct. 30
THE
1920.]
The Issues of this campaign are so
by the people that there
can
be
give on Nov. 2. These issues
simple and they are so well
may
be condensed, and in the minds
Government shall
shall not be a
or
ernment of laws and not of
constitutional government, a gov¬
men.
When the wise and unselfish
men
who laid the foundation for
States of America indicated the future for us they
the moment would change; they
progress
the United
well knew that issues of
well knew the courses of history, as
knew the record of change and progress
changes and the
of most
That is, the question whether
Americans have been condensed, into one.
our
understood
will
doubt of the verdict which the voters
no
they
from the past; they foresaw the
that must come
with the future.
When they
and practical method for
Ozecho-Slovaks, Germans,
Hungarians, and Poles to send to needy peoples in those countries staple
food stuffs, of calorific value and forming a well balanced ration, to their
friends and relatives in the old countries.
The fact that the food covered
by the Food Drafts is free from all import duties, is not subject to Govern¬
mental requisition and is exempt from all rationing regulations in the coun¬
tries to which it is sent, adds to the workability of the plan.
As the food
called for by the drafts is already in Europe in the American Relief Admin¬
istration Warehouses, all transportation delays are avoided and the pro¬
ceeds of the draft become immediately available upon its receipt by the
a
document for the inspiration of
person
liberty in
of government to adapt
personal exaltation.
the basis upon which it is
particularly we can see it
time, the penalties exacted from those who let untrained and un¬
thinking desires stampede the people from paths of sanity, and those who
would falsely in the betrayed name of freedom substitute a personal dic¬
tatorship for a government of, by and for the people.
The Republican party stands upon the foundation of our American
Constitution.
It will not depart from it.
The Democratic party, under
the spell of a dominating personality, has stepped down from that founda¬
tion and points to a mirage in which there is no sustenance and no life.
The Republican party demands correction of all the ills which have been
bred in the false doctrines of extra-constitutional government; it demands
removal of burdens placed upon the people through disregard of the sane
functions of government, functions which must be directed with wisdom and
Our
Government
own
built.
And
we can
see
continue only upon
can
was
through the world, and
Children's Fund, which
Instituted at Mr. Hoover's suggestion and
which has been admin¬
balance remaining from the sale
operating expenses had been paid up to Aug. 1 1920
reserve set aside.
Tha fund last year furnished one meal
istered under his guidance, received the
of the drafts after all
and
ourselves to new
needs, but never to undermine the foundations of free government.
The
shores of history are strewn with the wreckage of republics which fell before
the ambitions of selfish depots or which disintegrated beneath the blight of
the unwise
also
land.
our
It is the continuous problem
in whose favor it is drawn.
The American Relief Administration's European
guidance of the nation they left the way open for
structure of
plan has afforded a quick
Draft
Food
The
friends and relatives in this country of Austrian*,
their fellow patriots and for the
such growth and such
adoption of new devices as the exigencies of time would demand.
But they
created and left for use, their descendants, as instrument which was soundly
constructed and which was calculated as the basis for the permanent'
shaped
1791
CHRONICLE
a
suitable
dally to
3,000,000 children in various war stricken
some
countries.
The
conditions in several of the new Democ¬
racies, so that this year the plan of the fund calls for the feeding of some
2,500,000 children, principally in Poland and Austria, where the food
shortage continues most severe, and to a more limited extent in other Central
and Eastern European countries, being a reduction of 500,000.
This does
not include Germany where the Friend's Service Committee (Quakers) are
new
at this
crop
has somewhat improved
child relief.
in charge of large
will facilitate this work, although the
Extension of the Food Draft sales
Child feeding
however, it has
also provided an outfit of clothing.
In all countries the kitchens operated
for childrens' relief provide one meal per day to the children selected after
medical examination.
-V;.Y:
J
be sought from other sources.
great bulk of the funds must
is the primary purpose
ITEMS
BANKS,
ABOUT
No bank
Exchange
of the European Children's Fund;
&c.
sold at the Stock
TRUSTS COMPANIES,
trust company
or
stocks
were
at auction this week.
or
encompassed with thrift
sound means the prosper¬
The Republican party by its wise
industrial America which is one of the wonders of
history.
The need for this policy is again apparent to thinking men.
The
war for four years acted as a wall, but that is past, and already we are
threatened with a perilous industrial competition expressed in terms threat¬
ening to the material and social welfare of every American who labors in
The Republican party
ity of
our
has always furthered by
It will do so now.
country.
tariff policy built an
the field of
industry.
it always has believed, that American
receive from the Government such legislation as shall
The Republican Party
labor is entitled to
believes,
performed, and that it is entitled to receive
protection against aggressions from a competition based upon a
social existence alien and repugnant to American ideals af self
constant
scale
of
material comfort.
ark upon which our national faith may rest secure.
It is
Departure from that, whatever the profession of motive,
respect and American demands of
There is but one
Constitution.
our
is
a
journey toward the precipice
The Republican Party
The American
Americans.
AMERICAN
beyond which is national disaster.
American government for
walks the high road of
neonle walk with
BANKERS'
th*t party.
ASSOCIATION WOULD CON¬
TINUE SUPPORT OF AMERICAN
RELIEF ADMIN¬
THROUGH FOOD DRAFTS.
ISTRATION
Richard S. Hawes, of St. Louis,
president of the American
Bankers' Association, has written to
reported
consideration, it is stated,
being $105,000.
Franz
Meyer,
an
assistant cashier of the National Bank
York and manager of its Foreign de¬
of Commerce in New
as
guarantee a fair return for labor
Exchange membership was
A New York Stock
posted for transfer this week, the
partment, has been
as
a second Vice-President of
Meyer came to the bank in 1907
appointed
Mr.
institution.
that
draft clerk and was
appointed
an
assistant cashier in July
the appointment of three
cashiers, namely, Ira W. Aldom, William S.
1919., The bank also announces
new
assistant
Graves and
Eugene M. Prentice.
Mr. Aldom entered the
employ of the bank eighteen years ago as a messenger.
Mr.
Graves came to the bank in 1919 and was later made an as¬
sistant chief clerk.
Previous to this he had been assistant
cashier of the Federal
Mr. Prentice was
before he
Reserve Bank of Atlanta,
Georgia.
connected with the State Bank of Chicago
joined the National Bank of Commerce in New
These appointments, all of which are effec¬
York in 1918.
the member banks of
tive Nov. 1 1920, increase the number of the bank's officers
American Relief to thirty-six.'
:j. 77777/7
■
v'-V
7/: 7X--7 77 7VY7'7'/
Administration during the coming winter months, which
according to field men just returned from Europe threatens
A bulletin showing in dollar percentages the movement of
to be the most precarious since the war.
Food Drafts have foreign exchange since the armistice, has been prepared for
been on sale for the last eight months in 4,458 banks, mem-, the information of correspondents and clients of the Bankers
bers of the association, in the United States, 85 banks in
Trust Co. from official documents presented to the Inter¬
Canada and 25 in Central and South America.
The success national Financial Conference at Brussels, copies of which
of the plan may be judged by the fact that in the first six
have been obtained by the Bank.
months of its operation 160,000 of the drafts were sold,
the association again
urging support of the
aggregating $4,500,000.
The Food Draft plan, Mr. Hoover
announces, will be continued through the winter and spring.
The American Relief
Administration has announced that the
At
a
Committee of the Board of
meeting of the Executive
Directors
on
Oct. 21, Theodore
Rousseau was appointed an
Assistant Secretary at the Paris Office of the Guaranty
Food Trust Co. of New York. Mr. Rousseau joined the Guar¬
Drafts are very importantly responsible because of their
anty staff in January 1918, and in the following March was
co-operation for the substantial relief that has been rendered
appointed Secretary to President Charles H. Sabin. He is a
thousands of families in Europe by relatives and friends in
director of the Italian Discount and Trust Company and
this country.
Through economical management of the
Secretary and Treasurer of the Montana Farming Corpora¬
Food Draft system, to the success of which, Mr. Hoover
tion.
He is Secretary of the Italy-America Society, and was
says, the banks have contributed so materially, there has
recently decorated by King Victor Emmanuel with the
accrued a surplus of $605,194.61, which in accordance with
Order of the Crown of Italy.
He is one of the governors of
the plan has been turned over entirely to the American Relief
the Southern Society.
He is also a member of the New
Administration's European Children's Fund, also under the
York Yacht Club and of the Knickerbocker Golf Club.
direction of Mr. Hoover and through which undernourished
co-operated with it in the sale of the
banks which have
children of Central Europe have
cedure, in
case
of
any
In the letter sent
benefited.
The same pro¬
surplus, wall be followed in the future.
out by Mr.
Hawes who is Senior Vice-
Bank in St. Louis, he says:
^ The present occasion is taken to reaffirm in the strongest possible manner
the Association's endorsement of the Food Drafts In accordance with the
system conducted by the American Relief Administration Warehouses as
President of the First National
an
eminently practical and
businesslike method of affording relief, under
unquestionably efficient American management, to needy peoples abroad.
Association members selling the drafts are urged to continue the sale, and
other members not yet selling these drafts are urged to do so.
The extension of the Food Draft plan through the coming months un¬
It offers a remarkable opportunity for
friends and relatives of needy Europeans to supply them with
doubtedly will avert much misery.
American
essential food at reasonable prices.
I*
making known on Oct. 19, the issuance
the Association said in part:
of the letter,
Plans for the
and the Union
consolidation of the Fidelity Trust Company
National Bank, both of Newark, N.
have been under
J., which
consideration for some months, were piac-
tically consummated on Oct. 25
when the directors of both
the stamp of their
institutions, at separate meetings, put
approval on the proposed merging of the two big banks.
It is planned to submit the matter to the stockholders of the
two institutions, as speedily as possible, and it is expected
that the
consolidation will be effected
by the first of next
The merging of the two institutions will make the
combined bank the largest banking and fiduciary institution
January.
It will have a capital, surplus and undivided
approximately $10,000,000, resources of $61,-
in New Jersey.
profits of
1732
THE
000,000 and deposits of
of
ment
the
than $50,000,000.
more
proposed consolidation
in
joint
a
[Vol. 111.
The Ninth Title & Trust Company of
Philadelphia, the
capital of which is owned by the stockholders of the Ninth
Announce¬
made
was
•'
CHRONICLE
statement issued by William
Scheerer, President of the
Union National Bank, and Uzal H.
McCarter, President
of the Fidelity Trust
Company.
The statement is as
The trust company
follows:;'
Avenue.
The
t'1-'
[•
Boards
Directors
of
fVvv;
of both
the
National Bank of
erected
;
Union
National
Bank
and
the
favor of merging the two corporations into
one
to
the
shareholders
project.
and
favorable action
urge
a
The officers of the company
Officer and
bined institutions will show when
completed,
The
....$6,000,000
Surplus
and
Assets,
upwards
Deposits,
profits,.......
of._
upwards
...._.
of
3,375,000
The
The Fidelity will take over the business of the
Union National Bank and
in its greatly enlarged and
strengthened condition will conduct the business
of both institutions under the
folder
special charter granted by the State of New
Jersey to the trust company in 1875.
The directors, officers, and employes
by the
same
as
began the construction of
yet
Dec. 8
retained its present individual identity and formed such
its recently acquired powers to do so.
To the
a
as
Broad Street Bank.
our
Broad Street and
modern banking ouilding.
1919, received National Bank Charter and began to do business
National Bank and
as a
a
member of the Federal Reserve System.
Nov. 1 1920, new Duilding will be
ready to occupy.
The bank has the
following departments:
General bank¬
ing, savings, foreign, bond and credit.
The officers of the
Department by the Union National, if that institution
institutions
deparmtent under
already large and growing
will be added, through the merger, the spelndid
business of the Fidelity
Mitchell,
follows:
temporary location 2034 N.
merged banks, have not
Among other things the merging of the two institutions will do away with
the duplication of effort and
expense that would inevitably arise in the
Trust
E.
Oct. 1919 increased capital from $125,000 to
$250,000.
Oct. 12 1919, moved to
present attending to them.
The details, concerning the
housing of the
as
March 14 1914, opened for business
been fully worked out, but it is
expected that all of the necessary formalities
will be fully completed before Jan. 1 next
on which date it is proposed
to have the merger become effective.
a
James
Broad Street National Bank of Philadelphia in a
descriptive of the facilities it offers recounts its de¬
velopment
of the Union National Bank will become
members of the Fidelity organi¬
zation, so that the customers of both institutions will be served
creation of
directors:
Barnes, Thomas B. Harbison, William
..50,000,000
....
are at
the
are
61,000,000
......
officials and clerks who
surplus of
a
Ira W. Barnes,
are
H. Margerison, Harry C.
Aberle, John Bromley, John G.
Sonneborn, Charles P. Cochrane, Harry Foster, Charles B.
Pearson, Harry E. Thomson and David D. Lupton.
the following fincanial con¬
.
_
following
chairman; Ira W.
com¬
dition:
Capital
paid in capital of $166,750 and
Guy C. Bell, Title Officer.
The
plan as proposed, provides for the merging of the Union National
Bank with the Fidelity and the
Increasing of the latter company's capital
stock from $3,000,000 to
$6,000,000.
The
recapitalization of the
in
capital of
President; John G. Sonneborn, Vice-President; Robert J.
Barnett, Secretary and Treasurer; Harry A. Mankin, Trust
'
'
Kensington
of
east
$33,350.
the
on
Avenue
$500,000;
large institution and passed
resolutions calling for special sessions of the stockholders of
both banks to
be held on Dec. 1 next to vote
upon the proposed consolidation.
The
resolutions as passed by the directors of the two
institutions contain their
recommendations
Allegheny
on
The formation of the
company was referred to
columns April 3.
It has an authorized
these
Fidelity Trust Company at meetings held today unanimously voted in
it
for
Philadelphia, began business on Oct. 7.
is located in a new building especially
are
W.
Perry E. Hitner, President; Dr. W. C.
Mitchell and Edwin S.
Radley, Vice-Presidents; L. A. Levis,
Cashier, and T. W. Bull, Assistant Cashier.
commercial banking business of the
Union, making an institution not only
of great and ample financial strength, but one with a
diversity of business
powers broad enough, in every way, to
fully meet the
—♦
banking and fiduciary
Effective Oct. 5, the First National Bank of Scranton, Pa.,
requirements of every customer.
the following changes of title, promotions and
appointments: Frank Hummler, Vice-President and Cashier,
announces
The Columbia Trust
free distribution
endeavor has
is
booklet entitled: "Wills" in which the
a new
been
Company of this city, has ready for
made to assemble, in
relieved
of
the
duties
of
Cashier,
and
remains
Vice-
President in charge of operation; Roland O. Deubler, Assist¬
convenient form,
authoritative
information
compiled by skilled lawyers,
especial reference to the laws of the State of New York.
ant
with
partment; Charles W. Gunster, Manager of Foreign Depart¬
charter
ment;
A
has
been
issued
by
Currency for the Oceanic National
$200,000.
per
the
Comptroller of
ment, is made Vice-President, Manager of Foreign Depart¬
Alfred T. Hunt, Assistant
the
Tellstrom has been named
Assistant Cashier.
as
plans to begin business about Jan. 1
1921.
We
The bank
are
advised
that before the
opening the capital is to be increased from
2,000 shares to either 4,000 or 6,000.
,
Cashier, is made Vice-
President, Manager of Credit Department; Albert G. Ives,
Assistant Cashier, is made Vice-President, Manager of Cur¬
Bank of Boston, capital
The stock ($100 per share) is being sold at $l«io
Melvin M. Johnson is President and Anders T.
share.
Cashier, is made Vice-President, Manager of Bond De¬
Department; George C. Nye, Assistant Cashier, is
Cashier; A. R. Mac Kay and W. B. Oliver have been
rency
made
made Assistant Cashiers.
Jr.,
was
On the
date John
same
Greiner,
made Treasurer of the Lackawanna Trust Co. of
Scranton, and George C. Nye was made Secretary.
All of
capital stock of the Lackawanna Trust Co. is owned by
the
The directors of the Commercial Trust
Britain,
Conn.,
recommended
gave
Company of New
that
the
capital
be
increased from $200,000 to $500,000.
The additional 3,000
shares will be sold at $125 a
share, $100 of which will be
applied to the capital stock and $25 to the paid-in surplus,
increasing the latter from $50,000 to $125,000.
The stock¬
holders
are
to act
the proposal at the annual meeting in
on
January.
—-♦
the stockholders of the First National Bank, and the direc¬
tors of both organizations are the same.
Charles S. Weston is
President of both institutions.
The bank has a capital of
$1,500,000, surplus of $1,000,000, and undivided profits of
$836,547.
Its deposits on Oct. 5 were $25,055,688, its re¬
sources
purpose
of voting
Mass., will be held
upon
a
on
Nov. 30 for the
proposed increase in the capital
stock from
$500,000, consisting of 5,000 shares (par value of
$100), to $1,000,000, consisting of 10,000 shares of $100 each.
,v
a
director of the Mutual Trust Co. of
Philadelphia, succeeding Howard F. Hansell Jr.
♦
At
a
meeting of the directors of the Philadelphia National
Philadelphia on Oct. 26, the following were appointed
Bank of
Assistant Cashiers: James A. Duffy, Francis J.
Rue, Paul B.
Detwiler and Harry L. Hilyard.
♦
-
J.
A. Wherrett has become
Trust Co. of
the
"
—
v
..
Baltimore, succeeding the late H. A. Beasley.
William
company.
M.
Assistant Treasurer of
an
Dunn
the Land Title & Trust Co., of
to the directorate of
Philadelphia, to fill
A
financial institution, namely the Terminal Commer¬
Savings Bank, opened for .business in Washington,
new
cial
&
Oct.
18.
John Borsnan, Jr., President, C. M. Towers
Vice-President, Charles A. Pfau Vice-President, and Frank¬
lin
T.
Baldwin
Cashier
are
the officers
The capital stock is $100,000 and it has
$20,000; the
per
par
bank
and its President since its organization in
26th inst.
He
was
banking business
Both
business
directors of the bank
are
is
all
conducted.
Philadelphia
as a
Trust
on
Co.
the
entering the
identified with the shoe business in
member of the firm of Bell, Walt & Co., Inc.
the
new
bank.
paid in surplus of
new
a
bank is $10
commercial and
The
officers
Washington business
men.
and
'r
a vacancy.
1903, died
75 years old, and prior to
was
of
a
value of the stock of the
share, and it is selling at $12.
The Ninth annual roll of honor of
Henry K. Walt, founder of the Jenkinstown
Assistant
Trust Officer.
savings
Cyrus H. K. Curtis has been elected
become
has
♦
'
'•
Secretary of the Continental
Mr. Wherrett has also been made
Bartley J. Doyle, President of the Keystone Publishing
Co., has been elected
The trust company,
banking business, has
a capital
surplus of $250,000 each, and undivided profits of $140,997.
It reported resources on Oct. 5 of
$5,619,678.
special meeting of the stockholders of the Third National
Bank of Springfield,
amounting to $30,890,794.
and
..
A
then
which does not engage in a
trust
companies
of
Maryland
has
the State banks and
been
prepared
Bank Commissioner from the
reports of condition
1920.
To
by
the
Sept. 8
In explanation the Commissioner says:
secure a
place
on
the Roll of Honor
surplus and undivided profits in
a
banking institution must show
excess of its capital stock—that
is, assuming
the capital to be 100%, the surplus and
profits must exceed that percentage,
in other words, to be entitled to a place on the Roll of
Honor, an institu-
Oct. 30
and its numerical order on the Roil of Honor
SILVER.
V;
combined, an amount
tion must have, in the form of surplus and profits
larger than its capital,
based upon
CHRONICLE
THE
1920.]
the percentage of this amount to its capital.
Commissioner,
and
Of these,
in operation
were
State hanks
sixty-nine (or about 47%)
the State one
in
are
conditions
such
be
must
deterrent
a
China
trade movements.
against
and
unfortunately is not in the position of India, where, should drought
companies.
entitled to positions
and
localities-and
Famine is prevalent in several
from China is disquieting.
trust
is able to organize relief on a large scale,
distress prevail, the Government
the financial resources necessary for methods involving con¬
and possesses
with
The authorities in China have also to cope
siderable expenditure.
Roll.
the
on
there
forty-six
-
The news
tensified the weakness recently apparent in the China exchange.
hundred
\
Under
sales of silver from the Indian Bazaars and in*
review provoked some bear
According to the last reports of condition to the Bank
;
\/ri-
e
of the rupee in the early part of the week
The low sterling value
is
in foreign relations.
India's relation to a rise or fall in the
military developments, and a certain amount of friction
Faced with
Trust Co., Chicago, have
The directors of the Northern
of the Bond Depart¬
Fosdick joined The Northern organization as a
K.
appointed
Mr.
ment.
I.
Fosdick Manager
bond salesman about three years ago.
considerable
and
ances,
promotion
he
He
ment.
has
ment
received from the institution's manage¬
•
circulation of this new currency will relieve the
adds "it is hoped that the
other parts
of the world where this happy state of a
does not exist.
'-'V
Japan is reported to have
Co. will be taken
by the bond department of the bank
over
the Superior Street corner of the Lonsdale
and will occupy
It is stated that the demand by many customers
Building.
the
handling of their investments has necessitated the establish¬
ment of this department.
Its policy will be identical with
for
broader
a
that which has characterized
Bank
National
the
for
which would include
service
banking
past
the conduct of the Northern
eighteen
The Bond
years.
Department will be under the management of Stanley
L.
Yonce, formerly with W. M. Prindle & Co.
In order to meet the demands of
undivided profits account of the institution.
now stands at $118,000.
The Merchants
His
Chairman of the
organized in 1888 by the late R. Y. Lane.
was
Mills B. Lane of Savannah, is now
son,
Board of Directors and H. Y. Tillman the Chief
Executive
of the Institution.
Bank
of
Pioneer Fruit Company, as
9
53Hd.
54%d.
Oct. 13
56Kd.
Oct. 14
55Kd.
-
55.021d.
Average
The silver
President of the
issued
the Marine National Bank of Seattle, Wash.,
The
000.
bank is
new
national bank
a
was
quotations to-day for cash and forward delivery are
ENGLISH FINANCIAL MARKETS—PER CABLE.
The
daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
as
Oct. 23.
Oct. 2(5.
Oct. 27.
Tucs.
Wed.
Thiers.
52%
52%
Gold, per fine ounce___«__.. 119s.6d. 118s.2d. 118s.2d. 117s.9d.
Consols, 234 per cents...... 45%
45%
45%
45
British 5 per cents
84 K
8415-16 84 %W 82 7-16
British 414 per cents.78
78
78%
76%
The
62%
We
the
reprint
99%
99%
99%
99%
80%
80^
80^
for
SILVER
securities, the following,
Auction Sales.—Among other
at
circular of
7 Nat. Nassau Bank (In liq.)-, I
$17 50 per share paid
[.$35
J lot
£121,671,405,
300
compared with last week.
500
India and the
1,000
1,000
pref.___l$15
Alba Chem., Inc., Com
/ lot
Mutrkirk Iron, Inc., Pref..$5 lot
Muirkirk Iron, Inc., Com.$5 lot
West. Utah Cop., $1 ea__$20 lot
$6%-$6%
*
reported from New York that $11,550,000 in
gold has been received
gold output for Sept. 1920 amounted to 682,173 fine ounces
$60% per sh.
informed that Japanese banks shipped from
to
Bombay to Japan
note that India is thus
15
It is interesting
disgorging substantial amounts of the gold ac¬
following were the United
11,500 Abangarez
France
_
.
Exports.
no
no
120,352
United States of America
1,473
6,188,390
___
Central America & West Indies
Various
South American Countries. r
Egypt
500 Bonanza
61,893
Rhodesia
Transvaal
;
British India
Straits Settlements
New Zealand
573,000
"
—
$50
250 Cerit.
Scrip
$35 lot
Colo.'Pow.. Pref..$45 lot
"
'500 Chrysolite S1LM..S50 ea.$25 lot
2,500
£7,359,563
Greek Gold Dredging
deferred. 1.
,.$69 lot
144 Clear
F*
£2,248,753
_.$27 lot
4,542 Breece Min., $25 each..$510 lot
287 Cent. Colo. Pow., Com. <fc
6,948
2.150
Other countries.
Creek Gold Min¬
ing. Ltd., $5 each
2,051,470
>
lot
_
41,000
______
j
stock..j
Radio
1,000 Amie Cons. M., $10 ea..$36 lot
51 Ala. Con si C. & I.,Com. $45 lot
51 Ala. Cons. C. & I., pref.$40 lot
249,990
_.
Co.
Co..)
Mich. Corp
......>$1,950
7 Inter-City
Co., j
lot
Radio
Illinois Corn.___
)
963
...
150
200 CleariCrk. Gold
of
10
725 The Star Cons. Min., $1 ea.
Dr., pf..$90 lot
lot
4
lot
lot
lot
*'■* *
$215 lot
1,546 Subsurface Torpedo Boat
Co., Com
$50 lot
43.840 Tintic Co., $5 each..
$95 lot
6,944 Tip Top & X 10 U. 8 M.
Co., $10 each
$43 lot
204 Uhlt. Mo. Riv. P. Com. .$95 lot
Pref..$85 lot
Com..\$46
Inc scr J
lot
Bonds.
Percent.
$12,500 Laporte Oil & Refin. Corp.
1st Lien & Coll. 7s, Conv. Notes. 45
S26.117.79 Demand Notes of Alba
Chem., Inc. (without recourse).$30 lot
$10,000 Bleeeker St. & Fult. F. RR.
*
100 Unit.. Mo. Riv. P
,
150 Vicks. & Mer. RR.,
$450 V. & M. RR. 3d M
23
$4,000 Dry Dock E. B. &
B. RR.
«5
5s, 1932
Kalamazoo City & Co.
St.
"
1st, 5s, 1910. Aug. 1891 COU-
Ry.
Pref.
_)$50
shares Calif.
500 Inter-City
Sou.
&
Certif.
405 Norf. & South. Ry.,
$1,000
Alkali,
Ry., Com.,
Deposit-.—.$8$
Pref..
Certif. of Deposit... „.S51
Southern Cot. Co., Cora.$50
Southern Cot. Co., Pref.__$l
675 Norf.
1st 4s, 1950
par
par—
$ per sh.
ea.$51 lot
3,000 Ioiia Gold Min., $5 each..$91 lot
1 Mines Fin. Co., $10,000__$77 lot
Gen.
Com.,) '
$1,400 Certif. of assessment on 200
2,320
309,100
__
_
of
_.___$161ct
Alkali,
100 Del .-Calif.
£2,300
_
West Africa.
Fields
Com
100 Del-Calif.
£3,262
j._
_
Gold
57 Interstate Chemical Corp.,
,
Imports.
Switzerland
$4 lot
211,464 Aquacatc Mines,$5 ea.SlOe. p.sh.
Kingdom imports and exports of gold
_________
Belgium
£2 lot
.__
Costa Rica, $25 ea.-Sl per sh.
during the month of Sept. 1920:
Netherlands
Pref
240 R. E. McDonald. Inc....$35 lot
quired since free import was allowed in the country.
The
$28 lot
$11 lot
Century Bldg,, Com.__
30 Century Bldg.,
bar gold to the value of Rs. 66,000,000,
reported to have bought a further 1,50,000 tolas.
are
____
100 Western Lt. & P., Com..$21 lot
75 Buftalo Gas, Com
during the first week of October
and
150 New York Railways.
and 898,558 fine ounces
1919.
are
sh.
120 Green Bay & Western Ml.
compared with 702,083 fine ounces for Aug. 1920
"We
per
453 BJythebourne Water Co. .$50 lot
■
for Sept.
48,500 Evalyn M. & Leas., $1
lot
191 American Cities Co., Pref.
v1-",- vr.'/'
The Transvaal
j
150 Alba Chem., Inc.,
there from London.
as
1 $100
New York:
Slock.
Shares.
5 Luzerne Coal Co. of Penna
100 Allen Sales Serv..Inc.,pref.
gold came into the market this week and was taken
Continent.
It is
$ per sh.
Slock..
21 Mac Arthur Bros. Co., Prof.
$40 per sh.
Co. of London, written under date of
gold reserve against its note issue is
sold
usually dealt in at the Stock Exchange, were recently
auction in New York, Boston and Philadelphia:
Shares.
MARKETS.
with the exception of small amounts for
York,
New
99%
80%
79%
not
GOLD.
A moderate amount of
86.45
99^
80.
___
50 Allen Sales Serv., Inc.,com.
The Bank of England
76%
70%
55.75
86.45
Commercial atnimtsceliaucotxsHewr
Reference to its intention to
following from the weekly
slight increase of £2,350 as
82%
Silver in N. Y., per oz. (cts.):
Oct. 14 1920:
a
45
82 5-16
price of silver in New York on the same day has been:
By Messrs. Adrian H. Muller & Sons,
Samuel Montagu &
45
86.45
86.45
86.45
86.45
Frt
52?4
52
117s.Ud. 118s. Id,
52.00
55.30
54.85
54.77
(in Paris)_fr_
Oct. 29.
Oct. 28.
Mon.
d. 52%
Silver, per oz
Domestic
a charter for
capital $200,
Oct. 25.
Sat.
London,
Week ending Oct. 29.
Foreign.
made in these columns June 5.
AND
GOLD
ENGLISH
THE
117s. 4.2d.
respectively
.
3d.
6d.
6d.
6d.
117s.
117s.
117s.
117s.
conversion to the National system
a
of the Marine Bank of Seattle.
become
117s.
54.687d.
54%d.
Oct. 12
Cal.,
Vice-President of the institution.
The Comptroller cf the Currency has
_
Sacramento,
the election of Charles B. Bills,
announces
56d.
54%d.
53Mid.
54d.
5584d.
54^d.
56^d.
Oct. 11
Fine.
2 Mos.
Cash.
Oct.
Gold per oz.
Bar Silver per oz. Standard.
8__
French War Loan (In Paris) fr_
National
quoted at 5s. 6d. the tael.
Quotations—
.Oct.
French Rentes
Sutter
Fort
The
$26,000,000 and 2,080 bars of silver
the 2nd inst.
The Shanghai exchange is
its capital
This latter account
Bank
dollars and 650 bars of silver, as compared
with about 34,000,000 ounces in sycee,
on
expanding business, the
$100,000 to $200,000 by transferring $100,000 from
the surplus and
36,200,000
Shanghai on the 9th inst. consisted of about
%d. and 1 %d. below those fixed a week ago.
Merchants Bank of Valdosta, Ga., has increased
from
';
in sycee, $23,000,000
ounces
conducted by W. M. Prindle &
bought 800 bars of silver from India for ship¬
opportunity offers.
The stock .in
Northern National Bank of Duluth announces that
Unfortunately there are
"shortage" of paper
City cf Lima."
shortage of paper money in the
ment as
The
indifferent
appeal to the natives, in
plentiful production of the metal—is revealed by a statement in "Financial
America" touching a new issue of $5,000,000 paper money.
The paper
money
the bond business formerly
might exceed its
available from within.
divorce of silver from currency in South America!—the place of
The
above stated.
as
silver rupee
other—bars or coin—would be
view of ample stocks
this week to Manager of the Bond Depart¬
months ago, and
A rise would have probably a positive
harvests, even cheap silver from abroad might not
advanced to Sales Manager about eighteen
was
monsoon.
In"the case of a fall, the effect might be only negative, for, with
y
sales record well deserving
a
anna
exported.
Through close atten¬
outside the bank he has
the
study
and maintained
created
12
internal value: if so.;silver in some form or
cultivation of acquaint¬
tion to his duties inside the bank, the
a
price of silver is rather peculiar.
effect, that is to say, the external value of the
pons
on
$500 Somerville <fc Raritan
1st 6s,
lot
w-r
Gas Lt.
1904. Feb. 15 1891 coupon
—u—!__
on
$11 lot
._
(Ga.) Impt. Co. 7s,
1891, Jan. 1872 coupon on.. _. + .$8 lot
$500 Austral Hotel & Land 6s, 1900,
"
May 1896 coupon on
$6 lot
$500
Atlanta
$7,400
6s,
Ccilegeport Land &
1919, Oct.
tached
_
Water
1916 coupons at¬
j
—
.$40 lo
$200 New Dominion Copper 10-year
attached.$20 lot
$25,000 Louisiana Debt Ctfs., Dtf.
6s. Oct. 1919 coupons
$57 lot
of Deposit..
$50,000 The Cucharas Land <fc Wat, •
C^rp. 20-year Inc. 5s. 1935..$1,250
'4s
L926
$200' The p'ot
_
&
;
1
_
lot
"
$l,000|AutamobileClubofAmer. 2d
(
20
Kettle" 4 % s1914I $20
lot
CHRONICLE
THE
mi
The
By Messrs. Wise, Hobbs & Arnold, Boston:
Share*.
Stock*.
Bond*.
$ per sh.
1 Old Colony Trust
$50,000
255
25 Canadian Atlan Coal, pref._$l lot
48 Elder Manufacturing, pref
95
25 United El. Lt. of Springfield. 171
5 Central Mass. Power, pref... 74 H
10 Puget Sd. Tr., L. A P., pref.. 59
"
•
1
Per cent.
'
Commonwealth
of
Mass.
taxable 334s, 1943..
$8,300 Eastern Mass. St. Ry. 6s, I
Series B, 1948, Jull 1920 coupon I
3,000 Jacksonville Tr&c., com., cert.
of dep
1
50 Canadian Atlan Coal, com__$l lot
5 Arlington
"
on
217
shares East.
Mass.
Ry.j
St.
Ry., 1st prfe.-
10 shs. E. Mass. St. Ry., com...
Week
Oct.
Since
North Amer.
Bonds.
Per cent,
$8,500 W. Chester Kennett A Wil.
Elec. Ry. 1st 5s. 1935
20K
$6,250 So. Denver Water 1st 6s,
......275K
...$50 lot
$5,000 Ind. Col. A East. Ry. gen. A
ref. 5s, 1926
18 *
25 Continental-Equitable T. A
T., $50 each
..107K
10 Excelsior Tr. A S. F„ $50 ea. 66 J4
$2,000 Nor. Pa. RR. gen. 3.3s, 1953 67^
$400 Philadelphia. City, 4s, 1946.. 87H
$4,000 North Coast Power gen. lien
20River8ldeTraction.com
i
1941
25%
coll. 5s, 1939
16
Bushels.
Bushels.
335 Federal Coal, $10 each
$11 lot
17 H. K. Mulford. $.50 each.... 50
40J4
1948
1st
cons.
5s, 1949
75
...
5s, 1953.-
$3,350 Federal Coal inc. 5s. 1969...
$20,000 Paint Creek Collieries 1st
16
5s, 1956, certif. of deposit..$1,200 lot
$5,700 Huntingdon Valley Country
Club 2d 5s.
Australia
1927
50
1,272,000
12,118,000
Corn.
Oats.
Barley.
Oth. countr's
Total
visible
The
2,139,000
1,676,000
211,000
48,000
125,000
804,000
370,000
95,000
226,000
543,000
180,000
50,000
'
2,014,000
supply
:
GRAIN STOCKS.
lush.
4,230,000
315,000
1,296,000
Boston
Baltimore.....J, 3,357,000
Newport News
325,000
New Orleans
3,926,000
Galveston
3,611,000
895,000
Toledo
1,021,000
Detroit
63,000
Chicago
691,000
"
afloat
.....
173,000
4,382,000
St. Louis
Kansas
Peoria
Kansas City..
Omaha
City
...
Peoria
Indianapolis
283,000
On Canal and River.
413,000
98", 000
5,000
268",000
164"oo5
71,000
1,000
215,000
1,000
77,000
99,000
2,795,000
16,563,000
1918...113,508,000
Total Oct. 26
30,000
70,000
36,000
10,829,000 31,476,000
1,421,000 19,042,000
5,108,000 22,211,000
5,503,000
3,591,000
3,680,000
3,659,000
4,169,000
3,126,000
Note.—Bonded grain not included above: Oats, 17,000 bushels New York; total,
17,000, against 12,000 bushels in 1919; barley, New York, 2,000; Duluth, 1,000;
total, 3,000 bushels, against 63,000 bushels in 1919.
88.000
20,000
2,000
130.000
123,000
Total Oct. 23
1920.
.15,131,000
248,000
427,000
270,000
Total Oct.
341,000
Canadian—
3,754,000
Other Canadian
3,735.000
3,300,000
4,389,000
4,589,000
4,801,000
7,201,000
1,037,000
751,000
844,000
957,000
869,000
1,968,000
..49,542,000 10,355,000 36,328,000
..46,394,000 10,916,000 33,366,000
.109,083,000
1,423,000 22,384,000
.126,118,000
5,242,000 28,846,000
2,800,000
4,854,000
3,800,000
16,754,000
4,760,000
.13,719,000
.12,610,000
American
...
Canadian
1920.
Total Oct.
16
25 1919.
Oats.
Barley.
Rye.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
2,180,000
594,000
559,000
107,000
41,000
144,000
265,000
229,000
62,000
64,000
"37:666
1,YSLOOO
"SLOOO
5,000
"65,000
330,000
3,000
24,000
78,000
1920.
Total Oct. 26
1918.
5,505,000
1,174,000
5,701,000
3,263,000
Canadian Bank Clearings.—The clearings for the week
ending Oct. 21 at Canadian cities, in comparison with the
same week in 1919, show a decrease in the
aggregate of 6.5%.
Thanksgiving day in week this year.
""34:666
1,317,000
191,000
2,000
1,174,000
1,101,000
1,532,000
137,000
Summary—
Total Oct.
Barrels.
114,000
3,680,000
.14,263,000
70,319,000 11,901,000 10,436,000
•
796,000
2,795,000
5,000
1920.
42,472,000
.
78,000
87,000
2,000
134,000
264,000
..34,411,000 10,277,000 33,660,000
..15,131,000
78,000
2,668,000
16
26 1918.
39,188,000 73,035,000 22,659,000 11,138,000
61,176,000 103,437,000 18,195,000 9,885,000
Ccrn.
5,000
147,000
5,000
209,000
Oct.
3,207,000 112,352,000
Wheat.
385,000
2,136,000
2,668,000
1,890,000
3,342,000
6,635,000
Oct. 25 1919.
Total Oct. 23
Flour.
78,000
697,000
Total
Total receipts of flour and grain at the seaboard ports for
the week ended Oct. 23 1920 follow:
Philadelphia..
50,000
Baltimore
35,000
N'port News.
1,164,000
43,000
217,000
Week ending October 21.
Clearings at—
2,000
Norfolk
Inc. or
3,000
1920.
~
Canada—
"138:666
""78:660
36,000
17,000
Montreal
wk. '20
397,000
6,545,000
Since Jan.1'20 19,511,000 196,406,000
677,000
3,614,000
Since Jan.1'19 30,722,000192,636,000
437,000
16,228,000
161,000
9,994,000
478,000
22,455,000
397,000
1,473,000
8,517,000 44,257,000
1,228,000
413,000
739,000
62,442,000 55,302,000 26,895.000
1
on
The exports from the several seaboard ports for' the week
ending Oct. 23 are shown in the annexed statement:
133.310,418 162.521,726
Bushels.
Corn,
Flour,
Oats,
Rye,
Bushels. Barrels. Bushels.
Barley,
Bushels.
92,867
Peas,
Bushels. Bushels.
639,929 202,569
167,000
578,000
Philadelphia
4,541
+ 0.3
73,835,857
90,978,377
60,833.030
74.144,717
+ 16.6
68,967,577
85,263.235
16.549.589
—25.8
Ottawa
8.765,384
8,874,971
—1.2
11,424.630
7,128,306
10,202,502
5,414,650
9,886,728
10,928.191
—9.5
8,308.094
Edmonton
4,924,643
2,500.000
6,534,497
6,018,912
—18.2
3.741.074
10.802.826
3,362,420
3,064,514
—15.1
1,760,044
Vancouver
_.
Victoria
Quebec
11:666
+0.1
4,380,913
3,686,788
7.447,070
—4.9
5,726,215
5,281.196
Halifax
5.232,390
—22.1
3,958.051
3,391,755
Regina
4,985,578
2,502,194
2,960,265
3,567,711
2,339,104
1,092,757
6,512,135
2.837.428
3,544,503
3,360,973
2,442,971
1,023,318
1,066,347
—23.4
Saskatoon
7,094.711
2,536,496
2,002,548
4,823.312
2,689,888
1.385.429
1,153,681
—2.6
—14.4
1,223,876
780,389
676,073
—32.8
579,634
364,364
708,084
+ 7.7
608,894
647,863
...
St. John
Moose
Jaw
.......
Lethbrldge
New Orleans...
1,103:666
19:666
27,000
19:606
306,000
Galveston
1,297,000
1,071,000
43,000
34,000 192,000
120,000 209,000
Norfolk
3,000
Newport News
4,000 283,845 352,000
576,977 624.000
Wheat.
932,353
—2.4
921,299
+ 34.4
—5.8
963,182
588,046
Since
Week
Since
Oct. 23.
July 1
1920.
Oct. 23
July 1
Oct. 23
July 1
1920.
1920.
1920.
1920.
Barrels.
Bushels.
Bushels.
Bushels.
43,359
969,478
2,721,110
458,330
340,265
Bushels.
1,681,862
4,619,386
147,700
56,685,989
70,937,881
1,753,760
3,000
Brit.No. Am.Cols.
Other Countries..
435,562
,
50,000
26",789
1,396
28~,3l7
"720",476
1.653,637
309,483
283,845
5,209,653
8,018,569
6,448,948 131,033,667
2,746,000 60,751,980
3,987,019
3,232,192
+ 23.4
401,959
482,869
—14.7
681,698
...
Albert
Not includ ed
Canada
in
National
403,551,942 430,635,197
Banks.—The following
CHARTERS
Week
41,195
909,639
1,341,109
881,331
805,998
658,350
719,996
640,459
1,167,410
347,249
total.
.5 305,428,565 301,071.956
information regarding
Comptroller of the
Currency, Treasury Department:
Corn.
Since
Barrels.
Kingdom.
848,497
937,313
national banks is from the. off ice of the
Week
So. a Cent. Amer. 133,354
West Indies
63,258
1,393,623
936,761
Total
192q.
Continent
+ 6.7
—8.6
1,881,116
2,090,039
1,941,793
4,641
below:
Flour.
July 1 to—
2,575,828
2,472,728
1,091,659
Exports for Week
and Since
4.2
1,028,900
Prince
The destination of these exports for the week and since
as
+ 6.2
•
1,258,183
Windsor
6,448,948 613,747 309,483 303,867 1,232,929 717,569
July 1 1920 is
—16.5
Sherbrooke
Peterborough
Moncton
2,746,000
974,749
1,349,986
987,760
454,409
762,263
—11.8
Kitchener
2,000
1919
...
...
Brantford
Medicine Hat
383,000
1,589,170
6.527,855
7,079,430
4.074,285
Hamilton
New Westminister
94:666
Total week
89,936,470
97,938,486
86,412,879
12,271,199
Fort William
96:660
1,087,000
Montreal
—18.0
1917.
98.230,003
Brandon
1,145,984 357,747 232,483
Baltimore.
1918.
Toronto
London
Wheat,
Boston
%
Winnipeg
49,000
Receipts do not include grain passing through New Orleans for foreign ports
through bills of lading.
Exports from—
Dec.
Calgary
Total
New York
1919.
$
~
89,000
..
Boston
Total
82.600
10,277,000 33,660,000
6,782,000 199,608,000
4,682,000 221,231,000
Total 1919..
31,000
95,364,000
224,000
14,741,000
1919—1
4,000
43,000
288,000
13,000
320,000
Montreal
205,000
53( ,000
30,000
'18
United
59,000
1,084,000
2,782,000
Omaha
On Lakes
618,000
wk.
Week
177,000
649,000
2,507,000
30,000
1,073,000
31,000
157,000
6,205,000 12,503,000
64,000
210,000
2,737,000
1,947,000
15,000
1,532,000
18,000
250,000
Same
New Orleans.*
59,000
750*,666
544,000
800,000
24,000
1,478,000
988,000
39,000
9,753,000
10,793,000
Week
325,000
87,000
21,000
Montreal
525,000
Galveston
184,000
Ft. William A Pt. Arthur.10,680,000
258,000
129,000
618,000
1,311,000
1,135,000
512,000
596,000
1,090,000
38,000
'19
York...
283,000
477,000
42,000
10,000
365,000
267,000
27,000
*20
New
11,000
1,258,000
11,000
wk.
Receipts at—
33,000
43,000
166,000
318,000
wk.
1918
bush.
4,000
63,000
420,000
303,000
16,000
Same
1919
Barley.
331,000
5,417,000
"235",666
Total
Since Aug. 1—
1920
Rye.
bush.
971,000
97"666
Total
Indianapolis..
<
bush.
1,557,000
3,842,000
32,000
85,000
29,000
Oats',
bush.
471,000
297,000
.......
46,000
Detroit
St. Louis
Corn.
Wheat,
United States—
281,000
21", 000
Milwaukee...
1.666:666
44,962,000
at principal points
Total Oct. 23 1920—34,411,000
16 1920....32,131,000
bush. 60 lbs. bush. 56 lbs. bush. 56 lbs. bushAHlbs. bush.tWlbs.
"864:660
58,988,000
6,111,000
of grain, comprising the stocks in
of accumulation at lake and
seaboard ports Oct. 23 1920 was as follows:
granary
Total Oct. 25 1919
320,000
3,731,000
molooo
12,026,000 210,663,000 221,849,000
Total Oct.
Rye.
42,628:666
55,321,000
36,703,000
"mooo
...
Milwaukee....
2
Wheat.
668,000
India
Buffalo
50
;
figures brought from page 1771.—The
statements below are prepared by us from figures collected by
the New York Produce Exchange.
The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Duluth
Bushels.
2,168,000
"215",666 37,707:666 58",161:666 5,664:666
Argentina...
Philadelphia
$5,000 Paterson A Passaic G. A E.
Breadstuffs
Toledo
Bushels.
447,000
"635:666
Minneapolis
123,000
July 1.
Danube
Duluth
bbls.imbs
Since
July 1.
Oct.
10,539,000 160,558,000 125,638,000
New York
76
A ref.
5
2,000 Tuxburg Oil A Ref.. $10 each
$140 lot
30
$10,000 Twin States Gas A Elec. 1st
13c.
280 United Nat. Utilities. pref.$105 lot
50 United Utilities, com
$17 lot
210 United Nat. Util,. com
$65 lot
Chicago
Minneapolis..
Since
23.
Bushels.
July 1.
73
$5,000 Ind. Un. Trac. 1st 5s, 1933..
$17,000 Newark Cons. Gas 1st 5s.
$50 lot
750 Chalmers Motor Co
and inc. 6s,
$8,000 Clover Leaf Coal Mg. 1st 5s,
1925
$160 lot
$4,000 Associated Gas A Elec. 1st A
140 L. H. Gilmer, com., $10 each. 15
2 West Philadelphia Pass. Ry.. 129 l/t
Flour.
Week
July 1.
Russia
1933, certif. of deposit
5 John B. Stetson, pref
'...125H
3 Phila. & Cam. Ferry, $50 ea. 97
11 Del. A Bound Brook RR
137H
10 Phlla. Pharmacal, Inc.. $10ea. 2
v-
1919.
1920.
Since
,
23.
Bushels.
J
150 Middle City Bank, $50 each. 50
9 Land Title A Trust
486
22 Fidelity Trust
435
Receipts at—
Corn.
1919.
j
Slocks.
$ per sh.
2 Peoples Nat. Fire Ins., $25 *a. 19^
20 F.H.Vogt A Sons,Inc.,$50 ea. 50
50 Securities Corp. General, pref.
25 Securities Corp. General, com
1,600 Eden Mining
Wheat.
1920.
$110 E. Mass. St. Ry. stock scrip. !
47
440 Surety Oil, full paid.
shipment of wheat and corn for the week
23 1920 and since July 1 1920 and 1919 are
following:
Exports.
opt. warrants for adj. stock... }$2,170
16 shares East. Mass. St. Ry.j
lot
6 shs. E. Mass. St.
Shares.
•
shown in the
: v.
By Messrs. Barnes & Lofland, Philadelphia:
2 Commercial Trust
world's
ending Oct.
I
90H
Mills
25 Robertson Paper, pref
8034
[Vol. 111.
1,216,057
86,004
41,270
560,949
1,396
12,342
513,747
1,918,018
4,000
1,115,299
ISSUED.
Conversion of State banks and trust companies:
The First National Bank of Littlefork, Minn
fCapital.
$25,000
Succeeds the First State Bank of Littlefork, Minn.
President, F. P. Sheldon; Cashier, M. C. LongbaUa.
Original organizations:
The Payday National Bank of Minneapolis, Minn
200,000
President, S. M. Strand; Cashier, J. R. Schuknect.
Brotherhood of Locomotive Engineers Co-Operative National
Bank of Cleveland, Ohio
1,000,000
President, Warren S. Stone; Cashier, William B. Prenter.
The First National Bank of Kirkland, Wash
25,000
President, Glenn M. Johnson; Cashier, O. S. Penney.
Total
t
-$1,250,000
1725
CHRONICLE
THE
OCT, 30 1920.]
'""T Boole Closed.
APPLICATIONS FOR CHARTER.
(Concluded)— ■»"
Noble (Chas. F.) Oil & Gas, com. (quar.)
Miscellaneous
25,000
.
INCREASED.
—
Total
15*
Nov. 30
Preferred
Eagle
(quar.)
National Bank of
National
Holders of rec. Nov. 15
1
Holders of rec. Oct.
Dec.
Dec.
Holders of rec. Oct.
Cap. when Red.
$75,000
Holders of rce. Dec.
17
1 ♦Holders of rec. Oct.
29
Dec.
Nov. 10 ♦Holders of rec. Nov.
*1
Nov. 10 ♦Holders of rec. Nov. ' 4
*15*
Nov. 10 ♦Holders of rec. Nov. ' 4
Nov.
1 ♦Holders of rec. Oct. 18
(quar.)...
.........
1
1
Holders of rec; Nov. 17
1
Holders of rec. Nov. 17
1
Holders of rec. Oct.
28a
Nov.
1
Holders of rec. Oct.
28
dividends) .
(quar.)
Nov.
1
Holders of rec. Oct.
28
*15*
Dec.
1
♦Holders of rec. Nov. 15
*2
Dec.
1
♦Holders of rec. Nov. 15
IA
Dec.
15*
1
Holders of rec. Nov. 15
Dec.
1
Holders of rec. Nov. 15
$1
Nov.
1
Holders of rec. Oct,
22a
2
pref. (quar,)
Spencer Steel, com., A (quar.)
Nov.
1
Holders of rec. Oct.
22a
2A
Nov, 20
(quar.)
■
announced in previous weeks
This list does not include dividends
paid.
yet
announced this week.
week
are:
Books Closed.
Per
Per
When
Cent.
Payable.
Dec.
2A
Holders of rec. Oct.
8
Nov.
Great Northern
30
1 ♦Holders of
rec.
Dec.
1 ♦Holders of
rec.
Nov. 20
New York Central RR.
(quar.)...
♦15*
Dec.
18 ♦Holders of
rec.
Nov. 30
Norfolk A Western, adj.
Pere
Dec.
1
Nov. 19
Nov.
1
Oct.
28
to
Oct.
31
7
Nov.
1
Oct.
28
to
Oct.
31
4
Nov.
to
Nov. 22
Banks.
Extra
Chemical National (bi-monthly)
Oct.
1
26
Oct.
to
..
5
Nov.
1
Holders of
rec.
2
Nov.
1
Holders of
Oct.
Sept. 25
to
Oct.
Oct.
17
Holders of rec. Oct.
Holders of rec. Oct.
la
Nov. 19
Holders of rec. Oct.
30a
Nov.
1
2a
lK
Nov.
1
Holders of rec. Oct.
Holders of rec. Oct.
16a
IA
Nov. 30
Holders of rec. Oct.
25a
Nov. 11
$1
9
"50c. Dec.
Holders of rec. Oct.
19a
Nov. 10
2
*15*
Jan.
American Radiator, common (quar.),..
$1
Dec.
31
11
3x ♦Holders of rec. Dec.
Holders of rec. Nov.
la
3
Nov. 10
Oct.
31
to
Nov. 10
Nov. 10
Oct.
31
to
Nov. 10
Bethlehem Steel, com. <fe Com.
.
A
3
Steel, preferred
(quar.);
1
Holders of rec.
Nov.
1
Oct.
1
Holders of rec. Oct.
10
Eight per cent preferred (quar.)
Jan.
15*
Seven per cent preferred (quar.)
*1K
2
B (quar.)
....
By-Products Coke (quar.)
Canada Foundries & Forg., common...
Preferred
(quar.)
Columbia Graphophone Mfg., com. (qu.)
to
''
York
American Exchange
stock)..
(quar.)
Consolidated Gas of New York (quar.)..
Continental Guaranty Corp. (quar.)...
Continental Paper & Bag Mills, com.
(qu.)
Preferred (quar.)
__
(quar.)
Nov4l5a
1
Nov.
1
Nov. 15
IA
Nov.
15a
Corn
3x
Holders of rec. Dec.
15a
Pacific (quar.)
15
Holders of rec. Nov. 22
Nov. 15
Holders of rec. Oct.
31
Nov.
2
Holders of rec. Oct.
120
1A
Nov. 15
Holders of rec. Oct.
[30a
75c. Oct. 30
1
$1.50 Nov.
Nov. 15
2A
Holders of rec.- Oct.
la
Holders of rec. Oct.
•_
.
— .....
Oct.
Nov.
Oct.
23
to
Oct. 131
Nov,
Oct.
23
to
Oct.
Nov.
Nov.
Holders of rec. Oct.
Holders of rec. Oct.
Nov.
Oct.
Nov.
Trust Companies.
5
Nov. 20 ♦Holders of rec. Nov.
Hamilton (Brooklyn)
(quar.).
Nov. 15
Holders of rec. Oct.
31
Nov. 15
Holders of rec. Oct.
31
Holders of rec. Dec.
10a
Kings County (Brooklyn) (quar.)
8
Lincoln
1A
Extra
(o)
Jan.
lx
Holders of rec.
Dec.
10a
Jan.
lx
Holders of rec. Dec.
15 ♦Holders of rec. Nov. 27
*15*
Oct.
1
2
Nov.
IA
Nov. 15
1A
Nov. 15
Dec.
Dec.
28
Oct.
to
31
Holders of rec. Nov.
Holders of rec. Nov.
-
25a
25a
Oct.
31
Holders of rec.
Oct.
25a
Holders of
Oct.
26
to
Miscellaneous.
*
Acme Coal Mining
10c. Nov.
(quar.).
Extra
Oct.
Holders of rec. Oct.
9a
Nov.
Nov.
Holders of rec. Oct.
Holders of rec. Oct.
30a
1A
$1
—.......
Holders of rec.
1A
Sugar, com. (quar.)
American Brass (quar.)..
Holders of rec. Oct.
Nov.
2
8
Amer. Beet
15
25a
Nov.
$1
Allis-Chalmers Mfg. com? (quar.)
American Bank Note, common (quar.)..
1 ♦Holders of rec. Nov. 15 a
15 ♦Holders of rec. Nov. 30a
rec.
1
8
Nov.
Holders of rec. Oct.
30a
20
Nov.
15
16a
la
Nov.
Nov. 15
Holders of rec. Nov.
5a
Nov. 15
Holders of rec. Nov.
5a
American Chicle, common
5a
American Cigar, common
2
IA
Nov.
Holders of rec. Oct.
Holders of rec. Oct.
4
(quar.)
(quar.)
American Gas & Electric, pref. (quar.)..
American Glue, common
4
Nov.
Holders of rec. Oct.
2A
Nov.
1
Nov.
la
Holders of rec. Nov.
Oct. 27
to
Oct. 16
/15*
VA
Nov.
Oct.
Nov.
Oct.
15*
Nov.
(in com. stock) ♦/25
15*
American Shipbuilding, com. (quar.)..
2K
Common
Nov.
Holders of rec. Nov.
_
_
.
_
Dec.
15
Holders of rec. Dec.
1
Nov.
1
Holders of rec. Oct.
22a
15*
Nov.
1
Oct.
1A
Nov.
1
Holders of rec. Oct.
26
15*
Nov.
1
Holders of rec. Oct.
26
(qu.)
Amer. Light & Tract., common (quar.)
Common (payable in common Stock).
Preferred (quar.)
4
Nov.
1
Holders of rec. Oct.
27
American Road Machinery, pref. (quar.)
6
J^ov.
1
Holders of rec. Oct.
27
Amer. Rolling Mill, com.
(quar.)
(quar.)..,
....
Everett Mills
Extra
Oct.
1
d 10c. Nov.
Federal Motor Truck (monthly)
Oct.
1
22
27
Nov.
to
Nov.
to
1
Nov.
to
25
Holders of
la
Rubb.,7% pref. (qu.).
Nov. 15
Fisk Rubber 1st pref. <fc 1st pf. conv.(qu.)
15*
Nov.
1
Holders of rec. Oct.
(quar.)...
(quar.)
15*
Nov.
1
Oct.
2
Nov.
Franklin (H. H.) Mfg., pref.
common
Oct.
to
21a
31
Mills (quar.)......
Harmony Mills, preferred (quar.)
Hart, Schaffner & Marx, com. (quar.)
Hercules Powder, preferred (quar.)
(quar.)..
Inland Steel fquar.)...
..
Holders of rec. Oct.
Holders of rec. Feb.
Nov. 15
Holders of rec. Oct.
28
Nov.
1
Holders of rec. Oct.
28a
15*
(quar.)..
1
$1.50 Feb.l5x
Jan.
lx
15*
IA
fquar.)
Hoosac Cotton Mills, preferred
rec.
4
Goodrich (B. F.) Co., common (quar.)..
Hamilton Manufacturing
21
1
Nov.
15*
Nov.
1
Holders of rec. Oct.
28
*1
15*
2
Nov. 15
♦75c. Dec.
1
1
4x
Holders of rec. Dec. 21
Nov.
6
Nov.
5
Nov. 10
rec.
Holders of rec. Oct.
15a
Nov.
Nov.
1
Holders of rec. Oct.
15a
Nov.
1
Holders of rec. Oct.
21
Nov.
1
♦Holders of rec. Oct.
28
Holders of rec. Oct.
30
Keystone Watchcase (quar.
*1A
Lehigh Coal <k Navigation (quar.)...
$1
Nov. 30
*3
Dec.
1
$1.50 Dec.
1
Holders of rec. Nov. 24
Dec.
1
Holders of ree.
Nov.
2
Holders of rec. Oct.
Liggett & Myers Tob. com. A & B
(qu.)
Mahoning Investment
Extra
...
Manomet Mills, common
Preferred
fquar.)
Merrimack Manufacturing (quar.)...
Dec.
31
1
Nov. 24
26
♦Holders of rec. Dec. 22
•Holders of rec. Oct.
26
*2
Dec.
Nov. 20 ♦Holders of rec. Nov. 10
*5
Narragansett Mills fquar.)
Nov.
1
♦Holders of rec. Oct.
21
Oct.
26a
Oct.
26a
Oct.
31
2
Nov.
2
Holders of rec
2
fquar.)
Special
Nov.
2
Holders of rec
2
Nov.
1
Oct.
$1
Dec.
1
Holders of rec
Nov. 11
2
Nov.
2
Holders of rec
Oct.
—.
National Steel Rolling Co
,
pref. (quar.)
New York Shipbuilding (quar.)
-*15*
Nov. 15
♦Holders of rec.
♦2
Motor Wheel Corporation
Noncmitt FofnTilntr Co.
$4
2A
(quar.)
fmiar.)___
21
to
Preferred
,
26a
Oct. 27
to
16
Oct. 27
to
16
la
Holders of rec. Nov.
-
Extra (payable
Amer.
in Class B shares)
Elec., pref. (qu.).
Zinc, Lead A Smelt., pref. (quar.)
(quar.)
Art Metal Construction
'
15a
15*
IA
2A
Nov
Holders of rec. Oct.
15a
Nov
Nov.
Nov
Holders of rec. Oct.
Mar.
Holders of rec. Feb.zl5a
2
(quar.)
preferred (quar.)..,
$1.50 Nov,
Holders of rec. Oct.
19a
Nov.
Holders of rec. Oct.
16a
Oct.
Holders of
Nov.
Holders of rec. Oct.
15a
Nov.
Holders of
Oct.
16a
Dec.
Holders of rec. Nov.
6a
Holders of rec.
Nov.
6a
Holders of rec.
Oct.f 15a
$1.50 Nov.
(qu.)
....
—
1
1A
IK
•
Dec.
Nov.
15*
(quar.)
Nov.
1A
Atlas Powder, preferred (quar.)
75c. Nov.
Atlas Tack Corp! (quar.)
.....
Nov.
15*
Austin, Nichols & Co., pref. (quar.)....
Nov.
♦/100
Avery Co., com. (pay. in common stock)
A 8plndler—
First and second
preferred (quar.)...;
A Jb (quar.).r_
Bergner & Engel Brewing, pref—
Biery Oil, common (quar.).
Barnsdall Corp., Class A
Preferred
(quar.)
Bigelow-Hertford CarpG, common (qu.)
Preferred
(quar.)..
i.
Bond A Mortgage Guarantee (quar.)—
Borden Co.
2x
Holders of
Atlantic Refining, preferred
Bros
Jan.
to
Holders of rec. Nov.* la
15a
rec. Oct.
Nov
15*
15a
1
a—'
First preferred
Dec. 21
Jan.
l%2
Nov. 14
to
1A
(quar.)
Associated Dry Goods Corp., com.
Barnett
15a
Nov
Holders of rec. Oct.
Holders of rec. Oct.
$1
(quar.)
Extra
Second
Nov. 1
♦Holders of rec.
Nov.
American Thermos Bottle—
Amer. Water Works A
Anaconda Copper Mining
1
fquar.)
(quar.)
Sumatra Tobacco, com. (quar.)..
Amoskeag Mfg., common
2
Extra
-.
American Soda Fountain
Amer.
15a
3A
(extra)
Preferred
(quar.)
Nov. 14.„
to
Holders of rec.
♦Holders of
Amer. La France Fire Eng.. com.
Nov. 20
Nov. 30 ♦Holders of rec.
Nov. 15
20
1
Invader Oil & Ref. (monthly).
Nashawena Mills
[31
10a
Dec.
(quar.)
IK
Mills
[31a
...
15*
Katama
fSl
Nov.
^
(quar.)...
Electrical Securities Corp.. pref. (quar.)
Emerson Shoe, preferred (quar.)
Eastern Steel, 1st <fe 2d pref.
Hargraves
2a
Holders of rec. Oct.
....
Nov. 15
Preferred
1
Holders of rec. Nov.
Holders of rec. Oct. 20a
Oct.
20
to
Holders of rec. Oct.
...
i
.
Nov.
Greelock Co.,
21
Holders of rec. Oct.
3
Exchange (quar.)
Extra
15*
Firestone Tire &
la
Nov.*! la
Nov.
IA
(quar.)
Preferred
Holders of rec.
Nov.
1
15*
Nov. 15
1A
62Ac Oct. 30
National
Dow Drug (quar.)
Mills
20a
15*
Common (extra)
Esmond
Nov$15
Holders of rec. Oct.
1
15*
(quar.)..
Dow Chemical, common
Preferred
to
5
Holders of rec. Nov.
lx
24
IK
Commonwealth
25c. Jan.
1
Holders of rec. Oct.
Oct.
2A
15*
♦2
.....
Holders of reo
Dec
15*
3
l
*15*
preferred (quar.)
mm
Oct.*18a
Oct.1* 30a
2
15a
Jan.
3x ♦Holders of rec. Dec.
Holders of rec. Dec.
3x
Nov. 15
*qA
Holders of rec.
Holders of rec.
Nov.
28
Dec.
2
1
Nov. 15
Banks.
1
Nov.
15*
common
West
(quar.).
Penn Tr. & W. P.. pref. (quar.)..
Railways, preferred
Jan.
$2
Buckeye Pipe Line (quar.)...Butler Mill (quar.).*.
21
Nov.
25a
Oct.
Nov.
Nov.
3
Arkwright Mills (quar.)
Barnard Manufacturing
Holders of rec. Nor. *3a
2
Tampa Electric Co. (quar.;
West Penn Power Co., preferred
15a
15*
........
-
Holders of rec. Dec.
Nov. 15
2
Preferred (quar.)
Amparo Mining (quar.)..-
1
1H
& pf. (qu.)
Cons. (quar.)..
(quar.).
Pacific Gas A El., 1st pf. A orig. pf.(qu.)
Philadelphia Co., common (quar.)
Six per cent cumulative preferred....
30
American Hide & Leather, pref. (quar.).
Nov.
3
Montreal Tramways
27
Holders of rec. Oct.
Z
American Caramel, preferred (quar.)...
2
14
Holders of rec. Nov. 27a
15
1
1H
Montreal L., H. & Pow.
American Brick, preferred
Nov.
Dec.
$2
Duquesne Light, preferred (quar.)
Havana Elec. Ry. A Light, com. & pref.
Milwaukee Elec. Ry. & Lt., pref. (quar.)
21a
rec.
v»
Diamond Match
1
preierred
Connecticut Ry. A Ltg„ com.
31
Miscellaneous.
Amalgamated Sugar, preferred (quar.).
Deere & Co.,
Nov.
Detroit United Ry (quar )
Farmers' Loan & Trust (quar.)
Preferred
to
Street & Electric Railways.
Cape Breton Electric Co.,
Trust Companies.
in
29a
23
(quar.).
Marquette, prior preferred
pref. (qu.)_
(quar.)
Reading Co., first pref. (quar.)...
2A
29a
Oct.
15*
Reading Corapanv. common
3
pref..
Bowery (quar.)
Common (payable
Properties
(quar.)
pref. (quar.)...
Pittsburgh A West Virginia
Electric Railways.
Washington (D. C.) Ry. & Elec.,
Holders of rec. Oct.
Holders of rec. Oct.
1
(quar.)
Northern Pacific
la
♦75c. Nov.30 ♦Holders of rec. Nov.
1
1
15*
Great Northern Iron Ore
5
Dec.
*1A
Nov.
Dec.
Nov,
(quar.)
*15*
....
Pennsylvania (quar.)
Atlantic
(quar.)
Cleveland, pref..
(Nov. 1)._
(quar.)
Norfolk & Western, common
VA
2
$1.50 Nov.
Fe, common (qu.)
Central RR. of Nrw Jersey
20 ♦Holders of rec. Nov. 27a
Cincinnati Sandusky <fc
preferred
Extra
Days Inclusive.
Railroads (Steam)
Atch. Topeka & Santa
♦2 H
Georgia Southern & Florida—
Street and
Payable.
Days Inclusive.
(Steam).
Delaware & Hudson Co. (quar.)
New Orleans Texas & Mexico
When
Cent.
Name of Company.
Books Closed.
Railroads
Illinois Central
HniHers °f rec. Nov. 10
give the dividends
we
not
3
Nov.
to
Nov.
(quar.)
G.) & Co., Inc., pref. (quar.).
Below
and
2
Nov.
15*
Yale & Towne Mfg. (quar.)"
previously announced, but which
Nov. 29
Dec. 2
30
3A
Preferred
First preferred
19a
Dec.
3
White (J. G.) Management,
Wickwire
21a
Holders of rec. Oct.
(quar.)
(quar.)
Preferred (account accum.
changed the method of presenting our dividend
record.
We now group the dividends in two separate tables.
First we bring together all the dividends announced the
current week.
Then we follow with a second table, in which
Holders of rec. Oct.
1
Dec.
15*
$1.75 Dec.
pref. (quar.)
Westfield River Paper, pref.
We have
31
25
Nov.
15*
Weetamoe Mills, common
Holders of rec. Oct.
Oct.
IK
(quar.)
Nov. 15
3A
Second preferred (quar.)
White (J.
4
2
pref. (qu.).
preferred
(quar.)...
United Electric Securities,
Same.
-
*3
(quar.)
(monthly)
U. S. Steel Corporation, com.
$25,000
Capital
Minn.
((quar.)..
(extra)
Van Raalte Co., Inc., 1st
DIVIDENDS—Change in Method of Reporting
First and second
18
15 ♦Holders of rec. Nov. 15
15 ♦Holders of rce. Nov. 15
*1A
Trenton Potteries, non-cum.
LIQUIDATION.
Name of Company.
30
*15*
Stevens Manufacturing
$75,000
have not yet been paid.
The dividends announced this
1
Nov.
*el50
Trans-Atlantic Coal
REDUCED.
Liq. agent, Citizens'State Bank of Mahno¬
the Citizens' State Bank of Mahnomen, Minn.
diviends
Dec.
*2 A
...
West India Sug. Fin. Corp., com.
the
Nov. 22
3
(Indiana) (In stock)
Preferred
To take effect Oct. 7 1920.
show
31
Dec.
♦1
Preferred
we
Holders of rec. Nov. 5
8
Holders of rec. Nov.
Holders of rec. Dec. 22
Nov. 15
A
4
Standard Sanitary Mfg., com.
*
Assets absorbed by
Holders of rec. Nov. 17
9
Holders of rec. Nov.
Standard Oil (Ohio), pref. (quar.)
Amt. Reduc.
men.
Holders of rec. Oct. 25
Holders of rec. Nor. 15
15*
Extra
Grove."
The Farmers' National Bank of Mahnomen,
2
.a._.
Southern Pipe Line (quar.)..
Stafford Mills (quar.)...
Common
VOLUNTARY
Holders 6f
1
Nov. 15
$2
Standard Oil (California) (quar.)
Eagle Grove, Iowa, to "First
The National Bank of Waterville, N. Y
A
4
(quar.)......
Sharp Mfg., common (quar.)
Standard Oil
of Ogden, Utah, to "The
CAPITAL STOCK
....
Preferred
100,000
200,000
100,000
Commerce
The Merchants National Bank of
4
......
(quar.)
Riordon Pulp & Paper, com. (quar.)
OF TITLE.
CHANGES
(quar.)
Quissett Mill, common
$300,000
.
The Pingree National Bank
of Ogden."
8
$200,000
100,000
50,000
The National Bank of Pittsburg, Kans
The Citizens National Bank of Muncy, Pa
1
Dec.
Increased.
$100,000
50,000
Y__
Dec.
2
when
Cap.
Increase.
'
<
15*
Pressed Steel Car, common (quar.).....
Amt. of
.
lx
Nov.
Pittsburgh Steel, preferred (quar.)..,..
The Ridgewood National Bank, Ridgewood, N.
The Exchange National Bank of Dover, Ohio
lx
Jan.
3
Preferred
Pacific Mills (quar.)....
$50,000
CAPITAL STOCK
in
Holders of rec. Dec. 15
rec. Dec. 15
Jan.
3
:
Total-.
Bank
y.DaysInclusiee.
Payable.
$25,000
of Culver, Ore.—
Correspondent, F. Geo. Kern, Madras, Ore.
The First National Bank of Clermint, Fla
...
Correspondent, Goodenough & House, Clermont, Fla,
The Jefferson County National Bank
.preferred (quar.)—.....
15*
Nov.
62 He Oct.
Oct. j
21
Oct.
rec.
rec.
15a
Oct/; 31 i
to
Holders of rec. Oct. 21 a
Holders of rec. Oct.! 15a
Oct.111
♦Holders of rec.
*1
1
30
Holders of rec. Oct.
,
26a
Holders of rec. Sept. 30a
Nov; 14
|
4
Nov!
1
Oct.
2A
Nov.
2
Holders of rec. Oct.
2A
Nov.
2
Holders of
rec.
Oct.
2A
Oct;
18a
Oct.
18a
22
to
Nov.
1
Holders of
rec
IA
Nov,
1
Holders oi
rec
.
4
Nov. 15
Holders of
rec
.
15*
Deo. 15
Holders of
reo
.
22
22 '
Nov.
8a
DeoJ
la
THE
CHRONICLE
Per
Name 0/
Miscellaneous (Continued)—
Bourne Mills (quar.)
Brill
When
Books Closed.
Cent.
Company.
Payable.
Days Inclusive.
4
Nov.
Holders ol rec. Oct.
20a
1H
1H
Nov.
Oct.
_
Holders of
;
Butler Bros, (quar.)
Oct.
to
Holders of
Nov.
*\k
2k
ik
zk
1k
ik
24
rec.
Michigan Stamping,
Oct.
Nov.
5
Holders of rec. Oct.
31
Nov.
Holders of
rec.
Oct.
30
Nash
Oct
Holders of
rec.
Oct.
15
Nov.
National Biscuit, common
Preferred
(quar.)
Nov.
Holders of
Dec.
Holders of rec. Nov. 15
*k
Nov.
Dec.
_
Preferred B (monthly)
of rec. Oct.
Holders of
31
(monthly)..
common
(quar.)
(quar.)
Cluett, Peabody A Co.,
Colorado Fuel & Iron,
Preferred
com.
com.
Nov. 15
1
Holders of
rec.
Oct. 21
a
Holders of rec. Oct.
30a
Nov. 20
Holders of
Oct.
30a
Holders of rec. Oct.
30a
rec.
1
Holders of
1 ♦Holders of
I
rec.
Oct.
Oct.
Holders ol rec. Oct.
Preferred
Nov.
1
Oct.
30
15
Nov.
1
Holders of rec. Oct.
Nov.
1
Holders of
rec.
Oct.
Preferred
5
Holders of
rec.
Oct.
Holders of
rec.
Oct.
Nov.
1
Holders of
rec.
Oct.
20a
Nov.
1
Holders of rec. Oct.
20a
2k
Jan.
5
Nov. 15
Holders of rec. Oct.
2k
ik
Jan.
It
Holders of
Jan.
1z
3
Nov.
\x
1
Holders of
rec.
rec.
(quar.)
Public Service Corp. of No. 111.
cora.(qu )
Preferred (quar.)
Nov. 30a
Holders of rec. Nov. 3Ca
Nov.
1
Nov.
1
Nov.
1
Holders of rec. Oct.
16
2
Nov.
1
Holders ol rec. Oct.
23a
Nov. 15
Nov.
Holders of
Oct.
16a
Hoi iers of rec. Oct.
20a
rec.
Holders of rec. Nov.
1 ♦Holders of rec. Oct.
1
Holders of rec. Oct.
1
Holders of rec. Oct.
15a
30
Holders of rec. Oct.
15a
Holders of
20a
15
Nov.
1
Holders of rec. Oct.
18
Common
Nov.
1
Holders of rec. Oct.
15a
Nov.
1
Holders of
rec.
rec.
Oct.
0<t.
Nov.
1
Holders of rec.
Oct.
21
Nov.
1
Hoi Iers of rec.
Oct.
21
1
Holders of
rec.
Oct.
20a
1
Holders of
rec.
Oct.
20a
Oct.
21
$2.50 Nov.
ik
Nov.
1
Holders of
2
Dec.
1
General Cigar, Inc., common
(quar.)
Nov.
1
Holders of
rec.
Oct.
General Cigar, Inc., preferred
(quar.)..
ik
Dec.
1
Holders of
rec.
Nov. 24a
ik
Jan.
Preferred
Preferred
Holders ol
rec.
Oct.
Holders of
rec.
Oct.
5a
50c
1
Holders of rec. Oct.
Nov.
1
Oct.
Nov.
1
Holders of
Oct.
20
1
Holders of rec. Oct.
30
Stewart Mfg., common
1
Holders of rec.
Oct.
30
Nov.15
Holders of
Nov.
Nov. 15
Holders of rec. Nov.
6a
Holders r.f rec. Oct. 24
Dec.
16
to
Oet.
31
2
Nov. 15
IK
♦3
Holders of
Oct.
11a
17^c. Nov.
1
Holders of rec. Get.
11a
Nov.
Nov.
IK
Nov.
Nov.
15
1
2
Oct.
J5a
rec.
Oct.
15
Oct.
21
to
Nov.
1
Holders of rec. Oct.
15a
Holders of
rec.
Oct.
Holders of
rec.
Oct.
Holders of
15
31
Oct.
30
Holders of
rec.
Oct.
23
30
Holders of
rec.
Oct.
6a
Nov.
1
Holders of
rec.
Oct.
16a
ik
Nov.
1
Holders of rec. Oct.
15a
Nov. 15
t
rec.
Holders of
rec.
Nov. 10a
rec.
Oct.
15
Holders of rec. Oct.
19a
Holders ol rec. Oct.
30a
Get,
31
22
to
Oct.
Nov. 30
Holders of rec. Nov.
Dec.
I
Hoi iers of rec. Nov. 15
IK
Nov.
1
Holders of
$2
Nov.
1
rec.
1
Oct.
15a
Holders of rec. Oct.
20
Mar. zl
Nov.
1
Oct.
14
31
to
Oct.
to
Oct.
Nov.
1
Oct.
14
IK
Nov.
1
Hold*
rs
of rec. Oct.
23
Nov.
1
Holders ol rec. Oct.
23
IK
Nov.
1
Holders of
23
25c. Nov.
1
Holders of rec. Oct.
Nov.
1
Holders of rec. Oct.
1
Oct.
1
Holders of rec. Oct.
22
1
Holders of
19
IK
*3
2
Nov.
Nov. 15
22
rec.
to
rec.
31
Oct.
210
21a
2
Nov.
Oct.
Holders of rec. Oct.
30a
Nov.
1
Holdeis of
rec.
Oct.
23
IK
Nov.
1
Holders of
rec.
Oct.
*IK
Nov.
1
■Holders of rec. Oct.
15
IK
Nov. 10
Holders of rec. Oct.
30a
IK
Nov. 15
Holders of rec. Nov.
2
Nov. 30
Holders of rec. Nov. 19
Nov. 30
Holders oi rtc. Nov. 19
*3
20
1
Nov.
1
Holders of rec. Oct.
IK
Nov.
1
Holders of
Dec.
1
Hollers of rec. Nov. 15a
Dec.
1
Holders of
h\%
rec.
lec.
4
11
Oct.
Nov. 15a
Nov. 15
of rec. Oct.
31
*2
Nov. 15
of rec. Oct.
31
$1
Nov. 15
Holders of rec. Nov.
IK
Nov.
1
Oct.
IK
Nov.
1
Holders of rec. Oct.
21
to
la
31
Oct.
Preferred
...
stk.)
Common (payable in
Preferred (quar.)
U. S. Rubber, com.
(quar.)
First preferred
(quar.).
Utah-Apex Mining
i
Holders of
31
Vacuum Oil
20
Ventura Oonsd. Oil Fields (quar.)
Holders of
20a
Virginia-Carolina Chem..
2
Oct.d30
1
Holders of
rec.
Oct.
15
1
rec.
Oct.
15a
Warwick
Nov. 15
Holders of
rcc.
Nov.
IK
Nov.
1
Nov.
1
la
Holders of
rec.
Oct.
21
Holders of
rec.
Oct.
20a
Nov.
Holders cf
rec.
Oct.
20
*2
Nov.
♦Holdeis of
tec.
Oct.
19
50c.
Dec.
Iron A Steel
Nov.
Holders of
rec.
Oct.
15a
Wheellne Steel Corp.. com (No 1)
Will A Baumer
Co., common (quar.)
Nov.
♦Holders of
rcc.
Oct.
19
Willys-Overland,
31
♦Holders of
rec.
Nov. 30
31
♦Holders of
rec.
Nov. 30
Nov.
Holders of rec. Oct.
Holders of rec. Oct.
Nov.
Holders of rec. Oct.
15a
Holders pf rec. Nov.
Holders of .rec. Nov.
1
c.
Dec.
Nov.
Nov. 10
IK
Nov.
1
Nov.
1
Nov.
1
rec.
Oct.
rec.
Nov. 17o
Holders of rec. Oft.
Holders of rec. Oct.
♦Holders of
rec.
Oct.
19
14
16
15
1 ♦Holders of rec. Oct.
15
1
15
♦Holders of
rec.
Oct.
1
♦Holders of
Oct.
Holders of
rec.
Oct.
3Pa
Holders of
rec.
Nov.
♦25c. Nov.
1 ♦Holders of rec. Oct.
Oct. ,2Sa
25a
Nov.
5
HoPie.s of rec. Nov. 15a
♦Holders of
rec.
Oct.
Jan.l7z
Apr.l5z
Holders of rec.
1
Holders of rec. Jan.
3z
lz
Apr.
July 15r
Holders of rec. July
lz
no
Dec.
15
Holders of rec. Dec.
la
50c.
Nov.
1
Holders of rec. Oct.
5a
1
Holders of rec. Oct.
Nov.
1
Holders of rec. Oct.
20
Nov.
1
Holders of rec. Oct.
20
2
Oct.
30
Holders of rec. Oct.
15a
Oct.
30
Holders of rec. Oct.
15a
1
Holders of rec. Oct.
19
2K
!5
Nov.
20
Nov. 30
Holders of rec. Nov.
Nov.
1
Holders of rec. Oct.
15
1
Nov.
1
Holders of rec. Oct.
15a
1
Nov.
1
Holders of rec. Sept.it30a
Nov.
1
Holders of rec. Oct.
Nov. 15
Oct.
1H
Dec.
1
Holders of
Nov.
1
Holders of rec. Oct.
1
Holders of rec. Nov. 15a
50c.
IK
$1.75
$1
1
Dec.
Oct.
30
Oct.
30
31
Nov.
lec.
Ncv.15
Holders of rec. Sept.
Holders of rec. Sept.
Nov.
1
Hoi
1
♦Hoi
25c. Nov.
1
Holders of
1A
Nov.
1
HoMers of rec. Oct.
2
Dec.
1
Holders of
ers of
ers
18
to
♦62 Kc Nov.
(quar.)«...,
com. (quar.)
Woolworth (F. W.) Co.. common (quar.)
rec.
Oet.
of rec. Oct.
rec.
rec.
Oct.
15
20a
30a
30a
15
15a
220
21
Nov. 10a
*
From unofficial sources,
t The New York Stock Exchange has ruled that stock
will not be quoted ex-dividend on this
date and not until further notice,
a Transfer
not
closed for this dividend,
b Less
British income tax.
d
books
e
1
Correction.
/ Payable In common stock,
a Payable In scrip,
h On account
dividends,
i Payable In
Liberty or Victory Loan bonds.
Payable In stock.
of accumulated
k New
ex-the
York Stock Exchange has ruled that Va.
Iron. Coal A Coke be quoted
10% stock dividend on Nov. 1.
I Payable In Class B shares.
m
One-fourth of
23
Nov. 15
Nov.15
rec.
common
Wilson A Co..
16a
Holders of
4
1
1
rec.
16a
♦Holders of
Dec.
Dec.
Nov.
rec.
4
Wavagamack Pulp A Paper (quar.)....
Weber A Heilhronner, com.
(quar.)
Preferred
(quar.)
Westlnghouse Air Brake (quar.)
Westinghouse Elec. A Mfg.. com. (qu.).
Nov. 15a
Dee.
1
Holders of
Holders of rec. Oct.
♦Holders of
la
3
...
H' Hers of rec.
D~c.
Nov.15
to
elO
Virginia Iron, Coal A Coke (In stock)
Wamoanoag Mills (quar.)..
Holders of
1
2
26
50c.
(quar.)..
Nov.
Nov.
31
22
3
com.
Nov.
to
Oct.
Holders of rec. Oct.
25c. Nov.
Holders of rec. Oct.
10
Oct.
1
2
stock).
1
Oct.
1
Nov.
2K
common
1
Oct.
Holders of rec. Nov.
Nov.
IK
(quar.)
United Retail Stores (In Clacs A stock).
United Verde Exten. Mining (quar.)
United States Oil, common
(quar.)
Nov.15
rec.
Nov. 15
IK,
IK
(guar.)
Preferred
15a
2
Drug, first preferred (quar.)
IK
United Drug. 2d Dref.
(quar.).........
IK
United Iron Works, com. (quar.)
♦62 KC
United Paperboard, preferred
(quar.)
IK
Nov.
50c.
__
♦Holders of rec, Oct.
♦$1
(quar.)
Nov.
5c.
15
1
1
2
Steel, pret. (qu.)
1
25c.
(monthly)
Iron A
IK
*3
Merrltt Oil (quar.)
Miami Copper (quar.)
(quar.)..
First and second preferred
(quar.).
15a
Holders-of rec. Oct.
lOct. d 20
tc
Oct.
Nov. 15
♦$1.75 Nov.
♦75c.
Ncv.
(quar.)
dividends)....
15a
3
*'
Oct.
rec.
15a
♦3
(W. H.) Co, com. (quar.)
First preferred (quar.)
1 ♦Holders of
♦1K
*1K
rec.
29a
$1
Massachusetts Cotton Mills (quar.).
Massachusetts Gas Cos., com. (quar)..
25
1
Holders of rec. Oct.
rec.
Holders of
IK
McElwaln
Sept. 30
12 V^c. Nov.
Nov.
♦Holders of.
Oct.
50c
rec.
e'S of rec. Oct.
United
1
to
ik
Martln-Pairy Corporation (quar.)
rec.
30 ♦Holders of
Nov. 15 ♦Hoi
Holders of rec. Oct.
9
2 k
Luther Manufacturing
(quar.)
30 ♦Holders of
Oct.
Sept. 30
Sept. 30
Nov. 15
$1.50 Di
Special
22
rec.
no
Nov.
15a
2k
(quar.)
16
of ree. Oct.
iers
Nov. 18
Nov.18
50c. Nov.
Ludlow Mfg. Associates (quar.)
Hoi
30 ♦Holders of
1
5a
10a
♦IK
(quar.).
(quar.;
Loew's, Incorporated (quar.)
Loose-Wiles Biscuit. 2d pref. (quar.)
1
Oct.
rec.
1
Nov.
*2
Preferred
Nov.
Holders of
Nov.
rec.
2
1K
30
Dec.
Nov.
*4
Oct.
♦1K
Nov. I
common
31
31
Oct.
'
♦5
20a
Oct.
to
olK
Nov.
IK
24
IK
(quar.)
Stewart-Warner Speedomfter. (quar.)
Stover Mlg. A Engine, pref.
(quar.)....
Superior 8teel Corp., com. (quar.)
15
Holders of ren. Oct.
Holders of rec. Oct.
Nov.
Lancaster Mills, preferred (quar.)
Laurel Lake Mills (quar.)
Lee Ruboer & Tire Corporation
(qu»r.)_
Lima Locomotive Works, pref.
(quar.)..
Lincoln Manuh cturlng (quar.)..j
Oct.
Union Tank Car. com. and pref
United Cigar Stores, com. (In com.
1
25c. Nov.
Kelsey Whe<d, Inc., preferred (quar.)...
Kress (S. H.) Co., com.
(quar.)
1
Taylor-Wharton
1
2
1
Nov. 15 *11 >L'e"8 ol rec. Oct.
Texas Power A Light, preferred
(quar.).
Tobacco Products Corp., common
(qu.).
Union Oil of Wichita, Kan., pret.
Nov.
$1
Nov.
5
21
30«
15
Nov.
/ 75c.
Oct.
23
ik
Common (payable In common
stock)..
Preferred
(quar.)
rec.
Holdets of tec. Oct.
Holders of rec. Oct.
Oct.
Holders of
2
Nov.
Holders of
5
Oct.
♦5
♦3
rec.
1
Ncv.
Nov.
*2K
IK
Holders of
Nov.
Oct.
IK
Oct.
rec.
pref. (quar.).
com.
15a
1
rec.
IK
Nov.
62 kc Nov.
75c Nov.
(quar.-)..
Kayser (Julius) A Co.. 1st A 2d pf. (qu.)
Kellogg Switchboard A Supply (quar,)..
Kelly-Spring field Tire, com. (quar.)
22
1 ♦Holders of rec. I Oct.
1K
....
Holders of rec. Oct-.
1 ♦Holders of
Illuminating A Power Sec., pref. (quar.).
Indiana Pipe Line (quar.)..
Ingersoll-Rand Co. (quar.)
1
30
1 ♦Holders of
2
Internat. Nickel, pref. (quar.)
Ipswich Mills, preferred (quar.)
Jefferson A Clcarileld Coal A
Iron, pref.
Kamlnistlqula Power (quar.)
Kaufmann Dept. Stores, com.
Nov.
Oct.
Nov.
25c.
Preferred
1
23a
Nov.
Nov.
Michigan Drop Forge,
rec.
23«
Nov.
IK
Second preferred (quar.)
Merchants Manufacturing
rec.
Oct.
Oct.
rec.
IK
(quar.)
1
23a
rec.
rec.
1
IK
Lowell Electric Light Corp.
Nov.
Oct.
Holders of
Holders of
Nov.
Hupp Motor Car Corp., common (quar.)
Idaho Power, pref.
(quar.).
Illinois Northern Utilities,
Lindsay Light,
to
Holders of
1
IK
Stern Brothers, prefeirel
(quai.)
Extia (account accum.
23
1
1
31
(quar.)
Standard Motor Construction
(quar.)
Steel Co. of Canada, com. A pref.
Nov.
Nov. 22
15
Preferred
Nov.
Nov.
Oct.
(quar.).
(quai.)
5a
Aug.zl5
30
*12^c. Nov.
Nov.
IK
Smith (A. O.) Corp.* pre!,
(quar.)......
Standard Milling, common
5a
1
Holdersof rec. Apr.30*21
Holders of rec. July 30 '21
to
(quar.)......
.....
6a
1
Nov.
2
Houghton Co. Electric Light, com
Preferred
Oct.
Nov.
Nov.
(quar.)..
Rubber, prcfeired (quar.)
rec.
ik
*ik
(quar.)
Holders of
ik
(quar.)....
Harris Bros, A Co., preferred
(quar,)...
Hayes Man ilacturlng (quar.).
Hocking Valley Products...
Hood
I
Nov.
Holders of rec. Oct.
Holdersof rec. Jan 31 '21
1
Shove Mills (quar.,.
Sieira Pacific Ekctrio. preferred
(quar.).
Simmons Co.. preferred (quar.)
Sloss-Sheffield Steel & Iron, com. (quar.)
Holders of rec. Dec. 24a
Holders of rec. Oct.
ba
Nov. 15
Mayzl5
16
(quar.).
.........
23a
t
25c. Nov.
82.50 Dec.
Great Northern Paper
Greene Caaaaea Copper
Hodgeman Rubber, pref.
Holly Sugar Corp. (quar.)
3/
rec.
Apr 30 '21
rec.
Holders of rec. Oct.
(quar.)..................
S<ueonnet Mills (quar.)..
Sears. Roebuck & Co., common
Oct.
Oct.
...
com.
rec.
2
IK
IK
Sapulpa Refining (quar)
Savannah Sugar, preferred
(quar,)..
Holders of red. Nov. 19a
ik
Nov.
ik
*1k
*1k
16a
1
....
(quai.)
Santa Cecelia Sugar,
15a
ik
(bonus)
28
3K
Premrred
I
Preferred (quar.)
Ft. Worth Power A Light,
pref. (quar.).
General Chemical, common
(quar.).
Holders of rec. Oct.
Oa.
Feb x 16
25c. Nov.
Rltz-Carlton Hotel, preferred
Russell Motor, common
(quar.)
Preferred (quar.)...
St. Lawrence Flour Mills, com.
Nov.
ik
Grant Motor Car, common
(quar.)
1
Nov. 16a
Nov.
A
*1K
Rainier Motor C>rp>ratl >11, pief. (quar.)
Republic Iron & Steel, common (quar.).
Revlllon, Inc., preferred (quar.)....
15
Nov.
2
Nov.
1K
Pyrene Manufacturing (quar-)
Quaker Outs, preferred (quar.)
la
Nov.
81.50
Nov. 19a
25C.
Public Service Investment, pref.
(quar.)
Pullman Company (quar.)
15
ik
ik
ik
51
rec.
rec.
62Kc. Nov.
....
.....
Holders of
IK
Preferred
2 k
Gillette Safety Razor
(quar.)
Extra
1
15
4
...
2
GUliland Oil, preferred
(qu^r.)_..._
Goodrich (B. F.) Co., com;, (quar )
Gossard (H. W.) Go., preferred
21a
Dec.
IK
$3
Prairie Pipe Line (quar.)
Procter & Gamble, common
(quar.)....
Producers & Refiners Corp., com. (quar.)
30a
Holders of rec. Oct.
(quar.)
Prairie Oil & Gas (quar.)
Extra .............
Nov. 30a
2
4
Oct.
1
(quar.).
20a
lH
rec.
l
Plant (Thomas G.) & Co.,
pref. (quar.).
Portland Gas & Coke, preferred
25a
1
ik
7% debenture stock (quar.)
General Optical, cum. partlc. pref.
(qu.)
General Tire fc Rubber, common
15
Holders of
1
;
Pick (Albert) & Co., common..,
Pittsburgh Oil & Gas (quar.)..
15
Nov,
.....
Philadelphia Insulated Wlre(no.l)
Phillips-Jones Corp., pref. (quar.)
22
Nov.
(rn)
Holders of rec. Oct.
1
IK
IK
IK
IK
(quar.)
Pacific Power & Light, prei.
(quar.)....
Packard Motor Car, com (quar.)..
Paragon Refining, Common (quar.).
Prei erred
(q uar.).........
Penmans, Ltd., common (quar.)
Holders of rec. Sept. 30a
Holders of rec. Oct. 15a
22
...
(quar.)
Preferred
15
ik
General Motors Corp., com.
(quar.)
Common (payable in common
stock).
Preferred
(quar.)
6% debenture stock (quar.)
1
Nov.
IK
IK
(quar.)
Preferred
(quar.)
Pacific Coast Co., common (quar.)
First preferred (quar.)
Second preferred (quar.)..
20a
rec.
ik
(quar.).
Nov.
30a
common
Common (quar.)...
Preferred (quar.)
12
pref.
Nov. 30
Holders of
27
31
Deb.
Holders ol
1K
IK
2
....
Ontario Steel Products, common (quar.)
Common (quar.)...
30
(quar.)
Dec. 31a
Mayzl6
♦Holders ol
Oct.
ik
rec.
2
Oct.
1
Oct.
Corp., common (quar.)!
Holders of
Jan.
25
rec.
1
15
(quar.)_
16
Holders of rec. Jan 31 '21
to
Players-Lasky Corp., pref. (qu.)
(quar.)...
20«
Holders of
Holders of tec. Oct.
Fisher Body
Oct.
H< lders ot rec. Oct.
Holders of
Federal Sugar Refining, com.
Preferred
(quar.)
rec.
1
Oct.
Famous
Holders of
Nov.
1
•;
1
Feb.zl6
1
Fall River Gas Works
(quar.)
Nov.
Nov. 15
Nov. 15
Fajardo Sugar (quar.)
16a
IK
IK
Motors, preferred (quar.)
2
Nov.
Fairbanks Co., 1st prof, (quar.)
Oct.
2
rc.
Oct.
rec.
Common (extra)
15
Nov.
$2
Holders of
25
ik
ik
*2k
1
Oct.
2
(quar.):.
Nov.
rec.
21
Petroleum
$2
Holdeis 01
21
Ernerson-Brantlngham Co., pref. (quar.)
Eurekg pipe Line (guar.)..
Exchange Buffet Corp. (quar.).
15«
Oct.
1
Oct.
Cons.
Oct.
rec.
Nov.
1 ♦Holders of rec. Oct.
Basin
31
rec.
Holders of
VA
lA
1 ♦Holders of rec.
Elk
Oct.
Holders of
1
O'Banndri Corporation,
15
Nov.
Else man n Magneto, pref.
(quar.)......
Elsenlohr (Otto) & Bros., com. (quar.)..
Electric Bond A Share, pref. (quar.)....
Elgin National Watch (quar.)
rec.
1
Nov.
15
Nov.
Preferred (quar.)..
Edison Elec. 111. of Boston (quar.).....
Edison Elec, Ilium, of Brockton (quar.).
Holders of
Ncv.
$1
23
*zk
(quar )
Nov. 17a
Nov.
♦3
Common (extra)
Common (extra)
Nov. 15
2
rec.
Oct.
Seven per cent pieferred
Dallas Power A Light, pref. (quar.)....
Dodge Steel Pulley, preferred (quar.)...
Dominion Bridge (quar.)
Dominion Coal. pref. quar.)..........
common
Holders of
rec.
Cudahy Packing 6% pref
Eastman Kodak,
Holders of rec. Nov. 17
1
to
Nov.
1
Holders of rec. Oct. 15a
Oct. 30
Holders of rec. Oct. 21a
ik
♦25c. Nov. 16 ♦Holders of rec. Nov.
7
10
1
Dec.
♦Holders of
Oct.
Nov.
ik
IK
9a
Dec.
IK
1
fl5
Dominion Steel, pref. (quar.)
du Pont Chemical, com. A pref.
(No. 1)
du Pont (E. I.) de Nem. Pow.,com.
(qu.)
Preferred (quar.).
Durham Hosiery Mills, pref. (quar.)
Oct.
_
Nov. 10
Nov.
2
rec.
1
Nov. 20
62>$c.
Holders of
Nov
rec.
81.75 Nov.
Continental Motors Corp., com. (quar.).
Cosden A Co., common (quar.)
Crucible Steel, com. (quar.)
1
Nov.
icc.
82
15a
Nov.
New Central Coal
20c.
New River Co., pref. (acct. accum. divs.)
*h\K
Holders of
♦2
Commonwealth Edison (quar.)
Connecticut Mills, first preferred (quar.)
Consul. Cigar, com. (In common
stock)..
Consolidation Coal (quar.)....
Oct.
15
Nov. 15
Columbia Gas A Electric (quar.)
Columbia Graph. Factories, pref. (quar.)
rec.
♦Holders of rec. Oct.
♦Holders of rec. Oct.
Nov.
V
(quar.)
Holders of
Oct.
Nov.
2
(quar.)...
(quar.)
Nov. 15
rec.
Nov. 15 ♦Holders of
*k
*1k
Preferred
rec,
♦Holders of
Common (payable In common stock)..
Nov.
*fla
Preferred B (mouthly)
*
Nov.
*k
Cities Service, Bankers' shares (monthly) 41.50c Nov.
Cllnchfleld Coal,
1
National Breweries, preferred (quar.).
National Carbon, preferred (quar.)....
National L?ad, prelened (quar.)...
National Tea, preferred
(quar.).......
22a
Oct.
Holders of rec.
Dec.
& pref.
com.
15a
Nov.
10c.
Cities Service—
Common and profei red (monthly)
Common (payable in common stock)
15a
Oct.
$1
Nov.
rec.
Oct.
rec.
Second preferred (quar.)
Montreal Light, Heat & Power (quar.).
Oct.
...Holders
rec.
Holders of
$1
[k
(quar.)
Holders of
1
.
ik
ik
Cedar Rapids Mfg. A Power (quar.)
Chic. Wlltn. & Franklin Coal, pf.
15
1
Nov.
IK
Extra
Mulllns Body Corp., com. (quar.)
Preferred (quar.)
Carlier, Inc., pref. (quar.)
1 ♦Hclders of rec. Oct.
Nov.
$1
Mohawk Mining (quar.)..
Holders of rec. Nov.
la
Holders of rec. Oct. 23a
16
to
Oct. 31
Nov.
♦15c. Nov.
(monthly)-
20a
Nov.
rec.
♦Holders of rec.
Nov.
com.
Midwest Refining (quar.).
ik
Canada Cement, preferred
|(quar.)
Canadian Converters (quar.)
Cities Service,
Days Inclusive.
$1
Nov. 10
Holders ol rec. Oct. 31
Holders of rec. Nov. 18a
—
(qu.)__
(quar.)
Preferred (quar.)
Books Closed.
Payable.
31
Nov.
Brompton Pulp A Paper (quar.)
d$ 1.75 Nov.
Brookljn Edison Co. (quur.).—
2
Dec.
Brown Shoe, pref. (quar.)
Nov.
1k
com.
When
Cent.
Company.
Miscellaneous \Concluded)—
(J. G.) Co., preferred (quar.
Brunswick-Balk-Coljender,
Per
Name of
1
Brltlsh Columbia Fishing & Pack. (qu.)..
Burns Bros., common
[Vol. Ill
n
0
Payable in
"I
share of common stock
Class A
1921.
•
stock.
At rate ot five shares of common
15
z
a
on
every 100 shares of common
outstanding.
Transactions at the New York Stock
BOSTON
Ac.,
A Foreign
Shares.
Value.
Par
Bonds.
Saturday
203,885
Bonds.
Monday
481,730
40,490.500
Tuesday
392,820
Wednesday
444,911
Oct. 23
31,387,500
42,925,100
710,000
4,104.000
852,310
74,230,000
44,768,000
3,878,500
2,878,809 $251,549,600
$21,962,500
Friday
23.347, 000 Inc.
8,312, 000 Dec.
19,289 000 Dec.
2,798, ,000
Exchanges for Clearing House
Due from other banks
1919.
1920.
1919.
par
72.665 000 Dec. 11,823 ,000
55,954, 000 Inc.
1,340 ,000
54,614 ,000
33,000
5,937,000
$62,879,000
$2,256,786,100
I:
$2,083,642,800
21,962,500
3,806,000
12,987,000
294,507,000
RR. and misc. bonds..
582,875,500
231,936,500
442,766,000
$68,592,800
$79,672,000
$3,134,168,600
AT
TRANSACTIONS
The
of the
return
Baltimore.
Bond Sales
Shares.
Bond Sales.
Shares.
$31,300
519
$11,100
103,750
1,494
20,600
32,850
4,822
5,078
14,497
42,500
"8,642
99,000
2,410
38,000
16,107
20,340
58,600
5,960
225,300
1,888
47,000
(,000 omitted.)
61,950
6,323
333.000
1,380
26,000
15,000
Week ending
*
______
17,133
16,000
2,824
36,000
101,391
33,649
$828,350
_
•
885
$234,800
8,576
——
Total
.
$157,700
Cash
Invest¬
in
Nat'l,
ments,
Vault.
State,
Ac.
MEMBERS
Sept. 8
Sep . 30
Tr .Cos.,Sept 30
Oct. 23 1920.
Average,
Members of
Bk of NY, NBA
New York City Non-Member Banks and Trust Com¬
panies.—Following is the report made to the Clearing House
by clearing non-member institutions which are not included
In the "Clearing House Returns" in the next column:
Manhattan Co
5,000
10,000
Mech A Metals
Bank of Amerlpa
National City.
Chemical Nat.
Atlantic Nat'l.
5,000
NatBkofComm
[000l omitted.)
25,000
1,000
7,000
Net
Profits
Capital.
CLEARING
Loans,
Dis¬
Metropolitan
Reserve
Net
Nat'l
Net
Bank
counts,
NON-MEMBERS
Nat.bks.Sept. 8
Week ending
Statebks Sep,30
Oct 23 1920.
Tr. cos.
SePt 30
Cash
with
Demand
Time
Invest¬
in
Legal
De¬
De¬
Circu¬
posits.
lation.
Vault.
ments,
Deposi¬
posits.
tories.
Ac.
Corn Exchange
Imp & Trad Nat
1,500
National Park—
7,500
1,000
1,000
%
1
Bank.
1,500
Battery Park Nat.
200
Mutual Bank
6,869
2,438
7,619
Netherland..
New
600
704
8,871
244
1,081
Go's
500
1,157
4,204
24
435
200
801
14,144
457
1,317
400
1,376
10,199
574
787
7,588
7,131
441
47.808
W R Grace A
Yorkviile Bank...
First N Bk, Jer
■
Cy
"""394
588
8.495
1.817
63.276
Not Members of the
455
3,703
Colonial Bank
600
1,507
15,821
2.099
1.517
1,953
19,524
2,554
1,738
20.778
-
1,548
41,716
2,196
453
859
124
649
1,454
3,329
1,578
4,973
2,914
2,089
6,684
12,409
33,798
15,312
4,145
92,987
258,778
19,300
4,613
131,616
377,532
22,339
128,307
126,609
38,605
Fed'I Reserve Bank.
Hamilton Tr, Bkln
500
1,009
9,784
626
400
8.016
872
Mec Tr, Bayonne.
200
495
8,745
454
269
4,481
5.125
Grand aggregate..
Comparison previo
us
16
9
2
5,997
5,451
9,538
a81.083
14,545
—83
—132
+ 50
—431
—115
+2
14.660
586
9,539 101.412
9,539 101,527
9,539 101,138
4,800
Gr'd aggr, Oct.
12,497
1,504
4,800
week
Gr'd aggr, Oct.
18,529
669
9,823 101,329
700
Total..—
1.080
4,800
4,800
588
9,488
a81.5l4
5,631
9,571
a81,017
14,333
9,451
a80,445
14,479
583
5,583
$469,000.
Bllb payable, rediscounts, acceptances and other liabilities,
$45,530.
Ul S. deposits deducted,
24.159
192
109,502
13,675
691
1,308
448
Philadelphia Banks.—The Philadelphia Clearing House
for the week ending Oct. 23 with comparative
statement
figures for the two weeks preceding is as follows.
Reserve
requirements for members of the Federal Reserve system
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal
Reserve Bank. "Cash in
vaults" is not a part of legal reserve.
For trust companies
not members of the Federal Reserve system the reserve
required is 15% on demand deposits and includes
legal depositaries" and "Cash in vaults.''
4,552
23,813
902
36,128
1,054
100
11,525
31,190
9
51
155,028
2,937
5,413
11,902
934
V
,
50
90
634
5,936
7,346
2,545
8,304
25,157
443
14,398
946
1,794
976
5,924
100
15,000
500
200
1,027
400
849
36,139
3,034
1,788
1,241
282,854
Avenue..
24,189
2,347
13,737
Commercial Ex.
Commonwealth
Garfield Nat'l..
Fifth National
7,492
392,779
20,280
7,428
9,031
123
1,000
1,588
1,000
717
14,366
282
4,599
7,522
1,590
53,214
99,305
1,073
2,981
1,727
6,614
16,561
13,014
49,736
858
71,219
2,615
1,965
19,549
946
9,281
2,269
14,649
18,502
518
406
388
393
_
Seaboard Nat'l.
1,000
5,000
1,500
754
6,457
964
410
482
565
16,315
531
1,530
19,293
565
1,500
20,000
2,000
25,000
2,665
18,553
41,110
288,991
879
3,793
988
4,970
61,274
637
35,754
548,860
2,007
28,239
6,922
52,974
1,500
1,558
20,786
595
5,000
7,634
81,322
1,266
1,220
2,000
Metropolitan Tr
Nassau N.Bklyn
Farm Loan A Tr
Columbia Bank
2,000
1,542
17,620
Trust.
197
864
104
393
685
248
-
64
5,892
27,019
*215,037 •20 ,t 88
49,556 10,907
*503,453
30,480
19,000
77,591
32,663
63,393
4,159
1,716
1,822
23,585
26,882
1,335
2,577
9,668
3,466
709
1 900
33,986
87,620
24,451
546
2,000
11,612
1,112
3,448
33,900
613
8,309
3,384
4,068
1,000
1,394
509
1,509
13,990
923
5,000
10,853
17,366
130,462
1,609
14,624
*126,942
15,667
23,553
728
3,111
22,876
114
1,831
19,607
*176,337
14,645
1,500
3,000
12,000
Equitable Tr Co
"l",095
20,377
8,313
9,220
2,883
1,000
2,489
i
537
168,739
95,195 547,402
544
Oct. 16
50
c4,084,793246,81034,673
93,072 507,266 c4,037,302 249,250 34.691
94,369 572,720 c4,153,427 249,37834,725
93,460 569.343 c4,057,17 5 239 ,22634,285
Oct. 23 5,232,161
Totals, actual co ndition
Totals, actual co ndition Oct. 16 5,326,164
9 5,284,900
Totals, actual co ndition Oct.
State Banks. Not Me mbers o
1,860
1,000
Greenwich Bank
844
250
Bowery Bank..
2,331
2,500
State Bank....
f Federal
Reserve
Bank
3
18,363
5,721
2,613
718
341
19,099
5,679
70,788
3,483
2,072
30,294
5,035
94,872
6,814
4,196
55,072 40,872
Totals, actual co ndition Oct. 23
Totals, actual co ndition Oct. 16
95,835
94,074
94,316
6,923
6,999
4,185
56,059
54,266
55,183
40,990
40,624
40,434
3,750
Average.....
Totals, actual co ndition Oct.
Trust
Compan les.
N ot
t
6,991
Mem hers of Fe dcral Re
1,783
3,679
4,284
serve
40",869
Ba nk
Title Guar A Tr
6,000
12,281
48,882
1,056
6,325
27,312
981
3,710
1,448
31,509
16,080
1,105
Tr
4,000
10,000
18,607
76,194
2,037
5,158
47,589
1,439
77,026
2,056
1,890
2,043
5,242
5,185
5,074
48,212
75,627
74,483
1,485
1,427
1,384
Lawyers T.A
Average
Oct. 9
1920.
Trust
Average.-
Totals, actual co ndition Oct.
Week ending Oct. 23 1920.
F.R.System Companies
262,900 460,438 5,274,793
Totals, actual co ndition Oct. 23
Totals, actual co ndition Oct. 16
"Reserve
with
Members of
43,284
151,138
20,219
12,322
4,740
124,138
4,072
213,805
810
$6,338,000.
Excess reserve, decrease
omitted.
7,720
3,566
585
5,046
294
4,858
10,651
Bankers
Not Members of the
239
4,399
1,000
1,000
National..
N Y
U S Mtge A Tr.
53
395
35
15,101
17,836
6,376
22,141
3,199
9,286
8,636
22,737
154,750
43,030
1,426
CountyNat
Continental Bk.
Chase National
Irving National
Brooklyn Trust
Trust Companies
Two ciphers (00)
57,459
*592,392
110,274
Lincoln Trust
17,120
700
a
i",66o
7,595
61,673
14,826
2,072
Columbia Trust
Peoples Trust—
New York Trust
53
3,658
221
100
Gr'd aggr, Oct.
20,014
2,114
13,724
1,698
Fidelity Trust..
445
Bank of Wash Hts
T.otal
10,255
Guaranty Trust
Fed'I Reserve Bank.
<
13,603
18,836
183,985
190,609
13,683
Liberty Nat
Banks.
,
771
2,993
13,859
4,126
1,678
2,798
24,285
Bk
Coal & Iron Nat
Union Exch Nat
6,365
3,400
Total
State
7,206
$
$
3,68^
100,685
153,885
335,356
214,095
Fifth
461
Average Avge.
$
33,817
10,000
12,500
East River Nat.
First
Res.
.
Second National
Average Average A verage Average Average Average
$
%
$
$
$
$
194
62
12.348
282
1,908
1,614 15,365
325
236
10,946
1,603
710
10,493
Members of
Fed'I
3,000
2,000
6,000
Nat'l
Average.
4,676
797
•145,185
7,929
20,331
Hanover
posits. lation.
60,243
1,737
Chath & Pbenlx
HOUSE.
Average Average
$
$
589,553
7,438
32,696
Pacific Bank...
INSTITUTIONS OF NEW YORK CLEARING
dollars—that is, three ciphers
Nat
Amer Exch
Circu¬
213,503
154
300
Bank
De¬
Demand
Legal
Deposit Deposits.
tories.
48,468
135,879
7,167
16,199
16,512
6,044
5,500
g40,000 £64,489
4,500 14,816
1,135
1,000
Nat Butch & Dr
(Stated in thousands of
t
$
$
2,000
Nat.
Time
Net
with
Discount
Capital. Profits
HOUSE
Fed. Res. Bank
RETURN OF NON-MEMBER
1,000] omitted.)
Reserve
Loans,
Net
CLEARING
$22,900
18,503
________
HOUSE RETURNS.
dollars—that is, three ciphers
.
14,811
Saturday
Tuesday
Sept. 25.
NEW YORK WEEKLY CLEARING
j
(Stated in thousands of
Bond Sales.
Shares.
1920.
Wednesday
Thursday
Friday
In the
given.
Equitable Trust Co. has been included in
this statement since
Philadelphia.
,353,000
6,993,000
separate banks are the averages of the daily results.
case of totals, actual figures at end of the week are also
Week ending
Monday.
5,904,000
Federal Reserve Bank
Ded.
City Clearing House Banks
Companies.—The following detailed statement
shows the condition of the New York City Clearing House
members for the week ending Oct. 23.
The figures for the
BALTIMORE EXCHANGES.
Boston
54
and
bank
Statement of New York
PHILADELPHIA AND
BOSTON.
THE
16
68 ,043,000
and Trust
$2,758,345,300
Total bonds.
In
excess
1,195, 000
,234,000
,671,000
9
9,507, 000
22,087 000
84,488, 000
Reserve
State, mun., Ac..bonds
bonds
'
115,942, 000 Dec.
2.732, 000 Inc.
_
United States deposits.
$41,428,300
5,202,000
Oct. 29
$
Time deposits
5,517,300
$5,202,000 $41,428,300
Bonds.
DAILY
$
Loans, disc'ts & investments. 609,074, 000 Dec.
Individual deposits, incl. U.S. 469,510, 000 Inc.
261,765,664
185,115.285
8,415,048
2,878,809
$251,549,600 $776,763,500 $15,852,584,875 $23,865,065,280
$47,200
shares...
Par value..
\v-,
$
2, ,970,000
2,969, 000
63, 000
1,174. 000 610,248, 000 608, ,171,000
'489, 000 469.021, 000 439 ,732,000
1,485, 000 117,427, 000 111 ,645,000
344, 000 23,003, 000 23 ,115,000
Circulation
10,032,000
Jan. l to Oct. 29.
Oct. 29
1920.
Exchange.
Government
1920.
$
New York Stock
Bank shares,
Oct. 9
1920.
Cash in bank & in F. R. Bank
Week ending
at
Stocks—No.
Oct. 16
previous week.
Due to banks
1,052,000
1,106,000
864,000
3.778,000
-
.503,153
Thursday
Total.
1,096,000
Changes from
1920.
$3,845,000
8,289,000
7,662,000
6.083,000
$374,000
$1,975,000
4,322,000
3,905,000
$17,748,500
CLEARING HOUSE MEMBERS.
u. s.
Bonds.
Oct. 29 1920.
Sales
mary
1731.
State, Mun
Railroad,
Stocks.
Week ending
House Banks.—We give below a sum¬
showing the totals for all the items in the Boston
Clearing House weekly statement for a series of weeks:
Boston Clearing
Exchange daily,
weekly and yearly.—Brought forward from page
1727
CHRONICLE
THE
Oct. 30 1920.]
1920.
Gr'd aggr, avge
9
-40,275
289,12134,073
104,046 556,756 14,187,454
—14,421 + 6,453! +126
—632—7,091
Oct. 23 5,405,022
102,051516,693 £4,141,573 291,725 34,691
276,650"l484,081 5,445,859
Comparison, pre vlous week....
Total.
act'l cond'n
46,815
46,617
334
$33,225,0
$4,500,0
$37,725,0
$37,725,0
91,536,0
704,089,0
12,929,0
$37,725,0
104,465,0
Gr'd
Capital
Surplus and profits
Loans, dlsc'ts & investm'te
Exchanges for Clear. House
104,465,0
104,465,0
Comparison, pre vlous week
35,554,0
739,643,0
744,987,0
742,562.0
353.0
29,279,0
33,760,0
banks
122,573,0
16,0
122,589,0
131,760,0
144,909,0
373,0
146,585,0
532.639,0
20,883,0
250,0
145,282,0
553,522,0
546,299,0
9,859,0
561,773,0
9,348,0
21,506,0
708.663,0
717,706,0
9,381.0
697.343.0
14,325,0
11,882,0
2,716",0
11,071,0
2,716,0
2,814,0
2,645,0
56,079,0
54,131,0
55,012,0
14,049,0
13,721,0
13,724.0
in foreign branches not included in total footing as follows:
$130,424,000 Bankers Trust Co., $3,510,000 Guaranty Trust
Farmers' Loan A Trust Co., $19,223,000 Equitable Trust Co.,
$23,142,000.
Balances carried in banks in foreign countries as reserve for such
deposits were: National City Bank, $47,945,000
Bankers Trust Co., $243,000
Guaranty Trust Co., $7,375,000 Farmers' Loan A Trust Co., $3,679,000 Equitable
Trust Co., $7,765,000.
c Deposits in foreign branches not included.
eU. 8.
deposits deducted, $87,597,000.
fU. 8. deposits deducted, $64,919,000.
Bills
payable, rediscounts, acceptances and other liabilities, $1,277,657,000.
gAi
_
Due from
deposits
Individual deposits
Bank
28,926,0
deposits
9,609,0
Total deposits
687,157,0
Time
lncl.)__
Res've with legal deposit's
U. 8. deposits (not
Res've with F.
R. Bank..
Cash In vault*
Total
reserve
Reserve
*
and cash held
required
Excess res
A cash in vault
"
56,079,0
aggr,
act 1cond'n
113.832,0
Gr'd
aggr,
act
141,663,0
Gr'd
aggr,
cond'n
act' 1 cond'n
Gr'd
aggr,
act"
948,0
69,180,0
3,664,0
72,844,0
70,666,0
71,381,0
52,892,0
3,145.0
56,037,0
55.615,0
55.970,0
16.288.0
519.0
16.807 0
15 051
15.411,0
Caah In vault net counted as reserve for
27,972.0
Gr'd
13,101,0
0
aggr,
Federal Reserve Bank members
*
cond'n
| —90,843 -1,207-64,891
16^495,865
-112,935
+ 290;
—34
£4,254,508 291,429 34,725
Oct.
9!5.453,699il02,494 578,701 £4.158.975 281 044 34,285
Oct.
2 5,424,776! 91,848531,017£4,149,146 283,834 34,906
Pept.25'5.400.0111 97.295 565,5711 f4.149.3011292.344 34,731
Oct.
103,258 581,584
Includes deposits
National City Bank,
Co., $104,789,000
of
Oct. 5 1920.
1728
THE
STATEMENTS OP RESERVE
[Vol. 111.
CHRONICLE
POSITION OP CLEARING HOUSE BANES
RESULTS
COMBINED
TRUST COMPANIES.
AND
OP
BANKS
AND
TRUST
COMPANIES
III
GREATER NEW YORK.
Averages.
Loans and
Demand
•Total Cash
Reserve in
Investments.
Deposits.
in Vault.
Depositaries.
'
Week ended—
\-:;u
\
Cash
:•
Reserve
a
Reserve
>'■
in
Total
Reserve
Surplus
in Vault.
■
Depositaries
Reserve.
Required.
Reserve.
Members Federal
$
Reserve banks
$
$
$
'
$
$
21
5.908.034.900
4.793.133,700
122,705.800
644.-G0.200
Aug.
28
4
ll............
18
25
5,906,454,700
5,930,958,600
5.909,242,000
5,974,889,400
6,180,987,100
6,033.985,500
4,750,119,900
113,816,000
4,752,350,000
4,724,943,200
4,859,379,600
121,689,700
119,424,400
119,291.700
4,919,536,700
4,734,888,600
119,786,400
122,518,100
635,852,100
642,537.500
639,681.000
635,358,400
664,983.300
640.648,100
Sept.
Sept.
Sept.
Sept.
547,402,000 547,402,000 538,427,390
4,196,000
6",814", 000
11,010,000
9,912,960
5,158,000
2,037,000
7,195.000
7,138,350
10,128,300
15,859,400
Oct. 16
8,615,000 554,845.000 563,460,000 548,794,340
8,373,000 554,794,000 583,167,000 550.582.100
Trust companies*
8,974,610
1,097,040
8,851,000 556,756,000 565,607,000 555,478,700
9,105,000 563,847,000 572,952,000 557,092,600
State banks*
14,065,660
12,584,900
Oct.
56,650
Oct.
Total Oct.
23
Total Oct.
16
Total Oct.
9
Total
2
Oct.
%
$
Aug.
2
Oct.
9
•
Actual
Cash
Reserve
State
in
Total
Reserve.
Required.
Reserve.
$
banks*
$
%
$
$
eserve
2,056,000
;
—The
following shows the condition of the Federal Reserve
Bank|of New York at the close of business Oct. 22 1920, in
comparison with the previous week and the corresponding
date last year:
Oct.
Total Oct.
23....
Total Oct.
16
Total Oct.
9
Total Oct.
2
•Not
a
This Is
and
trust
8,979,000 516,693,000 525,672,000 549,649,180 -23,977,180
8,889,000 531,584,000 590,473,000 564,216,980 26,256,020
9,034,000 578,701,000 587,735.000 551,535,020
8,220,000 631,017,000 539,237,000 550,280,850
members
of
Federal
Reserve
36,199,980
11,043.850
Resources—
but In the case of
members of
the
Federal
Reserve
banks
Includes also amount of reserve required on net time deposits, which was as follows:
Oct. 23, S7.404.3C0 Oct. 16, $7,221,060 Oct. 9, $7,246,020 Oct. 2, $7,475,400.
b This Is the reserve required on net demand deposits In the case of State banks
and
trust companies, but In the case of members of the Federal Reserve Bank
Includes also amount of reserve required on net time deposits, which was as follows:
Oct. 23, $7,477,500 Oct. 16, $7,481,340 Oct. 9, $7,176,780 Oct. 2, $7,265,130.
1920.
15
1920.
Oct. 24 1919.
110,165,100
63,834,531
Oct.
$
$
7.8,567,467
29,472,479
31,780,078
205,779,710
305,565,000
234,013,130
234.475.330
283,000,000
37,911,200
37.924,100
24,780,000
456,389,040
128.428.911
478,179,141
613,345,000
50,585,000
584,817,952
Gold with foreign agencies...
155,968,00$
100,792,000
48,805,000
154,464,710
...
607,459,926
663,930,000
500,402,308
675,336,000
500,402,308
675,336,000
446,646,154
105,083,000
46,424,762
Gold settlement fund—F. R. Board
...
Total gold held by bank
Gold with Federal Reserve Agent
Gold redemption fund
Total gold reserves
Legal tender notes, silver, Ac
Total
22
$
Gold and gold certificates
Bank.
the reserve required on net demand deposits In the case of State banks
companies,
640,474,300
653,642,900
646,136,300
Condition of the Federal Reserve Bank of New York.
Surplus
507,266,000 507,266,000 532,326,760 -25,060,760
4,185,000
11,108,000
10,090,820 41,017,380
6,242,000
7,298,000
466,200
7,231,800
6,923,000
Trust companies*...
121,362,100
120,382,300
I
Depositaries
Federal
125,787,400
4,786,338,000
4,777.329,700
This Item Includes gold, silver, legal tenders, national bank notes and Federal
b
Reserve
Reserve banks
23
Reserve notes.
Figures.
in Vault.
Members
4,722,031,500
6,049,015,800
6,104,585,900
6,066 267,200
reserves
Bills discounted:
129,280,784
,
Z/r
^
Secured by Government war obllg'ns:
For members
New York City State Banks and Trust Companies.—
see item
521,930,108
521,930,108
For explanation of discontinuance of these returns
in Chronicle of Aug. 14, page 643.
All other:
-;,
■
'! '
:
For members
432,364,811
Less rediscounts with other F, R. Banks.
25,000,000
—...
407,364,811
State
Banks and Trust Companies Not in Clearing
House.—The State Banking Department reports weekly
figures showing the condition of State banks and trust com¬
panies in New York City not in the Clearing House, as follows:
COMPANIES IN
YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
k Oct. 23.
Loans and
Investments
$620,408,200
8,046,000
„
Gold
Currency and bank notes
Differences from
previous week
Inc.
deposits
91.600
Dec.
52,659,900
Dec.
639,216,400
1,002,858,617 1,028,832,571
105,083,000
97,925,000
1,462,347
50,000
79,557,500
878,344,000
1,257,000
50,000
73,473,000
1,078.612.464
1,109,902,419
953,124,000
4,101,127
4,028,034
3,994,000
2,594,900
Total earning assets
Bank premises
1,462,347
74,241,500
U. S. Government bonds
U. S, certificates of Indebtedness
notes
Gold
2,548,800
2,650,000
Inc.
693,400
1,651.300
4,295,000
In
transit
or
custody
In
218,461,464
1.004,237
218,507,000
2,352,000
•
50,000
foreign
countries
$1,956,300
Inc.
17,141,300
Deposits with Federal Reserve Bank of New York..
Total
hand
81,784,108
5% redemption fund against F. R. Bank
(Figure* Furnished by State Banking Department.)
I
on
U. S. Victory notes
GREATER!
SUMMARY OF STATE BANKS AND TRUST
NEW
Total bills
446,646,154
73,563,697
Bills bought In open market
All other
19,242,000
....
Uncollectible Items and other deductions
resources
163,434,113
969,197
Total resources.
1,834,529,756 1,943,404,881 1,863,799,000
Deposits, eliminating amounts due from reserve de¬
positaries, and from other banks and trust com¬
panies In N. Y. City, exchanges and U. S. deposits
Reserve
on
Liabilities—
589,875,700
Inc.
5,412,700
114,566,600
deposits..
Dec.
1,028,400
Percentage of reserve, 21.6%.
RESERVE.
State
Cash In vaults
Batiks
..$25,727,800
Deposits In banks & trust companies 10.213,700
Trust Companies—
$52,118,400
14.15%
26,506,700
7.19%
16.10%
6.40%
Total
$35,941,500
22.50%
$78,625 100
21.34%
Includes deposits with the Federal Reserve Bank of New York, which for the
a"hd trust companies combined on Oct. 23 were $52,659,900.
k The Equitable Trust Co. Is no longer Included In these totals. It
having become
member of the Clearing House and being now Included In the statement of the
•
State banks
a
Clearing House member banks.
—
1
1
1
The change
'
Capital paid In
Surplus
Total gross deposits
F. R. notes In actual circulation. J
F. R. Bank notes In circulation—net llab
All other liabilities
i
25,297,250
51,307,534
32,922,000
257,364
40,206,000
675,179,457
744,131,890
115,443,931
147,613,519
737,434,000
170,096,000
12,252.915
20,076,351
44,146,000
803,328,864
Other deposits, lncl. foreign govt, credits
912.079.125
991,882.000
875,026,630
38,989,000
40,570,426
875,737,060
750,809,000
39,506,000
52,953,000
51,307,534
452,561
22,051,000
39,477,911
13,182,000
1,834,529,756 1,943,404,881
Total liabilities
1,863,799,000
be^an with the return for Sept. 25.
Ratio
■
25,307,300
Government deposits
Due to members—reserve account.....
Deferred availability Items
■
of
total
to
reserves
—
deposit
and
F. R. note liabilities combined
38.6%
44.1%
38.7%
Ratio of gold reserves to F. R. notes in
Banks and Trust
Companies in New York City.— The
averages of the New York City Clearing House banks and
trust companies combined with those for the State banks
and trust companies in Greater New York
City outside of
the Clearing House, are as follows:
circulation after deducting 35% against
deposit liabilities
Ratio of
53.3%
reserves to net
ducting
40%
gold
deposits after de¬
reserves
against
F. R. notes in circulation
Contingent
for
liability
on
36.7%
37.1%
6,081,343
bills
6,081,234
purchased
foreign correspondents
The Federal Reserve
Banks.—Following is the weekly statement issued by the Federal Reserve Board on Oct. 23.
figures for the system as a whole are given in the following table, and in addition we present the results for seven
preced¬
ing weeks, together with those of corresponding week of last year.
The second table shows the resources and liabilities sepa¬
rately for each of the twelve banks.
The Federal Reserve Agents' Accounts (third table
following) gives details regarding
transactions in Federal Reserve notes between the
Comptroller and Reserve Agents and between the latter and Federiu
Reserve banks.
In commenting upon the return for the latest week the
Federal Reserve Board say:
The
Liquidation in some volume of discounted and purchased bills also of
Treasury certificates and a commensurate reduction of deposit liabilities
indicated in the Federal Reserve Board's weekly bank statement issued
as at close of business on Oct. 22 1920.
Federal Reserve note circulation
increased by 2.9 millions, while cash reserves show an increase of 2.4 mil¬
lions.
As a consequence, the banks' reserve ratio shows a gain for the
week from 42.7 to 43.3%.
are
Holdings of paper secured by Government war obligations, including
Treasury certificates, increased by 6.3 millions, while those of other dis¬
counted paper declined by 30.9 millions and those of
acceptances—by
18.9 millions.
A reduction of 20.7 millions in Treasury certificates on hand
represents largely the amounts of special certificates taken up by the Govern¬
ment during the week and to a smaller extent net liquidation of
certificates,
temporarilv purchased from non-member banks.
Total earning assets,
3,357.7 millions, show a reduction of 64.3 millions since the previous Friday.
Of the total of 1,199.1 millions of paper secured by Government war
obligations, 635.8 millions, or 53% were secured by Liberty bonds; 322.3
millions, or 26.9%, by Victory notes, and 241 millions, or 20.1%, by
Treasury certificates, as against 52.8, 27.1 and 20.1% of a corresponding
total of 1,192.8 millions reported the week before.
Discounted bills held
by the Boston, Philadelphia and Cleveland banks include 243.1 millions
of paper
discounted for the Federal Reserve Bank of New York and seven
Oct.
RESOURCES.
Gold and gold certificates
Gold settlement fund, F. R. Board
Gold with foreign agencies..
Total gold held by banks
Gold with Federal Reserve agents
Gold redemption fund.....
Total gold reserve
22
1920. Oct.
$
161,438,000
389.069,000
80,441,000
15
1920.
$
192,499,000
381,753,000
87,021.000
other Reserve banks in the South and Middle West, while
acceptance hold¬
ings of the Boston, Philadelphia and San Francisco hanks are inclusive
of 24.3 millions of
acceptances purchased from the New York and
As against an increase of about 1 million in Government
deposits,
reserve
deposits show
a decline of about 89 millions, and other deposits, including
foreign Government credits and non-members' clearing accounts—a decline
of 11.8 millions, while the "float" carried
by the Reserve banks and treated
a deduction from gross
deposits was 30.1 millions less than on the pre¬
Calculated net deposits, in consequence, were 69.7 millions
below the total given the week before.
The only large increase In Federal Reserve note
as
ceding Friday.
circulation, viz.: by 17.4
millions, is reported by the Reserve Bank of Atlanta, other Reserve banks,
those at Boston, Philadelphia and San Francisco showing either sub¬
stantial reductions or else only slight
changes in their circulation figures.
Federal Reserve bank note circulation increased
by 0-3 million.
The
amount of gold with foreign agencies, in
consequence of additional con¬
signments of gold by the Bank of England to the Federal Reserve
banks,
shows a further decline of 6.6 millions.
An increase of $98,000 in the
paid-in capital of the Reserve banks is due to the admission of new members
and the increase in capitalization of
existing members largely in the Chicago
and Minneapolis districts.
viz.:
Oct. 8 1920,
Oct. 1 1920.
$
$
216,763,000
391,974,000
90,409,000
bank
Chicago banks.
201,046.000
362,468,000
111,455,000
Sept. 24 1920. Sept. 17 1920. Sept. 10 1920.
$
183.826.000
341.303.000
111,455,000
$
164,529,000
331,308,000
111,455,000
$
150,990,000
428,768,000
111,455,000
Sept. 3 1920.
$
Oct. 24 1919.
$
165.070,000
248,375,000
410,507,000
465,535,000
111,455,000
132.983.000
630.948,000
661,273,000
699,146,000
674,969,000
636.584,000
607,292,000
691,213,000
687,032.000
846,893,000
1.203,240,000 1,169.038,000 1,142.412.000 1,180,393,000 1.211,619.000
1,237,942,000 1,147,239,000 1,132.219,000 1.197,933,000
160,423.000
161,790,000
154,766,000
147,710.000
141,632.000
127,893,000
137,774,000
143.059,000
101,779,000
1.994,611.000 1,992,101.000 1.998,324,000 2,003,072,000
1,989,835,000 1,973,127,000
ll ,976,226,000 1,962,310,000
2,146,605,000
THE
CHRONICLE
Sept. 17
67,956,000
2.214,561.000
1,220,423,000 1,202,593,000 1.299.123.000 1,332,892,000 1,666,055,000
1,484,041,000 1,306,610,000 1.376.076,000 1,412,035,000
416,084,000
307,624,000
321,605,000
316.982,000 313,501,000 368,846,000
3,012,088,000 2,830,808,000 2.992,181,000 3,058,428,000 2,450,985,000
161,759,000
Legal tender notes, silver, Ac
1920.1 Sap*. 101920.
.
160,018,000
2.151,594,000 2,133,145,000
Total reserves
Bills discounted.
'
obligations
Secured by Govt, war
All other
market
Bills bought in open
Total bills on hand
26,808,000
U. S. Government bonds
69,000
U. S. Victory notes, i
270,623,000
26,805,000
69,000
393,479,000
155.021.000
155,647,000
2.131.247.000 2.117.957,000
26,807,000
69,000
332.426.000
26,806,000
69,000
279,633,000
U. 8. certificates of indebtedness
27,095,000
86,000
273,585,000
2,751,751,000
3,309,588,000 3,251,161,000
15,263,000
3,351,483.000 3,364,936*,000
15.086,000
•14.921,000
15,370,000
818,958,000 1,097,408,000
11,824,000
12,024,000
4,941,000
4,660,000
837,060,000 •753.707.000
11,788.000
11,695,000
6.569,000
*3.875,000
13,358,000
937,250,000
12,571,000
9,139,000
6,312,275,000 6,513,661,000
Total earning assets
6.353.233,000 *6267091000
5,938,630,000
Bank premises
Uncollected items and other
deductions
deposits
from gross
5% redemp.f und agst. F.
R. bank notes
All other resources
—
Total resources.-.
97,133,000
164,745,000
65,387,000
LIABILITIES.
Capital paid in..
Surplus
•1829 832000
Government deposits
•554,475,000
39,123,000
account
Deferred availability items
Other deposits, incl. for'n gov't credits..
Due to members, reserve
•2488 817000
3,243,270,000
205,423,000
67,703,000
deposits
actual circulation
F. R. bank notes in circulation—net liab.
All other liabilities
Total gross
F. R. notes in
*6267091000
Total liabilities
Ratio of gold reserves to net deposit
F. R. note liabilities combined
Ratio of total reserves to net
F. R. note
and
deposit and
liabilities combined
F. R. notes in
setting aside 35%
Ratio of total reserves to
circulation
after
against net
deposit liabilities
Maturities—
j $
$
bought in open market.
107.424,000 138,646,000
discounted
1,558,148,000 1,551,801,000
1-15 days U. S. certif. of indebtedness.
33,641,000
54,957,000
16-30 days bills bought in open market.
77,329,000
56,543,000
16-30 days bills discounted
i
304.552.000 295,140,000
16-30 days U. S. certif. of indebtedness5.650,000
6,400.000
31-60 days bills bought in open market.
88.171.000
97.466,000
31-60 days bills discounted
497,629,000 547,622,000
81-60 days U. S. certif. of indebtedness.
31,090,000
25,293,000
61-90 days bills bought in open market27,742,000
26,865,000
61-90 days bills discounted
365,967,000 356,779,000
61-90 days U. 8. certif. of indebtedness.
14,993,000
19,877,000
Over 90 days bills bought in open market
Over 90 days bills discounted
22,987.000
22,528,000
Over 90 days certif. of Indebtedness
195.443.000 195,134,000
Distribution by
1-15 days bills
1-15 days bills
Federal Reserve Notes—
Outstanding
14,875,066
16,239,666
3,625,726,000 3,603,149,000 3,586,497,000 3,581,625,000 3.549,041.000 3,601,897,000 2,986,616,666
303,603,000 298,459,000 306,501,000 291,944,000 253,755,000 258,627,000 227,153,666
3,353,271,000 3,322,123,000 3,304,690,000 3,280,996,000 3,289,681,000 3,295,175,000 3,243,270,000 2,753,457,666
3.663,725,000 3.642.707,000
307.626,000 289,436.000
-
Held by banks
In actual
$
$
$
"
%
$
$
121,443,000 106,484,000 95,041,000 109,503,000 112,627,000 99,481,000
88,601,660
1,618.998.000 1,515,472,000 1,483,052,000 1,349,550,000 1,608,558 000 1,666,391,000 1,721,280,000
19,547,000 23,748,000
26,310,000 147,405,000 84.560 000 32,668,000 31,814,000
55,922,000 92,432,000 77,418,000 62,189,000 67.941,000 77,394,000
79,954,000
281,399,000 307,789,000 352,199,000 265,315,000 268.947,000 243,771,000 115,589,000
14,000,000
13,500,000
7,107,000 13,052,000 17.195,000 20,695,000
3,000,000
105,890,000 85,555,000 106,047,000 123,260,000 107,939,000 109,404,000 124,124,000
516,868,000 514,192,000 506,078,000 579,209,000 512 529,000 504,969,000 143,163,000
22,284,000
18,870,000 22,371,000 23,108,000 25,029,000 27,929,000 25,762,000
22,435,000
17,039,000 29,118,000 26,653,000 28,475,000 27,222,000 76,167,000
356,532,000 346,734,000 336,732,000 286.988,000 253 001,000 294,330,000
91,868,000
22,328,000 23,260,000 25,996,000 22,382,000 16,700,000 12,501,000
--■'«.—*
21,874.000 25,414,000 26,403,000 28,141,000 32.164,000 35,466,000
195,792,000 192,104,000 188,839,000 187,532,000 188,942.000 185,940,000 198,134,666
3,356.199,000
circulation
(Agents Accounts)—
Fed. Res. Notes
7,721,620,000 7,683,640,000 7,640,540.000 7,582,040,000 7.625.140.000 7,468,540,000 5,577,166,666
3,623,381,000 3,594,968,000 3,576,029,000 3,554,226,000 3,537.490,000 3,511,315.000 2,187,243,666
Amount chargeable to Fed. Res. agent 4.123,894,000 4,115,195,000 4,098,239.000 4,088,672,000 4,064,511,000 4,027,814,000 3,987,650,000 3,957,225,000 3,389,917",666
In hands of Federal Reserve Agent
460.169,000 472,488,000 472,513,000 485,523,000 478,014,000 446,189,000 438.609,000 455,328,000
469,307,666
Issued to Federal Reserve banks
3,663,725,000 3,642,707,000 3,625,726,000 3,603,149,000 3,586,497,000 3,581,625,000 3,549,041,000 3,501,897,000 2,980,616,060
7,793.880.000 7,763,600,000
3,669,986,000 3,648,405,000
Comptroller
Comptroller
Received from the
Returned to the
Note Secured—
By gold and
Gold redemption
113,271.000
810,193.000
fund
With Federal Reserve
Board
Total
Eligible paper delivered to
*
279,276,000 279,225,000 279,226,000 279,226,000 274,225,000 274,225,000 242,248,666
2,483,314,000 2,422,756,000 2,374,878,000 2,343,683,000 2.401,802,000 2,369,678,000 1,782,677,666
115,081,000 107,198,000 113,543,000 115,600,000 117 269 000 112,797,000
96,999,666
748,055,000 793,970,000 818,850,000 843,116,000 755,745.000 745,197,000 864,686,666
3.663,725,000 3,642,707,000 3,625,726,000 3,603,149,000 3,586,497,000 3,581,625,000 3,549,041,000 3,501,897,000 2,986,616,666
2,970,906,000 2,996,^000 3,027,140,000 2,921,119,000 2,932,892,000 2,732,661,000 2.899,472,000 2,962,403,000 2*366,882,660
279.776,000 280,276,000
2,460,485,000 2,473,669,000
gold certificates
By eligible paper
F. R. Agent..
108,629,000
780,133,000
Revised figures,
WEEKLY
STATEMENT OF
RESOURCES AND
(00) omitted
Federal Reserve Bank of—
Two ciphers
LIABILITIES OF EACH OF THE 12
Phi'a,
Boston.
{Cleveland. Richmond
FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS
Atlanta
Chicago
St. Louis
IMinneap.\Kan.City.\ Dallas
OCT. 22 1928
San Fran
RESOURCES.
Gold and gold
certificates
Fund, F. R. B'd
agencies
Gold Settlement
Gold with foreign
held by banks
Federal Reserve agents
redemption fund
Total gold
Gold with
Gold
Total gold reserves
silver, &c___
50,210,0
discounted: Secured by Gov¬
ernment war obligations (a):
56,392,0
Legal tender notes,
Total reserves
Bills
All
Bills
18,358,0
1,370,0
other
bought in open market
(b)_.
hand
Government bonds
Government Victory notes
U. 8. certificates of indebtedness
Total bills on
U. S.
U. S.
Total earning assets
premises
Uncollected items and
Bank
other de¬
deposits..
fund against
ductions from gross
6%
redemption
Federal Reserve
bank notes—
All other resources
Total resources
LIABILITIES.
Capital paid in
Surplus
Government deposits
Due to
members, reserve account
items
Oth.deposits.lncl. for. Govtcred.
Deferred availability
deposits
R. notes in actual circulation.
R. bank notes In circulation—
1,834,530,0
625,099,0 280,876,0
276,170,0
5,257,0
8,067,0
872,0
58,707,0
49,742,0
278,0
3,958,0
7,050,0
1,212,0
44,455,0
25,307,0
10,300,0
51,308,0
13,712,0
839,0
453,0
675,180,0
115,444,0
12,252,0
153,453,0
67,338,0
1,273,0
26,209,0
347,0
2,450,065,0
3,356,199,0
Total gross
F.
F.
net
liability
All other
liabilities
Total liabilities
213,838,0
92,048,0
1730
THE
Two ciphers omUied.
Boston
New York,
Phila.
LIABILITIES (Concluded)—
$
%
$
Cleveland. Richmond
$
Ratio of total reserves to net de¬
posit and F.
combined,
CHRONICLE
fVOL. 111.
Atlanta.
Chicago.
$
'Minneap
St. Louis
$
$
$
Kan.Cily.
Dallas
San Fran.
Total
$
$
$
»
$
R. note liabilities
per
cent
51.1
endors
as
52.3
52.3
45.8
40.5
39.5
41.3
39.0
42.5
er on;
40.9
44.9
43.3
■
emoranda—Contingent liability
38.6
Discounted
.
paper rediscounted
with other F. R. banks
'
-
—
-
-
25,000,0
-
Bankers' acceptances sold toother
F. R. banks without endors't..
Contingent liab.
bills
on
27,758,0
13,050,0
784,0
576,0
1,904,0
40,410,0
27,204.0
45,807,0
33,944,0
752,0
432,0
768,0
416,0
243,073,0
24,305,0
for
foreign correspondents
Includes bills discounted
(a)
19,900,0
24,305,0
purch.
1,168,0
6,081,0
1,280,0
1,312,0
for
other F. R. banks, viz...
(b) Includes bankers' acceptances
72,926,0
ought fr
Without their endorsement.
.
f.
orn
32.273,0 137,874,0
4„
10,449,0
16,209,0
'
•*,
'
V.
^
„
,*■
*
~
T
-
243,073,0
Federal Reserve Agent at—
AGENTS'
Boston. New York
Resources—
(In Thousands of Dollars),
Federal Reserve notes on hand
i
Federal Reserve notes outstanding
Collateral security for Federal Reserve notes
outstanding:
...
5,900
Richm'd
%
S
35,280
A
tlanta
OF
Chicago.
St.L.
Minn.
K. City.
S
$
$
$
$
28,800
32,025
3,500
9,405
18,553
19,952 "i, 244
4,240
45,000 101,389
90,000 41,500
57,000
715,376 167,608 226,488 106,995 116,345
256,289
6.257
8,750 28.321
23,625
24,305,0
OCT. 22 1920.
BUSINESS
58.480
16,620
630,799 155,590
209.608
39,593
Total
Clevel.
CLOSE
24,219
51,955
979,389 287,550 368,465 150,739 181,085
22.901
/Amount required
Eligible paper:\Excess amount held
AT
$
141,000
115,000
177.387
Board
886,0
ACCOUNTS
Phila.
$
71,700
321,188
"
W-V-T-
OF FEDERAL RESERVE
Gold redemption fund
Gold settlement fund—Federal Reserve
736,0
other F. R. banks:
12,970,0
STATEMENT
v
Dallas. San
S
Ft.
$
8,020
6,920
85,015 117,096
13,052
3,860
4.880
12,295
460,169
95,915 290,894 3,663,725
11,831
4.005
1.012
2 ,859
5,045
14",936
279,776
113,271
173,145
41,531
449,535 106,194
13,200
38.360
12,734
81,334
810.193
57,751
75.877
8,251
36,944
66,305 194,624 2,460,485
9,815
18,359
510,421
"8.110
60.923
13,294
"
753,669 2.356.067 619,130 794.051 331,954 437,750 1,381.001 341.094
186.301 278.056 213.940 605,02
Liabilities—
Total.
$
8,298,040
Federal Reserve notes received from
Comptroller, gross. 686,400 2,298,600 660,380 684.620 378,480 395,580
1,152,240 377,780 181,720 260.120 195,160 522,800
Leas amounts returned tor destruction
7,793,880
293,512 1,178,211 337,550 287,355 203.522 162,540
462,961 205,570
88,685 136,104
86,950 227,026 3,669,986
Net amount of Federal Reserve notes received from
Comptroller of the Currency
Collateral received from
(Gold
Federal Reserve bank:\Eligible
392,888 1,120,389 322.830 397,265 174.958 233,040
143,801
264,013 119,942 141,977
43.744
64,740
„
....
paper
...
216,980
971,665 176,358 254,809 113.252 139,970
/'";V €V
Total
689,279 172,210
181,264
49,396
510,458 119,488
93,035 124,016 108,210 295,774 4,1-23,894
27,264
41,219 29.610
96,270 1,203.240
66,002 112,821
76.120 212,983 2,970,906
753,669 2,356,067 619.130 794,051 331,954 437,750 1,381.001
341,094 186,301 278,056 213,940 605.027 8,298,040
Federal Reserve notes outstanding
Federal Reserve notes held
321.188
19.355
979,389 287,550 368,465 150,739 181,085
104.362
14,447
17.912
6,738
4,677
301,833
875,027 273,103'350,553 144,001 176,408
by banks
Federal Reserve notes In actual circulation
630.799 155,590
74,212
85,015 117.096
17,820
1.825
556,587 137,770
95.915 290,£91 3.663,725
5.640
83.190 111.456
3,941
36,597
307,526
91,974 254,297 3,356,199
Member Banks of the Federal Reserve
System.—Following is the weekly statement issued by the Federal Reserve
giving the principal items of the resources and liabilities of the Member Banks.
Definitions of the different items
were given in the statement of Dec. 14
1917, published in the "Chronicle" Deo. 29
Board
In the statement
1917, page 2523.
LIABILITY ITEMS OF REPORTING
MEMBER BANKS IN FEDERAL RESERVE
REPORTING BANKS AS AT CLOSE OF BUSINESS
OCTOBER 15 1920.
Heavy Government operations in connection with the
redemption and
result of the above changes in the
leading assets total loans and investments
issuance of Treasury certificates and the
payment of semi-annual interest
show an increase for the week of 95.4
millions.
For the New
on the 4th
Liberty bonds, also the retirement of the Anglo-French bonds,
YorkCity
member banks an increase under this
head of 34.3 millions is noted.
account largely for the principal changes in the condition
Accom¬
on October 15 of
modation of reporting banks at the Federal
Reserve banks, as shown on the
822 member banks in lead ng cities.
Apparently in connection with the
books of the latter, shows a small
decline from about 2.250 to
latter operation and the new financing of the week a
2,248.9
considerable increase
millions, constituting about 13% of the banks' total loans
in loans supported by
and investments,
corporate securities is seen.
Demand deposits show
compared with 13.1% on the preceding Friday.
the unrsualf - large increase for the week of 260.7
For the New York City
millions, this increase
banks a slight increase under this head
from 846,3 to 848.3 millions is
representing in part transfers of deposit credits from Government to indi¬
shown,
leaving the ratio of accommodation at the Federal
vidual account, deposits of funds received in
Reserve bank unchanged
payment of matured home and
at 14.6%.
!■
foreign Government obligations, also additional credits to
deposit account
Government deposits at all:
reporting banks show a reduction of
granted to borrowers on
STATEMENT SHOWING
BANK
PRINCIPAL RESOURCE
AND
AND BRANCH CITIES AND ALL OTHER
58.7
millions, while other demand deposits
(net) went up 260.7 millions and time
deposits—12.1 millions.
For the New York
City banks a reduction of 65.3
millions in Government
deposits and increases of 120.4 millions in other
demand deposits and of about 11 millions
in time deposits are shown.
Reserve balances of all
reporting institutions, in accordance with the
large increase in demand deposits, increased
by 37.4 millions, the increase
in New York City
being 11.7 millions.
Cash in vault shows a
gain for the
week of 4.6 millions; of which less
than one million represents the
gain of the
New York
banks.
corporate securities.
Treasury certificate holdings show an increase for the week of about 44
millions, of which 9.4 millions represents the increase for the member banks
in New York City.
Holdings of other Government securities, including
Liberty bonds and Victory notes show but nominal changes.
Loans secured
by Government obligations declined 13.2 millions (6.2 millions in New York
City), while loans supported by corporate stocks and bonds show an in¬
crease of 71.1
millions, mainly in New York City.
Other loans and invest¬
ments, composed largely of commercial loans and
discounts, or the first
time since May 21 of the presont
year, show a slight reduction.
As a
!.
Data
Federal
for all reporting member banks In each
Reserve
District.
Boston.
Number of reporting banks
U. 8. bonds to
secure
City
Federal Reserve District
Sew York Philadel.
Cleveland
at
Richm'd.
close of buslnes« October 15 1920.
Atlanta.
Chicago.
59
92
81
46
108
35
$11,347
$28,808
$14,380
$21,550
253,139
82,995
29,077
$16,923
60,682
$7,371
33,675
28,163
18,548
10,005
7,245
4,078
52,407
38,699
13,361
9,010
2,615
1,025
7,764
5,080
6,944
54,810
5,175
2,103
8,554
167,466
38,074
20,504
51,726
31,672
15,538
18,081
5,838
25,328
166,951
26,701
25,552
549,883
76,135
147,055
77,492
53,565
47.409
455,985
75,350
71,455
31,090
214,430
328,1219
30,528
107,891
598,271
980,420
403,227
93,678
60,082
450,002
425,398 1,840.774
964,186 1,527,149
619,138
570,135 2,551,920
_
by stocks and bonds
All other loans and Investments
sec.
202,274 1,370,820
815,947 4,188,201
San Fran.
Total.
51
68
822
$14,701
$19,573
$32,648
23,391
21,849
64.061
$268,980
607,891
3,066
13,074
191,273
5,842
26,029
361,753
50,330
135,812
1,429,897
27,648
10,610
32.768
923,722
145,861 3.162,257
998,194 11.768,120
:
126,098
32,946
415,686
298,223
82,776
538,942
40,858
263,837
611,530
38,121
367,211
702,092
21,693
43,681
365,635 1,312,635 17,283,996
8,675
193,456
14,971
389,526
12,061
229,548
68,898
97,146
55,663
1,956
4,219
2,200
10,179
188,401
25,726
18,452
30,601
668,623
ISO
4,339
2,427
28,390
3,046
259,201
76,418
1,316,807
Investments, Including
rediscounts with F. R. banks
Reserve balances with F. R, Bank
Cash In vault
1,127,476 6,564,889
"
90,568
681,564
27,783
122,576
860,706 5,154,324
159,335
472,242
]
Net demand deposits
s
16,261
15,429
89,482
333,148
All other
Bills redLcounted with F. R. Bank:
Secured by U. 8. war obligations
73,260
101,177
37,409
29,773
194,766
17,123
37,218
17,273
14,685
70,203
693,119
39,435
955,757
344,815
106,236
148,824
635,404
2,754
2,078
•14,378
9,538
308,610
128,291
5,167
23,410
32,070
32,001
82,252
20,332
36
deposits
Bills payable with F. R. Bank:
Secured by U. 8. war oblgatlona
All oth
Dallas.
37
$42,273
61,855
Government
City
114
$40,798
Total U. S. securities
Loans and Investments, Including bills rediscounted with Federal Reserve Bank
Loans sec. by U.S. war obligations.
flmedeposi
Louis!Minneap!Kan.
48
U. 8. certificates of Indebtedness.-
Total loans and
Three ciphers (000) omitted
$12,608
circulation
Other U. 8. bonds, lncl. Liberty bonds..
U. S. Victory notes.
Loans
St.
41
6,009
689
1,750
533
8,855
1,517
7,146
84,996
63,946
86,163
49,193
15,706
138,570
38,539
11,878
4,664
9,980
60,834
r.
27,133
1,100
16,873
20,692
378,786
19,035
260,056 1,433,086
436,754
34,853
39.032
41,653
73.781
289,987
82,937
29.008
1,422,082
381,114
649,921 11,472,924
518,043 2,808,303
Data of reporting member
banks In Federal Reserve Bank and branch
cities and all other
reporting banks.
New York
Three
City.
cipher a (000) omitted.
Oct. 15.
Number of reporting banks
J. ? bonds o secure circulation.
Other U.S. bonds, Incl. Lib
U. S. Victory notes
71
Oct, 8
Total U. S. securities..J
investments,
deposits
Bills payable with F. R. Bank:
Secured by U. S. war obligations.
51
284
208
$1,439
$96,275
$95,976
$72,250
16,981
73,695
151,238
344,390
70,275
146,492
11,105
341,003
104,044
141,817
100,939
19,230
15,631
235,071
204,538
50,272
78,686
471,730
49,258
45,156
776,393
745,843
347,700
338,650
305,804
137,376
138,682
95,052
106,985
4,647,698 4,527,268
334,984
324,035
86,854
152,238
62,299
64,204
334,777
333,045
1,103,563
,099,647
41,160
980.594
291,731
6,897
Secured by U. S. war obligations.
—
paper
a
to
total
loans
and
284
691,294
2,261,362
7.547.438
.542,052 11,276,487
135,959 1,052.034
38,147
218.843
955,006
291,167
-
8,031,637
1,299,437
701,227
309,990
134,710
409,808
137,957
398,256
330
330
8 22
822
778
$268,980
$268,576
607,891
191,273
361,753
610,443
190,095
317,849
$269,365
615,062
305,866
945,549
302,470
1,429,897
1,386,963
2,135.842
97,025
923,722
$72,256 $100,455 $100,344
145,338
120,396
120,715
52,562
36,957
36,594
68,494
47,996
44,817]
219,206 3,279,179 3,277,602
2,728,330 2,691,796 17.283,996
17,188.604 15,922,912
211,116
201,867
158,932
155,424 1,422,082 1,384,680
1,396.123
76,995
74,251
85,276
87,584
381,114
376,470
214,635
368,385
849,073 1,803,669 1,754,179 1,637,618
1,608,978 11,472,924 11,212.230
286,711
11,153,523
906,418
907,857
6C2.448
601,608 2,808,303 2,796,176
2,037,688
28,716
24,694
14,194
13,774
188,401
145,491
208,668
23,223
22,208
438,527
1,750
2,550
456,808
1,750
247,136]
9,139
210,068
9,854
209,943
212,822
964,491
15.0'
15-0'
Exclusive of rediscounts with Federal
Reserve banks.
7.1
7.0
12.2
482,804
680,90?
11.214,751
142,568
138,020
87,528
1,179
86,075
235
668,623
610
1,460
4,339
3,445 I
217,618
33,266
957,387
185,526
33,602
185,093
13,113
166,790
13,944
259,201
157,970
265,164 \
12.6
12.4
11.0
11.1
invest-
per cent.,
Total.
Oct. 15 '20. Oct. 8 '20.
Oct. 17 '10
027,389
1,750
303,773
208
Oct. 8.
936,934 al. 302,128
,198,937
489,119
488,477
411,776
403.737 3,162,257
3,091,151 3,142,026
,573,199 2,304,984 2,311,793
1.915,698 1,888,564 11,768,120
11,773,556 a8.854,567
7,473
-----
Ratio ot U. 8. war securities and war
ments
Oct. 15.
51
Bills redlscounted with F. R. Bank
_
All Other Reprt.Bks
17,377
11,212
107,949
All other
Oct. 8.
$1,439
iacl
Net demand deposits
Time dep wits
All other
Oct. 15.
71
rediscounts with F. R. Bank;
5,829,991 5,795,658 1,549,897
Reserve balance with F. R. Bank..
640,552
628,922
138,640
Cash in vault
Government
V. R. Branch Cities
$36,801
by U. 8. war obllgat'ns
427,402
433,570
by stockB and bonds. 1,221,229 1,169.848
All other loans and Investments.. 3,698,733
3,720,510
&
Oct. 8
222,837
sec.
loans
Oct. 15.
$37,101
see.
Total
All F. R. Bank Cities
220,593
Loans and Investments, Incl. bills rediscounted with F. R. Bank:
Loans
Oct. 8
482,627
„
bonds.
U. S. certificates of Indebtedness.
Loans
City of Chicago.
Oct. 15.
12.0
1,316,807] 1,300,450
12.1
12.Or
489,349
and
market
ftatxluers' (gazette*
being led by the local traotions
in
more.
St.
page
represented in
Week ending Oct. 29.
S per share.
Snuff.....100
Am Wholesale pref. .100
Ann Arbor
100
Preferred
100
Assets Realization
10
Associated Oil..
100
Atlan Refining
.100
Austin, Niehols&Co?wzw
Barnet Leather...no par
1434
300 3034
100
Barnsdall class
25
Barrett Cons Chemical..
Brown Shoe Inc.
100
Preferred.
100
Brunswick Terml
100
Calumet & Arizona... 10
Case Thresh M pref. 100
Certain-Teed Prod no par
Oct 26 80
100 80
100 3734 Oct 27 37%
Oct 29 130
100 130
Oct 29
60
300 58
2001 87% Oct 27 87%
6%
100
6% Oct 26
54
400 5334 Oct 28
Oct 25 85
100 85
Oct 29 50
100 50
Sh & F./ ojpar
American
.
Alton....100
Cluett, Peabody & Co 100
Computing-Tab-Rec_100
Continental Insur
25
Chicago &
Davison Chemical.no par
DeBeers Con Mines no par
Durham Hosiery
Eastman
Kodak
Gen Chemical
pf_. 100
100
pref. —100
Habirshaw E.C.-.wo par
100
Hartman Corpn
Oct
Oct
Oct
Oct
Oct
Oct
Oct
334 Oct
101
Oct
1100 Oct
103
42%
49
105%
90
20
30
100
Preferred
92.86
92.90
92.80
92.90
92.96
93.00
93.12
413
1,020
915
772
1,172
348
89.00
89.00
89.00
88.38
88.80
88.22
89.00
88.50
88.80
88.38
88.10
88.18
89.00
88.50
88.80
88.38
88.24
88.22
3
I Close
'
44
78
1
85
8
88.80
89.90
88.80
( Hlgb
(Low
89.30
89.30
89.80
(Close
9
3
Total sales in $1,000 units.
( High
(Low
4% 8 0 11928
90.92
90.92
90.80
90.54
90.38
90.70
90.62
90.40
90.50
89.90
00.02
(Close
Third Liberty Loan
90.82
90.86
90.50
90.52
90.04
90.22
563
1,398
797
519
770
715
90.20
90.30
90.02
89.84
89.80
89.80
90.08
90.00
89.52
89.50
89.50
89.16
90.12
90.12
89.52
89.60
89.60
Total sales In $1,000 units
Third Liberty Loan
^
,
(High
>
4%s of 1st L L conv.*32
'47( Low
{OlOSCJ
v
90.70
149
214
75
92
[ High
89.10
89.06
88.64
88.50
88.40
88.40
4%sof 2d L L conv, *27-'42( Low.
•7V'-.a'1' ■V-,"
(Close
Total sales In $1,000 units
88.70
88.50
88.30
88.22
88.04
88.10
88.80
88.52
88.30
88.32
88.14
88.40
Third Liberty Loan
1,581
950
1,322
766
88.96
88.80
88.72
88.56
88.60
88.52
88.00
88.18
88.68
88.16
88.50
1,348
3,772
2,612
(High
89.20
88.90
88.70
I Close
88.90
88.76
88.60
1,588
2,336
2,235
06.00
(High
95.80
4%B,lst LL 2d conv,'32-'47( Low
(Close
Highest
400
26
29 4234
28 49
29 10534
27 90
23
July 109%
103
May
45%
Jan
Oct 29
40
Aug
Oct 28
49
Oct
96.00
Oct 29
86
Oct 27
8934
20
Jan
Feb 115%
Aug 95
■
Oct 23
7
Jan
Oct 29
20
May
2
Aug
Oct
30'2
23
434
28
10534
28
251185
Oct 27
1100
Apr
6%
Aug 125
Oct 1570
85%
Oct 23
Mar
14%
Oct 25
14%
Oct
24
May
35
Oct 26
3034
Oct
93
Jan
Oct 26
80
Oct
93
Oct 27
35
June
25
100 16%
100 83
Kayser (Julius) & Co 100
200 80
Kelly-Springf rights
11,900
34
6% preferred.
100
100 7934
Kelsey Wheel Inc...100
300 46
Kresge (S S) pref.
100
100 95
Liggett & Myers cl B. 100
100 142
Loose-Wiles 1st pref. 100
100 95
Manatl Sugar pref... 100
500 86
Manhattan Shirt..
25
200 1954
Maxwell Motor..... 100 1,700
2%
Certfs of deposit..
200
2%
do
stamped ass't'd
100
2%
First preferred
.100
200
834
Certfs of deposit
400
8
do
st'pd ass't'd.
200
7%
Second pref erred ..100
300
334
Certfs of deposit...
100
354
Mullins Body.-.-^o par
20O< 27%
Nat Aniline & C Cons...
100 59
Oct
•58
85
Oct 26
43%
May
Oct
Oct 130
26
Oct 27
11834 May
Jan
Oct 100
Mar
Oct 101
84%
Oct 29
Mar
69
Jan
Aug
52
Oct 26
8%
Aug
4%
Oct 27
40
6
62
Jan
17
Oct
Oct 106
Jan
May
Feb
Oct 26
13%
Oct 26
Oct 28
62%
Oct 28
62
Oct 25
45
Oct 28
40
Aug
56
Oct 23
6834
Oct 23
68
Aug
82
Jan
Oct 25
37
Oct 26
32
Aug
40
Sept
23%
36% May
Jan
Sept 102%
Oct 23
26
Oct 23
Oct 27
93
Jan
Oct
Oct 27
92
Oct 25 534%
Oct 25
T30
Oct 29
8954
Oct 27
Oct 26
1434
Oct 23
86% May 100
14%
Oct 15%
Aug
Oct 27
74%
Oct 26
70%
Oct 109%
July
Oct 27
26
Oct 26
25
Oct
Sept
Oct 28
16%
Oct
16
Oct
33%
20
Oct 29
83
Oct
29
80
June
Oct 28
85
Oct 25
80
Oct 535
Aug
Jan
Aug
88
Feb
Oct 118
Jan
Oct
1%
Oct 25
M
Oct
27
79 %
Oct
91
Apr
Oct
95
Apr
Oct 28
%
Oct 27
79%
Oct
Oct 26
49%
Oct 27
46
Oct 28
95
Oct
28
93
...
96.34
96.30
96.20
96.20
96.36
96.14
96.10
96.02
95.92
96.00
96.38
96.30
96.10
96.08
95.92
96.08
594
1,779
1,395
1,894
1,337
870
96.46
96.40
96.30
96.26!
96.12
96.04
96.36
96.24
96.10
96.06
95.94
96.02
96.46
96.24
96.20
96.16
95.96
96.04
78
181
461
571
1,394
56
Total sales
n
$1,000 units
Victory Liberty Loan
3%s conv gold
(High
notes."22-'23( Low
I
Close
Total sales in $1,000 units
Foreign Exchange.—The
quiet but firm with the
nental exchange, on
sharp
the other hand, moved
To-day's (Friday's) actual rates for sterling exchange were 3 40@3 41%
sixty days, 3 45% @3 46% for cheeks and 3 45% @3 47 for cables.
Comrnerrial on bank
si^hb, 3 44%@3 46; sixty day*, 3 36% @3 38;
ninety days, 3 34% @3 35%, and documents for payment (sixty days)
3 38% @3 39%.
Cotton for payment 3 44% @3 46, and grain for pay¬
ment 3 44% @3 46.
To-day's -(Friday's) actual rates for Paris bankers' francs were 15.70©
15.82 for long and 15.64@15.76 for short.
German bankers' marks are
not yet quoted for long and short bills.
Amsterdam bankers' guilders were
30.05% @30.12% for long and 30.43@30.50 for short.
Exchange at Paris on London, 54.30 fr.; week's range, 53.5(3 fr. high and
54.93 fr. low.
The rate for foreign exchange for the week follows:
Sterling Actual—
Sixty Days.
Checks.
Cables.
High for the week__
3 43%
3 48%
Low for the week.
3 39%
344%
5 45%
Paris Bankers'Francs—
for
3 49%
_
High for the week.
Low for the week.
i
German Bankers'Marks—
High for the week
Low for the week
Amsterdam Bankers' Guilders—
V 1.43
1.23%
Feb
High for the week.
29.80
80
Oct 102
Jan
30.69
30.15
Low for the week.
Jan
Oct 29
86%
Oct
Oct 28
20%
Oct 23
19%
Oct
33%
Jan
Oct 27
3%
Oct 23
2%
Oct
38
Apr
Oct 26
3
Oct 26
2%
Oct
35%
Jan
Oct 27
2%
Oct 27
2%
Oct
2%
Oct
27
8%
Oct 27
6%
Oct
6,3%
Jan
62%
Jan
7%
Oct
Oct
* ;
Apr
Oct 23
Oct 25
8%
Oct, 25
7
Oct
Oct 26
7%
Oct 26
7%
Oct
Domestic Exchange.—Chicago, par.
discount.
Boston, par.
San Francisco,
$1,000 premium.
and
!
1.45
1.25%
80.75
80.40
SI,000
Montreal, $105 62% per
30.34
St. Louis, 15@25c. per
par.
Cincinnati, par.
Outside Market.—Business on
dull
15.82
16.84
15.95
Sept 100
93%
95
15.44
15.46
15.57
July 155%
Oct 23
29
market for sterling exchange
trend upward. Conti¬
irregularly and
losses in 'francs, lire and marks took place..
has ruled
Sept 102%
Oct 25 129%
Oct 25 142
96.44
^ Close
4% conv
Jan
Oct
96.44
Jan
OCt 29
Oct 29 130
( High
gold notes, '22-'23( Low
Sept
34
Oct 25
Apr
23
11
Total sales In $1.000 units
Victory Liberty Loan
July
60
58
1,266
89.06
Total sales In $1,000 units
V
676
(Low.
4%s of 1933-38
S per share, 8 per share.
89.80
31
Fourth Liberty Loan
Oct 25
100 1334
200 62
300 4434
100 6834
100 37
100 26
100 93
100 534 34
200 8934
300 1434
1,800 7034
Hydraulic Steel-..no par
Indian Refining...... 10
Int Nickel pref
..100
92.80
92.80
*
100
100
100
100
200
100
300
800
500
18
Bank Note pref.
92.72
4s, convertible, 1932 47
shares not
Lowest»
Highest.
100
.50
Am Brake
03.12
92.80
Fourth Liberty Loan
$ ver share.
Oct 2f
103
Shares
Am
93.00
92.70
Total sales In $1,000 units
Range since Jan. 1.
Lowest.
Par.
All Amer Cables
93.00
( Low-
Total sales In $1,000 units
for
Week,
93.00
Second Liberty Loan
Philadelphia and Baltimore exchanges
Range for Week.
Sales
26. Oct. 27.Oct. 28. Oct. 29.
93.00
l Close
I
.
92.90
(p,$l ,000 units
Second Liberty Loan
(High
4s, 10-25-year-conv, 1942 , (Low
detailed list on the pages which follow:
our
Oct. 23.Oct. 25. Oct
f High
Total sales
EXCHANGE
sales have occurred this week of
STOCKS.
Bonds.—Sales of Government bonds at
limited to the various Liberty Loan issues.
are
3%s, 15-30 year, 1932-47
1727.
The following
'
First Liberty Loan
DAILY, WEEKLY AND
see
have
4s, So. Pac. and "Frisco" issues
Daily Record of Liberty Loan Prices
seemed to have
been reached, with railways down between 2 and 3 points
and a long list of industrials from 5 to 10 points lower than
on Monday.
The rebound which started before the close
on Thursday continued to-day and recovery in the rails is
from 1 to 4 points and in the other group generally from
2 to 4.
Among the exceptional features is Standard Oil of
n. j. up 25 points, United Fruit 9 points higher, Mexican
Petroleum 534 and 2 or 3 others nearly as much.
transaction on New York, Boston,
m.
United States
declined until Thursday, when the bottom
For
On the other hand Ches. & Ohio
point.
g.
week,
and Bell Tel 7s, the
Paul 4s of 1925, Bait. & Ohio 6s
the Board
pegged at 9 to 10% as they have been all this
week the effect has been quite the reverse/
Stocks steadily
YORK STOCK
YEARLY.
Among the exceptional
Readings, nearly 3 points higher than last
But with
upward movement in security values.
NEW
or
been notably weak.
call loan rates
THE
are
4%s,Mo. Pac.
quarterly report of the United States Steel Corporation
interest at least if not a sub¬
AT
drop of 3 points
latter up over a
would have caused a revival of
TRANSACTIONS
a
features
Stocks.—Apparently no
news, either good or bad, has had any effect on security
values or the trend of the market this week.
Under ordinary
conditions matters of such importance as a settlement of
the coal miners' strike in Great Britain and a favorable
stantial
About 2-3 of the active list
has declined, the movement
Miscellaneous
and
Railroad
been the
have however,
tendency of prices
of last week's record.
reverse
Friday Night, Oct. 29 1920.
Wall Street,
1731
chronicle
the
1920.]
Oct. 30
the "curb" this week was
prices moved irregularly
to lower levels.
The
Oil of Indiana
Oct
30%
3%
Oct 23
Oct 27
especially, advancing from 758 to 810, a stock dividend of
Oct
30%
3%
Oct 27
3% Oct 27
Jan
51
Oct
Oct 23
27%
Oct 28 28
150% being announced this week.
It reacted to 765 and
Oct
59
59
Oct 26
59
Oct 26
Oct
Oct
90%
again moved up to 800, the close to-day being at 785.
Stand¬
9034
Oct 26
90% Oct 27
Preferred............
200 9034
Jan
July 125
Oct 23
ard Oil of California gained some 25 points to 350 and re¬
National Biscuit
10O
500106% Oct 26 10734
Jan
Oct 27 103% Julv 116
27 105
eferred
100
100 105
Feb 29
10
Oct 29
18
Oct 29
acted finally to 343.
Carib Syndicate dropped from 18 %
Norfolk Southern
100
300> 18
29% June
17%
Oct 26
Ohio Body & Blow no pa*.
100 17% Oct 25 17%
Oct
to 14j4 anc* ends the week at 15.
80
Aug 90
Oct 25
Guffey-Gillespie Oil com .
Oct 25 85
Otis Elevator pref
100
100 85
Jan
47%
23% Sept
Oct 29 25% Oct 23
Parish & Bingham no pa*
600 25
receded from 32 % to 30 % and sold finally at 3134Internal.
June
18% Sept
9
26
Oct 29
15%
Peoria
Eastern
.100
300 15
Oct
Apr
10
Oct 29 10% Oct 29
Petroleum from 15% advanced to 18% and closed to-day
Rels (Robt) & Co.no par
200 10%
Feb
100%
85
Oct 29
Oct 29 85
Remington 1st pref.. 100
100 85
98%
85
at 18.
Maracaibo Oil moved up at first from 21% to 22%,
85
Oct 28
Oct 28
Reminfrt^n 2d pref.. 100
100 85
119%
Oct 26 105
Oct 26 105
then down to 19%, the final figure to-day being 20%.
Mid¬
Sears, Roebuck pref. 100
200 105
Oct
19
1434
Oct 27
19
Oct 23
Seneca Copper...wo pa- 50,900
16%
Jan
west Refining improved from 155 to 170 and reacted finally
12%
26
7%
7%
Shattuck Arizona
10
400
7% Oct 27
Apr
Aug 310
Oct 28 100
Oct 28 112
to 160.
Simms Petroleum after an early advance from 11 %
So Porto Rico Sugar.100
100 112
Oct
14
Oct
Oct 28
12%
Oct 29
Submarine Boat.-^o pa* 4,400 12%
to 12, reacted to 10%.
Oct 47
Apr
37
Industrials were dull and featureless.
25
Oct 28
39%
TemtorC&FPclA
pa*
700 37
Oct
9% Aug 22%
Oct 23
Chicago Nipple dropped from 9% to 7% and closed to-day
Third Ave Ry...... 100 10,200
1534 Oct 28 20%
Mar
May 229
Oct 25 190
Oct 25 215
Oil...
100
100215
at 8 34.
Feb
Empire Tube & Steel moved down from 15% to
19% Sept
10%
Oct 25
13
25
St L & W tr ctfs..-..
100 13
17%
Oct
17%
Oct 29
14% and up to 16%, the close to-day being at 16%.
General
Tol St LA West pref. 100
200 1754 Oct 29 17%
Oct 111%
Jan
26 100
25 102
Un Cig Stores pref
100
400 100
Asphalt com. rose from 59% to 61 %, ran down to 53% and
Jan
Sept 148
Oct 29 105
Oct 26 110
300|105
tJnlted Drug
__10°
Jan
44
Aug 53
28
finished to-day at 56%.
Hercules Paper sold up from 21%
Oct 28 46
First preferred
lOOj 46
50
25%
Oct
99
23%
28
18.900' 23%
Oil.;.
to 23 % and down finally to 20.
Indian Packing lost a point
to 3% and ends the week at 3%.
Maxwell-Chalmers a
State and Railroad Bonds.—Sales of State bonds at the
stoek was off from 59% to 58.
The. bond division was again
Board are limited to $56,000.
Virginia 6s deferred trust
active.
The new Westinghouse Elec. & Mfg. 7s in their
initial transactions were heavily traded in up from 95% to
receipts at 75% to 763^.
96% and back finally to 95%.
The market for railway and industrial bonds has been
a complete record of "curb" market transactions for the
decidedly active and more than the usua' number of issues
week will be found on page 1741.
has been included in the transactions.
The tone of the
Jan
4
Jan
Oct
105
•
Oct
Pr
Mar
Oct
Oct
9^
>■
Oct
Oct
Jan
Oct
Mar
Oct
Oct
Oct
14
Oct
no
Tidewater
Oct
Tol
Oct
Oct
Oct
'
White
._.»•/> par
Oct
25
Oct
Oot
Oct
Standard Oil group were
features, Standard
1732
New York Stock Exchange—Stock Record,
OCCUPYING THREE PAGES
Daily, Weekly and Yearly
For record of mIm during tbe week of stock* usually Inactive, see preceding page.
PER
f
HIGH
AND LOW
SALE PRICE—PER SHARE, NOT PER CENT.
NEW
for
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
the
Oct. 23
Oct. 25
Oct. 26
Oct. 27
Oct. 28
Oct. 29
$ per s/Kzre
$ per share
5 pei share
5 per share
8 per share
Shares
88%'
88%
88)3
77%
77%
77
9%
*96% i98
46%
47%
*53)4
$4
135s
14's
9*4
9%
125% 12578
12
88I4
7634
77
*9%
10%
99)2
4714
*96'2
98
98
46%
47
53%
13%
46%
7%
8
125% 12534
784
46)2
*53'4
54
1314
14
884
834
125)2 1267g
6634
67
1134
1134
12
1278
1134
12
67
67
12l2
88«A
88>2
77>2
10)2
"*9%
10
j
53%
12%
67
88%
88%;
7612
I
76%
87%
76%
934'
9)2
*97
88%
77%!
9%!
9%
x86%
76%
9%
87%
77
9%
*95
98
99
95
96%
46%
53%
43%
46%'
53%
53%
53%
12%
13
12%
13
7%
8
'
734
124% 126
67
66%
66%
"
123% 125
65
66%
10%
10%
11
12
12
12
11%
12
2934
29
29%
28%
29%
283g
2834
10%
26%
4134
4178
41J«
42)2
6278
41%
42
423?,
40
11%
28%
41%
62
6234
8134
82
—
11
12
29%
....
63
62%
62%
8134
8134
*109
81)2
112
110
1234
8134
111
37%
3768
37%
8134
82
70%
*69%
70
Lowest
Railroads.
5634
57)2
57
5634
26,785 Baltimore A Ohio
1,700!
33
l,500j
378
2%
3%
7
*5%
*8
103% 103%
10234 103%
243
2l4
334
242
243
242
33
33%
2%
2%
2%
33%
32,200 Canadian Pacific.,
100
110
47
Do
pref trust recta...
pref
—100
23,000!Chicago Milw A St Paul..-100
11,500
Do
pref
100
4,200 Chicago A Northwestern.. 100
Do
pref
14,600 Chic Rock Isl A Pac
pref
pref
3«4
3%
33*
3%
7%
*5%
3%
7%
*5l2
*5
7
*5
11
18)8
18%
18%
28%
20%
27%
28
21
18%
2734
20l2
1834
28
20%
877s
87
20%
86%
87%
86%
35
34%
34%
34%
34
*34
*15'4
1578
3278
3278
87)2
34%
*14
*15%
33
94%
5%
94
94
"Yl 2
4%
,155s
16)4
13%
24)2
49J2
253«
24<4
49%
*20%
36%
5434
50
21
*2014
38)2
38'2
54)4
55
4%
4%
13%
49%
20%
55%
17%
17%
26%
27
6,900
Do
19%
1,100
Do
2d pref-
87
84%
86%
33%
84%
33%
3418
15
*30
20%
36%
36%
54%
54 %
106% 1'06%
9334
15
93%
93%
'
13
4%
13%
4%
13%
14%
24%
23%
24%
49
49
48%
48%
48%
19%
49
2,000
37
37
52%
53%
21%
53%
20
20
36%
36
5334
52
36%
53%
19%
6,700
Jan
July
Feb
6
62
8ept28
32
Feb
Mayl9
69
35
—
83% June29
FeblO
Sept
19
Dec
31*4 May
Oct 8
48
Dec
58% July
43
Jan 16
45
Feb
51% May
116
May
Oct
108
260% Septl5
9
Jan
3
8
Oct 2
7
Apr30
12%
Oct 2
9% Feb 13
17% May20
12% Feb 9
65% Junel2
30
Aug 9
Jan
7
35%
Oct
80%
Feb 13
97%
6%
17%
3
Aug
Oct22
10
Feb13
40
Oct
6
55%
Oct
7
112%
65%
Jan
5
107
107
64
63
63
60
61
58
58%
58%
61
19%
19%
18%
19%
18%
18%
18%
19
4,900 Mlnneap A St L (new)
100
9
Febl3
83
83
100 Minn StP ASS Marie
100
63
Feb13
90
90
39% May24
100
94
100
38% July 2
Aug 9
Oct22
Febl3
90
..100
80% June23
94
4%
*8%
4%
4%
4%
4%
4%
3,000 Missouri Kansas A Texas. 100
Feb21
*8%
9
8%
8%
8%
8%
1,200
3% May 2 2
7
May24
11
9
18
Feb 19
27%
28
27%
27%
27%
27%
26%
27%
Feb28
52 %
7
51%
52
51
27%
51%
26%
51%
49%
51
51
51
6%
65
64
6%
63%
81%
62%
634
"
62
6334
81%
82%
634
634
6%
65%
63%
82
81
100
6%
6%
62
63%
63
79%
80%
79%
7%
65%
80%
64%
81%
*61%
*72
76
*71
75
*71
77
*71
76
*70
76
*70
71
*68
71
67
67
67
68
*66
72
*66
74
32%
32%
23
33%
23%
31%
21%
63
65
82)2
62%
64
62
63
*60
33%
33
3334
23%
2334
24
23)2
33%
2384
99%
98%
99%
9 834
9834
98%
23%
98%
89l2
89
89%
88%
98%
89
97%
88%
86
88
32%
32
63
32%
Do
pref..
—100
10,000 Missouri Pacific trust ctfs. 100
Do
8,100
pref trust ctfs
100
14,000 Nat Rys of Mex 2d pref. .100
6,000 New Orl Tex A Mex
75
*68
19,600 New York
v
t C..100
Central
100
1,100 N Y Chicago A 8t Louis...100
300
First preferred
Second preferred
-100
100
17,500 N Y N H A Hartford
22%
23%
88%
16,500 Northern
43%
20,395 Pennsylvania
25%
100
3,000 N Y Ontario A Western
.100
;
Feb 11
31%
Feb11
55%
Oct
4
4%
Feb 13
8%
Oct
65%
83%
36
31
e4%
23%
50
Feb 13
Febl.3
Apr 13
41% May 4
23% Feb 11
16
"43%
43%
43%
43%
43%
43%
43 %
4334
43%
43%
27%
27%
25%
27%
25%
26%
2534
26
24%
26%
25
62
63
63
63
62
62
300
Do
prior pref v t C.—.100
56
53
53
51
51
*49
53
300
Do
pref
100
39
32%
3334
32%
34%
78
100
*76)2
96%
95%
96%
Feb
6
21%
35%
3534
33%
*75
35)2
78
78
96%
9714
96%
97)2
96%
9734
56
56
55
56
55%
59
5734
59
57
59
31%
3158
31%
31%
31%
31%
47%
47%
38~
38%
37%
38)2
48%
4878
48)
4912
48
49
9%
16%
10
9%
1634
9834
30%
9%
1634
34%
55%
59
32%
"171*4 "17%
*75
78
17
99
126% 127
*67%
68%
14%
15%
32 %
30%
12
11%
31%
32%
6434
22%
68l2
14%
*40
12%
32%
32
32%
21%
74
74%
1412
25%
36)
14%
26%
80
Do
t
14%
25%
35%
73%
14%
25
*40
31%
21%
22
v
c
—
53%
3,900
Do
1st pref
56%
58%
2,000
Do
2d
28%
30%
29%
30%
46
38"
36
37%
"37%
38"
48%
9%
46%
48
9%
*47
48
9
16%
98%
30%
16%
96%
99%
64%
25%
43
31%
21%
14%
16%
28%
30%
63%
64%
64
64%
24%
27%
25%
27%
41
41
*38
123% 125%
66% 67%
13
14%
43
124% 126
66%
66%
—
pref
32
Feb 19
5
68
Feb27
Oct 4
39
24
75
Dec
50
50
10
88%
28,200 Southern Rai'way—„...100
1,100
Do
pref
100
87,600 Texas A Pacific
100
600 Twin City Rapid Transit. .100
17,300 Union Pacific
100
pref
100
13%
29%
11%
9,500 Wabash,
29%
31
30%
31
9,200
Do
pref A
100
21
21
*19%
21
700
Do
pref B
-.100
13%
14%
22%
24%
36%
36
34
35%
35
74
74
74
*73%
75
73)2
14
14%
25%
14%
14%
13%
14
25
25
24%
45
40%
40%
40
35%
73%
14%
24%
40%
351
24l2
35%
8,200 United Railways Invest.-.100
pref
4.000
900
Do
73%
Dec
Apr
53)8
Dec
Dec
4484 June
84% June
Dec
Dec
Dec
Oct 4
Oct 2
Sept27
10®4
jan
39% May
27% July
20
Dec
37
10%
Dec
23%June
Oct22
23
Dec
37% June
49%
Oct 4
11%
6% Dec
1
20%
Oct 4
12
105%
Jan 3
91% Nov
Dec
36)
*35%
36%
*35%
36%
*26)?
58)2
4084
*1%
1%
28%
58)2
*26
29
*27
29
58%
*57
59
59
1%
1%
58%
5912
91%
1%
*1%
m
.
35"
76
81
81
*84
87
74%
m
mm
74%
*70
77%
33%
m
87
mmm
82
*73)2
m
*33%
m
*84
....
~
134% 135
87%
2
4034
59
40
1%
1)2
1%
58%
1%
33%
82
59%
59
Feb 14
33i4
Oct 5
20%
Dec
66%
52%
27%
72)2 May
47
Oct fi
M?ir22
Dec
Octll
Jan
70% July
27% June23
110
Feb13
61% May24
7% Aug 12
14
7
20%
14
8%
11
15%
Oct
7
Jan
3
Oct23
32%
Oct 25
13
Oct
Febll
34%
Oct
June21
23%
Oct
Aug
9
May20
Febl3
July30
20%
Feb 13
54 %
Feb 5
June23
9
Oct'22
43
129%
69%
16
63
Dec
Dec
7%
38%
1%
38%
144
1%
1%
87
*84
*9%
10%
58%
59
58)2
75
*70
78
33
32
76
76%
81
74%
80
*84
73%
*70
77%
76%
76%
75%
34%
87%
33%
3334
32%
87
86
84
84
731?
72%
73%
77
75
75
75%
71%
32%
75%
15% July
Jan
3484 July
133s July
Dec
20% Dec
8
Octl4
Oct 4
38
14
25% July
14% July
9%
Dec
Apr
16
Dec
17
Feb
52%
Feb
7®4 Mar
25%
135
11
60
33%
133% 134
*11
15
May20
28
Oct
5
17
Jan
18)4 Sept
2834 Sept
100
25
May 19
48
Oct 2
25
Dec
41% May
110
25
9%
10
"25"
25%
25~
70
9
144
9%
*131
10
9%
140
110
100
25
Febll
Apr
64
25
Aug 6
42% Apr 1
46% Mar29
29%
100
21
Jan
54
600
July
58%
100
57% AuglS
72
56%
Jan
76
June
38%
88% Jan 5
2% Mar24
66
Jan
113
July
"l% "T%
t~"
"72%,
*10
"59"
74%
11
72%
24%
69%
9%
r
96%
96%
*100% 100)S
14%
14%
74%
10
1
1%
58%
75)2
76%
74
75%
76%
85
74)2
132
9%
132
9%
57%
10
9%
10%
5934
58
56%
58%
41
41
41%
72%
73
71%
73
10
69%
"59"
*10
69%
84%
8584
97
96%
96)4
96%
100% 100% *100% 100)2
14%
14%
14%
14%
Bid and asked prices
10%
'
68)2
4,200 Alaska Gold Mines
50
—
10
2,200 Alaska Juneau Gold Mln'g. 10
5,000 Allied Cbem A Dye
no par
200
Do
pref....
..100
1,600 Allls-Chalmers Mfg.
100
*10
65%
58%
72%
10%
66%
84%
84%
85)2
85%
94
96)2
95%
94)2
96
101% 101% *100% 105
*100)2 108
14
12%
12%
13%
12%
13%
88% Septl3
3
Mar31
D2 Dec
I84 Jan
92
4% Jan
334 July
Oct25
Jan
3
30
Jan
3
81%
4,600 Amer Agricultural Chem__100
100
Do
pref
100
1,800 American Beet Sugar
100
74%
Oct28
95
Jan28
87
Sept
96)2 Janlfi
10334 Aprl6
x92
Dec
103
62
Jan
101%
8434
Jan
95
—
100
300
Do
Do
pref
100
pref
100
3,000 American Cotton OH
Do
100
pref
84
9
Oct28
70% Augl9
75
Oct28
68% Sept28
30% Aug 9
85%
Oct 6
124)g Feb25
105% July 7
22% Sept30
100
61
10
9
Oct
2
700 American Express
100
600 American Hide A Leather. 100
12,200
Do
pref
100
95
Feb
6
2,100 Amer Druggists Synd cate_
1.000 American
700
Do
Ice
200
Do
f Less than 10Q Shares,
«
Jan 2
Jan 3
101
Jan
147%
116)2
Apr 9
Feb 4
5434
86
15%
175
30%
122
3
Jan 3
Mar26
68% Sept
107% June
148% Nov
Jan
119
113
Feb
Dec
Jan
67% July
88
Jan
93
10)4 Nov
76% Sept
13% Jan
71% Jan
103
76% June
76)4 June
132% Oct
Jan 3
Jan
3
37% Aug
Jan
523s
Feb
100
100
pref
8afety Rasor
80
82
96%June 1
Aug 3
Feb13
En-dlvidend.
99%
109%
107
177a
25
s
14%
•
Apr
14% Mar
Jan14
Mar31
5484
95
July
39%
53% Marl9
120)2
Oct
Feb
84%
68
5
9% Aug 7
Mar
May
42%
z98
Feb 13
61% Aug 6
Oct
143% Nov
AuglO
64% Aug
51%
97
Sept
113% May
84% May
53
100
Locomotive
Ex-div. and rights.
6134
5
37
10
pref
10.100 American
Oct28
100
400 Am La France F E
1,800 American Linseed
Do
Octll
12834
Jan
100
13,900 Amer International Corp__100
900
9%
56%
93
Jan
Jan
100
pref
7,200 American
Aug26
May
62% Septl7
53%
100
130% 132
10%
10%
58% 58)2
41%
44%
8
92
500
Do -pref..
100
5,700 American Car A Foundry. .100
"9%
Oct
Aug
32%
"9"
Augll
%ugl7
32%
26%
Aug 9
1
70%
pref
133% 134)2
112
1
56
28
Do
2,000 Amer Bosch Magneto..No par
5,000 American Can
100
25%
Oct28
Jan12
100
700
73
72%
10%
1 Ex-rights,
pref
1,200 Ajax Rubber Inc
72
58
72
95%
no sales on this day
59"
70%
*9%
67
*10
10%
70%
Express
Rumely
Do
80
69%
57%
"59"
69%
——
1%
58%
*110
24%
40
•
400 Adams
300 Advance
*75
32%
30% July
26
July
61% Jan
36%
*83
132% 134%
May
28%
87
114
June
138)2 May
7484 Mar
*34)2
32%
76
so%
86
*73
78
138% 138% *133
58%
1%
58
76
82 %
75%
""9% "9%
*10
1%
60
May
Jan
15
7%
15% Sept30
27)2 OctlS
40
Sept27
75%
29'4
119% Aug
33
*27
58%
32%
*81
*67
"9% "9%
2
59%
mmm'm
134% 135%
*110
110
25%
*132
58%
39
35%
27%
July
2384 July
115
June
-.100
pref
900 Wisconsin Central..
92
—
76
"87"
11
1%
4034
40%
2
34%
110
40%
59
m
r
*57
40%
34%
27
12
May
Febl3
17
Industrial & Miscellaneous
*35%
93% June
38)2 Feb
33
3384
Febl3
July
May
Dec
70
18
100
Wheeling A Lake Erie Ry.100
Mar
50
100
11,200 Western Maryland (net/?).. 100
5,300
Do
2d pref
100
4,000 Western Pacific.-.100
1,200
Do
pref—
100
56
Apr
July
July
July
May
May
Oct 16
40
100
Dec
70
53%
40%
24'4
112%
99%
48%
33%
Octl6
Feb11
100
Dec
77
33% July
65)2
11
100
94,100 Southern Pacific Co
95
83% June
61
20)8 May24
6
July ,1
10%
13%
32% Mar 9
33% Mar 9
15% Febl3
7
57%
39% Oct 2
84% Sept26
101% Oct 7
100
Do
pref
1,100 Seaboard Air Line
2,200
Do
pref
13%
13%
23%
Feb 11
66% Aug 10
64% Feb 11
33%
48%
27%
25
8
Janl4
11%
14
Aug
June
Oct
23%
29
23%
35%
16% Nov
Aug17
10%
14%
Dec
22
27
25%
25%
37% Sept23
27% Oct 4
103% Oct 6
92% Oct 4
100
7,300
Do
Nov
39% Dec
12% Jan
50
11,200 St Louis Southwestern
12,300
40
Oct 19
44
Preferred A trust ctfs.-.100
Do
Oetl5
Oct 15
37% May24
21,000 St Louis-San Fran tr ctfs.. 100
2,580
Mar
Sept
84% Junel6
100
50,000 Reading
53
9% ' 9%
16%
16%
98% 101%
29)2
30%
14
50
66% Junel2
-.100
t c
pref
54
300
Dec
100
19,100 Pittsburgh A West Va..
200
Dec
73%
65
Jan
88
24% July
88)4 May
109% May
16% July
25% July
38% July
5884 June
4%
70
Oct20
122*4 May
37%
28»4 Apr
66'4 Dec
2334 Sept
60% Dec
50
9,000 Pere Marquette
v
Dec
Feb
8% Jan
22% Nov
100
Pacific
58
125% 1261a
67% 68
13%
14%
29%
30%
11%
11%
31
11%
32
mm
64%
14%
30%
11%
36%
M
30%
42
15%
14%
30%
23%
68
32%
25%
56%
98
127%
14%
14)2
•*
67%
11%
74%
m
42
127
31
25%
35%
58%
37%
47%
9%
16%
24%
14%
36%
-
64%
68
*76%
94%
52%
30%
"
22)2
21%
74
m'm
38
99%
31%
6434
42%
42%
126% 127%
97%
35%
4,300 Norfolk A Western
44
"37%
64%
42
21%
14%
31%
80
96%
"58%
21%
.
■21%
41%
99%
31
99%
*75
80
34%
99
Oct29
Dec
4%
4
Junel8
21
98%
87%
43%
"21%
Jan
60%June
Dec
9%
90%
51%
9878
37%
70
6
27%
23%
99%
July
May
40)2 Dec
104% Aug
Oct 4
5
51%
32%
May
14
25
Oct
9
27%
*63
57
Feb
Dec
21
4%
4%
Dee
7
13
Oct 4
8%
,
12% July
40ia July
May
9)8 June
31% June
25% May
104
Nov
Feb11
8%
16
July
23% July
100% May
52*4 July
Dec
13
40
Oct22
July
33
Dec
85% Dec
3% Mar
4
20%
5
Dec
4
19%
10
6% July
11% July
20% May
Apr
Oct
Mayl9
63
*8
Dec
Oct
40
50
30
May
15% July
24
75% Dec
31®4 ,Jan
7
Sept
2
217
Apr
Feb
27%
52%
24%
8% July29
13% May
100
Dec
Mar
18% Dec
13% Dec
Oct
*106
81%
12%
41% Marl9
17% Oct 4
24
65
"6l"
91%
172%
3)2
6%
2%
5%
21% Sept20
30)2 Oct
22% 8ept20
90% Oct
25% Augl8
100
pref
2
3
pref——————100
Do
63
Oct 21
54
Feb24
20)8
107
Oct 19
54% June
74
July
36%
16%
108
*104
72%
Oct
MaylO
63
105% 107
71%
Oct
20
108
July
82
9,200 Lehigh Valley
1,000 Louisville A Nashville
2,800 Manhattan Ry guar
*106
1Z
107
100
pref,
Do
Aug
Dec
100
400 Lake Erie A Western
1,300
55%
Dec
29,400 Interboro Cons Corp..No par
Do
Oct 4
88
02
100
100
Do
pref..
8,300 Kansas City Southern
4%
June
100
22%
4%
84
100
14
434
32% July
Dec
57
100
800 Illinois Central
Jan
68
Oct 4
2%
93i2
*92
Jan
22%
Oct 5
Mar30
100
Pref
July
May
95
300 Gulf Mob A Nor tr ctfs.—100
Do
133
Jan 14
2
600
105
Dec
Feb 11
165
15
31%
Nov
June26
50
32%
*13
32%
24%
361g
8
76
85
58
12,400 Great Northern pref
100
Iron Ore propertles.No par
1,300
4%
13%
*20
Mar
84%
48% Dec
116
90
100
23%
.
41
Feb13
100
-
Oct 5
MarlO1
July
30% May
52*4 July
54
100
34
34
65
Feb 11
10,400 Erie
Dec
91%
July
Augll
1st pref
19%
15
24'2
4934
37
18%
19
34%
12
Dec
Octl5
Feb 13
100
27%
3)8 Dec
7% Jan
44%
64
20
pref
18
33
14
49%
21%
Do
17
15
9334
24%
12
Dec
Dec
21
6
48
Duluth S S A Atlantic
7
*7
26
*31
15%
25%
*5
18%
*19
16%
*31
7
11
"
3
Oct 4l
Jan
100
1,700 Denver A Rio Grande
Do
6,100
pref
2734
27%
32%
4
20
18%
18%
17
32)2
94
"5"
12
2%
3%
3%
*7
2778
875s
3%
*8
12
♦8
2
Jan
59% May
33% July
28% July
170% July
68% May
13%July
17% July
51% Dec
33%
120
---100
-.100
1,500 Delaware Lack A Western.
242
126%
Oct 2
23%
100
I
10
Febl3
42
1st pref
2d pref
3
Jan
Sept27
17% Sept27
14% Oct 4
June24
100
400 Colorado A Southern
38% Dec
15
June28
1,400
Do
Dec
Dec
68%
May
16% July
107
May
55% May
87% Dec
28% Dec
5
share
89
Mar
10
67
100
6
OctlS
Oct 15
134
per
104
Dec
Marl5
98
7% preferred
100
1,500
6% preferred
—.100
100 Chic St P M A Omaha.
.100
76%
13% Mar 15
17,
<
80% Dec
3
17
19% May 24
30% Feb 6
45^4 Febl3
--.100
Highest
share
per
54
Febl3
7
Do
700
49%
May20
4% Jan
5,200 Chicago Great Western...100
3,500j
Febl3
Feb
4
Jan
f
12)4 8ept27
104% Oct 6
40% June28
9U Aug31
5% 8eptl4
5,240 Chesapeake A Ohio
100
600 Chic A East Illinois trust reels
2,900 Delaware A Hudson
103% 105
2%
*8
*20
102% 103%
240
2%
12
.
27%
Lowest
share
Oct 15
82
Certificates of deposit._
Do
214
90
5,800 Brooklyn Rapid Transit..-100
Do
1033s 104
.100
Feb 11
—100
-..100
iTef
Do
per
May20
5
Apr 21
*82%JunelS
300 Clev Cln Chic A 8t Louis.. 100
35%
%
72
—
57
Year 1919
Highest
share
per
76
Do
"35%
$
4,100;
Do
pre!..
...100
1,200 Atlanta Birm A Atlantic.. 100
......
57i2
Par
13,850 A ten Topeka A Santa Fe_.100
l,400j
11%
11%
28% 28%
40%
42
61%
62
81
80%
110% 110%
35%
36%
80%
81
69% 70
62 % ' 62%
60%
62lg
80
' 81%
81%
81%
*110
115
109% 110
36%
37%
35%
36%
82
82
80%
81%
69
69%
6934
69%
68%
68%
82
*693B
41%
*109% 111
37%
3734
38
81»4
12%
SHARE
Range for Previous *
EXCHANOE
400 Atlantic Coast Line RR
44%
45%
53%
53%
13%
13%
8%
8%
123% 125%
65)4
67
PER
Range since Jan. t.
On basis of 100-share lots
STOCK '
Week
$ per share
YORK
i f
*
STOCKS
Sates
t
SHARE
Jan
2
Jan
3
Jan22
Apr 7
44)8 Mar
Jan27
85
Mar
Apr
8
58
Jan
Mar
9
100
Jan
Ttinol ft
Full paid.
May
43)8 July
142%
89
Oct
Nov
98% Apr
117% Oct
109% July
L733
PER SHARE
PER SHARE
HIGH
AND
LOW
SALE
PRICES—PER
SHARE,
HUT FEE
CENT
Sales
STOCKS
NEW
fo>
Saturday
Mo'iday
Tuesday
Wed
Thursday
esday
Friday
tie
YORK
Range since
STOCK
Oct. 23
Oct. 25
Oct. 26
Oct. 27
Oct. 28
Oct. 29
Week,
$ pa shore
S per share
S per share
S per share
$ per share
Shares
18%
18
17%
17%
17%
17%
17%
7734
78
*77%
79
59
60%
78
5978
78
5834
*77i2
5914
78
58%
58%
59
57%
58%
77%
57%
10,200 Arner Smelting
*9134
37%
92%
*9134
92%
*9134
*91%
91%
90%
90%
90%
37%
38
37
92l2
37i8
77%
59%
90%
37
37%
36%
37%
3738
3738
3,400 Am Steel Fdry
8478
8478
106
106
*107
173s
38
105'2 107
109
86%
18%
78
104" 105%
10412 10512
88
89%
9978 100i4
8734
8734
89i2
8912
*86
89%
13014 13218
130%
*90
91%
129i2 130%
100
129
*85
71%
71%
71's
717s
7134
72
94 ig
48i2
Ilia
4934
50
47&S
11%
III4
11
43
43
42i2
83
*85
89%
89%
99% 100
125% 126%
*90
I
I
122"
91%
123% 126
"
125
94l8
48%
11%
91
128
90%
125
108
83
99%
93%
122% 127
99% 100
1291s
83
84%
12634 130%
92
*8934
104% 106%
105% 105% *105
83
*85
9H2
130
87
9978 IOOI4
*132l2 137
*86
*132% 137
*90
108
*105
89
102% 104%
42%
~50%
50%
51
*27
28
27
28%
*59
60
*59
60
*50
56
*50
56
50%
18»4
1834
145U 146
*64
18
114% 11434
17
*97
34i
434 i
434
71T4
*412
71ig.
105
*6's
*92
4%
70%
*96
6I4
*92
*96"
97
*65s
634
19l2
"17"
6%
"l6"
10
42
43
59
50%
51
"50%
29
29
5912
*59
60
*50
,56
17
145
*27%
59%
t
20'8
*27%
*59
59%
55
"l7"
17
200
61
*_
142%
139
143
68
*92
68
111
113%
132"
%
*%
130
4%
105
130
200
4%
69%
4%
69%
4%
4%
4%
4%
68%
67%
67%
65%
69%
71%
69%
70%
67%
69%
68-%
70
104%
105"
6%
5
6
*92
62
62
99
*96
98
104% 101% *101% 105
96
63%
95
6%
6%
6%
6
6%
6%
94%
5%
9434
Do
I,000 Bethlehem
6%
97%
6%
*96
r»if
98
6io
16%
16%
15%
16
15%
15%
1,200 Butte A
18%
9,700 Caddo Central Oil A Ref
19%
18%
19
16%
19
18%
64
64
64
64
63%
64
*93%
64%
900 California
27%
25%
25%
600 California
6914
69%
69%
39%
40%
39%
38%
9%
40
94
91%
92%
88
91%
88
88
38
3914
39
38
38%
85i2
85*8
85<4
39%
8534
84.
85
"83"
78'2
78%
76
77
*77%
14%
141.4
14%
14%
405s
"l4"
41
"14"
2514
25%
3U4
315s
247s
35
39%
41
40%
41%
88
37%
38%
38%
84%
81
83
83
84
78
79
76
*75
77
14
14%
13%
13%
24%
25
2638
27%
25%
24%
25%
27%
26%
27
35
*33
*33
*87
92
13%
13%
25%
25%
27%
27
35
*32
*5S%B 59
60's
59%
60%
60%
60%
59%
60
58%
59
20
20%
20
20%
19%
20%
193.4
20%
19%
19
19%
80
79
79
*79
80
18%
78%
78%
78
78
73
73
7534
74%
75
72%
*82
7219
83
88i2
7234
*82
89l2
87%
73
7234
83
88%
73
75%
83
*82
89%
81
81
81
81
*80
89
87%
88
85%
87
86
87%
7%
24%
7%
24%
8%
7%
8%
25%
24%
25%
75
74
74
*98
100
*98
100
10
27
8%
25%
8%
*814
*26'
10
10
10
*743s
823.4
8178
"100
101
"
7%
24%
v
8
24%
10
81%
83%
128
129%
93
93
93
92
92%
3434
35
3134
35U
34%
3434
34%
129% 13034
9%
9%
80%
82%
90
90
34%
33%
74
74
74%
74%
74%
74
74%
73%
4012
407s
41
40
40%
39%
40%
37%
73%
39%
11%
11%
11%
11%
11%
101
83%
101
22
121% 124%
*90%
"73%
92
22%
65%
65%
63%
64%
63%
6334
62%
63%
68%
6734
68%
68%
68%
67%
67%
94
68i2
"68~
*80
"*934 Tl'2
*31
31U
109
*95
2014
20i2
215s
215s
6
6
*61 if
63%
*934
*31
*95
20%
21%
5%
85
85
82%
33
*95
105
"*9% Tl"
*31%
105
"".3% "5%
6
20%
4
65%
4%
65%
61%
61
61
86
61%
*82
138% 138%
139% 139%
*90
32%
100
21%
68
*65
67
62
1934
21%
21%
21
20%
*82
10
33
*90
21%
62
823s
10
*31%
11%
*31
110
*64
138% 139
83
*934
11%
31%
86
138
138%
20%
"4% "4%
20%
20%
21%
4
17
17%
6734
67%
673s
78
7734
78
•49
50
49%
50%
4834
49%
49
491
138% 139
71
16%
77%
50
50%
83%
8234
*83
86
83%
84
84
84
*83
86
83
29%
29
29
29%
29%
28
28
*28
30
*28
*13%
*26%
16
14%
27%
27
27
2634
14%
2634
*26%
*17
17%
*17
17
17
105
1 0834
*13%
734
1334
43%
*18%
43%
20
*79
81
734
49
"•48"
67
21
68
67
67%
"66"
66"%
21
21
22
*22
22%
21
10734 111%
1334
7%
43
20%
*79
13%
108
1838
43%
1934
81
1934
*79
107% 110
13%
14
108
18,850 Corn
100
*38
68%
34
35%
500
2234
*14%
15%
143s
143,,
*63%
65
65
66%
52
55
56
57%
14%
65%
54%
18%
70%
69
69%
39
*1
17%
62%
17%
17%
17%
65%
63%
65%
71%
33%
71%
6%
12%
19
51%
93
22%
14%
66
54%
33%
35
32%
34
4034
40
534
40%
5%
5%
534
6
1234
18
18
17
1234
17%
50%
51%
50%
51
*90%
93
5%
50%
"19"
51
93
22%
14
13
1334
13%
63%
65
63
64%
*63%
13%
65%
53%
53%
49%
*143
150
*143
*100
110
*100
107
*100
107
8102% 102% *103
14%
Aprl6
105%
Apr 14
46
Jan
107
Jan
9
102
Jan
278%
Apr 7
Oct28
90
31%
Aug28
100
201*
19%
150
19%
sales on this day.
144
145%
105
50
20
"140
150
102% 102%
20
19%
i Less than 100 shares.
Dec
28
Jan
2
23*8 Dec
6
60
Sept28
147
Jan
92
Aug 6
Febll
104
Jan 3
65%
100
80
May20
95
9
Dec
25
Dec
Augl4
19% Oct 4
134% Mar20
May20
3%
49
Oct26
JunelO
58% Feb27
79% May25
16% Sept30
64%
Oct 6
20
100
Agrlcul Corp
.100
317s
Dec
64*8 July
19%
Jan 5
15
Dec
38*4 July
77% July23
75% Jan 3
94*4 Jan 5
47
Jan
90
Dec
101
144%
Feb
176
Aug
Oct
82
Jan
95
June
82%
Feb
94*4
Apr
56%
Jan
93%
Aug
109%
Oct
Apr
Dec
80
Jan
172
89*4
42
2
Jan 3
Jan
3
55%
Jan
3
47%
6
4
49*4
Jan
5
46*8 Dec
53*4 Nov
38%
Jan
3
32% Dec
47% July
49%
Fib
"89"% "Oct
40
Feb
71*8 July
42%
Feb
68% July
Oct
6% Augll
423s Oct28
13%
Febl3
69
Febll
103% Augl3
17% Octl5
68%
37
Oct28
Oct28
Sept
1
Augl7
Jan
8
78% July 8
46% Aprl9
116% Sept20
23% Apr 9
9*4 Apr 6
61% Apr 8
27
Aprl4
88% Aprl5
142% Aprl3
10%
Jan
48
Jan
37*4 July
91
July
110%
Jan
149% July
115
111
Dec
120
Jan24
51*4
Jan
3
111%
Jan
5
170
Feb 4
84
Oct 2
71
Jan
15% May20
62% May20
70
Febl6
28
Oct 8
7
91*4 Marl 8
79% Jan 3
No par
36% Mar 1
C..10
5% AuglO
3% Sept29
47% Julyl5
51% Jan27
7% July 9
21*4 Jan 9
7% Sept29
45%
JanlO
30
Jan
100
pref
100
100
25
Temporary 8% preferred 100
10,800 Kennecott Copper
No par
3,425 Keystone Tire A Rubber... 10
4,100 Lackawanna Steel....
100
1,300 Laclede Gas (St Louis)
100
17
Oct28
50%
Oct27
91
Aug 4
22
Aug
12%
100
pref
No vnr
Ex-div. and rights.
Oct 8
48%
Oct
Aug
20% Dec
33% June
30%
Jan
82
Nov
62
Jan
80
July
34
Dec
65
Nov
15
Dec
48
Mar
Jan
5
Jan
164
101 %
Dec
110%
38%
5
91*4
57%
Jan
38%
99
18%
Jan
27% Nov
Dec
43
Nov
Oct
July
126% July
107*4 Nov
62%
Jan
Oct25
33
Dec
21
Jan
40
Oct
195
Dec
250%
Aug
107
Jan
115
July
207
6
JanlO
109%
Jan31
Aue2«
36
alue J100.
July
68
Jan21
7
Mar
44
38% Dec
24*4 Dec
Apr 7
Jan 5
Oct 4
91
5
Aug 6
June2!
130
»Par
105
33%
60
18*4
152%
6
35
No par
300 Liggett A Myers Tobacco.. 100
67*4 July
128% May
Apr 9
26*4
Jan
Feb
21%
92*4
JanlQ
59%
50
800 Jones Bros Tea. Inc
4,500 Kelly-Springfleld Tire
June
Apr 7
72
100
v t
102
Aug 6
100
300 Jewel Tea. Inc...
95% July
Mar26
102*4
100
Do
Jan
Oct27
100
6,000 International Nickel (The).25
31,100 International Paper
100
Oct
5
5
5,400
100
Oct
65
3
Jan
4,100 Int Mercantile Marine
2d pref...
23% July
48% July
173
Jan
Jan
105%
600 Internat Motor Truck .No par
100
Do
1st pref...
..100
Dec
Dec
July
Apr20
100
pref
123
Jan
85%
(new)
Preferred, new
2,500 Inter Han-ester
107%
48
85%
*23
pref
150
July
36%
94
25
1,000 Greene Cananea Copper.. 100
5
43
38% Jan
39% Nov
Oct22
14
Oct
16% May
91%
AprlS
10% Mar30
28
10
Dec
44*4 Mayl4
No par
1,600 Hupp Motor Car Corp
2,600 Indlahoma Refining
5,400 Inspiration Cons Copper
83
6
20
20,200 Houston Oil of Texas
June
101% Aug
Jan 2
No par
Manufacturing
80
Jan
Jan
99
ni
5
Jan n410
10
No par
;
25
Sugar
Jan
nl50
26%
81
a
87%
May24
100
iEx-rlgrhts.
Dec
18
50
o"
July
69% Mar
par
261" *
55
10%
Jan21
100
pref
Do
Oct
105
3
...100
150
Oct
109% July
Jan
50
400 Granby Cons MSAP
200 Gray A Davis. Inc
11,500 Loew's Incorporated
June
15*8
99
Jan
Jan
1,200
500 Lee Rubber A Tire
110
20*8
Apr 17
Deb stock (6%)... 100
Do
37% Nov
103*4 June
91
71% Octl 8
85%
36% Aug 10 «605
13
9% Mayl9
74% Sept27
48
Sept27
300
"Feb
52%
10
100
10
debenstock (7%)..100
6,900 Goodrich Co (B F
100
Do
7
Aprl4
Do
Do
Jan
59%
Oct29
Do
Apr
30% Dec
65% Feb
100% Oct
10*4 Sept
Oct28
600 General Motors Corp pref. 100
83,700
Do
temporary ctfs.No par
Do
5%
10638 July
23
Oct
Feb 13
11512 May24
June
86% July
Dec
9%
May20
400 Hendee
5
75
Aug
78*4
76%
71
500
*17"
22%
150
no
Jan22
134
1,100 Iron Products Corp
22,400 Island Oil A Transp
5%
*89
♦143
and asked prices;
102*4
100
Corp
"~5% "5%
22%
2234
150
Bid
97% June22
100
33%
"22"
22%
1334
♦143
19%
Apr26
Apr 9
July
56
Apr29
stamped pref
25,700 Invincible Oil Corp
19%
20%
Jan
46%
100
600 Guantanamo
Aug
98
100
Do
54
*78
20%
pref
Do
Aug27
Ailg25
Mar22
Octl I
3,400 General Electric..
900
Oct
Oct
Oct28
200 Gen Amer Tank Cox..No par
900 General Cigar, Inc
100
1,600
95%
43%
preferred (8%)
Debenture
Dec
Oct28
No par
5,100 Fisk Rubber
1,000 Freeport Texas Co
9,000 Gaston W & W, Inc
100
91%
May24
pref
Fisher Body
Jan14
30
pref...
Do
Oct
75%
No par
2,700 Famous Players Laaky No
Do
09
Oct
Aug 11
pref
Do
Feb
50*4
100
5,800 Cuban-American Sugar
1,700 Dome Mines. Ltd.,
200 Elk Horn Coal Corp
2,100 EndlcottrJohnson
800
To"
18%
4034
*90%
«
Do
July
39%
73ft
27,100 Crucible SteeJ of America..100
1,700
507
5
100
900
Do
pref
3,300 Cuba Cane Sugar.
Nov
Nov
29% July
9
23%
Refining.. 100
pref
600
6534
23
20%
Do
300 Internat
72
93
20%
Products
19
71
22%
20%
pref....
07% July
43% Nov
73
.No par
116% July
July
114
37% Nov
34*4 fob
100
.
Inc
Febl3
108
3
100
6,750 Consolidated Textile
81
68%
42
*90
Feb
13
5%
93
32%
25%
Jan
89%
*72%
17%
22%
41%
80
*18%
18
2234
Oct 14
23
93%
20
72
*91
Dec
3
Feb 13
78
75%
105% 107
17%
12%
16*4
Jan
Feb 10
*18%
17%
1834
21%
Apr 8
73% July28
62
50%
9
Aug
July 2
75
12%
113%
75
38
22%
52%
141%
Apr
100
38
12%
Nov
68
107%
*72%
52
90
111%
106
*61
*18
164*4 Mar29
AuglU
Octl8
75
13
1934
7414 Sept28
74%
12%
21
64
53 '
Jan
100
*60
12%
Jan
31
22%
*72%
*51
Feb
104%
3
*20
*38
*18
56%
5
Jan
55%
79
39%
534
5
Jan
61%
22%
102% 107
74
6
Jan
103%
9
84%
63
5%
104%
Aug
20%
40
41%
3838 Oct 26
88
Oct 26
33%
Oct28
74
""5%
19% JunelS
176%
20%
39
34%
Oct
Oct 9
18%
68%
86% Sept
6
Aug 9
107
oei
Jan
Jan
Feb 10
par
...100
3,200 Consolidated Cigar....No
13%
7%
19
Dec
567
64%
75%
65
300
Do
pref
U
.......100
II,300 Consolidated Gas (N Y)__100
4,500 Cons Inter State Call Mc__10
42%
70%
87%
Jan
3
92'4
7%
18%
54% May
Jan
Jan
Oct 8
42%
70%
Dec
2038
Jan
85%
46
77%
7%
19
19%
48%
28%
Jan
4234
71
6
Jan28
5
Octl
Aug
16
105% 106%
37% July
5%
6
Jan
7%
107% 107%
Feb
9
Aug
64
13%
16%
Jan 12
40
13%
39% July
29%
par
♦60
33%
12
8
17
Jan
Jan
par
73
34
Oct
Feb
Jari 9
1,600 Gulf States Steel tr ctfs.. 100
64
33%
Apr
July
16
11%
26
2,800 Haskel A Barker Car ...No
*60
71%
166
17
*72%
70%
Dec
66%
74%
71
115
45
64
70%
Apr 7
17
*60
17%
129
66
*72%
17%
May-
41
74%
17%
Aug
92
16%
65
17%
102
67
4238
70%
40
25
Dec
Dec
65%
7%
1834
40
Dec
11
Sept30
pref..
Oct
85) 2
18
Do
Sept
41
60
300
July
116
I
Ocl29
60
4,000 Columbia Gas A E]ee.....l00
II,800 Columbia Graphophone No par
..
108
9
Jan 2
..No par
Iron
112
Jan
Oct23
Jan 3
...
107*4 July
Jan
101%
40'%
..
A
Jan
Dec
90
*
44%
Fuel
Sept
55*8
Jan
6634
13%
26
3
Apr
45
*21
.Jan
2% May
45
Oct
15
16%
*60
41
65%
65%
*73
*39%
May
Oct26
43%
10834 10834
71%
July
119
Jan
65
22%
28
142%
*18%
79
81
108
109
71
27
145
Feb
1 %
9634
4
Sept24
15%
100
7%
19
7H
13%
43%
734
4334
20%
108% 108%
7034
48
107% 109
1334
26%
30
Jan
DO
5
40
17%
48%
*20
26%
17%
67
8234
26%
71
77%
29%
27%
4%
86
78
*13%
5
103
6
Ian
May20
May 19
Colorado
102
*82
67%
16
6,400 Chlno Copper
37t700 Coca Cola.
100 Federal Mining A Smelting 100
86
*82
25
....
300
62
67%
"17%
Copper
10
65
7834
"17"
Pneumatic Tool.. 100
82%
61%
6634
17%
6,100 Chile
32%
62
*7734
17%
67%
*64
82
7134
*93
94
62
68
1734
71%
72%
18%
*9%
*31%
64%
65
*79
72
64%
92%
67%
82%
73%
39%
65
*66%
73
39
21%
19%
137% 138%
73
*70%
17
16%
67
6634
77
77%
48% 50%
*72
700 Chicago
76% May
Oct
Oct
6% May20
par
100
3,600 Cosden A Co
11%
67i2
Plow Wks. .No
111% June
Oct,27
10
4,300 Continental Candy Corp No par
81%
34%
74
.;.100
......
Do
4012
94
I)
par
.100
...
100 Continental Can.
"100% 101
*100% 101
37%
36%
36% 36%
125% 128
120% 125%
93
128% 129
pref...
100
..No
Petroleum..
1,900
Do
pref
100
2,900 Cerro de Pasco Cop
No par
7,800 Chandler Motor Car...No par
100
10
83%
83%
8234
10014 100% "100% 101
3634
37%
37%
36%
7%
24%
74
*98"
8234
7%
23%
81
Packing
10
32,400 Cen tral Leather
50
".59%
*79
Do
500 Case (J
88
25%
30 %
*33
800
69%
37%
24%
25%
2634
"38%
69%
5
..100
Superior Mining
27%
«%
*93
t c
v
156%
De.-
Jan
5
Aug 9
...
J tin
5
Jan
84
..
Jan
Jan
64%
114
300 Burns
800 Butterlek
192"% "del
64
100
1
Sept24
1,200 Butte Copper A Ziric
7
9
Feb24
5
13
"92" "Feb
6
Jan
Apr
3
48
13
80% May
32% Apr 9
90% May 6
83
13
Jan
102%
102%
..-No pa>
13
Feb
1%
Inc.....100
13
Mar
58'r
154% JunelO
Oct28
Oct
61
7
Jan
77% July
111%
Aug 9
67% Oct
103
13
69%
3
3
,
Augl2
102%
65
8% pref. 100
100
Aug
148%
Aug20
cum conv
14
"69%
Mar
%
4%
Do
64
18%
9
Ana
.
82
Jan
75
Aug30
90
.
Dec
Jan 17
20%
...100
Bros..
65%
75%
700 Brooklyn Union Gas..JI... 100
96%'
17%
176%
pref....
Edison,
July
Ian
Oct26
Do
100 Brooklyn
65
74%
Aug 14
......
4,200 Booth Fisheries.
July
Jan
54% Nov
Aug18
common.. 100
1,300
29
Ian
Apr 6
17
95%
2
59%
May24
Sept24
Aug
Oct
66%
67%
9
Oct 2
B
2712
20%
40
Class
63-8
19l2
,
9
Do
17
*16
Jan
100% Sept
Corp.... 100
110% June
69
Oct
Jan
11
36,600
6834
64
Steel
Feb
27%
114
Motors....No par
900 Bethlehem
Dei"
3
100
20
109%
Jan 9
100
........
pref
Batopllas Mining
Jan
Jau
Jan
KH)
100
106
Jan29
128%
93.400 Baldwin Locomotive Wka.100
pref
Dec
21%
60
Do
93%
61%
50
pref......
7
105%
55
100
100
3
*%
*90
100
preferred
1,409 Barrett Co (The).
*104% 10s
%
preferred.....
Do
200
98%
•128% 139
104% 104% *101
200
Jan
June29
2
23%
1st
314%
45%
94%
Oct29
Dry Goods..... 100
May
108% Mai
Feb
Jan
Ana
100
Dec
191%
165%
49%
Oct
120% June
5
Oct28
42
2d
Dec
95
Aug
May
Jan
Aug
50
Do
Aug
May20
Oct29
25
2,409 Atlantic Fruit.........no par
13,300 Atl Gulf & W I S3 Line
100
138
110% 112 s4
91s4
Do
......
17
100
400
Do
pref
17.399 Anaconda Copper Mining
550 Associated
30
*62
66
113% 114%
131"
50%
30
56
"17"
18
142% 144%
*62
49%
50%
68%
119
90%
Aprl2
97%
102
100
pref
27
*62's
210
Aug
Jan
July
96%
1483)|
73
100% Maris
283
04%
37
Do
105
9
85% May20
Aug 9
...
14,400 Amer Woolen of Mass
100
96%
6%
1612
•
100
Class B..1Q0
>u
Aug 18
92% Muy22
loO
(ne/o)
Mar22
I,600 Amer Zinc Lead & Smelt.. 25
*96%
6%
Coram
106%
3,200 Amer Writing Paper pref.. 100
95
13%
*16"
pre/
Do
Febl3
Oct
47
Jan
113%
Jan20
10%
6
98
Do
118%
47
*94
65s
93
200
4,800
May20
80
100
.
109% July
Dec
111%
74%
100
Telex.
Dec
91
Aprl4
10
104% 104%
65
oref
89*4 July
3314 May
142%
102
94% June
Dec
94
13
1
47
-62
6'2
96l2
645s
Do
~
8,300 Amer Telephone
3,950 Amer Tobacco
an
Jan 19
46
*%
104% 1047s
Oct
J
47%
Dec
61%
Mar22
Deo
79%
3
93%
45%
3-
*90
105
50
99
Jan
H Ighest
$ per share
26
Jan 5
Mat 30
100%
9
Oct26
47%
98%
0
9
Aug
84%
11
ll4ig 115%
723s
Aug
33%
"46%
67
*69
71
88
1-3
9,000 American Sugar Refining.. 100
200
Do
pref
100
5,600 Amer Sumatra Tobacco
100
..—
72
70%
99
*&8
100
83
9
No par
tern ctfs..33
ctfa
temp
30%
Aug
69
l3212 13212 1321s 133% *132 133l2
"10312 104%; *102% 105
*10334 10534
*5S
pref
t'ref
Feb13
Aug23
71
17i2
14*%
*65
1145s 1157s
Du
Refining. 100
A
68%
56
59%
66
16%
70%
52%
par
dmelt decur pref ser A. 10U
71%
29
*50
148
66
700
m
Lowest
11
5034
Previous
1919
$ pei share
49
*26
18
145
68
500 a
H Ighest
% pei share
70%
11
Year
of lOO-sha'e lots
i per share
Pai
3,900 Ana duly & Cumui Corp.Ng
200
*105i2 109i2
88
17%
Range fo>
1
Lowest
Indus. £c Ml seel 1. (Con.;
18%
18%
Jan.
EXCHANGE
S per share
*76
lasts
On
83
Anr12
« Old stock,
t Ex-1ividend
JaD
1734
New York Stock Record—Concluded—Page 3
third page preceding.
For record of sale* during the week of stocks usually Inactive, see
PER SHARE
aiQH
SALE PRICES—PER
LOW
AND
SHARE.
NOT PER
STOCKS
Sales
CENT.
Saturday
Monday
Tuesday
Wednesday
Thursday
Fri/Jay
Oct. 25
Oct. 26
Oct. 27
Oct. 28
Oct. 29
Week
$ per share
$ per share
% pe. shaie
$ pa share
Shares
$ per shar>
*13
13%
$ per share
*13
13%
37%<
3534
*13
13%
13%
*37
115
*104
13
13%
*135
142
*100
110
150
*140
146
*100
110
*100
110
♦100
71
65
65%
•65%
♦58
59
74
140% 140%
74
*68
59
*58
95
*90
75
73%
73%
*9534 100
192
194%
•9534 100
191% 102lS
*60%
63
58
58
*57
59
95
90
90
74
95
*72i2
110
62%
*90
59
*90
*1(M)
110
74
72%
73%
96
96%
*95% 100
Loft Incorporated
"T066
Do
100
59
90
Do
600
75
1,040
187
18«4
18%
18%
14%
14%
14%
14%
38
38%
66%
38%
67%
38i4
64
38%
08%
96
96
96
96
2434
25%
24%
34
*32i2
*95
98%
24%
5834
59
90
59
*32"
•79
82
♦79
82
6%
•58
00
•90
92
*73l2
74
59%
*89
.
73%
73%
106
"105
*105% 106% *105
11
11
11%
11%
11
*93
96
24%
Do
37
34
34
82
80
80%
5%
57%
34
58%
11
97
95
32% July
71% No*
Jan 6
40%
Feb
59
Mayl9
62% July
83
July
95
May 4
Oct28
8eptl8
52%
69%
100%
40
Mar25
40
Marl 9
24
*23
25
46
*43%
47
94%
Do
62
40
40
1,200
15
*13
15
300
4%
4
4%
5%
*4%
5%
132
2634
*130
132
*434
131*
2034
2034
21%
56
58%
24%
44%
46
54%
4534
130
*
46%
21
20%
56%
52%
23%
54%
52%
25
55%
123
21
52%
21%
58%
25
54%
54%
*41
*4%
123
20%
21
2534
54%
25%
54%
57%
2534
i§6"
131
3%
5
4
20%
4
2634
132%
4
*4%
26%
4
5%
5%
*125
54
22
22%
22%
54%
53%
400
135
41%
89%
91%
90%
91%
90*
87%
89%
83
83%
83
83%
82%
83%
80%
82%
81%
82%
18%
16%
17
16
16%
15%
15%
15%
16
4,800
44%
45
42%
44
43%
44%
41
43
42
42%
23,500
41
42
41
41%
38%
39%
39%
36%
35
3434
90%
35%
34%
35
35%
33%
36
40%
36%
40,400
35%
39%
35%
41%
36
34%
34%
34%
6,800
8,400
90%
15%
90
90
90
90
15
14%
15
14%
14%
14%
14%
7.100
85
85
84%
85
84
84%
67%
36
36
*36
35%
89
89
14%
85%
15%
85%
68
*14% "l434
36%
36%
68%
86
86
6734
67«4
87
87
*87
90
•15
16
*15
16
971
97%
90%
•
*67
67
70
*60
•9,3
96
95%
•105
110
69%
68
68%
*67%
39%
38%
38-%
39%
39%
94%
95
93%
94%
*93%
*105
110
14
13%
50%
50%
51
51
*105
14
*105
110
14
13%
14
53
*50
*48
W-—
'
*93%
*105
110
*105
110
13%
WWW-
47%
6%
111
111
5%
111
10
23%
112
48%
50
31%
31%
51%
32%
66
48%
31%
65
67
•65
♦83%
88
§639
89
88
*83%
*83%
690
715
§641
§670
105
105
105
105%
641
■* 105
105
108% 111%
49%
50%
32
32%
66
65%
109
9%
19
9%
*9%
*20
20
4%
4%
107% 109 • £107
4%
5%
109%
32%
65
65
88
*83%
701
§685
105
85
*83
85
*83
84%
83
83
32
32
*31
32
*31%
33
30%
*68%
71
71
57%
581-4
58%
59
•85
*85
87
69%
57%
87
9%
■
-.WW
V
-
w
*>
66%
•86
m
18%
w
68%
65%
67
58%
57%
58%
56%
57%
w
w
w
90
*86
*80
11%
12
45
*81
27%
27%
300
2,200
100
«
-
-
w
M.
WW
m
www
87%
108
WW
w
88%
108%
58
58
13
14
63%
*56
7
*93
77%
105
53%
*50*
64%
57%
*55%
50
77%
76%
37%
211
*52
15%
59
92%
107
107%
5712
58%
57%
58%
*12%
13%
*12%
13%
65
58
63%
55%
107% *106
56%
107%
113
13
14%
59
64
14%
*53
59
102
91%
91%
46%
47
46%
47%
44%
44%
44%
29
29%
*29%
29%
w
-
-
-
W
-
w
w
10%
10%
11
10%
10%
TO
10%
61
61%
60
61
58%
60
59
59
51
51
*50
51
50%
50%
50%
51
•
66
*106% 110
108
60
104% 107%
*107
105
107
107
w
www-
52%
107
Transcontinental Oil
Union
900
23,000
Do
900
88% 152,800
Do
...100
U 8 Realty A Improvement 100
United States Rubber
Do
Do
nref.
Jan 3
72%
Jan
115
June
Jan
7
120
June
5
97%
34%
Dec
Jan
Jan
3
Aprl4
38
Jan
6
53
45
200
Jan
5
Do
Oct
38% Aus
42%
16%
Jan
74% July
Feb
5
66
Apr
8
£97%
Dec
167
May
Jan
6
96%
17ii
Jan
111
May
Jan
50% June
5
73
Jan
139% Nov
Janl3
109
Jan
119% July
Feb 13
69%
Oct28
143%
116%
Jan
76
Jan
Apr 8
3
43%
Jan
91%
Oct
78% Nov
Mar
45
Jan
109
Jan
5
88%
Feb
115% Jul?
104% June 15
115%
Jan28
111%
Dee
117% July
97tz July
47% Mar27
41% Junel4
50
3
65%
Feb
Oct23
8%
Dec
No par
100
42
97
Apr 16
54% Dec
62
80%
Aprl4
51
Feb
92% July
104
7
11»
Jan
-100
76
Feb13
120% Septl7
54
Mar
10%
Oct 13
100
50
53%
48
Oct23
May 3 •112%
21
Oct
Mar 31
92%
119
5
21%June
Dec
115%
Oct
£88
Dec
79
May
June 7
76
Mayl9
80% Julyl3
98
Jan
51% Nov
Oct23
82
Jan
8
Jan
Jan
3
9412
40%
45
Jan
23%
87%
65%
Jan
40% June
Jan
Jan
104% July
Feb
136% May
Sept
44% May20
55%
50
42% Sept 1
6912 Mar29
.5
25
24
A'ie24
32
Jan
3
93
Jan
5
82%
Jan 5
3
145
Aprl4
120
116%
Jan
112% Dec
92% May
126
July
32% Sept20
Oct28
Oct2S
Sept30
700
Motor
2,700
Wool worth (F W)
•
32% May
Jan
Jan
White
WilsonACo,Inc.v t c
56
119%
Jan
Westtnghouse Elec A Mfg..50
1,000
105
Aug
14
Jan
Brake
50%
56
Oct
80%
14
Wells Farso Express
Westlnghouse Air
52%
♦103
Oct
58% July
215
80%
Western Union Telesrsaph.100
2,400
104
Oct
July
Feb
157
2,000
50%
*105% 108
45%
103%
Aug 9
No var
Vlvaudou
35,400
104
Jan
74%
100
Aug25
Feb 13
pref
59%
108
Dec
Aug 9
Virginia Tron CAC
V
Jan
34%
37%
116%
Aug 9
50
Jan
75
62% Nov
100
Vanadium Corp
27%
10%
*105
74%
Oct23
37%
Dec
4,800
45
27%
200
2,700
Apr 20
Oct2S
40
Jan n345
7
Wiokwire Spencer Steel
Willys-Overland
Do
9%
57%
46
No par
.100
100
June
Julyl9
100
103
55
100
80
Do
pref
Do
100
100
Worthlneton P A M v t C..100
200
1,900
(The)
pref (neu>)..;
-
pref A
Do
-nref B.
~.400
§ Less "than 100 shares,
t Ei-rlghts.
a Ex-dlv. and rights.
changed from Ohio Cities Gas to present title July 1 1920, range Incl. prices from July 1 only range for
sales on this day.
127
Feb 13
Aug 6
90
Dec
56%
t c
Vlrelnla-CaroUna Chem
600
400
6
101
10
v
10
63
66%
Sept 8
45%
9%
100
Copper
58%
*61%
63
38%
73% May22
25% Aug28
36% Oct 5
77%
32
nl84
34% JulylS
95%
106
Aug 9
100
Do
10%
65
63
40
Oct29
83% Aug 9
57%
*62
64
Oct 8
AuglO
50
50
pref
9%
57%
31
100
57%
*50%
55%
Feb13
9
July29
40% Aug 6
United States Steel Corp.. 100
14,600
3,600
12,600
100
1st pref..
U S Smelting Ref A M
89
♦63
pref
62
631
61% 63%
54
55%
55%
53t4
107% 107% *105
107%
113% 115
13
"12% *13%
13%
56
56
56%
56%
8S%
88%
88%
88%
101% 101%
46
46%
46%
46%
*80
*80
pref
U 8 Express
100
U S Food Products Corp.. 100
U S Industrial Alcohol
100
4,300
107% 107%
No par
...
Utah Securities
88
90
No par
United Alloy Steel.
Utah
60
*80
Oil.
8,200
*57%
.No par
Transue A Williams St.No par
Union Bag A Paper Corp.. 100
3,200
*80
41
83% Aug 12
9% Aug24
12%
61
90
54% June
17% May
Oc:
Oct 18
100
58%
28
Jan
17%
15%
12%
*27
Oct
104% Nov
57
57%
44%
Oct
151
100
12%
44
109%
Times Sq Auto Supply.No par
58
56%
12%
Nov
Jan
Apr 6
53
89
97% July
Jan
Tobacco Products Corp
Do
pref
300
"87%
no pa
Superior Steel Corp'n
100
Tenn Copp A C tr ctfs.No par
Texas Company (The)
25
Texas Pacific Coal A Oil
10
100
87%
107%
*57%
Bid and asked prices: no
Name
110
105
w
Dec
81% Dee
64% Nov
Jan
37%
78%
104% 104%
Oct
A up
92
Apr 7
76
29
36%
Oct 26
55%
48%
94%
230%
45%
85%
40
74%
w
100
Superior Oil
700
48
"86%
pref
51% Mar26
Apr 8
Apr 8
101% Jan31
20% Sept 13
60
Apr 8
13% Mar31
c57% Jan 2
53% July 7
100
43
76
74% Nov
July
17
July
126%
3
49%
Feb
106% July
121
531s Sept.30
3
74%
w
(The)... 100
Jan
48
Dec
Mar
Oct
Dee
Nov
91% June24
Jan
76%
Dec
53%
145
118%
25%
50
74
Feb
June
27% July
105%
Aug 9
Feb13
96%
100
88%
Do
par
Aug 9
..,200
7,200
52%
♦53
85
12% AuglO
....10
-
Jan
6% Mar
Aprl9
59
7
-
Oct28
100
82%
-
Studebaker Corp
100
U S Cast I Pipe A Fdy
48
75%
53%
168%
41%
United Retail St ores... No par
400
95
Dec
46%
44,600
14%
81%
W
83%
12%
5
Jan
Jan
Aug
Jan28
73
*14
47%
*49%
107% Nov
112
84
Jan26
224%
15
71%
Apr
Feb
44% Sept
82%
94%
9
Feb11
6%
77%
Do
Aug
100
90%
48%
23% Aug 9
59
Jan 13
Aprl4
176
43%
59
243
100
82%
52%
92
21%
105% Oct 18
*45% Aug 12
2
United Fruit
47%
43%
87%
92
100
17% Aprl2
25% Junel8
83% Apr 6
13%
9%
18%
Jan
500
80%
56%
100
Sears, Roebuck A Co
Octl 1
Oct 1
Oct27
4% Sept29
55%
20,000
*6%
45%
64
c.No par
Saxon Motor Car Cor p. No par
123% MaylO
37%
7
58
v t
Savage Arms Corp;
9
222%
216
83%
44%
•63
1,100
2,500
11,900
48
47%
90
46
100
*6%
45
♦80
*17*
82%
54
14
*58%
12
12,800
47%
98%
15
*107
11
*44%
42
47%
60
46
41%
44%
108
*44
11%
43%
47%
♦57
11%
*42
45%
*107
5,400
4,100
90
*14
45%
107% 108
*85
14%
"47%
....
90
*86%
74%
89
107
*52
65%
15%
7
65%
San Cecilia 8ugar
10
Jan 13
1
Aug
50
84
107% 107%
.......
106%
Aug 19
Sept
26%
3,400
16
£04
14
54
13%
St Joseph Lead.
26
£79% 8ept20
48
50
69%
Stromberg-Carburet. ..No
*41%
*6%
105
92%
pref.......
100
77,000
33
17
65%
72%
w
55
102
89%
33
52%
16%
.
105
*106% 112
14%
33%
51%
64%
210% 219
70% 72%
113
14%
38
215
105
89%
88%
107% 108
57%
58%
13%
63%
*106% 112
*6%
47%
83%
84%
..100
Do
100
300
"6% "9%
38%
48%
*50*
77%
w
9%
51%
*37-%
84
Feb26
72% 8ept29
Stewart Warn Sp Corp.No par
2,500
81
47
100
Do
pref non voting
Steel A Tube of Am pref..
18
28%
WWW-
*68%
100
5,150
47%
9%
12%
44%
17%
78%
93%
50
76%
44%
17%
27%
37%
w
No par
Republic Motor Truck .No par
Royal Dutch Co (N Y shares).
100
79
w
Apr 12
Mar25
AuglO §850
!00%Junel7 113% Mar25
89
28%
WW
106%
106%
100 § 600
1,414
28.200
77%
42
Nov
51
preferred
Standard OH of N J
57%
27%
41%
»
11%
*84
89
49%
31
56%
80
41%
Steel..
Republic Iron A Steel
8hell Transp A Trading...£2
Sinclair Cons Oil Corp.No par
1,600
28%
-
110
Aprl9
JaD
132% July
98% Dee
91%
*42% July 7
92% May 3
Sloss-Sbeffleld Steel A fron 100
70"
79%
W m
.......100
pref
1,900
6,700
83%
28%
41%
•49
9%
52%
33% .35
16%
16%
65%
66%
90
*86%
45%
w
Marl9
120
Oct 1
Aug 9
88% May20
34,900
105
81
WW
124
108% May24
Jan
10,400
28%
-
Dec
Dec
108%
81
14%
60
71%
900
27%
75
*0%
89
51%
12%
*38%
39%
212% 217%
74
75%
Jan28
46
4%
82%
14%
.
45
68
93% July 7
124% Jan 3
10%
27%
73%
7
68%
90
11%
45
14%
www-
18
07%
12%
*13%
83%
47%
*17
39
■
47%
35%
17%
67%
17
224%
»
47%
9%
9%
52%
35%
*38
*6%
49
9%
217
83%
93%
*84%
17%
51%
34%
38%
-
18%
9%
219% 224%
73%
7312
•38
18
51%
66%
66%
85
27%
*84%
18%
34
w
www"
WW.
•81
85%
9%
90
11%
85%
18%
18%
*66 ~
67%
51%
9%
51%
r
51
m
*83%
69%
49
m
July
34%
31
—
106
800
105
105
105
105
*83
w
32%
Mar
'
.
32%
70%
WW
Oct
100
8ept24
100
Oct
104%
54
...
May
109
June 3
Railway Steel Spring
98
31%
Feb
96
100
Oct
74% July
105%
£59
100
Company
28% May
Aprl2
Feb 2
113%
100
21
49%
49%
50%
31
31%
32%
32%
05
62% 64% *61
88%
83% 83% *83
690
685
§680
§664
85% Mar
12% Feb
Jan24
Jan 5
Replogle
95
49
51
49%
32%
45
27%
Aug
600
10
72% Sept23
91 %
84
68
14%
*93
Feb 13
Aug18
12% Aug 2
51%
3
14%
18%
*4%
Oct
Jan
14%
5
111
94
14%
10
Oct
Jan
AuglO
14%
23%
99
45
1,700
5
Jan
1,400
48%
78,400
10
Apr
38%
101%
Feb
76%
23%
43
Mar
31%
5
57
Jan
19
72%
11
Dec
30
9
104
31%
24%
32
JanlO
Aug
Jan 6
75%
5
Oct25
42%
44% July 2
82% Jan 3
27
Feb20
95%
31%
*23%
45
30% AuglO
33% Aug 9
33
Sept30
Feb13
pref
Oct
Dec
July
May
22%
73%
*10
58
Aug 9
31%
24*
104%
Apr
13%
78
w
140%
Dec
27%
84
Do
"V, 500
31%
w
Jan
92%
Ray Consolidated Copper. .10
Remington Typewriter v t clOO
14%
93%
w
75% July
41
Dec
67
100
110
31%
23%
Jan
Aprl4
*36
'
«,
80
Dec
Aprl4
£65%
6,500
w
Dec
58%
Apr 8
10
Oct
70%
22
36%
25
26,500
w
Jan 5
June22
Nov
39t4 Nov
74
Oct
111%
50
76%
w
78
Dec
Mar
116%
Pullman
400
11% Nov
149
Oct28
Pure Oil (The).*.
78%
W
2
Punta Alegre Sugar..
75%
14%
Jan
Oct29
46
6,475
78
14%
46
2,700
76%
14%
34%
2
4*600
79
14%
Jan 5
Jan
Public Serv Corp of N J... 100
13%
49%
*93
41%
65
Augl9
Feb
78
76%
*14%
19% Aug 9
45%
Nov
Pittsburgh Coal of Pa..... 100
74%
31%
78%
6% Mar
12*8 "
Dec
78%
95
Apr 6
Aprl4
93
80%
76%
9%
157
May20
7
76%
*92%
30%
5% Mar 8
28% Sept20
Jan
*79%
*93
June
98
79
79%
July
97
Augl2
80%
31
67
Jan
79
77%
94
Jan
46
Jan
79%
77%
47
5
Jan
16
79%
94
Oct25
61%
...100
Oct
70% July
July
75
Aprl7
Jan 8
Do'
145%
Feb 13
pref..
Oct
July
21% July
Feb 13
pref........
May
61%
Janl3
Plerce-Arrow M Car.. .No par
Do
112
77%
22%
Oct 8
3% Aug 6
107
Feb
Jan 8
82%
31
44% Mar
23%
81
78%
19%
Jan
108%
76%
31
Jan
Aug 6
81
94
Jan
48%
61
July 2
77%
78
117%
Aug 9
88
77
SI
Aug 9
.11
80%
•92%
89
20
13% Nov
91% Feb
100
95
49%
53
17%
5,600
110% 112% *109% 109%
68
68%
66%
67%
39%
38%
38%
39%
13%
Jan
AuglO
Pierce Oil Corporation
25
"1 Do
pref
.....100
"
94%
Sept
88%June
94%
15%
200
96%
96
102
3
Oct
July
24% July
604
71%
100
96
69
Jan
10%
22
Pressed Steel Car.....
97
112
110
92
67%
1,900
97
111
Jan
101%
108% May
50
'96
97%
111% 112%
64
37
Pond Greek Coal..
39%
♦93%
39%'
Apr 12
43% July
75
Nov
t, c No va*
300
14%
68%
70
39
Jan
Feb
106%
__50
v
2,700
15%
89
Feb
93
41% May20
People's G L A C (Chic)._100
Philadelphia Co (Pltwb)
50
Phillips Petroleum
No par
Do
45%
7
100
Class B
Penn-Seaboard St'I
15
15
65
112% 112%
112% 112%
Do
2
Jan
100
Pacific Teleph A Teleg
Pan-Am Pet A Trans.
89
16
97%
25
68
*14%
98
No par
67
69%
Ys"
*80
56,800
Steel-
*80
68
88%
....No par
Dec
Jan
900
100
*68%
Otis Elevator
400
~15~
88%
100
North American Co
4,200
17%
41%
3514
40%
preferred
8%
89%
Aug 9
Pacific Development
Pacific Gas A Electric
2,600
17%
44%
35
70%
Jan
102%
93%
Aug 9
Augll
100 £100% May21
Otis
1,000
~9~i% ~87~
90
pref
1,500
53%
46
"56"
•Apr 7
Oct28
50
Owens Bottle
90
17%
13
5%
100
.100
....100
2,200
54%
22%
83
89%
•81
Lead..
1,300
64
24
Dec
"*"500
20%
.53%
103
Nevada Consol Copper
.5
New York Air Brake...... 100
New York Dock..
100
"V,200
40
4%
Janl3
Oct28
Oct28
*58
40
*13
4
Jan
102%
80
Octl4
60
40%
13%
4
Nov
70
4%
♦58
13
27
Sept
87
3
26%
59
40
15
.
45
80
9,800 Oklahoma Prod A Ref of Am.5
Ontario Sliver Mining.... 100
Orpbeura Circuit, Inc....... 1
59
41
Jan
86% July 9
12%
62
*13
Nov
29%
98 'June28
par
*60
*40%
13
100
Feb13
100
Nova 8cotla Steel & Coal.. 100
6134
41
13
6
Feb13
Nunnally Co (The) ....No
61%
41
Jan
30% Septl3
44% Sept28
48
May20
38
Sept27
13
Nov
83
Cable.No par
Enam'g & Stamp'g
pref........
Do
54
44
..100
Do
National
7
100
pref...
&
Jan
100
preferred vtc
Do
42
*434
i
Do
300
61
4
23%
32
46
•40
"27"
100
National Cloak A Suit
1,600
25
*12%
6012
Pref
Nat Anil <fc Chem vtc..No par
2,500
*43%
.100
50
300
25
96%
24
*43%
Oct
37% 8ept30
900
47
264
118% Sept
75
26
Jan
Oct
73
95
162%
Dec
May
Oct
.
Dec
73
*44
110
Nov
Nat Conduit
*24
Jan
99
Nat
96
104
July
66
32
100
47
131%
21
1,290
27
137
Jan
6
2,800
96
Aug
60
6
58
*45
June
130
6
92
*24
£63
Jan
300
94%
11
July
79% May
Jan
Do
100
105% 106
10%
11%
July
115
Dec
Jan
58
105% 105%
10%
11
245
Jan
63
147%
71%
National Acme
2,300
5%
Apr
107
26
*89
5%
3
July
June
105
92
5%
Jan
81
120
Aug 6
10
Mont WddcCo Ills Corp No par
400
80%
222
Feb
Feb
Aug 5
900
80
Janl2
Dec
Dec
94
Marl 3
300
58%
107
75%
25%
40%
Montana Power
6,500
35
3
10'
3,800
58%
95%
3
Jan
18%
64
*33%
88
5
64
90%
148
100
15,500
98
9
1
100
pref
38
34
87% Oct
69% Oct
Oct29
Aug 9
Miami Copper
37%
23%
58
Aug 9
Oct27
....100
Middle States OH Corp
23%
Aug 10
Aug25
60
Jan
70
115% Janl9
183% Jan 2
110% Jan 8
69% Jan 7
64% Mar22
151% Aprl4
137% Aprl9
Mid vale Steel & Ordnance. .50
3*700
73
90
*73
74
73%
106% *105% 106%
11
57%
pref...
28
Oct23
Aug26
98
.*..100
33,100
*33
11% Sept 1
35%
100
pref
59
59%
90
33%
S per shar*
125
*88
5%
5%
*59
92
23%
$ per share
100
Mexican Petroleum...
Do
Highest
$ per share
.100
Companies
14%
'14
1919
$ per share
pref..............100
May Department Stores.. 100
400
95%
192% 134,500
*18% To *
*93
98
90%
6%
59%
*90
73%
63%
58%
90%
84
59%
92
62%
*34%
¥5"
5«4
6%
5834
0l2
012
.
63%
23%
33%
57%
90%
59
*78
38%
*33
90%
37
37%
96
34
*34
38%
23%
2434
34
36
14%
*79
25%
*34~
18%
14
38%
66
18%
14%
63%
*63
18%
14%
14%
38%
33
*32
58%
58%
18%
19
18"%
14
Year
Lowest
102
Manatl Sugar....
"
18i2
Range for P eoiout
lots
Highest
..100
Mack ay
l ,r>00
90
No par
preferred
Lorlllard (P)...
"
*72
95%
2d
Do
66
Par
Loose-Wiles Biscuit tr ctfs.100
115
*57
186% 192%
192% 194%
191% 193%
Indus. & MlscelL, (Con.)
400
137% 140
*140
110
37%
1
basis of 100-share
Lowest
2,100
*104
146
65%
13%
37%
37
115
*100
65%
13
37
♦104
*140
6412
13%
38
115
*37-
38
*104
115
64
*104
38
115
*35%
•104
PER SHARE
Range since Jan.
On
STOCK
EXCHANGE
the
Oct. 23
YORK
NEW
for
Aug
59% June
86
Oct
98% May
117% July
Oct
95
-
Jan27
50
Feb
93%
9
July20
-62% Aue 9
6
Jan
Janl3
88
Jan
98%
Oct
6
66
Jan
81
Oct
76
-Jan
117
Reduced to basis of $25 par. n Par $10
Ohio Cities Gas Jan. 1 to July 1. 37 May 20. 507A Jan
£ Ex-div.
0
Exchange—BOND Record, Friday, Weekly and Yearly
New York Stock
1909 the Exchange method of tooting bonat was
Jan. 1
Price
Week's
Friday
Range or
Last Sale
BONDS
N. Y. STOCK
EXCHANGE
Oct. 29
Week ending Oct. 29
U.
S.
Government.
Ask Low
Bid
BONDS
Range
3
No. Low
First Liberty Loan
92.70
93.12 4640
89.30
93.12 Sale
D
1st 15-30 year.. 1932~*47 J
3Ms
89.90
12
83.00 93.48
88.16
89.00
219
81.40 92.90
89.10 100.40
Mid Ga A Atl Div 5s
Second Liberty Loan
2nd L L
D
N
1st L L conv
4s
1932-47 J
.1927-'42 M
4s
88.22 Sale
4Mb
4Mb
4^8
89.16
90.30
619
84.00 94.00
88.04
89.10 6561
81.10 92.86
89 £0
90.92 4762
85.80 95.00
97.00
88.50 Sale
97.50
96.00
11
86.00 101.10
4Mb
1st LL 2nd conv 1932-47 J
4Mb
4th L L
1933r'38 A
Victory Liberty Loan
D
1922-23 J
notes._.1922~'23 J
2s consol registered
dl930 Q
2s consol coupon
dl930 Q
4s registered
1925 Q
4a ooupon
1925 Q
Pan Canal 10-30-yr 2a
*1936 Q
Pan Canal 10-30-yr 2s rcg.„1938 Q
D
D
J
J
F
F
4Mb
88.00
89.20 13892
82.00 93.00
conv g
„
1961 Q
F
Foreign
Sale
100%
100
106
105
98
f 7Ms g_ 1945
J
83
f 5Mb.. 1944
71
~
71
71%
100%
99%
289
96
91%
92%
N
83%
83%
425«
Sale
42%
43%
27
Bale
7o%
76
79%
80
J
75%
80
A
7812
A
7158
8334
68%
A
76
Sale
O
98%
8ale
O
91
...1931 A
O
91
F
A
2-yr 5Ms gold notes Aug 1921
F
Italy (Kingdom of),Ser A 6 M 8*25
Japanese Govt—£ loan 4%s.l925 F
Second series 4Mb
1925 J
do
do
"German stamp".
Sterling loan 4s
1931 J
Lyons (City of) 15-yr 6s
1934 M
Marseilles (City of) 15-yr 6s 1934 M
Mexico—Exter loan £ 5s of 1899 Q
Gold debt 4s of 1904
1954 J
Paris (City of) 5-year 6s....1921 A
Switzerland (Govt of) s f 8s 1940 J
M
Tokyo City 5s loan of 1912
Sale
Sale
93
102
_
Sale
Sale
Oct *20
61%
73
67%
75
70
Oct
'20
58%
70
69%
41
49%
29%
40
96
98
64
73
73
84
8334
92
53
74
11
79%
84%
92%
93%
99
68
94
102%
'20
710
75
246
Jan'20
67%
52%
83
Refunding gold 5s
Refunding 4a Series C
92 34
81
93%
40%
43
473
2934
44%
33%
34%
51
26
37
95
95%
187
88%
95»4
103
104
52
103
13
52%
N
A
O
A
of $5fo£
the basis
304
785
83
95%
299
89%
_
4Mb Corporate stock
4Mb Corporate stock July
4Mb Corporate stock
4Mb Corporate stock
1966
A
1967
1959
8
O
1965
1963
1958
1957
■*
N
N
N
8
J
J
J
J
J
J
3M% Corporate stock... 1954 W
M
Canal Imrpovement 4s
1961 J
Canal Improvement 4s... 1962 J
Canal Improvement 4s
1960 J
1961
Canal Improvement 4Mb. 1904
Canal Improvement 4^8.1965
Highway Improv 14Ms.. 1963 M
Highway Improv t 4MB—1965 M
Virginia funded debt 2-38—1991
5
8
92%
90
95%
N
90
96
97
£6
98%
95%
84%
96
86%
91
85%
"~3
97
98%
96%
98%
2
97%
23
1
Oct
'20
Convertible
Sept'20
82% Oct *20
•85%
97
12
97%
97%
30
71%
Aug'20
95%
95%
96%
97
96%
75
81%
95%
95%
93
Sept'20
91
93
July'20
93
Arbor 1st g 4s
Registered
Adjustment gold 4s
Stamped
Conv gold 4s
Conv 4s Issue of
1995
•
A
A
J
O
O
Nov
Nov
J 33
1910.—1960 J
30
*1995
...*1995
76%
72% Sale
72% Sale
"87% ~87%
1928 M
Rocky Mtn Div 1st 4s_„ 1965 J
Trans Con Short L 1st 4s. 1958 J
8
84%
J
J
72
Cal-Ariz 1st & ref 4Ms"A
8 Fe Pres & Ph 1st g 5s
8
S
S
82%
78% Sale
N
101% Sale
1962 M
1942 M
Atl Coast L 1st gold 4s. .—*1952 M
10-year secured 7s
1930 M
Gen unified 4Mb..—
Ala Mid 1st gu gold 5fl
1964 J
D
1928 M N
Bruns&W 1st gu gold 4s. 1938 J
J
Charles A Sav 1st gold 7s. 1936 J
J
L & N coll gold 4s
01952 M N
Sav F & W 1st gold 6s
1934 A
O
1st gold 5s
1931 A
Halt A Ohio prior 3Ms
.1925 J
...*1925 Q
Registered
41st 50-year gold 4s
*1948 A
Registered
*1948 Q
lO-yr conv 4Ms
1933
Refund & gen 5s Series A
.
1995 J
1929 J
Pitts June 1st gold 0s
1922 J
P June &M Div 1st
J
J
O
J
--
Temporary lO-yr 6s
'
O
g3Msl925 M
PLE A W VaSysref 4S..1941
M
J
M
CI Lor A W con 1st g 58—1933 A
Ohio River RR 1st g 5s...1936 J
D
J
J
N
N
~77 '
93
76
78
93%
J
61%
99%
Ashland Div 1st g 6s... 1925
Mich Div 1st gold 6s...1924
78%
107
72
80
113
Sale
100%
92%
84% Sale
"72% Safe"
91% Sale
79%
"36
60
14
77
Mil Spar <!fe N W 1st gu 4s.
StLPeo&NW 1st gu 5s
Chic R I -fe P—Ry gen 4s
1947
1948
Refunding gold 4s
07
Keok <fc Des Moines 1st 5s
76%
82
80
North Wisconsin 1st 6s... 1930
M
M
J
Q
71
Cln H -fe D 2d gold 4Ms
1937
C Find <fe Ft W 1st gu 4s g 1923
Day -fe Mich 1st
cons
4Mb 1931
Clev Cln Ch -fe St L gen 48—1993
1931
102
90%
222
74%
60
74%
57%
60
20-year deb 4 Ms
General 5s Series B
1993
57%
75%
Cairo Div 1st gold 4s
1939
57%
81%
76%
92%
St L Div 1st coll tr g
Cln W -fe M Div 1st g 48-1991
4s...1990
Spr -fe Col Div 1st g 4s....1940
W W Val Div 1st g 4s
1940
C I St L A C 1st g 4s....*1936
...-
60
81
" "81 "
54
51%
69%
78%
59
67%
79
85
85
91
Mar'20
91
91%
C C C A I gen cons g 6s..
90%
90%
Ind B A W 1st pref 4s
90% Mar'20
88
Aug'19
O Ind A
42
85
Jan'20
85
Apr'20
85
99% 101% 100
May'20
99% 100%
99
Sept'20
97% 100
72%
80
....
101
58
90% Sept'20
Oct '20
80
98
77%
69%
93%
75% Sept'20
92% Oct '20
...
.86%
89
89% Sale
{
91%
»
1
75%
Del Lack A Western—
83
Construction 5s
Term A Tmorov
1
1
-1
t
A
F
M
J
A
J
75%
69
104
79%
87%
52%
Mar'17
81
Jan'20
71
71%
60
103
64
May'17
"70% IIII
71
Sale
es%
81
76%
77%
77%
78%
69
86 '
88
88
88
79
75
68
69%
74% Oct '20
70
Oct '20
73
70
6034
"67"
62%
61%
82
Sale
96%
60%
....
69
82
80
82% Sept'19
88
Oct '20
102%
7684
88"
65
0534
65%
66~
32
32%
33
16
89
73
89
Sale
87
83
83
Oct
47
74
'20
75% Sale
96%
75%
77
66%
95
95
91%
"go " "72%
68
95
68%
70%
99%
9934
7'J is Dot.
90%
70%
■
93
16
70%
91% Oct '20
V-#v.
63
98%
99% Oct '20
92% May'20
nP'ii
75
70
73
82
"88"
67
36
89
85%
79
98
*6*3" " "73 "
Sept'20
„
91%
88
Oct* 19
Nov'19
30%
82%
80
Jan'19
70%
O
81
72
Nov'16
84
"88 ~ III'
06%
73
74%
...
3Ms2000 J
1921 J
AK.
18
88
4s—1923 M
> in
98
Aug'20
90
1923-F
Morris A Essex 1st gu
94
it-
„
N Y Lack A W 1st 63
88
27
87
89%
1929
Refund A Ext 4Ms
1935
Ft W A Den C 1st g 6s.— 1921
Conn A Pas Rlvs 1st g 4s
1943
Cuba RR 1st 50-year 5s g._ 1952
Colorado A Sou 1st g 4s
95%
11
86%
67% June'19
100
7034
J
J
A
Q
90%
May'18
62%
1940 A
1990 Apr
CleveShortL lstgu 4M8...1961
91
75%
85
88
75
38! J
5s„.pl945'F
Income 4s
58%
92%
83(2
73%
73%
81
1st g
5s...1928
1934
1940
Wist pref 5s-.-(f 1938
cons
Peoria A East 1st cons 4s.
99% Mar'18
44%
88%
70%
73%
79%
Cln S A CI
78
62% Sale
*1936 Q
Registered
►
69
Nov* 16
95
79%
98% 101%
91
91
7S
85
68%
94
118
100
J
79%
87
87
68
Mar'20
91%
Sale
103
92%
56%
58
98
Oct
"71*
" "8*l""
65
60
78
86
75%
101
122
85%
6834
Q
J
J
M
J
J
J
J
J
J
32(1
58%
75%
70
Sale
J
74%
60%
109
e8
75
"45
74
261
Apr'20
Feb'191
81
Chic & West Ind gen g 6s..el932
Coasol 50-year 4s
1952
81
87%
97%
81
Chic T H <fe So East 1st 58—1960
81
69%
68
10212 102% Oct '20
82%
79% Sept'20
Superior Short L 1st 5s g.el930 M
92%
....
68
.
88
76%
65
'20
87
5s
—
72%
79
08%
92
81
.1930 M
6s.
cons
ee%
90
90%
M N
1923 A
O
66% Saie
Sale
86%
122I4
70
30
763s May'19
68% Sale
79%
Feb'20
Jan'12
73
99%
99%
96%
8784 Oct '20
73%
7384
102
Debenture
95% 103%
68
78%
94
70%
70%
68% Sale
F
1930 *
Cons 6s reduced to 3 Ms.. 1930 J
78
70%
70%
81
76
St Paul & K C Sh L 1st 4Mb'41
Chic St P M &O
82
97
*98%
72
98%
95%
99% Oct '20
I 99% Apr'20
100
Sept'19
96% June'20
72
Aug'20
98
87
Jan'17
88
*60% "72"%
Apr'20
|
101% Oct'16
105%:NovT9
46
Aug'15
72%
100% Sept'20
91
Oct '20
84%
83%
72
72%
1934
93%
Ch Okla&G cons 5s.._..1952
68%
69%
1988
1988
Registered
90%
Sept'20
74%
82
82
79% Oct '20
112
"81 " _82~"
77%
04%
103%
92
r
82%
129%
60
73% Sale
71% Sale
97%
56% Sale
1922;J
1929
68
1
81
94%
A 5s_—1962!A
1945 M
47%
69
85
July'20
91I4
104
61%
M
F
M
J
M
J
J
J
A
M
A
A
91
89%
71
77
99%
J
881.1
92
*64
Mil L S & West 1st g 6s...1921
R I Ark <fe Louis 1st.4 Ms.. 1934
78
'83%
Mllw & S L 1st gu 3Ms—1941
Burl C R & N 1st g 58
1934
CR I FAN Wist gu 66-1921
101%
21
Man G B & N W 1st 3MS.1941
70%
82
91%
76%
74%
9
98%
96
Mar'19
95%
105%
A
60
"~8
94%
94%
Nov'18
90% 97
103% Sale 103%
104,
Ml
62
77%
"eo% "99 '
91
._
91%
71%
99
9
77%
99
Apr'20
109% Apr'10
90% Oct '20
94% Feb'20
*88
J
36
82
98
103
99
98
1933 IV!
g
31
78
75%
70
84%
96
98% Oct '20
91
70%
Car Clinch A Ohio 1st 30-yr 5s
F
97%
72%
82
71
gu—1998 A
emp secur 6s June.
A
72%
72%
77%
~67 " "so"
77
75% Sept'20
9884
1933 IV!
Registered
10-year secured 7s
70%
95%
"01% "83
A
1921
Registered
Sinking fund deb 6s
70%
81
59%
94%
1921
92
81
10
Apr* 19
77
Sale
96
1879-1929 A
1879-1929 A
79
'20
68%
1879-1929 A
73%
Central of Ga 1st gold
Conso gold 5s
-
1879-1929
Registered
Sinking fund 5s
77%
96%
81%
88
July'20
77%
A
Sinking fund 6s
Sept'20
70%
1987 M
62
81
81
1987 M
1987 M
67%
Oct
88
89%
68% Sale
86
84
M
95
85
97%
94
Stamped 4s...
6s
78
75%
96
General 6s stamped
Registered
70
75% Sept'20
pi 987 Q
General 4s
58
*78 "
85%
F
..1987
98%
89
81%
90%
1886-1920 F
85
1937 M
1957; M
98% 99
69% Sale
J
21
88
10-yr
Jan'20
77
87%
cons gu
78
73
87%
Canada Sou
79
77%
71
81
Clear A Mah 1st gu g 53.. 1943 J
Roch A Pitts 1st gold 6a__1921iF
Consol 1st g 6s
86%
"86% "90%
General gold 5s
1937 A
Pitts Clev A Tol 1st g Osl.1922 A
Toi & Cln div 1st ref 4s A. 1959 J
All A West 1st g 4s
44
76%
76%
87%
67%
93%
98%
94%
171
69%
78
Southw Div 1st gold 3MS.1925
Cent Ohio 1st c g 4M8..1930
Buffalo R & P gen g 5s
Consol 4Ms
597
83
9784
94(2
93%
98%
69
77% Sale
...1955
East Okla Dlv 1st g 48...
16
56
54%
53
95%
95
100
54% Sale
76
70
Sept'19
Ext & imp sf gold 5s...1929
*1990 Q
76
61
94% June'20
93% Feb'20
90
81
66
60
10
91
Railroad.
Atchison Topeka A Santa Fe—
Gen g 4s.
,1995
75%
251
74
67%
50
99
May'20
76%
73%
83
71%
Mar'20
102
56
52%
11
73%
90
80
67%
130
64%
95
99
102""
July'20
71% Oct '20
76%
75%
65%
67
Registered
107% 108
95
"~"2i *53% "61%'
80
81
87
82
72
7
77
77
107%
107%
"67%
61%
6312
Sale
1930
Des Plalnes Val 1st gu 4Ms '47
Frem Elk & Mo V 1st 8s.. 1933
100
Jan'20
80
5934
27
98% 102
General gold 3Ms
89
91
97
89
June'20
Feb'16
61%
.68
"62% "70
'20
71% Sept'20
70%
71%
91
Debenture
91
May'19
Oct
80%
80%
J
Registered
89
82%
89% 100%
89% 100%
89
97
68
81'2 Sale
64% Sale
1925 J
1921
Chic & N'we8t Ex 4s.._1886-'26
Aug'19
91
58%
91
70
"86
64% Sale
71%
73%
74% Sale
1932 J
4Ms
Wis & Minn Div g 5s
89% 100%
100%
88
90%
80
71%
50%
Mllw&Nor 1st ext 4Ms
1934 J
Cons extended 4Ms—1934 J
100%
90
79%
80%
81
84
76%
5s deferred Brown Bros ctfs...
84
'20
Oct
86
81%
34
86%
84
45
93
93
J
D
M
8
M N
M N
M N
4% Corporate stock reg._1956 M
New 4Ms
1957 M
4M% Corporate stock...1957 M
93
92%
931
-
4% Corporate stock
4% Corporate stock
4% Corporate stock
97%
90
73
57%
Oct
63
71
77
F
Fargo & Sou assura g 6s.. 1924
90
85%
80% Mar'20
Mar'20
*61% III1
C M <fe Puget Sd 1st gu 4s. 1949 J
8
52
64%
Mar'17
92%
el989 J
Gen ref conv Ser B 5s...a2014
State and
City Securities.
City—4 H 8 Corp stock 1960 M
4Mb Corporate stock
1964 M
85%
50
*15
68
71% Sale
Chic & MoRlv Div 5s_.__ 1926 J
Chic & P W 1st g 5s
1921 J
89%
94%
84
50
'20
95
71
9534
95%
88%
353
1969
25-year debenture 4s
1934 J
Chl6 A L Sup Div g 5s_—. 1921 J
Sale
95
87%
90%
68
2
85%
Feb'13
56%
Sale
*67
9238 99%
90%
81%
87%
32
78
General 4Ms Series C.__el989 J
Gen Aref Ser A 4Ms
a20l4 A
61
Sale
87% Sale
89% Sale
98%
87%
"§
85i4
May'20
85%
9734
el989 Q
Permanent 4s
5-year 5H% notes
1921 M
20-year gold bond 5Mb„1937 F
10-year conv 5 Ms
..1929 F
5-year conv 5Ms
pl922 F
State—4s.
1st 4Mb..
Registered
Gen'l gold 3Ms Ser B
100% 104%
50
50
95
-..1947 J
1947 J
75
7
8^e
51% S3
85%
i
9
J
8
103%
I
70
84%
Ch M & St P gen g 4s ser A_el989 J
84
192
58
88
57
2'
88% Sept'20
82%
82%
85%
"64"
Chic L S & East
84
J
41*
71
83%
S
41
19%
77
83%
95% Sale
20%
68
«4%
O
10
38
Ind & Loulsv 1st gu 4s... 1956 J
Chic Ind & Sou 50-yr 4s
1956 J
83%
Sale
Sale
40%
38
Sale
*
82
N
33%
82%
39
38
Chicago Great West 1st 4s..1959 M
.Chic Ind A Loulsv—Ref 63.1947 J
82
N
J jS43
67
40% Sale
J
J__
Stamped
95%
69
57%
D
16!
Guar Tr Co ctfs of dep
Purcb money 1st coal 5s__ 1942 F
Chic & Ind C Ry 1st 5s... 1936 J
102%
76
Sale
74%
76
81
U S Mtg & Tr Co ctfs of dep
97%
89%
101
89%
421
89%
80%
78
86%
Oct
Oct'19
63
79%
79%
93%
873.1
79
80%
79
N
1958 IV!
1937
96
39
80%
89% Sale
1927
Chic A E 111 ref A imp 4s g_.1955 J
U 8 Mtg & Tr Co cts of dep
98%
75%
75
1927
Registered
General 4s
1930
76
98%
72%
83
73
Bee Great North
1st consol gold 6s
95%
5
Feb'20
90%
80%
General consol 1st 5s,
65
74%
X 57*4
"72% Sale*
1949
13:
■is1
39%
36%
98
86
92
49%
48
Sale
76
89
Feb'15
113
38% Sale
66%
Sale
$3% 84%
J
48
79%
t~74% Sale
J t
88% Sept'16
65
1950
Nebraska Extension 4s
8034
92%
91%
90
Joint bonds
a K of Gt Brit & Ireland—
Ann
g
Illinois Div 4s
50
"36
93
Dec'19
June'19
71
92%
80%
98%
101%
82% May'19
82%
69
98
8234
41
98%
A
A
89%
90%
»«34
98%
A
72
71%
9a%
90%
57%
77
9634 101
98% 100
79% Oct '20
85
Sale
Dominion of Canada g 5s.._1921 A
do
do
...1926 A
V Y
78%
...
con
Chic B A Q—Denver Div 4s. 1922
Illinois Div 3Ms
..1949
75
68
9
D t
S
10-year 5Ms
1929 F
French Republic 25-yr ext 8s 1945 M
10
99%
F
N Y
...
67
87%
63%
70
2d consol gold 4s
.1989
Greenbrier Ry 1st gu g 4s. 1940
93% 100 Mi
Sale
9134 Sale
83*2 8aIe
Dominican Rep Cons Adm s f 5s 58 F
on
70
1946
*66% "77%
Warm Springs V 1st g 5s..1941
Chic &
Alton RR ref g 3s. .1949
86%
Oct '20
70
f These are -prices
1940
5s
g
76%
86%
63% July'20
79
72%
87%
Feb'15
99%
(VI
1949
do
65
V6j
Mar'17
86
95
82%
69%
198
77
4s... 1989
"79"% *89%
Apr'20
87% Mar'20
702
84
78%
192
85%
July'18
99% 8ai0
A..49 F
External loan 4Mb
do
75%
85% Sale
71%
R & A Div 1st
100
J
Cuba—External debt 5s of 1904
Exter dt of 5s 1914 ser
75% Sale
Potts Creek Br 1st 4s
79%
87
9912
5-year 6% notes
Jan 1925
Bordeaux (City of) 15-yr Cs.1934 M
Chinese (Hukuang Ry) 5s of 1911 J
s
76% Sale
76
Craig Valley 1st
106%
104
100
1-year 6% notes.....Jan 1921
Copenhagen 25-yr
1992
Mar* 19
99
"79"" *86%
13
...J
Coal River Ry 1st gu 4s__ 1945
101%
J00% 101
105
106%
Oct '20
92%
93
78% June'20
Sale
3
»
86
86
86
93
...1939
RaUuay 1st lien 3Ms
Argentine Internal 5s of 1909... M
s
100
1061* 105% Sept'20
78
O
S
D
84%
99%
68%
87%
96%
'20
Jan*18
100%
80%
100%
20
98%
Oct
98
84
90
30-year conv secured 5s„ 1946
Big Sandy 1st 4s
1944
94.64 99.40
July'20
98%
98%
79
Registered
1992
20-year convertible 4Ms.. 1930
94.70 99.40
96.46 2681
96.02
Government.
Anglo-French 5-yr 5a Exter loan. A
Belgium 25-yr ext
96.44 7869
95.92
102U 100% June'20
M
1914-'34 Q
Registered
PhUlpplne Islands 4s
98% 100
,
96.08 Sale
96.04
100
100
105
105
F 100
N 100
—.1961 Q M
Panama Canal 3s g
Registered
General gold 4Ms
conv g notes
3 Ms
O
99% Sale
1
15
83%
86
85
76%
Sept'20
83%
99%
99%
85
85
Chesa A O fund & lmpt 5s.. 1929
1st consol gold 5s
1939
Fourth Liberty Loan
High
Low
No.
High
97% June* 17
....
83
*1987
1
Jan.
74% May'19
90
May'18
70
Am Dock & Imp gu 5s._. 1921
N Y & Long Br gen g 4s.. 1941
Registered
Ask Low
82
1947
89.80 Sale
88.40 Sale
90.22 Sale
1st L L conv. —1932-'47 J
D
2nd L L conv..l927-'42 M N
3rd L L
1928 M S
Last Sale
Bid
Mobile Div 1st g 5a
1946
Cent RR A B of Ga coll g Ss.1937 M
Cent of N J gen gold 5s
1987
Third Liberty Loan
Since
Range or
Oct. 29
Cent of Ga (Concl.)—
Chatt Div pur money g 4s 1951 J
Mac A Nor Div 1st g 5s—1940
High
Range
Week's
Friday
3 a.
Week ending Oct. 29
Jan. 1
Price
fe
N. Y. STOCK EXCHANGE
Since
cq
High
I'35
'
changed and prices are now—"and interest"—except for income and defaulted bunds.
92%
—
—
0O I* D.jo.
1
00
72%
166%
6734
94
Option sat
1736
New York BOND Record—Continued—Page 2
BONDS
W. Y. STOCK
Price
EXCHANGE
Week ending Oct
Week's
Friday
Delaware Lack A West—Concl.
flange
Oct. 29
29
Bid
Warren 1st ref gu g 3M8—2000 F
BONDS
Since
N. Y. STOCK EXCHANGE
or
Jan. 1
Ask Low
High
102% Feb'08
63
a
Range
Last Sale
No.
Low
Leh V Term Rylstgug 58—1941 A
Registered
1st lien equip g 4Ms
1st A ref 4s
1922 J
1943
i
N
M
80
1935 A
10-year secured 7s
O
104
84%
66I2 Sale
66%
67%
117
707s Sale
—
70%
71%
74%
27
73
*
73
84%
92
.1945 M
90
cons gold 5s._M931 Q
1st consol gold 4s
A1931 Q
Sale
82%
90
86
90
79
May'20
77
79
721
72%
64%
91
91
91
72%
92%
63
74%
General gold 4s
1938 J
72
38
56
Ferry gold 4M»
1922 M
91
5
95%
39
54
Gold
80.
99%
70%
75
Unified gold 4s
1949 M
65%
73
Debenture gold 5s
1934 J
74%
61% Sept'20
65% Sept'20
65
67
20-year p m deb 5s
1937 M
67
67%
67
67
59%
68%
Guar
1949 M
72% Sale
72%
74
60
74
70%
July'20
61%
Apr'll
....
37%
40
34
67%
67
67%
July'17
68
58
68%
55
48
56
68
82
78
25% July'16
78
78
9212
50
77
Erie 1st consol gold 7s
N Y A Erie 1st ext g 4s
3rd ext gold 4Mb
95
92
Oct'20
84
92
97
Oct'20
93%
99%
80
Jan'20
80
80
91% Sept'20
91%
92
93
91
5th ext gold 48—
1928 i
N Y L E A W 1st g fd 78—1920 M
Erie 1st cons g 4s prior
1996 J
93
96
....
59
1996 J
«
Oct'20
67%
30%
47
30
34
46%
5334
82%
66%
84
106%
Jan'17
m
m
49%
83%
■mm
.
»
89
87
883.1
mm
79
91
85
Jan'18
61
mm
41
63
88
97
72%
•
Dec'06
54
72
-
70
"89% "93"
75
*4*0"" ~62 "
36
Nov'19
Sept'20
23%
87%
67
"4*8 " "eo"
Jan'17
Oct'20
81%
Sept'20
~40 "
95
"so""
76
Oct'20
70
mm
92
62%
mm
mm
m
m
64
m
.
75
-
-
-
Sale
84%
•
85%
m
mm
mm
m,
Sale
103
100
~
~
J
Registered
1933
Mont ext 1st gold 4s_..1937
Registered
1937
Pacific ext guar 4s £
1940
J
84
J
83
"51% ~56%
95%
83%
96
96%
95%
84%
432
1
20
03
85%
103
99
89%
89%
J
89%
45
83
80
76%
J
78%
76%
1948 A
1922 J
82
1937 J
100
Feb
....
70
9%
73
12
Col A H V 1st ext
g 4s
Col A Tol 1st ext 4s
1948 A
70%
1955 F
68%
Houston Belt A Term 1st
5s. 1937 J
Illinois Central 1st
80
65%
71% Sale
Registered.
70%
Sale
76
958
Loulsv Div A Term g 3 Ms. 1953 J
Middle Dlv reg 5s
1921 F
Omaha Dlv 1st gold 3s...1951 F
65%
1951 F
J
D
Kansas City Sou 1st gold 3a. 1950 A
Registered
1950 A
Lehigh Val (Pa) cons g 48—2003 M
General cons 4Mb
2003'M
75
~ "(52 "
53
58%
65
61%
84%
84%
69% Sept'20
75
90
75
73% Sale
82
80
81
Sale
-
N
~71% Safe"
N
81% Sale
88
70
91%
...
62%
Sale
42
Trust Co certfs of deposit...
43
44
35%
35%
2004
60
Sale
57%
60
56
60
1936
45%
49
60%
45%
45
50
46
25%
32
23
50
52
50
dep
..
5% secured notes
"ext
O
.1916
M K A T of T 1st gu g 5s. 1942
Sher Sh A So 1st gu g 58—1942
Texas A Okla 1st gu g 5s„1943
Missouri Pacific (reorg Co)
1st A refunding 5s Ser A..1965
1st A refunding 5s Ser Ba_1923
1st A refunding 5s Ser C—1926
19751
60
"32"" IIII
A
1945
75
5384
76
73%
82%
68
65
75
8284
Oct'20
82
93
88
88
71%
83%
Dae Jan.
70%
12
683s
87%
73%
72%
51%
76%
77%
75
80%
64
64
2
183
75
78
49%
59
93
74%
89
77
""86 "63% "78*"
63
28
15
27%
Oct'20
17%
30
13
23
31%
25
31%
Jan'20
15
15
76%
19,
76
80
65%
22i
67
93
93
56%
90*4
60
63%
93%
93%
95
Sale
1930
102% Sale
69
91%
102
71
81
Sale
71%
80
Sale
69
1997
1997
69
80
102%
72%
82%
80
68
80%
66% June'20
"73% mi
1942
1998
65
Sale
65
64
Beech Creek 1st gu g 4s. .1936
Registered
Registered
261; 100% 1021
17
63
72*4
69%
82%
10
61%
40;
69
70%
64%
82%
76%
'I
61
66%
65
..-!
65
55
65
66
52%
60
64
54
66
58
Aug'20
58
58
49
Feb'20
49
49%
Jan'20
82%
82%
73
73
"80 " "81 "
1936
68
93«4
63%
1936
2d guar gold 5s
64
86
~64 ~ Sale"
+
Battle Cr A Stur 1st gu 3s. 1989
84
9e
41%
Aug'20
52% May'20
1998
76%
70%
6,
103
387|
64% Sept'20
78%
1934
1934
72
_?!|
76
91% Sale
62%
77 <1
97%
65
63
1935
67
2
68
84
Oct'20
110% Mar'17
65
68.1935
Mich Cent coll gold 3Ms„1998
Registered
1998
""H
64
62%
1998
Registered
12
Oct'20
76% Sale
2013
Registered
63"% "72%
87 4
20%
Lake Shore coll g 3Ms
"20
95%
20
30-year deb 4s
87
95%
"45 "66"" "76"
102%
26
Registered
80
80
31%
Debenture gold 4s
" "79%
76%
86%
25
Mortgage 3Ms
70
91
Sale
Consol 4s Series A
84%
69%
"lO
77% Mar'20
RefAImp4Ms"A
70%
69%
'59% _72 "
1
Oct'20
26
...
60
Oct'20
31
22
89%
51
96% 100
Sept'20
80%
99
99
83%
91%
91%
Sale
77
97%
312
84
74%
99
22
deb
73%
Oct'17
76%
1951
74%
July'14
75%
94%
6
87
1977
konv
89
72%
80%
Sale
Nat of Mex prior lien 4Mb. 1926
1st consol 4s
6
20
Aug'20
New York Cent A Hud Rlv—
82%
64
19
1936
"79"" *87%
Sept'19
71%
80%
70
76
102
6s._.1923
lien 4 Ms. 1957
Nat Rys of Mex pr
Guaranteed general 4s
40
June'19
79%
Sale
64
1947
g
62%
29%
72
68
70% Sale
82%
98%
89% 93%
1938
10-year coll tr 7s
84
Aug'19
82
78,
73
__19
Non-cum Income 5s A
Oct'09
74
a
54%
71
....
J
hl927
20
Oct'18
89
g 5s.
67%
58%
Oct'20
57%
87%
1927
48%
99%
J
gold 6s
4
24
85
O
S
55
62%
91%
89
■
45
67%
83
87%
89
new
53
55
82
83%
87%
N
23
28
60
85
O
1929
50 i
23
"18
Dec'16
76
Rlv A G Dlv 1st g 4s...1933
Verdi V I A W 1st g 5s_—1926
60%
48%
33%
58
_
60%
25
55
91
79%
1938
48%
35%
30%
24
37
76
2d extended gold 5s
46%
17
6
37
S
1948
"(33%
5
60
99% 100
S
N
52%
23%
27%
23%
....
Oct'20
Sale
83
A
42
Sept'20
90% 91
84% 85
57% Sale
A
6s..1920
cons g
52
51
S
"lO
46
67%
62%
...
62%
38
45%
55
D
250
Feb'20
55%
60
68
S
Oct'20
55
69%
...
*85" "92%
Oct'20
35% Sale
Trust Co certfs of deposit.
St Louis Div 1st ref g 4s„2001 A
Mob A Ohio
62%
44
44%
1944
sinking fund 4Mb
91
82%
Dec'16
62% Sale
42
1st ext gold 5s
1st A refunding 4s
48%
88
Oct'20
95
90%
35%
70%
Nov'19
01990
2d gold 4s
N Y Cent RR
88
92
"75" Safe"
...
88%
N O Tex A Mexico 1st 6s—1925
Nov'10
88%
62.
75
NO A N'East ref A imp 4%sA.'52
New Orleans Term 1st 4s
1953
Nov'17
77% Aug'19
73% Oct'20
8734 Oct'20
75
82
1941
4s
46%
82% Oct'20
89% Oct '20
82
91
St L A Cairo guar g 4s. .19
65% July'18
"79" "80"
72
s f
46%
46%
77
1938
5s
Jasper Branch 1st
52
65
80
cons
Nashv Chatt A St L 1st 5s..1928
79% May, 19
88
Friday, latest bid and asked this week,
69
117% May'10
78
2d gold 58
1941 J
North Ohio 1st guar g 5s. .1945 A
Leh Val N Y 1st gu g 4Ms..1940 J
54
Mar'19
53% Sale
Ref A Impt 5s
Apr 1950 J
Kansas City Term 1st 4s
1960 J
Lake Erie A West 1st g 5s
1937 J
80
54
Sept'20
"84~% Sale"
S
J
N
68
60%
June'16
87
-
J
M
1940 J
77
73
64
Ind 111 A Iowa 1st
g 4s
1950
Int A Great Nor 1st
g ext 7s 1922
James Frank A Clear 1st 4s. 1959
Refinding gold 4s„....1951
1st
St Louis Div 5s
87%
68%
75
46
MStPASSMcong4sintgu.l938
Montgomery Dlv 1st
70
+88
Registered
1951 J
St Louis Sou 1st
gu g 48—1931 M
49%
75
74
92
"90" loo"
1951 J
68%
93%
June'16
1951 J
40
75
63
80
Registered
;
1951 J
Joint 1st ref 5s Series A. 1963 J
Memph Dlv 1st g 4s
1951 J
48%
74%
83
80% Nov'16
Registered
48%
Sale
63
Oct'20
Gold
56
48% Sale
Registered
Oct'20
99
65%
34%
Unified A ref gold 4s...1929
Aug'20
79
97%
75%
49%
42
91%
69%
95
91
54
71%
July'20
65
95
Sept'20
48%
63
102
85
Mar'20
91
98
Nov'10
95
Gen con stamp gu g 5s. .1931
65
Mar'10
July'20
75
91
77
70
54
1st ext gold 6s
General gold 4s
65
85%
61
74%
St L Ir M A S gen con g 5s 1931
62%
59%
96
76%
67%
46
'62% "62%
Oct'20
93%
85%
54
Nov'15
"65"" "78%
Oct'20
85%
Sale
71
71
96
89
99
61%
65
*98 " "98"
93
67%
67%
99
90%
92%
N
74%
60
73%
69
a
95% Nov'16
79%
104
Beech Cr Ext 1st g 3MS.&1951
Cart A Ad 1st gu g 4s
1981
73
June'20
56%
Gouv A Oswe 1st gu g 5s„ 1942
Ka A A G R 1st gu g 58—1938
May'16
82
70
83
d Due Feb:
9
*
*88%
98
75
D
62
82%
69%
!
88% Sept'20
97% May'16
77
3d 7s extended at 4%....1938
73
74%
95% Sept'12
76%
77%
72
58
69
Feb'05
Sale
40-year gold loan 4s
July'09
88
..
....
Cent BrU P 1st g 4s
54
1951 J
Bellev A Car 1st 6s
1923 J
Carb A Shaw 1st gold 4s__ 1932 M
Chic St L A N O gold 58—1951 J
37
75
7934
75
General 4s
61%
61%
58% Sept'20
76
67%
Pac R of Mb 1st ext g 4s. .1938
62
~66~~
80%
98% 98%
90% 101
85%
83%
73%
1951 F
" "95" "
90
63%
46
Missouri Pac 1st
78
68
95
"72" "
57%
1951 J
69%
"
101% 104
77% Sept'20
79%
69
63%
66%
Western Lines 1st g 4s
Oct'20
79%
67%
60
Bprlngf Dlv lstg3Ms
75
88
82%
Sept'17
Oct'20
63
97
38.1951 J
1951 J
76
78
80
Sale
104
88
84
"76% "7634
91
77%
95% Nov'19
69
Apr'19
6284 June'20
69
J
65%
'96% 100
98%
82
Mar'20
71
N
58%
5934
Jan'19
Aug'20
Oet'20
82
67
15-year secured 5Ma
1934 J
Cairo Bridge gold 4s
1950 J
Litchfield Dlv 1st gold 3s. 1951 J
13
7
16
79%
98%
97%
71%
•67
73
76
M
J
A
M
J
Q
F
J
F
F
A
78
92
Registered
1951 M
Collateral trust gold 4s...1952 A
Registered
..1952 A
1st refunding 4s
1955 M
Purchased lines 3Ma
1952 J
60%
97
87%
76%
83
"71%
J
Registered
1951 J
Extended 1st gold 3Ms._.1951 A
Registered
1951 A
1st gold 3s
sterling
1951 M
8t Louis Dlv A Term
g
Gold 3 Ma
..
82
gold 4s_.1951 J
1951 J
1953 M
1953 M
Oct'20
77%
75
N
73% June'18
73% Oct'18
1999 J
•
54
73%
M K A Okla 1st guar 58—1942
65% Sept'20
Registered
Registered
10%
45%
75%
60%
73
77
53
73%
56
55
77% Sale
51%
A
94
100
100-%
N
91%
90
103
100
Feb'20
53
75%
O
85
85
52
Dall A Waco 1st gu g 5s. .1940
91%
105
99
100
99
Kan City A Pac 1st g 4s. .1990
Mo K A E 1st gu g 5s
1942
Oct'20
23
86% Sept'20
100% Oct'20
M
99
Apr'20
Oct'20
94
84%
"84" "91"
Oct'20
105
72
F
w
82
96% 106%
90
12
75
100
100
78
102%
67
J
4Mb. 1999 J
L N O A Texas
gold 4s
90%
91%
92
87% 100
104
91
....
97
Feb'20
136% May'06
92
92
83%
II"I
62%
91%
72%
May'20
Oct'20
82
82%
81% Sept'19
53
Trust Co certfs of
"82 " "83""
Sept'20
98% 99% 97
102% 108
102%
1st guar gold 5s
1937 J
Will A S F 1st
gold 5s—1938 J
reen Bay A W deb
ctfs "A"
Feb
92
76%
Mar'20
100
Mississippi Central 1st 5s...1949
Mo Kan A Tex—1st gold 43.1990
83%
~82 "
104
89%
.1934
85%
Sept'19
83
90%
103
M
J
72
refunding gold 4s... 1949
1st A
70
99
"l7
81%
M S S M A A 1st g 4s int gu. 26
99
90% June'19
99%
1921
95%
96% 105%
86
92
Ref A ext 50-yr 5s Ser A.. 1962
Des M A Ft D 1st gu 4s..1935
Iowa Central 1st gold 5s. .1938
Gen
83
1937 J
1951
90%
Pacific Ext 1st gold 6s
1st consol gold 5s..
Dec'19
90
"87"" "89""
94
Stamped guaranteed
1977
Midland Term—1st s f g 58.1925
Minn St Louis 1st 7s
1927
89
"7 "81% ~88"%
Sept'20
5s...1936
cons gu g
"92"% ~96%
June'16
85%
.M952
Gen cons gu 50-year 5s. 1963
La A Jeff Bdge Co gu g 4s
1945
Manila RR—Sou lines 4s
1936
Mex Internat 1st cons g 4s..1977
1st Chic Term
91
82%
"80 "
Dec'19
95%
"84"
73%
Aug'10
51% Aug'20
76
96% Sale
Reduced to gold 4Hs. 1933
1st gold 3Ms
67
June'12
76%
.1933 J
1933 J
Gulf ASI 1st ref A
tg5s..51952
"92"
67
Nov'll
1961 J
Debenture ctfs "B"...
* "55""
Dec'18
60
-
-
50
91
91
62
100%
"54"'
80%
84
—
N Fla A 8 1st gu g 5s
1937
N A C Bdge gen gu g 4 Ms.1945
PensacAAtl 1st gu g 6s.. 1921
SAN Ala
Feb'20
,83
mm mm
-
"'90 *
Jan'18
161
m
52
M
78%
Oct'20
84
LANAMAM Istg 4Mb 1945
L A N-South M joint 4s. .1952
108% 8ept'19
-
—
Kentucky Central gold 4s. 1987
Lex A East 1 st 50-yr 5s gu 1965
Oct'20
"73%
Jan'll
87
80
M
5s. .1946 J
Hender Bdge lsts f'g 6S..1931
Registered
Oet'20
103
57
1961 J
Registered
"7934
61%
30
se
72% Sale
1930 J
Paducah A Mem Div 43—1946
St Louis Dlv 1st gold 68—1921
2d gold 38
1980
Atl Knox A Cin Div 4s_. .1955
Oct'06
95
~86~~ ri¬
A
M
Q
M
J
M
Registered
1940 J
Collateral trust gold 5s... 1931 M
10-year secured 7s
1930 M
Atl Knox A Nor 1st g
45%
82%
J
1933 J
Minn Union 1st g 6s
Mont C 1st gu g 6s
50
45%
52%
82%
mm
J
A
J
.,51921 Q
E Minn Nor Div
1st g 4s__
58%
44%
75
N
Ft Worth A Rio Gr 1st
g 4s. 1928
Galv Hous A Hend 1st
5s... 1933
Great Nor C B A Q coll 4s__ 1921
Registered
60
68%
38
44
ClA?)n
A
58—1930 A
1st consol g 6s
47
June'16
71%
4534
84
J
Florida E Coast 1st 4Ma__ .1959 J
Fort St U D Co 1st
g 4M8..1941 J
Registered
'
73
86
Evansv A T H 1st cons 6s__ 1921 J
1st general gold 5s
1942 A
Mt Vernon 1st gold
6s... 1923 A
Sull Co Branch 1st
1st A ref 4 Ma Series A
49%
73
75%
Mid of N J 1st ext 5s-.. 1940 A
Wllk A East 1st
gu g 58—1942 J
Ev A Ind 1st cons
gu g 6s_. 1926 J
St Paul M A Man 4s
48%
49% Sale
1937 F
1940 F
Registered.
48%
82%
N Y A Green L
gu g 5s
1946 M
N Y Susq A W 1st ref 58—1937 i
g
59%
Oct'20
44%
Coal A RR 1st cur gu 6s__ 1922 M
Dock A Impt 1st ext 5s. —1943 J
Genera! gold 5s
58%
5s.ol932
2d gold 6s
44% Sale
Chic A Erie 1st gold 5s... 1982 M
Cleve A Mahon Vail g 5s.. 1938 J
Erie A Jersey 1st s f 6s
1955 J
2d gold 4Mb
69
con g gu
L Cin A Lex gold,4Ms—.1931
NOAM 1st gold 6s
1930
Aug'19
58%
*
"72""
1953 A
Terminal 1st gold 58—. 1943
Sale
-
-
48
1
Penn coll trust gold 4s—1951 F
50-year conv 4s Ser A—1953 A
do
Series B
1953 A
Genegee River 1st s f 6s... 1957
Long Dock consol g6s——1935
"77"% "79" "
June'20
98%
99%
1949 M
Louisiana A Ark 1st g 5s
1927
Louisville A Nashv gen 6s. .1930
Gold 5s— j.
1937
Unified gold 4s
1940 J
94% Nov'15
96
1st consol gen lien g 4s. 1996 i
Registered
1996 J
4s Series D
86
Oct'20
100
98
refunding gold 4s
Nor 8h B 1st
Oct'20
1920 A
Registered
80
93%
90%
79
M
1923 IV!
4th ext gold 5s
69
92%
105% Mar'08
80
1920 M
1947
10
Sale
1932 J
N Y B A M B 1st con g 58-1935
N Y A R B 1st gold 5s
1927
87%
81i2
4s
Registered
Dec'16
93% June'20
....
Registered
1937 A
Dul Sou Shore A Atl g 6s.-.1937 J
Elgin Jollet A East 1st g 5s. _1941 M
price
Jan'20
98%
7534
1945 M
18
63
Vn
95
103
-309
Dul Mlssabe A Noi gen 5s. .1941 J
Dul A Iron Range let 5s
1937 A
•
92
92
Oct'13
73
33
—1
55
Det A Mack—1st lien g 4s—1995 J
Gold 4s
1995 i
Det Rlv Tun Ter Tun 4MS-1961 M
Registered
98
Oct'20
52
54
3Ma
97%
93
94
.1933 J
High
89%
j
73
Sale
Registered
98%
Lots
1
105
-
J
No.
93
Mar'17
52
55
54
Registered
High
93
113
1933 J
1st tnt reduced to 4s
Leh A N Y 1st guar g 4s
Registered
Long Isld 1st
...
53%
Sale
M tge A coll trust 4s A—1949 A
cons g
Registered
100
92
73^4 Sale
5112
70%
Rio Gr West 1st gold 43-1939 J
Hocking Val 1st
73
87%
99% 103%
65
72%
100% 100%
58-% 68
62% 72%
93
O
97%
Since
55
Rio Gr Sou 1st gold 4s.. —1940 J
Guaranteed
1940 J
'
Leh Val Coal Co 1st gu g Ss.1933
Ask Low
Jan. 1
1928
refunding 5s
Trust Co certifs of deposit—
Rio Gr June 1st gu 6s
1939 J
conv
Leh Val RR 10-yr coll 6a..nl928
86%
Range
or
1955
Improvement gold 5s
Gen
96%
67
8.534
Range
Laxl Sale
O
1941 A
9434
103%
68% Oct '20
100% July'20
100
cons g 43.1936
Consol gold 414s—.——
1936
1st A
80*2
103
72%
Den A R Gr—1st
Oct'20
80
Sale
85
~
Ma
1946
Renss A Saratoga 1st 7s..1921
conv 3
95
96%
8114
95%
.-1930 J
26-year conv 5s
Suaq
Bid
IS:!
Week's
Friday
Oct. 29
29
High
Delaware A Hudson—
Alb A
Price
Week ending Oct
Due June,
h Due July,
n Due
Sept.
83
0 Due Oct.
1
Option sale
1737
New York BOND Record—Continued—Page 3
!
Last Sale
29
Oct.
Week ending Oct. 29
N Y Cent AHRRR (Con)—
Range or
Friday
y. STOCK EXCHANGE
Ask Low
Bid
7214
71
68*4
70
65
Debenture gold 4s
25-year gold 4s
19311M
825s
Registered
Mob A Mai 1st gu g 4s
Mabon C'l RR 1st 5s
86%
83%
84%
84% Nov'19
83*2
~72~%
PhUa Bait A W 1st g
76
87%
Sodus Bay A Sou 1st g 5a. 1924
77
74%
84%
Sunbury A Lewis 1st g 4s_1936
U N J RR A Can gen 4s__1944
80
92
"75% "75"%
Peoria A Pekln Un 1st 63 g._1921
91% Sale
91%
81
80% Sept'20
80%
80%
85
86%
29
75%
87%
66%
67
11
58
71%
41
32
40
43
93%
93%
"47
66
93%
99%
Registered
1931 M
1931 Q
90
4s
1940 J
74l2
98% Nov'18
82
Nov'19
1940 J
70
74% Sept* 20
74%
66% Mar'20
66%
66% July'20
63%
77
66%
70%
J L A S 1st gold
3Ms.._195liM
1952 M
66
20-year debenture 4s___1929 A
81
1st gold 3Ms
Debenture
4s
81%
12
72
81%
80%
13
67%
81%
"72V2 "74"
1931 M
Nov'17
58
69
64
N Y A Northern 1st g 58.1923 A
94
92%
N Y <fe Pu 1st
7112
cons gu g
4s. 1993 A
71%
OgAL Cham 1st gu 4s g_1948 J
Rut-Canada 1st gu g 48.1949 J
97%
52
60
60
Feb'20
53
60
Nov'16
St Lawr A Adlr 1st g 5s
1996
2d gold 6s
1996
Utlca A Blk Rlv gu g 4S..1922
Pitts A L Erie 2d g 5s_._al928
Pitts McK A Y 1st gu 6s__1932
2d guaranteed 6s
1934
West Shore 1st 4s guar__.2361
Registered
2361
NYC Lines eq tr 5s. .1920-22
Equip trust 4Ms._1920-1925
NY Connect lstgu4Ms A..1953
N Y N H & Hartford—
1947 M
Non-con v deben 4s
1947.M
Non-conv deben 354s
Non-conv deben
J
A
J
A
J
J
J
J
M
J
F
1956 M
Conv
debenture 3 Ms
Conv
debenture
"99%
98%
4512...
—
46
56
4512
47
39%
50
87%
13
80
58%
59%
58%
Dec'17
71%
44"
58%
83
48% Sale
47%
60
Aug'13
48%
37
51
34%
46
N
J
M
W A Con East 1st 4MS...1943 J
N Y O A W ret 1st g 4s
01992 M
Registered $5,000 only..01992 M
D
A
Norfolk A Sou 1st gold 5s.. 1941 M N
Norf & West gen gold 6s
1931 M N
Improvement & ext g 6s. .1934 F
A
New River 1st gold 6s
1932 A O
N A W Ry 1st cons g 4S..1996 A
O
Registered
1996 A O
Dlv'l 1st Hen A gen g 4s. 1944 J
10-25-year conv 4s
1932 J
D
10-20-year conv 4s
1932 M
10-25-year conv 4Ms._.1938 M
10-year conv 6s
1929 M
Pocah C A C Joint 4s
1941 J
C C A T 1st guar gold 5S..1922 J
Scio V A N E 1st gu g 4s
1989 M N
Northern Pacific prlof Hen rail¬
way A land grant g 4s
1997 Q
Registered
1997 Q
General lien gold 3s
a2047 Q
Registered
a2047 Q
Ref A imp 4 Ms ser A
2047 J
J
St Paul-Duluth DIv g 4s..1996 J
D
St P A N P gen gold 6s
1923 F
A
Registered certificates.. 1923 Q
A
St Paul A Duluth 1st 5S..1931 Q
F
Paducah A Ills 1st s f 4Ms. .1955
Pennsylvania RR 1st g 4s..1923
General 4Mb
1943
1948
1960
1965
General 5s
1968 J
10-year secured 7s
1930 A
Consol gold 4s
Consol gold 4s
Consol 4M8
D
M
J
J
D
J
N
N
N
A
D
D
O
W 8
F A
Pennsylv Co gu 1st g 4MS..1921 J
J
Registered
1921 J
J
Guar 3 M s coll trust reg A 1937 M
S
Guar 3 M s coll trust Ser B. 1941 F
A
Guar 3 Ms trust ctfs C...1942 J
D
Guar 3Ms trust ctfs D...1944 J
D
Guar 15-25-year gold 4s._ 1931 A
O
40-year guar 4s ctfs Ser E. 1952 M N
Cln Leb A Nor gu 4s g._.1942 M N
CI A Mar 1st gu g 4Ms__.1935 M N
CI A P gen gu 4Mb Ser A.1942 J
J
Alleg Val gen guar g 4s...1942
D R RR A B'ge 1st gu 4s g 1936
Feb'14
Dec'19
74%
11
63%
63
8ept'2()
63
57% 60
60% Sale
57
Oct *20
57
64%
63
60
60%
61%
Sept'20
48
62
82
85
80
64%
102
122
101%
102
"25
100
.1942 A
A
1948 M
1950 F
3Ms B..1940 J
1940 J
Int reduced to 3 Ms. .1942
Series C 3Ms
Series D 3Ms
Erie A Pitts gu g
Series C
4M8.1941 J
Ohio Connect 1st gu 4s
1943 M
Pitts Y A Ash 1st cons 5s. 1927 M
TolW VAOgu 4Ms A..1931 J
Series B 4 Ms
1933 J
Series C 4s
1942 M
Gr R A I
ex
1st gu g
O
O
N
A
J
Oct
'20
77%
100%103
126
Series
Series
Series
Series
Oct *20
77
77%
72%
75
Sept'20
70
75%
76
Mar'20
76
"77% Sale"
96%
103" Safe"
103
79
Sale
79
96%
99
Sale
98%
75
Sale
57
70
"94% 104"%
104%
79
72%
78%
Oct'20
146
69
80%
67%
77
49%
"27
58
59%
*69 " "81%
81
99
Oct8'20
98
96
June'20
96
93%
97
Feb'19
76%
Oct'19
37%
Dec'16
....
72% Sale
75
79
82%
72%
79
73
100%
103% 108
104% Sept'20
105%
71%
78% Sept'20
75
78%
91%
89
June'20
89
93%
81
81%
Apr'20
81%
83%
Sale
81%
82%
11
75%
86%
89% Sale
82% Sale
89%
90
40
83
92%
82%
84%
164
73
84%
91% Sale
91
92
192
82
93%
187
101
82
104% Sale
80%
89
81
98% Sale
105
104%
80% Oct '20
83
Feb'20
98%
68%
68%
72
68
98%
66
73%
71%
73%
67
Jan'20
83
95*4
95%
69%
Aug'20
82
83
97%
97%
69% Mar'20
97%
105
72%
98%
86
97%
69%
73
73%
6572%
77
85
85
75%
70
Sept'20
66
81
67%
80
Feb'20
80
80
84%
82% Oct '20
82%
84%
Nov'19
86
96% May'18
104
Dec'15
84
84
69
96%
Feb'12
70
90%
Dec'12
88%
75
J
S
N
J
J
78%
76%
81
80
Sept'20
93
Mar'10
68
76%
80
*86%
86% Oct *20
87%
85%
85%
84%
85'
80
82% Sept'20
78
Aug'20
80
72% May'20
80
82% Apr'20
73% June'20
D
75
"80%
80
87% Nov'19
80
Mfl Mkefl.
J
J
5
74%
90
4
84%
79%
90
80
it
»—
85%
« Pu< Jan» » Due
82%
78
78
72%
84
82%
•
82%
38
73%
73%
76
mm
76% June'20
85
86%
88%
74%
85*4
91%
"*62%
Jl
66%
60
70
49
67%
19
65
39%
48%
62
54%
55
64%
60%
49%
61
45
63
A
O
60%
58
58
2
A
o!
56%
57
39% Sale
57%
58
12
39
42
142
30
43%
45%
28
38
49
FA!
43% Hale
64
67%
O
S
M
65
Oct
'20 ...J
52
65
64
76%
May'20
Oct '20 --.-1
64
64
98
98
78
81%
84%
98
94
J
1
101
83% 104
Dec '15
80%
80%
80
90
|J 84%
1
J
81%
1929 J
86%
82% Oct '20
89
Oct *20
J
90%
96% May'19
7I84 Sale
71
J
D
J
D
M 8
J D
F A
F A
J
D
A O
58.1931 M N
1931 J
J
102% Sale
99%
73%
75
79
107,
75%
82%
74
30
60%
74%
85
87
93%
94
90
93%
88%
89%
Apr'20
85%
93%
96
96
Sale
85
J
D
J D
A O
J
J
J
J
J
J
M
J
J
F
J
D
A
J
J
J
J
F A
M N
J
J
68"
79*4
62%
73%
77
90
84%
84%
167,
54
65
3l|
50
66%
2
77
71%
90
8
61%
76*4
70%
78
74%
80%
75%
72
73
14
89%
90
109
84% Oct *20
61%
.
63
86
62%
86
86*;
69% Sale
83% 91
62%
63%
62
Sale
86
.
81%
82%
69%
76*4 June'20
74% Aug '20
89
90
89%
89%
81%
69
71
68
68
55
65%
67%
67
90%
92
90
69%
81% Mar'16
55
92%
79%
91
52% Oct '20'
46%
52%
97% Oct
9734100
90
'20'
Oct
July'19'
80%
89%
92
50%
54
97%
98
95%
96
97%
80
85
60
67
80% May'20
65
Aug *19
91
Sale
*20;
97%
96
Apr'20
80%
91
91
91
90%
* *91 "
Feb '20
60
60
102% June'11
95
Jan *20
95
95
84%
90
60
60
90
85
69
*60% ~67 "
67
90
90
88
88%
88%
.£1946
5s...1928
1st refunding g 4s
1952
Union Pacific 1st g 4s
1947
Registered
1947
20-year conv 4s
1927
1st A refunding 4s
02008
10-year perm secured 6s__1928
Ore RR A Nav con g 4s..1946
Ore Short Line 1st g 6S-.-1922
1st consol g 5s
1946
Guar refund 4s
1929
Utah A Nor gold 5s
1926
1st extended 4s_
1933
Vandalla cons g 4s Ser A
1955
Consols 4s Series B
..1957
83
314
Sale
Sale
1926 M
ctfs of deposit
80%
July* 19
89% Sale
1926 *1
s
8
N
J
O
A
J
O
1st cons gold 5s.
1894-1944 F
A
Gen refund sfg4s
1953 J
J
St L M Bridge Ter gu g 5s. 1930 A
O
Texas A Pac 1st gold 5s....2000 J
D
2nd gold Income 5s
02000 Mar
La Dlv B L 1st g 5s
1931 J
J
W Mln W A N W 1st gu 5sl930 F
A
Tol A Ohio Cent 1st gu 5S..1935 J
J
Western Dlv 1st g 5s
1935 A
O
General gold 5s
1935 J
D
Kan A M 1st gu g 4s
1990 A O
2d 20-year 5s
1927 J
J
Tol P A W 1st gold 4s
1917 J
J
Tol StLAW pr lien g 3M8.1925 J
J
50-year gold 4s
1950 A O
Coll trust 4b g Ser A
1917 F
92
80% Aug '20
~62 "
95%
91%
96
72
87
95%
Apr'20
82%
1936 M
Va A So'w'n 1st gu 5S..2003 J
1st cons 50-year 5s__1958 A
W O A W 1st cy gu 4s
1924 F
Spokane Internat 1st 9 5s
1955 J
Term Assn of St L 1st g 4Ma 1939 A
83
82%
95% Sept'20
90
"76
97%
91%
99
95%
S
93
Sept'20!
93%
Mar'19!
83
85%
84%
95% Oct *20
~83% -III
88%
81%
82%
82% Aug '20
93% Oct *20
97%
N
J
J
O
J
N
J
J
J
—
83% Sept'20.
86
J
Nov'18
95
85
O
2
85
85
84%
N
|
*18
100
95
90%
93% 106
65%
78
262
i
73
70%
93%
71%
74
90
Sale
85
73%
77%
Sale
72%
61%
70%
529
102%
74% Sale
N
N
M
58
525
77%
87
...
'20
79
s78% Sale
"79"
89
81
I
72
70% Oct
*
m
6
80
General 5s
Feb. fDooJuno. * Due July, t Due Am,
71%
2,
140
49
66%
Sale
Series F 5s
Vera Onus A P 1st mi
70
86%
'14
Series E 58....
.
86
60
56%
1
29
60
88%
co
67
92% 100
26
I
65%
D
!
Tor Ham A Buff 1st g 4s.
69
92%
67
60
60
60
102
85
j
1
71
65% Sale
65% Sale
91%
70
82
j
Aug '20
86
55%
Ala Gt Sou 1st cons A
Ulster A Del 1st cons g
Apr'20
"83" "88"
85%
85*4 Sale
D
O
J
J
Develop A gen 4s Ser A
1956 A O
Mob A Ohio coll trg 4s...1938 M
S
Mem DIv 1st g 4Ms-5s._.1996 J
J
St Louis dlv 1st g 4s
1951 J
J
Trust
Apr'20
79% May'19
83
J
J
M
HousE AWT 1st g 5s...1933 M
1st guar 5s red
1933 M
H A T C 1st g 5s lnt gu—1937 J
Gen gold 4s lnt guar—1921 A
Waco A N W dlv 1st g 6s '30 «l
A A N W 1st gu g 5s
1941 J
Louisiana West 1st 6s
1921 J
No of Cal guar g 5s
1938 A
Ore A Cal 1st guar g 5s...1927 J
So Pac of Cal—Gu g 5s... 1937 M
So Pac Coast 1st gu 4s g_. 1937 J
Tex A NO con gold 5s... 1943 J
So Pac RR 1st ref 4s
1955 J
San Fran Terml 1st 4s
1950 A
Southern—1st cons g 5s
1994 J
Registered
1994 J
Feb'17
69%
69%
69
O
O
N
D 4s guar
1945 M #1
E 3Ms guar gold. 1949 F
A
F guar 4s gold... 1953 J
*>
G 4s guar
1957 M N
I cons guar 4Ms.1963 F
A
77
Nov'19
S
Wo prlw Fr*^«y: htm 9—
98%
69
75
88% Sept'17
85
85
1970 J
81
98%
Jan'20
83
97% 102%
60%
J
Virginia Mid Ser D 4-5S..1921
83
94
77%
67
69-% Sale
75
83
71%
Sale
86%
N
76%
55
81
100"
67
O
M
65
56
77
99%
O
A
62
77%
76%
56
A
73% Oct '20
75
77% Sale
....
96%
5s.-1943 J
*>
Atl A Charl A L 1st A 4 M 81944 J
J
1st 30-year 5s Ser B
1944 J
J
Atl A Danv 1st g 4s
1948 J
J
2d 4s
1948 J
J
Atl A Yad 1st g guar 4S..1949 A
O
ETVaA Ga Dlv g 5s
1930 J
J
Cons 1st gold 5s
...1956 M N
E Tenn reorg Hen g 5s....1938 IVI
S
Ga Midland 1st 3s
1946 A
O
Ga Pac Ry 1st g 6s
1922 J
J
Knoxv A Ohio 1st g 6s —1925 J
J
Mob A BIr prior lien g 5s. 1945 J
J
Mortgage gold 4s
1945 J
J
Rich A Dan deb 5s stmpd. 1927 A
O
Rich A Meek 1st g 5s
1948 M N
76%
77%
74
"12
Dec'19
67%
General 5s Series A
80
74
78%
77%
76
67%
74
J
POO A8tLgu4HsA_.1940A
Series B guar
1942 A
Series C guar
.1942 M
Series
104%
Nov'16
75%
76% Sale
82
71%
101% Oct *20
102
51
.
Series B
46
32
Dec'13
88%
74
...1955 J
Q
J
J
J
J
M
M
M
F
J
46
64% Sale
60
62%
Norfolk Sou 1st A ref A 5s. .1961 F
1968 J
46
"67% I"I
96%
GlIaVG ANlstgug5s..l924
Sept'17
99%
Providence Term 1st 4s.. .1956
1961
.1946
2d exten 5s guar
70
N
coll)..k 1949
GHASAMAPlst
72
60
(VI
£1949
01929
20-year conv 5s
1934
Cent Pac 1st ref gu g 4s. .1949
Registered..'.
1949
Mort guar gold 3Ms._£1929
Through St L 1st gu 4s. 1954
106% May'15
87
July'14
Oct '20
96
May'17
96% Oct '20
6s. .1930 J
1943 J
Registered
823
56%
39-8
90
AtlA Blrm 30-yr 1st g 4s.el933
20-year conv 4s
55
66%
J
1959! A
Gold 4s (Cent Pac
63
53%
62
Southern Pacific Co—
62%
300
O
Seaboard A Roan 1st 5S..1926
Aug'20
68
A
J
1950
1950
Ga Car A No 1st gu g 5s..
Oct'19
77%
67
81
87% Oct '20
67
Oct '20
Ga A Ala Ry 1st con 5s._ol945
79%
64%
60%
89
01949
1st land grant ext g
62%
17
96% 102
J
Oct' 17
63
68i2
N
A
65
July'18
49
nil ~52%
J
Jan'12
91%
54
J
Gray's Pt Ter 1st gu g 5s. 1947
J
S A A A Pass 1st gu g 4s
1943
Consol gold 5s
107,
8S%
Sale
o
J
bond ctfs.pl989
1932
1st terminal A unifying 5s. 1952
5s
64%
75%
88
61%
Oct
1923 j
45
51%
Oct '20
79%
1.
2d g 4s income
4s
52
D4 Sale
75% Sale
88% 89
67% Sale
J
5s
Seaboard Air Line g 4s
60%
360
60% Oct '20
6
J
61960
1931
1931
St L A S F RR cons g 4S..1996
Southw Div 1st g 5s
1947
K C Ft 8 A M cons g 6s. 1928
K C FtS A M Ry ref g4s,1936
K C A M R A B 1st gu 5s. 1929
St LS VV 1st g 4s bond ctfs.. 1989
55
62%
76%
61%
J
61955
Income Series A 6s
*71 " *87%
171
84%
J
I
Fla Cent A Pen 1st oxt 6a_
44%
51%
50
Prov A Springfield 1st 53.1922
Pacific Coast Co 1st g 5s._
96
1949, J
40%
"44% "73 "
1945 J
1945 J
Oregon- Wash 1st A ref 4s
84
72
Caro Cent 1st con g 4s
45% Oct '20
55% Oct '20
1939 A
1st consol gold 4s
75%
10
Adjustment
53
O
Wash Cent 1st gold 4s
1948
Nor Pac Term Co 1st g 6s. .1933
20
96
Refunding
46
48%
56
N
General 4s
84
95%
52%
45%
N
J
Providence Secur deb 4s. .1957 M
84
95%
97%
79
53
1954 (VI
Consol 4s
84%
94
65%
Sept'20
4512
4312
J
M
New England cons 5s
77
Sale
J
45
79
60
Boston Terminal 1st 4s
J
o
Gold 4s stamped
N Y Prov & Boston 4s... 1942 A
NYW'chesAB 1st Ser I 4Mb *46
86
J
73
94%
52% Sept-20
8
J
;
Con3ol gold 4s
76
64
16
45
HousatonlcRy cons g 5s.. 1937 M N
Naugatuck RR 1st 4s
64%
97% June'20
8
1956 J
Cent New Eng 1st gu 4s..1961
Hartford St Ry 1st 4s
1930
10
"95"%
Feb'19
78
1955 J
B A N Y Air Line 1st 4s.. 1955 F
82
95%
73%
Oct '20
78i2 Sale
1930 F
1954 J
Harlem R-Pt Ches 1st 4s. 1954 IVI
93%
82
Jan'09
99%
79
Non-conv deben 4s
Non-conv deben 4s
73
72
45
Non-conv deben 4s
Cons Ry non-conv 4s
73%
81%
1997
Registered
1997
Jersey Central coll g 4s
1951
Atlantic City guar 4s g.._1951
St Jos A Grand Isl 1st g 4s. .1947
St Louis A San Fran (reorg Co)
General gold
93%
'20
95% June'20
73% Sale
1956 'J
1948 J
6s.
Jan*20
Oct
130%
98
1955 J
Non-conv deben 4s
82
100
3Ms..._1954lA
Non-conv deben 4s
93%
83%
1943
1st consol gold 5s
Reading Co gen gold 4s
St Louis A San Fran gen 6s.
Nov'16
103
95
Apr'20
97% Dec '17
Cum adjust Ser A 6s
95
40%
91%
91%
91%
93%
71%
'20
44
Dec' 17
85%
1928
Oct'19
60
50
41
1950
71
'93
J
1950
Aug'20
78
50
J
O
Prior Hen Ser C 6s
101
71%
Philippine Ry 1st 30-yr s f 4s 1937
Pitts Sh A L E 1st g 5s.....1940
Prior Hen Ser B 5s.
77
97
97%
Rutland 1st con g 4M8...1941 J
J
Prior lien Ser A 4s
60
R W & O con 1st ext 5s._ftl922 A
1956
64~~
71%
Oct
N
M
85% Sale
66
67%
92%
May'15
Jan
70%
J
"
64
Jan'20
102
1956
92%
May'20
113
97
64" "75"
Feb'16
89%
Pine Creek reg guar 6s___1932 J
"27
74
73
N J June RR guar 1st 4s.. 1936 F
N Y & Harlem g 3 Ms
2000 M
61921
2d gold 4Ms
1st Series B 4s
79
79%
83%
4s..l943
Pere Marquette 1st Ser A 5s.
Aug'17
85
1937 A
Registered
93%
80%
Sale
79%
N Y Chic A St L 1st g 4s.. 1937 A
99
82%
69
93% May'20
86
96%
78
I
71%
85
Registered
High
Low
96% Oct -'20
78
May'20
98
96
No.
High
Ask Low
1
Jan.
65
1934 J
Michigan Central 5s
Since
Range or
Last Sale
Bid
Pennsylvania Co (Concl.)—
C St L A P 1st cons g 5s. .1932
High
Range
Friday
Oct. 29
29
Week ending Oct.
65
Jan'20
75%
N. Y. STOCK EXCHANGE
Low
2
Aug'20
85%
85U Sale
1931 M
1991 M
Registered..
No.
High
71
69
1997 J
1928 M
Lake Shore gold 3Ma..... 1997 J
BONDS
Since
Jan. 1
Week's
Price
Range
fa
!a
Week's
Price
BONDS
«.
104% Dec '16
84% Sept'20
92
79
85
55
Oct '20
Aug '20
85
70
64%
69
84%
80% June'20
70
Oct '20
80%
R0%
70
70
Sept'20
79
83
60
80%
85
83
89
89%
87% Oct '20
80%
87%
71%
73%
73%
73%
62%
74%
81
85
75%
85
52%
55
83%
93%
80%
86
89
81
82
Sale
82
82
55
53
70
July'20
"79%
Apr'20
86
May'18
65%
70
106% Nov'04
83%
90
75%
82
93% Oct '20
77% Apr'20
72
80
65
66
69
69
75
89
85
85
74
81
42%
e6
May'20
July'20
64%
68
82
85%
Sept'20
52
52
36
Feb '19
81
Oct
55
54
18% Mar'16
18
Aug'18
19
52
"81
82
85
52
80% Sale
'
8234 Sale
98i2 Sale
88%
89%
103
66
81
65
95
103
79%
43
66%
98%
98%
3
90
82
89
89
74
86
89
28
88%
78%
Sale
25
78%
100%
88%
IIII "80~
178
76%
99
78is Sale
77
84
75%
£9% Sale
85%
77
269
June'20
82%
75% Sale
24
74%
81%
80%
77
882
'20
55
65
63
77%
73
80
34%
54
"8"
82
62%
69
Sept'20
"82~%
40
81%
77%
65
July'20
Oct '20
83%
89
"38
74%
85
1
84%
92%
20
28
Feb *18
80*4 Dec *19
80% June'18
9M
0"t. ">n
oDooOot. » Due Not. < Due
81
96*4 101
82
93
Deo. s Option sale
1738
New York BOND Record—Concluded—Page 4
BONDS
N. Y. STOCK
Week
Price
Range
BONDS
Range or
Since
N. Y, STOCK EXCHANGE
Oct. 29
bast Sale
Jan. 1
Week ending Oct. 29
Bid
Virginian 1st 6a aeries A—.1962 M
Wabash 1st gold 6s
1939 M
2d gold 6s
—1939 F
Debenture series B
Week's
Friday
EXCHANGE
ending Oct. 29
Ask Low
85
Sale
873*
95%
6912 Sale
Om Dlv lstg 3Hs——'
Tol&Ch Dlv g 48
1941 A
5112
1941 ;M
59
Wash Terml 1st gu 3Hs
1st 40-yr guar 4s
1945|F
69%
1945:F
75
West
1952 A
57%
86%
Maryland 1st
g 4s
West N Y & Pa 1st g 5s
Gen gold 4s
Income 5s
----
85
,
7o7jSl
1937: J
1943 A
A 5s—1946 M
...
73%
59
86%
64%
63
^
23
....—pl943! Nov
Western Pao 1st
58%
...
Oct'20
73
84
Wsetchester Ltd gold 5s—.1950 J
88%
88%
Adams Ex coll tr g 4s
1948'M
Alaska Gold M deb 6s A—1925 M
Conv deb 6s series B
1926 M
90
Aug '18
97% July'19
70% Nov'19
88% Mar'20
80
Aug '12
53
July'20
74% Oct *19
69%
69%
68%
86%
if" "55"%
36
66
86%
86
Wheel Dlv 1st gold 5s
1928 J
J
82
85
84
Exten A Impt gold 6s
1930 F
A
63~
S
jM
60%
"22
72%
6
1st Ser C 6^8 (ctfs)
69
73%
61
74%
O
N Y Dock 50-yr 1st g 4s
34%
31%
45
66
68
1951
Niagara Falls Power 1st 5s.. 1932
Ref A gen 6s
a 1932
Niag Lock A O Pow 1st 5s—1954
66%
Sale
42%
39%
66
Apr '20
90
80
May'18
60
48%
40% Dec '19
66%
55"
68
55
68
50
60
50%
56
23
28
57%
70%
60
68
53
.Oct'20
I
I
54
Oct'20
24%
Oct'20
58
69%
66% June'20
77
July'i9
24
67%
Sale
Sale
53
68%
18% Sale
52% Sale
57% 58
57%
58
70
Jan '20
22%
17%
22%'
51%
58%
58%
'70'
349
64
68
68
53%
13
63%
25%
73
78
24%!
Conv deben 5s
23%l
41%
58
59
49%
60
49%
60%|
46
43
Sept'20
40
29%
21
June'20
21
40
39
40
Mar'20
40
54
Refunding A exten 4*4s—1931 J
Montreal Tram 1st A ref 5s. 1941 J
Dec '19
94
92
Apr *20
80
64%
61
20
O
5
6%
St Louis Transit gu 5s
United RRs San Fr 8 f 4s
Union Tr (N Y) ctfs
74
77
75
Debenture 5s.
19%
32
31
Int
6%
5
Oct'20
4%
7%
j
1927 J
Columbus Gas 1st gold 5s. .1932
Consol Gas 5-yr conv
7s...1925
Cons Gas ELAP of Bait 5
yr 5s'21
Detroit City Gas gold 5s— —1923
Detroit Edison 1st ooll tr 5s. 1933
1st A ref 5s ser A
50
52%
30
35
79
82
78
78
O
91
93
90%
'20
73
84
92
63%
47%
50
31
29
Oct'20
29% 29%
29% Sale
29
30%
74
29
31
40.,
J
66
68
68
D
75
O
Oct'20
N
70
West
Beth Steel 1st ext
July%0
81
87%
June'19
101%
1
"18
206
96% 10134
95%
Elk Horn Coal
87%
87%
82%
95
81
76%
90
Illinois Steel deb 4V*s
Indiana Steel 1st 5s........1952 M
80
82%
81
75
80
94
Feb '18
100
Fob '13
77
85%
81% Sept'20
80%
84%
90
85
90
89%
75%
77
69%
75%
82%
87%
95
S
85
99%
87%
85
77
80%
85
78%
80
81
66
Sale
85
78
N
S6%
Pacific G A E gen A ref 5s.. 1942 J
Pac Pow A Lt 1st A ref
20-yr
5s International Series... 1930 F
6s. 1943 A
Refunding gold 5s
1947 M
Ch G-L A Coke 1st gu g 5s 1937 J
Con G Co of Ch 1st gu g 5s 1936 J
Ind Nat Gas A Oil 30-yr 5s 1936 M
Mil Fuel Gas 1st gu g 5s..1947 M
Philadelphia Co conv g 5s.. 1922 M,
Stand Gas A EI conv s f 6s„ 1926 J
Syracuse Lighting 1st g 5s..1951 J
Syracuse Light A Power 5s. 1954! J
_
G
A
El
1st
g
UtahJPower A Lt 1st As
•
1944 F
87%
80% Sale
Oct'20
67
86%
86%
80
74%
58%
Sale
69
13
"85
-
-
•
"89"
*
»
89
75
s
5slreg
80%
.
4.
-
«
.
—
-
-
"75%
79%
s
91
60
70%
88
81
97
65%
100%
Nov'18
95% 100%
80
79
84%
99%
86%
75
Jan'20
99%
Oct'20
81
105
105%
85%
85%
15
107
99% 111
77
89%
100
23
110
82
92%
82
82%
76
88
91
July'20
91
89
88
Oct'20
88
97%
96%
89%
90
Oct'20
83
93'%
84%
93
82%
93%
82%
Oct'20
82%
93%
85
90
90
85
....
89
86
86
87
93%
99%
91
87
86
Sept'20
87
88
55
74
84%
68
96% 103%
81%
82
98%
99
77%
78
98
98%
201
95%
92%
96%
92%
Oct'20
13
93
13
90%
94%!
94
94
90
76
98%
97%
105
95%
92% 101
93
97%
10
85*4
97%
29
76
89
75%
86%
93%
94
90%
83
77% !
80
74
87%
78%
89
80
76
76
28
80%
79%
82
90
89
89
79%
80%
*74 " "84%
July'19
87
91
"79"" *94%
14
70%
81%
S
4
M
D
90
A
76%
78%
76%
78%
78
95%
A
71%;
71%
72%
75%
69%
74
D
68%
73%
70
76
D
90
98
Feb'19
O
78%
79
Oct'20
N
8884
D
94
O
S
s
;
90
93%
79
N
8
Sale
82%
86%
"io1
89%
"94%
6
"70
73
95
90
90
2
93
94
326
93% Sale
86%
Oct'20
~85 "
88%
72
80
93
88%
88
99%
99%
80
87
54
73
88
62%
77%
72%
80%
69
85
93%
92
99%
87
87
67%
67%
82% Sale
82%
80% Sale
80
83%
80%
J
85%
82%
96
Mar* 19
65%
J
83%
75
67
8ept'20
86% Nov'19
77% Sale
A
99%
83%
80%
91
_76% ~86%
J
D
79
80
Aug'20
80%
86%
68%
67%
78
77%
Sale
96%
97%
87
101% Sale
99%
83%
101%
Oct'20
565
64%
Aug'20
68%
Jan'18
97
84
67%
J
80
85
80%
88
J
98
95% 101%
81%
96
60
64%
v
"70" "86*%
80%
Apr'16
"82~% "96"
N
80% Sale
90% Sale
72%
81%
A
89%
91
37
84
96%
85% Sale
85
85%
18
81
81%
81%
82%
25
J
83
84
83%
84
76%
78%
70%
88%
J
J
1938 J
86%
J
J
A
77%
79%
21}
70
Fund A real est g 44$s
Mut Un Tel gu ext 5s
1950 M
N
1941 M
N
Northwest Tel gu 444s g
1934 J
Am.
93%
...
S
g 4s__2397 Q
cur 5s
78%
S
Registered
2397 Q
Oumb T A T 1st A gen 5s. ..1937 J
West Union coll tr
84
83%
Aug'20
75
70
D
Pacific Tel A Tel 1st 5s.....1937
South Bell Tel AT lstsf 58.1941
93%
79%
79
83%
76%
86%
Cent Dlst Tel 1st 30-year 5s .1943 J
Cable 1st
"92"%
72%
17
90
89%
92%
75
Dec'14
75%
78
70%
1949jw
1st 5a_. 1935 J
Mich State Teleph 1st 5s
1924 F
N Y Telep 1 st A gen s f 4 ^s. 1939 M
i
30-year deben s f 6s.Feb 1949 F
I
101
J
N
.1933 M
1946 J
4^s
~85% IIII
93% July'19
91% Nov* 19
SO
! Keystone Telephone
92
'67% *70*
July'20
76
t 5s
Sale
D
O
| Commercial
j
85
Sale
30-year temp coll tr 5s
7-year convertible 6s
1925 F
Bell TelePh of Pa s f 7s A..1945 A
70%]
71%
33
79
76
72%
Telegraph & Telephone
Am Telep A Tel coll tr 4s—1929 J
Convertible 4s
1930 M
No price Friday; latest bid and asked. aDue Jan; &Due April. «Due May. gOue
June. kDwJdy,
95%
88
105%
78
1931 M
1953 J
Va Iron Coal A Coke 1st g 5s
57
85%
■
84%
89
dl963 M N
f 5s
81
75%
Oct'20
97% May* 17
67% Aug '20
98% Oct '17
92
dl963
89
May'19
90%
88
..80%. Sale
f lO-00-year
Utah Fuel 1st
Mar'17
91%
85
Corp—(coup
Victor Fuel 1st
"88"% "89"
71%
71% Oct'20
69% 100
Apr '17
•*
f 5s 1936 M
71%
72%
70%
-
conv s
78%
Sept'20
66
.68
U S Steel
July'17
89
-
1926 J
A
89
77% *Oct'20
105
*.
Sale
N
St L Rock Mt A P 58 stmpd.1955 J
Tenn Coal I A RR gen 58..1951 J
s
16
81
89
^
"69"
89%
20-year conv
S3
O
53—1949 M
Union Elec Lt A P 1st g 5s.. 1932,M
Refunding A extension 5s.J933,M
United Fuel Gas 1st s f 6s__ 1936 J
77
89
Apr '20
78% May'20
7S
1949 M
con3 g
Feb '20
!
Corp unifying A ref 5s...1937 M
J
A
65%
95
Oct'20
Oct'20
^
92% Sale
94
96
Pleasant Val Coal 1st s f 5s_1928 J
Pocah Con Collier 1st s f 5s .1957 J
Repub IAS 10-30-yr 5s s f.1940 A
j
Ed Elec III 1st cons
g 5s..1995 J
77
June'20
104% Apr '17
83
Oct'20
D
A
con g 53.1930 F
Pacific G A E Co—Cal G A E—
Trenton
83
D
1948 J
1949 F
Pat A Passaic G A E! 53
Mldvate Steel A O
89% Sept'20
NYAQ El LAP 1st
85%
92% Dec *19
77
Peop Gas A C 1st
77
"8*7" IIII
O
1925 J
1940 A
6s
Lackawanna Steel 1st g 5s..1923
1st cons 5s series A
1950 M
Lehigh C A Nav s f 4H A.. 1954 J
Sept'19
1925 M
conv
Jeff A Clear C A I 2d 5s
Oct'20
91
1997 A
1948 J
1932
gl920 M
95%
S
Purchase money g 4s
f 5s
s
79
'20,
S
NYGELHAPg5s
Susq Iron
1936
79
Apr
41940 M
Newark Con Gas g 5s.
1942 M
guar A
A Imp s f 5s
Col Indus 1st A coll 5s gu._1934 F
Cons Coal of Md 1st A ref 5s 1950 J
Eq G L N Y 1st cons g 5s
1932 M
Gas A Elec Berg Co c
g 5S..1949 J
Havana Elec consol g 5s
1952 F
Hudson Co Gas 1st g 5s
1949 M
Kan City (Mo) Gas 1st
g 5s.1922 A
Kings Co EI L A P g 5s
.1937 A
J
83
Oct 20
84
J
87
O
75
94%
99%
J
f 5a.. —1926
s
100
N
" "80"
93%
Debenture 5s
Cahaba
" M Co 1st gu 6s..1922 J
Colo F A I Co gen s f 5s
1943 F
87%
1927 hi
10
89% 100%
89% 100%
87
100
95% Sale
Dec..._1922|J
89
Ed El 111 Bkn 1st con
g 4s. 1939 J
Lao Gas L of 8t L Ref A ext 5s '34 A
79%
79
45
98% Sale
7s...1922
81
Milwaukee Gas L 1st 4s
91%
90
98%
98%
77% Sale
deb g 5s 1924
82
100
89% Sept'20
Oct'20
91
87
80
95% Apr '20
81%
Dec'18
100
86
82
78
J
O
97%
88
20%
Sept'15
J
O
81%
89%
91%
Buff A
II— "73%
97
68
46
Coal, Iron & Steel
J
A
67%
82%
86
D
74%
83%
88
1st A ref 5s series A......1947
1st 5s
73%
Sale
81% Sale
Electrllc
91%
119
74
90%
Aug'20
70
90%
117
73
Oct'20
92%
Sale
75
1
""l4j
80
88%
77%
79
N
Sale
"351
Oct'20
91
30
30%
31
21
101
83
63
.
77%
87% 100
99%
89%
73
88%
90
79
117
79
100
10-year 7^s.
1930
U S Smelt Ref A M conv Rs.1926
Va-Caro Chem 1st 15-yr 58.1923
Conv deb, 6s
..._«1924.A
21%
76
79%
93%
105
1951
sec
'
73
87
U S Rubber 5-year
50
Aug'20
117
96
1944
62
79
88
N
1
92
100
Apr '20
"90
93
79
95%
89
79
93
79
1st'A ref 5s
97
91
96%
93
88%
65%
20-yr p
101% Sale
"98%
80%
78%
79
85
J
84%
87
91
82%!
85
91%
78
70
81
89
86
Sale
Union OH Co of Cal 1st 5s__1931
75%
69%
90
89% Sale
...1930
conv
75%
53%
90
87
73
66%
80%
90%
76% Sale
Oct'20
J
69%
94%
July'19
117
76
J
65
85%
76%
Oct'20
93%
92%
78
85%
84%
63
77
80
80
88
82
70
68%
93%
77
76
70
U S Realty A I
June'17
J
86
80%
80%
78% July'20
86
1951
Stamped
"5*0" "50"
34
47%
N
85
08% Sale
N Y Air Brake 1st conv 6s.. 1938
Standard Milling 1st 5s
1930
Union Bag A Paper 1st, 5s._ 1930
37
87%
Sept'20
70
80
56%!
75
91
May'19
50
80
37%
19%
17!
298
49%
M
63
Nat Enam A Stampg 1st 53.1929
Nat Starch 20-year deb 5s..1930
National Tube 1st 5.3.......1942
July'17
Sale
103
68
94% Sale
84%
95
96%
Sale
F
75%
1947
A
conv ser
82
J
Purchase money 6s
Convertible deb 68
f
s
5s
Dec'19
32
Q
85% 87
80% Sale
M
102%
90% Feb '17
51
J
68
93
1935
sfg5s
conv
1st A ref
Electric Light
Stamped
Paper
55
...
Apr'14
June* 10
93
Ingersoll-Rand 1st 5s
.1935
Int Agrlc Corp 1st 20-yr 58—1932
20
94
68
83%
86
5812
85%
.1952
....
66
29
95%
93
...Feb 1940
29%
30
Atlanta G L Co 1st g 5s
1947! J
Bkly Edison Inc gen 5s A.1949 J
Bklyn Un Gas 1st cons g 5s. 1945 M
Clncln Gas A Elec IstAref 5s 1956 A
Columbia G A E 1st 5s
1927 J
_
20-year deb 6s
27%
O
1927
Oct'20
89
79%
76%
72%
29;
Oct'20
4^s..i1930
65
dep......
Qat and
E I du Pont Powder
69
69
69
83%
102
Oct'20
Liggett A Myers Tobac 7s..1944
45
95
93
General Baking 1st 25-yr 6s: 1936
Gen Electric deb g 3Hs
.1942
60
N
94
90
89% 91
90% Sale
Lorlllard Co (P) 7s._
5s
1924
88
95%
67
90
7%
56%
60
81%
86
80
90
95
78
68
Sale
85
Sale
59
70
Oct'20
79%
83%
70
45
41
84%
91
68
30
Equit Tr (N Y) Inter ctfs
Ta Ry Pow 1st A ref
5s._.1934 J
42
"9412 I
July'19
July'19
Jan
6
Apr'20
Cent Leather 20-year g 5s.. 1925
sol Tobacco g 4s..
..1951
26%
5%
5%
80
108
70
88
Am Writ Paper s f 7-6s
1939
Baldw Loco Works 1st 58—1940
Cent Foundry 1st s f 6s.... 1931
51%
76%
F
J
105
92
Sale
1951
56%
68
100
136
86%
1944
—
56
56%
N
Income 6s
1948
United Rys Inv 5s Pitts
Iss—1926
United Rys St L 1st g 4s
1934
Am Tobacco 40-year g 6s
Gold 4s.
64
N
M
82%
83%
91
1924
60
M
71
70%
F
1931
Sale
4^8.1962
Portland Ry 1st A ref 5s
1930
Portld Ry LtA P 1st ref 5s. 1942
Portland Gen Elec 1st 5s. 1935
St Jos RyLH A P
lstg 5S..1937
12
"34
83%
May'20
95
"
82
J
A
1928
—
28%
30
28
26% Sale
6%
7
—
M
8t Paul City Cab cons
g 5s..1937 J
Third Ave 1st ref 4s
.I960 J
Adl Income 5s.
al960 A
Third Ave Ry 1st g 5s
.1937
Trl-City Ry ALt 1st s f 5s.. 1923
Undergr of London 4Hs
1933
57
...
92"
Oct'20
69
60
....
1942jJ
74
Sale
69
New Orl Ry A Lt gen
4^s__1935! J
N Y Munlcip Ry lstsf 5s A.
1966! J
N Y Rys 1st R E A ref 4s
93
79%
67
65
98
92
1st 25-year s f 5s
.....1934
Cuba Cane Sugar conv 7s.. 19301
Distill Sec Cor conv 1st g 5s. 1927
67
20
27
~
65
6
72%
74
84
2
24
105
83
Corn Prod Refg s f g 53—...1931
25
Oct *19
42
....
-!
'"ie
67
Am Sm A R 1st 30-yr 5s ser A '47
Metropolitan Street Ry—
Lex AvAPF 1st gu
g 5s.. 1993 M
Met W S El (Chic) 1st
g 48.1938 F
Milw Elec Ry A Lt cons
g 5s 1926, F
84%
85%
Industrial
Am Cot Oil debenture 5s
10
59
&
Am Agric Chem 1st c 5s
55%J 1042
58%
104%
96%
71%
83
Wilson A Co 1st 25-yr s f 6s. 1941 A
10-year conv s f 6s
1928 J
11
62% "361
162
23%
25
78
Apr '201---
75
80%
94
Pub Serv Corp N J gen 5s__ 1959 A
Tennessee Cop 1st conv 6s..1925 M
Wash Water Power 1st 5s.,1939 J
Manufacturing
61%
18%
17
73%
82%
118
Mar'18
791
83
79
20
10
j
66%
66
68%
58
24
89%
73%
72%
75%
71
90
Nor States Power 25-yr 5s A 1941 A
Ontario Power N F 1st
5s..1943; F
Ontario Transmission 5s
1945 M
Sale
Feb* 18
89
1941 A
60
75
Bway A 7th Av 1st c g 5s. 1943'J
Col A 9th Av 1st gu
g 58—1993 M
72% Sale
1943 J
35
21
O
104% 105
96% Sale
1940 M
45
58
1990 A
75
Morris A Co 1st 8 f 4J^8
1939 J
Mtge Bonds (N Y) 4s aer 2.1966 A
10-20-year 58 series 3
1932 J
f 5a__1953 M
Certificates of deposit
30-year ad J In c 5s
_al942|A
Certificates of deposit...:...
N Y State Rys 1st cons
...
38
61-% Sale
23% Sale j
74%
4s. 1990 A
74
62%
4
85%
90
89
72
"79% Sale"
84% 86
80% Sale
84% Sale
f 5s
79%
74
Sale
82
31%
60
5s..1966; J
72
Computing-Tab-Ree
8
70%
84%
58
71
a f Pa.-1941 J
GranbyConaMSAP con6sA1928 M
Stamped
.....1928 M
60%
21
68
—
85%
90%
89%
72%
Great Falls Pow 1st
Int Mercan Marine
50
61
60%
I
21%
J
1932 F
76% Sale
1963 J
38
68% Sale
60
63%
—
102
Chile Copper 10-yr conv 7a-1923 M
Coll tr A conv 6a ser A .—1932 A
"eo%
31%
47%
46%
42%
J
NY A Jersey 1st 5s
"88
31
64
F
1
99
—
31%
15
coll 4148.19561 A
Certificates of Deposit...
Interboro Rap Traa 1st
s
72
54%
Interboro-Metrop
Stamped tax-exempt
72
66% Sale
1957j F
Manila Elec Ry A Lt
73%
II
66%
Ft Smith Lt ATr 1st
g5s_..1936 M
Hud A Manhat 5s ser A
cons g
60%
—.
J
1957
45%
69
....
Adjust income 5s
84
69
73
Chicago Rys 1st 5s
1927
Conn Ry A L 1st Aref
g4Hs 1951
Stamped guar 4^s
1951
Det United 1st cons g 4Hs._1932:
17
84
76%
Sept'20
60%
44
Nassau Elec guar gold 4s. 1951 J
62%
18%
17
84
63%
72
40
.
18
20
Building 5s guar tax ex..1900 A
Chic C A Conn Rys s f 5s...1927 A
Chic Un Sta'n 1st gu 4)^s A.1963 J
54
5:
90% Mar'17
Oct'20
Sale
95
8
Sale
17
N
1920 M
45% Sale
BklynQCoAS IstSs—1941IJ
Bkiyn Un El 1st g 4-58—1950 F
Stamped guar 4-5s_._-.1956 F
Kings County E 1st g 4s__ 19491F
Stamped guar 4s
1949 F
62%
16
4Ji8 '39 J
31% Sale
—
62% Sale
•
a f 6a
Montana Power 1st 5s A
Certificates of deposit
Certificates of deposit stmp'd
Bk City 1st cons 5s„ 1916-1941
Bk Q Co A 8 con gu
g 5s__1941
9
S
92% |
92
61
Sale
31
High
95
S
86
81
Sale
71%
N
Low
Oct'19
|
10
72
J
Street Railway.
Brooklyn Rapid Tran g 5s.. 1945; A
1st refund conv gold 4s
2002 J
3-yr 7% secured notes—*192l!J
Manhat Ry (NY)
"
88
84%
69% I
59% j
69
1949,M
Winston-Salem 8 B 1st 4s..I960 J
Wis Cent 50-yr 1st gen 4s
19491J
Sup A Dul dlv A term 1st 4s '36
58
88
No.
Nov'19
----
89
47
60
S
RR 1st consol 4fl
High
Mar'20
87
Braden Cop M coll tr af 6a_. 1931 F
Bush Terminal lat 48—
1952 A
Consol 5s
.1955 J
69%
64
85
95
Atlantic Fruit conv deb 7a A 1934 J
Booth Fisheries deb a f 6a.—1920 A
14
59%
86%
84%
85
Refunding 4Hs series A..1906 M
" "72"
69%
Oct '17
84% Sale
£
Ask Low
80
77%
..1957JJ
Am 83 of W Va 1st 5s
Armour A Co 1st real est
63
0
g 5s
A Elec ref 5s.
Miscellaneous
Oct'20
62
Utlca Elec L A P 1st g 5s.—1950 J
I Utlca Gas
Since
Jan. 1
79%
91
Range
or
Last Sale
73
86%
79
1
•is
Week's
Range
29
Bid
Gat & Electric Lt—(Concl.)
,
72%
34
1926 j A
ser
Wheeling A L E 1st
High
32
89%
83%
1939,J
1st lien equip a fd g 5s
1921 M
1st lien 50-yr g term 4s.-.1954 J
Det A Cb Ext 1st g 5s
1941 J
Des Moines Dlv 1st g 48—1939 J
No: Low
85
87%
89
817s
79
High
{ 83%
Price
Friday
Oct.
J
86%
86%
77% Sale
-
-
-
97
-
79
!
1
10
80%
134
85%
86%
81%
101% Sept'17
94#
Nov'16
Oct. pDue Nov. #Due Dee.
• Option sale.
BONDS
BOSTON STOCK EXCHANGE-Stock Record
•ES—
PR1
Tuesday
Wednesday
Thursday
Friday
5.
Oct. 26
Oct. 27
Oct. 28
Oct. 29
130
68
67
6734
*87
36"
*87
....
35U
3512
*48
49
48
48
135
135
135
*.10
....
*2i2
3
*2U
314
....
*2l2
31*
*2U
66
331
66
33
69
33l8
63
64l2
325s
*82
82
82
*82
83
83
*82
24ig
*80
51
51
51
4T2
*41
82
*50
83
83
28
Jan
38i2 July
Too
39
Jan
6
49
Oct 21
40
Oct
50
Jan
100
124
Jan 28
143
Marl5
130
Sept
168
Jan
Nov
8
Mar
5
100
Jan
8
71
Aug 31
86
Jan
2
68
Jan 12
72
60
Jan
3
75
86
Jan
6
Norwich & Worcester pref. 100
23i2 Feb 11
80
July 9
77
July 21
*24
25
89
Old Colony
100
73
IIIlOO
15
Jan 20
Massachusetts! 100
Vermont <fc
""344
"50"
pref
Rutland
Sept'20
4li8
50"I2
100
Northern New Hampshire. 100
79
Do
189
July
Feb
June
June
90
110
84
78i2 July
Mar
Jan
597s Dec
83
2514 Dec
Sept 27
37i4Sept24
4034 July
9912 Aug
Dec
86
July
7
94
Oct
Apr
2714 Oct
1
x7\
Dec
105
5
Jan 31
15
Dec
Oct
Jan
May
Jan
Apr
June
115
86
8
23
70
June15
87
38
May 17
45»4 Jan
so
48
July
7
55i2 Jan
!!
pref
Feb
Jan
70
Mar 30
SO
West End Street
Jan
30
135
132
9938 Mar
____100
NYNH4 Hartford
11
2% Nov
Oct
Mar
Oct 11
3
_no par
70o
Dec
312 Nov
7
pref..
Dec
10c
Oct 20
25c
20
25c Oct
11
114
25
50i2
Sept 14
132
2
*82
83
*50
51
40
Jan 30
8
41
Feb 11
3*4 Sept 21
335
32i2
81
Last Sale 77
*80
41l2
30
130
50
64
32
82
*24
25
*24
24l«
..
41
413
*6212
3212]
83
84
Jan
100
Maine Central
Mar'20
32
*82
83
97
Do
pref
100
Georgia Ry & Elec ertampd.100
Do
pref
100
12
19
82
83
243
64
*62l2
32 78
*82
Apr
Deo
Chic June Ry<fc U S Y.__
76
Last Sale 10334 Oct*
Last Sale 72
80U
85
Bost <fc Wore Elec pre.no par
Sept'20
*73
76
Dec
100
pre!
Do
Oct'20
*73
73
73
75
62
Oct 19
Boston Suburban Eleo._«o par
Oct'20
Last Sale 3U
Last Sale 130
75
116
Oct 25
89
Boston & Providence
Oct'20
14
Last Sale 3
314
Marl6
68
Feb 18
pref
Do
64
Last Sale
132
May 25
80
Boston & Maine
658
49
"3"
761;
3T14
33^2
135
..
*.10
87
35l2
75
_.
*140
35l2
Apr
145
Feb 17
60
Elevated
Do
4
87
34
—
35
Boston
119
Boston & Albany..
633
100
100
829
67
6634
Highest
Railroads
1
131
130
6712
6634
6712
66i2
131
130
132
*130
131
1919.
Lowest.
Highest.
Lowest.
Week
Shares
32
Year
EXCHANGE
the
IV
Previous
Range for
STOCK
BOSTON
for
1.
Ranoe since Jan.
STOCKS
Sales
CENTUM PRICES
NOT PER
1739
S«« next page
Oct
100
38i2 Sept
50
47
Sept
58
5
Dec
82
3
6
Miscellaneous
21
O
9
25
214
2U
11
*10
.003
11
*77
*
4
15
15
2212
22i2
5
8
1
11
131
•:
*1
*13
41
8
.90
.75
13i2
75
20
20
*13i2
*4H2
19
4212
584
57s
6
534
42
534
*38J4
1834
18"
Last Sale 413.i
12
1H2
1112
lli2
1U2
lll2
1H2
1112
195
93
92
93
93
93
92
93
8412
6312
84l2
84l2
84
84l2
719
62i2
63
62i2
62U
181
*92
84'
8478
8412
63
84l2
6212
63
63
1301
128
36
36
*17
150
*13
*13
14
25
*24
25
2478
137s
*13
14
2478
2478
Tl
10l2
*9i2
*3D2 33
10534 10612
*3H2
9i2
33
*60
63
63
63
63
25
63
*2412
2412
*24l2
385s
387s
38i2
3878
38i2
23i2
24
235s
2334
*23 J2
17
17
17
17i8
25
17
19
*1834
19
*203i
21
*2034
21
18
17
17
17i2
18
27l2
27
271
321
*.60
.7
*.25
.4
3i2
4
.40
24
24
25
334
4
*.25
334
27U
2334
31S , 312
2334
2334
3i2
312
Aug 10
47i2 Nov
83
Sept
96
199
10
July
5912
7
3H2 Jan
30
Dec
9'2 Oct 28
2512 Apr
Dec
32i2 Jan
3514
2714
5914
Root & V Dervoort CI A no par
19'2Sept
10
10
25
'.I!!!
Slmms Magneto
Corp..
100
104
26
63
Union Twist Drill
United Shoe Mach
Do
Corp..!
5
10
IIlOO
Watch
Waltham
Manufacturing.
Warren Bros
Do
1st
Do
2d pref
Adventure
:i" 225
40
Mining
Consolidated.. 25
410
Bingham Mines. 1;
100
Butte-Balaklava
384
Calumet & Hecla
248
*9
3314
,7i8
7
7
10
10
250
1734
912
33l2
33U
34
4!
7
*412
7i«
10
*934
21
2i2
4
*3i2
2
2
10
*2l2
2i2
*312
412
434
¥
"
934
440
East Butte
921
4l2
*312
4*2
214
460
77
76
76
25
*23
25
3J2
134
*138
5312
312
ll2
11
*138
3
*2i2
3
*212
3
2?
»2i4
*li4
2%
*2U
25g
13s
*114
1»2
*3
334
3
3i2
478
478
47s
1?
3
4'
-
31
478
*3
*3
312
312
53
53
*76
77
77
*76
"""96
10
Oct'20
*314
334
*314
334
*138
2
*13g
l7s
*2l2
3
2i2
2h
Last Sale 2U
Oct'20
Last Sale \ 1%
Oct'20
234
234
234
3
434
478
434
478
*3
3
3
3i2
Last Sale 23'4
200
675
Keweenaw
Mayflower-Old
New Cornelia
48"
94
1334
.5
2
1414
*.25
15
.50
*1®8
14
878
14
4534
9212
8H
14
*45
48
*90
4584
92l2
87s
95
85»
I4I4
14
14
834
.50
Last Sale, .25
*158
2
Last Sale
1U
Sept'20
22'g
2
22lg
pref
J
OJIbway
*22
23
*22
23
*22
23
35
30
31
32
*30
32
30
31
211
42
42
4H8
42
*41
43
41
41
361
35
35i2
35
*34
3512
35
35
1778
35l2
18
35
18'
18'2
1834
18
1838
18'i
18's
3,975
lh
111
*1
lh
H2
225
H
21
1%
*
.0
*4
212
.09
"".08
.08
.07
412
412
4
4
¥
145
.06
*4
3
3
.06
5*.000
412
25
3
530
Copper Corp
13s
13«
13s
13*
*li4
1%
250
.53
*.53
.55
.53
.55
*.50
.53
1,700
31
3
3
3's
3
3i«
5'
4U
5t2
4
414
*412
H
1'8
1%
*1'8
ll4
l'A
Vs
Us
1>4
1,900
2
.50
*184
2
2
2
lh
134
1,235
.35
215
*25
.5
.
.50
ft Ex-stock
*.25
.50
*10i2
1H2
*.25
.50
dividend,
.35
11
.25
.35
.35
11
*10i2
.25
<t Ex-divtdend
*.25
11
.50
and rights.
1
16
May 20
5
July 10
21
Mar 12
79
Feb 16
8UJulyl9
13
Sept 24
14 Oct 14
25
U4 Aug
2
558 Jan
3
4
Feb
10
1134 Jan
2
2
Jan
1314
7i2 Jan
2
72
24
Mar 27
Jan
5
7i2 Jan
8
48
Oct 16
95
Sept 27
12i2 Jan
3
2i2 Feb
4912 Feb
14«4 Mar
6i2May
878 Feb
5734 Mar
8i4 Jan
9
Feb
21i2 Apr 20
80c Jan 27
25c
Apr
258 Jan 26
75c
Mar
3712 Jan
5
3012 Mar
68
Jan
65
Jan
52
Mar
25
58
Jan
40
Mar
no par
12i2May24
19
Jan
13
Jan
2
Jan
10c Mar 10
Tuolumne Copper
Utah-Apex
Utah
1
Oct 18
Wyandotte
10
984
Apr
Oct 25
Wolverine
10
5,105
Apr
2i8
Jan 21
Oct 26
Winona
197
300
*134
*.25
T11
5
Jan
2
3
34
Victoria
2
3
3
Sept 9
2i2 Oct 11
458 Oct 14
3
Aug 18
5412 Oct 27
30
Utah Metal A Tunnel..
3
*4l2
5
2«s
7
3
1 >8
5
Mining
Consolidated
Assessment paid,
ft Ex-rtghta.
5
5
1
1
25
25
25
25
1
Aug 11
6c
Oct 29
4
Aug
July
May
July
73s July
512 July
45g Oct
6i8
3
25
Superior A Boston Copper. 10
Trinity
25
13g
314
41
9i2
Oct
41
South Utah M AS........
.53
3
Jan
634
Mar
3i8 Jan
Superior
1?
*234
99c
25
Shannon
.6
27s
5
May
Oct
Apr
Aug 19
! """
Land.!
*234
*1U
2%
3
3i2
Apr
10
25
St Mary's Mineral
Seneca
Mar 24
78
24
20
South I-ake
Oct'20
.07
*4
*1
Last Sale 2
2i2
.08
41
ih
5
3
25
Quincy
*30
6
Jan
47s Apr
25
Co
Osceola
42!
2'4 Oct
June 21
Mar
•
2*4 Aug
25
Mining
Old Dominion
32
221
82
38
42
138 July 10
2U Oct 2
25
25
[...!.
Lake
North
50c
Oct 21
23
Feb
20c
Jan
214 Jan
5
5
100
100
5
15
365
Oct'20
*.25
5
34 Jan 14
Sept 22
4
60
76i2Sept 30
25
Quicksilver
"210 New River Company
Do
Feb 13
39
Copper!!!!!
NIplssing Mines
1,365 North Butte
61$ Mar 31
May
25
5
New Idria
88
Aug 17
384
Aug
July
July
784 May
2
July
5584 July
88*2 Jul*
13s May
4
25
25
Colony..!.
Mohawk.
Aug 18
1
16
50c Sept 23
!__!!!
126
*92
3
1
Michigan
710
87s
7
Mass Consol
760
18
8h
3
514 Apr
3
9j2 Oct 29
25
590
55
878
Jan
50c Aug 11
Copper
55
*45"
Mar
14i2
Copper
Valley Mine
*17l2
48
Mar
21
Lake Copper Co..
18
9312
Mar
2
Feb
6
55
*45
12
39
May
May
July
365s D©°
20
July
62
July
101
90c
Feb
Kerr Lake
18
*92
12UMay
40i8 Jan 10
July
480
8
25
5412
8'
Jan
Mar
10
10
!
!
pref
18
941
Nov
350
4«4
....
Island Creek Coal..
56
46
3
6'4 Oct 16
25
1
55
3
6
20c
2
July
"is' July
3
5
25
*1734
*
Feb
47$Mar
14U Jan
Jan
3
25
Mason
1084
5
5
Helvetia
Do
409
Jan
Jan
40c
Oct 20
9'8
Hancock Consolidated....
18'
55l2 5512
17l2
18
Last Sale 5
Sept'20
52
16i2 Jan
La Salle
10
32i2 Dec
48&8 Jan
!!
Isle Royale Copper
"""215
7
Oct 26
Copper Min...
56
3
17
Indiana Mining
52
52
Jan
U4
Z3284 Aug 20
Franklin
54
3i2
895
55
July
91
7
5
107s Apr 27
9
Ju1^
2i2
62i2 Mar
10c
Apr
25
4l2
Oct'20
Apr
6
4i2 Apr
1584 Jan
5
Oct 21
1
Daly-West
Davis-Daly Copper
2h
27Xt 2%
Sale] 50
.50
i2 Jan
245
25
Co...!!!!!
310
9l2
Last
July
25
20
Centennial
*214
*312
2*4
*76
314
7
7i8
10
25
Carson Hill Gold
Copper Range
25s
412
*53
31
7
25
765
34
May
80
134 Feb 27
Jan 3
6i2Mar 18
2c
Oct 2
10
Copper
714
33U
4*2
33i2
434
97s
77
*23
9i2
23g
54
25
1,695
I8h
*9
934
.50
*53
*4l2
*18
9l2
234
2%
2
214
.50
.50
*412
3312
250
250
1812
72i2
Jan
25
.05
19
Jan
38
2
914
250
37
9
Jan
May
Sept 20
42
9
*9
Oct
July
July
Aug 12
9'4
18*2
83
20
9
250
25
25
*03
91«
3334
484
43
Feb
32
Aug
Nov
July
Aug
35
834 Aug
20i%
2ixa
Mar
Feb 25
40c Aug 10
5
Jan
31
15
Allouez
Consolidated..!!
'55' May
17
77
.02
19
7«4
Nov
74la
28
54i2 Oct29
25c June 9
Arizona Commercial
Oct
Jan
25is
May
150
39i2Junel8
33 Jan 21
25
13,005 Arcadian
Jan
Oct
Dec
Nov
Oct
7
2314 Apr
25
9U
250
44
2
Jan
Dec
4412 Jan 26
26
Feb 3
4
Algomah Mining
914
9i«
Oct
5212
Nov
May
16
Ahmeek
.02
J9
Mar 19
23
.05
247
Feb 11
19
28
958
91
26
5
*914
191
227sSept 23
50
*.03
251
Jan
"!
95*
10
49
Wlckwire Spencer Steel...
.05
*9
Apr 13
29i2May 5
Oct 20
so
pref
Mar 10
16l2 Aug 10
2512Mar 2
50
Jan
115
Jan
76
28
20
20
_
*914
10
•
25
Waldorf System Inc
4984 Apr
133
9
Oct 19
12U Feb 11
17
Feb 16
25
pref
Aug
15i2
24i2July 1
37
Oct 15
5
Ventura Consol Oil Fields.
Walworth
32i2Septl0
no par
Swift A Co........
Torrington
*.03
*9l2
86
13i2 Aug 4
2434 Oct 22
9'
10
July 26
Oct 29
150
pre"f..!!!!l00
..0
*9i2
363s Jan
Oct
2478 Aug 10
_
Pacific Mills
Plant (Thos G)
Reece Button-Hole
170
91
72
35
Oct '20
5412 55
Last Sale .25
Oct'20
57
23i2
31
Jan
Oct'20
Lats Sale ■60
*55
149
55
Oct'20
.70
71
Feb
16
Oct'20
55
55
.40
*24
24
*.60
.70
55
55
56
Dec
99i2
50
Last Sale 30
Last Sale
60
130
Jan
40
Last Sale 28
30
63l2 Oct 27
138i2 Jan 21
53
Jan 26
Jan
225
27
27
8
Sept 21
June
Feb
5,805
.
32l2
*28
86
57
119
14
156
32i2
32l2
3212
6714 Nov
100
Stewart Mfg
19
21
18
99
93
"""397
17 h
19
Oct
Jan
Mar
Jan
Jan
Juno
July
Mar
11
Jan
145
"""180
39
*20i2
Feb
85s
90
Linotype... 100
pref
Mergenthaler
ShawmutSS
24
1714
..
2
2,015
3884
285g
.
Jan
165
1812
321
Do
12i2Septl5
IOU2 Jan 10
85
Oct 22
Jan 12
25
*2412
9i2 Apr 30
9034 Oct 21
6834 Feb 6
16
20
19
*18
18
10
_
Sept
Feb
938
99
63
*60
2034
191
21
Theatres
Loew's
81* Apr
3178 Apr
3
34i8 Mar 30
176i8 Jan 19
450
39
24
17U
19
1
35
4
II
~58lj Oct
100l4 Oct 25
137g
*13
19
241
90
Dec
2838 Nov
17
50
2034
38'
July
82BsMay
19
2478
*60
Mar
584
Ohio Body <fc Blower.._no par
338
Sept'20
912
9io
9i2
9i2
Last Sale 3312 Sept'20
105
105
106
10534
24i2
25
171
10i2
33
105t2 IO6I4
19
75
Aug 10
4'4Mar
10
McEIwaln (W H) 1st p"r"ef!l00
Massachusetts Gas Cos ..100
1,185 Orpheum Circuit Inc..
Last Sale 20i2
106
Jan
80*2 Feb
29*4 Oct
New England Telephone.. 100
86
86
891
131
May
Mexican Investment Inc.
150
150"
155
*150
150
Nov
38
656
2658
265g
2678
2684
3884
645
35i"2
3512
9984100
Last Sale 17i2 Oct'20
19
19
26*4
150
8
3434 35i2
9934100
99l2 100
267g
151
*17
18?
271
53
130i2 130i2
36
*35l2
9912 100
155
130
*128
128
371
1001
•
1134
172
May 25
45
12l2
Oct
Oct
14'4June 19
413* Oct 22
1H2
138
Apr
Internat
12
79
28
Internat Cement Corp.no par
Llbby. McNeill & LIbby__
Apr
23i2
60
"""515
24
39
3
8
6
Nov
Deo
Dee
Jan
34
8
2
12t2Sept
no par
"678 June
Jan
Oct 26
3734 July 27
16
Apr 14
pref
100
Island Oil & Trans Corp.. 10
4i2 Jan
3118 Dec
June
25
Do
Nov
Mar
478
15i2
36*2 Jan
50
Products
Dec
Nov
Dec
T312 May
Dec
6
6
Apr
161
Gorton-Pew Fisheries
111
93
no par
88
Greenfield Tap & Die
Oct'20
534
6
12i2
1134
100
573
38i2
~18
Dec
2i2 Dec
6i2 Mar 23
36i2 Jan 3
2 8^8May' 7
334 Feb 14
1714 Aug 13
62
Aug 10
140 May 15
22
Oct 16
25
35
12
12
1212 Apr 23
255
"14
7
3
5
1484Sept 17
26
345
12
3% Jan
7
Jan
Oct
1
2734 Feb 13
Corporation
26ia
1278 Apr 14
Oct 26
75c
392
*13"
38T2
2534
*534
10
Edison Electric Ilium.....100
Elder
Jan
35U Apr 17
10
Apr 23
Eastern 8S Lines Inc_____
150
18
26
18i2
Oct 26
Feb 11
10
""430
158
84i2
2u2
17i2
6
Re'fg.III
pref
Nov
Jan
5
Manufacturing
Eastern
Do
22i2
*38U
2512
38i2
2534
1912
335
.
Oct'20
158
Jan
10
10
7**687
914 Aug
Dec
Apr 20
•5
East Boston Land
13i2
28
19
38
Boston Mex Pet Trusteesno par
Oct'20
152
16
10
_
Feb
78i2
Oct 7
21i2Sept 30
Century Steel of Amer Inc.
Connor (John T)
20
14
*13
26
*41l2
*13
28
158'2
22l2
14
♦38U
13l2
157
3834
42
1,4
Last Sale 70i2
75
2234
26
*19
1,905
371
Blgheart Prod &
12,921
.90
Last Sale 4\
160
38'4
39
261
9%
20
22«4
14
8i2
•75
21
158
Beacon Chocolate.
108i2May
79
2l2 Oct 21
Atlas Tack Corporatlon.no par
955
95
Jan 13
13
10
714 Nov
2
Aug
2i2
83
Anglo-Am Comml Corp.no par
Art Metal Construe Ino_._
Jan
Apr
Dec
55c
100'4Septl6
167
Apr 20
July 26
71
no par
111
15
l's
lis
Apr 30
x73h Oct 19
__.no par
pref...
Feb 10
80
100
Telep & Teleg
Amoskeag Mfg
Feb 24
5
,
670
1
29
*70i2
2234
*13
*.80
I
50
pref
Do
"*5I"2 "V
28
*20
161
2212
8U
.90
*414
160
131
834
2838
221
Amer
Oct'20
*14
*13
4i2
29
2012
75
*7012
L60
3,007
:::
*76~
412
29
*4U
*20
20
Do
148
lis
13U
2812
29
25
9978 100
lis
1314
2
Amer Pneumatic Service
23
6
878
*5i2
578
.90
265
15
2284
23
Kt
834
A
83
23s
714 Mar 15
234 Oct 2
11
Sept 24
1% Oct 28
10
100
...
*14
16
2278
534
578
Am Oil Engineering
Last Sale 212
3
*14
143
23
6
*76
*1
4
340
77
76
77l2
77i2
2
2U
2
2i4
9934 100
*77
....
2
10
10
11
9934 10OI4
10014
77i2 77i2
78
1%
2U
25s
*214
*10
100
761
9
9
45
Mar
1'2 Mar
2i2 Apr 15
25c Jan 10
40c
8c
Jan
Jan
July
10
June
July
83
July
JuJy
JuJy
Oct
87
Nov
13i2May
203s July
1«4 July
414 July
52i2 July
2914
12i2
28
July
July
July
26*2 July
4U July
3i2 June
50c Aug
73
83
75
7
4
Mar
IU4June
234 Aug 24
6J8 Jan 29
1
Mar
5%, Nov
7
234 Jan 19
li4
DgSept
5
50c May 19
1
% Aug
4
7
Oct 27
6
Jan
184 Jan 10
Oct 21
4
934 Feb 20
Aug 11
33$ Jan
5
U2 Aug 26
25c Sept 1
10
Oct 26
3i2 Jan
8
Jan
7
95c
15c
Oct 15
t Er-rttvldend.
2
Jan 10
li2Mar22
23
w Half-paid.
Dec
5i4
June
Dec
2% Sept
l«4May
7i2 Jan
353 June
1234 Juiy
U4 Jan
li4 Mar
43i July
71c
50c
Jan
15
Mar
40c
Mar
5
July
1740
THE
Outside Stock
CHRONICLE
Exchanges
Boston Bond Record.—Transactions in bonds at Boston
Stock
Chicago Stock Exchange.—Record of transactions at
Chicago Stock Exchange Oct. 23 to Oct. 29, both inclusive,
compiled from official sales lists:
V::;>
Exchange Oct. 23 to Oct. 29, both inclusive:
Friday
Week's Range
of Prices.
Week.
Price.
Low.
High.
Low.
High.
U 8 Lib Loan 3 %8.1932-47
1st Lib Loan 4s..1932-47
92.54
92.84
$7,800
89.04 May
89.44
89.44
150
2d Lib Loan 43-1927-42
88.14
88.14
850
82.04 May
82.04 May
1st Lib L'n
89.24
89.70
2,200
100.00
Jan
93.04
Jan
92.34
Jan
93.80
Jan
87.94
88.78
14.300
89.04
91.00
28,800
88.04
89.18
27,150
86.00 May
81.74 May
92.98
Jan
Victory 4 %s_._.1922-23
95.84
90.42
32,200
94.84 May
99.30
Jan
81
Am Tel & Tel coll 4s.. 1929
77%
77%
Atch Top & 8 Fe 4s... 1995
82.14 May
81.60 May
77%
2,000
72 %
77%
1,000
70% June
Apr
92.98
Jan
94.96
Jan
Mar
81 %
Jan
Atl G & W I 8S L 5s--1959
75
78
13; 500
68
Aug
81
Jan
Carson Hill Gold 7s.- .1923
Chic Juric & U 8 Y 5s. 1940
100
100
12,500
100
Feb
150
Jan
78
78
1,000
74
JuJv
09
09
09
2,000
68
75%
75
75%
4s....1934
Miss Riv Power 5s
1951
Telephone 5s.--.1932
39,000
84 %
Jan
Feb
70
Feb
69%
Mar
76
Jan
Mar
85
85
4,000
77
A ue
85
1934
82
82%
2,000
75
Feb
82%
Oct
Pond Creek Coal 6s__.1923
90
90
2,000
92
Jan
96
Oct
New River 5s
Seattle Electric 5s
1938
Seneca Copper 8s.„•
1925
Swift & Co 1st 5s
1944
80
81
3,000
Oct
81
97
84%
100
27,000
95
Oct
100
6,500
82
May
93%
Jan
4.000
77
June
84
Jan
84 Vi
so%
Western Tel <V Tel 5a..1932
84%
8014
80
Par
StocksAmerican Radiator
4%s. 1932-47
2d Lib L'n 4Kb— 1927-42
3d Lib L'n 4%s.__.1928
4th Lib L'n 4%s.*33-'38
K C Mem & Bir
Sale.
Range since Jan. 1.
Oct
Oct
Preferred
Amer Steel
"91%
Armour Leather..15
15%
Preferred-....... ...100
Stocks—
Friday
Last
Week's Range
Sale.
of Prices.
Price. Low.
High.
Par.
,
Sales
for
Range since Jan. 1.
Week.
Low.
High.
59%
Amer Wind Glass Mach.100
118
115
60
510
50
Feb
122
59%
760
105
July
64%
C"afu> f.T T)
1
---(*)
9
Preferred
Commonwealth Edison
100
Godschaux Sugar com..(*)
Corporation.. 100
70%
.—.10
Libby, McNeill & Libby.10
Lindsay Light
....10
13%
Hupp Motor
12
.....10
27
"25%
Quaker Oats Co pref...100
23%
107
100
<*)
Shaw (W W) com
72%
10
86
95
Jan
Standard Gas & Electric .50
100
175
99%
Mar
104
Jan
Stewart-Warner Sp com 100
31%
9,325
9%
Sept
45
Jan
105%
Aug
47
Apr
Co.....——100
Swift International
15
Temtor Prod C&F "A"_(*>
Union Carbide & Carbon 10
Rights A
1
United Iron Wks v t c.,50
Barnsdall Corp Class A..25
Carbo-Hydro Co com....5
Preferred ............5
39
1%
com
Preferred
59
59
31
30%
32%
1,315
14%
14%
25
100
90
90
99
A'*.
—100
i.
99
*»«•«,
-
Independ Brewing com .50
1%
50
7%
Lone Star Gas
25
30%
1%
7%
1%
30%
Mfrs Light & Heat
50
56%
55
5
3%
Preferred
...1
Kay County Gas
Petroleum
Morland
Nat Fireproofing com
Preferred
50
Ohio Fuel
6%
*
-
-
W
-
-
1
com...
Preferred
Oil
3%
June
5
Jan
66
Jan
25%
June
39
Jan
14%
June
17
Apr
365
89
Sept
119
1,105
1%
Mar
93
July
102
53
ok
Feb
Jan
Wahl
Apr
100
76%
Western Knitting
June
Jan
Wolff Mfg Co
July
61%
Jan
Wrigley Jr com
3%
Oct
6%
5%
7
Oct
2,600
1%
Jan
31%
1,619
25
1,710
48%
4
11,459
175
July
Aug
21
Aug
49
50
880
44
Feb
19%
34%
55%
52%
10%
28%
«
Apr
Armour & Co deb
84%
Aug
92
Jan
1,000
4c
July
25c
Jan
30c
Aug
53c
Jan
--•-A-
12%
490
U
Swift & Co 1st s f g 58.1944
Pittsburgh Plate Glass. 100
175
149
70
117
12%
85
3
Oct
8%
Oct
20
51%
Mar
72
67
150
157
100
117
117
108% 108%
100
101
135
102
Mar
Apr
Mar
Jan
Oct
8%
18%
190
69%
87%
100
Westlnghouse Air Brake.50
Sept
Sept
U S Steel Corp pref
150
July
3%
Apr
Apr
Sept
May
18
Mar
Aug
172
Apr
130
Jan
115%
118%
Sept
99%
Oct
46%
47%
110
45%
May
55
Jan
70
Wcst'house Elec & Mfg.50
West Penn Rys pref...100
70
13
65%
July
79
Jan
30
30
$5,000
Qct,
30
Of"t
Jan
Bonds.
1
30
30
Baltimore Stock Exchange.—Record of transactions at
Baltimore Stock Exchange, Oct. 23 to Oct.
29, both in¬
clusive, compiled from official sales lists:
Sales
Last
Stocks-
Par.
Alabama Co
Week's Range
for
Sale.
of Prices.
Week.
Price.
Low.
High.
Range since Jan. 1.
Shares.
Low.
High.
..100
80
80
Oct
90
Jan
First preferred..-...100
77
77
10
77
Oct
85
Feb
Second
69%
70
122
67
Oct
76
Jan
20%
22%
405
20%
Oct
140
Jan
90%
90%
50
650
82%
2%
Sept
3%
preferred
100
Arundel Corporation
Atlan Coast L
50
22%
(Conn).. 100
Atlantic Petroleum
10
Boston Sand & G pref..100
Celestlne Oil
1
3%
70
1.10
Cent Teresa Sug pref._..10
Commercial
Credit
70
1.10
7%
25
Consol Gas EL & Pow. 100
92%
45%
22%
92%
Consolidation Coal
100
Cosden & Co preferred...5
Davison ChemicaL.no par
Houston Oil pref tr ctfs.100
87
84
Preferred
Indlahoma
_25
Refining
Mt V-Woodb Mills
Preferred
Northern
v
v
r
tr
2,150
7%
185
Feb
Jan
1.05June
7%
90%
Jan
4%
Apr
Sept
70
3.40
Jan
Aug
11
Jan
39
July
46
Jan
10
22
July
29
May
92%
Sept
93%
452
87%
4%
1,821
110
77
53
81
46
22%
•
650
52
74% June
103%
89
Jan
May
3%
32%
May
4%
Jan
Feb
44%
93%
10%
Apr
67%
May
199
6%
Aug
25
103
23 %
Oct
70
Jan
62%
64
275
62%
Oct
95
Jan
68
68%
60
July
70
Jan
83
84
7
63
50
Pennsyl Wat & Power.. 100
United Ry & Electric...50
Wash B & Annap pref...50
36
76
100
100
Central
1.10
67
23%
5
t
20
37%
4%
"37%
225
"83~
12%
/
7%
12%
12%
28
28
12
40
Jan
Mar
74
Feb
210
11
Feb
15
Jan
83
28
Oct
36
Jan
84 %
Mar
Bonds—
Chicago Ry 1st 5s.--.1927
Consol Gas gen 4%s_.1954
Consol Gas E L& P4 %s 1935
69
$15,000
75
17,000
56%
73%
70
Jan
July
83
Feb
81
Jan
97%
74%
75%
3,000
72%
June
95%
14,000
92%
June
95%
94
...
7% notes.
.1...
Consol Coal ref 4%s__1934
94
6,000
93
June
96
3,000
96%
97%
97%
77%
77%
1,000
74%
75%
17,000
69
July
96%
2,000
96
Jan
Refunding 5s
19.50
Convertible 6s
1923
96%
Cosden & Co
May
95
5% notes.
6% notes
74%
70
75
conv s f
96
77%
Sept
Jan
_
Par.
Stocks-
Corp....100
Lehigh Navigation..—50
Lehigh Valley
50
Mid vale Steel & Ord
50
Northern Central
50
Pa Cent L & P pref.,.---.
Pennsyl Salt Mfg—
50
Pennsylvania
--50
Philadelphia Co (Pitts)..50
Preferred (5%)
50
Pref (cumulative 6%)-50
20
%
Sept
103%
7%
7%
65
62%
104% 105
45%
45%
74
70%
13%
13%
12
11%
7%
7%
8%
8%
355
100%
Sept
324
7%
62%
Sept
101
110
104%
Sept
Jan
125%
815
25
1,090
130
5,659
9%
27
27
45
90
26%
84%
23
24%
50
112%
76
32%
16
15%
32
30%
105% 106%
26%
29%
40
39%
57%
1%
16%
28%
76%
Aug
61
Oct
105
Feb
23%
Apr
11%
Aug
32
Apr
5
May
Oct
8%
25
Aug
9%
Aug
May
Jan
Jan
9%
9%
45%
15%
Jan
Jan
Jan
25
July
35
395
28%
Aug
45
Oct
24%
Oct
43
July
Sept
90
Mar
50
310
83
87%
Aug
Mar
Jan
98%
1,750
21
May
28
25
28
Sept
52%
Mar
Jan
2,825
105%
Oct
243
Apr
2,935
71%
31%
Oct
90
Apr
Sept
43
Apr
26%
50%
Apr
100
225
12
Aug
4,985
27%
Aug
2,470
103%
Aug
7,645
26%
Aug
55
Jan
285
39%
54%
1%
Oct
49
Mar
58%
9,900
1%
66.5(H)
Apr
581
13
Sept
30%
500
20
Feb
146
55
23%
25%
4,365
12
14
2,115
600
Jan
Jan
74%
Oct
1%
42
Apr
Sep
31%
63%
July
78
Sept
36%
Mar
56
May
Oct
116
Jan
Oct
40
Mar
92
23%
10%
20
22
74%
74%
97%
68%
41%
97%
$1,200
26,000
41%
3,000
Sept
95%
69%
45
Jan
128
Oct
17
76%
Feb
Mar
1,925
30
71%
Feb
13%
13
6,725
41%
24%
84%
Jan
70%
100
315
9%
107
44
220
30%
Oct
Feb
5%
108
20
Oct
Jan
23%
22
Oct
81%
Apr
60% May
97%
72%
Feb
34
45
Oct
70
Mar
Aug
70%
97%
68%
48
36%
37%
92
83
69%
48
.
92
Oct
Feb
;
19,000
57
5,000
42
Feb
13,000
31
May
1,000
May
Aug
89%
83
2,000
77
48
7,000
45
42%
1,000
42%
69%
2,000
58
May
64
84
83
47%
42%
69%
64
1,000
60
Aug
84
84%
82%
Aug
14.000
Oct
49%
Oct
40
Oct
97%
Jan
Aug
87
Feb
June
49
Feb
Oct
45
.
Feb
Oct
70
66%
92%
Mar
Jan
for
of Prices.
Week.
Price.
96
Oct
May
96
Jan
82%
91%
Mar
37 %
67
67
59
40
40
10
Oct
60
Aug
Sept
Jan
39%
Sept
43%
Jan
64
July
76
Jan
Oct
Jan
120
44
2,757
37%
Aug
44
40%
26%
68
43%
67%
40%
100
31%
Aug
42%
Jan
26
26%
14
31
Jan
67%
32%
33%
Jan
25
1,077
Oct
36%
Jan
27%
1,723
25
53%
25%
27%
Jan
27
July
Sept
Sept
17%
53%
19
4,725
12%
28
Jan
54%
164
49%
63
Jan
20
20
20
19
23
Jan
40
40
40%
236
31
Apr
64%
Jan
no par
Gas
July
Oct
Sept
53
52
55%
1,387
37%
Feb
56%
48%
48%
50
34
44
Apr
50
Jan
204
35
June
40
Feb
Jan
American Stores
pf v t c 100
Cambria Iron
50
Elec Storage Battery... 100
General Asphalt
100
Preferred
100
Hunt & Broad Top pref...
Pref ctfs of deposit
Insurance CoofN A
10
J G Brill Co
100
Buff & Sus Corp
Keystone Telephone
Reading
-
50
—60
Tono-Belmont Devel—.1
Tonopah Mining
— 1
Union Traction
50
United Cos of N J
100
United Gas Impt
50
Preferred—
Oct
10
—100
Alliance Insurance
American
Oct
17%
39%
118%
115
39%
124%
99
Feb
141
58
58
100
45
Aug
130
95
98
450
177
Aug
193
Jan
10
10
10
6%
June
13
Feb
100
6%
June
13
Feb
30
199
27%
Aug
47%
63
2,175
34
Aug
63
Oct
204
8
Sept
13
Jan
10
65
Feb
9%
30
58%
29%
58%
8
9%
3,806
Jan
Jan
95%
8
1%
*29%
8%
95%
1%
1%
29%
570
1
Aug
31
1,553
23
July
37
170
10
163
July
185
Jan
Oct
Oct
57
Jan
50%
Oct
170
"36"
1%
1%
37%
50
88
U S Steel
36
49%
—
Corporation. .100
Steel...10
Co..
100
Jersey & Sea Shore .50
Railways pref
50
Oct
89%
8%
46
8%
825
1 1-16 Sept
6,266
34%
313
49%
70
84%
.
Aug
100%
Oct
3 1-16 Jan
2%
108%
Feb
Jan
Jan
10
8
Feb
46
46
100
46
Oct
50
Mar
38
38
20
35
Jan
40
Feb
30
30
21
29
Aug
32
Jan
8%
Jan
Mar
95%
65
Mar
71
55%
51%
69%
May
York
May
89
38
June
50%
West
91
40% May
22
20%
Apr
83
57.
516
High.
Aug
29%
98%
1,000
566
55
37%
Warwick Iron &
5,000
69%
52
Low.
9%
541
Welsbach
20,000
75
1,084
Jan
92
11%
53%
Jan
96
10%
69
10%
Shares.
23%
79-
94
Range since Jan. 1.
High.
51%
82%
94%
Low.
23
100%
Jan
Sales
Week's Range
23%
1,000
75
8,000
82%
May
Jan
1st Lib L'n 4%s_
1.000
82%
Oct
87
2d Lib L'n 4%s..1927-42
Md Electric Ry 1st 5s. 1931
Apr
81%
81%
3,000
80
Sept
85
Jan
3d Lib Loan 4%s—1928
88%
88%
5,000
88%
Pennsy W & P 5s.
1940
81
81
81%
9.000
76%
United Ry & E 4s
1949
64
64
64%
15.000
...1949
48
7,000
48
48%
65
65
300
90
Oct
517
51 %
82%
f
Oct
5%
no par
Phlla Electric
88%
1936
Jan
4%
12
Oct
1% June
11% June
11% June
of Pa
25
Receipts full paid
Phil Rapid Transit
.50
Philadelphia Traction.-.50
Phil Insul Wire
82
Income 4s.
6
75
25
Jan
%
1,115
C
Sale.
88%
Funding 5s small
1,050
Jan
Sept
A.
82
6% notes..
24%
Last
82%
1925
Sept
Friday
Ga Car & Nor 1st 5s__1929
No Central 4%s
9
Philadelphia Stock Exchange.—Record of transactions
Philadelphia Stock Exchange, Oct. 23 to Oct. 29, both
inclusive, compiled from official sales lists:
Oct
92
58.1945
470
at
Knoxville Traction 5s. 1938
cons
70
(*) No par value.
May
July-
Georgia & Ala
July
1,075
Chicago C&C Rys
July
94
Davison Sulphur 6s.._ 1927
Elkhorn Coal Corp 68.1925
54
49
Chicago City Ry
Lake Superior
Friday
Jan
75
Jan
Oct
105%
Sept
5%
;-i
92
South Side Elev4%s__1924
10
29%
26
90%
Feb
14
7s.-1930
H2,900
3%
50
175
Mar
Bonds-
Apr
7c
220
4
27%
3%
17%
13%
92
25
46c
32
v
Aug
75
48
com....-(*)
5s...1927
5S.1927
Chicago Railways 5s..1927
5s, Series "A"
1927
4s, Series "B"
1927
Chicago Telephone 5s. 1923
Commonw Edison 5s. 1943
Metrop W S Elev 1st 4s '38
Extension gold 4s..1938
Peo G L & C ref g 5s. .1927
.
Jan
95%
23%
20
Mills.O")
Oct
110%
Jan
i
9%
11
110
13-16
<*)
pref 100 "92"
Co...
Apr
620
1%
"58%
"30%
Apr
8%
5%
15%
28
com..100
2%
45%
1%
Union Natural Gas
United Tract 5s
United Paper Bd
Preferrd
Ward, Montg.&Co
When issued J
610
640
87%
•
100
Gas
Jan
3%
6%
9%
68%
100
&
50
May
13%
23%
13%
4
100
Pittsb & Jerome Copper .1
Pittsb & Mt Shasta Cop..l
Pittsb
3%
6%
127
25
Pittsb Brewing com
50
Preferred ...........50
Pittsburgh Coal
500
3%
58
31%
Oklahoma Prod & Ref...5
Refining..
1%
3%
7c
Oklahoma Nat Gas.....25
Paragon
36
285
Swift &
43c
49
25
Supply
1%
23
50
...
Ohio Fuel Oil
100
3%
Columbia Gas <fc Elec.. 100
Guffey-Glllesple Oil (no par)
Habishaw El Cable(no par)
Harb Walk Refract
39
1%
3%
132
32%
Sinclair Oil
Jan
87
Sept
Sept
135
87
10%
15
Jan
Sept
275
30
10
:(*)
Truck..
3,920
Mar
Oct
89
Orpheum Circuit Inc.. — 1
Motor
90%
::
6
9%
Peoples Gas Lt & Coke. 100
Piggly Wiggly Stores Inc(»)
Pub Serv of No 111 pref. 100
Republic
85
20
30
100
-.10
National Leather
120
Oct
1,040
103
7%
Mid West Util pref
Mar
Oct
4
62%
Hartman
94
85
15
6
10
Motors
50
400
17
-
Cudahy Pack Co com.. 100
Diamond Match
..100
Continental
85
9%
1%
9%
9
Chicago Elev Ry pref.,100
High.
July
150
16
70
Chic CiCRy pt Shcom (*)
Low.
68
;v;
6
15
(*)
Chicago Rys part ctf ser 1
Part ctf series 2
95
"
100
9%
15%
Cai & C Car & Dock Co..
100
9%
91%
15%
92%
5%
15
Am Wind. Glass Co, pf.100
Arkansas Nat Gas com.. 10
Preferred
91
92%
(*)
Sears-Roebuck com
Amer Rolling Mill com.25
85
Booth Fisheries, new.__(*)
Reo
Shares.
105
Shares.
75
85
Armour & Co pref.....100
Briscoe common...
High.
105
105
Range since Jan. 1.
Week.
75
Foundry pref.
Preferred...
Pittsburgh Stock Exchange.—Record of transactions at
Pittsburgh Stock Exchange Oct. 23 to Oct. 29, both in¬
clusive, compiled from official sales Hsts:
Low.
Price.
100
for
of Prices.
100
...
Sales
Week's Range
Last
for
Sale.
Bonds-
Friday
Sales
Last
N E
[Vol. 111.
90
1.000
55
42
56
85%
Oct
Aug
MayMar
Mar
Mav
95%
Jan
86%
Jan
69
Jan
49%
Sept
Bonds—
U S Lib Loan 3 %s.
4th Lib L'n 4 %s.
Victory
4%s
1932-47
1932-42
89.80 Sept
100.00
90.00 90.00
1,000
85.00 Aug
92.10
Oct
88.36 88.70
35,350
83.20May
91.91
Jan
90.46 90.84
22,350
86.40 May
94.60
Jan
Jan
1933-38
88.40 88.84 151,650
82.30 May
92.88
Jan
1922-23
96.00 96.40
94.70 May
99.34
Jan
68%
Oct
82%
Jan
70
Oct
82
Jan
Amer Gas & Elec 5s.
Small....
92.50 92.96 $17,550
.
.2007
2007
65
Oct
Bait & Ohio 6s—
1929
91%
Oct
Bell Telep of Pa 7s
1945
28,800
74
74
2,000
74
74
300
91%
5,000
91%
100% 101% 286,000
87% May
,
91%
Oct
Oct
101%
Oct
97
OCT. 30
1920.]
1741
CHRONICLE
THE
Last
Week's
Sale.
Bonds
Range
49%
16,000
Sept
Jan
65
101
Jan
Lehigh Valley coll 6s. .1928
98%
100
8,000
95
June
26
1,000
25
Oct
30 %
May
85
Lehigh C & N cons 4 %'s 1954
85
5,000
80
Aug
90%
102%
Jan
*
2003
Pennsylv RR 10-yr 7s. 1930
92% June
Jan
15,000
2
May
6,300
5
Feb
16%
Gilliland Oil, pref
Grenada Oil coup Cl A.r. 10
92
91
92
200
80
June
6
Jan
31%
30%
Jan
4%
16%
May
110
Apr
Guffey-Gillespie Oil.r..(t)
riQ
June
■72%
Oct
Hercules Petroleum.r...10
Apr
105
Oct
Hudson Oil.r
Oct
100
Mar
Inter Petrol
July
Lone Star
90
73%
2,000
73%
77%
5,000
70
Sept
81
Jan
104,000
79 %
July
84
Oct
79%
July
83K8
Oct
Marland
1,600
5-16
4,200
15%
18%
20,200
30
31
...1
r new
no
Par.
%
18
.
Gas.r....... 2 5
Lyons Petroleum.r...
300
9
31%
1%
1
Maracalbo OH
700
2%
9
105
75%
Mar
2%
15
1,000
Oct
High.
July
A
2%
4,000
89
2,600
15%
4,000
12,000
%
Low.
Shares.
5
98%
100 %
High.
Low.
%
107 %
12,000
Range since Jan. 1.
for
Week.
(no par)
Federal Oil
Fensland Oil
73%
77%
Stamped s f & red 1951
Price.
Par.
Range
of Prices.
Esmeralda Oil A Gas.r... 1
89
stpd-__l949
Con3 & coll tr 5s__..1951
Sale.
71%
71%
104 % 105
98
107 Mi
Annuity 6s
'
Stocks
(<Concluded)
26
85
Phila Co 1st 5s
High.
Low.
100
Equit I Gas L 5s.....1928
Inter-State Rys coll 4s 1943
Gen consol 4?
Week.
Week's
Last
Other Oil
for
55%
54 Mi
Elec & Peoples tr ctfs 4? '45
Range since Jan. 1.
Sales
of Prices.
Low.
High.
Price.
(Concluded)-
Sales
Friday
Friday
1
150
•A
20%
19%
22%
3%
Explor.r(t)
Refining-r.-_._5
A
3%
1,000
19,000
Jan
16
Apr
8
3-16
May
16%
May
A
Oct
Feb
Oct
A
Oct
15%
3%
Jan
38
Oct
15%
25
Apr
1%
Oct
1
Jan
39%
25% June
1,300
Oct
120
Aug
29
July
5% June
82%
84
1966
83
83 %
P C C & St L 5s__
1970
85
85
10,000
79%
Sept
85
Oct
Merritt
1%
8,000
1%
Oct
1%
Reading gen 4s
1997
85
86
53,000
72 .y.
Apr
86
Oct
Merritt Oil
10
14
15%
4,800
10%
Aug
22%
Jan
84%
84 %
4,000
84%
Oct
84%
Oct
Mexican Panuco Oil.
10
10
12
700
9
Feb
21
Jan
34
34
1,000
33
Oct
49
Jan
Midwest
50
157
170
8,350
128
May
190
Jan
29,000
65
June
76
5.000,
92
Julv
83 %
Phila Electric 1st 5S...1966
Small
Registered 4s______1997
United Rys g tr ctf 4s. 1949
United Rys Invest 5s. 1926
68 Hi
69%
Welsbach Co 5s
94
94
__
1930
Jan
985/
Mar
Annex.r
1%
Corp.r
Refining.r
Midwest-Texas
Mountain
Oil.r
New York "Curb" Market.—Below we
give
a
record of
security market from Oct. 23
29, both inclusive.
Transactions
afternoon.
such stringent
no
It
as
any one
Week.
of Prices;
High.
Low.
-1
Allied
2%
10%
2%
10,300
1,500
9%
10
200
■"
9%
Packers.r._(no par)
High.
1H
Jan
May
7
8%
11,300
%
109
!_.
-----
Anglo-Amer Common Corp
Automatic Fuel S.r
Jan
97
July
105
80
Aug
6
200
5
May
1
200
1
Oct
84%
4% Apr
11% July
36
1
■
May
16%
Oct
Salt Criek Producers.r..25
33 H
29
34
2,400
26%
Oct
56
Salt Creek Produc, new.r..
Sapulpa Refining.r.
5
Savoy Oil
5
13%
10%
13%
3,500
10%
Oct
14% May
5%
5%
500
4%
May
420
5%
Aug
3,700
1%
Aug
2%
9%
Aug
73%
9
Slmms Petroleum r(no par)
Skelly Oil.r
10%
2%
10A
21,500
12
'40% May
Feb
Jan
7%
Oct
10
Oct
Jan
9%
9%
6,500
Feb
13%
Jan
12%
800
11%
Oct
22%
Mar
%
%
42,100
%
1%
Jan
15
Apr
Feb
23%
Jan
7-169-16
9,000
7-16
Oct
1%
18
25
18
%
1
100
Jan
10
A
1%
20,200
A
May
•2%
Jan
5
%
%
8.000
%
Oct
9%
Jan
..1
%
%
25%
2,900
Jan
1
Jan
24%
July
50
Jan
2%
200
%
A
17,000
14%
14%
2%
Woodburn Oil Corp.r..(f)
Alaska-Brit Col
13-16
Metals.. 1
Jan
Alvarado Mln A Mlll_r__20
1
Oct
America Mines
12%
....
1
r
A
3,650
45%
Sept
01
June
Arizona Globe Copper... 1
93
10
91%
Oct
108
July
Arizona
Silver.r
1
200
60%
Oct
61
Oct
Atlanta
Mines.r
1
l%c
Jan
Beloher-Dl vide
10c
4c
56
49%
56%
3
Oct
5,000
12
Aug
60
70
Oct
300
12%
12%
70
ordbear£l
com.r...100
70
"~8%
34%
3%
3%
3%
300
Colombian Emer Synd, new
""5%
Foil.r
(t)
Continental Motors.r.__10
18
Conley Tin
1,400
29%
Aug
44%
Jan
500
7%
1%
1%
300
1
75%
75%
10
75
Farrell (Wm) &Son, com, r (t)
23
Gardner Mot Co..(no par)
16%
23
FederalTelep & Teleg....5
14%
23
100
21
100
3%
40%
56%
4%
53%
61%
79,000
Goldwyn Picture r (no par)
May
16,600
2c
June
38c
2%e Aug
May
49c
Jan
4c
3%c
6c
4%c7%c
%
%
16,700
3-16
41,800
Mar
Jan
Jan
,
%
June
5c
17,500
3c
July
7c
Jan
57,000
30c
Mar
92c
Aug
19c
17,100
15"
Oct
42c
6c
5c
Candalarla Sllver.r.
%
1
Cash Boy Consol _r
1
i
64c
Cresson Con Gold MAM.l
n
Sllver.r
July
Divide Extension
5%
Darwin Silver
Sept
2%
28%c
El Salvador Silver Min—1
Emma
4%
Sept
29%
July
Eureka Holly.r.
Sept
5%
Aug
1
Eureka Croesus Min.r
Forty-Nine Mining.r
130
Jan
Jan
Goldfleld
64c
1
1%
2%
2%
28c
32e
%
A
3%c
19'
July
Oct
%
7,500
Jan
Oct
2%
2%
Oct
Aug
1
15-
16.400
9-16
Feb
1
%
July
3c
500
Sept
15-16 Jan
Mar
3%
3-16
5"
Jan
3
1
9,300
%
9c
10c
2%
7,000
10
esc
Sept
Oct
%
76.700
Mar
Aug
62c
3,400
Jan
12c
Mar
1A
3,100
19,400
Jan
1-16
May 1
%
4 '/acJune
230.000
3%
1%
"I6c
3,000
19.300
61c
36c
1
Devel.r
6%
5%
10
Goldfield Consol'd r
34
7c
2%
44c
1 9-16
Aug
5-16
62c
%
3
Silver..
Oct
Oct
4
500
7
7
lc
47c
Cortes
Apr
6%
18,900
4c
Consol Virginia Sllver.r..5
54
Oct
5,500
l%c
17c
Jan
16%
15-16 June
%
Apr
July
41c
Jan
July
Oct
2%
15%
19c
Jan
Oct
13-16 Mar
Sept
44c
14
1%
June
4%c
1
29
78
%
Julj
%
1
Mining
Caledonia
25
Oct
%
Boston A Montana Dev..5
Booth, r
Oct
Aug
Jan
8%
Aug
13
200
17,800
%
lc
7-16
6
Oct
3%
700
4%
100
20
4
21
5c
10c
10% May
Aug
7%
8,300
100
%
21
3%
"21"
(t)
7
2%-
10,600
1
3-16
%
Aug
Oct
4%
18
Crude Chemical, com.r—
9-16
Oct
7
duPontdeNem&CodelSk 100
"16%
Sept
6,800
300
EmplreTubeA8teel(no par)
4
Oct
8,800
7%
Big Ledge Copper Co
July
6%
19
18
Belcher Extension
3%
200
/, 5
Jan
14%
7%
r
Apr
28%
Oct
3
.
142
June
34%
7%
34%
Aug
9%
3%
9%
7
Colombia Synd.r.(no par)
1®4
4,900
3
3%
25
Charcoal Iron of Amer. .10
Chicago Nipple Mfg cl A 10
Cities Serv Bankers «hs r(t)
4%
4
British-Amer Chem.r_-_.10
%
16
9,000
Mining Stocks—
61
Asphalt, com.r
2
I
11%
9%
10
60%
Gen
10
9%
2%
Settled Prod.r
93
Garland Steamship
Mar
%
1,900
100
r
Jan
1%
1,200
100
Car Ltg A Power,
Jan
10%
18
Borden Co com.r
Brit-Amer Tob,
Jan
9%
Aug
16%
%
Cons'd.r
Brill (J
Carbon Steel,
%
5%
Api
5%
17
Ryan
Vulcan Oil.r......
Sept
6
83
Aluminum Mfrs pref.r.100
G) Co.r..
Aug
5
6%
Victoria Oil.r
Low.
Shares.
10%
2
par)
Amer Writ Paper, com.
2
7
5%
Whelan Oil.r
Coal.r
700
2,900
6%
6
United Tex Petrol.r
Industrial & Miscell.
4cme>
3%
2%
6%
Oct
White Oil Corp_r__(no par)
Sale.
Aetna Explosives.r(no
Oct
2%
Tropical Oil Corp.r
Range since Jan. 1.
for
Sept
6
10
Spencer Petroleum Corp.10
Texon Oil A Land
.1
Sales
Week's Range
Price.
Par.
Stocks--
to vouch for the
record of such transactions.
Friday
Last
to
worth.
give it for what it may be
Week ending Oct. 29.
subject
are
those on the Stock Exchange,
question for
absolute trustworthiness of any
We
"Curb"
the
on
regulations
and it is out of the
the week ending Friday
covers
Jan
12%
8%
4c
11%
500
10
Oil.r...
%
Oct
1,400
2,000
6%
North American Oil.r._L6
Oct
July
8c
12%
Pennock
Producers A Ref.r
Oct
6
..1
-.10
Red Rock Oil A Gas.r
to Oct.
8c
11%
7c
1
Prod.r
National Oil.r..
the transactions in the outside
160
19,500
4
Mar
16
15-16 Jan
15-10 Apr
2%
Jan
10c
13,050
7o
Oct
15o
Jan
; 5c
1
22.000
2c
A u<!
15c
Feb
%c
Aug
4c
Jan
1
%c
1
29c
28c
38c
62,200
He
June
440
Jan
10
23c
18c
27c
27.500
12c
Oct
65c
Mar
15-16 Jau
5
Oct
Oct
20
Feb
%c
%c
2,000
Goodyear com.r
100
60
60
10
60
Ocr
132
June
Goldfield Merger.r
Preferred.r.
100
74
75
30
72%
Oct
100
June
Gold Zone Dlvlde.r
4,400
14%
Mar
33
Apr
Harmill Divlde.r
3,000
6%
July
19
Apr
8
Sept
17
Jan
-25c 413-16
Honduras-Amer Synd.r(t)
Oct
20
Jan
Iron
Blossom.r
Feb
17
Jan
Jim
Butler.r—
1
19c
15c
19c
22.500
10c
Aug
27o
1
5
6%C
5c
7c
17,500
4.-
I3c
3%
3%
3
July
July-
He
Hercules Paper.r._(no par)
"26"
3%
Indian Pack Corp _r (no Par)
200
1%
1%
Libby McNeill A Libby.rlO
"12"
30
Locomobile Co.r..(no par)
12
12%
31
1,200
Apr
53
Jan
35
Jan
Lone
MacNamara Mining.r
Sept
60
Oct
16
Oct
24
Sept
300
8
Sept
39
Jan
Montana
7%
8
200
5
May
Oct
Motherlode.r
—
12%
13%
1,900
12
6%
1,000
400
47
«
—
13
10
1 3-16
vVire.r.(t)
Radio Corp of Amer.r__
(f)
""2%
Royal Bak Pow, pf.r.
Roy de France Toilet I
Stanwood Rubber.r
85c
1,400
52%
Oct
Oct
Tenn Ry, LAP, com.r.
Oct
15
11,000
2%
58
58%
5
3
1%
Oct
19
6h
59
3%
June
Jan
Mar
Silver
Pick
Cons'd.
16,400
J
r
1,600
58
Oct
78
Jan
Tonopah
3
Oct
Mining.r
1
1 9-16
Mining.. 1
2%
__
60
61%
300
Oct
Jan
Yukon Gold Co.r..
5%
13%
11
Oct
60
Sept
100
Sept
Jan
Mining
Subsidiaries
/
Aug
97%
Jan
96%
Jan
100% 100%
10.000
99%
Sept
101%
Mar
26,000
87% June
95
915
May
278
Jan
260
Aug
372
Sept
vrmour A
Beth Steel
350
975
300
Aug
355
Mar
760
810
3.865
660
Sept
810
Oct
387
398
725
343
Aug
480
May
1A
2
Jarlb Syndicate new.r .l_
.A
15-16
14%
15
Engineers Petrol Co.r
8
15-10
9
8%
Aug
Sept
1%
Aug
29,000
18%
35,000
%
9
Apr
Aug
Mar
J&D
1929
7s, Series B
Anglo Amer Oil 7%s
96
'25
100%
Co7% notes r'30
97%
r
Equip 7s..19,35
1923
7% notes.r
96%
95%
Denmark(Kingd of)8s.l945
Diamond Match 7s
100%
1%
Mar
3
Jan
Jan
10,300
%
July
11,600
A
Aug
800
6%
Aug
39%
Jan
.5
6
2
2%
600
2
Oct
10
Jan
""9%
9%
9%
13,100
6%
1
1 1-16
1%
14.4.50
1
1-16
Aug
May
1% Sept
,11%
1 7%
Jan
1%
Sept
98%
89
96
96% 210.000
Oct
101
98
50.000
100% 100%
97% 125,000
97%
94% 94% 222,000
98
Aue
94%
Oct
5.000
94%
96%
96%
98%
96
94
96%
Oct
95%
Sept
101%
Oct
Jan
Jan
Oct
Mar
Oct
Sept
Jan
r
57
25.000
36
Aug
75
Oct
57
7,000
46
Sept
57
Sept
101
Sept
101
1929
14,000
99%
98%
99% 220.000
98%
Oct
95%
95
Oct
90
98%
100%
7%
A
2,700
95%
100%
C C C A St L Ry 6s
%
1
.'45
Colum Graph Mfg 8s. 1925
1%
1%
(Nnr)8<?.r
Cities Serv deb 7s, Ser C '66
Jan
10%
%
%
Christiania
Apr
53
1%
51
13
JaD
1%
.50
1921
Boone Oil 6s
45
10
rl6
Jenny Oil.r
Juquesne Oil.r
:ik Basin Petrol.r
17,800
1
Oct
Oct
..10
lushing Petr Corp oom
Jominlon Oil.r
2%
1
18c
3 %c4%c
88
Anaconda Cop Min 6s.r '29
Canadian Nat Rys 7s. 1933
Oil.r__l
Jan
June
185
Other Oil Stocks
loston-Wyoming
Mar
50%
277
300
11,000
12c
91%
232
1,300
Apr
Aug
92%
Jar
8%
20c
3c
59,000
Oct
10%
3c
Aug
155,000
30
8%
May
6c
14.900
93%
81
10
lc
20,900
95%
Oct
18c
9,500
9c
65% 560,000
May
325
19c
2c
93
r
.1924
7s
1
1%
1%C
95
19
387
tilled Oil.r.
2 7-16 Jan
1
7c
65
30
.500
Aug
1
Jan
93
50
.53.000
Jan
95%
2,500
1
29c
65%
30
20c
4%c.July
39
Allied Pack conv deb6s
22
1
16.900
9c
Jan
Bonds—
21%
liax Oil, Class A.r
Apr
1%
30
78.5
.
lie
4c
270
Prairie Pipe Line.r..,
May
1
230
...
6c
5
Amer Tobacco 7s.r... 1923
21%
10.000
Jan
5
Former Standard Oil
£1
4%
2%
Amer Tei A Tel 6s.r._ 1922
Oct
2%
1% July
Aug
2%
6% notes.r
Transit.r...
Aug
7c
1,
Anglo-4mer Oil.r
2%
7c
4%
Jan
7.465
I Or
Wllbert
2 15-16
3%
Victory Divlde.r
1
Aug
5-16 June
July
Jan
8c
1
I
1
3%
1%C
2,880
Aug
3,370
2
300
Willys Corp, 1st pf.r.-l1
Jan
1 %
7c
10c
10<
600
1 %
U S Continental Mines.r_l
..6
12
%
Jan
Jan
Jan
1 3-16
28,320
West End Consol'd
11%
Mar
8 %
4%
"~1%
1 11-16
1,200
1 7-16 1 7-16
1 15-16
I
.1 1 11-16
1%
1%
White Caps Exten
White Caps Mining
Hellbronner..(t)
30c
Jan
Jan
2,000
Jan
Jan
Jan
Jan
16,500
Jan
Sept
14c
Sept
3-16
1H
June
Oct
3%
Feb
15.700
4
2,000
4,55«
3%
1%
2c
15.600
1 13-16
19
4%
8.500
Oct
Jan
Jan
40%
3
%
lc
4,900
%
7c
Oct
Sept
1-16 Mar
25,600
7c
2 15-16
7c
8%C
5%
3-16 Jan
1%
%cJune
Jan
1%
5
1
12c
2%c8ept
Sept
3%
7c
7.000
Aug
5,500
I
2%
5%c
4%
5c
1-16 Sept
5c
12,000
9
4
2%c
I
lc
27
"T%
2c
Jan
Feb
3c
600
C->rporaticn.r....
1
3-16
1
Oct
3-16
6,800
U 8 Steamship
%
%
Jan
4%
12%
1%
lc
10%
1%
6c
5c
78c
3-16
30%
1%
6c
3-16
3.000
25 000
■
Sept
Oct
3%
4.100
%
1%
%
V
1%
6%oMay
8%
Aug
% May
% Aug
10.100
2,000
15-16
%
%
Oct
73c
800
Jan
32c
Oct
2 %c
10
U S Licht A Heat, com.r. 10
9
%
4%cMar
3c
30
Aug
4%
8%
Oct
9o
400
2.900
3-16
Tonopah Belmont Dev.... 1
Eastern
75c
3%
1-16
1
(U
r
73c
7.700
I
Oct
United
1%
5%c5%c
8%
1
Tool(t)
fJn Retail St's Candy
1%
1
1
Tonopah Divlde.r
7%
11c
T%c
~~3%
1
Tonopah Extension
Oct
ll%c
Mining
Oct
Aug
10c
Sutherland Divlde.r
Jan
%
Jan
Success
32
1
97c
Silver-Lead
Standard
Oct
100
Mi y
Jan
Aug
21,800
12 000
Jan
9
%
25c
Sou Amer Gold A Plat.r. 10
3
'
1A
United Profit Sharing..25c
Oct
7
18%
200
2%
%
------
Oct
400
14
Shipyards.....
Aug
20c
%
800
5%
12%
58
%
27
5,800
2
Aug
10
11,200
400
28
Oct
25c
1 7-16
Bilver King Divlde.r
Aug
Jan
8c
2
Oct
1
15o
Oel
_
Jan
4
Aug
4c
Ray Verde Copper
1
Rex Consolidated Min.-.l
4%
2,100
15c
4c
Prince Consol
Jan
Jan
July
9.900
57.800
Jan
3
Jan
7c
Oct
82%
2,400
5%
53%
4%
2c
1
Oct
5%
1%
1%
•
(f)
5H
Sept
6%c
.5
1
1% May
9,500
2
27
28
Nlpissing Mines
Ophir Silver Mines.r
7% June
Ja>
•
5c
New Arcadian Copper.r..
81
9,700
2%
1%
Murray-Mog M, Ltd
Apr
Apr
30
2%
82
13%
Oct
10
95
500
Feb
7-16
Sept
5c
1
20%
13%
14
3-16
150
3,100
2c
Silver King.r-.l
Roper Group Mining..
St Croix Silver
1% June
4%
2
Union Carbide A Carb.r(t)
Oct
53%
81%
Aug
1%
(t)
t c__
3%
80
6,700
2%
Sept
Oct
1%
1-16
2
(t)
Submarine Boat
1
Oct
5%
13
3,100
100
83
53%
2%
81%
4%
„r
5%
5%
83
Perfectlon T A R.r
600
13
8%
%
2c
1
Mining.r
Marsh
%
~6%c
10c
....
200
Packard Mot Car, pf.r.
National
Star.r
14
3.555
1
Knox Divlde.r
Oct
'""%
4 15-16
14%
4%
1
1
Kewanus.r
32
Oct
5%
9%
Nor Am Pulp A Paper__(t)
Weber A
Aug
27
17
6
U S Shin
10%
10c
Kerr Lake
"13%
Munson Furniture.r.
U 8 High Sp Steel A
Oct
59%
'
Union
8
9
Morris (Philip) Co Ltd..10
Tob Prod Experts
Apr
Oct
1% Sept
58
"58
..
;
(no par)
r
2%
7%
16%
Maxwell-Chalmers A wl
Phila InBUlated
900
1,100
5%
5%
—
Hecla Mining
Jumbo Extension
100
29%
-
3%
10
17,400
7%
1%
Lincoln Mot Co cl A.r..50
r..
8,400
11
7%
1
Lehigh Power Secur.r.-(t)
Class Bwi
100
4%
3%
11
11
Intercontinental Rubb.100
Mercer Motors,
8%
8%
Imp Tob of G B & I.r..£l
Kay County Gas.r.
23%
8%
20
7
8
Hocking Valley Prod...$10
90%
52,000
94
96%
190.000
100%
5,000
82
Apr
92
Sept
100%
96
91
99%
Oct
Oct
May
Oct
Aug
Oct
100% 100% 975,000
100% 100% 100.000
100%
Oct
101
100%
Oct
100%
Oct
40.000
85%
Oct
90%
Oct
Oct
85
Oct
89%
89%
Duquesne Light 6s ..1949
Empire Gas A Fuel 63.r.'24
83%
83%
84
15.000
83%
1926
94%
94%
95
17,000
94
Oct
56%
56%
10.000
50
Sept
77
July
63
63% 200,000
70
Aug
86
July
44
44
5.000
44
Oct
62
June
90%
91
44.000
90
Aug
99
Apr
6s.r
89%
French Govt 6s._r
5% premium bonds.r_.
Mar
4s.r
Feb
Goodrich
63%
(BF) Co 7s. 1925
91
96%
Oct
Sales
Friday
iMSt
Week's Range
fot
Sale.
of Prices.
Week.
Low.
Price.
Boadn—(Concluded)^
Grand Trunk Ry 7b...
93
93?$
97?$
79
'40
82
98
107,000
69?$
100 %
7s.r..
——1922
44,000
7s. r—
1923
17,000
94?$
95?$
65,000
7s.r
1926
94?$
94?$
96
26,000
24
24
26
26
1,000
1,000
57
60
Riwslan Govt 5?$s.r—1921
6?$S.r...
..1919
Seaboard Air Line 6s
57
Bears,Roebuck A Co 7B.r'21
99
.......
7%
tier nows.r.Oct 15 *22
98
91?$
Solvay A CJe 8s.r
1927
Southwest Bell Tel 7s. 1925
100
Swedish Gov 6s June 15 '39
Swift A Co 7s_r
—.1925
85
94?$
97?$
Switzerland Gcvt 6 *$8.1929
Texas Co 7% notes.r.1923
Union Tank Car eq 7s. 1930
Western Elee oonv 7s.r.*25
84?$
84?$
100?$
97?$
85
75
75
80
Aug
Bond A M G.
208
215
200
Oct
City Investing
55
60
75
85
115
84
Oct
98*$
Preferred
..
38
Feb
39
64
Oct
Oct
Oct
Anglo
Apr
Atlantic Refining—.....1001125
Oct
Oct
Oct
99*$
98?$
98*$
93
Apr
103*$
Danzig 4s_r
86*$
Aug
RR.
230,000
12
50,000
15
Sept
16
10,000
16
Oct
25,000
17
17?$
17
♦Odd
50
*31
33
Cumberland Pipe Line—100
150
155
Chic Ind A Loulsv 4*$s—
Crescent Pipe Line Co—
17
113
117
45
47
ChiC St Louis A N O 5s—
7.75 7.00
7.25 6.50
92
96
88
92
Chicago A N W 4*$s
Chicago RIA Pac4*$s...
7.75
7.00
7.75
7.00
8.00
7.00
31
June
34
June
14*$
Oct
16
Oct
14
17
15?$
5,000
4?$
55,000
4
15,000
'4
3%
23*$ June
28
June
27*$ June
July
30
June
Oct
9
June
3*$
10,000
Oct
4
$ Listed
value.
as
Oct
7*$
curre n t
—The Financial Press,
I Listed
prospect.
a
July
on
Swan & Finch— 1
of 116 Broad St.,
for
ever
the
information
monthly "Pocket Manual" is
of investors
now
in
increased
bonds
272
to
and
stocks.
6% National Loan of 1920 of the Republic of France and
prepared to
are
—Adolf
Southern Railway 4?$s._—
Equipment 5s
81
160
Preferred
Amer Machine A Fdry.. 100
155
65
British Amer Tobac ord—£1
*12
88
95
65
Brit Amer Tobac, bearer.£l
*12%
Conley FoH (new)...no par
♦17
19
Johnson Tin Foil A Met. 100
100
105
MacAndrews A Forbes.. 100
108
112
100
77
81
25
*86
25
*39
40
-100
100
101%
100
133
140
83
88
—-
46
48
100
205
100
75
210
77
Preferred
(E I) de Nemours
—100
....
Reynolds (R J) TobaccoB common stock
Preferred
60
30
35
70
75
200
94
86
100
90
Young (J S) Co
91
92
95
Amer Tel A Tel 6s 1924.FAA
93
93%
6% notes 1922—
AAO
Am Tob7% notes 1921MAN
175
380
*23
33
340
370
82
1st
preferred—
100
100
47
48
MAN
..MAN
Anaconda Cop Min 6s'29. JAJ
Anglo Amer OH 7 *$ s '25 AAO
Arm'rACo7BJulyl5'30JAJ15
Beth St 7s July 16 '22.JAJ15
7% notesJuly 15 '23 JAJ15
52
80
7% notes 1922
7% notes 1923
88
52
100
Iron
90
Public Utilities
Bid
Ask
190
205
NY
222
230
Bankers Trust
345
355
195
Liberty.
345
355
Central Union
363
370
Manhattan *.
210
215
Columbia....
310
320
Commercial..
150
160
Empire——..
Equitable Tr,
300
295
302
195
Farm L A Tr.
363
375
Atlantic....
215
Battery Park
185
Bowery*—
Broadway Cen
450
160
ieo
Mech & Met.
320
Bronx
105
145
125
Mutual*
490
Bronx Nat-.
155
Nat American
150
Bryant Park*
146
155
New
185
Butch A Drov
35
39
Cent Mercan
195
205
Chase
380
Chat A Phen
260
270
Park
Chelsea Exeh*
145
155
iFubllc
Boro*.
Chemical.
Neth*—
Ask
....
^
140
150
FldeUty Inter.
200
480
Fulton
260
Guaranty Tr.
330
485
Hudson
155
315
Law Tit A Tr
130
140
Trust
155
165
6*50"
Mercantile Tr
325
Metropolitan.
Mutual (West¬
245
255
105
125
545
555
[Republic*
303
309
Seaboard
260
; Second
Colonial*.
350
Columbia*...
170
225
-
-
•
Lincoln
_
-
Common¬
450
460
State*..
195
205
200
123d Ward*—
229
....
....
«
Tradesmen's*
180
Commerce.
<*
620
220
Union Exch..
170
chester)
A
175
185
N Y Trust-
426
Title Gu A Tr
295
425
U S Mtg A Tr
395
United
810
345
110
120
185
Coney Island*
140
155
205
215
180
260
270
150
165
Hillside*—
110
120
Kings Ceunty
630
940
Homestead*—
80
100
Manufacturers
195
Mechanics'*..
People's
275
235
190
205
250
-
---
85
-
92
85
825
845
North Side*—
195
340
355
People's
150
505
515
Ridgewood...
200
*
Banks marked with (*) are State hanks,
this week.
t New stock;
x Ex-dividend,
97%*
98
98%
98%
98%
1930. _FAA
100
45
50
U S Rubber 7*$s
74
78
Utah Sec Corp 6s '22.MAS 15
85
11%
13%
West Elec conv 7s 1925.AAO
98%
51
75
—100
79
82
American Hardware
Amer
...
7
American
,29
42
34
American Chicle com.no par
38
46
100
64
68
100
136
139
Typefounders com. 100
-
77
67
70
79
80
16%
18%
57
60
100
.
7%
39%
38
42
100
80
83
91
-.100
82
84
100
100
150
155
Preferred
Preferred
Celluloid
Company
Havana Tobacco Co
1%
93
1%
..100
4
8
/45
55
96
IstgSsJunel 1922—JAD
Inter continen Rubb com. 100
16
International Salt—
Preferred
29
85%
87
100
93
50
*15
*36
37
50
185
Borden Company com—100
8%
26
-
100x181
Brass..
Preferred
75
100
99
and Miscellaneous
76
15
100
100
98%
i 86%
Industrial
100
11
12
100
65
1st gold 5s 1951.....AAO
/68
International SUver pref. 100
*88
Lehigh VaUey CoaiSales.
*82% 83%
113
118
71%
1
4
6
24
27
58
61
100
81
82
21%
22% Singer Manufacturing... 100
Singer Mfg Ltd
£j
63
155
160
'
Preferred
-
•
100
100
preferred..
Western Power Corp
——
Ex-rights.
96%
Swilt A Co 6s 1921—-FAA15
Texas Co 7s 1923—MAS
1st
'
*
t Sale at auction or at Stock Exchange
v
9578
Tennessee Ry L A P com. 100
Preferred
100
160
Imp A Trad—
1922—MAS
United Lt A Rys com.—100
205
Harriman
Southern Ry 6s
90
10
Preferred
230
Hanover.....
90
83
Standard Gas A El (Del)
95
220
Montauk*
Nassau
97%
88
7
Preferred
290
225
96%
}
»78
South Calif Edison com—100
205
76
98%
98%
98
88
A Traction 100
Preferred
660
920
Garfield
44%
Preferred..
....
Gotham
44%
...100
96%
9©
Sloss Sbeff S A I 6s '29-FAa
90
21
Republic Ry A Light
.......
Greenwich *..
20
PugetSdPow A Light—100
500
160
Brooklyn Tr.
Hamilton
485
Green point—.
Fifth
13
»80
Preferred
Brooklyn
First.
First..
,100
.100
...
95%
93%
75 I
97%
1921—JAD15
Pub Ser Corp N J 7s'22.MAS
Reyn (R J) Tob 6s '22.FAA
Penn Co 4*$s
657b
16
Pacific Gas A Elec 1st pref 100
Brooklyn
930
LiggettAMyersTob68'21JAD
312
65%
1951—JAJ
Northern Ohio Elec Corp. (f)
Preferred
100
Nortb'n States Pow com. 100
830
337
150
307
.100
Preferred
405
Cosmop'tan*.
Cuba (Bk of).
170
Lehigh Pow Sec 6s 1927.FAA
32
96
Great West Pow 5s 1946. JAJ
305"
375
Corn Exch*.
910
Laclede Gas 7s Jan 1929 FA A
Mississippi Riv Pow com. 100
590
350
Yorkville*
States
67
11
27
23
North Texas Elec Co com 100
United States*
[Wash H'ts*—
130
East River...
91%
92%
72
97
9
Federal Light
Preferred
550
210
Fifth Avenue*
61
90%
91
70
64
Preferred
Trust...
wealth*
....
58
Hocking Valley 6s 1924MA8
Interboro R T 7s 1921 MAS
K C Term Ry 4*$s 1921.JAJ
6s Nov 15 1923—MAN15
First Mtge 5s
Continental.
225
82
Elec Bond A Share pref.. 100
N Y Life Ins.
180
94
80
100
Preferred
165
300
250
93
..100
—
Com'w'th Pow Ry A Lt—100
'
—.
Federal Sug Rfg 6s 1924 MAN
Goodrich (B F) Co 7s '25 AAO
Colorado P ower com
338
475
—
Canadian Pac 6s 1924
Preferred
270
160
97%
98
96% 97
£5 | 95%
110
Utilities com 100
Preferred..
100
Carolina Pow A Light com 100
Cities Service Co com...100
210
470
York
Pacific *
97%'
111
38%
Preferred
Preferred
,100%
97%
109
Amer Public
■
New York Co
Coal A Iron..
Ex*.
330
■
^
Bid
New York
New
City
Comm'l
Trust Co'a
American....
100
*37
Amer Power A Lt com.—100
Banks
Industrial*...
Irving Nat of
Ask
95%
99% 100%
99% 100%
99% 100
87%' 89
50
50 *107
Preferred
Amer Lt & Trac com
MAS2
95%
1001
Amer Gas & Elec CQm...
Preferred
100
Preferred
88
160
Preferred
215
93
Cent
345
Woodward
265
13
Short Term Securities—Pe
Am Cot OH 6s 1924—MAS2
50
....
2d preferred
prices dollars per share.
....
13%
206
91
Phelps Dodge Corp..—100
ScovHl Manufacturing— .100
New York City Banks aBd Trust Companies.
AH.
137
105
—
25
—
Bid.
55
.100
.100
preferred
preferred
Thomas Iron
department of Bigelow & Co.
Bid
6.30
6.5©
are.
77
Nllea Bement Pond com. 100
Jr., formerly with Ladd &TCo., has become asso¬
255
Sh
6.75
133
Preferred..
208
7.75. 7.00
7.76
6,75
7.25
100
Preferred ......——.100
—J. Day Knapp, tormerly with Hemphill, Noyes & Co., is now in charge
Exeh._
Stocks—Per
6-49
7.75, 7.00
Virginian Ry 6s
Tobacco
7.00
8.00; 7.00
7.12
Par
Hercules Powder com... 100
accordance with their
Banks—N Y
8.00
Southern Pacific Co 4*$s, 7s.
American Cigar common. 100
Empire Steel A Iron com. 100
Preferred....
—100
distributing
Arner
8.00; 7.00
...
60
Eastern Steel
upon request.
America ♦_.__
8.00. 7.00
St Louis A San Francisco 5s
Seaboard Air Line 5s
30
Debenture stock
&"Whitely, New, York, in charge of their statistical
A1I
7.25' 6.4©
7.10 6.4©
Reading Co 4*$s...
8t Louts Iron Mt A Sou 5s.
107
duPont
department.
of the bond
—
*50
Winchester Co 00m—100
Prince
6.40
6.85: 6.35
7.25 6.40
7s
Pennsylvania RR 4*$s
Equipment 4a
....
105
Mfg.
....
Suehsdorf,
ciated with
6.50
7.12
Pacific Fruit Express
Colt's Patent Fire Arms
circular entitled "Opportunities in
list of railroad bonds divided into three
groups in
7.00
7.25
d25
1st
American Railroad Bonds," in which is discussed the investment situation
investment ratings.
7.75
Norfolk A Western 4*$s_—
Northern Pacific 7s
Union Pacific 7s
& Co common
are
IN Y Ontario A West 4*$s—
50
2d
interesting circular issued for distri¬
Copies will be mailed
7.75)' 7.00
7.20 6.40
(f)
.——
Carbon Steel common... 100
bution to investors by Stone, Prosser & Doty.
junior issues of railroad bonds.
7.00
7.00
Equipment 4*$s.
[New York Cent 4*$s, 5s, 7s.
100
Co new
Canada Fdys & Forgings. 100
Singer Manufacturing Co., its history, organization, properties
and business, together with its capitalization, stock equities, dividends and
—George II. Burr & Co., Equitable Building, New York,
8.00
7.75
MobUe A Ohio 5s—
78
Preferred—
-—The
a
6.50
6.50
8.00) 7.00
Babcock A Wilcox
franc will surely result in an advance in the value of the bonds.
—Merrill, Lynch & Co. have issued
6.40
7.12
Toledo A Ohio Central 4t»—.
75
6.40
7.00
7.12
Equipment 5s A 7s_.
159
100
.
-
—
7.25
7.00) 6.40
Bliss (E W)
at the price of 1,000 francs per 1,000-franc bond.
Payment is to be made In doliars at the rate of exchange current on the date
of subscription.
It is pointed out that an enhancement in the value of the
business prospects, are described in an
1001
.
6.75
Minn St P A S S M 4*$s
142
.
6.40
'Missouri Kansas. A Texas 5s_
! Missouri Pacific 5s—
340
75
136
Preferred
receive subscriptions
a
Explosives pref.
6.40
7.20
Equipment 4*$s.
Atlas Powder common... 100
Aetna
7.20
Equipment 6s.
Ordnance St«»ck8—Per Share.
circular describing the new Internal
a
7.00
7.50
—
LouisviUe A NashvHle 5s..
106
Imperial Oil—
7.00
7.00
7.75
Michigan Central 5s._——
35
25 *103
Magnolia Petroleum
..100. 330
Midwest Refining—...—.50)*157
8.00
7.75
Equipment 4*$8———
IHinols Central 5s
353
*30
.
—Sutro Brothers & Co. have Issued
of
347
10
7.00
8.00
-
6.40
Kanawha A Michigan 4*$s_.
100
100
5s
Equipment 5s.——
118
98
Washington OH.....—
Other Oil Stocks
earnings, dividends, also monthly and yearly high and low prices of practically all the important railroad, industrial and mining corporations of the
United States and Canada.
114
Vacuum OH...
This
conveniently arranged for quick reference, showing records of capitalizaion,
•
Erie
Equipment 4*$s.
Hocking VaUey 4*$s._
70
60
100
Preferred —-—-100
simply and
pages,
100;
Union Tank Car Co
New York City, announces
that "The Investor's Pocket Manual" is published in more c'omplete form
than
Colorado A Southern 5s
—
n oticf.s
7.25
Equipment 5s.
—
July
28
15*$
10?$
10?$
.....
par
new—
Line—.100 163 167
92
Indiana Pipe Line Co
50j *90
International Petrol,(no Par) •17% 18
National Transit Co... 12.50; *2912 30%
180
New York Transit Co...100 170
Northern Pifce Line Co.. 1001
00 101
Ohio Oil Co
25*310 315
48
Penn Mex Fuel Co
25 *45
580
Prairie Oil & Gas....—100 570
233
Prairie Pipe Line..—-100 230
Sdlar Refining,...
100 400 420
121
Southern Pipe Line Co.. 100; 117
South Penn Oil
100 273 278
62
66
Southwest Pa Pipe Lines. 100
345
Standard Oil (California). 100 342
790
Standard Oil (Indiana) -.100 780
600
Standard Oil (Kansas)... 100 575
460
Standard Oil (Kentucky) 100 440
455
Standard Oil (Nebraska) .100 440
690
Standard Oil of New Jer.100 680
Preferred
100 104% 105%
389
Standard Oil of New Y'k. 100 385
445
Standard OH (Ohio)—100 425
107
Preferred
....—100x104
June
20*$
14*$
7.50
8.60 725
100
100
Oct
6,000
7.50
8.50
Co—.100
Preferred old
the Stock
Exchange this week, where additional transactions will be found.
oNew stock.
r Unlistedw When
Issued,
z Ex-dlvldend.
y Ex-rights,
z Ex-stock
dividend.
X Dollars per 1,000 lire, flat,
k Correction.
f No
...
6.75
6.75
Galena Signal Oil com—100
Sept
11,000
15?$
14?$
~
~
7.50
7.50
8.60
Eureka Pipe Line
18
15?$
....
90
Oct
17
34
14?$
14?$
m
.
.........
lots,
425
Equipment 5s
Chicago A Alton 4*$s
Equipment 5s
Chicago A Eastern 111 5*$s—
Oct
17
156,000
14
14?$
-
6.75
Chesapeake A Ohio
29*$ June
30*$ June
Sept
Sept
SePt
7.00
113
11,000
17?$
21
6.50
7.75
7.50
105
3,000
17?$
7.25
Carol Cllnchfleld A Ohio 5s„
Central of Georgia 4*$s
225
100
Apr
09*$
96?$
100?$
Oct
17
21
Munich 5s_r_............
4?$S.r_.
109
108
99?$ May
Oct
101*$
28
14
16?$
Nuremberg 4s. r
4s_r_
6,37
Continental Oil...—...100
July
16
..........
Vienna
7.15
Buckeye Pipe Line Co...
Marks
German Electric 4?$s.r—
German Govt 5s-f-.......
Hamburg 4s.r...........
4?$s.r—
6.37
Jan
Jan
97?$
93
Oct
7.15
Oct
97
100*$
6.37
Equipment 4s
Equipment 6s..
Canadian Pacific 4*$s A 6s.
50) *88
Chesebrough Mfg new...100; 210
Preferred new
100) 100
-
Co
6.75
7.15
21%
Preferred—
Aug
Oct
97*$ June
96?$ Aug
96?$ July
95*$
Oct
7.55
...
Buff Roch A Pittsburgh 4*$s
Borne Scrymser
81?$
100*$
Basis.
Equipments—Per Ct
Baltimore A Ohio4*$s_.
Ask.
1200
106
410
100,
e
Oct
97
97
Par\ Bid.
American Oil new. £1] *2114
Jan
Aug
12
Frankfort 4s-r..._.......
6s.r »..1..............
160
Apr
98
Oct
90
17
——
86
150
"and Interest" except where marked
Per shar
Standard OH Stocks
Oct
100
12?$
......
160
75
West A Bronx
Quotations for Sundry Securities
AH bond prices are
Illinois Pipe
——
4s.r..
150
125
Feb
Preferred
Berlin 4s.r
205
A
Mortgage—
Title A M G
Oct
Sept
Sept
Sept
51,000
Municipal Bonds
(DoUart per 1,000 Marls)
106
Oct
95?$
97*$
151,000
Title
Y
Aft
100
Assoc
Realty
97?$ June
06*$
German Govern men t and
Cologne
__
N
Bid
(Brooklyn).
U 8 Casualty.
US Title Guar
Lawyers Mtge
Mtge Bond..
Nat Surety
Sept
98*$
100?$ 246,000
99
70
99
96?$ 350,000
99?$
Surety-
53
48,000
99
Amer
22
82*$
98?$
117
Jan
96?$ June
23,000
95?$
98?$
West'se El A Mfg 78_r_w 1.
Zurich (Swltz) 8s.r
.1945
Ask
Alliance R'lty
112
101?$
Oct
22
70,000
98?$
98?$
100?$ 10 VA
Bid
75
Sept
93*$ Sept
90*$ Sept
151,000
99
99?$ 142,000
61,000
98?$
98?$
98?$ 203,000
97?$
102
100
45,000
92
330,000
91?$
100
100?$ 275,000
94?$
94?$
14,000
85
21,000
85?$
98?$
7% ser notes.r.Oct 15 '23
Seneca Cop 8s-Apr 16 1925
StnclalrConOU 7?$s *
'26
95?$
share.
per
Ask
65
08*$
98?$
93*$
1924
94?$
93?$
95?$
7a.r.
22,000
dollars
Bid
Jan
101*$
Aug
Sept
Oct
97 %
94
98
97?$
94?$
AH prices
Oct
76
Oct
AUg
90
May
96*$ Sept
101% 425,000
101
101
Ohio Cities Gas 7s. r„ 1921
99%
56 J$
82.000
30,000
New York City Realty and Surety Companies.
High.
Low.
93?$
97?$
97?$
N Y N H A Hart 4s.r 1922
r
Range since Jan. 1.
High.
101?$ 101?$ 262,000
70
73 H
51,000
101H
71
Norway, Klngd of, 8b
[Vol. 111.
CHRONICLE
THE
1742
'
—100
Per share.
'Flat
price,
5 Basis,
n
Nominal,
2%
1%
61
d Purchaser
x
Preferred
also
Ex-dividend,
50
Royal Baking Pow com—100
accrued dividend.
Ex-rights.
—
pays
v
«
*3
3%
New stock.
1743
gaxtaad lulclligmte.
Imreshnpettt mitt
GROSS EARNINGS
RAILROAD
various STEAM roads from which regular weekly or monthly returns
can be
obtained.^ The first two columns of figures give the gross earnings for the latest week or month, and the last two
oolumns the earnings for the period from Jan. 1 to and including the latest week or month.
The returns of the electric railways
The
are
following table shows the gross earnings of
k
brought together separately on a subsequent page.
Jan. 1 to Latest
Latest Gross Earnings.
Week
ROADS.
or
Current
Year.
Month.
Current
Previous
Year.
$
Year.
•'
.
116,979
611,665
15509311 15163627 114147989 96,177,098
3,112,978 2,449,370 21,695,867 18,359,068
2,149,576 2,234,316 15,100,557 13,903,946
1,528,561 1,170.604 9,888,557 7,827,006
354,213 2,105,128 2,368,090
324,546
13835365 13414257 104920355 95,125,159
153321/7 11736338 102273012 87,608,260
1.039,612
1,697.065
134,441
285,912
12634768 10088973 86,653,600 69,019,104
413,474 4,215,819 2,964,580
497,990
2,809,727 2,231,433 20,123,897 17,223,825
'
397,925 3,417,406 2,584,415
489,976
321,655
409,210
Cine lnd & Western August
2.837,962
143,607
869,703
167,738
14,436,089
September 2,313,253 1,908,986 18,108,593
242,930
11,856
271,700
21,029
1st wk Oct
979,358
27,147 1,270,851
162,338
Nevada Northern.
August
63,196
1,258,412 1,047,814
190,189
Newburgh & Sou Sh September
226,548
1,703,355 1,521,767
248,692
NewOrl&GreatNor August
189,110 8,553,776 6,239,136
291,352
N O Texas & Mex__ 3d wk Sept
846,435
128,085 1,379,663
191,940
Beaum S L & W_. August
468,287 4,683,667 3,456,271
710,816
St L Browns & M August
229010770
38194829 29486945 264025826
New York Central._ September
597,454, 5,253,545 4,182,833
833,307
lnd Harbor Belt. August
6,149,154
926,7921 7,175,561
1,076,965
Lake Erie & West August
49,210,577
8,301,363 7,472,778'54,558,814
Michigan Central. August
45,617,372
7,927,822 7,057,217 55,778,105
Clev C C & St L_. August
242,955, 2,205,184 1,897,338
346,363
Cincinnati North. August
18,612,933
3,476,608 2,589,626:18,730,682
Pitts & Lake Erie August
958,836' 7.605,033 5.858.278
1,355,280
Tol & Ohio Cent. August
418,956 3,188,586 2,787,419
454,132
Kanawha & Mich August
17,707,486
.J.umaj/B
N Y Chic & St Louis September 3.033,078 2,067,196 20,486,720 76,728,381
12426629,16216559 90,700,126
N Y N H & Hartf.. iSeptember
1,580,322 1,459,120
8,214,450 7,438,489
N Y Ont & Western August
434,734
323,747! 3,250,805 2,870,714
N Y Susq & Wast.-ISeptember
649,934
590,161 5,793,907 4,687,081
Norfolk Southern- -1 September
8,959,982 7,348,327 59,683,436 56,023,042
Norfolk & Western.1 September
11567^703 9,739,959 79,616,516 72,543,473
Northern Pacific
September
722,342
90,091
86,228
832,723
Minn & Internat. August
880,843
724,349 5,056,236 4,160,636
NorthwesternPacific August
1,177,732
335,139
260,201
1,394,713
Oahu Ry & Land Co August
482,030
423,545
August
Pacific Coast
Nashv Chatt & St L
7,615,756,5,683,518 53,761,377 47,126,901
2,618,421 1,974,806 18.588.141 16,276,672
_
Nevada-Cal-Oregon
wk
Oct
Ft W & Den City August '
Trin & Brazos Val August
August
Wichita Valley
August
Colo & Wyoming
August
...
Copper Range....
Cuba Railroad
....
Camaguey & Nuev
Delaware & Hudson
Del Lack A Western
Denv & Rio Grande
Denver & Salt Lake
Detroit & Mackinac
Detroit Tol & Iront.
Det & Tol Short L__
Dul & Iron Range.
Dul Missabe & Nor. August
Dul Sou Shore & Atl 3d wk Oct
.
Duluth Winn & Pac August
East St Louis Conn. August
East'nSteamshLines September
Elgin Joliet & East. September
E1 Paso & Sou West September
August
August
Chicago & Erie
August
N J & N Y RR
August
Florida East Coast
Fonda Johns & Glov August
Ft Smith & Western August
August
Galveston Wharf
Erie Railroad
.
Georgia Railroad
Georgia & Florida.
September
99,654 4,613,859 3,817,767
1,569,232 1 258,826
145,663
797,796
862,425
121,239
33,742,128 33,607,471
506,655
1,699,903 17,470,105 14,976,403
143,961
198,927
140,228
711,683
2,540,693
1,287,358 1,156,325 10,550,137 9,292,974
9,504,121 8,716,373 64,951,849 58,416,831
7.810.403 6,717,796
909,951
1,243,878
725,423
835,340
112,183
122,594
841,158
134,161
166,184
193,444
609,286
132,574
August
211,963
Grd Trk L in Can- August
Grand Trunk Syst.. 3d wk Oct 2,666,086
265.757
Atl & St Lawrence August
_
August
August
August
ChDetCanGTJct
Det G H & Milw.
Grd Trunk West.
Great North System
Green Bay &
September
West. July
Gulf Mobile & Nor. August
Gulf & Ship Island. August
Hocking Valley.... August
Illinois
August
Central
August
Internat & Grt Nor August
Kan City Mex & Or August
K C Mex & O of Tex August
Kansas City South. August
Texark & Ft Sm__ August
Illinois Terminal
Kansas City Terra.
August
_
August
Kan Okla & Gulf
Lake Sup & Ishpem. August
August
Lake Term Ry..,
Lehigh & Hud River
Lehigh & New Eng.
Lehigh Valley
__i
Los Ang & Salt Lake
Louisiana & Arkan.
Louisiana Ry & Nav
Louisville & Nashv.
Louisv Hend A St L
Maine Central
Midland Valley
Mineral Range
Minneap & St Louis
Minn St P & S S M.
August
August
649,401 8,921,852
938,212
126,991
1.162.404
139,188
72,539 1,010,404
562,077 4,872,202
930,599
81,543
1,152.650
209,451
2,101,885
1,873,237
167,341
1,152,650
209,451
2,912,854
426,491
1,255.954 10,969.275
6,743,664
830,483
973,304
556,582
4,453,953
639,074
1,339,559
2~.164"66i
1,339,559
211,963
2,698,159
492,218
8,922,865
2.510,355
13246 097 11077055 88,787,113 77,235,006
661,479
684.121
88.005
98,889
313,355
261,085
1,629,919
12488633
95,975
1,627,6.54
147,800
163,281
1,612,033
182,953
140,416
227,672
282,147
114,827
1,751,939
256,560 2,394,790
1,886,402 1,591,584
223,491
7,199,904
1,349,664 9,602,500
9,675,739 89,914,786 69,055,673
620.250
659,674
71,336
1,152,182 11,465.330 9,082,135
832,205
1,038,834
148,934
697,664
1,139.603
112.385
1,321,801 11.902,048 9,564,997
924,634
1,301,212
132,487
881,400
993,693
132,709
880,997
1,571,701
139,804
627,588
1,093,944
131,282
735,801
846,371
104,195
278,734
390.011
250.949
446,808
1,739,844
2,910,952
_
Pennsylv RR & Co. August
Balt Ches & Atl__ August
August
Cine Leb & Nor.
.
Grand Rap & lnd August
August
Long Island
August
Mary Del & Va
N Y Phila & Norf August
August
Tol Peor & West
W Jersey & Seash August
Pitts CC&St L. August
1,969,512
565,862 23,863,426 20,283,224
721,640
1,180,374 1,012,623 7,994,391 6,980,027
809,655
1,174,147
123,632
174,112
634.710
111,015
1,095,034
162,961
745,297
627,867
91,879
87,041
657,659
,588,854
85,594
97,453
976,503 8,062,494 7,293,677
1,003,131
August
154,044 2,185,455 1,930,162
108,139
August
25,643,713
September 5,030,160 3,126,976 31,515,408
52,974,984
September 8,191,557 6,213,780 56,003,638
23,975,497 20,045,011
3,703,738 3,105,754
August
295,296 1,731,856 1,795,206
300,691
August
1,034,379
1,254,782
153,174
192,500
August
348,831 3,068,361 2,378,809
399,142
August
1,550,576
219,899 1,114,620
176,250
August
6,794,119
September 1,686,336 1,106,006 8,650,127
2,925,770 1,858,609 12,200,692 13.501.526
3d
Colo & Southern._
1,670,262
2,351,046
7,051,143 6,076,055 51,716,966 47,169,811
11,031,123
1,932.547 1.331,819 13,141.571
1,326.106
2,681,491
160.636
335,243
304.262 2,715.437 2,284,129
427.758
August
78,592,993
September 11946335 9,846,324 92,043,833
1,900.522
2,00.4.283
232.542
28Q.4K3
A ugusi
14,980,682 12,852,475
September 2,187,831 1,603,175
349,365 3,020,130 2,538,208
467,422
August
621,141
526,614
14,796
13,006
3d wk Oct
1,303,997 1,169,878 10,313,812 8,320,564
August
3,638,153 28,995,131 26,493,728
4,49.5,689
August
September
August
August
AGGREGATE OF GROSS
Year.
$
August
Montour
_
August
September
August
August
August
Chicago Junction.
Chic Milw & St Paul August
Chic & North West. August
Chic Peoria & St L. August
August
Chic R I A Pacific
Chic R I & Gulf.. August
Chic St P M & Om. August
Chic Terre H & S E. August
Prevoius
663,589
85,073
658,077
107,597
21,801,549
3,680,533 3,224,549 25,222,968
15,688,183
2,391,624 2,290,968 17,894,757
Mo K & T Ry of Tex August
159,8971 1,488,538 1,145,087
199,747
Mo & North Arkan. September
67,483,924
Missouri Pacific
September 10806 048 9,093,852 83,944,497
416J68 2,406,845 2,312,678
438,820
Monongahela
August
1,316,710
183,418 2,330,650
290,757
Monongahela Conn. September
839,513
_
August
Current
Year.
Previous
Year.
Mississippi Central- August
638,328
113,026
712,646
382,565 18,055,622 12,315,469
1,476,074 1,186,829
82,584,231 72,953,238
127089000
Canadian Pacific
3d wk Oct 5,983,000 4,241,000 153790000
1,862,526
1,917,363
159,136
189,631
Can Pac Lines in Me August
540.278 4,639,462 4,018.611
601,017
Caro Clinch & Ohio. August
2,238,913 1,855,973 18,889,251 15,737,993
Central of Georgia.
September
32,895,635
Central RR of N J. 'September 5,273,344 4,131,526 36,185,727
528,145 4,295,600 4,179,876
758,535
Cent New England. August
3,680,136
517,568; 4,358,279
643,450
Central Vermont..- August
1,932,817
233,809 2,342,067
345,481
Charleston & W Car August
Chicago & AltonChic Burl & Quincy.
Chicago & East 111..
Chicago Great West
Chic lnd & Louisv..
Year.
Latest Date.
Missouri Kan & Tex August
152,449
221,292
Buffalo & Susq
September
Canadian Nat Rys. 3d wk Oct 2.917.348 2,167,313
Ches & Ohio Lines.. August
Current
$
(j|J
|August
Bklyn E D Terminal; August
3d wk Oct
or
Month.
243,608 2,149,422 1.809,951
105,805 4.070.779 3,454,960
19892620 15673078 137445642 108923544
Atch Topeka & S Fe August
Gulf Colo & 8 Fe. August
2,258,044 2,126,609 16,301,883 12,723,579
694,698 5,749,233 3,749,806
955,547
Panhandle & S Fe August
403,484 3,792,603 3,256,676
493,243
Atlanta Birm & Atl_ August
228.577 2,009,166 1,779,545
288,878
Atlanta & West Pt_ August
Atlantic City
437,132^ 415,338 3,824,800 3,629,113
iSeptember
5.772.347 4,050,711 48,408.882 41,522,311
Atlantic Coast Line August
20222080 17821467 139081224 113901885
Baltimore & Ohio
August
194,223
1,316,167 1,201,013
160,553
B & O Ch Term.. August
449,705 4,778,375 3,721,675
704,349
Bangor & Aroostook September
63,672
10,376
70,562
11,291
Bellefonte Central.
August
375,874 2,658,060 2,319,103
415,063
Belt Ry of Chicago. August
9,981,923
Bessemer & L Erie.. September 2,320,512 1,340,520 10,504,148
762,939
93,718 1,261,652
181,280
Bingham & Garfield August
432,638
42,524
457,779
61,014
Birmingham South September
8,206,353 6,746,501 54,117,656 45,310,568
Boston & Maine
Buff Roch & Pittsb-
Week
ROADS.
Previous
Year.
305,024
117,155
Alabama & Vicksb. August
Ann Arbor
3d wk Oct
,
Jan. 1 to
Latest Gross Earnings.
Date.
51571436 48242704
221,861
227,468
100,455
100,969
980,717
865,347
3,003,592 2,616,921
184,300
164,360
886,759
810,386
238,607
153,759
2,274,744 1,930,075
Peorie &> Pekin Un_ August
September
September
Pere Marquette.
Perkiomen
August
Phila Beth & N E_
Phila &
Reading.
September
_
August
Pitts Shaw & North August
Pittsb & West Va__ September
September
Port Reading
Quincy Om & K C__ August
Rich Fred & Potom. August
Pittsb & Shawmut.
7,299,316 7,910,347
146,693
85,785
4,423,025 3,332,640
134,249
101,419
108.204
67,639
8,512,293 6,954,895
132,709
11.5,905
120,864
112,093
September
Rutland
St Jos & Grand Isl'd August
St L Rocky Mt & Pac August
August
St Louis-San Fran.
.
Ft W& RioGr--
August
August
.
St LSFof Texas.
St Louis Southwest . August
St L S W of Texas August
3d wk Oct
Total system
August
St Louis Transfer
San Ant & Aran Pass August
San Ant Uvalde & G
Seaboard Air Line..
South Buffalo
Southern Pacific—
SoPacAtlSSLines
Arizona Eastern.
Galv Harris & S A
Hous & Tex Cent.
HousE & W Tex.
Louisiana Wester n
August
August
September
August
August
August
August
August
August
August
Morg La & Texas August
Texas & New Orl. August .
3d wk Oct
Southern Railway.
_
Ala Great South. August
64,285,930 53,764,311
1,039,380
745,989
919,508
712,780
128,669 1,718,601 1,005,820
218,347 1,333,509 1,902,527
119,734
847,650
711,731
318,466
221,633
118,838
„
649,389
326,100
439,062
8,100,831
170,370
169,453
1,843,435
453,720
255,089
368,304
7,016,817
162,046
179,573
1,221,071
635.931
430,382
107,553
411,833
118,866
3,081.681
57,062
Toledo St L & West- August
-
Pacific
Oregon Short Line
Ore-Wash RR & N
Union RR (Penn)_.
September
August
August
August
8,520,077
3,529.313
2,088,738 1.898,254
3,275,028 2,655.635
58,028,517 49,248,660
1,234,664
954,591
1,092,409 1,009,708
13,344,934 8,379,989
5,811,181 4,151,858
23,941,290 15,846,039
875,982
679,859
3,230,079 2,753,183
992,083
750,886
31,916,921 27,137,718
1,084,767
778.001
1442&13 125112976 105165843
495,446 1,068,147
3,490,998 6,870,342
284,779
254,779 2,632.986 2,459,584
2,180,879 1,955,842 15,744,016 13,997,825
806,245
689,027
126,476
586,666
136,308
3,619,594
161,117
17518559
913,133
213,164
443,113
781,831
895,027
4,344,479
1,118.079
<
Union
7,334,100
3,480,388
880 854 1,025,376
2,007,672
ClnNO&Tex Pac August
386.205
Mobile & Ohio... 3d wk Oct
473,492
Georgia Sou & Fla August
727,412
New Orl & Nor E. August
123,938
NorthernAJabama August
139,383
South Ry in Miss. August
128,782
Spokane Internat. _ August
880,106
Spok Portl & Seattle August
229,311
Staten Island R T__ September
2,836
Tenn Ala & Georgia 3d wk Oct
254,822
Tennessee Central.. August
411,186
Term RRAssn ofStL August
397,257
St L Mer Bridge T August
877,587
1st wk Oct
Texas & Pacific
Ulster & Delaware.
337031352 317246176
1,027,993 1,057,535
764,546
708,285
5,918,422 5,159,259
16,671,483 16,771,375
828,161
881,022
5,207,034 5,328,057
1,320,000 1,065,778
9,153,455 8,249,266
65,724,894 59,909,972
1.006,953
767,517
29,555,822 25,427,031
905,279
813,884
841,603
542,584
^
5,676,679
1,501,079
2,659,544
4,948,406
5,192,576
3,675,088 133176336 110353907
7,160,211
1,865,832
3,402,121
6,610,282
6,227,122
818,313
206,407
321,175
627,038
730,232
836,565 7,364,260
1,197,134 13,231,729
340,682 14,661,478
362,478 3,488,448
549,244 5,019,365
99,840
995,446
150,640 1.173,404
107,428 1,000,444
1,105,856
6,690,106
10,669,227
12,113,518
668,438 5,723,577
192,148 1,765,448
3,851
148,004
224,422
1,886,449
340,562 2,907,845
293,538 2.532,239
793,251 30,594,230
2,830,425
4,235,301
732,996
1,101,867
685,441
4,730.457
1.714,896
106,735
1,666,088
2,441,886
1,850,627
26,684,295
7,177,516
4,968,713
852,468
176,277
157,796
12448428 10776694
-
1,096,153
891,807
78,939,786 69,293.410
4,031,598 3,606,336 28,269,462 23,815,263
2,998,037 2,792,983 21,533.528 17,989,768
1,271,195
654,587 7,504,110 5.840,101
181,430
111,251 1.216,123
725,758
Utah
352,899
293,294 2,796,973 2.111,740
Vicks Shrev & Pac_. August
Virginian Railroad _ September 2,009,717 1,280,079 12.497,070 8,628,253
5,773,898 3,147,359 35,944,896 30,092,926
August
Wabash Railroad506,083
284,075 15,461,203 10,791,182
Western Maryland! 3d wk Oct
1,687,012 1,477,042 9,803.087 7.932,228
August
Western Pacific
250,236
194,041
1.826.904 1,690,788
Western Ry of Ala.. August
1,718,986 1,191,042 10,440,017 8,280,918
Wheel & Lake Erie. August
261,210
211,341 1.747,094
1,340,399
Wichita Falls &N W August
2,899,304 2,534,564119.630,599 15.538,631
Yazoo & Miss Valley August
September
Augusf
EARNINGS—Weekly and Monthly.
Current
Current
*
Weekly Summaries.
Previous
Year.
Decrease.
$
1st
3d
4th
1st
2d
3d
4th
1st
2d
3d
•
(14
week Aug (17
week Aug
(10
week Sept (16
week Sept (16
week Sept (15
week Sept (13
week Oct
(13
week Oct
(15
week Oct
(18
week Aug
We no longer
roads).
roads).
roads),
roads).
roads).
roads).
roads).
roads).
roads).
roads).
15.536.839
15,142.176
18,469,887
15,958,176
17,369,292
25,901,613
19,550,180
17,548,585
18,221 J855
19,594,766
13,276,893
12,859,576
15,434.886
13,441,122
14,253.136
20,470,587
15,925,478
13,253,628
13,670,975
14,822,387
include Mexican roads in any
Previous
Increase or
Year.
Year.
Decrease.
Increase or
Year.
S
+ 2,259 .946 17.02
+ 2.282 ,600 17.70
•+3,03.5 ,001 19 60
+ 2.517 ,054 18.72
21.86
+3,116 .156
+ 5,431 ,026
+3,624 ,702
+4,019 ,303
+4,550 ,880
20.96
10.25
30.02
33.28
+4,772 379 28.05
of our totals,
*Monthly Summaries.
%
Curr.Yr.
Mileage.
November ..233,032
December. ..233,899
..232,511
January
..231,304
February
..213,434
March
..221,725
April
..213,206
May
..213,525
June
...
.
July
August
f Comparison
...
..220,459
..199,957
Prev.Yr.l
232.911)436 .436 ,551
233,8141451 .991 ,330
232,2101494 ,706 ,125
231,0171421 ,180 ,876
212,770 408 ,582, ,467
220.918|387
211.040; 387
439 .029,989
—2.593,438
%
0.59
2.61
440 .481.121
+
11,510,209
392 ,927,365
+
101778760 25.90
348 ,749,787
347 ,090.277
.680, 982 372 828,115
.330, 487 348 701,414
+72,431,089 20.77
+61.492.190 17.72
3.45
+ 12,852.867
+38,629.073 11.08
+ 61,705,722 16.99
208,598 430 ,931, 483 369 225.761
1643
401, 376.485 +65.925,059
218,918467'351, 544
865 «28
199.418)441 .423. 158 367
with 1917 figures, not 1919.
+
73.557.530! 19.98
1744
THE
CHRONICLE
[Vol. 111.
Latest Gross Earnings by Weeks.—In the table which
follows
of
we sum
The table
October.
Gross Earnings
Previous
18 roads and shows
covers
Roads.
1920.
1919.
.
Colorado Southern
Duluth South Shore & AtlanticGrand Trunk of
.
—
Minneapolis k St Louis.
Iowa Central
Mobile & Ohio
.
—
Increase.
Decrease.
-
117,155
611,665
2,917,348
5,983,000
721,640
143,961
105,805
11,350
382,565
229,100
2,167,313
750,035
4,241,000 1,742,000
565,862
155,778
99,654
44,307
/
—
Total (18 roads).....
Net increase (32.19%)
2,666,086
2,101,885
13,006
14,796
Jan
Jan
_
...
492,275
386,205
689,027
4,344,479
2,836
506,083
409,429
340,682
430,382
3,675,088
3,851
*284,075
%
43/, 132
Sept .30
3,824,800
Bangor & Aroostook.a..Sept
704,349
—
Jan
Bessemer k Lake Erie.b Sept
222,008
Ulster &
2,805
Jan
$
415,338
3,629,113
$
41,847
758,915
206,407
1,501,079
73,269
def89,688
55,524
300,666
443,113
3,402,121
321,175
2,659,544
3,380
to
74,688
870.638
887,202
781,831
6,610,282
627,038
4,948,406
38,585
1,158,057
120,875
895,027
6,227,122
730,232 def228,612
5,192,576 defl21,875
Aug 31.—
Jan
449,705
1,340,520
9,981,923
1,019,913
2,005,942
364,775
2,551,083
42,524
432,638
10,343
26,199
3,241
94,581
1,446,194
484,291
83,043
10,556,712 def790,283 def466,467
114,631
def35,670
50,032 def252,523
Pacific.b____„Sept20,009,287 17,513.691
3,908,655
4,091,920
19,157,138 2.3,053,267
Sept 30.——.
to
Aug 31
New
to
Orl.b—Aug
Aug 31
...
783,721
__
Delaware-b—Sept
1
to
Sept 30
1
to
—
Sept
Sept 30
Western Maryland.b
a
176,277
1,096,153
156,797
8,855
891,807 defl74,163
1,271,195
654,587
255,750
5,840,101 defl25,737
7,504,110
Sept 2,193,174
38,474
77,722
3,259,422
7,153,806
29,934,073 33,012,738
1,280,079
8,628,253
63,518
338,663
877,882
3,435,877
495,699
2,056,727
443,371
*389,671
■
*1,205,513
After the deduction of taxes,
b Before deduction
-
2,320,512
338,384
2,179,283
1
1
of taxes.
98,870
1,055,863
221,764
1,696,795
to
178,578
896,605
213,164
1,865,832
Co.b.Aug
Union Ry.b......
-Net EarningsPrevious
Year.
Year.
7,792
46,868
457,779
—
Susquehanna.a._8ept
1
7,160,211
Virginia Ry.b—-—
Sept 2,009,717
Jan 1 to Sept 30———12,497,070
Current
185,746
426,703
Buff Roch & Pittsb Ry b
Sept 2,387,835
Jan 1 to Sept 30.-----14,972,251
Jan
469,621
2,810,363
Southern Rail way _b
3,721,675
Jan 1 to Sept 30--..-.10,504,148
Birmingham Southern b Sept
61,014
Buff &
1,001,581
822,830
818,313 def276,381
5,676,679
157,438
913,133
187,949
621,507
Septl3,467,505 11,317,589
1,428,174
1,265,154
Jan 1 to Sept 30—— .112,411,915
93,516,288 19,179,796 11,048,971
Staten Isl Rap Tran.b—Sept
229,311
192,148
def28,764
17,398
Jan 1 to Sept 30
1,765,448
1,714,896 def128,313
260,620
Jan
4,778,375
Sept 30
Sept 30
to
Un Pac Sys, Total Sys.b.Augl9,581,694 17,176,014
Jan 1 to Aug 31128,846,407 111098,439
Oross Earnings—
Prerious
Year.
Year.
Ry.b.—..Sept
to
1
Texas &
82,846
45,523
258,645
669,391
1,015
!4,772,379
Roads.
1
1
Morg L & T & SS Co b Aug
1,790
19,594,766 14,822,387 4,775,184
Current
Jan
1,068,147 df1,695,280
5,207
6,870,342df5.655,996 def461,817
A_b._.Aug 2,180,879
1,955,842
Aug 31
.15,744,016 13,997,825
Louisiana West
564,201
Monthly to Latest Dates.—The table
gross and net earnings with charges and
surplus of STEAM railroad and industrial companies re¬
ported this week.
to
" 495,445
3,490,998
Aug 31.
-
Earnings
1
Lines.b—-Aug
to
Hous E & W Texas.b.Aug
Jan 1 to Aug 31-
following shows the
Atlantic City
Jan 1 to
1
Houston & Tex Cent b Aug
Jan 1 to Aug 31
Comparison with 1917, not 1919.
Jan
Pac SS
Galv Har & S
1
-
—
Southern Railway...
Tennessee Alabama & Georgia.
Western Maryland
Net
S
-
-
St Louis Southwestern
*
$
Syst.b.Augl7,518,559 14.429,313 df4,730,836
4,280,457
125,112,976 105165,843 18,302,656 21,340,172
Arizona East Ry.b—.Aug
284,779
254,779 def157,805
36,037
Jan 1 to Aug 31
2,632,986
2,459,585
472,189
548,724
Canada„—}
Grand Trunk Western.
}
Detroit Grand Haven & Mil
Canada Atlantic.
J
Mineral Range
Year.
8
Jan 1 to Aug 31
Jan
Ann Arbor
Previous
Year.
So Pac Co—Pac
So
Buffalo Rochester & Pittsburgh
Canadian National Rys
Canadian Pacific—
Current
Year.
32.19%
increase in the aggregate over the same week last year.
Third. Week of October.
Net Earnings
Current
Year.
$
separately the earnings for the third week
up
*
Comparison with 1917, not 1919.
ELECTRIC
RAILWAY
AND
PUBLIC
Latest Gross Earnings.
UTILITY
COS.
Jan. 1 to Latest Date.
Name of Road
or
Corripamj.
Month.
Current
Year.
Previous
Year.
Current
Year.
Previous
Year.
$
8
Alabama Power Co.
September
361,221
258,552 3,004,299
2,088,659
Bangor Ry & Electric August
110,199
95,843
787,965
684,246
Baton Rouge Eiec Co August
36,622
30.545
302.901
234,333
Beaver Valley Trac Co September
62,962
51,934
532,792
448,439
Binghamton Lt, Ht& P August
64,796
39,381
Blackstone V G & El. August
272,547
218,965
2,1*18", 315 1,742",018
fBrazilian Trac, L & P August
11837000 9734,000 84.622,000 73,767,000
Cape Breton Elec Co August
56,886
50,927
397,490
377,089
Cent Miss V El Prop
August
40.765
34,380
317.768
268,602
Chattanooga Ry & Lt August
107.817
85.275
863,887
640,252
Cities Service Co
September 2074.085 1460,921 18,949,528 15,108,170
Colorado Power Co.. September
95,312
82,448
1,084,101
1,126,924
^Columbia Gas & Elec September 1084,100
876,731 10,588,016 8,585,845
Columbus (Ga) El Co August
126,039
107.315
1.041,929
819,386
Com'w'th P, Ry & Lt August
2627,694 2142,021 20,178.684 16.494.953
Connecticut Power Co August
119,512
106,042
949.609
802,739
Consum Pow (Mich). August
1168,063
905,759 9,102.419 7,204,574
Cumb Co (Me) P & L August
303,376 273.357 2,029.573
1,775,812
Dayton Pow & Light. September
301,256
219,728 2,649,426
2,043,279
d Detroit Edison
September 1801,269 1302,229 15,474,217 11,591,529
Duluth-Superior Trac September
153,664
159,633
1,444,471
1.434,927
T
Duquesne LtCosubsid
light & power cos.. September 1313,476 915,312 10,848,339 8,713,226
East St Louis & Sub
August
376,321
195,599
2,683,991
1,998.129
Eastern Texas Elec„ August
145,136
119.769
889,547
1,042,918
Edison El of Brockton August
99,497
86,380
868.928
695,708
;'Elec Lignt & Pow Co August
37,482
26,112
232,226
181,379
e El Paso Elect ric Co. August
155.410
126.736
1,223.204
1,000,790
Fall River Gas Works August
73.780
68,499
560.850
474,478
Galv-Hous Elec Co.. August
339,861
290,432
2.437,959
2,045,334
General Gas & El Co
August
985,177 787,17 -4|—
e Great West Pow
Sys August
596,096
480,215
3,969,322 3,4~lb~,246
Havana El Ry, L & P August
793,107 815,869 7,350,391
5,932,530
Haverhill Gas Lt Co. August
35,777
32,172
290,861
237,312
Honolulu R T & Land August
67,217
64,178
547,574
496,950
Houghton Co El Co— August
46,619
32,042
335,733
282,650
Houghton Co Trac Co August
28,221
25,508
217,522
198,746
d Illinois Traction
September 1756,543 1480,785 15.045,172 12,492,890
Keokuk Electric Co.. August
30,344
26,041
230.999
202,692
Keystone Teleph Co. September
149,184
147,311
1,298,604
1,208,333
Key West Electric Co August
22.091
19,576
171,758
151,571
Lowell Electric Corn. August
106,076
76,587
811,612
634,503
Metropol'n Edison Co August
227,115
179,401
cMilW El Ry & Lt Co. July
1550,611 1161.610 10,453,075
8,232",911
Miss River Power Co. August
194.965
241,995
1.758,013
1,500,508
Nevada-Calif El Corp September
291.191
230,412
2,377,552
1,990.746i
New Jersey Pow & Lt August
41,105
27,336
NewpN&MRy.G&E September
246,368 233,562 2,070,953 2,079*574
New York Dock Co.
September
422,724
548.443
4,286,478 3,865,845
Nor Caro Pub Her Co August
87.967
67,171
1,025.099
837.858
Northern Ohio Elec.. August
935,193 831,277 7,497.431
5,947,464
North Texas Electric. August
336.192 297.941
2,582,163
2,134.585
North w Ohio Ry & PCo August
55,665
41,488
Pennsylv Utilities Syst August
184,119
145.635
Philadelphia Co and
Subsid Nat Gas Cos September
941,974
666.397 10,985,848
9,107,962
Philadelphia Oil Co— September
149,403
116,745
1,327,023
901.320
Phila & Western
September
76,905
69,362
588,885
546,187
Phila Rap Transit Co September 3093,995 3030,930
27,954,733 25,995,430
Port(Ore) Ry,L& PCo August
807.751
701.595
6,120,882
5,669,615
Puget Sd Pow & LtOo August
764,235
697,932
6,439,594
266,611
ReadingTrans&LtSys August
246,050
Republic Ry & Lt Co. August
700,018
522,812
5,357",221 4,026,313
Rutland Lt & Power. August
54,287
46,857
St L Rocky Mt & Pac September
509,822
357,878 3.784,851 3.013,514
Sandusky Gas & Eiec August
62,364
39,491
Schenectady Ry Co.. September
165,141
141,028
1,394",191 1.220",494
17th St Incl Plane Co September
4,259
3,808
32,699
30,200
Southern Cal Edison- August
1528,108 972,974
9,147,564 6,856,625
Tampa Electric Co.. August
113,022
99,295
957,546
813.151
Tennessee Power
August
159,461
203,466
1,600,521
1,542,302
ftTenn Ry, Lt <fc P Co August
503,835
425,901
4,221,941
3,635,414
Third Avenue System_ September 1159,323 1004,730
9,124,973 8,407,501
Utah Power & Light. August
531,642
460.739
Utah Securities Corp. August
695.212
604,779
Virginia Ry & Power. August
922,490 766,910
Western Gas & Elec.. August
154,315
185.818
2,288,712
1,925.247
.
Canadian
Jan 1 to
Central of
Jan
Sept 30.
147.437.401 124239.973
Georgia.b...Sept 2,238,913
1
to
Sept 30
-18,889,251
Central RR of N J.b.
1,855,973
15,737,993
def13,596 defll0,329
520,010
1,773,121
-Sept 5,273,344
4,131,526
987,376
272,073
Jan 1 to Sept 30.. —..36,185,727
32,895.635def2798,353def9414.322
Chicago & Eastern 111.a.Sept 3,112,978
2,449,370
420,435
167,3."3
-
Jan 1 to Sept 30
21,695,867 18,359,068
984.067 def742,921
Chicago Great West.b_-Aug 2,149,576
2,234,316 def7o4,448
587,900
Jan 1 to Aug 31
-15,100,557 13.903,946dfl,579,491
1,669,241
Delaware & Hudson. b. Sept 5,030,160
3,126,976
1,139,176
209,543
Jan 1 to Sept 30—
31,515,408 25,643,713
555,617
1,781.310
_
Del Lack &
Jan
1
West.b—Sept 8,191,557
6,213,780
Sept 30—....56,003,638 52,974,984
to
Detroit & Mackinac.a..Sept
Jan 1 to Sept 30
Duluth & Iron Range, b.Sept
Jan 1 to Sept 30.
221,292
1,485,341
1,245,537
3,559,256 11,918,230
22,430
62,515
defl2,404
1,476,074
152,449
1,186,829
1,686,336
8,650,127
1,106,006
6,794,119
851,256
4,047.124
6.35,851
3,403,993
Eastern Steamship L b
711,683
Sept
506,655
Jan 1 to Sept 30
33,742,128 33,607,471
273,704
286,999
134,199
573,030
Elgin Joliet & East Ry b Sept 2,540,693
1,699,903
Jan 1 to Sept 30—— ..17,470,105
14,976,403
112,404
945,070
3,712.036
332,528
3,839.673
10,550,137
1,156,325
9,292,974
369,760
2,398,571
375,153
2,937,271
...Sept
609,286
Jan 1 to Sept 30
4,872,202
562,077
4,453,953
33,961
135,627
def11,864 def872,302
El Paso &
Jan
Southwest.b.Sept 1,287,358
1
to
Sept 30.
Georgia Ry.b
Great
Northern.a
Jan
1
to
Sept 30.
Sept 13,246,097 11,077,055
88,787,113 77,235,006
3,332,719
1,332,077
2,782,618
10,804,814
K C Sou and Texarkana & Ft
Smith Ry Total
Sys.b.Sept 2,378,109
1,478,984
827,082
433,304
Jan 1 to Sept
30—....15,920,819 11,968,615
2,842,713
1,942,193
Lehigh Valley.b
Sept 7,051,143
6,076,055
531,174 .621,276
Jan 1 to Sept 30
.51,716,966 47.169,811def6106,623 dfl6487615
Louisville & Nashv
Sept 11,946,335
9,846,324
1,249,612
844,192
Jan 1 to Sept 30
92,043,833 78,592,993
1,390,190
7,443,393
Maine Central.a...
Sept 2,187,831
1,603,175
140,736
defl9,901
Jan 1 to Sept 30
14,980,682 12,852,475
2,350,788
991,743
Missouri & Nor
Ark.b..Sept
199,747
159,897
29,031
def 1,872
Jan 1 to Sept 30—— 1,488,538
' '
1.145,087 def196,648 def413,325
Missouri Pacific.a
Jan
1
to
Sept 30
Sept 10,806,048
9,093,852
83,944,497 67;483;924
Monongahela Connect b Sept
290,757
Jan 1 to Sept 30
2,330,650
183,418
1,316,710
Nash Chatt & St
L_b._.Sept 2,313,253
Jan 1 to Sept 30
18.108,593
Jan
1
New York
Jan
1
to
157,308
63,196
1,047,814
32,767
def55,693
def25,366
Louis.b.Sept 3,033,078
2,067,196
17,707,486
422,770
4,582,465
567,246
4,235,299
Sept 30.
20,486,720
Sept 30
264,025,826 229010,770
N Y New Hav & Hart.a Septl2,426,629
Jan 1 to Sept 30
90,700,126
N Y
Susq & West.b-. —Sept
434,734
Jan 1 to Sept 30
3,250,805
Norfolk &
Southern_b..Sept
649,934
1 to Sept 30—5,793,907
Jan
Norfolk & Western.b
Jan 1 to Sept 30
Northern
Jan
Pacific.a
1
to
Sept 30
10,216,559
76,728,381
59,832
315,877
992,255
31,805
4.745,357
5,169,290
4,747,100 35,871,900
573,230
9,236,599
1,139,380
4,361,478
323,747 def137,940
2,870,714 def585,792
def3,389
216,377
590,161
4,687,081
def80,191
def411,420
65,225
127,007
Sept 8,959,982
7,348,327
1,324,194
1,224,220
59,683.436 56,023,042defl078,533 10,226,717
Sept 11,567,703
9,739,959
79,616,516 72,543,473
Perkiomen Ry.b—.
Sept
134,249
905,279
2,172.595
5,573,819
1,958,480
12,371,141
101,419
813.884
404,056
49,856
393,482
Marquette.b
Sept 4,423,02 5
3,332,640
Jan 1 to Sept 30.29,555,822 25,427,031
865,297
2,902,392
1,011,031
6,312,155
Jan
Pere
def11,079
def22,444
518,848 defl07,250
1,908,986
14,426,089
Central.a...Sept 38,194,829 29.486,945
to
1,042,097
4,275,499
190,189
1,258,412
Newburgh & So Shore.b.Sept
Jan 1 to Sept 30
New Chic & St
458,750
5,620,848
Phila &
Jan
1
to
Sept 30
Reading.b
1 to Sept 30
Sept 8,512,293
6,954,895
64,285,930 53,764,312
74,854
1,208,375
782,408
1,108,812
6,251,524
65,461
def30.922
Pittsb & West Va.b....Sept
Jan 1 to Sept 30
1,718,601
1,005,820 def191,628 def458,176
Port Reading
Jan 1 to
.Sept
221,633
1,333,509
218,347
1,902,527
.Sept
649,389
Ry.b
Sept 30
Rutland Ry.b__
Jan 1 to Sept 30
|
St Louis-San Francisco—
318,466
3,480,388
Ft Worth <fc R G Ry b Aug
Jan 11 to Aug 31......
170,370
1,234,664
L-St_L S F & Texas. b__Aug
169,453
Jan
1
to
Aug 31
1,092,409
128,669
97,276
271,098
94,404
701,551
453,720
127,296
61,850
3,529,313 defl 12,320 def463,889
162,046 def271,717
def458,671
48,325
def!7,732
179,573 def!45,726
1,009,708 def305,306
597523
954,591
91,868
—
_
_
a The
Brooklyn City RR. is no longer part of the Brooklyn Rapid Transit
System, the receiver of the Brooklyn Heights RR. Co. having, with the
approval of the Court, declined to continue payment of the rental;
therefore,
since Oct. 18 1919. the Brooklyn Citv RR. has been
operated by its owners.
b The Eighth Avenue and Ninth Avenue RR
companies
were
formerly
leased to the New York Railways Co., but these leases were terminated
on
July 11 1919, respectively, since which dates these roads have been operated
sepaiately.
c Includes Milwaukee Light, Heat <fc Traction Co.
d Includes
all sources,
e Includes
constituent or subsidiary companies.
/Earnings
gven in Light & Power Co., the Nashvilleonly, h Includes Tennessee
a Subsidiary companies
ailway, milreis.
Railway & Light Co., the
Tennessee Power Co. and the Chattanooga Railway Sc
Light Co.
both subway and elevated lines.
i Includes
) Of Abington & Rockland (Mass.).
OCT. 30
1745
CHRONICLE
THE
1920.]
Industrial Companies.—Con.
Public Utility Net Earn¬
ings.—The following table gives the returns of ELECTRIC
railway and other public utility gross and net earnings with
charges and surplus reported this week:
Electric Railway and Other
-Net EarningsPrevious
-Gross Earnings-
Current
Previous
Current
Year.
Year.
Year.
Year.
$
$
8
$
Companies.
125,690
1,561,052
361,221
3,871,209
258,552
2,949,810
174,814
2,031,874
91,235
1,035,283
39,282
428,396
62,962
532,792
51,934
448,439
*14,224
*140,793
*1,076
*69,384
915,312
*388,178
*305,914
Power
1
Oct
to
Sept
Co
Sept 30—
Beaver Valley Trac
Oct 1 to Sept
Co_..Sept
30—
.
32,417
328,307
Duquesne Lt Co & Sub-Sept 1,313,476
Jan 1 to Sept 30
10,848,339
8,713.226 *3,208,811 *3,113,125
Sept 1,756,543
421,835
—
353,826
3,855,395
3,412,299
116,745
901,320
106,971
1,020,840
96,833
747,043
Philadelphia Co and Subsidi,
aryNatGasCo
Sept
941,974/
666,397
Jan 1 to Sept 30
.10,985,848
9,107,962
434,969
6,102,884
95,429
4,092,171
Traction
Illinois
1
Jan
to
1,480,785
15,045,172 12,492,890
Sept 30..
Philadelphia Oil Co. —-.Sept
149,403
Jan 1 to Sept 30------ 1,327,023
4,259
32,699
17th St Incline Plane Co Sept
Jan
1
to
Sept 30
Utah Securities
Oct 1'19 to
*
-
696,550
8.163,433
Subsid-.Sept
Sept 30'20--
3.808
30,200
610,480
7,119,339
Does not include income from investments
interest
*2,846
285,564
3.683,490
313,432
and is before "providing for
Net after
Earnings.
Taxes.
Charges.
'19
12 mos '20
'19
30,655
26,404
294,182
248,612
764,233
607,265
& Light Co
*19
Light Co
12 mos '20
'19
1,153,407
.
21,229
232,010
186,465
50,218
45,886
392,147
349,912
18,190
15,864
203,329
190,536
2,649,426
2,043,279
45,561
51,150
412,517
409,265
34,184
21,315
330,347
348,320
1,801,269
'19
1,302,229
'20 15,474,217
'19 11,591,529
306,779
277,151
2,768,472
2,998,712
225,134
81,645
127,728
1,038,202
1,739,431
19,480
22,796
204,417
229.965
'19
9 mos '20
*19
Calumet & Hecla Mining Co
Sept '20
Company
9
mos
'19
153,664
159,633
1,444,471
1,434,927
Sept '20
4,326,560
'19
3,842,199
Sept '20
Duluth-Superior
'19
Traction
9
mos
Interboro Rapid
Transit Co
3
'20 12,442,573
'19 10,964,270
mos
N evada-California
'20
291,191
230,412
Sept '20
'19
Electric Corp
9
2,377,552
1,990,746
'20
mos
'19
•
Dock Co
mos
105,983
74,366
707,254
672,745
1,551,837
1,476,715
139,201
92,783
934,285
778,658
357,878
3,784,851
3,013,514
'19
130,980
131,472
1,767,797 def510,228
1,644,155 def484,722
5,177,631 fl,712,135
4,951,609 f1,524,207
95,421
86,600
844,583
509,822
'20
5,214
8,530
73,437
98,493
14,266
14,266
112,506
68,259
717,686
485,684
422,724
Sept '20
Mtn & Pacific Co
'19
9
1,259,281
60,223
57,940
530,285
521,053
4,286,478
3,865,845
'19
149.423
1,730,270
172,729
126,199
1,247,971
1,105,737
201,404
160.966
St Louis Rocky
■
1,257,569
1,159,433
3,465,496
3,427,402
548,443
Sept '20
'19
9 mos '20
New York
,
803,971
119,314
72,650
754,242
595,585
19,887
20,133
180,043
183,073
def42,379
def47,531
670,349 defl60,426
659,606
def9,2843
228,290
219,624
185,911
172,093
509,923
'19
1,159,323
1,004,730
3,428,308
3,054,968
Sept '20
994,123
834,420
'20 11,944,343
'19
9,950,336
294,975
318,182
4,008,820
3,330,941
156,680
152,092
1,889,049
1,825,871
138,295
166,090
2,119,771
1,505,070
Sept'20
'19
Third Avenue Ry
536,876
472,753
247,977
220,088
'20
6,348,823
5,590.522
3,061,380
2,977,263
143,473
135,545
1.679.429
1.712.430
104,504
84,543
1,381,953
1,264,831
Sept '20
'19
System
mos
United Gas &
'20
566,763
'19
Elec Corp
12 mos
Utah Power &
Light Co
12
mos
'19
Yadkin
12
mos
40,101
32,549
380,223
407,16
86,065
Sept *20
*19
River Co
46,998
821,710
551,48
'20
'19
25,396
14,705
15,644
177,262
16,905
202,961
194,410
212,75
total oper¬
ating revenue of $4,177,702; total operating expenses, $3,484,575; net rail¬
way operating revenue, $693,127; taxes, $135,000; net operating income,
$558,127; other income, $111,548; gross income, $669,675; interest and
other deductions, excl. interest adjustment mortgage bonds, $531,729; net
income, $137,946; interest adjustment mortgage bonds, $104,167; net sur¬
plus, $33,779.
Seaboard Air Line Ry.—The company reports for September
FINANCIAL REPORTS.
Annual, &c., Reports.—The following is an index to all
and other financial reports of steam roads, street
annual
published since Sept. 25.
monthly, does not include
reports in to-day's "Chronicle."
Full-face figures indicate reports published at length.
railways and other companies
This index, which is given
Page.
Steam Roads—
1364
Central HR. of New Jersey
Cincinnati Northern RR—„———1277
Gulf Mobile & Northern RR
1369
International Rys. of Central Amer.1273
.1469
.1562
Kanawha & Michigan Railway
Lake Erie & Western RR
Maine
...
——1562
Central RR—
1472
New Orleans & Northeastern RR
New York Chicago & St. Louis
Northern
Pacific Railway Co
Pitts. Cine. Chicago & St. Louis
Southern Railway Company—
RR.1365
1467
RR-1655
1562
Spokane Portland & Seattle Ry.—..1473
St. Louis Southwestern Ry
1655
.
—
1271
1272
Texas <fc Pacific Railway
Toledo & Ohio Central Ry
Electric Railways—Con.
Page.
Missouri Kansas & Texas Lines
1271
Montreal Tramways Co.
1365
—
National Properties Co.
ated
(and Affili¬
companies)'. Philadelphia
1366
North Carolina Public Service Co
1370
Ohio
1279
Traction Co...-.
—
Philadelphia Rapid Transit Co..—.1662
Quebec Railway. Light, Heat & Pow¬
er
Co., Ltd
1366
Sierra & San Francisco Power Co...1478
United Railways Investment Co
1656
West Penn Railways
1473
Wilmington & Phila. Traction Co
1371
Industrial Companies—
Abitibi Power & Paper
Co., Ltd
Allis-Chalmers Mfg. Co..
1474
1568
1371
..1467
American Chicle Co
—1369
Western Pacific Railroad Co
American La France Fire Eng. Co.. 1663
American Gas Co., Phila
Electric Railways—
American Railways
1663. 1563
American Real Estate Co
Binghamton (N. Y.) Light, Heat &
1471
1564
1281 American Seeding Machine Co
1366
1658 American Ship Building Co
California Railway & Power Co.,Inc. 1469 American Smelting & Refining Co.. 1367
1663
Cincinnati Traction Co.
1273 American-Sumatra Tobacco Co
1568
Chicago Utilities Co.
1275 American Telep. & Teleg. Co.
American Water-Works & Elec. Co. 1470
Consumers Power Co
1596
Power Co
_
Brazilian Trac., Light & Power Co__
—
/ Light
Co
EattSt. Louis & Suburban Co
Indianapolis Street Railway Co
Amoskeag Mfg. Co., Boston.. 1474, 1663
Pacific Gas & Elec. Co., San Fran..1571
Chino Copper
Paragon Refining Co
-.1285
Parish & Bingham Corporation..... 1478
Company..
Pacific
1276
Coast Valleys Gas & Electric Co..-.1475
Coast Co
(of Del.)...1376
...1657
Columbia Gas & Electric Co....
1664
Pennsylvania Salt Mfg. Co
Columbia Graphophone Mfg. Co
1282
Pennsylvania Utilities System
Consolidated Cigar Corp.. New Yorkl563
Corn Products Refining Co..
1664
Cosden
Pierce
—
&
Co—i
—
.....1274
Oil
1564
.1285
Philadelphia Electric Co.
Phillips Petroleum Co.__
...1376
-,-.1285
Corporation
1470
...
Crown Overall Mfg. Co.. Cincinnati. 1282
Pittsburgh Steel Co
Davis-Daly Copper Co...
Plymouth Cordage Co., Inc
1478
Producers & Refiners Corporation.
..1283
1283
Detroit Edison Co...
W.
Denver
Corporation..
EndicotUJohnson
-.
.
.
/
—
Ford
Motor
Co.
—
of
Company
.—.1274,1377
Punta Alegre Sugar Co.
1481, 1470
Railway & Light Securities Co..
1286
1373
.1658
—
1569
.
Republic Iron & Steel Co
1283
Corporation.
Ford Motor Co.-
(A. L.) Sayles & Sons Co., Pascoag.
R 1
1478
LtxL,
---.....1564
Canada.
Ford. Ont
1286. 1478
Pullman
11569
Elk Basin Consul. Petroleum Co
1478
—
Public Service Co. of North. Illinois. 1377
...-.1283
...
_
—
L. Douglas Shoe Co.. Brockton.
Mass
Edison Elec. Ilium. Co., Boston
1667
Scott-Powell Dairies, Inc.
1478
General American Tank Car Corp.. 1283
General Chemical Co
1665
Scranton Electric Co
General Petroleum Corporation ....1276
Greenfield (Mass.) Tap & Die Corp. 1476
Semet-Solvay Co., Syracuse. N. Y..1368
Bethlehem Steel Co
1281
1478
—
Shattuck-Arlzona Copper Co
-.1478
Slmms Petroleum Co., New York... 1656
Havana Tobacco Co
1275
Solvay & Cie, Brussels. Belgium
1478
1570
Standard Milling Co..
1659
;
Hollinger Consol. Gold Mines, Ltd.i.1570
Howe Scale Co
1283
Steel & Tube Co. of America.. 1668, 1286
St. Lawrence Flour Mills Co
..1571
Hurley Mach. Co., Chicago,111.,1565 1570
Hydraulic Steel Co., Cleveland. 0..1657
Strauss Toy Shops, Inc....
International Agricultural
Jewell Belting Co., Hartford. Ccnn.1476
Superior Steel Corporation...1286, 1378
Swift & Co., Chicago
.1479
Lackawanna Steel Co.. Buffalo
1570
T. H.
Lake of the Woods Milling Co...
1666
Texas Pacific Ccal & Oil
Corp
1274
Struthers-Wells Co.. Warren,
...1572
Pa...1479
Symington Company...,
.1368
Co.......1378
Lanston Monotype Machine Co....1666
Tobacco Products Corporation
Library
Tonopah-Belmont Development Co. 1573
Bureau
1570
Lindsay Light Co.. Chicago
.1666
Liquid Carbonic Co.. Chicago
Magna Oil & Refining Co
Manhattan Electrical Supply
1570
.1476
Co.... 1666
Transue & Williams Steel For r.
1572
Co..1668
Triangle Film Ccrp. & Sub. Cos
1286
Union Oil Co. of California...1573, 1480
United Alloy Steel Corporation—
1480
United Clears Stores Corporation. —1480
Massey-Harris Co.. Ltd. (Canada).. 1476
Marlin-Rockwell Corporation.
1477
U. S. Smelting. Refn ng & Min. Co.
Mathieson Alkali Works (Inc.)..
Maxwell Motor Co., Inc
1563
Virginia Iron. Coal & Coke Co
1573
1375
Vivaudou. Inc
1287
Middle States Oil Corporation
1376
Vulcan
—
-
Middle West Utilities Co
-.
1480
.....1480
Detinning Co
(William T.) Mosser Co., Boston...1284
Western Union Tele raph Co......1573
Westlnghorss Elec. & Mfg. Co. —..1287
Motor Wheel Corporation..
White Oil
..1566
.1666
National Acme Co
1477
Corporation.
—
—.
Wisconsin Electric Power Co.
—
.
—
—
National Aniline & Chem. Co., N.Y.1368
Wool worth (F. W.) Co
National Tea Co.. Chicago........ 1284
Wolverine Copper Mining Co..
Western
1287
15^7
1480
1287
Maryland Railway Company.
(1(M and'Wth Annual Reports—Calendar Years 1918 and '19.)
The report
dated at Baltimore, July 11920,
says
in subst.:
Effect of Government Operation.—From Jan. 1 1918 until Mar. 1 1920 our
railroad properties were in the possession of tne U.S. Govt, and under the
control of a Federal Manager, whose jurisdiction also included a number
other railroads,
among
which
was
the
Baltimore
&
Ohio
RR.,
our
most
active competitor.
Further operating subdivisions were created, with
result that our Baltimore terminals, grain elevator at Port Covington,
the
and
low-grade line over the Allegheny Mountains between Connellsville and
Cumberland, also our coal branches in Pennsylvania and Wet Virginia
recently completed to serve large coal developments not tribuiary to any
other railroad, were operated as parts of the Baltimore & Ohio RR.
Simil¬
arly the Cumberland Valley Ry. was utilized as the connection between the
Western Maryland and Philadelphia & Reading Railroads in lieu of taat
portion of our railroad theretofore utilized in this service.
These disarrangements of operation and transportation, while advl able
as a war measure, nevertheless resulted during their continuance in a com¬
plete dismemberment of the Western Maryland transportation system.
For this reason the operating results obtained by the U. 8. RR. Adminis¬
tration are of little significance in tUeir relation to this property.
Federal Compensation.—The average annual net railway operating income
of the company for the three years ended June 30 1917 commonly de •ignated
as
the "standard return," was $3,075,048.
By reason of subsequent
expenditures for additions and improvements and equipment the RR.
Administration after protracted negotiations, indicated its w llingness to
as additional annual compensation the sum of $240,390, making the
annual compensation payable to the company for the use of its property
during Federal control $3,315,439.
Although less than a just compensation, che directors finally determined
to accept the amount so offered.
The preparation of the contract, however,
in standard form has not yet been completed.
In addition to the compensation as aforesaid, the company will be en¬
titled to receive compensation in respect of additions and betterments to
properties of the company during the period of Federal control.
During Federal control certain amounts nave been paid by the Railroad
Administration to the company on account of compe sition, wnich amounts
so received have been disbursed by the company in the payment of its fixed
charges and expenses as well as in the discharge of the principal of equip¬
ment trust obligations maturing during the period.
Additions, Ac.—The accounts of the Railroad Administration disclose
expenditures made by it during Federal contrt 1 for additions and better¬
ments amounting to $2,130,441, notably the following:
13H miles second track.
$461,334
Engine, yard and terminal facilities at Bo wet, Pa
234,675
10 new Mallet locomotives, Nos. 916 to 925—cash payment
106,217
allow
Remainder chiefly sidings, miscellaneous machine shop expenditures, &c.
Equipment Trust.—There were assigned to tne company out of the freight
purchased by the RR. Administration 300 fifty-ton-capacity, steel
accurately
more than $921,735.
The
equipment trust 6% notes covering said equipment nave been taken over
by tne TJ. 8. RR. Admins, at par. (See p. 6 of "Ry. & Indust. Section.")
Coal Pier.—During Federal control coal pier at Port Covington, Baltimore,
was destroyed
by fire.
An adjustment of the amount payable by the
cars
underframe, single-sheathed box cars, the cost of which (not yet
determined) will not be less than $844,500, nor
Railroad
amount
Administration in respect of this loss has been completed
received thereunder, $172,025, being credited to profit and
—Ed.] An enlarged coal pier witn a modern unloading apparatus is
to be in operation within the next few months.
[the
loss
expected
Development of Properly and Earnings Preceding Federal Control.—Dur¬
ing the years immediately preceding Federal control the company had
proceeded in the development of its plans for tne establisnment of its rail¬
roads as an efficient transportation system of a modern type and capable
of taking its part in the development of the resources of the country.
The
main line had been laid with heavy rail, fully ballasted and equipped with
bridges capable of carrying the heaviest equipment; all of the main line
single track between Baltimore, Md., and Connellsville, Pa., was equipped
with electric automatic block signals; the Connellsville Extension had Deen
completed; the grain elevator at Port Covington, bad been constructed,
enlarged and placed in operation; newr ana valuable tonnage had been
developed and maae available througn the completion of coal a ad linestone
branches; ana new equipment, both locomotives and cars, had been ac¬
quired to handle all business which might be offered.
Increase in Revenue-Value of the Property due to Improvements made by Co.
Oper. Ret.
Year Ended—
June 30 1916
Co
Shaffer Oil & Refining Co
1476
June 30 1915
Anaconda Copper Mining
1377
t
Sears, Roebuck & Cc., Chic..1667, 1571
Habirshaw Electric Cable Co
1568
Kentucky Traction & Terminal Co. .1566
1658
-.1571
Oval Wood Dish. Corp.
1280. 1474
1275 Autosales Corporation
1474
1656 Bayuk Bros., Inc., Philadelphia
1471
1571
Okla
Otis Elevator Co
Chicago Racine & Milwaukee Line.. 1475
-
Danville Champaign <fc Decatur Ry.
1667
1285
Ogilvie Flour Mills Co.. Ltd
1274
.1282
...
Detroit Edison
1477
Co
Cbas. F. Noble Oil & Gas Co., Tulsa,
1281
Central Sugar Corporation—
River
Nipissing Mines Co., Ltd
Caddo Central Oil & Refining Cc.._1569
Hendee Manufacturing Co...
25,467
5,188
5,175
62,172
62,147
79,745
72,465
742,864
757,585
301,256
219,728
Sept '20
Dayton Power
& Light Co
68,408
61,750
595,476
540,448
135,215
102,305
1,523,605
Sept '20
Carolina Power
Balance,
Surplus.
8
$
75,861
58,732
New
..1281
Canadian Locomotive Co., Ltd
Page.
Nebraska Power Co., Omaha
1664
...
Fixed
Sept '20
Asheville Power
industrial Companies.—Concl.
Page-
Walpole,Massl281
Fall River
Gulf States Steel Co. of Texas. 1374. 1665
3.889,944
Gross
&
5,220
10,143
*2,570
Mills.
Butterick Co.. New York.....
Elder
debt and other income deductions.
on
Bourne
Certain-Teed Products Corporation. 1569
Charcoal Iron Co. or America...__.1664
107,662
Aug-Aiken Ry & Elec.. Sept
Oct 1 to Sept 30..
1,234,789
Alabama
Bird & Son. Inc., East
June 30 1917-.
Dec
31 1917
1
-
—
$8,683,459
10,930,369
12,761,909
13,638,450
Net Ry. Op. Inc.
$1,915,154
3,406,829
3,964,585
4.090,225
lua
THE
CHRONICLE
[Under Federal control the total operating revenue in year 1919 was
$14,610,409, against $15,402,756 in 1918 but owing co increased expenses
and the temporary
disruption of the traffic, fee., arrangements above men¬
tioned there was a net loss (after deducting operating expenses ordinary
taxes and rents) of $161,533. against $492,468 in 1918.
Average miles
operated 689 in 1919, against 707 in 1918.
See p. 13 of "Railway Earnings
Section" for February or March 1920.—Ed.]
<
Rent income
———
—
———————
Separately operated properties—profit.Dividend
income.
——
———
—
——„
_
—
$3,315,439
74,385
9,161
28,450
Atl.C.LineRR.Co.L.&N.Coll.Tr.4s
340,000
Charlestown & West Carolina Ry. 1st
Cons. Mtge. 2-5% bonds
c Other bonds—
791,000
U. S. Liberty Loan..
;
International Agricultural Corp. 5%Amalgamated Phos. Co. 1st M. 5%—
186,000
1,567,500
584,000
186,000
1,097,250
537,280— 1,820,530
Miscellaneous
Gross
income.
income
._
.
.
.
.
_
$50,000
$50,000
1,100
192,000
19,738,827
88.751
960,000
43,605—21,074.283
3.365
4,873
Deduct—Rent for leased roads
Miscellaneous rents
?
85
130
$3,468,810
$3,431,782
$65,130
3,354
$65,130
-
.
.....
————— —
...
,
...
Miscellaneous operating income—loss......
Interest
on
on
equipment obligations
Interest
on
unfunded debt.....
...
...
—
Total deductions from gross income.-.-.--.-..
182,261
$231,645
Common
stock.
of
New
31.
1918.
S
.
Relation with the Interborough Rapid Transit Co.—Finding it practically
impossible with the resources at my command to manufacture my own power
to get it from parties other than the Interborough
Rapid Transit Co., I
have continued to obtain power from that source under contracts that I
55.176.100
5,632,035
32.426
95.917
68,863
•with the practice of having the same men work for both companies, and in
2,055.439
84,773
94,829
many
3,760
3,885
Int. accr. & rents
5,754.495
6,010.536
17.742,100
Due TJ. 8. Govt.,
8.
accrued
727,078
3,215
25,328
682.933
6,860,615
lncl. loans....
6,158,299
45,499
1,432
Other def. llabiL
129,899
Unadj. credits..
*850,699
866,969
Profit and loss..
2,340.465
1,933.935
148,425.746
147.859,087
52,702
or
believe to be fair.
It has been my endeavor, nevertheless, to do away as
Total
.
—
liability, $292,612; accrued depreciation, $.321,672; other unadjus¬
Ill, p. 1567.
ted credits, $236,415.—V.
Coast Line
Co,
of
Connecticut.
(Report for Fiscal Year ended June 30 1920.)
'
INCOME ACCOUNT FOR
YEARS ENDING
Interest Received on—
Atlantic Coast Line RR. of 8. C. 4s_.
Atlantic Coast Line RIi. Consol. 4s..
Atl. Coast Line RR. Gen. Unif. 4Hs-
Amalgamated Phosphate Co. 5s_
Internat. Agricultural Corp. 5s_
1919-20.
1917-18.
$62,000
$62,000
50,160
135,360
33,254
78,375
114,990
50,160
135,360
29,200
78,375
133,410
—
JUNE 30.
1918-19.
$62,000
50,160
135,360
36,450
78,375
88,966
Stock Received—
Atlantic Coast Line RR. Common...
1,301,342
5,880
72,000
28,272
14,144
Expenses and taxes
Interest—6% ctfs., $250,000; 4% ctfs.
B, $2,472; 4% ctfs. C, $120,000—
Int. on Dutton Phos. Co. bds. bought
sale of bonds, &c
—
...
"15"190
$1,833,723
$44,931
$46,059
$52,245
372,472
372,472
372,472
$1,452,448
$1,408,957
11,430
2,940
$1,661,512
14,241,671
_______
$1,870,980
168,772
Alachua Phosphate Co
Other dividends
17~619
$1,492,741
...
1,301,342
5,880
72,000
$1,910,143
Westinghouse Air Brake Co..
Charleston & West Carolina Ry.
$1,463,878
13,836,192
$1,411,897
13,484,027
1,301,342
5,880
60,000
50
$15,903,183 $15,300,070 $14,895,924
1,058~400
——
————1
1,332
1,058,400
1,058~,466
52,717
Loss
$14,241,671
$13,836,192
sale of $474,000 U. S. 4H% Liberty Loan bonds, $39,958;
amount received in payment of 60-95ths interest in
$11,465 remaining for
distribution out of proceeds of sale of Sisal
*
on
Hemp
property,
$20,000.
$7,241.
Said
60-95ths
interest
carried
&
on
Development Co.
books
at
value
of
Adverse Conditions.—At the beginning of the receivership, in part due to
net return per car mile has decreased.
In addition to the increase of wages
the cost of materials has steadily increased, and, although the gross return
per car
mile has steadily risen, the expenses of operation have risen to an
greater extent.
Morever, it is estimated that the unusually sevoro snow and sleet storms
of February and March cost the system about $600,000, including loss in
revenue, but making no provision for damage to the underground structure
or paving.
The revenue has also been seriously affected by the competition of bases
operated by individuals under the direction of the members of the Board of
Estimate of the City of New York.
These omnibus routes not only crossed
the Williamsburg Bridge, but paralleled throughout substantially their
entire length three existing linfes operated by me as receiver, viz.: 7th Avenue-Delancey St. line, 14th St. line and the 8th St. line.
An injunction
was obtained against the operation of these buses, and, after the order of
the Supreme Court of New York County was affirmed by the Appellate
Division, the buses ceased to operate on June 19 1920.
Charge of Two Cents for Transfers.—The obviously desperate financial
made it iinpossible to continue to grant free trans¬
condition of the company
fers, and, with the authority of the Public Service Commission, a charge for
transfers of 2 cents was made at certain points.
This gain, however, was
more
than offset by the increase of 25% in wages
Railroad stocks—
Other stocks..—
Other assets
——-d21,074,283
e42,063
f 1,498,327
-
those companies the property
covered by said leases was returned to its
the receivership, no rentals have been paid
on any leases with the exception of certain taxes, which were paid to avoid
penalty, and the interest on certain underlying bonds, such as the bonds
of the Broadway & Seventh Ave. RR. Co.
'
Default has been made in payment of interest on the First Real Estate &
Refunding Mtge. and on the Adjustment Mtge. bonds of the New York
Railways Co., in the payment of principal and interest of the bonds of the
South Ferry RR. Co., and in the payment of interest on the bonds of the
In fact, since the beginning of
Columbus & Ninth Avenue RR. Co.
'
„
Notes
3,643
receivable
Deposits for Interest and dividends..
on deposit.
Cash
Dividends accrued
63,803
229,053
650,671
1919.
$5,136,960
1,220,835
2,294,530
21,074,283
171,026
57,555
1918.
$5,136,960
1,220,835
1,935,050
21,094,283
151,026
39,530
20,000
397
20,800
68,035
489,902
650,671
20,000
6,153
16,000
66,948
447,741
650,671
———$31,740,168 $31,204,994 $30,785,198
$8,820,000
5,000,000
61,800
3,000,000
63,803
$8,820,000
5,000,000
61,800
3,000,000
68,035
Miscellaneous
Profit and loss, surplus
Reserve for Federal taxes
Tetal
—
$8,820,000
5,000,000
61,800
3,000,000
66,948
258
14,792,067
...
,
.
„
„
^
„
Report of Experts.—Stone & Webster have recently submitted an exhaus¬
dated Jan. 1 1290, a copy of which is on file in this court (com¬
V. 110, p. 74).
Stone & Webster estimate the deficit for 1920 from the
street railways operation be ore paying any bond interest or rentals, to be
over $2,500,000.
Stone & Webster have submitted a separate report con¬
taining their appraisal of the property, the totals of which are as follows:
Pre-War
Estimated Cost of
Reproduction (New) at—
Property used in operation.
Property not used in operation.!'
Total value, less
Return
Ave.
— ---
14,241" 671
2,499
13,489
13,836,192
..$31,740,168 $31,204,994 $30,785,198
June 1919
Prices.
Prices.
$86,205,972 $140,551,344
2,792,998
3,503,833
$88,998,970 $144,055,177
-
$71,516,188 $112,526,65 7
depreciation.
of Leased Lines.—It became apparent that the lease of the 8th
Co. was especially unprofitable, and, in accordance with the
RR.
order of the court, the property was returned to its owners on Aug. 1 1919.
On Oct. 1 1919 similar action was taken with reference to the property
1 1920 the lines of the N. Y. &
This has resulted in
following operated routes:
Fourth & Madison Avenue Line.
Eighty-Sixth St. Crosstown Line
Harlem RR. Co. wer.also returned to their owners.
the dropping from the system of the
Eighth Avenue Line
Liabilities—
Capital stock—
Certificates of indebtedness, 5%
Certificates of indebtedness, 4%
Debenture ctfs. of indebtedness, 4%.
Dir. on stock and int. on ctfs. unpaid.
,
being operated at a daily loss, excluding all provisions for any reserves either
for maintenance or depreciation or accidents or damages and excluding all
provision for interest on any bonds, whether underlying or otherwise, and
thejpayment of any rentals.
Unless the present trend changes, the very existence of street railway
operation on the streets on which the New York Railways Co. is now
operating is threatened.
of the Ninth Ave. RR. Co., and on Feb.
Total
„
Only 80 Out of 150 Miles Now Operated by Company's Receiver—Existence
Threatened.—Certain storage battery lines have been discontinued and the
operation over Williamsburg Bridge has ceased.
In spite of every effort to keep the system intact, of the 150 miles of single
track railway which came into my possession at the beginning of the
receivership, only 95 miles now remain in my possession. Of this only 80
miles are being operated.
■
•
The fundamental fact is that the cars of the New York Railways Co. are
Total
—
,
question of the payment of interest on the bonds of the Lexington
overdue, is pending before the court.
[Case now adjourned till Nov. 10 1920. Ed.]
The
Ave. & Pavonia Ferry RR. Co., now
pare
Sisal Hemp & Development Co. prop¬
erty (60-95ths interest)
Accrued interest paid—
granted in August 1919.
Default on Rentals and Interest.—It was found impossible to pay the
rentals due under the leases of the Eighth and Ninth Avenue RR. Cos. and
under the lease of the N. Y. & Harlem RR. Co., and on the demands of
tive report,
BALANCE SHEET JUNE 30.
Assets—
'
1920.
Securities deposited with Safe Deposit
& Trust Co. of Baltimore.
.a$5,136,960
Railroad bonds
b 1,220,835
Other bonds—
cl,820,530
possible
economies instituted by me, the net return per car mile gradually increased,
but since August 1919, when the increase or 25% in wages was granted, the
,
Total profit and loss surplus as per
balance sheet below.—$ 14,792,067
as
owners.
Notes, &c.
xOther deductions
much
important cases the policy has been adopted of making the organiza¬
tion as distinct and separate as possible.
even
Total-.—.- 148,425,746 147.859,087
Total
1920.)
Dated June 30
Receiver Job E. Hedges, June 30, wrote in substance:
19,008
1,911.327
on
Railways.
5,014,189
Misc. acc'tspay.
Interest matured
Comp'n due from
Profit
York
55,207.100
8,255
136,149
121
on
1,498,327
Equip, trust obi.
89,573
Dividends
291
1,496,764—
Funded debt...
17,185
rec.
Miscellaneous
294
1,654,500
9.999,000
Misc. accts.
Atlantic
indebtedness
49.426,098
Rents receivable
xTax
42,063
$1,272
9.999.000
Special deposits.
Oth. unadj. deb.
$42,063—
$127,200
49,426,098
17.742,100
First pref. stock
2d pref. stock..
139,353,957
159.535
Insur. prem.paid
in advance...
$84,000
f Other assets—
(First Report of Receiver,
S
739,160
RR. Admin..
Westinghouse Air Brake Co
Colum. Newb. & Laur. 5% ctfs
Atlantic Coast Line RR. 4% ctfs
Atlantic Coast Line Co. 4% deb. ctfs.
Block signal obi.
Owned....... 139,881,582
Work, fund adv.
1,100
192,000
18,398,600
104,600
1,200,000
48,000
Other stocks—
$342,527
Liabilities—
Cost of property
Cash....
1,220,835
474,600—
—V. Ill, p. 1471.
1919.
$
v
207,301
......
1918.
%
-
e
$549,828
BALANCE SHEET DEC.
1919.
Assets—
Due from U.
$2,881,954
$3,054,903
Credit income balance transferred to profit & loss.
GENERAL
South Carolina Pacific Ry. PreferredCharleston & West Carolina Ry
Nashville Chattanooga & St. L. Ry_.
628
1 1918, made
by U. S. RR. Administration..
U.S.RR.Adm.
117,600
$413,906
Settlement of accounts prior to Jan.
Northwestern RR. Co.
Atlantic & North Carolina RR
Atl. Coast Line RR. Co. Class A
Atl. Coast Line RR. Co. Common
22,747
117,600
2,766
—
Net income...
■
9
100,325
113.193
-
Corporate expenses.
Railway tax accruals...........
Miscellaneous income charges
3,592
2,641
2,393,258
276,349
2.402,813
248,733
.
i
$190,800
228,000
67,500
3,600
256,335
d Railroad stocks—
988
funded debt
Interest
1,887
35,892
4.409
-V,,.'-
$1,125,000
1,395.000
2,616,960—$5,136,960
$318,000
285,000
75,000
4,000
$3,315,439
70,968
33,867
1,253
.....
Book Value.
$1,250,000
1,550,000
3,008,000
Colum. Newb. & Laur. RR. Co. 3%.
Northwestern RR. Co. 1st Consol. 4%
Northwestern RR. Co. 1st Consol. 5%
Atlantic Coast Line RR. Consol. 4%.
989
„
Income from funded securities————
Income from unfunded securities and accounts..
Income from sinking and other reserve funds...
Par.
Atl. Coast Line Cons. 4% bonds
Atl. Coast Line RR. of S. C. 4% bds_
1918.
1919.
-
deposited with Safe Deposit & Trust Co. of Baltimore to
5% and Class B 4% certificates of indebtedness, viz.:
Atl. Coast Line RR. 4K% unif. bds.
b Other railroad bonds—
BASED ON FEDERAL COMPENSATION.
compensation———————————
Securities Owned June 30 1920.
Securities
a
secure
1919—
INCOME ACCOUNTS FOR CALENDAR YEARS 1918 AND
Federal
[Vol. Ill
Ninth Avehue Line
It has also necessitated the abandonment of the operation or the Amster
dam Ave. branch of the Sixth Ave. line, the Amsterdam Ave. branch of the
Broadway line, and the through Columbus-Lenox Ave. service of the Broad¬
way line.
A new line operating from Columbus Ave. and 65th St. to
146th St. and Lenox Ave., was established, operating via Columbus Ave.,
109th St., Manhattan Ave., 116th St. and Lenox Ave.
The rentals of the other leased lines have not been paid, but it has been
necessary to expend certain sums of money on the track structure from
time to time as a matter of extraordinary maintenance in order to continue
the service and safeguard the interests of the public.
Oct. 30
THE
1920.]
Stolen Island Ferry Transfers
appointment it became apparent that operation of through cars of the
operating across the Williamsburg Bridge, the Seventh Ave.,
my
three lines then
great loss,
estimated by my operating department to be approximately $200,000 per
annum, chiefly because of the long haul involved.
On March 6 1920, it
having become necessary to put into effect every possible economy, the
operation of through cars of the New York Railways System across the
bridge was discontinued.
Transfers.—The P. S. Commission finally approved a charge of 2 cents
tor transfers, which became effective on Aug. 1 1919, and was to continue
up to and including July 7 1920.
On Sept. 30 1919 all transferring between
the lines of the Eighth Ave. RR. Co. and the N. Y. Railways Co. ceased.
Upon the severance of the Ninth Ave. RR. Co. from the system, all ex¬
change of transfers between the lines of the two companies ceased, excepting
at several minor points.
The same is true with regard to the exchange of
transfers between the lines of the N. Y. & Harlem RR. Co., which became
separated from the New York Railways system on Feb. 1 1920.
The privilege of charging for transfers, which substantially increased the
revenue of the New York Railways sytem, was more than offset by the wage
increase which took effect at approximately the same time.
14th St.
and 4th
Madison Ave.
&
lines,
was
carried on at
,
Discontinuance of Storage Battery
known
Default.
Sept. 30'29
Lines Owned:
Y.
N.
a
■
$722,452 July
J.
4% Convertible Scrip, interest
Bway. Surf. RR. 1st M. 5%
,
& J.
1919 $1,083,677
90 July
1
1919
135
$75,000
,
250,000
5s. Interest M. & S
250,00#
X
X
150,000 Mar. 1
17,500 Apr. 1
Col. & 9th Av. RR. 1st 5s, Int. M. & S..
ySouth Ferry RR. 1st 5s, Int. A. & O...
1920
150,00#
1919
26,25#
15,000
Central Crosstown RR. 1st 6s, M. & N.
$1,510,062
$340,000 $890,042
Total lines owned
Leased:
Bleecker St.
& Fulton Fy. RR.
Int. J. & J
1st 4s,
$28,000
.-
Dividend rental, J.
& J...
1919
13,500 Jan.
1
Jan.
1
1919
1,200
210,000 Jan.
1
1919
367,500
52,000 Apr.
1
1919
8,400 Oct.
145,000 Apr.
1
1
1
1919
u..
........
:
Annual corp. exp. (due Jan.
1)
Bway. & 7th Av. RR. div. rental, Q.-J.
First Cons. Mtge. 5s, int. J. & D____
...
First Mtge. 4s, Int. A. & O
Sixth Ave. RR. fixed rental, Q.-J
34th St. Crosstown Ry. 1st 5s, Int. A.&O
financial loss.
at midnight
23d St. Ry. Co. Imp. & ref. 5s, Int.J.&J.
Discontinuance of Canal Street Line.—The operation of the Canal Street
Crosstown line being attended with considerable loss, was temporarily dis¬
600
27,00#
407,500
Chris. & 10th St. RR. dlv. rental, Q.-J.
Lines.—The increase in operating costs
great that the running of the storage battery lines on the routes
the Sixth Ave. Ferry line, the Avenue C line, the Spring & Delan-
1
...
int.J&J_
xLex. Ave. & Pav. Fy. RR. Co. 1st M.
Lines
»
,
,
1st R. E. & R. Mtge. 4%
Rys.
bonds, interest J. & J
so
as
Amount in
Arrears at
Default.
In
Default.
'
'
became
Original
Not in
after
1921.
Date of
Yearly Amount
continued
as of Sept.
15 1919.
Operation of Street Surface Cars over the Williamsburg Bridge.—Soon
YEAR
1920—FIXED CHARGES—CALENDAR
SEPT. 27
divided on the
lines), was dis¬
YORK RAILWAYS CO.
PREPARED BY NEW
STATEMENT FROM DATA
Withdrawn.—The interchange of free trans¬
fers with the city's Staten Island Ferry (the nickel being
basis of 2 cents to the Ferry and 3 cents to the surface car
1747
CHRONICLE
50,000
75,000
2,206
78,000
19
8,400
,
217,50#
•
42rl St. & Grand St. Fy. RR. dlv. rental
St. line and the Madison St. line was attended with a large
operation of such lines was temporarily discontinued
ept. 19 1919.
cey
The
Sinking fund payment, J. & J
continued at midnight Nov. 30 1919.
junction of Flatbush Ave. Extension and Fulton St., had long involved
financial loss, which was borne by the stockholders—that is, the New York
Railways Co., the Third Avenue Railway Co. and various of the Brooklyn
companies.
Because of the unprofitable character of the operation, I
ceased to operate the cars on Oct. 4 1919.
Application for Temporary Relief.—At hearings in March 1920 before the
Board of Estimate and Apportionment of the City of New York, we were
able to show: (a) that the system was being operated at a daily loss of over
$2,500, without making any provision for interest on bonds, dividends or
rentals: (6) that if the interest were paid on certain underlying mortgages,
the loss during January was over $5,500 a day; and (c) that the value of the
real estate and buildings alone (exclusive of the value of all tracks, conduits
and property in the streets), as shown by the assessment roll of the city
itself was over $19,000,000.
It was shown that the New York Railways system paid the highest taxes
mile of any street railway in the United States, namely, 4.92 cents
per car mile, and that it was under obligation to pave 1-15th of the street
area of Manhattan, and to clear the snow from l-15th of said street area.
It was further shown that whereas passenger receipts had slowly diminished
since 1912, the total payroll cost alone for the four months ending Dec. 31
1919 over the six months ending June 30 1912 had increased per car mile
by over 140%.
Nevertheless, no relief, temporary or otherwise, has resulted from the
proceedings before the Board of Estimate and Apportionment.
Total lines leased
1
Oct. 1
$215,000 Jan. 1 1919
1919)
Ave.
9th
Y.
Virginia Railway & Power Co.
Per
.261,379,393
Car miles
21,975,181
Rev. from transports
$10,822,304
xOther St. Ry. op. rev.
507,439
Passengers
Pass.
Per
■
Per
'
Amount.
CarMUe
Per
Pass.
CarMUe
1919-20.
Fare passengers
Rev. transfer passengers
Free passengers
Gross Earnings.
Net
Surplus for year—...
pirect charges to p. & 1.
Depreciation reserve—
4.40c.
Co., 42d St.
1.85c.
126,227
,109c.
1.26c.
404,542
.155c.
(6)476,352
(3)358,482.
120,077
469,802
359.904
Co., New York.
Ry.
June 30 1920.)
Oper'n of power plant..
Operation of cars.
,083,871
,417,118
.415c.
4.93c.
617,285
.536c.
6.16c.
1.690c.
20.10c.
2,331,194
2.024c.
23.27c.
General & miscellaneous
633,394
.242c.
2.88c.
372,253
.323c.
3.72c.
4.39c.
491,896
23,862
69,109
.427c.
.020c.
.OCOcj
4.91c.
.51c.
15.25c.
Oct. 15, wrote in subst.:
Properties Included.—The company and its subsidiaries, which comprise
the Third Avenue System, are treated in this report as a system, and the
statements are consolidated statements, with inter-company charges and
President S. W. Huff, N. Y. City,
comprising the system are as follows: Third Avenue
Manhattanville & St. Nicholas Ave. Ry. Co., Belt Line
The companies
Reserved.
_. ...
Taxes assignable to street
965,618
44,985
.369c.
Track & term, privileges
Rent of land & blcigs
112,884
.043c.
$12,236,130
4.681c.
55.68c.
$6,287,55/
5.458c.
62.78c.
906.387
.347c.
4.12c.
$730,818
.634c.
7.30c.
199,942
,077c.
.91c.
106,231
.092c.
1.06c.
$706,445
.270c.
3.21c.
$624,587.
.542c.v
6.24c.
)
Recerversliip exp. (as pd)
Int. on unfunded debt
$232,260
.089c.
1.06c.
$188,845
.164c.
l.S9c.
19,606
,007c.
.09c.
15,261
loss Items1
Cr.4,274
,001c.
.02c.
railway operations
.21c.
.017c.
,
Total operating exp.,
Deficit frofn. street rail¬
operations
Non-operating incomeway
deficit
(deficit)
.013c.
.15c.
Cr. 58.877
.051c.
.59c.
$954,037
.365c.
4.34c.
$769,816
.668c.
7.69c.
504.489
.193c.
2.30c.
285,833
.248c.
2.85c.
537,866
.206c.
2.45c,
299,078
.259c.
2.99c.
Deduct—
Int. on funded debt:
Underlying
bonds—
not in default..—
roads: bond int. and
fund—not
Rent under op. agree¬
ment: Bond interest
34th St. Crosstown.
Total....
Balance, deficit
51,478
,019c.
.23c.
29,167
,026c.
.29c.
$1,093,834
.418c.
4.98c.
$614,078
.533c.
6.13c.
$2,047,871
.783c.
9.32c.
$1,383,894
1.201c.
13.82c.
bonds of certain underlying or constituent companies,
the foregoing makes no provision for interest and rentals (now in default), or for any
other charges in the nature of a return; nor is a!k wance made for any charges covering
the use of leased property which, pending future determination of the court, the
receiver may be required to pay and charge against his income as applicable to periods
Note.—Except as to int. on
indicated.
received, which is subject to rriund (now unde¬
separation of Eighth, Ninth and New York & Harlem RR,
Companies (and other causes) from the Systo*.
' ,
Includes car advertising revenue
termined) on account of
proaching a condition (which has already been reached in some other prop¬
erties in the same territory) under which, with the present rate of fare, and
with constantly increasing costs of operation, even increased receipts will
not add to the net income of the company.
During the year there was an increase of 2o% in the rate of wages, and
in July 1920 it was necessary to make an additional increase of about 10%
which will be reflected in the next year's operation by an additional labor
cost on the basis of the past year's operation, of about $500,000.
There is some evidence that wages have reached their maximum and that
there may be some reduction in the cost of material, but so long as the cost
of operation remains at its present level a 5-cent fare will hardly prove more
than sufficient to pay the interest on underlying securities and the 4%
Refunding bonds, to say nothing of affording a return upon the other securi¬
ties of the companies.
Under these circumstances security holders can
expect little more than the solvency of the property.
_
^
Rent for lease of other
default..*
Ry.
Ry.
Dock East Broadway & Battery RR. Co., Mid-Crosstown Ry.
Co., Third Avenue Bridge Co., Union Ry, Co., Southern Boulevard RR
Co., N. Y. City Interborough Ry. Co., Pelhain Park & City Island Ry.
Co., Inc., Westchester Electric RR. Co., N. Y. Westchoster & Connecticut
Traction Co., Yonkers RR. Co., Hastings Ry. Co., Kingsbridge Ry. Co.
and Bronx Traction Co.
Results.—The income statement shows a recovery of receipts from the
loss caused by the competition of subway and elevated extensions which
has been so seriously felt in previous years, the increase in receipts over the
previous year being approximately $1,400,000, or 14%.
Substantial as
this increase has been, ft has not been sufficient to meet the rapidly increas¬
ing cost of operation, with the result that the deficit for the year ending
June 30 1920 is greater than for the previous year.
.
Effect of Increased Expenses.—The increased cost of labor and material
over the preceding year is 28%.
But by economies the actual increase in
the total cost of operation was not 28% but 20% over the previous year.
From this it will be seen that with the rapidly increasing cost of labor and
material, which characterized the last few years, even when this increased
cost was held down by every possible economy, substantial increases in re¬
ceipts cannot meet these increased costs of operation.
Thus we are ap¬
,
.24 c.
.69c.
Deductions—
387,672
1,195,650
134,735
99,000
Corp., Dry
461,243
.176c.
rnjuries to pers, & prop.:
Expended
x
$549,702
192,448
150,657
594,480
98,391
credits eliminated.
2.88c.
6.43c.
in
$889,330
$545,166
144,732
505,757
$1,666,297
(Report for Fiscal Year Ending
.250c,
sS,556,739
12.28c.
,541c.
sinking
$3,201,593
SteefSorp.
288,027
51.56c.
1.033c.
Balance
$3,472,902
$3,190,521
466,173
551,029
1,195,650
1,195,039
137,880
205,363
99,000
99,000
25,674
54,269
(6)479,952
(3)239,976
x300,679 (1^)179,243
P Bal. to profit & loss..sur.$921,16Q def$105,323 sur.$299,451
def.$2,650
x Represents
2.5158% in stock of Old Dominion 'iron &
The total profit
and loss surplus for "all lines' (included in above
operations) as of June 30 1919 (not 1920) was $1,165,453.—V. Ill,
p. 1662.
V
2.10c.
4.334c.
413,498
3.78c.
from street
Misc. profit &
"2,941,293
$3,103,202
dividends
dividends.
Preferred
Common
55.48c.
railway operations.$ 11, 329,743
Maintenance— Expended $2 698,977
Gross
4,106.493
$3,357,037
115,865
161,424
4.824c.
1.326c.
.383c.
378,569
taxes, &c
5,393,533
income
$1,527,020
440,684
2.31c.
Maintenance—Reserved
"714",733
17,151,090
$3,035,750
154,771
Third Avenue
.194c.
rev,
....
$3,953,760
Taxes and licenses
686,380
Interest on bonds
1,195,000
Sinking fund payments.
203,398
Norfolk Ry. & Lt. rental
99,000
Miscellaneous interest..
103,685
.
645,950
16,508,244
6,115,670
earnings
Other income
Net
597",891
17,591,869
$3,792,336
Operating expenses
51.70c.
§5,178,169
Total
69,807,331
"
"
com'l. 142,814,071
cubic feet
604,148,300
hrs. output,
Gas sold,
4.495c.
.329c.
49.25c.
-
1916-17.
95,675,311
1,215,977
.
4.140c.
.
w.
1917-18.
82,645,749
115,197,071 109,746,152 99,799,943 87,673,154
121,965,030 108,620,075 95,068,363
452,886,600 475,881,800 426,911,700
>,044,495
$7,457,530
$8,429,283
$9,908,006
0,0 Ann nan
"r" l"ort
Ane
Total passengers
K.
1918-19.
91,556,392
|18,305,783|
Transfers
115,192,33G
10,015,G17
... ....
30 1920.)
(Results for Fiscal Year ending June
,
Amount.
3,«50
'20)
1370.
of the New York & Harlem RR. Co. lines has rendered it
possible to let tp that company the property at 86th St. and Madison Ave.
and at 32d St. and Fourth Ave.
It has been found possible to dispense with
the use of approximately ten lots heretofore leased at 23d St. and 11th Ave.,
thereby saving a large annual rental.
' ,
A change in the method of receiving revenue returns from conductors,
it is estimated, will result in a saving of approximately $27,000 p. a.
A
saving in monthly salaries of approximately $10,000 a month has been
effected by a reduction in the force, &c.; it is estimated that only about
$2,600 of this is attributable to discontinuance of lines heretofore operated
as a part of the system.
, \
.
64,000
——
...
The dropping
—7 Mos. ended Mar. 31 '20—
....
400,000 Dec.26 1918
533,333
Annual corporate expenses....
2,500 Jan. 1 1919
3,958
x Payment of
interest due M. & S. 1920, in default, (temporarily) pending final
determination, y Principal of bonds—$350,000—also past due and In default April 1
1919.
[Thequestlon of paying this overdue interest on the Lexington Ave.&Pavonia
Ferry bonds has been postponed by the court till Nov. 10 1920.—Ed.]—V. Ill, p.
tinued.
OF
$179,167
64,000 Jan. 1 1919
2,500 Apr. 1 1919
(dropped
Co.—
& Harlem RR.
Fixed rental (dropped Feb. 1
dispense with the renting
MARCH 21 1919 TO MARCH 31 1920 ON BASIS
OPERATIONS AND NON-OPERATING INCOME.
rental
Fixed
RR.
1919)
Annual corporate expenses
N.
given up and the use of store
yard at 152d St. and 8th Ave. and the office at 50 Park Place was discon¬
STREET RAILWAY
162,000
$1,066,185
(2) Defaulted Rentals—Companies Not in Present System—
Aug.
The storeroom at 50th St. and 8th Ave. was
12 1-3 Mos. end. Mar. 31 1920.
1919
.—$562,706 $673,640
.........
8th Ave. RR. Co. Fixed rental (dropped
of certain real estate.
FROM
201,969
108,000 May 1
23d St. Ry. Co. div. rental, Q.-F
Obsolete
Equipment.—Arrangements have been made to vacate the
Kingsbridge Yard at 218th St. and Broadway, and to scrap 260 cars.
The
remainder of the equipment not needed for service, amounting to about 188
cars, will be disposed of by sale.
Certain horse-drawn vehicles no longer
needed for the operation of the road have also been disposed of.
General Economies.—The dropping of certain of the leased lines made it
INCOME
2,625
1919
■
per car
NET
1919
1,500 Jan.
Q -F
Brooklyn & North River RR. Co.—This company's line, which was dperated
via Canal St., Manhattan Bridge, &c., from the Desbrosses St. Ferry to the
possible to reduce the force of employees and to
1
134,640 May 1
Corporate expenses (quar.)
No
Interest
on
Bonds.—This very critical situation
of the bal¬
and the 4 % Refunding
applying them t«
due upon the 5% Adjustment bonds. As a
Adjustment Income
believe justified the retention for the uses of the companies
after paying interest on underlying securities
bonds in order to prevent a receivership, rather than
we
ances
small payments upon
on
interest
th.G AdjustiHGnt)
$500 000 was none too
snowstorms
—-»
—-—
—
—-
—.
large to retain for
of last winter which
.
,
,
- -
contingencies, such as the severe
that amount.
cost the companies about
1748
THE
CHRONICLE
No Floating Debt.—The company, however, Is not a borrower of
money,
has no obligations to banks or individuals other than current bills, is dis¬
EARNINGS FOR
3 Mos. to Sept. 30-—>
Net earnings (see note)
Sink,
Int.
INCOME
FOR
AND
YEARS
TIIE
Operating Revenue—
Transportation
Advertising
±
PROFIT
1119-20.
JUNE
STATEMENT
126,500
71,3^9
20,429
72,124
107,456
19.92'
53,588
41,786
34,793
$10,363,448 $10,234,989
$8,972,649
93.604
Operating income
Gross
4,102.992
832,415
487,083
$9,284,722
2,467,347
81j,P39
$1,186,997
840,333
$7,741,083
2.622,3o4
$7,334,9)9
2,900,070
836/»98
940,255
3,047,828
830,974
468,532
818,0u0
$998,770
709,637
225,962
781,085
2.726,243
862,805
983,338
$7,287,8 0
1,684,808
Prem.
income........
-
$ 1804,30a
$2,063,972
158,847
$890,358,
156,883
$,,842,318
$1,961,187
$2,222,8)9
$1,055,28a
$5:8,080
879,620
1,126,800
$5*8,080
879,620
$518,080
879,620
$5 8,080
879,620
1,126,800
1,126,800
1,126,800
1st ref. mtge. bonds..
xAdjust. M. inc. bds.
164.925
on
U.
5,288,436
224,612
S.
2,132,002
—
Balance...
2,008,001
1,912,919
1,838,564
17,522,901
30,528,639
6,304.919
6,353,781
1H%
16,413,365
23,763,867
6,304,919
6,353,781
16,296,278
26,665.311
6,304,919
16,519,831
18,511,455
49,732,329
6,304,919
21,602,856
\W%
3)4%
4)4%
17,869,939
11.105.167
3,840.561
21,824,554
_
...
Div.onpf. stk. (1*4%)on common
Per
11,159,843
5,196,581
207,500
Corp. bonds
Total deductions.
Div.
8,979,278
5,100,220
247,342
bonds redeem.
on
Sinking furds
Steel
9,057,802
4,998,398
212,100
stock..
cent
Surplus for quarter...
Note.—The net earnings, as shown above, are stated
after
deducting
bond interest of the sub. cos. (the interest on oonds
outstanding), this
interest amounting for the late quarter to $2,093,761, and also in 1918,
1919 and 1920, "after
deducting all expenses incident to operations, com¬
prising those for ordinary repairs and maintenance of plants, allowances
resulting from war require¬
ments and conditions, of facilities installed (and in 1920 of inventories of
materials on hand); alv> v./inUrl
taxes (including Federal income and
excess profits taxes,) and interest on bonds of the
subsidiary companies."
for estimated proportion of extraordinary cost,
EARNINGS FOR
Tracks & terminal priv_.
Misc. rent reductions...
12,463
12,902
19,787
33/189
54,581 '
Amortization
of
debt,
discount and expense.
Sinking fund accruals
Miscellaneous
2,550
13,737
10,7*7
12,500
10,773
19,320
33,480
50,669
:8.874
33,480
45,434
NINE MONTHS ENDING
1920.
*Net
Earnings—
January 1
February
1919.
Total (second quarter)
July
August
September
......
.
42,089,019
12,190,446
15,205,518
15,759,7^*1
33,513,384
53,961,424
20,644,982
21.494.204
20.418.205
l7Tl21,018
11,027,393
10,932,559
12,371,349
43,"55."05
16,436,892
15,420,A16
16,174,322
34,331,301
13,567,100
] 4,44*.881
12,165,251
62,557,331
15,261,107
11,087,613
13,612,869
90,579.204
22,760,668
23,518,725
21,934,391
After deducting interest on
..
subsidiary Cos.' bonds outstanding, viz.:
February
Mar eh.
April......
1919.
$707,938
707,06&
707,998
......
702,793
699,918
July.....
August
September
715.230
715,358
4.605
INCOME FOR
18,** 0
33,'*87
42,9/5
Total deductions...._ $2,687,713
$2,681,243
$2,679,322
$2,677,610
xNet income for
period.del.$845,396def.$720,056def.$456,503def$1022,326
NINE
MONTHS
1920.
Deduct
Interest
..
on
Regular semi-annual divs. of 2H% each were paid to ard incl. April 1917.
In Oct. 1917 paid
1)4%; in April and Oct. 1918, nil.
None since.
1920.
Sinking
1919.
1920.
$
81.200.810
Preferred
Common
.
..
(5'4%)
cent
funds....
Special deposits...
Deprec. & contlng.
,721,009
y185,294
.022,498
2,022.498
Investment fund..
254,389
254.389
Liberty bonds....
Bklyn. & Nor. Riv,
583.500
802,700
157.003
108.870
8
stk
25,000
curitles...
223,000
Cash
894,373
Cash for mat. int.
Acc'ts receivable,.
375,321
1.043,339
048,191
92,319
Other RR. cos..
337,343
Materials & supp.
Constr. in process.
781,099
790,059
19.339
Unexpired insur'ce
509.100
Fund, debt (bds.):
3d Ave. Ry. Cox49 526.500
49,526,500
Controlled
cos..
153,434
.212.221
Empl.
wages &
48,809,747
45,949,666
.->5,593,385
59,212,170 116,530,738 216.350,621
18,914,757
18,914,757
18,914,757
19.0M.343
3 H%
59,725,543
1IH %
64,808:568
12%%
37,976,100
21,236,070
78,640,300
37,890,438
83,723,325
132,627,296
Int. mat. & unpd.
Interest accrued..
628.881
648.191
78,005
78.005
643.808
Int.
on
adj. M. bds 3 .610.100
2.499,300
:
Res. for adj., depr.,
contlng., sinking
funds, &c
10 ,859.818
Miscellaneous
Total
88,410.605 88,925,830
published in last week's * 'Chronicle" page
1658, shows net earnings for the period of 6 month ending
June 30 1920 (not for the year
ending June 30).
Viz:
INCOME ACCOUNT FOR
Net
Total
following remarks
as
Prices
to the general outlook:
may
be affected to
Regarding the extent to which France has progressed in rehabilitating
inoustry, facts and figures are not thoroughly digested as yet, so I shall
reserve any statement until the semi-annual
meeting of the American Iron
& Steel Institute to be held the latter part of October.
I shall speak at
that time on France and Belgium in particular.
[See speech in "Current
Events" above.]
)
[Compare also market report from "Iron Age" of Oct. 28, cited under
above.]
P Thefunfilledf orders
on hand Sept. 30 1920 amounted to
10,374,804 tons, against 11,118,468 tons July 30 1920 and
9,892,075 tons March 30 1920, 8,265.366 tons Dee. 31 1919,
and# 4,892,855
tons June 30
1919.
See 10-year table,
V.rilljp. 154.
$645,242
Window
Glass
Co., Pittsburgh.
{Report for Fiscal Year ending Aug. 27 1920.)
This company, $12U99,200 of who^e
813,000,000 Common
is owned by the American Window Glass
Machine
Co., reports through its President, William L. Monro,
stock
substantially
as
follows:
Operations.—Owing to the delays in the completion of the improvements
at Me various
factories, as well as because of the great snortage of labor and
irregular deliveries of raw material, we were prevented from
making the
output we had planned.
Our total .production of common window glass,
however, not including our specialties, was 2,636,101 fifty foot boxes
lagainst 2,034,651 boxes in year 1918-191.
We produced a considerably
larger amount of heavy class tnan ever
before and the quality ha« made as
many firends, not only in this country,
but abroad.
So long as quality is 'the
important item we should be able to
face any competition.
We increased the production of our 16 oz.
picture glass.
The demand for
this superior glass is
increasing steadily.
We continue to produce sufficient
photo and X ray glass at our Monongahe.a factory to
supply the entire
requirements of the American trade.
Improvements.—Early in the
some extent.
be sligntly advanced.
"Current Events"
American
....88,410,605 88,925,830
F'romfmy information I consider the s;eel industry in a healthy condi¬
tion, although there nas been noticeable diminution in volume and also
decrease in prices.
So far as the corporation is concerned, conditions and
prospects are satisfactory.
*■- As to the effect of advarced freignt rates on steel
prices, I hope it will
not|cause the corporation to advance prices.
However, I am not certain
yet just wnat the effect will be.
$1,020,724
375,482
For President's remarks, see V.
Ill, p. 1658.
United States Steel Corporation.
(Results for the Quarter ending Sept. 30 1920)
p? The results of the operations for the quarter ended Sept. 30
1920, shown below, were given out on Tuesday following the
regular meeting of the directors.
Judge Elbert H. Gary,
Chairman of the Board, on his return from
Europe about
Rails should
HALF-YEAR ENDING JUNE 30 1920.
earnings
Balance, surplus
—
as
report
Dividends
x Includes 1st M.
5% bonds, $5,000,000; 1st refunding mtge. 4% bonds,
$21,090,500: adjustment mtge. 5% bonds, $22,536,000.
y Special deposits in 1919 includes: With
Comptroller, City of New York,
$84,100: with State Industrial Commission,
$88,000; other.
$13,194.
V. Ill, p. 390.
Oct. 4 made the
as
{Report for Half Year ending June 30 1920).
The
10.912.468
..def.l .252,510 def.202,991
38,943,382
15,976,166
673,837
Elk Basin Consolidated Petroleum Co.
21,494
prem.
29,561,712
.5,703,954
684,000
shown for the nine months ending Sept. 30
1917, $132,697,266, there was deducted (1) extra Common dividend (Red
Cross), 1 %, $5,083,025, and (2) allowances for war taxes of 1st quar. aggre¬
gating $46,581,724, leaving a balance of $80,962,547.—V. Ill, p. 1573.
777.302
652,823
Taxes accrued
37,976,100
Note.—From the surplus
/263,086
\ 52.100
dep.
$
32,711,953
lo,419,222
678,572
TJndiv.sur.earns.,9mos. 45,019,857
1.232.007
32,738
6.028.361
5*88.926
.
70,104
count & expense
0 628,361
Liberty bond debt
Surplus
& rents..
Unamort. debt dis¬
$
10.590,000
499.100
cos
Accounts payable
RR. cap. stock.
Misc.
Controlled
Total dividends.......
1919.
Liabilities—
$
3d Ave. Ry. stock. 10 ,590.000
1917.
15,11S,S8o
636,300
Dividends—
BALANCE SHEET JUNE 30.
Assets—
$
Railroads & equip.80 .998,101
1918.
$
162,480,404 271,944,006
18.914,757
19,061,343
334 %
Total deductions.
Balance
Per
M
50,300,307
82.995,957
............
bds. redeemed.
*
This period includes, and the figures reflect, the strike in 1916.
x Note.—Interest on
adjustment mortgage income bonds is included in the
above at the full rate of
5%. An initial dividend of 1H% on the adjust¬
ment bonds was paid
April 1 1913 for the 6 mos. ending Dec. 31 1912.
739,119
739,397
—
For sinking furds, depre¬
ciation & reserve fu nds 34,515,122
Prem.
74*,6-*8
742,835
742,738
739,795
SEPT. 30.
$
108,021,917
$745,853
745,522
746,977
755/84
7-18,047
746,289
,
TO
1919.
9 Mos. to Sent. 30—
8
Net earnings..........133,296,264
1917.
$726,892
724,867
724,848
739,069
762,202
762,859
719,891'
697.968
695,8*5
13,022
10,521
1918.
$738,506
738,449
738,988
732,882
731.578
724,580
706,905
704,048
......
May
28,521,091
30,773,551
31,284.562
*0,177,232
42,961,589
t>8,2'+3,784
108.021,917 162,480,404 271,944.006
1920.
Ja-uary
$
36,074,425
33,416,171
43,630,422
Total (third quarter). 48,051,540
Total nine months133,290,264
*
1917.
13,176,237
17,313,883
26,471,304
15,704,900
May
30.
$
12,240,167
11,883,027
9,390,190
March
Total (first quarter)._
April
SEPT.
1918.
$
$
13.503,209
12,880,910
Ju^e
payable
$
68,243,784
10,180,401
...
794,450
$1,650,-3)9
19i,909
revenue
Deductions—
Interest: 1st M. bonds..
Notes
$1,121,557
1,013,662
59,770
822,478
3,424,406
8*0,651
453,498
1917.
42,961,589
U. S. Steel Corp.
NET
$8,701,328
40,177,232
of
June
$1,607 497
1,218.980
112,320
923,434
Depreciation accruals
Power supply
Operation of cars......
Injuries to pers. & prop.
General & misc. expense
Interest
bonds
on
*1916-17.
$9,836,095
Operating Expenses—
Mamt. of way & struc..
Maint. of equipment...
Total opor. expense...
Net operating revenue..
Taxes
on
30.
1917-18.
1918-19.
$11,431,402 $10,023,338
108,244
100,000
Rent of equipment
5,327
20,429
Rent, of tracks & term'ls.
58,887
77,993
Rent of bldgs.&oth.prop.
122,163
103,018
Saleofpcwpr
26.046
38,670
....
Total oper. revenue..$11,752,070
LOSS
AND
ENDING
fund
bonds..
Island south of 14th St.
,
1918.
$
sub. cos., deprec. and
extraord. replace, Ids.
Such an increased rate of fare is
now
generally prevailing
throughout the cities of this country.
Lines No Longer Operated in System.—In order to get rid of the burden
of operating property which had no prospect of adding to the net earnings
of the system now or in the future, operation was discontinued of the MidOrosstown Ry. Co., Inc. (operating for the most part cars on 28th and 29th
Streets, Manhattan), the Third Ave. Bridge Co.
(operating across the
Queensborougli Bridge), the Pelham Park & City Island Ry. Co., Inc.
(operating from City Island through Pelham Bay Park), and the line of the
Belt Line Ry. Corp., operating along the east water front of Manhattan
CONSOLIDATED
1919.
48,051,540
__
Deduct—
condition.
.
QUARTER ENDING SEPT. 30.
1920.
counting its bills for cash, and is thus maintaining a credit that enables it
to buy material to advantage.
Only Higher Fare Needed.—The equipment is being well maintained, the
track is being fairly well maintained, the patronage of the lines of the
sys¬
tem is growing rapidly and the companies are generally
enjoying the good¬
will of the people whom they serve as well as tlxat of its
employees, and it
only needs a rate of fare in proportion to the service being rendered and in
proportion to the cost of this service to place the companies in prosperous
Applications have been made also for the aban¬
donment of certain other lines that are proving financial burdens and have
no prospect of future profit
'
One Man Cars.—One important economy extended during the past year
has been the more general introduction of one-man cars.
About 35 are in
regular operation, and it is expected in 1920-21 to extend this number to
at least 200.
Without the purcliase of any additional cars, we have adapted
to one-man car operation cars already owned, including 50 storage battery
cars idle, due to the abandonment of storage battery lines.
[VOL. 111.
provements to reduce the cost of
year
we
contracted
or
in
(a)
batch
for
production and enable
portion of the world's business in window
glass.
a
number
us to secure a
of im¬
larger
The improvements made
progress include:
At Factory
No.
1, Arnold,
Pa.,
plant,
a
second story cutting room, new
new conveyors in the No. 2 tank building, producer gas in¬
the kilns,
(ft) At Factory No. 2, Jeannette, Pa., No. 2 tank,
conveyors for cellar glass and back ladle skins, an extension
to the cutting
room
additional flattening ovens, &c.
stallation
on
(c) At Factory No. 3, Hartford
City, Ind., new tank building.
When compleced, this furnace will be an
®*^ct duplicate
tlle new furnace and building built at
Factory No. 2.
id, At Factory No. 4, Bellp
Vernon, Pa., cullet conveyors which effect a
great saving in labor,
(e) At Factory No. 14, Monongahela, Pa., producer
plant and power house, a model
installation, with flues to
flattening
ovens.
Sales.—While the demand for glass
early in August 1919 was only mod¬
erate, yet very shortly thereafter a
very heavy buying movement set in.
The business booked became so
great that we were obliged to decline further
orders,
our-saies
having absorbed
our
entire production
until
May 1920.
Oct. 30
1920.]
THE
During this entire period the price of our single strength and double strength
glass remained the same as since Ausgust 1918.
We did, however, make a
number of advances in our specialties.
We re-entered the market in May
for a short time, and are now back again after re-entering it in September.
During all of this time, the delivery of the glass sold became a most difficult
problem, owing to the shortage of cars and embargoes.
Patent Litigation .—During tne past year tne U. S. Circuit Court of Ap¬
peals for the Third Circuit decided in our favor the suits against the Con¬
solidated Window Glass Co., the Pennsylvania Window Glass Co. and the
Kane Glass Co., upholding practically all of our contentions.
The de¬
fendants attempted to go to tne U.S. Supreme Court, but were refused a
writ of certiorari.
They then effected a settlement with us of ail matters
in dispute-down to Jan. 20 1920 on behalf of themselves and all their
licensees.
This settlement included our suits against the Tuna Glass Co.,
the West Pork Glass Co., the Crescent Window Glass Co. and tne Wichita
Falls Window Glass Co.
In addition to paying satisfactory damages the
various companies agreed to an injunction restraining further infringements.
Subsequently the U. 8. Circuit Court of Appeals for the 8th Circuio, in our
suit against the Okmulgee Window Glass Co., upheld all the patents in¬
cluded in the foregoing suit and also sustained certain other patents.
Decisions were also secured in the U. S. District Court. Western District of
Pa., against the Smethport Glass Co. and the Brookville Glass & Tile Co.
These decisions involved all but one of the aifferent types of infringement
After these decisions similar settlements were effected with the
Smethport Glass Co., Columbus Glass Co.,
in vogue.
ttrooi. v.ile Glass & Tile Co.,
Glass Co. and Holland Glass Co.
As regards the original patents, this leaves open, with a single exception,
only the cases against one other class of infringers.
Licenses—Merger.—The infringing companies entered into negotiations
to secure a license to use our patents and we decided to grant a license to
such group or groups if of sufficient size.
To one group we agreed to grant
a license on terms mutually satisfactory, so soon as they shall have united
their various factories into one large companjr.
We understand this new
company will complete its plan of organization very shortly.
In the mean¬
time we have granted temporary licenses to the various factories with whom
we have made settlement, running from month to month, at a satisfactory
royalty rate.
[Compare V. 109, p. 372.
The Interstate Window Glass Co.
of Charleston, W. Va., reported as incorporated on or about Oct. 23 with
$4,000,000 of capitalization, and H.J. Walter, of Bradford, Pa., as a direc¬
tor, may, perhaps, be the merger company.—Ed.]
Charleston Window
PRODUCTION AND INCOME ACCOUNT
Years ending—
Aug. 27'20.
Boxes com. window glass:
Single strength..
Double strength..
profits
17.
2,636,101
2,034, >51
1,941,993
|2,434,198
$6,500,156
$5,846,097
\ 609,635
$4,932,893
I
2,041,187
63,271
29,873
78,876
$9,379,510
1,922,836
$6,563,427
1,359,500
2,071.581
121,366
279,650
$5,175,952
$5,011,769
1,784,312
279,219
279,650
1,541,180
304,139
279,650
$3,532,771
$2,886,800
Other income
Total income....;
Federal and State taxes.
2,453,817
Royalties
deductions.
Other
Aug.29'19. Aug. 30 18. Aug. Si
$7,338,323
1
....
Net
46-*,900
_
Pref. dividends (7%)...
279,650
Common divideiids.(11 %H,429,923
Balance, surplus
_
$2,731,330
$2,828,384
BALANCE
YEARS.
OF
SHEET AT END
1719
qHRONICLE
Pittsburgh Steel Co. and Subsidiaries.
(Report for Fiscal Year ending June 30 1920.)
President John Bindley, Pittsburgh, Oct. 4, wrote
/
in subst.:
Income Account.—The net earnings after deducting all charges for opera¬
tions [including $2,806,855 in 1919-20 for repairs and maintenance, against
$2,802,020 in year 1918-19] amounted to $3,930,645, a decrease of $137,219;
interest and income from investments aggregated
$165,886
(decrease
$30,739), and miscellaneous revenue was $69,665.
The total earnings were
therefore $4,166,196, or $159,117 less than in 1918-19.
ML
The amount reserved for depreciation and depletion decreased $149,128,
but on the other hand there was a loss of $250,597 on sale of Liberty.bonds
and a reserve of $88,690 was created to cover depreciation of Libertyjbonds
in treasury, written down to market price June 30 1920.
The amount
reserved for income and profits taxes also was $604,690, an increase of
$360,639, and the interest on deferred payments for Alicia property in¬
creased $100,174, leaving net income of $1,961,459, against $2,771,547 in
1918-19.
After paying 7% on the Pref. stock and dividends on Common
stock aggregating $560,000
8% 'against $910,000, or 13%, in 1918-19),
there remained as surplus for the year $666,459, as against $1,126,547 for
the preceding year, being a decrease of $460,088.
Shipments.—The value of products shipped compares as follows:
»
1919-20.
1918-19.
1917-18.
1916-17.
Pig iron and billets
$8,649,268 $11,134,624 $15,758,126 $11,868,000
Hoops, bands and cotton
ties
2,895,116
2,129,439
2,991,219
2.618,275
Wire rods,
plain wire,
nails, fencing, &c
15,665,827
17,601,843
18,161,345
17,387,285
Miscellaneous products.
542,011
399,106
1,020,153
1,192,524
,
,
Total
.$27,752,221
$31,265,012 $37,930,843 $33,066,084
[Figures for 1917-18 and 1916-17 inserted by Editors.
In 1915-16 the ship¬
aggregated $21,848,035 and in 1914-15 $11,649,864.1
The slowing up of business during the closing months of the year 1918-19
was followed by a heavy and increasing demand from both domestic and
foreign consumers which continued during the remainder of the fiscal year.
Whiledomestic business received by far the larger part of the output of the
plants, rhe export demand for your finished produces was well maintained
and the probabilities are that with favorable exchange conditions this
ments
market will continue to broaden.
Our operations were seriously interfered with by labor disturbances in
the iron and steel industry, the strike of the bituminous coal miners and the
disruption in transportation service.
Comparative Inventories.—The inventory values amounting on June 30
1920 to $7,325,827, against $7,834,342 in 1919 are taken at cost or market
price, whichever was lower at June 30.
In view of changing prices and
general conditions, it has been our aim during the year to reduce inven¬
tories to the minimum consistent with efficient operation.
Capital Expenditures.—During the year there were expended in better¬
ments and improvements, and in the acquisition of additional property,
less credits for property sold, the following net amounts, aggregating
$553,312, viz.:
Steel plants, $286,980; coal properties, $162,661; fuel
transportation [inci. belt conveyors and self-discharging steel barge for
handling coal], $157,656; total, $607,296; less extraordinary replacements
charged to operation, $53,985: balance to capital account, $553,312.
Employees and Pay-Roils—
1920.
1919.
Average number of employees at steel works_____
4,158
4,274
Average number of employees at coal properties__
858
838.
Total salaries and wages paid..
$10,454,007
$9,575,815.
—_
Aug.27*20. Aug.29*19.
Aug.27'20. Aug. 29T9.
A-S^Chf*
§
Pl'ts, good-w., &c. 19,455,842
Materials & supp_
3,403,294
71,059
f nvestments
stock...
5,000
Cash,notes,&c.,rec. 5,190,927
Treasury
Liabilities—
$
18,554,599
1,851,037
71,059
5,000
4,747,678
S
stock
Common
13,000,000
4,000,000
Preferred stock
869,814
804,000
624,281
140,000
1,451,250
419,162
140,000
272,790
525,000
lateral bonds...
payable...
Discount on bonds
49,587
103,548
Pref. dlv. payable.
Prepaid Insur., Ac.
66,983
59,205
Royalty accounts.
Reserves
IJ. S. Lib. bonds &
1,572,250
IJ. 8. Treas. etfs.
904,650
1,710,410
Taxes accrued..__
2,165,1701 1,722,499
2,311/
Int.
on
bonds
Empl. Lib. bonds
8,275
-
Profit & loss sure.
Total
V.
29,814,943 26,296,776
109,
Total
—
6,974,800
American Sumatra Tobacco
Co.
(Tenth Annual Report—Year ended July 31
Pres. J.
4,146,416
—.29.814,943 26,296,776
1611.
p.
1920.)
Lichtenstein, N. Y., Oct. 14, wrote in substance:
Our crops tnis past season, both in the North and South, arc of superior
quality and have been safely harvester and are now in the process of being
mired and packed, and will be ready shortly for the market.
Tn mv ooinion, the prospects for the cigar leal tobacco business are
excellent ana we shall be able to market our crops to good advantage, and
steady, nealthy and profitable increase in our business.
The income account was given last week, p. 1663.
The dividend rate
on tne common stock has been 10% p. a. (2>2% Q.-F.) since Aug. 1918.
continue to show
Unfilled Orders.—At June 30
your company
had in hand unfilled orders:
1Q90
Tons
1st Mtge. and Col¬
Accts.
On Feb. 1 1920 an Increase of 10% was granted to the employees in line
with the action taken generally throughout the steel Industry.
13,000,000
4,000,000
...
$
a
186,692
__
Value.
_
—
—
$13,771,921
1Q1Q
93,631
$6,724,556.
The general market for iron and
steel continued most satisfactory until
August 1920, when there began to be a let up in the trade.
Domestic sales
are being affected by the unsettled business conditions of the country, and
export sales have decreased primarily on account of the adverse exchange
situation.
However, there has been no change in the demand for nails
and wire products, which are the principal output of your plants.
Maintenance.—The maintenance of your plants has received careful at¬
tention: the amount expended thereon and charged to operation being
$2,806,855.
Mines.—Your Alicia mines. No. 1 and'No. 2, located at Alicia and Grays
Landing, Pa., respectively, have been operated continuously throughout
the year and have fully met the expectations of your directors.
Both of
these mines and your steel plants are well loctaed on the Monongahela
River, and when the fuel transportation improvements referred to under
capital expenditures have been fully completed in December next it is ex¬
pected that a considerable saving will be made In the transportation of
fuel in this manner as against movement by rail.
On March 31 1920 there was paid/account the purchase price of the
Alicia properties the sum of $550,000, leaving a balance of $2,200,000 to be
paid in equal annual installments to March 31 1923.
As will be noted from
the balance sheet, this Is the only outstanding obligation of your company
aside from current liabilities.
.,
The new iron ore company referred to last year has been completed as the
Mesaba-Cliffs Iron Mining Co., of which your company owns a one-fourth
interest, representing an investment of $500,000 to June 30 1920.
Stock Dividend of 100%.—At the special meeting of the stockholders held'
July 20 1920, there was approved an increase of $7,000,000 in the capital
stock, represented by 70,000 shares of Common stock, which your directors
on July 26 1920 authorized to be distributed as a dividend to the Common
'
on
BALANCE SHEET JULY31 1920 (INCL. SUBS.
YEAR 1919-20).
1920.
Assets—
8
TAKEN OVER DURING
1920.
1919.
Liabilities—
8
$
1919.
$
Property & equip.xS ,348,317
luvest'ts In affii'd
7 ,629,428
Preferred
stock...
1,963,500
1,963.500
Common
stock...14,448.485
13.532.885
1,840,351
1,840,001
5-year 7H% notes.y3,941.000
10-year 7% bonds.
& sundry cos
_
Claims agst. trans¬
....
...
exeb.
Foreign
Notes payable....
19,122
portation cos...
Cash
1 913.637
725.555
at
Accounts
52,226
8100,000, at
88.805
market value...
stamps.
114.000
57
"
Miscell. debtors.
Tobacco
on
on
hand.
497,533
429.908
407.000
52,152
57.809
&
State Inc.
taxes,
estimated
Fed'l
826,707
107.000
42.210
Reserve for insur..
7 ,238.475\
2,772.516
1.111.656
ers'
1,820.084
Surplus.
1.079,674
[Sub. co.'s custom¬
42,894/
'
1 862,496
38,540
265.560
Deprec'n reserve..
less reserve—
Exp.
135,087
payable
Fed'l taxes reserve
5 .166
Life Insur. policy.,
.Votes & accts. rec..
Customers......
695,000
payable.
Dividends
V. S. L. L. bonds,
Thrift
181.300
1,435,000
Acer, int.,taxes,Ac
market value.-.
par
3,986,098
Acceptances on let¬
ters of credit
notes
disc.,
$103,094]
growing
5 589,437
3 ,638.549
Live stock •& snpp.
273.899
244,954
Deferred charges
504,608
.
[Regarding the new mining properties, the report for the year 1919 said:
On March 31 1919 your company purchased from W. Harry Brown his
Alicia Coal & Coke properties, consisting of 660 acres of coal land and 400>
rectangular coke ovens located at Alicia, Fayette County, Pa., known as
AJicia mine No. 1, and 1,761 acres of coal land in Greene County, Pa.,
known as Alicia mine No. 2.
Both tracts have large frontage on the
Monongahela River enabling the coal and coke to ba transported to your
Monessen plant by water.
TJie coal Is of a quality suitable to your re¬
quirements. ' Both of these mines are completely equipped with modern
machinery and their output will fully cover your coal necessities for many
years to com** on the present scale of the company's operations, while tne
coke ovens will furnish a very large part of your coke needs.
"The purchase also included 3 steamboats, 3 steel barges, 36 wooden
barges and various other floating equipment necessary for river transpor¬
tation.
The price paid for this property was $3,750,000, of which $1,000,000 was paid in cash on delivery of the deeds.
The balance of $2,750,000
Is payable in installments over a period of five years with interest at the
rate of 5% per annum on the deferred payments.
Since June 30 1919 the company has also acquired a substantial interest
in a new iron ore company, from which it is confidently expected a con¬
siderable tonnage of ore will be received."]
372.919
923.244
stockholders.
753.721
crops
Goodwill
..
CONSOLIDATED
INCOME
ACCOUNT
YEARS
ENDING
JUNE
30.
[Including the company and its subsidiaries.]
1919-20.
1918-19.
1917-18.
1916-17. "
Total sales..
Total
...I.....28.702.676 19,203.355!
Total .........28.702,676 19,203.355
Note.—*The balance of this issue of notes, held in treasury, has been
delivered an d paid I for since the date of this statement and the proceeds
applied in reduction of the floating debt and to other current business.
x Includes in 1920 real estate ana buildings, less mortgages thereon and
depreciation, $8,003,247; trucks, automobiles, farm implements, stable and
packing equipment, less depreciation, $315,059: furniture and fixtures, less
depreciation, $30,011.
y Authorized and issued, $6,564,000; Jess in treasury, $2,623,000; out¬
standing, $3,941,000.
[Recent financial operations have been as follows: (or) In May 1919 the
company sold to its shareholders $5,879,000 of an authorized $6,000,000
7% Sinking Fund Convertible debentures.
On July 31 1919 all except
$181,300 of these nad been converted into stock and the remainder were
called for payment April 1 1920 at 105.
V. 108, p. 2024; V. 109. p. 75.
(5) In Jan. 1920 the N. Y. Stock Exchange authorized the listing of
$1,000,000 new common stock, issuea in connection with purcnase of
$300,000 common stock of Griffin Tobacco Co.
(c) The stockholders on
June 1 1920 authorized an increase in the common stock from $15,000,000
to $25,000,000.
(d) In May 1920 brought out an issue of $6,564,000 FiveYear 7*A % Sinking Fund Conv. gold notes, convertible to Dec. 311921 into
Common stock. 9H shares of stock for each $1,000 of notes, and thereafter
9 shares fc»* each $1,000 of notes.
V. 110, p. 2194, 2489; |V. Ill, p. 694*—
Ed.]—V. 111. p. 1663.
$27,483,107 $31,265,012 $37,930,842 $33,066,083
&c., cost (incl.
28,394,591
25,980,341
20,674,357
replacements, &c.)
22,780,463
$1,216,808
2^974,087 z$l,053,587
Selling exp., taxes, &c__
$771,999
Mfg.,
Net earnings
Depreciation and depl'n
_
$3,930,645
1,128,306
$4,067,864
1,260,416
15,018
$8,562,164 $11,338,139
1,015,134
963,339
350,000
543,939166,922
$2,804,339
69,665
165.886
$2,792,430
$7,197,030
89,534
!$9,663,939^
$3,039,890
x$l34,455
$3,049,878
$7,286,564
$9,684,993
_
,
v
Net
profit on
oper
._
.
Interest earned
Net
Int.
profits, all
on
Loss
sources
deferred install..
U. S. bonds, &c_
on
Prov. for
60,824
196,624
21,054
34,280
y339.287
604,690
24L051
735*000
1.823,518
50,000735,000
2,730,122
(7%)_._
735,000
Common dividends.... (8%)560,000
735*000
war prof. tax._
Donation to Red Cross
Preferred divs.
Balance, surplus—$666,459
x
(13)910,000(28)1960,000 (28)1960,000*
$1,126,547
$1,861,442
$5,116,444!
Interest on deferred installments on purchase price of Alicia properties,
Loss on sale of Liberty bonds, $250,597; reduction of Liberty
market values at June 30 1920.
z Includes Interest items,
&c,, net.
/
y
bonds to,
CONSOLIDATED
1920.
4 ss^ls
COMBINED
JUNE 30.
Traction Si
1919.
1920.
%
S
Real est.. plant. Ac .26,086,269
Invest'ts (atcost).
BALANCE SHEET
Liabilities—
26.532,957
S
Preferred stock..
[VOL. 111.
CHRONICLE
THE
1750
STATEMENT
s
240,400
Lib.Ms.AU,8.sec. 2,818,009
3,642,561
Common
1.757,167
1,447,078
Accounts payable.
2,617,252
2,385,642
7,834,342
Alicia properties...
2,200,000
Bills
2,750,000
500,000
3,473,831
JUNE
30
YEARS.
1919-20
1918-19
1917-18
1916-17
$1,330,372 $1,135,781 $1,021,448 $912,540
779,981
669,102
605,275
480,265
1,985,967
3,450,746
7,325,827
Prepaid ins. Atax.
70,829
Emp.sub.toLlb.bds
44,639
Notes receivable..
59,877
Cash...
Bills A accts. ree..
Inventories
Advance
......
stock..
payable.....
......
Depreciation res._ 4.478,659
Res., war prof. tax.
642,201
Res. for extlng't of
41,571
220,123
17,895
mine property..
con¬
ore
10,500,000 10,500.000
7,000.000
7,000.000
FOR
Co., Lexington Utilities Co., Inc., Lexington Ice Co.,
Inc., Si Blue Grass Park Co., Inc.
1919.
V
.
895,169
EARNINGS
OF
Terminal
475.412
168,862
,
344,015
25,000
Ac.
355,445
994,402
13,484,907
Repairs, Ac., res.
.
440.000
Bal. Liberty bds.
..-.42,877,54^41.718,013.
Total
Total
..........42,877,548 41,718,013
A stock dividend of 100% has been declared, payable in common stock,
thereby increasing the outstanding stock from $7,000,000 to $14,000,000.
—V. Ill, p. 1478.
The
(10th Annual Report Year Ended June 30 1920)
Pres. P.M. Chandler, Philadelphia, Sept. 30, wrote in sub.
Earnings.—The operating revenues of the system companies amounted
to
$1,330,372, an
Increase
of $194,592 or 17.2% equally distributed
through the railway, electric light and power and ice departments; the two
latter departments representing approximately 50% of the gross business.
The operating expenses increased $110,879, or 16.5%, due to
increased
cost of wages, fuel, and all supplies.
Nevertheless without having increased
the rate of fare or charges in the various departments, the system companies
show an earned surplus of $263,033 for the year, or 34.1% greater than for
the
previous year.
The total maintenance expenditures, as charged to operating expenses,
aggregated $161,836, as against a five-year average of about$ 127,000 per an.
Additions, Etc.—Expenditures for improvements and additions $186,309.
Electric Light and Power.—This department has shown a substantial
growth for several years, the business in year 1919-20 having increased 25%.
The total sales were 13,195,752 k. w. hours, but as there was no advance in
electric light rates during the year, is but a slight increase in receipts per
k. w. hour
The company has in Lexington, 3,752 light and power con¬
sumers, of which 315 are power consumers, serving a total connected lighting*
load of 4,747 k. w., or an increase of 19.2% over the previous year J
Under the wholesale contracts calling for the delivery of electrical energy
to other public utilities in the Blue Grass Region, there were delivered
5,888,702 k. w. hours, an increase of 22.48%, and this business continues to
grow in volume and importance.
We have completed the installation of modern type "C" incandescent
lights on the street lighting system, of which 954 have been installed,
principally of the 400 and 600 candle power type.
New Rates July 1.—To meet increased operating costs, the schedules of
rates for power and commercial ighting have been increased as of July 1 1920.
Railway Department.—Although the rates of fare were not increased during
the past year, the railway showed a net gain of 12.4% in revenues.
The
physical proT erties have been fully maintained, 17.5% of the gross revenues
being set ■, side for this purpose as compared with 16.5% in previous years.
Ore-man cars were put into operation on all city cars in Lexington,
resulting in a substantial saving in wage account, notwithstanding advances
.
1920
1918
1919
...4,763,790
3,690,748
3,880,144
Interurbans....... 1,484,875
424,984
1,382,193
387,689
1,620,480
425.565
.6,673,649
5,460,630
»<
Av.
Receipts
Per
Pass. (Incl Trans.)
1920
1919
1918
.05
.05
.046
.24
.24
.195
.059
.057
.05
5,926,189
Other cities.
Total
Passenger car miles run 1,565,885 in 1920 against 1,541,578 in 1919 an d
1,714,381 in J918.
The package, express and freight business continues to be of increasing
importance; the receipts totaled $48,167, or an increase of 10.47%.
Higher Fare.—In order to meet anticipated increased operatii g expenses,
the rate of fare charged in Lexington and other cities was advanced to 7 cts.
during June 1920.
The rates of fare charged on the interurban lines as well
as on the express and freight departments were increased in July 1920.
Power Plant.—The total net output was 22,812,109 k. w. hours, an
increase of 5.31%.
The coal consumed was 39,784.34 tons, an increase
of 18.96%. The variable character of the coal received resulted in a sub¬
stantial increase in the amount consumed.
Much spot coal was purchased,
which, besides being very expensive, was not of a grade that would fire
ecnomically.
Various plans for securing fuel requirements are under
,
consideration.
Gas
Department.—The 59Yt miles gas mains owned by t \4 system com¬
panies in Lexington, are under lease to the Central Kentucky Natural
Gas Co., and the income collected for their use was $44,998.
There are
6,724 consumers connected, all using natural gas, principally for cooking
and heating.
Ice and Cold Storage.—The receipts and output continues to show hand¬
some growth.
The total tons manufactured amounted to 35,426.
As
reconstructed the Maxwell St. plant will have its capacity increased from
65 to 135 tons daily output.
This modern electrically driven plant, and
the London Ave. plant, together will aggregate a capacity of 219 tons per
day and a storage capacity of approximately 7,000 tons.
Financial.—The fixed charges of the system companies increased $50,007,
which is in part accounted for by an 18.6% increase in taxes and a 15.04%
*
Increase in interest payments.
There were acquired during the year $122,000 Lexington Ry. Co.. $6,000
Blue Grass Traction Co. and $5,000 Georgetown & Lexington Traction Co.,
a
total of $133,000 underlying first
mortgage
bonds.
Of these bonds
$31,000 Lexington Ry. bonds were acquired by sinking fund making
$245,000 of the issue so held and $50,000 were pledged with the Trustee
of the Lexington Utilities Co. mortgage.
The balancels held in the treasury
of The Kentucky Securities Corporation.
Funded
Debt
of the Operating Cos. Aggregating $4,587,350 in the
of the Public, June 30 1920.
Kentucky Trao. A Term. Co.
A
ref.
Georgetown A
5%, 1951
.$2,319,000
Co. 1st mtge.
Lexington Ry.
1949
5%
1,080,000
Blue Grass Traction
mtge.
5%,
Co.,
1934...
Co.,
1st mtge. 5%, 1921..
Utilities
Co.
1st
$191,000
Lien A Ref. 6%, 1929.—.
793,350
Lexington
1st
204,000
leases in Southeastern Kansas, the leases
on
Kansas City, Fort Scott, Joplin and other large centres. [V. 109, p. 1363.1
For the calendar year 1919, these properties sold approximately 8,600,-
000,000 cu. ft. of
gas and the total receipts were $1,257,277, and for the
six months ended June 30 1920, the sales approximately 5,709,985,000 cu. ft.
Outlook.—The earnings of the system companies, both gross and
net,
the largest in their history.
Business and agricultural conditions at present,
were
in all of the communities
served, are excellent, and due to the high basic prices for all the crops grown
Region, the yield promises to be very satisfactory.
[In March 31 1920, the directors declared along with the regular cash
dividend of 1H % payable April 15 a scrip dividend of 6% representing the
four accumulated quarterly dividends of 1H% each, of Oct. 15 1918,
Jan. 15, April 15, and July 15 1919, being all the accumulated and unpaid
dividends to April 15 1920.
This dividend scrip is payable in cash at the
company's option on or before April 10 1925.
It was mailed to Pref.
stockholders on or before April 30 1920.
See V. 110. p 1526, 1642.]
$196,186
130,777
$158,899 $207,068
130,777
130,000
$132,256
Balance
x
$65,409
$28,122
1920.
as
to
See also V. 109, p.
scrip dividend of 6% paid
1363.
about April 30
on or
/
CONSOLIDATED BALANCE SHEET JUNE 30.
1919
1920
Assets—
less
Investments..
381,530
Ry.).
413,431
5,593
66,170
76,650
Cash on hand.
64,171
Accounts receivable.
65,153
136,862
65,350
Materials A supplies.
K. T. A T. Co. stock
not
103,830
96,739
15,489
241,012
of
16,207
over
sub.
value
cos.
stk......
75
Lex. Ry. 1st M. 5S-. 1,121.000
75
1,202,000
G. A L. Ry. 1st 5s—
Lex.
Co.
1st
UtiJ.
196,000
196,000
Lien A Ret. 6s....
penses.
par
owned.......
K.T.AT.lst Ref. 56.2,319,000 2;292,000
793,350
210,000
750,000
Prepaid operating ex¬
Discount A exp
of cost
$
(K.S.Co.).2,052,287 2,052,288
stock
(do)...2,179,620 2,179,620
Pref.
4,110
Treasury bonds
Excess
%
,
Com stk.
depreciation._7,828,960 7,796.968
Sink. fd. (Lex.
1919
1920
Liabilities—
S
Property A investmt
,
110,967
1,168,632
1,168,632
B. G. T. 1st 5s
Accts. payable.....
NotesAsec .loans pay
96.752
385,537
127.447
32.694
130.777
38,798
Accured int., Ac....
Accrued div. July 15
Pref. div. scrip
Accident Ac., res
Miscellaneoue......
Total (each side)..9,940,.540
a
$77,068
Pref. dividend inserted by Ed.
See statement above
9,885,917
Of the $93,760 notes payable,
226.205
47,294
109,860
31,171
30.998
Prof. A loss (all cos.)
210,000
a462,451
$< ),000
were
40,39
312,763
paid during July 1919.—
V. 110, p. 1642.
GENERAL
RAILROADS,
General
INVESTMENT NEWS
INCLUDING
Railroad
and
ELECTRIC
ROADS.
Electric
Railway News.—The
following table summarizes recent railroad and electric rail¬
way news of a more or less general character—news con¬
cerning which detailed information is commonly published
on
preceding
page
under the heading "Current Events and
Discussions" (if not in the "Editorial Department"), either
in the week the matter becomes public or as soon thereafter
as mav be practicable.
...
September Net Earnings Following Rate Increase.—With large increases in
earning are in many cases disappointing, due to special
causes, in part temporary.
See Editorial Dept. above and "N. Y. Times,"
Oct. 29, p. 22.
Government Six Months' Guaranty.—President Wilson refers to AttorneyGeneral the appeal of the roads against delay in payment of guaranty.
Advances undrr Sec. 209of Transportation Act (V. 110, p. 722) to Oct. 20
aggregated
$933,719,974.
Loans under Sec. 210 to Oct, 20
aggregross returns the net
fated $56,190,325,North. Ry., $15,900,000; Chic. & West. Ind., $8,000,000;
3,000,000; Great viz.: Boston & Maine, $5,000,000; Caro. Clinch. & Ohio,
Erie RR., $8,000,000: Seaboard Air Line, $6,073,400; Chic. R. I. & Pac.,
$2,000,000; B. & O., $3,000,000; Virginian Ry., $1,000,000: K. C. Mexico &
Orient, $2,500,000; five companies, $1,716,925.—"Ry. Age" Oct. 22, p. 694.
Maintenance During Guaranty Period.—Briefs have been filed by counsel
for Association of Railway Executives with I.-S. Comm. Commission as to
interpretation and application of Sec. 209 of Transportation Act of 1920
—"Railway Age" Oct. 22, pages 711 to 714; and Sept. 3, p. 401.
Rates.—(a) Readjusting rates on ore, &c., in Colorado.—"Eng. & Mining
Journal," Oct. 23, p. 833.
(b) Intra-State rate proceedings; Supplemental
bulletin issued by Nat'l Assn. of Railway & Utilities Commission reports
that bripfs filed urith I.-S. C. Commission in N. Y. State rate cases contain a
tabulated
statement
showing
action
taken
by
State
commissions
upon
intra-State rate advances to Oct. 8; since then Kansas has allowed a 30%,
Tennessee a 25%, advance in freight rates except as to road-building ma¬
terials and certain other articles.—"Railway
Age," , Oct. 22, p. 722.
(c)
Prediction that traffic recession will require further rate increase.—"Boston
News
Bureau," Oct. 29,
Miscellaneous.—(a)
Times," Oct. 22,
p. 1.
Outlaw
union
Union.—"N.
Trainmen's
sues
Y.
13.
(b) Railroads reported heavy buyers of rail—see
Bethlehem Steel Corp. below and "Journal of Commerce,
Oct. 28, p. 2.
(c) 10-class freight scale proposed by Eastern Classification Committee.—
"Journal of Commerce," Oct. 29, p. 2.
(d) Daniel Willard on Transporta¬
tion Act.—Idem, p. 3.
(e) Lake coal order suspended.—Idem, Oct. 28,
p. 1.
(f) Return of cars.—Idem, p. 3.
(fir) Railroad financing approved.—
Idem, p. 7.
Matters Treated Fully in "Chronicle"
of Oct. 23.—(a) Mr. McAdoo criticises
Each-Cummins RR. Act, p. 1627; (b) Federal and private railroad operation
contrasted by I.-S. C. Commission, p. 1628.
(c) Remarkable record of rail¬
road efficiency, p. 1629.
(d) International committee on Mexican railroad
and other interests; economic conditions in Mexico; other Mexican matters;
p. 1629-30.
(e) Reopening of anthracite wage award, p. 1624.
(/) Coal
p.
matters.—See "Industrial'
Alabama &
index
below.
Vicksburg Ry.—Annual Report.—
1919.
Corporate Income Account.
1918.
$322,854 $322,854
1'18)
116,310
215,853
Gross income
$439,164 $538,707
Deductions [in 1919 (1) int. on funded debt, $108,313;
(2) int. on unfunded debt, $3,051; (3) income tax,
$19,956; (4) tax on coupons, $252; (5) sinking fund,
$12,509; (6) corp. espenses, $23,366; (7) oper. exp.
prior to Jan. 1 1918, $69,664]
202,054
-
Income Account
Reported by United States Railroad Administration.
1919.
1918.
'
1917.
1916.
Railway operating revenues.$2,794,556 $2,470,856 $2,139,316 $1,818,133
Railway operating income
281,745
287,283
439,377
360,908
Non-operating income.
125,781
180,221 \No proper compariHire of equip., rents, &c_
deb.57,659 debl21,859 J
son is possible.
as
25,000
acres being owned and covering both oil and
gas.
Natural gas is sold at
wholesale to large industries in and around Independence. Kansas, and also
delivered to the main lines of the Kansas Natural Gas Co., supplying
in the Blue Grass
$416,354 $471,564
73.448
46,462
229,006
218,034
Standard return from U. 8. RR. Administration
Misc. income (incl. in 1919 $2,648 rev. prior to Jan.
Lexington Utilities Co. First Lien & Re¬
funding Mtge. 6% Series "A" bonds, due April 1 1929, and the company
has now under negotiation the sale of a sufficient number of these bonds to
take careof capital requirements of year 1920-21. (Compare V. 109, p. 1363.)
Natural Gas and Oil Properties of Southwestern Utilities Corporation.—
As mentioned in the last report, the Lexington Utilities Co. owns a large
interest in the Southwestern Utilities Corporation, through which is contolled, under gas purchase contracts, the entire gas production from 43,000
gas
$518,279
85,747
236.346
$263,033
130,777
Surplus for dividends, etc..
xPref. div. 6%..,
Hands
Lexington Tr.
There have been sold $43,350
of natural
$416,174 $432,275
45,180
39,289
$644,133
126,706
254,394
Total income.
Interest on bonds
$466,679
51,600
.,
Number of
Revenue Passengers.
Lexington
$550,391
93,741
.
made to trainmen during the year.
acres
'Net operating income.....
income
Miscellaneous
Kentucky Securities Corporation & Subsidiaries.*
[Incl.Kentucky Traction & Terminal Co., Lexington Ice Co., Inc.,
Lexington Utilities Co., Inc.]
1st
expenses...
939,034
Profit and loss...14,151,365
tracts
Sale of houses..,.
earnings..
Taxes, rentals, etc
'
293,568
Gross
Operating
Balance, surplus
—V.
110,
p.
$349,868
$345,645
1088.
Albany Southern RR.—Time Extended.—
The time within which the
may be declared
plan (V. 110, p. 2290) or any amended plan
operative has been extended to and including Feb. 15 1921,
and the time for receiving
deposits of bonds
thereunder, with all coupons
maturing on and after March 1 1921 attached, has been extended to and
including Feb. 1 1921.
A majority of the outstanding bonds has already
been deposited.—V. ill, p. 1660.
Ashtabula (O.) Rapid Transit Co.—Fare Increased.—
Fares were recently increased from 5 to 8 cents cash with four tickets for
30cents.—V. Ill, p. 1082.
Atchison Topeka & Santa Fe
Ry.—Approval.—
The I.-S. C. Commission has
approved the company's application for
authority to issue $15,486 California-Arizona Lines First & Ref. Mtge.
bonds, being $26 70 of each $1,000 bond, given in exchange for each £200
bond surrendered and canceled.—V.
Ill, p. 1565.
,.
Oct. 30
1920.]
THE
CHRONICLE
Atlantic Coast Line RR.—New Director.—
John J. Nelligan, President of the Safe Deposit and Trust Co., Baltimore,
been elected a director to succeed the late Warren Delano.—V. Ill,
has
p.
1471, 293.
Baltimore & Ohio RR.—Bond
Application.—
The company has applied to the I.-S. C. Commission for authority to
issue $2,744,000 Ref. & Gen. Mtge. Series B 6% bonds and to issue bonds
of certain subsidiary companies to be pledged as further security under the
Ref. & Gen. Mtge.—V. Ill, p. 1660.
RR.—Equipment
Financing.—The
stockholders on Oct. 26 voted to amend the equipment trust
agreement dated Jan. 15 1920 but took no action on the other
matters, including the issuance of bonds, equipment trust
agreements for the purchase of new equipment, &c.
Vice-President Hudson in explanation said:"So far no scheme for taking
of the maturities due Jan. 1 1921, has been devised.
It was hoped
details would be ready for to-day's meeting so that definite action
could be taken on the issuance of equipment trust notes to pay for 37 new
care
that
locomotives, and on the question of
a
loan from the Government to
cover
the
cost of new
improvements, but difficulties have arisen in Washington over
the form of a mortgage, so that it is impossible to offer a definite vote at
this time.
These matters will be voted on at a meeting to be held Nov. 4."
—V. Ill, p. 1565.
British Columbia Electric
A
new
wage
scale for the various workmen has been granted
follows:
as
carpenters, 77 cts.; blacksmiths and machinists, 80 cts.; trackmen, 60 cts.
73.
Brooklyn Rapid Transit Co.—Coupons, &c.—
Too late for use in our
"Electric Railway Section" issued this week we
paid on the following issues:
1st M. 5s of 1889, Brooklyn City RR. Ref.
learn that interest is being regularly
Jamaica &
Brooklyn
RR.
Mtge. 4s of 19C6 and Brooklyn City RR. 1st Consol. Mtge. 5s of 1891
(excepton bonds held in guaranty fund).
Interest on Atlantic Avenue RR.
Impt. Mtge 5s of 1894 has been in default since Jan. 1920.
The connection between
the Culver Line and the Coney Island Terminal
completed.
has been
Commission
Enjoined—To Open Two Lines—Fare Decision.—
Judge Julius M. Mayer, in the Federal District Court Oct. 24, signed
an
order temporarily restraining P. S. Commissioner Lewis Nixon from
taking any steps to compel Receiver Lindley M. Garrison to operate 9
subsidiary lines, the suspension of which was approved by Judge Mayer.
A hearing on the injunction will be held Nov. 1.
Judge Mayer based his action on the ground that the lines are now
under the jurisdiction of the Federal Court; that they have been operating
at a deficit, and that to compel them to operate would be confiscatory.
It is stated that if the P.S. Commission grants
permission to operate
the Church Ave. line (now discontinued) without transfers, the company
will ask the Court
of
a
forpermission to operate that line and also the operation
shuttle between Fifth Ave. & Bay 19th Pt. in place of the 39th Street-
■Coney
Island
(also discontinued).
line
It is also stated that two real
estate operators have made an agreement with Lindley M. Garrison, re-;
-ceiver, to make good any deficit incurred in the operation of the Utica Ave.
line on which it is said the company had decided
to suspend operations
owing to the loss incurred in its operation.
The Court of Appeals, on Oct. 22, denied the motion made on behalf of
Lindley M. Garrison, Receiver, for a re-argument concerning the right of
the P. S. Commission to permit the company to raise the fare on its surface
The decision of the court that the Commission has no
8 cents.
lines to
jurisdiction over the fare when the fare is stated in the franchise stands.
The court held that the fare could not be increased without the consent of
the Board of Estimate.—V. Ill, p. 1660.
Chicago Elevated Rys.—Loss
on
Ten-Cent Fares.—
A report from Chicago says:
"Despite a 10-cent fare, the company's
^operations in September showed $25,361 loss.
The Illinois P. U. Comm.
has denied the company's petition for extension of time beyond Oct. 30 to
present their case for permanent fare."—V. Ill, p. 895, 791.
Chicago Indianapolis & Louisville Ry.—Notes Approved.
The I.-S. C. Commission has
approved the company's application (a) to
1920 three promissory notes totaling $87,000 at 6%, to
payment in part of the purchase of real estate and freight
yard in Indianapolis from Chicago Ind. & Western RR., and (6) to assume
payment of nine promissory notes amounting to $18,000, the assumption
of said notes to be in satisfaction in part of the purchase price of above
yard and real estate.—V. Ill, p. 1277, 1660.
issue
as
of July 21
''be used in making
authorized the company (a) to sell at not
$770,000 Equipment Trust Certificates, series A of 1917,
.already issued, and (b) to issue and sell $950,000 at 97 series B of 1920
Equipment Trust Certificates.
It is proposed to buy 6 Mikado freight
engines costing $434,700, 4 switch engines at $185,600 and 125 stock
cars at $342,500—V. Ill,p. 989.
than
par
'
with free transfers at all established
'y
'
(a) school tickets at one-half the
above regular rates (b) non-transferable monthly commutation tickets at
2H cents per mile, good for round trip daily, between the traffic center of
any incorporated city or borough having a population of 25,000 or more,
or any designated point within such city or borough, and. points more than
5 miles distant therefrom, on all lines radiating from such traffic centers.
With the new fare going into effect the zone system adopted last May will
based upon the original 5-cent fare areas
transfer points;
The company must, however, issue
•
diS3/T)D63.T
order.
..
Oct. 15 on the New London (Conn.)
Line
Ry., were returned to the company some time ago under a court
The Commission will hold a hearing on Nov. 11 on the petition of
placed in effect
1566.
Crawford
published in
the Commission will make a condition of any order it may make
approving the increase in capitalization, could be aceomplisned in one of
two ways that had been discussed, either (a)
by a transfer to a new company
the stock of which would be distributed to the railroad
shareholders, or
(/») by the formation of a new company which would give bonds to the rail¬
road in part' payment, but that in either ca^e the railroad would retain
no voting interest in the coal
property, although for a time the stockholders
of the two companies would be the same.
Valuation of Coal Pronerties.—As the witness placed the minimum value
coal properties at
$60,000,000, whereas the capital stock of the
of the
railroad amounts to about $42,000,000, Mr. Colston asked if a distribution
of this amount in stock of a coal company would not be equal to an addition¬
al 150% stock dividend to the railroad
shareholders, which wity the 20%
now
paid would make
a total of 370 for one year.
It was admitted that
but the witnesses said that they did not consider that the
would be receiving anytning they do not already own.
so
To Capitalize Surplus Earnings Only.—Mr.
.lenney said it was proposed
capitalize only surplus earnings of the railroad which might have been
paid as cash dividends and that the new stock could be considered as
merely a receipt for the money of the stockholders that has been used in
building up the railroad.
He said the company desired to increase the
stock by the amount of the surplus, or such part of it as the commission
would approve, less about $2,000,000 which has been invested out of
railroad earnings in the coal properties.
Capital Restriction.—Mr. Jenney further explained that while retaining
the operation of its coal properties, the company had not been able to take
advantage of the general railroad laws of Pennsylvania and had, therefore,
been unable to increase its capital stock since 1877 except on two occasions—
in 1909, when it merged some companies by exchange of its capital stock
for that of the other railroads, which made its stock issue $30,000,000, and
five years later when its stock was increased to $42,000,000 for the con¬
to
struction of
a
new
line.
Derelopmevt of RR. Business.—Up to 21 years ago, when W. H. Truesdale
President, no serious effort had been made to engage in a general
railroad business, but the railroad nad been operated to serve tile coal
became
mines.
Since that time it has largely been rebuilt out of earnings, while
has been expended on the coal properties to reduce
about
$30,000,000
mining cost.
I
Capitalization.—The
Delaware,
Lackawanna
&
Western and its leased
lines have approximately $95,000,000 of stock and $68,000,000 of bonds, of
which $8,OO0,OOO of stock and $15,000,000 of bonds are held in the treasury.
The Lackawanna company proper has no bonded debt, but about
of the system's mileage is operated under leases which
provide for the
ment of
70%
pay¬
fixed percentage on the stock of the leased lines.
Earnings.—Dividends Paid.—From 1853 until the present, the com¬
pany's net earnings from transportation operations have been $208,476,000
and from the coal properties $66,900,000, while other income has amounted
a
to
$40,840,000.
The company has paid in round numbers $14,000,000 in
and $210,000,000 in dividends, leaving an accumulated
surplus
upward of $90,000,000 ana the property has been so well maintained that
undoubtedly the management could have shown a larger surpius if it had
desired to do so.
About $40,000,000 of the surplus is in such shape that it
interest
of
coula be distributed to the stockholders
as a
cash dividend.
Effect of Plan on Public.—Director Colston asked a number of questions
develop the amount of stockholders' contribution or "sacrifice" in the
way of original investment.
Mr. Jenney took the position that the stock¬
holders has actually inverted, in addition to the amount of his stock, the
surplus earnings which might have been delcared as divide ds.
He said
that the segregation of tne coal properties would not, materially reduce the
profits of the railroad as it never hau had difficulty in declaring a dividend
and increasing its surplus out of the railroad earnings alone.
Director Colston asked if a 200% stock dividend would not be open to.
criticism as stock-watering bv the same persons who object to tne hicrh rate
of dividend which the company now pays.
Mr. .Temey said he thought
public opinion would recognize the propriety of giving the stockholde s
some evidence of what has been done with their
money if tne commission,
after an investigation shouid give its approval of such a ' issue.
Mr. Colston read a telegram from the Attorney General of Pennsylvania
to the Commission, which stated that if the company divested itself of its
coal properties and accepted the provisions of the state constitution of
1874 it migut legally capitalize its surplus and issue stock therefor, but not
otherwise.—Compare V. Ill, p. 1277.
to
Denver & Rio Grande
of 1917 to be
RR.—Deposits Under Agreement
Withdrawn.—The committee of which John
W. Platten is Chairman under date of Oct. 20 in
a
notice to
the holders of certificates of
deposit representing Preferred
and Common stock, deposited under agreement of
May 22
says:
The committee acting under a
has received on
deposit
a
deposit agreement dated May 22 1917,
number of shares of preferred ar.d Common stock.
The Committee was formed jn 1917 immediately after a judgement had
been obtained against the company on behalf ot fae Western Pacific bond¬
holders.
The Committee has investigated the affairs of 'he company, and
since the end of Federal control and in view of recent efforts of the Western
Pacific Co. to enforce the judgment against the Denver Co., the Committee
has attempted to negotiate a plan for the reorganization of the
company
under which the stockholders might acquire the judgment or otherwise
protect their interest in the
company.
The committee has not, however, been able to obtain the agreement o
the Western Pacific Co. to any plan tne acceptance of which the members of
the Committee are willing to recommend to the stockholders of the Denver
In view of this situation the Committee has terminated the agreement.
a certificate of deposit issued under the agreement should,
Each holder of
within 25
days from the date hereof, present and surrerder such certificate
deposit at the office of the Depositary. United States Mortgage and
Co., N. Y. City, in order to effect withdrawal of deposited stock.—
V. Ill, p.1660.
of
Trust
Denver
County
Leased to Northwestern
See
as
it expects
on
The New London lines, formerly operated by the Shore
protest from the citizens of New London and the New London Common
-Council against the new rate which they declare is unreasonable.—V. Ill,
p.
hearing
Company.
m
A 10-cent fare was
Division.
Electric
.
stock dividend of about 200% was
"Railway Age" of Oct. 22
1917,
Connecticut P. U. Commission has authorized the company to
^establish and put into effect on its entire system excepting the New London
Division, on and after Nov. 1 1920, a flat 10-cent cash fare with fare limits
as a
A summary of the
says in brief:
S. Jenny, Vice-Pres. & Gen. Counsel
said that the proposed segregation of the
company's coal properties, which
Connecticut Co.—7.ones Abolished—Fare to be 10 Cents.
The
holders
Oct. 5.
of Coal Properties.—W.
Chicago St. Paul Minn. & Omaha Ry.—Equip. Auth.
The I.-S. C. Commission has
less
on
stockholders
Motormen and conductors, 65 cts.; interurban motormen and conductors,
Ill, p.
to the present
held
this would be
Ry.—Wage Increase.—
67 cts.; car repairers, 70 cts.; mechanics' helpers, 65 cts.; car cleaners, 58 cts.;
—V.
Delaware, Lackawanna & Western RR.—Proposition
Capitalize Surplus.—Segregation of Coal Properties, dec.—
The application of the company for
approval of the I. S. C.
Commission of the capitalization of its surplus of about
$90,000,000 by the issuance of new stock to be distributed
to
the
Maine
&
Boston
1751
Railways.—Reorganization
Pennsylvania Ry.—
Northwestern Pennsylvania
Plan—
Ry. below.
Cuba RR,—To Pay Notes Due Nov. 15.—
Chairman Claude K. Boettcher says:
Gold notes due Nov. 15
paid o& at maturity. While officials were not willing to admit, it
is expected that this will necessitate the offering of some new securities.
V. Ill, p. 1660.
We learn officially that the $2,000,000 6%- Secured
will be
Dallas & Waco RR.—Interest
Payment.—
The New York Stock Exchange has received notice
that interest which
matured May 1 on Guaranteed First Mtge. 5% gold bonds, due 1940, will
be paid on Oct. 30, and interest due Nov. 1 will be deferred.
The Committee on Securities has ruled that said bonds be quoted ex the
May 1 coupon on Oct. 30 and that thereafter the bonds will continue to be
the Nov. 1 and subsequent
to be a delivery.—V. 107, p. 1747.
dealt in flat, and until further notice mast carry
coupons
Danbury & Bethel St. Ry*—Jitney Regulation.—
Service between Danbury and Bethel, Conn., was saspeuded on Oct. 18,
and it is stated the discontinuance will continue until the City Council of
Bethel passes an ordinance barring the jitneys from the highways where
electric railway cars run.
The Board of Aldermen of Danbury on the Oct. 18 passed an ordinance
barring all jitneys from the streets traversed by the cars of the company.
The railway had announced that it would stop all service in Danbury on
525 v. 1 unless jitney bus traffic was restricted to the side streets not used
by the trolley cars.—V. Ill, p. 73.!
Tramway Co.—Int. Defaulted—Rec.
Threatened.
The company has defaulted on the interest
payment, amounting to
$87,000, due Oct. 1, on the $2,500,000 7% notes and is expected to default
on interest amounting to $282,000 on the
oustanding $11,306,400 Denver
City Tramway Co. 1st & Ref. 5s of 1933 due Nov. 1.
"This
means a
receivership for the
unless there Is relief that will enable the company to pay up its
defaulted interest charges within the six months' grace limit allowed.
"The recent strike exhausted the working capital, besides working great
company
damage to property and equipment.
"During Sept. there was a deficit of $132,787, and the loss for the 9 mos.,
including Sept., was $519,622 that the company after paying wages and
expense of operation, taxes, franchise charges and interest on the floating
a deficit of upwards of $500,000 for the 9-month period.
"Every retrenchment possible has been made and the company is operat¬
ing on a less ratio of expense to revenue of any street car company in the
country with the possible exception of Washington, D. C.
The wages of
the men are fixed by court order and the fares that can be charged
patrons
are fixed by the city, so that the company has no opportunity either to
reduce cost of operation or increase revenue."—V. Ill, p. 1566.
debt, has
Duluth (Minn.) Street Ry.—Recount
Asked.—
The company has filed with the Federal District Court a petition for a
of the votes cast in the special referendum election on Oct. 4, in
which the voters defeated the proposition to allow the company to increase
fares from 5 to 6 cents.—V. Ill, p. 1566.
recount
East St.
Louis
First Consolidated
Trac.
Co.,
due
1944,
&
Suburban
Co.:—Security Sale.—
5% Mtge. gold bonds of Alton Granite & St. Louis
aggregating $100,000, with Feb. 1920 coupons at-
tached,
sold at the auction salesrooms, 14 Vesey St., N. Y. City, on
were
Oct. 21 for $26.
This company, a subsidiary of the East St.
urban Co., went into receivership in Sept. 1920 and the Feb.
on
the above bonds is said to be in
default.—V. Ill,
p.
Louis & Sub¬
and Aug. int.
389, 688, 1083, 1275.
Frankford Tacony & Holmesburg St. Ey.—Valuation.
filed with the Penna. P. S. Commission a valuation of
at Kansas
Pennsylvania RR. below.—-V.
Gulf Mobile & Northern RR.—Application.—
has applied to the 1,-S. C. Commission for authority to
$4,000,000 First Mtge. gold bonds, the proceeds to reimburse its
treasury for amounts expended.
The company has also applied for a loan
of $515,000 from the Government, to be used in the purchase of locomotives
and making improvements.—V. Ill, p. 1566.
.•_
The company
Hagerstown & Frederick Ry —Notes Offered.—IIambieton & Co., Baltimore, are offering at 100 and int. to yield 8%,
SI.050,000 Six Months 8% Collateral Trust Notes.
Due April 15 1921.
Denom.
Baltimore, Trustee.
Company
of 2%.
1920.
Co.,
Oct.
Dated
15
&
Trust
Title
$1,000.
agrees
to
pay
normal income tax not in excess
Data
From Letter of Emory L.
280,000|8ub. cos.bonds and notes 1,878,400
600,0001 Common stock.. —
1,512,950
6 mos. 8% coll. tr. notes. 1,050,000 i Preferred
stock
906,803
Purpose.—Proceeds will oe used to pay off $550,000 1-yr. notes, due
Nov. 1, to acquire entire capital stock of Shenandoah Co., and for additions,
&c., of company's properties, and for other corporate purposes.
Combined Earnings Hagerstown & Frederick Ry. and Affiliated Companies,
coll.tr.notes,'32
coll.tr.notes,*27
Year Ended August
Gross
31.
„
earnings
—
Net after oper. expenses and taxes....-.
Interest on mortgage debt—- —
and unsecured notes..
Interest on collateral
Surplus
—.........
1919-20 1918-19
$1,845,315 $1.434,737
658,319
452,428
224,512
—
—
...
......-
196,611
151,924
$236,887
$75,992
Management.—Sanderson and Porter, New York.
[The company raised its interburban rates from 7 cents to 8 cents in each
beginning Oct. 1, with tickets at rate of 13 for $1.
City fares in
Hagerstown and Frederick remain at 7 cents cash, with 5 tickets for 30 cents.]
zone,
—V. Ill, p. 1566.
Hot
Springs (Ark.) St. Ry .—Fare Increase.—
The company has been charging a 6-cent fare since
that time the fare was 5 cents.—V. 109, p. 981.
Houghton County (Mich.) Trac. Co.—Fare Increase.—
The company recently increased its fares from
with 4 tickets for 25 cents.—V. 110, p. 2657.
6 to 7 cents in each zone,
Trust Sold.—Kuhn,
prices ranging from
101 to 103Yi and div., according to maturity, $8,107,000
7% Equipment Trust certificates, "Series F."
I
Central
Illinois
Loeb & Co.
RR.—Equipment
have placed privately, at
These certificates were
authorized by the I.-S. C. Commission and mature
$737,000 serially Oct. 1 1925 to Oct. 1 1935. Proceeds are to be used to pay
in part for the following equipment: 50 freight locomotives, 25 passenger
locomotives, 5 steel dining cars, 20 suburban coaches, 12 compartment
coaches, 18 steel baggage cars, 200 flat cars, 1,000 refrigerator cars, 50
caboose cars and 300 stock cars.
The estimated cost of the equipment is $13,514,918, of which $4,440,000
will be paid from a Government loan and the balance of the cost after the
proceeds of equipments is to be paid from current income.—V.Ill,p.1661.
Illinois Traction Co.—Bond
Application.—
has applied to the Illinois P. U. Commission for authority
$1,070,000 1st & Ref. Mtge. bonds.—V. Ill, p. 1472.
The company
to Issue
Matured Notes.
receiver for the company, has filed suit in United States
District Court at Houston, Tex., seeking to recover $9,555,625 from the
Pierce Oil Corp.
The allegation is that the oil company is guilty of breach
of two contracts to furnish fuel oil to locomotives belonging to the railroad.
Two contracts which were alleged to have been drawn up between the
and the railroad called for the delivery of oil at Texas City
barrel delivered at Fort Worth.
These contracts were repudiated, it is alleged, by the oil company March 1
1920, thereby causing the railroad to lose $9,555,625 as the result of being
forced to buy fuel oil in the open market, which, the petition states, now
sells for $3 50 a barrel.—V. Ill, p. 1369
oil company
Junction for 70 cents a barrel and 83 cents per
International Ry.
Co., Buffalo.—Earnings.—
Months Ended Sept. 30 1920 and Six Months to June 30 1920.
9
Cal. Year 1920
Mos.
$
6
Mos.
$
Oper. revenue-.8,249,140 5,126,730
Op. expenses._a6,370,064 4,034,299
Net
op.
rev..
1,879,076 1,092,431
495,535
Taxes
We are advised
322,247
9 Mos.
Cal. Year 1920
6 Mos.
$
$
Op. income (cone) 1,383,541
Non-op. income38,816
770,184
Gross income. 1,422,357
Fixed charges...1,237,210
780,239
814,961
10,055
Lehigh & Hudson River Ry.—Stock Increase.—
The company has filed notice of an increase in its capital stock from
$1,720,000 to $5,000,000.
The New Jersey P. U. Commission has approved the issuance of $2,987,000 of the increased capital stock, which is to be disposed of at par, for the
purpose of paying
which became due
Louisville
International Traction Co. (Buffalo).—Plan Abandoned.
by George K. Reilly (of Reilly, Brock & Co.), who
opposed the reorganization plan of the protective committee for the Coll.
Trust 4% bonds due 1949, referring to their letter of Aug. 281920 objecting
to said plan (V. Ill, p. 990), say that in spite of the refusal of the com¬
mittee and the depositary to allow them to inspect a list of the depositors
so
as
to notify them of their opposition, nevertheless holders of about
$3,000,000 of certificates of deposit filed written objection to the reorganiza¬
tion plan.
The committee, however! by public advertisement on Sept. 13
1920 declared the plan operative and announced its determination to carry
The bankers, headed
it into effect.
On Sept. 22 1920 the bankers headed by Mr. Reilly filed a bill for an
injunction in the New York Supreme Court, to have the reorganization plan
A hearing on this injunction was scheduled for Oct. 8 but
declared void.
was
postponed at the request of the committee.
"We have just been officially informed that the
The bankers state:
re¬
been abandoned on the ostensible ground that defec¬
given to the depositing bondholders.
"It should not be difficult to reorganize a system of potential value like
that in Buffalo along moderate constructive lines without placing burden¬
some assessments upon the bondholders or providing for an ambitious
lan
of new construction."
Compare plan in V. lll.fcp. 896, and see'also
tive notice of the same was
V.I111, p.|990J1183,J1278.»
Kansas
Cityptailways.—Permanent^Receivers'Appointed.
Judge Kimbrough Stone of the U. S. Circuit Court of Appeals
off $2,587,000 Gen. Mtge. 5s, and $400,000 4% debs,
July 1 1920.
Compare V. Ill, p. 792|.
&
Nashville
John J. Nelligan, President
RR.—New
Director.—Notes.—
of the Safe Deposit & Trust Co. Baltimore,
has been elected a director ot succeed the late Warren Delano.
J. P. Morgan & Co. are now
notes in
exchange for their trust
prepared to deliver 10-yr. secured 7% gold
receipts.—Y. Ill, p. 1566, 74.
Mahoning & Shenango Ry. & Light Co.—Bonds.—
See Pennsylvania
Maine
& Ohio Power & Light Co., below.—V. 110, p. 871.
Central RR.—Bonds Authorized.—
The I.-S.C. Commission has
approved the application of company for
authority (a) to issue $3,619,000 1st & ref. mtge. 6% gold bonds; (o) to
pledge $2,067,000 of these bonds with the Secretary of the Treasury as
security for loans by the Government (c) to pledge $1,152,000 of the bonds
as security for a loan
for the financing in part of certain acquisitions of
equipment, additions and betterments; also (d) to pledge $400,000 worth of
the bonds as security for a loan to redeem certain other bonds of the Knox
& Lincoln Ry. maturing Feb. 1 1921.—V. Ill, p. 1562, 1370.
Mexico Tramways Co.—Status.—The Committee (see
below) for the protection of the holders of the securities of the
Mexico Tramways, Light & Power group of companies
under date of Oct. 11 reports in brief:
From Feb. 1919, up to April 1920 very little that was noteworthy hap¬
pened except that in May, 1919, the Tramways were handed back to tne
company after having been in the control of the Government for over 4 vears.
Chairman E. R. Peacock and Mr. Hubbard went to Canada in May to
confer with the directors of the various companies, and visited Mexico City
immediately after the revolution in April 1920.
They had conferences with
Provisional President de la Huerta and various members of the Government
and also with Gen. Obregon, who was recently elected president.
The
President gave very emphatic assurances as to the attitude of his Govern¬
ment towards foreigners.
He stated that it was the desire and intention
of the Government to give every possible protection to foreign capital, that
be recognized that during recent years foreign capital had suffered very
seriously in Mexico, and that his Government would do all that they could
to make reparation.
Gen. ObregOn fully concurred in these views.
These
declarations of policy indicate a substantial improvement on the attitude
of the former Government, and justifies the statement that things are
Since the iieturn of the tramways the
energies of the management have
rapidly as possible, the tracks and cars
operating efficiency.
No funds were available for this purpose
except such as were received from the gross earnings, but already much has
been done in the way of improvement.
The operations of tne Light and Power Company have been carried on
with reasonable success and there has been a growing demand for power.
The hydraulic plants have to be operated to their fullest capacity, even to
overloading, and steps are being taken to install, as quickly as possible, a
new unit at the Necaxa power house.
There are many matters outstanding between your companies and the
Government now under discussion with a view to reaching a settlement.
No indemnity was paid for th'e occupation of the tramways for four years
of Government control, but this
matter is now receiving close attention.
The taxation of the companies, the payment of large sums owing to them
by the Government and various other matters are also under discussion.
A firm of chartered accountants is working on the accounts witn a view
to establisning the exact financial position of each company.
The report
will enable the committee to determine what terms of settlement they can
recommend to the bondholders.
It is hoped that early in the new year the
Committee will be in a position to make a report to the bondholders of the
various companies, with full information as to their financial position and
wnat funds will be available towards meeting their obligations.
Committee.—E. R. Peacock, Chairman, G. C. Cassels, H. F. Charaen,
Robert Fleming, H. Malcolm Hubbard, Sir Alexander Roger.
T. "Porter,
Sec., 3 London Walls Buildings, London, E C 2.—V. 109, p. 1793.
been directed cowards restoring, as
to
a
proper
&
Unionville
RR.—Interest.—
Company announced that it would pay 3% interest on its Adjustment
Income Mtge. bonds on Nov. 1 at the Bankers Trust Co. upon presentation
of coupon No. 11.
This covers interset for the 6 months ended April 30
last.—-V.
110,
p.
1749.
Missouri Kansas & Oklahoma RR.—Interest
Payment.—
that the interest which
40-year gold bonds, due
1942, will be paid on Oct. 30 and that interest due Nov. 1 will be deferred.
The Committee on Securities ruled that said bonds be quoted ex the May 1
coupon on Oct. 30; thereafter bonds shall continue to be dealt in flat until
further notice and must carry the Nov. 1 and subsequent coupons to be a
delivery.—V. 106, p. 1901.
The New York Stock Exchange has received notice
matured May
1
on
Guaranteed First Mtge.'5%
New Brunswick
See Fraziers
New
Ry.—May Sell Timber Limits.—
Companies. Ltd., under "Industrials"
Orleans
Ry.
below.—W91,
p.
397.
& Light Co.—Agreement to 1922.—
The representatives of the car men and the receiver have signed a new
working agreement which runs to July 1 1922, which grants the motormen
and conductors a new wage of 49, 52 and 55 cents an hour according to the
All other workers enjoy a proportional increase.
The
$1,000,000 annually to the pay roll which
provided for by the increase in fares from 6 to 8 cents which went into
length of service.
new
Oper. income.1,383,541
770,184
Net income.. al85,147def.34,722
a Does not include $229,882 additional charge for the six months Jan. to
June necessary to comply with the P. S. Commission formula for the deter¬
mination of the proper allowance for depreciation.—V. Ill, p. 1278, 990.
organization plan has
—■
that the $1,000,000 2-year 6% Collateral Gold Notes,
Dec. 1 1919, have not been paid or otherwise
Middletown
International & Great Northern RR.—Suit.—
James A. Balcer,
Results for Nine
recievers.
was
better in Mexico.
into effect on the company's lines on Sept. 25.
Sept. 1919. Prior to
A 7-cent cash faro went
Niles
appointed temporary receiver on Sept. 9 on the
petition of the Kansas City Refining Co.—See V. Ill, p. 1083, 1278.
Coblentz, President of the Company.
Property.—Owns and operates about USH miles of electric track in
Maryland and Pennsylvania.
Also operates electric light and power plants
(both steam and hydro) in central and western Maryland, southern Penn¬
sylvania, eastern West Virginia and northern Virginia. /
Security.—Secured
by
pledge of $650,000
1st &
ref. 6% bonds,
$80,000 note due Aug. 1 1921, of Potomac Light & Power Co. (W. Va.),
$120,000 Potomac Llght&Power 6% Cum. Pref. stock, entire stock of Shen¬
andoah Co., which owns all of th«j capital stock of the Northern Virginia
Power Co., subject to a final payment over and above which the stock Is
conservatively valued at over $600,000.
Also secured by an equity in the
Com. and Pref. stocks of Chambersburg, Greencastle & Waynesboro Ry.
Capitalization Outstanding After This Financing
1st & Ref. 6s 1944
--$1,349,700 (Underlying bonds.-..-.—
$815,000
15-yr. 5%
10-yr. 6%
C.
Frank
retired, but remain outstanding without any extension thereof having been
made.
Also no Interest nas been paid on these notes since that due June 1
1919.-—V. Ill, p. 1566.
Ill, p. 895.
issue
Guarantee
Oct. 26, appointed Fred W. Fleming and
on
Series "A," which matured
& Indiana Ry.—Lease of Road.—
Grand Rapids
City
Francis M. Wilson permanent
The company has
$1,403,709 for its entire property.—V. 108, p. 2122.
See
[VOL. 111.
CHRONICLE
THE
1752
scale it Is estimated will add
will be
effect Oct. 22.—V. Ill, p.
1661.
New Orleans Texas
& Mexico
1
Ry.—Initial Dividend.—
The company has declared an initial dividend of 1% on the Common
Dec. 1 to holders of record Nov. 20.
Gross earnings for
September last are reported as $1,376,549 and net operating income $404,380.—V. Ill, p. 1661, 1567.
stock, payable
New York New Haven & Hartford RR.—Note Issue-
Equipment Trust.—The Inter-State Commerce Commission '
on Oct. 16 authorized the company as follows:
(а) To issue to the banks named below $2,000,000 7% renewable 6 months'
promissory notes—renewable for like periods not exceeding 3 years in all.
The proceeds of these notes to be used to reimburse the treasury for moneys
advanced to obtain equipment under proposed equipment trust agreement.
(б) To issue and pledge $3,500,000 equipment trust notes, Series EE (Old
Colony Trust Co., trustee), $2,800,000 thereof to be 7% "Class A" notes
($2,000,000 of these to be pledged to secure the aforesaid promissory notes)
and $700,000 to be 6% "Class B" [second lien
notes.] These "Class B"
notes and the remaining $800,000 "Class A" notes to be turned over to the
U. S. Treasury in return for a loan of $1,500,000 under terms of Trans¬
portation Act of 1920.
!
Permission was also asked to issue $8,130,000 promissory demand notes,
the proceeds
thereof to be used for the completion of terminal facilities,
classification yards, and other permanent
improvements.
No arrange¬
ments having been made for the issue of these notes, the Commission deferred
action respecting same.
The company submits that it Is unable at the present time to sell the
Equipment Trust notes at an advantageous price and therefore desires to do
Oct. 30
this
The proceeds of the loans from the banks
temporary financing.
and
to be used toward the procurement of the following
equipment:
(c) 30 superheater light mountain locomotives at
prices averaging about $66,700 each; (ft) 10 8-wheel switching lcoomotives
at a price of $49,566 each; (c) 8 multiple-unit motor cars for passenger ser¬
vice, estimated to cost $73,000 each; (a) 14 multiple-unit cars for passenger
service, estimated to cost $33,000 each.
The $2,000,000 7% promissory notes are to be negotiated with the fol¬
lowing named Boston banks: First Nat. Bank, $450,000; Nat. Shawmut
Bank, $450,000; Old Colony Trust Co., $450,000; American Trust Co.,
$250,000; Merchants Nat. Bank, $400,000.
>
The $2,800,000 "Class A" notes are in denom. of $1,000, due serially 1921
to 1935.
The $700,000 "Class B" notes are in denom. of $100,000, are
due each Oct. 1 1921 to 1927, incl.—V. Ill, p. 1567.
trust
companies
are
described
Northern
Pacific
Ry.—Government
Loan.—
loan of $6,000,000 to aid the
The I.-S. C. Commission has approved a
providing itself with additional motive power, freight cars, addi¬
tions and betterments to existing equipment, and to maintenance of way
and structures, at a total estimated cost of $16,000,000.
The carrier itself is
required to finance about $10,000,000 to meet the loan of the Government.
—V. Ill, p. 1467.
carrier in
Northwestern
Pennsylvania "Ry.—-Reorganization, &c.—
Chas.M. Hatch, V.-Pres.
& Gen. Mgr., Oct. 20, said in brief:
below] to the security holders
Since the issuance of the circular [outlined
has been no change in organization.
representing holders of bonds under First
under date of March 25 1920, there
A
bondholders'
Mortgage
on
is Chairman.
committee
"Southern Division has been formed, of which F. J. Lisman
This committee engaged a representative to inspect property
the purpose of determining what steps should be
of their bondholders.
On the basis of this report,
entered into with F. F. Curtze, Erie, Pa., purchaser and
owner of the Northern Division, now known as the Northwestern Pennsylvania
Railway Co.
These negotiations have resulted in a plan of reorganization
for Southern Division, which is now in prbcess of accomplishment.
Reorganization of Southern Division.—Briefly, this plan provides for a
foreclosure of Southern Division mortgage, purchase by bondholders' com¬
mittee and reorganization with a first mortgage indebtedness of $350,000.
This means a reduction of 50% in the bonds on this division.
As collateral
security for this mortgage there will be deposited with the trustee all of the
stock $145,000 par value of the People's Incandescent Light Co. (the same
stock as held by trustee of the present railway mortgage).
The new mortgage will bear interest at 6% and interest payments to¬
gether with sinking fund for retirement of the mortgage within approxi¬
mately 40 years will be provided for oy rental payments under two leases
as
follows:
(a) Lease of People's Incandescent Light Co. property to
Northwestern Electric Service Co. of Penn. at an annual rental of $26,000.
(b) Lease of Southern Division of railway company to the Northwestern
Pennsylvania Ry. Co. (Northern Division) at an annual rental of $9,000.
These leases will run for 99 years and will carry certain options for purchase
and report to them for
taken for the protection
negotiations
were
under terms fully protecting bondholders.
It is expected that the above plan of
Division
as
of the
of Jan.
1
reorganization of the Southern
be accomplished
railway will
so
as to
become effective
1921.
Data from Circular of Receiver
Mortgages Outstanding
Issued to Security Holders Mar. 25 '20.
Previously.—Prior to the sale of the property to
below) there were outstanding $1,995,000 mortgage liens:
(1) Northwestern Pennsylvania Ry. 1st Mtge. of 1911, maturing March 1
1941, first lien on Southern Division, comprising Meadville city lines and
interurban line, Meadville to Linesville, bonds outstanding $700,000.
(2) Erie Traction Co. 1st Mtge. of 1909, due July 1 1920, first lien on
Northern Division, between Erie and Cambria Springs, bonds $500,000.
F. F. Curtze (see
(3) Northwestern Pennsylvania Ry. First Pur. Money Mtge. of 1912,
due Sept. 1 1947, first lien on that portion of Northern Division between
Meadville and Venango, bonds outstanding $450,000.
(4) Northwestern Pennsylvania Ry. 2d Pur. Money Mtge. of 1912, due
Sept. 1 1947, second lien on that portion of Northern Division between
Meadville and Venango, and third lien between Erie and Cambridge
Springs, bonds outstanding $305,000.
(5) Northwestern Pennsylvania Ry. Equipment Trust Mtge. of 1917,
balance unpaid $40,000, payable $10,000 Aug. 1 of each year.
Sale of Northern Division.—The sale of the Northern Division (Erie to
Meadville) on Dec. 29 1919 was under master's sale and on judgment taken
under mortgage (No. 3) subject to First Mtge. (No. 2) and Equipment
Trust Mtge. (No. 5) as above.
By virtue of this sale, mortgage (No. 4)
above, was wiped out and the holders of bonds under mortgage (No. 3)
shared pro rata in proceeds of sale.
IT Sale of Southern Division.—The sale of Southern Division (Meadville
city lines and interurban Meadville to Linesville) on Dec. 29 1919 was
under receiver's sale and subject to First Mortgage (No. 1) and Equipment
F. F. Curtze,
of
avoid continued
Mtge. (No. 5) as above.
The property was sold to
Erie, Pa., on bid of $2,500.
This sale was made for the purpose
keeping
entire railway property intact as to operation and to
opera¬
tion of Southern Division under receiver, as would have resulted following
master's sale of Northern Division.
Mr. Curtze purchased this division
Trust
expectation that prompt action would be taken by First Mortgage
bondholders to accomplish a reduction of indebtedness in keeping with the
earning capacity of property.
At the present time (March 25 1920) the
earnings of this division are not sufficient to meet interest on bonds.
Organization of Two Companies.—Following judicial sales above named,
the two divisions of railway property were reorganized, the Northern Di¬
vision under the name of Northwestern Pennsylvania Ry. and Southern
Division under name of Crawford County Railways Co., each of which com¬
with the
panies took title to property and assumed operations as of Jan. 1 1920.
The Northwestern Pennsylvania Ry. Co. operates the property of the
Crawford County Railways Co. under lease, which provides for a separate
accounting of earnings and expenses of each company.—V. 110, p. 2388.
Peninsular Ry., San
The Calif. RR.
fares
Jose, Cal.—Fare Increase.—
Commission!recently authorized the company to increase
20%.—V. 104, p. 2343.
Pennsylvania-Ohio Electric
The stockholders on
Oct.
Co.—Plan Approved.—
23 ratified the plan as
outlined in V. Ill, p.
1661.
For offering of Pennsylvania-Ohio Power & Light Co. $13,000,000
1st & ref. 7
bonds see that company below.—V.111, p.1661.
X
Pennsylvania- Ohio Power & Light Co.—Bonds Offered.
—The bankers named below are offering at 96
and int.
to yield 7.85%, $13,000,000 First
Sinking Fund Gold Bonds (see adv.
Bankers Making
& Ref. Mtge. l]/2%
pages). Bankers state:
Drexel & Co., National
Brock & Co., Bonbright & Co., Inc.,
Offering.—Lee, Higginson & Co.,
City Co., Blair & Co., Inc., Reilly,
and Graham, Parsons & Co.
Dated Nov. 1 1920.
Due Nov. 1
1940.
Tax refund in Penn.
Denom.
$1,000, $500 adn $100, ((c*) $1,000 and multiples.
Callable, all or part,
at any time on 60 days' notice at 110 on or prior to Nov. 1 1930 at 107 H
during the next 3 years, at 105 during the next three years at 103 during the
next 3 years and at 101 during the last year before maturity; plus accrued
M. & N. in New York without deduction for Federal
2%.
Guaranty Trust Co., New York, Trustee.
Annual
sinking fund accruing front Nov. 1 1921, payable semi-annually, 1% per
annum
to Nov. 11930 and Wi% P- an. thereafter to retire these bonds.
Company.—Incorp [on or about Oct. 14 1920 in Ohio] to take over the
electric power and light business of Pennsylvania-Ohio Electric Co.
Also
will own certain electric railway lines, directly or through subsidiary com¬
int.
Int. payable
income tax up to
panies, from which less than 11% of its gross earnings were derived.
The
territory served includes 25 municipalities. Population served est. 350,000.
Purpose.—Proceeds of these bonds, together with the proceeds of $2.250,000 10-year 8% Secured notes and $1,800,000 Pref. stock will provide
for the retirement af $12,522,000 Mahoning & Shanango Ry. & Light Co.
First & Consol. Mtge. bonds, due Nov. 1 1920, will provde for the retirement
of floating and guaranteed debt, and will provide sufficient working capital.
CapitaHiiMUon Upon Completion
of Present Financing.
Underlying divisional 5% bonds (closed mortgages)
First & Refunding Mtge. 7M% bonds (this issue)
xlO-yr. 8% Secured Gold notes, due Nov. 1 1930
—
Preferred stock, 8% Cumulative
Common stock (all owned by Pennsylvania Ohio Electric Co.)._
x To be secured by $3,375,000 Gen. Mtge.
bonds,, due Nov.
1753
CHRONICLE
THE
1920.]
$1,989,000
13,000,000
2,250,000
1,800,000
10,000,000
1 1930.
Earnings.—Earnings of the properties to be
owned or controlled for the
ending Aug. 31 1920, and total present annual interest charges. •
earnings
J
I
$4,682,852
Net after operating expenses and taxes
1,977,063
Annual interest charges on First & Refunding Mtge. bonds
now offered and underlying divisional mortgage
bonds
1,074,450
year
Gross
_
„
_
902,613
Balance
light and power business of the properties to
kilowatt-hour output from 96,989,498
lc.w.h. in 1915 to over 200,000,000 k.w.h. for the 12months ending Sept. 30.
Security.—Secured by a direct first mortgage on the main power plant
having a present installed generating capacity of 60,000 h. p., and on all of
the high tension transmission lines and on the greater part of the distribution
systems, and also (either directly or through collateral trust) by a lien on all
the remainder of the system subject only to $1,989,000 divisional bonds.
This Issue.—Authorized $75,000,000 of which $1,989,000 reserved to
retire underlying bonds, par for par.
Balance may be issued for not
exceeding 75% of the cost of future additions, &e., when annual net earn¬
ings shall have been at least 1% times all int. and any other charges equal
or superior in lien to the int.
on these bonds.
Additional bonds will be
issuable in series as directors may determine.
Properties.—Company and subsidiaries will own and operate a modern
electric light and power system with 3 power plants of a total 77,333 h. p.
present installed generating capacity; transmission lines and distribution
systems.
Part of the equipment has already been provided for the installa¬
tion of an additional 20,000 h. p. unit in the mam steam power plant at
Lowellville, O.
Electric railway lines comprise 59.13 miles, single track
equivalent.
Of this mileage 49.35 miles is interurban, of which about 40
miles is on private right-of-way.
There are 218.5 miles of new high voltage
electric power transmission lines, and extensive distribution lines in Youngstown, Girard and Struthers, O.; Sharpsville, Farrell, Ellwood City and
Sharon, Pa., and vicinity.
.
Franchises.—The principal franchises in Ohio extend beyond the maturity
of these bonds, and practically all those in Pennsylvania are without limit
The growth of the electric
be owned is indicated by an increase in
Pennsylvania-Ohio Electric Co. in V. Ill, p.
of time.—Compare
Pennsylvania RR.—To Lease Grand Rapids
announced:
Ry.—The company on Oct. 27
It is the purpose
Indiana Ry., which
1661.
& Indiana
of the Pennsylvania RR. to
is now a part of its system
lease the Grand Rapids &
and the majority of whose
capital stock is owned by Pennsylvania interests, and the Pennsylvania Co,
will make an offer to purchase the outstanding minority stock of the com¬
pany, payments to be made in bonds of the Grand Rapids & Indiana Ry.,
which are now owned by the Pennsylvania Co.
,
,
Basis of Proposed Acquisition of Stock and Lease.
The general basis for the proposed acquisition of the stock is that the
Pennsylvania Co. will use the Grand Rapids & Indiana Ry. 2d Mtge. 4%
bonds maturing in 1936, now owned by it, to purchase the minority holdings
of Grand Rapids & Indiana Ry. stock par for par.
This involves no new
issues of securities, as the Pennsylvania Co. already holds these bonds in its
treasury. The interest on these bonds, which were issued in 1896, has been
regularly earned.
,
Action on the lease of the Grand Rapids company to the Pennsylvania RR.
will also be taken up promptly.
The basis for the lease is that the Penn¬
sylvania RR. will pay a rental equal to fixed charges at 4% dividend on
the capital stock of the Grand Rapids & Indiana Railway Co.
Both of the foregoing arrangements are subject to approval of the regulartory authorities, but first of all, the Grand Rapids Co. stockholders will
be requested to consent to the respective propositions, viz.: to exchange
stock for the bonds, or in the case of those not consenting to the change,
request will be made to approve of the proposed lease.
Government Loan
Approved—
The I.-S. C. Commission,
it
announced on Oct. 25, has approved a
was
$6,780,000 for making additions and
See also Pitts. Cine. Chicago & St. Louis Ry.
loan
of
Co.—Back Pay.—
Philadelphia Rapid Transit
Pres. Mitten has
betterments.
below.—Y. Ill, p. 1472..
informed the employees that the
increased wages, which
rate of 72 cents an hour, held up since July 1 last, owing
inability to pay the increase, will go Into effect on Nov. 1.
The amount due for back wages amounting to about $1,000,000 according to
Pres. Mitten will be paid in a lump sum if possible as soon as the company
accumulates the money.—Y. Ill, p. 1662.
provides
wage
a
to the company s
Cine.
Pitts.
Chic.
& St. Louis
Ry.-—To Lease Road.—
29 upon leasing the company's properties
RR.
The Pennsylvania RR., through the Pennsyl¬
vania Co., has already acquired all but a small minority of the stock in
exchange for "Panhandle" 5% mortgage bonds.—V. Ill, p. 1655.
The stockholders will vote Dec.
to
the Pennsylvania
Pittsburgh & West Virginia Ry .—Earnings.—
a meeting held Oct. 28 at the offices of Sutro Bros. & Co., N. Y.,
Following
President H. E. Farrell gave out
the following:
Earnings for Month of
September 1920.
(1) Pittsburgh & West Virginia Ry. and West Side Belt RR.
Operating revenue
$399,234 Add non-operating income.. $80,857
Operating expenses..
328,234 Total gross income
.±.$136,160
Railway tax accruals
...
15.696 Deductions from gross inc..
33,294
Total operating
Net income
income.. $55,303
—
(2) Subsidiary Companies [notably, coal property, Pittsburgh
& Coal
Co.—Ed.]
Net income of subsidiary companies for month of Sept. 1920
$102,866
Terminal
RR.
—V.
$209,934
1473, 990.
Ill, p.
Roberval-Saguenay Ry.—Bonds—Earnings.—
Treas. A.
Bechard informs us that the
$723,600 Ha-Ha Bay Ry. 1st 5s
Consol.
$1,330,000
of 1912, due July 1 1942 and the $536,400 Roberval-Saguenay Rys
ref. 5s of 1915, due Sept. 1 1955 have been replaced by an Issue of
consolidated sinking fund mtge. payable to the General Trust
of Canada, Montreal, July 1 1955.
Tnt. payable Jan. A July 1.
Company
owns about 38H miles of road.
Comm. stock. $1,200,000; 6% Non-cum.
pref. stock $800,000.
Is controlled by the Chicoutlmi Pulp Co.
Earnings cal. year 1919.
Gross, $335,005; neb, $52,845; total income,
$126,746; bond interesjt, &c., $95,263; balance surplus, $31,483.
40-yr. 7%
St. Louis Southwestern
Ry.-—Bonds Offered.—Miller &
Co., N. Y., are offering at market, to yield
$500,000 First Consol. 4% bonds.
Due June
about 8H%,
1 1932.
Secured by a direct mtge. on 622 miles and by collateral trust on 753
Compare statement of earnings for six months ending Aug.
miles of road.
31 without Federal Guaranty in V. Ill, p.
1655.
Power Corp.—Bonds Sold.—
Blyth, Witter & Co., Banks, Huntley & Co. and Cyrus
Pierce & Co. have sold at par and int., to yield 8%, $2,625,000 Series "D" 8% Conv. Collateral Trust bonds (see adver¬
tising pages).
San
Dated
Joaquin
Nov.
1
Light
1920.
Due
&
Nov.
1
Red. at 104 and int.
Union Bank &
Interest payable M. & N. at the office
ifornia N.
A., San Francisco, Cal.
income tax not in excess of 2%.
1935.
Denom. $1,000 and $500.
Trust Co., Los Angeles, trustee.
of the trustee and at bank of Cal¬
without deduction for normal Federal
Convertible at any time into a 30-year
6% bond at 95.
Data From Letter of Vice-Pres. A. C.
Balch dated Los Angeles, Oct. 15
Company.—Incorporated In Calif, in July, 1910.
A consolidation of
pre-existing public service companies.
Does a general lighting and
power business throughout the San Joaquin Valley In which it operates;
distributes gas in Bakersfield, Kern,
Merced and Selma; operates tha
street railway system in Bakersfield and Kern; and furnishes domestic
water in Selma and Madera.
Population served, estimated 500,000.
Property.—Owns and opeartes 10 hydro-electric plants, six of which hava
a combined capacity of 70,000 h. p.
and are located on the San Joaqui*
several
River—receiving water from the Crane Valley Reservoir, which has a
capacity of 50,000 acre feet.
(The new Kerckhoff plant, In addition to
receiving water from the Crane Valley Reservoir, also receives the full
flow of the mialn San Joaquin River and all storage thereon); and 4 others,
located, 1 on the Tule River, of 6,700 h.lp.; 1 on the Kern River, of 4,000
h. p., and 2 on the MercedfRiver with a combined capacity of 1,050 h. p.
1754
THE
CHRONICLE
Also has In operation a modern steam turbine plant at Bakersfleld of 35,000
h. p. capacity, and steam reserve plants in Fresno and Betteravia of
3,500
h. p. combined capacities.
The system combines 922 miles of high
tension transmission lines and
2,750 miles of secondary lines.
An additional 67 miles of high tension
transmission line are now in the course of construction and will be in
opera¬
tion by Jan. 1 1921.
Outstanding Capitalization at Conclusion of This Financing.
Div. closed mtge. bonds.$2,621,000
1st & Ref. Mtge. bds '50
(equally
Series
A
Series
B
5s
Series
B
6s
Series
C
6s
6s
1,346,000
799,000
Gross
deb.
deb.
(Series A)
(Series B)
Prior Pref. 7% stock
Pref. 6% Cum. stock
2,125.000
8,700,000
Common
Net Op Rev
1912....
.....$1,363,643
1,821,070
1918.
2,614,740
1919..
3,292,693
1920 (8 mos.)
2,69.5,334
stock.l
Oth. Inc.
$825,943
1,107,333
1,122,306
1,096,049
1,300,820
1914
New
Series D Col. Tr. 8% bds.$2,625,000
Conv.
Conv.
secured)
Av. for Int
$16,268
15,674
24,733
163,246
company
Int
(Net)
$842,211
1,123,007
$373,652
474,462
1,147,039
1,259,295
1,392,989
92,169
Kerckhoff Plant.—On July 15 1920,
1,000,000
1,000,000
1,100,000
6,500,000
..11,000,000
655.296
745,785
558,993
placed In operation its
steam plant addition at Bakersfield, adding to this station over
17,000
p.
and on Aug. 15 1920, placed in operation the new hydro-electric
Kerckhoff plant, with a capacity of 54.000 h. p.
To serve this additional
new
h.
,
power, company
has completed approximately
hundred miles of 110.000
The total cost of
$6,500,000.
The con¬
struction of these plants was necessitated by the
inability of the company to
meet existing demands for power in the
territory served by it and to provide
one
volt transmission lines with the
necessary sub-stations.
these two plants and additional lines was over
for the increased demands of the immediate future.
Surplus Power.—Pending the absorption of this entire increased output,
company has made favorable arrangements with the Pacific Gas & Electric
Co., and the Southern California Edison Co. for the use of whatever surplus
power
there
be after company has supplied its
may
estimated that the increased net earnings from this
1921 will amount to considerably over $1,000,000.
own
source
customers.
It is
alone for the year
Purpose.—Issued to refund floating debt accumulated in the construction
of the Kerckhoff power house and the addition to the steam
plant in Bakersfield, now completed and in operation.
Security.—Secured by deposit with an equal amount of First & Ref.
Mtge. Series "C" 6% bonds, for which the Convertible Collateral Trust
Bonds may be exchanged on a basis of par and accrued int. for the Converti¬
ble Bonds, as against 95 and accrued interest for the First &
Refunding
Series "O" Bonds.
See also "Electric Railway"
Section.—V. Ill,
p.
.
1662.
[Vol. Ill
INDUSTRIAL AND MISCELLANEOUS.
General
Industrial and Public Utility News.—The
following table summarizes recent industrial and public
utility news of a general character, particulars regarding
which are commonly to be found on a preceding page under
the caption "Current Events and Discussions" (if not in
the "Editorial Department"), either concurrently or as
early
as
practicable after the matter becomes public.
Packers' Present Revised Stockyards Plan.—8ee Swift & Co. below.
Packer Indictment.—Armour & Co., indicted for making large profits on
New Zealand lamb, claim that their lamb business as a whole showed loss
and plead not guilty.
"N. Y. Times" Oct. 22 and 28.
Coal.—(a) The anthracite miners, who were recently awarded an average
increase of 17% in wages, on reopening of award, demand a total increase
of 27%, being same as granted to bituminous miners.
"Journ. of Com."
Oct. 27, p.
1.
(b) Provisional settlement of British coal strike, miners to
immediately additional 2s. a day.
"N. Y. Times" Oct. 23 to 29; also
(c) Soft coal prices may drop; 1,000 delegates rep¬
resenting 75% of country's production at Cleveland Oct. 26 agree to help
stop rise in price.
"N. Y. Times" Oct. 27, p. 18; also Oct. 17, p. 21;
get
Editorial Dept. above,
Oct. 28, p.
16.
(d) United Mine Workers ask President Wilson to enforce collective bar¬
gaining for benefit of "11,000 coal miners on strike in Alabama" for past six
months.
Idem, Oct. 25. p. 13.
(e) 2.500 coal miners in Northern Colo.,
3 to 1, vote to strike.
"N. Y. Sun" Oct. 27, p. 1.
(/) Anthracite produc¬
tion normal.
"Journ. of Com." Oct. 29, p. 2.
Bituminous production
near pre-strike record.
"Coal Trade Journal" Oct. 27. p. 1204.
(g) West
Va. plan to check unfair prices praised.
Idem, p. 1194.
Steel. Iron and Coke.—With passing of scarcity market coke has dropped
from $16 50 Sept. 28 to $11 (in Oct. 1919 $5 50), and pig iron (valley) from
$47 to $45. contrasting with $28 75 Oct. 28 1919.
Other prices soften.
See market report from "Iron Age" of Oct. 28,
cited under "Current
Events" above and compare U. S. Steel Corp. under "Reports" above and
.
Beth. Steel Corp. below; also see "Journ. of Com."
Prices, &c.—New record prices for the year are noted as follows:
(a)
Copper 15 cts. Oct. 29, agst. 18.75 cts. in Sept. 1920 and $22 in Oct. 1919;
(b) corn $1 07, agst. $2 31 % in May 1920 and $1 56^ in Oct. 1919; (c)
crude rubber 22 cts., "the lowest in history," due to over supply; (d) 50%
of saw mills in South and on Pacific Coast reported closed by fall in prices,
"N. Y. Times" Oct. 24, Sec. 2, p. 1; (e) acid prices "lowest point since war,
"Journ. of Com." Oct. 28, p. 15; (f) copper under pre-war levels, Idem
Oct. 27, p. 5.
■
Curtailment of Supply, &c.—(a) Majority of members of Rubber Growers
Association has assented to plan to curtail production 25% in 1921.
"Bost.
N. B." Oct. 22.
(b) U. S. Wheat Growers' Association, with reported
membership of 70,000 in Kan., Okla., Tex., Neb. and Nor. Dak., urges
members to stop selling wheat till price reaches $3 a bushel.
'N. Y.
Times" Oct. 27, p. 25; Oct. 28, p. 18.
(c) Nebraska farmers threaten to
burn corn as fuel.
Idem, Oct. 29, p. 1.
(d) Governors of Texas and
So. Car. decline to request farmers to stop ginning cotton as suggested by
Gov. Parker of Louisiana.
"Journ. of Com." Oct. 29, p. 1.
Wages.—(a) The reduction of wages from 10 to 25% is reported from
many mills and industries, especially in New England, the South and Middle
West.
Compare "Ev. Post
Oct. 28, p. 9.
(b) 16,000 N. Y. milk wagon
drivers vote arbitration.
"N. Y. Times" Oct. 29, p. 12.
Miscellaneous.—(a) Hearings in N. Y. City by Lockwood Legislative
Committee respecting alleged combinations in building trade.
N. Y.
Times" Oct. 23 and 26 to 30.
(b) N. Y. City trucking interests insist that
their 50,000 employees must work 10 hours, instead of 9 hours, for same pay;
teamsters asked $1 a day increase and shorter hours.
Idem, Oct. 25 to 27.
(c) Strike for closed shop illegal.
N. Y. Ev. Post" Oct. 25, p. 7.
(d)
Labor would fight unemployment.
Idem, - Oct. 28. p. 9.
(e)
Meat
rationing in Italy to be resumed Nov. 1.
'N. Y. Times" Oct. 25.
(f) Jap¬
anese silk troubles.
"N. Y. Sun" Oct. 29, p. 2.
(g) Proposed organization
to export cotton.
"N. Y. Times" Oct. 22, p. 17.
(h) Texas safeguards
against strikes.
"Manufacturers' Record" Oct. 28, p. 115.
(i) Mexican
oil exports in September 17,311,218 bbls., agst. 15,438,008 in August.
"Bost. News Bu," Oct. 21.
(j) Gasoline stocks at refineries decreased in
Aug. 90,039,328 gal. to 323,239,991, contrasting with 434,531,446 gal.
Aug. 31 1919.
"Wall St. Journal" Oct. 28.
(k) N. Y. State Barge Canal
completed.
"Journ. of Com." Oct. 28, p. 3.
Matters Treated Fully in "Chronicle" of Oct. 23.—(a) Building operations
in U. S. and Canada, p. 1593.
(b) Revival in German cotton mfg. industry,
p. 1594.
(c) British coal strike, p. 1594 to 1596, 1607.
(d) Mr. Gompers's doctrines, p. 1607.
(e) Farmers demand for special financial relief
denied, p. 1614. 1615, 1621.
(f) Export financing corporations, p. 1615.
(g) Gold bonus bill, p. 1615 to 1618.
(h) Hide prices, p. 1623.
(i) Enemy
trade regulations, p. 1623.
(j) Reopening of anthracite wage award, p.
1624.
(k) Bituminous coal matters; Consideration of prices; Fuel Com¬
missions; Chicago prices; Alabama embargo; Priority orders; coal situation,
p. 1625-26.
(1) Retail prices decline, wholesale prices 3.2% in Sept., p.
1626-27.
(m) Employment and wages in 1920 and 1919, p. 1627.
(n)
Mexican matters, p. 1629-30.
,
Selma (Ala.) Electric Ry.—Fare Increase.—
The company recently increased its fares from 6 to 7 cents and increased
the rates for "owl" service to 10 cents.—V. 108,
p. 2242.
Shore
Line
Electric
Ry.,
Conn.—Would Sell
Road.—
Application has been made to the Superior Court at New London, Conn.,
by Robert W. Perkins, receiver, to sell that part of the road formerly
known as the Norwich & Westerly Traction Co.
Petitions have been signed
for authority to discontinue the operation of the road on Nov. 15 if it should
be deemed advisable by the receiver so to do.
The application names
$191,047 as the upset price.
In regard to the application to discontinue
the line Mr. Perkins said it did not
necessarily imply that the road was to be
discontinued on that date.
("Electric Railway Journal").—V. Ill, p.
p. 494, 1084, 1279.
Springfield (O.) Ry.—Fare and Wage Increase.—
After being on strike for about two weeks for higher wages the men have
returned to work accepting the new scale of wages of 53, 55 and 57 cents
an nour, an increase of 10 cents an hour over the old rate.
To enable the company to pay the wage increase the City Commission
granted an increase in fares from 6 to 7 cents.—V. Ill,
Texas & Pacific Ry.—Extension of
p.
1473.
Notes.—
The stockholders voted on Oct. 21 to extend for three
years from Nov. 1
1920 the $3,653,000 3-year 6% gold notes of the
Trans-Mississippi Terminal
originally issued in 1914 and extended in 1917 to 1920.
Compare
V. Ill, p. 1473.
Co.
Trans-Miss.
Terminal
Co.—Note Extension.—
The company has applied to the I. S. C. Commission for
authority to
extend the $3,650,000 notes due Nov. 1 to Nov. 1 1923.
Notes are guar¬
anteed by Missouri Pacific and Texas & Pacific RRs.
See Texas & Pacific Ry. above.—V.
Ill, p. 1473.
Tri-City Railway & Light Co.—Suit.—
The city of Davenport has filed suit in the Scott
County District Court by
City Attorney U. A. Screechfield and asks for the appointment of a receiver.
The filing of the suit Is in accordance with a resolution
passed by the Daven¬
port City Council some weeks ago.
The netition charges that the company
violated the terms of its franchise by
failing to keep its property in repair
by charging excess fares, that the cars are unsanitary and cites other
and
reasons
why the company should
into receivership.—V. Ill, p. 1084.
go
Ulster & Delaware RR.—Fare Increase.—
The N. Y. P. S. Commission has granted the
company permission to
three days' notice, new x>assenger schedules
on
of 3 cents to not exceeding 5 cents.—V.
Washington Ry.
The directors
able Dec.
on
&
file,
increasing the present fare
Ill, p. 74.
Electric
Oct. 27 declared
a
1 to holders of record Nov.
Co —Pref.
Acker, Merrall & Condit Co.—To Create Pref. Issue.—
The stockholders will vote Nov. 11 on increasing the capital stock from
$5,000,000 to $7,000,000, the new shares to be 8% pref., red. at $101.50.
A sinking fund for the retirement of the
pref. stock is to begin with 1923.—
Y. Ill, p. 1663.
[
Alliance Realty
Dividend.—
div. of 2lA% on the Pref. stock pay¬
18.
This div. represents the 1%%
quarterly dividend passed last Aug. &nd the \ %% dividend fqr the current
quarter.
The quarterly dividend due March and June 1 were paid in
Aug. last.
Pres. William F. Ham says:
"The directors have very care¬
fully analyzed earnings for the 9 months ended Sept. 30 and estimated the
earnings for the remaining 3 months of the calendar year, and felt that
they
were justified in paying this div.
We are particularly glad to make this
payment, since many of the owners of the stock are women largely depend¬
ent on this source of income." V. Ill,
p.991.
American Car & Foundry Co.—Buffalo Plant—
Washington-Virginia Ry.—Progress of Plan—Directors.
It is stated that about 60% of the capital stock has
[been deposited under
the agreement proposed by noteholders'
protective committee.
Before the
proposed plan can be carried out 90% of the stock must be deposited and
the stockholders at the annual meeting
adopted a resolution urging all stock¬
holders to deposit their stock as suggested
by the noteholders' committee.
At the stockholders' meeting the
following members of the noteholders'
committee were elected directors:
Howard S. Graham, R. Golden
Donald¬
Van Lear Black, Gardiner L. Booth, M. E. Church, Herbert
W.
Goodall and Taylor Burke.
New officers have not been elected but in the
event the plan of the protective committee is
adopted, Mr. Graham, it is
said, Avill be made President, succeeding Norman
Gray, who will become
son,
Vice-President.
Compare plan in V. Ill,
West Side Belt RR.—To Vote
p.
on
1184.
The company announces that the new
will
as per
American Fuel Oil & Transp. Co.,
Asst. Treas. L. J. Barbano
plan in V. Ill, p
1,500 50-ton
1085.
Light
-
&
Conciliation
Power
has
K
Co.—Wages.—
recommended
to
the
Wisconsin
RR. Commission that all trainmen of the company
operate? in La Crosse,
Wis., should be granted wage increases.
Under the newpay scale recom¬
mended employees of three years will receive 58 cents
employees 56 cents an hour and first-year employees
—V. 109, p. 73.
hour, two-year
55 cents an hour
an
1918.
$814,205
31,840
107,410
111,590
x
or
surplus
def.$l,392,574sr.$l,212,416sur.$648,830
Note—Results from operations, "after
loans, and
reserves
53,785
charging replacements,
established for Federal income and
interest
State franchise
taxes."
financing.
of
$1,351,666
.
1920.
1919.
def.$1,307,289
85,285
Balance, deficit
on
Rene T. Leclerc, Montreal, is offering at 100 and
div., to yield 7%%,
7% Cum. Pref. stock.
Authorized and outstanding after this
Ry.
tank steamship operations
Co.—Earninas.—
Leather
Depreciation
Ill, p. 1662, 1371.
Board
Inc.—Earnings.—
Oct. 29 stated that October earnings to date
Bond interest...
Winnipeg Electric Ry.—Preferred Stock Offering.—
State
&
Quarters ending Sept. 30-—
earnings (see note)
Net
Co., 500 50-ton steel gondola
and 500 40-ton box cars; and from the American Car &
Foundry Co.
500 40-ton box cars.
"Railway Age" Oct. 22 1920.—V.
Wisconsin
on
$930,743, and net earnings from
about $490,000.—V. 109, p. 678.
American Hide
1473.
cars
The
plant under construction in Buffalo
expenditure of $3,500,000.
The plnat will be used for
cars with a capacity for turning out 20 to 30 cars per
day.
In addition to the new car-building plant, a modern up-to-date office
building will be erected on property recently acquired across Babcock St.
The soft foundry at the Buffalo plant has been completely re-equipped and
is now engaged in quantity
production.
The Niagara wheel department
has also been brought up to a high state of efficiency.—("Iron Age," Oct.
21)
—V. Ill, p. 71.
were
Sale.—
Wheeling & Lake Erie Ry.—Orders.—
Ill, p.
an
amounted to
The company has ordered from the Standard Steel Car
Co.
steel gondola cars; from the Pressed Steel Oar
$3,000,000.—V.
involve
rebuilding old steel
The stockholders will vote Nov. 15
upon selling the property, &c., to the
Pittsburgh & West Virginia Ry.
Co.—Listing—Earnings.—
The New York Stock Exchange has authorized the listing of $2,000,000
(auth. $3,000,000) capital stock, par $100.
Income account year ended Dec. 31
1919:
Gross income, $235,550;
cost of operations, $23,772; general & admin, exp. & taxes, $34,911; bal.,
sumlus, $176,866.
Surplus Dec. 31 1918. $698,994; total divs. paid in 1919,
$120,000; surplus Dec. 31 1919, $755,861.
For 7 months ended July 31 1920:
Gross income, $100,069; bal. after
admin, exp. and taxes, $72,310; surplus Dec. 31 1919, $755,861; dividends
paid, $60,000: Federal taxes paid, $3,111; surp. July 31 1920, $765,060.
—V. 110, p. 659.
*
Net current assets, Sept. 30
1920, $10,944,417.
Sept. 2 1919.—V. Ill, p. 992, 984.
American
Stores
The bonds
were
paid
Co., Phila.—September Sales.—
1920—Sept.—1919.
Increase.
| 1920—9 Mos.—1919.
Increase.
$7,787,407
$2,672,633 j$78,838,350 $56,231,454 $22,606,896
The company, it is stated, now
operates a chain of over 1,200 grocery
$10,460,040
stores in Pennsylvania, New
Jersey, Delaware and Maryland; of these
stores, approximately 850 are served direct by the company's own
delivery
equipment, consisting of 130 motor trucks and 77 delivery wagons.—*
V. Ill, p. 898.
OCT. 30
1920.]
American
Zinc, Lead & Smelting Co.—Earnings
Quarter ended—
New
THE
CHRONICLE
the purpose of being assured of
—
Sept. 30 '20. June 30 '20. Mar. 31 '20. Nine Mos.
profits.
$470
—V. Ill, p. 495.
$147,735
$197,240
$345,445
M75
Central Leather
stockholders will vote at an early date (a) on increasing the au¬
thorized capital stock from $450,000 to $1,000,000, and (b) on declaring a
122 2-9% stock dividend.
dividend
The regular quarterly
of 3% has been declared, payable Nov.
to holders of record Oct. 25.—V. 110, p. 1851.
Atlantic Mutual Insurance Co.—To Redeem
1
Certificates.
The remaining outstanding certificates of profits of the issue of 1918 will
be redeemed on Nov. 1 1920.
A div. of int. of 5% on the outstanding cer¬
tificates of profits will be paid on Nov. 1 1920.—V. 108, p. 482.
Corp.—Listing—Earnings.—
The New York Stock Exchange has authorized the listing of 95,000 shares
(of
an
Earnings and Output (in Pounds), Calendar Years.
Output.
A
Sales.
Net Profits.
Fed. Tax.
1915
_14,051,031
$1.,334,339
$162,040
$1,599
1917
-.15,077,559
2,808,132
678,844
200,142
1919—
11,927,527
2.612,572
417,071
67,782
Estimated output for calendar year 1920 (based upon output of 5,033,338
lbs. for first six months) 13,000,000 lbs. with estimated sales of $3,000,000.
Income account 3 months ending June 30 1920 (subject to adjustment):
Net sales, $573,503; manufacturing profit, $143,281; operating profit,
$68,732; other income, $14,046; total income, $82,778; other charges,
$14,360; sur. for period, $68,417; profit and loss, surplus, June 30 1920,
$3,056,200.—V. Ill, p. 1086.
-
—
—
Austin Nichols & Co.—Semi-Annual Report.—
The company reports net profits for the 6 mos. ending July 31 1920 of
$526,132, after providing for Federal taxes, but before deducting preferred
This compares with net profits
dividends of $192,500 for the 2 quarters.
of $380,253 for the corresponding period last year.
Of the $145,000 increase
in net profits, $42,000 is due to miscellaneous new acquisitions.
These
figures
are
exclusive of the Fame Canning Co. and Fisheries Co.
As the 1920 packs of these companies are now in progress, no figures are
available until the end of the year.—V. Ill, p. 1086.
Barnsdall
.
.
Total net
$5,193,831 $3,382,240
$2,083,452
234,585
71,831
37,075
Net producing and operating income—$3,138,114
cos. of which part only of cap. stk. is owned
406,663
Interest income
100,375
—
-___
Net profit on
Total
sale of capital assets
-
—
earnings
Deduct—Depreciation and depletion
Well drilling expense accrued
Interest and bond discount
;
—$3,645,153 $2,426,943
$647,838
$430,306
360,000
240,000
257,709
180,877
330,000
225,150
-
-
.
Net income of consolidated companies.—
.$2,049,606 $1,350,610
Corp.'s proportion of earnings (after all
charges) of affiliated companies not consolidated,
in excess of dividends received
412,123
271,324
Barnsdall
cos.,
except int.
Ill,
Corp.'s proportion of earnings of all cos_$2,461,729 $1,621,934
591.
p.
on
Balance—
bds.
1,315.785
Income from investments
Total
—
__
do
3,838,837
3,948,469
$4,459,687df$8.323,282 $11,475,381
12,060
377,052
267,735
116,982
def.$7,096,470
_
Deduct—Int. onlst M. 5s
Pref.divs. (7% P-a.)Common
1,358,90 8
def.$7,213,452
$4,471,747df$7,946,229 $11,743,116
$459,552
$1,378,655
$1,378,655
582,733
1,748,196
1,748,199
1,290,279
992,522
2,282,801
(3M%)
(2M%)
(5H%)
$459,552
y582.733
dividend
rate per cent-
Balance.
def .$8,138,754sr.$2,139,183df12.0 65,60 2sr.$6,333,460
P. & L. surplus Sept. 30 -$18,443,672
$36,584,412 $18,443,672 $36,584,412
_
*
Total net earnings of all properties, stated after
deducting expenses
incident to operations, including those for
repairs and maintenance, approxi¬
mately $700 ,081 for the quarter and $1,968,686 for the nine months in 1920.
y Paid from profit and loss surplus^
New President' and
Vice-Presidents-—
George W. Childs has been elected President to succeed the late Walter S.
Hoyt.
Warren G. Horton and William McAdoo Jr. have been elected First
Vice-President and Second Vice-President, respectively.—V. Ill,
p. 1281.
Chile Copper Co.—(14th Quarterly Report for 6 Mos.
ending June 301920.)—President Daniel Guggenheim reports:
Production for the quarter averaged 8,625,671 lbs. per month
with 8,463,662 lbs. per month during the first quarter of 1920.
compared
During the quarter ended June 30 there was treated 1,067,608 tons of
ore, averaging 1.46% copper; in the preceding quarter there was treated
1,004,146 tons, averaging 1.53% copper.
Combined Earnings of Chile
Copper Co. and Chile Exploration Co., Based
Copper Actually Sold and Delivered.
2d Quar .-1929-lst Quar.
Copper production
(in lbs.)
25,877,014
25,390,987
Sold, lbs
-21,482,572
32,704,410
Net profit on copper delivered (before deduct. depr.)$l ,597,360
$2,813,549
Miscellaneous income
50,122
58,587
Int. on call loans & bank balances of Chile Cop. Co.
237,919
147,754
—
Total income
—$1,885,401
633,091
35,000
787,204
5,392
$3,019,889
963,799
35,000
786,499
1,555
$424,714
—
DepreciationAmort, discount
$1,233,036
15-year 6% convertible bonds—
Accrued bond interest of Chile Copper Co..
Expenses of Chile Copper Co
on
Balance undivided
—V.
profits, both companies
Ill, p. 1569, 1282.
Coca-Cola Co.—Dividend
Postponed—■New Officers.—
The directors on Oct. 25 again postponed the declaration of a
dividend
on
the Common stock
quarterly dividends of $1
per
(no par value).
share
were
quarterly
In April and July last
paid.
Charles H. Candler has been elected President, succeeding S. O. Dobbs.
W. C. Bradley of
—V.
1919.
1920.
$5,818,596df$4,374,813 $15,314,218
Expenses and losses of all
—
Provision for Federal taxes
Barnsdall
Nine Months
1919.
,
on
Consolidated Statement of Income (Including Subsidiary Companies) for Nine
Months ended Sept. 30 1920 and for Six Months to June 30 1920.
9 Months.
6 Months.
Gross sales and earnings of all cos. of which entire
capital stock is owned
Co.—Quarterly Report.—
'
1920.
earnings*„def.$5,897,667
•
Corporation.—Earnings.—
Divs. from
supply of fuel oil In South America for itf
Three Months
m
authorized 100,000 shares) capital stock, no par value, with authority
5,000 additional shares on official notice of issuance.
—
a
(Boston News Bureau) Oct, 23.—V. Ill, P«
Results for the Quarter and Nine Months
ending Sept. 30.
The
to add
steamers."
1086
Arkwright Mills, Fall River.—122 2-9% Stock Dividend.
Atlas Tack
1755
Columbus, Ga., has been elected Chairman of the board,
McCash, Vice-Presiednts.
An official state¬
and Harrison Jones and B. S
ment issued Oct. 25
.
says:
-
"The company
Bethlehem
Steel
Corporation.—Status—Orders, &c.—
The directors on Thursday declared the regular quarterly
dividend of \lA% on both classes of Common stock, payable
Jan. 3 1921 to stockholders of record
as
of Dec. 15.
President Grace reported the steel plants of the corpora¬
tion operating at about 80% capacity, this representing a
decrease of* 10% over September, due
new business.
solely to the falling-off
in
The value of orders
on
the books of the corporation as of
Sept. 30 1920 is $195,500,000,
at the beginning of the year.
as
compared with $351,400,000
Further Particulars from Statement Made by Pres. Grace on Oct. 28.
The completion of work on ships for the U.
S. Navy and Emergency
Corporation accounts for practically all this reduction of orders.
The three major shipbuilding plants of the corporation have sufficient work
on hand to insure full operations throughout the year 1921.
The new dry dock installation at the Fore River plant in Boston Harbor,
with adequate repair facilities,, will be completed by Jan. 1 1920.
Addi¬
tional docks are being constructed at both the Baltimore and San Francisco
plants.
It is believed that these dry dock and repair facilities, operating as
a part of the shipbuilding plants in Boston, Baltimore and San Francisco,
wiH prove a valuable asset.
The general situation now existing is but a natural consequence of a long
sustained and abnormal demand on the capacity of the steel industry.
By
the adjustment of unnatural conditions, which is necessary and inevitable,
and by accomplishing this in an orderly manner, as is being done, we shall
has had a prosperous year.
Profits for the nine months
30 1920 were $4,090,000 before taxes and dividends.
"The necessities of the sugar situation have required the accumulation
and carrying of a large quantity of sugar with an amount on hand sufficient
for several months' requirements.
A large sum of money is necessarily
invested therein, and the uncertainties of the general financial situation
make it advisable to conserve the present cash resources of the company,
and to that end the consideration of a dividend has been postponed. During
the year $1,300,000 in new buildings and improvements has been carried
to capital account out of earnings, affording increased capacity."—V. Ill,
p. 1086, 592.
ending Sept.
Cockshutt Plow Co., Ltd —Annual
Report.—
1919.
Year ending June 30—
1920.
profit from operations after providing for depr— $660,921
Preferred dividends
(7%)484,875
Net
Balance, surplus
Ill, p. 1664.
'
,
$176,046
—
$571,587
(4)258,600
$312,987
—V.
Fleet
arrive at
a
new
basis for confidence and constructive progress.
The fact that during the past five years a very large percentage of the
output of steel in the world has been diverted to War purposes, has resulted
in a tremendous shortage of commercial steel.
To fill this shortage and to
provide for the normal demands of trade, will result in again taxing the
productive capacity of the steel industry, once normal purchasing power is re¬
established.
[Compare statement by Judge Elbert H. Gary, Chairman of
U. S. Steel Corp., under "Current Events" above.]
[The "Manufacturers' Record" of Baltimore on Oct. 21, jp. 118 to 126,
contained an illustrated article regarding operations at the Maryland plant,
where "3,000 additional workmen are to be employed to rush new contract
for two 20,000-ton
vessels and complete five passenger ships."]—V.
Ill, p. 1474.
Black Lake Asbestos & Chrome Co., Ltd.—Injunction.
The directors obtained an injunction agains the holding of a special
meeting on Oct. 22, called by the Jacobs-Asbestos interests, at which it was
V. Ill,
groposed to dismiss the present board and elect one of their own choice,
1664.
ee
p.
Brompton Pulp & Paper Co., Ltd.—Div.
Increased.—
quarterly dividend of $1.75 per share has been declared on the out¬
standing 140,000 shares of Capital stock (no par value) payable Nov.10
to holders of record Oct. 31.
In Aug. last, a quarterly dividend of $1.50
per share was paid.
An official statements states; "The directors wish the shareholders to
know that the increased disbursement to be made next month was due
A
altogether to the excellent earnings of the company's U. S. subsidiaries,
the Groveton and Claremont enterprises."
The company, it is stated, has added 90,000 acres of
timber lands to its
holdings in Eastern Canada and some in the United States.—V. Ill, p. 297.
Canada
Foundries
&
Forcings,
Ltd.—Smaller Div.—
A quarterly dividend of 1% has been declared on the Common stock
payable Nov. 15 to holders of record Oct. 31.
This distribution brings the
total dividends paid this year to 10%.
Dividends of 3% have been paid
quarterly since May 1917,—V. Ill, p. 496, 391.
Carib
Syndicate, Ltd.—New Directors &c.—
William Newsome, Vice-Pres. of United Fruit Co.; Duncan Holmes,
Vice-Pres. of Chase Securities Co., also representing United Fruit Co.
interests, T. M. Johnson and Albert H. Gross have been
elected directors.
"Acquisition of
an
interest in the Carib Syndicate, Ltd., by United Fruit
does not indicate that latter company is to go into the oil producing busi¬
United Fruit has allied itself with the Carib Syndicate, Ltd., for
ness.
(P. F.) Collier & Son Co., (Collier's Weekly).—$500r
New Pref. Stock Offered to Pref. Stockholders at Par.—
000
The stockholders having voted on Oct. 15 to increase the Preferred stock
from $2,000,000 (7% Cum. par $100) to $2,500,000, the $500,000 of new
stock is offered at par and div. to holders of Preferred stock of record on
or before Oct. 25 1920 for subscription Nov. 24 1920, in amounts equal to
one new share for every four shares of Pref. stock standing in their names.
Subscriptions with payment in full should be in the hands of Treasurer
A. E. Winger, 416 West 13th St., N. Y. City, not later than the close of
business on Nov. 24 1920.
Adjustment of accrued dividend will be made
at the time of payment of the next quarterly dividend payable Dec. 11920.
See full statement in V. 109, p. 1612, 1082; V. Ill, p. 1664.
Notes Offered.—Peabody, Houghteling & Co., Chicago, are
offering at par and int. for all maturities $500,000 serial
8% notes, due senally Oct. 1 1921 to Oct. 1 1928.
Assets.—After giving effect to the sale of these notes; Fixed assets, $1,581,988; net current assets, $3,578,948; good-will (circulation, copyrights
and advertising contracts), $2,201,798; total net assets, $7,362,734.
These
assets, for the purposes of conservative accounting, are subject to a reserve
of $723,782, which represents the cost of preparing and delivering future
numbers of "Collier's Weekly" that subscribed for but not yet
issued.
Earnings.—Earnings for the last 5 years after deducting all interest and
depreciation, were: 1915-18 (aver¬
age), $316,874; 1919, $414,859; 1920 (based on results to Aug. 10), $445,000;
maximum annual interest on these notes, $40,000.
Purpose.—Issued for the purpose of increasing the working capital neces¬
sary for its growing business.
Compare full statement in V. 109, p. 1082,
1612; V. 110, p. 1664.
Federal taxes, but before providing for
Columbia
Graphophone Mfg. Co .—Capital Inc.—Div.—
The stockholders on Oct. 27 voted to increase the capital stock from
1,500,000 shares to 3,000,000 shares, no par value.
None of the new shares
are to be issued at the present time, the increase in the stock being for the
payment of the usual quarterly stock dividends and for such corporate
purposes as may arise.
A quarterly dividend of 25 cents in cash and 1-20 of a share in Com¬
mon stock has been declared, payable Jan. 1 1921 to holders of record Dec. 10
1920. This dividend is payable on the Common shares as subdivided as of
Aug. 20 1919 by the issue of ten new shares for each old share, per plan
in V. 109. p. 581.
The regular quarterly dividend of 1%% on the Pref.
has also been declared, payable Oct. 1 to holders of record Sept. 10.—
V. Ill, p. 1569.
*
,
_
Consolidated Cigar Corp.—Status.—Listing.—
Tucker, Anthony & Co., New York, have issued a circular
giving full
details about the company since organization in May 1919 to the present
time together with latest income account and balance sheet as or June 26
1920.—Compare V. 111. p. 1373, 1562, 1664.
The New York Stock Exchange has authorized the listing of 13,500
J
record Oct.
pare
<
addi¬
150,000 shares), on
Nov. 1 to holders of
15, making the total amount applied for 103,500 shares.
Com¬
tional shares of Common stock, no par value (auth.
official notice of issuance as a 15% stock div. payable
V. 111.
p.
1373, 1563, 1664.
in -"he
.Corn Products Refining Co.—Operations, &c.—
The
company's plants are to-day running at about 50 to 60% of capacity.
plants two are in operation, one at Argo, 111., the other at Edge-
Of the four
wstcr
j
•
official
is quoted as saying:
"There is little or no likelihood of the
The big combination pier and factory
now being erected at Edgewater, N. J., will be completed about Nov. 15.
Aside from furnishing a large amount of water-front space, this new plant
will also be one of the company's most important canning units.
The factory at Granite City has been sold.—V. Ill, p. 1664, 1475.
An
Common dividend being reduced."
Davis (Cotton) Mills, Fall
.
River.—33 1-3% Stock Div.—
The stockholders on Oct. 26 voted to declare a 33 1-3% stock dividend
thereby Increasing the authorized and outstanding Capital stock from
$1,875,000 to $2,500,000.—V. Ill, P. 1665.
Deere &
Co.—Voting Trust Expires—
We are advised that the common stock voting trust agreement expiring
Nov. 1 will not be renewed.—V. 110, p. 967.
:
'Diamond Match Co .—Debentures
Sold.—Blair & Go.,
Inc., New York, and Illinois Trust & Savings Bank, Chicago,
have sold
at
109 and
int., yielding 7.50%, $6,000,000
15-year 7lA% Sinking Fund Gold Debs. Bankers state:
Dated Nor, 1 1920, due Nov. 1 1935.
Red., all or part, on 60 days' no¬
tice at 105 and int. on any int. date from Nov. 1 1923 to Nov. 1 1930 incl.;
thereafter at 105 and int. less % % for each 6 mos. elapsed after Nov. 1 1930.
Int. payable M. & N. in N. Y. or Chicago, without deduction for any
Federal income taxes up to 2%.
Denora. $100, $500 and $1,000 (fc*).
Company is the largest manufacturer of matches in the United States.
available for int. and Federal taxes, after depreciation, amounted
Net profits
to $2,608,627 in 1918 and $2,673,515 in 1919.
Net profits available for int. and Federal taxes for 1919 were equal to
nearly 6 times the annual int. on the new debentures and for the 10 years
1910 to 1919 averaged 5 times such interest charges.
Net profits (partly
estimated) for the 9 mos. ended Sept. 30 1920, similarly computed, were
$2,731,358.—Further information another week.
See annual report in
V. 110, p. 1413, 1529.
Dome Mines
The
New York
Chicago, and Chase National Bank, Goldman, Sachs & Co. and Lehman
Brothers. New York.
It is stated that if conditions warrant, this might
be refunded in securities for public absorption before expiration of the loan.
1920 to be Rec rd Year.—V.-Pres. Geo. M. Stadleman says:
spite of the present depression in business throughout the country,
will, on Oct. 31, close the largest sales year in its history; the sales
In
company
compared with $167,000,000 in 1919 and
Notwithstanding all difficulties, the situation
particular industry is wholly temporary.
If every car and truck
owner in America would this afternoon buy just one tire there would be an
actual shortage.—V. Ill, p. 1665.
will be in excess of $205,000,000,
$9,560,000 ten years ago.
in our.
Great Atlantic
Dominion Park Co., Ltd.—Annual Dividend.—
&
Pacific Tea Co.—Sale\—
Sales for the first seven months of
fiscal year, ending Oct.
2 1920,
$146,847,707, compared with $103,767,194 in 1919, an increase of
$43,080,513, or 42%.—V. Ill, p. 1283. 77.
were
Greenfield (Mass.) Tap & Die
James
Y.
of Wm.
Dean,
A.
Read &
Corp.—New Director.—
Co., has been elected
director.—
a
Ill, p. 1476, 1283.
Higbee
Co.,
Cleveland —Pref.
Stock Offered.—
Stanley & Bissell, Cleveland are offering at 100 and div. $750,000 8%
(a. & d.) stock.
Rdd. at 105.
One of the oldest dry
goods store in Cleveland.
Business founded in 1860.
Sales year ending
Jan. 31 1920, over $6,600,000; net earnings average over 5 year period,
after Federal tax, over 3H times div. requirements.
Cum. First Pref.
Home Oil Refining
Co. of Texas.—Reorganization.—
committe gives notice that the time within which
deposit their stock and subscribe to additional shares
of stock under Plan of Reorganization has been extended to Nov. 5 1920.
Terms of payment for new stock have been extended as follows: 25% on or
before Nov. 5 1920; 25% Dec. 5 1920; 25% Jan. 5 1921; 25% Feb. 5 1921.
—Compare Plan in V. Ill, p. 1374, 1570.
"
stockholders
The
stockholders
may
International Agricultural
-Corp.—Accumulations.—
1913, incl.; at the
7% p. a.; none thereafter to July 1918 when l%% was paid, which
paid quarterly to Oct. 1920, incl.
Dividend accumulations
Sept. 30, amounted to 43%.—V. Ill, p. 1274, 1188.
record:
Dividend
Dividends
were
paid to January
rate of
rate has been
International Harvester Co.—New Plant.—
is preparing to build a $5,000,000 tractor plant
will comprise 8 buildings of reinforced concrete,
First unit, will be built this winter.—V. Ill, p. 1088.
The company, it is stated,
at Fort Wayne, Ind., which
covering 10 acres.
International Nickel Co.—New Plant.—
$400,000 Cap
Ital stock (par $100) payable to-day (Oct. 30) to holders-of record Oct. 27
Dividends of 6% each were also paid in Oct. 1918 and 1919.—V. 107, p. 2100
to four
The arrangements for the loan were completed through a group including
the Continental & Commercial Trust & Savings Bank, A. G. Becker & Co.,
Co., Ltd.—Listing—Earnings.—
Exchange has authorized the listing of $766,670
(auth. $5,000,000), par $10, on official notice of
issuance, for the property and assets of Dome Extension Mines Co., Ltd.,
making the total amount applied for $4,766,670.
Earnings for 5 months ending Aug. 31 1920: Earnings, $855,188; opera¬
tion & maintenance, $467,604; net earnings, $387,584; other income, $118,731; total Income, $506,315; reserves, $307,848; net surplus, $198,466;
surplus March 31 1920, $308,615; dividends paid, $200,000; profit and loss,
surplus, Aug. 31 1920, $307,082.
Compare V. Ill, p. 1373.
neighborhood of $10,000,000, to run from two
a rate reported to range from 8A to 9%.
months at
Stock
additional capital stock
The usual annual dividend of 6% has been declared on the
[VOL. 111.
CHRONICLE
THE
1756
It Is stated that the company will break ground about Nov. 1 for a new
$3,000,000 plant at Huntington, W. Va.
The plant, it is said, is
Monel metal into sheet form from the ingots.—V. Ill, p. 594-
for rolling
Empire Coke Co., Geneva, N. Y.—Sale Approved.—
See Empire Gas &
Electric Co. below.—V. 103,
p.
International Salt
496.
Empire Gas & Electric Co.—Acquisition Approved.—
The New York P. S. Commission has approved the purchase of the Empire
Coke Co's. plant in East Geneva, N. Y. and transfer will be formally made
Nov. 1.
The plant was valued at $1,100,000 and the Empire Company was
authorized to pay $200,000 additional for material and supplies on hand.—
V.
Co.—Quarterly Report.—
Results, incl. Sub. Co's—Quarters Ending—
Sept. 30 '20. June 30 '20.
Earnings after deducting all exp., except Fed. tax_
$945,183
$532,695
Fixed charges and sinking fund
—
98,376
98,376
Ill, p. 498,
,;r
Invincible Oil Corp.—Listing—Earnings, &c
Estopinal Motor Co., Inc.—Receivership.—
Judge Skinner of the Civil District Court, New Orleans, has appointed
Edward B. Ellis, Receiver.
Everett (Mass.)
Mills.—Extra Dividend.—
A semi-annual dividend of $4 per share and an extra of $6 per share have
been declared on the outstanding $2,100,000 capital stock, par $100, pay¬
able Nov. 1 to holders of record Oct. 27.
In Nov. 1919 and May 1920,
extra dividends of $6 each were paid, and in Nov. 1918 an extra of $5 was
paid.—V. 110,
p.
1751-
Fairbanks, Morse & Co .—Earnings.—
Results for
the
Nine
Months
Ended
Sept.
30.
Nine Months Ended Sept. 30—
Net sales
1919.
..$20,210,597
Costofsales, incl. selling and admin, expenses..
16,899,169
1920.
$26,305,684
21,911,103
.
Net earnings...
Depreciation........
$3,311,428
$356,594
95,804
500,000
82,392
...
Contribution to pension fund..
Reserve for taxes and contingencies.
Preferred dividends
.....
Amount available for
common
stock......
$4,394,581
$435,680
53,571
1,000,000
90,000
$2,276,637
$2,815,330
-V. Ill, p. 1569, 993.
,
,
T. Y. Stock Exchange in V. Ill,
Sroduction for 8 mos., 2.272,019p. bbls. 697.
Compare official statement to
91,
Kelly-Springfield Tire Co .—Listing—Earnings
The New York Stock Exchange has authorized
producing in December.—(Official.)—V. 110,
Ford Motor Co. of
The directors
on
share on or before Nov. 10.
The proceeds will be used to finance the
of company's new plant at Cumberland, Md.
construction and equipment
265.
on
the declaration of
a
div.
on
Companies, Ltd.—Probable Acquisition, &c.—
It is reported
that negotiations
are
under way for the transfer to this
company of the extensive timber limits of the New Brunswick
amount to about 1,600,000 acres involving a sum of between
and $12,000,000.
Ry. said to
$10,000,000
If the transaction goes through it is expected that a new
Pref. stock to raise the necessary money.—V. 108, p. 1939.
General Electric
Co.—Stock Offered to
Employees.—
The company is offering all its employees the right to subscribe for
1 to 10 shares of its capital stock at $136 a share and is
allowing a credit of
$20 a share against the subscription price which will represent a net return
substantially the same as would be enjoyed by any one purchasing stock
en an installment plan and receiving cash and stock dividends.
Employees who have been in the employ of the company since Sept. 1
will have the right to subscribe for the new stock
during the month of
November.
Payment shall be made by deductions from salary or wages
in installments.—V. Ill, p. 1665.
General Motors
Corp.—Sale of Stock in London
profit
the
1665, 1564.
p.
Earnings for 6 Months ended June 30
Gross
Net profit
Deductions
Canada, Ltd.—No Dividends.—
Oct. 25 took no action
capital stock ($7,000,000 outstanding).—V. Ill,
Frazier
p.
—
the listing of $2,050,450
(auth. $10,000,000) additional Common stock, par $25. upon official notice
of issuance, making the total amount applied for $8,282,650.
The stock¬
holders of record Oct. 15 are given the right to subscribe to this stock at $59
The new buildings are approaching completion and the plant is expected
to be
—
The New York Stock Exchange has authorized the listing of an additional.
$1,250,000 (auth. $50,000,000) capital stock, par $50, on official notice of
Issuance, making the total amount applied for $21,512,500,
The issuance of these additional shares was authorized by the directors
as follows:
To be sold at $45 per share, 2,550 shares; to acquire 2,055 shares
of Common stock of Louisiana Oil Refining Corp. 6,165 shares; to be issued
to employees and officers for services rendered, 2,553 shares; reserved for
acauisition of additional property, 13,732 shares.
The Arkansas-Invincible Oil Corp. was organized in July 1920 in Louisi¬
ana, to take title to valuable oil lands in Arkansas, with a capital of $2,000,000, par $50, of which $600,000 issued.
The Invinciole Oil Corp.
owns directly 6,000 shares, and indirectly through Louisiana Oil Refining
Corp., the remaining 6,000 shares.
Consolidated income account for 8 months ended Aug, 31 1920: Gross
earnings, $8,736,228: operating expenses, $2,578,589; total net earnings
carried to surplus, without provision for depletion, depreciation or Federal
taxes, $6,157,638; profit and loss, surplus, Aug. 31 1920, $6,724,636.
Net
per
Fisher Body Ohio Co .—New Plant.—
$434,319
$846,807
Net earnings
Y.
110, p. 2196.
—
A cable from London says that the Explosives Trades Ltd. is
issuing
£8,000,000 7-year secured notes at 96repayable at par, the proceeds to
be applied to completing the purchase of a block of the General Motors
Corp. shares.
The company's title will be altered to Nobel Industries Ltd.,
because a great majority of its present interests are now
peace productions.
The Nobel's Explosives Co. was the principal component of the
merger.
("Financial America").
The New York Stock Exchange has authorized the listing, on and after
Nov. 1 1920, of 455,974 additional shares of Common stock, no
par value,
•n official notice of issuance, as a*stock dividend, of l-40th of a
share, pay¬
able Nov. 1 to holders of record Oct. 5. making the total amount applied
for 20,563,358 shares.—V. Ill, p. 1283, 1476.
(net)
1920.
.$4,779,749 Div. on 6% Pf. stk. in
2,646,694 6% Pref. dividends
623,589 8% Pref. dividends
s.
f_ Cr. $1,200
97,113
234,408
Common dividend (cash).
Net inc. bef. Fed. taxes_$2,023,104
Surplus Dec. 31 1919
8,120.453
Federal taxes (1919)
■
324.152
Compare V. Ill, p. 1374, 1476.
Lincoln Mfg. Co., Fall
434,806
Common dividend
326,104
Bal.,
sur.,
/stock)
June 301920.$8,728,174
River.—Dividend Decreased.—
A quarterly dividend of 4% has been declared on the stock ($1,650,009
outstanding), payable Nov. 1 to holders of record Oct. 19.
In May and
August last, dividends of 8% were paid, while in Feb. last a distribution of
10% was made.—V. 110, p. 1854.
Loew's
Inc.—Listing—Earnings.—
The New York Stock Exchange has authorized
tional shares of
the listing of 2,325 addi¬
capital stock (auth. 4,000,000 shares),
no par
value, upon
official notice of issuance, making the total amount applied for 1,060,780
shares.
These shares were authorized as payment on contract for the pur¬
chase of the Victory Theatre
property, Bronx, for the sum of $300,000, of
which $50,000 was paid in cash, the balance, $250,000, to remain on mtges.
Consolidated income account 40 weeks from Sept. 1 1919 to June 6 1920:
Gross
income,
$14,112,392:
expenditures,
$10,152,490; net earnings,
$3,959,901; Federal income and excess profits taxes (est. about 25%),
$989,975; profit for period, $2,969,925.—V. Ill, p. 901.
Steel Co., Coatesville, Pa.—Bonds Offered.—
Co., Phila. and New York, and White, Weld & Co.,'
N. Y. and Boston, and Commercial Trust Co., Phila., are
offering at 99A and int., to yield over 8% (see adv. pages)
$5,500,000 First Mtge. 20-year 8% Gold bonds.
Lukens
West &
„
General Oil Co., Houston,
Tex.—Receivership
—
This company, capitalized at $20,000,000, was placed in the hands of
McDonald of Houston, Tex., on1 Oct. 18 by District Judge
receiver M.
J.D.Hawey.
S. E. J. Cox is President.
Dated Nov. 1 1920.
Due Nov. 1 1940.
Callable as a whole (or in part,
under certain conditions, in the event of a sale of capital assets, on any intdate after 60 days' notice at a price equivalent to a 6 H % basis from date o'
call
to maturity but not
exceeding
110 and int.
Int. payable M. & N-
without deduction for normal Federal income tax not in excess of 2 % or for
Penn. 4 Mill tax.
Denom. $100, $500, $1,000 (c*).
Bankers Trust Co.,
New York, Trustee.
A sinking fund of not less than 25% of net earnings
after deprec., taxes and int. (but not less than $100,000 In any one year)
commencing on or before June 15 1921 provides for the purchase of these
bonds up to 107M and int. after Nov. 1 1925.
From Letter of A. F. Huston, Coatesville, Pa., October 26*
Company.—Incorp. Jan. 17 1917, in Penn. Acquired entire property &c.i
Data
Goodyear Tire & Rubber Co.—Short-Term Financing.—
It was reported this week that the. company had obtained a
bank loan from New York and Chicago bankers said to be
of Lukens Iron & Steel Co. (V. 92, p. 1314).
Principal product consists or
steel plates for boilers and tanks and structural steel plates for girders.
Company rolls all sizes of plate steel up to 200 in. in width, and also makes
Oct. 30
1920.]
and sells flanged boiler heads and flanged plates of all kinds,
and
$500(c<l&r). Int. payable A. & O. in gold in N. Y. City or in Montreal.
Montreal Trust Co., Montreal, Trustee.
Company agrees to pay int.
without deduction for any present or future Canadian or U. S. Federal in¬
come taxes up to
2%, which it may lawfully pay or deduct therefrom.
besides stee
braces and other patented specials.
Has no competitor in the U. 8. in
production of one-piece plates over 155 in. in width, which plates are
especially in demand for standard locomotive fire-box crown sheets and side
plates and marine engine flanged boiler heads.
Export business is handled by the Consolidated Steel Corp., which rep¬
resents abroad eleven of the largest steel concerns in the United States.
Data
Capitalization After This Financing.
Authorized.
Outstanding.
1940 (this issue)__$5,500,000 $5,500,000
16,500,000 15,898,800
on
fixed assets of company and entire capital
/
■
.
Property, &c.—Plant at Coatesville is located upon a tract of about
350 acres.
Equipment includes 206 in., 140 in., 112 in., and 84 in. plate
mills and a 48 in. universal mill, each equipped with straightening rolls,
■hears, heating furnaces, etc.
The new 206 in. 4-high plate mill, driven by
a 25,000 h.
p. compound condensing engine, is much the largest plate mill
in the world.
There is also installed a 34 in. by 108 in. slabbing mill,
available for making blooms, billets and slabs.
Company makes its own
steel in 3 open-hearth plants.
Also owns 600 acres with 1H miles of water
front
on
tidewater between
Wilmington and New Castle,
Del.
The
Allegheny Ore & Iron Co. (entire stock owned) owns extensive 'iron-ore
mines in Virginia, and owns and operates 2 blast furnaces with a capacity of
about 100,000 tons of iron per year.
Earnings.—For the 10 years from Nov. 1 1909 to Oct. 31 1919, profit
before Federal taxes and interest on floating debt, after a total of $3,360,817 charged off for depreciation and amortization, amounted to $23,112,170, or an average for this period of $2,311,217 per year.
Such earnings
for the 10 months ended Aug. 31 1920 were $1,167,935 after charging
$651,509 for depreciation (subject to adjustment).
■
■
Purpose.—To fund the floating debt and for other general corporate
purposes.—V. 108, p. 884.
,
Mahoning Investment Co.—Extra Dividends.—
An extra dividend of 4% has oeen
declared on the $4,126,200 capital stock,
par $100, in addition to the regular quarterly dividend of iY%%, both pay¬
able Dee. 1 to holders of record Nov. 24.
Regular quarterly dividends of
1H% have been paid since June 1919.—V. 110, p. 1531.
Martin-Parry Corporation.—Earnings.—
Massachusetts Cotton Mills, Boston.—Regular Div.—
A dividend of
stock
each
4% has been declared on the outstanding $5,000,000 capital
payable Nov. 10 to holders of record Oct. 14.
A like
paid in Aug. last, while in Feb. and May last dividends of 3%
paid.—V. 108, p. 977.
(par $100),
amount
was
were
Maxwell Motor Co., Inc.—Over 80% of Stock Deposited—
Time Extended Till Nov. 15.—The committee in charge of the
reorganization of the
and the Chalmers
company
says:
Of the unsecured notes and claims
against the Maxwell Company there
deposited'under the plan of Sept. 1 1920, or have otherwise con¬
an aggregate amount estimated to exceed 85%
of said
notes and claims.
In our judgment sufficient stock has been deposited
under plan (more than 80% of the outstanding 804,524 shares of the Max¬
well and Chalmers companies) for the purposes thereof.
The committee has further extended the time for the deposit of stock and
have been
sented
thereto,
unsecured notes and claims with Cent.-Un. Tr. Co. from Oct. 27 to Nov. 15.
The time for exercising the
minimum rights of purchase has likewise been
15, but stockholders who failed to make the initial pay¬
10% of the purchase price of the minimum amounts are required to
pay a penalty of 25 cents for each $100 of the amount of the initial payment,
the penalty being substantially the equivalent of interest at 6% upon the
amount of such initial payment from Oct. 27 to Nov. 15 1920.
The time to file the forms of application for new stock in excess of the
minimum rights of purchase and to make the initial payment of an amount
equal to $10 in respect of each share of Class A stock so applied for, has been
extended, without penalty, to Dec. 1.
It is anticipated that notice of
allotment of stock so applied for will be given on or about Dec. 3.
Compare
V. Ill, p. 1666, 1570,
1477, 1375.
extended to Nov.
ment of
Mexican Eagle Oil
Sutro
Brothers
& Co.
Co., Ltd., London.—New Well.—
have received' a cable stating
that the company
reports the bringing in of a well of 75,000 barrels daily capacity
Zacamixtle field, Mexico.—V. Ill, p. 78.
Mexican Light & Power
See Mexico Tramways Co.
in the
Co.—Status.—
under "Railroads" above.—V. 111. p. 1477.
Narragansett Mills, Fall River,—Dividend Decreased.—
has been declared on the stock, payable
Nov. 1 to holders of record Oct. 21.
In Feb., May and August last, quar¬
terly dividends of 10% each were paid.—V. 110, p. 1855.
A
quarterly dividend of 5%
Nashawena Mills, New
Bedford, Mass —Special Div.—
A special dividend of $2 per share has been declared on the Capital
stock, along with the regular quarterhl dividend of $2, both payable Nov. 2
to holders of record Oct. 26.
A special dividend of $2 per share was paid in
August last in addition to the regular quarterly div. of $2.—V. Ill, p. 499.
Niagara Falls Power Co.—Quarterly Report.—
30 (Incl. Can. Niagara PowerCo.).
1920—9 Mos.—1919.
$1,232,817
$4,484,360 $3,744,188
Results for Quarter and Six Mos. end. Sept.
529,406
1,911,902
T.
Ahearn,
Ottawa,
Oct.
Can.,
21
1920.
Hull and vicinity and controls through leases renewable in perpetuity
important water powers within city limits, and of Ottawa Gas Co., which
does the entire gas business of Ottawa and vicinity. Pop.served, eso. 160,000.
Combined capitalization on completion of the present financing.
Public
:
Authorized.
Own.
Capital stock
$5,000,000 $3,500,000
First Mtge. & Coll.Trust Sinking Fund 8's (this issue) 6,000,000
1,200,000
Ottawa Electric Co. Gen. & Ref. Mtge. 6's due 1940.
4.000.000
~x
Ottawa Electric Co. Ref. Mtge. 5s due 1933..*
Closed
y625,000
Ottawa Gas Co. Ref. Mtge. 6s due 1939
1,000,000
' 850,000
Ottawa Gas Co. Consol. Mtge. 5s due 1934
Closed
150,000
...
1,432,201
-
_
x $875,000 have been issued and deposited as security for these bonds.
Company covenants not to permit the issuance of additional underlying
bonds except for deposit as security for First Mtge. & Coll. Trust bonds,
y In addition $500,000 are to be issued and pledged hereunder. See below.
Purposes.—Proceeds will be used to retire $500,000 Ottawa Electric Co.
1st Mtge. 5% bonds, due Dec. 1 1920 and in payment for the "3^^180^'
hydro-electric plant of 4,000 h.p. capacity, and other corporate purposes. '
Combined Earnings Year ended August 31 1920
(Tnter-Co. charges eliminated).
$1,363,544
402,792
185,750
Gross earnings.
v..
Net after oper. exps., incl. current maintenance & taxes
Annual interest charges on all outstanding funded debt
Balance
_______
1915.
Calendar Years—
1917.
1916.
..$848,824 $834,192 $957,301
1918.
$217,042
1919.
$1,114,915 $1,237,129
Physical Property—Ottawa Electric Co.—Practically the entire power re¬
quirements of Ottawa Electric Co. are generated by hydro-electric plants
located at the Chaudiere Falls of the Ottawa River a short distance from
business center of Ottawa.
The right to use the water in proportion to the
individual developments is leased from the Government ao a nominal price
in perpetuity.
Company controls over 30% of the power developed from
this source.
Ottawa Electric Co's. 3 hydro-electric plants, have an aggre¬
gate installed capacity of 11,200
h.
p.,
and in addition purchasas under
10-year contract a minimum of 3,000 h. p., together with all surplus power
available from the Ottawa & Hull Power & Mfg.* Co.
Two of the plants,
are located on crown lands held under leases
land held under a lease which
expire until 1992. Also owus a modern steam power station of
7,300 h.p. installed capacity which is held for reserve purposes.
The overhead electrical distribution system includes about 1,150 miles
of wire and the undergrourd system about 18.2 miles of conduit.
Current
is distributed to more than 20,000 customers.
The Ottawa Gas Company owns and operates a thoroughly modern com¬
bined coal and water gas manufacturing plant.
Plant has a daily manu¬
facturing capadty of 2,750,000 cu, ft., of which about 1,750,000 cu. ft.
is represented by coal gas equipment and about 1,000,000 cu. ft. of water
gas equipment, with 145 miles of mains and over 17,000 customers.
Franchises.—The franchises are without time limit.
including the "Bronson Plant,"
renewable in perpetuity and the third upon
does
not
Security.—Secured by a direct first mortgage on the leasehold premises
and the hydro-electric plant of 4,000 h.p. installed capacity located thereon
and known as the "Bronson Plant' and will be further secured by pledge
Refunding
Electric Co., together with
with the trustee of the entire Initial issue of $875,000 General &
mortgage 6% bonds due Oct. 1 1940, of Ottawa
outstanding capital stocks of Ottawa Electric Co. ($3,000,000)
and Ottawa Gas Co. ($2,000.000) except directors' qualifying shares.
Provision has also been made, by the deposit of cash with the trustee for
the First Mtge. & Coil. Trust 8's, for the payment at maturity of $500,000
1st Mtge. 5s of Ottawa Electric Co. due Dec. 1 1920, and the pledge as
additional security for these bonds of $500,000 Ref. Mtge. 5s of Ottawa
Electric Co., due June 1 1933, and Issued to refund the 1st Mtge. bonds.
The Ref. Mtge. 5s so pledged will then be secured, equally with $625.000
bonds outstanding in the hands of the public, by a direct 1st mtge. on the
entire property of Ottawa Electric Co.
Sinking Fund.—A sinking fund begins Oct. 1 1924 of 2% p.a. of the
largest amount of these bonds at any time outstanding etc.—V. Ill, p. 1571.
the entire
Pacific Mills of Lawrence, Mass.—No Extra Dividend.—
quarterly dividend of 3% has been declared on the stock, payable
In Aug. last an extra dividend of 5%
was paid,
together with the regular quarterly dividend of 3%.—V. Ill,
A
Nov. 1 to holders of record Oct. 25.
p.
394, 79.
Leather Co., Milwaukee.— Debentures
Second Ward Securities Co.,
Milwaukee, White, Weld & Co.. New York and Rutter,
Lindsay & Co., Chicago, have sold at 95 and int. yielding
7.73% $5,000,000 10-year 7% Conv. Sinking Fund Gold Deb.
(see advertising pages).
|
Pfister & Vogel
Wisconsin Co.,
Sold.—First
1920—3 Mos.—1919.
Total oper. revenue
$1,556,557
Amort., oper. exp. & tax.
750,547
Pres.
gas
Gross Earnings
Earnings for the 8 months ended Aug. 31 1920 were $279,564.—V. 110,
p. 1753, 1647.
,
Letter of
Ontario in 1906.
Controls through subsidiaries
business and very largely the generating and distribution of
electricity from central stations in Ottawa and vicinity.
Owns entire out¬
standing capital stocks except directors' qualifying shares of Ottawa Electric
Co., which does an extensive electric light and power business in Ottawa,
First Mortgage 8% Gold Bonds
stock ($50 par value)
stock of Allegheny Ore & Iron Co.
from
Company.—InCorp. in
entire
Common
Security.—A direct first lien
1757
CHRONICLE
THE
Dated Nov.
York
or
1
1920.
Due Nov. 1 1930.
Int. payable M. & N. in New
Milwaukee, without deduction of normal
of 2%.
Denom. $100, $500 and $1,000
Federal income tax not
(c*).
Red. all or part
during first year and decreasing by Y% of 1% for each year thereafter.
Callable for sinking fund at 101 and int. ' Convertible at par into 7%
Pref. stock at $100 per share.
First Wisconsin Trust Co., Trustee.
in
excess
at 105
Net
$2,572,458
260,522
$2,311,987
204,501
$765,523
346,397
$2,'832,980
1,162,976
$2,516,488
1,024,381
$546,161
surplus.
596.
$703,411
62,112
408,386
Interest, &c
$806,010
148,537
$954,547
Net operating revenue.
Non-operating revenue..
$419,126
$1,670,004
$1,492,107
.7
—V. Ill, p.
Owens Bottle
Co., Toledo.—Earnings
9 Mos. to
Sept. 30 '20.
Manufacturing profit and royalties..
$3,551,207
Total
Sept. 30 '19. Dec. 31 '18.
$2,235,641
171,645
$4,355,111
800,341
721,157
1,174,485
of Owens Co.......1- $3,279,828
subsidiaries
1,841,132
Net earnings
Net earnings of
$1,686,129
1,278,851
$3,180,626
1,538,032
$5,120,960
1,131,600
$2,964,980
542,192
$4,718,658
698,179
—
Total net
Federal taxes (estimated)
1,004,966
Depreciation, &c—
Net
$4,355,111
$2,407,286
Operating expenses
—V.
15 Mos. to
528,962
income
$3,989,360
profit...
$2,422,788
$3,015,512
Ill, p. 499.
Ottawa Electric Co.—To
Pay Bonds Due Dec. 1.—
will be
paid off at maturity from part of the proceeds of the $1,200,000 Ottawa
The $500,000
Light
Ottawa Electric Co. 1st mtge. 5s due Dec. 1 1920
Power Co. l td.
Heat &
1st
mtge.
& Coll
trust 8s.
See offering
below.—V. 87, p. 43.
Ottawa
(Can.) Light Heat & Power Co.—Bonds Offered.
Bank, Chicago, are offering at 100
and int, $1,200,000 1st mtge. & Collat. Trust Sinking Fund
8% Gold Bonds, Series "A."
—Harris Trust & Savings
Dated Oct.
1
1920.
Due Oct. 1
1940.
Callable
as a
whole, but not in
part (except for the sinking fund) on 60 days' notice, on any int. date on
or after Oct. 1 1921 to and incl. April 1
1923 at 107: thereafter to and incl.
April 1 1926 at 105: thereafter m and incl. April 1 1929 a.. 102
thereafter
to and incl. April 1 1935 at 101:
and thereafter at 100.
Denom. $1,000
From Letter of Pres.
Fred Vogel, Jr., Dated October 21 1920.
Company.—Incorp. in 1872.
Succeeded to business started in 1847 in
Milwaukee.
The tanning business conducted by company is one of the
best known and most successful in the world, embracing the manufacture
of shoe, harness and glove leathers.
Purpose.—Proceeds will be applied to the reduction of loans.
—
9 Mos. to
$4,080,169
Other income
Data
Capitalization After This Financing.
Authorized.
Outstanding.
Fund Debentures
$5,000,000 $5,000,000
stock (7% cumulative)
x8,000,000
2,000,000
Common
Stock
15,000,000 10,000,000
x $5,000,000 held for conversion of debentures, the remaining $1,000,000
10-Year Convertible Sinking
Preferred
to be available for future corporate purposes.
Earnings.—For the 20 years ended Dec. 31 1919, average annual earnings
for interest charges, after depreciation were about $1,184,000;
ended Dec. 31 1919 they were $2,400,000 and for the year
1919 they were over $4,000,000.
Annual interest charge on debentures
gumount to $350,000.—V. 104, p. 768.
available
for the 5 years
Pierce-Arrow Motor Car Co.—Quarterly Report.1919.
1918.
1920.
$749,045
$1,338,129
a$592,827
272,193
451,370
237,517
200,000
200.000
200,000
Quarter Ending Sept. 30—
Operating profit (net)
Interest, taxes, &c___
Preferred dividends (2%)_—
Common dividends
—
($1 25)312,500
surplus
$155,310
$276,852
' $374,259
a Reported unofficially as the amount remaining after deducting expenses,
maintenance and depreciation.
For the quarters ending Sept. 30 1918
and 1919 depreciation was included with "interest, taxes, &c."—V. Ill,
p. 1377, 902.
Balance,
Pierce
See
Oil
Corporation.—Suit.—
International
&
Great Northern
RR. above.—V.
Ill, p. 1470.
Piggly-Wiggly Stores, Inc.—Dividend Deferred.—
The company has
suspended the payment of dividends on the Class A
fluctuations in prices, rapid ex-»
Cumulative stock "on account of violent
pansion of the business and desirability of building a strong cash reserve.
In August last an initial dividend at the rate of $4 per share per annum
was naid. covering accumulated dividends to June 1
1920.
1758
THE
CHRONICLE
The board of directors has elected John Fletcher, Vice-Pres. of the Fort
Dearborn Nat. Bank, Chicago, and R. King Kaufmann, Vice-Pres. of the
Mercantile Trust Co., St. Louis, members of the Executive Committee.
—V.
Ill,
1478. 1189.
p.
Pittsburgh Steel Co.—Annual Report—Stock Dividend.—
The stockholders
on July 20 voted (a) to increase the authorized Common
$7,000,000 to $14,000,000 and (b) to declare on the common
100%, which was accordingly paid, increasing
the outstanding common stock to $14,000,000.
See Annual Reports under "Financial Reports" above.—V. Ill, p. 1478.
stock from
shares
stock dividend of
a
Rochester & Pittsb. Coal & Iron Co.—Bonds Called.—
Seven ($7,000) Purchase Money Mtge. 5% gold bonds of 1896 have been
called for payment Nov. 1 at 110 and int. ($1,125) at the Central Union
Trust Co. of N. Y., trustee.—V. 109, p. 1467.
St. Lawrence Flour Mills, Ltd.—Extra Dividend.—
An extra dividend of 1 % has
Feb. 1919.—V. Ill, p. 1571, 301.
Savage
directors
Arms
Corp.:—No
Oct.
on
27
regular quarterly dividends
on
been paid quarterly since
Dividends—Earnings.—The
omitted
1920
the
declaration
of
the
the 2d Pref. and Com. stocks.
President W. L. Wright stated that "Due to present unsettled conditions,
and the general depression of business, and the desire of the directors to
the company's resources, it was deemed wise not to declare the
usual dividends at this time."
conserve
Quarterly dividends of 1 y2 % each have been paid on both the 2d Pref.
and Common stocks since Aug. 1917.
An extra dividend of 5% was paid
the Common in January and again in April last.
The Sharon plant of the company has resumed operations, but at a very
low rate, it is stated.
Delayed deliveries, due to the slump in the auto¬
mobile trade and increased credit risks, were responsible for the curtailment
on
of production.
The company has also accumulated large inventories which
will take time to liquidate.
Every effort- is being made to reduce expenses,
including pay-rolls, it is said.
The demand for firearms, made at the
company's plant at Utica, continues fairly good, and if there is no let up
In this demand earnings for the fourth quarter should show some im¬
provement.
Results
for
Three
and Nine
Months
Ending
Sept.
30.
1920—3 Mos.—1919.
1920—-9 Mos.—1919.
♦Net earnings
def$133,556 sur$172,790
sur$80,449sur$1467,353
1st Pref. div. [all retired]
(,\%%)\76
(5X%)525
2d
Pref. dividend
(1M%)3,333
(1^)3,911
(4^)9,999 (4^)11,731
Common dividend
(1H %) 116,220 (1H) 116,220 (9H) 736,060 (4 H) 349,562
.
Balance
def$253,109
sur$52,484 def$665,610sur$l 105,535
♦After deducting operating expenses, incl. maintenance, ordinary taxes
and ordinary depreciation charges; also in 1919 "reserves" for 3 mos., $33,513, for 9 mos., $554,452: corresponding items, if any, in 1920 not stated.
—V. Ill, p. 799, 596.
Sinclair Consolidated Oil Corporation.—Belgian Plant.
The company on Oct. 27 announced the purchase of the Sudan Freres
petroleum compounding works on the Canal de Grande Neuzen near Ghent,
Belgium, which was used by the German forces as a refining and distrib¬
uting depot until the plant was recaptured by the British.
The purchase
was made through one of the Sinclair
Company's subsidiaries, the Union
Petroleum Co. of Belgium, at an auction held under the supervision of the
Belgian Government.
The property will be used as a compounding plant
and bulk distributing depot to facilitate distribution of refined
petroleum
products in Belgium, Holland and northern France.
The real estate is
about 19 acres.
Vessels drawing 26 feet of water can come up to the plant's
quay and the
Ghent-Terneuzen railway passes through the property.
[Definitive Five-Year Secured 7 y2% Convertible Gold notes will be
ready on and after Nov. 1 1920 in exchange for temporary notes at Chase
National Bank, N. Y.* City.
First int. coupon is payable Nov. 15]—V.
Dl.
>
1667.
P.
1572.
(Howard) Smith Paper Mills, Ltd.—New Stock Issue.—
V It
is
expected that the stockholders will shortly be given the right to
subscribe to $1,000,000 new Common stock at par and in the ratio of one
new share to each three shares
held, thus bringing the outstandng Common
stock up to $4,000,000.
In May last stockholders were given the right
to subscribe to
V.
110,
p.
$500,000 Common stock at
2392.
par
in ratio of one new to five old.
Southwestern Utilities Corporation.—Output.—
See
Kentucky Securities Corporation under "Reports" above.—V. 109,
1373.
p.
Standard Oil Co. of California.—Extra Dividend.—
An extra dividend of $1 has been declared along with the regular
quarterly
dividend of $2 50, both payable Dec. 15 to holders of record Nov. 15.
A
like amount
—V.
paid extra in March, June and Sept. 1920 and in Dec. 1919.
was
present Pref. stock for 25 shares of Class "A" stock.
"Warrants will be issued
to evidence the right to receive the dividends I in arrears on exchanged stock.
Common stockholders who subscribe to the new stock have the
right to
exchange for such new stock a portion of their present Common stock equal
to 20% of the amount of their subscriptions.
The net result is that for
each $500 in money plus one share of present Common stock, a stockholder
will receive six shares of Class "A" Preferred stock.
In other words, the
holder of 200 shares of Common stock is asked to subscribe for at least 40
shares of Class "A" stock, which will entitle him to
exchange 8 shares of
Preferred stock not
Ill, p. 500.
The directors
Oct. 28 declared
on
to holders of record Dec.
standing capital
stock
17.
a
sell $3.00 0 ,0f0 of Prior Lien Preferred stock to an underwriting
The terms of Class "A" Pref. stock and of the prior lien stock
syndicate.
will be the
dividends, redemption
and liquidation [and except also that the
liquidation and redemption price
is $110 per share and divs., instead of $115 and divs.—Ed.].
Assent to Plan.—Holders of certificate of
deposit who do not withdraw
within ten days will be deemed to approve the plan.
Assenting depositors
are requested to send their susbcriptions at once to the Cleveland Trust Co.
Stockholders who have not deposited are urged: (a) To forward their
Pref. stock to the Guardian Sav. & Trust Co., Cleveland, and their Common
stock to the First Trust & Sav. Co., Cleveland; (6) Send their subscriptions
to the Cleveland Trust Co.; (c) whether or not
depositing to return at once
the proxy addressed to the Standard Parts Co., to be used at the meeting
called for Nov. 20 to reorganize the company.
Outlook.—The success of the plan is contingent on the stockholders' sub¬
scribing to at least their respective quotas of new stock.
As a going concern
the company is far from insolvent, the stockholders having an equity in
excess of $12,000,000 in the corporate
property, which, however, would net
from
$30,000,000 to $75,000,000.
An
announce¬
ment issued Oct. 28 says:
"The directors have to-day declared a stock divi¬
dend of 1H shares for each whole share of stock held by stockholders of
record Dec. 17.
Each holder of
a
fractional share of record Dec. 17 is to be
paid an amount of stock equal to 1 y? times his fractional holding."
[It was reported recently that the Standard Oil Co. of Indiana had ex¬
changed a big block of stock for stock in the Midwest Refining Co., but we
understand this did not increase the outstanding stock above the $30,000,000 as it was individual stockholders
their stock.—Ed.j
and not
the company that
exchanged
Chairman Robert W. Stewart is quoted as follows: "Capitalization has
been out of line for a long time; that a
company with properties which repre¬
impression
an
p.
of
inordinate
profits
and
arouses
sentiment."—V.
Ill,
995, 700.
New
Parts
Co.,
Cleveland.—Reorganization Plan,
Dated Oct. 19.—The stockholders' committees, in a circular
dated at Cleveland, 0., Oct. 22, urging the adoption of the
plan of reorganization, dated Oct. 19, say in substance:
Plan.—After extended consideration, the reorganization committee and
the stockholders' committees, appointed by Judge Westenhaver, have
pre¬
pared a plan of reorganization.
The chief feature of this plan is to provide
substantially $11,000,000 of new money for the company by the sale of
$4,000,000 of new securities to stockholders and $3,000,000 to an under¬
writing syndicate, whereupon the banks will extend
credit of $4,000,000 at 6% interest.
1
a
commercial line of
Terms to Shareholders.—Each Preferred Stockholder is asked to subscribe
an amount of new stock, designated as "Class A Pref.
Stock," equal to
of his present holdings, and the Common Stockholder to 20%.
The new Class A Preferred stock is to be prior to the present
outstanding
for
it
will
be
entitled
to
8%
as
Shown
by
Plan
of
Reorganization.
authorizing the issuance of Common stock without par value, and that in so
doing the issue of $9,500,000 of new 8% Pref. stock having priority over the
present outstanding Pref. stock, be authorized, of which only $8,300,000 is
to be offered at this time.
The
new
Pref. stock is to be divided into two
classes,
ranking in the order named, viz.: Prior Lien Preferred stock of
$3,000,000 and Class A Preferred stock of $6,500,000, of which latter amount
not more than
$5,300,000 is to be issued at the present time.
The company shall not, without the consent of 75% of the outstanding
Preferred stock, authorize or issue any stock having priority over or
new
on a parity with the aforesaid authorized stock, nor create liens other than
purchase money obligations nor make any bonds or notes running over
one
year.
Limitation in Issue
of Class A Pref. Slock.—After $5,300,000 par value of
said Class A Pref. stock has been issued, the remaining $1,200,000, or por¬
tions thereof, shall be issued only when the net quick assets, after deducting
the par value of the Prior Lien Pref. stock outstanding shall equal not less
than 100% and the net tangible assets not less than 200% of the aggregate
par
value of Class A Pref. outstanding plus the proposed additional issue.
the stockholders have subscribed in
Condition of Underwriting.—When
sufficient amounts, the underwriting syndicate will be ready to take the
Prior Lien stock.
The banks which will carry the syndicate have stated
that they will require the underwriting contract to
provide that in the event
shall sell any
Connersville,
Pontiac, American Ball Bearing, or Canton Springs plants, 50% of the cash
proceeds are to be applied towards the redemption of this stock.
Creditors' Claims.—The creditors' committee has practically assured the
stockholders' committees that if the plan of refinancing herein outlined
becomes operative, they will extend the payment of the various claims
represented by the committee.
Executive Management.—The three committees who have adopted the
above plan propose that J. O. Eaton be retained as the chief executive of
the company under the terms of a contract securing his services for a term
of years for such compensation as may be agreed upon; and it is suggested
that F. F. Prentiss, Frank A. Scott and George A. Coulton negotiate definite
contracts with J. O. Eaton and his associates with respect to such services.
that while any or said pref. stock is outstanding, the company
of the fixed assets, constituting, or located at/the Cincinnati,
It is further recommended that the board of directors be reconstituted so
as to be fully representative of the various interests of the stockholders and
creditors; and that F. H. Goff, J. O. Eaton and Andrew Squire serve as a
special committee to nominate the new board of directors.
[The plan is approved by the aforesaid stockholders' committees and also
by C. S. Eaton, M. H. Murch, T. E. Borton, Andrew Squire and William L.
Day, the reorganization committee.]—V. Ill, p. 1668.
Standard
Sanitary Manufacturing Co .—Extra Div.—
An extra dividend of 1 % has been
declared
on
the Common stock in addi¬
tion to the regular quarterly dividends of \ lA%. both payable Nov. 10 to
holders of record Nov. 4.
In August last an extra of 1 % was paid, together
with
the
regular
quarterly dividend of 1}4%.
In May last a quarterly
dividend of 1
were
lA% was paid; in the prveious four quarters payments of 2%
made; in February last an extra of 2% was also paid.—V. Ill, p. 500.
Stevens
A
Mfg. Co., Fall River.—Dividend Decreased.—
quarterly dividend
has been declared on the stock, payable
In May and August last 4% each were
quarterly distribution of 3% was made.—^-V. Ill,
of 3%
Nov. 1 to holders of record Oct. 18.
paid, while in Feb. last
p. 395.
a
Stewart-Warner
Speedometer Corp.—Earnings.—
Net earnings for the third quarter,
before taxes or dividends, were reported
$801,278, the biggest showing for any quarter this year.
Total earnings
for the three quarters combined were $2,271,426.—V. Ill, p. 788, 597.
as
The
New
York
Stock
Corp.—Listing.—
Exchange has
authorized
the listing of 765,920
shares (auth. 800,000 shares) capital stock, no par value.
See annual report
for calendar year 1919 in V. 110, p. 1082.—V. 110, p. 2199.
»
Swan & Finch
Co., New York.—To Increase Capital and
&c.—
Create $1,000,000 New Pref. Stock—Status—Earnings,
The stockholders will vote Nov. 10 on the following:
(1) On increasing the authorized capital stock from $2,000,000 Common,
$100, to $5,000,000, consisting of 40,000 shares, par $25, and 40,000
par
shares, par $100-
«
(2) On classifying the $3,000,000 new stock into 40,000 shares of 8%
(a. & d.) stock, par $25, and 20,000 shares of Common
stock, par $100.
vThe Pref. stock shall be non-voting unless divs. are in default and shall
be redeemable at any time after three years from Jan. 1 1921 at $28 75.
(3) On authorizing the directors to offer and to issue 20,000 shares of the
Cumul.Preferred
25%
stock;
Capitalization
In order to provide for the new securities, the committees recommend
the company be reorganized under the laws of the State of Ohio
that
Submarine Boat
Standard
as to
.
sent an investment of
$185,000,000 should have capital stock of only about
one-sixth of that turn is absurd.
Low capitalization gives a false idea of
the extent of earnings and when these are
expressed in percentages creates
except that the latter stock will be senior
but little in case of forced liquidation.
The plants have been operated at a
profit under the new management, and if this reorganization is properly
supported by the stockholders, the company, under normal conditions, in
the opinion of the management, can be made to show net profits of approxi¬
mately $3,000,000 per year, and under good conditions these might be in¬
creased to $4,500,000.
[Under present management, operations for four months from March to
June, incl., produced a profit of $788,021, compared with losses of $97,369
in Jan. and Feb. under the old regime.
See v. 111. p. 996 597.1
[Signed by F. R. White, F. F. Prentiss, M. H. Murch, E. J. Hess and
T. E. Borton as committee for Common Stockholders; and by H. P. Mcintosh,
F. F. Prentiss. D. S. Blossom, F. H. Hobson and T. E. Borton as committee
for Preferred Stockholders.]
150% stock dividend, payable Dec. 18
This action, we learn, will increase the out¬
exchanged for Class "A" Pref. stock will be retained
so
by the stockholders. 4 Common stock not so exchanged for Class "A" Pref.
stock is to be exchanged share for share,for Common stock without par value.
Sale of $3,000,000 Prior Lien Preferred Stock.—If the stockholders sub¬
scribe in sufficient amounts to the new stock, the
company will be able to
Standard Oil Co. of Indiana.—150% Stock Dividend.—
•
Common stock for 8 shares of Class "A" stock.
his
same,
An extra dividend of 1 % has been declared on the Common stock,
together
with the regular quarterly dividend of 1 H %, both payable Nov. 1 to holders
-of record Oct. 23.
[VOL. 111.
[cumulative] dividends [payable Q.-J.],
will be redeemable at $115 per share [in case of liquidation or for its
cumulative sinking fund of not less than $300 ,CC0 stock per annum begin¬
Preferred stock ratably at par for cash, to the stockholders of record on
Nov. 10 1920, and to authorize the directors to issue and dispose of from
time to time at not less than par for such corporate purposes as the directors
ning Jan.
may
1
1922,
otherwise.—Ed.] and entitled to voting power in
during the time that any other class of Pref. stock is
or
event of default and
entitled to vote.
-
*
[The Cleveland Stock Exchange sheet of Oct. 21 shows as now outstand¬
ing $13,202,100 Common and $6,744,000 Pref. stock.—Ed.l
Preferred stockholders who subscribe to the new stock shall have the right
to exchange for Class "A" Pref. stock an amount of their present Pref. stock
equal to 50% of the amount of their subscriptions.
The net result is that
for each $200 in money, plus one share of present Pref. stock, a stockholder
will
receive
three
shares
of
Class
"A"
Pref.
stock.
The
holder of 200
at least 50 shares of
shares of Pref. stock is thus asked to subscribe for
Class "A" Pref. stock, which will entitle him to exchange 25 shares of his
authorize, such part of the said 20,000 shares of the Preferred stock as
not purchased, after having been given reasonable
opportunity to so purchase.
(4) On increasing the directors from three to five.
(5) On ratifying and confirming the acquisition by this company of the
assets and business of the Cataract Refining & Mfg. Co. of Buffalo.
the stockholders have
Financial
Report.—Purpose of New Issue.—
A financial report, the first since that for the calendar year 1918, accom¬
panies the announcement of the proposed stock increase and states that in
order to finance the expansion of the business and the proposed increase of
facilities the managers have agreed to take at par $100,000 of the Pref.
OCT. 30
1920.]
THE
CHRONICLE
stock and
a further $500,000 lot will be offered to stockholders at the same
price (i. e. par $25 a share).
The net quick assets as of June 30 1920 are
figured officially at over $90 per share on the $1,722,932 common stock.
The net results
immediately following the armistice were poor but the
past year, Chairman Henry Fletcher says "would justify an immediate
return to the usual dividend basis," were it not for
general conditions and
the proposed financing.
The company's surplus increased from
$211,405 to $393,283 during the
fiscal year ending June 30 1920, while since Dec. 31 1918, all the
$600,000
notes payable had been paid,
leaving as liabilities only $563,823 accounts
payable and reserves $211,836.
On the other hand the assets as enlarged
by the absorption of the Cataract Refng. & Mfg. Co. of Buffalo increased
from $1,458,429 on June 30 1919 to
$2,891,873 June 30, 1920-
Earnings of Cataract Co. and Swan & Finch and Cataract Combined.
1912
„
Cataract..
1913
$100,954
Combined..
1916
1915
$76,516 $119,874 $214,604
41,959
147,429
277,666
146,457
—V. 110, p. 2495.
Swift
&
$54,664 $113,009
136,214
195,789
was
on
submitted to the
Oct. 26 by repre¬
plan is to replace the plan recently submitted (V. Ill, p. 996),
which provided for the disposition of the stockyards to a
holding company
to be organized by F. H. Prince & Co., Boston, and which was
objected to
by the Department of Justice.
The new plan provides for the actual pur¬
chase of the stockyards by Prince & Co. and the appointment of five trustees
by the court who would supervise the affairs of the company for 20 years.
new
Details of New
To
Plan
as
Reported
by Associated
Press.
Organize New
Company.-—Under the proposal submitted by Swift
disposal of their stockyard holdings, F. H.
Prince & Co. would organize the United Stock Yards, Inc., under the laws
of Maine, to take over the stock in the
principal yards held by the packers,
while the yards not named in the agreement would be offered for sale by
the packers to the public.
It was understood that Wilson & Co. also would adhere to this plan.
Morris & Co. and the Cudahy Company have until Nov. 16 to negotiate
for their inclusion in the new plan or to find some other purchaser for their
& Co. and Armour & Co. for the
stockyard interests.
Capitalization.—The United Stock Yards, Inc., will be capitalized by
shares, Second Pref. shares and Common shares of
stock and by notes.
Livestock growers and commission men are to have
preference in the purchase of the shares of the new company, but the
Common shares alone will have voting power.
Common Stock to Be Held in Voting Trust.—Under the plan the Common
6hares will be issued to or transferred to five voting trustees to be appointed
by the Supreme Court of the District of Columbia
to hold a voting
issues of First Pref.
...
trust for 20 years.
► No Combines to Be Allowed.—The United Stock Yards, Inc., will pay to
the Chicago Stock Yards Co. $300,000 per annum, and the leases or operat¬
ing agreements shall provide that there shall be no restraint of free and open
competition in respect to the purchase and sale of livestock in the yards,
nor any combination in restraint of trade, and that no
packer shall exercise
directly or indirectly any control or influence over the operation of any of
the yards.
To Provide
Working Capital.—F. H. Prince & Co. propose to organize a
a paid-in capital of not less than $1,000,000.
The syndicate
cash for all necessary working capital of the
syndicate with
will provide for two years'
United Stock Yards, Inc.
in
Digest of Statement
Issued
by Department of Justice.
On Aug. 31 the packers filed a plan for the disposition of their interests
the stockyards to which the Department of Justice filed objections;
the plan was withdrawn.
The new plan, we take it, was designed to re¬
the principal objections urged against the first plan.
We have not
move
had
as yet sufficient time to study this new plan thoroughly.
The underlying basis of it seems to be that the control of the principal
stockyards, now in the hands of the pakcers, is to be lodged for a period of
20 years in the hands of five trustees to be appointed by the court.
It
contemplates that the packers are to part forever with all ownership of the
stockyards and that the cattle producers are to have the first opportunity
to buy the stock of the corporation that will take over the packers interests
In the yards.
The Government will ask for a few days in which to study this plan care¬
fully, and will then either give its approval or point out objections, if any
Upon
Which
the
Government
Will
Insist.
(1) That the court's approval of a plan shall in no way interfere with the
enactment of any legislation by Congress which may deal with the stock¬
yards and their operation.
(2) That nothing contained in this plan or any other plan finally ap¬
proved shall be construed as a modification of the provisions of the de¬
entered in this
cree
case.
(3) That the packers shall dispose of all securities that they may, with
the approval of the court, take in part
payment for their stockyards
ests within a reasonable time, to be designated by the court.
inter¬
(4) That the decree approving the same shall (a) prescribe the rights and
(b) shall give the trustees the right to hear all com¬
plaints by packers or shiopers or producers concerning the management
of the stockyards; (c) shall give them the right to correct any practices or
arrangement for the operation of the yards
which may tend to restrain
commerce or free competition in the yards; and for this purpose to remove
any director, officer or employee of any corporation owning or operating
any of the stockyards under the control of the trustees.
(The Government has until Nov. 8 to consider the proposal, on which a
hearing will be held on Nov. 16.]
duties of the trustees;
Underwrites
$5,000,000 Pref.
Stock.—The "Boston News
underwritten $5,000,000 Pref. stock of their New
England companies, to be paid for Dec. 1.
The financing isdistributed as
The Swift family have
follows:
North Pack. & Prov. Co_.$2,000,000
ISperry & Barnes Co
$500,000
2,000,0001 Springfield Provision Co— 500,000
John P. Squire
Ill, p.
& Co
1479.
Swinehart Tire
& Rubber
Quarterly dividends of 2% each have been paid from
April 1919 to and incl. July 1920, it is understood.—V. 108, p. 689.
Tobacco Products
York
of $600,000
American Tobacco Co., making total amount applied for $18,800,000.
The
13 authorized the issue of 6,000 additional shares of Com¬
directors on Oct.
of
stock in exchange for 3,000 shares of Class B non-voting Common stock
Tobacco Co., to be acquired as an investment.
Compare
American
Y.
Ill,
p.
1573.
Pay Bonds.—
bonds due Nov. 1 1920 will be paid off at maturity at
office of the company, Atlantic Ave., Brooklyn.—V. 106, p. 819.
The directors will hold a
special meeting on Nov. 1.
This has caused
a
journal
"The company is having
says:
a
good
year,
despite
shortage of bananas and resulting high prices, and as yet has been little
affected by the financial and commercial crisis in Cuba.
It is making all its
further
expansion
See Carib Syndicate, Ltd.,
United Rys.
$2,428,918
another
on
page
the sale of
announces
Dated Nov. 1
1920; due May 1 1931.
Red. as a whole only on May 1
1926, or on any int. date thereafter at par and int., together with a premium
equal to }4 % of their principal amount for every 6 months intervening
between the date
nominations
fixed for redemption and the date of maturity.
De¬
$500, c*&r*.
Int. payable M. & N. without
so
$1,000
and
deduction for any tax or taxes) other than income taxes
exceeding in the
aggregate 2% per ann.) which company or trustee may be required to pay or
to retain therefrom under any present or future law of the U.
8., or of any
State,
municipality
county,
Union Trust Co., N.
other
or
taxing authority therein.
Central
Y., trustee.
Data from Letter of Chairman Guy E. Tripp, N. Y., Oct. 27 1920.
Purpose.—To
secure
working capital for a fixed period, and the proceeds
is to be applied to the payment of notes payable.
Provisions.—The indenture will provide (a)
that
company
(including
proprietary companies) shall at all times while the bonds are outstanding
have unpledged current assets equal to at least 1)4 times total debt of
company and
proprietary companies (excl. tne outstanding $6,275,000
Westinghouse Machine Co. 1st & Ref. M. bonds) (b) that company will not
while any of the bonds are outstanding create any
mortgage on any of its
real property or plants or its proprietary companies (other than purchase
money mortgages) unless such mortgage shall secure the bonds pari passu
with the other indebtedness secured thereby.
.
Earnings.—Tne large current volume of the business is reflected in the
billed which, for the six months ended Sept. 30 1920, amounted to
$78,771,675, and which it is believed will for the fiscal year to end Mar. 31
1921 exceed the sales billed for the previous fiscal year.
The aggregate in¬
come
of the company and its proprietary companies, for the fiscal year
ended Mar. 31 1920 (after deductions for depreciations, Federal and other
taxes,1 &c.) applicable to interest charges, amounted to $16,801,165, or more
thain
10^ times such charges, which amounted to $1,594,823.
Such
income for the 6 months ended Sept. 30 1920 after like deductions, amounted
to $8,164,875, while such charges for that period amounted to $751,852.
Assets.—As of Sept. 30 1920 current assets amounted to $128,630,880,
while the current debt, consisting mainly of accounts payable, not due,
advance payments on contracts and accruals for interest, Federal and other
taxes, after applying as of said date the proceeds of the sale of the bonds,
amounted to $31,112,486,
Outstanding Debt.—The only other debt will be this issue of $30,000,000
bonds and $6,342,500, consisting almost entirely of Westingnouse Machine
Co. 1st & Ref. Mtge. bonds, due 1940.
Capital Stork.—The capital stock now paying 8% divs. per annum,
amounts to $74,812,650, having a market value at present quotations in
excess
of $70,000,000.
Listing.—Application will be made In due course to list the bonds on the
N. Y. Stock Exchange.
Compare statement of Chairman Guy E. Tripp regarding proposed
capital increase, status of company, financial statement for four months
ending July 31 1920, together with consolidated balance sheet as of that
date in V. Ill, p. 1287.—V. Ill, p. 1382, 1480.
sales
White Oil Corporation.—Stock Listed on N. Y. Stock
Exchange—Official Statement as to Property, Earnings, &c.—
detailed statement made to the New York Stock Ex¬
change in connection with the listing this week of the com¬
pany's capital stock will be found on subsequent pages in
this issue.
In addition to the
description of the company's
the statement contains the
months ending July 31 1920 and
properties, and other matter,
income account for the
seven
the consolidated balance sheet
as
of that date.—V.
Ill,
p.
1287, 598.
Wickwire-Spencer Steel Corp.—Earnings.—
Results for Three and Nine Months ended Sept.. 30 1920.
3 Mos.
$9,046,161
Costs,exp.,&c 7,861,925
Depreciation
249,110
—V. Ill, p. 800, 598.
Yale
A
&
Towne
dividend
of
I
9 Mos.
Net sales
214%
9 Mos.
3 Mos.
$26,011,8431 Bond interest
22,151,1521 Taxes
747,3311Bal., surp-.------
$656,250
429,000
$1,728,110
$218,750
143,000
$573,376
Manufacturing Co.—Dividend.—
has been declared
on
payable
the capital stock,
10.
An official is reported as saying that
this dividend is not a quarterly pay¬
ment, but is made to bring the dividends for the year 1920 up to 20%, the
same as was paid in 1919.
On April 1, July 1 and Oct. 1 last dividends of
5% were paid, while in Jan. last a distribution of 2)4 % was made.—V. Ill,
p. 598,194.
—Clark, Dodge & Co. have issued
financial positon
elected
a
and earning
director, thereby increasing the board
for the fiscal year ended June 30 1920 will be found in
in last week's "Chronicle."—V. Ill, p. 1656.
NOTICES
an
4
interesting analysis of the probable
of the so-called Class A railroads of
power
the United States.
Figures submitted to the Inter-State Commerce Com¬
aggregate investment
figures
their
show
reduced
were
The bankers
over
on
Dec.
be
the funded debt of $9,413,909,169.
was
$1,126,378,134.
was
The
aggregate capital stock on
$7,217,912,368, making the total capitalization $16,536,
was
as
$2,275,996,801 in
that
safe
in view
excess
of this
of the total capitalization.
exhibit, railroad
investment.
South La Salle St.,Chicago, have just
500 pages containing financial statements for
companies whose securities
are
some
exceptions to Dec. 31 1919.
the
issued
booklet
financial
Babige, has been revised
»
.
Y. has been appointed registrar of
Warrants for 15,000 shares capital stock of the Penn Sea¬
Guaranty Trust
Stock Purchase
a
bought and sold in Chicago and the Middle
The information compiled by August C.
—The
The
bonds should be
the third annual edition of their manual of Chicago Securities,
with
The
$9,318,873,640.
The property investment allowed by the Inter-State Commerce
suggest
considered
West.
These
$19,939,160,943.
or •
31.1919
point out, therefore, that the above figures indicate an excess
Dec. 31 1919
786,008.
to
$18,812,782,809,
to
total funded debt of these railroads
Co.
of N.
has
been
board Steel Corp.
members.
The annual report
1ull
in fruit and shipping next year."
above.—V. Ill, p. 1190, 1090.
Investment Co.—New Director—Report.—
E. V. R. Thayer has been
15
$564,964
the entire amount.
of more than
revival of the rumor of a stock dividend.
for
$790,253
—John Burnham& Co., 41
United Fru t Co.—Stock Dividend Rumor, &c.—
to
An advertisement
bankers
The $408,300 5%
plans
$1,073,701
9 Months
Westinghouse Electric & Manufacturing Co.—Bonds
Sold.—Kuhn, Loeb & Co., N. Y., offered on Oct. 27 at
94% and int., to yield 7%%; $30,000,000 7% Gold Bonds
(subj. to their authorization by the stockholders on Nov. 18)
Commission
Union Ferry Co.—To
An exchange
$3,033,645
604,727
Afar.31'20.
mission
Corp.—Listing.—
Stock Exchange has authorized the listing
additional Common stock (auth. $20,000,000), par $100, on official notice
of issuance, in exchange for 3,000 shares of Class B Common stock of
mon
$727,531
162,567
CURRENT
demands heavy."
New
$948,640
158,387
earnings
Ill, p. 1573.
Co.—Omits Dividend.—
The regular quarterly dividend on the Common stock has been omitted
in order "to conserve the resources at a time when collections are slow and
The
June30 '20
Nov. 20 to holders of record Ndv.
Bureau" says:
—V.
Sept.30'20.
-$1,357,474
283.773
earnings.
Interest, taxes, &c
The
there b6
Conditions
the
Virginia Iron, Coal & Coke Co.—Earnings.—
-V.
sentatives of Armour & Co. and Swift & Co.
P This
a reduction in the prices of its tires,
on so-called Ford sizes of fabric tires
larger sizes of fabric tires, with a slightly smaller reduction on
Royai Oord tires.
The price of tubes is reduced 15%; solid truck tires,
10%.
The announcement
says: While the average prices of tires today, before
the reduction, are no
greater than the pre-war prices, the company's position
astocrude rubber and other materials is such that
they feel warranted at
this time in making the reductions named.
It is gratifying to the company
to be able to
promptly meet the trend of the times toward lower prices for
commodities.—V. Ill, p. 1573.
to 10%
Net
,
Chicago.—New Dissolution Plan Sub¬
mitted.—A new plan designed to meet the objections of the
Department of Justice for the disposal of "Big Five" packer
interests in stockyards under the recent dissolution
agree-
ment^ made with the Government
Rubber Co.—Reduces Prices.—
Nov. 1 ranging from 12)4%
on
Quarter ended—
Co.,
District of Columbia Supreme Court
States
The company on Oct. 29 announced
?
Gross
1918
1917
United
1759
—Columbia
Trust
Co.
Realty Corp. of an issue of $900,000
appointed
trustee
by
the
Moredal.
1st Mtge. 7% leasehold gold bonds.
THE
1760
[VoL
CHRONICLE
111.
departsand SotrntLCiifs.
1
WHITE OIL CORPORATION
under the laws of Delaware.)
(A holding and operating Company organized
OFFICIAL
.
STATEMENT TO THE NEW YORK STOCK EXCHANGE IN CONNECTION WITH THE LISTING
ITS CAPITAL STOCK WITHOUT NOMINAL OR PAR VALUE.
and
Capital Stock, without nominal or par value (of an author¬
ized issue of 1,000,000 shares), all of which are issued and
outstanding in the hands of the public, with authority to
tion
listed
add
on
it
from * and it is also
The
The
is
following
a
following
statement
or
value.
par
is
list of
a
subsidiary companies of
the
Owned by
Capitalization-
Date.
Duration.
Aug. 1917
Feb. 1917
Jan. 1920
Perpetual
Perpetual
Perpetual
Issued.
Oil Corporation.
$5,000,000
$4,264,175
10,000
50,000
$4,257,325
10.000
50,000
|
10,000
50,000
1
Amount.
Purpose.
To acquire the oil and gas properties of White Bros, and $2,500,000 par value of stock of Crown Oil & Refining
and assets of Clarendon Refining Co, and $399,700 cash for working capital
Oct. 1919
Stock issued for cash for working capital
—
Oct. 1919..
Stock issued for services and guaranty of $9,000,000 subscription
Various dates in 1920.-Stock issued in exchange for additional shares of Crown Oil & Refining stock as hereinafter stated
Various dates in 1920..Stock issued in exchange for Crown Oil & Refining Coj bonds, as hereinafter recited
Oct. 1919...
Co.
316,667 shares
...
Not
Total
Immediately
upon
its organization, the
a
Pennsylvania corporation,
$2,500,000 par value of the Capital Stock of the Crown
Oil & Refining Company, a Texas corporation, and has
continued through the exchange of its Capital Stock and
and
through the purchase of bonds of the Crown Oil and Re¬
fining Company, convertible into stock of the latter com¬
pany, to acquire additional interests in the stock of the
latter company,
so
that at the present time it owns
approximately 99 5-6% of the outstanding stock of the
Crown Oil & Refining Company, all of the stock of the
latter company
Oil
being Common Stock.
The White Oil Cor¬
advances of cash to the Crown
has made large
&
Refining Company for the purpose of completing a
refinery and a railroad connection under construction, and
purchase of oil and gas leases and for other
for i the
the
property and
assets of White
Brothers and
Imperial
Gasoline Company, the property and assets of
Clarendon Refining Company and
the stock of the
the
Crown Oil and Refining
Company, together with the acqui¬
sition of $9,399,700 in cash, for the purpose of creating a
well-rounded oil company having established production,
refining and marketing facilities. Upon the organization of
the Corporation, it acquired a majority of the stock of the
Crown Oil & Refining Company, and since its organization
it has acquired additional stock of the Crown Oil & Refin¬
ing Company so that it now owns 99 5-6% of all the out¬
standing stock of such company.
White
J.
Brothers,
White
and
Refining Company
>
organized as a Texas corporation on
August 28, 1917, for the purposes of acquiring oil and gas
lands and leases, and producing,
refining and marketing
oil and gas and their products.
It owns leases upon and
undivided interests in
the equivalent
of about 3,800.78
This company
acres
and
of
also
oil
Gulf
the
of
the
was
and
owns
Houston Ship
of
lands,
gas
developed
5,000-barrel
completed
a
and undeveloped,
refinery on the
Channel which connects Houston, Texas, with
Mexico
at
Galveston,
Texas.
It
48%
owns
Stock of the Gulf Coast Oil Corporation,
Capital
a
Texas corporation, or
432 shares of 900 shares issued at a
par value of $90,000 on which a cash dividend of 150%
was paid during
September, 1920.
The latter corporation
owns
a
number of oil producing properties in the Gulf
Coast fields and the Crown Oil and Refining Company only
receives return from it by way of dividends.
The refinery
above
Thomas
Refining Company above referred to
about
July, 1920, excepting minor refine¬
incident to a new plant, and is
was
History
The White Oil Corporation was the result of the consoli¬
of
short history of the subsidiary companies:
a
Crown Oil &
of the Crown Oil and
corporate purposes.
dation
Following is
Corporation ac¬
properties of White Brothers, all of the assets of the
Clarendon Refining Company,
700,414 shares
—
-
quired by purchase the Capital Stock of the Imperial Gaso¬
line Company, an Oklahoma corporation, the oil, gas and
poration
300,000 shares
13,333 shares
45,771 shares
; .13,275 shares
To acquire outstanding shares of Crown Oil & Refining Company stock and additional shares of Crown Oil &
Refining Company stock
11,368 shares
yet issued
other
White
Authorized.
Par.
$25
5
100
of the purposes of issue of the stock:
Date.
with
day of October, 1919,
Corporation:
Texas
.Oklahoma
New York
1
nominal
without
I
Incorporated
incorporated under the
was
The duration of its charter is perpetual.
Where.
of Company—
Refining Co
Imperial Gasoline Company
White Oil Realty Corporation
Corporation
Delaware'on the 16th
of
Stock
the
Name
holding corporation owning stocks and
a
authorized capitalization of 1,000,000 shares of Common
an
value.
Crown Oil &
Oil
White
The
laws
Stock of Crown Oil & Re¬
fining Company, as hereinafter stated, or on official notice
of issuance and payment in full, with statement of property
acquired or application of proceeds of sale, making the total
amount applied for 700,414 shares of Capital Stock, without
change for outstanding Capital
par
and the producing,
securities of other corporations.
shares of
or
Corpora¬
in the business of producing, refining and
is engaged
marketing petroleum and its products,
has
nominal
non-assessable,
leasing and exploitation of lands or the oil and gas there¬
public, with further authority to add 11,368 additional
said stock, on official notice of issuance, in ex¬
the
is fully paid and
personal liability attaches to shareholders.
no
In accordance with the terms of its charter, the
shares of said Capital Stock on official notice
been sold and is outstanding in the hands of
7,141
that
stock issued
of said
All
New York, October 20, 1920.
Corporation hereby makes application to have
the New York Stock Exchange 681,905 shares of
White Oil
OF
mentioned,
consisted
of
Patrick
completed
ments
and
adjustments
operating at approximately three-quarters of full capacity
derived
from
& Refining
crude
and fuel
oil
producing lubricating
oil
Company's
which
own
Its production is
oil.
comes
from
Texas wells.
situated that its intake and output may
Crown Oil
Its accumulated oil in storage is
by rail or waterway.
braced in the consolidated
Imperial
This
the
The refinery is so
come and go either
balance
Gasoline
Company
Company was organized by White Brothers as
Oklahoma corporation
em¬
sheet.
an
to manufacture casinghead gasoline
andt to acquire oil and gas properties which it has been
accumulating.
This company owns and operates two cas¬
inghead gasoline plants,
one
located at
Drumright,
Okla¬
many years before the organization of White Oil
Corporation active operators and producers in oil property
capacity of 2,000 gallons per day, and the
other at Broken Arrow,
Oklahoma, with a capacity of
1,000 gallons per day.
The present total output of the two
and at the time of the formation of the White Oil
plants approximates 2,500 gallons per day.
White,
a
co-partnership,
who
had
been for
tion
were
Louisiana,
owners
owners
of
Kentucky,
extensive
Oklahoma
oil
properties
and
Corpora¬
located
The
and also
of all of the stock of the Imperial Gasoline Com¬
Refining Company
corporation owning a thousand barrel
a
are
pose
67,000
Dec.
69,000
June
1 1921
1 1922
Dec.
1
Dec.
1 1919
June
1 1923
Dec.
1 1919
71,000
74,000
76,000
been
in
business
location in
White Oil Realty Corporation
for
New York
some
City,
formed for the pur¬
of acquiring and holding title to the building at No.
66 Broad
was
Street, where the home office of the Corporation
is located.
Maturity. '
1 1919
Refining Company.
with
equipment
an
Interest Amount
Date—
1 1919
of the Crown Oil &
cars
Amount.
Dec.
1 .1919——$63,000
1 1919
65,000
1 1919
1920
Dec.
1
June
1 1921
1922
Dec.
l 1923
Dec.
1 1923
Feb. I5 1921
Aug. I5 1921
Feb. I5 1922
Aug. 15 1922
Feb. 15 1923
Aug. 15 1923
Feb. 15 1924
Option to purchase—
57,000
Series B Aug. 15 1920....
47,000
49,000
50,000
52,000
53,000
55,000
57,000
58,000
Aug.
38,000
Aug. 15 1924
Aug. 15 1920
Aug. 15 1920___Aug. 15 1920
Aug. 15 1920
Aug. 15 1920
Aug. 15 1920
Aug. 15 1920
Option to purchase...
Total.
-$1,001,000
option
1
Dec.
Corporation had
time and desiring to "secure a
the
outstanding
leasing of 500 tank
Dec.
Corporation owning all of the stock of the Imperial Gasoline
as above stated, 99 5-6% of the outstanding
the
the
Indebtedness
has
Company and the Crown Oil &
still in operation, the White Oil
Gasoline
Company
Mortgage
purchase as follows, viz.:
Dec.
Imperial
After
on
and
Corporation
Series A Dec.
Company, and,
stock
trust notes
Oil
day refinery located
It has since been
a
dissolved.
Refining
White
Pennsylvania
at Clarendon with appurtenant property.
The
The
to
was
a
Funded
elsewhere,
Clarendon
with
in
which is hereinafter described.
pany,
homa,
15.1924
Rate. Authorized.
6%
6%
6%
$63,000
6%
6%
69,000
71,000
74,000
76,000
6%
6%
65,000
67,000
Amoun
Issued
$63,000
65,000
67,000
69,000
71,000
74,000
76,000
47,000
6%
6%
6%
6%
47,000
49,000
50,000
52,000
53.000
55,000
57,000
6%
58,000
58,000
6%
6%
6%
49,000
50,000
52,000
53,000
55,000
57.000
Oct. 30
Corporation
which
matures
matured
notes
the
on
15th
The first of these
1922.
August 15, 1919, since which date their
on
continued until
$16,776.90.
have
payments
$28,760.40, one
of each month to the
day
of $798.90 until July 15,
amount
obligation
assumed an
has
Refining Company of 36 notes, covering
Clarendon
purchase of 15 tank cars amounting to
the
of
Oil
White
The
of the
now
remains
there
20,000 bar¬
operation.
in fee 160 acres at Texas
City, Texas, which is to be utilized for storage and other
purposes and has a terminal lease on 20 acres of'land for
a
period of about thirty years from November, 1919, for
ing station with adequate facilities for pumping
notes
cars
remains
its
or
vested
in
The White Oil Corporation owns
tidewater purposes at
but
The
were
in
The
Oil
White
Corporation
Realty
to.
of $600,000
i
has
outstanding
the
poration owns
Station
Russell
on
and
Arkansas
farm
and
having
for the
-Producing
Grand total
State and County.
Fee.
Louisiana:
Bienville
Interest.
royalty is l-6th:
95.66
Caddo
Calcasieu
1
De Soto
the usual
few instances
a
-
M or more but
less than total
Working
Working
1,043
1,487.97
1,044.94
842.99
Drilling.
14
28"
40
40
:
194.04
194.04
4.351
4,351
Lincoln
Gas.
900
1,916.64
1,676.64
Morehouse
ProducingOil.
Acreage.
1,043
1,030.46
40
■WellsTotal
Working
Interest.
Interest.
Fee.
Interest.
900
"
200
in
Leases-
Total
;
Claiborne
240
67,296.86
-Non-producing Acreage
Acreage
457.51
106.29
Bossier
7,101.42
27,619.20
of these holdings carry
Practically all
%th royalty to the land owners although
less than total
Working
.
2,2°6
3,685.65
analysis of the holdings above referred to is shown
An
below.
the
•
63,964.72
2,034-48
271
902.66
__
H or more but
,
27.08S.52
240
LeasesTotal
3,247.65
6,941.42
160
339.68
191
Montana
pump¬
a
2.016"
438
_
11,243.59
14,251
820
13
280
Texas
purpose
which is erected
on
r
807
Total
Acreage.
40
40
Kentucky
transporting its production from the Homer field, and
has its starting point on a 10%-acre tract owned in fee in
Louisiana,
10,344.13
14,171
80
Oklahoma
of
Claiborne Parish,
95.66
—
Non-prod'g.
803.80
Kansas
a
by the Corporation
operated
-Leases-
Producing. Non-prod'g. Producing.
Pennsylvania
Railway
segregated
non-producing,
j
and
■
Louisiana.
Louisiana
Pasadena,
at
Ohio.-
its
the
farm
list of the oil and gas fee and
a
producing
Arkansas
capacity of 400,000 barrels.
This
is the terminus of a 17-mile 6-inch pipe line
cated eight tanks
tank
shows
both
-Fee-
Company, near Minden, Louisiana, on which there are lo¬
owned
are
following
State—*
production, the White Oil Cor¬
in fee approximately 300 acres of land at
of
storage
tank
a
barrels.
a
the building above re¬
on
Storage
For
owns
of approximately 141 acres owned
located 9 tanks having a capacity of
by states:
real estate mortgage
ferred
Bayonne, N. J.
also
an area
which
on
leaseholds,
thereof.
The
fee.
500.000
holders of sail notes, until full payment
assignees,
Corporation
Texas, covering
Line,
Pennsylvania Tank
said
the
notes
These
aggregating
line which is in daily
rels daily through the
orig¬
inally issued under an agreement between the Clarendon
Refining Company and the Pennsylvania Tank Line, bear¬
ing date of June 9, 1919, by the terms of which title to the
21
1761
CHRONICLE
THE
1920.]
266
266
6,000
6,000
8,041
Webster
Arkansas:
Hempstead
Montgomery
;
8,041
Ouachita
Ohio:
40
Carroll
Pennsylvania:
807
Warren
1
t>
820
'
•
67
160
...
*
80
80
Greenwood
80
376
:
Elk
456
80
80
Harvey
m
160
Lyons
«
«*
m
~
— —
160
.
1,320
1,120
200
Marion
Kentucky:
Grayson
1,041
1,116
1,041
1,116
Clinton
..
280
Lee
293
279.90
13
Madison
279.90
190
190
Morgan
425
425
Powell
240.75
Warren
Wolfe
100
...
500
Caddo
40
110
Lincoln
280
40
Garvin
160
80
110
80
........
......
80
80-
80
Noble
47
1
2,700
120
2,160
40
Creek
240.75
100
•'
Oklahoma:
Logan
.
40
40
■,
Chase
80
_
Okfusgee
,f
40
1
1
13'
•
Butler
.
1
1
_
Kansas:
;
120
40
80
t
90
90
.
Union
,.
160
40.50
701
40
Okmulgee
Pawnee
1,334.92
_
313
80"
Payne
mm
mm
-
—
'
—
—
901
1,375.42
393
Pottawatomie
472
472
Seminole
220
220
Stephens
140
Tillman
*
140
110
'
110
80
Wagoner
80
40
Tulsa
40
Texas:
Brazoria
536.44
220
128.44
186
.'
515
515
Brown
Eastland
....
Edwards
-
I
Hudspeth
■/Harris
Fort Bend
189.33
..........
...
1,216
1,216
652.88
2,846
1,280
,
670
600
70
.......
..
Crockett
829.88
177
2,846
1,280
220.33
31
3
2,277
6,000
Kimble
Knox
_
2,277
6,000
61.40
49.5
7.35
Liberty
501
501
_
Potter
i
—
m
1,920
1,920
640
180
Scurry
Stephens
w
160
640
340
5,170
5,170
350
Sutton
350
Throckmorton
70
Wichita
881.20
214
214
120
L
120
Fergus County, Montana, the Corporation has 25% of the working interest as well as operating control
Field, Cat Creek district.
In addition the Corporation owns the royalty (Kth) on 329 acres in Warren
royalty on 884 acres in the Hull Field, Liberty County, Texas, both of which properties are producing.
In
nett
NET
PRODUCTION
Oklahoma
Kansas
......
Kentucky
Pennsylvania
IN
,
1920 IS AS
July.
98,314
59,264
Total.
August.
81,154
72,408
24,855
9,107
4,205
•
4~506
407
936
619
336,549
271,874
49,523
9,107
19,119
2,680
144,746
185,253
192,348
688,852
...
/
22,003
_
NUMBER
MONTHS
June.
79,305
68,638
1,896
County,Pennsylvania, and l-180th
FOLLOWS
166,505
Louisiana
Producing
Drilling
Rigs up
Gas wells
PRECEDING
of 120 acres located in the new Win-
5,678
718
.
Total......
FOR
May.
77,776
81,564
759
State—
Texas
6
110
40
881.20
Wilbarger
Young
Montana:
Fergus
34
30
3
30
-
Jefferson
Panola.
320
320
Bandera
Chambers.....
,
687.50
687.50
Archer
OF
WELLS,
¥.736
OCTOBER
....
.....
I
T
18 1920.
222
33
7
4
1762
THE
CHRONICLE
Field Operations
field
lies in the Homer Field.
ana
embraces
14
some
This field
sections,
at present
as
The
defined,
opened
about
up
Cushing by
production
here
is
mile
a
and
half
a
of
north
well completed in October, 1919.
a
in
the
Bartlesville
sand
at
3,325
feet, and this discovery well maintained its original
9,000 acres, in Clai¬
or approx.
was
the town of
Louisiana.—The Corporation's chief production in Louisi¬
[Vol. 111.
pro¬
borne Parish, La., Townships 20 and 21 North and
Ranges 7
duction of better than 400 barrels j>er
day for many months.
and 8 West.
There
in
The original or
February, 1919, at
discovery well
completed
was
depth of 1,421 feet.
a
This well
was
small producer, but subsequent wells in its
vicinity drilled
a
by other companies
mation.
Later,
drilled
about
this
Blossom
sand
three
half mile
a
through
quite productive in the
were
some
shallow
at
four
or
months,
southwest
formation
of
the
what
is
sand
was
known
exceedingly prolific in its flush production.
wells
in
this
sand
25,000 barrels
showed
initial
day, and
per
the
enjoys
from
which
the
in
benefit
of
of
excess
wells,
the
as
found
be
to
Tests of early
production of 20,000
sand
steady, consistent settled production.
field
was
these
has
developed
two
producing
to
into
A large part of
10,000,000 barrels of oil
the
stratas
was
1920, the greater portion
of
or
this coming
time
by
from
the
shallow
upper
'The oil
pay.
this Corporation in the Homer
Field
(October, 1920) amounts to 4,000 barrels
this
at
day, has
per
gravity of 38 to 40 degrees B, the market price of which
$3.25 per barrel, but the Corporation has effected sale
a
is
of considerable of its storage oil at a substantial
premium
that figure.
over
At present its proven acreage consists of
239 acres, on which 20 shallow and 8
drilled, without
being drilled.
are
is
single dry hole.
a
owned
by
The oil is moved through
this
Corporation,
which
developed leases to the tank farm,
which is equipped with
and
deep wells have been
Four additional
the 239 acres
now
acres
the
A railroad siding
shipping needs.
in the Homer District.
Corporation has 242
in the
near
rels per
future.
is placed
which
are
is sold
Estimated
at 27,000
directly to pipe lines
output
for the current
barrels, not including production
new
drilling.
The
properties is found at about 2,300
operations
are
operation,
contemplated
Present production consists of 75 bar¬
be obtained from
may
these
have
Other wells
day—all settled—which
probable life
years
should
after
gregate 1,071
easily extend
settling.
over
Total leases in
with
found
half
the
most
wherein
are
found
the
a
since
was
drilled,
drilled
deeper.
to
depth of 2,400
a
to
this
territory ag¬
producing
Okmulgee,
condemned
2,600 feet,
Result has been that several
new
and
by
and
dry
even
Texas.—The
Texas
was
drilling, and
which it
on
ing 500 barrels
B.,
The
acres
the Red River,
per
in gravity, 30%
posted
of which it has proven
by its own
market
gasoline and other valuable
contents.
price
The
leases, comprising the 120
will
has 4
producing wells averag¬
This is light oil, 34 to 40 degrees
day.
is
$3.50
acres
per
barrel.
wells.
One
additional
well
others will be started and completed
present year.
rapidly
as
Future development
possible and
as
two
mentioned, it is estimated,
produce this year at least 95,000 barrels of oil
present
is
now
drilling
from
and
before the end of the
will
be
undertaken
as
conditions may warrant.
Payne County, Oklahoma, under
a
great portion of which
lies the Bartlesville sand, and in which
county the famous
Cushing pool is located, is
ties of the state.
one
of the chief producing coun¬
A northwest extension to the old
the
field
at
least
was
previously brought in.
There
encountered in these
gas
this
on
and
property,
wells
Another well
5
being
are
good oil showing and being:
a
first
production
in
North
its 20-acre lease in Block 820, along
on
in what is called the Northwest Extension
Field, Wichita County, Texas.
well in this district
covery
The dis¬
brought in about November
was
10, 1919, at a depth of 1,621 feet, in the river bed approxi¬
mately one-half mile west of the property above referred to.
Wells in this district usually respond with a flush produc¬
tion of from 200 to
1,500 barrels per day, maintaining this
rule, for several weeks before settling to a steady
production of 30 to 200 barrels per well per day.
The oil
rate, as
a
produced
by this Corporation, settled to 375 barrels per
day from four wells at this time, has a gravity of 40.6 de¬
grees Baume, and commands a premium of 30 to 40 cents
per barrel
of
its
is
above the posted market price of $3.50
(approximately 35%)
high gasoline
The
content.
estimated
have
drilled
been
increase
these
1920, and
through
figures.
from
output
120,000 barrels during
the
this
as
sand,
property
of the
none
alone
wells
deeper drilling
Corporation
The
because
and lubricating
may
under lease
has
in this district 90 additional
wells
acres as yet undeveloped.
Two
drilling and additional will be started as condi-.
are
time.
1
In other
portions of North-Central Texas the Corporation
has started operations in the Lee Ray District of northern
Eastland
in
County, where it is
start
soon
the
It is
well
a
southern
districts
it
portion of
leaseholds
has
this county,
of
drilling
now
drilling 2 wells, and will
now
its 60 acre lease in
on
a
well
the Hilborn
in both
practically
proven
2,560-acre lease
Field1
of which
acreage.
the big
This well has had considerable
on
a
wells in Potter County.
gas
is not
developed below.
solid block of
near
6,000
Another will is being drilled on
a
in Knox County, on local structure
acres
Cushing
Both of these latter operations are
prominence and approved by some of the
best known geologists who have studied that portion of the
state.
The
Corporation's holdings in North Central Texas
in
excess
of 24,000 acres, lying principally in
Eastland, Stephens, Wichita, Archer, Kimble, Knox, Potter,
Clay, Edwards, Sutton, Crockett and Hudspeth Counties,
and
of
none
these
leases
in
are
areas
geologically
con¬
demned.
In Eastern
est interest
Here the
Texas, Panola County at present holds great¬
by reason of large gas wells recently developed.
Corporation has
with respect to gas and
way by
In
some 500 acres, all lying favorably
drilling operations at present under
other companies.
the Gulf Coast area, while
scattered
this Corporation has
Oil
this report.
1
and
Refining
at West
name
of the
elsewhere
a
in
15-acre
Columbia, in addition to the operations of
Crown Company in
White
comprise 2,296
Elk,
in the
treated
It is, howrever, starting operations on
Kansas.—The
sas
are
Company,
few hundred feet north of the famous Abrams No.
a
well
some
holdings in the principal districts of interest, in
the main leases in these territories
Crown
the
now
of
Corporation's
developed
of the Burkburnett
The Corporation has under lease in these 2
counties clqse
3,500 acres, 120
extended
deepened.
lease
productive
pools have been opened up.
to
well
barrels
in the Wheeler
structures of
developed in late 1918 by drilling to the Dutcher and
sands, found at 2,650 and 3,000 feet, respectively.
vast amount of
activity followed in old spots and new-
holes
completed
the Marathon fold.
oil
considered
flowing 990
gas,
the initial production
of the latter having
one
on
Beggs, Youngstown, Kellyville and
was
This
of
depths ranging from 1,250 to 1,500 feet.
on
were
territory
feet.
volume
day, and their
Wilcox
where
well
a
depth of 4,000 feet and it is being deepened.
The oil
bearing strata will be tested in the event large production
Wells
Youngstown pools
even
1920,
million feet
showings of oil, but it is desired to test the formation to
other active pools. Oil has been
produced from the Glenn and
other shallow sands for
perhaps 15 years, and had settled
down to a
consistent, though small, production per well
until what is known as the
Beggs and
A
In addi¬
that
Creek and
are
3,000
period of 12 to
per
important
counties in Oklahoma at this time
July,
west, and
enormous
an
comprise
of
at
mile
acres.
Oklahoma.—Two
in
several
twice that of any other well
at
20 wells in the field,,
a
so
quickly and economically completed.
day, which settles to 5 to 50 barrels
completed
day
sand,
is
or
has not been defined.
sand
oil
feet,
initial production of 50 to several hundred
barrels
an
perhaps 15
area
tions warrant from time to
Field, Louisiana,
of proven leases in
acres
serving that territory.
year
In addition to
producing, the Corporation has total hold¬
with 14 oil and 1 gas wells.
15
from
distance of 17 miles,
a
In what is generally known as the Caddo
per
6-inch pipe
loading rack of ample capacity has been provided at
ings of 1,916
on
a
extends
telephone line.
a
the tank farm to meet rail
the
wells
The estimated output for the current year
702,000 barrels.
line
tion
a
producing
t(> the Bartlesville sand well, the White Oil Corpora¬
per
pro¬
duced during the first 0 months of
produced
tion
for¬
well
shallow
to
which
2,050 feet,
same
a
at this time
are
that the
so
that field.
Oil
acres
Corporation's holdings in Kan¬
in the counties of Butler,
Greenwood,
Harvey, Lyons and Marion,
light oil fields of this state are situated.
Chase,
where
the
The Covert pool,
sometimes called the North Peabody
Field, has its beginning with the bringing in of a well in
Section 28, Township 21 S., Range 4 E., Marion County,
about April 1, 1920, rated at 640 barrels when only 2 feet
in
the
begun
sand—found
immediately
at
north and east of the
of
any
lease
of
to
our
the
2,368 feet.
Active operations were
our 200 acre lease lying 660 feet
well in question.
Prior to completion
on
wells, others
brought in offsetting this
few hundred feet from its
were
south, and also
a
west
line, one of the latter wells making 1,800 barrels per
day initial.
This is a new pool and has not yet been de¬
fined.
At this time (October, 1920) with 5
producing wells,
the Company's production, partly settled, is
averaging 750
barrels per day, and it is estimated this lease will
produce
during
the
present
year
100,000
barrels.
The
oil
has
a
Oct. 30 1920.]
4. ii
i
i
x
;
*
THE
'
CHRONICLE
gravity of 33 to 35 degrees B, and is run direct to pipe lines
serving the district, who pay the market price of $3.50
therefor.
Three
be drilled
as
wells
required,
dictate.
may
other
The
or
the
as
drilling
are
and
others
Corporation^ also drilling
leased eleven miles east of the town
In
Greenwood County a
wildcat
of
520
on
acres
Marion.
well
in
is 40 to 31
thickness,
time
B.
and
this
Section
21,
The sand varies from 25 to 60 feet
should
well
SO-acre
lease
started
operations.
within
poration has
100
to
half
a
for
many
the
of
it
result
one
acre
an
and
whic-hj has settled to 75
of
drilling.
or
more
during the current year, depending on the number of wells
completed.
The oil is run to pipe lines serving the field
which pay the posted market
price of $3.50 per barrel.
or
"Protection"
favorably
on
leases,
reported
in Kansas is what is
acreage
purchased
structure,
near
drilling wells
and carefulty se¬
all
Corporation's
production
in
Ken¬
tucky at this time is in Powell County, Beattyville
District,
a gross daily production of
approximately 140
barrels, all of which is thoroughly settled.
This oil comes
where it has
from
47
wells
drilled
in
during
1917,
1918 and 1919, the
first of which brought the district in
question into its first
real prominence, and it is the consensus of
opinion that the
wells should continue to produce oil in
paying quantities for
The wells vary in depth from
period of at least 15 years.
a
700
to
900
gasoline,
feet, the oil has
gravity of 39, contains 41%
lubricating qualities.
At this time
the market price of this crude is $4.50 per
besides
(October, 1920)
barrel,
in
tion
premium
The
of
25
cents
developed
and
which
to
per
the
barrel
proven
Corporation
all
on
the estimated production from
70,000 barrels for the current year.
acres,
In
of
here
property
its
receives
production.
consists
which
a
is
of
425
placed
at
Warren
County
in the heart of the
sides
of
its
the
Corporation
controls
settled
241
Davenport Field, with production
leases.
drilling operations
One
well
has
been
acres,
on
four
completed,
and
in progress on three additional.
are
The
principal sand is found at 1,050 to 1,100 feet, and wells are
quickly and cheaply drilled.
There is another sand, which,
where
450
found
in
this
field,
feet.
In
has
splendid
owns
production
leases
addition, the White Oil Corporation has a 15-acre lease
lying directly north of this well, on which it will start
drilling operations.
It is confidently expected that produc¬
tion
will
be
the next 60
developed
on
Humble
Field.—This
was
lies
on
been
started.
An oil showing has just been found
feet, which will be tested.
at
at
790
The pro¬
is 11,000
barrels,
and
without
1,200 feet. Later
drilling developed sands at depths of 1,700 feet,.
2,500 feet and 3,000 feet.
Most of the Crown's production
here is from the
1,700 foot level, and at present has settled
thoroughly to 160 barrels per day from 16 wells, and one
well is drilling.
It is estimated the Company's properties^
will
produce 35,000 to 40,000 barrels of oil this year.
Hull.—This field is located about 40 miles east of Hous¬
ton,
Texas,
1918.
and was opened by
Crown's
The
west of
leases
further
can be and
is cheaply operated,
practically this rate of production for many
Field Operations—Crown Oil & Refining Co.
Crown Co. is operating and producing in the fol¬
lowing well-known fields of the Texas Gulf Coast, which
Goose Creek,
the
1,700 foot level where wells
The market
price of Gulf Coast crude, which is produced!
fields, is $3.00 per barrel, but
the greater portion of the Company's production is moved
by pipe line or barge to its tank farm near the refinery at
in
all of the above named
Pasadena,
Texas, for refining
acre
Company also has two small wells on a 40County in which it owns one-half of
working interest.
lease in Wichita
Employees.
The
Corporation and its subsidiaries employ continuously
about 800 employees, and in addition others as required for
refining, drilling and production operations.
Dividends
No
a
dividends have
dividend
Of
its
was
a
low at the
time
of
petroleum
has
the
field
abandoned, and it was not revived until
a deeper test to 2,000 feet resulted in
10,000 barrels per day.
This created great
when
activity and the field afterwards became
of
that
practically
gusher
now
in
in
the
large
quantities.
Goose
Creek
approximately 1,100 barrels
The
field
a
a
steady producer
Crown
net
Company
production
of
day (October, 1920) fairly
settled, from 23 producing wells—most of it from the
2,800 and 3,300 foot stratas which were developed following
per
well
the
and
the
completions referred to above.
others
policy
which
contemplated
may
determine.
on
the
Four wells
are
drilling
Company's
The total
property, as
acreage is 42 acres,
small, but the history of the Gulf coast shows
that small acreage there produces many times the
quantity
seems
of oil which
might be expected in other fields of the country.
The Goose Creek oil has a gravity of about
20, practically
paid by the applicant,
nor
has
the
fol¬
rate been established.
predecessors
and
subsidiaries,
however,
lowing dividends have been paid:
Clarendon Refining Company—Stock dividend of 20 %,
amounting
to
$20,000, in February, 1917; 6%, amounting to $15,000, in June 1917, and
15%, amounting to $75,000, on January 1 1919.
A
montnly cash dividend of 2-3 of 1 %
its Common Stock
was
on
its Preferred Stock and
1^% on
also paid from August 31 1917 until October 301919,
A cash dividend of
10%, amounting to .$160,000, on September 1, 1918.
Imperial Gasoline Company—An accumulated cash dividend of $3,658 49
to its stockholders of record
No
Houston, Texas,
along the deep water channel extending from Galveston to
Houston, and was first discovered by completion of small
wells around 1,200 feet about 1913.
The production was so
August, 1916,
been
of October 27
as
Balance
so
purposes.
The Crown
balance
for the
prices
quickly and economic¬
are
ally drilled.
Goose Creek.
crude
in.
south¬
1919.
West
This field lies about 20 miles southeast of
and
drilled
and
are 3 producing sands in this
field, viz.: 1,700, 2,300'
3,000 feet.
Most of the Crown's production is from!
and
Columbia, Hull, Humble.
small
well
northwest
discovery well, and on its properties there are
producing wells and 2 drilling.
Its production av¬
erages 80 barrels per day settled, and it is estimated the
production will be at least 50,000 barrels during 1920.
The
be discussed in the order named:
wildcat
a
west,
(totaling during this period the amount of $154,752 83.
Cm.cn Oil and Refining Company—A stock dividend of
100%, amounting
to $2,000,000, on July 15 1919.
years.
will
lie
the
3
now
drilling the least which
should maintain
of Houston,
produced vast
has
and deeper
day, which is sold at $6.20
per barrel, or 10 cents above the posted market price.
In
addition, the lease makes about 100 gallons of casingiiead
gasoline per day.
Estimated production of oil this year
property
north
It
over
Pennsylvania.—The Corporation's production in this state
acquired among the assets of the Clarendon Refining
Co., and consists of about 800 acres, with 67 producing
this
miles
wells produced from sands found at 900 to
was
from
18
discovered in 1904.
quantities of oil in the intervening period and is noted for
its large wells and the longevity of
production.
The first:
practically in a solid block, which is located
quite favorably for oil production, and on which a well has
wells, in the Tidioute District, Warren County.
both of these properties within
days.
1,000 acres,
duction averages 35 barrels per
•
In
the
County the Corporation
the produc¬
feet northeast of the 26,000 barrel well
completed July,
1920, and which production was maintained to late August.
..
Clinton
This year
the
There
addition the Corporation has about 30 barrels
production per day from 13 acres, 4 wells, in Lee
County,
Ky., and 280 acres undeveloped in this district.
In
of
Company has to date produced
1,000,000 barrels of oil.
Company should reach from present wells
approximately 100,000 barrels.
The Company is also en¬
gaged in the development of its acreage lying about 1,600
a
its
addition
lease of the Crown
Texas, and
chief
development by
companies followed rapidly, with
gushers were drilled, and in .fact, a
that many
than
more
lected.
Kentucky.—The
a
the major and many small
the
immediately
At this time " (October, 1920) the Cor¬
Practically all of the other
bbls. per day from a depth of 480 feet in
Intermittent drilling was done on and
around the dome for many
years, but not until late 1917 or
early 1918 was oil brought to the surface in paying quan¬
tities from a depth fo
2,636 feet.
Active
in
owned
oil per day, and another well
It is estimated the lease will produce
15,000 barrels
termed
amounted to 5
the
At
years.
Corporation
mile
producing well
one
barrels
produce
completed
was
West Columbia.—First production at West
Columbia (lo¬
about
40
miles
southwest
of
Houston,
Texas)
cated
well drilled in 1904.
Township 23 S., Range 9 E., was completed in April, 1920,
at a depth of approximately
2,550 feet, flowing at the rate
of 300 barrels per day.
The gravity of the oil in this dis¬
trict
gasoline (perhaps 3% to 5%), but wonderful lubricating
qualities, with low sulphur and paraffine content.
no
will
policy of the Corporation
1763
reason
sheet
is
Sheet
presented
that the
as
Corporation
of December 31,
was
1919,
not organized until
about
November 1, 1919, and the work was in the maiii
preliminary work, and the period was one of building, out¬
lay and expenditure, and hence a statement as of that date
would not reflect any valuable information as to the Cor¬
poration's operations and the information as to the Corpora¬
tion's property is embraced in the balance sheet of July
31, 1920.
I
The
Clarendon
Refining Company was out of business
December, 1919.
The Crown Oil and Refining
Company in 1919 was largely in a formative state engaged
in building a large refinery which is herein referred to and
before
which
sheet
has
of
mitted,
since
that
owing
formative
been
completed.
company
to
the
condition
as
fact
No
authentic
balance
of
December 31, 1919, is sub¬
that the company was in the
mentioned
and directing its principal
building of the refinery, which in¬
volved large expenditures of money; any balance sheet of
energies
towards
December
as
to the
properties
the
31, 1919, would not reflect valuable information
Company's operations.
are
concerned
dated balance sheet as
So far
as
they are shown
of July 31, 1920.
the Company's
in
the
consoli¬
-
THE
1764
WHITE OIL CORPORATION AND SUBSIDIARIES
CONSOLIDATED
INCOME ACCOUNT FOR SEVEN MONTHS TO JULY 31
1920.
(Subject to adjustment at end of fiscal year.)
amounts due on account
Imperial Gasoline Company
207,765 40
—
Realty Corporation
to
53,939 73
_____
..$10,917,005 27
Total gross earnings...
Deduct'.'
computed by multiplying such unit value by the number of
units of material extracted during the year.
It is proposed
3,816,149 32
Crown Oil and Refining Company
v;"',
Not
$5,805,284 35
...........
dispose of its stock interests in any constituent,
to
1,974,333 33
subsidiary owned or controlled company, or allow any of said
130,607 85
Refining Company
and
Stock Ex¬
with the New York
agrees
corre¬
a
change as follows:
::vv-
Corporation
Crown Oil
appurtenant physical property at
the
deplete
sponding rate.
The Corporation
Operating expenses:
White Oil
Under this method
of such taxes.
estimated and divided into the cost or
to determine the unit value.
Depletion is
thereof
value
Corporation$8,839,150 82
White Oil
Profits Tax Laws for the purpose of determining the
cess
the recoverable oil is
Gross earnings:
White Oil
[Vol. 111.
CHRONICLE
constituent, subsidiary, owned or controlled companies to dis¬
Imperial Gasoline Company—______
White Oil Realty Corporation—....
61,636 19
of stock interests in ether companies unless for retire¬
and cancellation except under existing authority or
direct authorization of stockholders of the company hold¬
pose
ment
7,971,861 72
Total operating expenses-
on
Balance
Less
$2,945,143 55
....
for 1920 Federal taxes
reserve
(approximately $150,000),.
1,050,000 00
'L —_— .....
depreciation and depletion...
July 31 1920, carried to surplus. $1,895,143 55
Net earnings—January 1 to
CONSOLIDATED BALANCE
SHEET AS AT JULY 31
(Subject to adjustment at end of fiscal year.)
ous
$409,768 67
Notes
1,190,042 94
.............
receivable....
39,465 98
—— — -
owned
.
3,634,935 69
Total current assets
$5,274,213 28
—....—
350,000 00
Good-will
Investments:
'W-
,
Stock in subsidiary companies—
Gulf Coast Oil
Miscellaneous
"' A'.'
V'v.'
....$12,870,674 86
Corporation (48%)
investments.........
12,843 00
13,451,017 86
Refineries
Tank farms.
Tank
Office
—
—
building and site——
fixtures
officer
or
To
consolidated income
/
with
the
of
rules
Stock
the
interest or dividends
shall be pay¬
thereon
registry office in the Borough of Manhattan,
■
.
which
530,743 92
.... —
....$48,999,891 12
all
that
To
775.423 73
assets._.......
director of the
Corporation.
^Exchange in
the event of the issuance
their interests after authorization,
subscriptions, or allotments shall be
transferable, payable and delivered in the Borough of Man¬
hattan, City of New York.
and
29,393,916 06
Total
accordance
notify the Stock
within
68,945 37
60.347 32
charges to operations..
a
^
rights or subscriptions or allotments of its securities
and afford the holders of listed securities a proper period
$30,169,33979
Deferred
or
income
an
subsidiary,
of any
—
1919
companies;
annually
constituent,
of a registrar of its stock, or of a trustee of its
other securities, without the approval of the
Committee on Stock List, and not to select as a trustee an
depreciation and depletion to De¬
cember 31
also
all
or
Autos, tractors and trucks
Less
of
or
1,094.097 09
v
in
securities with
bonds,
967,349 64
cars
Furniture and
year,
a
able; also a
661,517 21
—
the
sheet
transfer office or agency in the Borough of
Manhattan, City of New York, where all listed securities
shall be directly transferable, and the principal of all listed
470,049 30
359,663 52
....
plants
controlled
maintain
agency
2,745,546 09
—
—
Pipe lines
of
end
balance
City of New York, other than its transfer office or agency
in said city where all listed securities shall be registered.
Not to make any change in listed securities, of a transfer
567,500 00
Capital assets::
^
Oil lands, leases and equipment
.$23.741.824 25
Gasoline
or
Exchange,
..... _
the
and
account and balance sheet.
To
——$382,187 05
(at market prices).
3,252,748 64
Materials and supplies (at cost).
Oil in storage
at
account
Inventories:
,
fiscal year, and a balance sheet showing assets and lia¬
bilities
.'
Cash
I
publish at least once in each year and submit to the
stockholders, at least fifteen days in advance of the annual
To
meeting of the Corporation, a statement of its physical and
financial conditions, an income account covering the previ¬
1920.
vassets.
Current:
Accounts receivable
ing the said companies.
To publish quarterly statement of earnings.
record
to
rights,
notify the Stock
tional
of
amounts
Exchange of the issuance of addi¬
listed
securities,
and
make
immediate
application for the listing thereof.
To
publish promptly to holders of bonds and stocks any
respect to interest on bonds, dividends on shares
or allotment of rights for subscription to securities, notices
thereof 'to be sent to the Stock Exchange, and to give to
action in
~~~
liabilities.
Current:
■
Accounts
Notes
;
payable
....
— ...
Accrued expenses
— ....
43,370 01
(including interest)
Total current liabilities
White Oil Realty
$1,490,844 49
—............
7% Bonds
♦Crown Oil and Refining Company First Mortgage
Tank Car
$973,242 48
474,232 00
—
payable
Clarendon
Tank
Car
tank cars)...
(15
Equipment Notes
Capital account:
White
561,173 60
226,132 09
;7'
—
v.
.
Corporation
Oil
——
leaseholds.......
Stock—autnorized
no par
value: outstanding 681,905 shares
000), depreciation, depletion, &c__
Surplus account:
Net
earnings—January 1 to July 31 1920..
1
Less deficit—January
1920
1,809,005 60
.$48,999,891 12
liabilities
16, 1920, these bonds were paid off in fuli by payment to
On October
& Metals National Bank of New York City,
the Mechanics
under
the
the Trustee
mortgage.
as to
Depreciation, Depletion and Acquisition and
'
Development of New Properties.
•
;.
Corporation is to constantly acquire and
The policy of the
develop
acreage
new
to assure
The usual
a
and
The policy
P.
J.
White,
charge based on the valuable life of the property so
that when its value is exhausted it will be entirely written
tion
inaugurate a conservative policy along
adopted for depreciation will vary
according to the value of property and whether its usable
value is linked to a particular purpose.
In view of the
It is proposed to
this line.
The percentage
recent organization
of the Corporation, this subject is hav¬
the attention of the Corporation, and experience and
■observation will be utilized to work out a fair system which
ing
is
still
in
process
of study.
The Corporation purposes to
depreciation as administered by the
■conform to the rules of
Federal Income Tax authorities.
The
F. H.
,
M
Corporation's policy in reference to depletion is to
prescribed by Federal Income Tax and Ex¬
follow the rules
Lex¬
Mon¬
Pittsburgh, Pennsylvania.
Bethell,
S. Z.
Thomas White,
J. W. Colvin.
Mitchell, Oscaf L. Gubelman, Louis E. Stoddard,
L. P. Hammond and A. M. Fosdick, all
Hutehins, Jr.,
of New York
City.
The Officers of the Corporation are:
P. J. White. Presi¬
H.
F.
Bethell, Thomas White, J. W. Colvin and
George E. Colvin. Vice-Presidents; It. T. Wilson, Treasurer
and A.
M.
Fosdick.
Secretary.
Registrar is:
Guaranty
Trust
Company,
No.
140
Bfoadway, New York City.
The
Transfer
Agent
is:
American
Exchange
National
Bank, No. 128 Broadway, New York City.
WHITE OIL
1
CORPORATION,
By R. T. WILSON, Treasurer.
customary charges for depreciation will be
cost of buildings and equipment.
Kansas;
Lewistown,
of the Corporation ends December 31.
(elected annually) are:
and leaseholds in the different fields
of the Corporation will be to make a deprecia¬
Wichita.
Oklahoma;
Tulsa,
constant supply for sale and refining purposes.
made against the
■off.
Texas;
Worth,
at Wilming¬
Shreveport, Louisiana;
George E. Colvin; Alexander J. Hemphill, Lewis L. Clarke,
Charles A. Stone, Guy E. Tripp, O. H. Cutler, Harry T. Pe¬
The
Tolicy
Fort
Kentucky;
and Clarendon and
dent;
♦
the
The Directors of the Corporation
It. G.
86,137 95
—
Total
tana ;
ters.
$1,895,143 55
_
and
ington,
office of incorporation
and also offices at
The fiscal year
1,050,000 00
...
or
a
Delaware,
Houston
....
General reserve—1920 Federal taxes (approximately $150,-
extension
or
cipal office, No. 66 Broad Street, New York City, New York,
on
the second Tuesday in April each year.
The Corpora¬
1,000,000
42,867,728 43
Minority interest in capital account—subsidiary companies.
6,506 91
shares,
notice in advance
least ten days'
of the transfer hooks,
record of holders for any purpose.
The annual meeting of the Corporation is held at its prin¬
ton,
57,000 00
.....
;
Deferred payments on
Exchange, at
closing
tion also has its home
19,173 60
— ...
—...
....
Final payment (300 tank cars)
the
taking of
388,500 00
600,000 00
Corporation 6% Realty Mortgage.l.
Equipment Notes (300 tank cars)$485,000 00
Stock
the
of
This
681.005
recommends
Committee
of
shares
that
the
above-described
without nominal or par
value, he admitted to the list with authority to add 7,141
shares of
said
Capital
Capital
Stock,
Stock on official notice that it has
been sold and is
outstanding in the hands of the public, and
11,368 shares of said Capital Stock, on official notice of is¬
suance
in
exchange for Capital Stock of Crown Oil & Re¬
fining Company,
or
on
official notice of issuance and pay¬
ment in full, with statement of property
acquired
or
appli¬
cation of proceeds of
sale, all in accordance with the terms
of this application, making the total amount authorized to
be listed 700.414 shares of Capital Stock, without nominal or
par
H.
value.
S.
ROBERT
MARTIN,
Assistant
Secretary.
GIBSON,
Chairman,
OCT. 30 1920.]
THE
CHRONICLE
spindles and 1,722,396
en
glic CommmM pmcs.
dles
tl
Friday Night,
lower
and
prices
Oct. 29 1920.
trade has
retail
brightened
up
nothing marked, however.
The American
people are plainly disinclined to buy goods freely on any¬
thing like a war basis of prices.
Though there have been
recent
reductions,
level, too
they
far
still
are
much so .to invite active
at the East
weather,
wTas
not
warm
without
been colder with
all branches of
some
when
Business
snow.
manufactures.
as
moving
of them
or
is
working only three
are
especially the
men
and the
depressed.
are
for
looked
Very
South
a
Many
week; that
In some others
of the lumber
many
closed,
are
slowly.
very
four days
i Prices
Bikilding
is
and
slow
Meanwhile
great
no
on
activity
is
is increasing.
It is said, too, that labor which happens to be at work has
now.
is
the hint and
taken
unemployment
efficient.
more
Some
Pennsylvania
workers in the textile trades have been plainly notified that
efficiency is
a
and this is
good thing as
a
pre-requisite to employment.
Coke is lower,
aid to the iron and steel busi¬
an
Wheat exports continue on
ness.
has been more'
large scale, and there
a
less foreign buying here of corn and rye,
or
These
been
worsted.
Sept 1,
on
Of woolen
spindles the idle per¬
44.6;
was
figures show how great the shrinkage of output has
within
Five
few months.
a
;
,
big hotels uptown have cut table
d'hote prices from
Three well-known restaurants have
$4.25 and $4.60 to $2.50.
also cut prices nearly one-half.
The British coal strike is
on until next
Wednesday at least.
A ballot is to be taken
on the British Government's
proposal of two
in
crease
pending
with
wages,
future
a
the coal output.
on
York are
demanding
advance
or
shillings' in¬
reduction, de¬
Milk drivers in Greater New
increase in wages of $10
Daylight saving ends at 2 a.m. Oct. 31.
an
Farmers in the Southwest
mills
for lumber
Iron and steel prices are also evidently
decline.
the
off.
being laid
are
at the West
has
steel, textiles, in
in the textile. branch.
case
had real fall
rule is dull in
a
Iron and
fact all kinds of industries, are
weather
The West
Idle spindles
August 2, 45.5; July 1, 42;
23.1; May 1, 11.5; April 1, 9.5; March 1, 10.3; Feb. 1,
7.1; Jan. 2, 9.1.
Of worsted spindles idle the percentage on
Sept. 1 was 38; Aug. 2, 37.6; July 1, 32.7; June 1. 14.2; May
1, 7; April 1, 7; March 1, 11.7; Feb. 2, 7.9; Jan. 2, 10.2.
pre-war
The
we
winter.
of
touch
the
buying.
until to-day,
a
above
spindles.
June 1,
It is
somewhat.
and 26 of
centage
Trade is generally slow at wholesale, though with colder
weather
worsted
975,578 woolen and 606,040 worsted.
The percentage
of idle machinery to total
reported was 43.2 of woolen spin¬
were
COMMERCIAL EPITOME
-
1765
called
are
holding, back wheat.
farmers' strike for higher
a
bushel.
Some
7,000 farmers
Northern
ment.
Nebraska
large quantities of corn
are
said
farmers
tion workers, who have been
It is
prices.' They
to
want $3 per
be in the move¬
may,
it is
fuel this winter.
as
week.
a
said,
burn
Cuban planta¬
receiving $7
per day for cut¬
their' employers that they
are ready to accept $2 to $2.50 per day to
help out in the
present sugar crisis.
Some of the woolen mill workers in
ting sugar
have notified
cane,
this country are accepting reductions in pay of 10 to 20%.
The threatened strike of truckmen in New York on Nov. 1
been
has
The
averted.
men
have
agreed
to
await
the
result of final negotiations.
It is said, however, that
Germany and Holland have also been buying quite freely
Soft coal operators throughout
the country have agreed to co-operate' fully and heartily
with Attorney-General Palmer in an effort to reduce coal
of American wheat.
prices.
well
as
big purchases
as
of
Europe, much of it for Belgium.
is said to
at
that
and
these items
On
was
to the
other
the
hand,
seasonable.
Copper
with rumors of large sales
Moreover, the stock
has been 8 to 10%.
call money
of
.
The wool trade is depressed.
be down to 15 cents,
price.
for the Continent
wheat
market has declined,
Naturally neither of
liking of the commercial community.
however, the weather is certainly
That will give a filip to
The betting on Harding here is still generally 6 to
1, though in some isolated cases reported in small amounts
at 7 and
8 to 1.
,v
LARD
lower; prime Western 20.10(a),20.20c.; refined to
Continent 233^c.; South American 23^c.; Brazil in kegs
24 %c.
Futures declined on near months despite higher
business.
prices for hogs and grain.
Liquidation has been generalf
especially of near months.
January and May on the other
hand, advanced as stocks of finished product are decreasing.
Good buying of these months was inspired by higher prices
for hogs.
Some export inquiry, too, has been reported.
To-day prices were easier generally but the ending was at
a small net rise for the week on
January though at a decline
and the
on
more
throughout
the
Failures,
country.
retail business
moreover,
are
though it is true that they are larger than for
week last year
and the year before.
fewer,
the
same
Farmers are obtaining
higher prices, too, for grain and cotton than they were
week ago, another
fact which
a
be reflected in the retail
may
Taking the country as a whole, business is slow,
general notion is that advances in prices are only
momentary rallies and that the general trend is downward
and
up
will
continue
Textile
workers
district
that
capable
manner
or
be
to
until
American
the
people
make
their minds to buy with something like the old freedom.
have
they
and
notified
been
in
perform
either
must
the
Philadelphia
their
tasks
in
a
repudiate their radical union leaders
approximately 125,000 of them will
soon
be discharged.
Deliberate inefficiency of labor per man, with the idea of
making
jobs, is turning out to be
more
boomerang.
a
duced output and raised prices until the people
States have rebelled and will not buy goods.
ing mills,
or
keep them
open or
days
making mill
Half
week.
a
not.
indifferent whether they
owners
Many
are
running only three or four
mills
the lumber
cotton, woolen, worsted and silk mills
to see how labor makes
the
eve
of winter.
have closed;
are
shut.
many
It is hard
anything by all this, especially on
Many workers have voluntarily accepted
reductions of 10 to 15%, and even in some cases 20%,
wage
in order to keep the
of
It re¬
of the United
This is clos¬
the
mills
of
At Greensboro, N. C., seven
mills open.
the
Consolidated
Textile
Corporation are
1-3%, effectvie this
reducing operating time by about 33
week, and remaining in effect until market conditions im¬
Wages will stand unchanged.
prove.
Knitting Co.
tives
with
announced
no
reduction
running full time.
The Huntsville, Ala.,
cut of 10% in wages of opera¬
a
in
working hours.
The plant is
At Greenville, S. C., the Woodside Cotton
Mills, controlling six plants employing between 1,500 and
2,000 operatives, will reduce the
on
Nov. 1.
the
wages
at each plant 15%
The Chipman Knitting Mills, of Allentown,
largest in
the
Easton
laying off additional workers.
The Sulloway Mills, Frank¬
lin, N. H., have shut down for
to lack of orders.
Pa,,
district, continues to curtail by
an
indefinite .period, owing
Several large cotton mills around Green¬
ville, S. C., have announced reductions varying from 10 to
20% in wages.
The Otis Co., of Ware, Mass., announces
that its cloth department would operate only four days a
because of lack of orders.
week
it is
generally believed that
wages
in
the
a
New Bedford advices say
downward readjustment of
entire cotton
evitable and will
manufacturing industry is in¬
probably take place within 30 days. Some
25,000 cotton ginners are being urged to close their plants
for 30 days to aid the Southern campaign for higher prices
—30c.
to
States
are
40c.—for
cotton.
Some
terious cotton fires continue to
Texas
Governors
of
Southern
urging farmers to hold back their cotton.
and
request for
some
a
other
States
occur.
refuse
Mys¬
But the Governors of
to
comply with the
proclamation urging ginners to close down.
The
report of the Census Bureau, as of Oct. 1, of active
and idle wool machinery, shows in operation 1,283,204 wool¬
October.
DAILY
VfV-
'
PRICES
CLOSING
Sat.
October delivery
January delivery
cts_20.25
16.40
OF LARD FUTURES
Mon.
Tues.
Wed.
19.95
16.37
19.75
17.05
19.60
16.70
IN
CHICAGO.
Thurs.
19.10
16.37
Fri.
19.05
16.32
PORK quiet; mess, $30@$31; family, $48@$53.
October
closed at $23, a rise of 50c. for the week; Jan. $24.75. Beef
$19 @$20; packet, $21 @$22; family, $25 @$28;
$42@$43; No. 1 canned roasc beef, $3.40;
Cut meats lower; pickled hams, 10 to 20 lbs.,
25^@26He., pickled bellies, 28@29c.
Butter, creamery
extras, 61H@02c.
Cheese, flats, 20@28c.
Eggs, fresh
gathered extras, 71@72c.
quiet;
mess,
extra India mess,
No. 2, $6 50.
COFFEE on the spot quiet but steady; No. 7 Rio 7%@
8c.; No. 4 Santos 1134@ll^c.; fair to good Cucuta ll^i@
12c.
Futures advanced on, higher Brazilian cables on coffee
and exchange.
Also there is a belief among some that the
Brazilian Government has secured
with coffee and rubber
as
or
collateral.
soon
will
a
The rise in
big loan
exchange
is supposed to corroborate in a way the stories of a move to
secure
a
loan here by Brazil.And valorization is still
mentioned
as
a
advanced
230
a
possibe outcome.
Later, it is true,
became irregular even when Rio
Besides, prices here had risen 220 to
very
prices reacted.
Santos
further.
points from the recent low.
reaction
was
due.
It looked to some as though
Brazilian markets still later gave way.
Coffee has been freely marketed by growers to pay debts;
more coffee than at one time
owing to the big decline
it took
in prices. ■ Brazil it is said has negotiated
a
loan of $40,000,000 to protect prices somehow.
It is contended that the
consumption of coffee is not decreasing in the United States
and that purchases for Eurqpe are
gradually increasing.
The 1920-21 coffee crops it is contended will
probably be
1,000,000 bags less than consumption, thus reducing the
world's visible supply .on July 1 1921 to a very small
surplus.
Some members of the trade who deprecate valorization think
that a plan by which the planter could secure needed loans
against his, crop would be the better way of mitigating
an
onerous situation.
Voluntary petitions in banknipfcey
were filed on Oct. 25, it is stated,
by Heilbron, Wolff & Co.,
importers and exporters, 15 Whitehall St.
The firm which
deals mostly in coffee estimated its liabilities at $2,100,307,
and its assets at $2,009,570.
Unsettled money conditions
in Colombia and the decline in the price of coffee were stated
as
the causes of the trouble.
Today prices advanced
slightly but end lower than last Friday.
Closing prices:
December
7.25@7.271 May
March
7.95@7.96|
SUGAR lower;
8.24@8.28|July
8.55@8.56
'
|September___8.70@8.71
centrifugal, 96-degrees test, Cuban and
Porto Rican, 8.52c.
Futures have been dull with very nar¬
row fluctuations towards easier prices.
Raw has been dull
od the spot and refined less active.
Everybody is awaiting
THE
1766
Cuban receipts for the week fell off
further developments.
week and 19,682
a year ago.
Exports were 4,394 tons, all to the United States
Atlantic ports, against 10,237 last week and 102,591 last
year.
Stocks were 306,606 tons, against 309,388 last week
and 318,546 last year.
Cuban on store was offered at the
equivalent of 7%c. c.&f. here, and for November shipment,
it is said, at 7}^c. c.i.f.
Havana reports that work on cen¬
trals, such as repairs and improvements, has been practically
stopped, as well as other crop preparations necessary during
the between-seasons period.
Possibly this may delay the
start of grinding operations.
The Cuban sales committee
says there is a possibility that new crop sugar will not reach
the market until February; also hat the coming crop will be
inferior to the last yield, or only 3,300 000 tons, which would
be approximately 470,000 tons less.
Many think dealers
in this country are poorly supplied with sugar.
To-day
1,672 tons against 6,114 tons the previous
to
t
prices
are
lower; also for the week.
November
7.15@7.20
7.25@7.30
(February .,.7.15@7.20(
and lower; carloads SI 01@$1 04;
OILS.—Linseed' quiet
04@$1 07; five bbls. or less, SI 07@
The decline was attributed to the depression in the
less than carloads SI
SI 10.
industries and the recent weakness in flax¬
seed.
And the technical position has latterly been weakened.
Ceylon, bbls., 15M@15Hc.; Cochin, 15^@15Kc.
Olive
still S3@S3 15.
Cod, domestic, 82@85e.; Newfoundland,
85@88e.
Lard, special prime, SI 55@$1 60. ' Spirits of
turpentine SI 10.
Common to good strained rosin S12 75.
paint and
soap
bbls. 24.50@25.50c.;
26.50@27.50c. Many manu¬
facturers it is said are heavily burdened with stocks, and are
not in a position to buy at any price.
What is more the
export demand has latterly slackened.
Gasoline remains
steady at 33c. for steel bbls. 41c. for consumers (wood bbls.)
and 50c. for gas machine.
There As also a poor export
demand for gasoline.
The bringing in of a new 75,000 bbls.
gusher in the Zacamixtie field, Mexico was reported on the
27th inst.
A well in the Mackenzie River basin near Fort
Norman has been brought in flowing at 1,000 bbls. a day.
steady; refined in
PETROLEUM
bulk
13.50@14.50c.;
4 46
Somerset,
32
4 50
Ragland
Okla¬
homa
Wooster
4 05
North Lima
3 73
Corsicana, light
Corsicana, heavy.
Lima
3 73
Electra
South
RUBBER
declined.
Moran
3,00
Henrietta
3 98
&
Kansas
2 60
53 00
3 00
2 75
53 83 Strawn
3 77 Thrall
3 77 Healdton
Illinois
Plymouth
deg.
above
and
cases
56 10 Indiana
4 25 Princeton
Pennsylvania
Corning
Cabell
3 00
3 50 Caddo, La., light.
3 00 Caddo, crude
3 50
2 50
1 75 De
3 50
3 40
Soto
The volume of business
continues
Buyers remain out of the market even though con¬
cessions have recently been offered on futures.
Some busi¬
ness has been done with Russia.
And Germany has bought
small.
some
Dutch rubber.
However,
a
report early, in the week
Goodyear Company had negotiated a loan of $10,caused some improvement in sentiment.
The
reductions in the price of mechanical rubber goods and tires
and the report that a big tire concern which had been shut
down recently was resuming operations on a small scale,
also had a favorable effect.
But it was announced later that
that the
000,000
this
resumption of business would be only temporary.
cablegrams have latterly reported that market quiet
but steady.
Smoked ribbed sheets here were quoted at
22c.; first latex crepe 23 He.; brown crepe thin, clean, 19c.;
rolled brown crepe, 15c.; Para up-river, fine, 24He.; Central,
Corinto, 19c.
London
OCEAN
FREIGHTS
have
been
generally
quiet
and
lower; grain rates about steady.
Business with
Great Britain is slow, owing to the coal strike.
The Mediter¬
ranean inquiry is reported fair.
On the whole charters are
cotton rates
weak.
Included coal from Atlantic range to French Atlantic port,
option Antwerp or Rotterdam, 811, November-December; coal
Philadelphia to Monaco, 814 prompt; coal from Atlantic range to
Boucan, 815, October-November; to Piraeus, 815 October; ore from Mellilia
to Baltimore, 15s., October; ties from Puget Sound to United Kingdom,
845, October; coal from Virginia to Rio Janeiro, 813 25; option of Para or
Pernambuco, 814 25, October-November; one round trip in South American
trade, 1,966-ton steamer, 83 75, October; coal from Atlantic range to French
Atlantic port, 812, prompt; coal from Virginia to River Plate, 812, OctoberNovember; to Santos, 812, November-December; lumber from a Gulf port
to Montevideo, 830, November-December.
Charters
511 50;
from
TOBACCO has been quiet and
must
fall
sooner
or
later.
There
many
seems
think that prices
to
be
no
lack of
supplies; far from it.
And trade in tobacco, as in every¬
thing else^ suffers from the general stagnation in business.
Economy is general.
It would appear that pipe smoking
is more general than it was earlier in the year.
There is
general complaint of slowness of trade.
Lower prices would
be no great surprise under the circumstances.
COPPER declined and there
Arrivals from France thus far total 7,500 tons
Australia
month.
are rumors
England has practically stopped because of the high prices
and firmer exchange.
Yet some significance was
there
Australia, as indicating
resumption of business with that coutnry.
Zinc dull and
at 6 He. spot St. Louis,
the suspension of mine
operations affecting 90%.
attached to the arrivals recently from
a
lower
PIG IRON has been dull and lower.
large buyers and a stronger London market, which has been
favorably affected by reports of the adjustment of the coal
strike there.
Most of the demand here has been for distant
Declines have been
The dulness of business has been if anything,
intensified.
Basic at Pittsburgh dropped $4. It is now $40
valley.
Virginia furnaces have lowered prices $1 or more.
more
general.
In eastern
Pennsylvania prices are reported weak and irregu¬
concerns
are, it appears, shading prices more
than others.
Coke is down sharply, i. e. $4 a ton for spot
lar.
Some
furnace.
Sales have been
made at $11
ovens.
It is inti¬
In other words
the price at ovens has been cut nearly in half recently.
Some cheerful reports come from Youngstown and Birminghan, but they appear to be only exceptions proving the
even
this price might be sha ed.
rule.
been dull and depressed.
Reductions in
apparently more general under the prolonged
dulness.
Coke and pig iron are off.
Consumption has been
greatly reduced.
That has hit steel hard.
The Cleveland
district has quoted plates at 2.65c.
Pittsburgh and forging
bar business on a basis of 2.35c.
These prices are not con¬
sidered general, but the drift of the market, it is recognized,
is downward.
Shapes, it seems, have sold at 2.45c.
Pitts¬
burgh in some cases.
Car business seems to hold off in the
expectation of lower prices.
Railroads are not buying at
all freely.
Contract coke is said to have been offered for the
first quarter 1921 delivery at as low as $10,
STEEL
prices
has
are
WOOL has been dull and weak in this country,
but prices
at the
Sydney sale for the finer grade were very firm. Ameri¬
cans were the chief buyers.
Continental buying, however,
increased.
Some 8,200 bales were offered and 6,800 sold.
Super wools sold well, better indeed than at the first sales.
Scoured merinos sold at as high as 33d.
American buyers
took a fair amount of the best grades on a clean landed basis
of about $1 11 for good sound combing fleece 70s. having an
occasional burr, figuring exchange at $3 60.
Average comb¬
ing 70 fleeces on the same basis were around $1 01 and good
combing fleece 64-70s about 96 cents.
Bradford style topmaking wools of 64s. grade, which are of fair combing length
occasionally burry and defective and rather broadly classi¬
fied are quoted in Boston at from 85 to 92 cents; longer staple
more even 99 cents to $1 03, clean landed basis.
Skin wools
were a little off in Sydney.
Reports from Liverpool are to
the effect that the East India wool auctions scheduled to open
to-day have been postponed on account of the coal strike.
Australia) sales fixed for Oct. 29 have been
postponed on account of a strike of store hands.
The Bris¬
bane sales have been postponed indefinitely.
The sale at
Sydney of the 27th inst. showed a rising demand for good to
super wool with 33 Hd.
paid for scoured merinos; lower
grades were dull; burry wools somewhat lower; 3,000 bales
in all were offered and 1.600 sold.
At the Boston sales on
Oct. 28 the Government showed a disposition to meet the
market.
Less than 5% of the offering of 3,000,000 lbs. of
averaged
quarter-blood
wool was withdrawn.
Carpet
manufacturers had requested the sale'and Alexander Smith
& Co. bought some 1,900,000 lbs., or about 63% of the en¬
tire offering.
They paid 12 to 14 cents in the grease, or
about 14 to 18 cents clean basis not figuring the storage
and
The Perth (West
insurance charges and cost of scouring; South American
at 13 to 15 cents for Argentina, Lincolns, or 19 to 21
wools
cents
clean
basis, most of these lots being right on the Government
limits.
Smith and Stephen Sandford also bought freely of
the South American second clip wools, which went at 10 to
13 cents generally in the grease for wools shrinking 35 to
37%.
Of the low quarter and braid territory wools Sheldon
& Co. bought over 100,000 lbs.; other buyers were Crimmins
& Pierce, Brightman & Taugott, Schmidt & Co.
Of the
west coast wools 42% were withdrawn.
There was a good
attendance at the Geelong wool sales in London, and superior
merino was reported in good demand.
Other sorts were
hard to sell.
Plains sold up to 44H<L, fleece average 37d.
Though trade in the United States is dull and prices still
evidently rather weak, labor's attitude is more encouraging.
Workers in some cases have accepted cuts of 10 to 20% rather
than see the mills close.
A Buenos Aires dispatch estimates
that the present wool clip
tina and 90,000 tons in
tons of old wools
on
of sales of 150,-
000,000 lbs. at 15c.
Large producers were reported to be
holding aloof awaiting further developments and quoting
15 He. nominally, but today there were rumors of the big
sales mentioned.
Tin advanced on a good demand from
and those from
7,250 tons against 7,430 in the same time lastHowever, large interests think that business with
mated that
7.25(§7.351 December __.7.33 @7.351 March
7.25@7.35 January
7.27@7.301 May__
October
[Vol. 111.
CHRONICLE
will produce 140,000 tons in Argen¬
Uruguay.
Argentina has 30,000
hand and Uruguay has 10,000 tons.
COTTON
Friday Night, Oct. 29 1920.
THE MOVEMENT OF THE CROP, as indicated
telegrams from the South to-night, is given below.
week
by
our
For the
ending this evening the total receipts have reached 271,-
682 bales, against
the
241,843 bales last week and 202,284 bales
43c. for Feb.-March.
previous week, making the total receipts since Aug. 11902
1,519,779 bales, against 1,505,090 bales for the same period
of 1919, showing an increase
since Aug. 1 1920 of 14,-
for
689 bales.
delivery.
On
Spot tin was quoted at 41c. and futures 42 He.
straight shipments 42.50 was asked for August-Sept, aad
Lead quiet and lower, at 6%@7He.
spot New York.
Imports have been quite heayy.
Oct. 30
1920.]
Sat.
Receipts at—
Mori.
Tues.
Wed.
18,678
40,518
17,43S
Thvrs.
Total.
Fri.
at times have been
within
Galveston
17,582
City___*„
Texas
—*.—
.**
mm
—
Houston.——
mm
-
_
m.
mm
mm
m.
mm
m.
—
mm
^
5~008
519
715
Charleston
mm
mm
-
~
'mm
960
1,464
m
1,754
mm'mm 'mm
mk
_
392
5,999
154
mm
—
579
54,437
3,673
mm
mm
—
""29 """"29
584
989
1.123
1,255
20,404
1,100
3,160
3,936
8,329
27
27
"724
105
990
L
2,751
1,100
695
474
------
488
1.349
mm
mm
*
—
—
—
—
—
—
—
—
-
'
mm
mm
*.
mm
mm
mm- -mm
mm
*,
mm
mm"mm
mm
mm mm
*'*
______
mm
m —
-
______
'
— mmm
Philadelphia
—
3.374
••
.
mm
266
-
Baltimore
392
"Y.055 """215
105
New York_
Boston
.
705
30,000 ,30,000
*
mm-
"459
1,384
—
—
w
915
Wilmington—.
Norfolk
N'port. News. &e.
—
mrn
267
_
mm
""5", 373 "4*822
.
mi
*,
705
mm
mm
mm
mm
mm
rn—'mm'mmmm
4,125
trn
mm
mm
8,893
—
14.142
1,325
''—-J
4.959
mm
mm mm mm
mm
— mm
—
mm'mm
10,117
—
Brunswick—
'mm
#
<+**** —
*"*.——
Savannah
—
■■
mm
381
-
______
Jacksonville
—
—
mm
mm
mm
1,535
1,535
-'
------
35.666
Totals ibis wk_
The
mm
m.
10.278
_____
Pensacoia
mm
*,
mm
mm
■
—
New Orleans——
Mobile
mm—
mm'mm
Pt. Arthur, kc
20,458 137,860
23,286
______
35,733
55.378
39.779
67,017 271,682
38,109
following table shows the week's total receipts, the
Aug. 1 1920 and the stocks to-night, compared
total since
with last year.
1920.
This
Since Aug
1 1920.
705
—
392
Port Arthur, &c__
54,437
3.673
New Orleans..
Mobile
Pensacola
Jacksonville
Savannah
503,316
26,251
2",266
Charleston
_
.....
""639
"650
194,335
75,477
9,000
23,014
7,498
13,570
5,774
18,662
24,129
38,078
520
3,394
27
N'port News, &c_
New York
105
Boston
Baltimore
990
.... _
.....—
76
528
341,719
5,720
30,000
271,684
24,554
282",403
390,416
20,057
South is not
selling for hedge account on the liberal scale
usually does at this time of the year.
In other
words, the loss of contracts here through foreign and other
buying has not been made good or anything like it by South¬
ern hedge selling.
The South has been disinclined to sell
here it seems,
partly because of the smallness* of New York
stock of certificated
been
10*596
327,770
19,000
78,443
53,899
94,372
900
7,333
5,165
7,632
.4,924
1,422
337
23",083
15.040
2,316
4,695
98,719
3,923
4,200
6,290
271.682 1,519.779 316,943 1,505,090 1.120.134 1,003,923
comparison may be made with oth er years,
give below the totals at leading ports for six seasons: *
Orleans, and in
this business
1920.
___
Mobile
Savannah
Brunswick
______
Charleston, &c
Wilmington
__
Norfolk.
1919.
137,860
31,097
54,437
3,673
25,404
1,100
3,160
3,936
8,329
Receipts at—
108,771
13,506
47,499
15,061
75,477
9,000
23,014
7,498
13,570
N'port N., &c.
1917.
1918.
40,673
12,492
45,081
2,271
23,116
7,500
7,597
3,261
7,944
1915.
1916.
68,553
4,094
55,821
5,051
39,808
7,000
9,676
3,422
14,460
109,471
26,771
94,879
2,505
40,013
5,000
5,372
4,927
27,693
72,377
14,861
67,632
3,724
31,068
2,800
8,948
6,900
19,926
76
101
104
3,471
2,218
16,884
9*270
2,663
-271,682
Tot. this w$ek
316,943
152,254
224,873
325,901
231,002
"
Since Aug. 1__ 1,519,779 1,505,190 1,509,237 2,023,161 2,869,681 2,344,679
The
exports for the week
There has
Southern
hedge selling at New
another
one way or
But, however this
tell against prices.
certain percentage of
a
transferred
to
New York.
be, it has not been large enough to
And the movement at the South to hold
may
back cotton would appear to be
gaining
a
certain momentum
after making due allowance for over-enthusiastic
even
States
re¬
The South is plainly angered at the
have
in
some
been
cases
ending this evening reach
a
urging farmers
and
Some of the banks, it is
said, have also given similar advice.
be
And there is said to
movement to induce the ginners of the South, of which
a
relieving the
25,000, to close for 30 days as a
Latterly, too, there have
market.
means
of
been
re¬
better demand for spot cotton in North Carolina,
a
South Carolina, Tennessee, Texas, Arkansas and Louisiana,
at a rising basis.
What is more the coal strike in England
has been settled,
would take
subject to the approval of the workers, who
ballot.
a
And, during the night of the 27th and 28th instants, kill¬
ing frost occurred in Oklahoma, Louisiana, Mississippi,
Alabama, Georgia and Arkansas.
The weekly Government
report said that open Cotton has been damaged in the South¬
west, notably in Texas and Oklahoma, by heavy rains.
ering of the grade
experience
with
is
low
Low¬
something to be dreaded after the
grade
Some
last
cotton
from
reports
with
season,
the
Georgia,
too, have
been gloomy.
Weevil has done a good heal of harm In the
Atlantic States.
The yield in the Carolinas and Georgia is
said to
be disappointing.
Labor shortage and low prices
delaying picking in those States. And although the to¬
tal amount ginned up to Oct. 18 was 5,712,057 bales, against
are
4,929,104 bales up to the
same date last year, and 5,573,606
bales in 1917, it is much lower than up to the same date in
other
some
103
27
2,659
All others
of
has in effect been
existing contract.
Galveston.
Texas City, &c
New Orleans.
cotton, i.e. only 6,700 bales.
certain amount
a
ports of
"l",8l3
106,599
233,416
32,556
33,546
interests,
And at the same time the
that it
there are some
6,328
In order that
we
chiefly English and Japanese.
dealers to hold back their cotton.
831
534
12,249
5,630
1,364
1,535
...
Philadelphia
1919
"5",413
218,804
31,242
6,397
5,134
420,887
56,800
80,142
39,155
85,664
~~OQ
Wilmington
taken out of this market by foreign and American
ton
1920.
47,499
15,061
25,404
1,100
3,160
3,936
8,329
Brunswick
Totals
1 1919.
...
_______
Norfolk
138,816
2,822
228,454
10,770
30,000
____
Since Aug
825,085 108,771
9,058
11,240
137.860
Galveston.
This
Week.
It is estimated that
scarce.
something like 300,000 bales have been
big fall in prices. It has brought the quotations down to a
point far below the cost of production.
Governors of cot¬
Stock.
1919.
Week.
29.
Texas City
Houston
noticeably
short time
a
ports on the subject.
Receipts to
Oct.
1767
CHRONICLE
THE
notably in 1918, when it
years,
bales, and also in 1916, when it
was 6,811,351
7,703,000 bales, and
was
7,620,000 bales in 1914.
Manchester, moreover, at one time
reported a better demand for goods, and Liverpool a good
demand for spot cotton.
British mills report fewer can¬
cellations.
Liverpool
total of 156,586 bales, of which 64,136 were to Great Britain,
29,489 to France and 62,961 to other destinations. Below
the exports for the week and since Aug. 1 1920:
strong.
and
Japanese
interests
have
been
large buyers here.
are
Shorts at times have covered freely.
The technical position, especially early in the week, was
too,
Week ending Oct. 29 1920.
From Aug. 1 1920 to Oct. 29 1920.
Exported to—
Exported to—
But
Great
Great
Total.
213,494
1,673
20,339
522,166
11,167
San Antonio
El Paso
84
84
4
4
Pt. Nogalez.
New Orleans
75
75
Other.
Total.
30,962
83,676
France.
Britain.
as
Galveston
_
15,053
Texas CityHouston
213,765
94,907
6,785
37,661
2,709
24,833
63,644
—.
5,519
22,502
13,189
43,594
68,933
115,618
26,681
53", 920
124,195
20,100
33,496
32,711
4,006
3,923
3,923
Savannah
8,474
Brunswick-
4,998
Wilmington.
Norfolk....
"Y, 300
*V,566
4,998
4,998
"7",408
184
184
5,029
16",911
119
2,336
1,146
967
7,408
27,330
7,549
2,438
453
Boston
5,390
5,094
325
"2",540
New York-
Baltimore.
4,998
1,500
7,300
2,540
108,816
"20",100
12,977
lb",430 13",807
Mobile
453
_
Philadelphia
176
Los Angeles.
San Fran
850
850
"2*405
2,405
Seattle...
325
325
926
926
959,831
Total....
176
64,136
Total
1919.
Total
1918.
24,261
6,285
62,961 156,586
388,598
168,613
402,620
39,619
29,489
38,381
reported
believe the
many
in
rather
rise to be due
At
better
more
to
one
time,
demand.
technical
general situation of the cotton trade here and abroad.
Other.
Britain. France.
were
conditions than to any radical change for the better in the
Exports
rom—
Yarns were steadier in Philadelphia.
print cloths
78,000
515,911
460,193 1,061,340
15.654
45.200
542,164
85,236
145.035
312.159
999.358
matter of
a
nitely settled.
tions.
And,
fact, the coal strike has not yet been defi¬
There have been several hitches in negotia¬
Some of the big retailers of textiles and other mer¬
chandise,
again.
it
is
intimated,
will
begin' cutting prices
woolens and worsteds
soon
Trade is so dull in cotton,
that the mills in many cases are either closing down or else
reducing their working time.
In some instances the wages
have been cut 10 to 20% with the consent of the workers,
who have accepted this reduction rather than see the mills
close.
|
Ginning figures, moreover, were unexpectedly
the period of Sept. 25 to Oct. 18.
large for
That is to say they were
3,479,027 bales this year, against 3,093,890 in the same time
last year, 3,040,340 in 1918, and 3,061,948 in 1917.
In other
words, they were the largest since 1914, and only fell some
750,000 bales below the total in that year of the largest
Texas has thus far ginned 2,596,247 bales,
999,191 in the same time last year, 2,054,250 in
1918, and 2,066,004 in 1917.
Oklahoma also runs ahead of
last year; so do Louisiana and Arkansas, though it is true
that some other leading States like Georgia, Mississippi,
South Carolina, etc., are well behind 1919.
The point is,
that ginning is large in what are generally considered dull
times, at home and abroad.
Besides, cotton goods for the
most part have been dull.
Occasional rallies in trade in
crop on
record.
against
In addition to above exports, our
telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named.
We add similar figures for
New York.
'
■■
1 -'
,
On
Shipboard, Not Cleared for—
Great
Oct. 29 at—
Galveston
New
Orleans.
Ger¬
Britain. France.
30,333
1,709
6,000
_
savannah
Charleston——
Other
Coast-
many.
Cont't.
icise.
13,207
23,100
510
533
T,55o
Norfolk—
New York
Other ports
Total 1920—
Total 1919—
Total 1918—
*
33.o8o
73,042
98,022
57,044
"""606 """§00 "**706
500
14,317
13,966
14,000
Stock.
such fabrics prove to be a flash in the pan.
31,438
18,053
"
Mobile
Leaving
Total.
1,500
24,433
11,660
51,691
67,546
9,773
.
6,000 104,078
335 21,140
1,000
7,000
1,000
1,000
t
1,500
800
800
:
2,100
i 35,000
—
237,641
261,263
tiles
99,599
232,416
4,828
32,746
20,983
58,040
a
9,135 172,618
947,516
9,494 200,742 1,203,181
23,800 134,818 1,095,733
Estimated.
Speculation in cotton for future delivery has been more
active
and
at
higher prices,
despite
occasional setbacks.
Trade interests have bought rather more freely.
Contracts
Prices of tex¬
declining, not only at home, but abroad.
Within
month prices at Paris have fallen 25 to 30%.
Retail trade
are
In the United States has been hurt by warm weather, high
prices, and what amounts to
a
strike of the American peo¬
ple at what they regard the excessive cost of everything;
in other; words, the maintenance of war
something
on for¬
eign and domestic selling, dulness of trade and a lessened
demand from shorts.
Prices end higher, however, for the
week, though well below the high point reached since last
like them in times of peace.
Friday.1
prices
or
To-day prices declined
Spot cotton ends at 22.20c., a rise of 120 points
*
V
for the week.
■
.
The official
quotation for middling upland cotton in the
day for the past week has been:
New York market each
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
.21.50
22.50
22.70
22.15
22.60
22.20
Oct. 23 to Oct. 29—
Middling uplands
NEW YORK
QUOTATIONS FOR 32 YEARS.
quotations for middling upland at New York
Oct. 29 for each of the past 32 years have been as follows:
The
1920
1919
_c—...
.22.20
1917
1916
1915
1911
1910
1909
10.00
..10.35
8.70
8.00
_c
1903
made
by cable and telegraph, is as follows.
Foreign stocks, as
well as the afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make' the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
1889
1920.
October 29—
1919.
1918.
1917.
804,000
639,000
12,000
69,000
12,000
73,000
183.000
16.000
39.000
342,000
19,000
31,000
885,000
18,000
73,000
118,000
2,000
30,000
32,000
724,000
238,000
392,000
141,000
43,000
111,000
1,000
15,000
23,000
154,000
4,000
57,000
11,000
244,000
150,000
226,000
968,000
1,158,000
388,000
44,000
88,000
9,000
American cotton afloat for Europe
444,048
302,870
260,000
47,000
55,000
Egypt,Brazil, afloat for Europe
39,000
Stock in Alexandria, Egypt
166,000
125,000
216,000
Stock in Bombay, India
600,000
*655,000
960,000
Stock in U. S. ports
1,120,134 1,403,923 1,230,551
Stock in U. S. Interior towns
1,217,067 1,089,168 1,141,246
U. S. exports to-day
10,870
42,813
618,000
50,000
400,000
36,000
178,000
*580,000
950,905
878,891
bales.
Liverpool
Stok at
Stock at London
...
9.44
10.50
Stock at Manchester
Total Great Britain.
Stock at Ghent
Stock at Bremen
Stock at Havre
Stock at Rotterdam &c
SALES AT NEW YORK.
MARKET AND
THE VISIBLE SUPPLY OF COTTON to-night, as
up
7.94
_c
1895—... 8.88
1894
5.75
1893
8.19
1892.
8.31
1891
8.38
1890
10.00
6.00
1901.
9.35 1900.
10.80 1899.
1906
10.50 1898.
1905—10.65 1897.
14.40
1896
on
7.38
5.31
1902.
1908—
1907
1914
1913
1904
11.35
9.45
..14.40
..14.85
1912.C
38.35
31.35
27.85
18.85
12.30
1918
[VOL. 111.
CHRONICLE
THE
1768
Stock at Barcelona
Stock at Genoa
Market
Market
Closed.
Closed.
273,000
Total European stocks
India cotton afloat for Europe.
.
800
800
1,200
1,200
2,000
2,000
—
..
..
;
Total Continental stocks.
Total
Contr't.
Spot.
Irregular
Strong
Barely steady..
Barely steady..
Quiet, 50 pts. adv..
Quiet, 100 pts. adv.
Quiet, 20 pts. adv..
Quiet, 55 pts. dec
Quiet, 45 pts. adv..
Quiet, 40 pts. dec..
Saturday
Monday
Tuesday
Wednesday.
Thursday
Friday
Stock at Triest
SALESt
Futures
Spot
6,000
54,000
Firm
Barely steady..
Total.
closing prices at
follows:
FUTURES.—The highest, lowest and
New York for the past week have been as
Total visible supply___
Of the
5,194,062 4,631,831 3,954,797 3,691,796
above, totals of American and other descriptions
follows:
are as
American—
Liverpool stock.
Saturday,
Monday,
Tuesday, Wed'day, Thursd'y,
Oct. 23.
Oct. 25.
Oct. 26.
Oct. 28.
Oct. 27.
Friday,
Manchester stock
Oct. 29.
Week.
November—
Continental stock
American afloat for Europe
U. S.
i*.
Range
21.60
20.40-.60 21.80
Closing
—
~
22.20.
—
.....
—
—
.—.
21.15
—
—
—.
—
21.60
—
—
443,000
59,000
193,000
444,048
..bales.
20.55
20.55160
20.70
99,000
10,000
*130,000
260,000
221,000
22,000
*191,000
400.000
1,120,136 1,403.923 1,230,551
to-day
950,905
1.217,067 1,089,168 1,141,246
42,813
10,870
port stocks
U. S. interior stocks
U. S. exports
444,000
45,000
201,000
302,870
878,891
December—
19.86-100 20.75/22 21.46-/70 21.15-/15 20.48-170 20.92-.60 19.85/70
20.65.85 22.05-.22 22.15-.25 21.15-.18 21.60-.65 21.15-.20
Range
Closing
....
January—
Total American
3,519,062 3,496,831 2,870,797 2,663,796
East Indian, Brazil, &c.—
Liverpool stock
Range
19.75-/75 20.55-165 21.05/18 20.66-.60 20.05120 20.32-.10 19.75/18
London stock
Closing
20.45-.50 21.55-.65 21.75-.85 20.73-.80 21.15.15 20.43-.50
361,000
12,000
80,000
88,000
195,000
12,000
28,000
43,000
44,000
■; 39,000
125,000
960,000
47,000
55.000
36.000
166,000
600,000
216,000
655,000
178,000
Monchester stock..
'
:
10,000
Continental stock
February—
Range
—
—
20.45
Closing
—
—
20.90
—
20.70
—
—
21.40
~
21.65
—
—
20.65
—
—
21.00
—
20.70-.90
20.30
Egypt, Brazil, &c., afloat
March—
19.80-/85 20.40-155 20.90-/00 20.42-.30 19.88-100 20.10-.76 19.85/00
20.50-.60 21.30-.55 21.55-.C0 20.50-.55 20.85.00 20.20-.23
Range
Closing
India afloat for Europe
Stock in Alexandria, Egypt
Stock in Bombay, India.
—
—
20.30
Closing
May—
—
—
20.50-.05 20.95
—
20.60
—
21.40
21.15
—
20.40
—
20.90
—
—
20.10
Closing
20.50-.05
June—
.—
Range
20.10
Closing
—
20.90
—
—
20.85
—
21.00
—
20.20
—
—
20.90
121,000
19,000
9,000*35,000
50,000
*580,000
1,675.000 1,135,000 1,084,000 1,028,000
3,519,062 3,496,831 2,870,797 2,663,796
—
19.50-/60 20.10-115 20.55-175 20.20-.05 19.76-/90 19.95-.62 19.50-175
20.15-.25 21.00-.15 21.10-.15 20.30-.35 20.75.90 20.02 —
Range
...
Total East India, &c
Total American
April—
Range
...
84,000
16,000
29,000
*20.000
9,000
—
20.40
—
20.40-.90
1
i
Range
19.35-/45 19.85-/90 20.25-145 19.95.80 19.50-.40 19.55-.20 19.35-145
Closing
20.00-.00 20.75-.90 20.90
Total visible supply
5,194,062 4,631,831 3,954,797 3,691,796
24.25d.
21.26d.
16.55d.
21.27d.
Middling upland, Liverpool
38.40c.
22.20c.
29.05c.
28.75c.
Middling upland, New York
37.50d.
33.13d.
45.00d.
31.80d.
Egypt, good sakel, Liverpool
31.50d.
38.50d.
27.00d.
29.00d.
Peruvian, rough good, Liverpool.
21.10d.
22.65d.
13.85d.
20.30d.
Broach, fine, Liverpool
21.35d.
22.90d.
14.35d.
20.48d.
Tinnevelly, good, Liverpool
20.10
—
20.40
—
20.18
—
20.67-.00 20.70
—
19.70
20.70
—
20.85
20.05
—
20.25
—
19.55-.60
—
—
*
August—
—
Range
19.70
Closing
—
—
19.70-100
19.35-.50 19.65-/80 20.70-.00 20.25.30 19.38-. 75 19.18-.30 19.18-100
19.65 — 20.80 — 20.80 — 20.00 — 20.20-.30 19.18-.20
Closing
121c.
J 22c.
figures for 1920 show an increase over last week
113,580bales, a gain of 562,231 bales over 1919,' an excess
1,239,265 bales over 1918 and a gain of 1,502,266 bales
of
of
1917.
over
x
/20c.
TOWNS the movement—that is,
AT THE INTERIOR
Estimated.
Continental imports for past week have been 134,000 bales.
The above
19.35-.45
September—
Range
,
OVERLAND
MOVEMENT
FOR
THE
WEEK
AND
receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
1.—We give below a statement showing the
overland movement for the week and since Aug. 1, as made
corresponding period of the previous year—is set out in
up
detail
the week and since
the
below:
SINCE AUG.
from telegraphic reports Friday night.
The results for
Aug. 1 in the last two years are as follows:
-1920-
Week.
Stocks
Aug. 1.
4,396
61,492
45,089
1,883
7,100
13,891
39,025
al5,232
16,788
1,483
2,416
2,275
10,614
104.940
88,916
3,383
16,350
15,706
77,369
ments.
Week.
29.
Season.
Ala., Eufaula..
i, 127
Montgomery
3,532
2,597
50
939
28,008
3.142
22,162
3,635
Selma
._
...
Ark., Helena
1,802
.
Little Rock..
Pine Bluff.
..
Ga., Albany-.
Athens
10,753
9,830
444
11,151
7,266
19,276
Atlanta
Augusta
Columbus..
1,820
1,839
2,346
Macon
Rome
28,465
168,480
48,808
306,664
Overland to N. Y., Boston, &c.._
Between interior towns
2,630
2,821
Inland, &c., from South
3,984
22,637
3,660
30,261
25,054
8,626
48,995
35,867
4,091
23.725
23 244
6,967
35,655
36,403
9,665
62,980
2,405
1,564
7,832
39,027
3,000
10,330
8,132
1,900
17,500
772
3,906
66,898
5,807
44,215
12,221
131
5,386
2,400 31,781
3,840 18,005
10,001 109,007
10.734
11,821
N.C.,Gr'nsboro
72
51
Raleigh
Okla., Altus..
1,575
Chickasha..
3,075
Hugo
1,400
3,448
Oklahoma..
S.C., Greenville
Nashville
..
«.
Honey Grove
Houston
4,704
40,871
3,000
3,000
13,396
1,500
43,917
1,683
70,812
1,385
20,720
21,100
5,871
1,051
4,821
4.500
47.785
46,438
3,694
15,662
14,051
2,500
5,000
2,162
36 118
5,000
123
150
126
789
23
7,147
57,733
1,309
1,340
7,262
7,885
8,900
13,058
13,533
43,600
6,170
4,834
7,453
9,839
10,449
2.143
11,618
'
444
1,128
600
7,547
9,825
55,564
29,000
13,961
38",708
114,869
3*,97l
net
6,355
15,232
6,022
1,200
11,220
900
7,012
1,346
4.508
1,200
l",806
*8*,636
800
5,097
5,734
6,711
1,080
11,960
581
3,772
3
591
247
43,688
5,100
29,726
8,618
1,000
21,727 277,069
36,000
158,801
10,225
32,000 182.102
89
600
i",666
10.165
1,000
1,400
3,496
400
2,847
300
3,211
1,000
1,541
10,800
400
8,400
2,423
5,340
1,975
19,102
2,757
3,416
20,630
19,106
2.768
13,626
700
6,999
10,200
949,328 131,181 312,090
5,305 18,596
29,150
971
91,203
461,821
5.851
51 137
5 658
10 603
3,015
3,059
1,000
13,326
700
3,037
4,358
17,374
4,000
15,100
3,000
25,500
6,102
20,561
rotal, 41 towns299,702
101
19,698
13,709
Fort Worth*.
Last year's
993
1,856
2,052
81,164 160,062
oales less than at the same
week last year.
a year ago
of 112,067
1919
Since
Sight and Spinners'
Takings.
Since
Week.
Aug. 1.
Week.
Aug. 1.
271,682
1,519,779
Net overland to Oct. 29
21,422
Southern consumption to Oct .29 .a
65,000
111,922
892,000
316,943
39,074
70,000
1,505,090
223,989
870,000
358,104
69,286
2,523,701
357,126
426,017
36,844
2,599,079
287,181
Total marketed
Interior stocks in
excess
Came into sight during week
Total in sight Oct. 29
Nor.
a
462,861'
427,390
2,880,827
spinners'takings to Oct. 29-- 60,307
These
362,550
2,886,260
76,410
533,164
figures are consumption; takings not available.
Movement into
sight in previous
Bales.
Week—
1918—Nov.
1917—Nov.
1916—Nov.
years:
Since Aug. 1—
1918—Nov. 1
1
2
3
WEATHER
the interior stocks have in-
during the week 69,286bales, andare to-night 127,899
period, last year.
The receipts
all the towns have been 17,868 bales greater than the
yreased
ame
In
Cincinnati.
The above totals show that
223,989
1920-
370,233
457,292 1917—Nov. 2
555,808 1916—Nov. 3
1;792,610230,416 1217067 281,794 1,777,335^44,9501089168
figures are for
a
Receipts at ports to Oct. 29...
4,519
25,721
decrease from
535
109
2,666
82,675-
39,074
bales.
3*339
1,2001
9,734
111,922
a Revised.
foregoing shows the week's net overland movement
11,223
7,665
4,837
uding movement by rail to Canada.
overland exhibits
8,074
1,367
19,474
116,700
21,422
this year has been 21,422 bales, against 39,074 bales for the
week last year, and that for the season to date the aggregate
15,000
97,652
1,500
38
lnc
The
617
1.600
5*171
1,587
*
6,139
7,925
1,732
761
6,152
56,558
7,043
total net overland *_
Leavin
1,254
2.094
15,277
2,051
2,711
1,961
Total to be deducted.
429
20,900
1,338
2,262
San Antonio.
it
1,600
10,155
5,806
32,370
3,500
Total gross overland
Deduct shipments—
20,172 188,743
91,106
Paris
*
17,432
4101
Brenham
Dallas
226,543
4,400
10,874
...
Tex., Abilene..
Clarksvllle
83,608
22,976
14,083
Greenwood..
Tenn.,Memphis
12,504
*1*064
1,000
Mo., St. Louis.
373
7,915]
6,369
16,147
7,471
8,238
2,332
1,561
300
742
2,4i7
Virginia points
Via other routes, &c
35,573
3,773
2,167
1,800
Yazoo City..
Island
Via
15,019
11,758
41,389
38,050
510
3,288
1.850
7,541
Vlcksburg...
665
3,852
Ciarksdale
6,494
Rock
Louisville
3,172
3.093
1,392
2,337
1,500
Mounds. &c
Via
5,465
350
Natchez
Via
31.
10,410
23
Meridian
Oct.
939
5,088
Greenwood.
842
Season.
11,618
8,992
St. Louis
1,419
17,719
6,377
41,079
20,922
7,895
30,201
23,684
126,812
8,104
La., Shreveport
Miss.,Columbus
..
Week.
Via
Week.
Receipts.
Slocks
ments.
Oct.
Week.
Ship¬
Via
Ship¬
Receipts.
Since
1.
Aug.
Week.
Shipped—
Tovms.
-1919Since
October 29—
Movement to Oct. 31 1919.
Movement to Oct. 29 1920.
REPORTS
BY
Bales.
3,377,734
4,028,676
5,183,875
TELEGRAPH.—Advices
by telegraph this evening indicate that rain has been
general at the South during the week and somewhat excessive
in portions of Texas and in some Gulf sections.
Tempera¬
ture has been lower with killing or heavy frosts in districts
to
us
of the Southwest.
Oct. 30
1769
CHRONICLE
THE
1920.]
=3e=
Rain.
Thermometer
—
81
low 52
mean 62
90
low 40
mean 70
Dallas
77 low 42
mean 60
Henrietta
3.50 in.
78
low 40
mean 59
Lampasas
3 days
2.22 in.
85 low 33
mean 59
Luling
1 day
0.92 in.
85 low 40
mean 63
Weatherford
.2 days
1.82 in.
79 low 39
mean 59
Ardmore, Okla
__2 days
2.73 in.
83 low 35
mean 59
Altus
__3 days
0.71 in.
78
low 39
mean 59
Eldorado
a.
3 days
1.68 in.
76
low 33
mean 55
Little Rock—5 days
2.71 in.
77
low 37
mean 57
Alexandria, La
4 days
2.58 in.
79 low 40
mean 60
Shreveport
3 days
1.58 in.
78 low 50
mean 59
Vicksburg
4 days
0.45 in.
81
low 43
mean 62
Okalona
3 days
0.36 in.
88
low 35
mean 62
Mobile, Ala.—Picking is practically over and cotton is being more freely
ginned
4 days
4.65 in.
high 82 low 47
mean 65
Selxna__
3 days
1.50 in.
high 85 low 36
mean 61
Madison
4 days
1.19 in.
high 88
low 57
mean 73
Columbus
1 day
1.30 in.
high 88
low 37
mean 63
Charleston, S. C„
2 days
0.07 in.
high 82 low 46
mean 64
Columbia
1 day
0.42 in.
high 85
low 41
mean 63
Charlotte, N. C
2 days
0.10 in.
high 84 low 37
mean 61
Weldon
1 day
0.96 in.
high 85 low 35
mean 60
Memphis
..3 days
1.74 in.
high 81
low 33
mean 60
Rainfall.
0.65 in.
0.74 in.
2.05 in.
2 days
-—3 days
3 days
1 day
Brenham, Texas
Brownsville
.
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
_
—
ANNUAL COTTON HANDBOOK FOR DAILY CABLE
RECORDS
OF
Daily Cable Records," issued by Comtelburo, Limited/of
London, Liverpool and New York, has reached us this week,
The'publication, being of a very comprehensive character, is
consequently a very valuable book of reference.
It contains
the usual statistics of the American, East Indian, Egyptian,
Russian and Brazilian crops, and a number of new features
have been incorporated, including details with regard to
Peruvian cotton and yarn production in India, the pages
being so arranged that the daily and weekly figures for this
year as received can be inserted side by side* with those for
the previous year.
It will be found on sale at the office of
Comtelburo, Limited, 71 Broad Street, New York.
......
1920
BOMBAY
—-
the
,
season
MOVEMENT.—The receipts of
Bombay for the week ending Oct. 7 and for
Aug. 1 for three years have been as follows:
COTTON
India cotton at
QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.—Below are the closing quotations of middling
cotton at Southern and other principal cotton markets for
each day of the week:
from
Monday.
Saturday.
Tuesday. Wed'day. Thursd'y,
Friday.
1918.
1919.
1920.
October 7.
5
Week.
Aug. 1.
Week.
Week.
Aug. 1.
0.000
178.000
12.000
Since
Since
Since
Receipts at—
Bombay
Closing Quotations for Middling Cotton on
Week ending
Oct. 29.
&C.—The fiftieth
CROP, STATISTICS,
annual issue—the Jubilee Number—of the "Hand-Book for
221.000
Aug. 1.
229,000
7.000
Since August 1.
For the Week.
Exports
21.00
Mobile
„
Charleston
21.25
21.25
21.25
20.50
20.50
21.75
21.75
21.50
21.50
22.00
22.50
21.00
21.00
22.00
21.00
19.75
19.50
------
-
Savannah
22.25
21.00
Orleans
New
21.00
19.75
Galveston
21.50
w
Baltimore.
21.70
21.50
21.00
21.00
1919
22.50
22700
22.00
-
•
—
~
Tmt
a*
21775
22.75
22.95
22.40
22.85
22.45
20.75
22.38
22.38
22.00
22.00
20.50
20.50
21.00
21.00
20.75
21.95
22.05
21.00
21.00
21.40
21.75
21.00
20.85
Houston.
20.75
22.25
22.25
20.75
20-00
20.50
21.00
21.00
21.00
21.75
21.75
21.00
21.00
20.75
21.50
Little
20.75
20.70
_—
Dallas
Rock
Worth
Fort
Conti¬
nent.
0
&
Japan
Total,
China.
12,000
110,006
52,000
174,000
13,000
14,000
69,000
256,000
339,000
26,000
39,000
65,000
5,000
30,000
29,000
64,000
5,000
4,000
14,000
31,000
49,000
11,000
10,000
"Y,65o
19,000
22,000
17,000
140,000
81,000
238,000
5,000
18,000
18,000
83,000
287,000
388,000
7.000
1920
■
Philadelphia-
Total.
7,000
26.000
39.000
65.000
9,000
1918..-.
•
Great
China.
Britain.
Japan &
nent.
Bombay—
;
-
Augusta
Memphis
v
Conti¬
Britain.
22.00
21750
-
_
21.00
Great
from—
22.00
20.50
Norfolk
22.00
'
,
12,000
"7",000
7,000
2,000
3,000
5,000
Other India*
1,000
1919—
1918
Total all—
11,000
1920
1,000
1919---.
12,000
1918—
NEW ORLEANS CONTRACT MARKET.—The
closing
quotations for leading contracts in the New Orleans cotton
markets for the past week have been as follows:
*
1918.
No figures for
OF
SHIPMENTS
AND
RECEIPTS
ALEXANDRIA
COTTON.—The following are the receipts and shipments for
Saturday,
Oct.
23".
Tuesday, Wed'day, Thursd'y,
—
21.00
Oct. 28.
Oct. 27.
Oct. 26.
Oct. 25.
20.50
November
—
20.00
—
20.28-.35 21.23-.34 21.55-.60 20.51-. 53
20.06-.18 21.05-.10 21.20-.22 20.09--13
19.98-.12 20.75-.78 20.95-.00 19.91-.95
19.75-.78 20.55 — 20.75-.85 19.74-.76
December-...
20.50
•
Oct. 29.
19.68
.....
......
May
July
,
—
20.90-.00 20.18-.20
20.48-.61 19.67-.76
20.40-.41 19.50-. 55
1918.
19.48
—
20.30
—
20.55
—
19.50
—
20.10-.20 19.25-.30
19.81 — 19.05 —
1920.
Steady
Spot
Options.
-
Steady
Steady
Firm
.
Steady
Ba'ly s'y
Steady
Steady
Steady
Firm
Receipts (cantars)—
week
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.
Week.
Season.
supply to Oct. 27*
Total supply
427,390
2,880,827
4627861
b 10,000
Bombay receipts to Oct. 28
Other India shipm'ts to Oct. 28
Alexandria receipts to Oct. 27
246,000
52,000
90,000
114,000
43,000
16,000
4,000
34,000
3,000
540,000
55,000
5,564,872
Total exports—
Note.—A cantar is 99 lbs.
This statement shows that
firm
2,886,260
253,000
63,000
8,330,084 4,914,399
100
for
5,194,062 4,631.831
282,568
226,568
*
124,000
789.000
56,000
1,025,000
ings, Common
to finest.
&c.
mills,
Twist.
d.
d.
Shirt¬
for previous weeks
a.
d.
b.
d.
Sept.
Mid.
TwlSl.
CENSUS BUREAU REPORT ON COTTON GINNING
TO
OCT.
18.—The
Census Bureau issued on Oct. 25 its
Oct. 1 from the
follows, comparison being made with the
the like period of preceding years:
s.
d.
@
39>i
21.68 3914
@
@
21.35 40
@
4314
4214 25 3
4414 26 9
4414 27 0
@34 6
19.17 41
@
45
@32 0
17.74 41H
@31 0
@30 0
@29 4
15.17 4214
@
60
36
6
0
@
58
36
0
@39 6
21.65
44
@
56
35
0
24
46
@
56
35 0
@37 6
@37 6
1
41M
@
52
32
0
40
@
47
29
6
15
32
32
@
39
29
@
K
@
45
28
4
38
27
4
40 H 26
4
d.
b.
d.
18.15
@30 0
@29 9
17.85
@31 0
18.58
@31 6
19.88
Oct.
22
Upl's
finest.
25 6
20.96 3954
46
46
3
to
d.
d.
d.
Mid.
ings, Common
32s Cop
Upl's
17
10
Cot'n
81i lbs. Shirt¬
Cot'n
8
a
892,000 bales In 1920 and 870,000 bales in 1919—takings not being available
—and the aggregate amounts taken by Northern and foreign spinners,
2,244,022 bales in 1920 and 2,744,447 bales in 1919, of which 1,455,022
bales and 1,719,447 bales American,
b Estimated.
90,105
1919.
8 H lbs.
3,614,447
2,589,447
Embraces receipts in Europe from Brazil, Smyrna, West Indies,
This total embraces the total estimated consumption by Southern
!
that the market is
1920.
32s Cop
Of which other
~
MARKET.—Our report received by
prices for to-day below and leave those
of this and last year for comparison: ■%
8,246,278
3,136,022
2,347,022
5,194,062
—
yarn
4,631,831
370,810
246,810
-
Total takings to Oct. 29_a
Of which American
—
Egyptian bales weigh about 750 lbs.
the receipts for the week ending Oct. 6 were
Deduct—
Visible supply Oct. 29
*m
8,844 165.531
1
46,701
20,416
22,988
■
and quiet for cloths.
Demand for both
trade and foreign markets is improving.
We give
home
38,000
90,867
20,758
18,921
33,985
l",70i
to-night from Manchester states
cable
214.000
19,893
Week. Aug. 1*
1.
the foreign shipments 7,082 bales.
MANCHESTER
4",7927618
4",97567257
—
300
2,741
2,500
1,541
—
&c
To Continent and India.
To America
7,043
6,576
5,357
6,466
1,494
7,082
Liverpool..
To Manchester,
Season.
4,394,538
5,080,482
American in sight to Oct. 29
To
Since
Since
Week. Aug.
Week. Aug. 1.
Exports (bales)—
129,629 cantars and
1919.
1920.
Week.
496.839
Since
WORLD'S SUPPLY AND TAKINGS OF COTTON.—
Visible supply Oct. 22
Visible supply Aug. 1
180,000
746,640
Steady
Steady
The following brief but
Cotton Takings.
Week and Season.
225,790
6.
October
This
1919.
129,629
Alexandria, Egypt,
Tone—
Other
for the corresponding week
Oct. 6 and
previous years:
the week ending
of the two
337.948
January
March.
Monday,
Friday,
0
19.68
@
4514 27 114 @32 0
20.74
@
46
15.73 45
@
4914 27 9
16.55 45
@
50
27
27
27
0
3
@31
@32
22.17
3
22.68
@32 9
1014 24.25
10 @32
report on the amount of cotton ginned up to
growth of 1919,
returns for
1920.
281,753
19,678
347,439
California
13,914
Florida
9,614
Georgia
709,404
Louisiana
204,096
348,197
Mississippi
Missouri
13,573
North Carolina—
191,263
Oklahoma
357,010
South Carolina—
564,159
Tennessee
53,519
Texas
2,596,147
1,081
Virginia
All other
1,210
Alabama
-
Arizona
Arkansas
a
-
__
,
.
.
-
-
-
-
United
States. -5,712,057
1919.
1918.
1917.
1916.
383,458
14,010
492,047
6,082
448,544
225,668
1,421
292.808
1,390
673,366
277,836
13,300
10,794
1,109,878
941
10,241
12,148
1,278.896
320,150
591,657
19,967
197,910
349,946
794,729
130,922
2,054,250
2,659
1,203
4,929,104
6,811,351
144,810
405,674
14,623
354,261
273,153
840,587
80,609
999,191
5,979
The number of round bales Included this year is
347,149
6,119
27,492
6,852
1,044,480
352,121
375,106
10,608
151,160
341,804
582,361
39,596
2,066,004
1,386
1,149
32,167
1,217,903
319,698
448,504
29,426
251,764
490,608
508,635
171,968
2,845.705
10,123
2.266
5,573,606
bales in 1918.
14,312, against
8,890 bales in 1919 and 2,736 bales in 1918.
The number of Sea Island bales
included this year is 340, against 1,792 bales in 1919 and 10,583 bales in 1918.
The corrected statistics of the quantity of cotton ginned this season
prior to Sept. 25 are 2,253,444 bales.
exports of cotton from the United States the
reached 156,586 bales.
The shipments in
up
from mail and
telegraphic returns, are as follows:
Total bales,
2,040
500
NEW YORK—To Bremen—Oct. 26—Mar Tirreno, 2,040
To Piraeus—Oct. 27—Trojan Prince, 500.-----------
7,303,183
138,554, against 55,555
bales in the corresponding period a year ago and 110,605
The number of American Egyptian bales included this year is
the
past week have
detail as made
SHIPPING NEWS.—As shown on a previous page,
as
GALVESTON—To Liverpool—Oct. 28—Custodian,
To Manchester—Oct. 26—Ramon de Larrinaga,
To Havre—Oct. 21—Dorrington Court, 15,053
23,497
23,497
14,164-
14,164
15,053
3,651
23—Soptima, 3,651Antwerpi—Oct. 21—Thurland Castle,
To Bremen—Oct.
To
Elzasar, 250—_
To Ghent—Oct. 21—Thurland
73/83/? 3765
2,249-.-Oct. 23—
--7.----,-
-
2»499
Castle, 3,931 —-Oct. 23—El-
T,696
28—Mar Caribe
17,116
NEW ORLEANS—To Liverpool—Oct. 27—Logician, 3,000_
3,000
To Manchester—Oct. 23—Western Chief, 2,5192,519
To
********<m*■
Barcelona—Oct."" 23—Uadiz"" 6,757—Oct.
10 359
—
To
27—Hudson, 4,006--28—Sacandaga, 3,372
23—City of Flint, 1,960
Venice—Oct. 23—Bosanka, 3,717--Barcelona—Oct. 23—Bosanka, 1,828
Mexico—Oct. 23—Rovaer, 1,400—
Ecuador—Oct. 26—Parismina, 200-
To
Japan—Oct. 28—Celebes Maru.
To Havre—Oct.
,
-
To Bremen—Oct.
—
To Genoa—Oct.
To
To
To
500
-
4,006
3.372
1.960
3,717
1.828
1.400
200
500
1770
THE
CHRONICLE
Total bales
SAVANNAH—To Liverpool—Oct. 23—Argalia, 8,474__.
To Havre—Oct. 28—Harlem, 10,430-...
To Bremen—Oct. 23—Hillhouse, 12,950
"
To Rotterdam—Oct. 25—Callisto, 700
To
Antwerp—Oct. 28—Harlem, 157
8,474
10,430
12,950
700
157
4,998
1,000
500
5,300
2,000
184
....
-
BRUNSWICK—To Liverpool—Oct. 28—Albanian, 4,998
WILMINGTON—To Genoa—Oct. 25—Esperia, 1,000
To Barcelona—Oct. 25—Esperia, 500
NORFOLK—To Liverpool—Oct. 27—Norfolk Range, 5,300..
To Manchester—Oct. 23—-Conehatta, 2,000
_
_
BOSTON—To Liverpool—Oct. 15—Oxonian, 184
SAN FRANCISCO—To
Japan—Oct. 22—Persia Maru, 850
SEATTLE—To Japan—Oct. 23—Fushima Maru, 325
Altai
850
325
—
....
156,586
„
LIVERPOOL.—By cable from Liverpool
have the folIowing statement of the week's sales, stocks, &c., at that port:
ales
Snt
fOrt.8.
15,000
of the week
Sales,
American
Actual
export
Forwarded
Total
stock...
h Of which American
Total imports for the week*
Of which American
Amount afloat
>_ Of which
we
American..........
Oct. 15.
20,000
Oct. 22.
21,000
Oct. 29
34,000
12,000
8,000
43,000
825,000
472.000
11,000
2,000
137,000
191,000
18,000
4,000
39,000
812,000
*50,000
26,000
12,000
218,000
19,000
5,000
50,000
817,000
450,000
67,000
52,000
203,000
24,000
4,000
49,000
804,000
443,000
31,000
24,000
J178,000 J162,000
The tone of the
is
This
come.
[Vol. 111.
drawback.
one
under favorable conditions.
spot cotton have been
in France and
follows:
new
Satwdai.
Monday.
Tuesday
Wednesday.
Thursday.
Friday.
strike
coal
The weather has been favorable
sowiug in that country continues to
In Germany good weather also pre¬
crop
make good progress.
Spot.
the
preclude British business.
It is supposed, too,
that the United Kingdom has enough wheat on hand to last
until the crops of Australia and Argentina come forward.
Meantime receipts at Canadian markets are large.
The
United States visible supply increased 2.280,000 bushels.
The total is now 34,411,000 bushels.
Receipts at Omaha
have sharply increased.
Consignment notices there have
also increased.
The tightness of money, too, has not been
without a certain effect at times.
There has been, indeed,
some vague talk in Chicago of
financial difficulties at the
seaboard.
Early in the week prices were lower.
Crop news
from Australia and Argentina was favorable.
It is regarded
as probable in some quarters at least that these countries
will soon be offering wheat to Europe for late January and
February shipment.
On the 27th inst. prices at Chicago
fell.
New acreage is said to be 14% smaller, however, in
Oklahoma and 6% smaller in Nebraska, while a moderate
decrease, at least, is said to be indicated in Kansas and
Missouri.
The Secretary of the Wheat Growers' Associa¬
tion declares that wheat "will go to 83 a bushel within 90 days.
In the United Kingdom sowing of new crops is progressing
Liverpool market for spots andlfuturee&ch day of the past week and the daily closing prices of
as
Besides,
has seemed to
vails, but wheat sowings are rather backward.
There is no
change in conditions in Italy.
Drought is still hindering
sowings in North Africa.
Moderate rains have occurred in
_
IV^arket,
[
Fair
P.M.
Fair
Fair
business
business
business
Good
business
doing.
k 12:15
doing.
doing.
Inquiry.
doing.
1
Fair
Australia and harvest prospcts are
Mid Upl'ds
ulcs
16 72
HOLIDAY
7,000
Futures.
Market
o
Firm
17.10
6,000
4
M.
The
16.55
7,000
8,000
Steady
\
advance.
advance.
f
<
{
Market,
16.71
6,000
Firm
61 @75 pts. 23 @28 pts.
/
opened
P
17.06
Steady
Steady
17@.50 pts. 28 @46 pts.
advance.
advance.
Easy
decline.
decline.
Quiet,
6@20 pts. .50@60 pts. 15@22 pts.
advance.
Quiet
Very ste'dy
Easy,
4@18 pts. 25@42 pts. 29@34 pts.
decline.
decline.
prices of futures at Liverpool for each day
decline.
are
given
below:
good.^ In Bulgaria the
yield is about 25% below last year, while it is about eaual to
that of last year in other sections.
Broomhall's Galata
correspondent writes that Danubian shipments recently
have been mostly from Bessarabian ports, as transport from
the interior is easier there than in the old ports of the king¬
dom.
The export of cereals could have been five or six times
the actual quantity if transnortation conditions had been
good.
The corn surplus has been reduced by long droughts,
but the condition of the crop harvested is so good that it
should be readv for export in November.
To-day prices
advanced and they end higher for the week.
Frost is re¬
ported in Argentina.
But France, it is said, is out of tht
market for sixty days.
t
Mon.
Sat.
Tues.
Wei.
Thurs.
Fri.
Oct. 23
to
12%
Oct. 29.
12%
12%
D. m. p. m
4
p. m. p. m
4
12^
p. m. p. m
4
12^
12^
p. m. p. m
12 %
4
p. m. p. m
4
p. m
d.
d.
DAILY
p. m.
CLOSING
PRICES
October
d.
d.
d
d.
d.
d
15 97 15 94 16 31 16.36 16.44 16.32 15.96 16.07
November
No. 2 red___
DAILY
CLOSING
PRICES
1585 15 82 16 20 16 27 16 31 16 21 15 66 15 84 15.89 15.50
....
December
January
d
15.76 15.70 16.09 16.16 16.30 16.09 15.49 15.67 15.77 15 38
15.56 15.44 15.79 15.85 15.92 15,72 15.1615.37 15.44 15.06
.*„...
February
HOLI¬
March
DAY.
15.39 15.26 15.62 15.68 15.72 15.53 14.96 15.16 15.23 14.86
15.27 15.14 15.47 15.52 15.54 15.34 14.76 14.96 15.02 14.66
April
15.17 15.03 15.34 15.38 15.40 15.20 14.62 14.82 14.88 14.52
May
15.07 14.92 15.21115.24 15.27 15.07 14.49 14.68 14.75 14.38
June
14.95 14.82 15.0815.12 15.14 14.94 14.36 14.55
14.62114.25
July
14.84 14.72 14.9615.00 15.02 14.82 14.24 14.43 14.50 14.12
August
18.64 14.52 14.7614.80 14.87 14.64 14.08 14 26 14.32 13.94
14 44 14 32 14 60 14 60 14 67 14 44 13 91 14 07 14 14 13 76
September
October, 1921
14.00 13 60
BREADSTUFFS
IN
WHEAT
OF
Mon.
Sat.
d.
i.
Tops.
NJRW YORK.
Thins.
Wed.
.
Fri.
cts_223V 296H 234% 232
231 If 240
~
OF WHEAT FUTURES IN CHICAGO.
Sot.
Mon.
Tups.
Wrd. Thurs.
Fri.
December delivery in elevator.cts. 199 %
March delivery in elevator-.
193%
199 %
192%
206
207 hi 209
200
200%
202%
201203
Indian Corn advanced moderately with a big rise in wheat
and also under the stimulus of a decrease in its visible supply
in the U.
In* Chicago the decrease
1,264,000
bushels.
But the
point is that even so the visible supplv which is 10,277,000
bushels is unusuallv large for Oct.
Offerings of new corn,
was
S. of 352,000 bushels.
reached
It
greater.
too, are expected before long.
The trade has been light.
These things partly explain why the market has on the
whole taken big advances in wheat so coolly.
The receipts
for a time were large.
Not a little stress was laid on this fact.
#
Friday Night, Oct. 29 1920.
quiet, but steady, braced by the rapid rise
in wheat.
Also a reduction of the ocean freight rate differen¬
tial may help export business.
The Shipping Board has nar¬
rowed the range of export rates between wheat and flour so
that beginning Nov. 1 the rate of flour will be
only 5c. per
100 pounds over wheat.
This may give a fillip to trade with
the Continent.
Europe has thus far plainly preferred to buy
our wheat rather than our flour with the evident
design of
stimulating the milling industry there, especially as they
get their feed and fertilizing nitrates for nothing.
The
trouble is that Europe has
already bought wheat heavily in
Flour has been
^
the
United
States
and
Canada.
It
remains
to
be
foreign business in American flour will be greatly
facilitated by the readjustment of the
freight differential.
The foreign buying of wheat has been
large this w.eek.
As
for the home trade in flour it has been
quiet.
Buyers are
seemingly not much impressed even by sudden upturns of
10 to 11c. per bushel in wheat like that of the 26th inst.
The Minneapolis "Northwestern Miller's"
weekly review of
the flour trade says:
"The main
news
of the week has been
Shipping Board's decision to reduce
the ocean freight differential between wheat and flour from
25c. per 100 lbs. to 5c.
This tardy but welcome announce¬
ment will help in
restoring America's
export flour
trade,
which had been almost
destroyed by the Board's previous
aotion.
Otherwise the flour market has been
totally life¬
less,
as
Prices
buyers
as
are
yet show
afraid of the unstable wheat situation.
effects from the farmers' threat to hold
no
their wheat for S3 a bushel, and the
foreign crop news is
generally bearish.
The mills continue to operate at about
half capacity."
Omaha reported on the 28th inst. that 125
flour mills in Nebraska
are to
reopen at once, owing to the
Shipping Board's action in reducing the export rate on flour.
Some here think that the action of the Nebraska mills was a
bit premature.
That remains to be seen.
Wheat advanced 10 to 11c. on the 26th, with sales for
export of 1.500,000 bushels.
that Southwestern farmers
for lower
A leading factor
the report
were holding back their wheat
They were said to be on a kind of "strike."
was
prices.
Belgium was the largest buyer.
Other Continental countries
bought to some extent.
Great Britain bought nothing.
The British commission has taken little
3
or
none
months, noriis.it likely to, it is believed, for
for the last
some
on the 26th instant prices did advance
in response not only to a far greater rise in
2 to 2b£ cents
wheat but also
to covering in an oversold market.
What is more there
were reports that Holland and Germany had bought 700,000
jushels altogether and that 400,000 bushels had been ordered
oaded into steamers at Chicago for shipment East.
Besides
some contend that with prices 40 to 45c. per bushel lower
':han a year ago bearish statistics are discounted.
Latterly
;oo, receipts have fallen off.
Stocks are decreasing.
But
today prices advanced and they end higher for the week.
<
DAILY CLOSING
seen
whether
the announcement of the
But
time to
PRICES OF CORN TN NEW YGRK.
Sot.
Mon.
Tups.
Wed. Thurs.
.
Fri.
cts.lOSIf 107
108
\09% 110% 112%
DAILY CLOSING PRICES OF CORN FUTURES TN CHICAGO
Sat.
Mon.
Tues.
Wed. Thurs.
Fri.
December delivery in elevator_cts_ 80 %
79 %
82 %
81%
82%
33%
No.
2 vellow
May delivery in elevator
Oats
advanced
80%
88
88%
86%
88%
89%
but
only slightly.
Nothing seems to
rouse the market.
Yet the strength of other grain was not
wholly ignored, although the United States visible supply
increased 2,184,000 bushels and the total is 33,660,000
bushels, against only 19,042,000 bushels last year.
There
is no doubt that this is a handicap.
Commission houses
have been selling on the big stocks.
They have been a cold
douche.
The Northwest has sold quite heavily.
Canadian
offerings also had a depressing effect.
In other words,
despite the rise in other grain and the fact that country
offerings were not very large, oats have hung back burdened
by big supplies with little demand.
The effect of heavy
buying of corn for Germany and Holland was not great and
was
only momentary.
To-day prices advanced slightlv and
thev are higher than last Friday.
There was only a moderate
^
business
Eastern
in
futures.
dealers
The
Eastern
cash
demand
is
small.
supposed to be carrying rather" large
supplies, a considerable percentage of which was bought at
prices well above the present level.
DAILY
are
CLOSING
PRICES
*
OF
Sot.
No. 1 white
OATS IN NF.W
Mon.
Tues.
Wed
66
66^
No. 2 white
65%
65%
66
DAILY CLOSING PRICES OF OATS FUTURES
cts_
66
Sot.
December delivery in elevator_cts_
May delivery in elevator
Rye advanced sharply.
other
grain.
On
the
26th
55 %
58%
Mon.
Tues.
53%
58%
55%
59%
It could not
inst.
it
rose
YORK.
Thurs.
67H
67
IN
Wed.
67^
Fri.
07%
67
67
CHICAGO.
Thurs.
55
59%
54%
59%
Fri.
54%
59%
ignore the rise in
6
to
8c.
It
was
spurred upward not alone by the advance in other grain but
,
•
-
Oct. 30
1920.]
CHRONICLE
THE
also
by the smaHness of the visible supply.
Besides there
of export business.
December on the 27th inst.
got up to 174.
Today prices were lc. lower on Dec. and
Ac. higher on May.
But they end considerably higher than
last week.
There are rumors of export demand.
Con¬
siderable freight room is said to have been engaged recently
at Hamburg and Antwerp.
were rumors
DAILY
CLOSING
PRICES
OF
RYE
Sat.
December delivery in elevator_cts_ 163
May delivery in elevator—
The
following
FUTURES
Mori.
Tues.
163%
152%
152%
IN
CHICAGO.
Wed.
172
158%
Fri.
Thurs.
171 %
171%
158%
112%
157% 158
closing quotations:
are
6 90
No. 1 spring....
Nominal
Corn—
No. 2 yellow
No. 2
Feeding
Malting
1 93%
For other tables usually given here,
67
66
see
105©109
116@123
._
OCT. 26.—The influences of weather
the crops as sum¬
on
marized in the weather bulletin issued by the Department of
Agriculture for the week ending Oct. 26 were as follows:
CORN.—The weather
and
was
favorable for husking and drying corn in most
northern
extreme
districts, but husking and cribbing were
checked by rain from Iowa and Miasouri westward.
The quality of corn is
generally excellent owing to the late fall.
There is much tangled corn in
Iowa and Nebraska, making husking slow work.
COTTON.—In view of the lateness of the cotton crop the continued warm
weather in the more northeastern districts has been favorable, and the plants
are now mostly matured.
Picking was delayed by rainy weather m the
States west of the Mississippi River, and ungathered, open cotton was
damaged in many localities.
To the eastward the weather was favorable
for picking and this work made generally good progress, except for some
interruption by labor shortage.
Cotton is nearly all gathered in Mississippi,
Alabama and Georgia, except in the northern portions, and harvest is
approaching completion in the coastal plains of South Carolina; the yield
in the central portion of the latter State is proving better than was expected.
The weather was unfavorable for the development of the top crop in Texas,
and
and
cotton deteriorated
deficient sunshine.
in
Oklahoma
on
of
account
excessive
moisture
Picking and ginning made excellent progress in
Arizona, and harvest is well advanced in New Mexico.
WINTER
GRAIN
SEEDING.— The completion
grains
winter
delayed by continued dry soil in
many localities in Central States
Mississippi River and germination of winter wheat has been
The general rains from the west
Valley and the sections bordering
on the lower Lakes were very beneficial, however, to winter wheat and other
fall sown grains.
Wheat especially promises the establishment of a good
root system before winter sets in over the Great Plains States.
The soil is
in general well supplied with moisture in the more northwestern States,
although seeding was interrupted somewhat by frequent rains.
It con¬
tinued too dry for plowing and seeding in the eastern portion of the winter
oat belt, but in the western portion the generous rainfall has put the soil in
good condition.
The heading of grain sorghums is well along in the lower
Great Plains.
The week was generally favorable for rice harvest and
thrashing in the lower Mississippi Valley, although there was some delay
by rain in Louisiana.
POTATOES.—Good progress was made in harvesting white and sweet
potatoes in eastern districts, but stormy weather caused slow progress in
harvesting white potatoes in the Rocky Mountain and Northwestern States
during the first part of the week.
was
rather poor in some sections of this area.
Gulf region northward, in the Mississippi
SS^-inch, print cloths,
paid.
was
to
cent
one
not so well sustained.
were
Some mills in Fall River
For
are
72x76s,
asking one-
yard for some constructions of
prints than first-hand sellers in the New York market ac¬
more
a
Fine gray goods
there
will
neglected, and it is
were
be
not
improvement
an
Price declines in converting
be¬
now
until after
channels have been
being taken in
an effort
widely scattered lot of small orders is
coming in for bleached cottons, wide sheetings and some
white goods.
Retail cotton goods prices now being adver¬
liquidate.
tised
show
prices
A
decided
a
falling off.
Sheet
pillow-case
and
also being cut noticeably at retail.
are
Pongees, or¬
demand at prices
raw
ket downward during the week, and recovery
cotton mar¬
in the cotton
market later was not reflected in higher yarn prices.
prices
extremely irregular and
are
Yarn
derpand for both knit¬
ting and weaving stock negligible.
Comparatively few sales
is rapidly becoming the
chief feature in the entire industry.
There is a good deal of
recorded,
were
and
curtailment
speculation as to just what extent the underwear market
will liven up
in
after election.
State and Pennsylvania.
GOODS.—Conditions
WOOLEN
dress
Knitters continue to shut down
sections of New York
some
in
men's
the
wear
and
goods woolen markets are not good.
Buyers are plac¬
ing their orders with extreme caution, and almost every
day brings with it depreciations for some constructions of
merchandise.
The primary market for cloth for men's wear
continues unsettled, and it is said fabrics are likely to be
unsteady until the clothier shows a definite policy.
Some
the largest cutters-up report that they have purchased
of
seeding
of
of the
east
64x60s,
gandies, drills and twills meet the meagre
that favor the buyers.
Yarns followed the
1724.
page
WEATHER BULLETIN FOR THE WEEK ENDING
eastern
standard
goods
narrow
election.
Barley—
Rye—
The
held at 10y2c. a yard, net; and 68x72s at ll^c. a yard
by the leading mills.
Small lots were picked up on this
basis.
Prints were firmer, though not active, and some of
to
No. 3 white
$1 12%
structions.
were
cept.
67%
sheetings.
sympathy with the stronger tone in the raw cotton mar¬
ket, sellers of gray or unfinished goods stiffened their
price quotations as much as a cent a yard on principal con¬
most radical and heavy losses are
No. 1
No. 2 white
Some gray goods
better inquiry for prints and
a
In
lieved
Oats—
%2 40
5.50s, and 8%c. for 5-yards.
on
sellers reported
half
GRAIN.
No. 2 red
done
was
13%c.
511 00@$11 50 Barley goods—Portage barley:
Winter
No. 1
$6 75
straights, soft 10 00© 10 50
Kansas straights
Nos. 2,3 and 4 pearl
11 00© 1150
7 00
Clear
Nos. 2-0 and 3-0
9 25© 10 00
6 75©
Nos. 4-0 and 5-0
Rye flour
9 00© 1000
7 00
Corn goods, 100 lbs.:
Oats goods—Carload
Yellow meal
2 75©3 25
7 70
spot delivery..
Corn flour
2 85@3 50
Wheat—
weak, and very little trading is reported.
A few small lots
were reported sold to bag manufacturers.
As low as 8c.
the
FLOUR.
Spring patents.
1771
,
practically
stock for the season ahead, and others are
no
bought only one-fifth of their usual quanti¬
known to have
The wholesale women's ready-to-wear trade
ties.
field of slight activity,
a
presents
with manufacturers asserting
ve¬
hemently that they are losing money, or making no profit
fall
the
on
which
season,
rapidly
There is considerable complaint in
markets regarding
that
is drawing to
a
close.
the fabric, suit and dress
retailers not bearing their share of losses
deemed necessary in order to stabilize the textile
are
Cancellations are being received for
and clothing markets.
both dress
goods and men's wear fabrics.
there will be
Sellers hope that
broadening in demand for serges, tricotines,
a
velours, etc., next week or shortly thereafter.
But many
are absolutely refusing to buy goods and are satis¬
retailers
fied
THE DRY
the
week.
was
Few
the
stated
was
cause,
of
the
signs
that
in
tone
were
the
general tone of discussion
tance will
now
Tuesday.
evident.
were
Trade
become
have
ness
somewhat
raw
a
cotton
much
One thing
will
not
buy
general
more
throughout
the
accommodation has been
seems
certain and that is that con¬
freely until they
bottom has been reached.
some
goods has
surprised
even
general.
the
Price-cutting for
most pessimistic pur¬
and
there
are
is
New
considered inevitable
England
mills.
South have announced
great deal
a
indications that this
become general throughout the industry.
ment
in
confident rock
Wage reductions are now occupying
of attention
will
are
Offerings of goods at lower prices
at retail and wholesale are very
chasers.
prices
within the next
There is
an
revised
interest in spot goods, and,
Plaids have
for goods for cur¬
extent, in goods for nearby delivery.
some
women
and their successful sale seems to indicate a con¬
if not an actual increase, in the vogue among
for the wearing of separate skirts.
FOREIGN DRY GOODS.—The linen trade in New York
that nothing of impor¬
long-term payment, some business is being
worked through.
But when freer buying will begin is prob¬
sumers
top
rent use,
by
lematical.
the
tinuance,
general slowing down of busi¬
a
to
prices.
moved fairly well in answer to this call
be¬
little life in cotton goods.
was
Where special financial
provided
at
tors, and some of the larger handlers have already
An
steadier
market.
be attempted until after Election Day, next
Indications of
markets.
clothing
Price-cutting in the wool goods
their spring
activity
uplift in cotton served to stir up
The
of
sales
industry has become general with many of the smaller fac¬
conditions
better
fewer
York, Friday Night, Oct. 29 1920.
note in dry goods during
dominant
dragged along and competition to sell distressed goods was
very noticeable.
In cotton goods and cotton yarn circles,
it
make
to
reached earlier in the year.
of
New
Pessimism
GOODS TRADE.
movement
is
upset
by reductions
sellers have
do
in
so
the
near
of
reductions.
Some
future.
Those merchants who have re¬
hopeful of an improved
point out||hat linens cannot continue to
be held at former quotations when all other descriptions of
merchandise are being lowered in price.
There are a num¬
ber of buyers of linens who frankly say they will not re¬
business.
They
plenish their warehouses and shelves with linen goods un¬
sellers here readjust their prices downward.
But a
less
number of dealers continue to
point out that their selling
prices are not based on the top prices reached for linen
merchandise in Great Britain, and that the depreciation of
actually just about conforms with the sell¬
values abroad
thirty days
ing prices here.
wage'reductions varying from 10 to
rumors
duced prices on their linen stocks are
A readjust¬
Several large cotton mills in the
and
slightly reduced their prices, and others may
Since the announcement of 25% reduction
made abroad reached this country, some importers and other
distributors of linens report a little better inquiry
for stock.
20%, effective next week.
Dull business and a decline in
cost of living are attributed as the causes of the reductions.
Inability to stir up export trade at the very low prices now
current is ascribed to exchange conditions ; but foreign trade
prices here are said to be below parity with
Belfast.
According to reports received from Belfast the
linen manufacturers there contemplate closing their mills
prospects are expected to change radically after election;
whether for better or worse, is hard to say, according to
ment
the
is
men
best posted in importing lines.
Commercial
paper
discounting at 8% and up.
DOMESTIC COTTON GOODS.—The cloth markets
dull.
Jobbers
were
balking at re¬
bating to retailers, and many of them are positively refus¬
ing to take back anything purchased and shipped in good
faith, no matter who the buyer may be.
Sheetings continue
throughout the country
are
The
lowest
shortly unless orders promptly begin to be received.
of
Ship¬
Belfast is being held up by request
this side. There is some business pass¬
goods from
of the importers on
ing with the stock houses, but few new orders are going
across to Belfast.
According to cables, the British Board
of Trade has removed the export embargo on
flax.
The tone
market is improved over what it was last
week.
Sellers of light weights are reported to be holding
for 6.60c, to 6.80c., while heavies remain nominal in the
of
the
burlap
neighborhood of 8.25c.
[Vol. 111.
CHRONICLE
THE
1772
such
cent limit, and a school district, by a majority vote may increase
indebtedness 5 % on such assessed value beyond said 5% limit; provided
per
Jftale anil Cxttj jBtynxhumi
NEWS
that
ITEMS.
Ore.—Petition to Re-Open Road Bond
the State Highway
Department filed a petition in the Oregon Supreme Court,
on Oct. 18, requesting the reconsideration of the mandamus
action brought by W. P. Hawley of Oregon City to test the
validity of the $1,700,000 road bonds voted by the people
of Clackamas County.
Permission jvas also requested in
the writ for the State Highway Commission to be made a
Clackamas County,
Case Filed.—J. M. Devers, attorney for
party to the proceedings and intervene in the
The "Oregonian" says:
behalf of the State.
The original suit,
litigation on
the same or building or establishment thereof, in amounts not exceeding the
phuical value of such utility, industry or enterprise.
In estimating the in¬
debtedness which a city, county, township, school district or any other
political subdivision may incur, the entire amount of existing indebtedness,
whether contracted prior or subsequent to the adoption of this constitution
shall be included; provided, further, that any incorporated city may become
indebted in any amount not exceeding four (4) per centum on such assessed
value without regard to the existing indebtedness of such city, or for the
purpose of constructing or purchasing water-works for furnishing a supply
of water to the inhabitants of such city, or for the purpose of constructing
of
named as defendants, was heard by the
Supreme Court several months ago, with the result that the bond issue
was held to be in violation of the State law limiting the issuance of these
securities for permanent road improvements to 2% of the assessed valuation
of the property in any county.
In the predominating opinion, written by
Justice Benson, the court held the bonds issued by Clackamas County
and for
sewers,
no
All bonds or obligations in
of indebtedness permitted by this constitution given
other purpose whatever.
excess of the amount
by any city, county, township, town, school district, or any other
subdivision, shall be void.
v. -
political
Oneida, N. Y.—City Manager Form of Government to he
city of Oneida will be given
Voted On.—The electors of the
the
in which H. S. Anderson, judge, and other members
also
city by a majority vote may issue bonds upon any revenue
producing utility owned by such county or city, or for the purchasing or acquiring
any county or
opportunity to vote
ment
on a.
city
manager
form of govern¬
Nov. 2.
on
the Clackamas County Court were
and consequently were invalid.
filed by Attorney Devers the highway commission alleges
by statute to furnish the rights
of way and prepare the grides for the construction of State highways in the
respective counties.
Also that the commission is authorized to assist the
counties in the preparation of grades and the construction of bridges and
culverts under such terms and conditions as the counties and commission
were
in
excess
of the 2% limitation
In the petition
that the counties of the State are required
may agree.
»
The petition sets out that such agreements have
counties in the State, that considerable work already
been made with many
has been done for these
re-imbursed for the cost of such
operations.
To return to the State money advanced for this work the
petition alleged that the counties expected to procure funds through the
sale of bonds authorized under the act of 1913It was under this law that
the Clackamas County Court called an election and subsequently voted
counties, and that the State was to be
were
afterward declared to be invalid.
six counties in Oregon
aggregate amount of
$4,739,000.
The count/s voting these bonds, together with the amount
authorized by each, foleow:
Clackamas, $1,700,000; Crook, $220,000;
Union, $1,498,000;
Lanle, $400,000;
Yamhill, $420,000, and Jackson
Pursuant to the act oTOl 3, the petition alleges that
called elections and proceeded to vote bonds in the
$500,000.
Following the authorization of these bonds the action sets out that the
under an Act empowering and directing that
State Highway Commission,
body to assist counties in the preparation of grades, bridges and culverts,
entered into agreements with several of the counties voting bonds whereby
it was understood that the commission should supervise certain road con¬
struction, award the contracts and control the road improvements, which
work primarily devolved upon the counties.
In compliance with these agreements and relying upon the ability of the
counties to re-imburse the State, the highway commission, according to
petition, awarded the contracts for road improvements in the several
entered into a written agreement with contractors whereby
for the work.
Following are the counties in which road work was done by the State
Highway Commission and the amo unts of money which the State has actu¬
ally paid and which is now due from the said counties: Clackamas, $200,000;
Crook, $100,000;
Union, $400,000;
Yamhill, $100,000, and Jackson,
$150,000.
"The situation as now presented is of great moment to the State," said
the petition, "in that if the law as construed in the Clackamas County
case must stand lis a law in this State with reference to bonds issued under
and by virtue of the act pf 1913, road construction will be greatly retarded.
Should Chapter 103, Laws of 1913, be amended to conform to the literal
and formal language of the construction and thereafter any of the said
counties should fail to repass its bond issue, such counties will be without
funds with which to re-imburse the State, and by reason thereof, the State
will sustain great financial damage and loss.
"Your petitioners represent and show that the issue as framed and as
presented to the court in the Clackamas County case did not fully present
the facts, and did not call to the attention of the court the equities herein
the
counties and
the State became obligated to pay
emphasized and by reason thereof these petitioners believe that the evil
and harmful effect of the present determination of this case could not have
been discussed in this court."
Justices Burnett,
Bean and Bennett concurred
with Justice Benson in
the original case affecting the Clackamas County issue, while Chief Justice
McBride dissented.
Concurring in the opinion of Chief Justice McBride,
was
Amendment
to
he
Sub¬
Voters.—A proposition to amend section 4 of
Article 13 of the South Dakota Constitution -will be submitted
to
to
the
voters
Nov.
on
2.
The
empower a school district, when
vote of its eleetotrs, to exceed the
and to incur
ness
an
amendment proposes "to
authorized by
a
majoritv
5% limitation of indebted¬
additional indebtedness, not exceeding
the
10% of the assessed valuation of the taxable property for
preceding that in which the indebtedness is incurred
for the purpose of providing sites and buildings for school
and
educational
purposes
generally.
We print below
Section 4 of Article 13 showing the new matter in italics:
Section 4.
The'debt of any county, city, town, school district, civil
year
.....
bonds which
Dakota.—Constitutional
South
mitted
Justices Johns and Harris.
Because of the many
counties that have voted bonds under the act of 1913
large amount of money expended in these counties by the State
Highway Commission, Attorney Devers, said the Clackamas County case
was of unusual public importance, and its final determination by the courts
would have much to do with shaping the future road improvements in this
township or ot.ier subdivision shall never exceed fire (5) per centum upon
the assessed valuation of the taxable property therein for tne year pre¬
ceding that in which said indebtedness is incurred.
"In estimating toe amount of the indebtedness which a municipality
or subdivision
may incur, the amount of indebtedness contracted prior
to tne adoption of the constitution shall be included:
"Provided, That any county, municipal corporation, civil township,
school district or other subdivision may incur an additional indebtedness, not
exceeding ten per centum upon the assessed valuation of the taxable prop¬
erty therein for the year preceding that in which said indebtedness is in¬
curred, for the purpose of providing water and sewerage, for irrigation,
domestic uses sewerage and other purposes and sites and buildings for
school and educational purposes aenerally; and
>
.
"Provided, further, That in a city where the population is 8,0000 or more
such city may incur an indebtedness not exceeding eight per centum upon
the assessed valuation of the taxable property therein for the year next
preceding tnat in which said indebtedness is incurred, for the purpose of
constructing street railways, electric lights or other lighting plants.
"Provided, further, That no county, municipal corporation, civil town¬
ship, district or subdivision shall be included within such district or sub¬
division without a majority vote in favor thereof of the electors of the
county, municipal corporation, civil township, school district, or other sub¬
division, as the case may be, which is proposed to be included therein, and
no such debt shall ever be incurred for any of the purposes in this section
provided, unless authorized by a vote in favor thereof by a majority of the
electors of such county, municipal corporation, civil township, school
district or subdivision incurring the same. '
Union County, Ore.—Bank Sues for Interest on Road
Bonds.y-It is reported that the Ladd & Tilton Bank of
Portland has instituted mandamus proceedings in the Su¬
Court of Oregon to compel the Treasurer of Union
County to pay interest alleged to be due on the $60,000
preme
The "Oregonian" says:
issued"abu sold, but later
road bonds.
These
were declared to be uncon¬
the result of an opinion handed down by the Oregon Supreme
bonds
stitutional
as
were
Court in the case brought by
W. P. Hawley of Oregon City to test the valid¬
ity of bonds in the sum of $1,700,000 issued by Clackamas County.
It was held in this opinion that the amount of money involved in the
bond issue exceeded 2% of the assessed valuation of all property in Clacka¬
mas
County.
Several counties other than Clackamas and Union were
affected by the opinion in the Clackamas County case.
and the
State.
Louisiana.—Ruling that School Bonds Must Not Be Sold
Par.—The New Orleans "Picayune" prints the fol¬
lowing letter addressed to Thos. H. Harris, State Superin¬
tendent of Education, by the Assistant Attorney-General
of Louisiana, in which an opinion is given that school bonds
may not be sold below par and that an effort to conceal
a discount is illegal:
Below
To Thos. H. Harris, Stale Superintendent of
Dear Sir—This is in answer to your letter
Education:
of the 1st inst. enclosing letter
from Mr. B. D. Talley in relation to
ajproposed sale of school bonds.
The law requires that school bonds shaff be sold for cash at not less than
par value.
It is admitted that under the bid referred to by Mr. Talley
the bonds will net the Board of School Directors only about ninety cents
on
the dollar.
It goes without saying that proposed
BOND CALLS AND
plan of sale is illegal.
It is provided by Sec. 8 of Act 205 of 1912 that proceeds of bonds may be
a consideration of the sale deposited "until used"
without interest in
the bank or banks in the State purchasing the bonds.
The plan to deposit the funds in a bank without interest for 28 months
County, Colo.—Bond Call.—Streetpa vihg bonds numbered 11 to 13 incl., 16 to 23 incl., 93 to
95 incl., 105 and 107 have been called for payment on Nov. 7.
5% interest is but
an
x
-r,
t
~
^
Baton Rouge, La., Oct. 16 1920.
Assistant Attorney-General.
O.
Aiken),
NEGOTIATIONS
So.
Caro.—BOND SALE.—The
May 25.—V. Ill, p. 409
**
SALE.—On Oct. 25 _a
syndicate headed by Wm. R. Compton Co., was awarded the following
three issues of 6% bonds offered on that date—V. Ill, p. 1585—for $988,
481-02, equal to 103.059, a basis of a xmt 5.52%.
$200,000 market place bonds.
Date Oct. 1 1920.
Due $20,000 yearly on
County,
Summit
AKRON,
Ohio.—BOND
Oct. 1 from 1921 to 1930, incl.
_
St. widening bonds.
Date Oct. 1 1920. Due
yearly on Oct. 1 as follows: $12,000 1921 to 1935, incl.; and
$14,000 1936 to 1940, incl.
Market
250,000 W.
509,410.87 deficiency funding bonds.
Date Nov. 1 1920.
The
purchasers are now offering these bonds to investors at prices yielding
from 5% to 5.60%.
Full details will be found in an advertisement on a pre¬
ceding page of this issue.
North
Dakota.—Constitutional Amendment
Approved.—
of $85,000 memorial
tion of North
it is
Dakota, submitted to the electors on Mar. 16
adopted by a majority vote.
This amendment
permits a school district, by a majority vote, to increase its
indebtedness 5% beyond the 5% limit and also provides that
any county or city by a majority vote may issue bonds upon
any revenue producing utility owned by such county or city
or for the purchasing and
acquiring same in amounts not
exceeding the physical value of such property.
We print
below Section 183 showing the new matter in italics:
was
Section? 183.—The debt of any county, township, city, town, school
district, or any other political subdivision, shall never exceed five (5) per
the assessed value of the taxable property therein; provided,
that any incorporated city may, by a two-thirds vote, increase such in¬
debtedness three (3) per centum on such assessed value beyond said five (5)
centum upon
i
ELECTION i—An issue
hall bonds will be submitted to the voters on Nov. 2,
ALLEN COUNTY (P. O. Iola),Kans.—BOND
An amendment to Section 183 of Article 12 of the Constitu¬
1920,
Due Nov. 1
1928.
Very truly yours,
(Signed) L. E. HALL,
t,
(P.
AND
follows:
$62,100 6% road bonds, offered without success on
effort
is too inelastic, but it
COUNTY
AIKEN
as
—have oeen sold.
to conceal
a discount.
It may be that the law regulating the sale of bonds
will remain until changed by competent authority.
PROPOSALS
BOND
this week have been
as
and then to borrow the funds from the bank at
REDEMPTIONS.^
Pueblor Pueblo
,
reported.
ALLEN
COUNTY
(P.
O.
Lima),
Ohio.—BOND
ELECTION.—On
will be asked to vote on the question of issuing $100,000
County Fair Ground purchase and impt. bonds.
Nov. 2, the voters
AMERICUS,
that
at
an
issue of
Sumter County, Ga.—BOND
SALE.—Reports state
$18,000 5J^% 20-year electric bonds has been disposed of
par.
ARANSAS PASS, San Patricio County,
On Nov. 9 $225,000 sea-wall bonds are to
Tex.—BOND ELECTION.—
be voted Upon.
ARCADE, Wyoming County, N. Y.—BOND
OFFERING.—L. A.
Mason, Village Clerk, will receive bids until 7 p. m. Nov. 4 for $12,000
6% steam heating bonds.
Denom. $500.
Date Nov. 6 1920.
Prin. and
annual interest payable at the Citizens Bank, of N. Y.
Due $1,000 yearly
on Nov. 1 from 1921 to 1932, incl.
ASBURY
PARK,
Oct. 26 the issue of
Monmouth County, N. J.—BOND
SALE.—On
coupon (with privilege of registration) floating in-
6%
Oct. 30 1920.]
THE
debtedness bonds offered
on
that date—V.
Ill, p.
CHRONICLE
1677—was awarded to
J. S. Rippel & Co. of Newark* who offered to pay $98,983 for $95,500—
the price thus being 103.647, a basis of about 5.54%.
Date Nov. 1 1920.
Due $3,500 Dec. 31 1921, $5,000 yearly on Dec. 31 from 1922 to 1939 incl
and $2,000
1940.
ASHE COUNTY
(P. O. Jefferson), No. Car.—BOND
$10,000 required, or in lieu thereof a bond for like sum in a well recognized
Surety Company.
Bonds will be furnished by county together with legal
opinion of Wood & Oakley of Chicago, and delivered to designation of
purchaser.
Official circular states that there is no controversy or litigation pending
or threatened affecting this or any other issue of bonds,
the corporate
existence of the county, or issuing board, or its officers, and that all previous
issues of bonds have been paid promptly at maturity of principal or interest.
This is a continuation of the sale advertised in V. Ill, p. 1585 for Oct.
20 1920, decision having been made to change the rate of interest and form
of bond as to maturities.
Bonded debt (including this issue) $520,000.
The actual assessed valuation as equalized by the re-assessment board of
1919-20 is $17,770,707, and the estimated real value would) be from twenty
to twenty-five million dollars.
Population 1920 (census) 21,001.
Buncombe
ASHEVILLE,
No.
County,
Caro.—BONDS NOT
YET
SOLD.—No disposition has yet made of the two issues of bonds, aggregating
on
March 12.—V. 110,
p.
Co. of N. Y., and Bond & Goodwin, $469,211;
Peirce &
999.
CALUMET,
Ashtabula
a
County,
Ohio.—BOND
Itasca
ELECTION.—It
$1,000,000 electric plant extension bond issue
ASPINWALL, Allegheny County, Pa .—BOND SALE.—On Oct. 25
the $50,000 coupon (with privilege of registration) tax-free electric and water
plant bonds, offered on that date—V. Ill, p. 1677—were awarded to W. W.
Goldsborough & Co.. who bid $50,125 (100.25) and interest for 5Ms,
a basis of about
5.23%.
Date Dec. 1 1920.
Due $10,000 on Dec. 1 in
1925, 1930,1935, 1940 and 1945.
County,
BACA COUNTY SCHOOL DISTRICT NO. 38 (P. O. Campo), Colo.
VOTED.—An issue of $2,500 7% 15-30 year (opt.) bonds has
been
voted.
Denver
as
Same
have
been
sold
the
to
International Trust Co. of
previously reported in V. Ill, p. 1296.
of
Int. J. & J.
CAMDEN
COUNTY (P. O. Camden), N. J.—BOND OFFERING.—
Prentice, Director of Board of Chosen Freeholders, will receive bids
until 11 a. m. Nov. 10 for $97,000 coupon (with privilege of registration)
temporary impt. bonds, bearing interest at a rate not to exceed 6%. Denom.
$1,000./ Prin. and semi-ann. mt. payable at the U. S. Mtge. & Trust Co.
of New York.
Due in six years.
Cert, check on an incorporated bank or
trust company, for 2% of amount of bonds bid for, required.
The county
will
pay for printing the bonds, and will furnish the purchaser the approving
opinion of Caldwell & Raymond of New York.
CARBON
BOND
COUNTY
SCHOOL
DISTRICT
SALE.—On
awarded to the
Oct. 20 an issue of
International Trust Co.
(P.
O. Price), Utah.—
5% school bonds was
1 1920.
DueMayl
$25,000
Date May
1940.
CARTER
COUNTY
(P. O. EHzabethton), Tenn.~BOND SALE.—
1P1, p. 1585—
The $220,000 6% road bonds, voted during October—V.
have been purchased'by I. B. Tigrett & Co. of Jackson.
CARUTHERSVILLE, Pemiscot County, Mo.—ELECTION.—An elec¬
on Nov. 9, it is stated, to vote on the question of issuing
$65,000 water-works-impt. bonds.
tion will be held
COUNTY
(P.
O.
Atlantic),
Iowa.—BOND
SALE.—C.
W.
McNear & Co. of Chicago purchased $70,000 6% funding bonds on Sept. 1
at 100.65 a basis of about 5.92%.
Denom. $1,000.
Date Sept. 1 1920.
Int. M. & S.
Due Sept. 1 1930.
CEDARHURST,
Nassau
N.
County,
Y.—BONDS
NOT
SOLD.—
Oct. 25
The $40,000 registered gold park and playground bonds, offered on
a rate not to exceed 5%
(V. Ill, p. 1586) were not sold.
at
CEDAR RAPIDS SCHOOL DISTRICT (P. O. Cedar Rapids), Linn
County, Iowa.—BONDS VOTED.—An issue of $1,500,000 school bonds
;
.
CENTER SCHOOL TOWNSHIP, Lake County, Ind.—BONDS NOT
SOLD.—The issue of $7,000 6% school house impt. bonds offered on Oct. 25
was not sold because the bids for the construction work for which the bonds
were
BAKER, Fallon County, Mont.—BOND SALE NEVER COMPLETED.
—The sale on Jan. 12 of the $75,000 6% 10-20 year (opt.) gold funding
bonds to the Bankers Trust & Savings Bank of Minneapolis—V. 110, p. 483
—was never completed.
:
issue
SALE.—An
John
has been voted.
—BONDS
Minn.—BOND
$28,000 6% refunding water works bonds was sold on Oct. 1 to Percival
Brooks Coffin of Chicago, at par and accrued interest.
Denom. $1,000.
CASS
ASHTABULA,
is reported that on Nov. 2
will be voted upon.
Bank of Italy and Cyrus
Co., $470,888."
Date Oct. 1 1920.
OFFERING,
Bids will be received by S. G. Parsons, Chairman for $300,000 6% coupon
bonds until 12 m. Nov. 16.
Denom. $1,000.
Date Dec. 1 1920.
Prin. and semi-ann. int. payable at the U. S. Mtge. & Trust Co., N. Y.
Due $30,000 yearly on Nov. 1 from 1941 to 1950, incl.
Cert, check for
road
$192,000 offered
1773
being issued had all been rejected.
County,
Ariz .—BOND
ELECTION.—On
Maricopa
$17Q,000 high-school and $50,000 6% 20-year grade-school bonds
upon.
Henry Peterson, Chairman of Board.
CHANDLER,
Nov.
6
will be
voted
.
ROAD DISTRICT
NO.
(P. O. Bentonville),
& Co. and Lewis W.
Thomson & Co., both of St. Louis, recently purchased and are now offering
to investors $115,000 6% road bonds.
Denom. $500.
Date Sept. 1 1920.
Prin. and semi-ann. int. at the Central Nat. Bank, St. Louis.
Due serially
on Sept.
1 from 1921 to 1940 inclusive.
BENTON COUNTY
4
Ark.—BONDS OFFERED BY BANKERS .—J. J. Frey
BESSEMER
CITY,
The $45,000 6%
No. Caro.—BOND SALE.—
registered bonds ^offered on July 10—V.
County,
Gaston
sewer coupon or
107—were sold on Aug. 5 to the Bessemer City Bank at par and
accrued interest.
Date June 1 1920.
Due yearly on June 1 as follows:
$1,000, 1923 to 1933, incl.; and $2,000, 1934 to 1950, incl.
Ill,
p.
CISCO SCHOOL DISTRICT (P. O. Cisco), Eastland County, Tex
15 an issue of $60,000 5% school purchase
BOND ELECTION.—On Nov.
bonds will be submitted to the voters on Nov. 15, it is stated.
CLAY
COUNTY
ROAD
DISTRICT
NO.
1
(P.
O.
West
Point),
Miss.—BONDS NOT TO BE RE-OFFERED AT PRESENT.—The.$45,000
6% bonds offered unsuccessfully on Oct. 5—V. Ill, p. 1586—will not be
reoffered for sale at present.
CLEVELAND, Cuyahoga County, Ohio.—BOND SALE COMPLETED
6% 8-year coupon (with privilege of registra¬
tion) debt funding bonds was completed when Hayden, Miller & Co.v
Harris, Forbes & Co., Estabrook & Co., and the National City Co. exer¬
—The sale of the $5,750,000
option that they took on the $3,750,000 remaining after they had
purchased $2,000,000 outright.—V. Ill, p. 1106.
cised the
BLUE EARTH COUNTY (P. O. Mankato), Minn.—BONDS
AWARD¬
aggregating $324,000 offered on
Oct. 22—V. 111. p.
1585—the $50,000 5K% 10-yr, road bonds were
awarded to the Wells-Dickey Trust Co. of Minneapolis at 100.42 and int.,
a basis of about 5.41%.
The $274,000 drainage bonds were not offered due to a slight error in
proceedings.
They,will be re-advertised for Nov. 9.
ED IN PART.—Of the two issues of bonds
SCHOOL
BOGALUSA
(P.
DISTRICT
O.
Bogalusa), Washington
Parish, La.—BOND SALE.—An issue of $100,000 5% tax-free bonds has
Denom. $1,000.
Date July 1.5
1920.
Prin. and semi-ann. int. (J. & J.) payable at the Chase National
Bank, N. Y.
Due yearly on July 15 as follows:
$2,000 1921 and 1922,
$3,000 1923 and 1924. $2,000 1925, $3,000 1926, $2,000 1927, $3,000 1928
to 1932, incl., $4,000 1933 to 1935, incl., $5,000 1936, $4,000 1937, $5,000
1938 to 1941, incl., $6,000 1942. and $7,000 1943 to 1945, incl.
been sold to Thaver, Drew & Co. of N. Y.
,
■'[ :':J
Financial Statement.
property, 1919
"
*
Assessed valuation all taxable
Total bonded debt, incl. this issue
Population, present estimate,
;
*
——$8,837,090
----
___-
15,000.
400,000
y
County,
Ohio.—BOND OFFERING.—
C. A. Patterson, City Auditor, will receive bids until 12 m. Nov. 19 for
the following 6% sanitary sewer bonds:
$2,000 So. Prospect St. bonds.
Denom. $200.
Due $200 yearly on Mar. 1
GREEN.
BOWLING
Wood
from 1921 to 1930, incl.
3,400 So. Summit St. bonds.
Denom. $340.
Due $340 yearly on Mar. 1
from 1921 to 1930, incl.
Date Sent. 1 1920.
Int. M. & S.
Cert, check for 5% of amount of
bonds bid for, required.
Bonds to be delivered and paid
from date of award.
Purchaser to pay accrued interest.
BRENHAM,
SIDERED.—It is
voted
upon.
for within 10 days
County, Colo.—BOND ELECTION CON¬
reported that $50,000 street paving bonds may be soon
Washington
A.
A. Hacker, Mayor.
BREVARD, Transylvania County, No. Caro.—BONDS NOT YET
SOLD.—The $30,000 funding bonds, which were offered on May 1.—V.
110, p. 1661—have not been sold as yet.
BRIGHAM, Boxefder County, Utah.—BOND SALE.—On Oct. 20
the $200 000 6% 11-20 year serial electric light bonds—V. Ill, p. 1106—
were awarded to the Hanchett Bond Co. of Chicago at 96.25.
BRIGHTON,
PITTSFORD
AND
PENFIFLD
(Towns)
SCHOOL
DISTRICT NO. 6 (P. O. Brighton R. F. D.), Monroe County, N. Y.—
BOND OFFERING.—Proposals for the purchase of $8,000 6% school bonds
will be received until 8 p. m. Nov. 8 by Herbert Hastings, School Trustee.
Prin. and semi-ann. int. (M. & N.) payable at the Central Bank of Roches¬
Due one-seventh yearly on May 1 from 1921 to 1927, incl.
Certified
check for $1,000, payable to the trustee, required.
Bonds to be delivered
ter.
paid for at Rochester within ten days from date of award.
pay accrued interest.
and
to
Purchaser
BROOKFIELD TOWNSHIP RURAL SCHOOL DISTRICT P. O.
(Warren), Trumbull County, Ohio.—BOND OFFERING.—L. 8. Mar¬
shall, Clerk of Board of Education, will receive bids until 12 m. Nov. 15
for $25,000 6% school-bldg.-inapt, bonds.
Auth. Sec. 7625, Gen. Code.
Denom. $500.
Date Oct. 1 1920.
Prin. and .semi-ann. int. (A. & O.)
payable at the Western Reserve National Bank of Warren.
Due $500 on
April 1 and Oct. 1 in each of the years from 1921 to 1945, incl.
Certified
check for $100, payable to the District Treasurer, required.
Purchaser to
pay accrued interest.
BROWN COUNTY (P. O. Nashville), Ind.—BOND OFFERING.—
receive bids until 1 p, m. Nov. 1 for
$13,500 5% Wm. T. Carmichael et al road impt. bonds.
Denomj $675.
Date May 15 1920.
Int. M. & N.
Due $675 each six months from May 15
1921 to Nov. 15 1930, incl.
Thos. C. Ayers, County Treasurer, will
BURLINGTON COUNTY (P. O. Mount Holly), N. J.—BOND SALE.
—The issue of $180,000 5% coupon (with privilege of registration) floating
indebtedness bonds, offered on Oct. 22 (V.
at par.
Date Nov. 1 1920.
Ill,
p.
1585)
was
awarded locally
Due $18,000 yearly on Dec. 1 from 1921 to
1930, incl.
CALIFORNIA (State of).—BOND SALE.—From "Los Angeles Times"
we take the following:
"The Anglo and London-Paris National Bank of San Francisco purchased
of the 21st inst.
the $500,000 issue of 4H %
State highway bonds which was sold on Oct. 20
through Los Angeles County.
The high bid was $472,676.
Other bidders
were as follows:
Carstens & Earles, Inc., and William R. Compton Co.,
$465,161; William R. Staats Co., Los Angeles Trust & Savings Bank, and
the Union Trust Co., $466,476;
Citizens National Bank, $464,598; Cal¬
ifornia Co., Girvin & Miller, and the Guaranty Trust & Savings Bank,
$470,315; Torrance-Marshall & Co., $464,100; E. H. Rollins & Sons, the
National City Co., R. H. Moulton & Co., and Blyth, Witter & Co., $468.850;
Drake, Riley & Thomas, $466,912 50; Frank & Lewis,
$466,100;
Stephens & Co., 467,663; Blankenhorn-Hunter-Dulin Co., the Guaranty
CUMBERLAND,
Allegheny County, Md.—BOND SALE.—On Oct.
10-year water impt. bonds was
Townsend Scott & Son,
98.39, a basis of about
21, it is stated, an issue of $250,000 5%
sold to Baker, Watts & Co.; Nelson, Cook & Co.;
and the Fidelity Trust Co., all of Baltimore, at
5.21%.
CUSTER COUNTY (P. O. Miles
City), Mont.—BOND OFFERING.—
J. R. McKay, Chairman Board of County Commissioners, will receive
it is stated, until Nov. 15 for the following 6% coupon bonds:
$250,000 school-building bonds.
on
Jan.
1937 to
Date April 1 1920.
1 from 1927 to 1936 and $20,000 yearly on Jan.
1941. inclusive.
100,000 highway
bonds.
Date
July
Jan. 1 from 1931 to 1940,
1
1920.
Due
bids,
Due $15,000 yearly
1 from
$10,000 yearly on
inclusive.
Principal and semi-annual interest (J. & J.) at the County Treas. office
the Mechanics & Metals National Bank, New York.
Certified checks
for $10,000 and $5,000, respectively, payable to the County Treas., required.
These bonds were offered without success on June 30 (V. Ill, p. 215).
or at
DADE
COUNTY
(P. O. Miami), Fla.—BOND OFFERING.—Ben
Shepard, Clerk Board of County Commissioners, will receive proposals
Nov. 15 for the purchase of all or any part of $350,000
%
highway bonds.
Denom. $1,000.
Date Oct. 1 1920.
Prin. and semiann. int. (A & O) payable at the Hanover National Bank, N. Y.
Due
yearly as follows: $5,u00, 1922 and 1923; $6,000, 1924 and 1925; $7,000,
1926 to 1928, incl.; $8,000, 1929 and 1930; $9,000, 1931 and 1932; 10,000,
1933 and 1934; $11,000, 1935 and 1936; $12,000, 1937; $13,000, 1938 and
1939;
$14,000, 1940; $15,000, 1941; $16,000, 1942 and 1943; $17,000,
1944; $18,000,1945; $19,000,1946; $20,000,1947; $21,000,1948; $22,000
1949 and $15,000, 1950.
Cert, check on a bank or trust company doing
business in Florida or upon a National bank in any place for 2% of the
amount of bonds bid for payable to the Board of County Commissioners,
required.
Legality of the bonds and allproceedings relative to the issuance
and sale thereof will be approved by Caldwell and Raymond, also C. B.
Masslich, bond attorneys of New York, whose approving opinion will be
furnished purchaser without charge.
until 2 p. m.
Financial Statement.
Actual value taxable property (estimated)--Assessed value, 1920 as equalized
!
Total county debt, including above issue
Amount due Dade County from Broward County
Sinking
fund
---$102,000,000 00
17,040,000 00
1,685,501 00
106,121 10
113 491 69
1,465,888 21
Net debt
Population, 1920 Census, 42,731; an increase over 1910 of 228%. Of the
debt more than $1,100,000 bears interest at 5% and less,'
above bonded
DAKOTA COUNTY SCHOOL DISTRICT NO. 68 (P. O. Hastings),
Minn.—BOND OFFERING.—Until 8 p. m. Nov. 1 proposals will be re¬
ceived for $9,000 6% % 15-year bonds by E. R. Neil, District Clerk, it is
stated.
Date Oct. 1
1920.
Int. A. & O.
Due Oct. 1 1935.
Cert,
check for 10 %
of the amount bid, payable to the District Treasurer, required.
DAYTON, Montgomery County, Ohio.—BOND SALE.—On Oct. 27
6% coupon bonds (V. Ill, p. 1586) were awarded as
the three issues of
follows:
$200,000 water works bonds, maturing Oct. 1 1950, to Otis & Co. of Cleve¬
land, at 114.32, a basis of about 5.07%.
65,000 workhouse bonds, maturing Oct. 1 1940, to Otis & Co. of Cleve¬
land, at 111.42. a basis "of about 5.08%.
450,000 deifciency funding bonds, maturing Oct. 1 1928, to Eldredge &
Co., at 102.78, a basis of about 5.56%.
Date Oct.
1
1920.
DECATUR COUNTY (P. O. Greensburg), Ind.—BONDS A WARDED
IN PART.—Of the three issues of 4H% road-improvement bonds, aggre¬
gating $70,200, offered without success on Oct. 12 (V. Ill, p. 1678), the
$6,200 Jackson Twp. bonds were recently sold to the Irwm's Bank of
Columbus.
DEER LODGE COUNTY
SCHOOL DISTRICT NO. 10 (P. O. Ana¬
conda), Mont.—BOND SALE.—The $65,000 5M% school bonds, which
offered unsuccessfully on July 8—V. Ill, p. 311—have been sold,
were
(State of).—BOND OFFERING.—George
M. Fisher,
Dover), will receive bids until 1 p. m. Nov. 17 for
tax-free coupon state highway bonds.
Denom. $1,000.
Date Jan. 1 1920.
Prin. and semi-ann. int. (J. & J.) payable at the Farmers
Bank of Delaware at Dover.
Due Jan. 1 I960 but the state shall have power
to redeem at 105
upon
30 days' notice, on any interest-paying date,
after one year from issuance.
Cert, check for 5% of amount of bid,
payable to the State Treasurer, required.
Bonded Debt (incl. this issue)
$3,056,785.
Sinking Fund $296,479.94.
Assessed Value 1920, $209,288,049.
DELAWARE COUNTY (P. O. Muncie), Ind.—BONDS NOT SOLD.—
The $17,400 4K% Nathan T. Gibson et al Monroe Twp. road bonds,
offered on Oct. 20 (V. Ill, p. 1586) were not sold.
DELAWARE
State Treasurer (P. O.
$500,000 4M%
1774
DELTA
THE
SCHOOL
COUNTY
DISTRICT
NO.
Colo.—BONDS
I,
OFFERED BY BANKERS.-—-Bosworth, Chanute & Co., of Denver, recently
purchased at 100-86 and are offering to Investors, at
to
optional
Date Nov.
period
price to yield 5.60%
and 6% thereafter, $50,000 6% school-building bonds.
Due Nov.
1920.
1
a
1
1940.
Optional Nov.
official advertisement of these bonds will be found
on
a
1
1930.
previous
The
page
of
this issue.
DENVER
Denver),
(City and County) SCHOOL DISTRICT NO. 1 (P. O.
Colo.-—BOND SALE,—A syndicate composed of the Inter¬
national Trust Co., Harris Trust & Savings Bank, E. II. Rollins & Co., and
Boettcher, Porter & Co., was awarded $2,000,000 school bonds on Oct. 27
at 98.83 for 5s, a basis of about 5.09%.
Date Nov. 1 1920.
Prin. and semiann. int. (M. & N.) payable at the office of District Treasurer or at the
Chase National Bank, N. Y.
Due $100,000 yearly on Nov. 1 from 1931
to 1950 incl.
The above bonds were authorized on Oct. 21—V. Ill, p. 1199.
DOUGLAS, Converse County, Wyo.—BOND SALE.—The Bankers
bought $75,000 water and $5,000 sewer 6%
Trust Co, of Denver has
bonds.
DOUGLAS COUNTY (P. O. Lawrence), Kans.—BOND SALE.—The
$300,000 5% road bonds mentioned in V. 110, p. 1337—were sold during
August.
DYERSBURG, Dyer County, Tenn—BOND OFFERNIG.—L. C.
Carne, Mayor, will receive proposals for $45,000 water and light and
$20,000 general 6% bonds until Nov. 10
In case a satisfactory bid is
received and bonds are awarded on that date, complete transcript and all
will be furnished on that date to successful bidder.
These bonds were originally offered on Oct. 18 but the sale was subse¬
quently deferred until Oct. 28 and finally to Nov. 10.
necessary papers
EAST CLEVELAND, Cuyahoga County, Ohio.—BOND SALE.—
On Oct. 23 the two issues of 6% coupon bonds, offered on that date V. Ill,
p. 1586—were awarded as follows:
$25,000 6-30 year serial park -blvd. bonds to Prudden & Co., of Toledo, for
gta
$26,076 equal to 104.304 a basis of about 5.60%.
Date Oct. 1
1920Due $1,000 yearly on Oct. 1 from 1926 to 1950, incl.
250,000 24M year (aver.) city hospital bonds to Btcay & Braun, Toledo, for
v
$266,807, equal to 106.7228, a basis of about 5.50%.
Date
Oct. 1 1919.
Due $5,000 yearly on Oct. 1 from 1920 to 1969, incl
fes
EAST NORTHPORT SCHOOL DISTRICT (P. O. East
Suffolk County, N. Y.—BOND SALE.—On Oct. 16
the
NorthportL
$25,000
6%
school bonds—V. Ill, p. 1493—were awarded to Sherwood & Merrifield
of New York, who offered to pay 102.17 and the cost of printing the bonds.
Denom. $1,000.
Date Nov. 1 1920.
Int. M. & N.
Due yearly on Nov. 1
as
follows: $1,000 1921 to 1925, incl.; and $2,000 1926 to 1935, incl.
EL PASO, El Paso County, Tex.—BOND ELECTION
CONSIDERED.
—The Council is considering calling an election to vote upon issuing $210,000
sewer and street paving, $375,000
modern disposal-plant and ah undeter¬
mined amount of water-Improvement bonds.
ESSE3d
COUNTY (P. O.
Salem), Maes.—NOTE SALE.—On Oct. 22
awarded at 5.19% discount
hospital notes, dated Nov. 1,1920 and payable
the Manufacturers' National Bank of Lynn was
$100,000
tuberculosis
Nov. 1 1920.
The
following is
a
complete list of bidders:
Grafton & Co.—_
___5.78
Old Colony Trust Co., Boston_a5.60
.
Haverhill National
R. 8. Day & Co..
Bank
5.85
—.5.89
Cape Ann National, Gloucester b5.89 Naumkeag Trust Co., Salem._c5.89
Central National, Lyhn_—5.80 Estabrook & Co..
.———5.78
Webster & Atlas
__5.58 Beverly National Bank.
...6.02
5.95
Mfg. National Bank.
5.19 Gloucester 8. D. & T. Co.
J. S. Bache 8c Co., Worcester.5.4999 Goldman, Sachs & Co.
......6.07
Bond & Goodwin.
5.89 Merchants Nat. Bank, Salem..5.69
Commonwealth Tr. Co., Boston.5.60
a
$1 25
premium,
b $6 00 premium,
c
$5 00
premium.
ton has
bonds
purchased at
which
Date Oct. 1
were
par
the issue of $250,000 5% coupon tax-free
Sept. 21—V. Ill, p.
offered unsuccessfully on
awarded to J. S. Rippel & Co. of Newark at par for 6%.
COUNTY
(P. O. Newark), N. J,—NOTE OFFERING.—
Henry C. Ilines, Director of Board of Chosen Freeholders, will receive bids
until 2 p. m. Nov. 3 for $500,000 tax anticipation notes, dated Nov. 1
1920 and maturing Dec. 31 1920, at the Merchants' & Manufacturers'
National Bank of N. Y.
Cert, check for $5,000, payable to R. W. Booth,
County Treasurer, required.
Sale to be completed on Nov. 4 at the County
Treasurers office.
EVERETT,
Middlesex
Mass .—TEMPORARY
County,
LOAN.—
On Oct. 26 a temporary loan of $200,000 maturing $50,00n no May 16,
June 15, July 15, and Aug. 15 1921, was awarded to Estabrook & Co. of
Boston,
on a
5.73% basis.
HENDERSON COUNTY (P. O. Lexington),
Tenn .—BOND OFFER¬
until 12 m. Nov. 12
ING.—L. B. Johnson, County Judge, will receive bids
for $350,000 road-improvement, bonds.
HICKORY,
Catawaba
County,
No.
Caro .—BOND SALE.—The
following two issues of 6% bonds aggregating $160,000 which were offered
on July 6—V. 110, p. 2588—were sold on Oct. 5 to the First Security Trust
Co.* and Seasongood and Mayer, jointly, at par and interest:
$35,000 school bonds.
Due yearly as follows: $1,000 1923 to 1943, incl.
and $2,000 1944 to 1950 incl.
125,000 municipal building bonds.
Due yearly as follows; $2,000 1923 to
1927, incl., and $5,000 1928 to 1950 incl.
Denom. $1,000.
Date April 1 1920.
Int. semi-ann.
^
HIDALGO
COUNTY WATER IMPROVEMENT DISTRICT NO.
(P. O. Pharr), Tex
(P. O. West Farimngton), Trumbull
County, Ohio.—BOND OFFERING.—R. A. Little, Township Clerk, will
Nov.
20 for
town-hall-impt. bonds.
Nov. 20 1920.
Prin. and semi-ann. int. (A. & O.)
payable at the Farmers Banking Co. of West Farmington.
Due $250 each
six months from April 1 1922 to Oct. 1 1925, incl.
Certified check for $100
payable to the Clerk, required.
Purchaser to pay accrued interest.
m.
$2,000 6%
FLORENCE,
Lauderdale County, Ala.—BOND OFFERING.—Bids
Delos H. Bacon, Mayor for $60,000 5%
20-year school bonds—V. Ill, p. 1678.
Date Dec. 1 1920.
Int. semi-ann.
payable in New York.
Cert, check for $1,000, required.
The city will
furnish a transcript of proceedings showing the validity of the bonds.
will be received until Nov. 29 by
FOREST GROVE,
Washington County, Ore.—BOND SALE.—The
purchased, it is stated, an
Lumberman's Trust Co. of Portland recently
issue of $57,000 improvement bonds.
FORT
PIERRE,
Stanley
County, So. Dak.—BOND
OFFERING
POSTPONED.—The offering of the $40,00 0 refunding and $25,000 water
works bonds which was to have taken place on Nov. 1—V. Ill, p. 1586—
has been indefinitely postponed.
FORT PLAIN, Montgomery County, N. Y.—BOND SALE.—The
$17,000 paving bonds offered on Oct. 27—V. Ill, p. 1678—were awarded
to Sherwood & Merrifield of New York at 100.075, a basis of about
5.24%.
Denom. $1,000.
Date Nov. 1 1920.
Int. M. & N.
Due $1,000 yearly
•n
Nov, 1 from 1925 to 1941
inclusive.
a
Ill, p. 1586—were sold to Stephens & Co. at 100.01,
basis of about 5.99%.
FREMONT, Wayne County, No. Caro.—BONDS NOT YET SOLD.—
No sale has yet been made of the two issues of 6% coupon (with
privilege of
registration water and sewer bonds, aggregating $125,000 offered on April 8.
—-V, 110, p« 1338.
„
GLACIER COUNTY SCHOOL DISTRICT NO. 15 (P. O. Cut Bank),
Mont.—BOND OFFERING.—Bids will be received at 8 p. m. Nov. 5 for
the purchase of $5,000 6% 15-20-yr. (opt.) school bonds.
Cert, check of
$500 required.
F. E. Van Demark. Clerk.
GREENVILLE,
Washington
County,
Miss.—BOND
SALE.—The
William R. Compton Co., of St. Louis, has purchased $30,000 6% taxfree bonds.
Denom. $500.
Date Oct. 1 1920.
Due $1,500 yearly on
Oct. 1 from 1921 to 1940, incl
Prin. and semi-ann. int. (A. & O.) payable
at the American Trust Co., St. Louis,
Financial
Statement.
Estimated actual value all taxable property
Assessed valuation all taxable property for 1920
Bonded indebtedness, incl. this Issue...
Waterworks
bonds
—$18,500,000.00
11,199,445.90
$1,031,500
65,000
Klamath
proposals will be received
HORSEFLY IRRIGATION DISTRICT (P. O. Bonanza),
Ore.—BOND
County,
OFFERING .—Sealed
until 2 p. m. Nov. 15 by Wm. F. B. Chase, Secretary, for $50,000 6% regis¬
tered coupon bonds.
Denoms. $500 and $1,000.
Prin. and semi-ann. int.
payable at the office of County Treasurer.
Due $5,000 yearly on Jan. 1
from 1931 to 1940, incl.
Cert, check on some responsible bank for 5%,
required.
Ind.—BOND SALE.
HUNTINGTON COUNTY (P. O. Huntington),
4K% George E. Roberts et al., Jefferson Twp. road bonds
(V. Ill, p. 1587) were awarded to the Fletcher American
Co., of Indianapolis, at par and interest.
Date Sept. 15 1920.
Due $350
each six months from May 15 1921 to Nov. 151930, incl.
-r-The $7,000
offered
on
Oct. 22
JEFFERSON COUNTY DRAINAGE DISTRICT NO. 1 (P. O. Valley
Falls), Kan.—BOND OFFERING.—Sealed bids, at not less than par, will
purchase of $75,000 6% serial drainage bonds.
Interest
(J. & J.) at Citizens State Bank of Valley Falls.
Due $25,000 in five years
and $5,000 annually thereafter until all paid.
E. B. Hoskens, Secretary.
be received for the
JEROME HIGH SCHOOL DISTRICT, Yavapai County, Ariz.—
OFFERING.—Proposals will be received by the Clerk Board of
County Supervisors (P. O. Prescott) until 12 m. Nov. 19 for the $205,000
6% bonds—V. Ill, p. 1682.
Denom. $1,000.
Date Dec. 1 1920.
Prin.
and semi-ann. int. payable at the office of the County Treasurer or at the
Banking House of First National Bank, N. Y.
Due Dec. 1 1940.
Cert,
check for $10,250, required.
BOND
JOHNSTON COUNTY (P. O. Tishomingo), Okla.—BONDS AP¬
PROVED.—On Oct. 12 $380,000 road bonds were approved by Randell S.
Cobb, Assistant Attorney-General.
JOHNSONVILLE
TOWNSHIP,
Harnett
County,
No.
Caro.—
BOND OFFERING.—Sealed bids will be received by Ross & Salmon, Town¬
ship Attorneys (P. O. Lillington), for $40,000 6% road bonds until 12 m.
Nov. 15.
Date Nov. 1 1920.
Prin. and semi-ann. int. payable at the
Chase Nat. Bank, N. Y.
Due Nov. 1 1940.
Cert, check for 5% required.
Bonded debt, none.
Total value of taxable property, $916,844.
KENOSHA, Kenosha County, Wise.—BOND OFFERING.—Geo. W.
Harrington, City Clerk, will receive proposals until 2 p. m. Nov. 1 for the
following 6% bonds:
■
' I**
$250,000 Main Street Bridge bonds, being part of an authorized issue of
$500,000.
Due $25,000 yearly on Nov. 1 from 1921 to 1930, incl.
50,000 Corcoran Drive Sewer bonds.
Due $10,000 yearly on Nov. 1
from 1921 to 1925 incl.
.
.
,
Denom. $1,000.
Date Nov. 1 1920.
Prin. and semi-ann. int. (M. & N.)
payable at the office of the City Treasurer.
Cert, or cashier's check for
ll ,000 payable to the city of Kenosha, required. The city will furnish its
966,500.00
■
GREENWOOD, Charles Mix County, Sa. Caro.—BONDS NOT SOLD.
—The $210,000 6% bonds offered on July 8—V. 110, p. 2588—were not sold.
The above bonds will be re-offered for sale early next year.
^
HAZLETON CITY SCHOOL DISTRICT (P. O. Hazleton), Luzerne
County, Pa.—BOND SALE.—Tha„Markle Banking & TrustJCo.'of Hazle¬
.
,
^
,
^
x
bonds.
Bidders are requested to
Street Bridge Bonds"
.
.
#
**
bid separately on both the "Kenosha Main
and the "Corcoran Drive Sewer Bonds."
KEWANEE-TQOMSUBA SEPARATE ROAD DISTRICT, Lauder¬
County, Miss.—BOND OFFERING.—Proposals will be received
$40,000 6% bonds, authorized by the voters on
Clerk Board of County Supervisors (P. O. Meri¬
dian).
Denom. $100.
Date Oct. 1 1920.
Int. semi-ann. (A. & O.)
payable at the office of the County Treasurer.
Due yearly on Oct. 1 as
follows: $800, 1921 to 1925, incl.; $2,000, 1926 to 1935, incl., and $1,600
1936 to 1945, Incl.
Cert, check on any bank in Meridian, for $800, required.
Official circular states that no previous bonds have been contested.
dale
until 2 p. m. Nov. 6 for
Oct. 2, by Geo. F. Hand,
Financial Statement.
personal property is approximately
The true value of real estate and
30% more than the assessed value.
Assessed value of real estate, 1920
Assessed value of personal property,
___$180,750
—
79,905
—451,145
1920——
Approximated value of Railroad Assessment
Total
.-—.$711,800
—
„
—
Total bonded debt of every character
including this issue
$40,000
COUNTY SCHOOL
DISTRICT
NO. 170, Wash.—BOND
SALE.—An issue of $100,000 5% school bonds was recently sold to the
State of Washington at par.
KING
County, Calif.
SALE.—Stephens & Co. were awarded the $56,000 6% 19 1-3 year
Ill, p. 1587—on Oct. 22 at 102.69,
KINGSBURG JOINT SCHOOL DISTRICT, Fresno
—BOND
(aver.) bonds dated Oct. 5 1920—V.
a basis of about 5.76%.
KNOX COUNTY (P. O. Vincennes), Ind,—BOND OFFERING.—
will receive bids until Nov. 15 for
$150,000 6% Good Samaritan Hospital impt. bonds.
Denom. 100 for
$1,000 and 100 for $500.
Date Sept. 8 1920.
Int. M. & N.
Due $7,500
each six months from M[ay 15 1921 to Nov. 15 1930, incl.
Cert, check
for $4,500, payable to the County Commissioners, required.
Bids must
be made on blanks which can be obtained from the County Auditor.
James M. Adams, County Treasurer,
KNOXVILLE, Tenn .—BOND SALE.—'The $2,000,000 5H% 30-year
offered on Oct. 5—V. Ill, p. 1299—
Grant & Co. and Elston & Co., jointly.
Date
Sept. 1 1920.
KOKOMO SCHOOL CITY (P. O. Kokomo), Howard County, Ind.—
BOND SALE.—On Oct. 20 the $115,000 6% school bonds (V. Ill, p. 1494)
were awarded to the Fletcher-American Co. of Indianapolis for $115,207
(IO0.18"> and interest, a basis of about 5.96%.
Date Nov. 1 1920.
Int.
M. & N.
Due Nov. 1 1925.
The following, according to the School Suptr,
have been sold to R. M.
were
the bidders:
Fletcher-Am.Co.,Indplis_$l 15,207 00 Harris Tr.& Sav.Bk.,Chic.$115,015 00
Meyer-Kiser Bk., Indplis 115,201 75 Federal Sec. Corp., Chic. 114,276 00
First Tr.& Sav.Bk.,Chic. 115,086 25 Nat. City Co., Chicago_*l 19,071 50
Cit. Nat. Bk., Kokomo. 115,015 00 P.W.Chapman&Co.,Chic.*I 15,702 00
*
Errors made in computing these bids.
LAUDERDALE COUNTY SUPERVISOR'S DISTRICT NO. 2, Miss.
—BOND OFFERING.—Geo. F. Hand, Clerk Board of County Super¬
visors (P. O. Meridian) will receive bids for the $40,000 6% bonds recently
voted—V. Ill, p. 1679—until 2 p. m. Nov. 6.
Denom. $500.
Date
Oct. 1 1920.
Int. semi-ann. payable at the office of the County Treasurer.
Due yearly on Oct. 1 as follows: $1,000, 1921 to 1925, incl.; $2,000, 1926
to 1935, incl., and $1,500, 1936 to 1945, incl.
Cert, check on any bank
in Meridian for $800, required.
Official circular states that no previous
bonds have been contested and that there is no controversy or litigation
pending or threatened affecting corporate existence, or boundaries of said
district.
Net bonded indebtedness
Population, 1910 Census, 9,610.
Population, 1920 Census, 11,560.
2
tax-free funding bonds which were
FOWLER UNION HIGH SCHOOL DISTRICT, Fresno
County,
Calif—BOND SALE.—On Oct. 22 the $70,000 6% 2-year (aver.) bonds,
dated Oct. 5 1920—V.
•
BONDS VOTED.—On Oct. 16 the voters favored the
it is stated,
issuance of $1,500,000 bonds by a vote of 742 to 7,
FARMINGTON TOWNSHIP
receive bids until 12
Denom. $250.
Date
1298.
HECTOR'S CREEK TOWNSHIP, Harnett County, No. Caro.—
BOND OFFERING.—Ross & Salmon, Township Attorneys (P. O. Lillington), will receive proposals for $15,000 6% bonds until 12 m. Nov. 15.
Date Nov. 1 1920.
Prin. and semi-ann. int. payable at the Chase NatBank, N. Y.
Due Nov. 1 1940.
Cert, check for 5% required.
Bonded
debt, $10,000.
Total value of taxable property, $1,394,326.
own
ESSEX
school
1920-
^
BOND SALE.—The $75,000 gold registered emergency bond, dated
Oct. 1 1920 and maturing Dec. 28 1921, offered on Oct. 27—V. Ill, p. 1678
—was
[VOL.111.
CHRONICLE
'
,
Financial Statement.
The true value of real estate and personal property
more
-
is approximately 30%
than the assessed value.
Assessed value of real estate, 1920
Assessed value of personal property,
-
1920
Approximated value of Railroad assessment—.
Total
Totaljbonded^debt^of everyjcharacterjincltiding] this, issue
$472,615
192,445
265,665
$930,725
$60,000
Oct. 30
1920.)
LAUDERDALE
THE
COUNTY
(P.
O.
Florence), Ala.—BOND SALE.—
purchased by the First National
An issue of $86,000 road bonds has been
Bank of Florence, it is reported.
LEONIA, Bergen County, N. J.—BOND SALE.—On Oct. 27 the issue
(aver.) coupon (with privilege of registration) bonds
Ill, p. 1587—was awarded to B. J. Van Ingen & Co. of New York,
for $43,884 equal to 102.055, a basis of about 5.68%.
Due yearly on
Dec. 31 as follows: $3,000 1921 to 1925, incl., and $2,000 1926 to 1939, incl.
of $43,000 6% 7 V\ year
—V.
LINCOLN, Lancaster County, Neb.—BOND OFFERING.—Bids wll
H. Berg, City Clerk, until 2 p. m. Nov. 12 for the
special assessment bonds:
$8,750 Paving District No. 288 bonds.
Due $875 yearly on Nov. 1 from
NEW CASTLE COUNTY (P. O. Wilmington), Del.—BOND SALE.—
Eldredge & Co„ bidding $505,900 (101.18) and interest, a basis of about
5.37%, were awarded the following 5j^% coupon bonds offered on Oct. 26
(V. Ill, p. 1680):
$150,000 highway improvement bonds.
Due $40,000 yearly on July 1
from 1924 to 1926, inclusive, and $30,000 July 1 1927.
100,000 highway improvement bonds.
Due $20,000 yearly on July 1 from
1924 to 1928, inclusive.
250,000 bridge improvement bonds.
Due $30,000 yearly on July 1 from
1936 to 1943, inclusive, and $10,000 July 1 1944.
The
be received by Thoe.
following 6%
1921 to 1930, incl.
District No.
18,800 Paving
298 bonds.
Due $1,880 yearly on
Nov.
1
from 1921 to 1930, incl.
1921 to
,
Due $407 yearly on Nov. 1 from
Due $426 yearly on Nov. 1 from
1930, incl.
18,900 Paving District No. 427 bonds.
Due $1,890 yearly on Nov. 1 from
;
1921 to 1930, incl.
4,170 Paving District No. 428 oonds.
Due $417 yearly on Nov. 1 from
1921 to 1930, incl.
6,250 Paving District No. 431 bonds.
Due $625 yearly on Nov. 1 from
1921 to 1930, incl.
Denom. to suit purchaser.
Date Nov. 1 1920.
Prin. and ann. int.
payable at the office of the City or County Treasurer.
Certified check
for $500 required.
.
. .
.
be called shortly to vote on the question of issuing
Hillsdale
County,
MCLEAN
COUNTY
SALE—It is re¬
Mich.—BOND
ported that $12,000 light plant bonds have been
Savings Bank at par.
sold to the Litchfield State
■/'
COMMUNITY HIGH
SCHOOL
377
MARION,
County,
Marion
Ohio.—BOND
$900,000 storm water and sanitary sewer
ELECTION.—'The City
bonds,
COUNTY
(P.
O.
Marion),
MARTIN, Weakley County, Tenn.—BONDS VOTED.— On Oct. 21,
by 283 "for" to 116 "against," $150,000 water and light-plant bonds were
voted.
:-':X • V;1
."r.
.
..
MECKLENBURG COUNTY (P. O. Charlotte), No. Caro.—BOND
SALE.-—This county on Oct. 28 sold the $300,000 6% 30-year coupon
refimding bonds, dated Nov. 1 1920—V. Ill, p. 1588—to Eldredge & Co.
of N. Y. at 107.77, a basis of about 5.47%.
DISTRICT, Ohio.—BOND SALE.—'The
Forbes & Co. and the Guaranty Co. of New
(with privilege
of registration) bonds.
Denom. $1,000.
Date June 1 1920.
Principal
and semi-annual interest (J. & D.) pavable at the State Treasurer's office,
or at/the National City Bank of New York, at holder's ootion.
Due yearly
on Dec. 1 as follows: $150,000 1925 to 1930, incl.; $250,000 1931 to 1937,
incl.; $350,000 1938 to 1940, incl.: $400,000 1941 to 1943. incl.; $450,000
1944 and 1945; $650,000 1956; $1,200,000 1947: and $1,000,000 1948 & 1949.
CONSERVANCY
MIAMI
National
City Co., Harris.
York have purchased
an
issue of $9,650,000 5H % coupon
O. Peru), Ind.—BOND OFFERING.—Chas. E .
Reyburn Countv Treasurer, will receive bids until Nov. 3 for $37,160 5%
coupon Noah Wilson et al Erie & Richland Twps. road bonds.
Denom.
$1,858.
Date Sept. 15 1920.
Int. M. & N.
Due $1,858 each six months
from May 15 1921 to Nov. 15 1930, incl.
MIAMI COUNTY (P.
COUNTY
MIAMI
(P.
O. Troy),
Ohio.—BOND OFFERING*—T.
County Treasurer's office.
Due $225 yearly on Oct. 1 from 1921
incl.
Cert, check for 5% of amount of bid, payable to the County
required.
to 1930,
Auditor,
.
.
MIDDLETOWN, Butler County, Ohio.—BOND OFFERING.—C. M.
Bailey, City Auditor, will receive bids until 12 m. Nov. 19 for $50,000 6%
sewer bonds.
Auth .Sec. 3939, Gen. Code.
Denom. $500.
Date Oct. 1
1920.
Prin, and semi-ann, int. pavable at the National Park Bank of
New York.
Due $2,000 yearly on Oct. 1 from 1921 to 1945, incl.
Certi¬
fied check for $200. 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,
DRAINAGE DISTRICT, Stoddard and
Mo.—BOND SALE.—Bolger, Mosser & Williaman of
MINGO
Wayne Counties,
Chicago, have pur¬
chased $96,000 6% gold bonds.
Denoms. $500 and $1,000.
Date Sept. 1
1920.
Prin. and semi-ann. int. (M. & N.) payable at the Continental
& Commercial National Bank Chicago.
Due yearly on Nov. 1 as follows:
$1,500 1924, $2,000 1925 to 1927 incl., $2,500 1928 and 1929,
and 1931, $3,500 1932 and 1933, $4,000 1934, $4,500 1935 and
1937, $24,000 1938 and $28,000 1939.
$3,000 1930
1936, $5,500
MINNEAPOLIS, Minn .—BONDS VOTED—The following is taken from
the "St. Paul Pioneer Press" of Oct, 26:*
A modified request, made at the last moment by the School Board on
Oct. 25, prompted the special finance committee of the Minneapolis city
council to vote unanimously in favor of an issue of $3,230,000 worth of
bonds for school building purposes in 1921.
MISSOULA COUNTY SCHOOL DISTRICT NO. 28 (P.
O. Ronan),
$100,000
Mont.—BIDS REJECTED.—It is reported that a bid of 98 for
6% school bonds has been rejected.
DISTRICT, Los Angeles County, Calif.
—BOND SALE.—The $160,000 6% 1-30 year serial school bonds, dated
Oct. 1 1920 offered on Oct. 18—V. Ill, p. 1588—have been sold, it is stated,
to the National City Co., a
103.01 a basis of about 5.68%.
MONTEBELLO SCHOOL
MONTGOMERY COUNTY (P. O.
Dayton),
Ohio.—BOND SALE.—
The $200,000 6% Mt. Auburn water supply improvement bonds, offered on
Oct. 15 (V. Ill, p. 1392), were awarded to Elston & Co., of Chicago, for
$224,136, equal to 112.068, a basis of about 5.20%.
Date Oct. 1 1920.
1 1950.
road
vote
VERNON, Knox County,
will receive
deficiency bonds.
Denoms.
Oct. 1 1920.
Int. semi-ann.
Due
on Oct.
1 from 1922 to 1928, incl.
City Treasurer, required.
MT.
C. Gates, City Auditor,
Ohio.—BOND OFFERING.—Howard
bids until 12 m. Nov. 15 for $.5,777 76
1 for $877 76 and 7 for $700.
Date
$877 76 Oct. 1 1921 and $700 yearly
Cert, check for $200, payable to the
Caro.—BONDS NOT, YET SOLD.—
$25,000 6% town bonds, offered on Sept. 2 (V. Ill, p. 913), have not
MURPHY, Cherokee County, No.
The
been
sold
as
yet.
NEBO,
Utah.—BOND
ELECTION— SALE.—Subject
to
election,
$75,000 6% school bonds have been sold to Bosworth, Chanute & Co. of
Denver.
Neb.—BONDS VOTED.—By a vote
favored the issuance of $100,000 municipal com¬
munity hall bonds at a recent election, it is reported.
NEBRASKA CITY, Otoe County,
©f 907 to 322 the voters
SCHOOL
DISTRICT
until 12 m. Nov. 13
storm sewer bonds.
Denom. $500.
Date Sept. 1 1920.
Due $500 each six months from Sept. 1 1921 to 1928, incl
Cert, check for $300 required.
Bonds to be delivered and paid for at New
$7,000 6%
Int. semi-ann.
Purchaser to pay accrued
Philadelphia within 10 days from date of award.
interest.
NEWPORT NEWS, Warrick County, Va.—BOND SALE.—On Oct.
25
$350,000 514% 30-year street-impt. and sewer-construction bonds—
Ill, p. 1588—were awarded jointly to William R. Compton Co. and
Kissell, Kinnieutt & Co, at 102.39, a basis of about 5.31%.
the
NORTH PLATTE, Lincoln County, Neb.—BONDS VOTED.—It is
reported that $50,000 water-improvement and $1,000 fire-station-enlarge¬
ment bonds have been voted,
NORWALK
CITY SCHOOL DISTRICT (P. O. Norwalk), Huron
Ohio.—BOND OFFERING.—Proposals will be received until
8 by John A. Strutton, Clerk of Board of Education, for the
following 6% school bonds:
$6,000 school-property-impt. bonds. Auth. Sec. 7629 & 7630, Gen. Code.
15,000 refunding bonds.
Auth. Sec. 5656-5658, Gen. Code.
Denom. $500.
Date Oct. 1 1920.
Int. A. & O.
Due Oct. 1 1925.
Certified check on some bank other than the one making the bid, for 10%
of amount of bonds bid for, required.
Purchaser to pay accrued int.
County,
12 m. Nov.
OKANOGAN
DISTRICT
NO.
19, Wash.—
school-building bonds issue—V.lll, p.
of Washington.
Denom.
Int. annually.
SCHOOL
COUNTY
1588—was sold on
at par to the State
Oct. 21
1
Date Oct.
$1,000.
1920.
ONEIDA, Madison County, N. Y.—BOND OFFERING.—Minnie E.
Brophy, City Clerk, will receive bids until 4 p. m. Nov. 16 for $52,334.21
5% registered assessment paving bonds.
Denom. 50 for $1,000 and 10 for
$233.42.
Date Nov. 1 1920.
Prin. and semi-ann. int. (M. Sc N.) payable
in New York, or at the City Chamberlain's office.
Due $5,233.42 yearly
on Nov. 1 from 1921 to 1930, incl.
Cert, check for $2,000 payable to the
Purchaser to pay accrued interest.
City Chamberlain, required.
OREGON (State of)—BOND OFFERING.—O. P. Hoff, State Treasurer,
(P. O. Salem) will receive sealed bids until 11 a. m. Dec. 1 for $115,275
Oregon District Interest bonds.
Denoms. $1,000 and $500.
Date Dec. 1
1920.
Prin. and interest payable at the office of the State Treasurer or
at the Fiscal Agency of the State of Oregon in New York City. N. Y.
Due
1940, $40,500
above Treas,
Bidders to name
yearly on July 1 as follows: $7,575 1936, $8,700 1939. $12,000
1942. and $46,500 1949.1
Cert, check for 5% payable to the
required.
approved
Legality
by
Attorney
General.
interest rate.
/
OSAWATOMIE, Miami County, Kansas,—JVO ACTION TAKEN.—
The City Clerk advises us that no action has yet oeen taken looking towards
the issuance of the .$85,000 municipal water, light and plant bonds voted
in August.—V. Ill, p. 1012.
,
Winnebago County, Wise.—BOND SALE.—The Oshwas the successful bidder on Oct. 28 for the
OSHKOSH,
kosh
Savings & Trust Co.
following 6%
bonds at 101.36:
$45,000 sewer bonds.
Date Oct. 15 1920.
Due Oct. 25 1926.
53.000 fire apparatus bonds.
Date Oct. 1 1920.
Due Oct. 1 1926.
Denom. $1,000.
Principal and semi-annual interest (A. & O.) payable
at the office of the City Treasurer.
Financial Statement.
and personal property), 1919
$40,794,670
personal property equalized in
Assessed value (real estate
Assessed value (real estate and
1919 by County Board)
Assessed value (real estate
--—-----—
..
Present
39,458,884
and personal property as assessor,
40,794,670
1919)—
—
Total bonded debt, including present issues
— _
1,499,150
population (estimated), 36,549.
OTERO COUNTY SCHOOL
DISTRICT NO. 11 (P. O. La Junta),
Colo.—BOND ELECTION— SALE.—Subject to an election, $200,000 6%
1-25-year serial school bonds have been sold to Bankers Trust Co. of Denver.
Financial Statement.
Assessed
valuation-—-
-^—$6,725,325
271,000
- — —
Total bonded debt
*
—
—
Population, 10,000.
—
-
,
PALM BEACH COUNTY SPECIAL TAX SCHOOL DISTRICT NO.
Fla.—BOND OFFERING— Proposals will be received on or before Nov.
1.
13
Public Instruction (P. O. West Palm
Beach) for $125,000 6%l bonds.
Denom. $500.
Date Feb. 1 1920.
Principal and semi-ann. int. payable at the Seaboard National Bank, N. Y.
Due $5,000 yearly on Feb. 1 from 1924 to 1948, incl.
Cert, check for 2%
required.
School District debt, $77,500.
Population 1910, 2,500; 1920,
12,410.
Official circular states that there is no litigation of any kind
pending that threatens the validity of this issue or the tenure of any school
by W.
E. Keen, Superintendent of
official.
A like amount of bonds was reported as
PALM BEACH COUNTY SPECIAL
sold in V. 110, p. 281.
TAX SCHOOL DISTRICT NO. 4,
before Nov.
Fla.—BOND OFFERING.-—Sealed bids will be received on or
13
(to be opened 7.30 p. m. Nov. 13
by W, E. Keen, Superintendent of
Public Insturction (P. O. West Palm Beach) for $40,000 6%
the Board of
coupon bonds
attract a bid.
218—but then failed to
offered on June 26—V. Ill, p.
Date July 1 1920.
Prin. and semi-ann. int.,
Denom. $500.
payable at the Seaboard National Bank, N. Y.
Due yearly on July 1 as
follows: $500 1921 to 1930, incl.; $1,000 1931 to 1935, incl., and $6,000
1936 to 1940, incl.
Cert, check for 2% required.
PALMETTO,
Manatee
County,
Fla.—BOND
OFFERING.—At
2 p. m. on Dec. 1 W. E. Mann, City Clerk, will receive bids for the following
6% 20-30-year (opt.) bonds.—V. Ill, p. 1680.
$20,000 municipal dock bonds.
5,000 pile protection bonds.
Denom. $500.
Date Nov. 1 1920
Int. semi-ann.
Cert, check for
2% required.
Rutherfordson), Rutherford County,
Caro.—BONDS DEFEATED.—The question of issuing the $10,000
bonds failed to carry at the election July 20—V. Ill, p. 314.
The
cast was 37 "for" and 70 "against."
MORGAN TOWNSHIP (P. O.
No.
.98.763
00
RURAL
NEW PHILADELPHIA, Tuscarawas County, Ohio.—BOND OFFER¬
B.
Radabaugh, County Auditor, will receive proposals until 10 a. m. Nov. 8
for $2,250 6% coupon Snyder No.l 95 road impt. bonds.
Denom. $75.
Date Oct. 1 1920.
Prin. and semi-ann. int. (A. & O.) payable at the
Due Oct.
1
TOWNSHIP
BOND SALE.-—The $28,000 534%
Ohio.—BOND OFFERING.*—
Harlev E. Koons, Clerk of Board of County Commissioners, will receive
bids until 12 m. Nov. 13 for $24,500 6% coupon bridge-impt. bonds.
Denom. $500.
Date Sept. 1 1920.
Prin. and semi-ann. int. (M. & S.)
payable at the County Treasurer's office.
Due each six months as follows:
8L000 Sept. 1 1921 to Sent. 1 1923, incl., and $1,500 March 1 1924 to
March 1 1930, incl.
Certified check for $200, payable to the County Com¬
missioners, required.
Purchaser to pay accrued interest.
'
MARION
HAVEN
ING.—"Walter R. Ritter, City Auditor, will receive bids
for
the city will vote on a proposition to
Auditor advises us that on Nov. 2
issue
00 Montgomery & Co. (rate bid)
DISTRICT
(P. O. Hey worth), 111.—BONDS OFFERED BY BANKERS.—
The Wm. R. Compton Co. of St. Louis is offering an issue of $125,000 6%
school bonds.
Denom. $1,000.- Date June 1 1920.
Prin. and semi-ann.
int. (J. & D.) payable at the Merchants'Loan & Trust Co. of Chicago.
Due yearly on .Tune 1 as follows: $6,000, 1924 to 1928. incl.: $7,000, 1929 to
1933, incl.; $8,000.1934 to 1938, incl.; and $10,000,1939 and 1940.
Bonded
debt, this issue only.
Assessed value 1919, $2,547,150.
NO.
00 Harris, Forbes & Co.—$502,005 00
Remick, Hodges & Co
501,747 50
00
V.
$1,300,000 court-house bonds.
LITCHFIELD,
were:
(P. O.
Plymouth R. F. D. No. 1), Huron County, Ohio.—BOND SALE.—The
People's National Bank of Plymouth has purchased at par and interest the
issue of $35,000 6% school-building bonds which were offered on Sept. 24
(V. Ill, p. 1107).
Date Sept. 1 1920.
Due $1,000 each six months from
April 1 1922 to April 1 1938, and $2,000 Oct. 1 1938.
Iowa.—BOND ELECTION.—Reports
LINN COUNTY (P. O. Marion),
state that an election will
bidders
Eldredge & Co.—..$505,900
504,317
Biddle & Henry—
503,995
Eastman, Dillon & Co
503,153
E. H. Rollins & Sons
NEW
4,070 Paving District No. 411 bonds.
1921 to 1930, incl.
1
4,260 Paving District No. 418 bonds.
1775
CHRONICLE
Separate bids are requested for each issue.
PANAMA CITY, Bay County, Fla.—BOND
SALE.—This city has sold
$150,000 bonds, it is stated.
PARIS, Lamar County, Tex.—BOND
received by W. G. George,
following 5%
OFFERING.—Proposals will be
City Secretary, until 7:30 p. m. Nov. 8 for the
bonds:
•
$1,000,000 water-works bonds.
Due in 50 years,
300,000 school bonds.
Date Aug. 10 1920.
after 1930.
100,000 water-works
bonds.
Date Oct.
10
•
optional in 10 years.
Due in 1960, optional
1919.
„
.
Due in 1959, op¬
tional after 1929.
■
_
150,000 street-improvement bonds.
Date Oct. 10 1919.
Due in 1959,
optional after 1929.
.
Principal and semi-annual interest (F. & A.) payable at the Mechanics
& Metals National Bank, N. Y.
Certified check for 5% of the amount
of bonds bid for, required.
The bidders may, if they desire, furnish legal
'
,
,
,
opinion and printed bonds.
Jackson County, Miss.—BOND
light and water bonds is being offered
PASCAGOULA,
Issue of $25,000
OFFERING.—Am
for sale.
*
THE
1776
PIEDMONT, Calhoun County, Ala.—SOOT OFFERING.—The city
for $25,000 20-year bonds, bearing 6%
of Piedmont Is open to receive bids
interest payable semi-annually.
PIERCE
COUNTY
NO,
DISTRICT
SCHOOL
11,
Denoms. $100 to $500 each.
DISTRICT NO. 68, Wash .—BOND
SALE.—The State of Washington submitted the only bid, which ivas par,
on Oct. 16 for the $37,000 5*4% building bonds—V. Ill, p. 1588.
This
bid was accepted.
Denom. $1,000.
COUNTY
PIERCE
VALLEY DRAINAGE DISTRICT, Mo.—BOND SALE.—
$75,000 6% drainage bonds has been purchased by Stern Bros.
City.
Denom. $1,000.
Date July 1 1920.
Int. J & J.
Due serially on July 1 from 1925 to 1940, incl.
>
PLATTE
An issue of
POLK COUNTY ROAD DISTRICT, Ark.—BONDS OFFERED BY
BANKERS.—The Hanchett Bond Co., Inc., of Chicago, is offering to
a
SCOTLAND, BON HOMME COUNTY, So. Dak.—BONDS VOTED.—
system bonds.—
The question of issuing $45,000
municipal water works
V. Ill, p. 1300—carried at a recent election, It is stated.
SCOTLAND NECK, Halifax
SCHOOL
& Co. of Kansas
investors, at
SCHUYLER, Colfax County, Neb.—BOND SALE.—The $55,000
54 % 5-20-year (opt.) electric-light construction bonds, which ware offered
without success on June 1—V. Ill, p. 518—have been sold to the Banking
house of F. Folda. Schuyler.
Wash.—BOND
OFFERING-—Until 10 a. m. Oct. 30," proposals will be received by Wm.
Turner. County Treasurer (P. O. Tacoma), for $3,000 school bonds at not
exceeding 6% interest.
[Vol. Ill
CHRONICLE
price to yield 64%. $500,000 6% 2-20-year serial road bonds
Interest semi-annual.
PONTIAC, Oakland County, Mich.—BOND OFFERING.—Proposals
for the purchase of $135,000 6% water-works improvement bonds will be
received until Nov. 1 by E. P. Luebke, City Clerk.
Date June 1 1920.
Due $5,000 yearly on June 1 from 1922 to 1948, inclusive.
PRICE, Carbon County, Utah.—BOND SALE.—It is reported that
$50,000 6% 1-5-year water bonds have been sold to Palmer Bond & Mort¬
Co. of Salt lake City at 92.
gage
QUAY COUNTY SCHOOL DISTRICT NO. 3 (P. O. Endee), N. M—
BOND SALE.—Bankers Trust Co. of Denver has purchased $7,000 6%
10-20-year (opt.) school bonds.
*
„
—On Nov. 18 at 2 p. m. proposals will be received for $50,000 6%
6% 84-year bridge construction bonds, dated July 1 1920—V. Ill, p. 1588
—at 104.03 and blank bonds a basis of about 5.415%.
Other bidders:
Wells-Dickey Co., Minneapolis....,-.$34,331 00
First Trust & Savings Bank, Chicago
34.204 20
Tucker-Robinson Co., Toledo
34,023 00
Bolger, Mosser & Willaman, Chicago
33,933 90
R. L. Day & Co., Boston.
33,917 40
First Wisconsin Co., Milwaukee—
33,001 00
electric
light bonds by Henry T. Clark, Town Clerk.
Denom. $1,000.
Date
July 1 1920.
Prin. and semi-ann. int. (J. & J.) payable in New York.
Due yearly on July 1 as follows: $1,000, 1921 to 1930, incl., and $2,000,
1931 to 1950, incl.
Cert, check for $1,000, required.
The bonds will
be certified as to genuineness by the U. S. Mtge. & Trust Co., N. Y. and
their legality approved by Chester B. Masslich, N. Y. and J. L. Morehead,
Durham.
SCOTTSBURG, Scott County, Ind.—BOND
OFFERING.—J. G.
Martin, Town Clerk, will receive bids until 1 p. m. Nov. 1 for $7,000 6%
electric light bonds.
Denom. $500.
Date Nov. 1 1920.
Int. J. & J.
Due $500 each six months from July 1 1921 to Jan. 1 1928, incl.
SEATTLE, Wash.—BOND OFFERING .—Sealed bids will be received
by H. W. Carroll, City Comptroller, until 12 m. Nov. 27 for $270,000
gold coupon bonds at not exceeding 6% interest.
Date Dec. 1 1920.
Prin. and semi-ann. int. payable at either the City Treasurer's office in
Seattle or at the "Washington Fiscal Agency in New York, at option of
holder.
Due $18,000 yearly on Dec. 1 from 1926 to 1940, Incl.
The bonds are to be sold subject to the approving option of the purchasers
as to the legality thereof, and each bid Is to be accompanied by a certified
,
cashier's check drawn on a National bank or Trust company or a State
bank of the City of Seattle, for $5,400, required.
The bonds will be delivered in Seattle, New York, Boston, Chicago or
or
Cincinnati, at the option of the purchaser.
RACINE, Racine County, Wise.—BOND SALE.—The Manufacturers
National Bank of Racine was the successful bidder on Oct. 22 for the $33,000
,
County, No. Caro.—BOND OFFERING.
Financial Statement.
Total Bonded indebtedness.
Warrants outstanding, general fund..
Warrants outstanding, Judgment fund
_—$16,609,400 00
_
—
50,867 40
None.
.»
—
Condemnation Awards and total costs and int. acct. to date
of issuance of warrants in Cause No. 92391 have been filed
amounting to
-
203,261 43
a....—.
—
— —
$16,863,528 47.
—
Population of Seattle, Census of 1920,, 315,652.
....
RAVENNA
CITY SCHOOL
DISTRICT
(P.
O. Ravenna), Portage
County, Ohio.—BOND OFFERING.—W. J. Dodge. Clerk of Board of
Education, will receive bids until 12 m. Nov. 22 for the purchase of $350,000
6% coupon school-building bonds.
Auth. Sec. 7625 Gen. Code.
Denom.
$1,000.
Date Nov. 15 1920.
Prin. and semi-ann. int. (A. & O.) payable
at the Second National Bank of Ravenna.
Due $5,000 on each Apr. 1 and
Oct. 1 from Oct. 1 1925 to Apr. 1 1945, incl.; and $7,000 on each Apr. 1
and $8,000 on Oct. 1 from Oct. 1 1945 to Apr. 1 1955, incl.
Cert, check on
a solvent bank or trust company, for $5,000, payable to the Board of Edu¬
cation, required.
Purchaser to pay accrued interest.
RIDGEFIELD PARK, Bergen County, N. J .—BOND SALE.—Hornblower & Weeks, of New York, have purchased,at par, and are now offering
to investors at prices to yield from 5-50% to 5.80%, according to maturities,
the
following three issues of 6%
coupon
(with privilege of registration)
bonds:
'
$305,000 street-improvement bonds.
Due $36,000 Jan. 1 1922 and 1923;
$11,000 Jan. 1 1924; $36,000 Jan. 1 1925; $30,000 Jan. 1 1926;
and $156,000'July 1 1926.
81,000 sewer bonds.
Due $24,000 on Jan. 1 and $57,000 on July 1 in
BOND SALE.—The $22,000 6% 6-16-year serial boiler purchase bonds
on Oct. 25 (V. Ill, p. 1588), were sold on that date to E. Martin,
Date Sept. 1 1920.
Due $2,000 yearly on Sept. 1 from
offered
of Mansfield.
1926 to 1936, inclusive.
„
16,000 fire apparatus bonds, maturing July 1 1926.
Denom. $1,000.
Date Nov. 1 1920.
Int. (J. & J.) payable in New
York exchange.
RISING SUN, Cecil County, Md.—BOND SALE.—It is reported that
the local citizens recently
bonds.
purchased $21,000 of the town's electric supply
J940.
SILVER
Spokane & Eastern Trust Co., who received
a
brokerage fee of $499.
RIVER
ROUGE, Wayne County,
Mich.—BOND SALE.—Keane,
Higbie & Co., of Detroit, bidding $189,024, equal to 107.40, a basis of about
5.50%, was awarded a block of $176,000 6% 30-year water extension bonds
offered on Oct. 19.
Denom. $1,000.
Date Nov. 1 1920.
Int. M. & N.
Due Nov. 1 1950.
1681 were awarded as follows:
$300,000 local impt. notes to the Alliance Bank Of Rochester at 6%,
35,000 Brown Street Subway notes to the Alliance Bank of Rochester at
6%.
50,000 war emergency notes to Sage, Wolcott & Steele, of Rochester, at
6%, plus $10 premium.
150,000 school construction notes to the Alliance Bank of Rochester at 6%.
RIVER,
Cuyahoga County, Ohio.—BOND
OFFERING.—
Frank Mitchell, Village Clerk, will receive bids until 12 m. Nov. 15 for the
following 6% Mitchell Ave. impt. bonds:
$4,690 water main bonds.
Due $190 Oct. 1921 and $500 yearly
on
Oct.
1 from 1922 to 1930, incl.
bonds.
Due $350 Oct, 1 1921, and $500 yearly on
Oct. 1 from 1922 to 1930, incl.
sewer
Denom. $500, $350 & $190.
t
Date Nov. 15 1920.
Prin. and semi-ann.
int. (A. & O.) payable at the Rocky River Savings Bank, of Rocky River.
Cert, check for $500, required.
Bonds to be delivered and paid for within
10 days from date of award.
Purchaser to pay accrued interest.
$24,000
6%
7
(aver) floating indebtedness bonds (V.
Ill, p.
1681) were awarded to Geo. B. Gibbons & Co. of New York at 101.12
and interest, a basis of about 5.81%.
year
COUNTY (P. O. Steamboat Springs), Colo.—AMOUNT
REDUCED.—Instead of $105,000 court-house bonds as reported in V. Ill,
518, $98,000 will be voted upon Nov. 2.
p.
ST, PETERSBURG, Pinellas County, Fla.-—BOND SALE.—Accord¬
ing to reports, the American Bank & Trust Co., of St. Petersburg, has
purchased $50,000 bonds at par and interest.
SALEM, Columbiana County, Ohio.—BOND OFFERING.—Proposals
Will be received until 12 m. Nov. 16 by John S. McNutt,
City Auditor, for
$10,277 24 6% deficiency funding bonds.
Denom. 1 for 277.24 and 20
for $500.
Date Nov. 15 1920.
Int. semi-ann.
Due $2,277 24 Sept. 15
1924, and $2,000 yearly on Dec, 15 from 1925 to 1928, incl.
Cert, check
for 3% of amount of bonds bid for, required.
SANDPOINT, Bonner County Ida.—BOND SALE.—The $43,000
54% funding bonds, mentioned in V. Ill, p. 1393—have been purchased
by the First National Bank of Sandpoint.
BAN
FRANCISCO,
Calif.—BOND
of Oct 20 states that:
Chronicle
SALE.—The
"San
Francisco
"The Municipal Street Railway on Oct. 19 purchased $250,000 worth of
Hetch-Hetchy water bonds from City Treasurer John F. McDougald with
accrued interest amounting to $3,187 50.
acted for both of the municipal systems,
As Treasurer John F. McDougald
knd not only purchased the bonds
Hetch-Hetchy, but sold them to himself for the street railway.
The bonds are of $1,000 denomination, maturing in 1930/31,'32, with an
interest rate of 44 % •
The feature of the transfer is that the Hetch-Hetchy
bonds will meet an equal amount of Municipal Street Railway bonds due
on the same maturity dates.
The Hetch-Hetchy bonds will take up the
railway bonds, besides leaving a wide margin to the credit of the deprecia¬
from the
tion fund in the interest earned."
SAN MIGUEL
(P. O.
(P.
Butte),
O.
$250,000
COUNTY
Laa Vegas),
SCHOOL DISTRICTS NOS.
OF
Mont.—AMOUNT
76 AND
97
6% 20-year school district bonds.
County Treasurer.
was
$178,000
(not
V.Tll,
SILVERTON, Hamilton County, Ohio.—BOND SALE.—On Oct. 19
Seasongood & Mayer of Cincinnati was awarded at par and interest the
$2,500 street repair nad $2,500 fire engine 6% bonds, offered on that date—
V. Ill, p. 1394.
Date Oct. 1 1920.
Due Oct. 1 1940.
So. Dak.—BOND ELECTION.—
An issue of $300,000 bonds to be used for the installation of a municipal
lumber yard, will be probably submitted to the voters on Nov. 2, it is
reported.
SMYRNA (Town) UNION FREE SCHOOL DISTRICT NO. 2 (P. O.
Smyrna), Chenango County, N. Y.—BOND SALE.—On Oct. 25 the
$22,500 54% school bonds offered on that date—V. ill, p. 1681—-were
awarded to the National Bank of Norwich at par.
Date June 1 1920.
Due yearly on Dec. 1 as follows: $500, 1921; $800, 1922 to 1925 incl ; $900,
1926 to 1929 incl.; $1,000, 1930 to 1933 incl.; $1,200, 1934 to 1937 incl.,
and $1,600, 1938 to 1941 incl.
SNOW
HILL
SCHOOL
DISTRICT,
Greene
County,^ No. Carq
BOND OFFERING.—B. C. Williams, Clerk Bd. of Ed. (P.O.
bids until 11 a. m. Nov. 30 for $50,000
—
Snow Hill),
6% 30-year
school bonds.
Denom. $1,000.
Date Jan. 1 1921.
Int. annually pay¬
able at the Chase Nat. Bank. N. Y.
Due Jan. 1 1951.
Cert, check or
will receive sealed
cash for
of
3% of the amount of bonds bid for, payable to the Clerk
Board
Education, required.
Somerset County,
N. J.—BOND OFFERING —
Proposals for an issue of 44% coupon floating indebtedness bonds, not to
exceed $47,000, will be received until 8 p. m. Nov, 1 by James B. Varley,
Borough Clerk.
Denom. $1,000.
Prin. and semi-ann. int. (J. & D.
payable at the Second National Bank of Somerville.
Due yearly on Dec. 31
as follows: $2,000 1921 to 1943, incl.; and $1,000 1944.
Cert, check for 2%
of amount of bonds bid for, required.
SOMERVILLE,
Mich.—BONDS VOTED.—Newsfor water
SPRINGWELLS, Wayne County,
papers report that on Oct. 25 a proposal to issue $600,000 bonds
main extensions carried by a vote of 96 "for" to 5 "against."
Clark
Ohio.—BONDS
County,
AWARDED
IN
three issues of 6% special assessment bonds offered on
Ill, p. 1588—the $17,520 paving bonds were awarded to
W. L. Slayton & Co. of Toledo for $17,525 (100.027) and int., a basis of
about 5.99%.
Due $1,752 yearly on Sept. 1 from 1921 to 1930 incl.
There were no bids for the $7,593 75 Buxton Ave. improvement and
i,353 sewer construction bonds.
PART.—Of the
25—V.
Oct.
STEELE COUNTY (P. O. Owatonna),
Minn.—BOND OFFERING.—
Nov. 10 by George Griffin, County
following 6% bonds:
$27,000 Public The, Drainage System No. 7 bonds.
Due serially in 1 to
Sealed bids will be received until 2 p. m.
Auditor for the
_
......
10 years.
18,500 Public Tile Drainage System No. 8 bonds.
Due serially in 5Jo
20 years.
8,500 Judicial Ditch No. 5 bonds.
Due serially in 1 to 9 years.
Due serially in 1 to
6,000 Public Tile Drainage System No. 10 bonds.
10 years.
Date Dec. 1
1920.
STEWART'S
Int. semi-ann.
Cert, check for 5%, required.
CREEK TOWNSHIP,
Harnett County, No. Caro.—
will
BOND OFFERING.—W. T. Smith, Secretary (P. O. Duke R. No. 1)
receive proposals for $25,000 6% 20-year highway bonds until Nov.
Prin.
and semi-ann. int.
17.
payable in New York City, N. Y.
TOWNSHIP
(P.
O.
Lapel), Madison
County, Ind.—BOND SALE.—The $5,000 6% high school heating and
ventilating system bonds, offered Oct. 23 (V. Ill, p. 1589) were awarded
to the Meyer-Kiser State Bank of Indianapolis for $5,076 (101.52) and
interest, a basis of about 5.83%.
Date Oct. 23, 1920.
Due $2,5(XLon
STONEYCREEK
SCHOOL
Oct. 23 in 1932 and 1933.
STROMSBURG,
Polk
County,
Neb.—BOND SALE.—Oh Oct. 20
the $44,500 6% 10-20 year (opt.) Intersection Paving bonds, dated Aug. 3
1920—V. ill, p. 1394—were sold to the Lincoln Trust Co. of Lincoln.at
par,
less
a
6% commission.
The $21,500 7%
sale
N. M.—BOND OFFERING.—Bids will be received
and $4,000 No. 97
Denom. $500 Manuel A. Sanchez,
until 3 p. m. Nov. 13 for the purchase of $6,000 No. 76
reported in
amount
of bonds sold,
p. 816).
The above bonds are part of a
few York
are 1
bond issue and were taken by the Guaranty Company of N<
as
SPRINGFIELD,
ROSELLE PARK, Union County. N. J .—BOND SALE.—On Oct. 28
■
the!
COUNTY
SOLD.—The correct
ROCHESTER, N. Y.—NOTE SALE.—On Oct. 25 the four issues of 4months notes described in V. Ill,
p.
4,850 sanitary
BOW
BONDS
SIOUX FALLS. Minnehaha County,
RITZVILLE, Adams County, Wash.—PRICE PAID.—On Oct. 19,
the $50,000 water extension bonds—V. Ill, p. 1681—were sold to the West¬
ern Union Life Insurance Co., of Spokane at par and interest through the
ROCKY
j
SHERILL-KENWOOD
WATER
DISTRICT (P. O.
Kenwood),
Madison and Oneida Counties, N. Y.—BOND SALE.—Remick, Hodges
& Co. of New York were awarded the $175,000 6% registered water bonds
offered on Oct. 25 (V. Ill, p. 1588).
Due Jan. 1
$100,000
1926.
*
SHELBY, Richland County, Ohio.—BOND OFFERING.—Proposals
6% deficiency funding bonds will be received until 12 m. Nov. 6
by Bert Fix, village Clerk.
Denom. $1,000.
Date Sept. 1 1920.
Int.
semi-ann.
Due $4,000 yearly on Sept. 1 from 1922 to 1927, incl., and
$3,000 Sept. 1 1928.
Cert, check on a solvent bank, for 2% of amount of
bonds bid for, payable to the Village Treasurer, required.
Bonds to be
delivered and paid for within 10 days from date of award.
Purchaser to
pay accrued interest.
for $27,000
on
the same
Paving District No. 1 bonds, which were offered for
daycare still for sale and can be purchased if a satisfactory
bid is submitted.
SUMTER COUNTY (P. O. Sumterville), Fla.—BOND OFFERING.—
Reports state that W. N. Potter, Clerk Bd. of Co. Commrs., will receive
bids until Dec. 6 for $750,000 5% road bonds.
Denom. $1,000.
Date
Jan. 1
1921.
oCT. 30
1920.]
THE
CHRONICLE
SWAMPSCOTT> Essex County, Mass.—BOND SALE.—On Oct. 22
$13,000 5% 1-13 year serial tax-free coupon sewer bonds were awarded to
E. H. Rollins & Sons of Boston, at 101.30 a basis of about 4.77 %.
Denom.
$1,000.
Date Nov. 1 1920.
Prin. and semi-ann. int. (M. & N.) payable
at the First National Bank of Boston.
VALLEJO HIGH SCHOOL DISTRICT, Solano County, Calif—
BOND SALE.—The $250,000 5H% school bonds, which were mentioned
to V. Ill, p.
1921 to 1933, incl.
TERRELL COUNTY
O, Sanderson), Tex.—BONDS VOTED.—
bonds was voted on Oct. 16 by an overwhelming
(P.
WASHINGTON COUNTY (P. O. Salem),
$17,000 6% coupon bonds (V. Ill, p. 1589) were awarded to the Fletcher
American Co. of Indianapolis, for $17,033 (100.194) and interest, a basis of
about 5.96%.
Date Feb. 24 1920,
Due $1,000 Aug. 24 1924, $1,500
each six months from Feb. 24 1925 to Aug, 241929, inch; and $1,000 Feb. 24
1930.
The bids were as follows:
City Trust Co
Co._^-»-$17,033(Breed, Elliott & Harrison
17.0311
TIRO CONSOLIDATED SCHOOL DISTRICT
incl.';
$17,006
WHITAKERS
Edgecombe
;p'
TAX SCHOOL
DISTRICT, Nash and
No. Caro.—BOND OFFERING.—Bids will be
Nov. 22 by D. B. Gaskell, Chairman Board of Trus¬
SPECIAL
Counties,
received until 11
a. m.
tees (P. O. Bank of Whitakers, Whitakers) for $75,000 6% coupon
or
registered school bonds.
Denom. $1,000.
Date Nov. 1 1920.
Prin.
National Bank of Commerce, N. Y. and
be paid in New York Exchange.
Due
$3,000 yearly on Nov. 1 from 1921 to 1945, incl.
Cert, check for 2%,
required. ' V
r7";7.\ '
•"
7
"7
TRUMBULL COUNTY (P. O. Warren), Ohio .—BOND
SALE.—
Prudden & Co., of Toledo, have purchased and are now offering to investors
an issue of $101,000 6% road impt. bonds.
Denom. $1,000.
Date Oct.
1 1920.
Prin. and seml-ann. int. (A. & O.) payable at the County Treasur¬
Due $5,000 on April 1 and Oct. 1 in 1921, 1922 & 1933;
April 1 and Oct. 1 from 1924 to 1929, incl,
W "
.-v.*
WEST
PARK, Cuyahoga County, Ohio.—BOND
OFFERING.—
Stephen Hendrickson, Village Clerk, will receive bids until 12 m. Nov. 15
for $55,000 6% deficiency bonds.
Denom. $1,000.
Date Oct. 15 1920.
Int. semi-ann.
Due Oct. 1 1928.
Cert, check for 5% of amount of bonds
bid for, payable to the Village Treasurer, required.
6% coupon school house completion bonds.
Denom. $1,000.
Date June 151920.
Int. J. & D.
Due $1,000 yearly on Dec. 15 from 1932
to?1950, incl.; and $3,000 on Dec. 15 in 1951 and 1952.
Cert, check on some
solvent bank in Crawford County, for $500, payable to the Clerk, required.
Bonds to be delivered and paid for within 10 days from date of award,
at the office of the Board of Education, where payment of principal and
interest will be made as they become due.
Purchaser to pay accrued
on
■
Jackson County, Ohio.—BOND OFFERING.—Sealed
m. Nov. 12 by F, W. Harrison, City Auditor,
for $6,612 08 6% deficiency funding bonds.
Denom. one for $112 08 ana
13 for $500.
Date Sept. 1 1920.
Int. semi-ann.
Due two bonds yearly
on Sept. 1 from 1922 to 1928, incl.
Cert, check for $100, 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.
ford County, Ohio.—BOND OFFERING.—Proposals will be received
until 12 m. Nov. 17 by Wm. W. Davis, Clerk of Board of Education for
$6,000
;
WELLSTON,
(P. O. Tiro), Craw¬
er's office.
and semi-ann. int. payable at the
interest on registered bonds will
and
.
WHITLEY COUNTY (P. O. Columbia), Ind.—BOND OFFERING.—
Proposals will be received until 1 p. m. Nov. 5 by Forrest S. Deeter, County
Treasurer, for the following road impt. bonds:
VALLEJO GRAMMAR SCHOOL DISTRICT, Solano County, Calif.
SALE.—The $250,000 5H% school bonds—V. Ill, p. 1394—
have been sold, it is reported, to the Anglo & London-Paris National Bank.
—BOND
FINANCIAL
NEW LOANS
Ind.—BOND OFFERING.—
bids will be received until 12
$25,000
interest.'
SCHOOL DISTRICT, Trumbull
Eli E. Batt, County Auditor, will receive bids until Nov. 4 for $20,000 6%
Little York and
Brownstown
Bridge
bonds.
Denom. $1,000.
Int.
semi-ann.
Due $1,000 each six months from May 15 1921 to Nov. 15 1930,
.
THORNTOWN, Boone County, Ind.—BOND SALE.—On Oct. 20 the
Fletcher-American
WARREN TOWNSHIP RURAL
_
County, Ohio.—BOND OFFERING.—W. G. Morgan, Clerk of Board of
Education, will receive bids until 12 m. Nov. 1 for $225,000 6% school
bldg. bonds.
Denom. $1,000.
Date Nov. 1 1920.
Prin. and semi-ann.
int. (A. &> O.) payable at the Second National Bank of Warren,
Due
$4,000 on April 1 and Oct. 1 in the years 1930 to 1936, incl.; $4,000 on April 1
and $5,000 on Oct, 1 in 1937; and $5,000 on
April 1 and Oct. 1 in the years
1938 to 1953, incl.
Cert, check for $500, payable to the District Treasurer,
required.
Purchaser to pay accrued interest.
TEANECK TOWNSHIP (P. O. Hackensack R. F. D), Bergen Coun¬
ty, N. J*—BOND SALE.—-On Oct. 21 the issue of $40,000 6% (7J4 year
aver.) coupon or registered fire bonds (V. Ill, p. 1394) was awarded to
Outwater & Weils, for $40,117 equal to 100.2925 a basis of about 5.95% ,
Date July 1 1920.
Due yearly on July 1 as follows: $3,000 1921 to 1928.
Incl., and $2,000 1929 to 1936, incl.
An issue of $250,000 road
1394—have been sold, according to reports, to the Anglo &
London-Paris National Bank.
Due $1,000 yearly on Nov. 1 from'
majority it is reported.
1777
ENGINEERS
MUNICIPAL BONDS
Underwriting and distributing entire Issues
District and Road
Dealer's inquiries
of City, County, School
District Bonds of Texas.
end offerings solicited.
Loans of the
Circulart
on
Regueet.
Harold G.Wise&Compaxt
\M I 41 U* Mb it'. iM t
City of Philadelphia
STONE & WEBSTER
laB
INCORPORATED
'. • ;>..'
":7 flousToar.lksAS
FINANCE industrial and
United States and Canadian
Bonds.
Municipal
7
steam power stations,
hydro-electric developments,
transmission lines, city and interurban railways, gas and chemical
plants, industrial plants, ware¬
AND
104 South Fifth Street
WADDELL
89
Ground Floor Singer Building
Liberty Street,
New York
Telephone Corfclandt 3183
houses and
own
other
designs or from designs of
engineers or architects.
MANAGE public utility and in¬
>
dustrial
Tax
AMERICAN
Exempt
PENNSYLVANIA
NEW
&
buildings.
CONSTRUCT either from their
I PHILADELPHIA
Private Wire to New York.
Call Canal 8437.
an
DESIGN
"
Biddle & Henry
public
utility properties and conduct
banking business.
investment
MFG.
CO.
companies.
REPORT
on
going concerns,
proposed extensions and new
projects,
JERSEY
MUNICIPAL BONDS
Lists
Mailed
Upon Request
M. M. FREEMAN & CO.
NEW YORK
Philadelphia
Ill Chestnut Street
BOSTON
CORDAGE
CHICAGO
NILA, SISAL. JUTE
Telephone. Lombard 710
Nobel & West Streets,
BANKERS
J. G. WHITE ENGINEERING
F. E.
FRANKFORT-o-M., GERMANY
BONDS
Engineers
investment securities
Commercial Paper
&
Certified Public
55 liberty
PASLEY
accountant*
St.,
New York
ST.
PAUL, MINN.
Buildings—Industrial Units
Public Utilities
Free Bonds
Pennsylvania Tax
PAUL & CO.
lemberv Philadelphia
Reports—-Valuations—'Estimates
43 EXCHANGE
Certified Public Accountant
$1
NASSAU ST., NEW YORK
Stock Exchange
New Jersey
Municipal Bond?
Descriptive List
on
Rsquest
Audits, Investigations,
Estate Accounting,
Income Tax Returns*
Telephone Rector 5441
PLACE, NEW YORK
1421 Chestnut Street
PHILADELPHIA
GEORGE W. MYER, JR.
Constructors
<■
Local Securities of the Twin Cities
Globe Building
FEDDE
CORPORATION
MAGRAW
MUNICIPAL AND CORPORATION
Cabl, Address "Openhym"
FOREIGN EXCHANGE
THE
Brooklyn, N. Y. City
Lincoln Menny Oppenheimer
MINING ENGINEERS
H, M. CHANCE A, CO,
Mining Engineers and Geologists
COAL AND MINERAL
J.S. RIPPEL A COMPANY
18 CLINTON
STREET
NEWARK. N.
PROPERTIES
Examined, Managed, Appraised
Drexei
Bldg.
PHILADELPHIA
THE
1758
$30,024 5%' F. Martin et al, Troy Twp. bonds.
Denom. $1,000 and
$801 20.
Date Oct. 15 1920.
Due $1,801 20 each six months
from May 15 1922 to Nov. 15 1931, inch
10,795 5% D. M. Fence et al, bonds.
Denom. $539 75.
Date Nov. 1
1920.
Due $539 75 each six months from May 15 1922 to Nov. 15
1931. incl.
11,495 4H%
Date
[Vol.
CHRONICLE
CANADA,
Municipalities*
and
Provinces
its
1111.
ALMONTE, Ont.—DEBENTURE SALE.—The town has sold locally
a 6.40% basis $20,000 street impt. and $25,000 electric plant extension
on
bonds.
■
_
Shafer et al. Etna Twp. bonds.
Denom. $.->74 75.
Aug. 15 1920.
Due $574 75 each six months from May 15
Chas.
Sask.—DEBENTURES
BORDEN,
AUTHORIZED.—It
that the Local Government Board has authorized the
1921 to Nov. 15 1930, incl.
8%
10-year Installment
is
reported
village to issue $2,000
electric-light debentures.
Int. M. & N.
yearly
at
1930 incl., and $2,000, 1931
Nor. 1 as follows: $1,500, 1921 to
on
WILSON, Wilson County, No. Caro.—BOND
nnn
04,000 water and sewer bonds.
Due $2,000 yearly on Nov. 1 from 1921
to 1952, incl.
..
Denom.- $1,000.
Date Nov. 1 1920.
Prln. and semi-ann. int. payable
in gold in New York, registerable in New York, as to principal or both prin¬
cipal and interest.
Cert, check or cash for 2% of bonds bid for, required.
The bonds will be prepared and certified as to the genuineness of the signa¬
tures and seal of by U. S. Mtge. & Trust Co. N. Y.
The purchasers will
be furnished the legal papers and approving opinion of Chester B. Masslich,
N. Y.
The bids must be on blank forms, to be furnished by the above
Olerk and said trast company.
Bonds will be delivered in New York City,
N. Y., on or about Nov. 16 1920.
.
TION.—The
mitted to the voters at the
COUNTY
WRIGHT
O.
(P.
Sioux City),
general election.
O.
(P.
Buffalo),
IMPERIAL, Sask .—DEBENTURE SALE.—J. R. Wallace of Imperial
is stated, a block of $2,000 debentures.
DISTRICT NO. 9,■Ariz.—BOND
be received by the Clerk Board
of County Supervisors (P. O. Presdott) for the $85,000 6% bonds
-V. Ill,
p. 1682—Denom. $1,000.
Date Dec. 1 1920.
Prin. and semi-ann. int.
payable at the office of the County Treasurer or at the banking house of
First National Bank, N. Y.
Due Dec. 1 1940.
Cert, check for $4,250,
SCHOOL
COUNTY
YAVAPAI
OFFERING .-—Until 12 m. Nov. 19 bids will
required.
DISTRICT NO. 54, Wash.—BOND
(P. O. Yakima), will receive
$10,000 school building, $6,000 Bradshaw school and $1,800
cottage bonds at not exceeding 6% interest until 2 p. m. Oct. 30.
COUNTY
YAKIMA
SCHOOL
OFFERING.—J. F. Peters, County Treasurer
bids
for
teachers'
Muskingum
County,
Ohio.—BOND SALE.—On
water-main-extension bonds offered on that date—
1395—were awarded to Seasongood & Mayer of Cincinnati for
$14,661 (101.076) and int., a basis of about 5.84%.
Date May 1 1920.
Due $2,000 each two years commencing May 1 1922.
The bidders were:
4
C£~t
AA
rr* 11/^1*
Seasongood & Mayer, Cin.$14,661 00 Tucker,Robison&Co.,Cin_$14,508 70
Field, Richards & Co.,Cle. 14,555 10 W. L. Slayton & Co., Tol_ 14,501 45
Peoples Bkg. Co., Coshoc'n 14,550 00 Provident S. B. & Tr. Co.,
Cincinnati
14,539 15
N. S. Hill & Co., Cin>_— 14,544 95
ZANESVILLE,
Oct. 25 the $14,500 6%
Y.
ct
a.
...
_
.1
it..
X V
..
/"I {«,
——
£i
I
ONTARIO
a
(Province of) .—TREASURY BILLS SOLD.—On Oct. 21
private transaction was completed whereby $3,000,000 6% 6-months
treasury bills of the province were purchased by Aemilius Jarvis & Co., and
the Home Bank of Canada.
Denom. $5,000 and $10,000.
Prin. and int.
payable at Toronto and Montreal.
RENFREW
COUNTY
OFFERING.—-Tenders
(P.
Ont .—DEBENTURE
Pembroke),
O.
will be received until
1
p.
m.
Nov.
J.
R.
broke.
SASKATCHEWAN
BANKERS.—The
(Province
$3,000,000 6%
of).—DEBENTURES OFFERED BY
debentures purchased on Sept. 21 by
Wood, Gundy & Co. of Toronto, (V. Ill, p. 1302) are now being offered to
investors at 96.62 and interest, payment to be made in Canadian Funds.
$500 and $1,000.
Date Oct. 1 1920.
Prin. and semi-ann. int.
(A. & O.) payable at the Union Bank of Canada, at Regina, Toronto or
Denom.
Due Oct. 1 1940.
Montreal.
SASKATCHEWAN
SCHOOL
Sask .—DEBENTURES
DISTRICT,
AUTHORIZED.—The following,
according to the "Monetary Times" of
list of authorizations granted by the Local Government Board
from Oct. 2 to 9:
Perdue, $1,500 8% 20-years annuity:'15-years 8% an¬
Toronto, is
a
nuity: Ilsuiatyn, $4,500: Grainland, $5,800 10-years 8% annuity: Rhyl,
$4,000: Bay Island, $4,500; Churchill, $1,200 10-years 8% installment
$2,000.
Columbia. $3,000; Gibson Creek.
DEBENTURE SALE.—From Sept. 27 to Oct. 9 school district deben¬
amount of $37,300 were sold as follows: Sunny Brae, $1,000
8% 10-years, W. M. Patterson, Preeceville; Murphy Creek, $5,300 8%
10-year; Tisdale, $16,000; Rhyl, $4,000; St. Albert, $4,000, WatermanWaterbury Mfg. Co., Regina; Nicklet, $3,500 8% lO-year, Monarch Life
Assurance Co.; Younghill, $500 8% f-years, J. R. Parken, Bulyea; Sunny
Ridge, $3,000, W. B. Perkins, Milestone.
tures to the
WATFORD, ONT.—DEBENTURE OFFERING.—Proposals for $52,000
5Yi% 30-installment water works system debentures will be received
until
2-30 p. m. Nov. 1 by W. S. Fuller, Village Clerk.
a»»
WESTFIELD SCHOOL DISTRICT, Man,-DEBENTURE ELECTION
—An election is to be held on Nov. 17 for the purpose of voting on a by-law
to issue
$4,000 debentures.
FINANCIAL
CINCINNATI
Approved Investment Issues
GAS
ELECTRIC CO.
&
6%
Long and active association with so many of the leading
business enterprises of the Pittsburgh District causes
us to be thoroughly familiar with opportunities for safe
and profitable investment.
Bids for and offers of bonds originating in this district
solicited.
12 by
Roney, County Clerk, for $150,000 6% 1-20 year serial road debentures.
Date Sept. 27 1920.
Payable at the Merchants Bank of Canada of Pem¬
FINANCIAL
are
an
6% 20-installment debentures has been sold, according to reports, to Wood,
Gundy & Co., of Toronto, at 93.91, a basis of about 6.75%.
Ill, p.
.
is reported that
NIAGARA FALLS, Ont .—DEBENTURE SALE.—An issue of $33,000
Minn.—BIDDERS.—The
following bankers also submitted bids on Oct. 12 for the $49,000 6% ditch
reported in V. Ill, p. 1682.
Drake-Lallard Co., Min¬
nesota Loan St Trust Co., Kalman, Matteson & Wood and Gold-Stabeck Co.
bonds awarded as
Due Oct. 25 1923.
Date Oct. 25 1920.
basis of aoout 4.79%.
MAPLE CREEK, Sask.—DEBENTURE SALE.—It
issue of $8,200 debentures has been sold locally.
^
Iowa.—BOND ELEC¬
question of issuing $100,000 county home bonds will be sub¬
COUNTY
a
has purchased, it
WINONA,
Montgomery County,
Miss.—BOND ELECTION.—On
Nov. 2 $60,000 bonds to purchase the local water, sewerage, ice and light
plants are to be voted upon.
WOODBURY
103.351,
HALTON COUNTY, Ont .—DEBENTURE SALE.—It is reported that
OFFERING.—Theo. A.
$466,000 street impt. bonds.
Due yearly on Nov. 1 as follows: $3o,000,
1922 to 1931, incl.; $18,000, 1932 and 1933. and $20,000, 1934 to
1937, incl.
SALE.—On
C. II. Burgess & Co., of Toronto, have taken an issue of $35,000 6% 20installment debentures at 95.26, a basis of about 6.60%.
sealed bids until 8 p. m. Nov. 8 for the
Hinnant, Town Clerk, will receive
following 6% bonds:
of).—DEBENTURE
(Province
Oct. 25 the province awarded to a syndicate headed by the British-American
Bond Corp. an issue of 6% 3-year debentures amounting to $1,000,000
1940 incl.
te
COLUMBIA
BRITISH
~WILDWOOD CREST (P. O. Wild wood), Cape May County, N. J.—
SALE.—The $35,000 6% coupon (with privilege of registration)
BOND
funding bonds offered on Oct. 25—V. Ill, p. 1682—were awarded to the
Wildwood Title & Trust Co. of Wildwood at par.
Date Nov. 1 1920.
Due
Secured
Gold
Due Dec.
Principal
and
1,
Notes
1922
semi-annual
Interest
payable In New York.
;
Complete description on request.
Price to Yield 7
Mellon National Bank
BOND
Pennsylvania
Pittsburgh
DEPARTMENT
Fifth-Third
Illinois Trust & Savings Bank
La Salle at Jackson
Capital and Surplus
Pays Interest
on
•
Has
Time
Deposits, Current and Reserve
•
on
'
Chicago
•
CINCINNATI, O.
j
$15,000,000
•
hand at all times
cellent securities.
Accounts.\ Deals in Foreign Ex-
National Bank
a
variety of
Municipal Railroad^Corporation Bonds
ex*
Buys .and sells
Government, Municipal and
20
Broad Street
-
New
rBOSE KXT08 8140—CABLE AOBRESS
change.
Transacts
a
General Trust Business.
Corporation Bonds0
Liat
srlvea
4
New
Acts
as
Executor,
Girard Trust Company
Trustee,
Guardian,
Chartered
1836
:APITAL and SURPLUS, $10,000,000
Memb«r of Federal Reserve System
Interest allowed
deposits-
'
Jersey
Securities
OUTWATER & WELLS
10 Exchange Place
Receiver,
on
York*
"•RIEMTMOIT-
offerings.
PHILADELPHIA
Administrator
Registrar and
Transfer Agent
*
current
E.
B.
Morris, President
Tel. SO Montgomery
Jersey City. N. J.
W. H. Goadby & Co.
Member. N.w York Stock
NO. 74 BROADWAY
Exchange
NEW YORK
OCT. 30 1920.]
THE
CHRONICLE
Cotton
®ruzt Companies!
Chas. O. Corn
Paul Schwarz
August Schierenberg
The
NEW
ENGLAND
Frank A. Kimbal
&
Co.
William Street
Safe
New York
MEMBERS OF
York
Cotton
Orleans Cotton
York
New
Produce
York
Coffee
SURPLUS. $2,000
000
Deposit Vaults
Authorized to act as Executor, and to
receive and hold
money or property In trust or on
deposit from Courts of
Law or Equity. Executors.
DIRECTORS
Administrators. Assignees.
Guardians. Trustees. Corporations and
Individuals.
Also acts as Trustee under
Mortgages and as Transfer
Agent and Registrar of Stocks and Bonds.
Interest Allowed on Deposits
Subject
Exchange
Exchange
Exchange
Exchange
New
New
Hospital Trust
Company
BOSTON, MASS.
CAPITAL. $1,000,000
COMMISSION MERCHANTS
New
Rhode Island
TRUST COMPANY
Corn, Schwarz
15
XXXIII
Edward D. Pearce
Herbert J. Wells
Lyman B. Goff
to
Check.
H.
M Fadden
&
Frank W. Matteson
Robert H.I. Goddard
Henry D. Sharpe
Isaac B. Merriman
Alfred
YORK
GEORGE H.
American, Egyptian and
Foreign Cottons
Reinhart & Co.. Alexandria, Egypt.
Agency, Lima, Peru,
Henry Hentz & Co.
S William Street
35
Congress Street
NEW YORK
Ernest
Francis W. Fabyan
Frederick P. Fish
Frank H. Gage
BROKERS
G. Burton Hibbert
Assistant
Secretary
Gray
Sydney Harwood
.
Gilbert A. Harrington
Asst. Trust Officer
Franklin W. Hobbs
James R. Hooper
Secretary
Ralph S. Richards
Assistant Secretary
Ralph W. Bowen
Assistant Secretary
Edwin M. Richards
Herbert M. Sears .■
Arthur R. Sharp
Henry L. Shattuck
Providence, Rhode
Island
Ctaulter Company
OF
ILLINOIS
The United States Life
CHICAGO
Under
National, State and
Clearing House Supervision
"
-
Members
Assistant Secretary
George H. Capron
Henry H. Proctor
Morris
BOSTON, MASS.
COMMISSION MERCHANTS
AND
Asst. Trust Officer
Henry B. Hagan
Vice-President
Jr.
Loverlng
Walworth Pierce
James M. Pendergast
Charles H. W. Foster
Harry W. Simmons
Henry L. Slader
Vice-President
Roger Pierce
.
Robert T. Downs
Asst. Trust Officer
Vice-President and
John H. Wells
Robert A. Leeson
Augustus P. Lorlng,
S. Parker Bremer
Baltic Cotton Co.,
Copenhagen.
Geo. H. McFadden & Bros.
Bradley
Jr.
Ernest A. Harris
Asst. Trust Officer
Trust Officer
David P. Kimball
George H. Davenport
Societe d'lmportation et de
Commission, Havre.
Fachiri & Co., Milan.
Henry F. Llppitt
Preston H. Gardner
BOYNTON,
George Wlgglesworth. Chairman
Arthur Adams
J. D. Cameron
Thomas H. West.f
Frederick A. Ballou
Herbert J. Wells, Chairman
of the Board
Thomas H. West, Jr.,
President
BOARD OF DIRECTORS
Dealers in
FOREIGN CORRESPONDENTS.
Potter
Horatio A. Hunt
Vice-President
Manager Safe Deposit Vaults
67 Worth Street
*
Albert W. Dimlck
Charles D. Owen.
ARTHUR F. THOMAS. Asst. Trust Officer
SEWALL E. SWALLOW, Asst. Tr. Off'r
25 Broad Street
Taft
Atwood
William C. Dart
Horatio A. Hunt
OFFICERS
FREDERICK O. MORRILL, Asst.
Treas.
LEO WM.
HUEGLE, Asst. Secretary
PHILADELPHIA
Frederic Zerega & Co.,
Liverpool.
McFadden's Die Voor Import en
Export,
Rotterdam.
K.
HART, Trust Officer
EDWARD B. LADD, Asst. Treasurer
JOHN W.
PILLSBURY, Asst. Treasurer
COTTON MERCHANTS
NEW
Royal C
Benjamin M. Jackson
ORRIN C.
Bro.
Hodgman
Swan
J. Arthu
Walter R. Callender
OFFICERS.
JAMES R. HOOPER. President
ROGER PIERCE. Vice-President
L.
Frank H.
Rowland Hazard
Stephen O. Metcalf
FREDERICK P. FISH' .Vice-President
FREDERICK W. ALLEN, Treasurer
CHARLES E. NOTT, Secretary
Geo.
William
-
Insurance Co.
-v%
of
l
'
New York Stock Exchange
New York Cotton
Exchange
New York Coffee & Sugar
Exchange
New York Produce
Accounts of banks
bankers received
Associate Members
Efficiently
of
handle all
Liverpool Cotton Association
equipped
to
EXCHANGE
HANOVER
of banks, corporations, firm
YORK.
Non-Participating
Policies onlyj
Folioi*
holders
JOHN
Good
P.
open
under
for
direct
high
class
persona
contracts
with
tfaa
Address Home Office, 277
Broadway*
Company.
Capital & Sur¬
plus $7,000,000
MUNN, ML D., PRESIDENT
territory
producers,
BUILDING
SQUARE
NEW
a
and individuals.
NEW YORK
OF
Over Forty-Five Million
Dollars Paid to
complete service to accounts
COFFEE
CITY
business pertains
ing to banking, and offer
Hubbard Bros. & Co,
THE
Organized 1850.
Correspondence invited
Exchange
Chicago Board of Trade
IN
and
New York City.
Deposits,
$60,000,000
COTTON MERCHANTS
Liberal
Advances
Made
on
Cotton
CHARTERED 1853
Consignments
GWATHMEY & CO.
20-24
EXCHANGE
475
FIFTH
United States Trust
PLACE. NEW YORK
AVENUE.
NEW
45-47
YORK
Capital,
MEMBERS
NEW YORK COTTON EXCHANGE
NEW YORK STOCK EXCHANGE
NEW YORK COFFEE EXCHANGE
NEW YORK PRODUCE EXCHANGE
NEW ORLEANS COTTON EXCHANGE
ASSOCIATE MEMBERS
LIVERPOOL COTTON ASSOCIATION
Stephen M. Weld & Co.
COTTON
82-92 Beaver
BOSTON.
FALL RIVER.
PROVIDENCE,
NEW BEDFORD,
PHILADELPHIA.
__
ROBERT
UTICA. N. Y.,
WELD & CO..
LIVERPOOL.
MOORE
Mills
15 Broad
COTTON
&
CO,
Building
Street, N. Y.
MERCHANTS
Members New York Cotton
«
•
•
Surplus and Undivided Profits,
-
-
$2,000,000.00
$14,616,928.30
This Company acts as
Executor, Administrator, Trustee, Guardian, Com¬
mittee, Court Depositary and in all other recognized trust
capacities.
It receives deposits
subject to check and allows interest on
daily balances.
It holds and manages securities and
other property, real and
personal, for
estates, corporations and individuals, and acts as Trustee under
corporate mort¬
gages,
MERCHANTS
Street, New York City
•
Company of New York
WALL STREET
and
as
Registrar and Transfer Agent for corporate bonds and
stocks.
EDWARD
W.
SHELDON, President
WILLIAMSON PELL, Vice-President
FREDERIC W. ROBBERT, Asst.
Secretary
CHARLES A.
ROBERT S. OSBORNE. Asst.
Secretary
WILLIAM C. LEE, Assistant
Secretary
THOMAS H. WILSON, Asst.
Secretary
WILLIAM G. GREEN. Assistant
Secretary
William M. KINGSLEY, 1st Vice-Pres.
WILFRED J. WORCESTER,
Secretary
EDWARDS, Asst. Secretary
TRUSTEES
JOHN A. STEWART,
Chairman of the Board
EDWARD W. SHELDON
CORNELIUS N. BLIS8, JR.
CHAUNCEY KEEP
HENRY W. de FOREST
ARTHUR CURTISS JAMES
WILLIAM VINCENT ASTOR
WILLIAM M. KINGSLEY
WILLIAM SLOANE
WILLIAM STEWART TOD
OGDEN MILLS
WILLIAM ROCKEFELLER
FRANK LYMAN
JOHN J. PHELPS
LEWIS CASS LEDYARD
LYMAN J. GAGE
PAYNE
WHITNEY
Exchange
STEINHAUSER &. CO.
1
Successors to
WILLIAM RAY & CO.
COTTON
BROKERS.
16 Cotton
Exchange
New York
Orders for future delivery contracts
executed on
the New York and Liverpool Cotton
Exchanges.
Hopkins, Dwight & Co.
L. F. DOMMERICH & CO.
FINANCE
ACCOUNTS
OF
MERCHANTS, DISCOUNT
MANUFACTURERS AND
AND GUARANTEE SALES
COTTON
and
COTTON-SEED OIL
COMMISSION
Room 50, Cotton
NEW
MERCHANTS
General Offices, 254 Fourth Avenue
NEW YORK
Exchange Building
YORK.
Established
Over
80 Years
[VOL. 111.
CHRONICLE
THE
XXXIV
Jfinancial
Jfinancial
jfinanrial
INVESTMENT
MUNICIPAL BONDS Central Bond & Mortgage Co.
208 South La Salle St.
offerings were
never so attractive as to net
yield as they are right now.
And we have specialized in
Municipal Bonds for more than
a
quarter of a century—4'26
Years Devoted to Making Safe¬
know that
We
Certainty."
ty a
Send for
SECURITIES
CHICAGO
AMES,
TMTPTrn
LiYlllilil LH
recommends to conservative investors
purchase of
the
&co.
BUTLER BROTHERS
Has large
Statistical
111 Broadway, New York
undistributed surplus
105 So. La Salle St.,
List
Bolger, Mosser & Willaman
DETROIT
CHICAGO
Chicago
1st NaLBaok Bldg., Milwaukee
Analysis Sent Free on Request.
GERMAN
Dodge & Ross
Bonds and Marks
(INCORPORATED)
BONDS
MUNICIPAL
INVESTMENT BANKERS
Our circular
on
application
111 West Monroe Street
Specializing in high grade
issues of Municipal Bonds of
and
the
South
we
invite
this
of
curities
Wollenberger & Co.
Mid-West,
from
inquiries
in
interested
investors
CHICAGO
'
character.
CAPITAL «500,000
NEW
CHICAGO
AT PINE.
120
>08 So. La Salle St.
Radon, French & Co.
Stevenson
INVESTMENT
YORK
Broadway
Bros.
SECURITIES
underwrite entire issues of
established corporations.
opportunities
fan the securities of municipalities, public util¬
ity, and well established industrial corpora
purchase and
H.
F.
& Perry, Inc.
"
We
MM
CHICAGO
Bonds
U. S. Government
Company missouri
BROADWAY
•105 So. La Salle St.
Specialists
f Mortgage Trust
ST. louis
INVESTMENT BANKERS
C. F. Childs & Company
se¬
BANKERS
Investment Securities
high-grade investment
Moss.
Correspondence Invited.
Ill
WEST MONROE
MASS,
BOSTON,
bonds and stocks of
We offer
PRINCE & CO.
105 So.
La Salle St.,
CHICAGO
INVESTMENT SECURITIES
Members of New York 3c Boston Stock
STREET
208 South La
CHICAGO
Salle
INVESTMENTS
HIGH-GRADE
W. G. SOUDERS & CO.
Exchange
Street,
CHICAGO
New York
Detroit
Grand Rapids
Milwaukee
McClellan &
ENGINEERING
&
Campion
MANAGEMENT
'
A
■
P. W. Chapman
BROADWAY
141
NEW
:
YORK CITY
& Company Day & Zimmermann, Inc.
engineers
INVESTMENT SECURITIES
EMERY, PECK & R0CKW00D
lis South La Salle St.
53 William Street
CHICAGO
NEW YORK
LONDON
INVESTMENT SECU RITIES
Continental
&
Engineering, Construction, Reports
Commercial Bank Building
CHICAGO
Henry S, Henschen&Co.
Railway Exchange Building
MILWAUKEE
INVESTMENT BANKERS
108
So.
La
Salle
Appraisals, Audits, Management
in connection with
Public Utilities & Industrial
St.
Properties
CHICAGO
HOME
CHRISTIAN & PARSONS CO.
Buy and Sell High-Grade Bonds
OFFICE
Chestnut St,
Philadelphia
511
CHlcAQO OFFICE
NEW YORK OFFICE
2 Wall Street
Commercial Paper'
Harris/Trust Bid*.
Collateral Loans
Investment Securities
FIRST
FIRST
MORTGAGE
Chicago, IIL
203 S.La Salle SI
NATIONAL BANK
QominicH & Dominick
8%
Established) 1870
SINKING FUND BONDS
115IBROADWAY
RICHMOND, VA.
Capital and Surplus,
-
$3,000,000.00
John M. Miller, Jr., President
W. M. Addison, Vice-President
C. R. Burnett. Vice-President
Alex. F. Ryland, Vice-President
S. P. Ryland, Vice-President
Jas. M. Ball, Jr., Cashier
Dealers in
Net Tangible Assets
Fixed Assets
5 for 1
Net Quick Assets
2 for 1
Earnings at rate of 15 times maximum
interest charges.
Borrower
oughly
established
well
and
thor¬
responsible.
personal guarantees.
Ask for Circular G 2012
sears, roebuck & co.
71
and
COMPANY
West Monroe
CHICAGO
SEAS0NG00D, HAAS & MACDONALD
Members New
York Stock Exchange
Broadway
New York
Municipal
'Are
Exempt
from
Bonds
Federal Income Taxes,
Yielding from Ay2% to 6%.
ELST0N
7% NOTES
SECURITIES
Members New York Stock Exchange
Bonds bear
Correspondence Invited
60
INVESTMENT
2.8 for 1
Street
Send for
List
THE HANCHETT BOND CO.
1
Incorporated 1910
Milwaukee
„
Minneapolis
39 South La Salle Street
CHICAGO
@FedFRASER